$MRC
MRC GLOBAL INC.

2018 Q4 Form 10-K Financial Statement

#000143909519000012 Filed on February 15, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2017 Q3
Revenue $1.009B $903.0M $959.0M
YoY Change 11.74% 25.59% 20.93%
Cost Of Revenue $838.0M $762.0M $807.0M
YoY Change 9.97% 27.64% 14.47%
Gross Profit $171.0M $141.0M $152.0M
YoY Change 21.28% 15.57% 72.73%
Gross Profit Margin 16.95% 15.61% 15.85%
Selling, General & Admin $148.0M $148.0M $130.0M
YoY Change 0.0% 15.63% 4.84%
% of Gross Profit 86.55% 104.96% 85.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.00M $17.00M $17.00M
YoY Change 0.0% -5.56% -5.56%
% of Gross Profit 9.94% 12.06% 11.18%
Operating Expenses $148.0M $148.0M $130.0M
YoY Change 0.0% 15.63% 4.84%
Operating Profit $23.00M -$7.000M $22.00M
YoY Change -428.57% 16.67% -161.11%
Interest Expense -$10.00M -$7.000M $9.000M
YoY Change 42.86% -22.22% -200.0%
% of Operating Profit -43.48% 40.91%
Other Income/Expense, Net $3.000M $0.00 -$8.000M
YoY Change -100.0% -366.67%
Pretax Income $16.00M -$14.00M $5.000M
YoY Change -214.29% -17.65% -111.9%
Income Tax $9.000M $1.000M $2.000M
% Of Pretax Income 56.25% 40.0%
Net Earnings $10.00M $35.00M $3.000M
YoY Change -71.43% -294.44% -107.5%
Net Earnings / Revenue 0.99% 3.88% 0.31%
Basic Earnings Per Share $0.05 $0.31 -$0.03
Diluted Earnings Per Share $0.04 $0.30 -$0.03
COMMON SHARES
Basic Shares Outstanding 94.50M
Diluted Shares Outstanding 94.50M

Balance Sheet

Concept 2018 Q4 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.00M $48.00M $40.00M
YoY Change -10.42% -55.96% -81.22%
Cash & Equivalents $43.00M $48.00M $40.00M
Short-Term Investments
Other Short-Term Assets $38.00M $47.00M $40.00M
YoY Change -19.15% -2.08% 53.85%
Inventory $797.0M $701.0M $649.0M
Prepaid Expenses
Receivables $587.0M $522.0M $578.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.465B $1.318B $1.307B
YoY Change 11.15% 17.99% 3.08%
LONG-TERM ASSETS
Property, Plant & Equipment $140.0M $147.0M $144.0M
YoY Change -4.76% 8.89% 6.67%
Goodwill $484.0M $486.0M
YoY Change -0.41% 0.83%
Intangibles $322.0M $368.0M
YoY Change -12.5%
Long-Term Investments
YoY Change
Other Assets $23.00M $21.00M $20.00M
YoY Change 9.52% 10.53% -9.09%
Total Long-Term Assets $969.0M $1.022B $1.029B
YoY Change -5.19% -2.39% -3.56%
TOTAL ASSETS
Total Short-Term Assets $1.465B $1.318B $1.307B
Total Long-Term Assets $969.0M $1.022B $1.029B
Total Assets $2.434B $2.340B $2.336B
YoY Change 4.02% 8.13% 0.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $435.0M $415.0M $449.0M
YoY Change 4.82% 32.17% 30.52%
Accrued Expenses $130.0M $143.0M $115.0M
YoY Change -9.09% 28.83% 16.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M $3.000M
YoY Change 0.0% -50.0% -62.5%
Total Short-Term Liabilities $569.0M $562.0M $567.0M
YoY Change 1.25% 29.79% 25.72%
LONG-TERM LIABILITIES
Long-Term Debt $680.0M $522.0M $444.0M
YoY Change 30.27% 28.57% -12.43%
Other Long-Term Liabilities $40.00M $36.00M $22.00M
YoY Change 11.11% 56.52% 10.0%
Total Long-Term Liabilities $720.0M $558.0M $466.0M
YoY Change 29.03% 30.07% -11.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $569.0M $562.0M $567.0M
Total Long-Term Liabilities $720.0M $558.0M $466.0M
Total Liabilities $1.289B $1.120B $1.205B
YoY Change 15.09% 7.07% 2.55%
SHAREHOLDERS EQUITY
Retained Earnings -$498.0M -$548.0M
YoY Change -9.12%
Common Stock $1.722B $1.692B
YoY Change 1.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $300.0M $175.0M
YoY Change 71.43%
Treasury Stock Shares $19.35M $11.75M
Shareholders Equity $692.0M $759.0M $1.131B
YoY Change
Total Liabilities & Shareholders Equity $2.434B $2.340B $2.336B
YoY Change 4.02% 8.13% 0.04%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $10.00M $35.00M $3.000M
YoY Change -71.43% -294.44% -107.5%
Depreciation, Depletion And Amortization $17.00M $17.00M $17.00M
YoY Change 0.0% -5.56% -5.56%
Cash From Operating Activities $135.0M -$11.00M -$13.00M
YoY Change -1327.27% -147.83% -115.85%
INVESTING ACTIVITIES
Capital Expenditures -$5.000M -$7.000M -$9.000M
YoY Change -28.57% -22.22% -10.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $3.000M $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$5.000M -$4.000M -$9.000M
YoY Change 25.0% -55.56% -18.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -115.0M 23.00M 23.00M
YoY Change -600.0% -120.18% -192.0%
NET CHANGE
Cash From Operating Activities 135.0M -11.00M -13.00M
Cash From Investing Activities -5.000M -4.000M -9.000M
Cash From Financing Activities -115.0M 23.00M 23.00M
Net Change In Cash 15.00M 8.000M 1.000M
YoY Change 87.5% -108.0% -97.83%
FREE CASH FLOW
Cash From Operating Activities $135.0M -$11.00M -$13.00M
Capital Expenditures -$5.000M -$7.000M -$9.000M
Free Cash Flow $140.0M -$4.000M -$4.000M
YoY Change -3600.0% -112.5% -104.35%

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:9pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Concentration of Credit Risk</font><font style="display: inline;font-weight:bold;font-size:10pt;">:</font><font style="display: inline;font-size:10pt;"> Most of our business activity is with customers in the energy sector. In the normal course of business, we grant credit to these customers in the form of trade accounts receivable. These receivables could potentially subject us to concentrations of credit risk; however, we minimize this risk by closely monitoring extensions of trade credit. We generally do not require collateral on trade receivables. We have a broad customer base doing business in many regions of the world. During </font><font style="display: inline;font-size:10pt;">2018</font><font style="display: inline;font-size:10pt;">, &nbsp;</font><font style="display: inline;font-size:10pt;">2017</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">2016</font><font style="display: inline;font-size:10pt;">, we did </font><font style="display: inline;font-size:10pt;">not</font><font style="display: inline;font-size:10pt;"> have sales to any one customer in excess of </font><font style="display: inline;font-size:10pt;">10%</font><font style="display: inline;font-size:10pt;"> of sales. At those respective year-ends, </font><font style="display: inline;font-size:10pt;">no</font><font style="display: inline;font-size:10pt;"> individual customer balances exceeded </font><font style="display: inline;font-size:10pt;">10%</font><font style="display: inline;font-size:10pt;"> of accounts receivable.</font> </p> <p style="margin:9pt 0pt 0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">We have a broad supplier base, sourcing our products in most regions of the world. During </font><font style="display: inline;font-size:10pt;">2018</font><font style="display: inline;font-size:10pt;">, &nbsp;</font><font style="display: inline;font-size:10pt;">2017</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">2016</font><font style="display: inline;font-size:10pt;">, we did </font><font style="display: inline;font-size:10pt;">not</font><font style="display: inline;font-size:10pt;"> have purchases from any one vendor in excess of </font><font style="display: inline;font-size:10pt;">10%</font><font style="display: inline;font-size:10pt;"> of our inventory purchases. At those respective year-ends </font><font style="display: inline;font-size:10pt;">no</font><font style="display: inline;font-size:10pt;"> individual vendor balance exceeded </font><font style="display: inline;font-size:10pt;">10%</font><font style="display: inline;font-size:10pt;"> of accounts payable.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may exceed insurance limits. We believe the risk of loss associated with our cash equivalents to be remote.</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2016 us-gaap Payments For Repurchase Of Common Stock
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CY2018 us-gaap Payments For Repurchase Of Common Stock
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CY2017 us-gaap Payments Of Debt Issuance Costs
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CY2018 us-gaap Payments Of Debt Issuance Costs
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CY2016 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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CY2017 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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CY2018 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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CY2017 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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30000000
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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20000000
CY2016 us-gaap Preferred Stock Dividends And Other Adjustments
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24000000
CY2017 us-gaap Preferred Stock Dividends And Other Adjustments
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24000000
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100000000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
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100000000
CY2017Q4 us-gaap Preferred Stock Shares Issued
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CY2018Q4 us-gaap Preferred Stock Shares Issued
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CY2017 us-gaap Proceeds From Lines Of Credit
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CY2018 us-gaap Proceeds From Lines Of Credit
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1280000000
CY2016 us-gaap Proceeds From Sale Of Other Assets Investing Activities
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CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
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1000000
CY2017 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
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1000000
CY2017 us-gaap Proceeds From Stock Options Exercised
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CY2018 us-gaap Proceeds From Stock Options Exercised
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CY2017Q4 us-gaap Property Plant And Equipment Gross
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279000000
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4000000
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1000000
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1000000
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2000000
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2000000
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2000000
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41000000
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696000000
CY2018 us-gaap Repayments Of Lines Of Credit
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CY2016 us-gaap Repayments Of Long Term Debt And Capital Securities
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108000000
CY2017 us-gaap Repayments Of Long Term Debt And Capital Securities
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18000000
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4000000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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-548000000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2017 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3646000000
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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4172000000
CY2017Q1 us-gaap Revenues
Revenues
862000000
CY2017 us-gaap Revenues
Revenues
3646000000
CY2017Q2 us-gaap Revenues
Revenues
922000000
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
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95000000
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
68000000
CY2017Q3 us-gaap Revenues
Revenues
959000000
CY2017Q4 us-gaap Revenues
Revenues
903000000
CY2018Q1 us-gaap Revenues
Revenues
1010000000
CY2018 us-gaap Revenues
Revenues
4172000000
CY2018Q2 us-gaap Revenues
Revenues
1082000000
CY2018Q3 us-gaap Revenues
Revenues
1071000000
CY2018Q4 us-gaap Revenues
Revenues
1009000000
CY2017Q4 us-gaap Self Insurance Reserve
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3000000
CY2018Q4 us-gaap Self Insurance Reserve
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2000000
CY2016 us-gaap Selling General And Administrative Expense
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524000000
CY2017 us-gaap Selling General And Administrative Expense
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536000000
CY2018 us-gaap Selling General And Administrative Expense
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562000000
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12000000
CY2017 us-gaap Share Based Compensation
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16000000
CY2018 us-gaap Share Based Compensation
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14000000
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956000000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
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CY2016 us-gaap Stock Issued During Period Value Stock Options Exercised
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1000000
CY2017 us-gaap Stock Issued During Period Value Stock Options Exercised
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1000000
CY2018 us-gaap Stock Issued During Period Value Stock Options Exercised
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21000000
CY2017 us-gaap Tax Adjustments Settlements And Unusual Provisions
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57000000
CY2018 us-gaap Tax Adjustments Settlements And Unusual Provisions
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1000000
CY2017Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
355000000
CY2018Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
355000000
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
125000000
CY2017Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.01
CY2015Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
1000
CY2017Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
363000
CY2018Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
363000
CY2015Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
363000
CY2017Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
363000
CY2018Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
363000
CY2017Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
363000
CY2018Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
363000
CY2016 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.96
CY2017 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
16.62
CY2018 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
16.46
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
11751726
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
19347839
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
6861191
CY2017 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2018 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2018Q4 us-gaap Treasury Stock Shares Acquired
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4724909
CY2017Q4 us-gaap Treasury Stock Value
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175000000
CY2018Q4 us-gaap Treasury Stock Value
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300000000
CY2018Q4 us-gaap Treasury Stock Value Acquired Cost Method
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75000000
CY2017Q4 us-gaap Unrecognized Tax Benefits
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2000000
CY2018Q4 us-gaap Unrecognized Tax Benefits
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5000000
CY2018 us-gaap Use Of Estimates
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Use of Estimates</font><font style="display: inline;font-weight:bold;font-size:10pt;">:</font><font style="display: inline;font-size:10pt;"> The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. We believe that our most significant estimates and assumptions are related to estimated losses on accounts receivable, the last-in, first-out (&#x201C;LIFO&#x201D;) inventory costing methodology, estimated </font><font style="display: inline;font-size:10pt;">net </font><font style="display: inline;font-size:10pt;">realizable value on excess and obsolete inventories, goodwill, intangible assets, deferred taxes and self-insurance programs. Actual results could differ materially from those estimates.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1300000
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1700000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97300000
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95600000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91800000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97300000
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94300000
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90100000
CY2016 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1000000
CY2017 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
8000000
CY2018 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1000000

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