$MRC
MRC GLOBAL INC.

2019 Q2 Form 10-Q Financial Statement

#000143909519000026 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $984.0M $1.082B
YoY Change -9.06% 17.35%
Cost Of Revenue $810.0M $905.0M
YoY Change -10.5% 17.08%
Gross Profit $174.0M $177.0M
YoY Change -1.69% 18.79%
Gross Profit Margin 17.68% 16.36%
Selling, General & Admin $133.0M $136.0M
YoY Change -2.21% 3.03%
% of Gross Profit 76.44% 76.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.00M $17.00M
YoY Change 0.0% 0.0%
% of Gross Profit 9.77% 9.6%
Operating Expenses $133.0M $136.0M
YoY Change -2.21% 3.03%
Operating Profit $41.00M $41.00M
YoY Change 0.0% 141.18%
Interest Expense $10.00M $10.00M
YoY Change 0.0% -225.0%
% of Operating Profit 24.39% 24.39%
Other Income/Expense, Net $1.000M -$1.000M
YoY Change -200.0%
Pretax Income $32.00M $30.00M
YoY Change 6.67% 233.33%
Income Tax $8.000M $8.000M
% Of Pretax Income 25.0% 26.67%
Net Earnings $24.00M $22.00M
YoY Change 9.09% 266.67%
Net Earnings / Revenue 2.44% 2.03%
Basic Earnings Per Share $0.22 $0.18
Diluted Earnings Per Share $0.21 $0.17
COMMON SHARES
Basic Shares Outstanding 83.20M 90.10M
Diluted Shares Outstanding 83.90M 91.60M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.00M $31.00M
YoY Change 12.9% -16.22%
Cash & Equivalents $35.00M $31.00M
Short-Term Investments
Other Short-Term Assets $36.00M $39.00M
YoY Change -7.69% -17.02%
Inventory $798.0M $872.0M
Prepaid Expenses
Receivables $627.0M $676.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.496B $1.618B
YoY Change -7.54% 35.06%
LONG-TERM ASSETS
Property, Plant & Equipment $136.0M $147.0M
YoY Change -7.48% 6.52%
Goodwill $484.0M
YoY Change
Intangibles $300.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $28.00M $21.00M
YoY Change 33.33% 0.0%
Total Long-Term Assets $1.133B $998.0M
YoY Change 13.53% -3.48%
TOTAL ASSETS
Total Short-Term Assets $1.496B $1.618B
Total Long-Term Assets $1.133B $998.0M
Total Assets $2.629B $2.616B
YoY Change 0.5% 17.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $438.0M $527.0M
YoY Change -16.89% 35.82%
Accrued Expenses $95.00M $136.0M
YoY Change -30.15% 19.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M
YoY Change 0.0% -50.0%
Total Short-Term Liabilities $572.0M $667.0M
YoY Change -14.24% 30.78%
LONG-TERM LIABILITIES
Long-Term Debt $734.0M $704.0M
YoY Change 4.26% 75.12%
Other Long-Term Liabilities $35.00M $38.00M
YoY Change -7.89% 65.22%
Total Long-Term Liabilities $769.0M $742.0M
YoY Change 3.64% 74.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $572.0M $667.0M
Total Long-Term Liabilities $769.0M $742.0M
Total Liabilities $1.341B $1.511B
YoY Change -11.25% 35.88%
SHAREHOLDERS EQUITY
Retained Earnings -$468.0M
YoY Change
Common Stock $1.723B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $350.0M
YoY Change
Treasury Stock Shares $22.48M
Shareholders Equity $672.0M $750.0M
YoY Change
Total Liabilities & Shareholders Equity $2.629B $2.616B
YoY Change 0.5% 17.2%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $24.00M $22.00M
YoY Change 9.09% 266.67%
Depreciation, Depletion And Amortization $17.00M $17.00M
YoY Change 0.0% 0.0%
Cash From Operating Activities $48.00M -$65.00M
YoY Change -173.85% 41.3%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M -$4.000M
YoY Change 0.0% 33.33%
Acquisitions
YoY Change
Other Investing Activities $2.000M
YoY Change
Cash From Investing Activities -$2.000M -$4.000M
YoY Change -50.0% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M $20.00M
YoY Change 25.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.00M 58.00M
YoY Change -167.24% -825.0%
NET CHANGE
Cash From Operating Activities 48.00M -65.00M
Cash From Investing Activities -2.000M -4.000M
Cash From Financing Activities -39.00M 58.00M
Net Change In Cash 7.000M -11.00M
YoY Change -163.64% -80.7%
FREE CASH FLOW
Cash From Operating Activities $48.00M -$65.00M
Capital Expenditures -$4.000M -$4.000M
Free Cash Flow $52.00M -$61.00M
YoY Change -185.25% 41.86%

Facts In Submission

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<span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; text-decoration: underline; font-style: normal; font-weight: bold; margin: 0; padding: 0">Business Operations</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: bold; margin: 0; padding: 0">: </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">MRC Global Inc. is a holding company headquartered in Houston, Texas.</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">Our wholly owned subsidiaries are global distributors of pipe, valves, fittings </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">(“PVF”) </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">and </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">related infrastructure</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> products and services across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities and the storage and distribution of oil and gas) and downstream (crude oil refining</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> and</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> petrochemical </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">and chemical </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">processing</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> and general industrials</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">,</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> Australasia</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">, the Middle East and Caspian</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">. </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">We obtain</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> products from a broad range of suppliers. </span><p dir="ltr" style="margin: 0; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p>
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CY2015Q2 us-gaap Temporary Equity Redemption Price Per Share
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us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2018Q2 us-gaap Treasury Stock Shares Acquired
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Diluted
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us-gaap Revenues
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Revenues
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