$MRC
MRC GLOBAL INC.

2019 Q3 Form 10-Q Financial Statement

#000143909519000040 Filed on November 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $942.0M $1.071B $1.082B
YoY Change -12.04% 11.68% 17.35%
Cost Of Revenue $768.0M $899.0M $905.0M
YoY Change -14.57% 11.4% 17.08%
Gross Profit $174.0M $172.0M $177.0M
YoY Change 1.16% 13.16% 18.79%
Gross Profit Margin 18.47% 16.06% 16.36%
Selling, General & Admin $137.0M $140.0M $136.0M
YoY Change -2.14% 7.69% 3.03%
% of Gross Profit 78.74% 81.4% 76.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.00M $17.00M $17.00M
YoY Change -5.88% 0.0% 0.0%
% of Gross Profit 9.2% 9.88% 9.6%
Operating Expenses $137.0M $140.0M $136.0M
YoY Change -2.14% 7.69% 3.03%
Operating Profit $37.00M $32.00M $41.00M
YoY Change 15.63% 45.45% 141.18%
Interest Expense $10.00M $10.00M $10.00M
YoY Change 0.0% 11.11% -225.0%
% of Operating Profit 27.03% 31.25% 24.39%
Other Income/Expense, Net $2.000M $2.000M -$1.000M
YoY Change 0.0% -125.0%
Pretax Income $29.00M $24.00M $30.00M
YoY Change 20.83% 380.0% 233.33%
Income Tax $8.000M $0.00 $8.000M
% Of Pretax Income 27.59% 0.0% 26.67%
Net Earnings $21.00M $24.00M $22.00M
YoY Change -12.5% 700.0% 266.67%
Net Earnings / Revenue 2.23% 2.24% 2.03%
Basic Earnings Per Share $0.18 $0.20 $0.18
Diluted Earnings Per Share $0.18 $0.20 $0.17
COMMON SHARES
Basic Shares Outstanding 82.70M 90.30M 90.10M
Diluted Shares Outstanding 83.40M 91.70M 91.60M

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.00M $29.00M $31.00M
YoY Change -13.79% -27.5% -16.22%
Cash & Equivalents $25.00M $29.00M $31.00M
Short-Term Investments
Other Short-Term Assets $37.00M $44.00M $39.00M
YoY Change -15.91% 10.0% -17.02%
Inventory $742.0M $849.0M $872.0M
Prepaid Expenses
Receivables $586.0M $674.0M $676.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.390B $1.596B $1.618B
YoY Change -12.91% 22.11% 35.06%
LONG-TERM ASSETS
Property, Plant & Equipment $140.0M $142.0M $147.0M
YoY Change -1.41% -1.39% 6.52%
Goodwill $482.0M $485.0M
YoY Change -0.62%
Intangibles $288.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.00M $24.00M $21.00M
YoY Change -12.5% 20.0% 0.0%
Total Long-Term Assets $1.117B $985.0M $998.0M
YoY Change 13.4% -4.28% -3.48%
TOTAL ASSETS
Total Short-Term Assets $1.390B $1.596B $1.618B
Total Long-Term Assets $1.117B $985.0M $998.0M
Total Assets $2.507B $2.581B $2.616B
YoY Change -2.87% 10.49% 17.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $431.0M $470.0M $527.0M
YoY Change -8.3% 4.68% 35.82%
Accrued Expenses $93.00M $131.0M $136.0M
YoY Change -29.01% 13.91% 19.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M $4.000M
YoY Change 0.0% 33.33% -50.0%
Total Short-Term Liabilities $562.0M $605.0M $667.0M
YoY Change -7.11% 6.7% 30.78%
LONG-TERM LIABILITIES
Long-Term Debt $623.0M $715.0M $704.0M
YoY Change -12.87% 61.04% 75.12%
Other Long-Term Liabilities $37.00M $34.00M $38.00M
YoY Change 8.82% 54.55% 65.22%
Total Long-Term Liabilities $660.0M $749.0M $742.0M
YoY Change -11.88% 60.73% 74.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $562.0M $605.0M $667.0M
Total Long-Term Liabilities $660.0M $749.0M $742.0M
Total Liabilities $1.222B $1.354B $1.511B
YoY Change -9.75% 12.37% 35.88%
SHAREHOLDERS EQUITY
Retained Earnings -$453.0M -$502.0M
YoY Change -9.76%
Common Stock $1.728B $1.718B
YoY Change 0.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $363.0M $225.0M
YoY Change 61.33%
Treasury Stock Shares $23.44M $14.62M
Shareholders Equity $671.0M $774.0M $750.0M
YoY Change
Total Liabilities & Shareholders Equity $2.507B $2.581B $2.616B
YoY Change -2.87% 10.49% 17.2%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $21.00M $24.00M $22.00M
YoY Change -12.5% 700.0% 266.67%
Depreciation, Depletion And Amortization $16.00M $17.00M $17.00M
YoY Change -5.88% 0.0% 0.0%
Cash From Operating Activities $126.0M -$7.000M -$65.00M
YoY Change -1900.0% -46.15% 41.3%
INVESTING ACTIVITIES
Capital Expenditures -$6.000M -$6.000M -$4.000M
YoY Change 0.0% -33.33% 33.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $6.000M
YoY Change -100.0%
Cash From Investing Activities -$6.000M $0.00 -$4.000M
YoY Change -100.0% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $20.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -129.0M 5.000M 58.00M
YoY Change -2680.0% -78.26% -825.0%
NET CHANGE
Cash From Operating Activities 126.0M -7.000M -65.00M
Cash From Investing Activities -6.000M 0.000 -4.000M
Cash From Financing Activities -129.0M 5.000M 58.00M
Net Change In Cash -9.000M -2.000M -11.00M
YoY Change 350.0% -300.0% -80.7%
FREE CASH FLOW
Cash From Operating Activities $126.0M -$7.000M -$65.00M
Capital Expenditures -$6.000M -$6.000M -$4.000M
Free Cash Flow $132.0M -$1.000M -$61.00M
YoY Change -13300.0% -75.0% 41.86%

Facts In Submission

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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;text-decoration: underline;">Business Operations</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">: </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';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: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';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: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">(“PVF”) </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">and </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">related infrastructure</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';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: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> and</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> petrochemical </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">and chemical </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">processing</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';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: 'Times New Roman', 'serif';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: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">,</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> Australasia</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';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: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">. </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">We obtain</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';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="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><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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24000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
85000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
79000000
CY2019Q3 us-gaap Assets
Assets
2507000000
CY2018Q4 us-gaap Assets
Assets
2434000000
CY2019Q3 us-gaap Revenues
Revenues
942000000
CY2018Q3 us-gaap Revenues
Revenues
1071000000
us-gaap Revenues
Revenues
2896000000
us-gaap Revenues
Revenues
3163000000
CY2019Q3 mrc Number Of Lawsuits Filed
NumberOfLawsuitsFiled
594
CY2019Q3 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
1170

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