$MRC
MRC GLOBAL INC.

2019 Q4 Form 10-K Financial Statement

#000143909520000015 Filed on February 14, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $766.0M $942.0M $984.0M
YoY Change -24.08% -12.04% -9.06%
Cost Of Revenue $635.0M $768.0M $810.0M
YoY Change -24.22% -14.57% -10.5%
Gross Profit $131.0M $174.0M $174.0M
YoY Change -23.39% 1.16% -1.69%
Gross Profit Margin 17.1% 18.47% 17.68%
Selling, General & Admin $141.0M $137.0M $133.0M
YoY Change -4.73% -2.14% -2.21%
% of Gross Profit 107.63% 78.74% 76.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.00M $16.00M $17.00M
YoY Change -17.65% -5.88% 0.0%
% of Gross Profit 10.69% 9.2% 9.77%
Operating Expenses $141.0M $137.0M $133.0M
YoY Change -4.73% -2.14% -2.21%
Operating Profit -$10.00M $37.00M $41.00M
YoY Change -143.48% 15.63% 0.0%
Interest Expense -$9.000M $10.00M $10.00M
YoY Change -10.0% 0.0% 0.0%
% of Operating Profit 27.03% 24.39%
Other Income/Expense, Net $0.00 $2.000M $1.000M
YoY Change -100.0% 0.0% -200.0%
Pretax Income -$19.00M $29.00M $32.00M
YoY Change -218.75% 20.83% 6.67%
Income Tax -$1.000M $8.000M $8.000M
% Of Pretax Income 27.59% 25.0%
Net Earnings -$24.00M $21.00M $24.00M
YoY Change -340.0% -12.5% 9.09%
Net Earnings / Revenue -3.13% 2.23% 2.44%
Basic Earnings Per Share -$0.37 $0.18 $0.22
Diluted Earnings Per Share -$0.37 $0.18 $0.21
COMMON SHARES
Basic Shares Outstanding 82.70M 83.20M
Diluted Shares Outstanding 83.40M 83.90M

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.00M $25.00M $35.00M
YoY Change -25.58% -13.79% 12.9%
Cash & Equivalents $32.00M $25.00M $35.00M
Short-Term Investments
Other Short-Term Assets $26.00M $37.00M $36.00M
YoY Change -31.58% -15.91% -7.69%
Inventory $701.0M $742.0M $798.0M
Prepaid Expenses
Receivables $459.0M $586.0M $627.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.218B $1.390B $1.496B
YoY Change -16.86% -12.91% -7.54%
LONG-TERM ASSETS
Property, Plant & Equipment $138.0M $140.0M $136.0M
YoY Change -1.43% -1.41% -7.48%
Goodwill $483.0M $482.0M $484.0M
YoY Change -0.21% -0.62%
Intangibles $281.0M $288.0M $300.0M
YoY Change -12.73%
Long-Term Investments
YoY Change
Other Assets $19.00M $21.00M $28.00M
YoY Change -17.39% -12.5% 33.33%
Total Long-Term Assets $1.107B $1.117B $1.133B
YoY Change 14.24% 13.4% 13.53%
TOTAL ASSETS
Total Short-Term Assets $1.218B $1.390B $1.496B
Total Long-Term Assets $1.107B $1.117B $1.133B
Total Assets $2.325B $2.507B $2.629B
YoY Change -4.48% -2.87% 0.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $357.0M $431.0M $438.0M
YoY Change -17.93% -8.3% -16.89%
Accrued Expenses $91.00M $93.00M $95.00M
YoY Change -30.0% -29.01% -30.15%
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% 0.0% 0.0%
Total Short-Term Liabilities $486.0M $562.0M $572.0M
YoY Change -14.59% -7.11% -14.24%
LONG-TERM LIABILITIES
Long-Term Debt $547.0M $623.0M $734.0M
YoY Change -19.56% -12.87% 4.26%
Other Long-Term Liabilities $37.00M $37.00M $35.00M
YoY Change -7.5% 8.82% -7.89%
Total Long-Term Liabilities $584.0M $660.0M $769.0M
YoY Change -18.89% -11.88% 3.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $486.0M $562.0M $572.0M
Total Long-Term Liabilities $584.0M $660.0M $769.0M
Total Liabilities $1.070B $1.222B $1.341B
YoY Change -16.99% -9.75% -11.25%
SHAREHOLDERS EQUITY
Retained Earnings -$483.0M -$453.0M -$468.0M
YoY Change -3.01% -9.76%
Common Stock $1.732B $1.728B $1.723B
YoY Change 0.58% 0.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $375.0M $363.0M $350.0M
YoY Change 25.0% 61.33%
Treasury Stock Shares $24.22M $23.44M $22.48M
Shareholders Equity $642.0M $671.0M $672.0M
YoY Change
Total Liabilities & Shareholders Equity $2.325B $2.507B $2.629B
YoY Change -4.48% -2.87% 0.5%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$24.00M $21.00M $24.00M
YoY Change -340.0% -12.5% 9.09%
Depreciation, Depletion And Amortization $14.00M $16.00M $17.00M
YoY Change -17.65% -5.88% 0.0%
Cash From Operating Activities $108.0M $126.0M $48.00M
YoY Change -20.0% -1900.0% -173.85%
INVESTING ACTIVITIES
Capital Expenditures -$6.000M -$6.000M -$4.000M
YoY Change 20.0% 0.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $2.000M
YoY Change -100.0%
Cash From Investing Activities -$6.000M -$6.000M -$2.000M
YoY Change 20.0% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M
YoY Change 25.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.00M -129.0M -39.00M
YoY Change -16.52% -2680.0% -167.24%
NET CHANGE
Cash From Operating Activities 108.0M 126.0M 48.00M
Cash From Investing Activities -6.000M -6.000M -2.000M
Cash From Financing Activities -96.00M -129.0M -39.00M
Net Change In Cash 6.000M -9.000M 7.000M
YoY Change -60.0% 350.0% -163.64%
FREE CASH FLOW
Cash From Operating Activities $108.0M $126.0M $48.00M
Capital Expenditures -$6.000M -$6.000M -$4.000M
Free Cash Flow $114.0M $132.0M $52.00M
YoY Change -18.57% -13300.0% -185.25%

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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. Our wholly owned subsidiaries are global distributors of pipe, valves, fittings (“PVF”) and other infrastructure 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 and petrochemical processing) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia, the Middle East and Caspian. Our products are obtained from a broad range of suppliers. </span>
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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;">Use of Estimates</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;"> 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 (“LIFO”) inventory costing methodology, estimated net realizable value on excess and obsolete inventories, goodwill, intangible assets, deferred taxes and self-insurance programs. Actual results could differ materially from those estimates. </span>
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CY2019 us-gaap Concentration Risk Credit Risk
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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;">Concentration of Credit Risk</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;"> 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 2019, 2018 and 2017, we did not have sales to any one customer in excess of 10% of sales. At those respective year-ends, no individual customer balances exceeded 10% of accounts receivable.</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: 9pt;"><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 have a broad supplier base, sourcing our products in most regions of the world. During 2019, 2018 and 2017, we did not have purchases from any one vendor in excess of 10% of our inventory purchases. At those respective year-ends no individual vendor balance exceeded 10% of accounts payable.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 12pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 12pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><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: 9pt;"><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 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. </span></p>
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