10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-36325

 

NOW INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

46-4191184

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

7402 North Eldridge Parkway,

Houston, Texas 77041

(Address of principal executive offices)

(281) 823-4700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01

 

DNOW

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of October 26, 2022, the registrant had 110,439,751 shares of common stock (excluding 1,437,286 unvested restricted shares), par value $0.01 per share, outstanding.

 

1

 


 

NOW INC.

TABLE OF CONTENTS

 

Part I - Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements

 

3

 

 

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 2021

 

3

 

 

 

 

 

 

 

Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and nine months ended September 30, 2022 and 2021

 

5

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021

 

6

 

 

 

 

 

 

 

Consolidated Statements of Stockholders' Equity (Unaudited) for the three and nine months ended September 30, 2022 and 2021

 

7

 

 

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

15

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

25

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

26

 

 

 

 

 

Part II - Other Information

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

27

 

 

 

 

 

Item 6.

 

Exhibits

 

28

 

2

 


 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

NOW INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

267

 

 

$

313

 

Receivables, net

 

 

406

 

 

 

304

 

Inventories, net

 

 

361

 

 

 

250

 

Prepaid and other current assets

 

 

20

 

 

 

16

 

Total current assets

 

 

1,054

 

 

 

883

 

Property, plant and equipment, net

 

 

109

 

 

 

111

 

Goodwill

 

 

79

 

 

 

67

 

Intangibles, net

 

 

13

 

 

 

9

 

Other assets

 

 

27

 

 

 

34

 

Total assets

 

$

1,282

 

 

$

1,104

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

339

 

 

$

235

 

Accrued liabilities

 

 

111

 

 

 

112

 

Other current liabilities

 

 

8

 

 

 

22

 

Total current liabilities

 

 

458

 

 

 

369

 

Long-term operating lease liabilities

 

 

11

 

 

 

17

 

Other long-term liabilities

 

 

7

 

 

 

6

 

Total liabilities

 

 

476

 

 

 

392

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock - par value $0.01; 20 million shares authorized;
   
no shares issued and outstanding

 

 

 

 

 

 

Common stock - par value $0.01; 330 million shares authorized;
110,635,461 and 110,558,831 shares issued and outstanding at September 30, 2022
   and December 31, 2021, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

2,065

 

 

 

2,060

 

Accumulated deficit

 

 

(1,107

)

 

 

(1,203

)

Accumulated other comprehensive loss

 

 

(155

)

 

 

(147

)

NOW Inc. stockholders' equity

 

 

804

 

 

 

711

 

Noncontrolling interest

 

 

2

 

 

 

1

 

Total stockholders' equity

 

 

806

 

 

 

712

 

Total liabilities and stockholders' equity

 

$

1,282

 

 

$

1,104

 

 

See notes to unaudited consolidated financial statements.

3

 


 

NOW INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In millions, except per share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

577

 

 

$

439

 

 

$

1,589

 

 

$

1,200

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

438

 

 

 

343

 

 

 

1,215

 

 

 

944

 

Warehousing, selling and administrative

 

 

95

 

 

 

86

 

 

 

268

 

 

 

250

 

Impairment and other charges

 

 

 

 

 

 

 

 

10

 

 

 

4

 

Operating profit

 

 

44

 

 

 

10

 

 

 

96

 

 

 

2

 

Other income (expense)

 

 

 

 

 

(3

)

 

 

9

 

 

 

(5

)

Income (loss) before income taxes

 

 

44

 

 

 

7

 

 

 

105

 

 

 

(3

)

Income tax provision

 

 

3

 

 

 

2

 

 

 

8

 

 

 

4

 

Net income (loss)

 

 

41

 

 

 

5

 

 

 

97

 

 

 

(7

)

Net income attributable to noncontrolling interest

 

 

1

 

 

 

 

 

 

1

 

 

 

 

Net income (loss) attributable to NOW Inc.

 

$

40

 

 

$

5

 

 

$

96

 

 

$

(7

)

Earnings (loss) per share attributable to NOW Inc. stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.05

 

 

$

0.85

 

 

$

(0.06

)

Diluted

 

$

0.35

 

 

$

0.05

 

 

$

0.85

 

 

$

(0.06

)

Weighted-average common shares outstanding, basic

 

 

111

 

 

 

111

 

 

 

111

 

 

 

110

 

Weighted-average common shares outstanding, diluted

 

 

111

 

 

 

111

 

 

 

111

 

 

 

110

 

 

See notes to unaudited consolidated financial statements.

4

 


 

NOW INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In millions)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss)

$

41

 

 

$

5

 

 

$

97

 

 

$

(7

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(11

)

 

 

(4

)

 

 

(8

)

 

 

(1

)

Comprehensive income (loss)

 

30

 

 

 

1

 

 

 

89

 

 

 

(8

)

Comprehensive income attributable to noncontrolling interest

 

1

 

 

 

 

 

 

1

 

 

 

 

Comprehensive income (loss) attributable to NOW Inc.

$

29

 

 

$

1

 

 

$

88

 

 

$

(8

)

 

See notes to unaudited consolidated financial statements.

5

 


 

NOW INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In millions)

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

Net income (loss)

$

97

 

 

$

(7

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

Depreciation and amortization

 

14

 

 

 

18

 

Provision for inventory

 

5

 

 

 

8

 

Impairment and other charges

 

10

 

 

 

4

 

Other, net

 

5

 

 

 

19

 

Change in operating assets and liabilities, net of effects of acquisitions and divestitures:

 

 

 

 

 

Receivables

 

(110

)

 

 

(93

)

Inventories

 

(122

)

 

 

11

 

Prepaid and other current assets

 

(4

)

 

 

(3

)

Accounts payable, accrued liabilities and other, net

 

99

 

 

 

71

 

Net cash provided by (used in) operating activities

 

(6

)

 

 

28

 

Cash flows from investing activities:

 

 

 

 

 

Business acquisitions, net of cash acquired

 

(21

)

 

 

(96

)

Purchases of property, plant and equipment

 

(7

)

 

 

(4

)

Other, net

 

2

 

 

 

1

 

Net cash provided by (used in) investing activities

 

(26

)

 

 

(99

)

Cash flows from financing activities:

 

 

 

 

 

Repurchases of common stock

 

(4

)

 

 

 

Payments relating to finance leases and other, net

 

(1

)

 

 

(3

)

Net cash provided by (used in) financing activities

 

(5

)

 

 

(3

)

Effect of exchange rates on cash and cash equivalents

 

(9

)

 

 

(1

)

Net change in cash and cash equivalents

 

(46

)

 

 

(75

)

Cash and cash equivalents, beginning of period

 

313

 

 

 

387

 

Cash and cash equivalents, end of period

$

267

 

 

$

312

 

 

See notes to unaudited consolidated financial statements.

6

 


 

NOW INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(In millions)

 

 

Attributable to NOW Inc. Stockholders

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Retained

 

 

Accum. Other

 

 

 

 

 

 

 

 

Total

 

 

Common

 

 

Paid-In

 

 

Earnings

 

 

Comprehensive

 

 

Treasury

 

 

Noncontrolling

 

 

Stockholders’

 

 

Stock

 

 

Capital

 

 

(Deficit)

 

 

Income (Loss)

 

 

Stock

 

 

Interest

 

 

Equity

 

December 31, 2020

$

1

 

 

$

2,050

 

 

$

(1,208

)

 

$

(145

)

 

$

 

 

$

1

 

 

$

699

 

Net loss

 

 

 

 

 

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

(10

)

Stock-based compensation

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Exercise of stock options

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Shares withheld for taxes

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

March 31, 2021

$

1

 

 

$

2,052

 

 

$

(1,218

)

 

$

(144

)

 

$

 

 

$

1

 

 

$

692

 

Net loss

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

(2

)

Stock-based compensation

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Exercise of stock options

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

June 30, 2021

$

1

 

 

$

2,056

 

 

$

(1,220

)

 

$

(142

)

 

$

 

 

$

1

 

 

$

696

 

Net income

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

5

 

Stock-based compensation

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

 

 

 

(4

)

September 30, 2021

$

1

 

 

$

2,058

 

 

$

(1,215

)

 

$

(146

)

 

$

 

 

$

1

 

 

$

699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

$

1

 

 

$

2,060

 

 

$

(1,203

)

 

$

(147

)

 

$

 

 

$

1

 

 

$

712

 

Net income

 

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

30

 

Stock-based compensation

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

March 31, 2022

$

1

 

 

$

2,062