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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 June 30, 2023

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 July 26, 2023, the registrant had 106,719,002 shares of common stock (excluding 1,845,940 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 June 30, 2023 (Unaudited) and December 31, 2022

 

3

 

 

 

 

 

 

 

Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2023 and 2022

 

5

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022

 

6

 

 

 

 

 

 

 

Consolidated Statements of Stockholders' Equity (Unaudited) for the three and six months ended June 30, 2023 and 2022

 

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

 

24

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

25

 

 

 

 

 

Part II - Other Information

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

26

 

 

 

 

 

Item 5.

 

Other Information

 

26

 

 

 

 

 

Item 6.

 

Exhibits

 

27

 

2

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

NOW INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

203

 

 

$

212

 

Receivables, net

 

 

417

 

 

 

398

 

Inventories, net

 

 

424

 

 

 

381

 

Prepaid and other current assets

 

 

31

 

 

 

26

 

Total current assets

 

 

1,075

 

 

 

1,017

 

Property, plant and equipment, net

 

 

130

 

 

 

119

 

Goodwill

 

 

141

 

 

 

116

 

Intangibles, net

 

 

31

 

 

 

25

 

Other assets

 

 

43

 

 

 

43

 

Total assets

 

$

1,420

 

 

$

1,320

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

364

 

 

$

304

 

Accrued liabilities

 

 

129

 

 

 

126

 

Other current liabilities

 

 

8

 

 

 

9

 

Total current liabilities

 

 

501

 

 

 

439

 

Long-term operating lease liabilities

 

 

26

 

 

 

25

 

Deferred income taxes

 

 

1

 

 

 

1

 

Other long-term liabilities

 

 

15

 

 

 

11

 

Total liabilities

 

 

543

 

 

 

476

 

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;
106,716,052 and 110,369,266 shares issued and outstanding at June 30, 2023
   and December 31, 2022, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

2,029

 

 

 

2,066

 

Accumulated deficit

 

 

(1,010

)

 

 

(1,075

)

Accumulated other comprehensive loss

 

 

(146

)

 

 

(150

)

NOW Inc. stockholders' equity

 

 

874

 

 

 

842

 

Noncontrolling interest

 

 

3

 

 

 

2

 

Total stockholders' equity

 

 

877

 

 

 

844

 

Total liabilities and stockholders' equity

 

$

1,420

 

 

$

1,320

 

 

See notes to unaudited consolidated financial statements.

3

 


 

NOW INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In millions, except per share data)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

2023

 

 

2022

 

Revenue

 

$

594

 

 

$

539

 

 

$

1,178

 

 

$

1,012

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

460

 

 

 

411

 

 

 

907

 

 

 

777

 

Warehousing, selling and administrative

 

 

98

 

 

 

89

 

 

 

200

 

 

 

173

 

Impairment and other charges

 

 

 

 

 

10

 

 

 

 

 

 

10

 

Operating profit

 

 

36

 

 

 

29

 

 

 

71

 

 

 

52

 

Other income (expense)

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

9

 

Income before income taxes

 

 

35

 

 

 

28

 

 

 

70

 

 

 

61

 

Income tax provision

 

 

1

 

 

 

2

 

 

 

4

 

 

 

5

 

Net income

 

 

34

 

 

 

26

 

 

 

66

 

 

 

56

 

Net income attributable to noncontrolling interest

 

 

 

 

 

 

 

 

1

 

 

 

 

Net income attributable to NOW Inc.

 

$

34

 

 

$

26

 

 

$

65

 

 

$

56

 

Earnings per share attributable to NOW Inc. stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.31

 

 

$

0.23

 

 

$

0.59

 

 

$

0.50

 

Diluted

 

$

0.31

 

 

$

0.23

 

 

$

0.59

 

 

$

0.50

 

Weighted-average common shares outstanding, basic

 

 

107

 

 

 

111

 

 

 

108

 

 

 

111

 

Weighted-average common shares outstanding, diluted

 

 

108

 

 

 

111

 

 

 

109

 

 

 

111

 

 

See notes to unaudited consolidated financial statements.

4

 


 

NOW INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(In millions)

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

$

34

 

 

$

26

 

 

$

66

 

 

$

56

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

3

 

 

 

1

 

 

 

4

 

 

 

3

 

Comprehensive income

 

37

 

 

 

27

 

 

 

70

 

 

 

59

 

Comprehensive income attributable to noncontrolling interest

 

 

 

 

 

 

 

1

 

 

 

 

Comprehensive income attributable to NOW Inc.

$

37

 

 

$

27

 

 

$

69

 

 

$

59

 

 

See notes to unaudited consolidated financial statements.

5

 


 

NOW INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In millions)

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

Net income

$

66

 

 

$

56

 

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

 

 

 

 

 

Depreciation and amortization

 

12

 

 

 

9

 

Provision for inventory

 

3

 

 

 

4

 

Impairment and other charges

 

 

 

 

10

 

Stock-based compensation

 

7

 

 

 

4

 

Other, net

 

10

 

 

 

(5

)

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

 

 

 

 

 

Receivables

 

(17

)

 

 

(88

)

Inventories

 

(43

)

 

 

(87

)

Prepaid and other current assets

 

(3

)

 

 

 

Accounts payable, accrued liabilities and other, net

 

44

 

 

 

46

 

Net cash provided by (used in) operating activities

 

79

 

 

 

(51

)

Cash flows from investing activities:

 

 

 

 

 

Business acquisitions, net of cash acquired

 

(33

)

 

 

(21

)

Purchases of property, plant and equipment

 

(11

)

 

 

(6

)

Other, net

 

1

 

 

 

2

 

Net cash provided by (used in) investing activities

 

(43

)

 

 

(25

)

Cash flows from financing activities:

 

 

 

 

 

Repurchases of common stock

 

(44

)

 

 

 

Payments relating to finance leases and other, net

 

(3

)

 

 

 

Net cash provided by (used in) financing activities

 

(47

)

 

 

 

Effect of exchange rates on cash and cash equivalents

 

2

 

 

 

(5

)

Net change in cash and cash equivalents

 

(9

)

 

 

(81

)

Cash and cash equivalents, beginning of period

 

212

 

 

 

313

 

Cash and cash equivalents, end of period

$

203

 

 

$

232

 

 

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, 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

 

 

$

(1,173

)

 

$

(145

)

 

$

 

 

$

1

 

 

$

746

 

Net income

 

 

 

 

 

 

 

26

 

 

 

 

 

 

 

 

 

 

 

 

26

 

Stock-based compensation

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Exercise of stock options

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

June 30, 2022

$

1

 

 

$

2,066

 

 

$

(1,147

)

 

$

(144

)

 

$

 

 

$

1

 

 

$

777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

$

1

 

 

$

2,066

 

 

$

(1,075

)

 

$

(150

)

 

$

 

 

$

2

 

 

$

844

 

Net income

 

 

 

 

 

 

 

31

 

 

 

 

 

 

 

 

 

1

 

 

 

32

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

(36

)

 

 

 

 

 

(36

)

Common stock retired

 

 

 

 

(33

)

 

 

 

 

 

 

 

 

33

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Exercise of stock options

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Shares withheld for taxes

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

March 31, 2023

$

1

 

 

$

2,036

 

 

$

(1,044

)

 

$

(149

)

 

$

(3

)

 

$

3

 

 

$

844

 

Net income

 

 

 

 

 

 

 

34

 

 

 

 

 

 

 

 

 

 

 

 

34

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

 

 

 

 

 

(8

)

Common stock retired

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

4