10-Q Filing

DNOW INC. CIK: 1599617 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-017549`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	dnow-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 28 Cash Flow Statement 44 Stockholders Equity 17 Comprehensive Income 10

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$168.00M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$212.00M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$398.00M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$422.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories, net	`InventoryNet`	$406.00M	USD	Point-in-time
Inventories, net	`InventoryNet`	$381.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$29.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	330.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	330.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$26.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.02B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	110.37M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	107.39M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.02B	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	107.39M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$119.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$121.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	110.37M	shares	Point-in-time
Goodwill	`Goodwill`	$119.00M	USD	Point-in-time
Goodwill	`Goodwill`	$116.00M	USD	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	244,604.00	shares	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$25.00M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$23.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$43.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$41.00M	USD	Point-in-time
Total assets	`Assets`	$1.33B	USD	Point-in-time
Total assets	`Assets`	$1.32B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$304.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$323.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$126.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$118.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$9.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$6.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$439.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$447.00M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$25.00M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$25.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$12.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$485.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$476.00M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock - par value $0.01; 20 million shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - par value $0.01; 20 million shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock - par value $0.01; 330 million shares authorized; 107,394,917 and 110,369,266 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock - par value $0.01; 330 million shares authorized; 107,394,917 and 110,369,266 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Treasury Stock - at average cost; 244,604 shares at March 31, 2023	`TreasuryStockValue`	-	USD	Point-in-time
Treasury Stock - at average cost; 244,604 shares at March 31, 2023	`TreasuryStockValue`	$3.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.04B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.07B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.04B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.07B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-150.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-149.00M	USD	Point-in-time
NOW Inc stockholders' equity	`StockholdersEquity`	$842.00M	USD	Point-in-time
NOW Inc stockholders' equity	`StockholdersEquity`	$841.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$2.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$3.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$844.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$712.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$746.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$844.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.33B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.32B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$584.00M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$473.00M	USD	1 Quarter
Cost of products	`CostOfGoodsAndServicesSold`	$447.00M	USD	1 Quarter
Cost of products	`CostOfGoodsAndServicesSold`	$366.00M	USD	1 Quarter
Warehousing, selling and administrative	`WarehousingSellingAndAdministrativeExpense`	$102.00M	USD	1 Quarter
Warehousing, selling and administrative	`WarehousingSellingAndAdministrativeExpense`	$84.00M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$23.00M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$35.00M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$10.00M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$35.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$33.00M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.00M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.00M	USD	1 Quarter
Net income	`ProfitLoss`	$32.00M	USD	1 Quarter
Net income	`ProfitLoss`	$30.00M	USD	1 Quarter
Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.00M	USD	1 Quarter
Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net income attributable to NOW Inc	`NetIncomeLoss`	$31.00M	USD	1 Quarter
Net income attributable to NOW Inc	`NetIncomeLoss`	$30.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.27	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Weighted-average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	110.60M	shares	1 Quarter
Weighted-average common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	110.01M	shares	1 Quarter
Weighted-average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	111.22M	shares	1 Quarter
Weighted-average common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	110.82M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$32.00M	USD	1 Quarter
Net income	`ProfitLoss`	$30.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.00M	USD	1 Quarter
Provision for inventory	`InventoryWriteDown`	$1.00M	USD	1 Quarter
Provision for inventory	`InventoryWriteDown`	$2.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$-9.00M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$6.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$36.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$25.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$47.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$26.00M	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.00M	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.00M	USD	1 Quarter
Accounts payable, accrued liabilities and other, net	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherNet`	-	USD	1 Quarter
Accounts payable, accrued liabilities and other, net	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherNet`	$-31.00M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.00M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-22.00M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.00M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.00M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$33.00M	USD	1 Quarter
Payments relating to finance leases and other, net	`PaymentsRelatingToFinanceLeasesAndOtherNet`	$1.00M	USD	1 Quarter
Payments relating to finance leases and other, net	`PaymentsRelatingToFinanceLeasesAndOtherNet`	$1.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-34.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.00M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.00M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.00M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-20.00M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-44.00M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$293.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$212.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$168.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$313.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$212.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$168.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$293.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$313.00M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$844.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$712.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$746.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$844.00M	USD	Point-in-time
Net income	`ProfitLoss`	$32.00M	USD	1 Quarter
Net income	`ProfitLoss`	$30.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.00M	USD	1 Quarter
Shares withheld for taxes	`AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet1`	$-1.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$1.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$2.00M	USD	1 Quarter
Common stock repurchased	`TreasuryStockValueAcquiredCostMethod`	$36.00M	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$844.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$712.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$746.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$844.00M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$32.00M	USD	1 Quarter
Net income	`ProfitLoss`	$30.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$2.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$33.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$32.00M	USD	1 Quarter
Comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.00M	USD	1 Quarter
Comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Comprehensive income attributable to NOW Inc	`ComprehensiveIncomeNetOfTax`	$32.00M	USD	1 Quarter
Comprehensive income attributable to NOW Inc	`ComprehensiveIncomeNetOfTax`	$32.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.