Exhibit 99.1
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Earnings Conference Call
August 2, 2023 8:00 a.m. CT
1 (888) 660-6431 (within North America)
1 (929) 203-2118 (outside of North America)
Access Code: 7372055 Webcast:
ir.dnow.com |
NOW Inc. Reports Second Quarter 2023 Results
HOUSTON, TX, August 2, 2023 - NOW Inc. (NYSE: DNOW) announced results for the second quarter ended June 30, 2023.
Second Quarter 2023 Financial Highlights
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Revenue was $594 million for the second quarter of 2023 |
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Net income attributable to NOW Inc. was $34 million and non-GAAP net
income attributable to NOW Inc. excluding other costs was $27 million for the second quarter of 2023 |
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Diluted earnings per share attributable to NOW Inc. stockholders was $0.31 and
non-GAAP diluted earnings per share attributable to NOW Inc. stockholders excluding other costs was $0.25 for the second quarter of 2023 |
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EBITDA excluding other costs for the second quarter of 2023 was $47 million or 7.9% of revenue
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Free cash flow for the second quarter of 2023 was $79 million |
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Cash and cash equivalents was $203 million and long-term debt was zero at June 30, 2023 with total
liquidity of approximately $584 million |
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As announced in May, we completed two acquisitions for $33 million in cash, expanding our manufacturer
territorial exclusivities for key products |
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Repurchased $8 million of common stock in the second quarter of 2023 |
David Cherechinsky, President and CEO of NOW Inc., added, I am proud of our DNOW team as strong performance continued in the second quarter, generating
$47 million in EBITDA and resulting in our most profitable first half of a year since being a public company. In the second quarter we produced strong free cash flow of $79 million, completed two acquisitions and recorded an impressive 22%
year-over-year growth in our international segment.
Looking ahead, I am excited about the traction we are making positioning DNOW as a vital energy
evolution partner, deploying our full suite of supply chain management services and decarbonization products and technologies, including our EcoVapor offering, to provide our customers the innovative emissions management solutions necessary to
achieve their sustainability goals.
We are focused on executing our strategy and creating shareholder value by growing market share, leveraging our
debt-free balance sheet with $584 million of total liquidity, pursuing margin accretive acquisitions and continuing our share repurchase program.
Prior to the earnings conference call a presentation titled NOW Inc. Second Quarter 2023 Key Takeaways will be available on the Companys
Investor Relations website.
About NOW Inc.
DistributionNOW is a worldwide supplier of energy and industrial products and packaged, engineered process and production equipment with a legacy of 160 years.
Headquartered in Houston, Texas, with approximately 2,475 employees and a network of locations worldwide, we offer a broad set of supply chain solutions combined with a suite of digital solutions branded as DigitalNOW® that provide customers world-class technology for digital commerce, data and information management. Our locations provide products and solutions to exploration and production companies,
midstream transmission and storage companies, refineries, chemical companies, utilities, mining, municipal water, manufacturers, engineering and construction companies as well as companies operating in the decarbonization, energy transition and
renewables end markets.
Statements made in this press release that are forward-looking in nature are intended to be forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents
filed by NOW Inc. with the U.S. Securities and Exchange Commission, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
Contact:
Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754