Company Quick10K Filing
Quick10K
National Oilwell Varco
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$19.17 386 $7,398
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-14 Enter Agreement, Exhibits
8-K 2019-11-13 Amend Bylaw, Exhibits
8-K 2019-10-30 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-10-28 Earnings, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-05-29 Shareholder Vote
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-12 Earnings, Exhibits
8-K 2019-02-06 Earnings, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-11 Shareholder Vote
8-K 2018-04-16 Earnings, Exhibits
8-K 2018-02-05 Earnings, Exhibits
8-K 2018-01-19 Other Events, Exhibits
GNRC Generac Holdings 4,676
CR Crane 4,507
TKR Timken 2,945
GTLS Chart Industries 2,006
MLI Mueller Industries 1,463
NPO Enpro Industries 1,244
FET Forum Energy Technologies 169
HCHC HC2 92
AQMS Aqua Metals 86
UAMY United States Antimony 44
NOV 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-31.1 nov-ex311_6.htm
EX-31.2 nov-ex312_10.htm
EX-32.1 nov-ex321_8.htm
EX-32.2 nov-ex322_7.htm
EX-95 nov-ex95_9.htm

National Oilwell Varco Earnings 2019-09-30

NOV 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

nov-10q_20190930.htm
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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, 2019

OR

 

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

 

Commission File Number 1-12317

 

NATIONAL OILWELL VARCO, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

76-0475815

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

7909 Parkwood Circle Drive

Houston, Texas

77036-6565

(Address of principal executive offices)

(713346-7500

(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 $.01 per share

NOV

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 18, 2019 the registrant had 385,832,119 shares of common stock, par value $0.01 per share, outstanding.

 

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions, except share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,313

 

 

$

1,427

 

Receivables, net

 

 

1,799

 

 

 

2,101

 

Inventories, net

 

 

2,537

 

 

 

2,986

 

Contract assets

 

 

615

 

 

 

565

 

Prepaid and other current assets

 

 

251

 

 

 

200

 

Total current assets

 

 

6,515

 

 

 

7,279

 

Property, plant and equipment, net

 

 

2,361

 

 

 

2,797

 

Lease right-of-use assets, operating

 

 

437

 

 

 

 

Lease right-of-use assets, financing

 

 

236

 

 

 

 

Deferred income taxes

 

 

 

 

 

11

 

Goodwill

 

 

3,236

 

 

 

6,264

 

Intangibles, net

 

 

866

 

 

 

3,020

 

Investment in unconsolidated affiliates

 

 

291

 

 

 

301

 

Other assets

 

 

63

 

 

 

124

 

Total assets

 

$

14,005

 

 

$

19,796

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

716

 

 

$

722

 

Accrued liabilities

 

 

983

 

 

 

1,088

 

Contract liabilities

 

 

455

 

 

 

458

 

Current portion of lease liabilities

 

 

113

 

 

 

7

 

Accrued income taxes

 

 

9

 

 

 

66

 

Total current liabilities

 

 

2,276

 

 

 

2,341

 

Lease liabilities

 

 

673

 

 

 

222

 

Long-term debt

 

 

2,484

 

 

 

2,482

 

Deferred income taxes

 

 

174

 

 

 

564

 

Other liabilities

 

 

269

 

 

 

298

 

Total liabilities

 

 

5,876

 

 

 

5,907

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock - par value $.01; 1 billion shares authorized; 385,850,007 and

   383,426,654 shares issued and outstanding at September 30, 2019 and

  December 31, 2018

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

8,483

 

 

 

8,390

 

Accumulated other comprehensive loss

 

 

(1,524

)

 

 

(1,437

)

Retained earnings

 

 

1,094

 

 

 

6,862

 

Total Company stockholders' equity

 

 

8,057

 

 

 

13,819

 

Noncontrolling interests

 

 

72

 

 

 

70

 

Total stockholders’ equity

 

 

8,129

 

 

 

13,889

 

Total liabilities and stockholders’ equity

 

$

14,005

 

 

$

19,796

 

 

See notes to unaudited consolidated financial statements.

2


 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

(In millions, except per share data)

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

2,126

 

 

$

2,154

 

 

$

6,198

 

 

$

6,055

 

Cost of revenue

 

 

1,975

 

 

 

1,761

 

 

 

5,729

 

 

 

5,020

 

Gross profit

 

 

151

 

 

 

393

 

 

 

469

 

 

 

1,035

 

Selling, general and administrative

 

 

293

 

 

 

320

 

 

 

1,014

 

 

 

911

 

Goodwill and indefinite-lived intangible asset impairment

 

 

 

 

 

 

 

 

3,186

 

 

 

 

Long-lived asset impairment

 

 

12

 

 

 

 

 

 

2,199

 

 

 

 

Operating profit (loss)

 

 

(154

)

 

 

73

 

 

 

(5,930

)

 

 

124

 

Interest and financial costs

 

 

(25

)

 

 

(24

)

 

 

(75

)

 

 

(71

)

Interest income

 

 

4

 

 

 

6

 

 

 

16

 

 

 

18

 

Equity loss in unconsolidated affiliates

 

 

(4

)

 

 

(2

)

 

 

(6

)

 

 

(1

)

Other income (expense), net

 

 

(10

)

 

 

(20

)

 

 

(36

)

 

 

(70

)

Income (loss) before income taxes

 

 

(189

)

 

 

33

 

 

 

(6,031

)

 

 

 

Provision (benefit) for income taxes

 

 

60

 

 

 

29

 

 

 

(323

)

 

 

37

 

Net income (loss)

 

 

(249

)

 

 

4

 

 

 

(5,708

)

 

 

(37

)

Net income (loss) attributable to noncontrolling interests

 

 

(5

)

 

 

3

 

 

 

2

 

 

 

6

 

Net income (loss) attributable to Company

 

$

(244

)

 

$

1

 

 

$

(5,710

)

 

$

(43

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Company per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.64

)

 

$

0.00

 

 

$

(14.95

)

 

$

(0.11

)

Diluted

 

$

(0.64

)

 

$

0.00

 

 

$

(14.95

)

 

$

(0.11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share

 

$

0.05

 

 

$

0.05

 

 

$

0.15

 

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

382

 

 

 

379

 

 

 

382

 

 

 

378

 

Diluted

 

 

382

 

 

 

383

 

 

 

382

 

 

 

378

 

 

See notes to unaudited consolidated financial statements.

 

3


 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In millions)

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income (loss)

 

$

(249

)

 

$

4

 

 

$

(5,708

)

 

$

(37

)

Currency translation adjustments

 

 

(118

)

 

 

(32

)

 

 

(80

)

 

 

(219

)

Changes in derivative financial instruments, net of tax

 

 

(14

)

 

 

2

 

 

 

(7

)

 

 

1

 

Comprehensive loss

 

 

(381

)

 

 

(26

)

 

 

(5,795

)

 

 

(255

)

Comprehensive income (loss) attributable to noncontrolling interest

 

 

(5

)

 

 

3

 

 

 

2

 

 

 

6

 

Comprehensive loss attributable to Company

 

$

(376

)

 

$

(29

)

 

$

(5,797

)

 

$

(261

)

 

See notes to unaudited consolidated financial statements.

 

4


 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In millions)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

Net loss

 

$

(5,708

)

 

$

(37

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

433

 

 

 

519

 

Provision for inventory losses

 

 

592

 

 

 

41

 

Deferred income taxes

 

 

(367

)

 

 

15

 

Goodwill and indefinite-lived intangible asset impairment

 

 

3,186

 

 

 

 

Long-lived asset impairment

 

 

2,199

 

 

 

 

Other, net

 

 

125

 

 

 

89

 

Change in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

Receivables

 

 

338

 

 

 

37

 

Inventories

 

 

(169

)

 

 

(193

)

Contract assets

 

 

(42

)

 

 

12

 

Prepaid and other current assets

 

 

(49

)

 

 

3

 

Accounts payable

 

 

(20

)

 

 

152

 

Accrued liabilities

 

 

(182

)

 

 

(239

)

Contract liabilities

 

 

(7

)

 

 

50

 

Income taxes payable

 

 

(58

)

 

 

(81

)

Other assets/liabilities, net

 

 

(30

)

 

 

(68

)

Net cash provided by operating activities

 

 

241

 

 

 

300

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(166

)

 

 

(173

)

Business acquisitions, net of cash acquired

 

 

(180

)

 

 

(280

)

Other

 

 

78

 

 

 

61

 

Net cash used in investing activities

 

$

(268

)

 

$

(392

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Cash dividends paid

 

 

(58

)

 

 

(57

)

Other

 

 

(15

)

 

 

45

 

Net cash used in financing activities

 

 

(73

)

 

 

(12

)

Effect of exchange rates on cash

 

 

(14

)

 

 

(40

)

Decrease in cash and cash equivalents

 

 

(114

)

 

 

(144

)

Cash and cash equivalents, beginning of period

 

 

1,427

 

 

 

1,437

 

Cash and cash equivalents, end of period

 

$

1,313

 

 

$

1,293

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash payments during the period for:

 

 

 

 

 

 

 

 

Interest

 

$

53

 

 

$

48

 

Income taxes

 

$

81

 

 

$

61

 

 

See notes to unaudited consolidated financial statements.

5


 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(In millions)

 

 

 

Common

Stock

 

 

Additional

Paid in

Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Retained

Earnings

(Loss)

 

 

Total

Company

Stockholders'

Equity

 

 

Noncontrolling

Interests

 

 

Total

Stockholders'

Equity

 

Balance at December 31, 2018

 

$

4

 

 

$

8,390

 

 

$

(1,437

)

 

$

6,862

 

 

$

13,819

 

 

$

70

 

 

$

13,889

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

(77

)

 

 

(77

)

 

 

2

 

 

 

(75

)

Other comprehensive income

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

24

 

 

 

 

 

 

24

 

Cash dividends, $0.05 per common share

 

 

 

 

 

 

 

 

 

 

 

(19

)

 

 

(19

)

 

 

 

 

 

(19

)

Noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

Stock-based compensation

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

12

 

Common stock issued

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

Balance at March 31, 2019

 

$

4

 

 

 

8,408

 

 

 

(1,413

)

 

 

6,766

 

 

 

13,765

 

 

 

75

 

 

 

13,840

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

(5,389

)

 

 

(5,389

)

 

 

5

 

 

 

(5,384

)

Other comprehensive income

 

 

 

 

 

 

 

 

21

 

 

 

 

 

 

21

 

 

 

 

 

 

21

 

Cash dividends, $0.05 per common share

 

 

 

 

 

 

 

 

 

 

 

(19

)

 

 

(19

)

 

 

 

 

 

(19

)

Noncontrolling interest