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<\/b>May 4, 2023
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8:00 a.m. CT
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1 (888) 660-6431 (within North America)
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1 (929) 203-2118 (outside of North America)
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Access Code: 7372055
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Webcast: ir.dnow.com<\/a><\/p>\n
HOUSTON–(BUSINESS WIRE<\/a>)– First Quarter 2023 Financial Highlights<\/b><\/p>\n \nDavid Cherechinsky, President and CEO of NOW Inc., added, \u201cOur year is off to a nice start, including strong top- and bottom-line performance, with revenue growing 7% sequentially, driving 8% first quarter EBITDA as a percent of revenue. We achieved these better than expected results despite headwinds related to inclement weather, lower U.S. rig counts and completions, and weaker oil and gas prices during the quarter. We are excited about our international segment posting strong sequential revenue growth of 28% at operating profit levels not seen since 2014.<\/p>\n \nIn the first quarter, we returned cash to shareholders by repurchasing $36 million in shares and since quarter-end, we completed two additional acquisitions, strengthening our U.S. Process Solutions business.<\/p>\n \nWe are in a great place as a company, with incredible talent singularly focused on our customers. We remain debt-free with ample liquidity and possess an advantageous variety of tools to further advance DNOW\u2019s position in the market.\u201d<\/p>\n \nPrior to the earnings conference call a presentation titled \u201cNOW Inc. First Quarter 2023 Key Takeaways\u201d will be available on the Company\u2019s Investor Relations website.<\/p>\n About NOW Inc.<\/b><\/p>\n \nDistributionNOW 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 2,450 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\u00ae 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.<\/p>\n 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.<\/i><\/p>\n NOW INC.<\/b><\/p>\n CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n (In millions, except share data)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nMarch 31,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nDecember 31,<\/p>\n<\/td>\n<\/tr>\n \n2023<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n168<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n422<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n398<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n406<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n381<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n29<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,017<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n121<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n119<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n119<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n116<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n23<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n41<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n1,329<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,320<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n323<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n304<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n118<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n126<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n447<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n439<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n485<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n476<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2,036<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,066<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1,044<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,075<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(149<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(150<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n841<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n842<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n844<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n844<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n1,329<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,320<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NOW INC.<\/b><\/p>\n CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)<\/b><\/p>\n (In millions, except per share data)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nThree Months Ended<\/p>\n<\/td>\n<\/tr>\n \nMarch 31,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nDecember 31,<\/p>\n<\/td>\n<\/tr>\n \n2023<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n584<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n473<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n547<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n447<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n366<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n415<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n102<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n84<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n97<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n35<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n35<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n31<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n30<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n0.28<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.27<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n0.28<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.27<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n110<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n111<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n110<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n111<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n111<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n111<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NOW INC.<\/b><\/p>\n SUPPLEMENTAL INFORMATION<\/b><\/p>\n \u00a0<\/b><\/p>\n BUSINESS SEGMENTS (UNAUDITED)<\/b><\/p>\n (In millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nThree Months Ended<\/p>\n<\/td>\n<\/tr>\n \nMarch 31,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nDecember 31,<\/p>\n<\/td>\n<\/tr>\n \n2023<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n427<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n334<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n414<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n83<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n74<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n58<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n584<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n473<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n547<\/p>\n<\/td>\n NOW INC.<\/b><\/p>\n SUPPLEMENTAL INFORMATION (CONTINUED)<\/b><\/p>\n U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) TO NON-GAAP RECONCILIATIONS<\/b><\/p>\n NET INCOME ATTRIBUTABLE TO NOW INC. TO NON-GAAP EBITDA EXCLUDING OTHER COSTS RECONCILIATION (UNAUDITED)<\/b><\/p>\n (In millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nThree Months Ended<\/p>\n<\/td>\n<\/tr>\n \nMarch 31,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nDecember 31,<\/p>\n<\/td>\n<\/tr>\n \n2023<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n30<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2212<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n47<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n47<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n8.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NET INCOME ATTRIBUTABLE TO NOW INC. TO NON-GAAP NET INCOME ATTRIBUTABLE TO NOW INC. EXCLUDING OTHER COSTS RECONCILIATION (UNAUDITED)<\/b><\/p>\n (In millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nThree Months Ended<\/p>\n<\/td>\n<\/tr>\n \nMarch 31,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nDecember 31,<\/p>\n<\/td>\n<\/tr>\n \n2023<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n30<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(15<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n29<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO NOW INC. STOCKHOLDERS TO NON-GAAP DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO NOW INC. STOCKHOLDERS EXCLUDING OTHER COSTS RECONCILIATION (UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n \n2023<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n \n2022<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n0.28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.27<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.13<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n0.25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)<\/p>\n<\/td>\n \nIn an effort to provide investors with additional information regarding our results as determined by GAAP, we disclose various non-GAAP financial measures in our quarterly earnings press releases and other public disclosures. The non-GAAP financial measures include: (i) earnings before interest, taxes, depreciation and amortization (EBITDA) excluding other costs, (ii) net income attributable to NOW Inc. excluding other costs and (iii) diluted earnings per share attributable to NOW Inc. stockholders excluding other costs. Each of these financial measures excludes the impact of certain other costs and therefore has not been calculated in accordance with GAAP. A reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure is included in the schedules herein.<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(2)<\/p>\n<\/td>\n \nNet income attributable to noncontrolling interest represents the income retained by the noncontrolling party of a joint venture in our international segment which we consolidate into our financials as we are the primary beneficiary and controlling member.<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(3)<\/p>\n<\/td>\n \nFor the three months ended March 31, 2023, Other of approximately $4 million, included in warehousing, selling and administrative, was related to legal fees for litigation matters that were not ordinary or routine to the operations of the business where the Company is seeking damages.<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(4)<\/p>\n<\/td>\n \nEBITDA % excluding other costs is defined as EBITDA excluding other costs divided by Revenue.<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(5)<\/p>\n<\/td>\n \nOther, net of tax includes certain income and expenses and does not include stock-based compensation expense.<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nFor the three months ended March 31, 2023, Other, net of tax included a benefit of approximately $7 million from changes in the valuation allowance recorded against the Company\u2019s deferred tax assets, partially offset by approximately $4 million related to legal fees for litigation matters that were not ordinary or routine to the operations of the business where the Company is seeking damages. The Company has excluded the impact of these items on its valuation allowance in computing net income excluding other costs.<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(6)<\/p>\n<\/td>\n \nTotals may not foot due to rounding.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230504005296\/en\/<\/a><\/span><\/p>\n \nMark Johnson KEYWORDS:<\/b> Texas United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Supply Chain Management Engineering Retail Technology Manufacturing Software Hardware<\/p>\n
\nNOW Inc. (NYSE: DNOW) announced results for the first quarter ended March 31, 2023.<\/p>\n\n
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\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ASSETS<\/td>\n<\/tr>\n \n Current assets:<\/td>\n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n Receivables, net<\/td>\n \n \n \n \n \n \n \n \n \n Inventories, net<\/td>\n \n \n \n \n \n \n \n \n \n Prepaid and other current assets<\/td>\n \n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n Property, plant and equipment, net<\/td>\n \n \n \n \n \n \n \n \n \n Goodwill<\/td>\n \n \n \n \n \n \n \n \n \n Intangibles, net<\/td>\n \n \n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n \n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/td>\n<\/tr>\n \n Current liabilities:<\/td>\n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n \n Accrued liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Other current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Long-term operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Deferred income taxes<\/td>\n \n \n \n \n \n \n \n \n \n Other long-term liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Commitments and contingencies<\/td>\n \n \n \n <\/tr>\n \n Stockholders’ equity:<\/td>\n \n \n \n <\/tr>\n \n Preferred stock – par value $0.01; 20 million shares authorized; no shares issued and outstanding<\/td>\n \n \n \n \n \n \n \n \n \n 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<\/td>\n \n \n \n \n \n \n \n \n \n Treasury stock – at average cost; 244,604 shares at March 31, 2023<\/td>\n \n \n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n \n \n Accumulated other comprehensive loss<\/td>\n \n \n \n \n \n \n \n \n \n NOW Inc. stockholders’ equity<\/td>\n \n \n \n \n \n \n \n \n \n Noncontrolling interest<\/td>\n \n \n \n \n \n \n \n \n \n Total stockholders’ equity<\/td>\n \n \n \n \n \n \n \n \n \n Total liabilities and stockholders’ equity<\/td>\n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Operating expenses:<\/td>\n \n \n \n \n \n <\/tr>\n \n Cost of products<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Warehousing, selling and administrative<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Operating profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Other income (expense)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Income before income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Income tax provision<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Net income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Net income attributable to noncontrolling interest<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Net income attributable to NOW Inc.<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Earnings per share attributable to NOW Inc. stockholders:<\/td>\n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Weighted-average common shares outstanding, basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Weighted-average common shares outstanding, diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue:<\/td>\n \n \n \n \n \n \n <\/tr>\n \n United States<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Canada<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n International<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Total revenue<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n GAAP net income attributable to NOW Inc. (1)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income attributable to noncontrolling interest (2)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest expense (income), net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax provision<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Other costs:<\/td>\n \n \n \n \n \n <\/tr>\n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Other (3)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n EBITDA excluding other costs<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n EBITDA % excluding other costs (4)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n GAAP net income attributable to NOW Inc. (1)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Other, net of tax (5) (6)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income attributable to NOW Inc. excluding other costs (6)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended<\/td>\n<\/tr>\n \n \n \n March 31,<\/td>\n \n December 31,<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n GAAP diluted earnings per share attributable to NOW Inc. stockholders (1)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Other, net of tax (5) (6)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted earnings per share attributable to NOW Inc. stockholders excluding other costs (6)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
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Senior Vice President and Chief Financial Officer
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(281) 823-4754<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230504005296\/en\/537788\/3\/DNOW_color-logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n