{"id":825797,"date":"2025-03-14T06:33:52","date_gmt":"2025-03-14T10:33:52","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/"},"modified":"2025-03-14T06:33:52","modified_gmt":"2025-03-14T10:33:52","slug":"mrc-global-reports-full-year-and-fourth-quarter-2024-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/","title":{"rendered":"MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results"},"content":{"rendered":"
\n

HOUSTON, March 14, 2025 (GLOBE NEWSWIRE) — MRC Global Inc. (NYSE: MRC)\u00a0today reported full year and\u00a0fourth\u00a0quarter\u00a02024\u00a0results.\u00a0<\/p>\n

\n
\n Full Year 2024 Financial Highlights:<\/u>
\n <\/strong>
\n
\u00a0\u25cf Operating cash flows\u00a0from continuing operations of\u00a0$268\u00a0million, highest since 2015
\u00a0\u25cf Sales of\u00a0$3,011 million
\u00a0\u25cf Net income\u00a0from continuing operations of\u00a0$78\u00a0million
\u00a0\u25cf\u00a0Adjusted EBITDA of\u00a0$202 million, 6.7%\u00a0of sales
\u00a0\u25cf\u00a0Gross profit, as a percentage of sales, of\u00a020.6%
\u00a0\u25cf\u00a0Adjusted Gross Profit, as a percentage of sales,\u00a0of\u00a021.9%\u00a0and the third consecutive year above 21%
\u00a0\u25cf Net Debt of\u00a0$324 million, a 1.6x net debt\u00a0leverage ratio<\/p>\n

\n
\n Fourth Quarter 2024 Financial Highlights:<\/u>
\n <\/strong>
\n
\u00a0\u25cf Operating cash flows from continuing operations of $73\u00a0million
\u00a0\u25cf Sales of $664\u00a0million
\u00a0\u25cf\u00a0Net\u00a0loss\u00a0from continuing operations of\u00a0($1)\u00a0million
\u00a0\u25cf\u00a0Adjusted EBITDA of\u00a0$32\u00a0million, or 4.8%\u00a0of sales
\u00a0\u25cf Gross profit, as a percentage of sales, of\u00a020.3%
\u00a0\u25cf\u00a0Adjusted Gross Profit, as a percentage of sales, of\u00a022.0%
\u00a0\u25cf Working capital, as a percentage of sales, of 11.2%,\u00a0a record low for the company<\/p>\n

Rob Saltiel, MRC Global\u2019s President and Chief Executive Officer, commented, \u201cWe are optimistic about our business outlook for 2025 due to the rebound of our gas utilities business, the return of inflation to our product pricing, the growth of U.S. natural gas infrastructure investment and our penetration into chemicals, mining and data center markets. We are also very excited to announce today our new IMTEC joint venture which simplifies the development of smart meters for our gas utilities customers. We anticipate growth in all three business sectors in 2025 and for revenue to be up low to high-single digits. In addition, we expect to generate at least $100 million\u00a0in cash from operations,\u00a0achieve our target net debt leverage ratio\u00a0of 1.5x by year end and to have ample cash to begin execution of our recently announced $125 million share buyback authorization.\u201d<\/p>\n

Mr. Saltiel continued, \u201cLooking back on 2024, I am very pleased with the successful execution of several strategic actions that simplified and strengthened our balance sheet while de-risking our future financing needs. We achieved average annual Adjusted Gross Profit margins that exceeded 21% for the third year in a row. We generated $268\u00a0million of operating cash flow from continuing operations, aided by significant improvements in our working capital efficiency, despite a slow finish to the year.\u201d<\/p>\n

The company previously delayed the release of its financial results to allow additional time to complete year-end procedures specifically related to inventory cycle counts.\u00a0The completion of these procedures resulted in no adjustments to either the income statement or balance sheet in 2024 or any restatement of prior periods.<\/p>\n

Consistent with the previously\u00a0announced\u00a0sale of the\u00a0Canada business, Canada results are reflected in discontinued operations for\u00a0all periods\u00a0presented.\u00a0Canada discontinued operational\u00a0losses including operating losses and the loss incurred on the sale, were\u00a0($22)\u00a0million\u00a0for the fourth quarter of 2024 and\u00a0($23)\u00a0million\u00a0for the year ended 2024. The sale is scheduled to close this month.<\/p>\n

Adjusted Net Income (Loss) from continuing operations,\u00a0Adjusted Net (Loss) Income Attributable to Common Stockholders,\u00a0Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Gross Profit, Adjusted Gross Profit margin, Net Debt, Net Debt Leverage Ratio and Adjusted selling, general and administrative (SG&A) expense are all non-GAAP measures. Please refer to the reconciliation of each of these measures to the nearest GAAP measure in this release.<\/p>\n

Net\u00a0loss\u00a0from continuing operations for the fourth quarter of 2024 was\u00a0($1)\u00a0million, or\u00a0($0.14)\u00a0per diluted share, as compared\u00a0to net\u00a0income\u00a0from continuing operations\u00a0of\u00a0$22\u00a0million, or $0.19\u00a0per diluted share, in the fourth quarter of 2023.\u00a0Net\u00a0income\u00a0from continuing operations\u00a0for\u00a0the full years\u00a02024\u00a0and\u00a02023 was $78\u00a0million, or\u00a0$0.57\u00a0per diluted share, and\u00a0$115 million, or\u00a0$1.06\u00a0per diluted share, respectively.\u00a0Adjusted net income from continuing operations\u00a0for the\u00a0fourth quarter of 2024\u00a0and the fourth quarter of 2023\u00a0was\u00a0$4\u00a0million, and $27\u00a0million, respectively. Adjusted net\u00a0income\u00a0from continuing operations for the full year\u00a02024\u00a0and\u00a02023 was $86\u00a0million and\u00a0$122 million, respectively.\u00a0\u00a0<\/p>\n

MRC Global\u2019s fourth quarter 2024 gross profit was $135\u00a0million, or\u00a020.3%\u00a0of sales, as compared to gross profit of $149\u00a0million, or\u00a020.1%\u00a0of sales, in the fourth quarter of 2023. Gross profit for the fourth quarter of 2024\u00a0and 2023\u00a0includes\u00a0expense\u00a0of\u00a0$1\u00a0million and\u00a0$5 million for the last-in, first out (LIFO) method of inventory cost accounting, respectively.\u00a0Adjusted Gross Profit, as a percentage of sales, which excludes these items, as well as others,\u00a0was\u00a022.0%\u00a0and\u00a022.2% in the fourth quarter of\u00a02024\u00a0and\u00a02023, respectively.\u00a0<\/p>\n

SG&A\u00a0expenses were\u00a0$123\u00a0million, or\u00a018.5% of sales, for the fourth quarter of 2024\u00a0as compared to\u00a0$121\u00a0million, or 16.4%\u00a0of sales, for the same period of 2023. Adjusted SG&A expense for the fourth quarter of\u00a02024\u00a0and\u00a02023\u00a0was\u00a0$119 million, or\u00a017.9%\u00a0of sales, and $120\u00a0million, or\u00a016.2% of sales, respectively. \u00a0<\/p>\n

For the three months ended December 31, 2024, income\u00a0tax\u00a0expense was\u00a0$4\u00a0million with an effective rate of\u00a0133%, which was primarily impacted by foreign currency gains on debt restructuring and low pretax income for the quarter.\u00a0For the three\u00a0months ended December 31,\u00a02023, income tax expense\u00a0was\u00a0$2\u00a0million with an effective rate of\u00a08% which was favorably impacted by a net reduction in a foreign valuation allowance provision. Annual effective tax rates for 2024 and 2023 were 26% and 25%, respectively. Our rates generally differ from\u00a0the U.S. federal statutory rate of 21% as a result of state income taxes, non-deductible\u00a0expenses\u00a0and differing foreign income tax rates.<\/p>\n

Adjusted EBITDA was\u00a0$32\u00a0million in the fourth quarter of 2024\u00a0as compared to\u00a0$49\u00a0million for the same period in 2023. Please refer to the reconciliation of non-GAAP measures (Adjusted EBITDA) to GAAP measures (net income (loss) from continuing operations) in this release.<\/p>\n

\n Sales <\/strong>\n <\/p>\n

The company\u2019s sales were\u00a0$664\u00a0million for the fourth quarter of 2024, 10%\u00a0lower\u00a0than the fourth quarter of 2023\u00a0and a 14%\u00a0decrease from the third quarter of 2024. As\u00a0compared to the fourth quarter of 2023, the\u00a0decrease was driven by the\u00a0Downstream, Industrial and Energy Transition (DIET) sector followed by the Production & Transmission Infrastructure\u00a0(PTI) sector. The sequential sales decline was across all sectors.<\/p>\n

\n Sales by Segment <\/strong>\n <\/p>\n

U.S. sales in the fourth quarter of 2024 were $542\u00a0million, a\u00a0$91\u00a0million, or 14%, decrease\u00a0from the same quarter in 2023.\u00a0Gas Utilities sector sales were consistent with the prior year. DIET\u00a0sector sales\u00a0decreased by\u00a0$48\u00a0million, or 25%, due to the conclusion of several projects and lower turnaround spending.\u00a0PTI\u00a0sector sales\u00a0decreased\u00a0$43\u00a0million, or 23%, due to\u00a0lower customer activity and fewer projects.<\/p>\n

Sequentially, U.S. sales in the fourth quarter of 2024, as compared to the third quarter of 2024, were\u00a0down\u00a0$102 million, or 16%. The Gas Utilities sector\u00a0experienced a\u00a0$41\u00a0million, or 14%,\u00a0decline\u00a0primarily from typical\u00a0seasonal buying patterns\u00a0and deferred spending.\u00a0PTI sector sales were\u00a0down\u00a0$34\u00a0million, or 19%, due to lower year-end customer activity and seasonality, and\u00a0non-repeating projects.\u00a0The DIET sector was\u00a0down\u00a0$27 million, or 16%, due to the conclusion of various\u00a0projects and lower\u00a0turnaround activity.<\/p>\n

International sales in the fourth quarter of 2024 were\u00a0$122\u00a0million,\u00a0up\u00a0$15\u00a0million, or 14%, from the same period in 2023\u00a0as all\u00a0sectors experienced growth. The\u00a0PTI sector increase was driven primarily by multiple projects in Norway. The DIET sector\u00a0increase was driven primarily by projects in the Middle East and Asia.<\/p>\n

Sequentially,\u00a0International sales in the fourth quarter of 2024, as compared to the third quarter of 2024, were\u00a0down\u00a0$5\u00a0million, or 4%. The DIET sector\u00a0decrease was due to lower turnaround\u00a0activity and timing of project deliveries in Europe and the Nordics.\u00a0The PTI\u00a0sector\u00a0decrease was driven by the timing of project deliveries in Australia,\u00a0Asia and the U.K.<\/p>\n

\n Sales by Sector <\/strong>\n <\/p>\n

Gas Utilities sector sales, which are primarily U.S based, were $253\u00a0million in the fourth quarter of 2024, or\u00a038% of total sales, unchanged from the fourth quarter of 2023.\u00a0<\/p>\n

Sequentially, Gas Utilities sector sales in the fourth quarter of 2024, as compared to the third quarter of\u00a02024, declined\u00a0$40\u00a0million, or 14%.<\/p>\n

DIET sector sales in the fourth quarter of 2024\u00a0were\u00a0$208\u00a0million, or\u00a031% of total sales, a\u00a0decrease\u00a0of\u00a0$46\u00a0million, or 18%, from the fourth quarter of 2023 driven by the U.S. segment.<\/p>\n

Sequentially,\u00a0DIET sector sales in the fourth quarter of 2024, as compared to the prior quarter, decreased\u00a0$31\u00a0million, or 13%,\u00a0driven by\u00a0the U.S. segment.<\/p>\n

PTI sector sales in the fourth quarter of 2024\u00a0were\u00a0$203 million, or\u00a031%\u00a0of total sales, a\u00a0decreased\u00a0of\u00a0$30\u00a0million, or 13%, from the fourth quarter of 2023\u00a0driven by the U.S. segment.<\/p>\n

Sequentially,\u00a0PTI sector sales in the fourth quarter of 2024, as compared to the previous quarter,\u00a0decreased\u00a0$36\u00a0million, or\u00a015%, driven by the\u00a0U.S. segment.<\/p>\n

\n Balance Sheet and Cash Flow<\/strong>\n <\/p>\n

As of\u00a0December 31, 2024, the company’s\u00a0cash balance\u00a0was\u00a0$63 million, long-term debt (including current portion) was\u00a0$387\u00a0million, and Net Debt\u00a0was\u00a0$324 million. Cash provided by operations from continuing operations was $73\u00a0million in the fourth quarter of 2024 resulting in\u00a0$268 million of cash provided by operations from continuing operations for the full\u00a0year\u00a02024.\u00a0Availability under the company\u2019s ABL facility was $460\u00a0million, and liquidity was $523\u00a0million as of December 31, 2024.\u00a0Please refer to the reconciliation of non-GAAP (Net Debt) to GAAP measures (long-term debt, net) in this release.<\/p>\n

\n Conference Call<\/strong>\n <\/p>\n

The company will hold a conference call to discuss its fourth quarter and full year\u00a02024 results at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on March 14, 2025. To participate in the call, please dial 201-689-8261\u00a0and ask for the MRC\u00a0Global conference call. To access the conference call, live over the Internet, please log onto the web at www.mrcglobal.com and go to the \u201cInvestors\u201d page of the company\u2019s website. A replay will be available through March 28, 2025, and can be accessed by dialing 201-612-7415\u00a0and using passcode 13752336#. Also, an archive of the webcast will be available shortly after the call at www.mrcglobal.com for 90 days.<\/p>\n

\n About MRC Global Inc.<\/strong>\n <\/p>\n

Headquartered in Houston, Texas, MRC Global (NYSE: MRC) is the leading global distributor of pipe, valves,\u00a0fittings (PVF) and\u00a0other infrastructure products and services to diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission\u00a0infrastructure sectors. With over 100 years of experience, MRC Global has provided customers with innovative supply chain solutions, technical product expertise and a robust digital platform from a worldwide network of approximately 200\u00a0locations including valve and engineering centers. The company\u2019s unmatched quality assurance program offers approximately\u00a0200,000\u00a0SKUs from over\u00a07,100\u00a0suppliers, simplifying the supply chain for over 8,300\u00a0customers. Find out more at www.mrcglobal.com<\/p>\n

\n This news release contains forward-looking statements within the meaning of Section\u00a027A of the Securities Act and Section\u00a021E of the Exchange Act. Words such as \u201cwill\u201d, \u201cexpect\u201d, \u201cexpected\u201d, \u201cintend\u201d, \u201cbelieves\u201d and similar expressions are intended to identify forward-looking statements. <\/em>\n <\/p>\n

\n Statements about the company\u2019s business, including its strategy, its industry, the company\u2019s future profitability, the company\u2019s guidance on its sales, adjusted EBITDA, tax rate, capital\u00a0expenditures, achieving cost savings and cash flow, debt reduction, liquidity, growth in the company\u2019s various markets and the company\u2019s expectations, beliefs, plans, strategies, objectives, prospects and assumptions are not guarantees of future performance. These statements are based on management\u2019s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, most of which are difficult to predict and many of which are beyond MRC Global\u2019s control, including the factors described in the company\u2019s SEC filings that may cause the company\u2019s actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements.<\/em>\n <\/p>\n

\n These risks and uncertainties include (among others) decreases\u00a0in capital and other expenditure levels in the industries that the company serves;<\/em>\u00a0U.S. and international general economic conditions; geopolitical events; decreases in oil and natural gas prices; unexpected supply shortages; loss of third-party transportation providers; cost increases by the company<\/em>\u2019s suppliers and transportation providers; increases in steel prices, which the company may be unable to pass along to its customers which could significantly lower the company<\/em>\u2019s profit; the company<\/em>\u2019s lack of long-term contracts with most of its suppliers; suppliers<\/em>\u2019 price reductions of products that the company sells, which could cause the value of its inventory to decline; decreases in steel prices, which could significantly lower the company<\/em>\u2019s profit; a decline in demand for certain of the products the company distributes if tariffs and duties on these products are imposed or lifted; holding more inventory than can be sold in a commercial time frame;<\/em>\u00a0significant substitution of renewables and low-carbon fuels for oil and gas, impacting demand for the company<\/em>\u2019s products;\u00a0risks related to adverse weather events or natural disasters; environmental, health and safety laws and regulations and the interpretation or implementation thereof; changes in the company<\/em>\u2019s customer and product mix; the risk that manufacturers of the products that the company distributes will sell a substantial amount of goods directly to end users in the industry sectors that the company serves; failure to operate the company<\/em>\u2019s business in an efficient or optimized manner; the company<\/em>\u2019s ability to compete successfully with other companies;\u00a0the company<\/em>\u2019s lack of long-term contracts with many of its customers and the company<\/em>\u2019s lack of contracts with customers that require minimum purchase volumes; inability to attract and retain employees or the potential loss of key personnel; adverse health events, such as a pandemic; interruption in the proper functioning of the company<\/em>\u2019s information systems; the occurrence of cybersecurity incidents; risks related to the company<\/em>\u2019s customers<\/em>\u2019 creditworthiness; the success of acquisition strategies; the potential adverse effects associated with integrating acquisitions and whether these acquisitions will yield their intended benefits; impairment of the company<\/em>\u2019s goodwill or other intangible assets; adverse changes in political or economic conditions in the countries in which the company operates; the company<\/em>\u2019s significant indebtedness; the dependence on the company<\/em>\u2019s subsidiaries for cash to meet parent company obligations; changes in the company<\/em>\u2019s credit profile; potential inability to obtain necessary capital; the potential share price volatility and costs incurred in response to any shareholder activism campaigns; the sufficiency of the company<\/em>\u2019s insurance policies to cover losses, including liabilities arising from litigation; product liability claims against the company; pending or future asbestos-related claims against the company; exposure to U.S. and international laws and regulations, regulating corruption, limiting imports or exports or imposing economic sanctions; risks relating to ongoing evaluations of internal controls required by Section 404 of the Sarbanes-Oxley Act and a material weakness related to our inventory cycle count control if it remains unremediated; and risks related to changing laws and regulations including trade policies and tariffs.<\/em><\/p>\n

\n For a discussion of key risk factors, please see the risk factors disclosed in the company\u2019s SEC filings, which are available on the SEC\u2019s website at <\/em>
\n
\n www.sec.gov<\/u>
\n <\/em>
\n and on the company\u2019s website, <\/em>
\n
\n www.mrcglobal.com<\/u>
\n <\/em>
\n . MRC Global\u2019s filings and other important information are also available on the “Investors” page of the company\u2019s website at <\/em>
\n
\n www.mrcglobal.com.<\/u>
\n <\/em>\n <\/p>\n

\n Undue reliance should not be placed on the company\u2019s forward-looking statements. Although forward-looking statements reflect the company\u2019s good faith beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the company\u2019s actual results, performance or achievements or future events to differ materially from anticipated future results, performance or achievements or future events expressed or implied by such forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent required by law. <\/em>\n <\/p>\n

Contact:<\/p>\n\n\n\n\n\n\n
Monica Broughton<\/td>\n<\/tr>\n
VP, Investor Relations & Treasury<\/td>\n<\/tr>\n
MRC Global Inc.<\/td>\n<\/tr>\n
Monica.Broughton@mrcglobal.com<\/td>\n<\/tr>\n
832-308-2847<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\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\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n MRC Global Inc.<\/strong>
\n
\n Condensed Consolidated Balance Sheets (Unaudited)<\/strong>
\n
\n (in millions)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 63<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n131<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 378<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n410<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 415<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n511<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 29<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets of discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 36<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n69<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 921<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,155<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 170<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n196<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 89<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n77<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 37<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noncurrent assets of discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 264<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n264<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other intangible assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 143<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n163<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 1,624<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,886<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities and stockholders’ equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade accounts payable<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 329<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n340<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued expenses and other current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 124<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 31<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current portion of debt obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n292<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities of discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 21<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 508<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n783<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term obligations:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 384<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 153<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n179<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 35<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 28<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noncurrent liabilities of discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Commitments and contingencies<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
6.5% Series A Convertible Perpetual Preferred Stock, $0.01 par value; authorized no and 363,000 shares, respectively; no and 363,000 shares issued and outstanding, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n355<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stockholders’ equity:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, $0.01 par value per share: 500 million shares authorized, 109,460,293 and 108,531,564 issued, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,779<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,768<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (652<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(678<\/td>\n)<\/td>\n<\/tr>\n
Treasury stock at cost: 24,216,330 shares<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (375<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(375<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (237<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(228<\/td>\n)<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 516<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n488<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities and stockholders’ equity<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 1,624<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,886<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\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
\u00a0<\/td>\n<\/tr>\n
\n MRC Global Inc.<\/strong>
\n
\n Condensed Consolidated Statements of Operations (Unaudited)<\/strong>
\n
\n (in millions, except per share amounts)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 664<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n740<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 3,011<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,266<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 529<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n591<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2,391<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,596<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 135<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n149<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 620<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n670<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 123<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n121<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 485<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n482<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 12<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 135<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n188<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other (expense) income:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (7<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (26<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(32<\/td>\n)<\/td>\n<\/tr>\n
Other, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (4<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income from continuing operations before income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 105<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n154<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense from continuing operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 27<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income from continuing operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 78<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n115<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss from discontinued operations, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (22<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (23<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n<\/tr>\n
Net (loss) income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (23<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 55<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n114<\/td>\n\u00a0<\/td>\n<\/tr>\n
Series A preferred stock dividends<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 20<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on repurchase and retirement of preferred stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 9<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 9<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income attributable to common stockholders<\/td>\n\u00a0<\/td>\n$<\/td>\n\n (34<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n15<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 26<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n90<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic (loss) earnings per common share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Loss) income from continued operations<\/td>\n\u00a0<\/td>\n$<\/td>\n\n (0.14<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n0.19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 0.58<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.08<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss from discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (0.26<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.01<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (0.27<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.01<\/td>\n)<\/td>\n<\/tr>\n
Basic (loss) earnings per common share<\/td>\n\u00a0<\/td>\n$<\/td>\n\n (0.40<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n0.18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 0.31<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.07<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted (loss) earnings per common share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Loss) income from continued operations<\/td>\n\u00a0<\/td>\n$<\/td>\n\n (0.14<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n0.19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 0.57<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.06<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss from discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (0.26<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.01<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (0.27<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.01<\/td>\n)<\/td>\n<\/tr>\n
Diluted (loss) earnings per common share<\/td>\n\u00a0<\/td>\n$<\/td>\n\n (0.40<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n0.18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 0.30<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.05<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted-average common shares, basic<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 85.2<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n84.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 85.1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n84.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted-average common shares, diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 85.2<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n85.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 86.6<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n85.5<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\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\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n MRC Global Inc.<\/strong>
\n
\n Condensed Consolidated Statements of Cash Flows (Unaudited)<\/strong>
\n
\n (in millions)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Net income from continuing operations<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 78<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n115<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 21<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of intangibles<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 19<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity-based compensation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 16<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax benefit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (8<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7<\/td>\n)<\/td>\n<\/tr>\n
(Decrease) increase in LIFO reserve<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign currency losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 5<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other non-cash items<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in operating assets and liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 25<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 90<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (10<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(47<\/td>\n)<\/td>\n<\/tr>\n
Accrued expenses and other current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 27<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15<\/td>\n)<\/td>\n<\/tr>\n
Operating cash flows from continuing operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 268<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n177<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating cash flows from discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 8<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash provided by operating activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 276<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n181<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Purchases of property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (28<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from the disposition of property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other investing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investing cash flows from continuing operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (27<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13<\/td>\n)<\/td>\n<\/tr>\n
Investing cash flows from discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n<\/tr>\n
Net cash used in investing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (27<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Payments on revolving credit facilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (449<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(882<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from revolving credit facilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 484<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n847<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payments on debt obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (295<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from term loan<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 348<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Debt issuance costs paid<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (7<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n<\/tr>\n
Repurchase of preferred stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (365<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dividends paid on preferred stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (23<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24<\/td>\n)<\/td>\n<\/tr>\n
Repurchases of shares to satisfy tax withholdings<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (5<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4<\/td>\n)<\/td>\n<\/tr>\n
Other financing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Financing cash flows from continuing operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (314<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(67<\/td>\n)<\/td>\n<\/tr>\n
Financing cash flows from discontinued operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash used in financing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (314<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(67<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Decrease) increase in cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (65<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effect of foreign exchange rate on cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (3<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n<\/tr>\n
Cash beginning of year<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 131<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash end of year<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 63<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n131<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\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 MRC Global Inc.<\/strong>
\n
\n Supplemental Sales Information (Unaudited)<\/strong>
\n
\n (in millions)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\n Disaggregated Sales by Segment and Sector<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\n Three Months Ended
December 31,<\/strong><\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n U.S.<\/strong>\n <\/td>\n\u00a0<\/td>\n\n International<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Total<\/strong>\n <\/td>\n<\/tr>\n
\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Gas Utilities<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 252<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 253<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
DIET<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 143<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 65<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 208<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
PTI<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 147<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 56<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 203<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 542<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 122<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 664<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Gas Utilities<\/td>\n\u00a0<\/td>\n$<\/td>\n252<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n253<\/td>\n\u00a0<\/td>\n<\/tr>\n
DIET<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n191<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n254<\/td>\n\u00a0<\/td>\n<\/tr>\n
PTI<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n190<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n233<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n633<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n107<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n740<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n Year Ended<\/strong>\n <\/td>\n<\/tr>\n
\n December 31,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n U.S.<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n International<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Total<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Gas Utilities<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,097<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,098<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
DIET<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 703<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 267<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 970<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
PTI<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 730<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 213<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 943<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,530<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 481<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 3,011<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Gas Utilities<\/td>\n\u00a0<\/td>\n$<\/td>\n1,190<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,193<\/td>\n\u00a0<\/td>\n<\/tr>\n
DIET<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n790<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n250<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,040<\/td>\n\u00a0<\/td>\n<\/tr>\n
PTI<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n865<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n168<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,033<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,845<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n421<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,266<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n MRC Global Inc.<\/strong>
\n
\n Supplemental Sales Information (Unaudited)<\/strong>
\n
\n (in millions)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\n Sales by Product Line<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Type<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Line pipe<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 68<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n130<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 405<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n532<\/td>\n\u00a0<\/td>\n<\/tr>\n
Carbon fittings and flanges<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 77<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n91<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 371<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n424<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total carbon pipe, fittings and flanges<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 145<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n221<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 776<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n956<\/td>\n\u00a0<\/td>\n<\/tr>\n
Valves, automation, measurement and instrumentation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 248<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n258<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,086<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,129<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gas products<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 180<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n170<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 753<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n780<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stainless steel and alloy pipe and fittings<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 45<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 169<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n135<\/td>\n\u00a0<\/td>\n<\/tr>\n
General products<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 46<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 227<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n266<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 664<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n740<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 3,011<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,266<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n MRC Global Inc.<\/strong>
\n
\n Supplemental Information (Unaudited)<\/strong>
\n
\n Reconciliation of Gross Profit to Adjusted Gross Profit (a non-GAAP measure)<\/strong>
\n
\n (in millions)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n of Revenue*<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n of Revenue*<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit, as reported<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 135<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 20.3<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n149<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20.1<\/td>\n%<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 5<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.8<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.5<\/td>\n%<\/td>\n<\/tr>\n
Amortization of intangibles<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.6<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.8<\/td>\n%<\/td>\n<\/tr>\n
Increase in LIFO reserve<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.2<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.7<\/td>\n%<\/td>\n<\/tr>\n
Transaction costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.2<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.0<\/td>\n%<\/td>\n<\/tr>\n
Adjusted Gross Profit<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 146<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 22.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n164<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22.2<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Percentage<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n of Revenue*<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n of Revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit, as reported<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 620<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 20.6<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n670<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20.5<\/td>\n%<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 21<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.7<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.6<\/td>\n%<\/td>\n<\/tr>\n
Amortization of intangibles<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 19<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.6<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.6<\/td>\n%<\/td>\n<\/tr>\n
(Decrease) increase in LIFO reserve<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (0.1<\/strong>\n <\/td>\n\n )%<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.1<\/td>\n%<\/td>\n<\/tr>\n
Transaction costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.0<\/td>\n%<\/td>\n<\/tr>\n
Adjusted Gross Profit<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 659<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 21.9<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n712<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21.8<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n
\n Notes to above:<\/u>
\n <\/strong>\n <\/p>\n\n\n\n
*<\/td>\nDoes not foot due to rounding<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

The company defines Adjusted Gross Profit as sales, less cost of sales, plus depreciation and amortization, plus amortization of intangibles, plus inventory-related charges\u00a0incremental to normal operations, plus transaction costs associated with acquisitions\u00a0and plus or minus the impact of its LIFO inventory costing methodology. The company presents Adjusted Gross Profit because the company believes it is a useful indicator of the company\u2019s operating performance without regard to items, such as amortization of intangibles, that can vary substantially from company to company depending upon the nature and extent of acquisitions of which they have been involved. Similarly, the impact of the LIFO inventory costing method can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO and depending upon which method they may elect. The company uses Adjusted Gross Profit as a key performance indicator in managing its business. The company believes that gross profit is the financial measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles that is most directly comparable to Adjusted Gross Profit.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n MRC Global Inc.<\/strong>
\n
\n Supplemental Information (Unaudited)<\/strong>
\n
\n Reconciliation of Selling, General and Administrative Expenses to <\/strong>
\n
\n Adjusted Selling, General and Administrative Expenses (a non-GAAP measure)<\/strong>
\n
\n (in millions)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative expenses<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 123<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n121<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 485<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n482<\/td>\n\u00a0<\/td>\n<\/tr>\n
Severance and restructuring (1)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Facility closures (2)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Customer settlement (3)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n<\/tr>\n
Non-recurring IT related professional fees<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n<\/tr>\n
Non-recurring other legal and consulting costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Activism response legal and consulting costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (4<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n<\/tr>\n
Adjusted Selling, General and Administrative Expenses<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 119<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n120<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 476<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n477<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n Notes to above:<\/u>
\n <\/strong>\n <\/p>\n\n\n\n\n
(1<\/td>\n)<\/td>\nEmployee severance and restructuring charges (pre-tax) in both our U.S. and International segments.<\/td>\n<\/tr>\n
(2<\/td>\n)<\/td>\nCharge (pre-tax) associated with a facility closure in our International segment.<\/td>\n<\/tr>\n
(3<\/td>\n)<\/td>\nCharge (pre-tax) for a customer settlement in our U.S. segment.\u00a0<\/td>\n<\/tr>\n<\/table>\n

The company defines adjusted selling, general and administrative (SG&A) expenses\u00a0as SG&A, less severance and restructuring expenses and other unusual items. The company presents adjusted SG&A because the company believes it is a useful indicator of the company\u2019s operating performance. Among other things, adjusted SG&A\u00a0measures the company\u2019s operating performance without regard to certain non-recurring, non-cash or transaction-related expenses.\u00a0The company uses adjusted SG&A\u00a0as a key performance indicator in managing its business. The company believes that SG&A is the financial measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles that is most directly comparable to adjusted SG&A.<\/p>\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
\u00a0<\/td>\n<\/tr>\n
\n MRC Global Inc.<\/strong>
\n
\n Supplemental Information (Unaudited)<\/strong>
\n
\n Reconciliation of Net (Loss) Income\u00a0to Adjusted EBITDA (a non-GAAP measure)<\/strong>
\n
\n (in millions)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income<\/td>\n\u00a0<\/td>\n$<\/td>\n\n (23<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 55<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n114<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss from discontinued operations, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 22<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 23<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income from continuing operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 78<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n115<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 27<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 7<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 26<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 5<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 21<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of intangibles<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 19<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21<\/td>\n\u00a0<\/td>\n<\/tr>\n
Transaction costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Facility closures (1)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Severance and restructuring (2)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-recurring IT related professional fees<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Increase (decrease) in LIFO reserve<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity-based compensation expense (3)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 5<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 16<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-recurring other legal and consulting costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Activism response legal and consulting costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Write off of debt issuance costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Customer settlement (4)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset disposal (5)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign currency losses (gains)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 5<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 32<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n49<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 202<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n251<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n Notes to above:<\/u>
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n
(1)<\/td>\nCharge (pre-tax) associated with a facility closure in our International segment.<\/td>\n<\/tr>\n
(2)<\/td>\nEmployee severance and restructuring charges (pre-tax) in\u00a0both our U.S. and International segments.\u00a0\u00a0<\/td>\n<\/tr>\n
(3)<\/td>\nCharges (pre-tax) recorded in SG&A.<\/td>\n<\/tr>\n
(4)<\/td>\nCharge (pre-tax) for a customer settlement in our U.S. segment.\u00a0\u00a0<\/td>\n<\/tr>\n
(5)<\/td>\nCharge (pre-tax) for an asset disposal in our International segment.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

The company defines adjusted EBITDA as net income (loss) plus the loss from discontinued operations, net of tax, plus interest, income taxes, depreciation and amortization, amortization of intangibles, and certain other expenses, including non-cash expenses, (such as equity-based compensation, severance and restructuring, changes in the fair value of derivative instruments and asset impairments, including inventory) and plus or minus the impact of its LIFO inventory costing methodology.\u00a0The company presents adjusted EBITDA because the company believes adjusted EBITDA is a useful indicator of the company\u2019s operating performance. Among other things, adjusted EBITDA measures the company\u2019s operating performance without regard to certain non-recurring, non-cash or transaction-related expenses. adjusted EBITDA, however, does not represent and should not be considered as an alternative to net income (loss), cash flow from operations or any other measure of financial performance calculated and presented in accordance with GAAP. Because adjusted EBITDA does not account for certain expenses, its utility as a measure of the company\u2019s operating performance has material limitations. Because of these limitations, the company does not view adjusted EBITDA in isolation or as a primary performance measure and also uses other measures, such as net income and sales, to measure operating performance. See the company’s Annual Report filed on Form 10-K for a more thorough discussion of the use of adjusted EBITDA.\u00a0<\/p>\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 MRC Global Inc.<\/strong>
\n
\n Supplemental Information (Unaudited)<\/strong>
\n
\n Reconciliation of Net (Loss) Income\u00a0to\u00a0<\/strong>
\n
\n Adjusted Net\u00a0Income from Continuing Operations (a non-GAAP measure)<\/strong>
\n
\n (in millions)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income<\/td>\n\u00a0<\/td>\n$<\/td>\n\n (23<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 55<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n114<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss from discontinued operations, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 22<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 23<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income from continuing operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 78<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n115<\/td>\n\u00a0<\/td>\n<\/tr>\n
Transaction costs, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Facility closures, net of tax (1)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Severance and restructuring, net of tax (2)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-recurring IT related professional fees, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset disposal, net of tax (3)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Customer settlement, net of tax (4)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-recurring other legal and consulting costs, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Activism response legal and consulting costs, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Increase (decrease) in LIFO reserve<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted Net Income from Continuing Operations<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 4<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 86<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n122<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n Notes to above:<\/u>
\n <\/strong>\n <\/p>\n\n\n\n\n\n
(1)<\/td>\nAn after-tax charge associated with a facility closure in our International segment.<\/td>\n<\/tr>\n
(2)<\/td>\nAn after-tax charge for severance and restructuring charges in\u00a0both our U.S. and International segments.<\/td>\n<\/tr>\n
(3)<\/td>\nAn after-tax charge for an asset disposal in our International segment.<\/td>\n<\/tr>\n
(4)<\/td>\nAn after-tax charge for a customer settlement in our U.S. segment.<\/td>\n<\/tr>\n<\/table>\n

The company defines adjusted net income from continuing operations\u00a0(a non-GAAP measure) as net\u00a0(loss) income plus the loss from discontinued operations, net of tax, plus or minus the after-tax\u00a0impact of items deemed non-standard and\u00a0plus or minus the after-tax impact of its LIFO inventory costing methodology.\u00a0The impact of the LIFO inventory costing methodology can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO and depending upon which method they may elect.\u00a0After-tax impacts were determined using the company’s U.S. blended\u00a0statutory rate. The company presents adjusted net income from continuing operations\u00a0because the company believes it provides useful comparisons of the company\u2019s operating results to other companies, including those companies with whom we compete in the distribution of pipe, valves and fittings to the energy industry, without regard to the irregular variations from certain restructuring events not indicative of the on-going business. The company believes that net (loss) income is the financial measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles that is most directly compared to adjusted net income\u00a0from continuing operations.<\/p>\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 MRC Global Inc.<\/strong>
\n
\n Supplemental Information (Unaudited)<\/strong>
\n
\n Reconciliation of Net (Loss) Income\u00a0Attributable to Common Stockholders\u00a0to\u00a0<\/strong>
\n
\n Adjusted Net (Loss) Income\u00a0Attributable to Common Stockholders\u00a0(a non-GAAP measure)<\/strong>
\n
\n (in millions, except per share amounts)<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31, 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Per Share*<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Per Share*<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income attributable to common stockholders<\/td>\n\u00a0<\/td>\n$<\/td>\n\n (34<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\n (0.40<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\n 26<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 0.30<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss from discontinued operations, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 22<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.26<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 23<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.27<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Transaction costs, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.01<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.01<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Facility closures, net of tax (1)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.01<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Severance and restructuring, net of tax (2)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.02<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.02<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-recurring IT related professional fees, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.01<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.01<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset disposal, net of tax (3)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.01<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-recurring other legal and consulting costs, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.01<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.01<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Activism response legal and consulting costs, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.03<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Decrease in LIFO reserve, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (0.02<\/strong>\n <\/td>\n)<\/td>\n<\/tr>\n
Adjusted Net (Loss) Income Attributable to Common Stockholders<\/td>\n\u00a0<\/td>\n$<\/td>\n\n (7<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\n (0.08<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\n 57<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\n 0.66<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31, 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Per Share*<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Per Share*<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income attributable to common stockholders<\/td>\n\u00a0<\/td>\n$<\/td>\n15<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n90<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.05<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss from discontinued operations, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-recurring IT related professional fees, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset disposal, net of tax (3)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n<\/tr>\n
Customer settlement, net of tax (4)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.02<\/td>\n\u00a0<\/td>\n<\/tr>\n
Activism response legal and consulting costs, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n<\/tr>\n
Increase in LIFO reserve, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.02<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted Net Income Attributable to Common Stockholders<\/td>\n\u00a0<\/td>\n$<\/td>\n21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.15<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n Notes to above:<\/u>
\n <\/strong>
\n \n <\/p>\n\n\n\n\n\n\n
*Does not foot due to rounding<\/td>\n<\/tr>\n
(1)<\/td>\nAn after-tax charge associated with a facility closure in our International segment.<\/td>\n<\/tr>\n
(2)<\/td>\nAn after-tax charge for severance and restructuring charges in\u00a0both our U.S. and International segments.<\/td>\n<\/tr>\n
(3)<\/td>\nAn after-tax charge for an asset disposal in our International segment.<\/td>\n<\/tr>\n
(4)<\/td>\nAn after-tax charge for a customer settlement in our U.S. segment.<\/td>\n<\/tr>\n<\/table>\n

The company defines adjusted net income (loss)\u00a0attributable to common stockholders (a non-GAAP measure) as net income\u00a0(loss)\u00a0attributable to common stockholders plus the loss from discontinued operations, net of tax,\u00a0plus or minus the after-tax\u00a0impact of items deemed non-standard and\u00a0plus or minus the after-tax impact of its LIFO inventory costing methodology.\u00a0The impact of the LIFO inventory costing methodology can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO and depending upon which method they may elect.\u00a0After-tax impacts were determined using the company’s U.S. blended\u00a0statutory rate. The company presents adjusted net income (loss) attributable to common stockholders and related per share amounts\u00a0because the company believes it provides useful comparisons of the company\u2019s operating results to other companies, including those companies with whom we compete in the distribution of pipe, valves and fittings to the energy industry, without regard to the irregular variations from certain restructuring events not indicative of the on-going business. The company believes that net income (loss) attributable to common stockholders is the financial measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles that is most directly compared to adjusted net income\u00a0(loss) attributable to common stockholders.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n MRC Global Inc.<\/strong>
\n
\n Supplemental Information (Unaudited)<\/strong>
\n
\n Reconciliation of Long-term Debt to <\/strong>
\n
\n Net Debt<\/strong>\u00a0(a non-GAAP measure) and the Net Debt Leverage Ratio Calculation<\/strong>
(in millions)<\/em><\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 384<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Plus: current portion of debt obligations<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 3<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Total debt<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 387<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: cash<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 63<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Debt<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 324<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Debt<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 324<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Trailing twelve months adjusted EBITDA<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 202<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Net debt leverage ratio<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 1.6<\/strong>\n <\/td>\n\n x<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

Net Debt and related leverage metrics may be considered non-GAAP measures. The company\u00a0defines Net Debt as long-term debt, including current portion, minus cash. The company\u00a0defines net debt leverage ratio as Net Debt divided by trailing twelve months adjusted EBITDA. The company believes Net Debt is an indicator of the extent to which the company\u2019s outstanding debt obligations could be satisfied by cash on hand and a useful metric for investors to evaluate the company\u2019s leverage position. The company believes the net debt leverage ratio is a commonly used metric that management and investors use to assess the borrowing capacity of the company. The company believes total long-term debt (including the current portion) is the financial measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles that is most directly comparable to Net Debt.<\/p>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

HOUSTON, March 14, 2025 (GLOBE NEWSWIRE) — MRC Global Inc. (NYSE: MRC)\u00a0today reported full year and\u00a0fourth\u00a0quarter\u00a02024\u00a0results.\u00a0 Full Year 2024 Financial Highlights: \u00a0\u25cf Operating cash flows\u00a0from continuing operations of\u00a0$268\u00a0million, highest since 2015\u00a0\u25cf Sales of\u00a0$3,011 million\u00a0\u25cf Net income\u00a0from continuing operations of\u00a0$78\u00a0million\u00a0\u25cf\u00a0Adjusted EBITDA of\u00a0$202 million, 6.7%\u00a0of sales\u00a0\u25cf\u00a0Gross profit, as a percentage of sales, of\u00a020.6%\u00a0\u25cf\u00a0Adjusted Gross Profit, as a percentage of sales,\u00a0of\u00a021.9%\u00a0and the third consecutive year above 21%\u00a0\u25cf Net Debt of\u00a0$324 million, a 1.6x net debt\u00a0leverage ratio Fourth Quarter 2024 Financial Highlights: \u00a0\u25cf Operating cash flows from continuing operations of $73\u00a0million\u00a0\u25cf Sales of $664\u00a0million\u00a0\u25cf\u00a0Net\u00a0loss\u00a0from continuing operations of\u00a0($1)\u00a0million\u00a0\u25cf\u00a0Adjusted EBITDA of\u00a0$32\u00a0million, or 4.8%\u00a0of sales\u00a0\u25cf Gross profit, as a percentage of sales, of\u00a020.3%\u00a0\u25cf\u00a0Adjusted Gross Profit, as a percentage of sales, of\u00a022.0%\u00a0\u25cf Working capital, as a percentage of … <\/p>\n

Continue reading “MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-825797","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"HOUSTON, March 14, 2025 (GLOBE NEWSWIRE) — MRC Global Inc. (NYSE: MRC)\u00a0today reported full year and\u00a0fourth\u00a0quarter\u00a02024\u00a0results.\u00a0 Full Year 2024 Financial Highlights: \u00a0\u25cf Operating cash flows\u00a0from continuing operations of\u00a0$268\u00a0million, highest since 2015\u00a0\u25cf Sales of\u00a0$3,011 million\u00a0\u25cf Net income\u00a0from continuing operations of\u00a0$78\u00a0million\u00a0\u25cf\u00a0Adjusted EBITDA of\u00a0$202 million, 6.7%\u00a0of sales\u00a0\u25cf\u00a0Gross profit, as a percentage of sales, of\u00a020.6%\u00a0\u25cf\u00a0Adjusted Gross Profit, as a percentage of sales,\u00a0of\u00a021.9%\u00a0and the third consecutive year above 21%\u00a0\u25cf Net Debt of\u00a0$324 million, a 1.6x net debt\u00a0leverage ratio Fourth Quarter 2024 Financial Highlights: \u00a0\u25cf Operating cash flows from continuing operations of $73\u00a0million\u00a0\u25cf Sales of $664\u00a0million\u00a0\u25cf\u00a0Net\u00a0loss\u00a0from continuing operations of\u00a0($1)\u00a0million\u00a0\u25cf\u00a0Adjusted EBITDA of\u00a0$32\u00a0million, or 4.8%\u00a0of sales\u00a0\u25cf Gross profit, as a percentage of sales, of\u00a020.3%\u00a0\u25cf\u00a0Adjusted Gross Profit, as a percentage of sales, of\u00a022.0%\u00a0\u25cf Working capital, as a percentage of … Continue reading "MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-14T10:33:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM5NDQ0MCM2ODA1ODM3IzIwMDg3NzE=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"26 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results\",\"datePublished\":\"2025-03-14T10:33:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\\\/\"},\"wordCount\":5152,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTM5NDQ0MCM2ODA1ODM3IzIwMDg3NzE=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\\\/\",\"name\":\"MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/","og_locale":"en_US","og_type":"article","og_title":"MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results - Market Newsdesk","og_description":"HOUSTON, March 14, 2025 (GLOBE NEWSWIRE) — MRC Global Inc. (NYSE: MRC)\u00a0today reported full year and\u00a0fourth\u00a0quarter\u00a02024\u00a0results.\u00a0 Full Year 2024 Financial Highlights: \u00a0\u25cf Operating cash flows\u00a0from continuing operations of\u00a0$268\u00a0million, highest since 2015\u00a0\u25cf Sales of\u00a0$3,011 million\u00a0\u25cf Net income\u00a0from continuing operations of\u00a0$78\u00a0million\u00a0\u25cf\u00a0Adjusted EBITDA of\u00a0$202 million, 6.7%\u00a0of sales\u00a0\u25cf\u00a0Gross profit, as a percentage of sales, of\u00a020.6%\u00a0\u25cf\u00a0Adjusted Gross Profit, as a percentage of sales,\u00a0of\u00a021.9%\u00a0and the third consecutive year above 21%\u00a0\u25cf Net Debt of\u00a0$324 million, a 1.6x net debt\u00a0leverage ratio Fourth Quarter 2024 Financial Highlights: \u00a0\u25cf Operating cash flows from continuing operations of $73\u00a0million\u00a0\u25cf Sales of $664\u00a0million\u00a0\u25cf\u00a0Net\u00a0loss\u00a0from continuing operations of\u00a0($1)\u00a0million\u00a0\u25cf\u00a0Adjusted EBITDA of\u00a0$32\u00a0million, or 4.8%\u00a0of sales\u00a0\u25cf Gross profit, as a percentage of sales, of\u00a020.3%\u00a0\u25cf\u00a0Adjusted Gross Profit, as a percentage of sales, of\u00a022.0%\u00a0\u25cf Working capital, as a percentage of … Continue reading \"MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/","og_site_name":"Market Newsdesk","article_published_time":"2025-03-14T10:33:52+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM5NDQ0MCM2ODA1ODM3IzIwMDg3NzE=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"26 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results","datePublished":"2025-03-14T10:33:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/"},"wordCount":5152,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM5NDQ0MCM2ODA1ODM3IzIwMDg3NzE=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/mrc-global-reports-full-year-and-fourth-quarter-2024-results\/","name":"MRC Global Reports Full Year\u00a0and Fourth Quarter 2024\u00a0Results - 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