Cash flow MRC Global Inc.

Equities

MRC

US55345K1034

Industrial Machinery & Equipment

Market Closed - Nyse Other stock markets 04:00:02 2024-09-06 pm EDT			5-day change	1st Jan Change
12.18 ^USD	-0.90%		-7.45%	+10.63%

Aug. 07	Transcript : MRC Global Inc., Q2 2024 Earnings Call, Aug 07, 2024
Aug. 06	Earnings Flash (MRC) MRC GLOBAL Reports Q2 EPS $0.31, vs. Street Est of $0.25	MT

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Published financial data: MRC GLOBAL INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	3.66B	2.56B	2.67B	3.36B	3.41B
Total Revenues	3.66B	2.56B	2.67B	3.36B	3.41B
Cost of Goods Sold, Total	3.01B	2.13B	2.25B	2.75B	2.72B
Gross Profit	653M	431M	417M	610M	690M
Selling General & Admin Expenses, Total	533M	423M	407M	469M	503M
Provision for Bad Debts	5M	-2M	-	-	-
Other Operating Expenses, Total	538M	421M	407M	469M	503M
Operating Income	115M	10M	10M	141M	187M
Interest Expense, Total	-40M	-28M	-23M	-24M	-32M
Net Interest Expenses	-40M	-28M	-23M	-24M	-32M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	3M	-	2M	-6M	-2M
EBT, Excl. Unusual Items	78M	-18M	-11M	111M	153M
Restructuring Charges	-9M	-28M	-1M	-1M	-
Impairment of Goodwill	-	-217M	-	-	-
Gain (Loss) On Sale Of Assets	-	5M	-	-	-
Asset Writedown	-	-25M	-	-	-
Legal Settlements	-3M	-	-	-	-
Other Unusual Items	-	-	-2M	-	-
EBT, Incl. Unusual Items	66M	-283M	-14M	110M	153M
Income Tax Expense	27M	-9M	-	35M	39M
Earnings From Continuing Operations	39M	-274M	-14M	75M	114M
Net Income to Company	39M	-274M	-14M	75M	114M
Net Income - (IS)	39M	-274M	-14M	75M	114M
Preferred Dividend and Other Adjustments	24M	24M	24M	24M	24M
Net Income to Common Incl Extra Items	15M	-298M	-38M	51M	90M
Net Income to Common Excl. Extra Items	15M	-298M	-38M	51M	90M
Per Share Items
Net EPS - Basic	0.18	-3.63	-0.46	0.61	1.07
Basic EPS - Continuing Operations	0.18	-3.63	-0.46	0.61	1.07
Basic Weighted Average Shares Outstanding	83M	82M	82.5M	83.5M	84.2M
Net EPS - Diluted	0.18	-3.63	-0.46	0.6	1.05
Diluted EPS - Continuing Operations	0.18	-3.63	-0.46	0.6	1.05
Diluted Weighted Average Shares Outstanding	83.9M	82M	82.5M	84.9M	85.5M
Normalized Basic EPS	0.59	-0.14	-0.08	0.83	1.14
Normalized Diluted EPS	0.58	-0.14	-0.08	0.82	1.12
Payout Ratio	61.54	-8.76	-171.43	32	21.05
Supplemental Items
EBITDA	178M	56M	53M	180M	227M
EBITA	157M	36M	34M	162M	208M
EBIT	115M	10M	10M	141M	187M
EBITDAR	220M	94M	91M	220M	269M
Effective Tax Rate - (Ratio)	40.91	3.18	-	31.82	25.49
Current Domestic Taxes	28M	10M	12M	36M	41M
Current Foreign Taxes	4M	2M	3M	6M	5M
Total Current Taxes	32M	12M	15M	42M	46M
Deferred Domestic Taxes	-4M	-20M	-16M	-7M	-3M
Deferred Foreign Taxes	-1M	-1M	1M	-	-4M
Total Deferred Taxes	-5M	-21M	-15M	-7M	-7M
Normalized Net Income	48.75M	-11.25M	-6.88M	69.38M	95.62M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	-
Net Rental Expense, Total	42M	38M	38M	40M	42M
Imputed Operating Lease Interest Expense	18.72M	12.53M	12.55M	14.42M	19.93M
Imputed Operating Lease Depreciation	23.28M	25.47M	25.45M	25.58M	22.07M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	16M	12M	12M	13M	14M
Total Stock-Based Compensation	16M	12M	12M	13M	14M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	32M	119M	48M	32M	131M
Total Cash And Short Term Investments	32M	119M	48M	32M	131M
Accounts Receivable, Total	459M	319M	379M	501M	430M
Total Receivables	459M	319M	379M	501M	430M
Inventory	701M	509M	453M	578M	560M
Other Current Assets, Total	26M	19M	19M	31M	34M
Total Current Assets	1.22B	966M	899M	1.14B	1.16B
Gross Property Plant And Equipment	479M	440M	431M	445M	462M
Accumulated Depreciation	-155M	-137M	-149M	-161M	-179M
Net Property Plant And Equipment	324M	303M	282M	284M	283M
Goodwill	483M	264M	264M	264M	264M
Other Intangibles, Total	281M	229M	204M	183M	163M
Deferred Charges Long-Term	2M	2M	-	-	-
Other Long-Term Assets, Total	17M	17M	22M	22M	21M
Total Assets	2.32B	1.78B	1.67B	1.9B	1.89B
Liabilities
Accounts Payable, Total	357M	264M	321M	410M	355M
Accrued Expenses, Total	76M	76M	69M	100M	87M
Current Portion of Long-Term Debt	4M	4M	2M	3M	292M
Current Portion of Leases	34M	37M	33M	36M	34M
Unearned Revenue Current, Total	4M	6M	4M	9M	7M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	11M	12M	7M	6M	8M
Total Current Liabilities	486M	399M	436M	564M	783M
Long-Term Debt	547M	379M	295M	337M	9M
Long-Term Leases	167M	187M	177M	182M	186M
Deferred Tax Liability Non Current	91M	70M	53M	49M	45M
Other Non Current Liabilities	37M	41M	32M	22M	20M
Total Liabilities	1.33B	1.08B	993M	1.15B	1.04B
Preferred Stock Convertible	355M	355M	355M	355M	355M
Total Preferred Equity	355M	355M	355M	355M	355M
Common Stock, Total	1M	1M	1M	1M	1M
Additional Paid In Capital	1.73B	1.74B	1.75B	1.76B	1.77B
Retained Earnings	-483M	-781M	-819M	-768M	-678M
Treasury Stock	-375M	-375M	-375M	-375M	-375M
Comprehensive Income and Other	-232M	-234M	-231M	-230M	-228M
Total Common Equity	642M	350M	323M	386M	488M
Total Equity	997M	705M	678M	741M	843M
Total Liabilities And Equity	2.32B	1.78B	1.67B	1.9B	1.89B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	81.41M	82.1M	83.2M	83.65M	84.39M
ECS Total Common Shares Outstanding	81.41M	82.1M	83.07M	83.65M	84.32M
Book Value / Share	7.89	4.26	3.89	4.61	5.79
Tangible Book Value	-122M	-143M	-145M	-61M	61M
Tangible Book Value Per Share	-1.5	-1.74	-1.75	-0.73	0.72
Total Debt	752M	607M	507M	558M	521M
Net Debt	720M	488M	459M	526M	390M
Debt Equivalent Oper. Leases	336M	304M	304M	320M	336M
Account Code - Inventory Valuation	4	4	4	4	4
LIFO Reserve, Total	-155M	-136M	-213M	-279M	-282M
Inventories - Finished Goods, Total	891M	664M	685M	876M	859M
Land - (BS)	12M	3M	2M	2M	2M
Buildings, Total	70M	36M	33M	33M	46M
Machinery, Total	155M	134M	138M	124M	130M
Full Time Employees	3.34K	2.6K	2.6K	2.8K	2.8K
Assets under Capital Lease - Gross	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	4M	2M	2M	2M	3M
Order Backlog	509M	340M	520M	742M	694M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	39M	-274M	-14M	75M	114M
Depreciation & Amortization - CF	21M	20M	19M	18M	19M
Amortization of Goodwill and Intangible Assets - (CF)	42M	26M	24M	21M	21M
Depreciation & Amortization, Total	63M	46M	43M	39M	40M
Amortization of Deferred Charges, Total - (CF)	1M	1M	2M	1M	-
(Gain) Loss From Sale Of Asset	-	-5M	-	-	-
Asset Writedown & Restructuring Costs	-	256M	-	-	-
Stock-Based Compensation (CF)	16M	12M	12M	13M	14M
Provision and Write-off of Bad Debts	2M	2M	-1M	-	-
Other Operating Activities, Total	3M	3M	62M	62M	2M
Change In Accounts Receivable	127M	141M	-61M	-128M	72M
Change In Inventories	95M	173M	-27M	-196M	16M
Change In Accounts Payable	-79M	-98M	60M	90M	-58M
Change In Income Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-25M	4M	-20M	24M	-19M
Cash from Operations	242M	261M	56M	-20M	181M
Capital Expenditure	-18M	-11M	-10M	-11M	-15M
Sale of Property, Plant, and Equipment	1M	30M	3M	-	1M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Other Investing Activities, Total	1M	-	-	-	-
Cash from Investing	-16M	19M	-7M	-11M	-14M
Long-Term Debt Issued, Total	1.02B	658M	389M	824M	847M
Total Debt Issued	1.02B	658M	389M	824M	847M
Long-Term Debt Repaid, Total	-1.15B	-825M	-476M	-781M	-885M
Total Debt Repaid	-1.15B	-825M	-476M	-781M	-885M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-81M	-4M	-4M	-2M	-4M
Issuance of Preferred Stock	-	-	-	-	-
Preferred Dividends Paid	-24M	-24M	-24M	-24M	-24M
Common & Preferred Stock Dividends Paid	-24M	-24M	-24M	-24M	-24M
Other Financing Activities, Total	-	-	-3M	-	-1M
Cash from Financing	-238M	-195M	-118M	17M	-67M
Foreign Exchange Rate Adjustments	1M	2M	-2M	-2M	-1M
Net Change in Cash	-11M	87M	-71M	-16M	99M
Supplemental Items
Cash Interest Paid	39M	27M	21M	21M	33M
Cash Income Tax Paid (Refund)	34M	3M	15M	35M	55M
Levered Free Cash Flow	228M	286M	77.88M	-19.88M	154M
Unlevered Free Cash Flow	252M	302M	90.25M	-5.88M	174M
Change In Net Working Capital	-119M	-249M	-39M	135M	-18M
Net Debt Issued / Repaid	-133M	-167M	-87M	43M	-38M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.02	0.3	0.36	4.94	6.18
Return on Total Capital	4.13	0.41	0.5	7.1	8.78
Return On Equity %	3.82	-32.2	-2.02	10.57	14.39
Return on Common Equity	2.25	-60.08	-11.29	14.39	20.59
Margin Analysis
Gross Profit Margin %	17.83	16.84	15.64	18.14	20.22
SG&A Margin	14.55	16.52	15.27	13.95	14.74
EBITDA Margin %	4.86	2.19	1.99	5.35	6.65
EBITA Margin %	4.29	1.41	1.28	4.82	6.1
EBIT Margin %	3.14	0.39	0.38	4.19	5.48
Income From Continuing Operations Margin %	1.06	-10.7	-0.53	2.23	3.34
Net Income Margin %	1.06	-10.7	-0.53	2.23	3.34
Net Avail. For Common Margin %	0.41	-11.64	-1.43	1.52	2.64
Normalized Net Income Margin	1.33	-0.44	-0.26	2.06	2.8
Levered Free Cash Flow Margin	6.22	11.16	2.92	-0.59	4.51
Unlevered Free Cash Flow Margin	6.88	11.81	3.39	-0.17	5.1
Asset Turnover
Asset Turnover	1.54	1.25	1.54	1.89	1.8
Fixed Assets Turnover	15.78	8.17	9.11	11.88	12.04
Receivables Turnover (Average Receivables)	7	6.58	7.64	7.64	7.33
Inventory Turnover (Average Inventory)	4.02	3.52	4.68	5.34	4.78
Short Term Liquidity
Current Ratio	2.51	2.42	2.06	2.02	1.48
Quick Ratio	1.01	1.1	0.98	0.95	0.72
Operating Cash Flow to Current Liabilities	0.5	0.65	0.13	-0.04	0.23
Days Sales Outstanding (Average Receivables)	52.13	55.61	47.78	47.75	49.8
Days Outstanding Inventory (Average Inventory)	90.86	104.01	78.06	68.35	76.3
Average Days Payable Outstanding	49.62	58.67	48.68	46.35	51.63
Cash Conversion Cycle (Average Days)	93.37	100.95	77.16	69.75	74.46
Long Term Solvency
Total Debt/Equity	75.43	86.1	74.78	75.3	61.8
Total Debt / Total Capital	43	46.27	42.78	42.96	38.2
LT Debt/Equity	71.61	80.28	69.62	70.04	23.13