Dnow (DNOW) FY2020 results: revenue $1.6 billion, down 45.1% on the year
Dnow Inc. (DNOW) reported revenue of $1.6 billion for fiscal 2020, the year ended 31 December 2020, down 45.1% on the year before. Net income was -$427 million, and diluted earnings per share $-3.91. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2021.
Revenue
$1.6 billion
-45.1% on the year
FY2013FY2020
Operating margin
-25.9%
-2.8% a year earlier
FY2013FY2020
Net income
-$427 million
FY2013FY2020
Diluted EPS
-$3.91
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,619
2,951
3,127
-45.1%
Cost of revenue
1,327
2,365
2,497
-43.9%
Gross profit
292
586
630
-50.2%
Gross margin
18.0%
19.9%
20.1%
Operating income
-420
-83.0
73.0
Operating margin
-25.9%
-2.8%
2.3%
Pre-tax income
-430
-93.0
58.0
Income tax
-3.0
4.0
6.0
Effective tax rate
n/a
n/a
10.3%
Net income
-427
-97.0
52.0
Net margin
-26.4%
-3.3%
1.7%
Diluted EPS
-$3.91
-$0.89
$0.47
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
189
224
73.0
-15.6%
Capital expenditure
8.0
12.0
11.0
-33.3%
Free cash flow
181
212
62.0
-14.6%
Free cash flow margin
11.2%
7.2%
2.0%
Cash from investing
22.0
-22.0
-9.0
Cash from financing
-8.0
-138
-37.0
Depreciation and amortisation
28.0
41.0
41.0
-31.7%
Share-based compensation
6.0
13.0
16.0
-53.8%
Buybacks
0.0
n/a
n/a
Diluted shares, weighted
109m
109m
109m
+0.6%
Shares outstanding at period end
110m
109m
108m
+0.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
699
1,144
1,214
-38.9%
Debt
0.0
0.0
132
Operating lease liabilities
25.0
34.0
n/a
-26.5%
Finance lease liabilities
6.0
10.0
n/a
-40.0%
Other liabilities
278
403
449
-31.0%
Total liabilities and equity
1,008
1,591
1,795
-36.6%
Fixed assets
98.0
120
106
-18.3%
Goodwill
0.0
245
314
Intangible assets
0.0
90.0
144
Cash and equivalents
387
183
116
+111.5%
Receivables
198
370
482
-46.5%
Inventory
262
465
602
-43.7%
Other assets
63.0
118
31.0
-46.6%
Total assets
1,008
1,591
1,795
-36.6%
10-K for the year ended 31 December 2020, filed 17 February 2021: the filing.