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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

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

 

FOR THE QUARTERLY PERIOD ENDED June 30, 2021

OR

 

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

 

Commission File Number 1-12317

 

NOV INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

76-0475815

(State or other jurisdiction

of incorporation or organization)

(IRS Employer

Identification No.)

 

7909 Parkwood Circle Drive

Houston, Texas

77036-6565

(Address of principal executive offices)

(713341-4802

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

NOV

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

As of July 16, 2021 the registrant had 390,704,130 shares of common stock, par value $0.01 per share, outstanding.

 

 

 

 

 


 

 

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

NOV INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

(Unaudited)

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,572

 

 

$

1,692

 

Receivables, net

 

 

1,258

 

 

 

1,274

 

Inventories, net

 

 

1,322

 

 

 

1,408

 

Contract assets

 

 

534

 

 

 

611

 

Prepaid and other current assets

 

 

222

 

 

 

224

 

Total current assets

 

 

4,908

 

 

 

5,209

 

Property, plant and equipment, net

 

 

1,871

 

 

 

1,927

 

Lease right-of-use assets, operating

 

 

369

 

 

 

371

 

Lease right-of-use assets, financing

 

 

183

 

 

 

195

 

Goodwill

 

 

1,495

 

 

 

1,493

 

Intangibles, net

 

 

508

 

 

 

527

 

Investment in unconsolidated affiliates

 

 

45

 

 

 

51

 

Other assets

 

 

222

 

 

 

156

 

Total assets

 

$

9,601

 

 

$

9,929

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

526

 

 

$

489

 

Accrued liabilities

 

 

771

 

 

 

863

 

Contract liabilities

 

 

392

 

 

 

354

 

Current portion of lease liabilities

 

 

105

 

 

 

110

 

Accrued income taxes

 

 

16

 

 

 

51

 

Total current liabilities

 

 

1,810

 

 

 

1,867

 

Lease liabilities

 

 

595

 

 

 

612

 

Long-term debt

 

 

1,686

 

 

 

1,834

 

Deferred income taxes

 

 

72

 

 

 

78

 

Other liabilities

 

 

260

 

 

 

259

 

Total liabilities

 

 

4,423

 

 

 

4,650

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock - par value $.01; 1 billion shares authorized; 390,629,483 and

   388,255,374 shares issued and outstanding at June 30, 2021 and

  December 31, 2020

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

8,618

 

 

 

8,591

 

Accumulated other comprehensive loss

 

 

(1,497

)

 

 

(1,509

)

Retained deficit

 

 

(2,017

)

 

 

(1,876

)

Total Company stockholders' equity

 

 

5,108

 

 

 

5,210

 

Noncontrolling interests

 

 

70

 

 

 

69

 

Total stockholders’ equity

 

 

5,178

 

 

 

5,279

 

Total liabilities and stockholders’ equity

 

$

9,601

 

 

$

9,929

 

 

See notes to unaudited consolidated financial statements.

2


 

NOV INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

(In millions, except per share data)

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

1,417

 

 

$

1,496

 

 

$

2,666

 

 

$

3,379

 

Cost of revenue

 

 

1,186

 

 

 

1,359

 

 

 

2,279

 

 

 

3,018

 

Gross profit

 

 

231

 

 

 

137

 

 

 

387

 

 

 

361

 

Selling, general and administrative

 

 

219

 

 

 

237

 

 

 

463

 

 

 

520

 

Goodwill and indefinite-lived intangible asset impairment

 

 

 

 

 

 

 

 

 

 

 

1,378

 

Long-lived asset impairment

 

 

 

 

 

 

 

 

 

 

 

513

 

Operating profit (loss)

 

 

12

 

 

 

(100

)

 

 

(76

)

 

 

(2,050

)

Interest and financial costs

 

 

(19

)

 

 

(22

)

 

 

(39

)

 

 

(44

)

Interest income

 

 

2

 

 

 

2

 

 

 

4

 

 

 

5

 

Equity loss in unconsolidated affiliates

 

 

 

 

 

(6

)

 

 

(4

)

 

 

(239

)

Other income (expense), net

 

 

(16

)

 

 

(8

)

 

 

(26

)

 

 

(11

)

Loss before income taxes

 

 

(21

)

 

 

(134

)

 

 

(141

)

 

 

(2,339

)

Provision (benefit) for income taxes

 

 

2

 

 

 

(47

)

 

 

(4

)

 

 

(203

)

Net loss

 

 

(23

)

 

 

(87

)

 

 

(137

)

 

 

(2,136

)

Net loss attributable to noncontrolling interests

 

 

3

 

 

 

6

 

 

 

4

 

 

 

4

 

Net loss attributable to Company

 

$

(26

)

 

$

(93

)

 

$

(141

)

 

$

(2,140

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Company per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.07

)

 

$

(0.24

)

 

$

(0.37

)

 

$

(5.57

)

Diluted

 

$

(0.07

)

 

$

(0.24

)

 

$

(0.37

)

 

$

(5.57

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share

 

$

-

 

 

$

-

 

 

$

-

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

386

 

 

 

385

 

 

 

386

 

 

 

384

 

Diluted

 

 

386

 

 

 

385

 

 

 

386

 

 

 

384

 

 

See notes to unaudited consolidated financial statements.

 

3


 

 

NOV INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In millions)

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(23

)

 

$

(87

)

 

$

(137

)

 

$

(2,136

)

Currency translation adjustments

 

 

37

 

 

 

9

 

 

 

18

 

 

 

(171

)

Changes in derivative financial instruments, net of tax

 

 

(4

)

 

 

33

 

 

 

(6

)

 

 

(19

)

Comprehensive income (loss)

 

 

10

 

 

 

(45

)

 

 

(125

)

 

 

(2,326

)

Comprehensive income attributable to noncontrolling interest

 

 

3

 

 

 

6

 

 

 

4

 

 

 

4

 

Comprehensive income (loss) attributable to Company

 

$

7

 

 

$

(51

)

 

$

(129

)

 

$

(2,330

)

 

See notes to unaudited consolidated financial statements.

 

4


 

 

NOV INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In millions)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

Net loss

 

$

(137

)

 

$

(2,136

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

156

 

 

 

187

 

Provision for inventory losses

 

 

22

 

 

 

152

 

Deferred income taxes

 

 

(7

)

 

 

(64

)

Loss on extinguishment of debt

 

 

7

 

 

 

 

Equity loss in unconsolidated affiliates

 

 

4

 

 

 

239

 

Goodwill and indefinite-lived intangible asset impairment

 

 

 

 

 

1,378

 

Long-lived asset impairment

 

 

 

 

 

513

 

Other, net

 

 

44

 

 

 

71

 

Change in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

Receivables

 

 

1

 

 

 

356

 

Inventories

 

 

64

 

 

 

123

 

Contract assets

 

 

77

 

 

 

127

 

Prepaid and other current assets

 

 

4

 

 

 

42

 

Accounts payable

 

 

37

 

 

 

(160

)

Accrued liabilities

 

 

(88

)

 

 

(174

)

Contract liabilities

 

 

38

 

 

 

(20

)

Income taxes payable

 

 

(36

)

 

 

18

 

Other assets/liabilities, net

 

 

(36

)

 

 

(235

)

Net cash provided by operating activities

 

 

150

 

 

 

417

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(98

)

 

 

(124

)

Other

 

 

9

 

 

 

13

 

Net cash used in investing activities

 

$

(89

)

 

$

(111

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Borrowings against lines of credit and other debt

 

 

34

 

 

 

25

 

Payments against lines of credit and other debt

 

 

(183

)

 

 

 

Cash dividends paid

 

 

 

 

 

(19

)

Other

 

 

(33

)

 

 

(33

)

Net cash used in financing activities

 

 

(182

)

 

 

(27

)

Effect of exchange rates on cash

 

 

1

 

 

 

(3

)

Increase (decrease) in cash and cash equivalents

 

 

(120

)

 

 

276

 

Cash and cash equivalents, beginning of period

 

 

1,692

 

 

 

1,171

 

Cash and cash equivalents, end of period

 

$

1,572

 

 

$

1,447

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash payments (refunds) during the period for:

 

 

 

 

 

 

 

 

Interest

 

$

39

 

 

$

42

 

Income taxes

 

$

(85

)

 

$

(63

)

 

See notes to unaudited consolidated financial statements.

5


 

NOV INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(In millions)

 

 

 

Shares

Outstanding

 

 

Common

Stock

 

 

Additional

Paid in

Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Retained

Earnings

(Deficit)

 

 

Total

Company

Stockholders'

Equity

 

 

Noncontrolling

Interests

 

 

Total

Stockholders'

Equity

 

Balance at December 31, 2020

 

 

388

 

 

$

4

 

 

$

8,591

 

 

$

(1,509

)

 

$

(1,876

)

 

$

5,210

 

 

$

69

 

 

$

5,279

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(115

)

 

 

(115

)

 

 

1

 

 

 

(114

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

 

 

 

(21

)

 

 

 

 

 

(21

)

Stock-based compensation

 

 

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

20

 

 

 

 

 

 

20

 

Common stock issued

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Withholding taxes

 

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

(13

)

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

(1

)

 

 

(1

)

Balance at March 31, 2021

 

 

390

 

 

$

4

 

 

$

8,598

 

 

$

(1,530

)

 

$

(1,991

)

 

$

5,081

 

 

$

69

 

 

$

5,150

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26

)

 

 

(26

)

 

 

3

 

 

 

(23

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

33

 

 

 

 

 

 

33

 

 

 

 

 

 

33

 

Stock-based compensation

 

 

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

20

 

 

 

 

 

 

20

 

Common stock issued

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Balance at June 30, 2021

 

 

391

 

 

$

4

 

 

$