DNOW Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>DNOW Inc. has submitted its annual 10-K filing for the fiscal year ended December 31, 2023, detailing its financial performance and operational data.</b>

AI Summary

DNOW Inc. (DNOW) filed a Annual Report (10-K) with the SEC on February 15, 2024. DNOW Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business is in Oil & Gas Filed Machinery & Equipment. The filing includes data related to various financial statement line items and disclosures. Specific dates mentioned include 2023-12-31, 2022-12-31, and 2021-12-31 for balance sheet items. The report covers the period from 2023-01-01 to 2023-12-31 for income statement and cash flow items.

Why It Matters

For investors and stakeholders tracking DNOW Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of DNOW Inc.'s financial health, operational activities, and strategic positioning for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data within the report, including balance sheet and income statement figures, allows for a thorough analysis of the company's revenue, expenses, assets, and liabilities, aiding in investment decisions.

Risk Assessment

Risk Level: medium — DNOW Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not present significant new risks or immediate concerns beyond those typically associated with a company in the Oil & Gas Filed Machinery & Equipment sector.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand DNOW Inc.'s performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-15 — Filing Date (Date the 10-K was filed)
• 3533 — SIC Code (Standard Industrial Classification for Oil & Gas Filed Machinery & Equipment)
• 001-36325 — SEC File Number (SEC File number for DNOW Inc.)

Key Players & Entities

• DNOW Inc. (company) — Filer of the 10-K report
• NOW Inc. (company) — Former name of DNOW Inc.
• 2023-12-31 (date) — Conformed period of report
• 2024-02-15 (date) — Filed as of date
• 7402 NORTH ELDRIDGE PARKWAY (address) — Business and mailing address
• HOUSTON (location) — City for business and mailing address
• DE (location) — State of incorporation
• 464191184 (organization_id) — IRS Number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 DNOW New York Stock Exchange Secu

Filing Documents

• dnow-20231231.htm (10-K) — 2593KB
• dnow-ex4_1.htm (EX-4.1) — 31KB
• dnow-ex21_1.htm (EX-21.1) — 36KB
• dnow-ex23_1.htm (EX-23.1) — 5KB
• dnow-ex31_1.htm (EX-31.1) — 11KB
• dnow-ex31_2.htm (EX-31.2) — 11KB
• dnow-ex32_1.htm (EX-32.1) — 7KB
• dnow-ex32_2.htm (EX-32.2) — 7KB
• dnow-ex97_1.htm (EX-97.1) — 54KB
• img70654265_0.jpg (GRAPHIC) — 3304KB
• img70654265_1.jpg (GRAPHIC) — 143KB
• img70654265_2.jpg (GRAPHIC) — 563KB
• 0000950170-24-015744.txt (&nbsp;) — 22634KB
• dnow-20231231.xsd (EX-101.SCH) — 1704KB
• dnow-20231231_htm.xml (XML) — 2477KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 10 ITEM 1B. UNRESOLVED STAFF COMMENTS 23 ITEM 1C. Cybersecurity 23 ITEM 2.

PROPERTIES

PROPERTIES 25 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 25 ITEM 4. MINE SAFETY DISCLOSURES 25 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 26 ITEM 6. (RESERVED) 27 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 39 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 40 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 40 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 40 ITEM 9B. OTHER INFORMATION 40 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 40 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 41 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 41 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 41 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 41 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 41 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 42 2 FORM 10-K Note About Forward-Looking Statements This report includes estimates, projections, statements relating to our business plans, objectives and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including the following sections: "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking statements generally are identified by the words "may," "believe," "anticipate," "expect," "plan," "predict," "estimate," "will be" or other similar words and phrases. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. We describe risks and uncertainties that could cause actual results and events to differ materially in "Risk Factors" (Part I, Item 1A of this Form 10-K), "Management's Discussion and Analysis of Financial Condition and Results of Operations" (Part II, Item 7) and "Quantitative and Qualitative Disclosures about Market Risk" (Part II, Item 7A). We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by applicable law. PART I

B USINESS

ITEM 1. B USINESS Overview DNOW Inc., previously NOW Inc. ("DNOW" or the "Company"), headquartered in Houston, Texas, was incorporated in Delaware on November 22, 2013. On June 2, 2014, DNOW stock began regular trading on the New York Stock Exchange under the ticker symbol "DNOW". We are a global distributor to the oil and gas and industrial markets with a legacy of over 160 years. We operate primarily under the DNOW brand along with several affiliated brands operating in local or regional markets that are tied to prior acquisitions. Through a network of approximately 165 locations and approximately 2,475 employees worldwide, we offer a complementary suite of digital procurement channels that, in conjunction with our locations, provides products to the energy and industrial markets around the world. Additionally, through our growing DigitalNOW platform, customers can leverage world-class technology across ecommerce, data visualization, data management and supply chain optimization applications to solve a wide array of complex operational and product sourcing challenges to assist in maximizing their return on assets. Our product and service offerings are consumed throughout all sectors of the energy industry – from upstream drilling and completion, exploration and production ("E&P"), midstream transmission, gas and crude oil processing infrastructure development to downstream petroleum refining and petrochemicals – as well as in other industries, such as chemical processing, mining, water/wastewater, food and beverage, gas utilities and the evolution of energy transition markets inclusive of greenhouse gas reduction and emissions capture and storage, renewable fuels such as biofuels and renewable natural gas ("RNG"), wind, solar, production of hydrogen as a fuel to power equipment and select industrial markets. The industrial distribution end markets include engineering and construction firms that perform capital and maintenance projects for their end-user cl

View Full Filing

View this 10-K filing on SEC EDGAR