NOW Inc. J.P. Morgan Middle East Field Trip 2017 COPYRIGHT DISTRIBUTIONNOW
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1 NOW Inc. J.P. Morgan Middle East Field Trip
2 FORWARD LOOKING STATEMENT Statements made in the course of this presentation that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time-to-time in the Company's filings with the U.S. Securities and Exchange Commission. Any decision regarding the Company or its securities should be made upon careful consideration of not only the information here presented, but also other available information, including the information filed by the Company with the SEC. Copies of these filings may be obtained by contacting the Company or the SEC. 2
3 AGENDA 11:00 11:10 am Welcome 11:10-11:35 am Overview 11:35 12:05 am Facility Tour 12:05-12:25 pm Q&A Robert Workman President & CEO NOW Inc. (DNOW) Over 35 years experience in oil and services industry Been part of DistributionNOW since
4 WHAT YOU WILL HEAR TODAY Who We Are NOW Inc. goes to market primarily under the DistributionNOW (DNOW) and Wilson Export brands. 4 What We Do Unlocking Value Opportunity in the Middle East? Why Invest in DNOW? Provider of energy and industrial equipment and services for over 150 years Strategic acquisitions leverage existing customer relationships, products and service offerings while expanding into new markets Positioned for the upcycle after extensive investment in the last 10 years Our healthy balance sheet, leverage to the upstream recovery & ability to allocate capital to drive growth
5 WHO WE ARE - DNOW SNAPSHOT One of the largest distributors to energy and industrial markets Operate network of ~300 locations globally Presence in over 20 countries; supporting worldwide customer operations in approximately 80 countries Offer a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors Key markets include North America, Latin America, Europe, the Middle East, the Former Soviet Union and Southeast Asia 5
6 GLOBAL MARKETS SERVED Company Locations NORWAY UK Aberdeen CANADA Locations Edmonton Estevan Sales Offices Distribution Centers USA Los Angeles Distribution Centers: United States Houston, TX Los Angeles, CA South Plainfield, NJ Canada Edmonton, Alberta Estevan, Saskatchewan RUSSIA KAZAKHSTAN NETHERLANDS AZERBAIJAN KUWAIT South Plainfield Houston EGYPT MEXICO SAUDI ARABIA UAE Jebel Ali Asia Jurong, Singapore 6 INDIA OMAN PERU Philippines Jurong COLUMBIA SINGAPORE INDONESIA BRAZIL Europe Aberdeen, Scotland MENA Jebel Ali, U.A.E. CHINA AUSTRALIA SOUTH AFRICA
7 COMPREHENSIVE PRODUCT OFFERING AND BALANCED REVENUE MIX DNOW carries a broad range of products to meet rapid and critical deliveries to customers in remote areas Mill Tool, MRO, Safety, Electrical and Other 27% 2016 Drilling and Production 24% Fittings and Flanges 17% Pipe 14% 7 Valves 18%
8 WHO WE ARE LEADERSHIP OF DNOW 27 year average tenure of Leadership team Extensive industry experience Focused on managing the business for long term growth Merrill A. Pete Miller, Jr. Executive Chairman 21 years David A. Cherechinsky Chief Accounting Officer 28 years Michelle A. Lewis Chief Strategy Officer 7 years Robert R. Workman President and Chief Executive Officer 26 years Burk L. Ellison President, Supply Chain Services 36 years Daniel L. Molinaro Chief Financial Officer 48 years Craig N. Ballinger Chief Admin & Information Officer 36 years Toby S. Eoff President, Process Solutions 29 years Jim N. Owsley Vice President, Supply Chain 38 years Raymond W. Chang General Counsel 16 years Scott W. Hauck President, Energy Centers 35 years Troy B. Brad Wise Vice President, Marketing 7 years 8 Note: Tenure includes DNOW and predecessor entities
9 WHAT WE DO ENERGY CENTERS Branch network model supplying products from local locations to upstream and midstream energy customers Provides one-stop shop value proposition in major oil and gas regions U.S. PROCESS SOLUTIONS Provides rotating and process equipment solutions in the form of engineering, design, installation, fabrication and service Meets demand for turnkey tank battery production (facilities) solution U.S. SUPPLY CHAIN SERVICES On-site model offering customizable products to upstream and downstream energy, industrial and manufacturing markets Reduces customer s total costs including operational and invested capital 9
10 KEY MARKET DRIVERS AND LEADING INDICATORS Energy Oil/Gas Price and Inventory Rig count Well count Drilling & Completion expense Midstream takeaway capacity Energy trade Energy demand Energy security GDP Manufacturing Manufacturing Index Purchasing Manager s Index US Cutting Tool Manufacturers American Manufacturing & Technology Distributors Association Downstream & Industrial Refined Petroleum Product demand Capital project spending Turnarounds & Plant Expansions MRO maintenance 10
11 UNLOCKING VALUE Our strategy is to grow through accretive acquisitions of high value-add products, services and solutions in our Supply Chain, Process Solutions and International Energy channels, while maximizing our core North America Energy operations. 11
12 LONG-TERM GROWTH - ACQUISITION STRATEGY High value-add solutions bring a sustainable competitive advantage: Leverage product lines brought in through acquisitions to gain organic share Utilize strong customer relationships that present new opportunities Further differentiate us from our competitors Increase barriers to entry Promote cross-selling into our core Energy operations at higher margins 12
13 LONG-TERM GROWTH - INTRINSIC STRATEGY Increase presence in non-conventional energy plays Further expand into and within new markets outside of the U.S. and Canada Continue to build out solution capability that customers value Pull through organic share from acquired company purchases Continue to build on market share gains from downcycle benefits, international infrastructure and solution expansion from recent acquisitions 13
14 SUCCESSFUL TRACK RECORD OF ACQUISITIONS AND TRANSACTIONS Spinoff from NOV Colorado Valve & Controls Progressive Supply OAASIS Group North Sea Cables Challenger Industries Power Service May Oct 2014 Nov 2014 Feb 2015 May 2015 Nov 2015 June Present June Oct 2014 Jan 2015 March 2015 July 2015 Dec 2015 Trading on NYSE Caprock Supply Company Machine Tools Supply (MTS) MacLean Electrical Inline Valves Updike Supply Odessa Pumps 14
15 Middle East & India Presence
16 MIDDLE EAST OVERVIEW One of the largest distributors to the energy industry Operating in the region for over 25 years with extensive investment in the last 10+ years Support major land and offshore operations in the region Comprehensive global network of branches and supply network Mid East Average Rig Count (per barrel) Average Annual Rig Count Change Country / /15 Abu Dhabi % 20% Dubai % 25% Iraq % -18% Kuwait % -5% Oman % -1% Qatar % 2% Saudi Arabia % 1% Syria % 0% Turkey % -3% Yemen % -100% Other % -57% Total* % -1% 16 Source: BHI, Spears Source: Spears (estimated Baker-Hughes rig count)
17 PRESENT IN KEY MARKETS Present in Key markets: UAE (2) Saudi Arabia (1) Kuwait (1) Egypt (1) India (1) Oman (1) Jebel Ali, UAE Abu Dhabi, UAE Al Khobar, Saudi Wafra, Kuwait 17 Mumbai, India Cairo, Egypt Muscat, Oman
18 STRATEGIC GEOGRAPHIC EXPANSION Product and Solution Offerings A Critical Link Through Leading Supply Chain Technology Markets Valves & Actuation Electrical Products Artificial Lift Knowledgeable people Customer Product Application Materials management Drilling Exploration & Production Pumps Pipe, Fittings & Flanges Drilling Products Proven processes Quality management Supply chain expertise Global footprint United States Canada International Processing U P S T R E A M M I D S T R E A M Transmission Mill, Tool and Safety Products Supply Chain Solutions Fabrication Leverage sourcing & procurement Broad supplier base Single source provider Global sourcing Refining, Petrochemical, Chemical & Utilities Manufacturing and Machine Tool D O W N S T R E A M / I N D U S T R I A L 18
19 JEBEL ALI OPERATIONAL MODEL BRANCH REGIONAL DISTRIBUTION CENTER EXPORT CAPITAL PROJECTS & VALVE ACTUATION SUPPLY CHAIN SOLUTIONS Branch network model supported by Distribution Centers to ensure inventory is maintained locally. Right inventory in right place at the right time. Distribution centers ensure replenishment of branches and direct shipment to customer facility Broad sourcing capability to consolidate customer requirements on multiple lower value or non-core items Global sourcing and expediting capability to ensure correct product is delivered to the job site in accordance with project requirements Vast offering of supply chain solutions to increase efficiency and lower cost within the supply chain 19
20 SEA & LAND ROUTES Export by Country US Wilson Export UK Export Dubai Export Export Country Crossover Land Route Sea Route 20
21 Financial Overview
22 COMPANY SNAPSHOT 2016 Revenue by Segment United States 2016 United States Revenues by Channel U.S. Energy Canada International 12% 19% U.S. Supply Chain U.S. Process Solutions 12% 36% 52% 69% 22
23 STATEMENT OF OPERATIONS AND NON-GAAP RECONCILIATIONS ($ Millions, Except Per Share Amounts and Percentages) Unaudited 4Q Q 2015 Revenue $ 538 $ 644 Operating Expenses Cost of Products $ 450 $ 538 WS&A $ 135 $ 152 Impairment of Goodwill $ - $ 138 Operating Loss $ (47) $ (184) Other Expense $ (1) $ (2) Loss Before Income Taxes $ (48) $ (186) Income Tax Benefit $ 23 $ 63 GAAP Net Loss $ (71) $ (249) Unaudited 4Q Q 2015 GAAP Net Loss $ (71) $ (249) Interest, Net $ 1 $ 1 Income Tax Provision $ 23 $ 63 Depreciation & Amortization $ 14 $ 12 Other Costs* $ 2 $ 141 EBITDA Excluding Other Costs (Non-GAAP)* $ (31) $ (32) EBITDA % Excluding Other Costs (Non-GAAP)* (5.8%) (5.0%) GAAP Reported Diluted Loss Per Share $ (0.66) $ (2.33) Other Costs* $ 0.37 $ 2.08 Diluted Loss Per Share Excl. Other Costs (Non-GAAP)* $ (0.29) $ (0.25) 23 Net loss narrowed YoY despite 16% drop in revenue 4th Quarter 2016 Earnings (* See footnotes on page 31)
24 REVENUES PER GLOBAL OPERATING RIG ($ Millions - QTR - Annualized) $ % $1.40 $ % $ % $0.80 $ % $ % $0.20 $- 1Q14 2Q 3Q 4Q 1Q15 2Q 3Q 4Q 1Q16 2Q 3Q 4Q 0.0% Rig Count Source: Baker Hughes, Inc. Annualized Revenues Per Rig GM% 24 Revenues per rig comparable with historical trends 4th Quarter 2016 Earnings
25 SELECTED QUARTERLY RESULTS (UNAUDITED) Revenue Gross Profit and Margin ($ in millions) $644 $520 $538 ($ in millions) $106 $87 $ % 16.7% 16.4% 4Q15 3Q16 4Q16 EBITDA Excl. Other Costs (Non-GAAP)* and Margin ($ in millions) 4Q15 3Q16 4Q16 (5.8%) Net Loss ($ in millions) 4Q15 3Q16 4Q16 Gross Profit % Margin 4Q15 3Q16 4Q16 ($56) ($71) (5.0%) (7.7%) ($32) ($40) EBITDA Excluding Other Costs* ($31) % Margin ($249) Net Loss 25 EBITDA, excluding other costs (Non-GAAP)*, improved seq. and YoY 4th Quarter 2016 Earnings (* See footnotes on page 31)
26 CASH GENERATION & WORKING CAPITAL EXCLUDING CASH ($ Millions) $77 Free Cash Flow - Quarters $895 Working Capital Excluding Cash - Quarters $48 35% $601 $506 $30 29% 24% 4Q15 3Q16 4Q16 4Q15 3Q16 4Q16 Free Cash Flow ( FCF ) is defined as Net cash provided by operating activities, less Purchases of property, plant and equipment Working Capital Excluding Cash % of Qtr Annual. Sales 26 Surpassed working capital goal as % of revenue (excluding cash) 4th Quarter 2016 Earnings
27 WORKING CAPITAL HIGHLIGHTS ($ Millions, Except DSO s and Inventory Turns) Unaudited 4Q 2016 Unaudited 3Q 2016 Current Assets Cash & Cash Equivalents $106 $131 Receivables, Net Inventories, Net Prepaid & Other Current Assets Total Current Assets 959 1,024 Current Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities 1 4 Total Current Liabilities Working Capital, Excl. Cash $506 $601 DSO s Inv. Turns 3.7x 3.3x Working capital, excluding cash, was $506M at December 31, 2016, or 24% of revenues. Continued improvement in this key metric Working towards inventory turns of 4.0x from 3.7x Continuing to right size inventory for relative geographies and markets Sequentially: Debt down to 65M, with net cash at $41M Capex static at $1.0M in 4Q16 AR increased by $15M due to increased sales DSO s on par with prior quarter Decreased net inventory $49M Inventory turns improved 27 Positive cash flow with debt down $80M, to $65M, sequentially 4th Quarter 2016 Earnings
28 CURRENT TRENDS 28 4Q 2016 marked second consecutive quarter of revenue growth Most meaningful revenue improvements follow rig count increases by 4 6 months Facility construction driven by rig count improvements from early 4Q enabled the US and Canada to overcome holidays and reduced billing days in 4Q Since downturn began in late 2014 Removed over $280M of expenses on a run rate basis excl. acquisitions Reduced headcount by 37% and consolidated/closed over 70 branches Improved efficiency of our balance sheet and generated over $640M in cash from ops Completed 12 acquisitions Ended 2016 in a net cash position Excl. other costs, generated $9M of EBITDA on $18M incremental revenue
29 NEAR-TERM OBJECTIVES Continue to align local operations with market activity levels Expect rig count improvements will continue to drive increased facility construction projects with our operator customers Complete integration of 12 acquired businesses into DNOW Continued focus on high value add acquisitions Unremitting focus on capital discipline and cash generation Working capital, excl. cash, 24%, as a % of revenue during 4Q 2016 $106M cash on hand at December 31, 2016 Continue revenue recovery, but need completions for bigger impact 29
30 WHY INVEST IN DNOW? Roll up of highly fragmented market of small/regional players Macro industry trends favor players with extensive scale DNOW differentiated by global reach, sourcing and procurement capability and high value added solutions Successful acquisition and integration track record Depth and breadth of product and solution offerings Operational scalability drives efficiencies More than 150 years of operation 30
31 31 EBITDA, NET INCOME AND DILUTED EPS EXCL. OTHER COSTS FOOTNOTES (1) In an effort to provide investors with additional information regarding our results as determined by GAAP, we disclose various non- GAAP financial measures in our quarterly earnings press releases and other public disclosures. The non-gaap financial measures include: (i) earnings before interest, taxes, depreciation and amortization (EBITDA) excluding other costs, (ii) net loss excluding other costs and (iii) diluted loss per share excluding other costs. Each of these financial measures excludes the impact of certain other costs and therefore has not been calculated in accordance with GAAP. A reconciliation of each of these non-gaap financial measures to its most comparable GAAP financial measure is included in the schedules herein. (2) For the three and twelve months ended December 31, 2016, other costs primarily includes the transaction costs associated with acquisition activity, including the cost of inventory that was stepped up to fair value during purchase accounting and severance expenses which are included in operating loss. For the three and twelve months ended December 31, 2015, other costs additionally includes the goodwill impairment charges of $138 million and $393 million, respectively. (3) EBITDA % excluding other costs is defined as EBITDA excluding other costs divided by Revenue. (4) Other costs, net of tax, for the three and twelve months ended December 31, 2016 and 2015, respectively, included expenses of $39 million, $78 million, $129 million and $129 million, after tax, respectively, for a valuation allowance recorded against the Company s deferred tax assets; as well as, $1 million, $7 million, $93 million and $307 million, after tax, respectively, in transaction costs associated with acquisitions, including the cost of inventory that was stepped up to fair value during purchase accounting related to acquisitions, and severance expenses, as well as impairment charges associated with the fair value of goodwill, which are included in operating loss. (5) Totals may not foot due to rounding. * See referenced schedules on slides 23 & 25 4th Quarter 2016 Earnings
32
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