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Press Release: NOV Reports Fourth Quarter and -2-

· 02/04/2021 18:00
NOV INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (In millions, except per share data) Three Months Ended Years Ended ----------------------------------- September December 31, 30, December 31, ---------------------- ------------------------ 2020 2019 2020 2020 2019 ---------- ---------- ----------- ----------- ----------- Revenue: Wellbore Technologies $ 373 $ 764 $ 361 $ 1,867 $ 3,214 Completion & Production Solutions 546 799 601 2,433 2,771 Rig Technologies 437 759 449 1,919 2,682 Eliminations (29) (41) (27) (129) (188) ----- ----- ----- ------ ------ Total revenue 1,327 2,281 1,384 6,090 8,479 Gross profit (loss) (66) 376 139 434 845 Gross profit (loss) % -5.0% 16.5% 10.0% 7.1% 10.0% Selling, general, and administrative 235 289 213 968 1,303 Long-lived asset impairment -- 436 -- 1,891 5,821 ----- ----- ----- --- ------ ------ Operating loss (301) (349) (74) (2,425) (6,279) Interest and financial costs (19) (25) (21) (84) (100) Interest income 2 4 -- 7 20 Equity loss in unconsolidated affiliates (10) (7) (11) (260) (13) Other income (expense), net 2 (54) (8) (17) (90) ----- ----- ----- ------ ------ Loss before income taxes (326) (431) (114) (2,779) (6,462) Provision (benefit) for income taxes 22 (46) (61) (242) (369) ----- ----- ----- ------ ------ Net loss (348) (385) (53) (2,537) (6,093) Net (income) loss attributable to noncontrolling interests (1) -- 2 5 2 ----- ----- ----- --- ------ ------ Net loss attributable to Company $ (347) $ (385) $ (55) $(2,542) $(6,095) ===== ===== ===== ====== ====== Per share data: Basic $(0.90) $(1.01) $(0.14) $ (6.62) $(15.96) ===== ===== ===== ====== ====== Diluted $(0.90) $(1.01) $(0.14) $ (6.62) $(15.96) ===== ===== ===== ====== ====== Weighted average shares outstanding: Basic 385 382 385 384 382 ===== ===== ===== === ====== ====== Diluted 385 382 385 384 382 ===== ===== ===== === ====== ====== NOV INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) December 31, --------------- 2020 2019 ------ ------- ASSETS Current assets: Cash and cash equivalents $1,692 $ 1,171 Receivables, net 1,274 1,855 Inventories, net 1,408 2,197 Contract assets 611 643 Other current assets 224 247 ----- ------ Total current assets 5,209 6,113 Property, plant and equipment, net 1,927 2,354 Lease right-of-use assets 566 674 Goodwill and intangibles, net 2,020 3,659 Other assets 207 349 ----- ------ Total assets $9,929 $13,149 ===== ====== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 489 $ 715 Accrued liabilities 863 949 Contract liabilities 354 427 Current portion of lease liabilities 110 114 Accrued income taxes 51 42 ----- ------ Total current liabilities 1,867 2,247 Long-term debt 1,834 1,989 Lease liabilities 612 674 Other liabilities 337 393 ----- ------ Total liabilities 4,650 5,303 Total stockholders' equity 5,279 7,846 ----- ------ Total liabilities and stockholders' equity $9,929 $13,149 ===== ====== NOV INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Years Ended December 31, -------------------- 2020 2019 -------- ---------- Cash flows from operating activities: Net loss $(2,537) $(6,093) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 352 533 Goodwill and indefinite-lived intangible asset impairment 1,378 3,612 Long-lived asset impairment 513 2,209 Working capital and other operating items, net 1,220 453 ------ ------ Net cash provided by operating activities 926 714 ------ ------ Cash flows from investing activities: Purchases of property, plant and equipment (226) (233) Business acquisitions, net of cash acquired (14) (180) Other 96 98 ------ ------ Net cash used in investing activities (144) (315) ------ ------ Cash flows from financing activities: Borrowings against lines of credit and other debt 36 511 Payments against lines of credit and other debt (217) (1,000) Cash dividends paid (19) (77) Other (59) (81) ------ ------ Net cash used in financing activities (259) (647) Effect of exchange rates on cash (2) (8) ------ ------ Increase (decrease) in cash and cash equivalents 521 (256) Cash and cash equivalents, beginning of period 1,171 1,427 ------ ------ Cash and cash equivalents, end of period $ 1,692 $ 1,171 ====== ======

Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995

Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

NOV INC.

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) (Unaudited)

(In millions)

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February 04, 2021 18:00 ET (23:00 GMT)