NOW Inc. announced results for the second quarter ended June 30, 2022.
Second Quarter 2022 Financial Highlights
• Revenue was $539 million for the second quarter of 2022
• Net income was $26 million and non-GAAP net income excluding other costs was $29 million for the second quarter of 2022
• Diluted earnings per share was $0.23 and non-GAAP diluted earnings per share excluding other costs was $0.26 for the second quarter of 2022
• Non-GAAP EBITDA excluding other costs for the second quarter of 2022 was $47 million or 8.7 percent of revenue
• Cash and cash equivalents was $232 million and long-term debt was zero at June 30, 2022
• Raising guidance for full-year 2022 revenue to now increase as much as 30 percent and full-year 2022 EBITDA excluding other costs to approximate 7 percent of revenue
• Expanded capital allocation strategy with Board of Directors authorized $80 million share repurchase program
David Cherechinsky, President and CEO of NOW Inc., added, “Our great start to 2022 continued into the second quarter with another stellar performance. I am proud of our record EBITDA as a percentage of revenues, reaching 8.7 percent this quarter. These results reflect the transformative two-year journey the entire organization has made, laying the groundwork for making this incredible turnaround indelible. I am honored to serve alongside each of our highly talented women and men for inspiring one another and fostering an inclusive, people-first, customer-centric culture. We are singularly focused on delighting the customer everyday as we win the market and pursue sustainable growth into the future.”
