Table of Contents 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 SEPTEMBER 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission file number: 001-35479 MRC GLOBAL INC. (Exact name of registran ...

1 MRC Global 3Q 2021 Earnings Presentation November 8, 2021 Rob Saltiel President & CEO Kelly Youngblood Executive Vice President & CFO 2 Forward Looking Statements Non-GAAP Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as "will," "expect," "look forward," "guidance," "targeted", "goals", and similar expressions are intended to identify forward-looking statements. Statements about the c ...

MRC Global, Inc. (NYSE:MRC) Q2 2021 Earnings Conference Call July 30, 2021 10:00 AM ET Company Participants Monica Broughton ??? Investor Relations Rob Saltiel ??? President and Chief Executive Officer Kelly Youngblood ??? Executive Vice President and Chief Financial Officer Conference Call Participants Adam Farley ??? Stifel Tommy Moll ??? Stephens Jon Hunter ??? Cowen & Company Ken Newman ??? KeyBanc Capital Markets Operator Greetings, and welcome to MRC Global???s Second Quarter Earnings Conference Call. ...

1 MRC Global 2Q 2021 Earnings Presentation July 29, 2021 Rob Saltiel President & CEO Kelly Youngblood Executive Vice President & CFO 2 Forward Looking Statements Non-GAAP Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as "will," "expect," "look forward," "guidance," "targeted", "goals", and similar expressions are intended to identify forward-looking statements. Statements about the comp ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) The unaudited financial statements show a return to profitability in Q2 2021 after significant prior-year impairments [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets slightly decreased to $1,745 million due to lower cash, while liabilities rose on higher trade payables Condensed Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $961 | $966 | | Cash | $63 | $119 | | Accounts receivable, net | $382 | $319 | | Inventories, net | $484 | $509 | | **Total Assets** | **$1,745** | **$1,781** | | **Total Current Liabilities** | $466 | $399 | | Trade accounts payable | $350 | $264 | | **Long-term debt, net** | $296 | $379 | | **Total Liabilities** | $854 | $801 | | **Total Stockholders' Equity** | $347 | $350 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The company returned to profitability in Q2 2021 with $4 million in net income, reversing a major prior-year loss Statement of Operations Highlights (in millions) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | Sales | $686 | $602 | $1,295 | $1,396 | | Gross Profit | $112 | $79 | $215 | $227 | | Goodwill & Intangible Asset Impairment | $0 | $242 | $0 | $242 | | Operating Income (Loss) | $10 | $(289) | $13 | $(267) | | Net Income (Loss) | $4 | $(281) | $1 | $(272) | | Net Loss Attributable to Common Stockholders | $(2) | $(287) | $(11) | $(284) | | Diluted Loss Per Share | $(0.02) | $(3.50) | $(0.13) | $(3.47) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Operating cash flow was $47 million in H1 2021, with total cash decreasing by $56 million after debt repayments Cash Flow Summary (in millions) | Cash Flow Activity | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operations | $47 | $84 | | Net cash used in investing activities | $(2) | $(5) | | Net cash used in financing activities | $(101) | $(90) | | **Decrease in cash** | **$(56)** | **$(11)** | | Cash -- beginning of period | $119 | $32 | | **Cash -- end of period** | **$63** | **$19** | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Notes detail revenue disaggregation, debt facilities, and legal contingencies, noting no new impairments in 2021 - The company is a global distributor of pipe, valves, and fittings (PVF) to the gas utilities, downstream/industrial, upstream production, and midstream pipeline sectors[14](index=14&type=chunk)[20](index=20&type=chunk) Disaggregated Revenue by Sector - Q2 2021 vs Q2 2020 (in millions) | Sector | Q2 2021 Sales | Q2 2020 Sales | | :--- | :--- | :--- | | Gas utilities | $269 | $205 | | Downstream & industrial | $191 | $176 | | Upstream production | $143 | $134 | | Midstream pipeline | $83 | $87 | | **Total** | **$686** | **$602** | - In 2020, the company recorded a **$217 million goodwill impairment charge** and a **$25 million tradename asset impairment charge** due to the negative impact of the COVID-19 pandemic on the oil and gas industry[41](index=41&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) - The company has a Senior Secured Term Loan B with a balance of **$297 million** and an **$800 million Global ABL Facility**, which was undrawn as of June 30, 2021[45](index=45&type=chunk)[48](index=48&type=chunk) - The company is a defendant in approximately **586 lawsuits involving asbestos claims**, with potential liabilities substantially covered by third-party insurance[64](index=64&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=24&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Q2 2021 revenue grew 14% YoY, driven by sector recovery, improving profitability and maintaining strong liquidity [Recent Trends and Outlook](index=26&type=section&id=Recent%20Trends%20and%20Outlook) The business environment improved in H1 2021 with strong sequential sales growth and a positive outlook for the gas utilities sector - In H1 2021, WTI oil prices averaged **$62.21/barrel**, up from $36.58 in H1 2020, and natural gas prices increased to **$3.22/MMBtu** from $1.80/MMBtu[80](index=80&type=chunk) - The company experienced **13% sequential sales growth** in Q2 2021, following 5% growth in Q1 2021, indicating a recovery from the 2020 downturn[84](index=84&type=chunk) - The gas utilities business, the company's largest sector (39% of Q2 2021 revenue), is expected to have the most significant revenue improvement in 2021 with a **double-digit percentage increase** over 2020[86](index=86&type=chunk) - Company backlog increased to **$394 million** as of June 30, 2021, up from $340 million at year-end 2020, indicating strengthening demand[92](index=92&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q2 2021 sales rose 14% YoY to $686 million, with Adjusted EBITDA more than doubling to $36 million Q2 2021 vs Q2 2020 Performance (in millions) | Metric | Q2 2021 | Q2 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Consolidated Sales** | **$686** | **$602** | **$84** | **14%** | | U.S. Sales | $558 | $474 | $84 | 18% | | Gross Profit | $112 | $79 | $33 | 42% | | Operating Income (Loss) | $10 | $(289) | $299 | N/M | | Net Income (Loss) | $4 | $(281) | $285 | N/M | | **Adjusted EBITDA** | **$36** | **$17** | **$19** | **112%** | H1 2021 vs H1 2020 Performance (in millions) | Metric | H1 2021 | H1 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Consolidated Sales** | **$1,295** | **$1,396** | **$(101)** | **(7)%** | | Gross Profit | $215 | $227 | $(12) | (5)% | | Operating Income (Loss) | $13 | $(267) | $280 | N/M | | Net Income (Loss) | $1 | $(272) | $273 | N/M | | **Adjusted EBITDA** | **$60** | **$51** | **$9** | **18%** | - Adjusted Gross Profit for Q2 2021 was **$134 million (19.5% of sales)**, compared to $118 million (19.6% of sales) in Q2 2020[102](index=102&type=chunk)[103](index=103&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity of $507 million after generating operating cash and making debt payments - Total liquidity as of June 30, 2021 was **$507 million**, consisting of $63 million in cash and $444 million in excess availability under the Global ABL Facility[144](index=144&type=chunk)[143](index=143&type=chunk) - In April 2021, the company made a required payment of **$86 million** on its Term Loan based on excess cash flow generated in 2020[142](index=142&type=chunk) - Net cash from operating activities was **$47 million** for H1 2021, compared to $84 million in H1 2020, with the change primarily due to working capital fluctuations[149](index=149&type=chunk) - In Q1 and Q2 2021, **Moody's and S&P revised the company's ratings outlook to stable** from negative[145](index=145&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks are interest rates, foreign currency, and steel prices, with no material changes reported - Primary market risks include interest rates, foreign currency fluctuations, and steel price volatility[154](index=154&type=chunk) - There have been **no material changes** to market risk policies or sensitive instruments since the fiscal year ended December 31, 2020[154](index=154&type=chunk) [Controls and Procedures](index=43&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that **disclosure controls and procedures were effective** as of the end of the period[155](index=155&type=chunk) - **No changes in internal control over financial reporting** occurred during Q2 2021 that have materially affected, or are reasonably likely to materially affect, internal controls[156](index=156&type=chunk) [PART II – OTHER INFORMATION](index=44&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=44&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company faces various legal proceedings, none of which are expected to have a material adverse effect - The company is involved in various legal proceedings incidental to its business, but management believes **none will have a material adverse effect**[159](index=159&type=chunk) - Information regarding asbestos cases is detailed in Note 11 of the financial statements[161](index=161&type=chunk) [Risk Factors](index=44&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section references previously disclosed risk factors from the 2020 Annual Report with no material updates - The report refers to the risk factors disclosed in the **Annual Report on Form 10-K** for the year ended December 31, 2020[162](index=162&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities or use of proceeds were reported for the period - None[163](index=163&type=chunk) [Defaults Upon Senior Securities](index=44&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) No defaults upon senior securities were reported for the period - None[164](index=164&type=chunk) [Mining Safety Disclosures](index=45&type=section&id=ITEM%204.%20MINING%20SAFETY%20DISCLOSURES) No mining safety disclosures were reported for the period - None[166](index=166&type=chunk) [Other Information](index=45&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No other information was reported for the period - None[167](index=167&type=chunk) [Exhibits](index=46&type=section&id=ITEM%206.%20EXHIBITS) This section lists filed exhibits, including CEO/CFO certifications and iXBRL financial data - Exhibits filed include **CEO and CFO certifications** and iXBRL data files[168](index=168&type=chunk)

1 MRC Global J.P. Morgan – Energy, Power & Renewables Conference June 22, 2021 Rob Saltiel President & CEO Kelly Youngblood Executive Vice President & CFO 2 Forward Looking Statements Non-GAAP Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as "will," "expect," "look forward," "guidance," "targeted", "goals", and similar expressions are intended to identify forward-looking statements. Sta ...

1 MRC Global KeyBanc Capital Markets – 21st Annual Industrials & Basic Materials Virtual Conference June 3, 2021 Kelly Youngblood Executive Vice President & CFO Monica Broughton Investor Relations 2 In this presentation, the company is providing certain non-GAAP financial measures. These are not measures of financial performance calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and should not be considered as alternatives. The following GAAP measures have the following non-G ...

1Q 2021 Earnings Presentation 1 MRC Globa 1Q 2021 Earnings Presentation April 27, 2021 Rob Saltiel President & CEO Kelly Youngblood Executive Vice President & CFO 1Q 2021 Earnings Presentation 2 Forward Looking Statements & Non-GAAP Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as "will," "expect," "look forward," "guidance," "targeted", "goals", and similar expressions are intended to ...

MRC Global Inc. (NYSE:MRC) Q1 2021 Earnings Conference Call April 28, 2021 10:00 AM ET Company Participants Monica Broughton - IR Rob Saltiel - President and CEO Kelly Youngblood - EVP and CFO Conference Call Participants Jon Hunter - Cowen & Company Doug Becker - Northland Capital Markets Ken Newman - KeyBanc Capital Markets Operator Greetings, and welcome to the MRC Global???s First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer ...

Table of Contents 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 MARCH 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission file number: 001-35479 MRC GLOBAL INC. (Exact name of registrant as ...