Additionally, through our growing DigitalNOW® platform, customers can leverage world-class technology across ecommerce, 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.
We have approximately 115 locations in the U.S., which are geographically positioned to best serve the upstream, midstream and downstream energy and industrial markets.
* Averages for the quarters indicated. See sources on following page.
Sources: Rig count: Baker Hughes, Inc. (www.bakerhughes.com); West Texas Intermediate Crude and Natural Gas Prices: Department of Energy, Energy Information Administration (www.eia.doe.gov); Hot-Rolled Coil Prices: SteelBenchmarker™ Hot Roll Coil USA (www.steelbenchmarker.com)
For the three and six months ended June 30, 2022, the Company generated net income of $26 million and $56 million on $539 million and $1,012 million in revenue, respectively. For the three and six months ended June 30, 2022, revenue increased $139 million or 34.8% and increased $251 million or 33.0%, respectively, and net income increased $28 million and $68 million, respectively, when compared to the corresponding periods of 2021.
Operating results by reportable segment are as follows (in millions):
For the three and six months ended June 30, 2022, cost of products was $411 million and $777 million, respectively, compared to $315 million and $601 million, respectively, for the corresponding periods of 2021. For the three and six months ended June 30, 2022, the increases were primarily due to the increases in revenue in the periods. Cost of products includes the cost of inventory sold and related items, such as vendor consideration, inventory allowances, amortization of intangibles and inbound and outbound freight.
Warehousing, selling and administrative expenses
Non-GAAP Financial Measure and Reconciliation
The following table sets forth the reconciliations of EBITDA excluding other costs to the most comparable GAAP financial measures (in millions):
The following table summarizes our net cash flows provided by (used in) operating activities, investing activities and financing activities for the periods presented (in millions):
Critical Accounting Policies and Estimates
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