$INVX
Innovex International, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022013371 Filed on July 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $88.14M $93.98M $83.14M
YoY Change 6.2% 16.31% 2.34%
Cost Of Revenue $65.71M $69.66M $64.00M
YoY Change 4.58% 13.2% 12.69%
Gross Profit $22.43M $24.32M $19.14M
YoY Change 11.25% 26.26% -21.72%
Gross Profit Margin 25.45% 25.87% 23.02%
Selling, General & Admin $22.43M $22.50M $22.39M
YoY Change -11.22% -23.98% -24.24%
% of Gross Profit 100.0% 92.53% 116.98%
Research & Development $2.645M $2.720M $3.676M
YoY Change -24.64% -26.92% -8.1%
% of Gross Profit 11.79% 11.19% 19.2%
Depreciation & Amortization $7.123M $7.670M $7.559M
YoY Change -9.82% 4.45% 1.93%
% of Gross Profit 31.76% 31.54% 39.49%
Operating Expenses $22.43M $22.50M $22.39M
YoY Change -11.22% -23.98% -24.24%
Operating Profit $14.35M -$3.869M -$5.591M
YoY Change -306.92% -73.62% -82.3%
Interest Expense $131.0K $99.00K $54.00K
YoY Change 39.36% 67.8% -87.7%
% of Operating Profit 0.91%
Other Income/Expense, Net
YoY Change
Pretax Income $14.60M -$3.395M -$5.442M
YoY Change -313.39% -76.84% -82.98%
Income Tax -$610.0K $2.175M $3.496M
% Of Pretax Income -4.18%
Net Earnings $15.21M -$5.570M -$8.938M
YoY Change -236.5% -70.79% -73.99%
Net Earnings / Revenue 17.26% -5.93% -10.75%
Basic Earnings Per Share $0.45 -$0.16 -$0.26
Diluted Earnings Per Share $0.44 -$0.16 -$0.26
COMMON SHARES
Basic Shares Outstanding 34.37M 34.48M 34.49M
Diluted Shares Outstanding 34.23M 34.48M 34.49M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $315.6M $320.8M $338.0M
YoY Change -15.89% -13.41% -6.68%
Cash & Equivalents $290.3M $320.8M $338.0M
Short-Term Investments $25.29M
Other Short-Term Assets $49.46M $50.38M $42.16M
YoY Change 22.7% 24.07% -4.84%
Inventory $140.5M $139.8M $141.3M
Prepaid Expenses
Receivables $81.67M $85.29M $86.38M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $745.8M $747.9M $717.4M
YoY Change -9.85% -11.94% -15.07%
LONG-TERM ASSETS
Property, Plant & Equipment $181.4M $179.9M $212.9M
YoY Change -19.28% -23.36% -10.15%
Goodwill
YoY Change
Intangibles $23.87M $24.79M $25.68M
YoY Change -12.05%
Long-Term Investments
YoY Change
Other Assets $5.714M $5.883M $6.185M
YoY Change 67.86% -53.51% -62.06%
Total Long-Term Assets $224.8M $225.7M $260.7M
YoY Change -15.65% -18.05% -7.58%
TOTAL ASSETS
Total Short-Term Assets $745.8M $747.9M $717.4M
Total Long-Term Assets $224.8M $225.7M $260.7M
Total Assets $970.5M $973.6M $978.1M
YoY Change -11.27% -13.44% -13.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.48M $46.27M $36.60M
YoY Change 16.19% -2.82% -4.94%
Accrued Expenses $31.84M $28.91M $23.64M
YoY Change -28.53% -33.58% -37.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $89.29M $84.86M $70.32M
YoY Change -2.77% -20.35% -26.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.164M $2.081M $1.989M
YoY Change 8.15% -87.12% 0.2%
Total Long-Term Liabilities $2.164M $2.081M $1.989M
YoY Change 8.15% -87.12% 0.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.29M $84.86M $70.32M
Total Long-Term Liabilities $2.164M $2.081M $1.989M
Total Liabilities $105.7M $104.9M $90.34M
YoY Change -7.26% -18.94% -23.81%
SHAREHOLDERS EQUITY
Retained Earnings $953.0M $948.9M $958.3M
YoY Change -10.06% -12.15%
Common Stock $88.26M $85.70M $83.13M
YoY Change 16.87% 20.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $864.8M $868.7M $887.8M
YoY Change
Total Liabilities & Shareholders Equity $970.5M $973.6M $978.1M
YoY Change -11.27% -13.44% -13.2%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $15.21M -$5.570M -$8.938M
YoY Change -236.5% -70.79% -73.99%
Depreciation, Depletion And Amortization $7.123M $7.670M $7.559M
YoY Change -9.82% 4.45% 1.93%
Cash From Operating Activities $1.042M -$9.281M -$10.93M
YoY Change -88.82% -182.02% -183.6%
INVESTING ACTIVITIES
Capital Expenditures -$10.28M -$1.363M $2.066M
YoY Change 346.5% -56.38% -17.79%
Acquisitions
YoY Change
Other Investing Activities -$7.334M $374.0K $208.0K
YoY Change -43241.18% 648.0% -96.47%
Cash From Investing Activities -$17.62M -$989.0K -$1.858M
YoY Change 670.65% -67.84% -154.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.808M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.14M -3.881M -5.859M
YoY Change 853.85% 4940.26% 14547.5%
NET CHANGE
Cash From Operating Activities 1.042M -9.281M -10.93M
Cash From Investing Activities -17.62M -989.0K -1.858M
Cash From Financing Activities -11.14M -3.881M -5.859M
Net Change In Cash -27.72M -14.15M -17.44M
YoY Change -572.24% -273.36% -207.29%
FREE CASH FLOW
Cash From Operating Activities $1.042M -$9.281M -$10.93M
Capital Expenditures -$10.28M -$1.363M $2.066M
Free Cash Flow $11.32M -$7.918M -$12.99M
YoY Change -2.59% -154.83% -223.06%

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CY2022Q2 us-gaap Stock Repurchased And Retired During Period Value
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us-gaap Treasury Stock Shares Acquired
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q2 us-gaap Stockholders Equity
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us-gaap Use Of Estimates
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<p style="text-indent:2.4%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition and asset recoverability tests and inventories</span>
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34476000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34485000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35386000
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
2300000
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35387000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34485000
CY2022Q2 us-gaap Noncurrent Assets
NoncurrentAssets
225703000
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
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100000000.0
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TreasuryStockAcquiredAverageCostPerShare
24.49
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3800000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
430730
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
81575000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
73396000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
154716000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
146646000
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
264877000
CY2022Q2 us-gaap Assets
Assets
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CY2022Q2 us-gaap Other Restructuring Costs
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CY2021Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
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us-gaap Other Restructuring Costs
OtherRestructuringCosts
710000
us-gaap Other Restructuring Costs
OtherRestructuringCosts
4024000
CY2022Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
5765000
CY2021Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
1000000
CY2021Q4 us-gaap Assets
Assets
1010426000
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
97716000
us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
69807000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
43294000
CY2022Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
124229000
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
65200000
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.985
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.015
CY2022Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
27025000
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
27398000
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
28173000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
28361000
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
190972000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
218946000
CY2022Q2 us-gaap Inventory Gross
InventoryGross
246170000
CY2021Q4 us-gaap Inventory Gross
InventoryGross
274705000
CY2022Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
106376000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2022Q2 us-gaap Inventory Net
InventoryNet
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CY2021Q4 us-gaap Inventory Net
InventoryNet
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CY2022Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
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20600000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2600000
CY2022Q2 us-gaap Inventory Write Down
InventoryWriteDown
0
CY2021Q2 us-gaap Inventory Write Down
InventoryWriteDown
0
us-gaap Inventory Write Down
InventoryWriteDown
0
us-gaap Inventory Write Down
InventoryWriteDown
19251000
CY2022Q2 us-gaap Severance Costs1
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CY2021Q2 us-gaap Severance Costs1
SeveranceCosts1
0
us-gaap Severance Costs1
SeveranceCosts1
32000
us-gaap Severance Costs1
SeveranceCosts1
2745000
CY2022Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2021Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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drq Restructuring And Other Charges
RestructuringAndOtherCharges
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us-gaap Depreciation Depletion And Amortization
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Restructuring Settlement And Impairment Provisions
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CY2021Q4 us-gaap Restructuring Reserve
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us-gaap Restructuring And Related Cost Incurred Cost
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655000
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
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drq Accrued Restructuring And Other Charges
AccruedRestructuringAndOtherCharges
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CY2022Q2 us-gaap Restructuring Reserve
RestructuringReserve
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CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
40515000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15429000
CY2022Q2 drq Finite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
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CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24785000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
40578000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14068000
CY2021Q4 drq Finite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
-64000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
26446000
CY2022Q2 drq Transfer Of Letter Of Credit
TransferOfLetterOfCredit
7100000
drq Amount To Maintain Cash Collateral Account For Letters Of Credit
AmountToMaintainCashCollateralAccountForLettersOfCredit
outstanding letters of credit plus 5% at all times
drq Number Of Geographic Segments
NumberOfGeographicSegments
3
drq Number Of Head Quarter Locations
NumberOfHeadQuarterLocations
3
CY2022Q2 us-gaap Revenues
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CY2021Q2 us-gaap Revenues
Revenues
80797000
CY2022Q2 us-gaap Depreciation Depletion And Amortization
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7670000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
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7343000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-3395000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-14660000
us-gaap Revenues
Revenues
177115000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.641
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.642
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.301
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.146
CY2022Q2 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
2500000

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