$INVX
Innovex International, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019189 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $89.61M $90.87M
YoY Change -4.65% 9.3%
Cost Of Revenue $65.71M $65.50M
YoY Change -5.67% 2.35%
Gross Profit $23.90M $25.36M
YoY Change -1.72% 32.5%
Gross Profit Margin 26.67% 27.91%
Selling, General & Admin $23.25M $22.59M
YoY Change 3.33% 0.86%
% of Gross Profit 97.29% 89.05%
Research & Development $3.202M $3.399M
YoY Change 17.72% -7.54%
% of Gross Profit 13.4% 13.4%
Depreciation & Amortization $7.049M $6.889M
YoY Change -8.1% -8.86%
% of Gross Profit 29.5% 27.16%
Operating Expenses $26.45M $22.59M
YoY Change 17.57% 0.86%
Operating Profit -$2.554M $3.188M
YoY Change -33.99% -157.02%
Interest Expense $6.791M $80.00K
YoY Change 6759.6% 48.15%
% of Operating Profit 2.51%
Other Income/Expense, Net
YoY Change
Pretax Income $5.585M $5.935M
YoY Change -264.51% -209.06%
Income Tax $2.102M $3.624M
% Of Pretax Income 37.64% 61.06%
Net Earnings $3.483M $2.311M
YoY Change -162.53% -125.86%
Net Earnings / Revenue 3.89% 2.54%
Basic Earnings Per Share $0.10 $0.07
Diluted Earnings Per Share $0.10 $0.07
COMMON SHARES
Basic Shares Outstanding 34.17M 34.17M
Diluted Shares Outstanding 34.49M 34.49M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $255.3M $254.3M
YoY Change -20.42% -24.78%
Cash & Equivalents $236.5M $235.3M
Short-Term Investments $18.80M $18.92M
Other Short-Term Assets $60.72M $36.16M
YoY Change 20.54% -14.22%
Inventory $164.5M $152.8M
Prepaid Expenses $19.03M $15.59M
Receivables $274.6M $132.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $755.2M $752.1M
YoY Change 0.98% 4.84%
LONG-TERM ASSETS
Property, Plant & Equipment $191.8M $183.3M
YoY Change 6.61% -13.93%
Goodwill
YoY Change
Intangibles $22.06M $22.69M
YoY Change -10.99% -11.65%
Long-Term Investments
YoY Change
Other Assets $10.61M $6.134M
YoY Change 80.37% -0.82%
Total Long-Term Assets $224.5M $223.3M
YoY Change -0.53% -14.36%
TOTAL ASSETS
Total Short-Term Assets $755.2M $752.1M
Total Long-Term Assets $224.5M $223.3M
Total Assets $979.7M $975.4M
YoY Change 0.63% -0.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.42M $47.21M
YoY Change 17.61% 29.0%
Accrued Expenses $23.04M $23.20M
YoY Change -20.29% -1.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $88.12M $83.36M
YoY Change 3.85% 18.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.621M $1.581M
YoY Change 266.22% -20.51%
Total Long-Term Liabilities $7.621M $1.581M
YoY Change 266.22% -20.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.12M $83.36M
Total Long-Term Liabilities $7.621M $1.581M
Total Liabilities $100.3M $95.02M
YoY Change -4.41% 5.18%
SHAREHOLDERS EQUITY
Retained Earnings $956.0M $955.0M
YoY Change 0.74% -0.34%
Common Stock $95.94M $93.37M
YoY Change 11.95% 12.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $879.4M $880.4M
YoY Change
Total Liabilities & Shareholders Equity $979.7M $975.4M
YoY Change 0.63% -0.28%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $3.483M $2.311M
YoY Change -162.53% -125.86%
Depreciation, Depletion And Amortization $7.049M $6.889M
YoY Change -8.1% -8.86%
Cash From Operating Activities $11.28M -$52.92M
YoY Change -221.56% 384.26%
INVESTING ACTIVITIES
Capital Expenditures $10.19M $5.424M
YoY Change -847.4% 162.54%
Acquisitions
YoY Change
Other Investing Activities $906.0K $28.77M
YoY Change 142.25% 13732.21%
Cash From Investing Activities -$9.281M $23.35M
YoY Change 838.42% -1356.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.00K -11.00K
YoY Change -99.72% -99.81%
NET CHANGE
Cash From Operating Activities 11.28M -52.92M
Cash From Investing Activities -9.281M 23.35M
Cash From Financing Activities -11.00K -11.00K
Net Change In Cash 1.990M -29.46M
YoY Change -114.06% 68.9%
FREE CASH FLOW
Cash From Operating Activities $11.28M -$52.92M
Capital Expenditures $10.19M $5.424M
Free Cash Flow $1.095M -$58.34M
YoY Change -113.83% 349.01%

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CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
264804000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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355451000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
235343000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
338008000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
874916000
CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
574000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
2311000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
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CY2023Q1 us-gaap Employee Benefits And Share Based Compensation
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CY2023Q1 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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2886000
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CY2022Q1 us-gaap Treasury Stock Shares Acquired
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CY2022Q1 us-gaap Stock Repurchased And Retired During Period Value
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CY2022Q1 us-gaap Employee Benefits And Share Based Compensation
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 drq Number Of Geographic Segments
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3
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:2.4%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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>
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000.0
CY2023Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
273629
CY2022Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
21.20
CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5800000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34128000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34494000
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
361000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34489000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34494000
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
138592000
CY2023Q1 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
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180755000
CY2023Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
176410000
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
142937000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
69300000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.775
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.225
CY2023Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
30981000
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
29995000
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
44555000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
41700000
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
148471000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
150170000
CY2023Q1 us-gaap Inventory Gross
InventoryGross
224007000
CY2022Q4 us-gaap Inventory Gross
InventoryGross
221865000
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
71237000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
75861000
CY2023Q1 us-gaap Inventory Net
InventoryNet
152770000
CY2022Q4 us-gaap Inventory Net
InventoryNet
146004000
CY2023Q1 us-gaap Severance Costs1
SeveranceCosts1
0
CY2022Q1 us-gaap Severance Costs1
SeveranceCosts1
32000
CY2023Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
1718000
CY2022Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
0
CY2023Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
1718000
CY2022Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
32000
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
3802000
CY2023Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
0
CY2023Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-512000
CY2023Q1 drq Accrued Restructuring And Other Charges
AccruedRestructuringAndOtherCharges
1000
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
3291000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
39968000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
17318000
CY2023Q1 drq Finite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
41000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
22691000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
40499000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16826000
CY2022Q4 drq Finite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
-325000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
23348000
CY2023Q1 drq Number Of Geographic Segments
NumberOfGeographicSegments
3
CY2023Q1 us-gaap Revenues
Revenues
90865000
CY2022Q1 us-gaap Revenues
Revenues
83137000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6889000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7559000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3188000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5591000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.611
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.642
CY2023Q1 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
2600000

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