$INVX
Innovex International, Inc.

2016 Q1 Form 10-Q Financial Statement

#000104289316000004 Filed on April 26, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $166.6M $226.0M
YoY Change -26.3% 10.75%
Cost Of Revenue $93.10M $125.1M
YoY Change -25.61% 12.95%
Gross Profit $73.47M $100.9M
YoY Change -27.16% 8.12%
Gross Profit Margin 44.11% 44.63%
Selling, General & Admin $13.22M $16.96M
YoY Change -22.04% -29.15%
% of Gross Profit 18.0% 16.81%
Research & Development $10.90M $12.20M
YoY Change -10.66% 12.96%
% of Gross Profit 14.84% 12.1%
Depreciation & Amortization $7.775M $7.455M
YoY Change 4.29% -2.93%
% of Gross Profit 10.58% 7.39%
Operating Expenses $13.22M $16.96M
YoY Change -22.04% -29.15%
Operating Profit $49.34M $71.69M
YoY Change -31.17% 22.41%
Interest Expense $4.000K $3.000K
YoY Change 33.33% -57.14%
% of Operating Profit 0.01% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $49.82M $71.74M
YoY Change -30.55% 22.33%
Income Tax $13.05M $18.08M
% Of Pretax Income 26.2% 25.2%
Net Earnings $36.77M $53.66M
YoY Change -31.48% 25.92%
Net Earnings / Revenue 22.08% 23.74%
Basic Earnings Per Share $0.97 $1.38
Diluted Earnings Per Share $0.97 $1.38
COMMON SHARES
Basic Shares Outstanding 37.75M shares 38.77M shares
Diluted Shares Outstanding 37.85M shares 38.94M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $423.4M $374.1M
YoY Change 13.18% -11.12%
Cash & Equivalents $423.4M $374.1M
Short-Term Investments
Other Short-Term Assets $45.18M $38.43M
YoY Change 17.57% 35.7%
Inventory $343.1M $386.6M
Prepaid Expenses
Receivables $328.1M $299.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.165B $1.123B
YoY Change 3.66% -1.31%
LONG-TERM ASSETS
Property, Plant & Equipment $294.9M $300.9M
YoY Change -1.98% -3.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.90M $11.61M
YoY Change -6.13% 14.17%
Total Long-Term Assets $305.8M $312.5M
YoY Change -2.14% -2.84%
TOTAL ASSETS
Total Short-Term Assets $1.165B $1.123B
Total Long-Term Assets $305.8M $312.5M
Total Assets $1.470B $1.436B
YoY Change 2.4% -1.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.51M $59.69M
YoY Change -43.86% 11.36%
Accrued Expenses $30.70M $41.10M
YoY Change -25.3% 17.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $104.9M $161.4M
YoY Change -34.99% 2.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $104.9M $161.4M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $107.2M $165.9M
YoY Change -35.42% -0.24%
SHAREHOLDERS EQUITY
Retained Earnings $1.462B $1.332B
YoY Change 9.75% 19.75%
Common Stock $3.712M $20.61M
YoY Change -81.99% -89.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.363B $1.270B
YoY Change
Total Liabilities & Shareholders Equity $1.470B $1.436B
YoY Change 2.4% -1.65%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $36.77M $53.66M
YoY Change -31.48% 25.92%
Depreciation, Depletion And Amortization $7.775M $7.455M
YoY Change 4.29% -2.93%
Cash From Operating Activities $52.52M $87.10M
YoY Change -39.7% 79.21%
INVESTING ACTIVITIES
Capital Expenditures $7.732M $6.156M
YoY Change 25.6% -53.43%
Acquisitions $0.00
YoY Change
Other Investing Activities $100.0K $100.0K
YoY Change 0.0% -75.0%
Cash From Investing Activities -$7.656M -$6.000M
YoY Change 27.6% -53.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $166.0K 300.0K
YoY Change -44.67% -41.41%
NET CHANGE
Cash From Operating Activities $52.52M 87.10M
Cash From Investing Activities -$7.656M -6.000M
Cash From Financing Activities $166.0K 300.0K
Net Change In Cash $45.03M 81.40M
YoY Change -44.68% 124.55%
FREE CASH FLOW
Cash From Operating Activities $52.52M $87.10M
Capital Expenditures $7.732M $6.156M
Free Cash Flow $44.79M $80.94M
YoY Change -44.66% 128.77%

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CY2016Q1 us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenues recognized under the percentage-of-completion method</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the contracts call for products which are designed to customer specifications;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the contracts contain specific terms as to milestones, progress billings and delivery dates; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product requirements cannot be filled directly from the Company&#8217;s standard inventory.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percent complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs. Losses, if any, are recorded in full in the period they become known. Historically, the Company&#8217;s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the percentage-of-completion method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Condensed Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in trade receivables. Unbilled revenues are expected to be billed and collected within one year. </font></div></div>
CY2016Q1 us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Product revenues</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes product revenues from </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> methods:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product revenues recognized under the percentage-of-completion method; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product revenues from the sale of products that do not qualify for the percentage-of-completion method.</font></div></td></tr></table></div>
CY2016Q1 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Service revenues</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes service revenues from </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> sources:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">technical advisory assistance;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">rental of running tools; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">rework and reconditioning of customer-owned Dril-Quip products.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company does not install products for its customers, but it does provide technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company&#8217;s running tools and the Company is not obligated to perform any subsequent services relating to installation. Technical advisory assistance service revenue is recorded at the time the service is rendered. Service revenues associated with the rental of running and installation tools are recorded as earned. Rework and reconditioning service revenues are recorded when the refurbishment process is complete.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company normally negotiates contracts for products, including those accounted for under the percentage-of-completion method, and services separately. For all product sales, it is the customer&#8217;s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company&#8217;s technical advisory assistance services. The customer may use a third party or their own personnel.</font></div></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 and disclosure of contingent 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 from those estimates. Some of the Company&#8217;s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.</font></div></div>

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