$INVX
Innovex International, Inc.

2013 Form 10-K Financial Statement

#000119312514073575 Filed on February 28, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012 Q3
Revenue $872.4M $188.5M $190.9M
YoY Change 19.01% 9.81% 23.11%
Cost Of Revenue $513.9M $114.5M $121.8M
YoY Change 13.78% 10.87% 26.26%
Gross Profit $358.5M $74.01M $69.04M
YoY Change 27.4% 8.2% 17.92%
Gross Profit Margin 41.09% 39.27% 36.17%
Selling, General & Admin $94.81M $23.60M $20.76M
YoY Change 15.31% 31.84% 13.63%
% of Gross Profit 26.45% 31.89% 30.08%
Research & Development $40.10M $8.800M $9.600M
YoY Change 6.93% -1.12% 12.94%
% of Gross Profit 11.19% 11.89% 13.91%
Depreciation & Amortization $29.34M $6.800M $7.000M
YoY Change 11.88% 13.33% 9.37%
% of Gross Profit 8.18% 9.19% 10.14%
Operating Expenses $94.81M $32.40M $20.76M
YoY Change 15.31% 20.45% 13.63%
Operating Profit $223.5M $41.59M $38.72M
YoY Change 38.25% 12.89% 21.86%
Interest Expense $35.00K $100.0K $7.000K
YoY Change 9.38% 0.0% -53.33%
% of Operating Profit 0.02% 0.24% 0.02%
Other Income/Expense, Net
YoY Change
Pretax Income $224.1M $41.70M $38.86M
YoY Change 38.23% 12.7% 22.04%
Income Tax $54.27M $10.80M $9.207M
% Of Pretax Income 24.22% 25.9% 23.69%
Net Earnings $169.8M $30.95M $29.66M
YoY Change 42.46% 10.06% 27.49%
Net Earnings / Revenue 19.47% 16.42% 15.54%
Basic Earnings Per Share $4.18 $0.77 $0.73
Diluted Earnings Per Share $4.16 $0.76 $0.73
COMMON SHARES
Basic Shares Outstanding 40.65M shares 40.44M shares 40.42M shares
Diluted Shares Outstanding 40.87M shares 40.59M shares

Balance Sheet

Concept 2013 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $384.4M $257.2M $263.4M
YoY Change 49.46% -13.86% 3.05%
Cash & Equivalents $384.4M $257.2M $263.4M
Short-Term Investments
Other Short-Term Assets $49.10M $17.97M $13.37M
YoY Change 17.46% -5.25% -65.9%
Inventory $368.4M $362.2M $350.1M
Prepaid Expenses
Receivables $279.3M $263.2M $240.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.081B $924.4M $891.9M
YoY Change 16.94% 15.65% 18.92%
LONG-TERM ASSETS
Property, Plant & Equipment $304.8M $296.0M $293.1M
YoY Change 2.97% 7.79% 8.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.00M $11.08M $11.22M
YoY Change -0.9% -7.36% -7.26%
Total Long-Term Assets $315.8M $325.3M $304.3M
YoY Change 2.87% 13.53% 7.72%
TOTAL ASSETS
Total Short-Term Assets $1.081B $924.4M $891.9M
Total Long-Term Assets $315.8M $325.3M $304.3M
Total Assets $1.397B $1.250B $1.196B
YoY Change 13.43% 15.09% 15.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.50M $28.30M $36.30M
YoY Change 60.78% -20.46% 15.23%
Accrued Expenses $38.90M $34.90M $39.40M
YoY Change 11.46% 4.8% 18.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $149.4M $155.1M $155.2M
YoY Change -3.68% 2.71% 17.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $149.4M $155.1M $155.2M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $154.8M $165.0M $164.7M
YoY Change -6.18% 2.74% 16.92%
SHAREHOLDERS EQUITY
Retained Earnings $900.0M $869.0M
YoY Change 15.27%
Common Stock $180.3M $177.5M
YoY Change 10.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.242B $1.066B $1.031B
YoY Change
Total Liabilities & Shareholders Equity $1.397B $1.231B $1.196B
YoY Change 13.43% 13.41% 15.86%

Cashflow Statement

Concept 2013 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $169.8M $30.95M $29.66M
YoY Change 42.46% 10.06% 27.49%
Depreciation, Depletion And Amortization $29.34M $6.800M $7.000M
YoY Change 11.88% 13.33% 9.37%
Cash From Operating Activities $162.2M $1.800M $22.50M
YoY Change -2088.34% -96.45% 42.41%
INVESTING ACTIVITIES
Capital Expenditures $42.63M -$10.20M -$12.90M
YoY Change -16.03% -8.11% 4.88%
Acquisitions
YoY Change
Other Investing Activities $800.0K $500.0K $200.0K
YoY Change -55.56% -266.67% -33.33%
Cash From Investing Activities -$41.87M -$9.700M -$12.70M
YoY Change -14.54% -14.16% 4.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.367M 1.000M 3.100M
YoY Change -72.53% -78.72%
NET CHANGE
Cash From Operating Activities 162.2M 1.800M 22.50M
Cash From Investing Activities -41.87M -9.700M -12.70M
Cash From Financing Activities 3.367M 1.000M 3.100M
Net Change In Cash 123.7M -6.900M 12.90M
YoY Change -375.55% -115.65% 248.65%
FREE CASH FLOW
Cash From Operating Activities $162.2M $1.800M $22.50M
Capital Expenditures $42.63M -$10.20M -$12.90M
Free Cash Flow $119.6M $12.00M $35.40M
YoY Change -302.94% -80.58% 25.98%

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CY2013 dei Trading Symbol
TradingSymbol
DRQ
CY2013 dei Entity Registrant Name
EntityRegistrantName
DRIL-QUIP INC
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001042893
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40865000 shares
CY2013 us-gaap Revenue Recognition Sales Of Goods
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Revenue Recognition</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> <i>Product Revenue</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company recognizes product revenues from two methods:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">product revenues recognized under the percentage-of-completion method; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">product revenues from the sale of products that do not qualify for the percentage-of-completion method.</td> </tr> </table> </div>
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4.16
CY2013 us-gaap Revenue Recognition Sales Of Services
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CY2013 us-gaap Revenue Recognition Percentage Of Completion Method
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0.026 pure
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0.014 pure
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731617000
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-239000
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0
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4400000
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0.71
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338000
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CY2012 us-gaap Share Based Compensation
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CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-41385000
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OperatingLeasesRentExpenseNet
2900000
CY2012 us-gaap Interest Expense
InterestExpense
32000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2012 us-gaap Cost Of Revenue
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CY2012 us-gaap Depreciation
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CY2012 us-gaap Deferred Foreign Income Tax Expense Benefit
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47063000
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132244000

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