2015 Q1 Form 10-Q Financial Statement
#000119312515157362 Filed on April 30, 2015
Income Statement
| Concept | 2015 Q1 | 2014 Q1 |
|---|---|---|
| Revenue | $226.0M | $204.1M |
| YoY Change | 10.75% | 5.65% |
| Cost Of Revenue | $125.1M | $110.8M |
| YoY Change | 12.95% | -4.76% |
| Gross Profit | $100.9M | $93.29M |
| YoY Change | 8.12% | 21.42% |
| Gross Profit Margin | 44.63% | 45.71% |
| Selling, General & Admin | $16.96M | $23.94M |
| YoY Change | -29.15% | 53.14% |
| % of Gross Profit | 16.81% | 25.66% |
| Research & Development | $12.20M | $10.80M |
| YoY Change | 12.96% | 20.0% |
| % of Gross Profit | 12.1% | 11.58% |
| Depreciation & Amortization | $7.455M | $7.680M |
| YoY Change | -2.93% | 9.7% |
| % of Gross Profit | 7.39% | 8.23% |
| Operating Expenses | $16.96M | $23.94M |
| YoY Change | -29.15% | 53.14% |
| Operating Profit | $71.69M | $58.57M |
| YoY Change | 22.41% | 12.25% |
| Interest Expense | $3.000K | $7.000K |
| YoY Change | -57.14% | -50.0% |
| % of Operating Profit | 0.0% | 0.01% |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $71.74M | $58.64M |
| YoY Change | 22.33% | 12.17% |
| Income Tax | $18.08M | $16.03M |
| % Of Pretax Income | 25.2% | 27.33% |
| Net Earnings | $53.66M | $42.62M |
| YoY Change | 25.92% | 6.97% |
| Net Earnings / Revenue | 23.74% | 20.88% |
| Basic Earnings Per Share | $1.38 | $1.05 |
| Diluted Earnings Per Share | $1.38 | $1.04 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 38.77M shares | 40.68M shares |
| Diluted Shares Outstanding | 38.94M shares | 40.89M shares |
Balance Sheet
| Concept | 2015 Q1 | 2014 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $374.1M | $420.9M |
| YoY Change | -11.12% | 31.94% |
| Cash & Equivalents | $374.1M | $420.9M |
| Short-Term Investments | ||
| Other Short-Term Assets | $38.43M | $28.32M |
| YoY Change | 35.7% | 57.48% |
| Inventory | $386.6M | $397.4M |
| Prepaid Expenses | ||
| Receivables | $299.3M | $266.1M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $1.123B | $1.138B |
| YoY Change | -1.31% | 20.83% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $300.9M | $311.5M |
| YoY Change | -3.39% | 4.16% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $11.61M | $10.17M |
| YoY Change | 14.17% | -5.16% |
| Total Long-Term Assets | $312.5M | $321.6M |
| YoY Change | -2.84% | 3.83% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $1.123B | $1.138B |
| Total Long-Term Assets | $312.5M | $321.6M |
| Total Assets | $1.436B | $1.460B |
| YoY Change | -1.65% | 16.62% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $59.69M | $53.60M |
| YoY Change | 11.36% | 39.3% |
| Accrued Expenses | $41.10M | $35.00M |
| YoY Change | 17.43% | -0.57% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $161.4M | $156.7M |
| YoY Change | 2.98% | 8.2% |
| 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 | $161.4M | $156.7M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $165.9M | $166.3M |
| YoY Change | -0.24% | 7.56% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $1.332B | $1.112B |
| YoY Change | 19.75% | 18.37% |
| Common Stock | $20.61M | $195.7M |
| YoY Change | -89.47% | 5.27% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $1.270B | $1.294B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.436B | $1.460B |
| YoY Change | -1.65% | 16.62% |
Cashflow Statement
| Concept | 2015 Q1 | 2014 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $53.66M | $42.62M |
| YoY Change | 25.92% | 6.97% |
| Depreciation, Depletion And Amortization | $7.455M | $7.680M |
| YoY Change | -2.93% | 9.7% |
| Cash From Operating Activities | $87.10M | $48.60M |
| YoY Change | 79.21% | -35.18% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $6.156M | $13.22M |
| YoY Change | -53.43% | 9.53% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $100.0K | $400.0K |
| YoY Change | -75.0% | 100.0% |
| Cash From Investing Activities | -$6.000M | -$12.86M |
| YoY Change | -53.36% | 8.06% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $0.00 | |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 300.0K | 512.0K |
| YoY Change | -41.41% | -86.06% |
| NET CHANGE | ||
| Cash From Operating Activities | 87.10M | 48.60M |
| Cash From Investing Activities | -6.000M | -12.86M |
| Cash From Financing Activities | 300.0K | 512.0K |
| Net Change In Cash | 81.40M | 36.25M |
| YoY Change | 124.55% | -45.69% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $87.10M | $48.60M |
| Capital Expenditures | $6.156M | $13.22M |
| Free Cash Flow | $80.94M | $35.38M |
| YoY Change | 128.77% | -43.76% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
38948398 | shares |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
420938000 | |
| CY2015Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
38939097 | shares |
| CY2015Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
38939097 | shares |
| CY2015Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2015Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2015Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2015Q1 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
34141000 | |
| CY2015Q1 | us-gaap |
Billings In Excess Of Cost
BillingsInExcessOfCost
|
42957000 | |
| CY2015Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2015Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
161361000 | |
| CY2015Q1 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
17570000 | |
| CY2015Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
388000 | |
| CY2015Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2015Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
59688000 | |
| CY2015Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
1332190000 | |
| CY2015Q1 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
4578000 | |
| CY2015Q1 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
20224000 | |
| CY2015Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1270064000 | |
| CY2015Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
23440000 | |
| CY2015Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1436003000 | |
| CY2015Q1 | us-gaap |
Liabilities
Liabilities
|
165939000 | |
| CY2015Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
17706000 | |
| CY2015Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
-82738000 | |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
374131000 | |
| CY2015Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
300906000 | |
| CY2015Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
201956000 | |
| CY2015Q1 | us-gaap |
Noncurrent Assets
NoncurrentAssets
|
312519000 | |
| CY2015Q1 | us-gaap |
Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected Within One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedWithinOneYear
|
68700000 | |
| CY2015Q1 | us-gaap |
Assets
Assets
|
1436003000 | |
| CY2015Q1 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
25000000 | |
| CY2015Q1 | us-gaap |
Inventory Gross
InventoryGross
|
420753000 | |
| CY2015Q1 | us-gaap |
Inventory Net
InventoryNet
|
386612000 | |
| CY2015Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
299309000 | |
| CY2015Q1 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
111651000 | |
| CY2015Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
38432000 | |
| CY2015Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
11613000 | |
| CY2015Q1 | us-gaap |
Assets Current
AssetsCurrent
|
1123484000 | |
| CY2015Q1 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
107146000 | |
| CY2013Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
384356000 | |
| CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
38932508 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
38932508 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
| CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2014Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2014Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
34607000 | |
| CY2014Q4 | us-gaap |
Billings In Excess Of Cost
BillingsInExcessOfCost
|
71177000 | |
| CY2014Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2014Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
198642000 | |
| CY2014Q4 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
16903000 | |
| CY2014Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
388000 | |
| CY2014Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2014Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
53837000 | |
| CY2014Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
1278528000 | |
| CY2014Q4 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
5417000 | |
| CY2014Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
16480000 | |
| CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1245192000 | |
| CY2014Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
35198000 | |
| CY2014Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1449251000 | |
| CY2014Q4 | us-gaap |
Liabilities
Liabilities
|
204059000 | |
| CY2014Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
21527000 | |
| CY2014Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
-50204000 | |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
298705000 | |
| CY2014Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
309525000 | |
| CY2014Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
207295000 | |
| CY2014Q4 | us-gaap |
Noncurrent Assets
NoncurrentAssets
|
322111000 | |
| CY2014Q4 | us-gaap |
Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected Within One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedWithinOneYear
|
68000000 | |
| CY2014Q4 | us-gaap |
Assets
Assets
|
1449251000 | |
| CY2014Q4 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
23569000 | |
| CY2014Q4 | us-gaap |
Inventory Gross
InventoryGross
|
427166000 | |
| CY2014Q4 | us-gaap |
Inventory Net
InventoryNet
|
392559000 | |
| CY2014Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
373993000 | |
| CY2014Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
112514000 | |
| CY2014Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
38314000 | |
| CY2014Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
12586000 | |
| CY2014Q4 | us-gaap |
Assets Current
AssetsCurrent
|
1127140000 | |
| CY2014Q4 | us-gaap |
Deposits Assets
DepositsAssets
|
3100000 | |
| CY2014Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
107357000 | |
| CY2014Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.04 | |
| CY2014Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
209000 | shares |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
48603000 | |
| CY2014Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
40887000 | shares |
| CY2014Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.05 | |
| CY2014Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
40678000 | shares |
| CY2014Q1 | us-gaap |
Interest Income Other
InterestIncomeOther
|
83000 | |
| CY2014Q1 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
172001000 | |
| CY2014Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
49000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-1558000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
26333000 | |
| CY2014Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
58567000 | |
| CY2014Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
48347000 | |
| CY2014Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
58643000 | |
| CY2014Q1 | us-gaap |
Revenues
Revenues
|
204073000 | |
| CY2014Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
13220000 | |
| CY2014Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
42618000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-14680000 | |
| CY2014Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
32072000 | |
| CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
5729000 | |
| CY2014Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-869000 | |
| CY2014Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
7680000 | |
| CY2014Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
331000 | |
| CY2014Q1 | us-gaap |
Interest Expense
InterestExpense
|
7000 | |
| CY2014Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
23935000 | |
| CY2014Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
49000 | |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
36582000 | |
| CY2014Q1 | us-gaap |
Cost Of Services
CostOfServices
|
19456000 | |
| CY2014Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
16025000 | |
| CY2014Q1 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
91331000 | |
| CY2014Q1 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
110787000 | |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
512000 | |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-12864000 | |
| CY2014Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
463000 | |
| CY2014Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
145506000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
6492000 | |
| CY2014Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2826000 | |
| CY2014Q1 | us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
356000 | |
| CY2014Q1 | drq |
Number Of Projects
NumberOfProjects
|
15 | Project |
| CY2014Q1 | drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.12 | pure |
| CY2014Q1 | drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
11834000 | |
| CY2014Q1 | drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.14 | pure |
| CY2014Q1 | drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
10784000 | |
| CY2014Q1 | drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
11834000 | |
| CY2014Q1 | drq |
Number Of Service Revenue Sources
NumberOfServiceRevenueSources
|
3 | Source |
| CY2014Q1 | drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | |
| CY2015Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.38 | |
| CY2015Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2015Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
DRIL-QUIP INC | |
| CY2015Q1 | dei |
Trading Symbol
TradingSymbol
|
DRQ | |
| CY2015Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
167000 | shares |
| CY2015Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
87069000 | |
| CY2015Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"> <i>Use of Estimates</i></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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’s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.</p> </div> | |
| CY2015Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2015-03-31 | |
| CY2015Q1 | us-gaap |
Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Revenues recognized under the percentage-of-completion method</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">The contracts call for products which are designed to customer specifications;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">The structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">The contracts contain specific terms as to milestones, progress billings and delivery dates; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Product requirements cannot be filled directly from the Company’s standard inventory.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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’s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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. At March 31, 2015 and December 31, 2014, receivables included $68.7 million and $68.0 million of unbilled receivables, respectively. For the quarter ended March 31, 2015, there were 11 projects representing approximately 15% of the Company’s total revenues and approximately 18% of its product revenues that were accounted for using percentage-of-completion accounting, compared to 15 projects during the first quarter of 2014, which represented approximately 12% of the Company’s total revenues and approximately 14% of its product revenues.</p> </div> | |
| CY2015Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2015Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2015Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2015 | |
| CY2015Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
38940000 | shares |
| CY2015Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.38 | |
| CY2015Q1 | us-gaap |
Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt"> <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 earns product revenues from two methods:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </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">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </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> | |
| CY2015Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001042893 | |
| CY2015Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2015Q1 | us-gaap |
Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Service revenue</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company earns service revenues from three sources:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">technical advisory assistance;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">rental of running tools; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">rework and reconditioning of customer-owned Dril-Quip products.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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’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.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px">  </p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> 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’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’s technical advisory assistance services. The customer may use a third party or their own personnel.</p> </div> | |
| CY2015Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
38773000 | shares |
| CY2015Q1 | us-gaap |
Interest Income Other
InterestIncomeOther
|
49000 | |
| CY2015Q1 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
187524000 | |
| CY2015Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
24000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
1259000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
7010000 | |
| CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
71693000 | |
| CY2015Q1 | us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
63000 | |
| CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
21130000 | |
| CY2015Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
71739000 | |
| CY2015Q1 | us-gaap |
Revenues
Revenues
|
226002000 | |
| CY2015Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
6156000 | |
| CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
53664000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-62837000 | |
| CY2015Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
38478000 | |
| CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
-32534000 | |
| CY2015Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-2755000 | |
| CY2015Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
7455000 | |
| CY2015Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-5914000 | |
| CY2015Q1 | us-gaap |
Interest Expense
InterestExpense
|
3000 | |
| CY2015Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
16958000 | |
| CY2015Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
24000 | |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
75426000 | |
| CY2015Q1 | us-gaap |
Cost Of Services
CostOfServices
|
19131000 | |
| CY2015Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
18075000 | |
| CY2015Q1 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
106007000 | |
| CY2015Q1 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
125138000 | |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
306000 | |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-6035000 | |
| CY2015Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
282000 | |
| CY2015Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
154309000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-29139000 | |
| CY2015Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3363000 | |
| CY2015Q1 | us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
121000 | |
| CY2015Q1 | drq |
Number Of Product Revenue Sources
NumberOfProductRevenueSources
|
2 | Method |
| CY2015Q1 | drq |
Number Of Projects
NumberOfProjects
|
11 | Project |
| CY2015Q1 | drq |
Number Of Geographic Segments
NumberOfGeographicSegments
|
3 | Segment |
| CY2015Q1 | drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.15 | pure |
| CY2015Q1 | drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
11387000 | |
| CY2015Q1 | drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.18 | pure |
| CY2015Q1 | drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
12213000 | |
| CY2015Q1 | drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
11387000 | |
| CY2015Q1 | drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | |
| CY2015Q1 | drq |
Number Of Head Quarter Locations
NumberOfHeadQuarterLocations
|
3 | Location |
