2015 Q2 Form 10-Q Financial Statement
#000119312515268580 Filed on July 30, 2015
Income Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| Revenue | $215.3M | $230.3M |
| YoY Change | -6.53% | 3.73% |
| Cost Of Revenue | $117.7M | $125.0M |
| YoY Change | -5.86% | -6.16% |
| Gross Profit | $97.61M | $105.3M |
| YoY Change | -7.32% | 18.57% |
| Gross Profit Margin | 45.34% | 45.73% |
| Selling, General & Admin | $33.63M | $25.52M |
| YoY Change | 31.79% | 9.65% |
| % of Gross Profit | 34.46% | 24.23% |
| Research & Development | $11.40M | $10.80M |
| YoY Change | 5.56% | 16.13% |
| % of Gross Profit | 11.68% | 10.25% |
| Depreciation & Amortization | $7.600M | $7.400M |
| YoY Change | 2.7% | 0.0% |
| % of Gross Profit | 7.79% | 7.03% |
| Operating Expenses | $33.63M | $25.52M |
| YoY Change | 31.79% | 9.65% |
| Operating Profit | $52.58M | $68.95M |
| YoY Change | -23.75% | 22.66% |
| Interest Expense | $3.000K | $5.000K |
| YoY Change | -40.0% | -16.67% |
| % of Operating Profit | 0.01% | 0.01% |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $52.74M | $69.22M |
| YoY Change | -23.8% | 22.77% |
| Income Tax | $13.53M | $17.89M |
| % Of Pretax Income | 25.65% | 25.85% |
| Net Earnings | $39.21M | $51.32M |
| YoY Change | -23.6% | 19.56% |
| Net Earnings / Revenue | 18.22% | 22.28% |
| Basic Earnings Per Share | $1.01 | $1.27 |
| Diluted Earnings Per Share | $1.01 | $1.27 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 38.69M shares | 40.33M shares |
| Diluted Shares Outstanding | 38.89M shares | 40.56M shares |
Balance Sheet
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $382.7M | $342.6M |
| YoY Change | 11.7% | 5.25% |
| Cash & Equivalents | $382.7M | $342.6M |
| Short-Term Investments | ||
| Other Short-Term Assets | $38.10M | $26.61M |
| YoY Change | 43.16% | 42.02% |
| Inventory | $383.8M | $408.1M |
| Prepaid Expenses | ||
| Receivables | $299.4M | $316.9M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $1.131B | $1.122B |
| YoY Change | 0.84% | 13.6% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $301.6M | $316.3M |
| YoY Change | -4.63% | 5.75% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $14.18M | $10.75M |
| YoY Change | 31.88% | 5.66% |
| Total Long-Term Assets | $315.8M | $327.0M |
| YoY Change | -3.43% | 5.75% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $1.131B | $1.122B |
| Total Long-Term Assets | $315.8M | $327.0M |
| Total Assets | $1.447B | $1.449B |
| YoY Change | -0.12% | 11.73% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $39.52M | $55.01M |
| YoY Change | -28.16% | 22.38% |
| Accrued Expenses | $38.10M | $36.50M |
| YoY Change | 4.38% | -6.89% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $126.7M | $169.4M |
| YoY Change | -25.2% | 14.29% |
| 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 | $126.7M | $169.4M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $131.0M | $179.0M |
| YoY Change | -26.8% | 13.29% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $1.371B | $1.164B |
| YoY Change | 17.84% | 18.42% |
| Common Stock | $5.265M | $109.6M |
| YoY Change | -95.19% | -43.43% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $1.316B | $1.270B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.447B | $1.449B |
| YoY Change | -0.12% | 11.73% |
Cashflow Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $39.21M | $51.32M |
| YoY Change | -23.6% | 19.56% |
| Depreciation, Depletion And Amortization | $7.600M | $7.400M |
| YoY Change | 2.7% | 0.0% |
| Cash From Operating Activities | $25.90M | $18.10M |
| YoY Change | 43.09% | 63.06% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$5.000M | -$10.00M |
| YoY Change | -50.0% | -9.09% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $100.0K |
| YoY Change | -100.0% | 0.0% |
| Cash From Investing Activities | -$5.100M | -$9.800M |
| YoY Change | -47.96% | -10.09% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -18.20M | -88.90M |
| YoY Change | -79.53% | -1659.65% |
| NET CHANGE | ||
| Cash From Operating Activities | 25.90M | 18.10M |
| Cash From Investing Activities | -5.100M | -9.800M |
| Cash From Financing Activities | -18.20M | -88.90M |
| Net Change In Cash | 2.600M | -80.60M |
| YoY Change | -103.23% | -1466.1% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $25.90M | $18.10M |
| Capital Expenditures | -$5.000M | -$10.00M |
| Free Cash Flow | $30.90M | $28.10M |
| YoY Change | 9.96% | 27.15% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q2 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
4298000 | |
| CY2015Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
14180000 | |
| CY2015Q2 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
-60897000 | |
| CY2015Q3 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
38705278 | shares |
| CY2014Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
342621000 | |
| CY2015Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2015Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
38705278 | shares |
| CY2015Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2015Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2015Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
38705278 | shares |
| CY2015Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q2 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
36570000 | |
| CY2015Q2 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
4880000 | |
| CY2015Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
18977000 | |
| CY2015Q2 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
19097000 | |
| CY2015Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1315771000 | |
| CY2015Q2 | us-gaap |
Billings In Excess Of Cost
BillingsInExcessOfCost
|
39608000 | |
| CY2015Q2 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
9515000 | |
| CY2015Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
39520000 | |
| CY2015Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
1371403000 | |
| CY2015Q2 | us-gaap |
Liabilities
Liabilities
|
131015000 | |
| CY2015Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1446786000 | |
| CY2015Q2 | us-gaap |
Common Stock Value
CommonStockValue
|
385000 | |
| CY2015Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
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| CY2015Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
126717000 | |
| CY2015Q2 | us-gaap |
Preferred Stock Value
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Assets
Assets
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1446786000 | |
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Inventory Net
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|
383773000 | |
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Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
299398000 | |
| CY2015Q2 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
111587000 | |
| CY2015Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
301635000 | |
| CY2014Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
21527000 | |
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Stockholders Equity
StockholdersEquity
|
1245192000 | |
| CY2014Q4 | us-gaap |
Billings In Excess Of Cost
BillingsInExcessOfCost
|
71177000 | |
| CY2014Q4 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
16903000 | |
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Noncurrent Assets
NoncurrentAssets
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315815000 | |
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Assets Current
AssetsCurrent
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1130971000 | |
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Inventory Gross
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|
420343000 | |
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Other Assets Current
OtherAssetsCurrent
|
38099000 | |
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Inventory Finished Goods
InventoryFinishedGoods
|
200646000 | |
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Inventory Work In Process
InventoryWorkInProcess
|
108110000 | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
382673000 | |
| CY2015Q2 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
27028000 | |
| CY2015Q2 | us-gaap |
Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected Within One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedWithinOneYear
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77600000 | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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384356000 | |
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Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
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38932508 | shares |
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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0.01 | |
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Preferred Stock Shares Authorized
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10000000 | shares |
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Preferred Stock Shares Issued
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Common Stock Shares Issued
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Preferred Stock Par Or Stated Value Per Share
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0.01 | |
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Inventory Valuation Reserves
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34607000 | |
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Additional Paid In Capital Common Stock
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16480000 | |
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35198000 | |
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Accounts Payable Current
AccountsPayableCurrent
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53837000 | |
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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1278528000 | |
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Liabilities
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204059000 | |
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Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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1449251000 | |
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Common Stock Value
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388000 | |
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Commitments And Contingencies
CommitmentsAndContingencies
|
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Liabilities Current
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|
198642000 | |
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Preferred Stock Value
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|
||
| CY2014Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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|
-50204000 | |
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Deferred Tax Liabilities Noncurrent
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|
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Other Assets Noncurrent
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12586000 | |
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Assets
|
1449251000 | |
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Inventory Net
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392559000 | |
| CY2014Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
373993000 | |
| CY2014Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
107357000 | |
| CY2014Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
309525000 | |
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Noncurrent Assets
NoncurrentAssets
|
322111000 | |
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
72473000 | ||
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Operating Income Loss
OperatingIncomeLoss
|
127521000 | ||
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Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
32708000 | ||
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Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-3194000 | ||
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Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
16428000 | ||
| CY2014Q4 | us-gaap |
Assets Current
AssetsCurrent
|
1127140000 | |
| CY2014Q4 | us-gaap |
Inventory Gross
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|
427166000 | |
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OtherAssetsCurrent
|
38314000 | |
| CY2014Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
207295000 | |
| CY2014Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
112514000 | |
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Cash And Cash Equivalents At Carrying Value
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|
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| CY2014Q4 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
23569000 | |
| CY2014Q4 | us-gaap |
Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected Within One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedWithinOneYear
|
68000000 | |
| CY2014Q4 | us-gaap |
Deposits Assets
DepositsAssets
|
3100000 | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
2.31 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
66672000 | ||
| us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
222000 | shares | |
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Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
40723000 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
40501000 | shares | |
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Earnings Per Share Basic
EarningsPerShareBasic
|
2.32 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
23218000 | ||
| us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
251000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
93942000 | ||
| us-gaap |
Revenues
Revenues
|
434388000 | ||
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
90022000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
33272000 | ||
| us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
149000 | ||
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
110370000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
127858000 | ||
| us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
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| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
349000 | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
33916000 | ||
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Share Based Compensation
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|
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Interest Expense
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|
12000 | ||
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40241000 | ||
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Deferred Income Tax Expense Benefit
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|
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Increase Decrease In Accounts Payable And Accrued Liabilities
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|
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|
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Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
15126000 | ||
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Cost Of Revenue
CostOfRevenue
|
235780000 | ||
| drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.10 | pure | |
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Number Of Projects
NumberOfProjects
|
16 | Project | |
| drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
21632000 | ||
| drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | ||
| drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
25184000 | ||
| drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
25184000 | ||
| drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.08 | pure | |
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
2.39 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
113011000 | ||
| dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2015 | ||
| dei |
Amendment Flag
AmendmentFlag
|
false | ||
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Document Type
DocumentType
|
10-Q | ||
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Entity Central Index Key
EntityCentralIndexKey
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0001042893 | ||
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Entity Filer Category
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Large Accelerated Filer | ||
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Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
|
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 37px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Revenues recognized under the percentage-of-completion method</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 June 30, 2015 and December 31, 2014, receivables included $77.6 million and $68.0 million of unbilled receivables, respectively. For the quarter ended June 30, 2015, there were 10 projects representing approximately 17% of the Company’s total revenue and approximately 21% of its product revenues that were accounted for using percentage-of-completion accounting, compared to 12 projects during the second quarter of 2014, which represented approximately 5% of the Company’s total revenues and approximately 6% of its product revenues. For the six months ended June 30, 2015, there were 13 projects representing approximately 16% of the Company’s total revenues and approximately 19% of its product revenues, compared to 16 projects that represented approximately 8% of the Company’s total revenues and approximately 10% of its product revenues for the six months ended June 30, 2014, all of which were accounted for using percentage-of-completion accounting.</p> </div> | ||
| 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> | ||
| us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
183000 | shares | |
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
DRIL-QUIP INC | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
38912000 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
38729000 | shares | |
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2015-06-30 | ||
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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> | ||
| dei |
Trading Symbol
TradingSymbol
|
DRQ | ||
| 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> | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
2.40 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
11204000 | ||
| us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
57000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
92877000 | ||
| us-gaap |
Revenues
Revenues
|
441278000 | ||
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
19943000 | ||
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
77655000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
124272000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-3348000 | ||
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
2958000 | ||
| us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
-10693000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-70508000 | ||
| us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
-75000 | ||
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
82184000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
124480000 | ||
| us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
363623000 | ||
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
214000 | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
31603000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
6482000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
83968000 | ||
| us-gaap |
Interest Expense
InterestExpense
|
6000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-11068000 | ||
| us-gaap |
Costs And Expenses
CostsAndExpenses
|
317006000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-179347000 | ||
| us-gaap |
Cost Of Services
CostOfServices
|
38446000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-4935000 | ||
| us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
136000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-67468000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1952000 | ||
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-41000 | ||
| us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
57000 | ||
| us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
50591000 | ||
| us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
204356000 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
15139000 | ||
| us-gaap |
Cost Of Revenue
CostOfRevenue
|
242802000 | ||
| drq |
Number Of Geographic Segments
NumberOfGeographicSegments
|
3 | Segment | |
| drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.19 | pure | |
| drq |
Number Of Projects
NumberOfProjects
|
13 | Project | |
| drq |
Number Of Product Revenue Sources
NumberOfProductRevenueSources
|
2 | Method | |
| drq |
Number Of Head Quarter Locations
NumberOfHeadQuarterLocations
|
3 | Location | |
| drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
23613000 | ||
| drq |
Number Of Service Revenue Sources
NumberOfServiceRevenueSources
|
3 | Source | |
| drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | ||
| drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
31967000 | ||
| drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
31967000 | ||
| drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.16 | pure | |
| CY2014Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.27 | |
| CY2014Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
235000 | shares |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
40562000 | shares |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
40327000 | shares |
| CY2014Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.27 | |
| CY2014Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
51324000 | |
| CY2014Q2 | us-gaap |
Revenues
Revenues
|
230315000 | |
| CY2014Q2 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
40401000 | |
| CY2014Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
68954000 | |
| CY2014Q2 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
10699000 | |
| CY2014Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
62023000 | |
| CY2014Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
69215000 | |
| CY2014Q2 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
189914000 | |
| CY2014Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
266000 | |
| CY2014Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
17891000 | |
| CY2014Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2800000 | |
| CY2014Q2 | us-gaap |
Interest Expense
InterestExpense
|
5000 | |
| CY2014Q2 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
161361000 | |
| CY2014Q2 | us-gaap |
Cost Of Services
CostOfServices
|
20785000 | |
| CY2014Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
25520000 | |
| CY2014Q2 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
104208000 | |
| CY2014Q2 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
124993000 | |
| CY2014Q2 | drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.06 | pure |
| CY2014Q2 | drq |
Number Of Projects
NumberOfProjects
|
12 | Project |
| CY2014Q2 | drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
10848000 | |
| CY2014Q2 | drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | |
| CY2014Q2 | drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
13350000 | |
| CY2014Q2 | drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
13350000 | |
| CY2014Q2 | drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.05 | pure |
| CY2015Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.01 | |
| CY2015Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
202000 | shares |
| CY2015Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
38888000 | shares |
| CY2015Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
38686000 | shares |
| CY2015Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.01 | |
| CY2015Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
39213000 | |
| CY2015Q2 | us-gaap |
Revenues
Revenues
|
215276000 | |
| CY2015Q2 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
39177000 | |
| CY2015Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
52579000 | |
| CY2015Q2 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
21841000 | |
| CY2015Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
61054000 | |
| CY2015Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
52741000 | |
| CY2015Q2 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
176099000 | |
| CY2015Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
165000 | |
| CY2015Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
13528000 | |
| CY2015Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3100000 | |
| CY2015Q2 | us-gaap |
Interest Expense
InterestExpense
|
3000 | |
| CY2015Q2 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
162697000 | |
| CY2015Q2 | us-gaap |
Cost Of Services
CostOfServices
|
19315000 | |
| CY2015Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
33633000 | |
| CY2015Q2 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
98349000 | |
| CY2015Q2 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
117664000 | |
| CY2015Q2 | drq |
Percentage Of Product Revenue
PercentageOfProductRevenue
|
0.21 | pure |
| CY2015Q2 | drq |
Number Of Projects
NumberOfProjects
|
10 | Project |
| CY2015Q2 | drq |
Engineering And Product Development
EngineeringAndProductDevelopment
|
11400000 | |
| CY2015Q2 | drq |
Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
|
0 | |
| CY2015Q2 | drq |
Reporting Information Eliminations
ReportingInformationEliminations
|
20580000 | |
| CY2015Q2 | drq |
Revenue From Inter Company Transactions
RevenueFromInterCompanyTransactions
|
20580000 | |
| CY2015Q2 | drq |
Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
|
0.17 | pure |
