$INVX
Innovex International, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020022010 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $96.00M $94.32M
YoY Change 1.78% -4.9%
Cost Of Revenue $71.41M $69.38M
YoY Change 2.94% -5.59%
Gross Profit $24.58M $24.94M
YoY Change -1.43% -2.91%
Gross Profit Margin 25.61% 26.44%
Selling, General & Admin $24.66M $24.54M
YoY Change 0.46% -10.9%
% of Gross Profit 100.3% 98.41%
Research & Development $5.500M $3.600M
YoY Change 52.78% -61.7%
% of Gross Profit 22.37% 14.43%
Depreciation & Amortization $8.873M $8.356M
YoY Change 6.19% 1.4%
% of Gross Profit 36.09% 33.5%
Operating Expenses $24.66M $24.54M
YoY Change 0.46% -10.9%
Operating Profit -$42.32M -$5.603M
YoY Change 655.35% -10.74%
Interest Expense $191.0K $121.0K
YoY Change 57.85% 5950.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$41.31M -$3.718M
YoY Change 1011.0% -17.05%
Income Tax -$21.61M $2.333M
% Of Pretax Income
Net Earnings -$19.70M -$6.051M
YoY Change 225.53% -18.04%
Net Earnings / Revenue -20.52% -6.42%
Basic Earnings Per Share -$0.55 -$0.17
Diluted Earnings Per Share -$0.55 -$0.17
COMMON SHARES
Basic Shares Outstanding 35.70M 35.56M
Diluted Shares Outstanding 35.70M 35.56M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.5M $414.8M
YoY Change -17.19% -16.3%
Cash & Equivalents $343.5M $414.8M
Short-Term Investments
Other Short-Term Assets $37.83M $25.83M
YoY Change 46.48% -29.47%
Inventory $197.0M $194.5M
Prepaid Expenses
Receivables $248.0M $208.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $826.3M $843.3M
YoY Change -2.02% -15.85%
LONG-TERM ASSETS
Property, Plant & Equipment $244.5M $270.4M
YoY Change -9.59% -6.25%
Goodwill $7.780M
YoY Change -83.73%
Intangibles $31.20M $34.47M
YoY Change -9.49% -25.55%
Long-Term Investments
YoY Change
Other Assets $11.19M $15.47M
YoY Change -27.63% -3.84%
Total Long-Term Assets $309.8M $340.4M
YoY Change -8.98% -13.98%
TOTAL ASSETS
Total Short-Term Assets $826.3M $843.3M
Total Long-Term Assets $309.8M $340.4M
Total Assets $1.136B $1.184B
YoY Change -4.02% -15.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.82M $20.66M
YoY Change 141.19% -18.29%
Accrued Expenses $30.30M $32.90M
YoY Change -7.9% 15.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K
YoY Change
Total Short-Term Liabilities $93.45M $70.73M
YoY Change 32.12% -18.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $400.0K
YoY Change -100.0%
Other Long-Term Liabilities $2.171M $2.396M
YoY Change -9.39% 19.74%
Total Long-Term Liabilities $2.171M $2.396M
YoY Change -9.39% 19.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.45M $70.73M
Total Long-Term Liabilities $2.171M $2.396M
Total Liabilities $111.9M $88.32M
YoY Change 26.7% -4.78%
SHAREHOLDERS EQUITY
Retained Earnings $1.136B $1.199B
YoY Change -5.2% -14.01%
Common Stock $56.41M $40.19M
YoY Change 40.35% 65.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.024B $1.095B
YoY Change
Total Liabilities & Shareholders Equity $1.136B $1.184B
YoY Change -4.02% -15.32%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$19.70M -$6.051M
YoY Change 225.53% -18.04%
Depreciation, Depletion And Amortization $8.873M $8.356M
YoY Change 6.19% 1.4%
Cash From Operating Activities -$21.24M $838.0K
YoY Change -2634.25% -92.64%
INVESTING ACTIVITIES
Capital Expenditures $4.187M $3.527M
YoY Change 18.71% -66.64%
Acquisitions
YoY Change
Other Investing Activities $700.0K $300.0K
YoY Change 133.33% 200.0%
Cash From Investing Activities -$3.500M -$3.186M
YoY Change 9.86% -69.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M $1.116M
YoY Change 2140.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.09M -1.116M
YoY Change 2147.76% -2246.15%
NET CHANGE
Cash From Operating Activities -21.24M 838.0K
Cash From Investing Activities -3.500M -3.186M
Cash From Financing Activities -25.09M -1.116M
Net Change In Cash -55.47M -3.292M
YoY Change 1585.12% -450.21%
FREE CASH FLOW
Cash From Operating Activities -$21.24M $838.0K
Capital Expenditures $4.187M $3.527M
Free Cash Flow -$25.42M -$2.689M
YoY Change 845.48% -429.13%

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CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
1627000
CY2019Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4424000
CY2019Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
28078
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1116000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4862000
CY2019Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-79000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1095405000
CY2020Q1 drq Number Of Geographic Segments
NumberOfGeographicSegments
3
CY2020Q1 drq Number Of Head Quarter Locations
NumberOfHeadQuarterLocations
3
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.36%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.17%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition, impairment of our goodwill and asset recoverability tests and inventories.</p>
CY2020Q1 us-gaap Severance Costs1
SeveranceCosts1
8400000
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
6900000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
86372000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
83910000
CY2020Q1 drq Number Of Product Revenue Sources
NumberOfProductRevenueSources
2
CY2020Q1 drq Number Of Projects
NumberOfProjects
42
CY2020Q1 drq Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
0.314
CY2020Q1 drq Percentage Of Product Revenue
PercentageOfProductRevenue
0.447
CY2019Q1 drq Number Of Projects
NumberOfProjects
21
CY2019Q1 drq Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
0.180
CY2019Q1 drq Percentage Of Product Revenue
PercentageOfProductRevenue
0.260
CY2020Q1 drq Number Of Service Revenue Sources
NumberOfServiceRevenueSources
2
CY2020Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2019Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2020Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2019Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2020Q1 us-gaap Inventory Write Down
InventoryWriteDown
17300000
CY2019Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
46282000
CY2020Q1 us-gaap Restructuring Costs
RestructuringCosts
100000
CY2019Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
2400000
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000
CY2020Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
808389
CY2020Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
30.91
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
25000000.0
CY2019Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
28078
CY2019Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
39.74
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1100000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35695000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35559000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35695000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35559000
CY2019Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
136332000
CY2020Q1 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
31460000
CY2020Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
43727000
CY2020Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
124065000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
116500000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.739
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.261
CY2019Q1 drq Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
0
CY2020Q1 drq Allocated Share Based Compensation Expense Capitalized
AllocatedShareBasedCompensationExpenseCapitalized
0
CY2020Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
41137000
CY2020Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
51897000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
54171000
CY2020Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
186897000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
175629000
CY2020Q1 us-gaap Inventory Gross
InventoryGross
279931000
CY2019Q4 us-gaap Inventory Gross
InventoryGross
276082000
CY2020Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
82896000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
71020000
CY2020Q1 us-gaap Inventory Net
InventoryNet
197035000
CY2019Q4 us-gaap Inventory Net
InventoryNet
205062000
CY2020Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
32700000
CY2020Q1 us-gaap Inventory Write Down
InventoryWriteDown
17300000
CY2020Q1 us-gaap Severance Costs1
SeveranceCosts1
8400000
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
6900000
CY2020Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
100000
CY2019Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
2400000
CY2020Q1 us-gaap Inventory Write Down
InventoryWriteDown
17272000
CY2020Q1 us-gaap Severance Costs1
SeveranceCosts1
8399000
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
6912000
CY2020Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
130000
CY2020Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
32713000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
0
CY2020Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
8000000
CY2020Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
0
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
8000000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
7700000
CY2019Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
179000
CY2020Q1 drq Indefinite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
IndefiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
-10000
CY2020Q1 drq Indefinite Lived Intangible Assets Excluding Goodwill Net
IndefiniteLivedIntangibleAssetsExcludingGoodwillNet
169000
CY2020Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
40446000
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9013000
CY2020Q1 drq Finite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
-229000
CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
172000
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
31204000
CY2019Q4 drq Indefinite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
IndefiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
7000
CY2019Q4 drq Indefinite Lived Intangible Assets Excluding Goodwill Net
IndefiniteLivedIntangibleAssetsExcludingGoodwillNet
179000
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
40234000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8165000
CY2019Q4 drq Finite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
176000
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
32245000
CY2020Q1 us-gaap Revenues
Revenues
95998000
CY2019Q1 us-gaap Revenues
Revenues
94317000
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8873000
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8356000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-41307000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3718000
CY2020Q1 drq Impairment Restructuring And Other Charges
ImpairmentRestructuringAndOtherCharges
40400000
CY2020Q1 us-gaap Noncurrent Assets
NoncurrentAssets
309819000
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
326076000
CY2020Q1 us-gaap Assets
Assets
1136110000
CY2019Q4 us-gaap Assets
Assets
1206565000
CY2020Q1 drq Inventory Written Down And Impairment Of Long Lived Assets
InventoryWrittenDownAndImpairmentOfLongLivedAssets
24200000
CY2020Q1 drq Number Of Geographic Segments
NumberOfGeographicSegments
3
CY2020Q1 drq Number Of Head Quarter Locations
NumberOfHeadQuarterLocations
3
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.523
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.627

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