$INVX
Innovex International, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020034783 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $90.45M $103.8M $94.32M
YoY Change -12.87% 9.43% -4.9%
Cost Of Revenue $66.94M $73.87M $69.38M
YoY Change -9.38% -2.21% -5.59%
Gross Profit $23.51M $29.94M $24.94M
YoY Change -21.48% 54.94% -2.91%
Gross Profit Margin 25.99% 28.84% 26.44%
Selling, General & Admin $23.30M $22.84M $24.54M
YoY Change 2.04% -0.15% -10.9%
% of Gross Profit 99.11% 76.27% 98.41%
Research & Development $5.400M $5.200M $3.600M
YoY Change 3.85% -50.48% -61.7%
% of Gross Profit 22.97% 17.37% 14.43%
Depreciation & Amortization $7.940M $8.495M $8.356M
YoY Change -6.53% -5.62% 1.4%
% of Gross Profit 33.77% 28.37% 33.5%
Operating Expenses $28.80M $22.84M $24.54M
YoY Change 26.12% -0.15% -10.9%
Operating Profit -$7.505M $2.120M -$5.603M
YoY Change -454.01% -156.56% -10.74%
Interest Expense -$400.0K $2.900M $121.0K
YoY Change -113.79% 1820.53% 5950.0%
% of Operating Profit 136.79%
Other Income/Expense, Net
YoY Change
Pretax Income -$7.061M $4.800M -$3.718M
YoY Change -247.1% -395.57% -17.05%
Income Tax $7.081M $3.119M $2.333M
% Of Pretax Income 64.98%
Net Earnings -$14.14M $1.681M -$6.051M
YoY Change -941.28% -155.26% -18.04%
Net Earnings / Revenue -15.64% 1.62% -6.42%
Basic Earnings Per Share -$0.40 $0.05 -$0.17
Diluted Earnings Per Share -$0.40 $0.05 -$0.17
COMMON SHARES
Basic Shares Outstanding 35.02M 35.97M 35.56M
Diluted Shares Outstanding 35.02M 36.21M 35.56M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $345.8M $423.1M $414.8M
YoY Change -18.27% -14.25% -16.3%
Cash & Equivalents $345.8M $423.1M $414.8M
Short-Term Investments
Other Short-Term Assets $48.73M $32.00M $25.83M
YoY Change 52.3% -7.1% -29.47%
Inventory $212.4M $194.5M $194.5M
Prepaid Expenses
Receivables $241.3M $218.5M $208.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $848.2M $868.1M $843.3M
YoY Change -2.3% -11.09% -15.85%
LONG-TERM ASSETS
Property, Plant & Equipment $243.8M $265.6M $270.4M
YoY Change -8.21% -6.16% -6.25%
Goodwill $7.633M $7.780M
YoY Change -83.77% -83.73%
Intangibles $30.47M $33.81M $34.47M
YoY Change -9.87% -6.44% -25.55%
Long-Term Investments
YoY Change
Other Assets $10.92M $14.44M $15.47M
YoY Change -24.43% -4.06% -3.84%
Total Long-Term Assets $299.5M $333.8M $340.4M
YoY Change -10.27% -13.37% -13.98%
TOTAL ASSETS
Total Short-Term Assets $848.2M $868.1M $843.3M
Total Long-Term Assets $299.5M $333.8M $340.4M
Total Assets $1.148B $1.202B $1.184B
YoY Change -4.51% -11.73% -15.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.90M $34.68M $20.66M
YoY Change 69.83% 65.41% -18.29%
Accrued Expenses $38.20M $39.10M $32.90M
YoY Change -2.3% 28.62% 15.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $400.0K
YoY Change
Total Short-Term Liabilities $113.7M $87.10M $70.73M
YoY Change 30.54% 8.24% -18.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $200.0K $400.0K
YoY Change -100.0%
Other Long-Term Liabilities $15.00M $2.231M $2.396M
YoY Change 572.34% -17.98% 19.74%
Total Long-Term Liabilities $15.00M $2.231M $2.396M
YoY Change 572.34% -17.98% 19.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $113.7M $87.10M $70.73M
Total Long-Term Liabilities $15.00M $2.231M $2.396M
Total Liabilities $132.3M $104.8M $88.32M
YoY Change 26.27% 21.48% -4.78%
SHAREHOLDERS EQUITY
Retained Earnings $1.200B $1.199B
YoY Change -13.19% -14.01%
Common Stock $43.43M $40.19M
YoY Change 52.15% 65.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.015B $1.097B $1.095B
YoY Change
Total Liabilities & Shareholders Equity $1.148B $1.202B $1.184B
YoY Change -4.51% -11.73% -15.32%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$14.14M $1.681M -$6.051M
YoY Change -941.28% -155.26% -18.04%
Depreciation, Depletion And Amortization $7.940M $8.495M $8.356M
YoY Change -6.53% -5.62% 1.4%
Cash From Operating Activities $3.000M $9.900M $838.0K
YoY Change -69.7% -18.18% -92.64%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$1.100M $3.527M
YoY Change 272.73% -87.78% -66.64%
Acquisitions
YoY Change
Other Investing Activities $2.400M $1.300M $300.0K
YoY Change 84.62% -87.5% 200.0%
Cash From Investing Activities -$1.700M $200.0K -$3.186M
YoY Change -950.0% -85.71% -69.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.116M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -900.0K -1.116M
YoY Change -100.0% -91.09% -2246.15%
NET CHANGE
Cash From Operating Activities 3.000M 9.900M 838.0K
Cash From Investing Activities -1.700M 200.0K -3.186M
Cash From Financing Activities 0.000 -900.0K -1.116M
Net Change In Cash 1.300M 9.200M -3.292M
YoY Change -85.87% 170.59% -450.21%
FREE CASH FLOW
Cash From Operating Activities $3.000M $9.900M $838.0K
Capital Expenditures -$4.100M -$1.100M $3.527M
Free Cash Flow $7.100M $11.00M -$2.689M
YoY Change -35.45% -47.87% -429.13%

Facts In Submission

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<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 materially 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>
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7055000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
7700000
CY2020Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2019Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
179000
CY2020Q2 drq Indefinite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
IndefiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
-12000
CY2020Q2 drq Indefinite Lived Intangible Assets Excluding Goodwill Net
IndefiniteLivedIntangibleAssetsExcludingGoodwillNet
167000
CY2020Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
40446000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9729000
CY2020Q2 drq Finite Lived Intangible Assets Accumulated Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsAccumulatedForeignCurrencyTranslationGainLoss
-244000
CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
30473000
CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
172000
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 Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
32245000
drq Number Of Geographic Segments
NumberOfGeographicSegments
3
drq Number Of Head Quarter Locations
NumberOfHeadQuarterLocations
3
CY2020Q2 us-gaap Revenues
Revenues
90446000
CY2019Q2 us-gaap Revenues
Revenues
103808000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7940000
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8495000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-7061000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4800000
CY2020Q2 drq Restructuring And Other Charges
RestructuringAndOtherCharges
1600000
us-gaap Revenues
Revenues
186444000
us-gaap Revenues
Revenues
198125000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16813000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16851000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-48368000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1083000
drq Impairment Restructuring And Other Charges
ImpairmentRestructuringAndOtherCharges
42000000.0
CY2020Q2 us-gaap Noncurrent Assets
NoncurrentAssets
299479000
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
326076000
CY2020Q2 us-gaap Assets
Assets
1147691000
drq Inventory Written Down And Impairment Of Long Lived Assets
InventoryWrittenDownAndImpairmentOfLongLivedAssets
25100000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.003
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.300
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.650
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
5.035
CY2020Q2 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
3400000

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