10-Q Filing

INNOVEX INTERNATIONAL, INC. CIK: 1042893 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000950170-22-006534`
Period End Date	20220331
Filing Date	20220428
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	drq-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 39 Cash Flow Statement 48 Stockholders Equity 19 Comprehensive Income 6

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$338.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$355.45M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$86.38M	USD	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$100.99M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Unbilled receivables	`UnbilledReceivablesCurrent`	$102.60M	USD	Point-in-time
Unbilled receivables	`UnbilledReceivablesCurrent`	$109.55M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	34.77M	shares	Point-in-time
Inventories, net	`InventoryNet`	$141.29M	USD	Point-in-time
Inventories, net	`InventoryNet`	$145.72M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	34.52M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	34.77M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	34.52M	shares	Point-in-time
Prepaids and other current assets	`OtherAssetsCurrent`	$42.16M	USD	Point-in-time
Prepaids and other current assets	`OtherAssetsCurrent`	$40.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$745.55M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$717.38M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$5.26M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$4.90M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$216.20M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$212.94M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$11.02M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$11.38M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$26.45M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$25.68M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.59M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.18M	USD	Point-in-time
Total assets	`Assets`	$1.01B	USD	Point-in-time
Total assets	`Assets`	$978.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$36.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$35.23M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$3.58M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$4.10M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiability`	$9.75M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiability`	$6.50M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$7.40M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$6.29M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.05M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$919.00K	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$15.32M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$37.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$70.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$93.66M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$3.92M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$4.33M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$9.63M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$9.72M	USD	Point-in-time
Operating lease liabilities, long-term	`OperatingLeaseLiabilityNoncurrent`	$4.17M	USD	Point-in-time
Operating lease liabilities, long-term	`OperatingLeaseLiabilityNoncurrent`	$3.96M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.99M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$90.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$113.32M	USD	Point-in-time
Contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)	`PreferredStockValue`	-	USD	Point-in-time
100,000,000 shares authorized at $0.01 par value, 35,385,885 and 35,417,712 shares issued and outstanding at March 31, 2022 and December 31, 2021	`CommonStockValue`	$349.00K	USD	Point-in-time
100,000,000 shares authorized at $0.01 par value, 35,385,885 and 35,417,712 shares issued and outstanding at March 31, 2022 and December 31, 2021	`CommonStockValue`	$352.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$82.78M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$80.25M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$958.34M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$973.09M	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-153.70M	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-156.59M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$897.11M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$887.77M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.01B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.04B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.01B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$978.11M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Revenues from products and services	`RevenueFromContractWithCustomerExcludingAssessedTax`	$73.14M	USD	1 Quarter
Revenues from products and services	`RevenueFromContractWithCustomerExcludingAssessedTax`	$73.25M	USD	1 Quarter
Leasing	`OperatingLeaseLeaseIncomeLeasePayments`	$2.30M	USD	1 Quarter
Total revenues	`Revenues`	$81.24M	USD	1 Quarter
Total revenues	`Revenues`	$83.14M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$56.79M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$63.99M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$22.39M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$29.56M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$3.68M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$4.04M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$25.02M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$32.00K	USD	1 Quarter
Gain on sale of property, plant and equipment	`GainLossOnDispositionOfAssets`	$3.96M	USD	1 Quarter
Gain on sale of property, plant and equipment	`GainLossOnDispositionOfAssets`	$114.00K	USD	1 Quarter
Foreign currency transaction (gains) and losses	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.37M	USD	1 Quarter
Foreign currency transaction (gains) and losses	`ForeignCurrencyTransactionGainLossBeforeTax`	$1.25M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$88.73M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$112.82M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.59M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-31.58M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$49.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$203.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$439.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$54.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-31.97M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.44M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$2.39M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$3.50M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.94M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-34.36M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.26	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.97	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.26	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.97	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	34.49M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	35.38M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.38M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.49M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.94M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-34.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.56M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.42M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.53M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.19M	USD	1 Quarter
Restructuring and other charges	`RestructuringCostsAndAssetImpairmentCharges`	$25.02M	USD	1 Quarter
Restructuring and other charges	`RestructuringCostsAndAssetImpairmentCharges`	$32.00K	USD	1 Quarter
Gain on sale of property, plant and equipment	`GainLossOnDispositionOfAssets`	$3.96M	USD	1 Quarter
Gain on sale of property, plant and equipment	`GainLossOnDispositionOfAssets`	$114.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-433.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.33M	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-14.85M	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-11.02M	USD	1 Quarter
Unbilled receivables	`IncreaseDecreaseInUnbilledReceivable`	$-802.00K	USD	1 Quarter
Unbilled receivables	`IncreaseDecreaseInUnbilledReceivable`	$6.95M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$5.79M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-5.66M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.77M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-4.96M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$5.20M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-25.11M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.07M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.93M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.51M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.07M	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$208.00K	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$5.94M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.43M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.86M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$5.81M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-51.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-40.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-40.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.86M	USD	1 Quarter
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-205.00K	USD	1 Quarter
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.20M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-17.44M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$16.26M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$338.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$362.21M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$345.95M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$355.45M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$338.01M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$362.21M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$345.95M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$355.45M	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Treasury stock shares (in shares)	`TreasuryStockSharesAcquired`	0.00	shares	1 Quarter
Treasury stock shares (in shares)	`TreasuryStockSharesAcquired`	273,629.00	shares	1 Quarter
Beginning Balance	`StockholdersEquity`	$897.11M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$887.77M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.01B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.04B	USD	Point-in-time
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-2.09M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$2.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.94M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-34.36M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.05M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-36.45M	USD	1 Quarter
Repurchase of common shares	`StockRepurchasedAndRetiredDuringPeriodValue`	$5.81M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.19M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.53M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$897.11M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$887.77M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.01B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.04B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.94M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-34.36M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.89M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.09M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-6.05M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-36.45M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.