10-Q Filing

INNOVEX INTERNATIONAL, INC. CIK: 1042893 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-019189`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	drq-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 36 Cash Flow Statement 52 Stockholders Equity 19 Comprehensive Income 6

Balance Sheet 86 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$264.80M	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`	$235.34M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$18.92M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Short term investments	`ShortTermInvestments`	$32.23M	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
Trade receivables, net	`AccountsReceivableNetCurrent`	$132.21M	USD	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$91.50M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	34.17M	shares	Point-in-time
Unbilled receivables	`UnbilledReceivablesCurrent`	$144.43M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	34.16M	shares	Point-in-time
Unbilled receivables	`UnbilledReceivablesCurrent`	$150.29M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	34.17M	shares	Point-in-time
Inventories, net	`InventoryNet`	$152.77M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	34.16M	shares	Point-in-time
Inventories, net	`InventoryNet`	$146.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$15.59M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$19.87M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$34.36M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$36.16M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$10.83M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$19.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$752.11M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$752.59M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$4.87M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$6.33M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$183.28M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$181.27M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$4.49M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$4.85M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$22.69M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$23.35M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.13M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.95M	USD	Point-in-time
Total assets	`Assets`	$975.40M	USD	Point-in-time
Total assets	`Assets`	$972.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$47.21M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$5.68M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$4.87M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiability`	$7.27M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiability`	$8.02M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$5.80M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$7.58M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.05M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.23M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$14.39M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$24.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$83.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$87.56M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$3.76M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$4.03M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$823.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$874.00K	USD	Point-in-time
Operating lease liabilities, long-term	`OperatingLeaseLiabilityNoncurrent`	$3.81M	USD	Point-in-time
Operating lease liabilities, long-term	`OperatingLeaseLiabilityNoncurrent`	$5.18M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.58M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$95.02M	USD	Point-in-time
Total liabilities	`Liabilities`	$97.60M	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, 34,171,856 and 34,157,057 shares issued and outstanding at March 31, 2023 and December 31, 2022	`CommonStockValue`	$343.00K	USD	Point-in-time
100,000,000 shares authorized at $0.01 par value, 34,171,856 and 34,157,057 shares issued and outstanding at March 31, 2023 and December 31, 2022	`CommonStockValue`	$343.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$93.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$90.45M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$955.04M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$952.73M	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-168.03M	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-168.61M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$880.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$874.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$887.77M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$897.11M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$975.40M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$972.51M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$83.14M	USD	1 Quarter
Total revenues	`Revenues`	$90.86M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$63.99M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$65.50M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$22.39M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$22.59M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$3.68M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$3.40M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$1.72M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$32.00K	USD	1 Quarter
Gain on sale of property, plant and equipment	`GainLossOnDispositionOfAssets`	$114.00K	USD	1 Quarter
Gain on sale of property, plant and equipment	`GainLossOnDispositionOfAssets`	$6.65M	USD	1 Quarter
Foreign currency transaction (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.12M	USD	1 Quarter
Foreign currency transaction (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$1.25M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$88.73M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$87.68M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$3.19M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-5.59M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.83M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$203.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$54.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$80.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.93M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.44M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.50M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.62M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-8.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.31M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.26	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.26	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	34.13M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	34.49M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.49M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.49M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-8.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.31M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.56M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.89M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.58M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.53M	USD	1 Quarter
Restructuring and other charges	`RestructuringCostsAndAssetImpairmentCharges`	$683.00K	USD	1 Quarter
Restructuring and other charges	`RestructuringCostsAndAssetImpairmentCharges`	$32.00K	USD	1 Quarter
Gain on sale of property, plant and equipment	`GainLossOnDispositionOfAssets`	$114.00K	USD	1 Quarter
Gain on sale of property, plant and equipment	`GainLossOnDispositionOfAssets`	$6.65M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.33M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-211.00K	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$39.53M	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-14.85M	USD	1 Quarter
Unbilled receivables	`IncreaseDecreaseInUnbilledReceivable`	$6.95M	USD	1 Quarter
Unbilled receivables	`IncreaseDecreaseInUnbilledReceivable`	$6.38M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$4.76M	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`	$-1.33M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-25.11M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-9.19M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.93M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-52.92M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.42M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.07M	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$15.46M	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$208.00K	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$9.08M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	-	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	-	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$22.39M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$23.35M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.86M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$5.81M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-51.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-11.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.86M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.00K	USD	1 Quarter
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$123.00K	USD	1 Quarter
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.20M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-17.44M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-29.46M	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`	$235.34M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$264.80M	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`	$235.34M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$264.80M	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`	273,629.00	shares	1 Quarter
Treasury stock shares (in shares)	`TreasuryStockSharesAcquired`	0.00	shares	1 Quarter
Beginning Balance	`StockholdersEquity`	$880.38M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$874.92M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$887.77M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$897.11M	USD	Point-in-time
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$574.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$2.89M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-8.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.31M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-6.05M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$2.88M	USD	1 Quarter
Repurchase of common shares	`StockRepurchasedAndRetiredDuringPeriodValue`	$-5.81M	USD	1 Quarter
Stock-based compensation expense	`EmployeeBenefitsAndShareBasedCompensation`	$2.58M	USD	1 Quarter
Stock-based compensation expense	`EmployeeBenefitsAndShareBasedCompensation`	$2.53M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$880.38M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$874.92M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$887.77M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$897.11M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-8.94M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.31M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.89M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$574.00K	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-6.05M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$2.88M	USD	1 Quarter

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