10-Q Filing

INNOVEX INTERNATIONAL, INC. CIK: 1042893 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001042893-17-000008`
Period End Date	20170630
Filing Date	20170728
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	drq-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 76 Cash Flow Statement 56 Comprehensive Income 12

Balance Sheet 72 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, 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`	$436.99M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$491.73M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$423.50M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$381.34M	USD	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$213.51M	USD	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$221.57M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	37.80M	shares	Point-in-time
Inventories, net	`InventoryNet`	$355.41M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	37.84M	shares	Point-in-time
Inventories, net	`InventoryNet`	$330.51M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	37.80M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$24.50M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	37.84M	shares	Point-in-time
Prepaids and other current assets	`OtherAssetsCurrent`	$39.79M	USD	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
Prepaids and other current assets	`OtherAssetsCurrent`	$35.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.06B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.02B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$314.61M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$323.15M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$23.62M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$1.70M	USD	Point-in-time
Goodwill	`Goodwill`	$47.88M	USD	Point-in-time
Goodwill	`Goodwill`	$34.37M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$39.48M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$29.59M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$15.88M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.42M	USD	Point-in-time
Total assets	`Assets`	$1.46B	USD	Point-in-time
Total assets	`Assets`	$1.47B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$36.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$24.36M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$21.50M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$24.54M	USD	Point-in-time
Customer prepayments	`BillingsInExcessOfCost`	$5.39M	USD	Point-in-time
Customer prepayments	`BillingsInExcessOfCost`	$11.88M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$17.72M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$10.83M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$18.12M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$17.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$86.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$101.48M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$3.50M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$104.98M	USD	Point-in-time
Total liabilities	`Liabilities`	$88.59M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`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, 37,835,792 and 37,797,317 shares issued and outstanding at June 30, 2017 and December 31, 2016	`CommonStockValue`	$375.00K	USD	Point-in-time
100,000,000 shares authorized at $0.01 par value, 37,835,792 and 37,797,317 shares issued and outstanding at June 30, 2017 and December 31, 2016	`CommonStockValue`	$375.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$12.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.47M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.50B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.50B	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-150.41M	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-135.81M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.36B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.38B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.47B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.46B	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Products	`SalesRevenueGoodsNet`	$116.05M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$251.24M	USD	2 Qtrs
Products	`SalesRevenueGoodsNet`	$102.09M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$193.68M	USD	2 Qtrs
Services	`SalesRevenueServicesNet`	$53.47M	USD	2 Qtrs
Services	`SalesRevenueServicesNet`	$25.83M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$57.76M	USD	2 Qtrs
Services	`SalesRevenueServicesNet`	$26.39M	USD	1 Quarter
Total revenues	`Revenues`	$309.00M	USD	2 Qtrs
Total revenues	`Revenues`	$247.15M	USD	2 Qtrs
Total revenues	`Revenues`	$142.44M	USD	1 Quarter
Total revenues	`Revenues`	$127.92M	USD	1 Quarter
Products	`CostOfGoodsSold`	$74.99M	USD	1 Quarter
Products	`CostOfGoodsSold`	$142.33M	USD	2 Qtrs
Products	`CostOfGoodsSold`	$141.45M	USD	2 Qtrs
Products	`CostOfGoodsSold`	$65.41M	USD	1 Quarter
Services	`CostOfServices`	$14.47M	USD	1 Quarter
Services	`CostOfServices`	$30.65M	USD	2 Qtrs
Services	`CostOfServices`	$28.54M	USD	2 Qtrs
Services	`CostOfServices`	$12.56M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$172.98M	USD	2 Qtrs
Total cost of sales	`CostOfRevenue`	$87.55M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$79.88M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$169.99M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$18.98M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$31.18M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$56.99M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.76M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$10.31M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$22.48M	USD	2 Qtrs
Engineering and product development	`EngineeringAndProductDevelopment`	$11.58M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$22.16M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$97.22M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$214.44M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$129.04M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$249.13M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$45.22M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$94.56M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-1.98M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-1.11M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.02M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$1.07M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$541.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.01M	USD	2 Qtrs
Interest expense	`InterestExpense`	$18.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$10.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$33.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$14.00K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$45.75M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-62.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.00K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$95.57M	USD	2 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-77.00K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-120.00K	USD	2 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$9.61M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$22.66M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$15.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$110.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$72.91M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$36.14M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.96	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.94	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.93	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.96	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.53M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.56M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.53M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.66M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.72M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.71M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.71M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.78M	shares	2 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$15.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$110.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$72.91M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$36.14M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.72M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.88M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.71M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$15.50M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$6.78M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$6.25M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$3.60M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.10M	USD	1 Quarter
Loss (gain) on sale of equipment	`GainLossOnDispositionOfAssets`	$88.00K	USD	2 Qtrs
Loss (gain) on sale of equipment	`GainLossOnDispositionOfAssets`	$29.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.49M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-3.83M	USD	2 Qtrs
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-64.20M	USD	2 Qtrs
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$4.82M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-29.25M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-763.00K	USD	2 Qtrs
Prepaids and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-20.66M	USD	2 Qtrs
Prepaids and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-4.47M	USD	2 Qtrs
Excess tax benefits of stock options and awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$26.00K	USD	2 Qtrs
Excess tax benefits of stock options and awards	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-18.23M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-13.54M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$38.70M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$162.86M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.94M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.28M	USD	2 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$139.00K	USD	2 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$610.00K	USD	2 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$21.29M	USD	2 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.14M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.62M	USD	2 Qtrs
Repurchase of common stock	`ProceedsFromIssuanceOfCommonStock`	$-24.24M	USD	2 Qtrs
Repurchase of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$403.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$508.00K	USD	2 Qtrs
Excess tax benefits of stock options and awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	2 Qtrs
Excess tax benefits of stock options and awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$26.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-23.70M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$403.00K	USD	2 Qtrs
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-13.63M	USD	2 Qtrs
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashAndCashEquivalents`	$8.00M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.49M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$110.39M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$436.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$491.73M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$423.50M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$381.34M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$436.99M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$491.73M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$423.50M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$381.34M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$15.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$110.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$72.91M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$36.14M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$6.74M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-20.09M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-21.35M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$14.60M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$51.55M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$14.71M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.75M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$16.05M	USD	1 Quarter

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