10-Q Filing

INNOVEX INTERNATIONAL, INC. CIK: 1042893 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001042893-18-000010`
Period End Date	20180630
Filing Date	20180726
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	drq-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 64 Cash Flow Statement 54 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`	$493.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$423.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$436.99M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$493.18M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$184.46M	USD	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$191.63M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$264.10M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.13M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	37.53M	shares	Point-in-time
Inventories, net	`InventoryNet`	$291.09M	USD	Point-in-time
Prepaids and other current assets	`OtherAssetsCurrent`	$32.65M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	37.53M	shares	Point-in-time
Prepaids and other current assets	`OtherAssetsCurrent`	$34.44M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	38.13M	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.01B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$976.42M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$284.25M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$283.04M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.99M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$5.36M	USD	Point-in-time
Goodwill	`Goodwill`	$47.62M	USD	Point-in-time
Goodwill	`Goodwill`	$47.04M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$38.41M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$36.14M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$15.61M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$15.06M	USD	Point-in-time
Total assets	`Assets`	$1.40B	USD	Point-in-time
Total assets	`Assets`	$1.36B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$33.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.97M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$24.71M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$24.98M	USD	Point-in-time
Customer prepayments	`ContractWithCustomerLiabilityCurrent`	$4.77M	USD	Point-in-time
Customer prepayments	`ContractWithCustomerLiabilityCurrent`	$4.14M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$13.46M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$11.41M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$25.54M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$16.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$99.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$80.47M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$3.43M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$3.06M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.72M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$86.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$105.34M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and 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, 37,531,965 and 38,132,693 issued and outstanding at June 30, 2018 and December 31, 2017	`CommonStockValue`	$394.00K	USD	Point-in-time
100,000,000 shares authorized at $0.01 par value, 37,531,965 and 38,132,693 issued and outstanding at June 30, 2018 and December 31, 2017	`CommonStockValue`	$372.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$28.15M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$20.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.38B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.40B	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-126.29M	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-134.84M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.28B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.29B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.40B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.36B	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$94.86M	USD	1 Quarter
Revenues	`Revenues`	$194.03M	USD	2 Qtrs
Revenues	`Revenues`	$127.92M	USD	1 Quarter
Revenues	`Revenues`	$247.15M	USD	2 Qtrs
Cost of sales:	`CostOfRevenue`	$69.44M	USD	1 Quarter
Cost of sales:	`CostOfRevenue`	$169.99M	USD	2 Qtrs
Cost of sales:	`CostOfRevenue`	$137.19M	USD	2 Qtrs
Cost of sales:	`CostOfRevenue`	$87.55M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$51.79M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$31.27M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$23.74M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$57.08M	USD	2 Qtrs
Engineering and product development	`EngineeringAndProductDevelopment`	$10.31M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$19.97M	USD	2 Qtrs
Engineering and product development	`EngineeringAndProductDevelopment`	$10.53M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$22.16M	USD	2 Qtrs
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$88.00K	USD	2 Qtrs
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$5.10M	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$5.10M	USD	2 Qtrs
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$88.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$249.13M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$129.04M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$98.61M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$203.86M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-9.83M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.98M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-3.75M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.11M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.01M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$1.07M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.27M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.08M	USD	2 Qtrs
Interest expense	`InterestExpense`	$33.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$18.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$350.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$151.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.62M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.00K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-62.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.10M	USD	2 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$1.42M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-77.00K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$4.32M	USD	2 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-120.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$15.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$110.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-10.42M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-3.04M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.28	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.28	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.53M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.67M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.53M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.62M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.72M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.71M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.67M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.62M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$15.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$110.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-10.42M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-3.04M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.71M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.24M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$6.78M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$7.58M	USD	2 Qtrs
Gain on sale of equipment	`GainLossOnDispositionOfAssets`	$88.00K	USD	2 Qtrs
Gain on sale of equipment	`GainLossOnDispositionOfAssets`	$5.10M	USD	1 Quarter
Gain on sale of equipment	`GainLossOnDispositionOfAssets`	$5.10M	USD	2 Qtrs
Gain on sale of equipment	`GainLossOnDispositionOfAssets`	$88.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.49M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$578.00K	USD	2 Qtrs
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-7.01M	USD	2 Qtrs
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$4.82M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-22.73M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-29.25M	USD	2 Qtrs
Prepaids and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$3.12M	USD	2 Qtrs
Prepaids and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-4.47M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-13.37M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-18.23M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-334.00K	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	-	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.47M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$38.70M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.61M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.94M	USD	2 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$10.52M	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`	$-33.62M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.09M	USD	2 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$9.83M	USD	2 Qtrs
ABL Credit Facility issuance costs	`PaymentsOfDebtIssuanceCosts`	$815.00K	USD	2 Qtrs
ABL Credit Facility issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$403.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$642.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.00M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$403.00K	USD	2 Qtrs
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-4.13M	USD	2 Qtrs
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashAndCashEquivalents`	$8.00M	USD	2 Qtrs
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$242.00K	USD	2 Qtrs
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.49M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$493.42M	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`	$436.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$493.18M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$493.42M	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`	$436.99M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$493.18M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$15.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$110.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-10.42M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-3.04M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-21.67M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-8.54M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$6.74M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$14.60M	USD	2 Qtrs
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-24.71M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$6.75M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-18.97M	USD	2 Qtrs
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$14.71M	USD	2 Qtrs

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