10-Q Filing

INNOVEX INTERNATIONAL, INC. CIK: 1042893 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-022010`
Period End Date	20200331
Filing Date	20200506
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	drq-10q_20200331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 39 Cash Flow Statement 50 Stockholders Equity 22 Comprehensive Income 6

Balance Sheet 81 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$398.95M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$343.47M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$107.63M	USD	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$118.64M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Unbilled receivables	`UnbilledReceivablesCurrent`	$140.53M	USD	Point-in-time
Unbilled receivables	`UnbilledReceivablesCurrent`	$129.31M	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
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	35.06M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	35.86M	shares	Point-in-time
Inventories, net	`InventoryNet`	$205.06M	USD	Point-in-time
Inventories, net	`InventoryNet`	$197.03M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	35.06M	shares	Point-in-time
Prepaids and other current assets	`OtherAssetsCurrent`	$37.83M	USD	Point-in-time
Prepaids and other current assets	`OtherAssetsCurrent`	$28.32M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	35.86M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$826.29M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$880.49M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$5.05M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$5.14M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$258.50M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$244.50M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$8.94M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$17.88M	USD	Point-in-time
Goodwill	`Goodwill`	$7.95M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$31.20M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$32.24M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$13.31M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.19M	USD	Point-in-time
Total assets	`Assets`	$1.21B	USD	Point-in-time
Total assets	`Assets`	$1.14B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$46.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$49.82M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$4.56M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$6.94M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiability`	$6.90M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiability`	$6.43M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$6.92M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$13.60M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.31M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.21M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$24.24M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$22.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$96.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$93.45M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$3.50M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$4.15M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$8.87M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$8.99M	USD	Point-in-time
Operating lease liabilities, long-term	`OperatingLeaseLiabilityNoncurrent`	$3.80M	USD	Point-in-time
Operating lease liabilities, long-term	`OperatingLeaseLiabilityNoncurrent`	$3.81M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.17M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$111.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$115.86M	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, 35,060,690 and 35,859,540 shares issued and outstanding at March 31, 2020 and December 31, 2019	`CommonStockValue`	$371.00K	USD	Point-in-time
100,000,000 shares authorized at $0.01 par value, 35,060,690 and 35,859,540 shares issued and outstanding at March 31, 2020 and December 31, 2019	`CommonStockValue`	$363.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$56.05M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$52.87M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.14B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.18B	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-168.54M	USD	Point-in-time
Accumulated other comprehensive losses	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-143.56M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.10B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.09B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.10B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.21B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.14B	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Revenues from products and services	`RevenueFromContractWithCustomerExcludingAssessedTax`	$86.37M	USD	1 Quarter
Revenues from products and services	`RevenueFromContractWithCustomerExcludingAssessedTax`	$83.91M	USD	1 Quarter
Leasing	`OperatingLeasesIncomeStatementLeaseRevenue`	$9.63M	USD	1 Quarter
Leasing	`OperatingLeasesIncomeStatementLeaseRevenue`	$10.41M	USD	1 Quarter
Total revenues	`Revenues`	$94.32M	USD	1 Quarter
Total revenues	`Revenues`	$96.00M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$69.38M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$71.41M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$21.42M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$24.54M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$5.53M	USD	1 Quarter
Engineering and product development	`EngineeringAndProductDevelopment`	$3.62M	USD	1 Quarter
Impairments	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$7.72M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$32.71M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$2.40M	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$467.00K	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$13.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$138.32M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$99.92M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.60M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-42.32M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.01M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.21M	USD	1 Quarter
Interest expense	`InterestExpense`	$121.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$191.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-41.31M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.72M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-21.61M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$2.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-19.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.05M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.17	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.55	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.17	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.55	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	35.70M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	35.56M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.70M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.56M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-19.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.87M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.86M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.18M	USD	1 Quarter
Impairments	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$7.72M	USD	1 Quarter
Restructuring and other charges	`RestructuringCostsAndAssetImpairmentCharges`	$1.27M	USD	1 Quarter
Restructuring and other charges	`RestructuringCostsAndAssetImpairmentCharges`	$32.71M	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$467.00K	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$13.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-73.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-10.86M	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$19.44M	USD	1 Quarter
Trade receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-15.77M	USD	1 Quarter
Unbilled receivables	`IncreaseDecreaseInUnbilledReceivable`	$21.36M	USD	1 Quarter
Unbilled receivables	`IncreaseDecreaseInUnbilledReceivable`	$-11.22M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$2.70M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$15.54M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$11.72M	USD	1 Quarter
Prepaids and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-15.96M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-7.21M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-14.48M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$-699.00K	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$1.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$838.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-21.24M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.53M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.19M	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$687.00K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$341.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.19M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$25.00M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$1.12M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-85.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-25.09M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.12M	USD	1 Quarter
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-5.65M	USD	1 Quarter
Effect of exchange rate changes on cash activities	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$172.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-55.47M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.29M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$418.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$414.81M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$398.95M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$343.47M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$418.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$414.81M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$398.95M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$343.47M	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Treasury stock shares (in shares)	`TreasuryStockSharesAcquired`	808,389.00	shares	1 Quarter
Treasury stock shares (in shares)	`TreasuryStockSharesAcquired`	28,078.00	shares	1 Quarter
Beginning Balance	`StockholdersEquity`	$1.02B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.10B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.09B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.10B	USD	Point-in-time
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$1.63M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-24.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-19.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.05M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-44.68M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.42M	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$25.01M	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.12M	USD	1 Quarter
Stock option expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.18M	USD	1 Quarter
Stock option expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.86M	USD	1 Quarter
Other	`StockholdersEquityOther`	$-79.00K	USD	1 Quarter
Other	`StockholdersEquityOther`	$9.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$1.02B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.10B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.09B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.10B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-19.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.05M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-24.98M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.63M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-44.68M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.42M	USD	1 Quarter

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