Dril-Quip Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Dril-Quip Inc. filed its Q1 2024 10-Q, detailing financial performance across its operating segments and balance sheet items.</b>

AI Summary

DRIL-QUIP INC (INVX) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Dril-Quip Inc. reported its financial results for the period ending March 31, 2024. The filing includes data related to various operating segments such as Well Construction Services, Subsea Services, and Leasing. Key balance sheet items like Additional Paid-In Capital and Retained Earnings are detailed for multiple periods. Information on intangible assets, including Patents and Customer Relationships, is provided as of March 31, 2024, and December 31, 2023. The company's business address and contact information are listed as Houston, TX.

Why It Matters

For investors and stakeholders tracking DRIL-QUIP INC, this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on Dril-Quip's financial health and operational performance, crucial for understanding its trajectory in the oil and gas machinery sector. The detailed segment information allows for an analysis of which business areas are contributing most to revenue and income, and how these compare to previous periods.

Risk Assessment

Risk Level: medium — DRIL-QUIP INC shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but lacks forward-looking statements or specific performance metrics that would indicate significant immediate risk or opportunity.

Analyst Insight

Investors should review the detailed segment performance and balance sheet changes to assess the company's financial stability and growth prospects.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 0001042893 — Central Index Key (Filer's Central Index Key)
• 3533 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• DRIL-QUIP INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filed as of date
• 0001042893 (company) — Central Index Key
• 3533 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation
• 7139397711 (phone) — Business phone
• Houston, TX (location) — Business address city and state

FAQ

Industry Context

Dril-Quip Inc. operates in the oil and gas machinery and equipment sector, providing solutions for drilling and production operations.

Regulatory Implications

As a publicly traded company, Dril-Quip Inc. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability by segment.
2. Review changes in balance sheet accounts, such as assets and liabilities, for significant shifts.
3. Monitor any disclosures related to operational performance or strategic initiatives.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing an update compared to the previous fiscal year's Q1 results and the preceding fiscal year-end.

Key Financial Figures

• $0.01 — nge on Which Registered Common Stock, $0.01 par value per share DRQ New York St

Filing Documents

• drq-20240331.htm (10-Q) — 1340KB
• drq-ex31_1.htm (EX-31.1) — 15KB
• drq-ex31_2.htm (EX-31.2) — 13KB
• drq-ex32_1.htm (EX-32.1) — 7KB
• drq-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-052065.txt (&nbsp;) — 6588KB
• drq-20240331.xsd (EX-101.SCH) — 1036KB
• drq-20240331_htm.xml (XML) — 1095KB

Notes to Financial Statements

Notes to Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 PART II Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 5. Other Information 33 Item 6. Index to Exhibits 34

Signatures

Signatures 35 Table of Contents

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements DRIL-QUIP, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (UNAUDITED) March 31, 2024 December 31, 2023 (In thousands, except per share data) ASSETS Current assets: Cash and cash equivalents $ 198,197 $ 187,323 Restricted cash 4,103 4,077 Short-term investments 4,016 25,908 Trade receivables, net 137,135 135,569 Unbilled receivables 139,610 148,429 Inventories 209,160 194,593 Prepaid expenses 13,126 14,119 Other current assets 8,285 9,699 Assets held for sale 1,513 - Total current assets 715,145 719,717 Operating lease right of use assets 16,356 16,343 Property, plant and equipment, net 215,264 217,631 Deferred income taxes 9,663 8,989 Goodwill 16,288 16,654 Intangible assets 40,247 41,941 Other assets 8,064 6,906 Total assets $ 1,021,027 $ 1,028,181 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 62,907 $ 60,160 Accrued income taxes 7,064 5,942 Contract liabilities 6,839 7,583 Accrued compensation 14,026 14,035 Operating lease liabilities 2,300 2,118 Other accrued liabilities 40,420 27,865 Total current liabilities 133,556 117,703 Deferred income taxes 10,330 10,564 Income tax payable 385 346 Operating lease liabilities, long-term 14,541 14,554 Other long-term liabilities 4,852 3,754 Total liabilities 163,664 146,921 Contingencies (Note 14) Stockholders' equity: Preferred stock: 10,000,000 shares authorized at $ 0.01 par value ( none issued) - - Common stock: 100,000,000 shares authorized at $ 0.01 par value, 34,419,768 and 34,386,577 shares issued and outstanding at March 31, 2024 and December 31, 2023 343 343 Additional paid-in capital 103,025 100,289 Retained earnings 930,789 950,719 Accumulated other comprehensive losses ( 176,794 ) ( 170,091 ) Total stockholders

View Full Filing

View this 10-Q filing on SEC EDGAR