Innovex International Files 10-Q for Q3 2024

TL;DR

Innovex Intl (INVX) Q3 10-Q filed. Financials and ops update for oil/gas equip.

AI Summary

Innovex International, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as DRIL-QUIP INC, is in the OIL & GAS FILED MACHINERY & EQUIPMENT sector. Key financial details and operational segments like Downhole Well Solutions LLC and Leasing are mentioned, alongside specific dates such as September 6, 2024, for Restricted Stock Units.

Why It Matters

This filing provides investors with an update on Innovex International's financial performance and operational status for the third quarter of 2024, crucial for assessing the company's trajectory in the oil and gas equipment sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas sector, which is subject to significant market fluctuations and regulatory changes.

Key Numbers

• Q3 2024 — Reporting Period (The filing covers the third quarter of 2024.)
• 2024-09-30 — As of Date (Financials are reported as of this date.)
• 2024-11-08 — Filing Date (The date the 10-Q was officially submitted.)

Key Players & Entities

• Innovex International, Inc. (company) — Filer and reporting entity
• DRIL-QUIP INC (company) — Former company name
• 20240930 (date) — End of reporting period
• 20241108 (date) — Filing date
• Downhole Well Solutions LLC (company) — Operational segment
• 2023-09-30 (date) — Comparative period date
• 2024-09-06 (date) — Restricted Stock Units date

FAQ

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share INVX New York Stock Excha

Filing Documents

• invx-20240930.htm (10-Q) — 2039KB
• invx-ex31_1.htm (EX-31.1) — 16KB
• invx-ex31_2.htm (EX-31.2) — 16KB
• invx-ex32_1.htm (EX-32.1) — 9KB
• invx-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-124037.txt ( ) — 8625KB
• invx-20240930.xsd (EX-101.SCH) — 1449KB
• invx-20240930_htm.xml (XML) — 1352KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34 PART II OTHER INFORMATION Item 1. Legal Proceeding 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39 i Cautionary Statement Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Quarterly Report") includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements contained in all parts of this Quarterly Report that are not historical facts are forward-looking statements that involve risks and uncertainties that are beyond the control of Innovex International, Inc. (the "Company" or "we"). You can identify the Company's forward-looking statements by the words "anticipate," "estimate," "expect," "may," "project," "believe" and similar expressions, or by the Company's discussion of strategies or trends. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct. These forward-looking statements include the following types of information and statements as they relate to the Company: risks related to the Merger (as defined herein), including the ultimate outcome and results of integrating operations; the effects of the Merger, including the Company's future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Merger; expected benefits from the Merger and the ability of the Company to realize those benefits; the significant costs required to integrate operations; whether Merger-related litigation will occur and, if so, the results of any litigation, settle

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Innovex International, Inc. Condensed Consolidated Ba lance Sheets (in thousands, except share and par value amounts) (Unaudited) September 30, 2024 December 31, 2023 Assets Current assets Cash and restricted cash $ 99,895 $ 7,406 Trade receivables, net of allowance of $ 76,589 and $ 5,015 at September 30, 2024 and December 31, 2023, respectively 225,067 118,360 Contract assets 8,147 — Inventories 297,519 141,188 Assets held for sale 1,544 — Prepaid expenses and other current assets 45,160 21,318 Total current assets 677,332 288,272 Noncurrent assets Property and equipment, net 182,230 52,424 Right of use assets – operating 47,352 32,673 Goodwill 23,932 23,932 Intangibles, net 35,787 41,808 Deferred tax asset, net 138,523 14,017 Equity method investment 19,923 20,025 Other long-term assets 7,704 2,149 Total noncurrent assets 455,451 187,028 Total assets $ 1,132,783 $ 475,300 Liabilities and stockholders' equity Current liabilities Accounts payable $ 83,613 $ 32,035 Operating lease liabilities 9,093 7,358 Accrued expenses 55,884 28,736 Contract liabilities 14,090 — Other current liabilities 1,430 670 Current portion of long-term debt and finance lease obligations 10,695 9,824 Total current liabilities 174,805 78,623 Noncurrent liabilities Long-term debt and finance lease obligations 12,351 40,566 Operating lease liabilities 39,314 27,159 Other long-term liabilities 1,962 31 Total noncurrent liabilities 53,627 67,756 Total liabilities $ 228,432 $ 146,379 Commitments and contingencies (Note 15) Stockholders' equity Common stock, $ 0.01 par value, 100,000,000 and 40,249,394 shares authorized at September 30, 2024 and December 31, 2023, respectively; 67,131,395 and 30,928,647 shares issued and outstanding at September 30, 2024 and D

View Full Filing

View this 10-Q filing on SEC EDGAR