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Innovex International, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $151,817,000, an increase from $139,086,000 in the same quarter the previous year, primarily due to increased market share and business operations following the merger with Dril-Quip (DRQ).
Cost of revenues for the quarter was $99,138,000, compared to $89,187,000 in the previous year, attributed to increased personnel expenses and product costs.
Selling, general, and administrative expenses rose to $37,984,000 from $19,226,000, largely due to increased stock-based compensation and salaries following the merger.
The company reported a gain on bargain purchase of $92,659,000 related to the merger, contributing to a net income of $82,586,000 for the quarter, up from $15,366,000 in the previous year.
Interest expense decreased to $729,000 from $1,516,000, reflecting reduced debt levels.
Cash provided by operating activities was $57,094,000, while cash used in investing and financing activities was $150,398,000 and $114,212,000, respectively.
Innovex had a working capital of $677,332,000 as of September 30, 2024. The company expects its existing cash, cash generated from operations, and available credit to meet its liquidity needs.
The filing also details the merger with Dril-Quip, which was accounted for using the acquisition method, with Innovex identified as the accounting acquirer.
The company identified material weaknesses in internal control over financial reporting related to income tax accounting but has taken steps towards remediation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Innovex International Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.