Innovex International Inc
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
INVX$24.91-1.6%Stored close · as of Nov 10, 2026
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Item 1. Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income | $108,537 | $55,478 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 19,168 | 16,576 |
| Deferred financing fees amortization | 298 | 239 |
| Amortization of operating lease ROU asset | 5,764 | 5,542 |
| Impairment of long-lived assets | 3,522 | 266 |
| Bargain purchase gain | (92,659) | — |
| Stock based compensation expense | 11,824 | 1,492 |
| (Gains)/loss on sale of property and equipment | (487) | 71 |
| (Gains)/loss on lease termination | (282) | 21 |
| Deferred tax, net | 783 | (10,404) |
| Equity method earnings, net of dividends | 102 | (1,099) |
| Changes in operating assets and liabilities, net of amounts related to acquisitions: | ||
| Accounts receivable, net | 27,163 | (4,386) |
| Inventories | (19,707) | (3,500) |
| Prepaid expenses and other current assets | (4,552) | (5,573) |
| Other long-term assets | (210) | 995 |
| Accounts payable | 1,345 | (1,932) |
| Accrued expenses and other current liabilities | (2,608) | 6,656 |
| Other operating assets and liabilities, net | (907) | (5,963) |
| Net cash provided by operating activities | 57,094 | 54,479 |
| Cash flows from investing activities | ||
| Capital expenditures | (5,967) | (14,345) |
| Proceeds from sale of property and equipment | 2,053 | 1,088 |
| Equity method investment | — | (18,350) |
| Cash acquired in stock based business combination | 154,312 | — |
| Net cash provided by (used in) investing activities | 150,398 | (31,607) |
| Cash flows from financing activities | ||
| Deferred debt issuance cost | — | (393) |
| Revolving credit facility borrowings | 148,300 | 198,800 |
| Revolving credit facility payments | (171,500) | (214,550) |
| Term loan payments | (5,033) | (4,150) |
| Payments on finance leases | (4,137) | (2,739) |
| Dividend payment | (74,983) | — |
| Proceeds from exercise of options | 3,326 | — |
| Taxes paid related to net share settlement of equity awards | (10,185) | — |
| Net cash used in financing activities | (114,212) | (23,032) |
| Effect of exchange rate changes | (791) | 51 |
| Net change in cash and restricted cash | 92,489 | (109) |
| Cash and restricted cash beginning of period | 7,406 | 8,416 |
| Cash and restricted cash end of period | $99,895 | $8,307 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $(1,561) | $(3,776) |
| Cash paid for income taxes | $(7,041) | $(18,099) |
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