Innovex International Inc
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
INVX$24.91-1.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Cash flows from operating activities | |||
| Net income | $140,325 | $73,926 | $63,278 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 31,207 | 22,659 | 18,468 |
| Deferred financing fees amortization | 409 | 332 | 312 |
| Amortization of operating lease ROU asset | 8,317 | 7,400 | 6,492 |
| Impairment of long-lived assets | 3,522 | 266 | 964 |
| Bargain purchase gain | (85,812) | — | — |
| Gain on consolidation of equity method investment | (8,037) | — | — |
| Stock-based compensation expense | 13,248 | 1,962 | 907 |
| (Gains)/losses on sale of property, equipment and lease terminations | (939) | 533 | (771) |
| Deferred tax, net | (4,595) | (7,406) | (6,711) |
| Equity method earnings, net of dividends | 495 | (1,675) | — |
| Release of CTA gain | — | — | (2,626) |
| Changes in operating assets and liabilities, net of amounts related to acquisitions: | |||
| Accounts receivable, net | 13,221 | 5,271 | (37,565) |
| Inventories | 7,872 | (4,533) | (44,207) |
| Prepaid expenses and other current assets | (7,775) | (7,752) | (2,804) |
| Other long-term assets | (2,017) | 1,330 | (1,540) |
| Accounts payable | (22,344) | (9,615) | 2,405 |
| Accrued expenses and other current liabilities | 651 | 792 | 2,523 |
| Other operating assets and liabilities, net | 5,691 | (7,626) | (4,936) |
| Net cash provided by (used in) operating activities | 93,439 | 75,864 | (5,811) |
| Cash flows from investing activities | |||
| Payments on acquisitions, net of cash acquired | (65,521) | — | (28,914) |
| Capital expenditures | (13,594) | (15,487) | (9,575) |
| Proceeds from sale of property and equipment | 3,247 | 1,410 | 967 |
| Equity method investment | — | (18,350) | — |
| Cash acquired in stock-based business combination | 154,312 | — | — |
| Net cash provided by (used in) investing activities | 78,444 | (32,427) | (37,522) |
| Cash flows from financing activities | |||
| Deferred debt issuance cost | — | 393 | (719) |
| Revolving credit facility borrowings | 187,300 | 254,500 | 132,006 |
| Revolving credit facility payments | (196,500) | (278,300) | (101,506) |
| Term loan borrowings | — | — | 19,479 |
| Term loan payments | (6,282) | (5,400) | (3,250) |
| Subordinated note payments | — | (11,893) | — |
| Payments on finance leases | (5,698) | (3,865) | (2,432) |
| Common stock and options repurchase net of sales | — | — | (1,293) |
| Dividend payment | (74,983) | — | — |
| Proceeds from exercise of options | 3,326 | — | — |
| Taxes paid related to net share settlement of equity awards | (10,235) | — | — |
| Net cash provided by (used in) financing activities | (103,072) | (44,565) | 42,285 |
| Effect of exchange rate changes | (2,939) | 118 | (272) |
| Net change in cash and restricted cash | 65,872 | (1,010) | (1,320) |
| Cash and restricted cash beginning of period | 7,406 | 8,416 | 9,736 |
| Cash and restricted cash end of period | $73,278 | $7,406 | $8,416 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $1,991 | $5,747 | $3,148 |
| Cash paid for income taxes | $5,600 | $28,388 | $14,980 |
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