Innovex International, Inc.
For the period ended Mar 31, 2026. Filed May 5, 2026.
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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.
Mar 31, 2026 · Filed May 5, 2026
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
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2026 | 2025 |
| Cash flows from operating activities | ||
| Net income | $(16,671) | $14,757 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 16,222 | 14,945 |
| Deferred debt issuance cost amortization | 73 | 91 |
| Amortization of operating lease ROU asset | 3,278 | 2,933 |
| Impairment of long-lived assets | — | 2,924 |
| Provision for legal settlement | 48,803 | — |
| Stock-based compensation expense | 2,967 | 1,766 |
| (Gain) loss on sale of property, equipment and lease terminations | (2,028) | 118 |
| Deferred tax, net | 4,361 | 6,268 |
| Changes in operating assets and liabilities, net of amounts related to acquisitions: | ||
| Trade receivables, net | (10,319) | 4,721 |
| Inventories | (3,057) | 5,626 |
| Prepaid expenses and other current assets | (13,590) | 833 |
| Other long-term assets | 636 | (1,182) |
| Accounts payable | 14,025 | 10,807 |
| Accrued expenses and other current liabilities | (13,269) | (21,860) |
| Other operating assets and liabilities, net | (11,591) | (11,657) |
| Net cash provided by operating activities | 19,840 | 31,090 |
| Cash flows from investing activities | ||
| Payments on acquisitions, net of cash acquired | — | (17,413) |
| Capital expenditures | (5,827) | (7,056) |
| Proceeds from sale of property and equipment | 202 | 1,003 |
| Net cash used in investing activities | (5,625) | (23,466) |
| Cash flows from financing activities | ||
| Deferred debt issuance cost | — | (1,021) |
| Revolving credit facility borrowings | — | 80,450 |
| Revolving credit facility payments | — | (78,850) |
| Term loan payments | — | (11,429) |
| Payments on finance leases | (2,070) | (1,630) |
| Common stock repurchased and retired | (14,130) | (626) |
| Taxes paid related to net share settlement of equity awards | (710) | (293) |
| Net cash used in financing activities | (16,910) | (13,399) |
| Effect of exchange rate changes | (5) | 613 |
| Net change in cash and restricted cash | (2,700) | (5,162) |
| Cash and restricted cash beginning of period | 203,407 | 73,278 |
| Cash and restricted cash end of period | $200,707 | $68,116 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $— | $617 |
| Cash paid (received) for income taxes, net of refunds | (151) | 4,954 |
| Non-cash investing and financing activities: | ||
| Property and equipment purchases in accounts payable | $223 | $341 |
| Operating lease assets obtained in exchange for lease obligations | 2,597 | 6,277 |
| Finance lease assets obtained in exchange for lease obligations | 672 | 1,929 |
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