M&A - Innovex International, Inc.

Form Type: 10-Q

Filing Date: 2025-05-07

Corporate Action: Merger

Type: Update

Accession Number: 000095017025065770

Filing Summary: Innovex International, Inc. reports its financial performance for the first quarter of 2025, including a comprehensive overview of its operations following its merger with Dril-Quip, Inc. in September 2024. The income statement shows significant revenue growth, with total revenues reaching $240.4 million compared to $128.0 million in the same period last year. The company reported a net income of $14.8 million, demonstrating effective operational performance and cost management despite rising depreciation and amortization expenses. The balance sheet reflects total assets of $1.196 billion, with total stockholders' equity amounting to $978.4 million. The company continues to maintain a strong liquidity position with cash and restricted cash standing at $68.1 million. Notably, the financial statements also include information on recent acquisitions and the impacts of its ongoing operations in the oil and natural gas industry. Future operations are projected to benefit from increased revenue streams and strategic mergers and acquisitions. The document highlights the potential financial impacts related to current market conditions and the company's strategic initiatives moving forward.

Form Type: 8-K

Filing Date: 2025-04-25

Corporate Action: Acquisition

Type: New

Accession Number: 000095017025058782

Filing Summary: On April 21, 2025, Innovex International, Inc. entered into a purchase and sale agreement with BIG Acquisitions LLC to sell its Eldrige facilities located in Houston, Texas for a purchase price of $95.0 million, subject to adjustments. The agreement involves a short-term lease which allows Innovex to continue operations while consolidating its facilities. The lease has a term ending on December 31, 2025, with a monthly rent of $650,000. The closing of the sale is anticipated for the third quarter of 2025, pending certain conditions. Additionally, on April 25, 2025, the company issued a press release announcing the agreement and provided a preliminary update on its first-quarter financial performance, as well as scheduling release dates for earnings results and a conference call.

Form Type: 10-K

Filing Date: 2025-03-03

Corporate Action: Merger

Type: Update

Accession Number: 000095017025031003

Filing Summary: Innovex International, Inc.'s 10-K annual report discusses significant developments in the company's operational framework and market position for the fiscal year ending December 31, 2024. The report highlights an ongoing merger and acquisition process involving Dril-Quip, Inc. and Downhole Well Solutions (DWS). Key risks associated with this merger are identified, including integration challenges, financial impacts, potential disruptions to existing business relationships, and the economic environment. Innovex emphasizes its dependence on the oil and natural gas industry's cyclical nature and sets forth strategies to manage risks, including compliance with international regulations and the handling of currency fluctuations. The report further outlines factors affecting its operational results, such as capital expenditure, customer consolidation, and the ability to adapt to market demands. The company's financial health is evaluated, indicating a market value of $624.2 million as of June 30, 2024, with a total of 69,261,035 shares of common stock outstanding as of February 26, 2025. The company also notes the importance of maintaining effective internal controls over financial reporting, highlighting proactive measures to comply with the Sarbanes-Oxley Act, as well as detailing forward-looking statements regarding potential growth, risks, and strategic initiatives.