INVX Innovex International Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): February 25, 2025

INNOVEX INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-13439		74-2162088
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

19120 Kenswick Drive, Humble, Texas		77338
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 346-398-0000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, $.01 par value per share		INVX		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

---

 

 

Item 2.02 Results of Operations and Financial Condition.

On February 25, 2025, Innovex International, Inc. (the “Company”) issued a press release announcing its results for the year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Item 7.01 Regulation FD Disclosure.

On February 25, 2025, the Company posted the Q4 2024 Earnings Presentation (the “Presentation”) to the “Investors” section of its website at www.innovex-inc.com. A copy of the Presentation is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

The information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.

The Company announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, and on the Company’s investor relations website (https://investors.innovex-inc.com) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.	Description
99.1	Press Release issued February 25, 2025
99.2	Q4 2024 Earnings Presentation
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

---

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INNOVEX INTERNATIONAL, INC.
By:		/s/ Kendal Reed
		Kendal Reed
		Chief Financial Officer

Date: February 25, 2025

---

Exhibit 99.1

 

Innovex Announces Fourth-Quarter 2024 Results

HOUSTON, February 25, 2025 – Innovex International, Inc. (NYSE: INVX) (“Innovex,” the “Company” or “we”) today announced financial and operating results for the fourth quarter and full year of 2024.

Fourth Quarter Highlights

Key Subsequent Events

Adam Anderson, CEO commented, “This was an outstanding fourth quarter, in which we began to see the results of our operational transformation. While we are still in the early stages, we are encouraged by positive progress on our plans to increase margins, drive organic growth, and elevate the customer experience. Our “No-Barriers” culture, in conjunction with the execution of our proven playbook, is once again yielding positive results for both our customers and our shareholders.”

Kendal Reed, CFO continued, “I am excited to share that we have met our total merger cost synergy target of $30 million in annualized savings much sooner than anticipated. We continue to identify opportunities for further margin enhancement and growth, while maintaining a strong and conservative balance sheet. Our capital-light business model has allowed us to convert a high proportion of our EBITDA to free cash flow.”

---

 

Financial Summary

(in thousands)

 

		Three Months Ended												Twelve Months Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Revenue		$	250,687			$	151,817			$	133,190			$	660,803			$	555,539
Net Income		$	31,789			$	82,586			$	18,448			$	140,325			$	73,926
Net Income Margin			13	%			54	%			14	%			21	%			13	%
Adjusted EBITDA (1)		$	49,063			$	27,411			$	32,332			$	138,501			$	131,754
Adjusted EBITDA Margin (1)			20	%			18	%			24	%			21	%			24	%
Net cash provided by (used in) operating activities		$	36,345			$	21,722			$	21,385			$	93,439			$	75,864
Free Cash Flow (1)		$	28,718			$	20,051			$	20,243			$	79,845			$	60,377
Income from operations		$	26,912			$	(13,218	)		$	23,302			$	49,075			$	97,282
ROCE (1)		nm				nm				nm					12	%			22	%

 

 

 

Operational & Financial Results

Kendal Reed, CFO commented, “We are pleased by the resilience of both our NAM Land and International and Offshore businesses despite the slowdown of activity. We continue to grow our addressable market by increasing our scope of products and entering new geographic regions.

“Highly accretive acquisition targets, such as DWS and SCF, continue to provide high returning opportunities for reinvestment of our strong free cash flow. DWS was able to grow market share in the US Land market over the course of 2024, despite the US Land rig count decreasing by 13% compared to 2023. We remain highly selective and committed to only pursuing opportunities that fit our high-return, capital-light, small ticket/big impact business proposition while never exceeding one turn of EBITDA in leverage. While we continue to see many intriguing opportunities, our board has also authorized a $100 million share buyback program that will provide a competing use of capital to M&A as well as an additional lever to drive higher ROCE and return capital to shareholders.”

Adam Anderson, CEO concluded. “We see numerous opportunities for organic growth through revenue synergies and untapped international markets. We have already begun seeing these opportunities materialize. We recently combined legacy Innovex and legacy Dril-Quip products on a well for a major IOC in the Gulf of Mexico. We have also begun to deploy DWS products in Canada, Latin America, and the Middle East, leveraging Innovex’s global distribution. We anticipate our newly formed partnership with OneSubsea will allow us to grow our market share in subsea wellheads by providing a collaborative EPCI solution that will benefit our customers with increased choice. We continue to focus on improving our margins, enhancing customer experience, and unlocking value for our shareholders.”

---

Balance Sheet, Debt, Cash Flow & Other

Net cash provided by operating activities was $36 million and capital expenditures were $8 million (approximately 3% of revenue) for the fourth quarter of 2024.

Innovex generated free cash flow of $29 million during the fourth quarter of 2024 and ended the quarter with $73 million of cash and cash equivalents and $35 million of total debt. Innovex’s total debt balance at the end of the quarter represented 0.26x trailing twelve month Adjusted EBITDA, with $78 million of availability under its revolving credit facility.

Innovex believes in maintaining conservative levels of leverage and ample liquidity in order to maximize strategic flexibility and allow the Company to capitalize on M&A opportunities with strong quantitative and qualitative characteristics.

Return on Capital Employed (“ROCE”)

Innovex’s dedication to efficient capital allocation and prudent investment, combined with our capital light business model, enable us to generate strong returns on our invested capital. Income from operations during the fourth quarter of 2024 was $27 million. Return on Capital Employed (“ROCE”) for the twelve months ended 12/31/2024 was 12%. We remain focused on capital efficiency, which we believe is a key driver of sustainable value creation for our shareholders.

Q1 2025 Guidance

Looking to the first quarter of 2025, Innovex expects to generate $245 - $255 million in total revenue, assuming a flat rig count environment in most markets, with weakness in the Mexican market and relatively low deliveries into the US Offshore market. Innovex expects to generate Adjusted EBITDA of $45 - $50 million in the first quarter of 2025.

Conference Call Details

The Company will host a conference call to discuss financial and operational results on Wednesday, February 26, 2024, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

The call will be webcast live and can be accessed by the following link:

https://events.q4inc.com/attendee/250443617

Or by phone:

USA / International Toll +1 (646) 307-1963

USA - Toll-Free (800) 715-9871

Conference ID1774704

Participants are encouraged to join the call approximately 10 minutes prior to the start time to ensure a proper connection. A replay of the call will be available on Innovex’s Investor Relations website shortly after the end of the call.

 

---

New Share Repurchase Program

 

On February 25, 2025, our board of directors approved a new share repurchase program (the “New Share Repurchase Program”) that authorizes repurchases of up to an aggregate of $100 million of our outstanding common stock. In connection with the New Share Repurchase Program, all share repurchase plans previously authorized by the Dril-Quip board of directors have been terminated. The New Share Repurchase Program does not require us to repurchase a specific number of shares or have an expiration date. The New Share Repurchase Program may be suspended or discontinued by our board of directors at any time without prior notice. The authorized repurchases will be made from time to time in the open market, through block trades or in privately negotiated transactions. The timing, volume and nature of share repurchases will be at the discretion of our management and dependent on market conditions, applicable securities laws and other factors, and may be suspended or discontinued at any time. The cost of the shares that are repurchased will be funded from any funds of the Company legally available therefore. Any shares repurchased under the program will be cancelled.

 

 

 

 

About Innovex International, Inc.

Innovex International, Inc (NYSE: INVX) is a Houston-based company established in 2024 following the merger of Dril-Quip, Inc and Innovex Downhole Solutions, Inc.

Our comprehensive portfolio extends throughout the lifecycle of the well, and innovative product integration ensures seamless transitions from one well phase to the next, driving efficiency, lowering cost, and reducing the rig site service footprint for the customer.

With locations throughout North America, Latin America, Europe, the Middle East and Asia, no matter where you need us, our team is readily available with technical expertise, conventional and innovative technologies, and ever-present customer service.

Forward-Looking Statements

Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Innovex’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,” “potential,” “will,” “hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward- looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks related to the merger between Innovex Downhole Solutions, Inc. and Dril-Quip, Inc. (the “Merger”) and the acquisition by Innovex of Downhole Well Solutions, LLC (the “Acquisition”), including the ultimate outcome and results of integrating operations, the effects of the Merger and the Acquisition (including the Company’s future financial condition, results of operations, strategy and plans), potential adverse reactions or changes to business relationships resulting from the completion of the Merger and the Acquisition, expected benefits from the Merger and the Acquisition and the ability of the Company to

---

realize those benefits, the significant costs required to integrate operations, whether Merger or Acquisition-related litigation will occur and, if so, the results of any litigation, settlements and investigations, the risks related to economic conditions and other factors that might affect the timing and amount of the New Share Repurchase Program and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Innovex disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release, except as may be required by law.

Investor Relations Contact

Avinash Cuddapah

Sr. Director – Investor Relations investors@innovex-inc.com

(346) 398-0000

 

---

 

Innovex International, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(in thousands, except share and per share amounts)
(Unaudited)
		Three Months Ended												Twelve Months Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Revenues		$	250,687			$	151,817			$	133,190			$	660,803			$	555,539
Cost of revenues			165,817				99,138				84,739				428,172				360,102
Selling, general and administrative expenses			38,278				37,984				18,689				116,181				72,797
(Gain) loss on sale of assets			(167	)			(169	)			35				(654	)			106
Depreciation and amortization			12,039				7,786				6,083				31,207				22,659
Impairment of long-lived assets			-				-				-				3,522				266
Acquisition costs			7,808				20,296				342				33,300				2,327
Income from operations		$	26,912			$	(13,218	)		$	23,302			$	49,075			$	97,282
Interest expense			375				729				792				2,430				5,506
Other expense (income), net			700				(269	)			483				298				385
Equity method earnings			(386	)			(1,018	)			(1,460	)			(2,616	)			(2,975	)
(Gain on) reduction of bargain purchase			6,847				(92,659	)			-				(85,812	)			-
Gain on consolidation of equity method investment			(8,037	)			-				-				(8,037	)			-
Income before income taxes		$	27,413			$	79,999			$	23,487			$	142,812			$	94,366
Income tax expense (benefit)			(4,376	)			(2,587	)			5,039				2,487				20,440
Net income		$	31,789			$	82,586			$	18,448			$	140,325			$	73,926
Foreign currency translation adjustment			(10,607	)			2,457				2,057				(10,969	)			(1,753	)
Comprehensive income		$	21,182			$	85,043			$	20,505			$	129,356			$	72,173
Earnings per common share
Basic		$	0.47			$	2.03			$	0.60			$	2.82			$	2.39
Diluted		$	0.47			$	1.99			$	0.57			$	2.77			$	2.29
Weighted average common shares outstanding
Basic			67,889,524				40,728,902				30,928,647				49,727,093				30,928,647
Diluted			68,044,174				41,530,978				32,239,512				50,627,004				32,338,518

 

---

Innovex International, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
		December 31, 2024				September 30, 2024				December 31, 2023
Assets
Current assets
Cash and restricted cash		$	73,278			$	99,895			$	7,406
Trade receivables, net			239,506				225,067				118,360
Inventories			271,173				297,519				141,188
Other current assets			57,434				54,851				21,318
Total current assets			641,391				677,332				288,272
Noncurrent assets
Property and equipment, net			190,786				182,230				52,424
Equity method investment			-				19,923				20,025
Goodwill and net intangibles			168,539				59,719				65,740
Right of use leases - operating			54,873				47,352				32,673
Deferred tax asset, net			134,540				138,523				14,017
Other long-term assets			7,354				7,704				2,149
Total noncurrent assets			556,092				455,451				187,028
Total assets		$	1,197,483			$	1,132,783			$	475,300
Liabilities and stockholders’ equity
Current liabilities
Accounts payable		$	65,201			$	83,613			$	32,035
Accrued expenses			60,593				55,884				28,736
Operating lease liabilities			10,547				9,093				7,358
Other current liabilities			15,850				15,520				670
Current portion of long-term debt and finance lease obligations			10,467				10,695				9,824
Total current liabilities			162,658				174,805				78,623
Noncurrent liabilities
Long-term debt and finance lease obligations			24,901				12,351				40,566
Operating lease liabilities			45,153				39,314				27,159
Other long-term liabilities			6,615				1,962				31
Total noncurrent liabilities			76,669				53,627				67,756
Total Liabilities		$	239,327			$	228,432			$	146,379
Total stockholders’ equity		$	958,156			$	904,351			$	328,921
Total liabilities and stockholders’ equity		$	1,197,483			$	1,132,783			$	475,300

 

---

Innovex International, Inc.
Condensed Consolidated Statement of Cash Flows
(in thousands, except share and per share amounts)
(Unaudited)
		Three Months Ended												Twelve Months Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Cash flows from operating activities
Net income		$	31,789			$	82,586			$	18,448			$	140,325			$	73,926
Adjustments to reconcile net income to net cash provided by (used in) operating activities			9,782				(71,311	)			11,367				(42,185	)			24,071
Changes in operating assets and liabilities, net of amounts related to acquisitions			(5,226	)			10,447				(8,430	)			(4,701	)			(22,133	)
Net cash provided by operating activities		$	36,345			$	21,722			$	21,385			$	93,439			$	75,864
Cash flows used in investing activities
Payments on acquisitions, net of cash acquired		$	(65,521	)		$	-			$	-			$	(65,521	)		$	-
Capital expenditures			(7,627	)			(1,671	)			(1,142	)			(13,594	)			(15,487	)
Proceeds from sale of property and equipment			1,194				1,074				322				3,247				1,410
Equity method investment			-				-				-				-				(18,350	)
Cash acquired in stock based business combination			-				154,312				-				154,312				-
Net cash provided by (used in) investing activities		$	(71,954	)		$	153,715			$	(820	)		$	78,444			$	(32,427	)
Cash flows provided by financing activities
Net borrowings (repayments) on line of credit		$	14,000			$	-			$	(8,050	)		$	(9,200	)		$	(23,800	)
Net repayments on term loan			(1,249	)			(2,533	)			(1,250	)			(6,282	)			(5,400	)
Payments on finance leases			(1,561	)			(1,386	)			(1,126	)			(5,698	)			(3,865	)
Dividend payment			-				(74,983	)			-				(74,983	)			-
Other financing			(50	)			(6,388	)			(11,107	)			(6,909	)			(11,500	)
Net cash provided by (used in) financing activities		$	11,140			$	(85,290	)		$	(21,533	)		$	(103,072	)		$	(44,565	)
Effect of exchange rate changes on cash and cash equivalents			(2,148	)			(608	)			67				(2,939	)			118
Net change in cash and cash equivalents		$	(26,617	)		$	89,539			$	(901	)		$	65,872			$	(1,010	)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

---

Non-GAAP Measures

Adjusted EBITDA and Adjusted EBITDA Margin

We define Adjusted EBITDA (a non-GAAP measure) as net income before interest expense, income tax expense, depreciation and amortization, (gain)/loss on sale of assets and other expense, net, further adjusted to exclude certain items which we believe are not reflective of our ongoing performance or which are non-cash in nature. Management uses Adjusted EBITDA to assess the profitability of our business operations and to compare our operating performance to our competitors without regard to the impact of financing methods and capital structure and excluding costs that management believes do not reflect our ongoing operating performance. We track Adjusted EBITDA on an absolute dollar basis and as a percentage of revenue, which we refer to as Adjusted EBITDA Margin.

Free Cash Flow

We also utilize Free Cash Flow (a non-GAAP measure) to evaluate the cash generated by our operations and results of operations. We define Free Cash Flow as net cash provided by operating activities less capital expenditures, as presented in our Consolidated Statements of Cash Flows. Management believes Free Cash Flow is useful because it demonstrates the cash that was available in the period that was in excess of our needs to fund our capital expenditures. We track Free Cash Flow both on an absolute dollar basis and as a percentage of revenue. Free Cash Flow does not represent our residual cash flow available for discretionary expenditures, as we have non-discretionary expenditures, including, but not limited to, principal payments required under the terms of our credit facility, which are not deducted in calculating Free Cash Flow.

Return on Capital Employed (ROCE)

We utilize Return on Capital Employed ("ROCE") (a non-GAAP measure) to assess the effectiveness of our capital allocation over time and to compare our capital efficiency to our competitors. We define ROCE as Income from Operations, before acquisition costs and after tax (resulting in Adjusted Income from Operations, after tax) divided by average capital employed. Capital employed is defined as the combined values of debt and stockholders’ equity.

Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and ROCE do not represent and should not be considered alternatives to, or more meaningful than, net income and net cash provided by operating activities, or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Our computation of Adjusted EBITDA, Free Cash Flow and ROCE may differ from computations of similarly titled measures of other companies. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure, see tables below.

Management has provided outlook regarding Adjusted EBITDA, which is a non-GAAP financial measure and excludes certain charges. A reconciliation of this non-GAAP financial measure to the corresponding GAAP financial measure has not been provided because guidance for the various reconciling items is not provided. The Company is unable to provide guidance for these reconciling items because they cannot determine their probable significance, as certain items are outside of the Company's control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measures are not available without unreasonable effort.

 

---

 

 

 

Innovex International, Inc.
Reconciliation of Net Income to Adjusted EBITDA
(in thousands)
(Unaudited)
		Three Months Ended												Twelve Months Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Revenue		$	250,687			$	151,817			$	133,190			$	660,803			$	555,539
Net income		$	31,789			$	82,586			$	18,448			$	140,325			$	73,926
Interest expense			375				729				792				2,430				5,506
Income tax expense (benefit)			(4,376	)			(2,587	)			5,039				2,487				20,440
Depreciation and amortization			12,039				7,786				6,083				31,207				22,659
EBITDA		$	39,827			$	88,514			$	30,362			$	176,449			$	122,531
Other non-operating (income) expense, net (1)			700				(269	)			483				298				385
(Gain) loss on sale of assets			(167	)			(169	)			35				(654	)			106
Impairment of long-lived assets			-				-				-				3,522				266
Acquisition costs (2)			7,808				20,296				342				33,300				2,327
Equity method adjustment (3)			661				790				250				3,202				1,735
(Gain on) reduction of bargain purchase			6,847				(92,659	)			-				(85,812	)			-
Gain on consolidation of equity method investment			(8,037	)			-				-				(8,037	)			-
Stock based compensation			1,424				10,908				470				13,248				1,962
IPO preparation expenses (4)			-				-				390				2,985				2,442
Adjusted EBITDA		$	49,063			$	27,411			$	32,332			$	138,501			$	131,754
Net Income (Loss) % Revenue			13	%			54	%			14	%			21	%			13	%
Adjusted EBITDA Margin			20	%			18	%			24	%			21	%			24	%

 

---

Innovex International, Inc.
Reconciliation of Income from Operations to ROCE
(in thousands)
(Unaudited)
		Twelve Months Ended
		December 31, 2024				September 30, 2024				December 31, 2023
Income from operations		$	49,075			$	45,465			$	97,282
Plus: Acquisition Costs			33,300				25,834				2,327
Less: Income tax expense			(2,487	)			(11,901	)			(20,440	)
Adjusted income from operations, after tax		$	79,888			$	59,398			$	79,169
Beginning debt		$	50,390			$	69,997			$	89,119
Beginning equity		$	328,921			$	307,946			$	251,280
Ending debt			35,368				23,046				50,390
Ending equity			958,156				904,351				328,921
Average capital employed		$	686,418			$	652,670			$	359,855
ROCE			12	%			9	%			22	%

 

 

 

Innovex International, Inc.
Reconciliation of Net Cash from Operations to Free Cash Flow
(in thousands)
(Unaudited)
		Three Months Ended												Twelve Months Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Net cash provided by (used in) operating activities		$	36,345			$	21,722			$	21,385			$	93,439			$	75,864
Capital expenditures			(7,627	)			(1,671	)			(1,142	)			(13,594	)			(15,487	)
Free Cash Flow		$	28,718			$	20,051			$	20,243			$	79,845			$	60,377

 

---

Innovex International, Inc.
Geographic Revenue Details
(in thousands)
(Unaudited)
		Three Months Ended												Twelve Months Ended
		December 31, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
North America Onshore ("NAM")
Product revenues		$	75,397			$	79,668			$	68,275			$	286,802			$	297,176
Rental revenues			10,123				5,228				2,150				19,305				10,839
Service revenues			17,254				13,411				14,923				54,952				58,100
Revenue - North America Onshore		$	102,774			$	98,307			$	85,348			$	361,059			$	366,115
International & Offshore
Product revenues		$	108,675			$	46,975			$	39,363			$	240,592			$	163,626
Rental revenues			17,039				4,172				6,614				30,977				20,507
Service revenues			22,199				2,363				1,865				28,175				5,291
Revenue - International & Offshore		$	147,913			$	53,510			$	47,842			$	299,744			$	189,424
Total Revenue		$	250,687			$	151,817			$	133,190			$	660,803			$	555,539

 

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

v3.25.0.1

Document and Entity Information	Feb. 25, 2025
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001042893
Document Type	8-K
Document Period End Date	Feb. 25, 2025
Entity Registrant Name	INNOVEX INTERNATIONAL, INC.
Entity Incorporation State Country Code	DE
Entity File Number	001-13439
Entity Tax Identification Number	74-2162088
Entity Address, Address Line One	19120 Kenswick Drive
Entity Address, City or Town	Humble
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77338
City Area Code	346
Local Phone Number	398-0000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $.01 par value per share
Trading Symbol	INVX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

---