secwatch.observer — SEC 8-K summary
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Issuer:     Innovex International, Inc. (INVX)
CIK:        0001042893
Form:       8-K
Filed at:   2023-05-08T23:59:59+00:00
Accession:  0000950170-23-018775
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Dril-Quip Q1 revenue up 9% YoY to $90.9M, net income $2.3M; bookings fall 43% sequentially; provides FY2023 outlook
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- Revenue $90.9M (+9% YoY, -6% sequential); net income $2.3M ($0.07 EPS) vs. loss of $0.3M in Q4'22.
- Adjusted EBITDA $8.8M (up from $3.2M YoY); gross margin 27.9% (-333bps sequentially, +489bps YoY).
- Net bookings $53.5M, down 43% sequentially and 20% YoY; management expects bookings growth through year on MSA activity.
- FY2023 outlook: revenue growth 10%, bookings growth 10-20%, adjusted EBITDA incremental margins 40-60%, capex $25-30M.
- Free cash flow negative $58.3M on working capital timing; expects $40M cash from AR reduction by Q3 2023; $103M buyback authorization remains.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1042893/000095017023018775/0000950170-23-018775-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1042893/000095017023018775/drq-20230508.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-018775

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