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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the quarterly period ended September 30, 2022

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

Commission file number 001-13439

 

DRIL-QUIP, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

74-2162088

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

6401 N. ELDRIDGE PARKWAY

HOUSTON, texas

77041

(Address of principal executive offices) (Zip Code)

(713) 939-7711

(Registrant’s telephone number, including area code)

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, $0.01 par value per share

DRQ

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes ☐ No

As of October 24, 2022, the number of shares outstanding of the registrant’s common stock, par value $0.01 per share, was 33,919,726.

 


TABLE OF CONTENTS

 

 

 

 

 

 

 

Page

PART I

Item 1.

Condensed Consolidated Financial Statements

3

 

Balance Sheets

3

 

Statements of Income (Loss)

4

 

Statements of Comprehensive Income (Loss)

5

 

Statements of Cash Flows

6

 

Statements of Stockholders' Equity

7

 

Notes to Financial Statements

8

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4.

Controls and Procedures

29

PART II

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

30

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

Item 6.

Index to Exhibits

31

 

Signatures

32

 

 

 


Table of Contents

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

DRIL-QUIP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

 

 

(In thousands, except per share data)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

290,279

 

 

$

355,451

 

Short-term investments

 

 

25,287

 

 

 

-

 

Trade receivables, net

 

 

81,666

 

 

 

100,987

 

Unbilled receivables

 

 

138,533

 

 

 

102,597

 

Inventories, net

 

 

140,530

 

 

 

145,724

 

Prepaids and other current assets

 

 

49,457

 

 

 

40,790

 

Assets held for sale

 

 

20,006

 

 

 

-

 

Total current assets

 

 

745,758

 

 

 

745,549

 

Operating lease right of use assets

 

 

4,932

 

 

 

5,258

 

Property, plant and equipment, net

 

 

181,359

 

 

 

216,200

 

Deferred income taxes

 

 

8,893

 

 

 

11,381

 

Intangible assets

 

 

23,868

 

 

 

26,446

 

Other assets

 

 

5,714

 

 

 

5,592

 

Total assets

 

$

970,524

 

 

$

1,010,426

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

46,484

 

 

$

35,232

 

Accrued income taxes

 

 

2,106

 

 

 

4,102

 

Contract liabilities

 

 

8,859

 

 

 

9,746

 

Accrued compensation

 

 

8,420

 

 

 

6,291

 

Operating lease liabilities

 

 

1,007

 

 

 

1,046

 

Other accrued liabilities

 

 

22,411

 

 

 

37,246

 

Total current liabilities

 

 

89,287

 

 

 

93,663

 

Deferred income taxes

 

 

3,918

 

 

 

3,925

 

Income tax payable

 

 

6,501

 

 

 

9,627

 

Operating lease liabilities, long-term

 

 

3,817

 

 

 

4,170

 

Other long-term liabilities

 

 

2,164

 

 

 

1,933

 

Total liabilities

 

 

105,687

 

 

 

113,318

 

Contingencies (Note 12)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)

 

 

-

 

 

 

-

 

Common stock:

 

 

 

 

 

 

100,000,000 shares authorized at $0.01 par value, 33,919,726 and 34,774,156
shares issued and outstanding at September 30, 2022 and December 31, 2021

 

 

343

 

 

 

352

 

Additional paid-in capital

 

 

87,917

 

 

 

80,254

 

Retained earnings

 

 

952,991

 

 

 

973,087

 

Accumulated other comprehensive losses

 

 

(176,414

)

 

 

(156,585

)

Total stockholders' equity

 

 

864,837

 

 

 

897,108

 

Total liabilities and stockholders' equity

 

$

970,524

 

 

$

1,010,426

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


Table of Contents

 

DRIL-QUIP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(UNAUDITED)

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(In thousands, except per share data)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

58,508

 

 

$

53,622

 

 

$

176,129

 

 

$

165,066

 

Services

 

 

20,443

 

 

 

19,560

 

 

 

57,538

 

 

 

54,763

 

Leasing

 

 

9,190

 

 

 

9,815

 

 

 

31,589

 

 

 

25,204

 

Total revenues

 

 

88,141

 

 

 

82,997

 

 

 

265,256

 

 

 

245,033

 

Cost and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

49,714

 

 

 

48,120

 

 

 

151,932

 

 

 

133,243

 

Services

 

 

8,105

 

 

 

7,020

 

 

 

24,773

 

 

 

24,687

 

Leasing

 

 

7,891

 

 

 

7,694

 

 

 

22,663

 

 

 

23,229

 

Total cost of sales

 

 

65,710

 

 

 

62,834

 

 

 

199,368

 

 

 

181,159

 

Selling, general and administrative

 

 

22,431

 

 

 

25,265

 

 

 

67,322

 

 

 

84,416

 

Engineering and product development

 

 

2,645

 

 

 

3,510

 

 

 

9,041

 

 

 

11,270

 

Restructuring and other charges

 

 

2,180

 

 

 

-

 

 

 

7,977

 

 

 

26,020

 

Gain on sale of property, plant and equipment

 

 

(17,276

)

 

 

(13

)

 

 

(17,770

)

 

 

(3,886

)

Foreign currency transaction gains

 

 

(1,901

)

 

 

(1,663

)

 

 

(5,574

)

 

 

(764

)

Total costs and expenses

 

 

73,789

 

 

 

89,933

 

 

 

260,364

 

 

 

298,215

 

Operating income (loss)

 

 

14,352

 

 

 

(6,936

)

 

 

4,892

 

 

 

(53,182

)

Interest income

 

 

379

 

 

 

188

 

 

 

1,155

 

 

 

300

 

Interest expense

 

 

(131

)

 

 

(94

)

 

 

(284

)

 

 

(592

)

Income (loss) before income taxes

 

 

14,600

 

 

 

(6,842

)

 

 

5,763

 

 

 

(53,474

)

Income tax provision (benefit)

 

 

(610

)

 

 

4,301

 

 

 

5,061

 

 

 

11,094

 

Net income (loss)

 

$

15,210

 

 

$

(11,143

)

 

$

702

 

 

$

(64,568

)

Income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.45

 

 

$

(0.31

)

 

$

0.02

 

 

$

(1.82

)

Diluted

 

$

0.44

 

 

$

(0.31

)

 

$

0.02

 

 

$

(1.82

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

33,948

 

 

 

35,387

 

 

 

34,304

 

 

 

35,386

 

Diluted

 

 

34,232

 

 

 

35,387

 

 

 

34,580

 

 

 

35,386

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


Table of Contents

 

DRIL-QUIP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(In thousands)

 

 

 

 

 

 

 

Net income (loss)

 

$

15,210

 

 

$

(11,143

)

 

$

702

 

 

$

(64,568

)

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(10,487

)

 

 

(6,548

)

 

 

(19,829

)

 

 

(5,592

)

Total comprehensive income (loss)

 

$

4,723

 

 

$

(17,691

)

 

$

(19,127

)

 

$

(70,160

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Table of Contents

 

DRIL-QUIP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Nine months ended

 

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

 

(In thousands)

 

Operating activities

 

 

 

 

 

 

Net income (loss)

 

$

702

 

 

$

(64,568

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

22,352

 

 

 

22,658

 

Stock-based compensation expense

 

 

7,669

 

 

 

9,541

 

Restructuring and other charges

 

 

6,119

 

 

 

22,465

 

Gain on sale of property, plant and equipment

 

 

(17,770

)

 

 

(3,886

)

Deferred income taxes

 

 

1,538

 

 

 

(993

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Trade receivables, net

 

 

16,980

 

 

 

11,632

 

Unbilled receivables

 

 

(38,097

)

 

 

25,961

 

Inventories, net

 

 

2,255

 

 

 

(6,680

)

Prepaids and other assets

 

 

(10,775

)

 

 

14,706

 

Accounts payable and accrued expenses

 

 

(10,124

)

 

 

2,902

 

Other, net

 

 

(16

)

 

 

-

 

Net cash provided by (used in) operating activities

 

 

(19,167

)

 

 

33,738

 

Investing activities

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(13,712

)

 

 

(7,928

)

Proceeds from sale of property, plant and equipment

 

 

18,535

 

 

 

5,967

 

Purchase of short-term investments

 

 

(25,287

)

 

 

-

 

Net cash used in investing activities

 

 

(20,464

)

 

 

(1,961

)

Financing activities

 

 

 

 

 

 

Repurchase of common shares

 

 

(20,807

)

 

 

(1,132

)

Other

 

 

(74

)

 

 

(113

)

Net cash used in financing activities

 

 

(20,881

)

 

 

(1,245

)

Effect of exchange rate changes on cash activities

 

 

(4,660

)

 

 

(1,315

)

Increase (decrease) in cash and cash equivalents

 

 

(65,172

)

 

 

29,217

 

Cash and cash equivalents at beginning of period

 

 

355,451

 

 

 

345,955

 

Cash and cash equivalents at end of period

 

$

290,279

 

 

$

375,172

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6


Table of Contents

 

DRIL-QUIP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

Common Stock

 

 

Additional Paid-In Capital

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Losses

 

 

Total

 

 

 

 

 

 

(In thousands, except shares)

 

 

 

 

Balance at July 1, 2022

 

$

348

 

 

$

85,351

 

 

$

948,917

 

 

$

(165,927

)

 

$

868,689

 

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10,487

)

 

 

(10,487

)

Net income

 

 

-

 

 

 

-

 

 

 

15,210

 

 

 

-

 

 

 

15,210

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,723

 

Repurchase of common shares (457,467 shares)

 

 

(5

)

 

 

-

 

 

 

(11,145

)

 

 

-

 

 

 

(11,150

)

Stock-based compensation expense

 

 

-

 

 

 

2,569

 

 

 

-

 

 

 

-

 

 

 

2,569

 

Other

 

 

-

 

 

 

(3

)

 

 

9

 

 

 

-

 

 

 

6

 

Balance at September 30, 2022

 

$

343

 

 

$

87,917

 

 

$

952,991

 

 

$

(176,414

)

 

$

864,837

 

 

 

Balance at January 1, 2022

 

$

352

 

 

$

80,254

 

 

$

973,087

 

 

$

(156,585

)

 

$