Financial Data and Key Metrics Changes - Full year 2024 revenue was $661 million, an increase of 19% year over year, primarily driven by the merger with Dril-Quip [39] - Fourth quarter revenue was $251 million, which is an increase of 89% year over year and 65% sequentially [39] - Adjusted EBITDA for the fourth quarter of 2024 was approximately $49 million, an increase of approximately $22 million sequentially and $17 million year over year [46] - Free cash flow for the fourth quarter of 2024 was $29 million, a sequential increase of $9 million [46] - Year-end total debt was $35 million, representing a debt to trailing 12-month adjusted EBITDA ratio of 0.26 times [47] Business Line Data and Key Metrics Changes - NAM land revenue for Q4 was $103 million, an increase of 5% compared to Q3 [40] - International and offshore revenue during Q4 was $148 million, an increase of 176% sequentially [41] - Pro forma 2024 NAM land revenue was approximately $491 million, a decrease of 6% compared to 2023 [40] - Pro forma 2024 international and offshore revenue was approximately $548 million, a decline of 5% from 2023 [41] Market Data and Key Metrics Changes - Market share in the cementing tool product line in U.S. land increased by 100 basis points in 2024 to 28% [12] - The addressable market for international opportunities for DWS is estimated to be at least one-third of the U.S. market [19] Company Strategy and Development Direction - The company aims to create a unique energy-focused industrial platform that drives exceptional value and service for customers and returns for shareholders [10] - Recent acquisitions of Downhole Well Solutions and SCF Machining Corporation are aligned with the company's strategy of small-ticket, big-impact products [15][20] - The company plans to divest the Droquip Eldridge facility to improve operational efficiency and reduce costs [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of Dril-Quip and the potential for further margin enhancement opportunities in 2025 [38] - The company is focused on improving operational performance, cash flow, and returns through facility footprint reduction and better working capital management [49] - Management expects to achieve greater than 95% on-time delivery rates in the future [34] Other Important Information - The company has authorized a $100 million share repurchase program to provide flexibility in capital allocation [53] - The company maintains a strong balance sheet with a net cash position of approximately $38 million at year-end [47] Q&A Session Summary Question: Condolences for Patrick's loss and inquiry about new technology development - Management highlighted the integration of legacy Dril-Quip technology with Innovex's centralizer technology as an exciting opportunity for future commercialization [60][61] Question: Potential proceeds from the sale of the Eldridge facility - Management indicated optimism about completing the sale at an attractive valuation but did not provide specific figures [66][67] Question: Guidance for the first quarter and seasonal trends - Management acknowledged the impact of DWS and seasonal weaknesses in certain markets, indicating a balanced outlook for Q1 [69][70] Question: Clarification on the MSA with OneSubsea - Management described the partnership as an evolution, with expectations for more concrete orders and a formalization of the relationship [76][77] Question: Additional synergies from the Eldridge facility sale - Management confirmed that additional savings from facility consolidation were anticipated, contributing to long-term EBITDA margin targets [81][83] Question: Balancing buybacks with acquisition opportunities - Management emphasized flexibility in capital allocation, evaluating M&A opportunities against the buyback program [84][85]

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 po ...

Financial Data and Key Metrics Changes - Third quarter revenue was $152 million, an increase of 9% year-over-year and 17% sequentially, primarily driven by the merger with Dril-Quip [31] - Adjusted EBITDA for Q3 2024 was $27.4 million, a decrease of $2.1 million sequentially and $5.8 million year-over-year [36] - Free cash flow for Q3 2024 was $20.1 million, a sequential decrease of $0.8 million and down $6.4 million compared to Q3 2023 [37] - Return on capital employed (ROCE) for the 12 months ended September 30, 2024, was 9%, lower than historical performance due to increased capital employed from the merger [39] Business Line Data and Key Metrics Changes - North America (NAM) revenue increased by approximately 13% sequentially despite a 3% decline in the US land rig count [32] - International and offshore revenue grew 4% sequentially, with a significant decline of 26% in the legacy Innovex business following a strong Q2 2024 [33] - The merger with Dril-Quip is expected to strengthen the international and offshore position, with pro forma international offshore revenue representing approximately 51% of total revenue in Q3 [33] Market Data and Key Metrics Changes - The company has seen growth in market share in the US land cementing tool market from 5% in 2018 to 30% today [12] - In Saudi Arabia, the company has qualified over 30 products and generated approximately $60 million in revenue over the last 12 months [12] Company Strategy and Development Direction - The company aims to create a unique energy platform focused on well-centric products and technologies, emphasizing a capital-light business model [7][9] - The strategy includes leveraging a No Barriers culture to drive innovation and organic growth, minimizing bureaucracy to enhance customer responsiveness [10] - The company is focused on disciplined acquisitions that fit its Small Ticket, Big Impact value proposition, targeting high returns on invested capital [14][15] Management's Comments on Operating Environment and Future Outlook - Management expects some slowdown in NAM revenue during Q4 but remains optimistic about the overall position in the market [32] - The company anticipates achieving $15 million in annualized cost synergies from the merger, with further improvements expected in margins over the next year [36][40] - Management views the current environment as favorable for accretive acquisitions, with a robust pipeline of opportunities [42] Other Important Information - The company recorded a bargain purchase gain of approximately $93 million during Q3 due to the merger [30] - The accounting policies have been conformed, including a shift from percentage of completion to point in time revenue recognition for subsea wellhead products [28] Q&A Session Summary Question: Optimal capital structure for the business - Management emphasized the importance of maintaining a conservative balance sheet to protect the business and take advantage of acquisition opportunities during down cycles [48] Question: Impact of accounting changes on international and offshore product revenue - Approximately $60 million of revenue was reversed due to the purchase price accounting exercise, impacting Q3 results [51] Question: M&A opportunity set and seller expectations - Management noted a robust pipeline of acquisition opportunities, indicating a buyer's market for strong companies with good fits [53] Question: Interaction between Wellhead and Downhole business - Both legacy businesses sell to the same customers, creating natural cross-sale opportunities [55] Question: Outlook for NAM and offshore markets - Management expects NAM to be flat to down, while offshore markets may see mid-single-digit growth [60] Question: Offshore white space concerns and impact on business - Management has not seen significant pressure from offshore white space concerns and remains optimistic about market opportunities [64] Question: Pro forma EBITDA for the year - Pro forma revenue for the year is expected to be around $950 million, with Q4 guidance reflecting strong execution from legacy Innovex [66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |---------------------------------------------------------------------------------------------------|------------------------------------------| | | | | For the transition p ...

Highly Confidential | 1 Innovex International Q3 2024 Earnings Presentation Disclaimer Important Information and Disclaimers This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." Historical financial results presented in this Presentation as averages or annualized forms are not necessarily indicative of results that may be expected for any fu ...

Financial Performance - Innovex reported a strong financial performance with a net cash position supporting long-term growth[10]. - Q3 2024 revenue reached $152 million, representing a 17% increase quarter over quarter[16]. - Adjusted EBITDA for Q3 2024 was $27 million, with an adjusted EBITDA margin of 18%[16]. - Free cash flow for Q3 2024 amounted to $20 million[16]. - Total cash on the balance sheet is $100 million, with total debt of $23 million, resulting in net cash of $77 million[18]. - Revenue for Legacy Innovex in 2023 is projected at $556 million, an increase from $467 million in 2022[32]. - Free cash flow for Q3 2023 was $26 million, with cash flow from operating activities at $32 million[29]. - Legacy Dril-Quip's revenue for 2023 is projected at $478 million, up from $362 million in 2022[34]. - The combined net income for 2023 is projected at $98 million, with adjusted EBITDA totaling $221 million[35]. Growth Strategy - The company aims to create a unique energy industrial platform focused on delivering exceptional value and returns for shareholders[10]. - The company emphasizes disciplined acquisitions and divestitures as part of its growth strategy[12]. - The merger with Dril-Quip closed on September 6, 2024, with Legacy Dril-Quip stockholders owning approximately 52% of the combined entity[14]. - The company has been renamed Innovex International, Inc., with the ticker changed from DRQ to INVX[14]. - Expected annual cost synergies of at least $30 million, with 50% anticipated to be realized within 12 months and 100% within 24 months[20]. - Achieved the first $15 million of cost synergies in year 1, with a clear path to achieving the full $30 million within the projected timeframe[20]. - The company aims to leverage combined infrastructure to expand product offerings in growing markets such as Saudi Arabia, Mexico, and Asia Pacific[20]. Operational Model - Innovex's Return on Capital Employed (ROCE) model emphasizes capital light, high return operations, defined as income from operations before acquisition costs divided by average capital employed[11]. - The company maintains a diversified presence across attractive global markets, enhancing its competitive position[11]. - Innovex's culture promotes innovation and rapid response to market needs, fostering a customer-centric approach[12]. - Innovex's operational model is characterized by a flat, lean organization that minimizes bureaucracy[12]. - The company focuses on a curated portfolio of complementary, mission-critical products to drive growth[11]. Financial Guidance - The management provided an outlook regarding Adjusted EBITDA, a non-GAAP financial measure, but did not provide specific guidance due to uncertainties[8]. - Q4 2024 revenue guidance is projected between $220 million and $230 million[16]. - Q4 2024 adjusted EBITDA is expected to be between $35 million and $40 million[16]. - The market assumption for Q4 2024 indicates flat activity compared to Q3 2024[16]. - Legacy Innovex is the accounting acquirer in the merger, affecting the presentation of financials going forward[15]. Synergy and Margin Improvement - Combined company expected to have an implied $58 million adjusted EBITDA opportunity if legacy Dril-Quip margins improve to legacy Innovex levels[20]. - 2023 adjusted EBITDA margin for the combined company projected to be 24%, up from 22% in 2022[32]. - Adjusted EBITDA for Legacy Dril-Quip in 2023 is projected at $59 million, with a margin of 12%[34].