2018 Q4 Form 10-K Financial Statement

#000102071020000015 Filed on March 13, 2020

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2017 Q3
Revenue $311.0M $265.7M $251.9M
YoY Change 17.05% 19.52% 9.52%
Cost Of Revenue $224.4M $194.5M $185.0M
YoY Change 15.37% 20.28% 11.29%
Gross Profit $86.60M $71.20M $67.00M
YoY Change 21.63% 17.49% 5.02%
Gross Profit Margin 27.85% 26.8% 26.6%
Selling, General & Admin $66.10M $62.70M $60.45M
YoY Change 5.42% 18.3% 2.64%
% of Gross Profit 76.33% 88.06% 90.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.500M $7.200M $6.800M
YoY Change -9.72% -1.37% -11.69%
% of Gross Profit 7.51% 10.11% 10.15%
Operating Expenses $66.20M $62.60M $60.45M
YoY Change 5.75% 18.11% 2.64%
Operating Profit $20.40M $8.600M $6.510M
YoY Change 137.21% 13.16% 32.86%
Interest Expense -$5.000M -$4.500M $4.928M
YoY Change 11.11% 15.38% -214.6%
% of Operating Profit -24.51% -52.33% 75.7%
Other Income/Expense, Net -$100.0K $100.0K $153.0K
YoY Change -200.0% -98.18% -49.0%
Pretax Income $15.30M $4.100M $1.735M
YoY Change 273.17% -55.43% 116.88%
Income Tax $4.100M -$1.200M -$1.176M
% Of Pretax Income 26.8% -29.27% -67.78%
Net Earnings $11.10M $6.600M $2.900M
YoY Change 68.18% -10.81% 1350.0%
Net Earnings / Revenue 3.57% 2.48% 1.15%
Basic Earnings Per Share $0.63 $0.38 $0.17
Diluted Earnings Per Share $0.60 $0.37 $0.16
COMMON SHARES
Basic Shares Outstanding 17.57M shares 17.39M shares
Diluted Shares Outstanding 18.23M shares

Balance Sheet

Concept 2018 Q4 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.30M $22.00M $19.50M
YoY Change 83.18% 1275.0% 473.53%
Cash & Equivalents $40.30M $22.05M $23.09M
Short-Term Investments
Other Short-Term Assets $5.100M $8.800M $7.900M
YoY Change -42.05% 319.05% -52.12%
Inventory $114.8M $91.41M $87.70M
Prepaid Expenses
Receivables $191.8M $167.3M $165.2M
Other Receivables $1.000M $28.30M $26.60M
Total Short-Term Assets $385.6M $317.9M $306.9M
YoY Change 21.29% 23.56% 6.56%
LONG-TERM ASSETS
Property, Plant & Equipment $51.33M $53.00M $55.70M
YoY Change -3.15% -12.83% -11.73%
Goodwill $194.1M $187.6M
YoY Change 3.44% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.783M $1.715M $1.800M
YoY Change 3.97% 14.33% 5.88%
Total Long-Term Assets $314.4M $321.2M $328.2M
YoY Change -2.12% -6.85% -9.26%
TOTAL ASSETS
Total Short-Term Assets $385.6M $317.9M $306.9M
Total Long-Term Assets $314.4M $321.2M $328.2M
Total Assets $700.0M $639.1M $635.1M
YoY Change 9.53% 6.14% -2.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $87.40M $80.30M $81.50M
YoY Change 8.84% 2.03% 5.84%
Accrued Expenses $21.30M $18.50M $14.70M
YoY Change 15.14% 8.82% -15.52%
Deferred Revenue $10.70M $4.249M
YoY Change 151.73%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.407M $3.381M $3.400M
YoY Change 0.77% -93.42% -97.05%
Total Short-Term Liabilities $143.3M $124.8M $122.3M
YoY Change 14.78% -25.12% -47.51%
LONG-TERM LIABILITIES
Long-Term Debt $237.0M $238.6M $239.0M
YoY Change -0.7% 37.71% 17.73%
Other Long-Term Liabilities $2.819M $0.00
YoY Change
Total Long-Term Liabilities $248.4M $245.7M $239.0M
YoY Change 1.11% 41.78% 17.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $143.3M $124.8M $122.3M
Total Long-Term Liabilities $248.4M $245.7M $239.0M
Total Liabilities $391.7M $370.5M $373.8M
YoY Change 5.71% 5.75% -15.98%
SHAREHOLDERS EQUITY
Retained Earnings $169.7M $134.2M
YoY Change 26.49%
Common Stock $174.0K $174.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares
Shareholders Equity $306.8M $268.0M $261.3M
YoY Change
Total Liabilities & Shareholders Equity $700.0M $639.1M $635.1M
YoY Change 9.53% 6.14% -2.25%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $11.10M $6.600M $2.900M
YoY Change 68.18% -10.81% 1350.0%
Depreciation, Depletion And Amortization $6.500M $7.200M $6.800M
YoY Change -9.72% -1.37% -11.69%
Cash From Operating Activities $26.00M $4.000M $600.0K
YoY Change 550.0% -68.0% -97.55%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$600.0K -$1.100M
YoY Change 166.67% -45.45% 22.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$1.600M -$600.0K -$1.100M
YoY Change 166.67% -101.78% -210.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K -700.0K 20.80M
YoY Change -114.29% -98.54% -189.66%
NET CHANGE
Cash From Operating Activities 26.00M 4.000M 600.0K
Cash From Investing Activities -1.600M -600.0K -1.100M
Cash From Financing Activities 100.0K -700.0K 20.80M
Net Change In Cash 24.50M 2.700M 20.30M
YoY Change 807.41% -242.11% 782.61%
FREE CASH FLOW
Cash From Operating Activities $26.00M $4.000M $600.0K
Capital Expenditures -$1.600M -$600.0K -$1.100M
Free Cash Flow $27.60M $4.600M $1.700M
YoY Change 500.0% -66.18% -93.31%

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642000 USD
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954000 USD
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1108000 USD
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546000 USD
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152000 USD
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1880000 USD
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1294000 USD
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172000 USD
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665000 USD
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346000 USD
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641000 USD
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480000 USD
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2324000 USD
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960000 USD
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8419000 USD
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5640000 USD
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1406000 USD
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14447000 USD
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3287000 USD
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840000 shares
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CY2019 us-gaap Interest Paid Net
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CY2019Q4 us-gaap Inventory Finished Goods
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CY2019Q4 us-gaap Inventory Net
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129364000 USD
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12696000 USD
CY2019Q4 us-gaap Inventory Valuation Reserves
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12867000 USD
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CY2019Q4 us-gaap Inventory Work In Process
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19721000 USD
CY2019 us-gaap Lease Cost
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24998000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
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78094000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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10301000 USD
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21641000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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4573000 USD
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14198000 USD
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18455000 USD
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CY2019Q4 us-gaap Liabilities
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12544000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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35840000 USD
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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41307000 USD
CY2017Q1 us-gaap Net Income Loss
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3000000 USD
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CY2017Q4 us-gaap Net Income Loss
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4600000 USD
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7300000 USD
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CY2019Q4 us-gaap Net Income Loss
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CY2019 us-gaap Net Income Loss
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CY2019 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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16798000 USD
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35632000 USD
CY2019 us-gaap Net Income Loss Available To Common Stockholders Diluted
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36035000 USD
CY2019 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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456000 USD
CY2018 us-gaap Nonoperating Income Expense
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CY2019 us-gaap Nonoperating Income Expense
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45000 USD
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33490000 USD
CY2018 us-gaap Operating Income Loss
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68451000 USD
CY2019 us-gaap Operating Lease Expense
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25000000 USD
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66208000 USD
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72416000 USD
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CY2019Q4 us-gaap Operating Lease Liability Current
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17603000 USD
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200000 USD
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224000 USD
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17269000 USD
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12939000 USD
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2819000 USD
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1205000 USD
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1394000 USD
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11208000 USD
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60000 USD
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0 USD
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90000 USD
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90000 USD
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90000 USD
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934000 USD
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340000 USD
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267000 USD
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0 USD
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10811000 USD
CY2019 us-gaap Payments To Acquire Businesses Gross
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0 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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2811000 USD
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22120000 USD
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90000 USD
CY2018 us-gaap Preferred Stock Dividends Income Statement Impact
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90000 USD
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90000 USD
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0 USD
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0 USD
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0 USD
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950000 USD
CY2019 us-gaap Proceeds From Minority Shareholders
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0 USD
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12000 USD
CY2019 us-gaap Proceeds From Sale Of Furniture And Fixtures
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35000 USD
CY2017 us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 USD
CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
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2558000 USD
CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
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35000 USD
CY2017Q1 us-gaap Profit Loss
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3100000 USD
CY2017Q2 us-gaap Profit Loss
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4100000 USD
CY2017Q3 us-gaap Profit Loss
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3000000 USD
CY2017Q4 us-gaap Profit Loss
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6600000 USD
CY2017 us-gaap Profit Loss
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16529000 USD
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4500000 USD
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11600000 USD
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8400000 USD
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11100000 USD
CY2018 us-gaap Profit Loss
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35521000 USD
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7300000 USD
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13400000 USD
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13200000 USD
CY2019Q4 us-gaap Profit Loss
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2100000 USD
CY2019 us-gaap Profit Loss
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35775000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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51000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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51330000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
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63703000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
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64000000 USD
CY2017 us-gaap Provision For Doubtful Accounts
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3416000 USD
CY2018 us-gaap Provision For Doubtful Accounts
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2368000 USD
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250700000 USD
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251900000 USD
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265700000 USD
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60000 USD
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0 USD
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1007000000 USD
CY2017 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1006782000 USD
CY2019 us-gaap Provision For Doubtful Accounts
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139000 USD
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702402000 USD
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3381000 USD
CY2019 us-gaap Repayments Of Long Term Debt
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4341000 USD
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215000 USD
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285900000 USD
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311200000 USD
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124000 USD
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169735000 USD
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205680000 USD
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308000000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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311000000 USD
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1216197000 USD
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1216000000 USD
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311200000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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333300000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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327200000 USD
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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295500000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1267000000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1267189000 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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12608000 USD
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238091000 USD
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263757000 USD
CY2019 us-gaap Selling General And Administrative Expense
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281102000 USD
CY2017 us-gaap Share Based Compensation
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1708000 USD
CY2018 us-gaap Share Based Compensation
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2549000 USD
CY2019 us-gaap Share Based Compensation
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1963000 USD
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1087000 USD
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1000 USD
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894000 USD
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306848000 USD
CY2019Q4 us-gaap Stockholders Equity
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343802000 USD
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252549000 USD
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268546000 USD
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308254000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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344948000 USD
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0 shares
CY2018Q4 us-gaap Treasury Stock Shares
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0 shares
CY2019Q4 us-gaap Treasury Stock Shares
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0 shares
CY2016Q4 us-gaap Valuation Allowances And Reserves Balance
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8160000 USD
CY2017Q4 us-gaap Valuation Allowances And Reserves Balance
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9015000 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
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10126000 USD
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
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8929000 USD
CY2017 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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3367000 USD
CY2018 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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2368000 USD
CY2019 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
139000 USD
CY2017 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
22000 USD
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-86000 USD
CY2019 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
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79000 USD
CY2017 us-gaap Valuation Allowances And Reserves Deductions
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2534000 USD
CY2018 us-gaap Valuation Allowances And Reserves Deductions
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1171000 USD
CY2019 us-gaap Valuation Allowances And Reserves Deductions
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1415000 USD
CY2019Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
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4600000 USD
CY2019 us-gaap Variable Interest Entity Ownership Percentage
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0.475
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18240000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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18393000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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18432000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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17400000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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17553000 shares
CY2019 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Receivables and Credit Risk</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trade receivables consist primarily of uncollateralized customer obligations due under normal trade terms, which usually require payment within 30 days of the invoice date. However, these payment terms are extended in select cases and customers may not pay within stated trade terms.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has trade receivables from a diversified customer base located primarily in the Rocky Mountain, Northeastern, Midwestern, Southeastern and Southwestern regions of the United States, and Canada. The Company believes no significant concentration of credit risk exists. The Company evaluates the creditworthiness of its customers' financial positions and monitors accounts on a regular basis. Provisions to the allowance for doubtful accounts are made monthly and adjustments are made periodically (as circumstances warrant) based upon management&#8217;s best estimate of the collectability of such accounts. The Company writes off uncollectible trade accounts receivable when the accounts are determined to be uncollectible. No customer represents more than 10% of consolidated sales.</font></div></div>
CY2019 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">THE COMPANY</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">DXP Enterprises, Inc. together with its subsidiaries (collectively &#8220;DXP,&#8221; &#8220;Company,&#8221; &#8220;us,&#8221; &#8220;we,&#8221; or &#8220;our&#8221;) was incorporated in Texas on July 26, 1996. DXP Enterprises, Inc. and its subsidiaries are engaged in the business of distributing maintenance, repair and operating (MRO) products, and service to energy and industrial customers. Additionally, DXP provides integrated, custom pump skid packages, pump remanufacturing and manufactures branded private label pumps to energy and industrial customers. The Company is organized into </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> business segments: Service Centers (&#8220;SC&#8221;), Supply Chain Services (&#8220;SCS&#8221;) and Innovative Pumping Solutions (&#8220;IPS&#8221;). See </font><a style="font-family:inherit;font-size:10pt;" href="#s2F04A50F4BAF5A9A9E4CDBD0E45CA2E2"><font style="font-family:inherit;font-size:10pt;">Note 19 - Segment and Geographical Reporting</font></a><font style="font-family:inherit;font-size:10pt;"> for discussion of the business segments.</font></div></div>
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.</font></div></div>

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0001020710-20-000015-index-headers.html Edgar Link pending
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0001020710-20-000015-xbrl.zip Edgar Link pending
dxpe-20191231.xml Edgar Link completed
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