2022 Q2 Form 10-Q Financial Statement

#000102071022000064 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $367.8M $319.4M $293.1M
YoY Change 28.74% 30.06% 25.98%
Cost Of Revenue $263.6M $224.5M $208.5M
YoY Change 31.5% 29.07% 23.81%
Gross Profit $104.3M $94.88M $84.66M
YoY Change 22.26% 32.46% 31.66%
Gross Profit Margin 28.35% 29.71% 28.88%
Selling, General & Admin $78.34M $73.33M $77.06M
YoY Change 11.23% 12.12% 36.39%
% of Gross Profit 75.14% 77.28% 91.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.080M $2.517M $7.073M
YoY Change 1.37% 1.49% 30.98%
% of Gross Profit 6.79% 2.65% 8.36%
Operating Expenses $78.34M $73.33M $77.06M
YoY Change 11.23% 12.12% 36.39%
Operating Profit $25.92M $21.56M $7.593M
YoY Change 74.59% 245.88% -2.65%
Interest Expense -$5.615M $5.162M -$5.245M
YoY Change -205.21% -1.54% -15.4%
% of Operating Profit -21.66% 23.94% -69.08%
Other Income/Expense, Net -$839.0K -$536.0K -$571.0K
YoY Change -899.05% -224.65% 14.2%
Pretax Income $19.47M $15.86M $1.777M
YoY Change 102.48% 1016.97% -113.99%
Income Tax $4.973M $3.332M $3.638M
% Of Pretax Income 25.55% 21.01% 204.73%
Net Earnings $14.43M $12.64M $881.0K
YoY Change 77.77% 3307.55% -146.37%
Net Earnings / Revenue 3.92% 3.96% 0.3%
Basic Earnings Per Share $0.77 $0.68
Diluted Earnings Per Share $736.2K $0.65 $45.28K
COMMON SHARES
Basic Shares Outstanding 18.64M shares 18.53M shares 18.75M shares
Diluted Shares Outstanding 19.61M shares 19.37M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.57M $36.56M $48.99M
YoY Change -74.01% -71.3% -58.27%
Cash & Equivalents $20.67M $36.56M $48.99M
Short-Term Investments
Other Short-Term Assets $13.74M $14.41M $9.613M
YoY Change 96.09% 89.58% 108.98%
Inventory $119.7M $111.9M $100.9M
Prepaid Expenses
Receivables $299.0M $228.2M $218.1M
Other Receivables $316.0K $1.019M $9.748M
Total Short-Term Assets $453.3M $412.6M $404.6M
YoY Change 12.29% -3.29% -1.18%
LONG-TERM ASSETS
Property, Plant & Equipment $107.9M $50.27M $51.88M
YoY Change 105.67% -7.1% -8.98%
Goodwill $301.6M $296.5M
YoY Change 21.35% 13.28%
Intangibles $79.21M
YoY Change -1.1%
Long-Term Investments
YoY Change
Other Assets $3.823M $4.646M $4.806M
YoY Change -29.83% 7.25% 0.88%
Total Long-Term Assets $530.7M $489.8M $489.7M
YoY Change 6.6% 10.58% 6.75%
TOTAL ASSETS
Total Short-Term Assets $453.3M $412.6M $404.6M
Total Long-Term Assets $530.7M $489.8M $489.7M
Total Assets $984.0M $902.3M $894.2M
YoY Change 9.14% 3.78% 3.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.6M $81.45M $77.84M
YoY Change 29.22% -0.18% 2.83%
Accrued Expenses $47.33M $41.61M $41.21M
YoY Change 8.18% 13.07% 12.9%
Deferred Revenue $5.328M $3.581M
YoY Change -10.45% -11.82%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $32.42M $3.300M $3.300M
YoY Change 882.55% 0.0% 0.0%
Total Short-Term Liabilities $237.7M $178.0M $181.1M
YoY Change 26.82% 16.06% 23.06%
LONG-TERM LIABILITIES
Long-Term Debt $314.7M $315.0M $315.4M
YoY Change -0.53% -0.54% -0.55%
Other Long-Term Liabilities $44.06M $2.206M $3.603M
YoY Change 1403.72% -24.71% 22.97%
Total Long-Term Liabilities $358.7M $364.2M $366.4M
YoY Change -0.37% 0.28% 1.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $237.7M $178.0M $181.1M
Total Long-Term Liabilities $358.7M $364.2M $366.4M
Total Liabilities $608.4M $542.2M $547.5M
YoY Change 11.14% 4.96% 7.99%
SHAREHOLDERS EQUITY
Retained Earnings $215.1M $202.5M
YoY Change 21.56% 8.82%
Common Stock $195.0K $195.0K
YoY Change 3.17% 3.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $35.02M $33.51M
YoY Change
Treasury Stock Shares 1.244M shares 1.185M shares
Shareholders Equity $375.6M $360.2M $346.7M
YoY Change
Total Liabilities & Shareholders Equity $984.0M $902.3M $894.2M
YoY Change 9.14% 3.78% 3.01%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $14.43M $12.64M $881.0K
YoY Change 77.77% 3307.55% -146.37%
Depreciation, Depletion And Amortization $7.080M $2.517M $7.073M
YoY Change 1.37% 1.49% 30.98%
Cash From Operating Activities $3.006M $2.680M $14.26M
YoY Change -46.38% -68.75% -8.01%
INVESTING ACTIVITIES
Capital Expenditures -$1.108M $740.0K -$3.015M
YoY Change 34.14% 8.82% 1407.5%
Acquisitions $5.316M
YoY Change
Other Investing Activities -$38.80M -$5.316M $289.0K
YoY Change -12.69% -508.92% -100.29%
Cash From Investing Activities -$39.91M -$6.056M -$2.726M
YoY Change -11.83% -1081.52% -97.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.315M
YoY Change
Debt Paid & Issued, Net $825.0K
YoY Change 0.0%
Cash From Financing Activities 21.35M -$9.322M -25.59M
YoY Change -301.29% 582.93% -124.3%
NET CHANGE
Cash From Operating Activities 3.006M $2.680M 14.26M
Cash From Investing Activities -39.91M -$6.056M -2.726M
Cash From Financing Activities 21.35M -$9.322M -25.59M
Net Change In Cash -15.56M -$12.43M -14.06M
YoY Change -69.05% -254.74% -172.09%
FREE CASH FLOW
Cash From Operating Activities $3.006M $2.680M $14.26M
Capital Expenditures -$1.108M $740.0K -$3.015M
Free Cash Flow $4.114M $1.940M $17.27M
YoY Change -36.04% -75.43% 10.02%

Facts In Submission

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380000 USD
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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349120000 USD
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204000 USD
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49080000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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119419000 USD
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36650000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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127452000 USD
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517000 USD
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1491000 USD
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159000 USD
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350610000 USD
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370000 USD
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159000 USD
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527000 USD
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1669000 USD
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1513000 USD
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12529000 USD
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Nature Of Operations
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THE COMPANY<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">DXP Enterprises, Inc. together with its subsidiaries (collectively "DXP," "Company," "us," "we," or "our") 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 a variety of end markets 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 three business segments: Service Centers ("SC"), Supply Chain Services ("SCS") and Innovative Pumping Solutions ("IPS"). See</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i1dc37d7d904148b191366e67942fbf22_73" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"> Note 12 - Segment Reporting</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for discussion of the business segments.</span>
CY2022Q1 us-gaap Number Of Operating Segments
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3 segment
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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1491000 USD
CY2021Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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1650000 USD
CY2021Q4 us-gaap Goodwill
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346727000 USD
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CY2021Q4 us-gaap Inventory Finished Goods
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CY2022Q1 us-gaap Inventory Work In Process
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100894000 USD
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54888000 USD
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41329000 USD
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CY2021Q4 dxpe Estimated Earnings Thereon On Uncompleted Contracts
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17143000 USD
CY2022Q1 dxpe Cost And Earnings Of Uncompleted Contracts
CostAndEarningsOfUncompletedContracts
76482000 USD
CY2021Q4 dxpe Cost And Earnings Of Uncompleted Contracts
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CY2022Q1 dxpe Costs And Estimated Earnings Billed To Date
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CY2021Q4 dxpe Costs And Estimated Earnings Billed To Date
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CY2022Q1 dxpe Contract With Customer Asset Net Current Excluding Contract With Customer Liability Current And Translation Adjustment
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CY2021Q4 dxpe Contract With Customer Asset Net Current Excluding Contract With Customer Liability Current And Translation Adjustment
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CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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18534000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Net Income Loss
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12642000 USD
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371000 USD
CY2022Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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23000 USD
CY2021Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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12619000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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348000 USD
CY2022Q1 us-gaap Earnings Per Share Basic
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CY2021Q1 us-gaap Earnings Per Share Basic
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19186000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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19374000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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20026000 shares
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12619000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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348000 USD
CY2022Q1 us-gaap Convertible Preferred Dividends Net Of Tax
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23000 USD
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23000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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12642000 USD
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371000 USD
CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 dxpe Operating Income For Reportable Segments
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CY2021Q1 dxpe Operating Income For Reportable Segments
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25407000 USD
CY2022Q1 dxpe Operating Income For Reportable Segments
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CY2021Q1 dxpe Operating Income For Reportable Segments
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25407000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
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4235000 USD
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4146000 USD
CY2022Q1 us-gaap General And Administrative Expense
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CY2021Q1 us-gaap Operating Income Loss
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6233000 USD
CY2022Q1 us-gaap Interest Expense
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5162000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
5243000 USD
CY2022Q1 us-gaap Nonoperating Income Expense
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CY2021Q1 us-gaap Nonoperating Income Expense
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430000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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15861000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1420000 USD

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