2023 Q1 Form 10-K Financial Statement

#000102071023000044 Filed on April 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $424.3M $406.3M $1.481B
YoY Change 32.83% 38.6% 32.93%
Cost Of Revenue $299.2M $295.0M $1.059B
YoY Change 33.27% 41.51% 34.81%
Gross Profit $125.0M $111.3M $422.0M
YoY Change 31.78% 31.43% 28.47%
Gross Profit Margin 29.47% 27.38% 28.5%
Selling, General & Admin $89.64M $87.53M $324.3M
YoY Change 22.25% 13.58% 12.35%
% of Gross Profit 71.69% 78.67% 76.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.024M $9.017M $9.600M
YoY Change -19.59% 27.48% -3.03%
% of Gross Profit 1.62% 8.1% 2.27%
Operating Expenses $89.64M $87.52M $324.3M
YoY Change 22.25% 13.58% 12.35%
Operating Profit $35.40M $23.73M $97.75M
YoY Change 64.2% 212.58% 145.26%
Interest Expense -$11.52M -$11.53M $29.14M
YoY Change -323.19% 119.73% 38.15%
% of Operating Profit -32.55% -48.56% 29.81%
Other Income/Expense, Net $469.0K $227.0K -$2.716M
YoY Change -187.5% -139.75% -756.04%
Pretax Income $24.35M $12.44M $65.90M
YoY Change 53.5% 599.83% 243.56%
Income Tax $6.767M $4.397M $17.80M
% Of Pretax Income 27.79% 35.36% 27.01%
Net Earnings $17.56M $7.131M $48.16M
YoY Change 38.88% 709.42% 191.92%
Net Earnings / Revenue 4.14% 1.76% 3.25%
Basic Earnings Per Share $1.00 $2.58
Diluted Earnings Per Share $0.95 $0.37 $2.47
COMMON SHARES
Basic Shares Outstanding 17.73M shares 18.76M shares 18.63M shares
Diluted Shares Outstanding 18.44M shares 19.47M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.28M $46.03M $46.03M
YoY Change 59.42% -6.05% -6.05%
Cash & Equivalents $58.28M $46.03M
Short-Term Investments
Other Short-Term Assets $17.33M $21.74M $21.74M
YoY Change 20.27% 126.1% 126.1%
Inventory $109.4M $101.4M $101.4M
Prepaid Expenses
Receivables $353.4M $320.9M $344.5M
Other Receivables $972.0K $2.493M $2.493M
Total Short-Term Assets $539.3M $516.1M $516.1M
YoY Change 30.73% 27.57% 27.57%
LONG-TERM ASSETS
Property, Plant & Equipment $100.1M $45.96M $103.4M
YoY Change 99.14% -11.4% -5.26%
Goodwill $333.8M $333.8M
YoY Change 10.7% 12.55%
Intangibles $79.59M
YoY Change 0.48%
Long-Term Investments
YoY Change
Other Assets $5.068M $4.456M $4.456M
YoY Change 9.08% -7.28% -7.28%
Total Long-Term Assets $513.8M $521.2M $521.2M
YoY Change 4.91% 6.44% 6.44%
TOTAL ASSETS
Total Short-Term Assets $539.3M $516.1M $516.1M
Total Long-Term Assets $513.8M $521.2M $521.2M
Total Assets $1.053B $1.037B $1.037B
YoY Change 16.72% 16.0% 16.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $106.3M $100.8M $100.8M
YoY Change 30.53% 29.47% 29.47%
Accrued Expenses $44.32M $44.34M $44.34M
YoY Change 6.51% 7.61% 7.61%
Deferred Revenue $10.18M $10.41M
YoY Change 91.12% 190.73%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.369M $4.369M $4.369M
YoY Change 32.39% 32.39% 32.39%
Total Short-Term Liabilities $224.8M $212.9M $212.9M
YoY Change 26.28% 17.58% 17.58%
LONG-TERM LIABILITIES
Long-Term Debt $408.8M $409.2M $409.2M
YoY Change 29.75% 29.74% 29.74%
Other Long-Term Liabilities $43.28M $4.701M $44.89M
YoY Change 1861.79% 30.47% 3.14%
Total Long-Term Liabilities $452.0M $459.0M $454.1M
YoY Change 24.11% 25.26% 26.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $224.8M $212.9M $212.9M
Total Long-Term Liabilities $452.0M $459.0M $454.1M
Total Liabilities $678.9M $671.9M $671.9M
YoY Change 25.21% 22.72% 22.71%
SHAREHOLDERS EQUITY
Retained Earnings $268.1M $250.5M
YoY Change 24.64% 23.74%
Common Stock $345.0K $345.0K
YoY Change 76.92% 76.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $76.92M $67.78M
YoY Change 119.61% 102.26%
Treasury Stock Shares 2.775M shares 2.435M shares
Shareholders Equity $374.3M $365.4M $365.4M
YoY Change
Total Liabilities & Shareholders Equity $1.053B $1.037B $1.037B
YoY Change 16.72% 16.0% 16.0%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $17.56M $7.131M $48.16M
YoY Change 38.88% 709.42% 191.92%
Depreciation, Depletion And Amortization $2.024M $9.017M $9.600M
YoY Change -19.59% 27.48% -3.03%
Cash From Operating Activities $26.45M $3.638M $5.894M
YoY Change 886.9% -74.48% -84.11%
INVESTING ACTIVITIES
Capital Expenditures $3.804M $1.490M $4.916M
YoY Change 414.05% -149.42% -18.05%
Acquisitions $0.00 $48.51M
YoY Change -100.0% -25.02%
Other Investing Activities $0.00 $0.00 -$48.51M
YoY Change -100.0% -100.0% -23.04%
Cash From Investing Activities -$3.804M -$1.490M -$53.42M
YoY Change -37.19% -45.34% -22.6%
FINANCING ACTIVITIES
Cash Dividend Paid $90.00K
YoY Change 0.0%
Common Stock Issuance & Retirement, Net $47.87M
YoY Change 42.85%
Debt Paid & Issued, Net $3.567M
YoY Change 8.09%
Cash From Financing Activities -$10.35M 26.02M $44.31M
YoY Change 11.07% -201.68% -215.12%
NET CHANGE
Cash From Operating Activities $26.45M 3.638M $5.894M
Cash From Investing Activities -$3.804M -1.490M -$53.42M
Cash From Financing Activities -$10.35M 26.02M $44.31M
Net Change In Cash $12.26M 28.17M -$2.963M
YoY Change -198.6% -300.38% -95.79%
FREE CASH FLOW
Cash From Operating Activities $26.45M $3.638M $5.894M
Capital Expenditures $3.804M $1.490M $4.916M
Free Cash Flow $22.65M $2.148M $978.0K
YoY Change 1067.27% -87.56% -96.85%

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CY2020 us-gaap Payments Of Debt Issuance Costs
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CY2020 us-gaap Proceeds From Issuance Of Common Stock
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47872000 usd
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CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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65092000 usd
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54327000 usd
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49080000 usd
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CY2022 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. The Company and its subsidiaries are engaged in the business of distributing maintenance, repair and operating (MRO) products, and service to customers serving a variety of end markets. Additionally, the Company 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="#ia9ab2d61c9ec4e4caab84fb3313baefe_145" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 22 - 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>
CY2022 us-gaap Number Of Operating Segments
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P4Y6M10D
CY2022 us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2022 us-gaap Concentration Risk Credit Risk
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Receivables and Credit Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 based upon management’s best estimate of the collectability of such accounts under the current expected credit losses model. 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.</span></div>
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17143000 usd
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58472000 usd
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CY2020 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
90000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
48065000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16406000 usd
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29359000 usd
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.58
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.87
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.65
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18631000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18949000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17748000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
840000 shares
CY2021 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
840000 shares
CY2020 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19471000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19789000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17748000 shares
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
48065000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16406000 usd
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29359000 usd
CY2022 us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
90000 usd
CY2021 us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
90000 usd
CY2020 us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
0 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
48155000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16496000 usd
CY2020 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-29359000 usd
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.47
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.65
CY2022 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
840000 shares
CY2022 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
600000 usd
CY2022 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-4000000 usd
CY2022Q4 dxpe Number Of Entities Acquired Which Operate In Canada
NumberOfEntitiesAcquiredWhichOperateInCanada
4 entity
CY2022 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2400000 usd
CY2021 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
700000 usd
CY2020 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2300000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1481000000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1114000000 usd
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1005000000 usd
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1480832000 usd
CY2022 dxpe Operating Income For Reportable Segments
OperatingIncomeForReportableSegments
176741000 usd
CY2022Q4 dxpe Assets Except Corporate
AssetsExceptCorporate
981380000 usd
CY2022 dxpe Segment Reporting Information Expenditures For Additions To Long Lived Assets Except Corporate
SegmentReportingInformationExpendituresForAdditionsToLongLivedAssetsExceptCorporate
3968000 usd
CY2022 dxpe Depreciation Except Corporate
DepreciationExceptCorporate
7731000 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18915000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1113921000 usd
CY2021 dxpe Operating Income For Reportable Segments
OperatingIncomeForReportableSegments
122964000 usd
CY2021Q4 dxpe Assets Except Corporate
AssetsExceptCorporate
821242000 usd
CY2021 dxpe Segment Reporting Information Expenditures For Additions To Long Lived Assets Except Corporate
SegmentReportingInformationExpendituresForAdditionsToLongLivedAssetsExceptCorporate
3598000 usd
CY2021 dxpe Depreciation Except Corporate
DepreciationExceptCorporate
8134000 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
17197000 usd
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1005266000 usd
CY2020 dxpe Operating Income For Reportable Segments
OperatingIncomeForReportableSegments
101520000 usd
CY2020Q4 dxpe Assets Except Corporate
AssetsExceptCorporate
752147000 usd
CY2020 dxpe Segment Reporting Information Expenditures For Additions To Long Lived Assets Except Corporate
SegmentReportingInformationExpendituresForAdditionsToLongLivedAssetsExceptCorporate
5711000 usd
CY2020 dxpe Depreciation Except Corporate
DepreciationExceptCorporate
8127000 usd
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12287000 usd
CY2022 dxpe Operating Income For Reportable Segments
OperatingIncomeForReportableSegments
176741000 usd
CY2021 dxpe Operating Income For Reportable Segments
OperatingIncomeForReportableSegments
122964000 usd
CY2020 dxpe Operating Income For Reportable Segments
OperatingIncomeForReportableSegments
101520000 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18915000 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
17197000 usd
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12287000 usd
CY2022 dxpe Asset Impairment And Other Charges
AssetImpairmentAndOtherCharges
0 usd
CY2021 dxpe Asset Impairment And Other Charges
AssetImpairmentAndOtherCharges
0 usd
CY2020 dxpe Asset Impairment And Other Charges
AssetImpairmentAndOtherCharges
59883000 usd
CY2022 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
60074000 usd
CY2021 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
65910000 usd
CY2020 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
57018000 usd
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
97752000 usd
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
39857000 usd
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
-27668000 usd
CY2022 us-gaap Interest Expense
InterestExpense
29135000 usd
CY2021 us-gaap Interest Expense
InterestExpense
21089000 usd
CY2020 us-gaap Interest Expense
InterestExpense
20571000 usd
CY2022 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2716000 usd
CY2021 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
414000 usd
CY2020 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-74000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
65901000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19182000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-48313000 usd

Files In Submission

Name View Source Status
dxpe-20221231_cal.xml Edgar Link unprocessable
dxpe-20221231_def.xml Edgar Link unprocessable
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