DXP ENTERPRISES INC
For the period ended Dec 31, 2023. Filed Mar 11, 2024.
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FY2023 · Filed Mar 11, 2024
DXPE$155.40-0.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Twelve Months Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $68,812 | $48,102 | $15,751 |
| Reconciliation of net income to net cash provided by operating activities: | |||
| Depreciation | 8,423 | 9,585 | 9,946 |
| Amortization of intangible assets and fixed assets | 21,682 | 18,915 | 17,197 |
| Amortization of deferred financing costs | 2,991 | 1,842 | 1,558 |
| (Recovery of) provision for credit losses | (885) | 659 | 67 |
| Payment of contingent consideration liability in excess of acquisition-date fair value | (160) | (781) | (45) |
| Fair value adjustment on contingent consideration | 1,738 | 2,311 | 504 |
| Loss on debt extinguishment | 1,201 | — | — |
| Gain on sale of property and equipment | — | — | (282) |
| Restricted stock compensation expense | 3,072 | 1,850 | 1,823 |
| Deferred income taxes | (9,059) | (7,541) | 6,140 |
| Loss on sale of interest in VIE | — | 1,193 | — |
| Changes in operating assets and liabilities, and other: | |||
| Accounts receivable, net | 13,293 | (93,940) | (43,736) |
| Cost and estimated profits in excess of billings | (18,720) | (6,429) | 3,991 |
| Inventories | (2,026) | 2,072 | (5,290) |
| Prepaid expenses and other assets | 9,666 | (11,865) | 649 |
| Accounts payable and accrued expenses | 10,604 | 35,965 | 27,004 |
| Billings in excess of costs and estimated profits | (916) | 6,858 | (772) |
| Other long-term liabilities | (3,494) | (2,902) | 2,584 |
| Net cash provided by operating activities | $106,222 | $5,894 | $37,089 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchase of property and equipment | (12,263) | (4,916) | (5,999) |
| Proceeds from the sale of property and equipment | — | — | 1,669 |
| Acquisition of businesses, net of cash acquired | (10,384) | (48,506) | (64,693) |
| Net cash used in investing activities | $(22,647) | $(53,422) | $(69,023) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Borrowings on asset-backed credit facility | 7,870 | 827,152 | — |
| Repayments on asset-backed credit facility | (7,870) | (827,152) | — |
| Proceeds from debt | 550,000 | 105,000 | — |
| Principal debt payments | (429,508) | (3,567) | (3,300) |
| Debt issuance costs | (12,061) | (8,398) | — |
| Shares repurchased held in treasury | (56,215) | (47,872) | (33,511) |
| Payment for acquisition contingent consideration liability | (5,673) | (469) | (955) |
| Preferred dividends paid | (90) | (90) | (90) |
| Payment for employee taxes withheld from stock awards | (527) | (292) | (637) |
| Principal repayments on finance lease obligations | (2,347) | — | — |
| Net cash provided by (used in) financing activities | $43,579 | $44,312 | $(38,493) |
| Effect of foreign currency on cash | (60) | 253 | 88 |
| Net change in cash and restricted cash | 127,094 | (2,963) | (70,339) |
| Cash and restricted cash at beginning of year | 46,117 | 49,080 | 119,419 |
| Cash and restricted cash at end of year | $173,211 | $46,117 | $49,080 |
| Supplemental cash flow information (Note 15) | |||
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