DXP ENTERPRISES INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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(Note 15)
NOTE 15 - OTHER EXPENSE AND INCOME, NET
The components of other expense (income), net were as followed:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2024 | 2023 |
| Interest income | (422) | (202) | (3,487) | (1,053) |
| Change in fair value of contingent consideration | 685 | 663 | 380 | 1,502 |
| Other, net | (103) | 773 | 263 | 73 |
| Other expense (income), net | 160 | 1,234 | (2,844) | 522 |
NOTE 16 -SUBSEQUENT EVENT
On October 3, 2024, the Company entered into an amendment (the “Third Term Loan Amendment”) on its existing Senior Secured Term Loan B, repricing and borrowing an incremental $105 million that was added to the existing Senior Secured Term Loan B. Including the new borrowings, the Company will have $649.5 million in Senior Secured Term Loan B borrowings. The new Senior Secured Term Loan B borrowings mature on October 13, 2030, and are priced at Term SOFR plus an applicable margin of 3.75 percent.
On November 1, 2024, the Company completed the acquisitions of Burt Gurney & Associates and MaxVac Inc. DXP funded the acquisitions with cash on the balance sheet.
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