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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DXP Enterprises Inc | NASDAQ:DXPE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 48.76 | 47.81 | 49.71 | 0 | 01:00:00 |
[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2018
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.For the transition period from to
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Texas
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76-0509661
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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7272 Pinemont, Houston, Texas 77040
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(Address of principal executive offices, including zip code)
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(713) 996-4700
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(Registrant's telephone number, including area code)
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DXP ENTERPRISES, INC. AND SUBSIDIARIES
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TABLE OF CONTENTS
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DESCRIPTION
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2018
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2017
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2018
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2017
|
||||||||
Sales
|
$
|
308,028
|
|
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$
|
251,930
|
|
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$
|
905,191
|
|
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$
|
741,155
|
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Cost of sales
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223,958
|
|
|
184,967
|
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659,560
|
|
|
540,741
|
|
||||
Gross profit
|
84,070
|
|
|
66,963
|
|
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245,631
|
|
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200,414
|
|
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Selling, general and administrative expenses
|
67,257
|
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60,453
|
|
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197,609
|
|
|
175,411
|
|
||||
Income from operations
|
16,813
|
|
|
6,510
|
|
|
48,022
|
|
|
25,003
|
|
||||
Other expense (income), net
|
120
|
|
|
(153
|
)
|
|
(1,318
|
)
|
|
(324
|
)
|
||||
Interest expense
|
4,781
|
|
|
4,928
|
|
|
15,959
|
|
|
12,573
|
|
||||
Income before income taxes
|
11,912
|
|
|
1,735
|
|
|
33,381
|
|
|
12,754
|
|
||||
Provision for income taxes (benefit)
|
3,550
|
|
|
(1,176
|
)
|
|
8,962
|
|
|
2,880
|
|
||||
Net income
|
8,362
|
|
|
2,911
|
|
|
24,419
|
|
|
9,874
|
|
||||
Net loss attributable to noncontrolling interest
|
(35
|
)
|
|
(55
|
)
|
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(91
|
)
|
|
(360
|
)
|
||||
Net income attributable to DXP Enterprises, Inc.
|
8,397
|
|
|
2,966
|
|
|
24,510
|
|
|
10,234
|
|
||||
Preferred stock dividend
|
23
|
|
|
23
|
|
|
68
|
|
|
68
|
|
||||
Net income attributable to common shareholders
|
$
|
8,374
|
|
|
$
|
2,943
|
|
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$
|
24,442
|
|
|
$
|
10,166
|
|
Net income
|
$
|
8,362
|
|
|
$
|
2,911
|
|
|
$
|
24,419
|
|
|
$
|
9,874
|
|
Cumulative translation adjustment
|
3,390
|
|
|
830
|
|
|
1,880
|
|
|
(1,035
|
)
|
||||
Comprehensive income
|
$
|
11,752
|
|
|
$
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3,741
|
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$
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26,299
|
|
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$
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8,839
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Earnings per share :
|
|
|
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||||||||
Basic
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$
|
0.48
|
|
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$
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0.17
|
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$
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1.39
|
|
|
$
|
0.58
|
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Diluted
|
$
|
0.46
|
|
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$
|
0.16
|
|
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$
|
1.33
|
|
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$
|
0.56
|
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Weighted average common shares outstanding :
|
|
|
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||||||||
Basic
|
17,564
|
|
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17,394
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17,547
|
|
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17,402
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|
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Diluted
|
18,404
|
|
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18,234
|
|
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18,387
|
|
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18,242
|
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September 30, 2018
|
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December 31, 2017
|
||||
ASSETS
|
|
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|
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Current assets:
|
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|
||||
Cash
|
$
|
15,994
|
|
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$
|
22,047
|
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Restricted cash
|
396
|
|
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3,532
|
|
||
Accounts Receivable, net of allowance for doubtful accounts of
$11,830
and $9,015
|
183,454
|
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167,272
|
|
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Inventories
|
116,545
|
|
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91,413
|
|
||
Costs and estimated profits in excess of billings
|
38,432
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26,915
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|
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Prepaid expenses and other current assets
|
5,640
|
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5,296
|
|
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Federal income taxes receivable
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1,323
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|
1,440
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|
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Total current assets
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361,784
|
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317,915
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|
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Property and equipment, net
|
52,617
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53,337
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|
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Goodwill
|
194,052
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187,591
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Other intangible assets, net
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71,783
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78,525
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|
||
Other long-term assets
|
1,596
|
|
|
1,715
|
|
||
Total assets
|
$
|
681,832
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$
|
639,083
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LIABILITIES AND EQUITY
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|
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Current liabilities:
|
|
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|
||||
Current maturities of long-term debt
|
$
|
3,394
|
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$
|
3,381
|
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Trade accounts payable
|
91,117
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80,303
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|
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Accrued wages and benefits
|
16,733
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18,483
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|
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Customer advances
|
2,876
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2,189
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|
||
Billings in excess of costs and estimated profits
|
5,554
|
|
|
4,249
|
|
||
Other current liabilities
|
16,703
|
|
|
16,220
|
|
||
Total current liabilities
|
136,377
|
|
|
124,825
|
|
||
Long-term debt, net of unamortized debt issuance costs
|
237,434
|
|
|
238,643
|
|
||
Other long-term liabilities
|
2,611
|
|
|
—
|
|
||
Deferred income taxes
|
8,048
|
|
|
7,069
|
|
||
Total long-term liabilities
|
248,093
|
|
|
245,712
|
|
||
Total liabilities
|
384,470
|
|
|
370,537
|
|
||
Commitments and contingencies ( Note 13)
|
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|
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Equity:
|
|
|
|
||||
Series A preferred stock, $1.00 par value; 1,000,000 shares authorized
|
1
|
|
|
1
|
|
||
Series B convertible preferred stock, $1.00 par value; 1,000,000 shares authorized
|
15
|
|
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15
|
|
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Common stock, $0.01 par value, 100,000,000 shares authorized;
17,570,252
and 17,315,573 outstanding
|
174
|
|
|
174
|
|
||
Additional paid-in capital
|
155,671
|
|
|
153,087
|
|
||
Retained earnings
|
158,635
|
|
|
134,193
|
|
||
Accumulated other comprehensive loss
|
(17,611
|
)
|
|
(19,491
|
)
|
||
Total DXP Enterprises, Inc. equity
|
296,885
|
|
|
267,979
|
|
||
Noncontrolling interest
|
477
|
|
|
567
|
|
||
Total equity
|
297,362
|
|
|
268,546
|
|
||
Total liabilities and equity
|
$
|
681,832
|
|
|
$
|
639,083
|
|
|
Nine Months Ended
September 30, |
||||||
|
2018
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income attributable to DXP Enterprises, Inc.
|
$
|
24,510
|
|
|
$
|
10,234
|
|
Less net loss attributable to non-controlling interest
|
(91
|
)
|
|
(360
|
)
|
||
Net income
|
24,419
|
|
|
9,874
|
|
||
Reconciliation of net income to the net cash provided by operating activities:
|
|
|
|
||||
Gain on sale of building
|
(1,318
|
)
|
|
—
|
|
||
Depreciation
|
7,135
|
|
|
7,655
|
|
||
Amortization of intangible assets
|
12,575
|
|
|
12,943
|
|
||
Bad debt expense
|
2,633
|
|
|
1,466
|
|
||
Amortization of debt issuance costs
|
1,337
|
|
|
1,071
|
|
||
Write-off of debt issuance costs
|
60
|
|
|
578
|
|
||
Stock compensation expense
|
2,023
|
|
|
1,392
|
|
||
Deferred income taxes
|
240
|
|
|
2,000
|
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Trade accounts receivable
|
(13,225
|
)
|
|
(16,397
|
)
|
||
Costs and estimated profits in excess of billings
|
(11,541
|
)
|
|
(5,701
|
)
|
||
Inventories
|
(22,468
|
)
|
|
(3,827
|
)
|
||
Prepaid expenses and other assets
|
(250
|
)
|
|
(2,362
|
)
|
||
Trade accounts payable and accrued expenses
|
4,291
|
|
|
(354
|
)
|
||
Billings in excess of costs and estimated profits
|
1,320
|
|
|
189
|
|
||
Other long-term liabilities
|
2,611
|
|
|
—
|
|
||
Net cash provided by operating activities
|
9,842
|
|
|
8,527
|
|
||
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchase of property and equipment
|
(7,705
|
)
|
|
(2,157
|
)
|
||
Proceeds from the sale of fixed assets
|
2,546
|
|
|
—
|
|
||
Acquisition of business, net of cash acquired
|
(10,812
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(15,971
|
)
|
|
(2,157
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from debt
|
—
|
|
|
728,822
|
|
||
Principal debt payments
|
(2,534
|
)
|
|
(701,561
|
)
|
||
Debt issuance costs
|
(60
|
)
|
|
(11,188
|
)
|
||
Loss for non-controlling interest owners, net of tax
|
—
|
|
|
(219
|
)
|
||
Dividends paid
|
(68
|
)
|
|
(68
|
)
|
||
Payment for employee taxes withheld from stock awards
|
(332
|
)
|
|
(848
|
)
|
||
Net cash (used in) provided by financing activities
|
(2,994
|
)
|
|
14,938
|
|
||
Effect of foreign currency on cash
|
(66
|
)
|
|
189
|
|
||
Net change in cash
|
(9,189
|
)
|
|
21,497
|
|
||
Cash at beginning of period
|
25,579
|
|
|
1,590
|
|
||
Cash at end of period
|
$
|
16,390
|
|
|
$
|
23,087
|
|
(in thousands, unaudited)
|
Fair value at September 30, 2018
|
Valuation Technique
|
Significant Unobservable
Inputs
|
||
Contingent consideration:
(ASI acquisition)
|
$
|
4,084
|
|
Discounted cash flow
|
Annualized EBITDA and probability of achievement
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Finished goods
|
$
|
101,227
|
|
|
$
|
79,820
|
|
Work in process
|
15,318
|
|
|
11,593
|
|
||
Inventories
|
$
|
116,545
|
|
|
$
|
91,413
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Costs incurred on uncompleted contracts
|
$
|
57,655
|
|
|
$
|
37,899
|
|
Estimated profits, thereon
|
7,448
|
|
|
2,665
|
|
||
Total
|
65,103
|
|
|
40,564
|
|
||
Less: billings to date
|
32,219
|
|
|
17,881
|
|
||
Net
|
$
|
32,884
|
|
|
$
|
22,683
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Costs and estimated profits in excess of billings
|
$
|
38,432
|
|
|
$
|
26,915
|
|
Billings in excess of costs and estimated profits
|
(5,554
|
)
|
|
(4,249
|
)
|
||
Translation adjustment
|
6
|
|
|
17
|
|
||
Net
|
$
|
32,884
|
|
|
$
|
22,683
|
|
|
Goodwill
|
|
Other
Intangible Assets
|
|
Total
|
||||||
Balance as of December 31, 2017
|
$
|
187,591
|
|
|
$
|
78,525
|
|
|
$
|
266,116
|
|
Acquired during the period
|
6,461
|
|
|
6,185
|
|
|
12,646
|
|
|||
Translation adjustment
|
—
|
|
|
(352
|
)
|
|
(352
|
)
|
|||
Amortization
|
—
|
|
|
(12,575
|
)
|
|
(12,575
|
)
|
|||
Balance as of September 30, 2018
|
$
|
194,052
|
|
|
$
|
71,783
|
|
|
$
|
265,835
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Service Centers
|
$
|
160,934
|
|
|
$
|
154,473
|
|
Innovative Pumping Solutions
|
15,980
|
|
|
15,980
|
|
||
Supply Chain Services
|
17,138
|
|
|
17,138
|
|
||
Total
|
$
|
194,052
|
|
|
$
|
187,591
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Carrying Amount, net
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Carrying Amount, net
|
||||||||||||
Customer relationships
|
$
|
168,255
|
|
|
$
|
(96,639
|
)
|
|
71,616
|
|
|
162,200
|
|
|
(83,806
|
)
|
|
78,394
|
|
||||
Non-compete agreements
|
784
|
|
|
(617
|
)
|
|
167
|
|
|
949
|
|
|
(818
|
)
|
|
131
|
|
||||||
Total
|
$
|
169,039
|
|
|
$
|
(97,256
|
)
|
|
$
|
71,783
|
|
|
$
|
163,149
|
|
|
$
|
(84,624
|
)
|
|
$
|
78,525
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||
|
Carrying Value*
|
|
Fair Value
|
|
Carrying Value*
|
|
Fair Value
|
||||||||
ABL Revolver
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Term Loan B
|
247,500
|
|
|
249,356
|
|
|
249,375
|
|
|
251,869
|
|
||||
Promissory note due January 2021
|
2,063
|
|
|
2,063
|
|
|
2,722
|
|
|
2,722
|
|
||||
Total long-term debt
|
249,563
|
|
|
251,419
|
|
|
252,097
|
|
|
254,591
|
|
||||
Less: current portion
|
(3,394
|
)
|
|
(3,419
|
)
|
|
(3,381
|
)
|
|
(3,406
|
)
|
||||
Long-term debt less current maturities
|
$
|
246,169
|
|
|
$
|
248,000
|
|
|
$
|
248,716
|
|
|
$
|
251,185
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||
ABL Revolver
|
4.0
|
%
|
|
2.9
|
%
|
Term Loan B
|
7.0
|
%
|
|
7.1
|
%
|
Promissory Note
|
2.9
|
%
|
|
2.9
|
%
|
Weighted average interest rate
|
7.0
|
%
|
|
7.0
|
%
|
|
Number of
Shares
|
|
Weighted Average
Grant Price
|
|||
Non-vested at December 31, 2017
|
77,901
|
|
|
$
|
30.36
|
|
Granted
|
131,113
|
|
|
$
|
31.90
|
|
Forfeited
|
(2,400
|
)
|
|
$
|
46.68
|
|
Vested
|
(37,621
|
)
|
|
$
|
31.68
|
|
Non-vested at September 30, 2018
|
168,993
|
|
|
$
|
31.03
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
17,564
|
|
|
17,394
|
|
|
17,547
|
|
|
17,402
|
|
||||
Net income attributable to DXP Enterprises, Inc.
|
$
|
8,397
|
|
|
$
|
2,966
|
|
|
$
|
24,510
|
|
|
$
|
10,234
|
|
Convertible preferred stock dividend
|
23
|
|
|
23
|
|
|
68
|
|
|
68
|
|
||||
Net income attributable to common shareholders
|
$
|
8,374
|
|
|
$
|
2,943
|
|
|
$
|
24,442
|
|
|
$
|
10,166
|
|
Per share amount
|
$
|
0.48
|
|
|
$
|
0.17
|
|
|
$
|
1.39
|
|
|
$
|
0.58
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
17,564
|
|
|
17,394
|
|
|
17,547
|
|
|
17,402
|
|
||||
Assumed conversion of convertible preferred stock
|
840
|
|
|
840
|
|
|
840
|
|
|
840
|
|
||||
Total dilutive shares
|
18,404
|
|
|
18,234
|
|
|
18,387
|
|
|
18,242
|
|
||||
Net income attributable to common shareholders
|
$
|
8,374
|
|
|
$
|
2,943
|
|
|
$
|
24,442
|
|
|
$
|
10,166
|
|
Convertible preferred stock dividend
|
23
|
|
|
23
|
|
|
68
|
|
|
68
|
|
||||
Net income attributable to DXP Enterprises, Inc.
|
$
|
8,397
|
|
|
$
|
2,966
|
|
|
$
|
24,510
|
|
|
$
|
10,234
|
|
Per share amount
|
$
|
0.46
|
|
|
$
|
0.16
|
|
|
$
|
1.33
|
|
|
$
|
0.56
|
|
Purchase Price Consideration
|
Total Consideration
|
||
|
(in thousands)
|
||
Cash payments
|
$
|
10,792
|
|
Fair value of stock issued
|
894
|
|
|
Present value of estimated fair value of contingent earn-out consideration
|
4,006
|
|
|
Total purchase price consideration
|
$
|
15,692
|
|
|
Three Months Ended
September 30, |
||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
|
SC
|
|
IPS
|
|
SCS
|
|
Total
|
|
SC
|
|
IPS
|
|
SCS
|
|
Total
|
||||||||||||||||
Sales
|
$
|
187,763
|
|
|
$
|
76,662
|
|
|
$
|
43,603
|
|
|
$
|
308,028
|
|
|
$
|
160,863
|
|
|
$
|
51,027
|
|
|
$
|
40,040
|
|
|
$
|
251,930
|
|
Income from operations
|
$
|
20,590
|
|
|
$
|
8,773
|
|
|
$
|
3,886
|
|
|
$
|
33,249
|
|
|
$
|
15,550
|
|
|
$
|
1,838
|
|
|
$
|
3,982
|
|
|
$
|
21,370
|
|
|
Nine Months Ended
September 30, |
||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
|
SC
|
|
IPS
|
|
SCS
|
|
Total
|
|
SC
|
|
IPS
|
|
SCS
|
|
Total
|
||||||||||||||||
Sales
|
$
|
556,700
|
|
|
$
|
218,561
|
|
|
$
|
129,930
|
|
|
$
|
905,191
|
|
|
$
|
474,324
|
|
|
$
|
144,555
|
|
|
$
|
122,276
|
|
|
$
|
741,155
|
|
Income from operations
|
$
|
58,353
|
|
|
$
|
24,109
|
|
|
$
|
12,196
|
|
|
$
|
94,658
|
|
|
$
|
47,308
|
|
|
$
|
7,103
|
|
|
$
|
11,758
|
|
|
$
|
66,169
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating income for reportable segments
|
$
|
33,249
|
|
|
$
|
21,370
|
|
|
$
|
94,658
|
|
|
$
|
66,169
|
|
Adjustment for:
|
|
|
|
|
|
|
|
||||||||
Amortization of intangible assets
|
4,098
|
|
|
4,336
|
|
|
12,575
|
|
|
12,943
|
|
||||
Corporate expenses
|
12,338
|
|
|
10,524
|
|
|
34,061
|
|
|
28,223
|
|
||||
Income from operations
|
16,813
|
|
|
6,510
|
|
|
48,022
|
|
|
25,003
|
|
||||
Interest expense
|
4,781
|
|
|
4,928
|
|
|
15,959
|
|
|
12,573
|
|
||||
Other (income) expense, net
|
120
|
|
|
(153
|
)
|
|
(1,318
|
)
|
|
(324
|
)
|
||||
Income before income taxes
|
$
|
11,912
|
|
|
$
|
1,735
|
|
|
$
|
33,381
|
|
|
$
|
12,754
|
|
|
Three Months Ended September 30,
|
||||||||||||
|
2018
|
|
%
|
|
2017
|
|
%
|
||||||
Sales
|
$
|
308,028
|
|
|
100.0
|
%
|
|
$
|
251,930
|
|
|
100.0
|
%
|
Cost of sales
|
223,958
|
|
|
72.7
|
%
|
|
184,967
|
|
|
73.4
|
%
|
||
Gross profit
|
84,070
|
|
|
27.3
|
%
|
|
66,963
|
|
|
26.6
|
%
|
||
Selling, general and administrative expenses
|
67,257
|
|
|
21.8
|
%
|
|
60,453
|
|
|
24.0
|
%
|
||
Income from operations
|
16,813
|
|
|
5.5
|
%
|
|
6,510
|
|
|
2.6
|
%
|
||
Other (income) expense, net
|
120
|
|
|
—
|
%
|
|
(153
|
)
|
|
(0.1
|
)%
|
||
Interest expense
|
4,781
|
|
|
1.6
|
%
|
|
4,928
|
|
|
2.0
|
%
|
||
Income before income taxes
|
11,912
|
|
|
3.9
|
%
|
|
1,735
|
|
|
0.7
|
%
|
||
Provision for income taxes (benefit)
|
3,550
|
|
|
1.2
|
%
|
|
(1,176
|
)
|
|
(0.5
|
)%
|
||
Net income
|
8,362
|
|
|
2.7
|
%
|
|
2,911
|
|
|
1.2
|
%
|
||
Net loss attributable to noncontrolling interest
|
(35
|
)
|
|
—
|
|
|
(55
|
)
|
|
—
|
|
||
Net income attributable to DXP Enterprises, Inc.
|
8,397
|
|
|
2.7
|
%
|
|
2,966
|
|
|
1.2
|
%
|
||
Per share amounts attributable to DXP Enterprises, Inc.
|
|
|
|
|
|
|
|
||||||
Basic earnings per share
|
$
|
0.48
|
|
|
|
|
$
|
0.17
|
|
|
|
||
Diluted earnings per share
|
$
|
0.46
|
|
|
|
|
$
|
0.16
|
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
%
|
|
2017
|
|
%
|
||||||
Sales
|
905,191
|
|
|
100.0
|
%
|
|
741,155
|
|
|
100.0
|
%
|
||
Cost of sales
|
659,560
|
|
|
72.9
|
%
|
|
540,741
|
|
|
73.0
|
%
|
||
Gross profit
|
245,631
|
|
|
27.1
|
%
|
|
200,414
|
|
|
27.0
|
%
|
||
Selling, general and administrative expenses
|
197,609
|
|
|
21.8
|
%
|
|
175,411
|
|
|
23.7
|
%
|
||
Income from operations
|
48,022
|
|
|
5.3
|
%
|
|
25,003
|
|
|
3.4
|
%
|
||
Other (income) expense, net
|
(1,318
|
)
|
|
(0.2
|
)%
|
|
(324
|
)
|
|
—
|
|
||
Interest expense
|
15,959
|
|
|
1.9
|
%
|
|
12,573
|
|
|
1.7
|
%
|
||
Income before taxes
|
33,381
|
|
|
3.7
|
%
|
|
12,754
|
|
|
1.7
|
%
|
||
Provision for income taxes
|
8,962
|
|
|
0.9
|
%
|
|
2,880
|
|
|
0.4
|
%
|
||
Net income
|
24,419
|
|
|
2.8
|
%
|
|
9,874
|
|
|
1.3
|
%
|
||
Net income (loss) attributable to noncontrolling interest
|
(91
|
)
|
|
—
|
|
|
(360
|
)
|
|
—
|
%
|
||
Net income attributable to DXP Enterprises, Inc.
|
24,510
|
|
|
2.8
|
%
|
|
10,234
|
|
|
1.3
|
%
|
||
Per share amounts attributable to DXP Enterprises, Inc.
|
|
|
|
|
|
|
|
||||||
Basic earnings per share
|
$
|
1.39
|
|
|
|
|
$
|
0.58
|
|
|
|
||
Diluted earnings per share
|
$
|
1.33
|
|
|
|
|
$
|
0.56
|
|
|
|
|
Nine Months Ended September 30,
|
||||||
Net Cash Provided by (Used in):
|
2018
|
|
2017
|
||||
Operating Activities
|
$
|
9,842
|
|
|
$
|
8,527
|
|
Investing Activities
|
(15,971
|
)
|
|
(2,157
|
)
|
||
Financing Activities
|
(2,994
|
)
|
|
14,938
|
|
||
Effect of Foreign Currency
|
(66
|
)
|
|
189
|
|
||
Net Change in Cash
|
$
|
(9,189
|
)
|
|
$
|
21,497
|
|
|
September 30, 2018
|
|
December 31, 2017
|
|
Increase (Decrease)
|
||||||
Current maturities of long-term debt
|
$
|
3,394
|
|
|
$
|
3,381
|
|
|
$
|
13
|
|
Long-term debt less unamortized debt issuance costs and current maturities
|
237,434
|
|
|
238,643
|
|
|
(1,209
|
)
|
|||
Total long-term debt
|
$
|
240,828
|
|
|
$
|
242,024
|
|
|
$
|
(1,196
|
)
|
Amount available
(1)
|
$
|
79,930
|
|
|
$
|
82,007
|
|
|
$
|
(2,077
|
)
|
(1) Represents the amount available to be borrowed at the indicated date under the most restrictive covenant of the credit facility in effect at the indicated date.
|
|
Nine Months Ended
September 30, |
|
||
|
2018
|
|
2017
|
Increase
(Decrease)
|
Days of sales outstanding
|
58.3
|
63.2
|
(4.9)
|
|
Inventory turns
|
7.6
|
8.5
|
(0.9)
|
•
|
Management did not maintain effective management review controls over the monitoring and review of certain accounts.
|
•
|
Management did not effectively design, document nor monitor (review, evaluate and assess) the key internal control activities that provide the accounting information contained in the Company's consolidated financial statements.
|
•
|
In connection with the remediation of the material weakness in our control activities, we are enhancing our policies relating to the design, documentation, review, monitoring and approval of management review controls and other key internal control activities that provide the accounting information contained in our consolidated financial statements.
|
•
|
To enhance our information technology controls, we are implementing systems and processes in order to create an effective segregation of duties, restrict user access to applications and improve output controls.
|
101
|
Interactive Data Files
|
1 Year DXP Enterprises Chart |
1 Month DXP Enterprises Chart |
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