XML 16 R5.htm IDEA: XBRL DOCUMENT v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income attributable to DXP Enterprises, Inc. $ 20,750 $ 16,113
Less: net loss attributable to non-controlling interest (213) (56)
Net income 20,537 16,057
Reconciliation of net income to net cash used in operating activities:    
Depreciation 4,654 4,727
Amortization of intangible assets 7,617 8,477
Write-off of debt issuance costs 0 60
Gain on sale of property and equipment (8) (1,318)
Bad debt expense (228) 1,715
Payment of contingent consideration liability in excess of acquisition-date fair value (106) 0
Fair value adjustment on contingent consideration 66 0
Amortization of debt issuance costs 936 932
Stock compensation expense 1,029 1,497
Deferred income taxes 926 218
Changes in operating assets and liabilities    
Trade accounts receivable (17,402) (14,469)
Costs and estimated profits in excess of billings (2,953) (11,051)
Inventories (13,114) (16,718)
Prepaid expenses and other assets 7,295 614
Trade accounts payable and accrued expenses 911 815
Billings in excess of costs and estimated profits (4,774) (1,150)
Other long-term liabilities (8,846) 2,611
Net cash used in operating activities (3,460) (6,983)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (8,584) (5,516)
Proceeds from the sale of property and equipment 34 2,700
Acquisition of business, net of cash acquired 0 (10,792)
Net cash used in investing activities (8,550) (13,608)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal debt payments (1,700) (1,688)
Debt issuance costs 0 (60)
Payment for contingent consideration liability (1,394) 0
Dividends paid (45) (45)
Payment for employee taxes withheld from stock awards (128) (136)
Net cash used in financing activities (3,267) (1,929)
Effect of foreign currency on cash 311 (171)
Net change in cash and restricted cash (14,966) (22,691)
Cash and restricted cash at beginning of period 40,519 25,579
Cash and restricted cash at end of period $ 25,553 $ 2,888