0001193125-21-247054.txt : 20210816 0001193125-21-247054.hdr.sgml : 20210816 20210816084607 ACCESSION NUMBER: 0001193125-21-247054 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210816 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210816 DATE AS OF CHANGE: 20210816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DXP ENTERPRISES INC CENTRAL INDEX KEY: 0001020710 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-INDUSTRIAL MACHINERY & EQUIPMENT [5084] IRS NUMBER: 760509661 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21513 FILM NUMBER: 211174791 BUSINESS ADDRESS: STREET 1: 5301 HOLLISTER STREET CITY: HOUSTON STATE: TX ZIP: 77040 BUSINESS PHONE: 7139964700 MAIL ADDRESS: STREET 1: 5301 HOLLISTER STREET CITY: HOUSTON STATE: TX ZIP: 77040 FORMER COMPANY: FORMER CONFORMED NAME: INDEX INC DATE OF NAME CHANGE: 19960808 8-K 1 d219188d8k.htm 8-K 8-K
DXP ENTERPRISES INC false 0001020710 0001020710 2021-08-16 2021-08-16

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 16, 2021

Commission file number 000-21513

 

 

DXP Enterprises, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Texas   76-0509661
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification Number)

 

5301 Hollister, Houston, Texas 77040   (713) 996-4700
(Address of principal executive offices)   Registrant’s telephone number, including area code.

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of Each Class

 

Trading
Symbol

 

Name of Exchange
on which Registered

Common Stock par value $0.01   DXPE   NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 2.02

Results of Operations and Financial Condition

The following information is furnished pursuant to Regulation FD.

On August 16, 2021, DXP Enterprises, Inc. (the “Company”), issued a press release announcing preliminary financial results (unreviewed) for the second quarter ended June 30, 2021. The Company will not host a conference call regarding the second quarter ended June 30, 2021 results.

The Company also announced that during the review of the Form 10-Q for the second quarter ended June 30, 2021 (the “Form 10-Q”), the Company determined it had aged un-vouchered purchase orders included in trade accounts payable. After lengthy investigation and research, the Company concluded that these balances were not valid obligations to vendors and will never be invoiced or paid. Some of the balances in this account are more than three years old and are beyond a reasonable expectation they will be settled and are not considered legal obligations of the Company. The Company continues to review the impact of these items on prior periods and intends to adjust prior year balances to reflect the immaterial changes. For the consolidated balance sheets, the Company expects to reduce trade accounts payable by an estimated $8 million - $12 million and increase retained earnings by a corresponding amount less the impacts associated with taxes. In addition, the Company expects to reduce the cost of sales in the consolidated statement of operations and reflect the associated impacts to the provision for income taxes for the comparative periods presented.

For more information please see the press release. The Company has determined that it is not able to file its Form 10-Q within the prescribed time period without unreasonable effort or expense for the reasons described above. The Company intends to file the Form 10-Q with the Securities and Exchange Commission on or before September 15, 2021.

A copy of the release is furnished herewith as Exhibit 99.1, and incorporated herein by reference. Such exhibit and the information provided above (i) is furnished pursuant to Item 2.02 of Form 8-K, (ii) is not to be considered “filed” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and (iii) shall not be incorporated by reference into any previous or future filings made by or to be made by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits:

 

Exhibit   

Description

Exhibit 99.1    Press Release dated August 16, 2021 announcing the earnings results for the second quarter ended June 30, 2021.
Exhibit 104    Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    DXP ENTERPRISES, INC.
August 16, 2021     By:  

/s/ Kent Yee

      Kent Yee
      Senior Vice President/Finance and Chief Financial Officer
    By:  

/s/ Gene Padgett

      Gene Padgett
      Senior Vice President/Chief Accounting Officer
EX-99.1 2 d219188dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

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THE INDUSTRIAL DISTRIBUTION EXPERTS

DXP ENTERPRISES REPORTS PRELIMINARY (UNREVIEWED)

SECOND QUARTER 2021 RESULTS

 

   

$285.5 million in sales, 16.2% sequential increase

 

   

GAAP diluted EPS of $0.40

 

   

$79.3 million in cash and cash equivalents

 

   

Free cash flow for the quarter of $6.8 million

 

   

Closed the acquisition of Carter & Verplanck

Houston, TX – August 16, 2021 – DXP Enterprises, Inc. (NASDAQ: DXPE) today announced preliminary (unreviewed) financial results for the second quarter ended June 30, 2021. The following are results for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020 and sequentially for the three months ended March 31, 2021, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release. The preliminary results are unaudited and are based on management’s initial review of DXP’s financial results for the three month period ended June 30, 2021.

Second Quarter 2021 financial highlights:

 

   

Sales increased 16.2 percent sequentially to $285.5 million, compared to $245.6 million for the first quarter of 2021 and increased 13.6 percent compared to $251.4 million for the second quarter of 2020.

 

   

Earnings per diluted share for the second quarter was $0.40 based upon 20.1 million diluted shares, compared to $0.12 per share in the second quarter of June 30, 2020, based on 18.6 million diluted shares.

 

   

Net income for the second quarter was $8.1 million, compared to $2.1 million for the prior-year period.

 

   

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the second quarter of 2021 was $22.6 million compared to $13.9 million for the first quarter of 2021 and $13.8 million for the second quarter of 2020.

 

   

Cash flow from operations was $7.6 million, compared to $63.4 million for the prior-year period.

 

   

Free cash flow (cash flow from operations less capital expenditures) for the second quarter of 2021 was $6.8 million, compared to $61.6 million in the second quarter of 2020.

David R. Little, Chairman and CEO commented, “I am pleased that DXP’s performance continues to strengthen as we accelerate into the COVID-19 recovery. Our team continued to improve execution in the second quarter, driving sequential sales growth, and gross margin improvement while maintaining cost discipline. As a result of this performance and the team’s execution, we are confident we will continue to position DXP for long-term profitable growth and a positive outlook for the second half of 2021. DXP’s second quarter 2021 sales were $285.5 million, or a 16.2 percent increase over the first quarter. During the second quarter, sales were $209.5 million for Service Centers, $39.3 million for Supply Chain Services and $36.7 million for Innovative Pumping Solutions. Most of our customers and the markets we serve continue to show improvement. We remain encouraged by the sequential increases despite the continued choppiness associated with COVID19. Thank you to all our customers and DXPeople for the support and efforts to remain safe and healthy while moving forward.”

Kent Yee, CFO, added, “Our second quarter sequential sales growth of 16.2 percent and $6.8 million in free cash flow was great to see. Our financial results reflect our continued focus on our customers and improving market conditions. As of June 30, 2021, we had $79.3 million in cash and cash equivalents. We have completed two acquisitions since the four at year-end, as well as executing share repurchases which were completed towards the end of the quarter. We are well on our way into diversifying DXP’s end markets while creating stakeholder value. We turned DXP’s sales growth into a 64.6 percent sequential increase in EBITDA and $0.28 per share year-over-year improvement in earnings per diluted share. Total debt outstanding as of June 30, 2021 was $328.4 million with senior leverage of 3.11:1, well under our covenant of 5.75:1.

 

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We are excited by our sales team’s focus on organic sales growth as well as the contributions from recent acquisitions. The teamwork as well as the overall tone at DXP is moving in the right direction and we look forward to continuing the momentum into the second half of the year.”

Financial Strength and Liquidity

Net debt, calculated as total long-term debt, net of cash and cash equivalents, on our balance sheet as of June 30, 2021, was $249.1 million compared to $201.7 million at March 31, 2021. As of June 30, 2021, DXP has approximately $210.5 million in liquidity, consisting of $79.2 million in cash on hand and approximately $131.3 million in availability under our ABL facility.

DXP will not host a conference call regarding June 30, 2021 second quarter results (see Update on Form 10-Q and Auditor Review).

Update on Form 10-Q Filing and Auditor Review

During the second quarter, the Company determined it had aged un-vouchered purchase orders included in trade accounts payable. After lengthy investigation and research, the Company concluded that these balances were not valid obligations to vendors and will never be invoiced or paid. Some of the balances in this account are more than three years old and are beyond a reasonable expectation that they will be settled and are not considered legal obligations of the Company. The Company preliminarily assessed the materiality of this error in accordance with Staff Accounting Bulletin No. 99, “Materiality”, and the Company believes that, qualitatively, the amounts would have no bearing on the decision-making process of a reasonable investor. The Company applied the guidance in Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” and assessing the out of period items’ impact using the dual approach, as described in the standard, using both the rollover and iron curtain methods to assess significance and concluded the impact on prior period financial statements was not material. The Company continues to review the impact of these items on prior periods and intends to adjust prior year balances to reflect the immaterial changes. Our independent registered public accounting firm has not completed their review procedures on the adjustment. For the consolidated balance sheets, the Company expects to reduce trade accounts payable by an estimated $8 million - $12 million and increase retained earnings by a corresponding amount less the impacts associated with taxes. In addition, we expect to reduce the cost of sales in the consolidated statement of operations and reflect the associated impacts to the provision for income taxes for the comparative periods presented. Additionally, we are in the process of assessing the impact of this issue on our assessment that our internal control over financial reporting is effective.

Once the analysis is finalized and our independent registered public accounting firm has completed their review, the Company intends to revise its consolidated financial statements for the periods prior to June 30, 2021 through subsequent periodic filings.

Non-GAAP Financial Measures

DXP supplements reporting of net income with non-GAAP measurements, including EBITDA, adjusted EBITDA, free cash flow, non-GAAP net income and net debt. This supplemental information should not be considered in isolation or as a substitute for the unaudited GAAP measurements. Additional information regarding EBITDA, adjusted EBITDA, free cash flow and non-GAAP net income referred to in this press release are included below under “Unaudited Reconciliation of Non-GAAP Financial Information.”

The Company believes EBITDA provides additional information about: (i) operating performance, because it assists in comparing the operating performance of the business, as it removes the impact of non-cash depreciation and amortization expense as well as items not directly resulting from core operations such as interest expense and income taxes and (ii) the performance and the effectiveness of operational strategies. Additionally, EBITDA performance is a component of a measure of the Company’s financial covenants under its credit facility. Furthermore, some investors use EBITDA as a supplemental measure to evaluate the overall operating performance of companies in the industry. Management believes that some investors’ understanding of performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing ongoing results of operations. By providing this non-GAAP financial measure, together with a reconciliation from net income, the Company believes it is enhancing investors’ understanding of the business and results of operations, as well as assisting investors in evaluating how well the Company is executing strategic initiatives. Free Cash Flow reconciles to the most directly comparable GAAP financial measure of cash flows from operations as provided below. We believe Free Cash Flow is an important liquidity metric because it measures, during a given period, the amount of cash generated that is available to fund acquisitions, make investments, repay debt obligations, repurchase company shares, and for certain other activities.

 

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About DXP Enterprises, Inc.

DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production (“MROP”) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP’s breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include without limitation those about the Company’s expectations regarding the impact of the COVID-19 pandemic and the impact of low commodity prices of oil and gas; the Company’s expectations regarding the filing of the Form 10-Q; the description of the anticipated changes in the Company’s consolidated balance sheet and the results of operations and the Company’s assessment of the impact of such anticipated changes; the Company’s business, the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; decreases in oil and natural gas prices; decreases in oil and natural gas industry expenditure levels, which may result from decreased oil and natural gas prices or other factors; inability of the Company or its independent auditors to complete the work necessary in order to file the Form 10-Q, in the expected time frame; unanticipated changes to the Company’s operating results in the Form 10-Q as filed or in relation to prior periods, including as compared to the anticipated changes stated here; unanticipated impact of such changes and its materiality; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, economic risks related to the impact of COVID-19, ability to manage changes and the continued health or availability of management personnel and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

 

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DXP ENTERPRISES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ thousands, except per share amounts)

 

     (UNREVIEWED)     (UNREVIEWED)     (UNREVIEWED)  
     Three Months Ended June 30,     Six Months Ended June 30,  
     2021     2020     2021     2020  

Sales

   $ 285,516     $ 251,401     $ 531,132     $ 552,384  

Cost of sales*

     200,313       181,705       374,320       398,703  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     85,203       69,696       156,812       153,681  

Selling, general and administrative expenses

     70,432       62,943       135,829       136,013  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     14,771       6,753       20,983       17,668  

Other (income) loss

     (104     133       (534     (701

Interest expense

     5,337       3,930       10,580       8,307  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     9,538       2,690       10,937       10,062  

Provision for income taxes

     1,606       610       2,877       2,334  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     7,932       2,080       8,060       7,728  

Net loss attributable to NCI**

     (190     (62     (402     (124
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to DXP Enterprises, Inc.

     8,122       2,142       8,462       7,852  

Preferred stock dividend

     22       22       45       45  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to common shareholders

   $ 8,100     $ 2,120     $ 8,417     $ 7,807  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share attributable to DXP Enterprises, Inc.

   $ 0.40     $ 0.12     $ 0.42     $ 0.42  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares and common equivalent shares outstanding

     20,131       18,575       20,079       18,559  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

Year-to-date fiscal 2021 cost of sales could potentially be reduced by an immaterial amount, pending final review of financials. Additionally, year-to-date cost of sales for fiscal 2020 could include a reduction of less than $1.0M pending finalization of restatement analysis described above.

**

NCI represents non-controlling interest

 

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Business segment financial highlights:

 

   

Service Centers’ revenue for the second quarter was $209.5 million, a 12.4 percent sequential increase and an increase of 36.1 percent year-over-year with a 12.5 percent operating income margin.

 

   

Innovative Pumping Solutions’ revenue for the second quarter was $36.7 million, a sequential increase of 58.0 percent and a decrease of 39.3 percent year-over-year with a 13.1 percent operating income margin.

 

   

Supply Chain Services’ revenue for the second quarter was $39.3 million, a 9.3 percent sequential increase and a increase of 6.1 percent year-over-year with a 8.9 percent operating income margin.

 

     SEGMENT DATA                
     ($ thousands, unaudited)                
     (UNREVIEWED)      (UNREVIEWED)      (UNREVIEWED)      (UNREVIEWED)  
     Three Months Ended June 30,      Six Months Ended June 30,  
Sales    2021      2020      2021      2020  

Service Centers

   $ 209,458      $ 153,848      $ 395,856      $ 336,433  

Innovative Pumping Solutions

     36,727        60,479        59,972        130,500  

Supply Chain Services

     39,331        37,074        75,304        85,451  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total DXP Sales

   $ 285,516      $ 251,401      $ 531,132      $ 552,384  
  

 

 

    

 

 

    

 

 

    

 

 

 
     Three Months Ended June 30,      Six Months Ended June 30,  
Operating Income    2021      2020      2021      2020  

Service Centers

   $ 26,226      $ 13,664      $ 48,342      $ 30,590  

Innovative Pumping Solutions

     4,803        8,565        5,751        18,993  

Supply Chain Services

     3,488        3,353        5,810        7,108  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total segments operating income

   $ 34,517      $ 25,582      $ 59,903      $ 56,691  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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Reconciliation of Operating Income for Reportable Segments

($ thousands, unaudited)

 

     (UNREVIEWED)      (UNREVIEWED)      (UNREVIEWED)      (UNREVIEWED)  
     Three Months Ended June 30,      Six Months Ended June 30,  
     2021      2020      2021      2020  

Operating income for reportable segments*

   $ 34,517      $ 25,582      $ 59,903      $ 56,691  

Adjustment for:

           

Amortization of intangibles

     4,306        3,046        8,452        6,243  

Corporate expenses

     15,440        15,783        30,468        32,780  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total operating income

   $ 14,771      $ 6,753      $ 20,983      $ 17,668  

Interest expense

     5,337        3,930        10,580        8,307  

Other (income) loss

     (104      133        (534      (701
  

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

   $ 9,538      $ 2,690      $ 10,937      $ 10,062  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

See Update on Form 10-Q Filing and Auditor Review

Unaudited Reconciliation of Non-GAAP Financial Information

($ thousands, unaudited)

The following table is a reconciliation of EBITDA and adjusted EBITDA, a non-GAAP financial measure, to income before taxes, calculated and reported in accordance with U.S. GAAP.

 

     (UNREVIEWED)      (UNREVIEWED)      (UNREVIEWED)      (UNREVIEWED)  
     Three Months Ended June 30,      Six Months Ended June 30,  
     2021      2020      2021      2020  

Income before income taxes*

     9,538        2,690        10,937        10,062  

Plus: interest expense

     5,337        3,930        10,580        8,307  

Plus: depreciation and amortization

     6,958        5,965        13,584        11,990  
  

 

 

    

 

 

    

 

 

    

 

 

 

EBITDA

   $ 21,833      $ 12,585      $ 35,101      $ 30,359  

Plus: NCI loss income before tax**

     315        221        598        303  

Plus: stock compensation expense

     460        983        840        1,887  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

   $ 22,608      $ 13,789      $ 36,539      $ 32,549  

 

*

See Update on Form 10-Q Filing and Auditor Review

**

NCI represents non-controlling interest

 

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DXP ENTERPRISES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

($ thousands, except per share amounts)

 

     (UNREVIEWED)  
     June 30, 2021      December 31, 2020  

ASSETS

     

Current assets:

     

Cash

   $ 79,169      $ 117,353  

Restricted cash

     91        91  

Accounts receivable, net of allowances for doubtful accounts

     191,853        163,429  

Inventories

     103,447        97,071  

Costs and estimated profits in excess of billings

     16,718        18,459  

Prepaid expenses and other current assets

     6,914        4,548  

Federal income taxes receivable

     6,088        5,632  
  

 

 

    

 

 

 

Total current assets

   $ 404,280      $ 406,583  

Property and equipment, net

     52,456        56,899  

Goodwill

     300,865        248,339  

Other intangible assets, net of accumulated amortization

     83,175        80,088  

Operating lease right-of-use assets

     56,173        55,188  

Other long-term assets

     5,448        4,764  
  

 

 

    

 

 

 

Total assets

   $ 902,397      $ 851,861  
  

 

 

    

 

 

 

LIABILITIES AND EQUITY

     

Current liabilities:

     

Current maturities of long-term debt

   $ 3,300      $ 3,300  

Trade accounts payable*

     91,053        75,744  

Accrued wages and benefits

     26,240        20,621  

Customer advances

     7,426        3,688  

Billings in excess of costs and estimated profits

     2,300        4,061  

Current-portion operating lease liabilities

     17,512        15,891  

Other current liabilities

     50,004        20,834  
  

 

 

    

 

 

 

Total current liabilities

   $ 197,835      $ 144,139  

Long-term debt, less unamortized debt issuance costs

     316,343        317,139  

Long-term operating lease liabilities

     37,907        38,010  

Other long-term liabilities

     2,931        2,930  

Deferred income taxes

     2,520        1,777  
  

 

 

    

 

 

 

Total long-term liabilities

   $ 359,701      $ 359,856  
  

 

 

    

 

 

 

Total Liabilities

   $ 557,536      $ 503,995  
  

 

 

    

 

 

 

Equity:

     

Total DXP Enterprises, Inc. equity*

     344,465        347,068  

Non-controlling interest

     396        798  
  

 

 

    

 

 

 

Total Equity

   $ 344,861      $ 347,866  
  

 

 

    

 

 

 

Total liabilities and equity

   $ 902,397      $ 851,861  
  

 

 

    

 

 

 

 

*

See Update on Form 10-Q and Auditor Review

 

Page 7


LOGO   

NEWS RELEASE

CONTACT: Kent Yee

Senior Vice President, CFO

www.dxpe.com

THE INDUSTRIAL DISTRIBUTION EXPERTS

 

Unaudited Reconciliation of Non-GAAP Financial Information

($ thousands, unaudited)

The following table is a reconciliation of free cash flow, a non-GAAP financial measure, to cash flow from operating activities, calculated and reported in accordance with U.S. GAAP and is an update to DXP’s pre-announcement dated August 5, 2021, for the three and six months period ended June 30, 2021.

 

     (UNREVIEWED)      (UNREVIEWED)      (UNREVIEWED)      (UNREVIEWED)  
     Three Months Ended June 30,      Six Months Ended June 30,  
     2021      2020      2021      2020  

Net cash from operating activities

   $ 7,630      $ 63,376      $ 18,182      $ 61,764  

Less: purchases of property and equipment

     (846      (1,898      (1,526      (5,133

Plus: proceeds from sales of property and equipment

     —          123        1,297        123  
  

 

 

    

 

 

    

 

 

    

 

 

 

Free cash flow

   $ 6,784      $ 61,601      $ 17,953      $ 56,754  

Note: Supplemental non-cash items include share repurchases and additional accrued purchase price owed, which have been excluded.

 

Page 8

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