XML 19 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOW FROM OPERATING ACTIVITIES:    
Net income attributable to DXP Enterprises, Inc. $ 58 $ 16,818
Less net loss attributable to non-controlling interest (220) 0
Net income (loss) (162) 16,818
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 5,997 5,919
Amortization of intangible assets 9,038 10,667
Bad debt expense 986 917
Amortization of debt issuance costs 477 578
Write off of debt issuance costs 967 0
Compensation expense for restricted stock 1,253 1,557
Tax loss related to vesting of restricted stock 565 10
Deferred income taxes 738 13
Changes in operating assets and liabilities, net of assets and liabilities acquired in business acquisitions:    
Trade accounts receivable 4,483 41,632
Costs and estimated profits in excess of billings on uncompleted contracts 2,124 (5,983)
Inventories 5,650 6,069
Prepaid expenses and other assets (1,145) (3,164)
Accounts payable and accrued expenses (13,937) (20,691)
Billings in excess of costs and estimated profits on uncompleted contracts (5,829) (538)
Net cash provided by operating activities 11,205 53,804
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (2,930) (6,516)
Acquisitions of businesses, net of cash acquired 0 (5,000)
Equity method investment contribution (4,000) 0
Net cash used in investing activities (6,930) (11,516)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from debt 219,019 206,486
Principal payments on revolving line of credit and other long-term debt (222,840) (238,473)
Costs for registration of common shares (226) 0
Loss for non-controlling interest owners, net of tax (136) 0
Dividends paid (45) (45)
Purchase of treasury stock 0 (8,908)
Tax loss related to vesting of restricted stock (565) (10)
Net cash used in financing activities (4,793) (40,950)
EFFECT OF FOREIGN CURRENCY ON CASH (88) 103
NET CHANGE IN CASH AND CASH EQUIVALENTS (606) 1,441
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,693 47
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,087 $ 1,488