XML 96 R5.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income attributable to DXP Enterprises, Inc. $ 36,035 $ 35,632 $ 16,888
Less: net loss attributable to non-controlling interest (260) (111) (359)
Net income 35,775 35,521 16,529
Reconciliation of net income to net cash provided by operating activities:      
Depreciation 10,100 9,578 10,520
Amortization of intangible assets 15,074 16,586 17,266
Bad debt expense 139 2,368 3,416
Payment of contingent consideration liability in excess of acquisition-date fair value (106) 0 0
Amortization of debt issuance costs 1,875 1,743 1,548
Fair value adjustment on contingent consideration 54 313 0
Write off of debt issuance costs 0 60 578
Gain on sale of property and equipment (9) (1,330) 0
Stock compensation expense 1,963 2,549 1,708
Deferred income taxes 1,110 1,004 (3,827)
Other long-term liabilities (6,718) 2,610 0
Changes in operating assets and liabilities      
Trade accounts receivable 5,560 (22,487) (20,539)
Costs and estimated profits in excess of billings 92 (5,640) (8,419)
Inventories (14,447) (20,838) (7,544)
Prepaid expenses and other assets 5,110 188 (3,287)
Accounts payable and accrued expenses (15,407) 7,093 3,189
Billings in excess of costs & estimated profits 1,142 6,522 1,406
Net cash provided by operating activities 41,307 35,840 12,544
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (22,120) (9,323) (2,811)
Proceeds from the sale of property and equipment 35 2,558 0
Acquisition of business 0 (10,811) 0
Net cash used in investing activities (22,085) (17,576) (2,811)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from debt 0 0 728,822
Principal debt payments (4,341) (3,381) (702,402)
Debt issuance costs 0 (60) (11,208)
Payment for contingent consideration liability (1,394) 0 0
Non-controlling interest holder contributions (distributions), net of tax benefits 0 950 0
Preferred dividends paid (90) (90) (90)
Payment for employee taxes withheld from stock awards (267) (340) (934)
Net cash provided by (used in) financing activities (6,092) (2,921) 14,188
Effect of foreign currency on cash 676 (403) 68
Net Change In Cash 13,806 14,940 23,989
Cash at Beginning of Year 40,519 25,579 1,590
Cash at End of Year 54,325 40,519 25,579
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for interest 17,623 19,134 15,205
Cash paid for income taxes $ 13,318 $ 8,301 $ 714