Company: DXPE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001020710-25-000036
Chunk: 4

Company: DXP ENTERPRISES INC
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7A
Chunk 4
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 contracts. These procedures also included, among others, for a sample of open contracts (i) testing management’s process for developing the estimated costs to complete the open contracts as of year end and (ii) evaluating the reasonableness of the significant assumption used by management related to estimated costs of materials. Evaluating management’s assumption related to estimated costs of materials involved (i) obtaining and inspecting executed purchase orders and agreements; (ii) considering customer specifications and associated vendor quotes; and (iii) performing a comparison of the originally estimated and actual costs of materials incurred on similar completed contracts.

47

/s/ PricewaterhouseCoopers LLP 

Houston, Texas

March 10, 2025

We have served as the Company’s auditor since 2022.

48

DXP ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)

 Twelve Months Ended December 31, 202420232022Sales$1,802,040 $1,678,600 $1,480,832 Cost of sales1,245,763 1,173,309 1,058,794 Gross profit556,277 505,291 422,038 Selling, general and administrative expenses410,895 366,569 324,286 Income from operations145,382 138,722 97,752 Interest expense63,927 53,146 29,135 Other (income) expense, net (Note 18)(3,517)(1,355)2,716 Income before income taxes84,972 86,931 65,901 Provision for income taxes14,483 18,119 17,799 Net income70,489 68,812 48,102 Net loss attributable to noncontrolling interest— — (53)Net income attributable to DXP Enterprises, Inc.70,489 68,812 48,155 Preferred stock dividend90 90 90 Net income attributable to common shareholders$70,399 $68,722 $48,065 Net income$70,489 $68,812 $48,102 Foreign currency translation adjustments(2,370)435 (2,393)Comprehensive income$68,119 $69,247 $45,709 Earnings per share (Note