Company: DXPE
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001020710-25-000092
Chunk: 29

Company: DXP ENTERPRISES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)

Three Months Ended March 31, 20252024CASH FLOWS FROM OPERATING ACTIVITIES: Net income $20,589 $11,332 Reconciliation of net income to net cash provided by operating activities:Depreciation2,316 2,208 Amortization of intangibles and fixed assets6,818 5,330 Amortization of debt issuance costs965 895 Gain on sale of property and equipment(325)— Recovery of credit losses(1,322)(1,200)Payment of contingent consideration liability in excess of acquisition-date fair value— (17)Fair value adjustment on contingent consideration183 (194)Restricted stock compensation expense1,317 864 Deferred income taxes3,943 (3,056)Other non-cash items(6,100)(1,246)Changes in operating assets and liabilities, net of effects of businesses acquired:Accounts receivable(13,202)8,993 Costs and estimated profits in excess of billings2,893 7,052 Inventories(3,525)754 Prepaid expenses and other assets(2,369)(2,667)Accounts payable6,505 (6,811)Accrued expenses(3,569)(892)Billings in excess of costs and estimated profits6,764 (1,301)Income taxes(18,908)6,945 Net cash provided by operating activities$2,973 $26,989 CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of property and equipment(19,914)(2,894)Proceeds from the sale of property and equipment2,699 — Acquisition of businesses, net of cash acquired(12,850)(39,261)Net cash used in investing activities$(30,065)$(42,155)CASH FLOWS FROM FINANCING ACTIVITIES:Principal debt payments(1,624)(1,375)Debt issuance costs(125)— Shares repurchased held in treasury — (14,815)Payment for acquisition contingent consideration liability(3,820)(983)Preferred stock dividends paid(23)(23)Payment for employee taxes withheld from stock awards(126)(54)Principal payments on finance leases(1,