DXP Enterprises Q2 2024 10-Q Filing

TL;DR

DXP Enterprises filed its Q2 2024 10-Q, showing updated financials and balance sheet details.

AI Summary

DXP Enterprises, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Key financial data and balance sheet information as of June 30, 2024, and December 31, 2023, were disclosed.

Why It Matters

This filing provides investors with the latest financial performance and position of DXP Enterprises, Inc., crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details within can reveal varying levels of risk.

Key Numbers

• 20240630 — End of Reporting Period (This date marks the end of the fiscal quarter for which the 10-Q provides financial information.)
• 20240808 — Filing Date (This is the date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• DXP Enterprises Inc (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date
• 7139964700 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.01 — hich Registered Common Stock par value $0.01 DXPE NASDAQ Global Select Market Indi

Filing Documents

• dxpe-20240630.htm (10-Q) — 1004KB
• ex221subsidiaryguarantorso.htm (EX-22.1) — 8KB
• dxpeex3116302024.htm (EX-31.1) — 9KB
• dxpeex3126302024.htm (EX-31.2) — 9KB
• dxpeex3216302024.htm (EX-32.1) — 3KB
• dxpeex3226302024.htm (EX-32.2) — 3KB
• 0001020710-24-000072.txt ( ) — 4851KB
• dxpe-20240630.xsd (EX-101.SCH) — 33KB
• dxpe-20240630_cal.xml (EX-101.CAL) — 67KB
• dxpe-20240630_def.xml (EX-101.DEF) — 153KB
• dxpe-20240630_lab.xml (EX-101.LAB) — 392KB
• dxpe-20240630_pre.xml (EX-101.PRE) — 280KB
• dxpe-20240630_htm.xml (XML) — 584KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements 3 a) Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income 3 b) Unaudited Condensed Consolidated Balance Sheets 4 c) Unaudited Condensed Consolidated Statements of Cash Flows 5 d) Unaudited Condensed Consolidated Statements of Equity 6 e) Notes to Unaudited Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 25

Controls and Procedures

ITEM 4. Controls and Procedures 26

: OTHER INFORMATION

PART II: OTHER INFORMATION 27

Legal Proceedings

ITEM 1. Legal Proceedings 27

Risk Factors

ITEM 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Default upon Senior Securities

ITEM 3. Default upon Senior Securities 27

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 27

Other Information

ITEM 5. Other Information 27

Exhibits

ITEM 6. Exhibits 28

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS DXP ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sales $ 445,556 $ 428,040 $ 858,191 $ 852,307 Cost of sales 307,763 296,188 596,516 595,414 Gross profit 137,793 131,852 261,675 256,893 Selling, general and administrative expenses 100,441 94,372 195,192 184,014 Income from operations 37,352 37,480 66,483 72,879 Other income, net ( 1,035 ) ( 242 ) ( 3,004 ) ( 712 ) Interest expense 15,384 11,863 30,928 23,384 Income before income taxes 23,003 25,859 38,559 50,207 Provision for income taxes 6,310 6,805 10,534 13,573 Net income 16,693 19,054 28,025 36,634 Preferred stock dividend 22 22 45 45 Net income attributable to common shareholders $ 16,671 $ 19,032 $ 27,980 $ 36,589 Net income $ 16,693 $ 19,054 $ 28,025 $ 36,634 Foreign currency translation adjustments 93 659 ( 521 ) 757 Comprehensive income $ 16,786 $ 19,713 $ 27,504 $ 37,391 Earnings per share (Note 9) : Basic $ 1.05 $ 1.11 $ 1.75 $ 2.10 Diluted $ 1.00 $ 1.06 $ 1.66 $ 2.01 Weighted average common shares outstanding: Basic 15,868 17,211 15,998 17,402 Diluted 16,708 18,051 16,838 18,242 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 DXP ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) (unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 49,936 $ 173,120 Restricted cash 90 91 Accounts receivable, net of allowance of $ 5,511 and $ 5,584 , respectively 326,583 311,171 Inventories 107,483 103,805 Costs and estimated profits in excess of billings 36,741 42,323 Prepaid expenses and other current assets 23,262 18,044 Total current assets 544,095 648,554 Property and equipment, net 68,407 61,618 Goodwill

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