XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) attributable to DXP Enterprises, Inc. $ 3,133 $ (5,112)
Less net loss attributable to noncontrolling interest (139) (136)
Net income (loss) 2,994 (5,248)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 2,699 3,018
Amortization of intangible assets 4,316 4,528
Bad debt expense 515 405
Amortization of debt issuance costs 190 330
Write off of debt issuance costs 0 395
Compensation expense for restricted stock 533 766
Tax loss related to vesting of restricted stock 0 561
Deferred income taxes 800 3,532
Changes in operating assets and liabilities, net of assets and liabilities acquired in business acquisitions:    
Trade accounts receivable (8,425) 3,549
Costs and estimated profits in excess of billings on uncompleted contracts (780) 3,532
Inventories (595) (1,801)
Prepaid expenses and other assets (1,959) (1,646)
Trade accounts payable and accrued expenses (3,660) (15,606)
Billings in excess of costs and estimated profits on uncompleted contracts 1,182 (3,905)
Net cash used in operating activities (2,190) (7,590)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (601) (1,690)
Equity method investment contribution, net of distributions 0 (4,000)
Net cash used in investing activities (601) (5,690)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from debt 192,891 109,288
Principal payments on revolving line of credit and other long-term debt (190,527) (96,001)
Costs for registration of common shares 0 (216)
Debt issuance fees (20) 0
Loss for non-controlling interest owners, net of tax (84) (83)
Dividends paid (23) (23)
Payment for employee taxes withheld from stock awards (38) (109)
Tax loss related to vesting of restricted stock 0 (561)
Net cash provided by financing activities 2,199 12,295
EFFECT OF FOREIGN CURRENCY ON CASH (3) (86)
NET CHANGE IN CASH (595) (1,071)
CASH AT BEGINNING OF PERIOD 1,590 1,693
CASH AT END OF PERIOD $ 995 $ 622