XML 23 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) attributable to DXP Enterprises, Inc. $ 16,888 $ 7,702 $ (38,536)
Less net loss attributable to non-controlling interest (359) (551) (534)
Net income (loss) 16,529 7,151 (39,070)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 10,520 11,933 12,622
Amortization of intangible assets 17,266 18,061 20,621
Impairment of goodwill 0 0 68,735
Bad debt expense 3,416 180 2,014
Amortization of debt issuance costs 1,548 1,856 1,211
Write off of debt issuance costs 578 0 0
Gain on sale of subsidiary 0 (5,635) 0
Stock compensation expense 1,708 3,580 2,973
Tax loss related to vesting of restricted stock 0 619 0
Deferred income taxes (3,827) 2,687 (9,024)
Changes in operating assets and liabilities, net of assets and liabilities acquired in business acquisitions:      
Trade accounts receivable (20,539) 12,080 71,261
Costs and estimated profits in excess of billings on uncompleted contracts (8,419) 3,457 (2,047)
Inventories (7,544) 5,453 12,724
Prepaid expenses and other assets (3,287) 620 159
Trade accounts payable and accrued expenses 3,189 (8,595) (42,862)
Billings in excess of costs & estimated profits on uncompleted contracts 1,406 (5,203) (513)
Net cash provided by operating activities 12,544 48,244 98,804
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (2,811) (4,868) (13,992)
Proceeds from the sale of fixed assets 0 1,206 0
Proceeds from sale of subsidiary 0 31,476 0
Acquisitions of businesses, net of cash acquired 0 0 (15,501) [1]
Net cash provided by (used in) investing activities (2,811) 27,814 (29,493)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from debt 728,822 517,689 393,551
Principal payments on revolving line of credit and other long-term debt (702,402) (643,568) (453,480)
Debt issuance costs (11,208) (801) (543)
Noncontrolling interest holder contributions, net of tax benefits     2,346
Noncontrolling interest holder distributions, net of tax benefits 0 (335)  
Preferred dividends paid (90) (90) (90)
Purchase of treasury stock 0 0 (8,908)
Proceeds from issuance of common shares, net 0 51,889 0
Payment for employee taxes withheld from stock awards (934) (238) (815)
Tax (loss) related to vesting of restricted stock 0 (619) 0
Net cash provided by (used in) financing activities 14,188 (76,073) (67,939)
EFFECT OF FOREIGN CURRENCY ON CASH 68 (88) 274
(DECREASE) INCREASE IN CASH 23,989 (103) 1,646
CASH AT BEGINNING OF YEAR 1,590 1,693 47
CASH AT END OF YEAR 25,579 1,590 1,693
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for Interest 15,205 13,708 9,721
Cash paid for Income Taxes $ 714 $ 4,780 $ 13,792
[1] Purchases of businesses in 2015 exclude $4.4 million in common stock issued in connection with an acquisition.