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SEGMENT DATA | |||||||||||
($ thousands, unaudited) | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
Sales | 2025 | 2024 | 2025 | 2024 | |||||||
Service Centers | $ | 350,179 | $ | 316,831 | $ | 1,016,985 | $ | 911,783 | |||
Innovative Pumping Solutions | 100,551 | 89,825 | 280,273 | 225,417 | |||||||
Supply Chain Services | 62,994 | 66,279 | 191,717 | 193,926 | |||||||
Total Sales | $ | 513,724 | $ | 472,935 | $ | 1,488,975 | $ | 1,331,126 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
Operating Income | 2025 | 2024 | 2025 | 2024 | |||||||
Service Centers | $ | 51,346 | $ | 46,155 | $ | 148,561 | $ | 130,330 | |||
Innovative Pumping Solutions | 18,399 | 18,207 | 50,448 | 38,543 | |||||||
Supply Chain Services | 5,304 | 5,568 | 16,096 | 16,653 | |||||||
Total Segments Operating Income | $ | 75,049 | $ | 69,930 | $ | 215,105 | $ | 185,526 | |||
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RECONCILIATION OF OPERATING INCOME FOR REPORTABLE SEGMENTS | ||||||||||||||
($ thousands, unaudited) | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||
Income from operations for reportable segments | $ | 75,049 | $ | 69,930 | $ | 215,105 | $ | 185,526 | ||||||
Adjustment for: | ||||||||||||||
Amortization of intangibles | 5,370 | 5,245 | 16,053 | 14,333 | ||||||||||
Corporate expenses | 25,981 | 25,077 | 68,853 | 65,102 | ||||||||||
Income from operations | $ | 43,698 | $ | 39,608 | $ | 130,199 | $ | 106,091 | ||||||
Interest expense | 14,894 | 15,716 | 44,298 | 46,644 | ||||||||||
Other (income) expense, net | (648 | ) | 160 | (2,320 | ) | (2,844 | ) | |||||||
Income before income taxes | $ | 29,452 | $ | 23,732 | $ | 88,221 | $ | 62,291 | ||||||
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RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
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($ thousands, unaudited)
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We define and calculate EBITDA as Net income attributable to DXP Enterprises, Inc., plus interest, taxes, depreciation, and amortization. We define and calculate Adjusted EBITDA as Net income attributable to DXP Enterprises, Inc., plus interest, taxes, depreciation, and amortization minus stock-based compensation expense and all other non-cash charges, adjustments, and non-recurring items. We identify the impact of all other non-cash charges, adjustments and non-recurring items because we believe these items do not directly reflect our underlying operations.
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We define and calculate EBITDA Margin as EBITDA divided by sales. We define and calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by sales.
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The following table sets forth the reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin to the most comparable U.S. GAAP financial measure (in thousands):
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Income before income taxes | $ | 29,452 | $ | 23,732 | $ | 88,221 | $ | 62,291 | |||||||
Plus: Interest expense | 14,894 | 15,716 | 44,298 | 46,644 | |||||||||||
Plus: Depreciation and amortization | 9,920 | 8,720 | 28,544 | 24,385 | |||||||||||
EBITDA | $ | 54,266 | $ | 48,168 | $ | 161,063 | $ | 133,320 | |||||||
Plus: other non-recurring items(1) | 757 | 2,950 | 992 | 4,292 | |||||||||||
Plus: stock compensation expense | 1,478 | 1,322 | 4,278 | 3,398 | |||||||||||
Adjusted EBITDA | $ | 56,501 | $ | 52,440 | $ | 166,333 | $ | 141,010 | |||||||
Operating Income Margin | 8.5 | % | 8.4 | % | 8.7 | % | 8.0 | % | |||||||
Net Income Margin | 4.2 | % | 4.5 | % | 4.4 | % | 3.7 | % | |||||||
EBITDA Margin | 10.6 | % | 10.2 | % | 10.8 | % | 10.0 | % | |||||||
Adjusted EBITDA Margin | 11.0 | % | 11.1 | % | 11.2 | % | 10.6 | % | |||||||
(1) Other non-recurring items includes unique acquisition integration costs and other non-cash, non-recurring costs not related to continuing business operations. | |||||||||||||||
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We define and calculate organic sales to include locations and acquisitions under our ownership for at least twelve months. “Acquisition Sales” are sales from acquisitions that have been under our ownership for less than twelve months and are excluded in our calculation of Organic Sales.
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“Business Days” are days of the week, excluding Saturdays, Sundays, and holidays, that our locations are open during the year. Depending on the location and the season, our branches may be open on Saturdays and Sundays; however, for consistency, those days have been excluded from the calculation of Business Days.
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We define and calculate Sales per Business Day as sales divided by the number of Business Days in the relevant reporting period.
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We define and calculate Organic Sales per Business Day as Organic Sales divided by the number of Business Days in the relevant reporting period.
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The following table sets forth the reconciliation of Acquisition Sales, Organic Sales and Organic Sales per Business Day to the most comparable U.S. GAAP financial measure (in thousands):
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||
Sales by Business Segment | |||||||||||
Service Centers | $ | 350,179 | $ | 316,831 | $ | 1,016,985 | $ | 911,783 | |||
Innovative Pumping Solutions | 100,551 | 89,825 | 280,273 | 225,417 | |||||||
Supply Chain Services | 62,994 | 66,279 | 191,717 | 193,926 | |||||||
Total DXP Sales | $ | 513,724 | $ | 472,935 | $ | 1,488,975 | $ | 1,331,126 | |||
Acquisition Sales | $ | 18,403 | $ | 28,535 | $ | 74,120 | $ | 63,713 | |||
Organic Sales | $ | 495,321 | $ | 444,400 | $ | 1,414,855 | $ | 1,267,413 | |||
Business Days | 64 | 64 | 190 | 191 | |||||||
Sales per Business Day | $ | 8,027 | $ | 7,390 | $ | 7,837 | $ | 6,969 | |||
Organic Sales per Business Day | $ | 7,739 | $ | 6,944 | $ | 7,447 | $ | 6,636 | |||
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We define and calculate free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment.
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The following table sets forth the reconciliation of Free Cash Flow to the most comparable GAAP financial measure (in thousands):
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Net cash from operating activities | $ | 34,886 | $ | 28,344 | $ | 56,505 | $ | 70,068 | |||||||
Less: purchases of property and equipment | (6,740 | ) | (3,954 | ) | (37,000 | ) | (15,673 | ) | |||||||
Free Cash Flow | $ | 28,146 | $ | 24,390 | $ | 19,505 | $ | 54,395 | |||||||
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The following table is a reconciliation of adjusted net income attributable to DXP Enterprises, Inc., a non-GAAP financial measure, to net income, calculated and reported in accordance with U.S. GAAP (in thousands):
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Net Income | $ | 21,631 | $ | 21,101 | $ | 65,832 | $ | 49,126 | |||||||
One-time non-recurring costs | 757 | 2,950 | 992 | 4,292 | |||||||||||
Adjustment for taxes | (201 | ) | (327 | ) | (252 | ) | (907 | ) | |||||||
Adjusted Net Income | $ | 22,187 | $ | 23,724 | $ | 66,572 | $ | 52,511 | |||||||
Weighted average common shares outstanding | |||||||||||||||
Diluted | 16,526 | 16,590 | 16,533 | 16,755 | |||||||||||
Diluted Earnings per Share | $ | 1.31 | $ | 1.27 | $ | 3.98 | $ | 2.93 | |||||||
Adjusted Diluted Earnings per Share | $ | 1.34 | $ | 1.43 | $ | 4.03 | $ | 3.13 | |||||||
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View source version on businesswire.com:
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Contacts
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Kent Yee
Senior Vice President, CFO
713-996-4700
www.dxpe.com
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English (US)