DXP Enterprises (DXPE) FY2021 results: revenue $1.1 billion, up 10.8% on the year

DXP Enterprises Inc. (DXPE) reported revenue of $1.1 billion for fiscal 2021, the year ended 31 December 2021, up 10.8% on the year before. Net income was $16 million, and diluted earnings per share $0.83. The figures are the company's own, from the 10-K it filed with the SEC on 5 April 2022.

Revenue

$1.1 billion

+10.8% on the year

FY2014FY2021

Operating margin

3.6%

-2.8% a year earlier

FY2014FY2021

Net income

$16 million

FY2014FY2021

Diluted EPS

$0.83

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,114	1,005	1,267	+10.8%
Cost of revenue	785	728	915	+7.9%
Gross profit	329	277	350	+18.5%
Gross margin	29.5%	27.6%	27.6%
Selling, general and administrative	289	245	282	+17.8%
Operating income	39.9	-27.7	67.4
Operating margin	3.6%	-2.8%	5.3%
Interest expense	21.1	20.6	19.5	+2.5%
Pre-tax income	19.2	-48.3	48.0
Income tax	3.4	-18.7	11.2
Effective tax rate	17.9%	n/a	23.3%
Net income	16.5	-29.3	37.0
Net margin	1.5%	-2.9%	2.9%
Diluted EPS	$0.83	-$1.65	$2.01

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	37.1	110	41.3	-66.2%
Capital expenditure	6.0	6.7	22.1	-10.1%
Free cash flow	31.1	103	19.2	-69.8%
Free cash flow margin	2.8%	10.2%	1.5%
Cash from investing	-69.0	-122	-22.1
Cash from financing	-38.5	77.4	-6.1
Depreciation and amortisation	27.1	22.7	25.2	+19.7%
Share-based compensation	1.8	3.5	2.0	-48.4%
Buybacks	33.5	0.0	0.0
Dividends paid	0.1	0.1	0.1	0.0%
Diluted shares, weighted	20m	18m	18m	+11.5%
Shares outstanding at period end	19m	19m	18m	-3.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	347	360	354	-3.8%
Non-controlling interest	0.1	0.8	1.1	-93.4%
Debt	319	330	238	-3.4%
Operating lease liabilities	39.9	38.0	48.6	+5.0%
Other liabilities	189	139	147	+35.9%
Total liabilities and equity	894	868	788	+3.0%
Fixed assets	51.9	56.9	63.7	-8.8%
Goodwill	297	250	194	+18.7%
Intangible assets	79.2	80.1	52.6	-1.1%
Cash and equivalents	49.0	119	54.2	-58.9%
Receivables	218	167	189	+30.7%
Inventory	101	97.1	129	+3.9%
Other assets	98.6	98.1	106	+0.5%
Total assets	894	868	788	+3.0%

10-K for the year ended 31 December 2021, filed 5 April 2022: the filing.