DXP Enterprises (DXPE) FY2022 results: revenue $1.5 billion, up 32.9% on the year

DXP Enterprises Inc. (DXPE) reported revenue of $1.5 billion for fiscal 2022, the year ended 31 December 2022, up 32.9% on the year before. Net income was $48 million, up 191.9%, and diluted earnings per share $2.47. The figures are the company's own, from the 10-K it filed with the SEC on 17 April 2023.

Revenue

$1.5 billion

+32.9% on the year

FY2015FY2022

Operating margin

6.6%

3.6% a year earlier

FY2015FY2022

Net income

$48 million

+191.9% on the year

FY2015FY2022

Diluted EPS

$2.47

+197.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,481	1,114	1,005	+32.9%
Cost of revenue	1,059	785	728	+34.8%
Gross profit	422	329	277	+28.5%
Gross margin	28.5%	29.5%	27.6%
Selling, general and administrative	324	289	245	+12.3%
Operating income	97.8	39.9	-27.7	+145.3%
Operating margin	6.6%	3.6%	-2.8%
Interest expense	29.1	21.1	20.6	+38.2%
Pre-tax income	65.9	19.2	-48.3	+243.6%
Income tax	17.8	3.4	-18.7	+418.8%
Effective tax rate	27.0%	17.9%	n/a
Net income	48.2	16.5	-29.3	+191.9%
Net margin	3.3%	1.5%	-2.9%
Diluted EPS	$2.47	$0.83	-$1.65	+197.6%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	5.9	37.1	110	-84.1%
Capital expenditure	4.9	6.0	6.7	-18.1%
Free cash flow	1.0	31.1	103	-96.9%
Free cash flow margin	0.1%	2.8%	10.2%
Cash from investing	-53.4	-69.0	-122
Cash from financing	44.3	-38.5	77.4
Depreciation and amortisation	28.5	27.1	22.7	+5.0%
Share-based compensation	1.9	1.8	3.5	+1.5%
Buybacks	47.9	33.5	0.0	+42.9%
Dividends paid	0.1	0.1	0.1	0.0%
Diluted shares, weighted	19m	20m	18m	-1.6%
Shares outstanding at period end	18m	19m	19m	-4.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	365	347	360	+5.4%
Non-controlling interest	0.0	0.1	0.8
Debt	414	319	330	+29.8%
Operating lease liabilities	40.2	39.9	38.0	+0.7%
Finance lease liabilities	0.0	n/a	n/a
Other liabilities	218	189	139	+15.5%
Total liabilities and equity	1,037	894	868	+16.0%
Fixed assets	46.0	51.9	56.9	-11.4%
Goodwill	334	297	250	+12.6%
Intangible assets	79.6	79.2	80.1	+0.5%
Cash and equivalents	46.0	49.0	119	-6.0%
Receivables	321	218	167	+47.1%
Inventory	101	101	97.1	+0.5%
Other assets	110	98.6	98.1	+11.3%
Total assets	1,037	894	868	+16.0%

10-K for the year ended 31 December 2022, filed 17 April 2023: the filing.