DXP Enterprises (DXPE) FY2023 results: revenue $1.7 billion, up 13.4% on the year

DXP Enterprises Inc. (DXPE) reported revenue of $1.7 billion for fiscal 2023, the year ended 31 December 2023, up 13.4% on the year before. Net income was $69 million, up 42.9%, and diluted earnings per share $3.89. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2024.

Revenue

$1.7 billion

+13.4% on the year

FY2016FY2023

Operating margin

8.3%

6.6% a year earlier

FY2016FY2023

Net income

$69 million

+42.9% on the year

FY2016FY2023

Diluted EPS

$3.89

+57.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,679	1,481	1,114	+13.4%
Cost of revenue	1,173	1,059	785	+10.8%
Gross profit	505	422	329	+19.7%
Gross margin	30.1%	28.5%	29.5%
Selling, general and administrative	367	324	289	+13.0%
Operating income	139	97.8	39.9	+41.9%
Operating margin	8.3%	6.6%	3.6%
Interest expense	53.1	29.1	21.1	+82.4%
Pre-tax income	86.9	65.9	19.2	+31.9%
Income tax	18.1	17.8	3.4	+1.8%
Effective tax rate	20.8%	27.0%	17.9%
Net income	68.8	48.2	16.5	+42.9%
Net margin	4.1%	3.3%	1.5%
Diluted EPS	$3.89	$2.47	$0.83	+57.5%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	106	5.9	37.1	+1,702.2%
Capital expenditure	12.3	4.9	6.0	+149.5%
Free cash flow	94.0	1.0	31.1	+9,507.3%
Free cash flow margin	5.6%	0.1%	2.8%
Cash from investing	-22.6	-53.4	-69.0
Cash from financing	43.6	44.3	-38.5	-1.7%
Depreciation and amortisation	26.7	28.5	27.1	-6.5%
Share-based compensation	3.1	1.9	1.8	+66.1%
Buybacks	56.2	47.9	33.5	+17.4%
Dividends paid	0.1	0.1	0.1	0.0%
Diluted shares, weighted	18m	19m	20m	-9.0%
Shares outstanding at period end	16m	18m	19m	-8.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	381	365	347	+4.2%
Non-controlling interest	n/a	0.0	0.1
Debt	526	414	319	+27.2%
Operating lease liabilities	34.3	40.2	39.9	-14.6%
Finance lease liabilities	8.6	0.0	n/a
Other liabilities	227	218	189	+4.3%
Total liabilities and equity	1,177	1,037	894	+13.5%
Fixed assets	61.6	46.0	51.9	+34.1%
Goodwill	344	334	297	+3.1%
Intangible assets	63.9	79.6	79.2	-19.7%
Cash and equivalents	173	46.0	49.0	+276.1%
Receivables	311	321	218	-3.0%
Inventory	104	101	101	+2.4%
Other assets	120	110	98.6	+9.3%
Total assets	1,177	1,037	894	+13.5%

10-K for the year ended 31 December 2023, filed 11 March 2024: the filing.