(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
EXHIBIT NO. | IDENTIFICATION OF EXHIBIT | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
XPEL, Inc. | |||||
Dated: February 22, 2024 | By: /s/ Barry R. Wood | ||||
Barry R. Wood | |||||
Senior Vice President and Chief Financial Officer |
Three Months Ended December 31, | % Change | ||||||||||||||||||||||||||||
2023 | % of Total Revenue | 2022 | % of Total Revenue | 2023 vs. 2022 | |||||||||||||||||||||||||
Total Revenue | $ | 105,538 | 100.0 | % | $ | 78,481 | 100.0 | % | 34.5 | % | |||||||||||||||||||
Gross Margin | 40,932 | 38.8 | % | 31,046 | 39.6 | % | 31.8 | % | |||||||||||||||||||||
Operating Expenses | 26,708 | 25.3 | % | 20,201 | 25.7 | % | 32.2 | % | |||||||||||||||||||||
Net Income | 11,970 | 11.3 | % | 8,358 | 10.6 | % | 43.2 | % | |||||||||||||||||||||
EBITDA2 | 17,654 | 16.7 | % | 13,217 | 16.8 | % | 33.6 | % | |||||||||||||||||||||
Cash flow (used in) provided by operations | $ | (1,117) | n/a | $ | 2,361 | n/a | n/a |
Three Months Ended December 31, | % | % of Total Revenue | |||||||||||||||||||||||||||
2023 | 2022 | Increase | 2023 | 2022 | |||||||||||||||||||||||||
United States | $ | 55,611 | $ | 47,615 | 16.8 | % | 52.7 | % | 60.7 | % | |||||||||||||||||||
Canada | 11,592 | 9,224 | 25.7 | % | 11.0 | % | 11.8 | % | |||||||||||||||||||||
China | 16,584 | 6,221 | 166.6 | % | 15.7 | % | 7.9 | % | |||||||||||||||||||||
Continental Europe | 8,529 | 6,041 | 41.2 | % | 8.1 | % | 7.7 | % | |||||||||||||||||||||
Middle East/Africa | 4,958 | 2,474 | 100.4 | % | 4.7 | % | 3.2 | % | |||||||||||||||||||||
United Kingdom | 3,218 | 2,793 | 15.2 | % | 3.0 | % | 3.6 | % | |||||||||||||||||||||
Asia Pacific | 2,751 | 2,476 | 11.1 | % | 2.6 | % | 3.2 | % | |||||||||||||||||||||
Latin America | 2,120 | 1,378 | 53.8 | % | 2.0 | % | 1.8 | % | |||||||||||||||||||||
Other | 175 | 259 | (32.4) | % | 0.2 | % | 0.1 | % | |||||||||||||||||||||
Total | $ | 105,538 | $ | 78,481 | 34.5 | % | 100.0 | % | 100.0 | % |
For more information, contact: | ||
Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations Phone: (203) 972-9200 Email: xpel@imsinvestorrelations.com |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Product revenue | $ | 82,067 | $ | 60,421 | $ | 311,406 | $ | 258,174 | |||||||||||||||
Service revenue | 23,471 | 18,060 | 84,887 | 65,819 | |||||||||||||||||||
Total revenue | 105,538 | 78,481 | 396,293 | 323,993 | |||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||
Cost of product sales | 54,395 | 40,259 | 198,008 | 169,905 | |||||||||||||||||||
Cost of service | 10,211 | 7,176 | 35,871 | 26,576 | |||||||||||||||||||
Total cost of sales | 64,606 | 47,435 | 233,879 | 196,481 | |||||||||||||||||||
Gross Margin | 40,932 | 31,046 | 162,414 | 127,512 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Sales and marketing | 9,234 | 6,852 | 31,788 | 25,367 | |||||||||||||||||||
General and administrative | 17,474 | 13,349 | 63,654 | 48,208 | |||||||||||||||||||
Total operating expenses | 26,708 | 20,201 | 95,442 | 73,575 | |||||||||||||||||||
Operating Income | 14,224 | 10,845 | 66,972 | 53,937 | |||||||||||||||||||
Interest expense | 301 | 477 | 1,248 | 1,410 | |||||||||||||||||||
Foreign currency exchange (gain) loss | (726) | (272) | (307) | 562 | |||||||||||||||||||
Income before income taxes | 14,649 | 10,640 | 66,031 | 51,965 | |||||||||||||||||||
Income tax expense | 2,679 | 2,282 | 13,231 | 10,584 | |||||||||||||||||||
Net income | $ | 11,970 | $ | 8,358 | $ | 52,800 | $ | 41,381 | |||||||||||||||
Earnings per share | |||||||||||||||||||||||
Basic | $ | 0.43 | $ | 0.30 | $ | 1.91 | $ | 1.50 | |||||||||||||||
Diluted | $ | 0.43 | $ | 0.30 | $ | 1.91 | $ | 1.50 | |||||||||||||||
Weighted Average Number of Common Shares | |||||||||||||||||||||||
Basic | 27,629 | 27,616 | 27,622 | 27,614 | |||||||||||||||||||
Diluted | 27,633 | 27,618 | 27,634 | 27,616 |
(Unaudited) 12/31/2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current | |||||||||||
Cash and cash equivalents | $ | 11,609 | $ | 8,056 | |||||||
Accounts receivable, net | 24,111 | 14,726 | |||||||||
Inventory, net | 106,509 | 80,575 | |||||||||
Prepaid expenses and other current assets | 3,529 | 3,464 | |||||||||
Income tax receivable | 696 | — | |||||||||
Total current assets | 146,454 | 106,821 | |||||||||
Property and equipment, net | 16,980 | 14,203 | |||||||||
Right-of-use lease assets | 15,459 | 15,309 | |||||||||
Intangible assets, net | 34,905 | 29,294 | |||||||||
Other non-current assets | 782 | 972 | |||||||||
Goodwill | 37,461 | 26,763 | |||||||||
Total assets | $ | 252,041 | $ | 193,362 | |||||||
Liabilities | |||||||||||
Current | |||||||||||
Current portion of notes payable | $ | 62 | $ | 77 | |||||||
Current portion of lease liabilities | 3,966 | 3,885 | |||||||||
Accounts payable and accrued liabilities | 32,444 | 22,970 | |||||||||
Income tax payable | — | 470 | |||||||||
Total current liabilities | 36,472 | 27,402 | |||||||||
Deferred tax liability, net | 2,658 | 2,049 | |||||||||
Other long-term liabilities | 890 | 1,070 | |||||||||
Borrowings on line of credit | 19,000 | 26,000 | |||||||||
Non-current portion of lease liabilities | 12,715 | 12,119 | |||||||||
Non-current portion of notes payable | 317 | — | |||||||||
Total liabilities | 72,052 | 68,640 | |||||||||
Commitments and Contingencies (Note 15) | |||||||||||
Stockholders’ equity | |||||||||||
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding | — | — | |||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,630,025 and 27,616,064 issued and outstanding, respectively | 28 | 28 | |||||||||
Additional paid-in-capital | 12,546 | 11,073 | |||||||||
Accumulated other comprehensive loss | (1,209) | (2,203) | |||||||||
Retained earnings | 168,624 | 115,824 | |||||||||
Total stockholders’ equity | 179,989 | 124,722 | |||||||||
Total liabilities and stockholders’ equity | $ | 252,041 | $ | 193,362 |
Three Months ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income | $ | 11,970 | $ | 8,358 | $ | 52,800 | $ | 41,381 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation of property, plant and equipment | 1,305 | 947 | 4,534 | 3,433 | |||||||||||||||||||
Amortization of intangible assets | 1,399 | 1,153 | 5,059 | 4,401 | |||||||||||||||||||
(Gain) loss on sale of property and equipment | (2) | 2 | (13) | (8) | |||||||||||||||||||
Stock compensation | 496 | 205 | 1,640 | 522 | |||||||||||||||||||
Bad debt expense | 27 | 117 | 243 | 467 | |||||||||||||||||||
Deferred income tax | (77) | (478) | (921) | (471) | |||||||||||||||||||
Accretion on notes payable | — | 1 | — | 7 | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable, net | 2,483 | 3,268 | (7,000) | (2,631) | |||||||||||||||||||
Inventory, net | (13,260) | (10,142) | (24,843) | (28,565) | |||||||||||||||||||
Prepaid expenses and other assets | 7,892 | 4,241 | 604 | 259 | |||||||||||||||||||
Income tax payable or receivable | (1,517) | 83 | (1,197) | 1,160 | |||||||||||||||||||
Accounts payable and accrued liabilities | (11,833) | (5,393) | 6,478 | (7,898) | |||||||||||||||||||
Net cash (used in) provided by operating activities | (1,117) | 2,362 | 37,384 | 12,057 | |||||||||||||||||||
Cash flows used in investing activities | |||||||||||||||||||||||
Purchase of property, plant and equipment | (1,615) | (2,402) | (6,356) | (7,936) | |||||||||||||||||||
Proceeds from sale of property and equipment | 9 | 7 | 29 | 73 | |||||||||||||||||||
Acquisitions, net of cash acquired, payment holdbacks, and notes payable | (14,038) | (1,680) | (18,735) | (4,673) | |||||||||||||||||||
Development or purchase of intangible assets | (493) | (252) | (1,291) | (1,620) | |||||||||||||||||||
Net cash used in investing activities | (16,137) | (4,327) | (26,353) | (14,156) | |||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Net borrowings (payments) on revolving credit agreements | 19,000 | — | (7,000) | 1,000 | |||||||||||||||||||
Restricted stock withholding taxes paid in lieu of issued shares | — | — | (167) | (30) | |||||||||||||||||||
Repayments of notes payable | (15) | (64) | (92) | (368) | |||||||||||||||||||
Net cash provided by (used in) financing activities | 18,985 | (64) | (7,259) | 602 | |||||||||||||||||||
Net change in cash and cash equivalents | 1,731 | (2,029) | 3,772 | (1,497) | |||||||||||||||||||
Foreign exchange impact on cash and cash equivalents | (496) | (160) | (219) | (91) | |||||||||||||||||||
Increase (Decrease) in cash and cash equivalents during the period | 1,235 | (2,189) | 3,553 | (1,588) | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 10,374 | 10,245 | 8,056 | 9,644 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 11,609 | $ | 8,056 | $ | 11,609 | $ | 8,056 | |||||||||||||||
Supplemental schedule of non-cash activities | |||||||||||||||||||||||
Non-cash lease financing | $ | 2,384 | $ | 885 | $ | 4,231 | $ | 6,094 | |||||||||||||||
Issuance of common stock for vested restricted stock units | $ | 327 | $ | — | $ | 1,201 | $ | 222 | |||||||||||||||
Supplemental cash flow information | |||||||||||||||||||||||
Cash paid for income taxes | $ | 4,149 | $ | 2,592 | $ | 15,293 | $ | 9,897 | |||||||||||||||
Cash paid for interest | $ | 240 | $ | 407 | $ | 1,240 | $ | 1,306 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net Income | $ | 11,970 | $ | 8,358 | $ | 52,800 | $ | 41,381 | |||||||||||||||
Interest | 301 | 477 | 1,248 | 1,410 | |||||||||||||||||||
Taxes | 2,679 | 2,282 | 13,231 | 10,584 | |||||||||||||||||||
Depreciation | 1,305 | 947 | 4,534 | 3,433 | |||||||||||||||||||
Amortization | 1,399 | 1,153 | 5,059 | 4,401 | |||||||||||||||||||
EBITDA | $ | 17,654 | $ | 13,217 | $ | 76,872 | $ | 61,209 |
Cover |
Feb. 22, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 22, 2024 |
Entity Registrant Name | XPEL, INC. |
Amendment Flag | false |
Entity Central Index Key | 0001767258 |
Soliciting Material | false |
City Area Code | (210) |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | XPEL |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Local Phone Number | 678-3700 |
Entity Incorporation, State or Country Code | NV |
Entity File Number | 001-38858 |
Entity Tax Identification Number | 20-1117381 |
Entity Address, Postal Zip Code | 78215 |
Entity Address, Address Line One | 711 Broadway, Suite 320 |
Entity Address, State or Province | TX |
Entity Address, City or Town | San Antonio |
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