XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of
protective films and coatings, announced results for the first
quarter ended March 31, 2021.
First Quarter 2021 Highlights:
- Revenues increased 82.7% to $51.9 million compared to first
quarter 2020 and increased 6.7% sequentially as compared to fourth
quarter 2020.
- Net income grew 324.9% to $6.8 million, or $0.25 per basic and
diluted share, compared to $1.6 million, or $0.06 per basic and
diluted share, in the same quarter of 2020.
- EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) grew 256.0% to $9.2 million, or 17.7% of revenues
compared to $2.6 million, or 9.1% in first quarter 2020.1
Ryan Pape, President and Chief Executive Officer of XPEL,
commented, “The momentum we saw at the end of last year carried
over into 2021 resulting in record top and bottom line performance
for the Company. We saw strong growth across all of our regions,
particularly in China where we first experienced COVID-19 impact
during the first quarter of last year.”
For the Quarter Ended March 31, 2021:
Revenues. Revenues increased approximately $23.5 million or
82.7% to $51.9 million as compared to $28.4 million in the first
quarter of the prior year.
Gross Margin. Gross margin was 35.3% compared to 36.3% in the
first quarter of 2020.
Expenses. Operating expenses increased to $9.7 million, or 18.8%
of sales, compared to $7.8 million or 27.5% of sales in the prior
year period.
Net income. Net income was $6.8 million, or $0.25 per basic and
diluted share versus net income of $1.6 million, or $0.06 per basic
and diluted share in the first quarter of 2020.
EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation,
and Amortization) was $9.2 million, or 17.7% of sales, as compared
to $2.6 million in the prior year1.
1 See reconciliation of non-GAAP financial measures below
Conference Call Information
The Company will host a conference call and webcast on Monday,
May 10, 2021 at 11:00 a.m. Eastern Time to discuss the Company’s
first quarter results.
To access the live webcast, please visit the XPEL, Inc. website
at www.xpel.com/investor.
To participate in the call by phone, dial (877) 407-8033
approximately five minutes prior to the scheduled start time.
International callers please dial (201) 689-8033.
A replay of the teleconference will be available until June 9,
2021 and may be accessed by dialing (877) 481-4010. International
callers may dial (919) 882-2331. Callers should use conference ID:
41202.
About XPEL, Inc.
XPEL is a leading provider of protective films and coatings,
including automotive paint protection film, surface protection
film, automotive and architectural window films, and ceramic
coatings. With a global footprint, a network of trained installers
and proprietary DAP software, XPEL is dedicated to exceeding
customer expectations by providing high-quality products, leading
customer service, expert technical support and world-class
training. XPEL, Inc. is publicly traded on Nasdaq under the symbol
“XPEL”.
Safe harbor statement
This release includes forward-looking statements regarding XPEL,
Inc. and its business, which may include, but is not limited to,
anticipated use of proceeds from capital transactions, expansion
into new markets, and execution of the company's growth strategy.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans," "is expected," "expects,"
"scheduled," "intends," "contemplates," "anticipates," "believes,"
"proposes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may," "could," "would," "might" or "will" be taken, occur or be
achieved. Such statements are based on the current expectations of
the management of XPEL. The forward-looking events and
circumstances discussed in this release may not occur by certain
specified dates or at all and could differ materially as a result
of known and unknown risk factors and uncertainties affecting the
company, performance and acceptance of the company's products,
economic factors, competition, the equity markets generally and
many other factors beyond the control of XPEL. Although XPEL has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking statement
can be guaranteed. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and XPEL undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
This press release is for information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of any securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
XPEL, Inc.
Consolidated Statements of
Income
(Unaudited)
Three Months Ended
March 31,
2021
2020
Revenue
Product
revenue..................................................................................................................
$
44,931,353
$
23,749,917
Service
revenue..................................................................................................................
6,934,761
4,638,546
Total
revenue................................................................................................................
51,866,114
28,388,463
Cost of Sales
Cost of product
sales..........................................................................................................
31,546,547
16,761,413
Cost of
service....................................................................................................................
2,033,136
1,330,162
Total cost of
sales........................................................................................................
33,579,683
18,091,575
Gross
Margin........................................................................................................................
18,286,431
10,296,888
Operating Expenses
Sales and
marketing...........................................................................................................
3,387,830
2,743,249
General and
administrative................................................................................................
6,351,491
5,069,771
Total operating
expenses.......................................................................................
9,739,321
7,813,020
Operating
Income.................................................................................................................
8,547,110
2,483,868
Interest
expense................................................................................................................
52,719
30,558
Foreign currency exchange
loss.......................................................................................
35,612
415,577
Income before income
taxes..............................................................................................
8,458,779
2,037,733
Income tax
expense..........................................................................................................
1,611,720
426,379
Net
income............................................................................................................................
6,847,059
1,611,354
...............................................................................................................................................
Earnings per share
Basic and
diluted.............................................................................................................
$
0.25
$
0.06
Weighted Average Number of Common
Shares
Basic and
diluted.............................................................................................................
27,612,597
27,612,597
XPEL, Inc.
Consolidated Balance
Sheets
(Unaudited)
(Audited)
March 31, 2021
December 31, 2020
Assets
Current
Cash and cash equivalents
$
35,615,477
$
29,027,124
Accounts receivable, net
9,903,238
9,944,213
Inventory, net
24,909,271
22,364,126
Prepaid expenses and other current
assets
2,121,327
1,441,749
Total current assets
72,549,313
62,777,212
Property and equipment, net
5,711,937
4,706,248
Right-of-Use lease assets
6,792,636
5,973,702
Intangible assets, net
5,287,809
5,423,980
Other non-current assets
487,983
486,472
Goodwill
4,509,419
4,472,217
Total assets
$
95,339,097
$
83,839,831
Liabilities
Current
Current portion of notes payable
$
2,514,391
$
2,568,172
Current portion lease liabilities
1,792,164
1,650,749
Accounts payable and accrued
liabilities
21,358,360
16,797,462
Income tax payable
444,437
183,961
Total current liabilities
26,109,352
21,200,344
Other long-term liabilities
676,940
729,408
Deferred tax liability, net
657,210
627,806
Non-current portion of lease
liabilities
4,958,742
4,331,214
Non-current portion of notes payable
2,917,061
3,568,191
Total liabilities
35,319,305
30,456,963
Commitments and Contingencies (Note
11)
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; 27,612,597 issued and
outstanding
27,613
27,613
Additional paid-in-capital
10,412,471
10,412,471
Accumulated other comprehensive (loss)
income
(143,920)
66,215
Retained earnings
49,723,628
42,876,569
Total stockholders’ equity
60,019,792
53,382,868
Total liabilities and stockholders’
equity
$
95,339,097
$
83,839,831
Reconciliation of Non-GAAP Financial Measure
EBITDA is a non-GAAP financial measure. EBITDA is defined as net
income (loss) plus interest expense plus income tax expense plus
depreciation expense and amortization expense. EBITDA should be
considered in addition to, not as a substitute for, or superior to,
financial measures calculated in accordance with GAAP. It is not a
measurement of our financial performance under GAAP and should not
be considered as alternatives to revenue or net income, as
applicable, or any other performance measures derived in accordance
with GAAP and may not be comparable to other similarly titled
measures of other businesses. EBITDA has limitations as an
analytical tool and you should not consider it in isolation or as a
substitute for analysis of our operating results as reported under
GAAP.
EBITDA does not reflect the impact of certain cash charges
resulting from matters we consider not to be indicative of ongoing
operations and other companies in our industry may calculate EBITDA
differently than we do, limiting its usefulness as a comparative
measure.
EBITDA Reconciliation
(Unaudited)
Three Months Ended
March 31,
2021
2020
Net Income
$
6,847,059
$
1,611,354
Interest
52,719
30,558
Taxes
1,611,720
426,379
Depreciation
383,090
270,317
Amortization
262,606
233,896
EBITDA
$
9,157,194
$
2,572,504
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version on businesswire.com: https://www.businesswire.com/news/home/20210510005133/en/
Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor
Relations Phone: (203) 972-9200 Email:
jnesbett@institutionalms.com
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