XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of
protective films and coatings, announced results for the fourth
quarter and year ended December 31, 2021.
Fourth Quarter 2021 Highlights:
- Revenue increased 44.3% to $70.1 million compared to fourth
quarter 2020. Organic revenue growth was 27.0%.
- EBITDA (Earnings Before Interest, Taxes, Depreciation, and
Amortization) grew 23.7% to $10.0 million, or 14.2% of revenue
compared to $8.1 million, or 16.6% of revenue in fourth quarter
2020.1
Year End 2021 Highlights:
- Revenue increased 63.1% to $259.3 million as compared to $158.9
million in the prior year. Organic revenue growth was 52.9%.
- Net income increased by 72.7% to $31.6 million, or $1.14 per
basic and diluted share, compared to $18.3 million, or $0.66 per
basic and diluted share, in 2020.
- EBITDA grew 74.5% to $44.1 million, or 17.0% of revenue, as
compared to $25.3 million, or 15.9% in the prior year.1
In the quarter, the Company incurred negative operating margin
impacts of $1.8 million in higher labor costs in its acquired
Dealership Services division due to low new car inventory and $0.8
million in one-time costs resulting from inventory availability
pursuant to a facility move which will reverse in 2022. Normalizing
for these items, EBITDA would have been $12.6 million or 18% of
revenue and gross margin as a percent of revenue would have been
38.9%.
Ryan Pape, President and Chief Executive Officer of XPEL,
commented, “We are really proud of what has been an amazing year
for the entire XPEL team. In addition to achieving record growth,
we closed and integrated seven acquisitions that will set us up for
success in 2022 particularly as new car inventory rebuilds through
the year.”
For the Quarter Ended December 31, 2021:
Revenue. Revenue increased approximately $21.5 million, or
44.3%, to $70.1 million as compared to $48.6 million in the fourth
quarter of the prior year.
Gross Margin. Gross margin was 35.2% compared to 32.8% in the
fourth quarter of 2020.
Expenses. Operating expenses increased to $16.2 million, or
23.0% of revenue, compared to $8.6 million, or 17.7% of revenue in
the prior year period.
Net income. Net income was $6.2 million, or $0.22 per basic and
diluted share, versus net income of $6.1 million, or $0.22 per
basic and diluted share in the fourth quarter of 2020.
EBITDA. EBITDA was $10.0 million, or 14.2% of revenue, compared
to $8.1 million, or 16.6% of revenue in the fourth quarter of the
prior year.1
For the Year Ended December 31, 2021:
Revenue. Revenue increased approximately $100.3 million, or
63.1%, to $259.3 million as compared to $158.9 million in the prior
year.
Gross Margin. Gross margin was 35.7% compared to 34.0% for full
year 2020.
Expenses. Operating expenses increased to $52.6 million, or
20.3% of revenue, compared to $30.7 million, or 19.3%, of revenue
in full year 2020.
Net income. Net income was $31.6 million, or $1.14 per basic and
diluted share, versus net income of $18.3 million, or $0.66 per
basic and diluted share in full year 2020.
EBITDA. EBITDA was $44.1 million, or 17.0% of revenue, compared
to $25.3 million, or 15.9% of revenue in the prior year.1
Conference Call Information
The Company will host a conference call and webcast today,
February 28, 2022 at 11:00 a.m. Eastern Time to discuss the
Company’s fourth quarter and year end 2021 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 888-506-0062
approximately five minutes prior to the scheduled start time.
International callers please dial (973) 528-0011. Callers should
use access code: 930015.
A replay of the teleconference will be available until March 30,
2022 and may be accessed by dialing (877) 481-4010. International
callers may dial (919) 882-2331. Callers should use conference ID:
44592.
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”.
1 See reconciliation of non-GAAP financial measures below
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.
XPEL, Inc.
Consolidated Statements of
Income
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2019
2021
2020
2019
Revenue
Product revenue
$
56,687,599
$
42,021,771
$
34,909,276
$
217,282,531
$
136,262,067
$
112,204,739
Service revenue
13,444,470
6,585,560
4,586,007
41,980,546
22,662,381
17,728,142
Total revenue
70,132,069
48,607,331
39,495,283
259,263,077
158,924,448
129,932,881
Cost of Sales
Cost of product sales
39,446,147
30,814,288
25,785,422
151,285,632
98,502,279
82,308,256
Cost of service
5,997,149
1,833,831
1,252,725
15,300,458
6,397,160
4,118,366
Total cost of sales
45,443,296
32,648,119
27,038,147
166,586,090
104,899,439
86,426,622
Gross Margin
24,688,773
15,959,212
12,457,136
92,676,987
54,025,009
43,506,259
Operating Expenses
Sales and marketing
5,294,828
2,758,614
2,115,397
18,273,197
9,748,292
7,584,377
General and administrative
10,865,027
5,868,645
5,367,845
34,288,171
20,906,785
18,834,535
Total operating expenses
16,159,855
8,627,259
7,483,242
52,561,368
30,655,077
26,418,912
Operating Income
8,528,918
7,331,953
4,973,894
40,115,619
23,369,932
17,087,347
Interest expense
159,582
76,000
15,015
302,674
249,480
96,646
Foreign currency exchange loss (gain)
251,443
(104,334)
(111,586)
372,974
316,093
40,273
Income before income taxes
8,117,893
7,360,287
5,070,465
39,439,971
22,804,359
16,950,428
Income tax expense
1,914,400
1,271,888
451,991
7,873,109
4,522,668
2,955,356
Net income
6,203,493
6,088,399
4,618,474
31,566,862
18,281,691
13,995,072
Income attributed to non-controlling
interest
—
—
8,136
—
—
17,447
Net income attributable to stockholders
of the Company
$
6,203,493
$
6,088,399
$
4,610,338
$
31,566,862
$
18,281,691
$
13,977,625
Earnings per share attributable
stockholders of the Company
Basic
$
0.22
$
0.22
$
0.17
$
1.14
$
0.66
$
0.51
Diluted
$
0.22
$
0.22
$
0.17
$
1.14
$
0.66
$
0.51
Weighted Average Number of Common
Shares
Basic
27,612,597
27,612,597
27,612,597
27,612,597
27,612,597
27,612,597
Diluted
27,612,597
27,612,597
27,612,597
27,612,729
27,612,597
27,612,597
XPEL, Inc.
Consolidated Balance
Sheets
December 31, 2021
December 31, 2020
Assets
Current
Cash and cash equivalents
$
9,644,248
$
29,027,124
Accounts receivable, net
13,159,036
9,944,213
Inventory, net
51,936,164
22,364,126
Prepaid expenses and other current
assets
3,671,657
1,441,749
Income tax receivable
617,141
—
Total current assets
79,028,246
62,777,212
Property and equipment, net
9,898,126
4,706,248
Right-of-use lease assets
12,909,607
5,973,702
Intangible assets, net
32,732,771
5,423,980
Other non-current assets
790,339
486,472
Goodwill
25,655,428
4,472,217
Total assets
$
161,014,517
$
83,839,831
Liabilities
Current
Current portion of notes payable
$
375,413
$
2,568,172
Current portion of lease liabilities
2,977,794
1,650,749
Accounts payable and accrued
liabilities
32,914,615
16,797,462
Income tax payable
—
183,961
Total current liabilities
36,267,822
21,200,344
Deferred tax liability, net
2,748,283
627,806
Other long-term liabilities
2,630,486
729,408
Borrowings on line of credit
25,000,000
—
Non-current portion of lease
liabilities
9,830,128
4,331,214
Non-current portion of notes payable
75,717
3,568,191
Total liabilities
76,552,436
30,456,963
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; 27,612,597 issued and
outstanding
27,613
27,613
Additional paid-in-capital
10,581,483
10,412,471
Accumulated other comprehensive (loss)
income
(590,446)
66,215
Retained earnings
74,443,431
42,876,569
Total stockholders’ equity
84,462,081
53,382,868
Total liabilities and stockholders’
equity
$
161,014,517
$
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, net, 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 December
31,
Year Ended December
31,
2021
2020
2019
2021
2020
2019
Net Income
$
6,203,493
$
6,088,399
$
4,618,474
$
31,566,862
$
18,281,691
$
13,995,072
Interest
159,582
76,000
15,015
302,674
249,480
96,646
Taxes
1,914,400
1,271,888
451,991
7,873,109
4,522,668
2,955,356
Depreciation
628,559
384,275
260,533
1,887,048
1,274,095
915,918
Amortization
1,080,273
250,245
210,151
2,500,620
955,937
781,105
EBITDA
$
9,986,307
$
8,070,807
$
5,556,164
$
44,130,313
$
25,283,871
$
18,744,097
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220228005351/en/
Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor
Relations Phone: (203) 972-9200 Email:
jnesbett@institutionalms.com
Grafico Azioni XPEL (NASDAQ:XPEL)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni XPEL (NASDAQ:XPEL)
Storico
Da Lug 2023 a Lug 2024