XPEL, Inc. (Nasdaq: XPEL) a global provider of protective films
and coatings, today announced results for the first quarter ended
March 31, 2022.
First Quarter 2022 Highlights:
- Revenues increased 38.6% to a record $71.9 million in the first
quarter.
- Gross margin percentage improved to 38.6% in the first quarter,
a new high for the Company.
- Net income grew 14.0% to $7.8 million, or $0.28 per share,
compared to $6.8 million, or $0.25 per share, in the same quarter
of 2021.
- EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) grew 29.6% to $11.9 million, or 16.5% of revenues
compared to $9.2 million in first quarter 2021.1
- Adjusting for costs associated with the Company’s Dealer
Conference, which did not occur in 2021 due to COVID-19, EBITDA
would have grown 38.2% to $12.7 million or 17.6% of revenues and
net income would have grown 23.2% to $8.4 million, or $0.30 per
share.
Ryan Pape, President and Chief Executive Officer of XPEL,
commented, “We delivered a strong first quarter to begin 2022,
despite on-going challenges with new car inventory in the US and
impacts from COVID-related lockdowns in China. We have taken
actions to navigate a unique set of circumstances where we’re
seeing strong retail demand with simultaneous new car inventory
constraints. Despite this unusual environment, we believe we are
well-positioned to deliver solid results in coming quarters.”
For the Quarter Ended March 31, 2022:
Revenues. Revenues increased approximately $20.0 million or
38.6% to $71.9 million as compared to $51.9 million in the first
quarter of the prior year.
Gross Margin. Gross margin was 38.6% compared to 35.3% in the
first quarter of 2021.
Expenses. Operating expenses increased to $17.7 million, or
24.6% of sales, compared to $9.7 million or 18.8% of sales in the
prior year period.
Net income. Net income was $7.8 million, or $0.28 per basic and
diluted share versus net income of $6.8 million, or $0.25 per basic
and diluted share in the first quarter of 2021.
EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation,
and Amortization) was $11.9 million, or 16.5% of sales, as compared
to $9.2 million, or 17.7% of sales 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 today, May
10, 2022 at 11:00 a.m. Eastern Time to discuss the Company’s first
quarter 2022 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) 545-0320
approximately five minutes prior to the scheduled start time.
International callers please dial (973) 528-0002. Callers should
use access code: 822049.
A replay of the teleconference will be available until June 9,
2022 and may be accessed by dialing (877) 481-4010. International
callers may dial (919) 882-2331. Callers should use conference ID:
45329.
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.
XPEL, INC.
Condensed Consolidated
Statements of Income (Unaudited)
(Unaudited)
Three Months Ended
March 31,
2022
2021
Revenue
Product revenue
$
58,097,446
$
44,931,353
Service revenue
13,766,321
6,934,761
Total revenue
71,863,767
51,866,114
Cost of Sales
Cost of product sales
38,193,987
31,546,547
Cost of service
5,953,347
2,033,136
Total cost of sales
44,147,334
33,579,683
Gross Margin
27,716,433
18,286,431
Operating Expenses
Sales and marketing
6,311,220
3,387,830
General and administrative
11,369,291
6,351,491
Total operating expenses
17,680,511
9,739,321
Operating Income
10,035,922
8,547,110
Interest expense
219,726
52,719
Foreign currency exchange loss
5,126
35,612
Income before income taxes
9,811,070
8,458,779
Income tax expense
2,007,938
1,611,720
Net income
7,803,132
6,847,059
Earnings per share
Basic
$
0.28
$
0.25
Diluted
$
0.28
$
0.25
Weighted Average Number of Common
Shares
Basic
27,612,597
27,612,597
Diluted
27,612,597
27,612,597
XPEL, INC.
Condensed Consolidated Balance
Sheets
(Unaudited)
(Audited)
March 31, 2022
December 31,
2021
Assets
Current
Cash and cash equivalents
$
10,595,557
$
9,644,248
Accounts receivable, net
15,178,627
13,159,036
Inventory, net
74,486,843
51,936,164
Prepaid expenses and other current
assets
3,749,690
3,671,657
Income tax receivable
—
617,141
Total current assets
104,010,717
79,028,246
Property and equipment, net
11,364,205
9,898,126
Right-of-use lease assets
14,443,369
12,909,607
Intangible assets, net
31,977,505
32,732,771
Other non-current assets
851,431
790,339
Goodwill
25,614,110
25,655,428
Total assets
$
188,261,337
$
161,014,517
Liabilities
Current
Current portion of notes payable
$
351,674
$
375,413
Current portion lease liabilities
3,732,825
2,977,794
Accounts payable and accrued
liabilities
42,357,330
32,914,615
Income tax payable
656,090
—
Total current liabilities
47,097,919
36,267,822
Deferred tax liability, net
2,702,639
2,748,283
Other long-term liabilities
2,429,332
2,630,486
Borrowings on line of credit
33,000,000
25,000,000
Non-current portion of lease
liabilities
10,790,979
9,830,128
Non-current portion of notes payable
—
75,717
Total liabilities
96,020,869
76,552,436
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
10,651,532
10,581,483
Accumulated other comprehensive loss
(685,240
)
(590,446
)
Retained earnings
82,246,563
74,443,431
Total stockholders’ equity
92,240,468
84,462,081
Total liabilities and stockholders’
equity
$
188,261,337
$
161,014,517
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,
2022
2021
Net Income
7,803,132
6,847,059
Interest
219,726
52,719
Taxes
2,007,938
1,611,720
Depreciation
756,344
383,090
Amortization
$
1,076,466
$
262,606
EBITDA
$
11,863,606
$
9,157,194
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510005456/en/
Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor
Relations Phone: (203) 972-9200 Email:
xpel@imsinvestorrelations.com
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