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Share Name | Share Symbol | Market | Type |
---|---|---|---|
XPEL Inc | NASDAQ:XPEL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.36 | -1.10% | 32.50 | 30.00 | 80.00 | 33.52 | 30.75 | 33.52 | 1,283,178 | 05:00:11 |
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, 2022.
Fourth Quarter 2022 Highlights:
Year End 2022 Highlights:
In the quarter, the Company’s revenue was negatively impacted by approximately $3.5 million resulting from the cancellation of some China orders due to uncertainty created by the change in COVID policies and China’s reopening.
The Company also incurred approximately $0.4 million in inventory write-offs which negatively impacted gross margin. The Company’s selling, general and administrative expenses were negatively impacted by approximately $0.3 million in severance-related costs and $0.4 million in compensation expense tangential to a previous acquisition.
Normalizing for these items, revenue would have grown approximately 17%, EBITDA margin would have been approximately 18% and EPS would have been approximately $0.36 per share.
Ryan Pape, President and Chief Executive Officer of XPEL, commented, “Despite some headwinds in the fourth quarter, there is a lot to be positive about as we look to 2023. We continue to have tremendous momentum in almost all of our regions, particularly the US which grew 31.6% in the quarter. Automakers seem cautiously optimistic about 2023 and new car inventories continue to improve. This momentum has continued and we are off to a great start in 2023.”
For the Quarter Ended December 31, 2022:
Revenue. Revenue increased approximately $8.3 million, or 11.9%, to $78.5 million as compared to $70.1 million in the fourth quarter of the prior year.
Gross Margin. Gross margin was 39.6% compared to 35.2% in the fourth quarter of 2021.
Expenses. Operating expenses increased to $20.2 million, or 25.7% of revenue, compared to $16.2 million, or 23.0% of revenue in the prior year period.
Net income. Net income was $8.4 million, or $0.30 per basic and diluted share, versus net income of $6.2 million, or $0.22 per basic and diluted share in the fourth quarter of 2021.
EBITDA. EBITDA was $13.2 million, or 16.8% of revenue, compared to $10.0 million, or 14.2% of revenue in the fourth quarter of the prior year.1
For the Year Ended December 31, 2022:
Revenue. Revenue increased approximately $64.7 million, or 25.0%, to $324.0 million as compared to $259.3 million in the prior year.
Gross Margin. Gross margin was 39.4% compared to 35.7% for full year 2021.
Expenses. Operating expenses increased to $73.6 million, or 22.7% of revenue, compared to $52.6 million, or 20.3%, of revenue in full year 2021.
Net income. Net income was $41.4 million, or $1.50 per basic and diluted share, versus net income of $31.6 million, or $1.14 per basic and diluted share in full year 2021.
EBITDA. EBITDA was $61.2 million, or 18.9% of revenue, compared to $44.1 million, or 17.0% of revenue in the prior year.1
Conference Call Information
The Company will host a conference call and webcast today, February 28, 2023 at 11:00 a.m. Eastern Time to discuss the Company’s fourth quarter and year end 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 888-506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 264934.
A replay of the teleconference will be available until March 30, 2023 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 47536.
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
(In thousands except per share data)
(Unaudited) Three Months Ended December 31,
Year Ended December 31,
2022
2021
2022
2021
Revenue
Product revenue
$
60,421
$
56,688
$
258,174
$
217,283
Service revenue
18,060
13,444
65,819
41,980
Total revenue
78,481
70,132
323,993
259,263
Cost of Sales
Cost of product sales
40,259
39,446
169,905
151,286
Cost of service
7,176
5,997
26,576
15,300
Total cost of sales
47,435
45,443
196,481
166,586
Gross Margin
31,046
24,689
127,512
92,677
Operating Expenses
Sales and marketing
6,852
5,295
25,367
18,273
General and administrative
13,349
10,865
48,208
34,288
Total operating expenses
20,201
16,160
73,575
52,561
Operating Income
10,845
8,529
53,937
40,116
Interest expense
477
160
1,410
303
Foreign currency exchange (gain) loss
(272)
251
562
373
Income before income taxes
10,640
8,118
51,965
39,440
Income tax expense
2,282
1,914
10,584
7,873
Net income
$
8,358
$
6,204
$
41,381
$
31,567
Earnings per share
Basic
$
0.30
$
0.22
$
1.50
$
1.14
Diluted
$
0.30
$
0.22
$
1.50
$
1.14
Weighted Average Number of Common Shares
Basic
27,616
27,613
27,614
27,613
Diluted
27,618
27,613
27,616
27,613
XPEL, Inc.
Consolidated Balance Sheets
(In thousands except share and per share data)
December 31, 2022
December 31, 2021
Assets
Current
Cash and cash equivalents
$
8,056
$
9,644
Accounts receivable, net
14,726
13,159
Inventory, net
80,575
51,936
Prepaid expenses and other current assets
3,464
3,672
Income tax receivable
—
617
Total current assets
106,821
79,028
Property and equipment, net
14,203
9,898
Right-of-use lease assets
15,309
12,910
Intangible assets, net
29,294
32,733
Other non-current assets
972
791
Goodwill
26,763
25,655
Total assets
$
193,362
$
161,015
Liabilities
Current
Current portion of notes payable
$
77
$
375
Current portion of lease liabilities
3,885
2,978
Accounts payable and accrued liabilities
22,970
32,915
Income tax payable
470
—
Total current liabilities
27,402
36,268
Deferred tax liability, net
2,049
2,748
Other long-term liabilities
1,070
2,631
Borrowings on line of credit
26,000
25,000
Non-current portion of lease liabilities
12,119
9,830
Non-current portion of notes payable
—
76
Total liabilities
68,640
76,553
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; 27,616,064 issued and outstanding
28
28
Additional paid-in-capital
11,073
10,581
Accumulated other comprehensive loss
(2,203)
(590)
Retained earnings
115,824
74,443
Total stockholders’ equity
124,722
84,462
Total liabilities and stockholders’ equity
$
193,362
$
161,015
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,
2022
2021
2022
2021
Net Income
$
8,358
$
6,204
$
41,381
$
31,567
Interest
477
160
1,410
303
Taxes
2,282
1,914
10,584
7,873
Depreciation
947
629
3,433
1,887
Amortization
1,153
1,080
4,401
2,501
EBITDA
$
13,217
$
9,987
$
61,209
$
44,131
View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005656/en/
Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations Phone: (203) 972-9200 Email: jnesbett@institutionalms.com
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