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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.64 | 1.76% | 36.98 | 36.76 | 37.51 | 37.40 | 36.2611 | 36.61 | 212,567 | 01:00:00 |
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, 2020.
Fourth Quarter 2020 Highlights:
Full Year Highlights
Ryan Pape, President and Chief Executive Officer of XPEL, commented, “We closed out a strong year by delivering record fourth quarter results – our second consecutive quarter reaching record levels. The XPEL brand continues to grow around the world, and as we move through 2021 we’re focused on continuing the momentum achieved in the back half of 2020.”
The Company also announced the filing of an automatic “shelf” registration statement on Form S-3. Under this shelf registration statement, the Company may sell from time to time in one or more offerings, various series of debt securities, common stock, or other securities.
Barry Wood, Senior Vice President and Chief Financial Officer of XPEL, commented, “While we have no current plans to raise capital, this registration statement provides flexibility and maximizes our optionality in raising capital should the need arise in the future as we execute on our multi-faceted growth strategy."
For the Quarter Ended December 31, 2020:
Revenues. Revenues increased approximately $9.1 million or 23.1% to $48.6 million as compared to $39.5 million in the fourth quarter of the prior year.
Gross Margin. Gross margin was 32.8% compared to 31.5% in the fourth quarter of 2019.
Expenses. Operating expenses increased slightly to $8.6 million, but decreased as a percentage of sales to 17.7%, compared to $7.5 million or 18.9% of sales in the prior year period.
Net income. Net income was $6.1 million, or $0.22 per basic and diluted share versus net income of $4.6 million, or $0.17 per basic and diluted share in the fourth quarter of 2019.
EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $8.1 million, or 16.6% of sales, as compared to $5.6 million in the prior year1.
For the Year Ended December 31, 2020:
Revenues. Revenues increased approximately $29.0 million or 22.3% to $158.9 million as compared to $129.9 million in 2019.
Gross Margin. Gross margin improved to 34.0% compared 33.5% in full year 2019.
Expenses. Operating expenses increased to $30.7 million, and decreased to 19.3% of sales, compared to $26.4 million or 20.3% of sales in 2019.
Net income. Net income was $18.3 million, or $0.66 per basic and diluted share versus net income of $14 million, or $0.51 per basic and diluted share for 2019.
EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $25.3 million, or 15.9% of sales, as compared to $18.7 million in 20191.
As of December 31, 2020, XPEL had cash and cash equivalents of $29.0 million compared to $11.5 million at December 31, 2019.
1 See reconciliation of non-GAAP financial measures below
Conference Call Information
The Company will host a conference call and webcast on Wednesday, March 11, 2021 at 11:00 a.m. Eastern Time to discuss the Company’s results for the fourth quarter and year end 2020.
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 April 11, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 40119.
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 December 31,
Year Ended December 31,
2020
2019
2018
2020
2019
2018
Revenue
Product revenue
$
42,021,771
$
34,909,276
$
23,027,479
$
136,262,067
$
112,204,739
$
95,526,350
Service revenue
6,585,560
4,586,007
3,765,400
22,662,381
17,728,142
14,394,264
Total revenue
48,607,331
39,495,283
26,792,879
158,924,448
129,932,881
109,920,614
Cost of Sales
Cost of product sales
30,814,288
25,785,422
17,624,227
98,502,279
82,308,256
73,656,389
Cost of service
1,833,831
1,252,725
752,571
6,397,160
4,118,366
2,827,620
Total cost of sales
32,648,119
27,038,147
18,376,798
104,899,439
86,426,622
76,484,009
Gross Margin
15,959,212
12,457,136
8,416,081
54,025,009
43,506,259
33,436,605
Operating Expenses
Sales and marketing
2,758,614
2,115,397
1,867,047
9,748,292
7,584,377
6,802,241
General and administrative
5,868,645
5,367,845
3,970,547
20,906,785
18,834,535
14,828,361
Total operating expenses
8,627,259
7,483,242
5,837,594
30,655,077
26,418,912
21,630,602
Operating Income
7,331,953
4,973,894
2,578,487
23,369,932
17,087,347
11,806,003
Interest expense
76,000
15,015
33,004
249,480
96,646
168,389
Foreign currency exchange (gain) loss
(104,334)
(111,586)
47,634
316,093
40,273
156,309
Income before income taxes
7,360,287
5,070,465
2,497,849
22,804,359
16,950,428
11,481,305
Income tax expense
1,271,888
451,991
600,477
4,522,668
2,955,356
2,760,073
Net income
6,088,399
4,618,474
1,897,372
18,281,691
13,995,072
8,721,232
Income attributed to non-controlling interest
—
8,136
3,498
—
17,447
8,698
Net income attributable to stockholders of the Company
$
6,088,399
$
4,610,338
$
1,893,874
$
18,281,691
$
13,977,625
$
8,712,534
Earnings per share attributable stockholders of the Company
Basic and diluted
$
0.22
$
0.17
$
0.07
$
0.66
$
0.51
$
0.32
Weighted Average Number of Common Shares
Basic and diluted
27,612,597
27,612,597
27,612,597
27,612,597
27,612,597
27,612,597
XPEL Inc.
Consolidated Balance Sheets
December 31, 2020
December 31, 2019
Assets
Current
Cash and cash equivalents
$
29,027,124
$
11,500,973
Accounts receivable, net
9,944,213
7,154,084
Inventory, net
22,364,126
15,141,153
Prepaid expenses and other current assets
1,441,749
2,391,340
Income tax receivable
—
93,150
Total current assets
62,777,212
36,280,700
Property and equipment, net
4,706,248
4,014,653
Right-of-use lease assets
5,973,702
5,079,110
Intangible assets, net
5,423,980
3,820,460
Other non-current assets
486,472
—
Goodwill
4,472,217
2,406,512
Total assets
$
83,839,831
$
51,601,435
Liabilities
Current
Current portion of notes payable
$
2,568,172
$
462,226
Current portion of lease liabilities
1,650,749
1,126,701
Accounts payable and accrued liabilities
16,797,462
10,197,353
Income tax payable
183,961
—
Total current liabilities
21,200,344
11,786,280
Deferred tax liability, net
627,806
604,715
Other long-term liabilities
729,408
—
Non-current portion of lease liabilities
4,331,214
4,009,949
Non-current portion of notes payable
3,568,191
307,281
Total liabilities
30,456,963
16,708,225
Commitments and Contingencies (Note 14)
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
11,348,163
Accumulated other comprehensive income (loss)
66,215
(908,764)
Retained earnings
42,876,569
24,594,878
53,382,868
35,061,890
Non-controlling interest
—
(168,680)
Total stockholders’ equity
53,382,868
34,893,210
Total liabilities and stockholders’ equity
$
83,839,831
$
51,601,435
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 December 31,
Year Ended December 31,
2020
2019
2018
2020
2019
2018
Net Income
$
6,088,399
$
4,618,474
$
1,897,372
$
18,281,691
$
13,995,072
$
8,721,232
Interest
76,000
15,015
33,004
249,480
96,646
168,389
Taxes
1,271,888
451,991
600,477
4,522,668
2,955,356
2,760,073
Depreciation
384,275
260,533
196,604
1,274,095
915,918
735,983
Amortization
250,245
210,151
170,126
955,937
781,105
642,801
EBITDA
$
8,070,807
$
5,556,164
$
2,897,583
$
25,283,871
$
18,744,097
$
13,028,478
View source version on businesswire.com: https://www.businesswire.com/news/home/20210311005530/en/
Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations Phone: (203) 972-9200 Email: jnesbett@institutionalms.com
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