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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.79 | 2.39% | 33.88 | 33.07 | 34.75 | 34.866 | 33.69 | 33.74 | 380,756 | 05:00:11 |
XPEL, Inc. (Nasdaq: XPEL) a global provider of protective films and coatings, today announced results for the quarter ended September 30, 2023.
Third Quarter 2023 Highlights:
First Nine Months Highlights:
For comparative performance purposes, during the third quarter, the Company incurred approximately $1.0 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 executive relocation costs, $0.3 million in acquisition-related legal costs and $0.5 million in R & D related costs. The Company also incurred approximately $0.3 million in negative foreign exchange impact.
Normalizing for these items, Adjusted EBITDA would have grown approximately 16.7% with Adjusted EBITDA margin of approximately 21.5% and Adjusted EPS would have been approximately $0.56 per share.1
Ryan Pape, President and Chief Executive Officer of XPEL, commented, “It was a busy and solid quarter for the Company. We continue to see strong demand for our products and services and our unique channel strategy positions us to be wherever that demand takes us.”
For the Quarter Ended September 30, 2023:
Revenues. Revenues increased approximately $12.9 million, or 14.4%, to $102.7 million as compared to $89.8 million in the third quarter of the prior year.
Gross Margin. Gross margin was 40.4% compared to 39.8% in the third quarter of 2022.
Expenses. Operating expenses increased to $23.9 million, or 23.3% of sales, compared to $18.5 million, or 20.6% of sales in the prior year period.
Net income. Net income was $13.7 million, or $0.49 per basic and diluted share, versus net income of $13.3 million, or $0.48 per basic and diluted share in the third quarter of 2022.
EBITDA. EBITDA was $19.7 million, or 19.2% of sales, as compared to $18.9 million, or 21.1% of sales in the prior year.1
For the Nine Months Ended September 30, 2023:
Revenues. Revenues increased approximately $45.2 million, or 18.4%, to $290.8 million as compared to $245.5 million in the first nine months of the prior year.
Gross Margin. Gross margin was 41.8% compared to 39.3% in the first nine months of 2022.
Expenses. Operating expenses increased to $68.7 million, or 23.6% of sales, compared to $53.4 million, or 21.7% of sales in the prior year period.
Net income. Net income was $40.8 million, or $1.48 per basic and diluted share, versus net income of $33.0 million, or $1.20 per basic and diluted share in the first nine months of 2022.
EBITDA. EBITDA was $59.2 million, or 20.4% of sales, as compared to $48.0 million, or 19.5% of sales in the prior year.1
1See reconciliation of non-GAAP financial measures below.
Conference Call Information
The Company will host a conference call and webcast today, November 8, 2023 at 11:00 a.m. Eastern Time to discuss the Company’s third quarter 2023 results and conditions, including our fourth quarter outlook.
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: 565846
A replay of the teleconference will be available until December 8, 2023 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 49265.
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. Without limitation, the risks and uncertainties affecting XPEL are described in XPEL’s most recent Form 10-K (including Item 1A Risk Factors) filed with the SEC, which is available on our website at http://www.xpel.com and at http://www.sec.gov. 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)
(In thousands except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
Product revenue
$
81,125
$
72,616
$
229,339
$
197,753
Service revenue
21,552
17,142
61,416
47,759
Total revenue
102,677
89,758
290,755
245,512
Expenses
Cost of product sales
51,876
47,225
143,613
129,646
Cost of service sales
9,272
6,767
25,660
19,400
Total cost of sales
61,148
53,992
169,273
149,046
Gross Margin
41,529
35,766
121,482
96,466
Operating Expenses
Sales and marketing
7,730
6,297
22,554
18,515
General and administrative
16,170
12,162
46,180
34,859
Total operating expenses
23,900
18,459
68,734
53,374
Operating Income
17,629
17,307
52,748
43,092
Interest expense
85
391
946
933
Foreign exchange (loss) gain
398
372
419
833
Income before income taxes
17,146
16,544
51,383
41,326
Income tax expense
3,490
3,226
10,553
8,302
Net income
$
13,656
$
13,318
$
40,830
$
33,024
Earnings per share
Basic
$
0.49
$
0.48
$
1.48
$
1.20
Diluted
$
0.49
$
0.48
$
1.48
$
1.20
Weighted Average Number of Common Shares
Basic
27,623
27,616
27,620
27,614
Diluted
27,644
27,620
27,634
27,615
XPEL Inc.
Condensed Consolidated Balance Sheets
(In thousands except per share data)
(Unaudited)
(Audited)
September 30, 2023
December 31, 2022
Assets
Current
Cash and cash equivalents
$
10,374
$
8,056
Accounts receivable, net
24,115
14,726
Inventories
92,458
80,575
Prepaid expenses and other current assets
11,091
3,464
Total current assets
138,038
106,821
Property and equipment, net
15,690
14,203
Right-of-use lease assets
14,014
15,309
Intangible assets, net
29,461
29,294
Other non-current assets
971
972
Goodwill
28,602
26,763
Total assets
$
226,776
$
193,362
Liabilities
Current
Current portion of notes payable
$
—
$
76.60
Current portion of lease liabilities
3,650
3,885
Accounts payable and accrued liabilities
42,059
22,970
Income tax payable
836
470
Total current liabilities
46,545
27,402
Deferred tax liability, net
1,205
2,049
Other long-term liabilities
950
1,070
Borrowings on line of credit
0
26,000
Non-current portion of lease liabilities
11,523
12,119
Total liabilities
60,223
68,640
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; 27,628,953 and 27,616,064 issued and outstanding, respectively
28
28
Additional paid-in-capital
12,050
11,073
Accumulated other comprehensive loss
(2,179
)
(2,203
)
Retained earnings
156,654
115,824
Total stockholders’ equity
166,553
124,722
Total liabilities and stockholders’ equity
$
226,776
$
193,362
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
(In thousands)
(Unaudited)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net Income
$
13,656
$
13,318
$
40,830
$
33,024
Interest
85
391
946
933
Taxes
3,490
3,226
10,553
8,302
Depreciation
1,199
890
3,229
2,486
Amortization
1,288
1,117
3,660
3,248
EBITDA
$
19,718
$
18,942
$
59,218
$
47,993
Adjusted EBITDA Reconciliation
(In thousands)
(Unaudited)
Three Months Ended September 30, 2023
EBITDA
$
19,718
Inventory write-offs
1,012
Relocation costs
341
Acquisition-related legal costs
250
Research and development
500
Foreign exchange
293
Adjusted EBITDA
$
22,114
Adjusted EPS Reconciliation
(In thousands)
(Unaudited)
Three Months Ended September 30, 2023
Net income
$
13,656
Inventory write-offs
806
Relocation costs
272
Acquisition-related legal costs
199
Research and development
398
Foreign exchange
233
Adjusted net income
$
15,564
Adjusted earnings per share
Basic
0.56
Diluted
0.56
Weighted average number of common shares
Basic
27,623
Diluted
27,644
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108965811/en/
Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations Phone: (203) 972-9200 Email: xpel@imsinvestorrelations.com
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