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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.369 | 0.82% | 45.439 | 45.31 | 45.44 | 45.439 | 44.04 | 45.21 | 35,203 | 16:33:05 |
XPEL, Inc. (Nasdaq: XPEL) a global provider of protective films and coatings, today announced results for the second quarter and six months ended June 30, 2022.
Second Quarter 2022 Highlights:
First Six Months Highlights:
Ryan Pape, President and Chief Executive Officer of XPEL, commented, “We’re pleased to have delivered strong second quarter results, especially in the face of continuing headwinds related to on-going tight new car inventory, COVID-related impacts in China and the strengthening U.S. Dollar. We continued to see robust demand for our products and services across most of our regions. We remain confident in our ability to drive continued strong performance in the second half of 2022.”
For the Quarter Ended June 30, 2022:
Revenues. Revenues increased approximately $15.2 million or 22.0% to $83.9 million as compared to $68.7 million in the second quarter of the prior year.
Gross Margin. Gross margin was 39.3% compared to 36.7% in the second quarter of 2021.
Expenses. Operating expenses increased to $17.2 million, or 20.5% of sales, compared to $12.6 million, or 18.3% of sales in the prior year period.
Net income. Net income was $11.9 million, or $0.43 per basic and diluted share, versus net income of $10.2 million, or $0.37 per basic and diluted share in the second quarter of 2021.
EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $17.2 million, or 20.5% of sales, as compared to $13.6 million, or 19.7% of sales in the prior year1.
For the Six Months Ended June 30, 2022:
Revenues. Revenues increased approximately $35.2 million or 29.1% to $155.8 million as compared to $120.6 million in the first six months of the prior year.
Gross Margin. Gross margin was 39.0% compared to 36.1% in the first half of 2021.
Expenses. Operating expenses increased to $34.9 million, or 22.4% of sales, compared to $22.3 million or 18.5% of sales in the prior year period.
Net income. Net income was $19.7 million, or $0.71 per basic and diluted share versus net income of $17.0 million, or $0.62 per basic and diluted share in the first six months of 2021.
EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $29.1 million, or 18.7% of sales, as compared to $22.7 million, or 18.9% 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, August 9, 2022 at 11:00 a.m. Eastern Time to discuss the Company’s second 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: 929753.
A replay of the teleconference will be available until September 8, 2022 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 46173.
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) (In thousands except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022
2021
2022
2021
Revenue
Product revenue
$
67,040
$
58,667
$
125,137
$
103,599
Service revenue
16,850
10,069
30,617
17,003
Total revenue
83,890
68,736
155,754
120,602
Cost of Sales
Cost of product sales
44,227
40,593
82,421
72,139
Cost of service
6,680
2,896
12,633
4,929
Total cost of sales
50,907
43,489
95,054
77,068
Gross Margin
32,983
25,247
60,700
43,534
Operating Expenses
Sales and marketing
5,906
4,687
12,218
8,075
General and administrative
11,328
7,888
22,696
14,240
Total operating expenses
17,234
12,575
34,914
22,315
Operating Income
15,749
12,672
25,786
21,219
Interest expense
322
44
542
97
Foreign currency exchange (gain) loss
457
(63
)
.
462
(28
)
Income before income taxes
14,970
12,691
24,782
21,150
Income tax expense
3,068
2,505
5,076
4,117
Net income
$
11,902
$
10,186
$
19,706
$
17,033
Earnings per share
Basic
$
0.43
$
0.37
$
0.71
$
0.62
Diluted
$
0.43
$
0.37
$
0.71
$
0.62
Weighted Average Number of Common Shares
Basic
27,613
27,613
27,613
27,613
Diluted
27,613
27,613
27,613
27,613
XPEL Inc. Condensed Consolidated Balance Sheets (In thousands except per share data)
(Unaudited)
(Audited)
June 30, 2022
December 31, 2021
Assets
Current
Cash and cash equivalents
$
9,321
$
9,644
Accounts receivable, net
19,119
13,159
Inventory, net
74,142
51,936
Prepaid expenses and other current assets
4,434
3,672
Income tax receivable
550
617
Total current assets
107,566
79,028
Property and equipment, net
12,169
9,898
Right-of-use lease assets
13,580
12,910
Intangible assets, net
29,777
32,733
Other non-current assets
893
791
Goodwill
25,071
25,655
Total assets
$
189,056
$
161,015
Liabilities
Current
Current portion of notes payable
159
375
Current portion lease liabilities
3,673
2,978
Accounts payable and accrued liabilities
36,587
32,915
Total current liabilities
40,419
36,268
Deferred tax liability, net
2,412
2,748
Other long-term liabilities
1,140
2,631
Borrowings on line of credit
32,000
25,000
Non-current portion of lease liabilities
10,008
9,830
Non-current portion of notes payable
—
76
Total liabilities
85,979
76,553
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
28
28
Additional paid-in-capital
10,760
10,581
Accumulated other comprehensive loss
(1,860
)
(590
)
Retained earnings
94,149
74,443
Total stockholders’ equity
103,077
84,462
Total liabilities and stockholders’ equity
$
189,056
$
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 (In thousands)
(Unaudited)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Net Income
$
11,902
$
10,186
$
19,706
$
17,033
Interest
322
44
542
97
Taxes
3,068
2,505
5,076
4,117
Depreciation
839
420
1,596
803
Amortization
1,054
423
2,131
685
EBITDA
$
17,185
$
13,578
$
29,051
$
22,735
View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005337/en/
For more information:
Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations Phone: (203) 972-9200 Email: xpel@imsinvestorrelations.com
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