Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

XPEL Reports Record Revenue of $71.9 Million in First Quarter 2022; Revenue Growth 38.6%; Gross Margin 38.6%

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

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MenloPark.com & California Media Partners, LLC. All rights reserved.