XPEL Reports Record Revenue of $112.9 Million in Third Quarter 2024

Business Wire11-07

SAN ANTONIO, November 07, 2024--(BUSINESS WIRE)--XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced consolidated results1 for the third quarter of...

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(Nasdaq: XPEL) (the \"Company\"), a global provider of protective films and coatings, announced consolidated results1 for the third quarter of...</p>\n\n<a href=\"https://finance.yahoo.com/news/xpel-reports-record-revenue-112-120000982.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPEL Reports Record Revenue of $112.9 Million in Third Quarter 2024</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPEL Reports Record Revenue of $112.9 Million in Third Quarter 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-07 20:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/xpel-reports-record-revenue-112-120000982.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SAN ANTONIO, November 07, 2024--(BUSINESS WIRE)--XPEL, Inc. (Nasdaq: XPEL) (the \"Company\"), a global provider of protective films and coatings, announced consolidated results1 for the third quarter of...</p>\n\n<a href=\"https://finance.yahoo.com/news/xpel-reports-record-revenue-112-120000982.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"XPEL","symbol_name":"XPEL Technologies Corp.","start_time":0,"source_url":"https://finance.yahoo.com/news/xpel-reports-record-revenue-112-120000982.html","article_id":"2481187623","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/J4Uu12XpZkvfRsjlz_Q4fA--~B/aD0xODAwO3c9NjAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/business-wire.com/eb26e47190b4c7d991e19bc27cda97a6"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481187623","pubTimestamp":1730980800,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"SAN ANTONIO, November 07, 2024----XPEL, Inc.  , a global provider of protective films and coatings, announced consolidated results1 for the third quarter of 2024.Revenue increased 9.9% to $112.9 million in the third quarter of 2024.Gross margin of 42.5% in the third quarter of 2024.Net income grew 9.1% to $14.9 million, or $0.54 per basic and diluted share, versus net income of $13.7 million, or $0.49 per basic and diluted share in the third quarter of 2023.EBITDA  grew 10.0% to $21.7 million, or 19.2% of revenue, compared to $19.7 million, or 19.2% of revenue in the third quarter of 2023. 2. Revenue increased 7.6% to $312.9 million in the first nine months of 2024.Gross margin of 42.7% in the first nine months of 2024.Net income of $36.6 million, or $1.32 per basic and diluted share, versus net income of $40.8 million, or $1.48 per basic and diluted share in the first nine months of 2023.EBITDA  of $55.2 million, or 17.6% of revenue, compared to $59.2 million, or 20.4% of revenue in t","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"XPEL":"XPEL Technologies Corp."},"translate_title":"XPEL报告2024年第三季度收入达到创纪录的1.129亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XPEL":1},"content_text":"SAN ANTONIO, November 07, 2024--(BUSINESS WIRE)--XPEL, Inc. (Nasdaq: XPEL) (the \"Company\"), a global provider of protective films and coatings, announced consolidated results1 for the third quarter of 2024.\nThird Quarter 2024 Overview:\n\nRevenue increased 9.9% to $112.9 million in the third quarter of 2024.\nGross margin of 42.5% in the third quarter of 2024.\nNet income grew 9.1% to $14.9 million, or $0.54 per basic and diluted share, versus net income of $13.7 million, or $0.49 per basic and diluted share in the third quarter of 2023.\nEBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew 10.0% to $21.7 million, or 19.2% of revenue, compared to $19.7 million, or 19.2% of revenue in the third quarter of 2023. 2\n\nFirst Nine Months 2024 Overview:\n\nRevenue increased 7.6% to $312.9 million in the first nine months of 2024.\nGross margin of 42.7% in the first nine months of 2024.\nNet income of $36.6 million, or $1.32 per basic and diluted share, versus net income of $40.8 million, or $1.48 per basic and diluted share in the first nine months of 2023.\nEBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $55.2 million, or 17.6% of revenue, compared to $59.2 million, or 20.4% of revenue in the first nine months of 2023.2\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, \"We saw good performance in the third quarter with solid top and bottom line growth, particularly in the US region where we had record revenue. We look forward to capitalizing on this momentum to close out the year.\"\nFinancial Highlights for the Third Quarter 2024:\nSummary consolidated financial information for the three months ended September 30, 2024 and 2023 (unaudited, dollars in thousands):\n\n\n\n\n\nThree Months Ended September 30,\n\n% Change\n\n\n\n\n2024\n\n%of TotalRevenue\n\n2023\n\n%of TotalRevenue\n\n2024 vs.2023\n\n\nTotal revenue\n\n$\n112,852\n\n100.0\n%\n\n$\n102,677\n\n100.0\n%\n\n9.9\n%\n\n\nGross margin\n\n\n47,916\n\n42.5\n%\n\n\n41,529\n\n40.4\n%\n\n15.4\n%\n\n\nOperating Expenses\n\n\n29,529\n\n26.2\n%\n\n\n23,900\n\n23.3\n%\n\n23.6\n%\n\n\nOperating income\n\n\n18,387\n\n16.3\n%\n\n\n17,629\n\n17.2\n%\n\n4.3\n%\n\n\nNet income\n\n\n14,892\n\n13.2\n%\n\n\n13,656\n\n13.3\n%\n\n9.1\n%\n\n\nEBITDA2\n\n\n21,698\n\n19.2\n%\n\n\n19,718\n\n19.2\n%\n\n10.0\n%\n\n\nNet cash provided by operating activities\n\n$\n19,559\n\nn/a\n\n$\n11,128\n\nn/a\n\nn/a\n\n\n\nGeographical Revenue Summary\n\n\n\n\n\nThree Months EndedSeptember 30,\n\n% Change\n\n% of TotalRevenue\n\n\n\n\n2024\n\n2023\n\nInc (Dec)\n\n2024\n\n2023\n\n\nUnited States\n\n$\n64,565\n\n$\n59,002\n\n9.4\n%\n\n57.2\n%\n\n57.5\n%\n\n\nCanada\n\n\n14,415\n\n\n11,471\n\n25.7\n%\n\n12.8\n%\n\n11.2\n%\n\n\nChina\n\n\n9,058\n\n\n10,242\n\n(11.6\n)%\n\n8.0\n%\n\n10.0\n%\n\n\nContinental Europe\n\n\n9,058\n\n\n8,705\n\n4.1\n%\n\n8.0\n%\n\n8.5\n%\n\n\nUnited Kingdom\n\n\n3,548\n\n\n3,499\n\n1.4\n%\n\n3.2\n%\n\n3.4\n%\n\n\nMiddle East/Africa\n\n\n5,286\n\n\n3,909\n\n35.2\n%\n\n4.7\n%\n\n3.8\n%\n\n\nAsia Pacific\n\n\n4,095\n\n\n3,233\n\n26.7\n%\n\n3.6\n%\n\n3.1\n%\n\n\nLatin America\n\n\n2,827\n\n\n2,325\n\n21.6\n%\n\n2.5\n%\n\n2.3\n%\n\n\nOther\n\n\n—\n\n\n291\n\n(100.0\n)%\n\n0.0\n%\n\n0.2\n%\n\n\nTotal\n\n$\n112,852\n\n$\n102,677\n\n9.9\n%\n\n100.0\n%\n\n100.0\n%\n\n\n\nOverall Revenue\n\nTotal revenue grew 9.9% compared to third quarter 2023 (\"YoY\") and 2.7% over the second quarter 2024 (\"QoQ\"). Excluding China, total revenue increased 12.3% YoY and declined 1.6% QoQ.\nUS revenue grew 9.4% YoY and was flat QoQ.\nAll other revenue (excluding US and China) grew 17.3% YoY and declined 3.4% QoQ.\n\nProduct and Service Revenue\n\nTotal product revenue increased 7.2% YoY and 4.5% QoQ. This increase was due to growth in most geographical regions, offset by a decline in sales to our China distributor. Excluding China, total product revenue increased 9.9% YoY.\nTotal window film increased 20.6% YoY and increased 2.8% QoQ and represented 20.1% of total revenue.\nTotal service revenue increased 20.2% YoY and declined 3.1% QoQ. The increase was mainly due to increases in the Company's dealership services and OEM businesses.\nTotal installation revenue (labor and product combined) grew 27.4% YoY and declined 2.7% QoQ and represented 20.0% of total revenue. Organic installation revenue grew 11.3% YoY.\nAdjusted product revenue (combining cutbank credits revenue and product revenue) increased 6.8% YoY and 3.9% QoQ. Excluding China, adjusted product revenue grew 9.3% YoY.\n\nOther Financial Information\n\nGross margin percentage was 42.5% and 40.4% in the third quarter, 2024 and 2023, respectively.\nTotal operating expenses increased 23.6% YoY and increased 3.0% QoQ.\nSales and marketing expenses increased 37.6% YoY and increased 3.5% QoQ and represented 9.4% of revenue. This increase was driven primarily by enhanced marketing efforts to support our increased dealership focus and international expansion.\nGeneral and administrative expenses increased 16.8% YoY and increased 2.7% QoQ and represented 16.7% of revenue.\nNet income increased 9.1% YoY and was flat QoQ.\nEBITDA increased 10.0% YoY2 and was flat QoQ.\nCash flows provided by operations increased $8.4 million YoY and declined $7.3 million QoQ to $19.6 million in the third quarter 2024.\n\nFourth Quarter 2024 Outlook\n\nFourth quarter revenue is estimated at $105 - $107 million. This assumes Q4 YoY US growth of approximately 10% partially offset by Q4 YoY decline in China sales.\n\nPlease see the information under \"Forward-looking Statements\" below regarding certain cautionary statements relating to our 2024 Outlook.\nConference Call Information\nThe Company will host a conference call and webcast today, November 7, 2024 at 11:00 a.m. Eastern Time to discuss the Company’s third quarter 2024 results.\nTo access the live webcast, please visit the XPEL, Inc. website at www.xpel.com/events-presentations.\nTo 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: 861781.\nA replay of the teleconference will be available until December 7, 2024 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 51306.\nAbout XPEL, Inc.\nXPEL 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\".\n1 The results summarized above for 2024 are preliminary and unaudited. As the Company completes its quarter-end financial close processes and finalizes its financial statements for the third quarter of 2024, it is possible that the Company may identify items that require it to make adjustments to the preliminary information set forth above, and those adjustments could be material. Full third quarter 2024 financial information will be included in the filing of the Company’s Quarterly Report on Form 10-Q with the Securities and Exchange Commission which is anticipated on or prior to November 8, 2024.\n2 See \"Non-GAAP Financial Measure\" and \"Reconciliation of Non-GAAP Financial Measure\" below.\nForward-looking Statements\nThis release includes forward-looking statements (within the meaning of Section 27A of the Securities act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended) 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, execution of the company's growth strategy and outlook. 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 and assumptions of the management of XPEL. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: competition, a prolonged or material contraction in automotive sales and production volumes, disruption in our supply chain, technology that could render our products obsolete, changes in the way vehicles are sold, damage to our brand and reputation, cyber events and other legal and regulatory developments. There are several risks, uncertainties, and other important factors, many of which are beyond the Company’s control, that could cause its actual results to differ materially from the forward-looking statements contained in this press release, including those described in the \"Risk Factors\" section of Annual Report on Form 10-K. 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.\nNon-GAAP Financial Measure\nTo aid in the understanding of XPEL's ongoing business performance, XPEL uses EBITDA, a non-GAAP financial measure. EBITDA is defined as net income (loss) plus interest expense, net, plus income tax expense plus depreciation 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 XPEL's financial performance under GAAP and should not be considered as an alternative 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 title measures. For a full reconciliation of EBITDA to comparable GAAP measure, refer to the reconciliation titled \"Reconciliation of Non-GAAP Financial Measure.\"\n\n\n\nXPEL, Inc.Consolidated Statements of Income (Unaudited)(In thousands except per share data)\n\n\n\n\n\n\n \n\n\n\n\nThree Months EndedSeptember 30,\n\nNine MonthsEndedSeptember 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nRevenue\n\n\n\n\n\n\n\n\n\n\nProduct revenue\n\n$\n86,950\n\n\n$\n81,125\n\n$\n237,002\n\n$\n229,339\n\n\nService revenue\n\n\n25,902\n\n\n\n21,552\n\n\n75,871\n\n\n61,416\n\n\nTotal revenue\n\n\n112,852\n\n\n\n102,677\n\n\n312,873\n\n\n290,755\n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of Sales\n\n\n\n\n\n\n\n\n\n\nCost of product sales\n\n\n53,967\n\n\n\n51,876\n\n\n147,376\n\n\n143,613\n\n\nCost of service\n\n\n10,969\n\n\n\n9,272\n\n\n31,840\n\n\n25,660\n\n\nTotal cost of sales\n\n\n64,936\n\n\n\n61,148\n\n\n179,216\n\n\n169,273\n\n\nGross Margin\n\n\n47,916\n\n\n\n41,529\n\n\n133,657\n\n\n121,482\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Expenses\n\n\n\n\n\n\n\n\n\n\nSales and marketing\n\n\n10,637\n\n\n\n7,730\n\n\n31,308\n\n\n22,554\n\n\nGeneral and administrative\n\n\n18,892\n\n\n\n16,170\n\n\n55,547\n\n\n46,180\n\n\nTotal operating expenses\n\n\n29,529\n\n\n\n23,900\n\n\n86,855\n\n\n68,734\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Income\n\n\n18,387\n\n\n\n17,629\n\n\n46,802\n\n\n52,748\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest expense\n\n\n97\n\n\n\n85\n\n\n962\n\n\n946\n\n\nForeign currency exchange (gain)/loss\n\n\n(332\n)\n\n\n398\n\n\n216\n\n\n419\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome before income taxes\n\n\n18,622\n\n\n\n17,146\n\n\n45,624\n\n\n51,383\n\n\nIncome tax expense\n\n\n3,730\n\n\n\n3,490\n\n\n9,033\n\n\n10,553\n\n\nNet income\n\n$\n14,892\n\n\n$\n13,656\n\n$\n36,591\n\n$\n40,830\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per share\n\n\n\n\n\n\n\n\n\n\nBasic\n\n$\n0.54\n\n\n$\n0.49\n\n$\n1.32\n\n$\n1.48\n\n\nDiluted\n\n$\n0.54\n\n\n$\n0.49\n\n$\n1.32\n\n$\n1.48\n\n\nWeighted Average Number of Common Shares\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n27,642\n\n\n\n27,623\n\n\n27,636\n\n\n27,620\n\n\nDiluted\n\n\n27,644\n\n\n\n27,644\n\n\n27,639\n\n\n27,634\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nXPEL, Inc.Consolidated Balance Sheets(In thousands except share and per share data)\n\n\n\n\n\n\n \n\n\n\n\n(Unaudited)\n\n(Audited)\n\n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\nAssets\n\n\n\n\n\n\nCurrent\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n20,986\n\n\n$\n11,609\n\n\n\nAccounts receivable, net\n\n\n29,583\n\n\n\n24,111\n\n\n\nInventory, net\n\n\n101,592\n\n\n\n106,509\n\n\n\nPrepaid expenses and other current assets\n\n\n6,296\n\n\n\n3,529\n\n\n\nIncome tax receivable\n\n\n264\n\n\n\n696\n\n\n\nTotal current assets\n\n\n158,721\n\n\n\n146,454\n\n\n\nProperty and equipment, net\n\n\n17,851\n\n\n\n16,980\n\n\n\nRight-of-use lease assets\n\n\n18,380\n\n\n\n15,459\n\n\n\nIntangible assets, net\n\n\n33,601\n\n\n\n34,905\n\n\n\nOther non-current assets\n\n\n1,141\n\n\n\n782\n\n\n\nGoodwill\n\n\n43,347\n\n\n\n37,461\n\n\n\nTotal assets\n\n$\n273,041\n\n\n$\n252,041\n\n\n\nLiabilities\n\n\n\n\n\n\nCurrent\n\n\n\n\n\n\nCurrent portion of notes payable\n\n$\n66\n\n\n$\n62\n\n\n\nCurrent portion lease liabilities\n\n\n4,820\n\n\n\n3,966\n\n\n\nAccounts payable and accrued liabilities\n\n\n31,634\n\n\n\n32,444\n\n\n\nTotal current liabilities\n\n\n36,520\n\n\n\n36,472\n\n\n\nDeferred tax liability, net\n\n\n1,252\n\n\n\n2,658\n\n\n\nOther long-term liabilities\n\n\n1,077\n\n\n\n890\n\n\n\nBorrowings on line of credit\n\n\n—\n\n\n\n19,000\n\n\n\nNon-current portion of lease liabilities\n\n\n15,205\n\n\n\n12,715\n\n\n\nNon-current portion of notes payable\n\n\n260\n\n\n\n317\n\n\n\nTotal liabilities\n\n\n54,314\n\n\n\n72,052\n\n\n\nCommitments and Contingencies (Note 11)\n\n\n\n\n\n\nStockholders’ equity\n\n\n\n\n\n\nPreferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding\n\n\n—\n\n\n\n—\n\n\n\nCommon stock, $0.001 par value; 100,000,000 shares authorized; 27,647,223 and 27,630,025 issued and outstanding, respectively\n\n\n28\n\n\n\n28\n\n\n\nAdditional paid-in-capital\n\n\n14,700\n\n\n\n12,546\n\n\n\nAccumulated other comprehensive loss\n\n\n(1,216\n)\n\n\n(1,209\n)\n\n\nRetained earnings\n\n\n205,215\n\n\n\n168,624\n\n\n\nTotal stockholders’ equity\n\n\n218,727\n\n\n\n179,989\n\n\n\nTotal liabilities and stockholders’ equity\n\n$\n273,041\n\n\n$\n252,041\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nXPEL, Inc.Consolidated Statements of Cash Flows (Unaudited)(In thousands)\n\n\n\n\n\n\n \n\n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nCash flows from operating activities\n\n\n\n\n\n\n\n\n\n\nNet income\n\n$\n14,892\n\n\n$\n13,656\n\n\n$\n36,591\n\n\n$\n40,830\n\n\n\nAdjustments to reconcile net income to net cash provided by operating activities:\n\n\n\n\n\n\n\n\n\n\nDepreciation of property, plant and equipment\n\n\n1,504\n\n\n\n1,199\n\n\n\n4,308\n\n\n\n3,229\n\n\n\nAmortization of intangible assets\n\n\n1,476\n\n\n\n1,288\n\n\n\n4,327\n\n\n\n3,660\n\n\n\nGain on sale of property and equipment\n\n\n(6\n)\n\n\n(1\n)\n\n\n(35\n)\n\n\n(11\n)\n\n\nStock compensation\n\n\n862\n\n\n\n486\n\n\n\n2,329\n\n\n\n1,144\n\n\n\nProvision for credit losses\n\n\n91\n\n\n\n60\n\n\n\n279\n\n\n\n216\n\n\n\nDeferred income tax\n\n\n(553\n)\n\n\n(250\n)\n\n\n(1,414\n)\n\n\n(844\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nChanges in assets and liabilities:\n\n\n\n\n\n\n\n\n\n\nAccounts receivable, net\n\n\n279\n\n\n\n(462\n)\n\n\n(5,475\n)\n\n\n(9,483\n)\n\n\nInventory, net\n\n\n(3,592\n)\n\n\n(10,000\n)\n\n\n5,174\n\n\n\n(11,583\n)\n\n\nPrepaid expenses and other current assets\n\n\n(1,477\n)\n\n\n(6,313\n)\n\n\n(2,785\n)\n\n\n(7,288\n)\n\n\nIncome taxes receivable and payable\n\n\n957\n\n\n\n457\n\n\n\n370\n\n\n\n320\n\n\n\nAccounts payable and accrued liabilities\n\n\n5,127\n\n\n\n11,008\n\n\n\n(2,172\n)\n\n\n18,311\n\n\n\nNet cash provided by operating activities\n\n\n19,559\n\n\n\n11,128\n\n\n\n41,497\n\n\n\n38,501\n\n\n\nCash flows used in investing activities\n\n\n\n\n\n\n\n\n\n\nPurchase of property, plant and equipment\n\n\n(1,257\n)\n\n\n(1,434\n)\n\n\n(5,085\n)\n\n\n(4,741\n)\n\n\nProceeds from sale of property and equipment\n\n\n40\n\n\n\n(4\n)\n\n\n40\n\n\n\n20\n\n\n\nAcquisition of businesses, net of cash acquired\n\n\n(592\n)\n\n\n(240\n)\n\n\n(6,520\n)\n\n\n(4,697\n)\n\n\nDevelopment of intangible assets\n\n\n(580\n)\n\n\n(281\n)\n\n\n(1,421\n)\n\n\n(798\n)\n\n\nNet cash used in investing activities\n\n\n(2,389\n)\n\n\n(1,959\n)\n\n\n(12,986\n)\n\n\n(10,216\n)\n\n\nCash flows from financing activities\n\n\n\n\n\n\n\n\n\n\nNet payments on revolving line of credit\n\n\n(11,000\n)\n\n\n(13,000\n)\n\n\n(19,000\n)\n\n\n(26,000\n)\n\n\nRSUs withheld in lieu of payroll taxes\n\n\n(88\n)\n\n\n(138\n)\n\n\n(175\n)\n\n\n(167\n)\n\n\nRepayments of notes payable\n\n\n(13\n)\n\n\n—\n\n\n\n(44\n)\n\n\n(77\n)\n\n\nNet cash used in financing activities\n\n\n(11,101\n)\n\n\n(13,138\n)\n\n\n(19,219\n)\n\n\n(26,244\n)\n\n\nNet change in cash and cash equivalents\n\n\n6,069\n\n\n\n(3,969\n)\n\n\n9,292\n\n\n\n2,041\n\n\n\nForeign exchange impact on cash and cash equivalents\n\n\n(67\n)\n\n\n45\n\n\n\n85\n\n\n\n277\n\n\n\nIncrease/(Decrease) in cash and cash equivalents during the period\n\n\n6,002\n\n\n\n(3,924\n)\n\n\n9,377\n\n\n\n2,318\n\n\n\nCash and cash equivalents at beginning of period\n\n\n14,984\n\n\n\n14,298\n\n\n\n11,609\n\n\n\n8,056\n\n\n\nCash and cash equivalents at end of period\n\n$\n20,986\n\n\n$\n10,374\n\n\n$\n20,986\n\n\n$\n10,374\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSupplemental schedule of non-cash activities\n\n\n\n\n\n\n\n\n\n\nNon-cash lease financing\n\n$\n1,172\n\n\n$\n36\n\n\n$\n6,210\n\n\n$\n1,847\n\n\n\nIssuance of common stock for vested restricted stock units\n\n\n438\n\n\n\n740\n\n\n\n900\n\n\n\n874\n\n\n\nSupplemental cash flow information\n\n\n\n\n\n\n\n\n\n\nCash paid for income taxes\n\n$\n3,458\n\n\n$\n3,334\n\n\n$\n10,256\n\n\n$\n11,144\n\n\n\nCash paid for interest\n\n$\n151\n\n\n$\n111\n\n\n$\n995\n\n\n$\n1,000\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nReconciliation of Non-GAAP Financial Measure\nEBITDA is a non-GAAP financial measure. EBITDA is defined as net income (loss) plus interest expense, net, plus income tax expense plus depreciation expense and amortization expense. EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. It is not a measurement of our financial performance under GAAP and should not be considered as alternatives to revenue or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our operating results as reported under GAAP.\nEBITDA does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of ongoing operations and other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.\n\n\n\nEBITDA Reconciliation (in thousands)\n\n\n\n\n\n\n \n\n\n\n\n(Unaudited)\n\n(Unaudited)\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nNet Income\n\n$\n14,892\n\n$\n13,656\n\n$\n36,591\n\n$\n40,830\n\n\nInterest\n\n\n97\n\n\n85\n\n\n962\n\n\n946\n\n\nTaxes\n\n\n3,730\n\n\n3,490\n\n\n9,033\n\n\n10,553\n\n\nDepreciation\n\n\n1,504\n\n\n1,199\n\n\n4,308\n\n\n3,229\n\n\nAmortization\n\n\n1,475\n\n\n1,288\n\n\n4,327\n\n\n3,660\n\n\nEBITDA\n\n$\n21,698\n\n$\n19,718\n\n$\n55,221\n\n$\n59,218\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241107387812/en/\nContacts\nFor more information:\nInvestor Relations:John Nesbett/Jennifer BelodeauIMS Investor RelationsPhone: (203) 972-9200Email: xpel@imsinvestorrelations.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481187623"}