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XPEL Reports Record Revenue in First Quarter 2021 of $51.9 million; First Quarter Revenue Increase of 82.7%

XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights:

  • Revenues increased 82.7% to $51.9 million compared to first quarter 2020 and increased 6.7% sequentially as compared to fourth quarter 2020.
  • Net income grew 324.9% to $6.8 million, or $0.25 per basic and diluted share, compared to $1.6 million, or $0.06 per basic and diluted share, in the same quarter of 2020.
  • EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 256.0% to $9.2 million, or 17.7% of revenues compared to $2.6 million, or 9.1% in first quarter 2020.1

Ryan Pape, President and Chief Executive Officer of XPEL, commented, “The momentum we saw at the end of last year carried over into 2021 resulting in record top and bottom line performance for the Company. We saw strong growth across all of our regions, particularly in China where we first experienced COVID-19 impact during the first quarter of last year.”

For the Quarter Ended March 31, 2021:

Revenues. Revenues increased approximately $23.5 million or 82.7% to $51.9 million as compared to $28.4 million in the first quarter of the prior year.

Gross Margin. Gross margin was 35.3% compared to 36.3% in the first quarter of 2020.

Expenses. Operating expenses increased to $9.7 million, or 18.8% of sales, compared to $7.8 million or 27.5% of sales in the prior year period.

Net income. Net income was $6.8 million, or $0.25 per basic and diluted share versus net income of $1.6 million, or $0.06 per basic and diluted share in the first quarter of 2020.

EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $9.2 million, or 17.7% of sales, as compared to $2.6 million 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 on Monday, May 10, 2021 at 11:00 a.m. Eastern Time to discuss the Company’s first quarter 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) 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 June 9, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 41202.

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

March 31,

 

2021

 

2020

Revenue

 

 

 

Product revenue..................................................................................................................

$

44,931,353

 

 

$

23,749,917

 

Service revenue..................................................................................................................

6,934,761

 

 

4,638,546

 

Total revenue................................................................................................................

51,866,114

 

 

28,388,463

 

 

 

 

 

Cost of Sales

 

 

 

Cost of product sales..........................................................................................................

31,546,547

 

 

16,761,413

 

Cost of service....................................................................................................................

2,033,136

 

 

1,330,162

 

Total cost of sales........................................................................................................

33,579,683

 

 

18,091,575

 

Gross Margin........................................................................................................................

18,286,431

 

 

10,296,888

 

 

 

 

 

Operating Expenses

 

 

 

Sales and marketing...........................................................................................................

3,387,830

 

 

2,743,249

 

General and administrative................................................................................................

6,351,491

 

 

5,069,771

 

Total operating expenses.......................................................................................

9,739,321

 

 

7,813,020

 

 

 

 

 

Operating Income.................................................................................................................

8,547,110

 

 

2,483,868

 

 

 

 

 

Interest expense................................................................................................................

52,719

 

 

30,558

 

Foreign currency exchange loss.......................................................................................

35,612

 

 

415,577

 

 

 

 

 

Income before income taxes..............................................................................................

8,458,779

 

 

2,037,733

 

Income tax expense..........................................................................................................

1,611,720

 

 

426,379

 

Net income............................................................................................................................

6,847,059

 

 

1,611,354

 

...............................................................................................................................................

 

 

 

Earnings per share

 

 

 

Basic and diluted.............................................................................................................

$

0.25

 

 

$

0.06

 

Weighted Average Number of Common Shares

 

 

 

Basic and diluted.............................................................................................................

27,612,597

 

 

27,612,597

 

XPEL, Inc.

Consolidated Balance Sheets

 

 

(Unaudited)

 

(Audited)

 

March 31, 2021

 

December 31, 2020

Assets

 

 

 

Current

 

 

 

Cash and cash equivalents

$

35,615,477

 

 

$

29,027,124

 

Accounts receivable, net

9,903,238

 

 

9,944,213

 

Inventory, net

24,909,271

 

 

22,364,126

 

Prepaid expenses and other current assets

2,121,327

 

 

1,441,749

 

Total current assets

72,549,313

 

 

62,777,212

 

Property and equipment, net

5,711,937

 

 

4,706,248

 

Right-of-Use lease assets

6,792,636

 

 

5,973,702

 

Intangible assets, net

5,287,809

 

 

5,423,980

 

Other non-current assets

487,983

 

 

486,472

 

Goodwill

4,509,419

 

 

4,472,217

 

Total assets

$

95,339,097

 

 

$

83,839,831

 

Liabilities

 

 

 

Current

 

 

 

Current portion of notes payable

$

2,514,391

 

 

$

2,568,172

 

Current portion lease liabilities

1,792,164

 

 

1,650,749

 

Accounts payable and accrued liabilities

21,358,360

 

 

16,797,462

 

Income tax payable

444,437

 

 

183,961

 

Total current liabilities

26,109,352

 

 

21,200,344

 

Other long-term liabilities

676,940

 

 

729,408

 

Deferred tax liability, net

657,210

 

 

627,806

 

Non-current portion of lease liabilities

4,958,742

 

 

4,331,214

 

Non-current portion of notes payable

2,917,061

 

 

3,568,191

 

Total liabilities

35,319,305

 

 

30,456,963

 

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

10,412,471

 

 

10,412,471

 

Accumulated other comprehensive (loss) income

(143,920)

 

 

66,215

 

Retained earnings

49,723,628

 

 

42,876,569

 

Total stockholders’ equity

60,019,792

 

 

53,382,868

 

Total liabilities and stockholders’ equity

$

95,339,097

 

 

$

83,839,831

 

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,

 

           

2021

 

2020

Net Income

           

$

6,847,059

 

 

$

1,611,354

 

Interest

           

52,719

 

 

30,558

 

Taxes

           

1,611,720

 

 

426,379

 

Depreciation

           

383,090

 

 

270,317

 

Amortization

           

262,606

 

 

233,896

 

EBITDA

           

$

9,157,194

 

 

$

2,572,504

 

 

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