XPEL Reports Record Revenue in First Quarter 2021 of $51.9 million; First Quarter Revenue Increase of 82.7%
XPEL, a leading provider of protective films, reported exceptional first quarter results for 2021. Revenues soared by 82.7% to $51.9 million, a significant increase compared to $28.4 million in Q1 2020. Net income grew 324.9% to $6.8 million, or $0.25 per share, up from $1.6 million last year. EBITDA rose 256.0% to $9.2 million, accounting for 17.7% of revenues. The company saw major growth across all regions, particularly in China, as momentum from 2020 carried into 2021.
- Q1 2021 revenues increased 82.7% to $51.9 million compared to Q1 2020.
- Net income grew 324.9% to $6.8 million, or $0.25 per share.
- EBITDA increased by 256.0% to $9.2 million, representing 17.7% of revenues.
- Operating expenses decreased as a percentage of sales to 18.8%.
- Gross margin slightly decreased to 35.3% from 36.3% in Q1 2020.
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 increased6.7% 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 , or17.7% of revenues compared to$2.6 million , or9.1% 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
Gross Margin. Gross margin was
Expenses. Operating expenses increased to
Net income. Net income was
EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was
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 |
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(Unaudited) |
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Three Months Ended March 31, |
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|
2021 |
|
2020 |
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Revenue |
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|
|
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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 |
|
||
............................................................................................................................................... |
|
|
|
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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 |
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|
(Unaudited) |
|
(Audited) |
||||
|
March 31, 2021 |
|
December 31, 2020 |
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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 |
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FAQ
What were XPEL's revenue results for the first quarter of 2021?
XPEL reported revenues of $51.9 million, an 82.7% increase compared to Q1 2020.
How much did XPEL's net income increase in Q1 2021?
Net income for XPEL increased by 324.9% to $6.8 million in Q1 2021.
What was XPEL's EBITDA for the first quarter of 2021?
XPEL's EBITDA for Q1 2021 was $9.2 million, or 17.7% of revenues.
When will XPEL host a conference call to discuss Q1 results?
XPEL will host a conference call on May 10, 2021, at 11:00 a.m. Eastern Time.
XPEL, Inc.
NASDAQ:XPELXPEL RankingsXPEL Latest NewsXPEL Stock Data
1.20B
21.46M
22.45%
77.9%
8.7%
Auto Parts
Coating, Engraving & Allied Services
United States of America
SAN ANTONIO
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