10-K Filing

XPEL, INC. CIK: 1767258 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001767258-20-000011`
Period End Date	20191231
Filing Date	20200316
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	a201910-kxpel_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 32 Cash Flow Statement 69 Stockholders Equity 14 Comprehensive Income 10

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.50M	USD	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.97M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$7.15M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.55M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory, net	`InventoryNet`	$15.14M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$10.80M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.39M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$706.72K	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	27.61M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	27.61M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$93.15K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$36.28M	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.61M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$21.03M	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.61M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.01M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.38M	USD	Point-in-time
Right-of-Use lease assets	`OperatingLeaseRightOfUseAsset`	$5.08M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.82M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.80M	USD	Point-in-time
Goodwill	`Goodwill`	$2.41M	USD	Point-in-time
Goodwill	`Goodwill`	$1.86M	USD	Point-in-time
Goodwill	`Goodwill`	$2.32M	USD	Point-in-time
Total assets	`Assets`	$51.60M	USD	Point-in-time
Total assets	`Assets`	$30.54M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$853.15K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$462.23K	USD	Point-in-time
Current portion lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.13M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$10.20M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.29M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.79M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$478.86K	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$604.72K	USD	Point-in-time
Non-current portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.01M	USD	Point-in-time
Non-current portion of notes payable	`LongTermNotesPayable`	$307.28K	USD	Point-in-time
Non-current portion of notes payable	`LongTermNotesPayable`	$968.24K	USD	Point-in-time
Total liabilities	`Liabilities`	$16.71M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.93M	USD	Point-in-time
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,612,597 issued and outstanding	`CommonStockValue`	$27.61K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,612,597 issued and outstanding	`CommonStockValue`	$27.61K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$11.35M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$11.35M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-908.76K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.19M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$24.59M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.62M	USD	Point-in-time
Equity attributable to stockholders of the company	`StockholdersEquity`	$20.80M	USD	Point-in-time
Equity attributable to stockholders of the company	`StockholdersEquity`	$35.06M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-190.03K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-168.68K	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$34.89M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$12.50M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$20.61M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$30.54M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$51.60M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$109.92M	USD	Annual
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$129.93M	USD	Annual
Total cost of sales	`CostOfGoodsAndServicesSold`	$86.43M	USD	Annual
Total cost of sales	`CostOfGoodsAndServicesSold`	$76.48M	USD	Annual
Gross Margin	`GrossProfit`	$43.51M	USD	Annual
Gross Margin	`GrossProfit`	$33.44M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$7.58M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$6.80M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$14.83M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$18.83M	USD	Annual
Total operating expenses	`OperatingExpenses`	$21.63M	USD	Annual
Total operating expenses	`OperatingExpenses`	$26.42M	USD	Annual
Operating Income	`OperatingIncomeLoss`	$17.09M	USD	Annual
Operating Income	`OperatingIncomeLoss`	$11.81M	USD	Annual
Interest expense	`InterestExpense`	$168.39K	USD	Annual
Interest expense	`InterestExpense`	$96.65K	USD	Annual
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-40.27K	USD	Annual
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-156.31K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.95M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.48M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$2.96M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$2.76M	USD	Annual
Net income	`ProfitLoss`	$8.72M	USD	Annual
Net income	`ProfitLoss`	$14.00M	USD	Annual
Income attributed to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$8.70K	USD	Annual
Income attributed to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$17.45K	USD	Annual
Net income attributable to stockholders of the Company	`NetIncomeLoss`	$13.98M	USD	Annual
Net income attributable to stockholders of the Company	`NetIncomeLoss`	$8.71M	USD	Annual
Earnings per share basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.32	USD	Annual
Earnings per share basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.51	USD	Annual
Weighted-average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.61M	shares	Annual
Weighted-average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.61M	shares	Annual

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$8.72M	USD	Annual
Net income	`ProfitLoss`	$14.00M	USD	Annual
Depreciation of property, plant and equipment	`Depreciation`	$735.98K	USD	Annual
Depreciation of property, plant and equipment	`Depreciation`	$915.92K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$781.11K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$642.80K	USD	Annual
Impairment expense	`AssetImpairmentCharges`	-	USD	Annual
Impairment expense	`AssetImpairmentCharges`	$66.36K	USD	Annual
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$11.30K	USD	Annual
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-25.73K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$242.09K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$190.23K	USD	Annual
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	$117.33K	USD	Annual
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	$-86.22K	USD	Annual
Accretion on notes payable	`AmortizationOfDebtDiscountPremium`	$61.32K	USD	Annual
Accretion on notes payable	`AmortizationOfDebtDiscountPremium`	$43.42K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.77M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$261.26K	USD	Annual
Inventory, net	`IncreaseDecreaseInInventories`	$4.25M	USD	Annual
Inventory, net	`IncreaseDecreaseInInventories`	$-11.15K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-132.68K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.65M	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$93.61K	USD	Annual
Change in operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$32.58K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.88M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.64M	USD	Annual
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.34M	USD	Annual
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$276.28K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.80M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.97M	USD	Annual
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.57M	USD	Annual
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.03M	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$155.28K	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$68.46K	USD	Annual
Acquisitions, net of cash acquired and notes payable	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$127.62K	USD	Annual
Acquisitions, net of cash acquired and notes payable	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$831.93K	USD	Annual
Development or purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$674.58K	USD	Annual
Development or purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$386.99K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.30M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.09M	USD	Annual
Net repayments on revolving credit agreement	`ProceedsFromRepaymentsOfLinesOfCredit`	$-2.00M	USD	Annual
Net repayments on revolving credit agreement	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	Annual
Repayment of bank loan payable	`RepaymentsOfBankDebt`	$440.13K	USD	Annual
Repayment of bank loan payable	`RepaymentsOfBankDebt`	-	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable`	$658.05K	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable`	$1.14M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.14M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.10M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$604.65K	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$7.52M	USD	Annual
Foreign exchange impact on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-132.33K	USD	Annual
Foreign exchange impact on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.04K	USD	Annual
Increase in cash and cash equivalents during the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.53M	USD	Annual
Increase in cash and cash equivalents during the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$472.32K	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.50M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.97M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.50M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.50M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.97M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.50M	USD	Point-in-time
Notes payable issued for acquisitions	`NotesIssued1`	-	USD	Annual
Notes payable issued for acquisitions	`NotesIssued1`	$998.67K	USD	Annual
Forgiveness of debt for acquired entities	`NoncashorPartNoncashAcquisitionDebtForgiven`	-	USD	Annual
Forgiveness of debt for acquired entities	`NoncashorPartNoncashAcquisitionDebtForgiven`	$88.22K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$2.51M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$4.08M	USD	Annual
Cash paid for interest	`InterestPaidNet`	$17.85K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$86.42K	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$34.89M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$12.50M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$20.61M	USD	Point-in-time
Net income	`ProfitLoss`	$8.72M	USD	Annual
Net income	`ProfitLoss`	$14.00M	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$285.19K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-603.67K	USD	Annual
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$34.89M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$12.50M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$20.61M	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	27.61M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	27.61M	shares	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,612,597 issued and outstanding	`CommonStockValue`	$27.61K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,612,597 issued and outstanding	`CommonStockValue`	$27.61K	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$8.72M	USD	Annual
Net income	`ProfitLoss`	$14.00M	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$285.19K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-603.67K	USD	Annual
Total comprehensive income including portion attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$14.28M	USD	Annual
Total comprehensive income including portion attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$8.12M	USD	Annual
Total comprehensive income attributable to stockholders of the company	`ComprehensiveIncomeNetOfTax`	$14.26M	USD	Annual
Total comprehensive income attributable to stockholders of the company	`ComprehensiveIncomeNetOfTax`	$8.12M	USD	Annual
Total comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$21.35K	USD	Annual
Total comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-1.60K	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.