10-Q Filing

XPEL, INC. CIK: 1767258 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001767258-21-000036`
Period End Date	20210331
Filing Date	20210510
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	xpel-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 28 Cash Flow Statement 68 Stockholders Equity 13 Comprehensive Income 10

Balance Sheet 76 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
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.62M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.94M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.90M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$22.36M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$24.91M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.44M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.12M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$72.55M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$62.78M	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
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.71M	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.61M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.71M	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.61M	shares	Point-in-time
Right-of-Use lease assets	`OperatingLeaseRightOfUseAsset`	$5.97M	USD	Point-in-time
Right-of-Use lease assets	`OperatingLeaseRightOfUseAsset`	$6.79M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$5.42M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$5.29M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$487.98K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$486.47K	USD	Point-in-time
Goodwill	`Goodwill`	$2.41M	USD	Point-in-time
Goodwill	`Goodwill`	$4.51M	USD	Point-in-time
Goodwill	`Goodwill`	$4.47M	USD	Point-in-time
Goodwill	`Goodwill`	$3.40M	USD	Point-in-time
Total assets	`Assets`	$95.34M	USD	Point-in-time
Total assets	`Assets`	$83.84M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$2.57M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$2.51M	USD	Point-in-time
Current portion lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.79M	USD	Point-in-time
Current portion lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.65M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$16.80M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$21.36M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$183.96K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$444.44K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$21.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$26.11M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilities`	$676.94K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilities`	$729.41K	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$627.81K	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$657.21K	USD	Point-in-time
Non-current portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.96M	USD	Point-in-time
Non-current portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.33M	USD	Point-in-time
Non-current portion of notes payable	`LongTermNotesPayable`	$2.92M	USD	Point-in-time
Non-current portion of notes payable	`LongTermNotesPayable`	$3.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$30.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$35.32M	USD	Point-in-time
Commitments and Contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 11)	`CommitmentsAndContingencies`	-	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`	$10.41M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$10.41M	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-143.92K	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$66.22K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$49.72M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$42.88M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$60.02M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$53.38M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$95.34M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$83.84M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$28.39M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$51.87M	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$33.58M	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$18.09M	USD	1 Quarter
Gross Margin	`GrossProfit`	$18.29M	USD	1 Quarter
Gross Margin	`GrossProfit`	$10.30M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.39M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.74M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.07M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.35M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.81M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.74M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$8.55M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$2.48M	USD	1 Quarter
Interest expense	`InterestExpense`	$52.72K	USD	1 Quarter
Interest expense	`InterestExpense`	$30.56K	USD	1 Quarter
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-35.61K	USD	1 Quarter
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-415.58K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.04M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.46M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$426.38K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.61M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.61M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.85M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.06	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.25	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.61M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.61M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$6.85M	USD	1 Quarter
Net income	`ProfitLoss`	$1.61M	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$383.09K	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$270.32K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$262.61K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$233.90K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-2.03K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-3.12K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$22.83K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$93.03K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	$-31.76K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	$23.66K	USD	1 Quarter
Accretion on notes payable	`AmortizationOfDebtDiscountPremium`	$11.02K	USD	1 Quarter
Accretion on notes payable	`AmortizationOfDebtDiscountPremium`	$8.95K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$124.63K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$157.94K	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$3.93M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$2.61M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$685.96K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$18.37K	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-94.73K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$113.14K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$326.80K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.20M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.57M	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$270.95K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$290.61K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$272.16K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.93M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.41M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$776.06K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$238.00	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$24.66K	USD	1 Quarter
Acquisition of a business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.25M	USD	1 Quarter
Acquisition of a business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Development of intangible assets	`PaymentsToAcquireIntangibleAssets`	$114.05K	USD	1 Quarter
Development of intangible assets	`PaymentsToAcquireIntangibleAssets`	$109.41K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.11M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.52M	USD	1 Quarter
Borrowings on revolving credit agreement	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Borrowings on revolving credit agreement	`ProceedsFromRepaymentsOfLinesOfCredit`	$6.00M	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$723.24K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$143.29K	USD	1 Quarter
Purchase of minority interest	`PaymentsToMinorityShareholders`	$784.65K	USD	1 Quarter
Purchase of minority interest	`PaymentsToMinorityShareholders`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.07M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-723.24K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$6.68M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.24M	USD	1 Quarter
Foreign exchange impact on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.22K	USD	1 Quarter
Foreign exchange impact on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-96.19K	USD	1 Quarter
Increase in cash and cash equivalents during the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.29M	USD	1 Quarter
Increase in cash and cash equivalents during the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.59M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.62M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.03M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.50M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.79M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.62M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.03M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.50M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.79M	USD	Point-in-time
Notes payable issued for acquisitions	`NotesIssued1`	-	USD	1 Quarter
Notes payable issued for acquisitions	`NotesIssued1`	$893.32K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.36M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$77.03K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$45.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$2.29K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$60.02M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$34.89M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$53.38M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$34.98M	USD	Point-in-time
Net income	`ProfitLoss`	$6.85M	USD	1 Quarter
Net income	`ProfitLoss`	$1.61M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-210.13K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-760.05K	USD	1 Quarter
Purchase of minority interest	`MinorityInterestDecreaseFromRedemptions`	$762.48K	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$60.02M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$34.89M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$53.38M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$34.98M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$6.85M	USD	1 Quarter
Net income	`ProfitLoss`	$1.61M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-210.13K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-760.05K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$851.30K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$6.64M	USD	1 Quarter
Stockholders of the Company	`ComprehensiveIncomeNetOfTax`	$6.64M	USD	1 Quarter
Stockholders of the Company	`ComprehensiveIncomeNetOfTax`	$855.83K	USD	1 Quarter
Non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-4.53K	USD	1 Quarter
Non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter

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