10-Q Filing

XPEL, INC. CIK: 1767258 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001767258-22-000027`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	xpel-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 32 Cash Flow Statement 64 Stockholders Equity 4 Comprehensive Income 6

Balance Sheet 79 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.60M	USD	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$15.18M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$13.16M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory, net	`InventoryNet`	$74.49M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$51.94M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.67M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.75M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	27.61M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$617.14K	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	27.61M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.61M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$79.03M	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.61M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$104.01M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.36M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.90M	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$12.91M	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$14.44M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$32.73M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$31.98M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$790.34K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$851.43K	USD	Point-in-time
Goodwill	`Goodwill`	$25.66M	USD	Point-in-time
Goodwill	`Goodwill`	$4.47M	USD	Point-in-time
Goodwill	`Goodwill`	$25.61M	USD	Point-in-time
Total assets	`Assets`	$161.01M	USD	Point-in-time
Total assets	`Assets`	$188.26M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$351.67K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$375.41K	USD	Point-in-time
Current portion lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.73M	USD	Point-in-time
Current portion lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.98M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$32.91M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$42.36M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$656.09K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$47.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$36.27M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$2.70M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$2.75M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.63M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.43M	USD	Point-in-time
Borrowings on line of credit	`LongTermLineOfCredit`	$33.00M	USD	Point-in-time
Borrowings on line of credit	`LongTermLineOfCredit`	$25.00M	USD	Point-in-time
Non-current portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$10.79M	USD	Point-in-time
Non-current portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$9.83M	USD	Point-in-time
Non-current portion of notes payable	`LongTermNotesPayable`	-	USD	Point-in-time
Non-current portion of notes payable	`LongTermNotesPayable`	$75.72K	USD	Point-in-time
Total liabilities	`Liabilities`	$76.55M	USD	Point-in-time
Total liabilities	`Liabilities`	$96.02M	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`	$10.58M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$10.65M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-590.45K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-685.24K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$82.25M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$74.44M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$92.24M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$84.46M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$161.01M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$188.26M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$71.86M	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`	$44.15M	USD	1 Quarter
Gross Margin	`GrossProfit`	$27.72M	USD	1 Quarter
Gross Margin	`GrossProfit`	$18.29M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.39M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$6.31M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.35M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$11.37M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.68M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.74M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$10.04M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$8.55M	USD	1 Quarter
Interest expense	`InterestExpense`	$219.73K	USD	1 Quarter
Interest expense	`InterestExpense`	$52.72K	USD	1 Quarter
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-5.13K	USD	1 Quarter
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-35.61K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.46M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.81M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.01M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.61M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.85M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.80M	USD	1 Quarter
Basic (in dollar per share)	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Basic (in dollar per share)	`EarningsPerShareBasic`	$0.25	USD	1 Quarter
Diluted (in dollar per share)	`EarningsPerShareDiluted`	$0.25	USD	1 Quarter
Diluted (in dollar per share)	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.61M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.61M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.61M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.61M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$7.80M	USD	1 Quarter
Net income	`ProfitLoss`	$6.85M	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$383.09K	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$756.34K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$262.61K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.08M	USD	1 Quarter
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$14.28K	USD	1 Quarter
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-2.03K	USD	1 Quarter
Stock compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock compensation	`ShareBasedCompensation`	$70.05K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$93.03K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$65.60K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	$-38.48K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	$23.66K	USD	1 Quarter
Accretion on notes payable	`AmortizationOfDebtDiscountPremium`	$8.95K	USD	1 Quarter
Accretion on notes payable	`AmortizationOfDebtDiscountPremium`	$2.66K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$124.63K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.13M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$22.58M	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`	$77.95K	USD	1 Quarter
Income taxes receivable and payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$1.28M	USD	1 Quarter
Income taxes receivable and payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$270.95K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$113.14K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-74.26K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.57M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.40M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.31M	USD	1 Quarter
Net cash (used in) 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`	$2.27M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$42.14K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$238.00	USD	1 Quarter
Development of intangible assets	`PaymentsToAcquireIntangibleAssets`	$114.05K	USD	1 Quarter
Development of intangible assets	`PaymentsToAcquireIntangibleAssets`	$363.84K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.59M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.52M	USD	1 Quarter
Net borrowings on revolving credit agreement	`ProceedsFromRepaymentsOfLinesOfCredit`	$8.00M	USD	1 Quarter
Net borrowings on revolving credit agreement	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$107.95K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$723.24K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.89M	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`	$990.36K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$6.68M	USD	1 Quarter
Foreign exchange impact on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-39.05K	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`	$951.31K	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`	$10.60M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.62M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.64M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.03M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.60M	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`	$9.64M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.03M	USD	Point-in-time
Non-cash lease financing	`CapitalLeaseObligationsIncurred`	$1.38M	USD	1 Quarter
Non-cash lease financing	`CapitalLeaseObligationsIncurred`	$2.39M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$769.80K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.36M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$45.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$216.01K	USD	1 Quarter

Stockholders Equity 4 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$7.80M	USD	1 Quarter
Net income	`ProfitLoss`	$6.85M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-210.13K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-94.79K	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$7.80M	USD	1 Quarter
Net income	`ProfitLoss`	$6.85M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-210.13K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-94.79K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$6.64M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$7.71M	USD	1 Quarter

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