10-Q Filing

XPEL, INC. CIK: 1767258 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001767258-23-000039`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	xpel-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 32 Cash Flow Statement 64 Stockholders Equity 9 Comprehensive Income 6

Balance Sheet 75 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`	$8.06M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.33M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$21.35M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$14.73M	USD	Point-in-time
Inventory, net	`InventoryNet`	$84.59M	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`	$80.58M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.46M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.04M	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`	27.62M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$120.31M	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	27.62M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$106.82M	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.62M	shares	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.62M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.31M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$14.20M	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$15.31M	USD	Point-in-time
Right-of-use lease assets	`OperatingLeaseRightOfUseAsset`	$15.62M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$28.48M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$29.29M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.12M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$972.00K	USD	Point-in-time
Goodwill	`Goodwill`	$26.82M	USD	Point-in-time
Goodwill	`Goodwill`	$26.76M	USD	Point-in-time
Goodwill	`Goodwill`	$25.66M	USD	Point-in-time
Total assets	`Assets`	$193.36M	USD	Point-in-time
Total assets	`Assets`	$207.67M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	-	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$77.00K	USD	Point-in-time
Current portion lease liabilities	`OperatingLeaseLiabilityCurrent`	$4.26M	USD	Point-in-time
Current portion lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.88M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$20.54M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$22.97M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$2.83M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$470.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.63M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$1.94M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$2.05M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.10M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.07M	USD	Point-in-time
Borrowings on line of credit	`LongTermLineOfCredit`	$28.00M	USD	Point-in-time
Borrowings on line of credit	`LongTermLineOfCredit`	$26.00M	USD	Point-in-time
Non-current portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$12.12M	USD	Point-in-time
Non-current portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$12.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$70.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$68.64M	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; 27,616,064 issued and outstanding	`CommonStockValue`	$28.00K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,616,064 issued and outstanding	`CommonStockValue`	$28.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$11.07M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$11.38M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.90M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.20M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$127.26M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$115.82M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$136.76M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$124.72M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$207.67M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$193.36M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$85.84M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$71.86M	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$44.15M	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$49.88M	USD	1 Quarter
Gross Margin	`GrossProfit`	$27.72M	USD	1 Quarter
Gross Margin	`GrossProfit`	$35.96M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$6.67M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$6.31M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$14.35M	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`	$21.03M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$14.93M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$10.04M	USD	1 Quarter
Interest expense	`InterestExpense`	$220.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$523.00K	USD	1 Quarter
Foreign currency exchange (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-5.00K	USD	1 Quarter
Foreign currency exchange (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$9.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$14.42M	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`	$2.98M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.80M	USD	1 Quarter
Basic (in dollar per share)	`EarningsPerShareBasic`	$0.41	USD	1 Quarter
Basic (in dollar per share)	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Diluted (in dollar per share)	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Diluted (in dollar per share)	`EarningsPerShareDiluted`	$0.41	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.61M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.62M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.63M	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`	$11.43M	USD	1 Quarter
Net income	`ProfitLoss`	$7.80M	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$972.00K	USD	1 Quarter
Depreciation of property, plant and equipment	`Depreciation`	$756.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.16M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.08M	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$14.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$9.00K	USD	1 Quarter
Stock compensation	`ShareBasedCompensation`	$303.00K	USD	1 Quarter
Stock compensation	`ShareBasedCompensation`	$70.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$66.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$74.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	$-38.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxesAndTaxCredits`	$-115.00K	USD	1 Quarter
Accretion on notes payable	`AmortizationOfDebtDiscountPremium`	$3.00K	USD	1 Quarter
Accretion on notes payable	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.61M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.12M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$22.58M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$3.89M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$78.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.51M	USD	1 Quarter
Income taxes receivable and payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$1.28M	USD	1 Quarter
Income taxes receivable and payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.36M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-74.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.40M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.48M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.31M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$695.00K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.27M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.06M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$12.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$42.00K	USD	1 Quarter
Development of intangible assets	`PaymentsToAcquireIntangibleAssets`	$364.00K	USD	1 Quarter
Development of intangible assets	`PaymentsToAcquireIntangibleAssets`	$321.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.59M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.36M	USD	1 Quarter
Net borrowings on revolving credit agreement	`ProceedsFromRepaymentsOfLinesOfCredit`	$2.00M	USD	1 Quarter
Net borrowings on revolving credit agreement	`ProceedsFromRepaymentsOfLinesOfCredit`	$8.00M	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$108.00K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$77.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.92M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.89M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$990.00K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$254.00K	USD	1 Quarter
Foreign exchange impact on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-38.00K	USD	1 Quarter
Foreign exchange impact on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.00K	USD	1 Quarter
Increase in cash and cash equivalents during the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$952.00K	USD	1 Quarter
Increase in cash and cash equivalents during the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$274.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.06M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.33M	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`	$10.60M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.06M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.33M	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`	$10.60M	USD	Point-in-time
Non-cash lease financing	`CapitalLeaseObligationsIncurred`	$2.39M	USD	1 Quarter
Non-cash lease financing	`CapitalLeaseObligationsIncurred`	$1.24M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$770.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$748.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$216.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$517.00K	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	27.62M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	27.62M	shares	Point-in-time
Net income	`ProfitLoss`	$11.43M	USD	1 Quarter
Net income	`ProfitLoss`	$7.80M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-95.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$299.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$70.00K	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	27.62M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	27.62M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$11.43M	USD	1 Quarter
Net income	`ProfitLoss`	$7.80M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-95.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$299.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$7.71M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$11.73M	USD	1 Quarter

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