XPEL Reports Record Revenue of $71.9 Million in First Quarter 2022; Revenue Growth 38.6%; Gross Margin 38.6%

About this update from Xpel, Inc.

[{"type":"text","content":" SAN ANTONIO--(BUSINESS WIRE)--\nXPEL, Inc. (Nasdaq: XPEL) a global provider of protective films and coatings, today announced results for the first quarter ended March 31, 2022.\n\nFirst Quarter 2022 Highlights:\n\n\nRevenues increased 38.6% to a record $71.9 million in the first quarter.\n\n\n\nGross margin percentage improved to 38.6% in the first quarter, a new high for the Company.\n\n\n\nNet income grew 14.0% to $7.8 million, or $0.28 per share, compared to $6.8 million, or $0.25 per share, in the same quarter of 2021.\n\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 29.6% to $11.9 million, or 16.5% of revenues compared to $9.2 million in first quarter 2021.1\n\n\n\nAdjusting for costs associated with the Company’s Dealer Conference, which did not occur in 2021 due to COVID-19, EBITDA would have grown 38.2% to $12.7 million or 17.6% of revenues and net income would have grown 23.2% to $8.4 million, or $0.30 per share.\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, “We delivered a strong first quarter to begin 2022, despite on-going challenges with new car inventory in the US and impacts from COVID-related lockdowns in China. We have taken actions to navigate a unique set of circumstances where we’re seeing strong retail demand with simultaneous new car inventory constraints. Despite this unusual environment, we believe we are well-positioned to deliver solid results in coming quarters.”\n\nFor the Quarter Ended March 31, 2022:\n\nRevenues. Revenues increased approximately $20.0 million or 38.6% to $71.9 million as compared to $51.9 million in the first quarter of the prior year.\n\nGross Margin. Gross margin was 38.6% compared to 35.3% in the first quarter of 2021.\n\nExpenses. Operating expenses increased to $17.7 million, or 24.6% of sales, compared to $9.7 million or 18.8% of sales in the prior year period.\n\nNet income. Net income was $7.8 million, or $0.28 per basic and diluted share versus net income of $6.8 million, or $0.25 per basic and diluted share in the first quarter of 2021.\n\nEBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $11.9 million, or 16.5% of sales, as compared to $9.2 million, or 17.7% of sales in the prior year1.\n\n1 See reconciliation of non-GAAP financial measures below\n\nConference Call Informat...

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