San Antonio, TX – February 28, 2022 – XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced results for the fourth quarter and year ended December 31, 2021.
Fourth Quarter 2021 Highlights:
· Revenue increased 44.3% to $70.1 million compared to fourth quarter 2020. Organic revenue growth was 27.0%.
· EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew 23.7% to $10.0 million, or 14.2% of revenue compared to $8.1 million, or 16.6% of revenue in fourth quarter 2020.1
Year End 2021 Highlights:
· Revenue increased 63.1% to $259.3 million as compared to $158.9 million in the prior year. Organic revenue growth was 52.9%.
· Net income increased by 72.7% to $31.6 million, or $1.14 per basic and diluted share, compared to $18.3 million, or $0.66 per basic and diluted share, in 2020.
· EBITDA grew 74.5% to $44.1 million, or 17.0% of revenue, as compared to $25.3 million, or 15.9% in the prior year.1
In the quarter, the Company incurred negative operating margin impacts of $1.8 million in higher labor costs in its acquired Dealership Services division due to low new car inventory and $0.8 million in one-time costs resulting from inventory availability pursuant to a facility move which will reverse in 2022. Normalizing for these items, EBITDA would have been $12.6 million or 18% of revenue and gross margin as a percent of revenue would have been 38.9%.
Ryan Pape, President and Chief Executive Officer of XPEL, commented, “We are really proud of what has been an amazing year for the entire XPEL team. In addition to achieving record growth, we closed and integrated seven acquisitions that will set us up for success in 2022 particularly as new car inventory rebuilds through the year.”
