Xpel (XPEL) FY2021 results: revenue $259 million, up 63.1% on the year

Xpel, Inc. (XPEL) reported revenue of $259 million for fiscal 2021, the year ended 31 December 2021, up 63.1% on the year before. Net income was $32 million, up 72.7%, and diluted earnings per share $1.14. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$259 million

+63.1% on the year

FY2018FY2021

Operating margin

15.5%

14.7% a year earlier

FY2018FY2021

Net income

$32 million

+72.7% on the year

FY2018FY2021

Diluted EPS

$1.14

+72.7% on the year

FY2018FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	259	159	130	+63.1%
Cost of revenue	167	105	86.4	+58.8%
Gross profit	92.7	54.0	43.5	+71.5%
Gross margin	35.7%	34.0%	33.5%
Research and development	0.4	0.1	0.6	+300.0%
Operating income	40.1	23.4	17.1	+71.7%
Operating margin	15.5%	14.7%	13.2%
Interest expense	0.3	0.2	0.1	+21.3%
Pre-tax income	39.4	22.8	17.0	+72.9%
Income tax	7.9	4.5	3.0	+74.1%
Effective tax rate	20.0%	19.8%	17.4%
Net income	31.6	18.3	14.0	+72.7%
Net margin	12.2%	11.5%	10.8%
Diluted EPS	$1.14	$0.66	$0.51	+72.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	18.3	18.5	11.0	-1.1%
Capital expenditure	6.7	1.8	1.6	+277.5%
Free cash flow	11.5	16.7	9.4	-30.8%
Free cash flow margin	4.5%	10.5%	7.2%
Cash from investing	-56.8	-4.7	-2.3
Cash from financing	19.2	3.5	-1.1	+448.0%
Depreciation and amortisation	4.4	2.2	1.7	+96.8%
Share-based compensation	0.2	0.0	0.0
Diluted shares, weighted	28m	28m	28m	+0.0%
Shares outstanding at period end	28m	28m	28m	0.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	84.5	53.4	35.1	+58.2%
Non-controlling interest	n/a	0.0	-0.2
Debt	25.5	6.5	0.8	+292.5%
Operating lease liabilities	9.8	4.3	4.0	+127.0%
Other liabilities	41.3	19.6	11.9	+110.1%
Total liabilities and equity	161	83.8	51.6	+92.1%
Fixed assets	9.9	4.7	4.0	+110.3%
Goodwill	25.7	4.5	2.4	+473.7%
Intangible assets	32.7	5.4	3.8	+503.5%
Cash and equivalents	9.6	29.0	11.5	-66.8%
Receivables	13.2	9.9	7.2	+32.3%
Inventory	51.9	22.4	15.1	+132.2%
Other assets	18.0	7.9	7.6	+127.7%
Total assets	161	83.8	51.6	+92.1%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.