Xpel (XPEL) FY2023 results: revenue $396 million, up 22.3% on the year

Xpel, Inc. (XPEL) reported revenue of $396 million for fiscal 2023, the year ended 31 December 2023, up 22.3% on the year before. Net income was $53 million, up 27.6%, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$396 million

+22.3% on the year

FY2018FY2023

Operating margin

16.9%

16.6% a year earlier

FY2018FY2023

Net income

$53 million

+27.6% on the year

FY2018FY2023

Diluted EPS

$1.91

+27.3% on the year

FY2018FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	396	324	259	+22.3%
Cost of revenue	234	196	167	+19.0%
Gross profit	162	128	92.7	+27.4%
Gross margin	41.0%	39.4%	35.7%
Research and development	2.9	0.4	0.4	+625.0%
Operating income	67.0	53.9	40.1	+24.2%
Operating margin	16.9%	16.6%	15.5%
Interest expense	1.2	1.4	0.3	-11.5%
Pre-tax income	66.0	52.0	39.4	+27.1%
Income tax	13.2	10.6	7.9	+25.0%
Effective tax rate	20.0%	20.4%	20.0%
Net income	52.8	41.4	31.6	+27.6%
Net margin	13.3%	12.8%	12.2%
Diluted EPS	$1.91	$1.50	$1.14	+27.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	37.4	12.1	18.3	+210.1%
Capital expenditure	6.4	7.9	6.7	-19.9%
Free cash flow	31.0	4.1	11.5	+652.9%
Free cash flow margin	7.8%	1.3%	4.5%
Cash from investing	-26.4	-14.2	-56.8
Cash from financing	-7.3	0.6	19.2
Depreciation and amortisation	9.6	7.8	4.4	+22.5%
Share-based compensation	1.6	0.5	0.2	+214.2%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	28m	28m	28m	+0.1%
Shares outstanding at period end	28m	28m	28m	+0.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	180	125	84.5	+44.3%
Debt	19.4	26.1	25.5	-25.7%
Operating lease liabilities	12.7	12.1	9.8	+4.9%
Other liabilities	40.0	30.4	41.3	+31.3%
Total liabilities and equity	252	193	161	+30.3%
Fixed assets	17.0	14.2	9.9	+19.6%
Goodwill	37.5	26.8	25.7	+40.0%
Intangible assets	34.9	29.3	32.7	+19.2%
Cash and equivalents	11.6	8.1	9.6	+44.1%
Receivables	24.1	14.7	13.2	+63.7%
Inventory	107	80.6	51.9	+32.2%
Other assets	20.5	19.7	18.0	+3.7%
Total assets	252	193	161	+30.3%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.