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XPEL(XPEL) - 2024 Q4 - Annual Results
XPELXPEL(XPEL)2025-02-26 13:56

Revenue Performance - Revenue increased 1.9% to 107.5millioninQ42024,witha10.5107.5 million in Q4 2024, with a 10.5% increase excluding impacts from China[3] - Total revenue for 2024 was 420.4 million, a 6.1% increase compared to the prior year[3] - Total revenue for Q4 2024 was 107.527million,a1.9107.527 million, a 1.9% increase from 105.538 million in Q4 2023[20] - US revenue increased 6.2% YoY, while revenue from China decreased 44.3% YoY[5] - Total installation revenue grew 16.1% YoY, with organic growth of 8.0% YoY[7] - The company expects Q1 2025 revenue to be approximately 97−97 - 99 million[15] Profitability Metrics - Gross margin was 40.6% in Q4 2024, up from 38.8% in Q4 2023[15] - Net income decreased 25.7% to 8.9million,or8.9 million, or 0.32 per share, compared to 12.0million,or12.0 million, or 0.43 per share in Q4 2023[3] - EBITDA decreased 19.3% to 14.3million,representing13.314.3 million, representing 13.3% of revenue, down from 16.7% in Q4 2023[3] - Net income for Q4 2024 was 8.898 million, down from 11.970millioninQ42023,resultinginearningspershareof11.970 million in Q4 2023, resulting in earnings per share of 0.32 compared to 0.43[20]−EBITDAforQ42024was0.43[20] - EBITDA for Q4 2024 was 14.250 million, down from 17.654millioninQ42023,reflectingtheimpactofincreasedoperatingexpenses[29]OperatingExpenses−Operatingexpensesincreased17.417.654 million in Q4 2023, reflecting the impact of increased operating expenses[29] Operating Expenses - Operating expenses increased 17.4% YoY, with sales and marketing expenses rising 24.6% YoY[15] - Operating expenses rose to 31.358 million in Q4 2024, up from 26.708millioninQ42023,primarilyduetoincreasedsalesandmarketingexpenses[20]CashandAssets−Cashandcashequivalentsincreasedto26.708 million in Q4 2023, primarily due to increased sales and marketing expenses[20] Cash and Assets - Cash and cash equivalents increased to 22.087 million as of December 31, 2024, from 11.609millionattheendof2023[22]−Totalassetsgrewto11.609 million at the end of 2023[22] - Total assets grew to 285.607 million in 2024, up from 252.041millionin2023,drivenbyincreasesincashandinventory[22]LiabilitiesandFinancialStability−Totalliabilitiesdecreasedto252.041 million in 2023, driven by increases in cash and inventory[22] Liabilities and Financial Stability - Total liabilities decreased to 60.152 million in 2024 from 72.052millionin2023,indicatingimprovedfinancialstability[22]WorkforceandCostSavings−Aworkforcereductionisexpectedtoyieldapproximately72.052 million in 2023, indicating improved financial stability[22] Workforce and Cost Savings - A workforce reduction is expected to yield approximately 2 million in annual run rate savings[15] Revenue Breakdown - Product revenue decreased slightly to 81.847millioninQ42024from81.847 million in Q4 2024 from 82.067 million in Q4 2023, while service revenue increased to 25.680millionfrom25.680 million from 23.471 million[20]