XPEL(XPEL)2024-11-07 14:28Revenue Performance - Revenue increased 9.9% to $112.9 million in Q3 2024 compared to Q3 2023[1] - Revenue for the first nine months of 2024 increased 7.6% to $312.9 million[3] - US revenue grew 9.4% year-over-year in Q3 2024, contributing 57.2% of total revenue[5] - Total product revenue increased 7.2% year-over-year, with window film revenue up 20.6%[7] - Total installation revenue grew 27.4% year-over-year, representing 20.0% of total revenue[8] - Fourth quarter revenue is estimated to be between $105 million and $107 million, with expected US growth of approximately 10%[10] - Total revenue for Q3 2024 reached $112,852,000, a 9.9% increase from $102,677,000 in Q3 2023[18] Profitability Metrics - Net income grew 9.1% to $14.9 million, or $0.54 per share, in Q3 2024[2] - Operating income for Q3 2024 was $18,387,000, a slight increase from $17,629,000 in Q3 2023[18] - Net income for Q3 2024 was $14,892,000, compared to $13,656,000 in Q3 2023, reflecting a growth of 9.1%[18] - Year-to-date net income for 2024 reached $36,591,000, down from $40,830,000 in the same period of 2023, indicating a decrease of 10.9%[23] EBITDA and Margins - EBITDA increased 10.0% to $21.7 million, representing 19.2% of revenue in Q3 2024[2] - EBITDA for Q3 2024 was $21,698,000, up from $19,718,000 in Q3 2023, reflecting a growth of 10.0%[23] - Year-to-date EBITDA for 2024 was $55,221,000, compared to $59,218,000 in 2023, showing a decline of 6.7%[23] - Gross margin improved to 42.5% in Q3 2024 from 40.4% in Q3 2023[4] - Gross margin improved to $47,916,000, representing a 15.5% increase compared to $41,529,000 in the same quarter last year[18] Expenses and Liabilities - Operating expenses increased 23.6% year-over-year, driven by enhanced marketing efforts[9] - Interest expenses increased to $97,000 in Q3 2024 from $85,000 in Q3 2023, a rise of 14.1%[23] - Taxes for Q3 2024 were $3,730,000, compared to $3,490,000 in Q3 2023, marking an increase of 6.9%[23] - Depreciation expenses rose to $1,504,000 in Q3 2024 from $1,199,000 in Q3 2023, an increase of 25.4%[23] - Amortization expenses increased to $1,475,000 in Q3 2024 from $1,288,000 in Q3 2023, reflecting a growth of 14.5%[23] - Total liabilities decreased to $54,314,000 from $72,052,000, a reduction of 24.6%[19] Cash and Assets - Cash and cash equivalents increased to $20,986,000 as of September 30, 2024, up from $11,609,000 at the end of 2023[19] - Total assets grew to $273,041,000 from $252,041,000 at the end of 2023, indicating a 8.3% increase[19] - The company reported a net cash provided by operating activities of $19,559,000 for Q3 2024, compared to $11,128,000 in Q3 2023[20]