XPEL Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
XPEL$40.03+5.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
(In thousands except per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenue | |||
| Product revenue | $311,406 | $258,174 | $217,283 |
| Service revenue | 84,887 | 65,819 | 41,980 |
| Total revenue | 396,293 | 323,993 | 259,263 |
| Cost of Sales | |||
| Cost of product sales | 198,008 | 169,905 | 151,286 |
| Cost of service | 35,871 | 26,576 | 15,300 |
| Total cost of sales | 233,879 | 196,481 | 166,586 |
| Gross Margin | 162,414 | 127,512 | 92,677 |
| Operating Expenses | |||
| Sales and marketing | 31,788 | 25,367 | 18,273 |
| General and administrative | 63,654 | 48,208 | 34,288 |
| Total operating expenses | 95,442 | 73,575 | 52,561 |
| Operating Income | 66,972 | 53,937 | 40,116 |
| Interest expense | 1,248 | 1,410 | 303 |
| Foreign currency exchange (gain)/loss | (307) | 562 | 373 |
| Income before income taxes | 66,031 | 51,965 | 39,440 |
| Income tax expense | 13,231 | 10,584 | 7,873 |
| Net income | $52,800 | $41,381 | $31,567 |
| Earnings per share | |||
| Basic | $1.91 | $1.50 | $1.14 |
| Diluted | $1.91 | $1.50 | $1.14 |
| Weighted Average Number of Common Shares | |||
| Basic | 27,622 | 27,614 | 27,613 |
| Diluted | 27,634 | 27,616 | 27,613 |
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