XPEL Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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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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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income | $52,800 | $41,381 | $31,567 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation of property, plant and equipment | 4,534 | 3,433 | 1,887 |
| Amortization of intangible assets | 5,059 | 4,401 | 2,501 |
| Gain on sale of property and equipment | (13) | (8) | (36) |
| Stock compensation | 1,640 | 522 | 169 |
| Bad debt expense | 243 | 467 | 302 |
| Deferred income tax | (921) | (471) | 1,011 |
| Accretion on notes payable | — | 7 | 25 |
| Changes in assets and liabilities: | |||
| Accounts receivable, net | (7,000) | (2,631) | (432) |
| Inventory, net | (24,843) | (28,565) | (26,939) |
| Prepaid expenses and other assets | 604 | 259 | (3,043) |
| Income tax receivable or payable | (1,197) | 1,160 | (766) |
| Accounts payable and accrued liabilities | 6,478 | (7,898) | 12,022 |
| Net cash provided by operating activities | 37,384 | 12,057 | 18,268 |
| Cash flows used in investing activities | |||
| Purchase of property, plant and equipment | (6,356) | (7,936) | (6,725) |
| Proceeds from sale of property and equipment | 29 | 73 | 66 |
| Acquisitions, net of cash acquired, payment holdbacks, and notes payable | (18,735) | (4,673) | (49,185) |
| Development or purchase of intangible assets | (1,291) | (1,620) | (964) |
| Net cash used in investing activities | (26,353) | (14,156) | (56,808) |
| Cash flows from financing activities | |||
| Net (payments) borrowings on revolving credit agreements | (7,000) | 1,000 | 25,000 |
| Payments on term-loan | — | — | (5,064) |
| Restricted stock withholding taxes paid in lieu of issued shares | (167) | (30) | — |
| Repayments of notes payable | (92) | (368) | (695) |
| Net cash (used in) provided by financing activities | (7,259) | 602 | 19,241 |
| Net change in cash and cash equivalents | 3,772 | (1,497) | (19,299) |
| Foreign exchange impact on cash and cash equivalents | (219) | (91) | (84) |
| Increase (Decrease) in cash and cash equivalents during the period | 3,553 | (1,588) | (19,383) |
| Cash and cash equivalents at beginning of year | 8,056 | 9,644 | 29,027 |
| Cash and cash equivalents at end of year | $11,609 | $8,056 | $9,644 |
| Supplemental schedule of non-cash activities | |||
| Contingent consideration | $— | $— | $2,576 |
| Non-cash lease financing | $4,231 | $6,094 | $9,430 |
| Issuance of common stock for vested restricted stock units | $1,038 | $222 | $— |
| Supplemental cash flow information | |||
| Cash paid for income taxes | $15,293 | $9,897 | $7,762 |
| Cash paid for interest | $1,240 | $1,306 | $210 |
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