XPEL Inc
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 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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Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income | $6,666 | $11,433 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Depreciation of property, plant and equipment | 1,333 | 972 |
| Amortization of intangible assets | 1,410 | 1,161 |
| Gain on sale of property and equipment | (18) | (9) |
| Stock compensation | 630 | 303 |
| Provision for credit losses | 89 | 74 |
| Deferred income tax | (157) | (115) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (4,763) | (6,606) |
| Inventory, net | (3,878) | (3,886) |
| Prepaid expenses and other current assets | (2,325) | (2,512) |
| Income taxes receivable and payable | 904 | 2,360 |
| Accounts payable and accrued liabilities | (4,850) | (2,480) |
| Net cash (used in) provided by operating activities | (4,959) | 695 |
| Cash flows used in investing activities | ||
| Purchase of property, plant and equipment | (2,017) | (2,055) |
| Proceeds from sale of property and equipment | — | 12 |
| Acquisition of a business, net of cash acquired | (757) | — |
| Development of intangible assets | (340) | (321) |
| Net cash used in investing activities | (3,114) | (2,364) |
| Cash flows from financing activities | ||
| Net borrowings on revolving credit agreement | 5,000 | 2,000 |
| Repayments of notes payable | (15) | (77) |
| Net cash provided by financing activities | 4,985 | 1,923 |
| Net change in cash and cash equivalents | (3,088) | 254 |
| Foreign exchange impact on cash and cash equivalents | 93 | 20 |
| (Decrease)/Increase in cash and cash equivalents during the period | (2,995) | 274 |
| Cash and cash equivalents at beginning of period | 11,609 | 8,056 |
| Cash and cash equivalents at end of period | $8,614 | $8,330 |
| Supplemental schedule of non-cash activities | ||
| Non-cash lease financing | $952 | $1,237 |
| Issuance of common stock for vested restricted stock units | 57 | — |
| Supplemental cash flow information | ||
| Cash paid for income taxes | $1,152 | $748 |
| Cash paid for interest | $430 | $517 |
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