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XPEL Inc (XPEL-1.69%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a total revenue increase to $112,852,000 from $102,677,000 in the same quarter the previous year. The increase is attributed to higher sales in the United States and Canada.
Product revenue increased by 7.2% to $86,950,000, with paint protection film sales growing by 2.7% and window film sales rising by 20.6%.
Service revenue grew by 20.2% to $25,902,000, driven by increased demand for installation labor and software services.
Cost of sales for the quarter was $64,936,000, representing 57.5% of sales, compared to 59.6% in the same quarter of the previous year. This decrease in cost ratio is due to improved operating leverage.
The company reported a gross margin of $47,916,000 for the quarter, compared to $41,529,000 in the previous year, with the increase attributed to higher sales and improved cost management.
Sales and marketing expenses increased to $10,637,000 from $7,730,000, primarily due to increased personnel and marketing costs.
Net income for the quarter was $14,892,000, up from $13,656,000 in the previous year.
Cash provided by operating activities was $41,497,000, while cash used in investing and financing activities was $12,986,000 and $19,219,000, respectively.
The filing also details the company's credit facilities, including a $125 million revolving credit facility with no outstanding balance as of September 30, 2024.
The company does not anticipate cash dividend payments to common stockholders in the near future.
XPEL continues to focus on expanding its global presence and increasing brand awareness through strategic marketing and acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the XPEL Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.