XPEL, Inc. (XPEL) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18
	10-K	10-K	10-K	10-K	10-K
Revenues:
Training and other	1.5	1.0	0.5
Paint protection film	192.4	169.9	110.8	97.3
Window film	54.4	38.4	21.0	11.4
Cutbank credits	16.3	12.4	7.8	7.3
Other	59.5	37.7	18.9	14.0
Total revenues	324.0	259.3	158.9	129.9	109.9
Revenue growth [+]	25.0%	63.1%	22.3%	18.2%
Training and other	48.8%	112.1%
Paint protection film	13.2%	53.3%	13.8%
Window film	41.7%	83.1%	84.0%
Cutbank credits	31.9%	58.9%	7.3%
Installation labor	76.6%	122.0%	65.0%
Cost of goods sold	196.5	166.6	104.9	86.4	76.5
Gross profit	127.5	92.7	54.0	43.5	33.4
Gross margin	39.4%	35.7%	34.0%	33.5%	30.4%
Selling, general and administrative [+]	73.6	52.6	30.7	26.4	21.6
Sales and marketing	25.4	18.3	9.7	7.6	6.8
General and administrative	48.2	34.3	20.9	18.8	14.8
Other operating expenses		-2.6	-0.5
EBITDA [+]	61.8	47.1	26.1	18.8	13.2
EBITDA growth	31.2%	80.1%	39.2%	42.5%
EBITDA margin	19.1%	18.2%	16.4%	14.5%	12.0%
Depreciation	3.4	1.9	1.3	0.9	0.7
EBITA	58.3	45.2	24.9	17.9	12.4
EBITA margin	18.0%	17.4%	15.6%	13.8%	11.3%
Amortization of intangibles	4.4	2.5	1.0	0.8	0.6
EBIT [+]	53.9	42.7	23.9	17.1	11.8
EBIT growth	26.3%	78.5%	39.9%	44.7%
EBIT margin	16.6%	16.5%	15.0%	13.2%	10.7%
Non-recurring items		2.6	0.5
Interest expense	1.4	0.3	0.2	0.1	0.2
Interest expense	1.4	0.3	0.2	0.1	0.2
Other income (expense), net [+]	-0.6	-0.4	-0.3	0.0	-0.2
Gain (loss) on foreign currency transactions	0.6	0.4	0.3	0.0	0.2
Pre-tax income	52.0	39.4	22.8	17.0	11.5
Income taxes	10.6	7.9	4.5	3.0	2.8
Tax rate	20.4%	20.0%	19.8%	17.4%	24.0%
Minority interest				0.0	0.0
Net income	41.4	31.6	18.3	14.0	8.7
Net margin	12.8%	12.2%	11.5%	10.8%	7.9%

Basic EPS [+]	$1.50	$1.14	$0.66	$0.51	$0.32
Growth	31.1%	72.7%	30.8%	60.4%
Diluted EPS [+]	$1.50	$1.14	$0.66	$0.51	$0.32
Growth	31.1%	72.7%	30.8%	60.4%

Shares outstanding (basic) [+]	27.6	27.6	27.6	27.6	27.6
Growth	0.0%	0.0%	0.0%	0.0%
Shares outstanding (diluted) [+]	27.6	27.6	27.6	27.6	27.6
Growth	0.0%	0.0%	0.0%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.