XPEL, Inc. (NASDAQ:XPEL) Q3 2024 Earnings Call November 7, 2024 11:00 AM ET

Company Participants

John Nesbett - Investor Relations
Ryan Pape - President and Chief Executive Officer
Barry Wood - Senior Vice President and Chief Financial Officer

Conference Call Participants

Steve Dyer - Craig-Hallum
Jeff Van Sinderen - B. Riley

Operator

Greetings. Welcome to the XPEL Incorporated Third Quarter 2024 Earnings Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, John Nesbett with IMS Investor Relations. Sir, you may begin.

John Nesbett

Good morning, and welcome to our conference call to discuss XPEL’s financial results for the third quarter of 2024. On the call today, Ryan Pape, XPEL’s President and Chief Executive Officer; and Barry Wood, XPEL’s Senior Vice President and Chief Financial Officer, will provide an overview of the business operations and review the company’s financial results. Immediately after the prepared comments, we will take questions from our call participants.

I’ll take a moment to read the safe harbor statement. During the course of this call, we will make certain forward-looking statements regarding XPEL and its business, which may include, but not limited to anticipated use of proceeds from capital transactions, expansion into new markets and execution of the company’s growth strategy. Such statements are based on our current expectations and assumptions, which are subject to known and unknown risk factors and uncertainties that could cause actual results to be materially different from those expressed in these statements. Some of these factors are discussed in detail in our most recent Form 10-K, including under Item 1A Risk Factors filed with the SEC. XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

With that, I will now turn the call over to Ryan. Please go ahead, Ryan.

Ryan Pape

Thanks, John, and good morning as well, everyone. Welcome to our third quarter conference call. We saw good top and bottom line performance for the quarter. Revenue growing 9.9% to $112.9 million, which is a record high for us. Excluding China, total revenue grew 12.3%. We saw some modest leverage in the quarter. EBITDA growing just slightly faster than revenue, which is good to see and something to expand on, obviously. Our U.S. business turned in another good quarter, revenue growing 9.4% to $64.6 million. And this along with Q2, they were really our highest U.S. revenue quarters in history, very close to each other.