XPEL, Inc. Form 8-K Summary
Business Context and Reporting Period
XPEL, Inc. filed this Current Report on July 13, 2021, regarding a change in its independent registered public accounting firm for the fiscal year ending December 31, 2021. The filing was signed on July 14, 2021.
Key Financial Metrics
This Form 8-K does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating and financial metrics.
Material Change Versus the Prior Comparable Period
- The Audit Committee conducted a competitive selection process and appointed Deloitte & Touche LLP as XPEL’s independent registered public accounting firm for fiscal 2021.
- Baker Tilly US, LLP was dismissed effective July 13, 2021, after serving as the independent auditor for fiscal 2020.
- Baker Tilly’s audit reports for the years ended December 31, 2020 and 2019 contained no adverse opinion, disclaimer, qualification, or modification related to uncertainty, audit scope, or accounting principles.
- XPEL reported no disagreements with Baker Tilly regarding accounting principles, financial statement disclosure, or audit scope and procedures, and no reportable events through the filing date.
- XPEL had not consulted Deloitte during the two most recent fiscal years or through the filing date regarding specified accounting transactions, audit opinions, disagreements, or reportable events.
Guidance, Outlook, Risks, Contingencies, and Unusual Items
The filing provides no financial guidance, operating outlook, risk updates, contingencies, or unusual financial items. The auditor change was approved by the Audit Committee and is not attributed in the filing to any disagreement or reportable event.
Important Facts to Verify
- Review Exhibit 16.1, Baker Tilly’s letter to the SEC dated July 13, 2021, for its concurrence with XPEL’s disclosures.
- Confirm Deloitte’s appointment as auditor for the fiscal year ending December 31, 2021.
- Assess subsequent filings for any additional explanation of the auditor transition or changes in audit-related risks.
- Use XPEL’s periodic financial statements for revenue, profitability, cash flow, debt, liquidity, and other performance information not included in this Form 8-K.