Tecnoglass,
Inc.
(NYSE: TGLS)
(“Tecnoglass” or the “Company”),
a
leading manufacturer of architectural glass, windows, and
associated aluminum products serving the global residential and
commercial end markets, today reported financial results for the
second quarter ended June 30, 2022.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, "We are very pleased to report another
quarter of record results led by continued strong demand for our
single-family residential products and further sequential growth in
our commercial business. The benefit of our vertically integrated
business model and highly efficient manufacturing capacity are
allowing us to maintain exceptional lead times for our customers,
resulting in market share gains and profitable growth. The prudent
investments we have made in automation, capacity enhancements and
product innovation, in addition to our disciplined cost controls,
are supporting our industry-leading adjusted EBITDA margin, which
remains in excess of 30%. We believe the momentum in our business
and established track record of exceptional cash flow further
validates Tecnoglass’ unique vertically integrated business model
and strategic positioning in attractive high-growth geographies
across the U.S. We are excited by the trajectory of our business
and look forward to delivering on our upwardly revised outlook for
the full year 2022.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “Our activity in key U.S. regions remains strong
for single-family and multifamily residential projects, as well as
commercial projects, evidenced by record levels of invoicing during
the month of July. Ongoing market share gains helped us produce
revenue growth of 86% year-over-year in our single-family
residential business, with projects in the historically resilient
remodel and renovation end market representing approximately 65% of
that business. The commercial side of our business has continued to
experience sequential growth in each month this year, with the
second quarter revenues up 15% compared to the prior year quarter.
Furthermore, we ended the quarter with a record backlog of
multifamily and commercial projects that now extend well into 2023.
We intend to continue outperforming in our markets as a supplier of
choice given our ability to maintain timely deliveries that help
keep customers on schedule. We are reinvesting a portion of our
significant cash flow into high-return capex investments that will
allow us to end the year with installed production capacity
equivalent to over $800 million of revenue. The Board’s 15%
increase in our dividend demonstrates their confidence in our cash
flow generation to remain strong. We are well positioned to drive
additional success in our Company for many years to come.”
Second Quarter
2022
Results
Total revenues for the second quarter of 2022
increased 38.9% to $169.1 million, compared to $121.8 million in
the prior year quarter, driven by strong growth in single-family
residential activity, market share gains and the ongoing ramp up of
the Company’s commercial activity. Single-family residential
revenues increased approximately 86% year-over-year, representing
44.9% of total revenues for the second quarter, helped by continued
strong demand within the repair and remodeling space, the ongoing
expansion of the Company’s Multimax product line, and a larger
customer base. Changes in foreign currency exchange rates had an
adverse impact of $0.3 million on both Colombia revenues and total
revenues in the quarter.
Gross profit for the second quarter of 2022 grew
49.9% to $73.6 million, representing a 43.5% gross margin, compared
to gross profit of $49.1 million, representing a 40.4% gross margin
in the prior year quarter. The 310 basis point improvement in gross
margin mainly reflected operating leverage on higher sales, greater
operating efficiencies related to automation and a higher mix of
revenue from manufacturing versus installation activity as
Tecnoglass continues to increase its mix of single-family
residential products. Selling, general and administrative expense
(“SG&A”) was $28.1 million compared to $20.4 million in the
prior year quarter, with the majority of the increase attributable
to shipping expense as a result of a higher sales volume and higher
shipping rates. As a percent of total revenues, SG&A improved
to 16.6% compared to 16.7% in the prior year quarter, primarily due
to higher sales and better operating leverage on personnel,
professional fees and other fixed expenses.
Net income was $33.4 million, or $0.70 per
diluted share, in the second quarter of 2022 compared to net income
of $19.6 million, or $0.41 per diluted share, in the prior year
quarter, including a non-cash foreign exchange transaction gain of
$2.5 million in the second quarter of 2022 and a $0.2 million gain
in the second quarter of 2021. As previously disclosed, these
non-cash gains and losses are related to the accounting
re-measurement of U.S. Dollar denominated assets and liabilities
against the Colombian Peso as functional currency.
Adjusted net income1 was $33.0
million, or $0.69 per diluted share, in the second quarter of 2022
compared to adjusted net income of $20.1 million, or $0.42 per
diluted share, in the prior year quarter. Adjusted net
income1, as reconciled in the table below,
excludes the impact of non-cash foreign exchange transaction gains
or losses and other non-core items, along with the tax impact of
adjustments at statutory rates, to better reflect core financial
performance.
Adjusted EBITDA1, as reconciled
in the table below, increased 51.7% to $54.6 million, or 32.3% of
total revenues, in the second quarter of 2022, compared to $36.0
million, or 29.5% of total revenues, in the prior year quarter. The
improvement was driven by higher sales, a stronger gross margin and
operating leverage on SG&A. Adjusted EBITDA1
included a $0.9 million contribution from the Company’s joint
venture with Saint-Gobain, compared to $0.5 million in the prior
year quarter.
Dividend
The Board of Directors of the Company today
declared a quarterly cash dividend of $0.075 per share,
representing a 15% increase from the previous dividend payment. The
quarterly dividend will be paid on October 31, 2022 to shareholders
of record as of the close of business on September 30, 2022.
Balance Sheet &
Liquidity
The Company ended the second quarter of 2022
with total liquidity of approximately $270 million, including cash
and cash equivalents of $99 million and availability under its
committed revolving credit facilities of $170 million. Given the
Company’s continued growth in adjusted EBITDA1 and strong cash
generation, debt leverage continues to trend lower and now stands
at 0.5 times LTM net debt to adjusted EBITDA1, compared to 1.1
times in the prior year quarter.
Based on the Company’s record of strong
financial performance, in May 2022 the Company amended its Credit
Agreement with its syndicate of banks to remove the cap on
restricted payments (including stock buybacks and dividend payouts)
pursuant to the Company´s leverage ratio as defined in its Credit
Agreement remaining below 1.5x net debt to adjusted EBITDA1.
Full Year 2022
Outlook
Santiago Giraldo, Chief Financial Officer of
Tecnoglass, stated, “The momentum in our business continued into
the third quarter with single-family residential projects
representing a growing share of our revenues and the commercial
business continuing to grow sequentially each month through this
year. Based on our current invoicing schedule and underlying market
demand, we are increasing our full year 2022 outlook for revenues
to grow to a range of $620 million to $640 million and for adjusted
EBITDA1 to increase to a range of $208 million to $220 million.
This implies adjusted EBITDA growth of approximately 42% at the
midpoint, putting us firmly on the path to achieve another year of
record results in full year 2022.”
Webcast and Conference Call
Management will host a webcast and conference
call on August 4, 2022 at 10:00 a.m. Eastern time (9:00 a.m.
Bogota, Colombia time) to review the Company’s results. The
conference call will be broadcast live over the Internet.
Additionally, a slide presentation will accompany the conference
call. To listen to the call and view the slides, please visit the
Investor Relations section of Tecnoglass' website at
www.tecnoglass.com. Please go to the website at least 15 minutes
early to register, download and install any necessary audio
software. For those unable to access the webcast, the conference
call will be accessible by dialing 1-844-943-2944 (domestic) or 1-
973-528-0098 (international). Upon dialing in, please request to
join the Tecnoglass Second Quarter 2022 Earnings Conference
Call.
If you are unable to listen live, a replay of
the webcast will be archived on the website. You may also access
the conference call playback by dialing (800)-332-6854 (Domestic)
or (973)-528-0005 (International) and entering passcode:
933766.
About Tecnoglass
Tecnoglass Inc. is a leading producer of
architectural glass, windows, and associated aluminum products
serving the multi-family, single-family and commercial end markets.
Tecnoglass is the second largest glass fabricator serving the U.S.
and the #1 architectural glass transformation company in Latin
America. Located in Barranquilla, Colombia, the Company’s 3.8
million square foot, vertically-integrated and state-of-the-art
manufacturing complex provides efficient access to over 1,000
global customers, with the U.S. accounting for more than 90% of
revenues. Tecnoglass' tailored, high-end products are found on some
of the world's most distinctive properties, including One Thousand
Museum (Miami), Paramount (Miami), Salesforce Tower (San
Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto
Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de
Cristal (Barranquilla). For more information, please visit
www.tecnoglass.com or view our corporate video at
https://vimeo.com/134429998.
Forward Looking Statements
This press release includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding future financial performance, future growth and future
acquisitions. These statements are based on Tecnoglass’ current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors, and
other risks and uncertainties affecting the operation of
Tecnoglass’ business. These risks, uncertainties and contingencies
are indicated from time to time in Tecnoglass’ filings with the
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. Further, investors
should keep in mind that Tecnoglass’ financial results in any
particular period may not be indicative of future results.
Tecnoglass is under no obligation to, and expressly disclaims any
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events and changes
in assumptions or otherwise, except as required by law.
1 Adjusted net income (loss) and Adjusted EBITDA in both
periods are reconciled in the table below.
Investor Relations:
Santiago
GiraldoCFO305-503-9062investorrelations@tecnoglass.com
Tecnoglass Inc. and
SubsidiariesConsolidated Balance Sheets
(In thousands, except share and per share
data)(Unaudited)
|
|
June 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
98,620 |
|
|
$ |
85,011 |
|
Investments |
|
|
2,407 |
|
|
|
1,977 |
|
Trade accounts receivable,
net |
|
|
114,218 |
|
|
|
110,539 |
|
Due from related parties |
|
|
1,669 |
|
|
|
2,252 |
|
Inventories |
|
|
111,914 |
|
|
|
84,975 |
|
Contract assets – current
portion |
|
|
16,310 |
|
|
|
18,667 |
|
Other current assets |
|
|
23,554 |
|
|
|
22,854 |
|
Total current
assets |
|
$ |
368,692 |
|
|
$ |
326,275 |
|
Long-term
assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
$ |
183,594 |
|
|
$ |
166,629 |
|
Deferred income taxes |
|
|
2,526 |
|
|
|
596 |
|
Contract assets –
non-current |
|
|
10,588 |
|
|
|
11,853 |
|
Long-term trade accounts
receivable |
|
|
4,279 |
|
|
|
3,995 |
|
Intangible assets |
|
|
3,029 |
|
|
|
3,337 |
|
Goodwill |
|
|
23,561 |
|
|
|
23,561 |
|
Long-term investments |
|
|
55,059 |
|
|
|
51,160 |
|
Other long-term assets |
|
|
4,282 |
|
|
|
4,157 |
|
Total long-term
assets |
|
|
286,918 |
|
|
|
265,288 |
|
Total
assets |
|
$ |
655,610 |
|
|
$ |
591,563 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and current
portion of long-term debt |
|
$ |
591 |
|
|
$ |
10,700 |
|
Trade accounts payable and
accrued expenses |
|
|
89,406 |
|
|
|
68,087 |
|
Due to related parties |
|
|
4,186 |
|
|
|
3,857 |
|
Dividends payable |
|
|
3,143 |
|
|
|
3,141 |
|
Contract liability – current
portion |
|
|
58,974 |
|
|
|
45,213 |
|
Other current liabilities |
|
|
24,379 |
|
|
|
24,017 |
|
Total current
liabilities |
|
$ |
180,679 |
|
|
$ |
155,015 |
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
$ |
3,403 |
|
|
$ |
3,417 |
|
Contract liability –
non-current |
|
|
47 |
|
|
|
78 |
|
Long-term debt |
|
|
184,268 |
|
|
|
188,355 |
|
Total long-term
liabilities |
|
|
187,718 |
|
|
|
191,850 |
|
Total
liabilities |
|
$ |
368,397 |
|
|
$ |
346,865 |
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Preferred shares, $0.0001 par
value, 1,000,000 shares authorized, 0 shares issued and outstanding
at June 30, 2022 and December 31, 2021, respectively |
|
$ |
- |
|
|
$ |
- |
|
Ordinary shares, $0.0001 par
value, 100,000,000 shares authorized, 47,674,773 and 47,674,773
shares issued and outstanding at June 30, 2022 and December 31,
2021, respectively |
|
|
5 |
|
|
|
5 |
|
Legal Reserves |
|
|
1,458 |
|
|
|
2,273 |
|
Additional paid-in
capital |
|
|
219,290 |
|
|
|
219,290 |
|
Retained earnings |
|
|
139,709 |
|
|
|
91,045 |
|
Accumulated other
comprehensive loss |
|
|
(74,404) |
|
|
|
(68,751 |
) |
Shareholders’ equity
attributable to controlling interest |
|
|
286,058 |
|
|
|
243,862 |
|
Shareholders’ equity
attributable to non-controlling interest |
|
|
1,155 |
|
|
|
836 |
|
Total shareholders’
equity |
|
|
287,213 |
|
|
|
244,698 |
|
Total liabilities and
shareholders’ equity |
|
$ |
655,610 |
|
|
$ |
591,563 |
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Operations
and Comprehensive Income (In thousands,
except share and per share
data)(Unaudited)
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers |
|
$ |
168,657 |
|
|
|
$ |
121,401 |
|
|
|
$ |
302,679 |
|
|
|
$ |
232,576 |
|
|
Related parties |
|
|
467 |
|
|
|
|
351 |
|
|
|
|
993 |
|
|
|
|
731 |
|
|
Total operating revenues |
|
|
169,124 |
|
|
|
|
121,752 |
|
|
|
|
303,672 |
|
|
|
|
233,307 |
|
|
Cost of sales |
|
|
95,492 |
|
|
|
|
72,622 |
|
|
|
|
169,707 |
|
|
|
|
138,868 |
|
|
Gross
profit |
|
|
73,632 |
|
|
|
|
49,130 |
|
|
|
|
133,965 |
|
|
|
|
94,439 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
(16,616 |
) |
|
|
|
(12,030 |
) |
|
|
|
(29,984 |
) |
|
|
|
(23,113 |
) |
|
General and administrative
expense |
|
|
(10,851 |
) |
|
|
|
(8,332 |
) |
|
|
|
(21,126 |
) |
|
|
|
(17,125 |
) |
|
Other professional fees |
|
|
(678 |
) |
|
|
|
- |
|
|
|
|
(3,402 |
) |
|
|
|
- |
|
|
Total operating expenses |
|
|
(28,145 |
) |
|
|
|
(20,362 |
) |
|
|
|
(54,512 |
) |
) |
|
|
(40,238 |
) |
|
Operating
income |
|
|
45,487 |
|
|
|
|
28,768 |
|
|
|
|
79,453 |
|
|
|
|
54,201 |
|
|
Non-operating income
(expenses), net |
|
|
161 |
|
|
|
|
(229 |
) |
|
|
|
503 |
|
|
|
|
(70 |
) |
|
Equity method income |
|
|
1,669 |
|
|
|
|
788 |
|
|
|
|
3,249 |
|
|
|
|
1,879 |
|
|
Foreign currency transactions
gains (loss) |
|
|
2,503 |
|
|
|
|
190 |
|
|
|
|
(406 |
) |
|
|
|
145 |
|
|
Gain (loss) on debt
extinguishment |
|
|
- |
|
|
|
|
169 |
|
|
|
|
- |
|
|
|
|
(10,978 |
) |
|
Interest expense and deferred
cost of financing |
|
|
(1,715 |
) |
|
|
|
(2,442 |
) |
|
|
|
(3,183 |
) |
|
|
|
(5,964 |
) |
|
Income before taxes |
|
|
48,105 |
|
|
|
|
27,244 |
|
|
|
|
79,616 |
|
|
|
|
39,213 |
|
|
Income tax (provision) |
|
|
(14,692 |
) |
|
|
|
(7,601 |
) |
|
|
|
(25,250 |
) |
|
|
|
(11,289 |
) |
|
Net
income |
|
$ |
33,413 |
|
|
|
$ |
19,643 |
|
|
|
$ |
54,366 |
|
|
|
$ |
27,924 |
|
|
(Loss) Income attributable to
non-controlling interest |
|
|
(219 |
) |
|
|
|
(51 |
) |
|
|
|
(319 |
) |
|
|
|
(140 |
) |
|
Income attributable to
parent |
|
$ |
33,194 |
|
|
|
$ |
19,592 |
|
|
|
$ |
54,047 |
|
|
|
$ |
27,784 |
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
33,413 |
|
|
|
$ |
19,643 |
|
|
|
$ |
54,366 |
|
|
|
$ |
27,924 |
|
|
Foreign currency translation
adjustments |
|
|
(23,621 |
) |
|
|
|
(1,185 |
) |
|
|
|
(9,987 |
) |
|
|
|
(16,819 |
) |
|
Change in fair value
derivative contracts |
|
|
1,710 |
|
|
|
|
- |
|
|
|
|
4,332 |
|
|
|
|
(159 |
) |
|
Total comprehensive
income |
|
$ |
11,502 |
|
|
|
$ |
18,458 |
|
|
|
$ |
48,711 |
|
|
|
$ |
10,946 |
|
|
Comprehensive (loss) income
attributable to non-controlling interest |
|
|
(219 |
) |
|
|
|
(51 |
) |
|
|
|
(319 |
) |
|
|
|
(140 |
) |
|
Total comprehensive
income attributable to parent |
|
$ |
11,283 |
|
|
|
$ |
18,407 |
|
|
|
$ |
48,392 |
|
|
|
$ |
10,806 |
|
|
Basic income per share |
|
$ |
0.70 |
|
|
|
$ |
0.41 |
|
|
|
$ |
1.14 |
|
|
|
$ |
0.59 |
|
|
Diluted income per share |
|
$ |
0.70 |
|
|
|
$ |
0.41 |
|
1 |
|
$ |
1.14 |
|
|
|
$ |
0.59 |
|
|
Basic weighted average common
shares outstanding |
|
|
47,674,773 |
|
|
|
|
47,674,773 |
|
|
|
|
47,674,773 |
|
|
|
|
47,674,773 |
|
|
Diluted weighted average
common shares outstanding |
|
|
47,674,773 |
|
|
|
|
47,674,773 |
|
|
|
|
47,674,773 |
|
|
|
|
47,674,773 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows (In
thousands)(Unaudited)
|
|
Six months ended June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income |
|
$ |
54,366 |
|
|
|
$ |
27,924 |
|
|
Adjustments to reconcile net
income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Allowance for credit
losses |
|
|
580 |
|
|
|
|
748 |
|
|
Depreciation and
amortization |
|
|
10,462 |
|
|
|
|
10,515 |
|
|
Deferred income taxes |
|
|
(1,016 |
) |
|
|
|
424 |
|
|
Equity method income |
|
|
(3,249 |
) |
|
|
|
(1,879 |
) |
|
Deferred cost of
financing |
|
|
726 |
|
|
|
|
623 |
|
|
Other non-cash
adjustments |
|
|
6 |
|
|
|
|
(19 |
) |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
|
2,333 |
|
|
Unrealized currency
translation losses |
|
|
911 |
|
|
|
|
2,555 |
|
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
|
(4,792 |
) |
|
|
|
(6,069 |
) |
|
Inventories |
|
|
(31,343 |
) |
|
|
|
(2,082 |
) |
|
Prepaid expenses |
|
|
(690 |
) |
|
|
|
(2,015 |
) |
|
Other assets |
|
|
1,652 |
|
|
|
|
(6,718 |
) |
|
Trade accounts payable and
accrued expenses |
|
|
16,489 |
|
|
|
|
23,375 |
|
|
Accrued interest expense |
|
|
(1 |
) |
|
|
|
(7,171 |
) |
|
Taxes payable |
|
|
2,260 |
|
|
|
|
3,389 |
|
|
Labor liabilities |
|
|
125 |
|
|
|
|
(132 |
) |
|
Other liabilities |
|
|
(2,047 |
) |
|
|
|
(342 |
) |
|
Contract assets and
liabilities |
|
|
17,538 |
|
|
|
|
14,677 |
|
|
Related parties |
|
|
1,020 |
|
|
|
|
(23 |
) |
|
CASH PROVIDED BY
OPERATING ACTIVITIES |
|
$ |
62,997 |
|
|
|
$ |
60,113 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
investments |
|
|
- |
|
|
|
|
166 |
|
|
Proceeds from sale of property
and equipment |
|
|
- |
|
|
|
|
7 |
|
|
Purchase of investments |
|
|
(933 |
) |
|
|
|
(49 |
) |
|
Acquisition of property and
equipment |
|
|
(26,250 |
) |
|
|
|
(18,325 |
) |
|
CASH USED IN INVESTING
ACTIVITIES |
|
$ |
(27,183 |
) |
|
|
$ |
(18,201 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Cash dividend |
|
|
(6,196 |
) |
|
|
|
(2,621 |
) |
|
Loss on debt extinguishment -
call premium |
|
|
- |
|
|
|
|
(8,610 |
) |
|
Deferred financing transaction
costs |
|
|
- |
|
|
|
|
(88 |
) |
|
Proceeds from debt |
|
|
241 |
|
|
|
|
221,146 |
|
|
Repayments of debt |
|
|
(15,367 |
) |
|
|
|
(216,676 |
) |
|
CASH USED IN FINANCING
ACTIVITIES |
|
$ |
(21,322 |
) |
|
|
$ |
(6,849 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
$ |
(883 |
) |
|
|
$ |
(2,334 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH |
|
|
13,609 |
|
|
|
|
32,729 |
|
|
CASH - Beginning of
period |
|
|
85,011 |
|
|
|
|
67,668 |
|
|
CASH - End of period |
|
$ |
98,620 |
|
|
|
$ |
100,397 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
2,387 |
|
|
|
$ |
12,286 |
|
|
Income Tax |
|
$ |
7,552 |
|
|
|
$ |
9,471 |
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND
FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
Assets acquired under debt or
supplier credit |
|
$ |
5,835 |
|
|
|
$ |
937 |
|
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
|
Three months ended |
|
Twelve months ended |
|
June 30, |
|
June 30, |
2022 |
|
2021 |
|
% Change |
|
2022 |
|
2021 |
|
% Change |
Revenues by
Region |
|
|
|
|
|
|
|
|
|
|
|
United States |
161,478 |
|
109,879 |
|
47.0 |
% |
|
534,103 |
|
393,177 |
|
35.8 |
% |
Colombia |
4,816 |
|
8,166 |
|
-41.0 |
% |
|
19,385 |
|
31,717 |
|
-38.9 |
% |
Other Countries |
2,830 |
|
3,708 |
|
-23.7 |
% |
|
13,662 |
|
14,689 |
|
-7.0 |
% |
Total Revenues by
Region |
169,124 |
|
121,752 |
|
38.9 |
% |
|
567,150 |
|
439,583 |
|
29.0 |
% |
Reconciliation of Non-GAAP Performance
Measures to GAAP Performance
Measures(In
thousands)(Unaudited)
The Company believes that total revenues with
foreign currency held neutral non-GAAP performance measures, which
management uses in managing and evaluating the Company's business,
may provide users of the Company's financial information with
additional meaningful bases for comparing the Company's current
results and results in a prior period, as these measures reflect
factors that are unique to one period relative to the comparable
period. However, these non‑GAAP performance measures should be
viewed in addition to, and not as an alternative for, the Company's
reported results under accounting principles generally accepted in
the United States.
|
Three months ended |
|
Twelve months ended |
|
June 30, |
|
June 30, |
2022 |
|
|
2021 |
|
% Change |
|
2022 |
|
|
2021 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues with
Foreign Currency Held Neutral |
169,417 |
|
|
121,752 |
|
39.1 |
% |
|
568,714 |
|
|
439,583 |
|
29.4 |
% |
Impact of changes in foreign
currency |
(293 |
) |
|
- |
|
|
|
(1,564 |
) |
|
- |
|
|
Total Revenues,
As Reported |
169,124 |
|
|
121,752 |
|
38.9 |
% |
|
567,150 |
|
|
439,583 |
|
29.0 |
% |
Currency impacts on total revenues for the
current quarter have been derived by translating current quarter
revenues at the prevailing average foreign currency rates during
the prior year quarter, as applicable.
Reconciliation of Adjusted EBITDA and
Adjusted net
(loss) income to
net (loss)
income(In thousands, except share
and per share
data)(Unaudited)
Adjusted EBITDA and adjusted net (loss) income
are not measures of financial performance under generally accepted
accounting principles (“GAAP”). Management believes Adjusted EBITDA
and adjusted net (loss) income, in addition to operating profit,
net (loss) income and other GAAP measures, is useful to investors
to evaluate the Company’s results because it excludes certain items
that are not directly related to the Company’s core operating
performance. Investors should recognize that Adjusted EBITDA and
adjusted net (loss) income might not be comparable to
similarly-titled measures of other companies. These measures should
be considered in addition to, and not as a substitute for or
superior to, any measure of performance prepared in accordance with
GAAP.
Reconciliations of the non-GAAP measures used in
this press release are included in the tables attached to this
press release, to the extent available without unreasonable effort.
Because GAAP financial measures on a forward-looking basis are not
accessible, and reconciling information is not available without
unreasonable effort, we have not provided reconciliations for
forward-looking non-GAAP measures.
A reconciliation of Adjusted net (loss) income
and Adjusted EBITDA to the most directly comparable GAAP measure in
accordance with SEC Regulation G follows, with amounts in
thousands:
|
|
Three months ended |
|
Six months ended |
|
|
Jun 30, |
|
Jun 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
33,413 |
|
|
19,642 |
|
|
54,366 |
|
|
27,924 |
|
Less: Income (loss) attributable to non-controlling interest |
|
(219 |
) |
|
(51 |
) |
|
(319 |
) |
|
(140 |
) |
(Loss) Income
attributable to parent |
|
33,194 |
|
|
19,591 |
|
|
54,047 |
|
|
27,784 |
|
Foreign currency transactions losses (gains) |
|
(2,503 |
) |
|
(190 |
) |
|
406 |
|
|
(145 |
) |
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
646 |
|
|
975 |
|
|
1,409 |
|
|
2,258 |
|
Non Recurring professional fees |
|
678 |
|
|
- |
|
|
3,402 |
|
|
- |
|
Extinguishment of debt - Call Option Premium |
|
- |
|
|
- |
|
|
- |
|
|
8,610 |
|
Extinguishment of debt - Deferred Costs |
|
- |
|
|
(169 |
) |
|
- |
|
|
2,368 |
|
Joint Venture VA (Saint Gobain) adjustments |
|
936 |
|
|
68 |
|
|
972 |
|
|
147 |
|
Change in FV of Hedging Derivatives |
|
- |
|
|
3 |
|
|
- |
|
|
(182 |
) |
Tax impact of adjustments at statutory rate |
|
73 |
|
|
(206 |
) |
|
(1,857 |
) |
|
(3,917 |
) |
Adjusted net (loss)
income |
|
33,024 |
|
|
20,072 |
|
|
58,379 |
|
|
36,923 |
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
|
0.70 |
|
|
0.41 |
|
|
1.13 |
|
|
0.58 |
|
Diluted income (loss) per share |
|
0.70 |
|
|
0.41 |
|
|
1.13 |
|
|
0.58 |
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted net income (loss) per share |
|
0.69 |
|
|
0.42 |
|
|
1.22 |
|
|
0.77 |
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Common Shares Outstanding in thousands |
|
47,675 |
|
|
47,675 |
|
|
47,675 |
|
|
47,675 |
|
Basic weighted average common shares outstanding in thousands |
|
47,675 |
|
|
47,675 |
|
|
47,675 |
|
|
47,675 |
|
Diluted weighted average common shares outstanding in
thousands |
|
47,675 |
|
|
47,675 |
|
|
47,675 |
|
|
47,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
Jun 30, |
|
Jun 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
33,413 |
|
|
19,643 |
|
|
54,366 |
|
|
27,924 |
|
Less: Income (loss) attributable to non-controlling interest |
|
(219 |
) |
|
(51 |
) |
|
(319 |
) |
|
(140 |
) |
(Loss) Income
attributable to parent |
|
33,194 |
|
|
19,592 |
|
|
54,047 |
|
|
27,784 |
|
Interest expense and deferred cost of financing |
|
1,715 |
|
|
2,442 |
|
|
3,183 |
|
|
5,964 |
|
Income tax (benefit) provision |
|
14,692 |
|
|
7,601 |
|
|
25,250 |
|
|
11,289 |
|
Depreciation & amortization |
|
5,211 |
|
|
5,218 |
|
|
10,462 |
|
|
10,507 |
|
Foreign currency transactions losses (gains) |
|
(2,503 |
) |
|
(190 |
) |
|
406 |
|
|
(145 |
) |
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
646 |
|
|
975 |
|
|
1,409 |
|
|
2,003 |
|
Non Recurring professional fees |
|
678 |
|
|
- |
|
|
3,402 |
|
|
- |
|
Extinguishment of debt - Call Option Premium |
|
- |
|
|
- |
|
|
- |
|
|
8,610 |
|
Extinguishment of debt - Deferred Costs |
|
- |
|
|
(169 |
) |
|
- |
|
|
2,368 |
|
Joint Venture VA (Saint Gobain) EBITDA adjustments |
|
936 |
|
|
503 |
|
|
1,761 |
|
|
1,341 |
|
Change in FV of Hedging Derivatives |
|
- |
|
|
3 |
|
|
- |
|
|
(182 |
) |
Adjusted EBITDA |
|
54,569 |
|
|
35,975 |
|
|
99,920 |
|
|
69,539 |
|
Tecnoglass (NYSE:TGLS)
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From Apr 2024 to May 2024
Tecnoglass (NYSE:TGLS)
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From May 2023 to May 2024