- Total Revenues Increase to Record
$83.4 Million -
Tecnoglass, Inc. (NASDAQ:TGLS)
(“Tecnoglass” or the
“Company”),
a leading manufacturer
of architectural glass, windows, and associated aluminum products
for the global commercial and residential construction industries,
today reported financial results for the third quarter ended
September 30, 2017.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, “Third quarter results marked continued
improvement on multiple fronts including year-over-year growth in
net sales for the 11th straight quarter and backlog rising by 22%
year-over-year to a record level. We were especially encouraged by
U.S. sales up 34% year-over-year across our increasingly diverse
footprint, despite the business disruptions caused by Hurricane
Irma in Florida and surrounding states that currently represent
about half of our backlog. We are proud that initial feedback
indicates our installed windows performed exceedingly well
throughout the storms, which we expect to help build awareness for
the quality and strength of our products. We estimate the storm and
related flooding has deferred approximately $5 million to $7
million of second half 2017 net sales, which we expect to shift
into next year. Beyond those identified deliveries, we anticipate
the demand for our impact-resistant windows and other products to
ramp up in coming years in both commercial and residential
channels. The significant majority of our US growth over the past
20 years has been triggered by our ability to provide a steady
stream of new cutting-edge products and we are now more prepared
than ever to contribute to the multi-billion dollar rebuilding and
remodeling effort ahead.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “We significantly improved our margin
performance on gross profit, operating income and Adjusted EBITDA
on a sequential quarter basis compared to the second quarter 2017.
This primarily reflected previously announced actions to
rationalize headcount, reduce fixed costs and pursue other cost
savings, in light of several large projects pushed into 2018. We
also completed the second phase of our solar energy conversion
ahead of schedule which should begin to drive incremental energy
savings by year end. We were pleased to deliver on these
operational objectives while also continuing to expand our customer
relationships in many additional markets in the U.S. and Latin
America as we look to tap into abundant pent-up demand in many new
and existing markets. In all, we were pleased by our progress
during the third quarter and look forward to delivering on our
upwardly revised adjusted EBITDA expectations for the full year
2017.”
Third Quarter 2017 Results
Total revenues for the third quarter 2017
increased 2.9% to $83.4 million compared to $81.1 million in the
prior year quarter. U.S. revenues grew 33.8% to $68.1 million
compared to $50.9 million in the prior year quarter, primarily due
to the acquisition of GM&P and stronger organic shipments. The
company estimates the impact of Hurricane Irma was unfavorable to
revenues by approximately $2 million in the third quarter 2017.
Colombia's revenue, a majority of which is represented by long-term
contracts priced in Colombian Pesos (COP), was $13.3 million on a
local currency basis compared to $26.5 million in the prior year
quarter. The decrease was primarily due to a continuation of
delayed activity mainly related to macro factors in connection with
the structural tax reform put into effect at the beginning of 2017
and a slowdown in commercial construction following several
quarters of elevated interest rates, which have now normalized,
providing for a resurgence in quoting activity. The foreign
currency impact to total and reported Colombia revenues was
negligible compared to the prior year quarter.
Gross profit was $27.2 million, representing a
32.6% gross margin, compared to $31.3 million, representing a 38.6%
gross margin, in the prior year quarter. The primary differences in
gross margin were associated with a higher mix of revenue from
GM&P’s engineering and installation project activity, which are
two industry segments that carry lower margins, and about $0.6
million, or approximately 70 basis points, of higher depreciation
and amortization expense resulting from the Company’s completed
2016 growth capex program. Gross margin in the third quarter 2017
improved substantially compared to 27.8% in the second quarter of
2017, primarily due to production efficiencies and reductions in
fixed cost labor. Operating expenses were $15.8 million compared to
$17.0 million in the prior year quarter. As a percent of total
revenue, operating expenses were 18.9% compared to 20.9% in the
prior year quarter, largely attributable to cost saving actions and
headcount rationalizations coupled with shipping cost efficiencies
and a lesser bad debt write-off. Operating income was $11.4 million
compared to $14.3 million in the prior year quarter.
Net income was $6.9 million, or $0.20 per
diluted share, compared to net loss of ($8.8) million, or ($0.29)
per diluted share in the prior year quarter. Adjusted net income1,
as reconciled in the table below, was $3.8 million, or $0.11 per
diluted share, compared to a net loss of ($0.9) million, or ($0.03)
per diluted share, in the prior year quarter. Adjusted net (loss)
income1 excludes the impact of warrants and earn out shares
liabilities, non-cash foreign exchange gains or losses, other
non-core items and the tax impact of adjustments at statutory rate,
to better reflect core financial performance.
Adjusted EBITDA1, as reconciled in the table
below, was $17.6 million, compared to $18.9 million in the prior
year quarter, primarily attributable to lower gross profit
partially offset by operating expense leverage.
Dividend
The Company declared and raised its regular
quarterly dividend by 12% to $0.14 per share for the third quarter
of 2017. The dividend was paid on October 27, 2017 to shareholders
of record at the close of business on September 29, 2017, in the
form of cash or ordinary shares, based on the option of
shareholders. Approximately 85% of dividends were elected to be
paid in ordinary shares.
Full Year 2017 Outlook
For the full year 2017, the Company now expects
to see total revenues in the range of $314 million to $324 million,
which reflects a $6 million reduction compared to the low and
top end of the prior outlook range due to project delays and work
stoppage at customer job sites related to the aftermath of
Hurricane Irma. However, based on the anticipated mix of revenues
and continued efforts to optimize costs, the Company now expects
Adjusted EBITDA1 to be in the range of $59 million to $65 million,
compared to the prior range of $57 million to $65 million.
Conference
Call
Management will host a conference call on
Tuesday, November 14, 2017 at 10:00 a.m. eastern time (10:00 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. To participate by telephone, please dial:
- (877) 705-6003 (Domestic)
- (201) 493-6725 (International)
If you are unable to listen live, a replay of
the conference call will be archived on the website. You may also
access the conference call playback by dialing (844) 512-2921
(Domestic) or (412) 317-6671 (International) and entering pass
code: 13672411 through February 14, 2018.
About Tecnoglass
Tecnoglass Inc. is a leading manufacturer of
architectural glass, windows, and associated aluminum products for
the global commercial and residential construction industries.
Tecnoglass is the #1 architectural glass transformation company in
Latin America and the second largest glass fabricator serving the
United States. Headquartered in Barranquilla, Colombia, the Company
operates out of a 2.7 million square foot vertically‐integrated,
state‐of‐the‐art manufacturing complex that provides easy access to
the Americas, the Caribbean, and the Pacific. Tecnoglass supplies
over 900 customers in North, Central and South America, with the
United States accounting for more than 70% of revenues. Tecnoglass'
tailored, high‐end products are found on some of the world’s most
distinctive properties, including the El Dorado Airport (Bogota),
50 United Nations Plaza (Houston), Trump Plaza (Panama), Trump
Tower (Miami), and The Woodlands (Houston). 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.
Additionally, Tecnoglass' financial information for 2017 remains
subject to completion of the Company’s audit and other financial
and accounting procedures as detailed in the Company’s reports with
the Securities and Exchange Commission. These results may differ
from the actual results that the Company reports following
completion of such procedures. 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 and Adjusted EBITDA in
both periods are reconciled in the table below
Investor Relations:
Santiago
GiraldoCFO305-503-9062investorrelations@tecnoglass.com
|
Tecnoglass Inc. and Subsidiaries |
Condensed Consolidated Balance
Sheets |
(In thousands, except share and per share
data) |
(Unaudited) |
|
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
36,153 |
|
|
$ |
26,918 |
|
Investments |
|
|
1,943 |
|
|
|
1,537 |
|
Trade accounts
receivable, net |
|
|
108,536 |
|
|
|
92,297 |
|
Due from related
parties |
|
|
7,701 |
|
|
|
10,995 |
|
Inventories |
|
|
65,144 |
|
|
|
55,092 |
|
Other current
assets |
|
|
22,098 |
|
|
|
23,897 |
|
Total current
assets |
|
$ |
241,575 |
|
|
$ |
210,736 |
|
|
|
|
|
|
|
|
|
|
Long term
assets: |
|
|
|
|
|
|
|
|
Property, plant and
equipment, net |
|
$ |
173,719 |
|
|
$ |
170,797 |
|
Deferred taxes |
|
|
719 |
|
|
|
- |
|
Intangible assets |
|
|
12,035 |
|
|
|
4,555 |
|
Goodwill |
|
|
23,130 |
|
|
|
1,330 |
|
Other long-term
assets |
|
|
2,684 |
|
|
|
7,312 |
|
Total long-term
assets |
|
|
212,287 |
|
|
|
183,994 |
|
Total
assets |
|
$ |
453,862 |
|
|
$ |
394,730 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long term debt |
|
$ |
3,650 |
|
|
$ |
2,651 |
|
Trade accounts payable
and accrued expenses |
|
|
48,252 |
|
|
|
42,546 |
|
Due to related
parties |
|
|
1,181 |
|
|
|
3,668 |
|
Payable associated to
GM&P acquisition |
|
|
29,000 |
|
|
|
- |
|
Dividends payable |
|
|
652 |
|
|
|
3,486 |
|
Current portion of
customer advances on uncompleted contracts |
|
|
10,940 |
|
|
|
7,780 |
|
Other current
liabilities |
|
|
7,887 |
|
|
|
18,255 |
|
Total current
liabilities |
|
$ |
101,562 |
|
|
$ |
78,386 |
|
|
|
|
|
|
|
|
|
|
Long term
liabilities: |
|
|
|
|
|
|
|
|
Deferred income
taxes |
|
$ |
6,985 |
|
|
$ |
3,523 |
|
Customer advances on
uncompleted contracts |
|
|
1,937 |
|
|
|
2,310 |
|
Long term debt |
|
|
220,427 |
|
|
|
196,946 |
|
Total Long-Term
Liabilities |
|
|
229,349 |
|
|
|
202,779 |
|
Total
liabilities |
|
$ |
330,911 |
|
|
$ |
281,165 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Preferred shares,
$0.0001 par value, 1,000,000 shares authorized, 0 shares issued and
outstanding at September 30, 2017 and December 31, 2016
respectively |
|
$ |
- |
|
|
$ |
- |
|
Ordinary shares,
$0.0001 par value, 100,000,000 shares authorized, 34,211,265 and
33,172,144 shares issued and outstanding at September 30, 2017 and
December 31, 2016, respectively |
|
|
3 |
|
|
|
3 |
|
Legal reserves |
|
|
1,367 |
|
|
|
1,367 |
|
Additional paid-in
capital |
|
|
120,730 |
|
|
|
114,847 |
|
Retained earnings |
|
|
26,023 |
|
|
|
26,548 |
|
Accumulated other
comprehensive (loss) |
|
|
(26,486 |
) |
|
|
(29,200 |
) |
Shareholders’
equity attributable to controlling interest |
|
|
121,637 |
|
|
|
113,565 |
|
Shareholders’
equity attributable to non-controlling interest |
|
|
1,314 |
|
|
|
- |
|
Total
shareholders’ equity |
|
|
122,951 |
|
|
|
113,565 |
|
Total
liabilities and shareholders’ equity |
|
$ |
453,862 |
|
|
$ |
394,730 |
|
|
|
|
|
|
|
|
|
|
|
Tecnoglass Inc. and Subsidiaries |
Condensed Consolidated Statements of
Operations and Other Comprehensive Income |
(In thousands, except share and per share
data) |
(Unaudited) |
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers |
|
$ |
82,117 |
|
|
$ |
78,076 |
|
|
$ |
226,445 |
|
|
$ |
217,313 |
|
Related parties |
|
|
1,267 |
|
|
|
2,997 |
|
|
|
3,732 |
|
|
|
7,428 |
|
Total
operating revenues |
|
|
83,384 |
|
|
|
81,073 |
|
|
|
230,177 |
|
|
|
224,741 |
|
Cost of sales |
|
|
56,200 |
|
|
|
49,778 |
|
|
|
158,197 |
|
|
|
140,766 |
|
Gross
Profit |
|
|
27,184 |
|
|
|
31,295 |
|
|
|
71,980 |
|
|
|
83,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
(7,810 |
) |
|
|
(8,800 |
) |
|
|
(22,610 |
) |
|
|
(24,096 |
) |
General and
administrative expense |
|
|
(7,851 |
) |
|
|
(7,319 |
) |
|
|
(22,952 |
) |
|
|
(20,222 |
) |
Provision for bad debt
and write offs |
|
|
(122 |
) |
|
|
(887 |
) |
|
|
(2,739 |
) |
|
|
(892 |
) |
Total Operating
Expenses |
|
|
(15,783 |
) |
|
|
(17,006 |
) |
|
|
(48,301 |
) |
|
|
(45,210 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
11,401 |
|
|
|
14,289 |
|
|
|
23,679 |
|
|
|
38,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on change in fair
value of earnout shares liabilities |
|
|
- |
|
|
|
(2,630 |
) |
|
|
- |
|
|
|
4,404 |
|
Gain on change in fair
value of warrant liability |
|
|
- |
|
|
|
(12,885 |
) |
|
|
- |
|
|
|
(287 |
) |
Non-operating
income |
|
|
656 |
|
|
|
569 |
|
|
|
2,605 |
|
|
|
2,832 |
|
Foreign currency
transactions gains (losses) |
|
|
5,394 |
|
|
|
2,434 |
|
|
|
(894 |
) |
|
|
168 |
|
Gain (Loss) on
extinguishment of Debt |
|
|
13 |
|
|
|
- |
|
|
|
(3,148 |
) |
|
|
- |
|
Interest expense and
amortization of deferred cost of financing |
|
|
(4,633 |
) |
|
|
(4,771 |
) |
|
|
(14,890 |
) |
|
|
(12,137 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before
taxes |
|
|
12,831 |
|
|
|
(2,994 |
) |
|
|
7,352 |
|
|
|
33,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision |
|
|
(5,806 |
) |
|
|
(5,789 |
) |
|
|
(2,796 |
) |
|
|
(13,493 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
7,025 |
|
|
|
(8,783 |
) |
|
|
4,556 |
|
|
|
20,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to non-controlling interest |
|
|
101 |
|
|
|
- |
|
|
|
173 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to parent |
|
$ |
6,924 |
|
|
$ |
(8,783 |
) |
|
$ |
4,383 |
|
|
$ |
20,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to parent |
|
$ |
6,924 |
|
|
$ |
(8,783 |
) |
|
$ |
4,383 |
|
|
$ |
20,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments |
|
|
3,163 |
|
|
|
3,459 |
|
|
|
2,714 |
|
|
|
8,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income (loss) |
|
$ |
10,087 |
|
|
$ |
(5,324 |
) |
|
$ |
7,097 |
|
|
$ |
28,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per
share |
|
$ |
0.20 |
|
|
$ |
(0.29 |
) |
|
$ |
0.13 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per share |
|
$ |
0.20 |
|
|
$ |
(0.29 |
) |
|
$ |
0.13 |
|
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
common shares outstanding |
|
|
34,211,265 |
|
|
|
30,349,145 |
|
|
|
34,233,851 |
|
|
|
29,526,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares outstanding |
|
|
34,801,215 |
|
|
|
30,349,145 |
|
|
|
34,823,801 |
|
|
|
33,373,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tecnoglass Inc. and Subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
(Amounts in thousands) |
(Unaudited) |
|
|
|
Nine months ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,556 |
|
|
$ |
20,252 |
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Provision for bad
debts |
|
|
2,739 |
|
|
|
892 |
|
Provision for obsolete
inventory |
|
|
80 |
|
|
|
- |
|
Depreciation and
amortization |
|
|
15,692 |
|
|
|
11,152 |
|
Change in fair value of
earnout share liability |
|
|
- |
|
|
|
(4,404 |
) |
Change in fair value of
warrant liability |
|
|
- |
|
|
|
287 |
|
Deferred income
taxes |
|
|
(3,625 |
) |
|
|
(232 |
) |
Extinguishment of
debt |
|
|
2,569 |
|
|
|
- |
|
Director stock
compensation |
|
|
213 |
|
|
|
229 |
|
Other non-cash
adjustments |
|
|
827 |
|
|
|
(58 |
) |
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts
receivables |
|
|
6,460 |
|
|
|
(26,758 |
) |
Inventories |
|
|
(8,923 |
) |
|
|
(8,020 |
) |
Prepaid expenses |
|
|
248 |
|
|
|
1,279 |
|
Other assets |
|
|
(5,814 |
) |
|
|
(7,410 |
) |
Trade accounts payable
and accrued expenses |
|
|
901 |
|
|
|
7,672 |
|
Taxes payable |
|
|
(13,077 |
) |
|
|
(5,196 |
) |
Labor liabilities |
|
|
686 |
|
|
|
805 |
|
Related parties |
|
|
3,097 |
|
|
|
(392 |
) |
Customer advances on
uncompleted contracts |
|
|
2,497 |
|
|
|
(1,958 |
) |
CASH PROVIDED
BY (USED IN) OPERATING ACTIVITIES |
|
|
9,126 |
|
|
|
(11,860 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
investments |
|
|
456 |
|
|
|
24,226 |
|
Proceeds from sale of
property and equipment |
|
|
- |
|
|
|
- |
|
Business
acquisitions |
|
|
(8,382 |
) |
|
|
- |
|
Cash acquired from
GM&P and Componenti |
|
|
509 |
|
|
|
- |
|
Purchase of
investments |
|
|
(716 |
) |
|
|
(25,077 |
) |
Acquisition of property
and equipment |
|
|
(6,701 |
) |
|
|
(15,862 |
) |
CASH USED IN
INVESTING ACTIVITIES |
|
|
(14,834 |
) |
|
|
(16,713 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from debt |
|
|
20,313 |
|
|
|
187,442 |
|
Cash Dividend |
|
|
(1,864 |
) |
|
|
- |
|
Proceeds from bond
issuance |
|
|
201,769 |
|
|
|
- |
|
UPO exercise |
|
|
- |
|
|
|
404 |
|
ESW distributions prior
to acquisition |
|
|
- |
|
|
|
(1,325 |
) |
Repayments of debt |
|
|
(205,615 |
) |
|
|
(158,192 |
) |
CASH PROVIDED
BY FINANCING ACTIVITIES |
|
|
14,603 |
|
|
|
28,329 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
|
340 |
|
|
|
759 |
|
|
|
|
|
|
|
|
|
|
NET (DECREASE) INCREASE
IN CASH |
|
|
9,235 |
|
|
|
515 |
|
CASH - Beginning of
period |
|
|
26,918 |
|
|
|
22,671 |
|
CASH - End of
period |
|
|
36,153 |
|
|
|
23,186 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the
period for: |
|
|
|
|
|
|
|
|
Interest |
|
|
15,700 |
|
|
|
8,720 |
|
Income Tax |
|
|
15,651 |
|
|
|
25,669 |
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Assets acquired under
capital lease |
|
|
- |
|
|
|
19,249 |
|
|
|
|
|
|
|
|
|
|
|
Revenues by Region |
(Amounts in thousands) |
(unaudited) |
|
|
Three months ended September 30, |
2017 |
|
2016 |
|
% Change |
Revenues by
Region |
|
|
|
|
|
United States |
68,117 |
|
50,919 |
|
33.8 |
% |
Colombia |
13,339 |
|
26,460 |
|
(49.6 |
%) |
Other Countries |
1,928 |
|
3,694 |
|
(47.8 |
%) |
Total Revenues
by Region |
83,384 |
|
81,073 |
|
2.9 |
% |
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Performance
Measures to GAAP Performance
Measures(Amounts 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 September 30, |
2017 |
|
2016 |
|
% Change |
|
|
|
|
|
|
Total Revenues
with Foreign Currency Held Neutral |
83,520 |
|
|
81,073 |
|
3.0 |
% |
Impact of changes in
foreign currency |
(136 |
) |
|
- |
|
(0.2 |
%) |
Total Revenues,
as Reported |
83,384 |
|
|
81,073 |
|
2.9 |
% |
|
|
|
|
|
|
|
|
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 EBITDA and adjusted
net (loss) income to the most directly comparable GAAP measure in
accordance with SEC Regulation G follows, with amounts in
thousands:
|
|
|
|
|
Three months ended |
|
|
September 30, 2016 |
|
December 31, 2016 |
|
March 31, 2017 |
|
June 30, 2017 |
|
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
(8,783 |
) |
|
2,928 |
|
|
1,019 |
|
|
(3,560 |
) |
|
6,924 |
|
Interest
expense and amortization of deferred cost of financing |
|
4,771 |
|
|
4,677 |
|
|
5,082 |
|
|
5,175 |
|
|
4,633 |
|
Income
tax benefit (provision) |
|
5,789 |
|
|
2,579 |
|
|
1,042 |
|
|
(4,052 |
) |
|
5,806 |
|
Depreciation & amortization |
|
4,086 |
|
|
4,368 |
|
|
4,905 |
|
|
5,461 |
|
|
5,326 |
|
Foreign
currency transactions losses (gains) |
|
(2,434 |
) |
|
1,555 |
|
|
(2,425 |
) |
|
8,713 |
|
|
(5,394 |
) |
One-timers (extinguishment of debt, bond issuance costs and other
non-recurring) |
|
- |
|
|
4,509 |
|
|
4,105 |
|
|
1,565 |
|
|
206 |
|
Stock
based compensation and inventory provision |
|
- |
|
|
- |
|
|
71 |
|
|
129 |
|
|
93 |
|
Gain on
change in fair value of earnout shares liabilities |
|
2,630 |
|
|
(270 |
) |
|
- |
|
|
- |
|
|
- |
|
Gain on
change in fair value of warrant liability |
|
12,885 |
|
|
(1,063 |
) |
|
- |
|
|
- |
|
|
- |
|
Adjusted
EBITDA |
|
18,944 |
|
|
19,283 |
|
|
13,799 |
|
|
13,431 |
|
|
17,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
September 30, 2016 |
|
December 31, 2016 |
|
March 31, 2017 |
|
June 30, 2017 |
|
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to parent |
|
(8,783 |
) |
|
2,928 |
|
|
1,019 |
|
|
(3,560 |
) |
|
6,924 |
|
Foreign
currency transactions losses (gains) |
|
(2,434 |
) |
|
1,555 |
|
|
(2,425 |
) |
|
8,713 |
|
|
(5,394 |
) |
Gain on
change in fair value of earnout shares liabilities |
|
2,630 |
|
|
(270 |
) |
|
- |
|
|
- |
|
|
- |
|
Gain on
change in fair value of warrant liability |
|
12,885 |
|
|
(1,063 |
) |
|
- |
|
|
- |
|
|
- |
|
One-timers (extinguishment of debt, bond issuance costs and other
non-recurring) |
|
- |
|
|
4,509 |
|
|
4,105 |
|
|
1,565 |
|
|
206 |
|
Tax
impact of adjustments at statutory rate |
|
(5,232 |
) |
|
(1,892 |
) |
|
(672 |
) |
|
(4,111 |
) |
|
2,075 |
|
Adjusted net
(loss) income |
|
(934 |
) |
|
5,766 |
|
|
2,027 |
|
|
2,607 |
|
|
3,811 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
income (loss) per share |
|
(0.29 |
) |
|
0.10 |
|
|
0.03 |
|
|
(0.10 |
) |
|
0.20 |
|
Diluted
income (loss) per share |
|
(0.29 |
) |
|
0.09 |
|
|
0.03 |
|
|
(0.10 |
) |
|
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted adjusted net
(loss) income per share |
|
(0.03 |
) |
|
0.19 |
|
|
0.06 |
|
|
0.08 |
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Weighted Average Common Shares Outstanding |
|
30,349 |
|
|
30,859 |
|
|
34,791 |
|
|
34,211 |
|
|
34,801 |
|
Basic
weighted average common shares outstanding |
|
30,349 |
|
|
30,261 |
|
|
34,204 |
|
|
34,211 |
|
|
34,211 |
|
Diluted
weighted average common shares outstanding |
|
34,203 |
|
|
30,859 |
|
|
34,791 |
|
|
34,801 |
|
|
34,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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