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 first quarter ended March
31, 2018.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, "We delivered a strong start to the year
with revenues in the U.S. and Colombia both increasing in excess of
30%. We experienced a strong pace of activity throughout the
quarter as evidenced by a record backlog level of $501 million,
building upon positive momentum from the end of 2017. In Colombia
in particular, we continue to experience an improving macroeconomic
environment which should allow us to further capitalize on
significant pent-up demand in that market. Our first quarter
adjusted EBITDA margin performed in line with our expectations,
putting us on path for strong year-over-year growth in 2018 that
supports our reaffirmed full year outlook.”
José Manuel Daes continued, “We were extremely
pleased to complete the funding of the GM&P transaction in May
2018. GM&P has contributed considerably to our growth over the
past year while driving attractive returns on our investment. We
look forward to building on GM&P’s relationships in several
U.S. regions where we believe we are well positioned to expand our
market opportunity. The funding was structured in a way that
provides us with ample flexibility to accomplish our expected
growth while also making this a highly accretive transaction.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “We are encouraged by the healthy levels of
quoting and bidding activity in the U.S. and Latin America.
In the U.S., our largest market, the Architecture Billings Index
(ABI) forecasts business conditions to remain strong, especially
for commercial and residential activity in the South and West,
which is positive for our selling efforts and consistent with our
first quarter backlog composition. In addition to driving growth
through innovative new products and geographic diversification, we
remain focused on continuous improvement within our
vertically-integrated operations, which we believe positions us for
continued success. While we have not seen any material impact to
our business from rising aluminum spot prices in connection with
pending U.S. trade regulations, we expect Colombia to be fully
exempted from proposed U.S. tariffs on aluminum imports based on
the ‘de minimis’ clause, with Colombia only accounting for about
0.1% of U.S. aluminum imports while also running an overall trade
deficit with the U.S. Given our raw material efficiency, we
believe we are well positioned to improve our profitability moving
forward”.
First Quarter 2018 Results
Total revenues for the first quarter of 2018
increased 29% to $84.9 million compared to $65.8 million in the
prior year quarter. U.S. revenues grew 31.2% to $60.7 million
compared to $46.3 million in the prior year quarter, primarily due
to stronger organic invoicing and the acquisition of GM&P.
Colombia´s revenue, a majority of which is represented by long-term
contracts priced in Colombian Pesos but indexed to the U.S. Dollar,
increased 32.8% to $21.8 million compared to $16.4 million in the
prior year quarter. The increase in Colombia was primarily due to
stronger project activity following a resurgence in quoting and
bidding activity beginning in the second half of 2017. A favorable
foreign currency impact for the quarter resulted in a marginal
benefit to total revenues compared to the prior year quarter.
Gross profit increased 18.9% to $26.5 million,
representing a 31.2% gross margin, compared to $22.3 million,
representing a 33.8% gross margin, in the prior year quarter. The
primary differences in gross margin were related to having a full
quarter (versus one month) of a higher mix of revenues from
GM&P’s engineering and installation project activity, which are
two lines of business that carry lower industry margins, an
unfavorable FX impact due to significant appreciation of the
Colombian Peso during the quarter, and incremental depreciation.
Operating expenses were $16.8 million compared to $15.4 million in
the prior year quarter primarily due to acquisition related
expenses, incremental amortization expense related to the GM&P
acquisition, and to a lesser extent higher transportation and
commission expenses in relation to higher sales during the quarter.
As a percent of total revenues, operating expenses were 19.7%
compared to 23.4% in the prior year quarter, mainly attributable to
higher sales and our continued focus on cost controls. Excluding
one-time items, operating expenses would have been 18.1% as a
percent of total revenues compared to 21.8% in the prior year
quarter. Operating income increased 41.3% to $9.7 million compared
to $6.9 million in the prior year quarter.
Net income increased to $10.5 million, or $0.28
per diluted share, compared to net income of $1.0 million, or $0.03
per diluted share in the prior year quarter. Adjusted net income1
improved to $5.3 million, or $0.14 per diluted share, compared to
adjusted net income of $2.0 million, or $0.06 per diluted share, in
the prior year quarter, attributable to higher operating income.
Adjusted net income1, as reconciled in the table below, excludes
the impact of non-cash foreign exchange gains or losses, other
non-core items and the tax impact of adjustments at statutory
rates, to better reflect core financial performance.
Adjusted EBITDA1, as reconciled in the table
below, increased 30.1% to $17.9 million, compared to $13.8 million
in the prior year quarter, primarily attributable to sales growth,
higher gross profit and lower operating expenses as a percent of
total revenues, as discussed above. The increase was in line with
expectations despite an estimated $475,000 unfavorable FX effect
due to a strong Peso appreciation during the quarter.
Dividend
The Company declared a regular quarterly
dividend of $0.14 per share for the first quarter 2018, which was
paid on April 30, 2018 to shareholders of record as of the close of
business on March 29, 2018, in the form of cash or ordinary shares,
at the option of shareholders. Approximately 17% of dividends were
paid in cash.
Full Year 2018 Outlook
Based on the solid start to 2018, the Company
continues to anticipate growth in commercial construction markets
and additional market share gains in the U.S. and Latin American
markets for the full year. The Company reiterates its view for full
year revenues to grow to a range of $345 to $365 million, with
higher year-over-year growth in the first half 2018 based on
anticipated timing of invoicing in 2018 compared to 2017. The
Company reaffirms Adjusted EBITDA in 2018 to be in the range of $71
million to $81 million.
Conference
Call
Management will host a conference call on
Wednesday, May 9, 2018 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. 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: 13678452 through August 9, 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 (New York), Trump Plaza (Panama), Icon Bay
(Miami), and Salesforce Tower (San Francisco). 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 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)
|
|
March 31, 2018 |
|
|
December 31, 2017 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
30,605 |
|
|
|
$ |
40,923 |
|
|
Investments |
|
|
1,990 |
|
|
|
|
1,680 |
|
|
Trade accounts
receivable, net |
|
|
83,255 |
|
|
|
|
110,464 |
|
|
Due from related
parties |
|
|
8,305 |
|
|
|
|
8,500 |
|
|
Inventories |
|
|
79,638 |
|
|
|
|
71,656 |
|
|
Unbilled receivables on
uncompleted contracts |
|
|
- |
|
|
|
|
9,996 |
|
|
Contract assets |
|
|
47,423 |
|
|
|
|
- |
|
|
Other current
assets |
|
|
21,315 |
|
|
|
|
18,679 |
|
|
Total current
assets |
|
$ |
272,531 |
|
|
|
$ |
261,898 |
|
|
|
|
|
|
|
|
|
|
|
Long term
assets: |
|
|
|
|
|
|
|
|
Property, plant and
equipment, net |
|
$ |
177,108 |
|
|
|
$ |
168,701 |
|
|
Deferred taxes |
|
|
482 |
|
|
|
|
103 |
|
|
Intangible Assets |
|
|
11,292 |
|
|
|
|
11,517 |
|
|
Goodwill |
|
|
23,561 |
|
|
|
|
23,130 |
|
|
Other long term
assets |
|
|
3,128 |
|
|
|
|
2,651 |
|
|
Total long term
assets |
|
|
215,571 |
|
|
|
|
206,102 |
|
|
Total
assets |
|
$ |
488,102 |
|
|
|
$ |
468,000 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long term debt |
|
$ |
5,812 |
|
|
|
$ |
3,260 |
|
|
Trade accounts payable
and accrued expenses |
|
|
55,047 |
|
|
|
|
55,182 |
|
|
Accrued interest
expense |
|
|
3,008 |
|
|
|
|
7,392 |
|
|
Due to related
parties |
|
|
962 |
|
|
|
|
975 |
|
|
Note payable associated
to GM&P acquisition |
|
|
29,000 |
|
|
|
|
29,000 |
|
|
Dividends payable |
|
|
869 |
|
|
|
|
585 |
|
|
Current portion of
customer advances on uncompleted contracts |
|
|
- |
|
|
|
|
11,429 |
|
|
Contract liability –
current portion |
|
|
14,696 |
|
|
|
|
- |
|
|
Other current
liabilities |
|
|
13,008 |
|
|
|
|
13,626 |
|
|
Total current
liabilities |
|
$ |
122,402 |
|
|
|
$ |
121,449 |
|
|
|
|
|
|
|
|
|
|
|
Long term
liabilities: |
|
|
|
|
|
|
|
|
Deferred income
taxes |
|
$ |
4,795 |
|
|
|
$ |
2,317 |
|
|
Customer advances on
uncompleted contracts |
|
|
- |
|
|
|
|
1,571 |
|
|
Contract liability –
non-current |
|
|
1,130 |
|
|
|
|
- |
|
|
Long term debt |
|
|
219,761 |
|
|
|
|
220,998 |
|
|
Total Long Term
Liabilities |
|
|
225,686 |
|
|
|
|
224,886 |
|
|
Total
liabilities |
|
$ |
348,088 |
|
|
|
$ |
346,335 |
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Preferred shares,
$0.0001 par value, 1,000,000 shares authorized, 0 shares issued and
outstanding at March 31, 2018 and December 31, 2017
respectively |
|
$ |
- |
|
|
|
$ |
- |
|
|
Ordinary shares,
$0.0001 par value, 100,000,000 shares authorized, 35,340,219 and
34,836,575 shares issued and outstanding at March 31, 2018 and
December 31, 2017, respectively |
|
|
3 |
|
|
|
|
3 |
|
|
Legal Reserves |
|
|
1,367 |
|
|
|
|
1,367 |
|
|
Additional paid-in
capital |
|
|
129,479 |
|
|
|
|
125,317 |
|
|
Retained earnings |
|
|
27,769 |
|
|
|
|
22,212 |
|
|
Accumulated other
comprehensive (loss) |
|
|
(19,950 |
) |
|
|
|
(28,651 |
) |
|
Shareholders’
equity attributable to controlling interest |
|
|
138,668 |
|
|
|
|
120,248 |
|
|
Shareholders’
equity attributable to non-controlling interest |
|
|
1,346 |
|
|
|
|
1,417 |
|
|
Total
shareholders’ equity |
|
|
140,014 |
|
|
|
|
121,665 |
|
|
Total
liabilities and shareholders’ equity |
|
$ |
488,102 |
|
|
|
$ |
468,000 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Operations
and Comprehensive Income (In thousands,
except share and per share
data)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
External customers |
|
$ |
83,940 |
|
|
|
$ |
64,443 |
|
|
Related parties |
|
|
953 |
|
|
|
|
1,374 |
|
|
Total operating revenues |
|
|
84,893 |
|
|
|
|
65,817 |
|
|
Cost of sales |
|
|
58,437 |
|
|
|
|
43,565 |
|
|
Gross
Profit |
|
|
26,456 |
|
|
|
|
22,252 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Selling expense |
|
|
(9,006 |
) |
|
|
|
(6,906 |
) |
|
General and
administrative expense |
|
|
(7,621 |
) |
|
|
|
(7,501 |
) |
|
Provision for bad debt
and write offs |
|
|
(131 |
) |
|
|
|
(983 |
) |
|
Total Operating
Expenses |
|
|
(16,758 |
) |
|
|
|
(15,390 |
) |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
9,698 |
|
|
|
|
6,862 |
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income |
|
|
1,099 |
|
|
|
|
1,027 |
|
|
Foreign currency
transactions gains (losses) |
|
|
9,973 |
|
|
|
|
2,425 |
|
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
|
(3,159 |
) |
|
Interest expense and
deferred cost of financing |
|
|
(5,050 |
) |
|
|
|
(5,082 |
) |
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
|
15,720 |
|
|
|
|
2,073 |
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision |
|
|
5,288 |
|
|
|
|
1,042 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
10,432 |
|
|
|
$ |
1,031 |
|
|
|
|
|
|
|
|
|
|
|
Less: Income
attributable to non-controlling interest |
|
|
72 |
|
|
|
|
(12 |
) |
|
|
|
|
|
|
|
|
|
|
Income
attributable to parent |
|
$ |
10,504 |
|
|
|
$ |
1,019 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
10,432 |
|
|
|
$ |
1,031 |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments |
|
|
8,701 |
|
|
|
|
4,801 |
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income |
|
$ |
19,133 |
|
|
|
$ |
5,832 |
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share |
|
$ |
0.30 |
|
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
share |
|
$ |
0.28 |
|
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
common shares outstanding |
|
|
35,339,965 |
|
|
|
|
35,292,743 |
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares outstanding |
|
|
37,041,416 |
|
|
|
|
35,753,,145 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows (In
thousands)(Unaudited)
|
|
Three months ended March
31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income |
|
$ |
10,432 |
|
|
|
$ |
1,031 |
|
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Provision for bad
debts |
|
|
(169 |
) |
|
|
|
983 |
|
|
Provision for obsolete
inventory |
|
|
21 |
|
|
|
|
- |
|
|
Depreciation and
amortization |
|
|
5,665 |
|
|
|
|
4,905 |
|
|
Deferred income
taxes |
|
|
2,781 |
|
|
|
|
(1,690 |
) |
|
Extinguishment of
debt |
|
|
- |
|
|
|
|
2,583 |
|
|
Director stock
compensation |
|
|
71 |
|
|
|
|
71 |
|
|
Other non-cash
adjustments |
|
|
349 |
|
|
|
|
(16 |
) |
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts
receivables |
|
|
5,118 |
|
|
|
|
15,178 |
|
|
Inventories |
|
|
(3,036 |
) |
|
|
|
603 |
|
|
Prepaid expenses |
|
|
(82 |
) |
|
|
|
(2 |
) |
|
Other assets |
|
|
(2,051 |
) |
|
|
|
(5,183 |
) |
|
Trade accounts payable
and accrued expenses |
|
|
(20,212 |
) |
|
|
|
(11,641 |
) |
|
Accrued interest
expense |
|
|
(4,398 |
) |
|
|
|
2,870 |
|
|
Taxes payable |
|
|
(899 |
) |
|
|
|
2,720 |
|
|
Labor liabilities |
|
|
(471 |
) |
|
|
|
(424 |
) |
|
Related parties |
|
|
1,130 |
|
|
|
|
73 |
|
|
Contract assets and
liabilities |
|
|
(4,461 |
) |
|
|
|
- |
|
|
Customer advances on
uncompleted contracts |
|
|
- |
|
|
|
|
(654 |
) |
|
CASH (USED IN)
PROVIDED BY OPERATING ACTIVITIES |
|
$ |
(10,212 |
) |
|
|
$ |
11,407 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
investments |
|
|
177 |
|
|
|
|
173 |
|
|
Business
acquisitions |
|
|
- |
|
|
|
|
(1,163 |
) |
|
Purchase of
investments |
|
|
(218 |
) |
|
|
|
(450 |
) |
|
Acquisition of property
and equipment |
|
|
(1,070 |
) |
|
|
|
(1,947 |
) |
|
CASH USED IN
INVESTING ACTIVITIES |
|
$ |
(1,111 |
) |
|
|
$ |
(3,387 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from debt |
|
|
2,994 |
|
|
|
|
20,253 |
|
|
Cash Dividend |
|
|
(540 |
) |
|
|
|
(550 |
) |
|
Proceeds from bond
issuance |
|
|
- |
|
|
|
|
201,884 |
|
|
Repayments of debt |
|
|
(2,726 |
) |
|
|
|
(202,900 |
) |
|
CASH PROVIDED
BY FINANCING ACTIVITIES |
|
$ |
(272 |
) |
|
|
$ |
18,687 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
$ |
1,277 |
|
|
|
$ |
747 |
|
|
|
|
|
|
|
|
|
|
|
NET (DECREASE) INCREASE
IN CASH |
|
|
(10,318 |
) |
|
|
|
27,454 |
|
|
CASH - Beginning of
period |
|
|
40,923 |
|
|
|
|
26,918 |
|
|
CASH - End of
period |
|
$ |
30,605 |
|
|
|
$ |
54,372 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the
period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
8,910 |
|
|
|
$ |
6,795 |
|
|
Income Tax |
|
$ |
4,258 |
|
|
|
$ |
3,993 |
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND
FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
Assets acquired under
capital lease and debt |
|
$ |
314 |
|
|
|
$ |
- |
|
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2018 |
|
|
2017 |
|
Colombia |
|
$ |
21,824 |
|
|
$ |
16,428 |
|
United States |
|
|
60,726 |
|
|
|
46,308 |
|
Panama |
|
|
814 |
|
|
|
1,263 |
|
Other |
|
|
1,529 |
|
|
|
1,818 |
|
Total Revenues |
|
$ |
84,893 |
|
|
$ |
65,817 |
|
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 |
|
|
|
|
|
March 31, |
|
|
|
2018 |
|
2017 |
|
% Change |
|
|
|
|
|
|
Total Revenues
with Foreign Currency Held Neutral |
84,418 |
|
65,817 |
|
28.3 |
% |
Impact of changes in
foreign currency |
475 |
|
- |
|
0.7 |
% |
Total Revenues,
As Reported |
84,893 |
|
65,817 |
|
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 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 |
|
|
March 31, |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
Net Income
(loss) |
|
10,432 |
|
|
1,031 |
|
Less: net
income attributable to non-controlling interest |
|
72 |
|
|
(12 |
) |
Net Income
(loss) atributable to parent |
|
10,504 |
|
|
1,019 |
|
Interest
expense and amortization of deferred financing costs |
|
5,050 |
|
|
5,082 |
|
Income
tax (benefit) provision |
|
5,288 |
|
|
1,042 |
|
Depreciation & amortization |
|
5,665 |
|
|
4,905 |
|
Foreign
currency transactions losses (gains) |
|
(9,973 |
) |
|
(2,425 |
) |
Non
Recurring expenses (extinguishment of debt, bond issuance costs,
provision for bad debt, acquisition related costs and other) |
|
1,342 |
|
|
4,105 |
|
Director
Stock compensation and provision for obsolete inventory |
|
71 |
|
|
71 |
|
Gain on
change in fair value of earnout shares liabilities |
|
- |
|
|
- |
|
Gain on
change in fair value of warrant liability |
|
- |
|
|
- |
|
Adjusted
EBITDA |
|
17,947 |
|
|
13,799 |
|
|
|
Three months ended |
|
|
March 31, |
|
2018 |
|
|
2017 |
|
|
|
|
|
|
Net Income
(loss) |
|
10,432 |
|
|
1,031 |
|
Less: net
income attributable to non-controlling interest |
|
72 |
|
|
(12 |
) |
Net Income
(loss) atributable to parent |
|
10,504 |
|
|
1,019 |
|
Foreign
currency transactions losses (gains) |
|
(9,973 |
) |
|
(2,425 |
) |
Gain on
change in fair value of earnout shares liabilities |
|
- |
|
|
- |
|
Gain on
change in fair value of warrant liability |
|
- |
|
|
- |
|
Amortization of deferred financing costs |
|
346 |
|
|
- |
|
Non
Recurring expenses (extinguishment of debt, bond issuance costs,
provision for bad debt, acquisition related costs and other) |
|
1,342 |
|
|
4,105 |
|
Tax
impact of adjustments at statutory rate |
|
3,065 |
|
|
(672 |
) |
Adjusted net
(loss) income |
|
5,284 |
|
|
2,027 |
|
|
|
|
|
|
Basic
income (loss) per share |
|
0.30 |
|
|
0.03 |
|
Diluted
income (loss) per share |
|
0.28 |
|
|
0.03 |
|
|
|
|
|
|
Diluted Adjusted net
(loss) income per share |
|
0.14 |
|
|
0.06 |
|
|
|
|
|
|
Diluted
Weighted Average Common Shares Outstanding in
thousands |
|
37,041 |
|
|
35,753 |
|
Basic
weighted average common shares outstanding in thousands |
|
35,340 |
|
|
35,293 |
|
Diluted
weighted average common shares outstanding in thousands |
|
37,041 |
|
|
35,753 |
|
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