Tecnoglass, Inc. (NASDAQ: 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
fourth quarter and full year ended December 31, 2020.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, “2020 was a milestone year for Tecnoglass.
Our exceptional results reflect the resilience and dedication of
our team as we capitalized on strong residential macro tailwinds
and recovering commercial end market conditions to post our second
straight quarter of growth in the U.S. Additionally, we delivered
on our goal to produce strong returns on our previously implemented
automation and capacity investments, contributing to record full
year gross profit and Adjusted EBITDA levels, both on a dollar
basis and as a percentage of sales. Just as important, our success
is translating into a step-change in cash generation, with our
operating cash flow representing over 70% of Adjusted EBITDA in
2020. We were thrilled to exit the year with a much stronger and
leaner company, underpinned by a significantly improved capital
position to further extend our leadership in the architectural
glass industry. We will continue to leverage Tecnoglass’ structural
competitive advantages to maintain industry leading margins while
capturing additional market share in the U.S. We are well situated
to achieve another year of stellar financial performance and
returns for our shareholders in 2021.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “Fourth quarter results were encouraging and
marked a return to growth in total revenues to close out an
extraordinary year. Single-family residential revenues expanded
more than 50% year-over-year in the quarter, and represented nearly
20% of our revenues for the full year 2020. Overall quoting and
bidding activity continued to strengthen since mid-year 2020,
resulting in defensible backlog position of $545 million. Our
strong performance in 2020 was augmented by winning new customers,
entering new markets and maintaining our commitment to innovation
through the introduction of new best-in-class products,
particularly in residential. As we move into 2021, we remain
focused on expanding our addressable market in single-family
housing in the U.S. Accomplishments to date reflect our dedication
to excellence and we are excited to drive further improvement
across our business in the coming quarters.”
Fourth Quarter 2020 Results
Total revenues for the fourth quarter of 2020
increased 1.0% to $102.4 million, compared to $101.4 million in the
prior year quarter. U.S. revenues of $87.8 million, which
represented 86% of total revenues, grew 4.8% compared to $83.8
million in the prior year quarter, primarily driven by strong
growth in residential activity. The contribution of U.S. revenue
growth to total revenues was partly offset by lower revenue from
Colombia, primarily attributable to delayed activity at many
customer job sites due to COVID-19 related factors. Changes in
foreign currency exchange rates had an adverse impact of $0.7
million on Colombia and total revenues in the quarter.
Gross profit for the fourth quarter of 2020 grew
25.8% to $36.9 million, representing a 36.1% gross margin, compared
to gross profit of $29.3 million, representing a 28.9% gross margin
in the prior year quarter. The 710 basis point improvement in gross
margin mainly reflected greater operating efficiencies from prior
automation initiatives and a higher mix of revenue from
manufacturing versus installation activity. Selling, general and
administrative expense (“SG&A”) was $19.4 million compared to
$18.6 million in the prior year quarter, primarily attributable to
higher variable expenses related to shipping, as well as COVID-19
related expenses. As a percent of total revenues, SG&A was
18.9% compared to 18.3% in the prior year quarter.
Net income was $18.5 million, or $0.39 per
diluted share, in the fourth quarter of 2020 compared to net income
of $10.9 million, or $0.23 loss per diluted share, in the prior
year quarter, including an after-tax non-cash foreign exchange
transaction gain of $13.6 million in the fourth quarter 2020 and a
$8.9 million gain in the fourth quarter 2019. As previously
disclosed, these 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 $10.3
million, or $0.22 per diluted share, in the fourth quarter of 2020
compared to adjusted a net income of $7.5 million, or $0.16 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 19.3% to $25.7 million, or 25.1% of
total revenues in the fourth quarter of 2020, compared to $21.5
million, or 21.2% of revenues, in the prior year quarter. The
improvement was driven by a stronger gross margin. Adjusted
EBITDA1 in the fourth quarter 2020 included $1.6
million in contribution from the Company’s joint venture with
Saint-Gobain, compared to $1.1 million in the prior year
quarter.
Full Year 2020 Results
Total revenues for the full year 2020 were
$374.9 million compared to $430.9 million in the prior year with
the decrease mainly related to one month less of invoicing in the
second half of March and first half of April as a result of the
previously communicated suspension of plant operations, as well as
a slower recovery in Latam markets since the onset of the COVID-19
pandemic. Excluding the impact of unfavorable foreign currency
exchange, total revenues were lower by 12.3% compared to the prior
year.
Gross profit increased 2.5% year-over-year to a
full year record of $139.3 million, representing a 37.1% gross
margin, compared to $135.8 million, representing a 31.5% gross
margin in the prior year. Operating income was $66.1 million
compared to $58.8 million in the prior year. Net income was $24.2
million, or a $0.52 per diluted share, compared to net income of
$24.3 million, or $0.55 per diluted share in the prior year.
Adjusted net income1 was $36.8 million, or $0.79 per diluted share,
compared to $30.8 million, or $0.69 per diluted share in the prior
year. Adjusted EBITDA1 for the full year 2020 improved to a record
$97.8 million, or 26.1% of sales, compared to $92.4 million, or
21.4% of sales, in the prior year.
Dividend
The Company declared a quarterly cash dividend
of $0.0275 per share for the fourth quarter of 2020, which was paid
on January 29, 2021 to shareholders of record as of the close of
business on December 31, 2020.
Balance Sheet &
Liquidity
The Company ended 2020 with cash and cash
equivalents of $66.9 million compared to $47.9 million in the prior
year. Cash provided by operating activities of $71.4 million
improved by $45.8 million compared to the prior year, attributable
to higher profitability as well as more efficient inventory and
working capital management. During 2020 the Company incurred $19.8
million of capital expenditures, compared to $25.0 million in the
prior year, with the decrease due to the Company’s $20 million
investment into high-return projects to expand and automate key
operations at several glass and aluminum facilities, which was
largely completed in the fourth quarter of 2019.
On November 2, 2020, Tecnoglass announced a new
$300 million Senior Secured Credit Facility, consisting of a $250
million delayed draw term loan and a $50 million committed
revolving credit facility, with a maturity date in 2025. The new
facility has an initial interest rate spread of 3.00%, which will
decrease to a spread of 2.50% in April 2021 based on the Company´s
leverage as of the end of the year.
Subsequent to the end of 2020, the Company
redeemed in full its $210 million unsecured senior notes, which
bear interest at a rate of 8.2%, following the step down in
redemption price at the end of January 2021. The $8.6 million call
option was fully paid in January alongside with the redemption of
the notes. Following the redemption of the senior notes, annualized
savings on cash interest expense are expected to approximate $11
million annually. On a pro forma basis giving effect to the pay
down of the unsecured senior notes, the Company had total liquidity
of approximately $126.9 million, including cash of $66.9 million
and availability under its revolving credit facilities of $60
million.
Full Year 2021 Outlook
Santiago Giraldo, Chief Financial Officer of
Tecnoglass, stated, “Our positive momentum continued into the first
quarter, with single-family residential representing a growing
share of our revenues. Based on our current invoicing schedule and
underlying market demand, we are introducing our full year 2021
outlook for revenue to grow to a range of $400 million to $415
million. In addition, we anticipate full year Adjusted EBITDA to
grow to a range of $100 million to $110 million, implying growth of
approximately 7% at the midpoint, driven by higher revenues, partly
offset by higher unit costs for raw materials and a more normalized
revenue mix. We expect the stronger demand in the U.S. to continue
to offset the slower recovery in Latin American markets.
Furthermore, we anticipate our track record of strong cash flow
generation to continue in the full year 2021.”
1Adjusted net income (loss) and Adjusted EBITDA
in both periods are reconciled in the table below.
Webcast and Conference Call
Management will host a webcast and conference
call on Tuesday, March 2, 2020 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. Due to potential extended wait times to access the
conference call via dial-in, the Company encourages use of the
webcast. For those unable to access the webcast, the conference
call will be accessible by dialing 1-877-705-6003 (domestic) or
1-201-493-6725 (international). Upon dialing in, please request to
join the Tecnoglass Fourth Quarter 2020 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 (844) 512-2921 (Domestic)
or (412) 317-6671 (International) and entering pass code:
13715780.
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 2.7
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 the El Dorado
Airport (Bogota), United Nations Plaza (New York), 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.
Investor Relations:
Santiago
GiraldoCFO305-503-9062investorrelations@tecnoglass.com
Tecnoglass Inc. and
SubsidiariesConsolidated Balance
Sheets(In thousands, except share and per share
data)(Unaudited)
|
|
December 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
66,899 |
|
|
$ |
47,862 |
|
Investments |
|
|
2,387 |
|
|
|
2,304 |
|
Trade accounts receivable,
net |
|
|
88,368 |
|
|
|
110,558 |
|
Due from related parties |
|
|
8,574 |
|
|
|
8,057 |
|
Inventories |
|
|
80,742 |
|
|
|
82,714 |
|
Contract assets – current
portion |
|
|
26,288 |
|
|
|
42,014 |
|
Other current assets |
|
|
13,545 |
|
|
|
29,340 |
|
Total current
assets |
|
$ |
286,803 |
|
|
$ |
322,849 |
|
Long-term
assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
$ |
152,266 |
|
|
$ |
154,609 |
|
Deferred income taxes |
|
|
268 |
|
|
|
4,595 |
|
Contract assets –
non-current |
|
|
10,228 |
|
|
|
7,059 |
|
Due from related parties -
long term |
|
|
484 |
|
|
|
1,786 |
|
Long-term trade accounts
receivable |
|
|
2,985 |
|
|
|
- |
|
Intangible assets |
|
|
5,112 |
|
|
|
6,703 |
|
Goodwill |
|
|
23,561 |
|
|
|
23,561 |
|
Long-term investments |
|
|
47,535 |
|
|
|
45,596 |
|
Other long-term assets |
|
|
2,783 |
|
|
|
2,910 |
|
Total long-term
assets |
|
|
245,222 |
|
|
|
246,819 |
|
Total
assets |
|
$ |
532,025 |
|
|
$ |
569,668 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and current
portion of long-term debt |
|
$ |
1,764 |
|
|
$ |
16,084 |
|
Trade accounts payable and
accrued expenses |
|
|
42,178 |
|
|
|
61,878 |
|
Accrued interest expense |
|
|
7,175 |
|
|
|
7,645 |
|
Due to related parties |
|
|
4,750 |
|
|
|
4,415 |
|
Dividends payable |
|
|
1,352 |
|
|
|
67 |
|
Contract liability – current
portion |
|
|
24,694 |
|
|
|
12,459 |
|
Due to equity partners |
|
|
- |
|
|
|
10,900 |
|
Other current liabilities |
|
|
9,630 |
|
|
|
15,563 |
|
Total current
liabilities |
|
$ |
91,543 |
|
|
$ |
129,011 |
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
$ |
3,170 |
|
|
$ |
411 |
|
Long-term payable associated
to GM&P acquisition |
|
|
- |
|
|
|
8,500 |
|
Long-term liabilities from
related parties |
|
|
645 |
|
|
|
622 |
|
Contract liability –
non-current |
|
|
977 |
|
|
|
187 |
|
Long-term debt |
|
|
222,722 |
|
|
|
243,727 |
|
Total long-term
liabilities |
|
|
227,514 |
|
|
|
253,447 |
|
Total
liabilities |
|
$ |
319,057 |
|
|
$ |
382,458 |
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Preferred shares, $0.0001 par
value, 1,000,000 shares authorized, 0 shares issued and outstanding
at December 31, 2020 and December 31, 2019 respectively |
|
$ |
- |
|
|
$ |
- |
|
Ordinary shares, $0.0001 par
value, 100,000,000 shares authorized, 47,674,773 and 46,117,631
shares issued and outstanding at December 31, 2020 and December 31,
2019, respectively |
|
|
5 |
|
|
|
5 |
|
Legal Reserves |
|
|
2,273 |
|
|
|
1,367 |
|
Additional paid-in
capital |
|
|
219,290 |
|
|
|
208,283 |
|
Retained earnings |
|
|
34,326 |
|
|
|
16,213 |
|
Accumulated other
comprehensive (loss) |
|
|
(43,512 |
) |
|
|
(39,264 |
) |
Shareholders’ equity
attributable to controlling interest |
|
|
212,382 |
|
|
|
186,604 |
|
Shareholders’ equity
attributable to non-controlling interest |
|
|
586 |
|
|
|
606 |
|
Total shareholders’
equity |
|
|
212,968 |
|
|
|
187,210 |
|
Total liabilities and
shareholders’ equity |
|
$ |
532,025 |
|
|
$ |
569,668 |
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Operations
and Comprehensive Income(In thousands, except
share and per share data)(Unaudited)
|
|
Three months ended |
|
|
Twelve months ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers |
|
$ |
101,732 |
|
|
$ |
98,310 |
|
|
$ |
372,408 |
|
|
$ |
422,118 |
|
Related parties |
|
|
642 |
|
|
|
3,081 |
|
|
|
2,515 |
|
|
|
8,794 |
|
Total operating revenues |
|
|
102,374 |
|
|
|
101,391 |
|
|
|
374,923 |
|
|
|
430,912 |
|
Cost of sales |
|
|
65,464 |
|
|
|
72,052 |
|
|
|
235,669 |
|
|
|
295,103 |
|
Gross
profit |
|
|
36,910 |
|
|
|
29,339 |
|
|
|
139,254 |
|
|
|
135,809 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
(9,799 |
) |
|
|
(9,810 |
) |
|
|
(38,962 |
) |
|
|
(41,925 |
) |
General and administrative
expense |
|
|
(9,571 |
) |
|
|
(8,766 |
) |
|
|
(34,172 |
) |
|
|
(35,069 |
) |
Total operating expenses |
|
|
(19,370 |
) |
|
|
(18,576 |
) |
|
|
(73,134 |
) |
|
|
(76,994 |
) |
Operating
income |
|
|
17,540 |
|
|
|
10,763 |
|
|
|
66,120 |
|
|
|
58,815 |
|
Non-operating (expenses)
income, net |
|
|
220 |
|
|
|
487 |
|
|
|
(12 |
) |
|
|
1,565 |
|
Equity method income |
|
|
598 |
|
|
|
323 |
|
|
|
1,387 |
|
|
|
596 |
|
Foreign currency transactions
(losses) gains |
|
|
13,585 |
|
|
|
8,948 |
|
|
|
(8,638 |
) |
|
|
(973 |
) |
Interest expense and deferred
cost of financing |
|
|
(4,435 |
) |
|
|
(5,586 |
) |
|
|
(21,671 |
) |
|
|
(22,806 |
) |
Income before taxes |
|
|
27,508 |
|
|
|
14,935 |
|
|
|
37,186 |
|
|
|
37,197 |
|
Income tax benefit
(provision) |
|
|
(8,980 |
) |
|
|
(4,338 |
) |
|
|
(13,001 |
) |
|
|
(12,928 |
) |
Net (loss)
income |
|
$ |
18,528 |
|
|
$ |
10,597 |
|
|
$ |
24,185 |
|
|
$ |
24,269 |
|
(Income) Loss attributable to
non-controlling interest |
|
|
(72 |
) |
|
|
296 |
|
|
|
25 |
|
|
|
266 |
|
(Loss) Income
attributable to parent |
|
$ |
18,456 |
|
|
$ |
10,893 |
|
|
$ |
24,210 |
|
|
$ |
24,535 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
18,528 |
|
|
$ |
10,597 |
|
|
$ |
24,185 |
|
|
$ |
24,269 |
|
Foreign currency translation
adjustments |
|
|
14,538 |
|
|
|
6,053 |
|
|
|
(4,407 |
) |
|
|
(2,715 |
) |
Change in fair value
derivative contracts |
|
|
1,100 |
|
|
|
1,450 |
|
|
|
159 |
|
|
|
509 |
|
Total comprehensive
(loss) income |
|
$ |
34,166 |
|
|
$ |
18,100 |
|
|
$ |
19,937 |
|
|
$ |
22,063 |
|
Comprehensive (income) loss
attributable to non-controlling interest |
|
|
(72 |
) |
|
|
296 |
|
|
|
25 |
|
|
|
266 |
|
Total comprehensive
(loss) income attributable to parent |
|
$ |
34,094 |
|
|
$ |
18,396 |
|
|
$ |
19,962 |
|
|
$ |
22,329 |
|
Basic (loss) income per
share |
|
$ |
0,40 |
|
|
$ |
0,23 |
|
|
$ |
0,52 |
|
|
$ |
0,55 |
|
Diluted (loss) income per
share |
|
$ |
0,40 |
|
|
$ |
0,23 |
|
|
$ |
0,52 |
|
|
$ |
0,55 |
|
Basic weighted average common
shares outstanding |
|
|
46,117,631 |
|
|
|
46,291,032 |
|
|
|
46,398,428 |
|
|
|
44,464,097 |
|
Diluted weighted average
common shares outstanding |
|
|
46,398,428 |
|
|
|
46,291,032 |
|
|
|
46,398,428 |
|
|
|
44,464,097 |
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows(In
thousands)(Unaudited)
|
|
Year ended December 30, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
24,185 |
|
|
$ |
24,269 |
|
Adjustments to reconcile net
(loss) income to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Provision for bad debts |
|
|
1,097 |
|
|
|
1,389 |
|
Depreciation and
amortization |
|
|
20,590 |
|
|
|
22,735 |
|
Deferred income taxes |
|
|
6,581 |
|
|
|
(2,698 |
) |
Equity method income |
|
|
(1,387 |
) |
|
|
(596 |
) |
Deferred cost of
financing |
|
|
972 |
|
|
|
1,624 |
|
Other non-cash
adjustments |
|
|
20 |
|
|
|
82 |
|
Unrealized currency
translation losses (gains) |
|
|
7,930 |
|
|
|
6,509 |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts
receivables |
|
|
4,557 |
|
|
|
(27,712 |
) |
Inventories |
|
|
(2,121 |
) |
|
|
8,419 |
|
Prepaid expenses |
|
|
(1,426 |
) |
|
|
(3,328 |
) |
Other assets |
|
|
13,948 |
|
|
|
(7,773 |
) |
Trade accounts payable and
accrued expenses |
|
|
(20,943 |
) |
|
|
(1,609 |
) |
Accrued interest expense |
|
|
(417 |
) |
|
|
83 |
|
Taxes payable |
|
|
(6,622 |
) |
|
|
5,075 |
|
Labor liabilities |
|
|
192 |
|
|
|
(19 |
) |
Contract assets and
liabilities |
|
|
23,649 |
|
|
|
(1,545 |
) |
Related parties |
|
|
629 |
|
|
|
759 |
|
CASH PROVIDED BY (USED
IN) OPERATING ACTIVITIES |
|
$ |
71,434 |
|
|
$ |
25,664 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
investments |
|
|
471 |
|
|
|
1,600 |
|
Proceeds from sale of property
and equipment |
|
|
6 |
|
|
|
- |
|
Joint Venture investment |
|
|
- |
|
|
|
(34,100 |
) |
Purchase of investments |
|
|
(218 |
) |
|
|
(1,684 |
) |
Acquisition of property and
equipment |
|
|
(18,323 |
) |
|
|
(24,952 |
) |
CASH USED IN INVESTING
ACTIVITIES |
|
$ |
(18,064 |
) |
|
$ |
(59,136 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
- |
|
|
|
|
|
Cash dividend |
|
|
(3,801 |
) |
|
|
(5,227 |
) |
Proceeds from equity
offering |
|
|
- |
|
|
|
36,478 |
|
Proceeds from debt |
|
|
41,343 |
|
|
|
46,584 |
|
Deferred financing transaction
costs |
|
|
(6,384 |
) |
|
|
- |
|
Repayments of debt |
|
|
(64,694 |
) |
|
|
(29,507 |
) |
CASH (USED IN)
PROVIDED BY FINANCING ACTIVITIES |
|
$ |
(33,536 |
) |
|
$ |
48,328 |
|
Effect of exchange rate
changes on cash and cash equivalents |
|
$ |
(797 |
) |
|
$ |
(34 |
) |
NET (DECREASE) INCREASE IN
CASH |
|
|
19,037 |
|
|
|
14,822 |
|
CASH - Beginning of
period |
|
|
47,862 |
|
|
|
33,040 |
|
CASH - End of period |
|
$ |
66,899 |
|
|
$ |
47,862 |
|
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
19,168 |
|
|
$ |
19,696 |
|
Income Tax |
|
$ |
10,683 |
|
|
$ |
12,296 |
|
NON-CASH INVESTING AND
FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
Assets acquired under credit
or debt |
|
$ |
2,242 |
|
|
$ |
1,222 |
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
|
|
Three months ended |
|
|
Twelve months ended |
|
|
|
Dec 31, |
|
|
Dec 31, |
|
|
|
2020 |
|
|
2019 |
|
|
% Change |
|
|
2020 |
|
|
2019 |
|
|
% Change |
|
Revenues by
Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
87,841 |
|
|
|
83,847 |
|
|
|
4.8 |
% |
|
|
341,467 |
|
|
|
368,055 |
|
|
|
-7.2 |
% |
Colombia |
|
|
9,359 |
|
|
|
14,109 |
|
|
|
-33.7 |
% |
|
|
23,302 |
|
|
|
52,299 |
|
|
|
-55.4 |
% |
Other Countries |
|
|
5,172 |
|
|
|
3,436 |
|
|
|
50.5 |
% |
|
|
10,155 |
|
|
|
10,559 |
|
|
|
-3.8 |
% |
Total Revenues by
Region |
|
|
102,372 |
|
|
|
101,391 |
|
|
|
1.0 |
% |
|
|
374,923 |
|
|
|
430,912 |
|
|
|
-13.0 |
% |
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 |
|
|
|
Dec 31, |
|
|
Dec 31, |
|
|
|
2020 |
|
|
2019 |
|
|
% Change |
|
|
2020 |
|
|
2019 |
|
|
% Change |
|
Total Revenues with
Foreign Currency Held Neutral |
|
|
103,079 |
|
|
|
101,391 |
|
|
|
1.7 |
% |
|
|
377,851 |
|
|
|
430,912 |
|
|
|
-12.3 |
% |
Impact of changes in foreign
currency |
|
|
(707 |
) |
|
|
- |
|
|
|
|
|
|
|
(2,928 |
) |
|
|
- |
|
|
|
|
|
Total Revenues, As
Reported |
|
|
102,372 |
|
|
|
101,391 |
|
|
|
1.0 |
% |
|
|
374,923 |
|
|
|
430,912 |
|
|
|
-13.0 |
% |
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 |
|
|
Twelve months ended |
|
|
|
Dec 31, |
|
|
Dec 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
|
18,528 |
|
|
|
10,597 |
|
|
|
24,185 |
|
|
|
24,269 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
(72 |
) |
|
|
296 |
|
|
|
25 |
|
|
|
266 |
|
(Loss) Income
attributable to parent |
|
|
18,456 |
|
|
|
10,893 |
|
|
|
24,210 |
|
|
|
24,535 |
|
Foreign currency transactions losses (gains) |
|
|
(13,562 |
) |
|
|
(8,948 |
) |
|
|
10,631 |
|
|
|
973 |
|
Deferred cost of financing |
|
|
(333 |
) |
|
|
411 |
|
|
|
1,898 |
|
|
|
1,624 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1,215 |
|
|
|
2,962 |
|
|
|
4,115 |
|
|
|
5,350 |
|
Joint Venture VA (Saint Gobain) adjustments |
|
|
615 |
|
|
|
574 |
|
|
|
1,943 |
|
|
|
1,337 |
|
Tax impact of adjustments at statutory rate |
|
|
3,861 |
|
|
|
1,600 |
|
|
|
(5,948 |
) |
|
|
(2,971 |
) |
Adjusted net (loss)
income |
|
|
10,252 |
|
|
|
7,492 |
|
|
|
36,849 |
|
|
|
30,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
|
|
0,39 |
|
|
|
0,23 |
|
|
|
0,52 |
|
|
|
0,55 |
|
Diluted income (loss) per share |
|
|
0,39 |
|
|
|
0,23 |
|
|
|
0,52 |
|
|
|
0,55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted net income (loss) per share |
|
|
0,22 |
|
|
|
0,16 |
|
|
|
0,79 |
|
|
|
0,69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Common Shares Outstanding in thousands |
|
|
47,235 |
|
|
|
46,118 |
|
|
|
46,398 |
|
|
|
44,464 |
|
Basic weighted average common shares outstanding in thousands |
|
|
47,235 |
|
|
|
46,118 |
|
|
|
46,398 |
|
|
|
44,464 |
|
Diluted weighted average common shares outstanding in
thousands |
|
|
47,235 |
|
|
|
46,118 |
|
|
|
46,398 |
|
|
|
44,464 |
|
|
|
Three months ended |
|
|
Twelve months ended |
|
|
|
Dec 31, |
|
|
Dec 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
|
18,528 |
|
|
|
10,597 |
|
|
|
24,185 |
|
|
|
24,269 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
(72 |
) |
|
|
296 |
|
|
|
25 |
|
|
|
266 |
|
(Loss) Income
attributable to parent |
|
|
18,456 |
|
|
|
10,893 |
|
|
|
24,210 |
|
|
|
24,535 |
|
Interest expense and deferred cost of financing |
|
|
4,435 |
|
|
|
5,586 |
|
|
|
21,671 |
|
|
|
22,806 |
|
Income tax (benefit) provision |
|
|
8,980 |
|
|
|
4,338 |
|
|
|
13,001 |
|
|
|
12,928 |
|
Depreciation & amortization |
|
|
5,170 |
|
|
|
5,546 |
|
|
|
20,590 |
|
|
|
22,735 |
|
Foreign currency transactions losses (gains) |
|
|
(13,562 |
) |
|
|
(8,948 |
) |
|
|
10,631 |
|
|
|
973 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1,215 |
|
|
|
2,962 |
|
|
|
4,115 |
|
|
|
5,350 |
|
Director Stock compensation and provision for obsolete
inventory |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on change in fair value of earnout shares liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on change in fair value of warrant liability |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Joint Venture VA (Saint Gobain) EBITDA adjustments |
|
|
966 |
|
|
|
1,146 |
|
|
|
3,576 |
|
|
|
3,048 |
|
Change in FV of Hedging Derivatives |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
- |
|
Adjusted EBITDA |
|
|
25,660 |
|
|
|
21,523 |
|
|
|
97,794 |
|
|
|
92,375 |
|
Tecnoglass (NASDAQ:TGLS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tecnoglass (NASDAQ:TGLS)
Historical Stock Chart
From Apr 2023 to Apr 2024