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 first quarter ended March 31,
2021.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, “I am extremely proud of our outstanding
performance so far in 2021 and I have never been more optimistic
about the future for Tecnoglass. We delivered record first quarter
results across nearly all of our key operating metrics including
total revenues, gross profit, operating profit, adjusted EBITDA1
and operating cash flow. This success was largely driven by the
continued positive reception of our single family residential
products, allowing for additional market share gains. Furthermore,
our vertically integrated architectural glass platform and prior
automation investments continue to deliver significant structural
advantages amid tight labor and material availability impacting our
industry. We are optimally positioned to efficiently control our
supply chain, manufacture products with shorter lead times and best
serve customers in what we expect to be a year of significant
growth in demand. Moving forward, we remain confident in our
ability to maintain our industry leading margins and gain
additional share in the quarters ahead.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “In the first quarter, we were thrilled to see
the positive momentum continue in our business as we reported a
sharp acceleration of growth. Encouraging trends in housing starts
and de-urbanization combined with our efforts to expand our
customer relationships are all supporting the growth of our
single-family residential revenue, which increased over 70%
year-over-year. Additionally, we are pleased to see our large scale
projects resuming activity, in line with improving fundamentals and
the ABI index climbing higher into expansion territory for the
second consecutive month in March. Looking ahead, our momentum has
continued into April and May as new business wins and record levels
of backlog leave us well positioned for further value
creation.”
First Quarter
2021
Results
Total revenues for the first quarter of 2021
increased 27.0% to $110.9 million, compared to $87.3 million in the
prior year quarter. U.S. revenues of $100.8 million, which
represented 91% of total revenues, grew 27.9% compared to $78.8
million in the prior year quarter, driven by strong growth in
residential activity, recovering commercial construction activity,
and market share gains. Colombia revenue, a majority of which is
represented by long-term contracts priced in Colombian Pesos but
indexed to the U.S. Dollar, was $7.7 million, an increase of 18.4%
compared to $6.5 million in the prior year quarter. Changes in
foreign currency exchange rates had a negligible impact on Colombia
and total revenues in the quarter.
Gross profit for the first quarter of 2021 grew
48.4% to $45.1 million, representing a 40.7% gross margin, compared
to gross profit of $30.4 million, representing a 34.9% gross margin
in the prior year quarter. The 590 basis point improvement in gross
margin mainly reflected a higher mix of revenue from manufacturing
versus installation activity as Tecnoglass increased its mix of
single family residential products, and included a full quarter of
greater operating efficiencies from prior automation initiatives.
Selling, general and administrative expense (“SG&A”) was $19.8
million compared to $17.3 million in the prior year quarter,
primarily attributable to higher variable expenses related to
ground and marine transportation. As a percent of total revenues,
SG&A was 17.8% compared to 19.8% 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 $8.2 million, or $0.17 per
diluted share, in the first quarter of 2021 compared to net loss of
$18.8 million, or $0.40 loss per diluted share, in the prior year
quarter, including an after-tax non-cash foreign exchange
transaction cost of $0.05 million in the first quarter of 2021 and
a $32.5 million loss in the first quarter of 2020. 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.
Additionally, during the quarter, Tecnoglass recorded a one-time
$8.6 million call option payment and a $2.5 million non-cash
extinguishment of debt charge related to the retirement of its
senior notes.
Adjusted net income1 was $16.8
million, or $0.35 per diluted share, in the first quarter of 2021
compared to adjusted net income of $4.5 million, or $0.10 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 64.8% to $33.5 million, or 30.2% of
total revenues in the first quarter of 2021, compared to $20.3
million, or 23.3% of total revenues, in the prior year quarter. The
improvement was driven by higher sales and a stronger gross margin.
Adjusted EBITDA1 in the first quarter 2021
included $0.8 million in contribution from the Company’s joint
venture with Saint-Gobain, compared to $1.0 million in the prior
year quarter.
Dividend
The Company declared a quarterly cash dividend
of $0.0275 per share for the first quarter of 2021, which was paid
on April 30, 2021 to shareholders of record as of the close of
business on March 31, 2021.
Balance Sheet &
Liquidity
The Company ended the first quarter of 2021 with
cash and cash equivalents of $85.2 million compared to $36.8
million in the prior year quarter. Cash provided by operating
activities of $29.0 million improved by $28.4 million compared to
the prior year quarter, attributable to higher profitability as
well as more efficient inventory and working capital
management.
In the first quarter of 2021, the Company
redeemed in full its $210 million unsecured senior notes, which
bore 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. Giving effect to the redemption of the senior notes,
annualized savings on cash interest expense are expected to
approximate $11 million annually. Interest expense in the first
quarter 2021 declined by 38% year-over-year reflecting a partial
quarter of lower borrowings costs following the redemption of the
senior notes. On a pro forma basis giving effect to the pay down of
the unsecured senior notes, the Company had total liquidity of
approximately $145.2 million, including cash of $85.2 million and
availability under its revolving credit facilities of $60
million.
Subsequent to the end of the first quarter and
based on Tecnoglass’ leverage ratio as of March 31, 2021, the
interest rate spread on the Company’s $300 million Senior Secured
Credit Facility decreased 50 basis points to a spread of 2.50% in
April 2021. Given the Company’s continued growth in adjusted
EBITDA1 and strong cash generation, debt leverage continues to
trend lower and now stands at 1.4x LTM net debt to adjusted
EBITDA1.
Full Year 2021
Outlook
Santiago Giraldo, Chief Financial Officer of
Tecnoglass, stated, “We are increasing our full year outlook for
2021 total revenues and adjusted EBITDA1 growth to reflect
Tecnoglass’ exceptional start to 2021, including strong demand into
April and May and solid share gains. We now expect full year 2021
total revenues to grow to a range of $420 million to $435 million,
primarily driven by strengthening U.S. demand. In addition, we now
anticipate full year adjusted EBITDA1 to grow to a range of $115
million to $125 million, implying growth of approximately 23% at
the midpoint, and margin expansion. Our vertically integrated
business model is providing us with significant competitive
advantages, including the ability to actively manage costs and
provide exceptional delivery lead times which should allow us to
deliver above market growth in the quarters ahead. As we look to
the remainder of the year, we are preparing Tecnoglass to
accommodate significant demand beyond our current outlook. We are
firmly on track to deliver exceptional results and continue our
record of strong cash flow generation for the full year 2021.”
Webcast and Conference Call
Management will host a webcast and conference
call on Friday, May 7, 2021 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. 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 First Quarter 2021 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:
13718684.
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 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.
1Adjusted 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)
|
|
March 31, |
|
|
December 31, |
|
2021 |
|
2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
85,160 |
|
|
|
$ |
66,899 |
|
|
Investments |
|
|
2,235 |
|
|
|
|
2,387 |
|
|
Trade accounts receivable,
net |
|
|
90,033 |
|
|
|
|
88,368 |
|
|
Due from related parties |
|
|
7,420 |
|
|
|
|
8,574 |
|
|
Inventories |
|
|
71,317 |
|
|
|
|
80,742 |
|
|
Contract assets – current
portion |
|
|
23,530 |
|
|
|
|
26,288 |
|
|
Other current assets |
|
|
13,537 |
|
|
|
|
13,545 |
|
|
Total
current assets |
|
$ |
293,232 |
|
|
|
$ |
286,803 |
|
|
Long-term
assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
$ |
141,967 |
|
|
|
$ |
152,266 |
|
|
Deferred income taxes |
|
|
1,989 |
|
|
|
|
268 |
|
|
Contract assets –
non-current |
|
|
11,023 |
|
|
|
|
10,228 |
|
|
Due from related parties -
long term |
|
|
121 |
|
|
|
|
484 |
|
|
Long-term trade accounts
receivable |
|
|
3,435 |
|
|
|
|
2,985 |
|
|
Intangible assets |
|
|
4,713 |
|
|
|
|
5,112 |
|
|
Goodwill |
|
|
23,561 |
|
|
|
|
23,561 |
|
|
Long-term investments |
|
|
48,626 |
|
|
|
|
47,535 |
|
|
Other long-term assets |
|
|
3,942 |
|
|
|
|
2,783 |
|
|
Total
long-term assets |
|
|
239,377 |
|
|
|
|
245,222 |
|
|
Total
assets |
|
$ |
532,609 |
|
|
|
$ |
532,025 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and current
portion of long-term debt |
|
$ |
13,748 |
|
|
|
$ |
1,764 |
|
|
Trade accounts payable and
accrued expenses |
|
|
44,969 |
|
|
|
|
42,178 |
|
|
Accrued interest expense |
|
|
6 |
|
|
|
|
7,175 |
|
|
Due to related parties |
|
|
4,333 |
|
|
|
|
4,750 |
|
|
Dividends payable |
|
|
1,352 |
|
|
|
|
1,352 |
|
|
Contract liability – current
portion |
|
|
29,287 |
|
|
|
|
24,694 |
|
|
Other current liabilities |
|
|
9,778 |
|
|
|
|
9,630 |
|
|
Total
current liabilities |
|
$ |
103,473 |
|
|
|
$ |
91,543 |
|
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
$ |
1,735 |
|
|
|
$ |
3,170 |
|
|
Long-term liabilities from
related parties |
|
|
651 |
|
|
|
|
645 |
|
|
Contract liability –
non-current |
|
|
999 |
|
|
|
|
977 |
|
|
Long-term debt |
|
|
221,635 |
|
|
|
|
222,722 |
|
|
Total
long-term liabilities |
|
|
225,020 |
|
|
|
|
227,514 |
|
|
Total
liabilities |
|
$ |
328,493 |
|
|
|
$ |
319,057 |
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Preferred shares, $0.0001 par
value, 1,000,000 shares authorized, 0 shares issued and outstanding
at March 31, 2021 and December 31, 2020, respectively |
|
$ |
- |
|
|
|
$ |
- |
|
|
Ordinary shares, $0.0001 par
value, 100,000,000 shares authorized, 47,674,773 and 47,674,773
shares issued and outstanding at March 31, 2021 and December 31,
2020, respectively |
|
|
5 |
|
|
|
|
5 |
|
|
Legal Reserves |
|
|
2,273 |
|
|
|
|
2,273 |
|
|
Additional paid-in
capital |
|
|
219,290 |
|
|
|
|
219,290 |
|
|
Retained earnings |
|
|
41,181 |
|
|
|
|
34,326 |
|
|
Accumulated other
comprehensive (loss) |
|
|
(59,305 |
) |
|
|
|
(43,512 |
) |
|
Shareholders’ equity
attributable to controlling interest |
|
|
203,444 |
|
|
|
|
212,382 |
|
|
Shareholders’ equity
attributable to non-controlling interest |
|
|
672 |
|
|
|
|
586 |
|
|
Total
shareholders’
equity |
|
|
204,116 |
|
|
|
|
212,968 |
|
|
Total liabilities and
shareholders’ equity |
|
$ |
532,609 |
|
|
|
$ |
532,025 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Operations
and Comprehensive Income (In thousands, except
share and per share
data)(Unaudited)
|
|
Three months
ended |
|
|
|
March 31, |
|
|
2021 |
|
|
2020 |
|
|
Operating revenues: |
|
|
|
|
|
|
|
External customers |
|
$ |
110,259 |
|
|
$ |
86,106 |
|
|
Related parties |
|
|
621 |
|
|
|
1,192 |
|
|
Total operating revenues |
|
|
110,880 |
|
|
|
87,298 |
|
|
Cost of sales |
|
|
65,737 |
|
|
|
56,871 |
|
|
Gross
profit |
|
|
45,143 |
|
|
|
30,427 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling expense |
|
|
(11,081 |
) |
|
|
(9,668 |
) |
|
General and administrative
expense |
|
|
(8,669 |
) |
|
|
(7,610 |
) |
|
Total operating expenses |
|
|
(19,750 |
) |
|
|
(17,278 |
) |
|
Operating
income |
|
|
25,393 |
|
|
|
13,149 |
|
|
Non-operating income
(expenses), net |
|
|
159 |
|
|
|
(101 |
) |
|
Equity method income |
|
|
1,091 |
|
|
|
260 |
|
|
Foreign currency transactions
losses |
|
|
(45 |
) |
|
|
(32,466 |
) |
|
Loss on extinguishment of
debt |
|
|
(11,147 |
) |
|
|
- |
|
|
Interest expense and deferred
cost of financing |
|
|
(3,522 |
) |
|
|
(5,643 |
) |
|
Income (loss) before
taxes |
|
|
11,929 |
|
|
|
(24,801 |
) |
|
Income tax (provision)
benefit |
|
|
(3,677 |
) |
|
|
6,133 |
|
|
Net
income
(loss) |
|
$ |
8,252 |
|
|
$ |
(18,668 |
) |
|
Income attributable to
non-controlling interest |
|
|
(86 |
) |
|
|
(98 |
) |
|
Income (Loss)
attributable to parent |
|
$ |
8,166 |
|
|
$ |
(18,766 |
) |
|
Comprehensive income: |
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
8,252 |
|
|
$ |
(18,668 |
) |
|
Foreign currency translation
adjustments |
|
|
(15,635 |
) |
|
|
(19,288 |
) |
|
Change in fair value
derivative contracts |
|
|
(159 |
) |
|
|
(4,065 |
) |
|
Total
comprehensive income |
|
$ |
(7,542 |
) |
|
$ |
(42,021 |
) |
|
Comprehensive income
attributable to non-controlling interest |
|
|
(86 |
) |
|
|
(98 |
) |
|
Total comprehensive
income (loss) attributable to parent |
|
$ |
(7,628 |
) |
|
$ |
(42,119 |
) |
|
Basic income (loss) per
share |
|
$ |
0.17 |
|
|
$ |
(0.40 |
) |
|
Diluted income (loss) per
share |
|
$ |
0.17 |
|
|
$ |
(0.40 |
) |
|
Basic weighted average common
shares outstanding |
|
|
47,674,773 |
|
|
|
46,117,631 |
|
|
Diluted weighted average
common shares outstanding |
|
|
47,674,773 |
|
|
|
46,117,631 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows (In
thousands)(Unaudited)
|
|
Three months
ended March
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
8,252 |
|
|
|
$ |
(18,668 |
) |
|
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Allowance for bad debts |
|
|
537 |
|
|
|
|
368 |
|
|
Depreciation and
amortization |
|
|
5,289 |
|
|
|
|
5,241 |
|
|
Deferred income taxes |
|
|
704 |
|
|
|
|
(9,031 |
) |
|
Equity method income |
|
|
(1,091 |
) |
|
|
|
(260 |
) |
|
Deferred cost of
financing |
|
|
255 |
|
|
|
|
440 |
|
|
Other non-cash
adjustments |
|
|
(3 |
) |
|
|
|
40 |
|
|
Debt extinguishment |
|
|
2,333 |
|
|
|
|
- |
|
|
Unrealized currency
translation losses |
|
|
2,411 |
|
|
|
|
37,533 |
|
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts
receivables |
|
|
(3,419 |
) |
|
|
|
664 |
|
|
Inventories |
|
|
2,564 |
|
|
|
|
(2,848 |
) |
|
Prepaid expenses |
|
|
(592 |
) |
|
|
|
69 |
|
|
Other assets |
|
|
(3,933 |
) |
|
|
|
(4,940 |
) |
|
Trade accounts payable and
accrued expenses |
|
|
12,911 |
|
|
|
|
(6,274 |
) |
|
Accrued interest expense |
|
|
(7,169 |
) |
|
|
|
(4,546 |
) |
|
Taxes payable |
|
|
1,699 |
|
|
|
|
3,113 |
|
|
Labor liabilities |
|
|
(559 |
) |
|
|
|
(1,270 |
) |
|
Contract assets and
liabilities |
|
|
7,849 |
|
|
|
|
2,352 |
|
|
Related parties |
|
|
926 |
|
|
|
|
(1,435 |
) |
|
CASH PROVIDED BY
OPERATING ACTIVITIES |
|
$ |
28,964 |
|
|
|
$ |
548 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
investments |
|
|
- |
|
|
|
|
193 |
|
|
Purchase of investments |
|
|
(42 |
) |
|
|
|
(137 |
) |
|
Acquisition of property and
equipment |
|
|
(5,696 |
) |
|
|
|
(6,469 |
) |
|
CASH USED IN INVESTING
ACTIVITIES |
|
$ |
(5,738 |
) |
|
|
$ |
(6,413 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Cash dividend |
|
|
(1,311 |
) |
|
|
|
- |
|
|
Debt extinguishment - Call
Premium |
|
|
(8,610 |
) |
|
|
|
- |
|
|
Deferred financing transaction
costs |
|
|
(89 |
) |
|
|
|
- |
|
|
Proceeds from debt |
|
|
221,118 |
|
|
|
|
14,353 |
|
|
Repayments of debt |
|
|
(213,180 |
) |
|
|
|
(15,073 |
) |
|
CASH USED IN FINANCING
ACTIVITIES |
|
$ |
(2,072 |
) |
|
|
$ |
(720 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
$ |
(2,893 |
) |
|
|
$ |
(4,453 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN
CASH |
|
|
18,261 |
|
|
|
|
(11,038 |
) |
|
CASH - Beginning of
period |
|
|
66,899 |
|
|
|
|
47,862 |
|
|
CASH - End of period |
|
$ |
85,160 |
|
|
|
$ |
36,824 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
10,268 |
|
|
|
$ |
9,282 |
|
|
Income Tax |
|
$ |
2,507 |
|
|
|
$ |
1,986 |
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND
FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
Assets acquired under credit
or debt |
|
$ |
745 |
|
|
|
$ |
991 |
|
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
|
Three months ended |
|
Twelve months ended |
|
Mar 31, |
|
Mar 31, |
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
Revenues by Region |
|
|
|
|
|
|
|
|
|
|
|
United States |
100,807 |
|
78,798 |
|
27,9 |
% |
|
363,476 |
|
354,820 |
|
2,4 |
% |
Colombia |
7,665 |
|
6,472 |
|
18,4 |
% |
|
24,495 |
|
45,783 |
|
-46,5 |
% |
Other Countries |
2,407 |
|
2,028 |
|
18,7 |
% |
|
10,534 |
|
10,441 |
|
0,9 |
% |
Total Revenues by Region |
110,880 |
|
87,298 |
|
27,0 |
% |
|
398,505 |
|
411,043 |
|
-3,1 |
% |
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 |
|
Mar 31, |
|
2021 |
|
|
|
2020 |
|
% Change |
|
|
|
|
|
|
Total Revenues with
Foreign Currency Held Neutral |
$ |
110,917 |
|
|
$ |
87,298 |
|
27,1 |
% |
Impact of changes in foreign
currency |
|
(37 |
) |
|
|
- |
|
(0,0 |
%) |
Total Revenues,
as Reported |
$ |
110,880 |
|
|
$ |
87,298 |
|
27,0 |
% |
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 |
|
|
|
Mar 31, |
|
Mar 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
|
8,252 |
|
|
(18,668 |
) |
|
51,105 |
|
|
(1,730 |
) |
Less: Income (loss) attributable to non-controlling interest |
|
|
(86 |
) |
|
(98 |
) |
|
37 |
|
|
161 |
|
(Loss) Income
attributable to parent |
|
|
8,166 |
|
|
(18,766 |
) |
|
51,142 |
|
|
(1,569 |
) |
Foreign currency transactions losses (gains) |
|
|
45 |
|
|
32,466 |
|
|
(23,783 |
) |
|
36,725 |
|
Deferred cost of financing |
|
|
255 |
|
|
440 |
|
|
1,713 |
|
|
1,671 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1,026 |
|
|
895 |
|
|
4,224 |
|
|
5,501 |
|
Extinguishment of debt - Call Option Premium |
|
|
8,610 |
|
|
- |
|
|
8,610 |
|
|
- |
|
Extinguishment of debt - Deferred Costs |
|
|
2,537 |
|
|
- |
|
|
2,537 |
|
|
- |
|
Joint Venture VA (Saint Gobain) adjustments |
|
|
79 |
|
|
372 |
|
|
1,650 |
|
|
1,709 |
|
Change in FV of Hedging Derivatives |
|
|
(185 |
) |
|
|
|
1,809 |
|
|
|
Tax impact of adjustments at statutory rate |
|
|
(3,710 |
) |
|
(10,935 |
) |
|
1,284 |
|
|
(14,594 |
) |
Adjusted net (loss)
income |
|
|
16,823 |
|
|
4,472 |
|
|
49,186 |
|
|
29,443 |
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
|
|
0,17 |
|
|
(0,40 |
) |
|
1,10 |
|
|
(0,04 |
) |
Diluted income (loss) per share |
|
|
0,17 |
|
|
(0,40 |
) |
|
1,10 |
|
|
(0,04 |
) |
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted net income (loss) per share |
|
|
0,35 |
|
|
0,10 |
|
|
1,06 |
|
|
0,66 |
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Common Shares Outstanding in thousands |
|
|
47,675 |
|
|
46,118 |
|
|
46,398 |
|
|
44,464 |
|
Basic weighted average common shares outstanding in thousands |
|
|
47,675 |
|
|
46,118 |
|
|
46,398 |
|
|
44,464 |
|
Diluted weighted average common shares outstanding in
thousands |
|
|
47,675 |
|
|
46,118 |
|
|
46,398 |
|
|
44,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
|
|
Mar 31, |
|
Mar 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
|
8,252 |
|
|
(18,668 |
) |
|
51,105 |
|
|
(1,730 |
) |
Less: Income (loss) attributable to non-controlling interest |
|
|
(86 |
) |
|
(98 |
) |
|
37 |
|
|
161 |
|
(Loss) Income
attributable to parent |
|
|
8,166 |
|
|
(18,766 |
) |
|
51,142 |
|
|
(1,569 |
) |
Interest expense and deferred cost of financing |
|
|
3,522 |
|
|
5,643 |
|
|
19,550 |
|
|
22,862 |
|
Income tax (benefit) provision |
|
|
3,677 |
|
|
(6,133 |
) |
|
22,811 |
|
|
1,916 |
|
Depreciation & amortization |
|
|
5,289 |
|
|
5,241 |
|
|
20,638 |
|
|
22,135 |
|
Foreign currency transactions losses (gains) |
|
|
45 |
|
|
32,466 |
|
|
(23,783 |
) |
|
36,725 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1,026 |
|
|
895 |
|
|
4,224 |
|
|
5,501 |
|
Extinguishment of debt - Call Option Premium |
|
|
8,610 |
|
|
- |
|
|
8,610 |
|
|
- |
|
Extinguishment of debt - Deferred Costs |
|
|
2,537 |
|
|
- |
|
|
2,537 |
|
|
- |
|
Joint Venture VA (Saint Gobain) EBITDA adjustments |
|
|
838 |
|
|
999 |
|
|
3,415 |
|
|
4,047 |
|
Change in FV of Hedging Derivatives |
|
|
(185 |
) |
|
- |
|
|
1,809 |
|
|
- |
|
Adjusted EBITDA |
|
|
33,525 |
|
|
20,345 |
|
|
110,953 |
|
|
91,617 |
|
Tecnoglass (NASDAQ:TGLS)
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