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 second quarter ended June 30,
2021.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, “I am thrilled to announce our most
profitable quarter on record, building on our team’s outstanding
performance which again drove record results in nearly all
financial metrics. During the quarter, we were able to drive
substantial operating leverage while expanding our mix of
single-family residential sales in the U.S., resulting in another
quarter of record revenues, margin expansion, and our 5th straight
quarter of significant cash flow generation. Our strategically
located, vertically integrated and low cost operations have
provided us with sustainable competitive advantages that truly
differentiate Tecnoglass in the tight supply environment that our
industry is experiencing. We are winning new business and
strengthening our existing customer relationships because we are
able to supply superior quality products with short lead times at
an attractive value, which is undoubtedly advancing our reputation
as a global leader in both architectural glass innovation and
service. Moving forward, we will continue to execute our proven
strategy to capture elevated demand in the U.S., while approaching
capital allocation with a returns oriented mindset. Our strong
balance sheet, very low leverage profile and ample capital
resources squarely position us to do so as we plan to further
invest in operational enhancements. The future remains extremely
bright for Tecnoglass and we are firmly situated to deliver another
year of record results in 2021.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “Our ability to timely deliver best-in-class
products led to outsized revenue growth and market share gains in
the U.S. during the second quarter. Revenues in single-family
residential increased by almost 160% year-over-year and nearly
doubled compared to the second quarter of 2019. This accomplishment
is a testament to the market leading platform we have created and
we could not be more pleased with our progress since we entered the
single-family residential business four years ago. This attractive
category now represents 34% of our total revenues compared to 19%
in the prior year period. Additionally, we ended the second quarter
with a record backlog across our growing footprint as large scale
commercial projects continue to resume construction activity.
Looking to the remainder of 2021, we are pleased with our
positioning and continue to expect strength in residential demand
to drive the majority of our growth.”
Second Quarter
2021
Results
Total revenues for the second quarter of 2021
increased 48.5% to $121.7 million, compared to $81.9 million in the
prior year quarter. U.S. revenues of $109.9 million, which
represented 90% of total revenues, grew 38.8% compared to $79.1
million in the prior year quarter, driven by strong growth in
single family residential activity, a continued recovery in
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, grew to
$8.2 million, compared to $1.8 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 second quarter of 2021 grew
52.9% to $48.6 million, representing a 40.0% gross margin, compared
to gross profit of $31.8 million, representing a 38.8% gross margin
in the prior year quarter. The 120 basis point improvement in gross
margin mainly reflected greater operating efficiencies and a higher
mix of revenue from manufacturing versus installation activity as
Tecnoglass increased its mix of single family residential products.
Selling, general and administrative expense (“SG&A”) was $20.2
million compared to $16.6 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 improved to 16.6% compared to 20.2% 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 $19.2 million, or $0.40 per
diluted share, in the second quarter of 2021 compared to net income
of $16.2 million, or $0.35 per diluted share, in the prior year
quarter, including an after-tax non-cash foreign exchange
transaction gain of $0.2 million in the second quarter of 2021 and
a $13.3 million gain in the second 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.
Adjusted net income1 was $19.7
million, or $0.41 per diluted share, in the second quarter of 2021
compared to adjusted net income of $9.4 million, or $0.20 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 52.7% to $35.6 million, or 29.3% of
total revenues in the second quarter of 2021, compared to $23.3
million, or 28.4% of total revenues, in the prior year quarter. The
improvement was driven by higher sales, a stronger gross margin and
operating leverage on SG&A. Adjusted EBITDA1
in the second quarter 2021 included $0.5 million in contribution
from the Company’s joint venture with Saint-Gobain, compared to
$0.9 million in the prior year quarter.
Dividend
The Company declared a quarterly cash dividend
of $0.0275 per share for the second quarter of 2021, which was paid
on July 30, 2021 to shareholders of record as of the close of
business on June 30, 2021.
Balance Sheet &
Liquidity
The Company ended the second quarter of 2021
with total liquidity of approximately $167 million, including cash
and cash equivalents of $100.3 million and availability under its
committed revolving credit facilities of $66.9 million. Cash
provided by operating activities of $31.8 million improved by $7.6
million compared to the prior year quarter, attributable to higher
profitability as well as more efficient inventory and working
capital management. Given the Company’s continued growth in
adjusted EBITDA1 and strong cash generation, debt leverage
continues to trend lower and now stands at 1.1 times LTM net debt
to adjusted EBITDA1, compared to 2.2 times in the prior year
quarter.
Full Year 2021
Outlook
Santiago Giraldo, Chief Financial Officer of
Tecnoglass, stated, “We are increasing our full year 2021 outlook
for total revenues and adjusted EBITDA1 growth to reflect our
continued outperformance in the first half of 2021, including
strong demand into July and August and further share gains. We now
expect full year 2021 total revenues to grow to a range of $450
million to $465 million. We now anticipate full year adjusted
EBITDA1 to increase to a range of $125 million to $135 million,
implying year-over-year growth of approximately 33% at the
midpoint. We continue to believe our ability to efficiently manage
costs while providing exceptional delivery lead times should
collectively allow us to achieve above market growth and record
results for the full year 2021.”
Webcast and Conference Call
Management will host a webcast and conference
call on Friday, August 6, 2021 at 9:00 a.m. eastern time (8:00 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 Second 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:
13721832.
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.
1 Adjusted net income (loss) and Adjusted EBITDA in both
periods are reconciled in the table below.
Investor Relations:
Santiago
GiraldoCFO305-503-9062investorrelations@tecnoglass.com
Tecnoglass Inc. and
SubsidiariesConsolidated Balance Sheets
(In thousands, except share and per share
data)(Unaudited)
|
|
June 30, |
|
|
December
31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
100,295 |
|
|
$ |
66,899 |
|
Investments |
|
|
2,078 |
|
|
|
2,387 |
|
Trade accounts receivable, net |
|
|
91,233 |
|
|
|
88,368 |
|
Due from related parties |
|
|
8,543 |
|
|
|
8,574 |
|
Inventories |
|
|
74,717 |
|
|
|
80,742 |
|
Contract assets – current portion |
|
|
24,068 |
|
|
|
26,288 |
|
Other current assets |
|
|
16,946 |
|
|
|
13,545 |
|
Total current assets |
|
$ |
317,880 |
|
|
$ |
286,803 |
|
Long-term assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
$ |
149,566 |
|
|
$ |
152,266 |
|
Deferred income taxes |
|
|
1,252 |
|
|
|
268 |
|
Contract assets – non-current |
|
|
10,785 |
|
|
|
10,228 |
|
Due from related parties - long term |
|
|
- |
|
|
|
484 |
|
Long-term trade accounts receivable |
|
|
4,361 |
|
|
|
2,985 |
|
Intangible assets |
|
|
4,320 |
|
|
|
5,112 |
|
Goodwill |
|
|
23,561 |
|
|
|
23,561 |
|
Long-term investments |
|
|
49,414 |
|
|
|
47,535 |
|
Other long-term assets |
|
|
4,537 |
|
|
|
2,783 |
|
Total long-term assets |
|
|
247,796 |
|
|
|
245,222 |
|
Total assets |
|
$ |
565,676 |
|
|
$ |
532,025 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and current portion of long-term debt |
|
$ |
13,376 |
|
|
$ |
1,764 |
|
Trade accounts payable and accrued expenses |
|
|
56,303 |
|
|
|
42,178 |
|
Accrued interest expense |
|
|
4 |
|
|
|
7,175 |
|
Due to related parties |
|
|
4,502 |
|
|
|
4,750 |
|
Dividends payable |
|
|
1,353 |
|
|
|
1,352 |
|
Contract liability – current portion |
|
|
36,670 |
|
|
|
24,694 |
|
Other current liabilities |
|
|
11,806 |
|
|
|
9,630 |
|
Total current liabilities |
|
$ |
124,014 |
|
|
$ |
91,543 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
$ |
278 |
|
|
$ |
3,170 |
|
Long-term liabilities from related parties |
|
|
656 |
|
|
|
645 |
|
Contract liability – non-current |
|
|
884 |
|
|
|
977 |
|
Long-term debt |
|
|
218,949 |
|
|
|
222,722 |
|
Total long-term liabilities |
|
|
220,767 |
|
|
|
227,514 |
|
Total liabilities |
|
$ |
344,781 |
|
|
$ |
319,057 |
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Preferred shares, $0.0001 par value, 1,000,000 shares
authorized, 0 shares issued and outstanding at June 30, 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 June 30, 2021 and December 31, 2020, respectively |
|
|
5 |
|
|
|
5 |
|
Legal Reserves |
|
|
2,273 |
|
|
|
2,273 |
|
Additional paid-in capital |
|
|
219,290 |
|
|
|
219,290 |
|
Retained earnings |
|
|
59,104 |
|
|
|
34,326 |
|
Accumulated other comprehensive (loss) |
|
|
(60,490 |
) |
|
|
(43,512 |
) |
Shareholders’ equity attributable to controlling
interest |
|
|
220,182 |
|
|
|
212,382 |
|
Shareholders’ equity attributable to non-controlling
interest |
|
|
713 |
|
|
|
586 |
|
Total shareholders’ equity |
|
|
220,895 |
|
|
|
212,968 |
|
Total liabilities and shareholders’ equity |
|
$ |
565,676 |
|
|
$ |
532,025 |
|
Tecnoglass Inc. and
Subsidiaries
Consolidated Statements of Operations and
Comprehensive Income (In thousands, except share
and per share
data)(Unaudited)
|
|
Three months
ended |
|
Six months
ended |
|
|
|
June 30, |
June 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers |
|
$ |
120,136 |
|
|
$ |
81,590 |
|
|
$ |
230,395 |
|
|
$ |
167,696 |
|
|
Related parties |
|
|
1,578 |
|
|
|
352 |
|
|
|
2,199 |
|
|
|
1,544 |
|
|
Total operating revenues |
|
|
121,714 |
|
|
|
81,942 |
|
|
|
232,594 |
|
|
|
169,240 |
|
|
Cost of sales |
|
|
-73,087 |
|
|
|
-50,146 |
|
|
|
-138,824 |
|
|
|
-107,017 |
|
|
Gross
profit |
|
|
48,627 |
|
|
|
31,796 |
|
|
|
93,770 |
|
|
|
62,223 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
(12,030 |
) |
|
|
(8,961 |
) |
|
|
(23,111 |
) |
|
|
(18,629 |
) |
|
General and administrative
expense |
|
|
(8,200 |
) |
|
|
(7,610 |
) |
|
|
(16,869 |
) |
|
|
(15,220 |
) |
|
Total operating expenses |
|
|
(20,230 |
) |
|
|
(16,571 |
) |
|
|
(39,980 |
) |
|
|
(33,849 |
) |
|
Operating
income |
|
|
28,397 |
|
|
|
15,225 |
|
|
|
53,790 |
|
|
|
28,374 |
|
|
Non-operating income
(expenses), net |
|
|
(240 |
) |
|
|
7 |
|
|
|
(81 |
) |
|
|
(94 |
) |
|
Equity method income |
|
|
788 |
|
|
|
(166 |
) |
|
|
1,879 |
|
|
|
94 |
|
|
Foreign currency transactions
gains (loss) |
|
|
190 |
|
|
|
13,309 |
|
|
|
145 |
|
|
|
(19,157 |
) |
|
Loss on extinguishment of
debt |
|
|
169 |
|
|
|
- |
|
|
|
(10,978 |
) |
|
|
- |
|
|
Interest expense and deferred
cost of financing |
|
|
(2,442 |
) |
|
|
(5,446 |
) |
|
|
(5,964 |
) |
|
|
(11,089 |
) |
|
Income (loss) before
taxes |
|
|
26,862 |
|
|
|
22,929 |
|
|
|
38,791 |
|
|
|
(1,872 |
) |
|
Income tax (provision)
benefit |
|
|
(7,587 |
) |
|
|
(6,875 |
) |
|
|
(11,264 |
) |
|
|
(742 |
) |
|
Net
income
(loss) |
|
$ |
19,275 |
|
|
$ |
16,054 |
|
|
$ |
27,527 |
|
|
$ |
(2,614 |
) |
|
Income attributable to
non-controlling interest |
|
|
(41 |
) |
|
|
143 |
|
|
|
(127 |
) |
|
|
45 |
|
|
Income (Loss)
attributable to parent |
|
$ |
19,234 |
|
|
$ |
16,197 |
|
|
$ |
27,400 |
|
|
$ |
(2,569 |
) |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
19,275 |
|
|
$ |
16,054 |
|
|
$ |
27,527 |
|
|
$ |
(2,614 |
) |
|
Foreign currency translation
adjustments |
|
|
(1,184 |
) |
|
|
4,367 |
|
|
|
(16,819 |
) |
|
|
(14,921 |
) |
|
Change in fair value
derivative contracts |
|
|
- |
|
|
|
2,618 |
|
|
|
(159 |
) |
|
|
(1,447 |
) |
|
Total
comprehensive income |
|
$ |
18,090 |
|
|
$ |
23,039 |
|
|
$ |
10,548 |
|
|
$ |
(18,982 |
) |
|
Comprehensive income
attributable to non-controlling interest |
|
|
(41 |
) |
|
|
143 |
|
|
|
(127 |
) |
|
|
45 |
|
|
Total comprehensive
income (loss) attributable to parent |
|
$ |
18,049 |
|
|
$ |
23,182 |
|
|
$ |
10,421 |
|
|
$ |
(18,937 |
) |
|
Basic income (loss) per
share |
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
0.58 |
|
|
$ |
(0.06 |
) |
|
Diluted income (loss) per
share |
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
0.58 |
|
|
$ |
(0.06 |
) |
|
Basic weighted average common
shares outstanding |
|
|
47,674,773 |
|
|
|
46,117,631 |
|
|
|
47,674,773 |
|
|
|
46,117,631 |
|
|
Diluted weighted average
common shares outstanding |
|
|
47,674,773 |
|
|
|
46,117,631 |
|
|
|
47,674,773 |
|
|
|
46,117,631 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows (In
thousands)(Unaudited)
|
|
Six months ended
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
27,527 |
|
|
|
$ |
(2,614 |
) |
|
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Allowance for bad debts |
|
|
748 |
|
|
|
|
691 |
|
|
Depreciation and
amortization |
|
|
10,507 |
|
|
|
|
10,206 |
|
|
Deferred income taxes |
|
|
424 |
|
|
|
|
(6,478 |
) |
|
Equity method income |
|
|
(1,879 |
) |
|
|
|
(94 |
) |
|
Deferred cost of
financing |
|
|
623 |
|
|
|
|
861 |
|
|
Other non-cash
adjustments |
|
|
(19 |
) |
|
|
|
42 |
|
|
Loss on Debt
Extinguishment |
|
|
2,333 |
|
|
|
|
- |
|
|
Unrealized currency
translation losses |
|
|
2,555 |
|
|
|
|
23,585 |
|
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts
receivables |
|
|
(6,743 |
) |
|
|
|
13,785 |
|
|
Inventories |
|
|
(1,385 |
) |
|
|
|
(8,252 |
) |
|
Prepaid expenses |
|
|
(2,024 |
) |
|
|
|
(1,017 |
) |
|
Other assets |
|
|
(7,169 |
) |
|
|
|
1,363 |
|
|
Trade accounts payable and
accrued expenses |
|
|
24,556 |
|
|
|
|
(10,358 |
) |
|
Accrued interest expense |
|
|
(7,171 |
) |
|
|
|
(84 |
) |
|
Taxes payable |
|
|
3,396 |
|
|
|
|
(5,911 |
) |
|
Labor liabilities |
|
|
(148 |
) |
|
|
|
(982 |
) |
|
Contract assets and
liabilities |
|
|
14,677 |
|
|
|
|
11,246 |
|
|
Related parties |
|
|
(23 |
) |
|
|
|
(1,200 |
) |
|
CASH PROVIDED BY
OPERATING ACTIVITIES |
|
$ |
60,785 |
|
|
|
$ |
24,789 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
investments |
|
|
166 |
|
|
|
|
364 |
|
|
Purchase of investments |
|
|
(49 |
) |
|
|
|
(167 |
) |
|
Acquisition of property and
equipment |
|
|
(18,323 |
) |
|
|
|
(7,395 |
) |
|
CASH USED IN INVESTING
ACTIVITIES |
|
$ |
(18,206 |
) |
|
|
$ |
(7,198 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Cash dividend |
|
|
(2,621 |
) |
|
|
|
(1,265 |
) |
|
Loss on Debt Extinguishment -
Call Premium |
|
|
(8,610 |
) |
|
|
|
- |
|
|
Deferred financing transaction
costs |
|
|
(88 |
) |
|
|
|
- |
|
|
Proceeds from debt |
|
|
221,146 |
|
|
|
|
17,796 |
|
|
Repayments of debt |
|
|
(216,676 |
) |
|
|
|
(14,698 |
) |
|
CASH (USED IN)
PROVIDED BY FINANCING ACTIVITIES |
|
$ |
(6,849 |
) |
|
|
$ |
1,833 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
$ |
(2,334 |
) |
|
|
$ |
(3,862 |
) |
|
|
|
|
|
|
|
|
|
|
NET (DECREASE) INCREASE IN
CASH |
|
|
33,396 |
|
|
|
|
15,562 |
|
|
CASH - Beginning of
period |
|
|
66,899 |
|
|
|
|
47,862 |
|
|
CASH - End of period |
|
$ |
100,295 |
|
|
|
$ |
63,424 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
12,286 |
|
|
|
$ |
9,513 |
|
|
Income Tax |
|
$ |
9,471 |
|
|
|
$ |
7,014 |
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND
FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
Assets acquired under credit
or debt |
|
$ |
937 |
|
|
|
$ |
907 |
|
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
|
Three months
ended |
|
Six months
ended |
|
June 30, |
|
June 30, |
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
Revenues
by Region |
|
|
|
|
|
|
|
|
|
|
|
United States |
109,879 |
|
79,148 |
|
38.8 |
% |
|
210,686 |
|
157,946 |
|
33.4 |
% |
Colombia |
8,166 |
|
1,820 |
|
348.7 |
% |
|
15,831 |
|
8,292 |
|
90.9 |
% |
Other Countries |
3,669 |
|
974 |
|
276.6 |
% |
|
6,077 |
|
3,002 |
|
102.4 |
% |
Total
Revenues by
Region |
121,714 |
|
81,942 |
|
48.5 |
% |
|
232,594 |
|
169,240 |
|
37.4 |
% |
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 |
|
June 30, |
|
2021 |
|
|
2020 |
|
% Change |
|
|
|
|
|
|
Total Revenues with
Foreign Currency Held Neutral |
$ |
121,385 |
|
$ |
81,942 |
|
48.1 |
% |
Impact of changes in foreign
currency |
|
329 |
|
|
- |
|
0.4 |
% |
Total
Revenues,
as Reported |
$ |
121,714 |
|
$ |
81,942 |
|
48.5 |
% |
Currency impacts on total revenues for the
current quarter have been derived by translating current quarter
revenues at the prevailing average foreign currency rates during
the prior year quarter, as applicable.
Reconciliation of Adjusted EBITDA and
Adjusted net
(loss) income to
net (loss)
income(In thousands, except share
and per share
data)(Unaudited)
Adjusted EBITDA and adjusted net (loss) income
are not measures of financial performance under generally accepted
accounting principles (“GAAP”). Management believes Adjusted EBITDA
and adjusted net (loss) income, in addition to operating profit,
net (loss) income and other GAAP measures, is useful to investors
to evaluate the Company’s results because it excludes certain items
that are not directly related to the Company’s core operating
performance. Investors should recognize that Adjusted EBITDA and
adjusted net (loss) income might not be comparable to
similarly-titled measures of other companies. These measures should
be considered in addition to, and not as a substitute for or
superior to, any measure of performance prepared in accordance with
GAAP.
Reconciliations of the non-GAAP measures used in
this press release are included in the tables attached to this
press release, to the extent available without unreasonable effort.
Because GAAP financial measures on a forward-looking basis are not
accessible, and reconciling information is not available without
unreasonable effort, we have not provided reconciliations for
forward-looking non-GAAP measures.
A reconciliation of Adjusted net (loss) income
and Adjusted EBITDA to the most directly comparable GAAP measure in
accordance with SEC Regulation G follows, with amounts in
thousands:
|
|
|
Three months
ended |
|
Six months
ended |
|
|
|
Jun 30, |
|
Jun 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
|
19,275 |
|
|
16,054 |
|
|
27,527 |
|
|
(2,614 |
) |
Less: Income (loss) attributable to non-controlling interest |
|
|
(41 |
) |
|
143 |
|
|
(127 |
) |
|
45 |
|
(Loss) Income
attributable to parent |
|
|
19,234 |
|
|
16,197 |
|
|
27,400 |
|
|
(2,569 |
) |
Foreign currency transactions losses (gains) |
|
|
(190 |
) |
|
(13,309 |
) |
|
(145 |
) |
|
19,157 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
975 |
|
|
1,418 |
|
|
2,256 |
|
|
2,753 |
|
Extinguishment of debt - Call Option Premium |
|
|
- |
|
|
- |
|
|
8,610 |
|
|
- |
|
Extinguishment of debt - Deferred Costs |
|
|
(169 |
) |
|
- |
|
|
2,368 |
|
|
- |
|
Joint Venture VA (Saint Gobain) adjustments |
|
|
68 |
|
|
567 |
|
|
147 |
|
|
939 |
|
Change in FV of Hedging Derivatives |
|
|
3 |
|
|
1,358 |
|
|
(182 |
) |
|
1,358 |
|
Tax impact of adjustments at statutory rate |
|
|
(206 |
) |
|
3,189 |
|
|
(3,916 |
) |
|
(7,746 |
) |
Adjusted net (loss)
income |
|
|
19,715 |
|
|
9,420 |
|
|
36,538 |
|
|
13,892 |
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
|
|
0.40 |
|
|
0.35 |
|
|
0.58 |
|
|
(0.06 |
) |
Diluted income (loss) per share |
|
|
0.40 |
|
|
0.35 |
|
|
0.58 |
|
|
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted net income (loss) per share |
|
|
0.41 |
|
|
0.20 |
|
|
0.77 |
|
|
0.30 |
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Common Shares Outstanding in thousands |
|
|
47,675 |
|
|
46,118 |
|
|
47,675 |
|
|
46,118 |
|
Basic weighted average common shares outstanding in thousands |
|
|
47,675 |
|
|
46,118 |
|
|
47,675 |
|
|
46,118 |
|
Diluted weighted average common shares outstanding in
thousands |
|
|
47,675 |
|
|
46,118 |
|
|
47,675 |
|
|
46,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Six months
ended |
|
|
|
Jun 30, |
|
Jun 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)
income |
|
|
19,275 |
|
|
16,054 |
|
|
27,527 |
|
|
(2,614 |
) |
Less: Income (loss) attributable to non-controlling interest |
|
|
(41 |
) |
|
143 |
|
|
(127 |
) |
|
45 |
|
(Loss) Income
attributable to parent |
|
|
19,234 |
|
|
16,197 |
|
|
27,400 |
|
|
(2,569 |
) |
Interest expense and deferred cost of financing |
|
|
2,442 |
|
|
5,446 |
|
|
5,964 |
|
|
11,089 |
|
Income tax (benefit) provision |
|
|
7,587 |
|
|
6,875 |
|
|
11,264 |
|
|
742 |
|
Depreciation & amortization |
|
|
5,218 |
|
|
4,965 |
|
|
10,507 |
|
|
10,206 |
|
Foreign currency transactions losses (gains) |
|
|
(190 |
) |
|
(13,309 |
) |
|
(145 |
) |
|
19,157 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
975 |
|
|
910 |
|
|
2,001 |
|
|
1,805 |
|
Extinguishment of debt - Call Option Premium |
|
|
- |
|
|
- |
|
|
8,610 |
|
|
- |
|
Extinguishment of debt - Deferred Costs |
|
|
(169 |
) |
|
- |
|
|
2,368 |
|
|
- |
|
Joint Venture VA (Saint Gobain) EBITDA adjustments |
|
|
503 |
|
|
869 |
|
|
1,341 |
|
|
1,868 |
|
Change in FV of Hedging Derivatives |
|
|
3 |
|
|
1,358 |
|
|
(182 |
) |
|
1,358 |
|
Adjusted EBITDA |
|
|
35,603 |
|
|
23,311 |
|
|
69,128 |
|
|
43,656 |
|
Tecnoglass (NASDAQ:TGLS)
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