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 third quarter ended September
30, 2021.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, “I could not be more proud of our
exceptional third quarter performance that marked our 4th
consecutive quarter of year-over-year revenue growth and another
period of record quarterly revenues and adjusted EBITDA. In
addition, continued momentum in our U.S. single-family residential
business combined with careful working capital management
collectively helped generate our 7th straight quarter of robust
cash flow, allowing us to pay down debt while further investing in
automation capabilities and capacity enhancements to address
expected growth. As a result of our vertically integrated platform
and strategic geographic positioning, we continue to enjoy a
healthy competitive advantage that has mostly insulated Tecnoglass
thus far from widespread supply chain disruptions and inflationary
pressures affecting our industry. Our structural advantages have
allowed us to achieve additional share gains as new and existing
customers value our shorter lead times, continuity of product
availability and unrelenting commitment to exceptional service. We
expect to continue executing our highly profitable growth strategy
and generating cash flow to deliver additional value for our
shareholders.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “Our proven track record of innovation,
strategic footprint expansion, and returns-oriented investments in
our operations have distinguished Tecnoglass as a dominant player
in the architectural glass market with industry-leading margins.
During the third quarter, we were pleased to begin invoicing
best-in-class products from our new Multimax product line targeting
production homebuilders as well as legacy and new dealers, which
further augments our positioning in the U.S. single-family
residential market. Additionally, we are encouraged to report a
record backlog at quarter end which reflects an increasing number
of commercial projects in our pipeline through 2022. As we move
forward, we are very pleased with our project pipeline and are
excited by the strong momentum in our single-family residential
business where we continue to see an immense opportunity for growth
and additional share gains. Our strong geographical positioning,
innovative product portfolio, and unique vertically integrated
model give us confidence in the trajectory of our business.”
Third Quarter
2021
Results
Total revenues for the third quarter of 2021
increased 26.2% to $130.4 million, compared to $103.3 million in
the prior year quarter. U.S. revenues of $123.2 million, which
represented 94.5% of total revenues, grew 28.8% compared to $95.7
million in the prior year quarter, driven by strong growth in
single family residential activity and market share gains. Latam
revenue, a majority of which is represented by long-term contracts
priced in Colombian Pesos but indexed to the U.S. Dollar, decreased
slightly to $7.2 million, compared to $7.6 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 third quarter of 2021 grew
28.7% to $51.6 million, representing a 39.6% gross margin, compared
to gross profit of $40.1 million, representing a 38.8% gross margin
in the prior year quarter. The 80 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 $21.5
million compared to $19.9 million in the prior year quarter,
primarily attributable to higher variable expenses related to
ground and marine transportation as well as commission expenses. As
a percent of total revenues, SG&A improved to 16.5% compared to
19.3% 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 $20.9 million, or $0.44 per
diluted share, in the third quarter of 2021 compared to net income
of $8.3 million, or $0.18 per diluted share in the prior year
quarter, including an after-tax non-cash foreign exchange
transaction gain of $0.2 million in the third quarter of 2021 and a
$3.1 million loss in the third 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 $21.6
million, or $0.45 per diluted share, in the third quarter of 2021
compared to adjusted net income of $12.7 million, or $0.28 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 36.1% to $38.7 million, or 29.7% of
total revenues in the third quarter of 2021, compared to $28.5
million, or 27.5% 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 third quarter 2021 included $0.8 million in contribution
from the Company’s joint venture with Saint-Gobain, compared to
$0.7 million in the prior year quarter.
Dividend
The Company declared a quarterly cash dividend
of $0.0275 per share for the third quarter of 2021, which was paid
on October 29, 2021 to shareholders of record as of the close of
business on September 30, 2021.
Balance Sheet &
Liquidity
The Company ended the third quarter of 2021 with
total liquidity of approximately $150 million, including cash and
cash equivalents of $86.5 million and availability under its
committed revolving credit facilities of $65 million. Cash provided
by operating activities of $32.6 million improved by $6.4 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 0.9 times LTM net debt
to adjusted EBITDA1, compared to 1.9 times in the prior year
quarter. Given its strong cashflow generation, the Company
voluntarily prepaid $30 million under its Syndicated Term Loan
facility during the quarter.
Full Year 2021
Outlook
Santiago Giraldo, Chief Financial Officer of
Tecnoglass, stated, “Based on our strong third quarter performance
and expectations for a favorable growth environment across our end
markets through year-end, we are increasing our full year 2021
growth outlook for revenues and adjusted EBITDA1. We now expect
2021 revenues to grow to a range of $485 million to $495 million.
We now anticipate full year adjusted EBITDA1 to increase to a range
of $140 million to $145 million, implying year-over-year growth of
approximately 46% at the midpoint. We continue to expect that
robust demand for our products and services in the U.S. will be the
primary driver of these anticipated record full year 2021
results.”
Webcast and Conference Call
Management will host a webcast and conference
call on Monday, November 8, 2021 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 Third 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 passcode:
13724329.
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)
|
|
September
30, |
|
|
December
31, |
|
|
|
2021 |
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
86,520 |
|
|
$ |
66,899 |
|
Investments |
|
|
2,038 |
|
|
|
2,387 |
|
Trade accounts receivable, net |
|
|
100,039 |
|
|
|
88,368 |
|
Due from related parties |
|
|
8,397 |
|
|
|
8,574 |
|
Inventories |
|
|
80,142 |
|
|
|
80,742 |
|
Contract assets – current portion |
|
|
21,927 |
|
|
|
26,288 |
|
Other current assets |
|
|
18,308 |
|
|
|
13,545 |
|
Total current assets |
|
$ |
317,371 |
|
|
$ |
286,803 |
|
Long-term assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
$ |
156,864 |
|
|
$ |
152,266 |
|
Deferred income taxes |
|
|
2,225 |
|
|
|
268 |
|
Contract assets – non-current |
|
|
10,742 |
|
|
|
10,228 |
|
Due from related parties - long term |
|
|
- |
|
|
|
484 |
|
Long-term trade accounts receivable |
|
|
4,387 |
|
|
|
2,985 |
|
Intangible assets |
|
|
3,842 |
|
|
|
5,112 |
|
Goodwill |
|
|
23,561 |
|
|
|
23,561 |
|
Long-term investments |
|
|
50,705 |
|
|
|
47,535 |
|
Other long-term assets |
|
|
4,545 |
|
|
|
2,783 |
|
Total long-term assets |
|
|
256,871 |
|
|
|
245,222 |
|
Total assets |
|
$ |
574,242 |
|
|
$ |
532,025 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and current portion of long-term debt |
|
$ |
13,047 |
|
|
$ |
1,764 |
|
Trade accounts payable and accrued expenses |
|
|
74,176 |
|
|
|
42,178 |
|
Accrued interest expense |
|
|
3 |
|
|
|
7,175 |
|
Due to related parties |
|
|
2,903 |
|
|
|
4,750 |
|
Dividends payable |
|
|
1,353 |
|
|
|
1,352 |
|
Contract liability – current portion |
|
|
34,507 |
|
|
|
24,694 |
|
Other current liabilities |
|
|
20,985 |
|
|
|
9,630 |
|
Total current liabilities |
|
$ |
146,974 |
|
|
$ |
91,543 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
$ |
158 |
|
|
$ |
3,170 |
|
Long-term liabilities from related parties |
|
|
662 |
|
|
|
645 |
|
Contract liability – non-current |
|
|
605 |
|
|
|
977 |
|
Long-term debt |
|
|
189,340 |
|
|
|
222,722 |
|
Total long-term liabilities |
|
|
190,765 |
|
|
|
227,514 |
|
Total liabilities |
|
$ |
337,739 |
|
|
$ |
319,057 |
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Preferred shares, $0.0001 par value, 1,000,000 shares
authorized, 0 shares issued and outstanding at September 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 September 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 |
|
|
78,711 |
|
|
|
34,326 |
|
Accumulated other comprehensive (loss) |
|
|
(64,513 |
) |
|
|
(43,512 |
) |
Shareholders’ equity attributable to controlling
interest |
|
|
235,766 |
|
|
|
212,382 |
|
Shareholders’ equity attributable to non-controlling
interest |
|
|
737 |
|
|
|
586 |
|
Total shareholders’ equity |
|
|
236,503 |
|
|
|
212,968 |
|
Total liabilities and shareholders’ equity |
|
$ |
574,242 |
|
|
$ |
532,025 |
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Operations
and Comprehensive Income (In thousands, except
share and per share data) (Unaudited)
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers |
|
$ |
129,738 |
|
|
|
$ |
102,980 |
|
|
|
$ |
360,133 |
|
|
|
$ |
270,676 |
|
|
Related parties |
|
|
672 |
|
|
|
|
329 |
|
|
|
|
2,871 |
|
|
|
|
1,873 |
|
|
Total operating revenues |
|
|
130,410 |
|
|
|
|
103,309 |
|
|
|
|
363,004 |
|
|
|
|
272,549 |
|
|
Cost of sales |
|
|
78,765 |
|
|
|
|
63,188 |
|
|
|
|
217,589 |
|
|
|
|
170,205 |
|
|
Gross
profit |
|
|
51,645 |
|
|
|
|
40,121 |
|
|
|
|
145,415 |
|
|
|
|
102,344 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
(13,310 |
) |
|
|
|
(10,534 |
) |
|
|
|
(36,421 |
) |
|
|
|
(29,163 |
) |
|
General and administrative
expense |
|
|
(8,181 |
) |
|
|
|
(9,381 |
) |
|
|
|
(25,050 |
) |
|
|
|
(24,601 |
) |
|
Total operating expenses |
|
|
(21,491 |
) |
|
|
|
(19,915 |
) |
|
|
|
(61,471 |
) |
|
|
|
(53,764 |
) |
|
Operating
income |
|
|
30,154 |
|
|
|
|
20,206 |
|
|
|
|
83,944 |
|
|
|
|
48,580 |
|
|
Non-operating income
(expenses), net |
|
|
139 |
|
|
|
|
(138 |
) |
|
|
|
58 |
|
|
|
|
(232 |
) |
|
Equity method income |
|
|
1,291 |
|
|
|
|
695 |
|
|
|
|
3,170 |
|
|
|
|
789 |
|
|
Foreign currency transactions
gains (loss) |
|
|
188 |
|
|
|
|
(3,066 |
) |
|
|
|
333 |
|
|
|
|
(22,223 |
) |
|
Gain (loss) on debt
extinguishment |
|
|
175 |
|
|
|
|
- |
|
|
|
|
(10,803 |
) |
|
|
|
- |
|
|
Interest expense and deferred
cost of financing |
|
|
(2,156 |
) |
|
|
|
(6,147 |
) |
|
|
|
(8,120 |
) |
|
|
|
(17,236 |
) |
|
Income before taxes |
|
|
29,791 |
|
|
|
|
11,550 |
|
|
|
|
68,582 |
|
|
|
|
9,678 |
|
|
Income tax (provision) |
|
|
(8,848 |
) |
|
|
|
(3,279 |
) |
|
|
|
(20,112 |
) |
|
|
|
(4,021 |
) |
|
Net
income |
|
$ |
20,943 |
|
|
|
$ |
8,271 |
|
|
|
$ |
48,470 |
|
|
|
$ |
5,657 |
|
|
(Loss) Income attributable to
non-controlling interest |
|
|
(24 |
) |
|
|
|
52 |
|
|
|
|
(151 |
) |
|
|
|
97 |
|
|
Income attributable to
parent |
|
$ |
20,919 |
|
|
|
$ |
8,323 |
|
|
|
$ |
48,319 |
|
|
|
$ |
5,754 |
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
20,943 |
|
|
|
$ |
8,271 |
|
|
|
$ |
48,470 |
|
|
|
$ |
5,657 |
|
|
Foreign currency translation
adjustments |
|
|
(4,023 |
) |
|
|
|
(4,024 |
) |
|
|
|
(20,843 |
) |
|
|
|
(18,945 |
) |
|
Change in fair value
derivative contracts |
|
|
- |
|
|
|
|
506 |
|
|
|
|
(159 |
) |
|
|
|
(941 |
) |
|
Total comprehensive
income |
|
$ |
16,920 |
|
|
|
$ |
4,753 |
|
|
|
$ |
27,468 |
|
|
|
$ |
(14,229 |
) |
|
Comprehensive income
attributable to non-controlling interest |
|
|
(24 |
) |
|
|
|
52 |
|
|
|
|
(151 |
) |
|
|
|
97 |
|
|
Total comprehensive
income (loss) attributable to parent |
|
$ |
16,896 |
|
|
|
$ |
4,805 |
|
|
|
$ |
27,317 |
|
|
|
$ |
(14,132 |
) |
|
Basic income per share |
|
$ |
0.44 |
|
|
|
$ |
0.18 |
|
|
|
$ |
1.02 |
|
|
|
$ |
0.12 |
|
|
Diluted income per share |
|
$ |
0.44 |
|
|
|
$ |
0.18 |
|
|
|
$ |
1.02 |
|
|
|
$ |
0.12 |
|
|
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)
|
|
Nine months ended September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
48,470 |
|
|
|
$ |
5,657 |
|
|
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Allowance for bad debts |
|
|
1,056 |
|
|
|
|
1,035 |
|
|
Depreciation and
amortization |
|
|
15,605 |
|
|
|
|
15,421 |
|
|
Deferred income taxes |
|
|
398 |
|
|
|
|
(7,612 |
) |
|
Equity method income |
|
|
(3,170 |
) |
|
|
|
(789 |
) |
|
Deferred cost of
financing |
|
|
994 |
|
|
|
|
1,306 |
|
|
Other non-cash
adjustments |
|
|
(25 |
) |
|
|
|
158 |
|
|
Loss on debt
extinguishment |
|
|
2,333 |
|
|
|
|
- |
|
|
Unrealized currency
translation losses |
|
|
4,582 |
|
|
|
|
24,197 |
|
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts
receivables |
|
|
(16,961 |
) |
|
|
|
6,353 |
|
|
Inventories |
|
|
(8,761 |
) |
|
|
|
(5,127 |
) |
|
Prepaid expenses |
|
|
(2,004 |
) |
|
|
|
(686 |
) |
|
Other assets |
|
|
(10,210 |
) |
|
|
|
12,455 |
|
|
Trade accounts payable and
accrued expenses |
|
|
41,337 |
|
|
|
|
(14,612 |
) |
|
Accrued interest expense |
|
|
(7,172 |
) |
|
|
|
(4,678 |
) |
|
Taxes payable |
|
|
11,915 |
|
|
|
|
(569 |
) |
|
Labor liabilities |
|
|
1,056 |
|
|
|
|
5 |
|
|
Contract assets and
liabilities |
|
|
15,583 |
|
|
|
|
18,851 |
|
|
Related parties |
|
|
(1,604 |
) |
|
|
|
(341 |
) |
|
CASH PROVIDED BY
OPERATING ACTIVITIES |
|
$ |
93,422 |
|
|
|
$ |
51,024 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
investments |
|
|
177 |
|
|
|
|
470 |
|
|
Purchase of investments |
|
|
(63 |
) |
|
|
|
(189 |
) |
|
Acquisition of property and
equipment |
|
|
(32,064 |
) |
|
|
|
(13,732 |
) |
|
CASH USED IN INVESTING
ACTIVITIES |
|
$ |
(31,950 |
) |
|
|
$ |
(13,451 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Cash dividend |
|
|
(3,932 |
) |
|
|
|
(2,533 |
) |
|
Loss on debt extinguishment -
call premium |
|
|
(8,610 |
) |
|
|
|
- |
|
|
Deferred financing transaction
costs |
|
|
(91 |
) |
|
|
|
- |
|
|
Proceeds from debt |
|
|
221,135 |
|
|
|
|
17,747 |
|
|
Repayments of debt |
|
|
(247,024 |
) |
|
|
|
(30,453 |
) |
|
CASH USED IN FINANCING
ACTIVITIES |
|
$ |
(38,522 |
) |
|
|
$ |
(15,239 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
$ |
(3,329 |
) |
|
|
$ |
(765 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH |
|
|
19,621 |
|
|
|
|
21,569 |
|
|
CASH - Beginning of
period |
|
|
66,899 |
|
|
|
|
47,862 |
|
|
CASH - End of period |
|
$ |
86,520 |
|
|
|
$ |
69,431 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
14,124 |
|
|
|
$ |
18,650 |
|
|
Income Tax |
|
$ |
9,302 |
|
|
|
$ |
8,318 |
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND
FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
Assets acquired under credit
or debt |
|
$ |
1,641 |
|
|
|
$ |
919 |
|
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
|
Three months ended |
|
Nine months ended |
|
September 30, |
|
September 30, |
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
Revenues by
Region |
|
|
|
|
|
|
|
|
|
|
|
United States |
123.237 |
|
95.680 |
|
28.8 |
% |
|
333.923 |
|
253.626 |
|
31.7 |
% |
Colombia |
5.234 |
|
5.650 |
|
(7.4 |
%) |
|
21.065 |
|
13.942 |
|
51.1 |
% |
Other Countries |
1.939 |
|
1.979 |
|
(2.0 |
%) |
|
8.016 |
|
4.981 |
|
61.0 |
% |
Total Revenues by
Region |
130.410 |
|
103.309 |
|
26.2 |
% |
|
363.004 |
|
272.549 |
|
33.2 |
% |
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 |
|
September 30, |
|
2021 |
|
|
|
2020 |
|
% Change |
|
|
|
|
|
|
Total Revenues with
Foreign Currency Held Neutral |
$ |
130.571 |
|
|
$ |
103.312 |
|
26.4 |
% |
Impact of changes in foreign
currency |
|
(160 |
) |
|
|
- |
|
(0.2 |
%) |
Total Revenues,
as Reported |
$ |
130.410 |
|
|
$ |
103.312 |
|
26.2 |
% |
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 |
|
|
Nine months
ended |
|
|
|
Sep 30, |
|
|
Sep 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
20.943 |
|
|
|
8.271 |
|
|
|
48.470 |
|
|
|
5.657 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
(24 |
) |
|
|
52 |
|
|
|
(151 |
) |
|
|
97 |
|
(Loss) Income attributable to parent |
|
|
20.919 |
|
|
|
8.323 |
|
|
|
48.319 |
|
|
|
5.754 |
|
Foreign currency transactions losses (gains) |
|
|
(188 |
) |
|
|
3.066 |
|
|
|
(333 |
) |
|
|
22.223 |
|
Gain on change in fair value of earnout shares liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on change in fair value of warrant liability |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Deferred cost of financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1.266 |
|
|
|
2.356 |
|
|
|
3.522 |
|
|
|
5.131 |
|
Extinguishment of debt - Call Option Premium |
|
|
- |
|
|
|
- |
|
|
|
8.610 |
|
|
|
- |
|
Extinguishment of debt - Deferred Costs |
|
|
(175 |
) |
|
|
- |
|
|
|
2.193 |
|
|
|
- |
|
Joint Venture VA (Saint Gobain) adjustments |
|
|
8 |
|
|
|
389 |
|
|
|
155 |
|
|
|
1.408 |
|
Change in FV of Hedging Derivatives |
|
|
4 |
|
|
|
612 |
|
|
|
(178 |
) |
|
|
1.970 |
|
Tax impact of adjustments at statutory rate |
|
|
(275 |
) |
|
|
(2.055 |
) |
|
|
(4.191 |
) |
|
|
(9.808 |
) |
Adjusted net (loss) income |
|
|
21.560 |
|
|
|
12.691 |
|
|
|
58.097 |
|
|
|
26.678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
|
|
0,44 |
|
|
|
0,18 |
|
|
|
1,02 |
|
|
|
0,12 |
|
Diluted income (loss) per share |
|
|
0,44 |
|
|
|
0,18 |
|
|
|
1,02 |
|
|
|
0,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted net income (loss) per share |
|
|
0,45 |
|
|
|
0,28 |
|
|
|
1,22 |
|
|
|
0,58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Nine months
ended |
|
|
|
Sep 30, |
|
|
Sep 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
20.943 |
|
|
|
8.271 |
|
|
|
48.470 |
|
|
|
5.657 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
(24 |
) |
|
|
52 |
|
|
|
(151 |
) |
|
|
97 |
|
(Loss) Income attributable to parent |
|
|
20.919 |
|
|
|
8.323 |
|
|
|
48.319 |
|
|
|
5.754 |
|
Interest expense and deferred cost of financing |
|
|
2.156 |
|
|
|
6.147 |
|
|
|
8.120 |
|
|
|
17.236 |
|
Income tax (benefit) provision |
|
|
8.848 |
|
|
|
3.279 |
|
|
|
20.112 |
|
|
|
4.021 |
|
Depreciation & amortization |
|
|
5.098 |
|
|
|
5.214 |
|
|
|
15.605 |
|
|
|
15.420 |
|
Foreign currency transactions losses (gains) |
|
|
(188 |
) |
|
|
3.066 |
|
|
|
(333 |
) |
|
|
22.223 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1.266 |
|
|
|
1.073 |
|
|
|
3.267 |
|
|
|
2.900 |
|
Extinguishment of debt - Call Option Premium |
|
|
- |
|
|
|
- |
|
|
|
8.610 |
|
|
|
- |
|
Extinguishment of debt - Deferred Costs |
|
|
(175 |
) |
|
|
- |
|
|
|
2.193 |
|
|
|
- |
|
Joint Venture VA (Saint Gobain) EBITDA adjustments |
|
|
813 |
|
|
|
742 |
|
|
|
2.154 |
|
|
|
2.610 |
|
Change in FV of Hedging Derivatives |
|
|
4 |
|
|
|
612 |
|
|
|
(178 |
) |
|
|
1.970 |
|
Adjusted EBITDA |
|
|
38.741 |
|
|
|
28.456 |
|
|
|
107.869 |
|
|
|
72.134 |
|
Tecnoglass (NASDAQ:TGLS)
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From Jun 2024 to Jul 2024
Tecnoglass (NASDAQ:TGLS)
Historical Stock Chart
From Jul 2023 to Jul 2024