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, 2021.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, “We are thrilled to report another quarter
and year of record results for Tecnoglass. Strong fourth quarter
performance reflects the combined benefit of our focused execution,
prior investments in automation and capacity enhancements, and our
ability to capitalize on strong residential demand. We continue to
produce outstanding results in our shorter cash cycle single-family
residential business, which in addition to our prudent working
capital management, helped us generate our 8th straight quarter of
exceptional cash flow. As we move into 2022, our strong capital
position and structural advantages leave us well situated to
further extend our leadership in the architectural glass industry
and drive improved returns for our all our stakeholders for this
year and beyond.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “We are extremely pleased with our 2021
accomplishments and the momentum in our business that has continued
into 2022. Our success reflects rapid advances in our single-family
residential revenues, which expanded 151% year-over-year and
represented more than a third of our full year revenues. As we
continue to win new customers in the single-family residential
market, we are also poised for success in our high rise and
commercial work, with Tecnoglass already contracted to supply
architectural glass to 20 of the 22 tallest towers under
construction in South Florida, and other geographies also showing
positive trends. Looking ahead, we remain dedicated to leveraging
our vertically integrated structure and innovative product
development to create additional shareholder value.”
Fourth Quarter
2021
Results
Total revenues for the fourth quarter of 2021
increased 28.0% to $131.8 million, compared to $103.0 million in
the prior year quarter, driven by strong growth in single family
residential activity and market share gains. Single-family
residential revenues increased approximately 142% year-over-year,
representing 40.5% of total revenues for the fourth quarter, helped
by the introduction of new products, an expanding customer base and
robust housing demand. Changes in foreign currency exchange rates
had a negligible impact on total revenues in the quarter.
Gross profit for the fourth quarter of 2021 grew
53.6% to $56.5 million, representing a 42.9% gross margin, compared
to gross profit of $36.8 million, representing a 35.8% gross margin
in the prior year quarter. The 710 basis point improvement in gross
margin mainly reflected operating leverage on higher sales, 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 $23.7 million compared to
$19.6 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 18.0% compared to 19.0% 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 $19.8 million, or $0.41 per
diluted share, in the fourth quarter of 2021 compared to net income
of $18.3 million, or $0.39 per diluted share, in the prior year
quarter, including a non-cash foreign exchange transaction loss of
$4.6 million in the fourth quarter of 2021 and a $13.6 million gain
in the fourth 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 $24.0
million, or $0.50 per diluted share, in the fourth quarter of 2021
compared to adjusted net income of $10.0 million, or $0.21 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 65.7% to $42.2 million, or 32.0% of
total revenues, in the fourth quarter of 2021, compared to $25.5
million, or 24.7% 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 fourth quarter of 2021 included a $2.3 million contribution
from the Company’s joint venture with Saint-Gobain, compared to
$1.6 million in the prior year quarter.
Full Year 2021
Results
Total revenues for the full year 2021 increased
31.9% to a record $496.8 million compared to $376.6 million in the
prior year. Changes in foreign currency exchange rates had a
negligible impact on total revenues in the year.
Gross profit increased 45.3% year-over-year to a
full year record of $202.6 million, representing a 40.8% gross
margin, compared to $139.4 million, representing a 37.0% gross
margin, in the prior year. Operating income was $117.0 million
compared to $65.7 million in the prior year. Net income was $68.4
million, or a $1.43 per diluted share, compared to net income of
$23.8 million, or $0.51 per diluted share, in the prior year.
Adjusted net income1 was $82.7 million, or $1.74 per diluted share,
compared to $36.5 million, or $0.79 per diluted share, in the prior
year. Adjusted EBITDA1 for the full year 2021 improved to a record
$150.3 million, or 30.2% of sales, compared to $97.5 million, or
25.9% of sales, in the prior year.
Capital Resources
On November 15, 2021, Tecnoglass announced the
amendment of its Senior Secured Credit Facility which increased the
Company’s borrowing capacity under its committed line of credit
from $50 million to $150 million, reduced its borrowing costs by
approximately 130 basis points, and extended the initial maturity
date by one year to the end of 2026. Borrowings under the credit
facility bear interest at a rate of LIBOR with no floor plus a
spread of 1.75%.
For the full year 2021, cash provided by
operating activities of $117.3 million improved by $45.5 million
compared to the prior year, attributable to higher profitability,
more efficient inventory and working capital management, and
interest expense savings. The Company used a portion of its cash
flow to voluntarily prepay $30 million under its Syndicated Term
Loan facility during the year. The Company ended 2021 with total
liquidity of approximately $250 million, including cash and cash
equivalents of $85.0 million and availability under its committed
revolving credit facilities of $163 million. Given the Company’s
continued growth in adjusted EBITDA1 and strong cash generation,
debt leverage continues to trend lower and now stands at 0.8 times
LTM net debt to adjusted EBITDA1, compared to 1.6 times in the
prior year.
Dividend
In December 2021, the Company declared a 136%
increase in the quarterly cash dividend to $0.065 per share for the
fourth quarter of 2021, which was paid on January 31, 2022 to
shareholders of record as of the close of business on December 31,
2021.
Full Year 2022
Outlook
Santiago Giraldo, Chief Financial Officer of
Tecnoglass, stated, “We are pleased to introduce our full year 2022
outlook for revenues to grow to a range of $575 million to $600
million and for adjusted EBITDA1 to increase to a range of $170
million to $190 million. This implies adjusted EBITDA growth of
approximately 20% at the midpoint. We believe our structural
advantages, partial insulation from some inflationary pressures and
faster lead times will continue to drive our record of strong cash
flow generation in the full year 2022.”
Special Committee
Update
As previously announced on December 17 , 2021 a
Special Committee of the Board of Directors engaged Covington &
Burling LLP who in turn engaged a leading Big 4 accounting firm to
make an assessment on the allegations made against the Company and
its Directors on December 9, 2021. Although the review is still
being finalized, as of today, the assessment from these firms,
which included a forensic evaluation and e-discovery process, has
indicated no evidence of fraud associated with related party
transactions or accounting irregularities.
Webcast and Conference Call
Management will host a webcast and conference
call on March 3, 2022 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. 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 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:
13727371.
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 3.5
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)
| |
|
December 31, |
|
|
December 31, |
| |
|
2021 |
|
|
|
2020 |
|
|
ASSETS |
|
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
85,011 |
|
|
|
$ |
67,668 |
|
| Investments |
|
|
1,977 |
|
|
|
|
2,387 |
|
| Trade accounts receivable,
net |
|
|
110,539 |
|
|
|
|
89,376 |
|
| Due from related parties |
|
|
2,252 |
|
|
|
|
2,291 |
|
| Inventories |
|
|
84,975 |
|
|
|
|
81,249 |
|
| Contract assets – current
portion |
|
|
18,667 |
|
|
|
|
28,405 |
|
| Other current assets |
|
|
22,854 |
|
|
|
|
13,785 |
|
| Total current
assets |
|
$ |
326,275 |
|
|
|
$ |
285,161 |
|
| Long-term
assets: |
|
|
|
|
|
|
|
| Property, plant and equipment,
net |
|
$ |
166,629 |
|
|
|
$ |
152,474 |
|
| Deferred income taxes |
|
|
596 |
|
|
|
|
268 |
|
| Contract assets –
non-current |
|
|
11,853 |
|
|
|
|
10,228 |
|
| Long-term trade accounts
receivable |
|
|
3,995 |
|
|
|
|
2,985 |
|
| Intangible assets |
|
|
3,337 |
|
|
|
|
5,112 |
|
| Goodwill |
|
|
23,561 |
|
|
|
|
23,561 |
|
| Long-term investments |
|
|
51,160 |
|
|
|
|
47,535 |
|
| Other long-term assets |
|
|
4,157 |
|
|
|
|
2,788 |
|
| Total long-term
assets |
|
|
265,288 |
|
|
|
|
244,951 |
|
| Total
assets |
|
$ |
591,563 |
|
|
|
$ |
530,112 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
| Short-term debt and current
portion of long-term debt |
|
$ |
10,700 |
|
|
|
$ |
1,764 |
|
| Trade accounts payable and
accrued expenses |
|
|
68,084 |
|
|
|
|
42,326 |
|
| Accrued interest expense |
|
|
3 |
|
|
|
|
7,175 |
|
| Due to related parties |
|
|
3,857 |
|
|
|
|
4,238 |
|
| Dividends payable |
|
|
3,141 |
|
|
|
|
1,352 |
|
| Contract liability – current
portion |
|
|
45,213 |
|
|
|
|
27,242 |
|
| Other current liabilities |
|
|
24,017 |
|
|
|
|
9,959 |
|
| Total current
liabilities |
|
$ |
155,015 |
|
|
|
$ |
94,056 |
|
| Long-term
liabilities: |
|
|
|
|
|
|
|
| Deferred income taxes |
|
$ |
3,417 |
|
|
|
$ |
3,170 |
|
| Long-term liabilities from
related parties |
|
|
- |
|
|
|
|
645 |
|
| Contract liability –
non-current |
|
|
78 |
|
|
|
|
977 |
|
| Long-term debt |
|
|
188,355 |
|
|
|
|
222,722 |
|
| Total long-term
liabilities |
|
|
191,850 |
|
|
|
|
227,514 |
|
| Total
liabilities |
|
$ |
346,865 |
|
|
|
$ |
321,570 |
|
| SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
| Preferred shares, $0.0001 par
value, 1,000,000 shares authorized, 0 shares issued and outstanding
at December 31, 2021 and December 31, 2020 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, 2021 and December 31,
2020, respectively |
|
|
5 |
|
|
|
|
5 |
|
| Legal Reserves |
|
|
2,273 |
|
|
|
|
2,273 |
|
| Additional paid-in
capital |
|
|
219,290 |
|
|
|
|
219,290 |
|
| Retained earnings |
|
|
91,045 |
|
|
|
|
29,926 |
|
| Accumulated other
comprehensive (loss) |
|
|
(68,751 |
) |
|
|
|
(43,512 |
) |
| Shareholders’ equity
attributable to controlling interest |
|
|
243,862 |
|
|
|
|
207,982 |
|
| Shareholders’ equity
attributable to non-controlling interest |
|
|
836 |
|
|
|
|
560 |
|
| Total shareholders’
equity |
|
|
244,698 |
|
|
|
|
208,542 |
|
| Total liabilities and
shareholders’ equity |
|
$ |
591,563 |
|
|
|
$ |
530,112 |
|
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, |
|
| |
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
| Operating revenues |
$ |
131,819 |
|
|
$ |
102,970 |
|
|
$ |
496,785 |
|
|
$ |
376,607 |
|
|
| Cost of sales |
|
75,280 |
|
|
|
66,154 |
|
|
|
294,201 |
|
|
|
237,166 |
|
|
| Gross
profit |
|
56,539 |
|
|
|
36,816 |
|
|
|
202,584 |
|
|
|
139,441 |
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Selling expense |
|
(13,345 |
) |
|
|
(9,833 |
) |
|
|
(49,768 |
) |
|
|
(39,065 |
) |
|
| General and administrative
expense |
|
(10,355 |
) |
|
|
(9,757 |
) |
|
|
(35,831 |
) |
|
|
(34,669 |
) |
|
| Total operating expenses |
|
(23,700 |
) |
|
|
(19,590 |
) |
|
|
(85,599 |
) |
|
|
(73,734 |
) |
|
| Operating
income |
|
32,839 |
|
|
|
17,226 |
|
|
|
116,985 |
|
|
|
65,707 |
|
|
| Non-operating income, net |
|
539 |
|
|
|
283 |
|
|
|
608 |
|
|
|
84 |
|
|
| Equity method income |
|
1,007 |
|
|
|
598 |
|
|
|
4,177 |
|
|
|
1,387 |
|
|
| Foreign currency transactions
losses |
|
(4,641 |
) |
|
|
13,585 |
|
|
|
(4,308 |
) |
|
|
(8,638 |
) |
|
| Loss on debt
extinguishment |
|
(1,730 |
) |
|
|
(4,435 |
) |
|
|
(9,850 |
) |
|
|
(21,671 |
) |
|
| Interest expense and deferred
cost of financing |
|
104 |
|
|
|
|
|
|
(10,699 |
) |
|
|
|
|
| Income before taxes |
|
28,118 |
|
|
|
27,257 |
|
|
|
96,913 |
|
|
|
36,869 |
|
|
| Income tax |
|
(8,330 |
) |
|
|
(8,990 |
) |
|
|
(28,485 |
) |
|
|
(13,033 |
) |
|
| Net
income |
$ |
19,788 |
|
|
|
18,267 |
|
|
$ |
68,428 |
|
|
$ |
23,836 |
|
|
| Loss attributable to
non-controlling interest |
|
(117 |
) |
|
|
(62 |
) |
|
|
(277 |
) |
|
|
39 |
|
|
| Income attributable to
parent |
$ |
19,671 |
|
|
|
18,205 |
|
|
$ |
68,151 |
|
|
$ |
23,875 |
|
|
| Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
$ |
19,788 |
|
|
|
18,267 |
|
|
$ |
68,428 |
|
|
$ |
23,836 |
|
|
| Foreign currency translation
adjustments |
|
(4,239 |
) |
|
|
15,049 |
|
|
|
(25,082 |
) |
|
|
(3,896 |
) |
|
| Change in fair value
derivative contracts |
|
- |
|
|
|
591 |
|
|
|
(159 |
) |
|
|
(350 |
) |
|
| Total comprehensive
income |
$ |
15,549 |
|
|
|
33,907 |
|
|
$ |
43,187 |
|
|
$ |
19,590 |
|
|
| Comprehensive loss
attributable to non-controlling interest |
|
(117 |
) |
|
|
(62 |
) |
|
|
(277 |
) |
|
|
39 |
|
|
| Total comprehensive
income attributable to parent |
$ |
15,432 |
|
|
|
33,845 |
|
|
$ |
42,910 |
|
|
$ |
19,629 |
|
|
| Basic income per share |
$ |
0.41 |
|
|
|
0.39 |
|
|
$ |
1.43 |
|
|
$ |
0.51 |
|
|
| Diluted income per share |
$ |
0.41 |
|
|
|
0.39 |
|
|
$ |
1.43 |
|
|
$ |
0.51 |
|
|
| Basic weighted average common
shares outstanding |
|
47,674,773 |
|
|
|
47,234,711 |
|
|
|
47,674,773 |
|
|
|
46,398,428 |
|
|
| Diluted weighted average
common shares outstanding |
|
47,674,773 |
|
|
|
47,234,711 |
|
|
|
47,674,773 |
|
|
|
46,398,428 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows (In
thousands)(Unaudited)
| |
|
Year ended December 30, |
|
| |
|
2021 |
|
|
|
2020 |
|
|
| CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
68,428 |
|
|
|
$ |
23,836 |
|
|
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| Provision for bad debts |
|
|
1,599 |
|
|
|
|
1,196 |
|
|
| Provision for obsolete
inventory |
|
|
53 |
|
|
|
|
143 |
|
|
| Depreciation and
amortization |
|
|
20,923 |
|
|
|
|
20,623 |
|
|
| Deferred income taxes |
|
|
4,400 |
|
|
|
|
6,581 |
|
|
| Equity method income |
|
|
(4,177 |
) |
|
|
|
(1,387 |
) |
|
| Deferred cost of
financing |
|
|
1,368 |
|
|
|
|
972 |
|
|
| Other non-cash
adjustments |
|
|
(91 |
) |
|
|
|
(123 |
) |
|
| Loss on debt
extinguishment |
|
|
2,333 |
|
|
|
|
- |
|
|
| Unrealized currency
translation losses |
|
|
14,175 |
|
|
|
|
7,930 |
|
|
| Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
| Trade accounts
receivables |
|
|
(38,515 |
) |
|
|
|
5,827 |
|
|
| Inventories |
|
|
(16,747 |
) |
|
|
|
(1,675 |
) |
|
| Prepaid expenses |
|
|
(3,293 |
) |
|
|
|
(1,397 |
) |
|
| Other assets |
|
|
(15,312 |
) |
|
|
|
13,377 |
|
|
| Trade accounts payable and
accrued expenses |
|
|
38,001 |
|
|
|
|
(20,768 |
) |
|
| Accrued interest expense |
|
|
(7,173 |
) |
|
|
|
(417 |
) |
|
| Taxes payable |
|
|
16,125 |
|
|
|
|
(6,566 |
) |
|
| Labor liabilities |
|
|
357 |
|
|
|
|
115 |
|
|
| Contract assets and
liabilities |
|
|
28,593 |
|
|
|
|
22,815 |
|
|
| Related parties |
|
|
6,206 |
|
|
|
|
629 |
|
|
| CASH PROVIDED BY
OPERATING ACTIVITIES |
|
$ |
117,253 |
|
|
|
$ |
71,711 |
|
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
| Proceeds from sale of
investments |
|
|
685 |
|
|
|
|
471 |
|
|
| Proceeds from sale of property
and equipment |
|
|
130 |
|
|
|
|
6 |
|
|
| Purchase of investments |
|
|
(63 |
) |
|
|
|
(265 |
) |
|
| Acquisition of property and
equipment |
|
|
(51,513 |
) |
|
|
|
(18,323 |
) |
|
| CASH USED IN INVESTING
ACTIVITIES |
|
$ |
(50,761 |
) |
|
|
$ |
(18,111 |
) |
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
| Cash dividend |
|
|
(5,243 |
) |
|
|
|
(3,801 |
) |
|
| Debt extinguishment – Call
premium |
|
|
(8,610 |
) |
|
|
|
- |
|
|
| Proceeds from debt |
|
|
221,350 |
|
|
|
|
41,343 |
|
|
| Debt modification costs |
|
|
(1,489 |
) |
|
|
|
(6,384 |
) |
|
| Repayments of debt |
|
|
(249,797 |
) |
|
|
|
(64,694 |
) |
|
| CASH USED IN FINANCING
ACTIVITIES |
|
$ |
(43,789 |
) |
|
|
$ |
(33,536 |
) |
|
| |
|
|
|
|
|
|
|
|
| Effect of exchange rate
changes on cash and cash equivalents |
|
$ |
(5,360 |
) |
|
|
$ |
(795 |
) |
|
| NET INCREASE IN CASH |
|
|
17,343 |
|
|
|
|
19,269 |
|
|
| |
|
|
|
|
|
|
|
|
| CASH - Beginning of
period |
|
|
67,668 |
|
|
|
|
48,399 |
|
|
| CASH - End of period |
|
$ |
85,011 |
|
|
|
$ |
67,668 |
|
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
| Cash paid during the period
for: |
|
|
|
|
|
|
|
|
| Interest |
|
$ |
15,531 |
|
|
|
$ |
19,168 |
|
|
| Income Tax |
|
$ |
15,296 |
|
|
|
$ |
10,863 |
|
|
| NON-CASH INVESTING AND
FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
| Assets acquired under credit
or debt |
|
$ |
1,859 |
|
|
|
$ |
2,242 |
|
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
| |
Three months ended |
|
Twelve months ended |
|
|
December 31, |
|
December 31, |
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
| Revenues by
Region |
|
|
|
|
|
|
|
|
|
|
|
| United States |
122,405 |
|
86,814 |
|
41.0 |
% |
|
456,328 |
|
340,437 |
|
34.0 |
% |
| Colombia |
5,310 |
|
10,236 |
|
(48.1 |
%) |
|
26,375 |
|
24,178 |
|
9.1 |
% |
| Other Countries |
4,102 |
|
5,920 |
|
(30.7 |
%) |
|
14,082 |
|
11,991 |
|
17.4 |
% |
| Total Revenues by
Region |
131,819 |
|
102,970 |
|
28.0 |
% |
|
496,785 |
|
376,606 |
|
31.9 |
% |
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 |
|
|
December 31, |
|
December 31, |
|
2021 |
|
|
2020 |
|
% Change |
|
2021 |
|
|
2020 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenues with
Foreign Currency Held Neutral |
132,135 |
|
|
102,970 |
|
28.3 |
% |
|
497,141 |
|
|
376,606 |
|
32.0 |
% |
| Impact of changes in foreign
currency |
(316 |
) |
|
- |
|
|
|
(355 |
) |
|
- |
|
|
| Total Revenues,
As Reported |
131,819 |
|
|
102,970 |
|
28.0 |
% |
|
496,785 |
|
|
376,606 |
|
31.9 |
% |
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 |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss)
income |
|
|
19,788 |
|
|
18,267 |
|
|
68,428 |
|
|
23,836 |
|
|
Less: Income (loss) attributable to non-controlling interest |
|
|
(117 |
) |
|
(62 |
) |
|
(277 |
) |
|
39 |
|
| (Loss) Income
attributable to parent |
|
|
19,671 |
|
|
18,205 |
|
|
68,151 |
|
|
23,875 |
|
|
Foreign currency transactions losses (gains) |
|
|
4,641 |
|
|
(13,585 |
) |
|
4,308 |
|
|
8,638 |
|
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1,671 |
|
|
882 |
|
|
5,933 |
|
|
6,014 |
|
|
Extinguishment of debt - Call Option Premium |
|
|
- |
|
|
- |
|
|
8,610 |
|
|
- |
|
|
Extinguishment of debt - Deferred Costs |
|
|
(104 |
) |
|
- |
|
|
2,089 |
|
|
- |
|
|
Joint Venture VA (Saint Gobain) adjustments |
|
|
(45 |
) |
|
615 |
|
|
57 |
|
|
1,943 |
|
|
Change in FV of Hedging Derivatives |
|
|
- |
|
|
23 |
|
|
(176 |
) |
|
1,995 |
|
|
Tax impact of adjustments at statutory rate |
|
|
(1,849 |
) |
|
3,861 |
|
|
(6,246 |
) |
|
(5,949 |
) |
| Adjusted net (loss)
income |
|
|
23,985 |
|
|
10,001 |
|
|
82,726 |
|
|
36,516 |
|
| |
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
|
|
0.41 |
|
|
0.39 |
|
|
1.43 |
|
|
0.51 |
|
|
Diluted income (loss) per share |
|
|
0.41 |
|
|
0.39 |
|
|
1.43 |
|
|
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted net income (loss) per share |
|
|
0.50 |
|
|
0.21 |
|
|
1.74 |
|
|
0.79 |
|
| |
|
|
|
|
|
|
|
|
|
| Diluted Weighted
Average Common Shares Outstanding in thousands |
|
|
47,675 |
|
|
47,235 |
|
|
47,675 |
|
|
46,398 |
|
|
Basic weighted average common shares outstanding in thousands |
|
|
47,675 |
|
|
47,235 |
|
|
47,675 |
|
|
46,398 |
|
|
Diluted weighted average common shares outstanding in
thousands |
|
|
47,675 |
|
|
47,235 |
|
|
47,675 |
|
|
46,398 |
|
| |
|
|
Three months ended |
|
Twelve months ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
| Net (loss)
income |
|
|
19,788 |
|
|
18,267 |
|
|
68,428 |
|
|
23,836 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
(117 |
) |
|
(62 |
) |
|
(277 |
) |
|
39 |
| (Loss) Income
attributable to parent |
|
|
19,671 |
|
|
18,205 |
|
|
68,151 |
|
|
23,875 |
|
Interest expense and deferred cost of financing |
|
|
1,730 |
|
|
4,435 |
|
|
9,850 |
|
|
21,671 |
|
Income tax (benefit) provision |
|
|
8,330 |
|
|
8,990 |
|
|
28,485 |
|
|
13,033 |
|
Depreciation & amortization |
|
|
5,318 |
|
|
5,203 |
|
|
20,923 |
|
|
20,623 |
|
Foreign currency transactions losses (gains) |
|
|
4,641 |
|
|
(13,585 |
) |
|
4,308 |
|
|
8,638 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1,297 |
|
|
1,215 |
|
|
4,564 |
|
|
4,114 |
|
Extinguishment of debt - Call Option Premium |
|
|
- |
|
|
- |
|
|
8,610 |
|
|
- |
|
Extinguishment of debt - Deferred Costs |
|
|
(104 |
) |
|
- |
|
|
2,089 |
|
|
- |
|
Joint Venture VA (Saint Gobain) EBITDA adjustments |
|
|
1,294 |
|
|
966 |
|
|
3,448 |
|
|
3,576 |
|
Change in FV of Hedging Derivatives |
|
|
- |
|
|
23 |
|
|
(176 |
) |
|
1,995 |
|
Adjusted EBITDA |
|
|
42,177 |
|
|
25,452 |
|
|
150,252 |
|
|
97,525 |
Tecnoglass (NASDAQ:TGLS)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Tecnoglass (NASDAQ:TGLS)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
