Tecnoglass, Inc.
(NASDAQ: TGLS) (“Tecnoglass” or the
“Company”),
a leading manufacturer
of architectural glass, windows, and associated aluminum products
for the global residential and commercial construction industries,
today reported financial results for the third quarter ended
September 30, 2020.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, “I could not be more thrilled with the truly
outstanding performance of our Company, delivering record
year-to-date Adjusted EBITDA of $72.1 million and a solid 500 basis
point improvement in Adjusted EBITDA margin year-over-year, all
while retaining our entire workforce. The strength of our business
carried into the third quarter, demonstrated by record quarterly
gross profit, adjusted EBITDA1 and operating cash flow. Our ability
to innovate, adapt and excel allowed us to increase our U.S.
revenues, led by growth in single family housing, one of our
strongest growth channels. Operationally, we continue to reap the
benefits of our previously completed high return automation
initiatives, contributing to the expansion of our industry-leading
margins, improved cash generation and a quarter end net debt to LTM
Adjusted EBITDA ratio below 2.0 times.”
José Manuel Daes continued, “We are extremely
pleased that our consortium of mostly U.S. and European based
lenders have recognized our record of success, as well as the
benefits of our strategically located and vertically-integrated
operations. This is reflected in our new $300 million credit
facility underwritten on what we believe to be terms comparable to
or better than many publicly traded U.S. companies of similar size.
For Tecnoglass, 2020 has been a milestone year on many fronts thus
far and we plan to continue creating additional value in our
business.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “Our third quarter results reflect a continued
recovery in the U.S., particularly in residential, and overall
strong demand for our best-in-class architectural glass products.
We recently introduced a new product for homebuilders that should
help us further expand our addressable market in single family
housing beyond renovation projects and outside of hurricane prone
markets. Overall market share gains and successful expansion into
new U.S. geographies are allowing us to produce growth in a complex
environment. As we move to the end of 2020, we are excited by the
momentum in our business. We believe our innovative product
portfolio, strong industry relationships and structural competitive
advantages position us to continue growing faster than our end
markets into 2021 and beyond.”
Third Quarter 2020 Results
Total revenues for the third quarter of 2020
were $103.3 million compared to $108.5 million in the prior year
quarter. U.S. revenues of $95.7 million, which represented 93% of
total revenues, grew 3.1% compared to $92.8 million in the prior
year quarter, primarily driven by strong growth in residential
activity. The contribution of U.S. revenue growth to total revenues
was more than offset by lower revenue from Colombia and other Latin
American regions, primarily attributable to delayed activity at
many customer job sites due to COVID-19 related factors. Changes in
foreign currency exchange rates had an adverse impact of $0.9
million on Colombia and total revenues in the quarter.
Gross profit for the third quarter of 2020 grew
12.3% to $40.1 million, representing a 38.8% gross margin, compared
to gross profit of $35.7 million, representing a 33.0% gross margin
in the prior year quarter. The 580 basis point improvement in gross
margin mainly reflected lower raw material costs, greater operating
efficiencies from prior automation initiatives, and a higher mix of
revenue from manufacturing versus installation activity. Selling,
general and administrative expense (“SG&A”) was $19.9 million
compared to $20.2 million in the prior year quarter, primarily
attributable to lower variable expenses related to shipping,
commissions, and other personnel expenses as well as tight cost
controls. As a percent of total revenues, SG&A was 19.3%
compared to 18.6% in the prior year quarter due to lower
revenues.
Net income was $8.3 million, or $0.18 per
diluted share, in the third quarter of 2020 compared to net loss of
$1.3 million, or $0.03 loss per diluted share, in the prior year
quarter, including an after-tax non-cash foreign exchange
transaction loss of $3.1 million in the third quarter 2020 and a
$12.0 million loss in the third quarter 2019. As previously
disclosed, these gains and losses are related to the accounting
re-measurement of U.S. Dollar denominated assets and liabilities
against the Colombian Peso as functional currency.
Adjusted net income1 was $12.7 million, or $0.28
per diluted share, in the third quarter of 2020 compared to
adjusted a net income of $8.3 million, or $0.18 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, was $28.5 million, or 27.5% of total revenues in the third
quarter of 2020, compared to $24.0 million, or 22.1% of revenues,
in the prior year quarter. The increase was driven by stronger
gross margin. Adjusted EBITDA1 in the third quarter 2020 included
$0.7 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 third quarter of 2020, which was paid
on October 30, 2020 to shareholders of record as of the close of
business on September 30, 2020.
Balance Sheet &
Liquidity
On November 2, 2020, Tecnoglass announced a new
$300 million Senior Secured Credit Facility, consisting of a $250
million delayed draw term loan and a $50 million committed
revolving credit facility, with a maturity date in 2025. The new
facility has an initial interest rate spread of 3.00%, which the
Company expects to decrease to a spread of 2.75% in April 2021.
The Company intends to use the net proceeds to
repay all outstanding borrowings under its previous credit
facilities. On a pro forma basis giving effect to the addition of
the new facility and pay down of previous facilities, the Company
had total liquidity of approximately $130 million, including cash
of $69.5 million and availability under its revolving credit
facilities of $60.5 million.
The Company’s existing $210 million unsecured
senior notes, which bear interest at a rate of 8.2% and mature in
2022, are expected to be redeemed in full following a step down in
redemption price at the end of January 2021. Upon redemption of the
senior notes, annualized savings on cash interest expense are
expected to approximate $11 million annually.
Business Outlook
Santiago Giraldo, Chief Financial Officer of
Tecnoglass, stated, “Positive trends in our business have continued
into the fourth quarter, with single-family residential
representing a growing share of our revenues. Based on our current
invoicing schedule and underlying market demand, we are providing a
full year 2020 Adjusted EBITDA outlook of $95 million to $100
million. At the midpoint, this outlook implies Adjusted EBITDA
growth of approximately 6% for the full year and 18% for the fourth
quarter on a year-over-year basis. We expect revenue in the fourth
quarter to be comparable to the prior year quarter, with a higher
mix of product revenue versus installation revenue. Furthermore, we
expect stronger demand in the U.S. to offset the slower recovery in
Latin American markets.”
Webcast and Conference
Call
Management will host a webcast and conference
call on Friday, November 6, 2020 at 10:00 a.m. eastern time (10:00
a.m. Bogota, Colombia time) to review the Company’s results. The
conference call will be broadcast live over the Internet.
Additionally, a slide presentation will accompany the conference
call. To listen to the call and view the slides, please visit the
Investor Relations section of Tecnoglass' website at
www.tecnoglass.com. Please go to the website at least 15 minutes
early to register, download and install any necessary audio
software. Due to potential extended wait times to access the
conference call via dial-in, the Company encourages use of the
webcast. For those unable to access the webcast, the conference
call will be accessible by dialing 1-877-705-6003 (domestic) or
1-201-493-6725 (international). Upon dialing in, please request to
join the Tecnoglass Third Quarter 2020 Earnings Conference
Call.
If you are unable to listen live, a replay of
the webcast will be archived on the website. You may also access
the conference call playback by dialing (844) 512-2921 (Domestic)
or (412) 317-6671 (International) and entering pass code:
13712052.
About Tecnoglass
Tecnoglass Inc. is a leading manufacturer of
architectural glass, windows, and associated aluminum products for
the global commercial and residential construction industries.
Tecnoglass is the #1 architectural glass transformation company in
Latin America and the second largest glass fabricator serving the
United States. Headquartered in Barranquilla, Colombia, the Company
operates out of a 2.7 million square foot vertically-integrated,
state- of-the-art manufacturing complex that provides easy access
to the Americas, the Caribbean, and the Pacific. Tecnoglass
supplies over 1000 customers in North, Central and South America,
with the United States accounting for more than 80% of revenues.
Tecnoglass' tailored, high-end products are found on some of the
world's most distinctive properties, including the El Dorado
Airport (Bogota), 50 United Nations Plaza (New York), Trump Plaza
(Panama), Icon Bay (Miami), and Salesforce Tower (San Francisco).
For more information, please visit www.tecnoglass.com or view our
corporate video at https://vimeo.com/134429998.
Forward Looking Statements
This press release includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding future financial performance, future growth and future
acquisitions. These statements are based on Tecnoglass’ current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors, and
other risks and uncertainties affecting the operation of
Tecnoglass’ business. These risks, uncertainties and contingencies
are indicated from time to time in Tecnoglass’ filings with the
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. Further, investors
should keep in mind that Tecnoglass’ financial results in any
particular period may not be indicative of future results.
Tecnoglass is under no obligation to, and expressly disclaims any
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events and changes
in assumptions or otherwise, except as required by law.
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, |
|
|
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
69,431 |
|
|
$ |
47,862 |
|
Investments |
|
|
1,684 |
|
|
|
2,304 |
|
Trade accounts receivable,
net |
|
|
87,794 |
|
|
|
110,558 |
|
Due from related parties |
|
|
8,667 |
|
|
|
8,057 |
|
Inventories |
|
|
73,763 |
|
|
|
82,714 |
|
Contract assets – current
portion |
|
|
28,416 |
|
|
|
42,014 |
|
Other current assets |
|
|
12,171 |
|
|
|
29,340 |
|
Total current
assets |
|
$ |
281,926 |
|
|
$ |
322,849 |
|
Long-term
assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
$ |
134,643 |
|
|
$ |
154,609 |
|
Deferred income taxes |
|
|
11,681 |
|
|
|
4,595 |
|
Contract assets –
non-current |
|
|
7,814 |
|
|
|
7,059 |
|
Due from related parties -
long term |
|
|
726 |
|
|
|
1,786 |
|
Long-term trade accounts
receivable |
|
|
1,101 |
|
|
|
- |
|
Intangible assets |
|
|
5,323 |
|
|
|
6,703 |
|
Goodwill |
|
|
23,561 |
|
|
|
23,561 |
|
Long-term investments |
|
|
46,385 |
|
|
|
45,596 |
|
Other long-term assets |
|
|
2,914 |
|
|
|
2,910 |
|
Total long-term
assets |
|
|
234,148 |
|
|
|
246,819 |
|
Total
assets |
|
$ |
516,074 |
|
|
$ |
569,668 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and current
portion of long-term debt |
|
$ |
174 |
|
|
$ |
16,084 |
|
Trade accounts payable and
accrued expenses |
|
|
46,605 |
|
|
|
61,878 |
|
Accrued interest expense |
|
|
2,911 |
|
|
|
7,645 |
|
Due to related parties |
|
|
4,056 |
|
|
|
4,415 |
|
Dividends payable |
|
|
1,309 |
|
|
|
67 |
|
Contract liability – current
portion |
|
|
18,381 |
|
|
|
12,459 |
|
Due to equity partners |
|
|
10,900 |
|
|
|
10,900 |
|
Other current liabilities |
|
|
14,355 |
|
|
|
15,563 |
|
Total current
liabilities |
|
$ |
98,691 |
|
|
$ |
129,011 |
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
$ |
447 |
|
|
$ |
411 |
|
Long-term payable associated
to GM&P acquisition |
|
|
- |
|
|
|
8,500 |
|
Long-term liabilities from
related parties |
|
|
639 |
|
|
|
622 |
|
Contract liability –
non-current |
|
|
883 |
|
|
|
187 |
|
Long-term debt |
|
|
246,206 |
|
|
|
243,727 |
|
Total long-term
liabilities |
|
|
248,175 |
|
|
|
253,447 |
|
Total
liabilities |
|
$ |
346,866 |
|
|
$ |
382,458 |
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Preferred shares, $0.0001 par
value, 1,000,000 shares authorized, 0 shares issued and outstanding
at September 30, 2020 and December 31, 2019 respectively |
|
$ |
- |
|
|
$ |
- |
|
Ordinary shares, $0.0001 par
value, 100,000,000 shares authorized, 46,117,631 and 46,117,631
shares issued and outstanding at September 30, 2020 and December
31, 2019, respectively |
|
|
5 |
|
|
|
5 |
|
Legal Reserves |
|
|
2,273 |
|
|
|
1,367 |
|
Additional paid-in
capital |
|
|
208,390 |
|
|
|
208,283 |
|
Retained earnings |
|
|
17,181 |
|
|
|
16,213 |
|
Accumulated other
comprehensive (loss) |
|
|
(59,150 |
) |
|
|
(39,264 |
) |
Shareholders’ equity
attributable to controlling interest |
|
|
168,699 |
|
|
|
186,604 |
|
Shareholders’ equity
attributable to non-controlling interest |
|
|
509 |
|
|
|
606 |
|
Total shareholders’
equity |
|
|
169,208 |
|
|
|
187,210 |
|
Total liabilities and
shareholders’ equity |
|
$ |
516,074 |
|
|
$ |
569,668 |
|
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, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers |
|
$ |
102,980 |
|
|
|
$ |
106,741 |
|
|
|
$ |
270,676 |
|
|
|
$ |
323,808 |
|
|
Related parties |
|
|
329 |
|
|
|
|
1,729 |
|
|
|
|
1,873 |
|
|
|
|
5,713 |
|
|
Total operating revenues |
|
|
103,309 |
|
|
|
|
108,470 |
|
|
|
|
272,549 |
|
|
|
|
329,521 |
|
|
Cost of sales |
|
|
63,188 |
|
|
|
|
72,729 |
|
|
|
|
170,205 |
|
|
|
|
223,051 |
|
|
Gross
profit |
|
|
40,121 |
|
|
|
|
35,741 |
|
|
|
|
102,344 |
|
|
|
|
106,470 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
(10,534 |
) |
|
|
|
(11,334 |
) |
|
|
|
(29,163 |
) |
|
|
|
(32,115 |
) |
|
General and administrative
expense |
|
|
(9,381 |
) |
|
|
|
(8,855 |
) |
|
|
|
(24,601 |
) |
|
|
|
(26,303 |
) |
|
Total operating expenses |
|
|
(19,915 |
) |
|
|
|
(20,189 |
) |
|
|
|
(53,764 |
) |
|
|
|
(58,418 |
) |
|
Operating
income |
|
|
20,206 |
|
|
|
|
15,552 |
|
|
|
|
48,580 |
|
|
|
|
48,052 |
|
|
Non-operating income
(expenses), net |
|
|
(138 |
) |
|
|
|
450 |
|
|
|
|
(232 |
) |
|
|
|
1,078 |
|
|
Equity method (loss)
income |
|
|
695 |
|
|
|
|
295 |
|
|
|
|
789 |
|
|
|
|
273 |
|
|
Foreign currency transactions
gains(losses) |
|
|
(3,066 |
) |
|
|
|
(12,006 |
) |
|
|
|
(22,223 |
) |
|
|
|
(9,921 |
) |
|
Interest expense and deferred
cost of financing |
|
|
(6,147 |
) |
|
|
|
(5,876 |
) |
|
|
|
(17,236 |
) |
|
|
|
(17,220 |
) |
|
Income (Loss) before
taxes |
|
|
11,550 |
|
|
|
|
(1,585 |
) |
|
|
|
9,678 |
|
|
|
|
22,262 |
|
|
Income tax provision |
|
|
(3,279 |
) |
|
|
|
266 |
|
|
|
|
(4,021 |
) |
|
|
|
(8,590 |
) |
|
Net income
(loss) |
|
$ |
8,271 |
|
|
|
$ |
(1,319 |
) |
|
|
$ |
5,657 |
|
|
|
$ |
13,672 |
|
|
Loss (Income) attributable to
non-controlling interest |
|
|
52 |
|
|
|
|
144 |
|
|
|
|
97 |
|
|
|
|
(30 |
) |
|
Income (Loss)
attributable to parent |
|
$ |
8,323 |
|
|
|
$ |
(1,175 |
) |
|
|
$ |
5,754 |
|
|
|
$ |
13,642 |
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
8,271 |
|
|
|
$ |
(1,319 |
) |
|
|
$ |
5,657 |
|
|
|
$ |
13,672 |
|
|
Foreign currency translation
adjustments |
|
|
(4,024 |
) |
|
|
|
(8,486 |
) |
|
|
|
(18,945 |
) |
|
|
|
(8,768 |
) |
|
Change in fair value
derivative contracts |
|
|
506 |
|
|
|
|
(941 |
) |
|
|
|
(941 |
) |
|
|
|
(941 |
) |
|
Total comprehensive
income (loss) |
|
$ |
4,753 |
|
|
|
$ |
(10,746 |
) |
|
|
$ |
(14,229 |
) |
|
|
$ |
3,963 |
|
|
Comprehensive loss (income)
attributable to non-controlling interest |
|
|
52 |
|
|
|
|
144 |
|
|
|
|
97 |
|
|
|
|
(30 |
) |
|
Total comprehensive
income (loss) attributable to parent |
|
$ |
4,805 |
|
|
|
$ |
(10,602 |
) |
|
|
$ |
(14,132 |
) |
|
|
$ |
3,933 |
|
|
Basic income (loss) per
share |
|
$ |
0.18 |
|
|
|
$ |
(0.03 |
) |
|
|
$ |
0.12 |
|
|
|
$ |
0.31 |
|
|
Diluted income (loss) per
share |
|
$ |
0.18 |
|
|
|
$ |
(0.03 |
) |
|
|
$ |
0.12 |
|
|
|
$ |
0.31 |
|
|
Basic weighted average common
shares outstanding |
|
|
46,117,631 |
|
|
|
|
46,291,032 |
|
|
|
|
46,117,631 |
|
|
|
|
44,395,504 |
|
|
Diluted weighted average
common shares outstanding |
|
|
46,117,631 |
|
|
|
|
46,291,032 |
|
|
|
|
46,117,631 |
|
|
|
|
44,395,504 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows (In
thousands)(Unaudited)
|
|
Nine months ended September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
5,657 |
|
|
|
$ |
13,672 |
|
|
Adjustments to reconcile net
(loss) income to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Provision for bad debts |
|
|
1,035 |
|
|
|
|
1,046 |
|
|
Depreciation and
amortization |
|
|
15,421 |
|
|
|
|
17,189 |
|
|
Deferred income taxes |
|
|
(7,612 |
) |
|
|
|
(5,140 |
) |
|
Equity method (loss)
income |
|
|
(789 |
) |
|
|
|
(273 |
) |
|
Deferred cost of
financing |
|
|
1,306 |
|
|
|
|
1,213 |
|
|
Other non-cash
adjustments |
|
|
158 |
|
|
|
|
41 |
|
|
Unrealized currency
translation losses (gains) |
|
|
24,197 |
|
|
|
|
13,812 |
|
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts
receivables |
|
|
6,353 |
|
|
|
|
(29,779 |
) |
|
Inventories |
|
|
(5,127 |
) |
|
|
|
3,939 |
|
|
Prepaid expenses |
|
|
(686 |
) |
|
|
|
(3,013 |
) |
|
Other assets |
|
|
12,455 |
|
|
|
|
(4,829 |
) |
|
Trade accounts payable and
accrued expenses |
|
|
(14,612 |
) |
|
|
|
3,576 |
|
|
Accrued interest expense |
|
|
(4,678 |
) |
|
|
|
(4,362 |
) |
|
Taxes payable |
|
|
(569 |
) |
|
|
|
3,645 |
|
|
Labor liabilities |
|
|
5 |
|
|
|
|
626 |
|
|
Contract assets and
liabilities |
|
|
18,851 |
|
|
|
|
(5,099 |
) |
|
Related parties |
|
|
(341 |
) |
|
|
|
2,965 |
|
|
CASH PROVIDED BY
OPERATING ACTIVITIES |
|
$ |
51,024 |
|
|
|
$ |
9,228 |
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
investments |
|
|
470 |
|
|
|
|
997 |
|
|
Joint Venture investment |
|
|
- |
|
|
|
|
(34,100 |
) |
|
Purchase of investments |
|
|
(189 |
) |
|
|
|
(1,172 |
) |
|
Acquisition of property and
equipment |
|
|
(13,732 |
) |
|
|
|
(19,887 |
) |
|
CASH USED IN INVESTING
ACTIVITIES |
|
$ |
(13,451 |
) |
|
|
$ |
(54,163 |
) |
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
Cash dividend |
|
|
(2,533 |
) |
|
|
|
(3,714 |
) |
|
Proceeds from equity
offering |
|
|
|
|
|
|
36,478 |
|
|
Proceeds from debt |
|
|
17,747 |
|
|
|
|
69,059 |
|
|
Repayments of debt |
|
|
(30,453 |
) |
|
|
|
(47,168 |
) |
|
CASH PROVIDED BY
FINANCING ACTIVITIES |
|
$ |
(15,239 |
) |
|
|
$ |
54,655 |
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
$ |
(765 |
) |
|
|
$ |
(1,022 |
) |
|
NET INCREASE IN CASH |
|
|
21,569 |
|
|
|
|
8,699 |
|
|
CASH - Beginning of
period |
|
|
47,862 |
|
|
|
|
33,040 |
|
|
CASH - End of period |
|
$ |
69,431 |
|
|
|
$ |
41,739 |
|
|
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
18,650 |
|
|
|
$ |
19,206 |
|
|
Income Tax |
|
$ |
8,318 |
|
|
|
$ |
11,090 |
|
|
NON-CASH INVESTING AND
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Assets acquired under credit
or debt |
|
$ |
919 |
|
|
|
$ |
1,667 |
|
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
|
Three months ended |
|
Sept 30, |
2020 |
|
2019 |
|
% Change |
Revenues by Region |
|
|
|
|
|
United States |
95,680 |
|
92,848 |
|
3.0 |
% |
Colombia |
5,650 |
|
13,037 |
|
-56.7 |
% |
Other Countries |
1,979 |
|
2,586 |
|
-23.5 |
% |
Total Revenues by Region |
103,309 |
|
108,470 |
|
-4.8 |
% |
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 |
|
Sept 30, |
2020 |
|
|
2019 |
|
% Change |
|
|
|
|
|
|
Total Revenues with Foreign Currency Held
Neutral |
104,161 |
|
|
108,470 |
|
-4.0 |
% |
Impact of changes in foreign currency |
(853 |
) |
|
- |
|
|
Total Revenues, As Reported |
103,309 |
|
|
108,470 |
|
-4.8 |
% |
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 |
|
|
|
Sept 30, |
|
Sept 30, |
|
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
8,271 |
|
(1,319 |
) |
|
5,657 |
|
13,672 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
52 |
|
144 |
|
|
97 |
|
(30 |
) |
(Loss) Income attributable to
parent |
|
|
8,323 |
|
(1,175 |
) |
|
5,754 |
|
13,642 |
|
Foreign currency transactions losses (gains) |
|
|
3,678 |
|
12,006 |
|
|
24,193 |
|
9,921 |
|
Deferred cost of financing |
|
|
1,283 |
|
405 |
|
|
2,231 |
|
1,213 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1,073 |
|
963 |
|
|
2,900 |
|
2,388 |
|
Joint Venture VA (Saint Gobain) adjustments |
|
|
389 |
|
490 |
|
|
1,408 |
|
763 |
|
Tax impact of adjustments at statutory rate |
|
|
-2,055 |
|
(4,436 |
) |
|
-9,809 |
|
(4,571 |
) |
Adjusted net (loss) income |
|
|
12,691 |
|
8,253 |
|
|
26,678 |
|
23,356 |
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
|
|
0.18 |
|
(0.03 |
) |
|
0.12 |
|
0.31 |
|
Diluted income (loss) per share |
|
|
0.18 |
|
(0.03 |
) |
|
0.12 |
|
0.31 |
|
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted net income (loss) per share |
|
|
0.28 |
|
0.18 |
|
|
0.58 |
|
0.53 |
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted Average Common Shares Outstanding in
thousands |
|
|
46,118 |
|
45,519 |
|
|
46,118 |
|
43,793 |
|
Basic weighted average common shares outstanding in thousands |
|
|
46,118 |
|
45,519 |
|
|
46,118 |
|
43,793 |
|
Diluted weighted average common shares outstanding in
thousands |
|
|
46,118 |
|
45,519 |
|
|
16,118 |
|
43,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Nine months
ended |
|
|
|
Sept 30, |
|
Sept 30, |
|
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
8,271 |
|
(1,319 |
) |
|
5,657 |
|
13,672 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
52 |
|
144 |
|
|
97 |
|
(30 |
) |
(Loss) Income attributable to
parent |
|
|
8,323 |
|
(1,175 |
) |
|
5,754 |
|
13,642 |
|
Interest expense and deferred cost of financing |
|
|
6,147 |
|
5,876 |
|
|
17,236 |
|
17,220 |
|
Income tax (benefit) provision |
|
|
3,279 |
|
(266 |
) |
|
4,021 |
|
8,590 |
|
Depreciation & amortization |
|
|
5,214 |
|
5,631 |
|
|
15,420 |
|
17,189 |
|
Foreign currency transactions losses (gains) |
|
|
3,678 |
|
12,006 |
|
|
24,193 |
|
9,921 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
1,073 |
|
963 |
|
|
2,900 |
|
2,388 |
|
Joint Venture VA (Saint Gobain) EBITDA adjustments |
|
|
742 |
|
929 |
|
|
2,610 |
|
1,902 |
|
Adjusted EBITDA |
|
|
28,456 |
|
23,964 |
|
|
72,134 |
|
70,852 |
|
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