Tecnoglass(TGLS)

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Tecnoglass(TGLS) - 2021 Q4 - Annual Report
2022-03-16 20:42
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 001-35436 TECNOGLASS INC. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1271120 (St ...
Tecnoglass(TGLS) - 2021 Q4 - Earnings Call Transcript
2022-03-03 20:14
Financial Data and Key Metrics Changes - Tecnoglass achieved record results in Q4 2021, with total revenues increasing by 28% year-over-year to $131.8 million and full-year revenues rising by 32% to $496.8 million [31][42] - Adjusted EBITDA for Q4 2021 increased by 65.7% to a record $42.2 million, with a margin of 32%, while full-year adjusted EBITDA rose by 54.1% to $150.3 million, representing a margin of 30.2% [34][42] - Gross margins improved significantly, reaching 42.9% in Q4 2021, up 710 basis points year-over-year, and a full-year gross margin of 40.8%, an increase of 380 basis points [11][35] Business Line Data and Key Metrics Changes - Single-family residential sales surged over 140% year-over-year in Q4 and over 150% for the full year, accounting for 41% of total Q4 sales and 36% for the full year [10][26] - The backlog increased by approximately 7.2% year-over-year to a record $585 million, primarily driven by medium and high-rise residential projects [17][18] Market Data and Key Metrics Changes - The majority of the backlog is concentrated in the attractive southeast and south-central US regions, with strong demand reflected in the January ABI readings of 61.0 for the US south, the highest since 2005 [19] - The company has contracted to supply architectural glass to 20 of the 22 tallest towers under construction in South Florida for 2022 and 2023 [19] Company Strategy and Development Direction - The company aims to leverage its vertically-integrated structure and geographic positioning to capture additional market share while maintaining industry-leading margins [15][45] - Future growth is expected to be driven by single-family residential sales, with a target growth rate of at least 20% annually [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue growth in 2022, with revenue guidance set between $575 million to $600 million, representing an 18% growth at the midpoint [42] - The company anticipates adjusted EBITDA for 2022 to be in the range of $170 million to $190 million, with gross margins expected around 40% [43] Other Important Information - The company voluntarily prepaid $30 million of debt during the year, achieving the lowest leverage ratio in its history at 0.8 times net debt to adjusted EBITDA [13][39] - A 136% increase in dividends was announced in December 2021 to enhance capital returns to shareholders [13] Q&A Session Summary Question: Can you discuss the adjusted EBITDA outlook and the factors influencing the range? - Management indicated that gross margin will be a key determinant, with input costs on raw materials and SG&A expected to remain flat [48] Question: What is the progress on the Multimax line and its revenue contribution? - The Multimax line accounts for about 20% of the residential sales, indicating ongoing growth in that sector [49] Question: Can you elaborate on the revenue guidance and contributions from different segments? - Residential is expected to grow between 30% to 35%, while commercial is projected to grow about 15% at the higher end of the guidance range [54] Question: Are there supply chain issues affecting residential products? - Management noted that while homebuilders face challenges, Tecnoglass maintains short delivery times and high product quality, leading to customer satisfaction [83] Question: What are the pricing dynamics in the commercial backlog? - Prices are being adjusted in response to rising aluminum costs, with long-term contracts allowing for price locking [84][85]
Tecnoglass(TGLS) - 2021 Q4 - Earnings Call Presentation
2022-03-03 16:53
FOURTH QUARTER & FULL YEAR 2021 EARNINGS CONFERENCE CALL March 3, 2022 – TECNOGLASS INC. (NASDAQ: TGLS) Safe Harbor FORWARD LOOKING STATEMENTS This presentation 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 circumstanc ...
Tecnoglass(TGLS) - 2021 Q3 - Quarterly Report
2021-11-08 21:45
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 Commission file number: 001-35436 TECNOGLASS INC. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1271120 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Avenida Circunvalar a 100 mts de la Via 40, Barr ...
Tecnoglass(TGLS) - 2021 Q3 - Earnings Call Transcript
2021-11-08 21:03
Tecnoglass Inc. (NYSE:TGLS) Q3 2021 Earnings Conference Call November 8, 2021 10:00 AM ET Company Participants Brad Cray - Investor Relations José Daes - Chief Executive Officer Christian Daes - Chief Operating Officer Santiago Giraldo - Chief Financial Officer Conference Call Participants Timothy Wojs - Robert W. Baird & Co., Inc. Joshua Wilson - Raymond James Julio Romero - Sidoti & Company, LLC Brent Thielman - D. A. Davidson & Co. Alex Rygiel - B. Riley Financial, Inc. Operator Greetings and welcome to ...
Tecnoglass(TGLS) - 2021 Q3 - Earnings Call Presentation
2021-11-08 15:13
THIRD QUARTER 2021 EARNINGS CONFERENCE CALL November 8, 2021 – TECNOGLASS INC. (NASDAQ: TGLS) Safe Harbor FORWARD LOOKING STATEMENTS This presentation 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 ...
Tecnoglass(TGLS) - 2021 Q2 - Earnings Call Transcript
2021-08-06 22:09
Financial Data and Key Metrics Changes - Total revenues increased 49% year-over-year to a record $121.7 million, driven by strong U.S. revenue growth of 39% [9][31] - Adjusted EBITDA rose 52.7% to a record $35.6 million, with an adjusted EBITDA margin of 29.3%, marking an 80 basis point improvement [32] - Gross profit increased 52.9% to $48.6 million, achieving a gross margin of 40%, up from 38.8% in the prior year [33] Business Line Data and Key Metrics Changes - Single-family residential revenues surged 159% year-over-year, accounting for 37% of U.S. sales during the quarter [9][21] - Approximately 2/3 of the backlog consists of medium- and high-rise residential projects, with the remaining 1/3 related to various commercial projects [17] - The backlog grew 1.7% year-over-year to a record level of $559 million, representing more than 1.25 times the last 12 months' revenue [17] Market Data and Key Metrics Changes - The U.S. market represented over 90% of the backlog, up from 88% in the prior year quarter, benefiting from an active construction environment [18] - The ABI index increased to 57.1% in June, indicating expansion for the fifth consecutive month [19] Company Strategy and Development Direction - The company plans to invest an additional $10 million to $15 million in capital expenditures to enhance production lines, with a focus on automation [38] - The strategy includes expanding single-family residential and commercial demand in the U.S. while maintaining a growth-oriented capital allocation approach [14][63] - The company aims to leverage its vertically integrated operations to deliver innovative products with superior lead times [26][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business and the positive momentum moving into the second half of the year [13][14] - The outlook for full-year 2021 revenue is raised to $450 million to $465 million, representing a growth of 22% at the midpoint [40] - The company anticipates a higher mix of product versus installation revenue for the full year, driven by strong single-family residential sales [42] Other Important Information - The company achieved its lowest leverage ratio since 2015 at 1.1x, reflecting improved financial flexibility [35] - The construction of a new float glass plant in Barranquilla is on track to break ground in the first half of 2022 [39] Q&A Session Summary Question: Can you expand on your view of the residential market and revenue potential from homebuilders? - Management indicated that new revenue from homebuilders is minimal as they are just entering that market, but see significant growth potential [50] Question: Can you discuss the commercial side of the business and geographic strengths? - Management noted strong commercial activity across all states they operate in, with expectations for continued growth in 2022 [54] Question: What are your lead times compared to competitors? - Management stated they have shorter lead times, experiencing some delays due to increased orders but have since returned to normal [57] Question: What is the outlook for the commercial business? - Management expects the commercial side to pick up in the second half of the year, with significant growth anticipated in 2022 [68] Question: Can you update on initiatives to expand the residential business outside of Florida? - Management is cautiously expanding into states like Georgia and Texas, learning the market requirements before full-scale operations [71] Question: What is the guidance for Colombia and single-family? - Management expects continued growth in single-family while anticipating flat performance in Colombia and Latin America [73]
Tecnoglass(TGLS) - 2021 Q2 - Earnings Call Presentation
2021-08-06 21:21
Election SECOND QUARTER 2021 EARNINGS CONFERENCE CALL August 6, 2021 – TECNOGLASS INC. (NASDAQ: TGLS) Safe Harbor FORWARD LOOKING STATEMENTS This presentation 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 ...
Tecnoglass(TGLS) - 2021 Q2 - Quarterly Report
2021-08-06 21:01
Revenue and Sales Growth - Operating revenues increased by $39.8 million, or 48.5%, from $81.9 million in Q2 2020 to $121.7 million in Q2 2021[86] - Sales in the U.S. residential and commercial markets increased by $30.7 million, or 38.8%, from $79.1 million in 2020 to $109.9 million in 2021[87] - Single-family residential market sales surged by $25.1 million, or 159%, from $15.8 million in 2020 to $40.9 million in 2021, accounting for 33.6% of total sales in Q2 2021[87] - For the six months ended June 30, 2021, operating revenues increased by $63.4 million, or 37.4%, from $169.2 million in 2020 to $232.6 million[96] - Sales to Latin American markets, including Colombia, increased by $10.6 million, or 94.0%, as customers resumed activities post-lockdowns[98] Profitability - Gross profit rose by $16.8 million, or 52.8%, to $48.6 million in Q2 2021, resulting in a gross profit margin of 39.9%[90] - Gross profit for the first six months of 2021 increased by $31.5 million, or 50.7%, to $93.7 million, with a gross profit margin of 40.3%[99] - The company recorded a net income of $19.3 million for Q2 2021, compared to $16.1 million in Q2 2020[95] - For the six months ended June 30, 2021, the company recorded a net income of $27.5 million, a significant improvement compared to a net loss of $2.6 million for the same period in 2020[106] Operating Expenses and Cash Flow - Operating expenses increased by $3.7 million, or 22.1%, from $16.6 million in Q2 2020 to $20.2 million in Q2 2021, with operating expenses as a percentage of sales improving from 20.2% to 16.6%[91] - Operating activities generated approximately $60.8 million in cash flow for the six months ended June 30, 2021, compared to $24.8 million in the same period of 2020[113] - The main source of operating cash was trade accounts payables, which generated $24.6 million in the first half of 2021, compared to a use of $10.4 million in the same period of 2020[114] Financial Position and Investments - Cash and cash equivalents increased to approximately $100.3 million as of June 30, 2021, up from $66.9 million as of December 31, 2020[107] - The company invested $19.3 million in capital expenditures during the six months ended June 30, 2021, compared to $8.3 million in the same period of 2020[110] - Financing activities resulted in a cash outflow of $6.8 million for the six months ended June 30, 2021, primarily due to the redemption of $210 million in unsecured senior notes[116] Tax and Interest Expenses - Interest expense decreased by $5.1 million, or 46.2%, to $6.0 million for the six months ended June 30, 2021, due to a new financing arrangement[104] - The effective income tax rate for the six months ended June 30, 2021 was 29%, compared to -40% for the same period in 2020, reflecting changes in foreign currency transaction losses[105] Strategic Initiatives - A joint venture with Saint-Gobain was established, acquiring a 25.8% interest in Vidrio Andino for $45 million, with plans to build a new plant in Galapa, Colombia[111] - The new $300 million Senior Secured Credit Facility is expected to save approximately $12 million annually in interest expenses[108] - The company anticipates that working capital will continue to benefit cash flow for the full year 2021, providing flexibility to service obligations[109]
Tecnoglass (TGLS) Investor Presentation - Slideshow
2021-05-21 22:41
50 United Nations- New York, US Tecnoglass (TGLS) Investor Presentation May 2021 Disclaimer Disclaimer This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries, this "Presentation") contains information regarding Tecnoglass Inc. and its subsidiaries, as applicable, where it holds a direct or indirect interest (together "Tecnoglass" or the "Company") that is confidential and proprietary to the Compan ...