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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
Financial Data and Key Metrics Changes - Tecnoglass achieved record revenue of $130.4 million for Q3 2021, a 26% year-over-year increase, with U.S. revenues growing approximately 29% to $123.2 million compared to $95.7 million in the prior year quarter [36][10][12] - Adjusted EBITDA increased 36.1% to a record $38.7 million, with an adjusted EBITDA margin of 29.7%, reflecting a 220 basis points improvement year-over-year [38][12] - Gross profit rose 28.7% to $51.6 million, resulting in a gross margin of 39.6%, up from 38.8% in the prior year [39][12] Business Line Data and Key Metrics Changes - Single-family residential sales surged 213% year-over-year, accounting for 48% of Q3 U.S. revenues and 35% of U.S. sales on a last twelve months (LTM) basis [28][10] - The backlog reached a record level of $575.8 million, with over 86% of it related to U.S. projects, primarily in medium and high-rise residential and commercial projects [22][25] Market Data and Key Metrics Changes - The Architectural Billings Index (ABI) increased to 56.6 in September, indicating expansion in commercial activity for the eighth consecutive month [23][22] - The U.S. market continues to represent a significant majority of Tecnoglass's growth, with expectations for continued strength in single-family residential and commercial projects [46][12] Company Strategy and Development Direction - The company plans to leverage its vertically integrated platform to enhance customer relationships and penetrate the U.S. single-family residential market further [52][12] - Tecnoglass is focused on maintaining high margins while expanding its product offerings, including the new Multimax product line targeting production homebuilders [21][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve growth objectives while maintaining industry-leading margins, despite potential volatility in the housing market [52][12] - The company anticipates continued strong cash flow generation and plans to invest in growth CapEx to enhance operational capacity [26][12] Other Important Information - Tecnoglass has maintained stable lead times and has not faced significant material constraints, allowing for efficient service delivery [80][12] - The company has a conservative leverage profile, with a net debt to adjusted EBITDA ratio of 0.9 times, providing financial flexibility for future growth [44][12] Q&A Session Summary Question: What is the visibility for residential into next year? - Management believes that $60 million in quarterly sales is a proper baseline moving forward, with expectations for continued growth in the residential line [57][12] Question: How big is the Florida market for residential and what is the company's share? - The company estimates its market share in Florida to be around 20%, indicating significant upside potential [58][12] Question: What is the contribution of the Multimax product line to single-family sales? - The Multimax product line is currently contributing about $2 million per month, with expectations for continued ramp-up [69][12] Question: How is the backlog distributed regionally? - There has been a slowdown in commercial activity outside Florida, but recent trends indicate a recovery in those areas [71][12] Question: What are the 2022 CapEx expectations? - The company anticipates a decrease in CapEx to around $10 million to $15 million for 2022 [73][12] Question: How are lead times trending compared to competitors? - Lead times have remained steady at 6 to 8 weeks, with customers expressing satisfaction with the service [80][12] Question: What is the target leverage and cash priorities? - The company is comfortable with its leverage below one time and plans to continue investing in growth while considering debt repayment as needed [83][12] Question: What is the outlook for the U.S. commercial business in 2022? - The company expects commercial activity to be on par or slightly better than the previous year, particularly in Florida [102][12]
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 ...
Tecnoglass(TGLS) - 2021 Q1 - Earnings Call Presentation
2021-05-08 02:59
Financial Performance - Total revenues increased by 27% to a record $110.9 million in Q1 2021, driven by strong U S growth[9, 37] - Gross margin improved by 590 bps year-over-year to a record 40.7%[9] - Adjusted EBITDA reached $33.5 million, with a 690 bps margin improvement to 30.2%[9] - Adjusted net income was $16.8 million, or $0.35 per diluted share[9] U S Market Growth - U S revenues reached a record $100.8 million, representing 91% of total revenues[9] - Single-family residential revenues increased by 71% year-over-year, while commercial revenues increased by 19% year-over-year[9] - U S backlog of $498 million, representing 90% of total backlog[16] Backlog and Outlook - Backlog increased by 1.1% year-over-year to a record $552 million[9, 16] - The company anticipates revenue between $420 million and $435 million in 2021, representing a 12-16% year-over-year growth[47] Balance Sheet and Leverage - Cash flow from operations was $29 million, marking four straight quarters of exceptional cash generation[9] - Net debt / LTM adjusted EBITDA decreased to 1.4x, the lowest since 2015[9]
Tecnoglass(TGLS) - 2021 Q1 - Quarterly Report
2021-05-07 20:31
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 March 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 (State or other jurisdictio ...
Tecnoglass(TGLS) - 2020 Q4 - Annual Report
2021-03-08 21:16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 [ ] 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 ...