Tecnoglass(TGLS) - 2024 Q4 - Annual Results

Financial Performance - Full Year Revenues increased 6.8% to a record $890.2 million, driven by organic growth and geographical expansion [2] - Full Year Net Income was $161.3 million, or $3.43 per diluted share, with Adjusted Net Income of $171.6 million, or $3.65 per diluted share [2] - Fourth Quarter Revenues rose 23.1% to a record $239.6 million, with Multi-family/commercial revenues growing 24.3% year-over-year [5] - Adjusted EBITDA for the full year was $275.8 million, representing 31.0% of total revenues, compared to 36.5% in the prior year [12] - Gross profit for the full year was $380 million, representing a 42.7% gross margin [12] - Net income for the year ended December 31, 2024, was $161.3 million, down from $183.5 million in 2023, representing a decline of 12.1% [26] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $275,814 thousand, down from $304,117 thousand in 2023, reflecting a decrease of 9.3% [35] - The company reported a net loss income of $161,309 thousand for the twelve months ended December 31, 2024, compared to a net loss of $183,510 thousand in 2023, showing an improvement of 12.1% [35] Cash Flow and Liquidity - Cash provided by operating activities for the full year was $170.5 million, with a net cash position at year-end [15] - The Company ended 2024 with total liquidity of approximately $305.0 million, including $134.9 million in cash [15] - Cash provided by operating activities for the year ended December 31, 2024, was $170.5 million, an increase from $138.8 million in 2023 [28] - Cash at the end of the period on December 31, 2024, was $134.9 million, slightly up from $129.5 million at the end of 2023 [28] Shareholder Returns - The Company returned $19.7 million to shareholders through dividend payments during the year [2] - Basic income per share for Q4 2024 was $1.00, compared to $0.77 in Q4 2023, indicating a growth of 29.9% [35] - The diluted adjusted net income per share for Q4 2024 was $1.05, compared to $0.80 in Q4 2023, reflecting a growth of 31.3% [35] Backlog and Future Outlook - The backlog expanded 27.6% year-over-year to a record $1.1 billion, providing visibility into 2026 [2] - Full Year 2025 Outlook projects 10% revenue growth and 16% Adjusted EBITDA growth at the midpoint of guidance [3] Assets and Liabilities - Total assets as of December 31, 2024, reached $1.02 billion, up from $962.7 million in 2023, marking a growth of 5.6% [24] - Total liabilities decreased to $385.5 million as of December 31, 2024, from $414.7 million in 2023, a reduction of 7.0% [24] Foreign Currency Impact - The company experienced a foreign currency translation adjustment loss of $53.2 million for the year ended December 31, 2024, compared to a gain of $63.1 million in 2023 [26] - Foreign currency transaction losses for the twelve months ended December 31, 2024, were $5,665 thousand, compared to a gain of $686 thousand in 2023, indicating a negative shift [35] Other Financial Metrics - Interest expense decreased to $1,510 thousand in Q4 2024 from $2,259 thousand in Q4 2023, a reduction of 33.0% [35] - The provision for bad debt for the twelve months ended December 31, 2024, was $857 thousand, significantly lower than $2,809 thousand in 2023, a decrease of 69.5% [35] - The company incurred non-recurring expenses of $5,462 thousand for the twelve months ended December 31, 2024, slightly down from $6,494 thousand in 2023, a decrease of 15.9% [35]