Tecnoglass(US:TGLS)2024-03-01 15:21Financial Performance - FY23 revenues reached $833.3 million [25], a 16.3% year-over-year increase [34] - Adjusted EBITDA for FY23 was $304.1 million [25], representing a 14.5% year-over-year growth and a 36.5% margin [34] - Operating cash flow for FY23 was $138.8 million [26], driven by higher profitability and enhanced working capital management [34] - Adjusted net income for FY23 was $189.3 million, or $3.98 per diluted share, up 19.4% year-over-year [34] Backlog and Growth - Record backlog of $870.1 million [6, 23, 28], up approximately 20% year-over-year [7, 23, 34], with a book-to-bill ratio of 1.2x [32, 34] - U S backlog accounts for 94% of the total backlog, amounting to $814 million [23, 28] - Multi-family and commercial activity increased by 21.4% year-over-year to $497.9 million [34] - Single-family residential market grew by 9.5% year-over-year to $335.4 million [34] Market and Strategy - Over 85% of Tecnoglass' total revenues are considered Green Revenues [20] - Single-family residential revenues accounted for 42% of U S revenues in both Q4 2023 and full year 2023 [37, 56] - The company has entered the vinyl windows market, which more than doubles the addressable market, with a potential to add approximately $300 million in annual revenues [57, 59]