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Tecnoglass Reports Record Second Quarter 2023 Results

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Tecnoglass, Inc. (NYSE: TGLS) reports record total revenues up 33.2% to $225.3 million in the second quarter of 2023. Adjusted EBITDA up 55.8% year-over-year to $85.0 million, representing 37.7% of total revenues. Backlog growth expands 19.4% year-over-year to an all-time high of $797 million. Increases full year 2023 growth outlook to adjusted EBITDA of $320 million to $335 million on total revenues of $830 million to $855 million.
Positive
  • Record total revenues increased by 33.2% to $225.3 million, driven by strong growth in multifamily/commercial and single-family residential businesses.
  • Adjusted EBITDA increased by 55.8% year-over-year to $85.0 million, representing 37.7% of total revenues, demonstrating strong financial performance.
  • Backlog growth expanded by 19.4% year-over-year to an all-time high of $797 million, indicating a strong demand for the company's products.
  • Increased full year 2023 growth outlook to adjusted EBITDA of $320 million to $335 million on total revenues of $830 million to $855 million, reflecting a positive outlook for the company's future performance.
Negative
  • None.

- Record Total Revenues Up 33.2% to $225.3 Million -

- Strong Organic Growth in Both Multifamily/Commercial and Single-Family Residential Businesses -

- Gross Margin of 48.7%, Up 520 Basis Points Year-Over-Year -

- Net Income of $52.6 Million, or $1.10 Per Diluted Share -

- Adjusted Net Income1 of $53.5 Million, or $1.12 Per Diluted Share -

- Adjusted EBITDA1 Up 55.8% Year-Over-Year to $85.0 Million, Representing 37.7% of Total Revenues -

- Produces Strong Cash Flow Excluding Annual Income Tax Payment -

- Backlog Growth Expands 19.4% Year-Over-Year to An All-time High of $797 Million -

- Facility Investments Expand Operational Capacity by 40% to ~$1 Billion of Annual Revenues -

- Increases Full Year 2023 Growth Outlook to Adjusted EBITDA1 of $320 Million to $335 Million on Total Revenues of $830 Million to $855 Million -

BARRANQUILLA, Colombia, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NYSE: TGLS) (“Tecnoglass” or the “Company”), a leading manufacturer of high end architectural windows, glass, and associated aluminum products serving the global residential and commercial end markets, today reported financial results for the second quarter ended June 30, 2023.

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “Our second quarter results marked another period of exceptional performance despite a challenging macroeconomic environment. We are reaping the benefits from our strategic investments in our facilities, exemplified by strong second quarter Adjusted EBITDA1 of $85.0 million and industry-leading margins. The cash generating power of our business was again evident in the quarter, producing significant levels of operating cash flow and free cash flow when excluding our annual income tax payment for full year 2022 that was paid during the quarter. These robust results, coupled with our record backlog, demonstrate the resiliency of our business model and further add to our established record of driving profitable growth as we further cement our position as a prominent leader in architectural glass and windows. We believe we are well situated to continue outpacing the growth of our end markets as a result of our vertically integrated structure, automation initiatives, best-in-class customer service, expanding customer relationships and our recently expanded operational capacity. We are proud of the dedication and commitment of our team members and we are firmly situated to deliver another year of record financial performance in 2023.”

Christian Daes, Chief Operating Officer of Tecnoglass, added, “Our facility investments to expand operational capacity have increased our installed production base by over 40% to an amount equivalent to $1 billion of annual revenue, exceeding our prior expectation of $950 million. This on-time and on-budget project is another exciting milestone for Tecnoglass and better enables us to meet the ever-growing demand for our high-performance products, while further shortening lead times and reducing waste. These strategic investments in automation and physical footprint are proving to be well-timed as we continue to produce double-digit growth in both our multifamily/commercial and single-family residential businesses. Our project pipeline and backlog continue to strengthen, underpinned by the sharp rebound in multifamily/commercial demand for our products. Additionally, we continue to gain share in the single-family residential end market through our innovative products and reduced lead times, now approaching five weeks, which are well below the industry average in several product lines. We are targeting new product launches and we are expanding the reach of our in-demand products further into economically sound markets. We will continue to leverage our innovative product portfolio, strong industry relationships, and structural competitive advantages to further capitalize on future demand with a broader geographical footprint and product offering.”

Second Quarter 2023 Results

Total revenues for the second quarter of 2023 increased 33.2% to $225.3 million compared to $169.1 million in the prior year quarter, driven by a significant increase in the Company’s multifamily/commercial activity, strong growth in single-family residential activity and market share gains. Single-family residential revenues increased 15% year-over-year, helped by market share gains and the continued positive demographic trends in the Company’s main markets. Multifamily/commercial revenues increased 48% year-over-year, attributable to an increase in multifamily/commercial construction projects which were previously put on hold during the pandemic or moved into designing and permitting stages in the last 18 months given the positive demographic shifts in the Company’s main markets. Changes in foreign currency exchange rates had an adverse impact of $0.8 million on total revenues in the quarter.

Gross profit for the second quarter of 2023 increased 49.0% to $109.7 million, representing a 48.7% gross margin, compared to gross profit of $73.6 million, representing a 43.5% gross margin in the prior year quarter. The 520 basis point improvement in gross margin mainly reflected higher revenues, favorable pricing dynamics and greater operating efficiencies related to prior automation initiatives.

Selling, general and administrative expense (“SG&A”) was $35.2 million for the second quarter of 2023 compared to $28.1 million in the prior year quarter, with the increase attributable to higher shipping and commission expenses as a result of a higher sales volume, as well as increased corporate costs to support a larger operation. As a percent of total revenues, SG&A was 15.6% for the second quarter of 2023 compared to 16.6% in the prior year quarter driven by better operating leverage.

Net income was $52.6 million, or $1.10 per diluted share, in the second quarter of 2023 compared to net income of $33.4 million, or $0.70 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction gain of $0.9 million in the second quarter of 2023 and a $2.5 million gain in the second quarter of 2022. These non-cash 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 $53.5 million, or $1.12 per diluted share, in the second quarter of 2023 compared to adjusted net income of $33.0 million, or $0.69 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, increased 55.8% to $85.0 million, or 37.7% of total revenues, in the second quarter of 2023, compared to $54.6 million, or 32.3% of total revenues, in the prior year quarter. The improvement was driven by higher revenues, improved gross margin and SG&A leverage. Adjusted EBITDA1 included a $0.3 million contribution from the Company’s joint venture with Saint-Gobain, compared to $0.9 million in the prior year quarter.

Balance Sheet & Liquidity

Cash provided by operating activities for the second quarter of 2023 was $0.2 million, primarily due to the timing of the Company’s annual cash income tax payments mainly for its Colombian entities, which were paid in the second quarter of 2023. Given the increased profitability in 2022, the Company paid approximately $56.5 million in cash income taxes during the second quarter of 2023, fully satisfying what was due for the profit generated by its Colombian entities in 2022. Capital expenditures in the second quarter of 2023 were $22.3 million, largely reflecting the investments to expand and automate operational capacity which has been substantially completed. Capital expenditures are expected to step down significantly during the second half of the year.

The Company ended the second quarter of 2023 with total liquidity of approximately $275.0 million, including $104.7 million of cash and cash equivalents and $170.0 million of availability under its revolving credit facilities. Given the Company’s continued growth in Adjusted EBITDA1, net debt leverage remained at all-time low of 0.2x net debt to LTM Adjusted EBITDA1, compared to 0.5x in the prior year quarter.

Dividend

The Company declared a quarterly cash dividend of $0.09 per share for the second quarter of 2023, which was paid on July 31, 2023 to shareholders of record as of the close of business on June 30, 2023.

Full Year 2023 Outlook

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “We are increasing our full year 2023 outlook to reflect strong results through June. We now expect full year 2023 revenues to grow to a range of $830 million to $855 million, representing approximately 18% growth at the midpoint, and entirely organic. We are raising our Adjusted EBITDA1 forecast to a range of $320 million to $335 million. This implies Adjusted EBITDA1 growth of approximately 23% at the midpoint driven by the stronger than anticipated year to date results plus our expectation to deliver strong margins for the remainder of the year. Given the first half weighting of income tax payments and planned growth capex, we expect to deliver stronger free cash flow for the rest of the year. In summary, we believe we are well on our way to achieving another year of record results for full year 2023.”

Webcast and Conference Call

Management will host a webcast and conference call on August 8, 2023 at 10:00 a.m. Eastern time (9:00 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. For those unable to access the webcast, the conference call will be accessible by dialing 1-877-269-7751 (domestic) or 1-201-389-0908 (international). Upon dialing in, please request to join the Tecnoglass Second Quarter 2023 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 1-844-512-2921 (Domestic) or 1-412-317-6671 (International) and entering passcode: 13740199.

About Tecnoglass

Tecnoglass Inc. is a leading producer of architectural glass, windows, and associated aluminum products serving the multi-family, single-family, and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company’s 5.6 million square foot, vertically integrated, and state-of-the-art manufacturing complex provide efficient access to nearly 1,000 customers in North, Central and South America, with the United States accounting for 96% of total revenues. Tecnoglass’ tailored, high-end products are found on some of the world’s most distinctive properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de Cristal (Barranquilla). 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 Giraldo
CFO
305-503-9062
investorrelations@tecnoglass.com

Tecnoglass Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)

  Junes 30,  December 31, 
  2023  2022 
ASSETS        
Current assets:        
Cash and cash equivalents $104,686  $103,671 
Investments  2,365   2,049 
Trade accounts receivable, net  185,996   158,397 
Due from related parties  1,616   1,447 
Inventories  161,767   124,997 
Contract assets – current portion  18,077   12,610 
Other current assets  53,304   28,963 
Total current assets $527,811  $432,134 
Long-term assets:        
Property, plant and equipment, net $266,783  $202,865 
Deferred income taxes  112   558 
Contract assets – non-current  6,089   8,875 
Long-term trade accounts receivable  -   1,225 
Intangible assets  2,525   2,706 
Goodwill  23,561   23,561 
Long-term investments  60,408   57,839 
Other long-term assets  4,977   4,545 
Total long-term assets  364,455   302,174 
Total assets $892,266  $734,308 
LIABILITIES AND SHAREHOLDERS’ EQUITY        
Current liabilities:        
Short-term debt and current portion of long-term debt $645  $504 
Trade accounts payable and accrued expenses  113,803   90,186 
Due to related parties  6,276   5,323 
Dividends payable  4,336   3,622 
Contract liability – current portion  62,907   49,601 
Other current liabilities  47,022   60,566 
Total current liabilities $234,989  $209,802 
Long-term liabilities:        
Deferred income taxes $10,602  $5,190 
Contract liability – non-current  12   11 
Long-term debt  169,003   168,980 
Total long-term liabilities  179,617   174,181 
Total liabilities $414,606  $383,983 
SHAREHOLDERS’ EQUITY        
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively $  $ 
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 47,673,433 and 47,674,773 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively  5   5 
Legal Reserves  1,458   1,458 
Additional paid-in capital  219,234   219,290 
Retained earnings  326,353   234,254 
Accumulated other comprehensive loss  (71,152)  (106,187)
Shareholders’ equity attributable to controlling interest  475,898   348,820 
Shareholders’ equity attributable to non-controlling interest  1,762   1,505 
Total shareholders’ equity  477,660   350,325 
Total liabilities and shareholders’ equity $892,266  $734,308 


Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)

  Three months ended  Six months ended 
  June 30,  June 30, 
  2023  2022  2023  2022 
Operating revenues:                
External customers $224,788  $168,657  $427,094  $302,679 
Related parties  492   467   825   993 
Total operating revenues  225,280   169,124   427,919   303,672 
Cost of sales  (115,610)  (95,492)  (210,494)  (169,707)
Gross profit  109,670   73,632   217,425   133,965 
Operating expenses:                
Selling expense  (20,487)  (16,616)  (36,807)  (29,984)
General and administrative expense  (14,682)  (11,529)  (32,437)  (24,528)
Total operating expenses  (35,169)  (28,145)  (69,244)  (54,512)
Operating income  74,501   45,487   148,181   79,453 
Non-operating income (expenses), net  1,625   161   2,912   503 
Equity method income  1,119   1,669   2,568   3,249 
Foreign currency transactions (loss) gains  889   2,503   (211)  (406)
Interest expense and deferred cost of financing  (2,321)  (1,715)  (4,594)  (3,183)
Income before taxes  75,813   48,105   148,856   79,616 
Income tax provision  (23,248)  (14,692)  (47,919)  (25,250)
Net income $52,565  $33,413  $100,937  $54,366 
Income attributable to non-controlling interest  (120)  (219)  (257)  (319)
Income attributable to parent $52,445  $33,194  $100,680  $54,047 
Comprehensive income:                
Net income $52,565  $33,413  $100,937  $54,366 
Foreign currency translation adjustments  27,238   (23,620)  35,049   (9,987)
Change in fair value of derivative contracts  1,823   1,710   (14)  4,332 
Total comprehensive income $81,626  $11,503  $135,972  $48,711 
Comprehensive (loss) income attributable to non-controlling interest  (120)  (219)  (257)  (319)
Total comprehensive income attributable to parent $81,506  $11,284  $135,715  $48,392 
Basic income per share $1.10  $0.70  $2.12  $1.14 
Diluted income per share $1.10   0.70  $2.12  $1.14 
Basic weighted average common shares outstanding  47,674,041   47,674,773   47,674,403   47,674,773 
Diluted weighted average common shares outstanding  47,674,041   47,674,773   47,674,403   47,674,773 


Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

  Six months ended June 30, 
  2023  2022 
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income $100,937  $54,366 
Adjustments to reconcile net income to net cash provided by operating activities:        
Allowance for credit losses  1,899   580 
Depreciation and amortization  9,914   10,462 
Deferred income taxes  4,130   (1,016)
Equity method income  (2,568)  (3,249)
Deferred cost of financing  610   726 
Other non-cash adjustments  118   6 
Unrealized currency translation (loss) gains  (14,609)  911 
Changes in operating assets and liabilities:        
Trade accounts receivable  (24,778)  (4,792)
Inventories  (15,584)  (31,343)
Prepaid expenses  (1,660)  (690)
Other assets  (22,550)  1,652 
Trade accounts payable and accrued expenses  16,167   16,488 
Taxes payable  (20,153)  2,260 
Labor liabilities  345   125 
Other liabilities  (57)  (2,047)
Contract assets and liabilities  10,843   17,538 
Related parties  210   1,020 
CASH PROVIDED BY OPERATING ACTIVITIES $43,214  $62,997 
         
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchase of investments  (193)  (933)
Acquisition of property and equipment  (37,886)  (26,250)
CASH USED IN INVESTING ACTIVITIES $(38,079) $(27,183)
         
CASH FLOWS FROM FINANCING ACTIVITIES        
Cash dividend  (7,868)  (6,196)
Stock buyback  (56)  - 
Proceeds from debt  98   241 
Repayments of debt  (6)  (15,367)
CASH USED IN FINANCING ACTIVITIES $(7,832) $(21,322)
         
Effect of exchange rate changes on cash and cash equivalents $3,711  $(883)
         
NET INCREASE IN CASH  1,014   13,609 
CASH - Beginning of period  103,672   85,011 
CASH - End of period $104,686  $98,620 
         
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION        
Cash paid during the period for:        
Interest $5,556  $2,387 
Income Tax $82,807  $7,552 
         
NON-CASH INVESTING AND FINANCING ACTIVITES:        
Assets acquired under credit or debt $7,223  $5,835 


Revenues by Region
(Amounts in thousands)
(Unaudited)

  Three months ended  Twelve months ended 
  June 30,  June 30, 
  2023  2022  % Change  2023  2022  % Change 
Revenues by Region                        
United States  214,725   161,478   33.0%  809,469   534,103   51.6%
Colombia  5,962   4,816   23.8%  18,862   19,385   (2.7%)
Other Countries  4,593   2,830   62.3%  12,487   13,662   (8.6%)
Total Revenues by Region  225,280   169,124   33.2%  840,817   567,150   48.3%


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  Twelve months ended 
  June 30,  June 30, 
  2023  2022  % Change  2023  2022  % Change 
                   
Total Revenues with Foreign Currency Held Neutral  226,067   169,124   33.7%  844,237   567,150   48.9%
Impact of changes in foreign currency  (786)  -       (3,420)  -     
Total Revenues, As Reported  225,280   134,548   33.2%  840,817   567,150   48.3%


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  Six months ended 
  June 30,  June 30, 
  2023  2022  2023  2022 
             
Net (loss) income  52,565   33,413   100,937   54,366 
Less: Income (loss) attributable to non-controlling interest  (120)  (219)  (257)  (319)
 (Loss) Income attributable to parent  52,445   33,194   100,680   54,047 
Foreign currency transactions losses (gains)  (889)  (2,503)  211   406 
Non-Recurring expenses (non-recurring professional fees, capital market fees, provision for bad debt, other non-core items)  2,421   1,324   5,696   4,811 
Joint Venture VA (Saint Gobain) adjustments  (43)  936   392   972 
Tax impact of adjustments at statutory rate  (476)  73   (2,016)  (1,857)
Adjusted net (loss) income  53,458   33,024   104,963   58,379 
                 
Basic income (loss) per share  1.10   0.70   2.12   1.13 
Diluted income (loss) per share  1.10   0.70   2.12   1.13 
                 
Diluted Adjusted net income (loss) per share  1.12   0.69   2.20   1.22 
                 
Diluted Weighted Average Common Shares Outstanding in thousands  47,675   47,675   47,675   47,675 
Basic weighted average common shares outstanding in thousands  47,675   47,675   47,675   47,675 
Diluted weighted average common shares outstanding in thousands  47,675   47,675   47,675   47,675 


  Three months ended  Six months ended 
  June 30,  June 30, 
  2023  2022  2023  2022 
             
Net (loss) income  52,565   33,413   100,937   54,366 
Less: Income (loss) attributable to non-controlling interest  (120)  (219)  (257)  (319)
 (Loss) Income attributable to parent  52,445   33,194   100,680   54,047 
Interest expense and deferred cost of financing  2,321   1,715   4,594   3,183 
Income tax (benefit) provision  23,248   14,692   47,919   25,250 
Depreciation & amortization  5,147   5,211   9,914   10,462 
Foreign currency transactions losses (gains)  (889)  (2,503)  211   406 
Non-Recurring expenses (non-recurring professional fees, capital market fees, provision for bad debt, other non-core items)  2,421   1,324   5,696   4,811 
Joint Venture VA (Saint Gobain) EBITDA adjustments  313   936   1,828   1,761 
Adjusted EBITDA  85,006   54,569   170,842   99,920 


FAQ

What are Tecnoglass, Inc.'s second quarter 2023 total revenues?

Tecnoglass, Inc.'s second quarter 2023 total revenues were $225.3 million, up 33.2% year-over-year.

What was Tecnoglass, Inc.'s adjusted EBITDA for the second quarter of 2023?

Tecnoglass, Inc.'s adjusted EBITDA for the second quarter of 2023 was $85.0 million, representing 37.7% of total revenues.

What was Tecnoglass, Inc.'s backlog growth for the second quarter of 2023?

Tecnoglass, Inc.'s backlog growth expanded by 19.4% year-over-year to an all-time high of $797 million.

What is Tecnoglass, Inc.'s full year 2023 growth outlook?

Tecnoglass, Inc.'s full year 2023 growth outlook is adjusted EBITDA of $320 million to $335 million on total revenues of $830 million to $855 million.

Tecnoglass Inc.

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