Tecnoglass Reports Second Quarter 2024 Results
Tecnoglass (NYSE: TGLS) reported its Q2 2024 results with revenues of $219.7 million, a 2.5% year-over-year decrease but still the second-highest in its history. The company saw record single-family residential revenues of $95.7 million, a 10.1% increase. Net income was $35.0 million or $0.75 per diluted share, while adjusted net income was $40.5 million or $0.86 per diluted share. Adjusted EBITDA reached $64.1 million. Tecnoglass experienced strong cash flow from operations at $34.5 million and a low net leverage ratio of 0.06x. The backlog grew 29% to a record $1.02 billion. The company improved its full-year 2024 outlook, projecting revenues between $860 million and $910 million and adjusted EBITDA between $260 million and $285 million, supported by strong single-family residential orders and operational efficiencies.
Tecnoglass (NYSE: TGLS) ha riportato i risultati del secondo trimestre 2024 con ricavi di 219,7 milioni di dollari, registrando un calo del 2,5% rispetto all'anno precedente, ma rimanendo comunque il secondo valore più alto della sua storia. L'azienda ha visto ricavi record per le abitazioni unifamiliari di 95,7 milioni di dollari, con un aumento del 10,1%. L'utile netto è stato di 35,0 milioni di dollari, ovvero 0,75 dollari per azione diluita, mentre l'utile netto rettificato è stato di 40,5 milioni di dollari, ovvero 0,86 dollari per azione diluita. L'EBITDA rettificato ha raggiunto i 64,1 milioni di dollari. Tecnoglass ha beneficiato di un forte flusso di cassa dalle operazioni, pari a 34,5 milioni di dollari, e un basso rapporto di indebitamento netto di 0,06x. Il portafoglio ordini è cresciuto del 29%, raggiungendo un record di 1,02 miliardi di dollari. L'azienda ha migliorato la sua previsione per l'intero anno 2024, stimando ricavi compresi tra 860 milioni e 910 milioni di dollari e un EBITDA rettificato tra 260 milioni e 285 milioni di dollari, supportati da forti ordini per abitazioni unifamiliari e da efficienze operative.
Tecnoglass (NYSE: TGLS) informó sus resultados del segundo trimestre de 2024 con ingresos de 219,7 millones de dólares, una disminución del 2,5% en comparación con el año anterior, pero aún así el segundo más alto en su historia. La empresa vio ingresos récord en viviendas unifamiliares de 95,7 millones de dólares, un aumento del 10,1%. El ingreso neto fue de 35,0 millones de dólares, o 0,75 dólares por acción diluida, mientras que el ingreso neto ajustado fue de 40,5 millones de dólares, o 0,86 dólares por acción diluida. El EBITDA ajustado alcanzó los 64,1 millones de dólares. Tecnoglass experimentó un fuerte flujo de efectivo de las operaciones, con 34,5 millones de dólares y un bajo ratio de apalancamiento neto de 0,06x. La cartera de pedidos creció un 29%, alcanzando un récord de 1,02 mil millones de dólares. La empresa mejoró su perspectiva para el año completo 2024, proyectando ingresos entre 860 millones y 910 millones de dólares y un EBITDA ajustado entre 260 millones y 285 millones de dólares, respaldada por fuertes órdenes de viviendas unifamiliares y eficiencias operativas.
Tecnoglass (NYSE: TGLS)는 2024년 2분기 결과를 보고하며 수익이 2억 1,970만 달러로, 전년 대비 2.5% 감소했지만 여전히 역사상 두 번째로 높은 수치라고 밝혔습니다. 이 회사는 단독 주택에서 9,570만 달러의 전례 없는 수익을 기록하여 10.1% 증가했습니다. 순이익은 3,500만 달러, 희석 주당 0.75 달러였으며, 조정 후 순이익은 4,050만 달러로 희석 주당 0.86 달러였습니다. 조정된 EBITDA는 6,410만 달러에 달했습니다. Tecnoglass는 3,450만 달러의 운영 현금 흐름과 0.06배의 낮은 순부채비율을 경험했습니다. 수주 잔고는 29% 증가하여 기록적인 10억 2천만 달러에 도달했습니다. 이 회사는 2024년 전체 연간 전망을 개선하여 8억 6천만 달러에서 9억 1천만 달러 사이의 수익과 2억 6천만 달러에서 2억 8천5백만 달러 사이의 조정 EBITDA를 예상하고 있으며, 이는 강력한 단독 주택 주문과 운영 효율성에 의해 지원받고 있습니다.
Tecnoglass (NYSE: TGLS) a annoncé ses résultats du deuxième trimestre 2024 avec des revenus de 219,7 millions de dollars, enregistrant une baisse de 2,5 % par rapport à l'année précédente, mais demeurant tout de même le deuxième montant le plus élevé de son histoire. L'entreprise a enregistré des revenus record de 95,7 millions de dollars pour le secteur des maisons individuelles, soit une augmentation de 10,1 %. Le bénéfice net s'est établi à 35,0 millions de dollars ou 0,75 dollar par action diluée, tandis que le bénéfice net ajusté était de 40,5 millions de dollars ou 0,86 dollar par action diluée. L'EBITDA ajusté a atteint 64,1 millions de dollars. Tecnoglass a connu un flux de trésorerie d'exploitation solide de 34,5 millions de dollars et un faible ratio d'endettement net de 0,06x. Le carnet de commandes a augmenté de 29 % pour atteindre un record de 1,02 milliard de dollars. L'entreprise a amélioré ses prévisions pour l'année complète 2024, en projetant des revenus compris entre 860 millions et 910 millions de dollars et un EBITDA ajusté entre 260 millions et 285 millions de dollars, soutenus par de fortes commandes de maisons individuelles et des efficacités opérationnelles.
Tecnoglass (NYSE: TGLS) berichtete über die Ergebnisse des 2. Quartals 2024 mit einem Umsatz von 219,7 Millionen Dollar, was einem Rückgang von 2,5% im Jahresvergleich entspricht, jedoch den zweit höchsten Umsatz in der Unternehmensgeschichte darstellt. Das Unternehmen verzeichnete Rekordeinnahmen im Bereich von Einfamilienhäusern in Höhe von 95,7 Millionen Dollar, was einem Anstieg von 10,1% entspricht. Der Nettogewinn betrug 35,0 Millionen Dollar oder 0,75 Dollar pro verwässerter Aktie, während der adjustierte Nettogewinn 40,5 Millionen Dollar oder 0,86 Dollar pro verwässerter Aktie betrug. Das adjustierte EBITDA erreichte 64,1 Millionen Dollar. Tecnoglass verzeichnete starken operativen Cashflow von 34,5 Millionen Dollar und ein geringes Netto-Leverage-Verhältnis von 0,06x. Der Auftragsbestand wuchs um 29% auf einen Rekordwert von 1,02 Milliarden Dollar. Das Unternehmen hat seine Prognose für das Gesamtjahr 2024 verbessert und erwartet Umsätze zwischen 860 Millionen und 910 Millionen Dollar sowie ein adjustiertes EBITDA zwischen 260 Millionen und 285 Millionen Dollar, unterstützt durch starke Aufträge im Bereich Einfamilienhäuser und operative Effizienz.
- Single-family residential revenues increased by 10.1% year-over-year to $95.7 million.
- Record low net leverage ratio of 0.06x.
- Record backlog of $1.02 billion, a 29% increase year-over-year.
- Cash flow from operations was strong at $34.5 million.
- Improved full-year 2024 revenue outlook to a range of $860 million to $910 million.
- Adjusted EBITDA expected between $260 million and $285 million for 2024.
- Total revenues decreased by 2.5% year-over-year.
- Net income declined to $35.0 million from $52.6 million year-over-year.
- Gross profit margin decreased from 48.7% to 40.8% year-over-year.
- SG&A expenses increased to $38.4 million from $35.2 million year-over-year.
- Adverse foreign exchange impacts reduced gross margin by 340 basis points.
Insights
Tecnoglass's Q2 2024 results demonstrate strong performance despite macroeconomic challenges. Key highlights include:
$219.7 million in revenue, down2.5% YoY but still the second-highest in company history- Record single-family residential revenue of
$95.7 million , up10.1% YoY - Adjusted EBITDA of
$64.1 million , representing a29.2% margin - Record low net leverage ratio of 0.06x
- Backlog growth of
29% YoY to$1.02 billion
The company's improved full-year outlook, with revenue expected between
Tecnoglass's Q2 results reveal significant market dynamics:
- Strong single-family residential demand, with orders up
60% YoY - Potential pull-forward effect from Florida's sales tax waiver expiration
- Softening in multi-family/commercial segment due to higher interest rates
- Market share gains in outperforming US geographies
The record
Tecnoglass's operational performance in Q2 2024 shows both strengths and challenges:
- Gross margin pressure due to FX impact (
340 basis points) and higher salary expenses - Sequential gross margin improvement of
200 basis points from Q1 2024 - Strong cash flow generation despite seasonal tax payments
- Capital expenditures of
$20.3 million for future expansion and infrastructure
The company's vertically-integrated operations and focus on efficiency have helped mitigate some headwinds. The low net leverage ratio and
- Revenue of
- Strong Organic Growth in Single-Family Residential Revenue to a Record
- Net Income of
- Adjusted Net Income1 of
- Adjusted EBITDA1 of
- Strong Cash Flow from Operations of
- All Time Record Low Net Leverage Ratio of 0.06x at Quarter End -
- Backlog Growth Continued Record Trajectory, Expanding
- Single Family Residential Orders Continued Record Trajectory for the Second Quarter, Up Over
- Provides Improved Full Year 2024 Outlook -
Miami, FL, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NYSE: TGLS) (“Tecnoglass” or the “Company”), a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today reported financial results for the second quarter ended June 30, 2024.
José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “Our team demonstrated exceptional performance in the second quarter of 2024, successfully navigating a complex macroeconomic landscape. We maintained strong momentum, capitalizing on the robust demand observed at the end of the first quarter to drive record single-family residential revenues in the second quarter. Our multi-family/commercial business improved sequentially and is expected to continue a positive trend as we move into the second half of the year and into 2025. This outlook is supported by substantial order levels in June, which contributed to another record quarter of backlog. Furthermore, our continued focus on operational efficiencies and prudent working capital management continues to yield benefits, resulting in robust cash flow generation despite the timing of seasonal tax payments made during the quarter. While we face year-over-year margin pressures from a combination of factors, particularly unfavorable foreign exchange impacts, we’re encouraged by the sequential improvement in our profitability and the reasonable stability in FX rates for the last 12 months. We remain confident in our ability to navigate the evolving market landscape and drive additional shareholder value in 2024.”
Christian Daes, Chief Operating Officer of Tecnoglass, added, “We’re proud to report another record multi-year backlog of
Second Quarter 2024 Results
Total revenues for the second quarter of 2024 decreased
Gross profit for the second quarter of 2024 was
Selling, general and administrative expense (“SG&A”) was
Net income was
Adjusted net income1 was
Adjusted EBITDA1, as reconciled in the table below, was
Cash Generation, Capital Allocation and Liquidity
Cash provided by operating activities for the second quarter of 2024 was
During the quarter, the Company returned capital to shareholders through the payment of
The Company ended the second quarter of 2024 with total liquidity of approximately
Full Year 2024 Outlook
Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “We are providing full year outlook ranges for revenue and Adjusted EBITDA that are in aggregate stronger than our previous outlook scenarios. This reflects our strong results through June and our visibility through the remainder of the year. We expect full year 2024 revenues to grow to a range of
Webcast and Conference Call
Management will host a webcast and conference call on August 8, 2024, at 10:00 a.m. Eastern 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 1-844-826-3035 (domestic) or 1-412-317-5195 (international). Upon dialing in, please request to join the Tecnoglass Second Quarter 2024 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: 10190661.
About Tecnoglass
Tecnoglass Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass 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
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)
| June 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 126,805 | $ | 129,508 | ||||
| Investments | 2,699 | 2,907 | ||||||
| Trade accounts receivable, net | 178,790 | 166,498 | ||||||
| Due from related parties | 1,686 | 1,387 | ||||||
| Inventories | 132,497 | 159,070 | ||||||
| Contract assets – current portion | 22,961 | 17,800 | ||||||
| Other current assets | 51,223 | 58,590 | ||||||
| Total current assets | $ | 516,661 | $ | 535,760 | ||||
| Long-term assets: | ||||||||
| Property, plant and equipment, net | $ | 323,981 | $ | 324,591 | ||||
| Deferred income taxes | 235 | 169 | ||||||
| Contract assets – non-current | 8,541 | 8,797 | ||||||
| Intangible assets | 3,592 | 3,475 | ||||||
| Goodwill | 23,561 | 23,561 | ||||||
| Long-term investments | 60,150 | 60,570 | ||||||
| Other long-term assets | 5,768 | 5,794 | ||||||
| Total long-term assets | 425,828 | 426,957 | ||||||
| Total assets | $ | 942,489 | $ | 962,717 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term debt and current portion of long-term debt | $ | 2,197 | $ | 7,002 | ||||
| Trade accounts payable and accrued expenses | 99,572 | 82,784 | ||||||
| Due to related parties | 6,377 | 7,498 | ||||||
| Dividends payable | 5,197 | 4,265 | ||||||
| Contract liability – current portion | 77,406 | 72,543 | ||||||
| Other current liabilities | 22,196 | 61,794 | ||||||
| Total current liabilities | $ | 212,945 | $ | 235,886 | ||||
| Long-term liabilities: | ||||||||
| Deferred income taxes | $ | 14,647 | $ | 15,793 | ||||
| Contract liability – non-current | - | 14 | ||||||
| Long-term debt | 140,058 | 163,004 | ||||||
| Total long-term liabilities | 154,705 | 178,811 | ||||||
| Total liabilities | $ | 367,650 | $ | 414,697 | ||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Preferred shares, | $ | $ | - | |||||
| Ordinary shares, | 5 | 5 | ||||||
| Legal Reserves | 1,458 | 1,458 | ||||||
| Additional paid-in capital | 192,380 | 192,385 | ||||||
| Retained earnings | 454,456 | 400,035 | ||||||
| Accumulated other comprehensive loss | (73,460 | ) | (45,863 | ) | ||||
| Total shareholders’ equity | 574,839 | 548,020 | ||||||
| Total liabilities and shareholders’ equity | $ | 942,489 | $ | 962,717 | ||||
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, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating revenues: | ||||||||||||||||
| External customers | $ | 218,928 | $ | 224,788 | $ | 411,017 | $ | 427,094 | ||||||||
| Related parties | 726 | 492 | 1,264 | 825 | ||||||||||||
| Total operating revenues | 219,654 | 225,280 | 412,281 | 427,919 | ||||||||||||
| Cost of sales | (130,077 | ) | (115,610 | ) | (248,044 | ) | (210,494 | ) | ||||||||
| Gross profit | 89,577 | 109,670 | 164,237 | 217,425 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling expense | (20,000 | ) | (20,487 | ) | (37,583 | ) | (36,807 | ) | ||||||||
| General and administrative expense | (18,443 | ) | (14,682 | ) | (34,498 | ) | (32,437 | ) | ||||||||
| Total operating expenses | (38,443 | ) | (35,169 | ) | (72,081 | ) | (69,244 | ) | ||||||||
| Operating income | 51,134 | 74,501 | 92,156 | 148,181 | ||||||||||||
| Non-operating income, net | 2,731 | 1,625 | 3,811 | 2,912 | ||||||||||||
| Equity method income | 1,237 | 1,119 | 2,283 | 2,568 | ||||||||||||
| Foreign currency transactions (loss) gains | (5,575 | ) | 889 | (5,728 | ) | (211 | ) | |||||||||
| Interest expense and deferred cost of financing | (2,006 | ) | (2,321 | ) | (4,112 | ) | (4,594 | ) | ||||||||
| Income before taxes | 47,521 | 75,813 | 88,410 | 148,856 | ||||||||||||
| Income tax provision | (12,493 | ) | (23,248 | ) | (23,652 | ) | (47,919 | ) | ||||||||
| Net income | $ | 35,028 | $ | 52,565 | $ | 64,758 | $ | 100,937 | ||||||||
| Income attributable to non-controlling interest | - | (120 | ) | - | (257 | ) | ||||||||||
| Income attributable to parent | $ | 35,028 | $ | 52,445 | $ | 64,758 | $ | 100,680 | ||||||||
| Basic income per share | $ | 0.75 | $ | 1.10 | $ | 1.38 | $ | 2.12 | ||||||||
| Diluted income per share | $ | 0.75 | 1.10 | $ | 1.38 | $ | 2.12 | |||||||||
| Basic weighted average common shares outstanding | 46,996,705 | 47,647,041 | 46,996,706 | 47,674,403 | ||||||||||||
| Diluted weighted average common shares outstanding | 46,996,705 | 47,647,041 | 46,996,706 | 47,674,403 | ||||||||||||
| Other comprehensive income: | ||||||||||||||||
| Foreign currency translation adjustments | (28,321 | ) | 27,238 | (28,291 | ) | 35,049 | ||||||||||
| Change in fair value of derivative contracts | (342 | ) | 1,823 | 694 | (14 | ) | ||||||||||
| Total other comprehensive income | (28,663 | ) | 29,061 | (27,597 | ) | 35,035 | ||||||||||
| Total comprehensive income | $ | 6,365 | $ | 81,626 | $ | 37,161 | $ | 135,972 | ||||||||
| Income attributable to non-controlling interest | - | (120 | ) | - | (257 | ) | ||||||||||
| Total comprehensive income attributable to parent | $ | 6,365 | $ | 81,506 | $ | 37,161 | $ | 135,715 | ||||||||
Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Six months ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income | $ | 64,758 | $ | 100,937 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Allowance for credit losses | 275 | 1,899 | ||||||
| Depreciation and amortization | 12,788 | 9,914 | ||||||
| Deferred income taxes | 1,456 | 4,130 | ||||||
| Equity method income | (2,283 | ) | (2,568 | ) | ||||
| Deferred cost of financing | 640 | 610 | ||||||
| Other non-cash adjustments | 32 | 118 | ||||||
| Unrealized currency translation (gains) loss | 741 | (14,609 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Trade accounts receivable | (5,913 | ) | (24,778 | ) | ||||
| Inventories | 14,395 | (15,584 | ) | |||||
| Prepaid expenses | (1,743 | ) | (1,660 | ) | ||||
| Other assets | 8,827 | (22,550 | ) | |||||
| Trade accounts payable and accrued expenses | 12,695 | 16,167 | ||||||
| Taxes payable | (36,961 | ) | (20,153 | ) | ||||
| Labor liabilities | (121 | ) | 345 | |||||
| Other liabilities | 42 | (57 | ) | |||||
| Contract assets and liabilities | (3,192 | ) | 10,843 | |||||
| Related parties | 1,509 | 210 | ||||||
| CASH PROVIDED BY OPERATING ACTIVITIES | $ | 67,945 | $ | 43,214 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Dividends received | 2,703 | |||||||
| Purchase of investments | (317 | ) | (193 | ) | ||||
| Acquisition of property and equipment | (30,188 | ) | (37,886 | ) | ||||
| CASH USED IN INVESTING ACTIVITIES | $ | (27,802 | ) | $ | (38,079 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Cash dividend | (9,407 | ) | (7,868 | ) | ||||
| Minority stock purchase | (2,500 | ) | ||||||
| Stock buyback | (5 | ) | (56 | ) | ||||
| Proceeds from debt | 2,571 | 98 | ||||||
| Repayments of debt | (30,986 | ) | (6 | ) | ||||
| CASH USED IN FINANCING ACTIVITIES | $ | (40,327 | ) | $ | (7,832 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | $ | (2,519 | ) | $ | 3,711 | |||
| NET (DCREASE) INCREASE IN CASH | (2,703 | ) | 1,014 | |||||
| CASH - Beginning of period | 129,508 | 103,672 | ||||||
| CASH - End of period | $ | 126,805 | $ | 104,686 | ||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 5,559 | $ | 5,556 | ||||
| Income Tax | $ | 59,607 | $ | 82,807 | ||||
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
| Assets acquired under credit or debt | $ | 4,572 | $ | 7,223 | ||||
Revenues by Region
(Amounts in thousands)
(Unaudited)
| Three months ended | ||||||||||||
| June 30, | ||||||||||||
| 2024 | 2023 | % Change | ||||||||||
| Revenues by Region | ||||||||||||
| United States | 209,697 | 214,725 | -2.3 | % | ||||||||
| Colombia | 5,831 | 5,962 | -2.2 | % | ||||||||
| Other Countries | 4,126 | 4,593 | (10.2 | )% | ||||||||
| Total Revenues by Region | 219,654 | 225,280 | -2.5 | % | ||||||||
Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(In thousands)
(Unaudited)
The Company believes that total revenues with foreign currency held neutral, which are not performance measures under generally accepted accounting principles (“GAAP”), 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. Management uses such performance measures in managing and evaluating the Company’s business. 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 | ||||||||||||
| June 30, | ||||||||||||
| 2024 | 2023 | % Change | ||||||||||
| Total Revenues with Foreign Currency Held Neutral | 218,988 | 225,280 | -2.8 | % | ||||||||
| Impact of changes in foreign currency | 666 | - | ||||||||||
| Total Revenues, As Reported | 219,654 | 225,280 | -2.5 | % | ||||||||
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 non-GAAP performance measures. Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude 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. Items excluded to arrive at forward-looking non-GAAP measures may have a significant, and potentially unpredictable, impact on our future GAAP results.
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, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net (loss) income | 35,028 | 52,565 | 64,758 | 100,937 | ||||||||||||
| Less: Income (loss) attributable to non-controlling interest | - | (120 | ) | - | (257 | ) | ||||||||||
| (Loss) Income attributable to parent | 35,028 | 52,445 | 64,758 | 100,680 | ||||||||||||
| Foreign currency transactions losses (gains) | 5,575 | (889 | ) | 5,728 | 211 | |||||||||||
| Provision for bad debt | 150 | 985 | 275 | 1,899 | ||||||||||||
| Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) | 968 | 1,436 | 1,639 | 3,797 | ||||||||||||
| Joint Venture VA (Saint Gobain) adjustments | 1,409 | (43 | ) | 2,192 | 392 | |||||||||||
| Tax impact of adjustments at statutory rate | (2,593 | ) | (476 | ) | (3,147 | ) | (2,016 | ) | ||||||||
| Adjusted net (loss) income | 40,537 | 53,458 | 71,445 | 104,963 | ||||||||||||
| Basic income (loss) per share | 0.75 | 1.10 | 1.38 | 2.12 | ||||||||||||
| Diluted income (loss) per share | 0.75 | 1.10 | 1.38 | 2.12 | ||||||||||||
| Diluted Adjusted net income (loss) per share | 0.86 | 1.12 | 1.52 | 2.20 | ||||||||||||
| Diluted Weighted Average Common Shares Outstanding in thousands | 46,997 | 47,675 | 46,997 | 47,675 | ||||||||||||
| Basic weighted average common shares outstanding in thousands | 46,997 | 47,675 | 46,997 | 47,675 | ||||||||||||
| Diluted weighted average common shares outstanding in thousands | 46,997 | 47,675 | 46,997 | 47,675 | ||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net (loss) income | 35,028 | 52,565 | 64,758 | 100,937 | ||||||||||||
| Less: Income (loss) attributable to non-controlling interest | - | (120 | ) | - | (257 | ) | ||||||||||
| (Loss) Income attributable to parent | 35,028 | 52,445 | 64,758 | 100,680 | ||||||||||||
| Interest expense and deferred cost of financing | 2,006 | 2,321 | 4,112 | 4,594 | ||||||||||||
| Income tax (benefit) provision | 12,493 | 23,248 | 23,652 | 47,919 | ||||||||||||
| Depreciation & amortization | 6,463 | 5,147 | 12,779 | 9,914 | ||||||||||||
| Foreign currency transactions losses (gains) | 5,575 | (889 | ) | 5,728 | 211 | |||||||||||
| Provision for bad debt | 150 | 985 | 275 | 1,899 | ||||||||||||
| Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) | 968 | 1,436 | 1,639 | 3,797 | ||||||||||||
| Joint Venture VA (Saint Gobain) EBITDA adjustments | 1,409 | 313 | 2,192 | 1,828 | ||||||||||||
| Adjusted EBITDA | 64,092 | 85,006 | 115,135 | 170,842 | ||||||||||||
FAQ
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