Tecnoglass,
Inc.
(NYSE: TGLS)
(“Tecnoglass” or the
“Company”),
a leading manufacturer
of architectural glass, windows, and associated aluminum products
serving the global residential and commercial end markets, today
reported financial results for the first quarter ended March 31,
2023.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, “Our strong momentum continued into 2023
with record first quarter results. We generated year-over-year
growth in all of our key operating metrics, resulting in record
first quarter revenues, gross profit, Adjusted EBITDA1, operating
cash flow and free cash flow. This performance further builds upon
our established track record of achieving strong financial
performance and returns for shareholders, derived from a multi-year
effort to fortify our architectural glass platform through sound
investments in strategic automation and capacity enhancements. Our
continued expanding backlog resulted in a third straight quarter of
approximately 60% year-over-year growth in multifamily/commercial
revenues. We were also particularly pleased with the continued
rapid growth of our single-family residential products. The shorter
cash cycle in our single-family residential business, along with
our prudent working capital management, also helped us generate our
13th consecutive quarter of strong cash flow. Achieving these
results amid a challenging macro-economic backdrop further
validates our growth strategy and our structural competitive
advantages. Overall, I am proud of the efforts of all of our team
members and as we look to the balance of the year, we believe we
have all of the tools in place to execute against our multi-faceted
growth strategy to further cement our position as an industry
leader in the architectural glass market.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “We are thrilled to report an excellent start to
the year as demand for our single-family residential and
multifamily/commercial products remains strong. We are encouraged
by the solid levels of quoting and bidding activity in our markets,
with the accelerating growth in our backlog to a record $776
million at quarter-end, reflecting an increasing number of projects
in our commercial pipeline with visibility well into 2024. We are
encouraged to see the Architectural Billings Index (ABI), which
forecasts business conditions for the mid-to-high-rise end-market,
return to expansionary levels in March, which further validates
what we are seeing in our main markets. On all sides of our
business, our ability to timely deliver best-in-class products is
driving significant revenue growth and market share gains. We
remain focused on consistently improving within our
vertically-integrated operations as we continue to produce
innovative new products and geographic diversification.”
First Quarter
2023
Results
Total revenues for the first quarter of 2023
increased 50.6% to $202.6 million compared to $134.5 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 40% year-over-year,
representing 41% of total revenues for the first quarter, helped by
market share gains and the continued positive demographic trends in
the Company’s main markets. Multifamily/commercial revenues
increased 59% year-over-year, attributable to the previously
mentioned increase in 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 our main markets. Changes in foreign currency
exchange rates had an adverse impact of $1.2 million on both
Colombia revenues and total revenues in the quarter.
Gross profit for the first quarter of 2023
increased 78.6% to $107.8 million, representing a 53.2% gross
margin, compared to gross profit of $60.3 million, representing a
44.8% gross margin in the prior year quarter. The 830 basis point
improvement in gross margin mainly reflected operating leverage on
higher sales, favorable pricing dynamics and greater operating
efficiencies related to prior automation initiatives.
Selling, general and administrative expense
(“SG&A”) was $34.1 million for the first quarter of 2023
compared to $26.4 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 a higher provision
for bad debt expenses and incremental marketing costs associated
with the expansion of our new showrooms. As a percent of total
revenues, SG&A was 16.8% for the first quarter of 2023 compared
to 19.6% in the prior year quarter driven by better operating
leverage.
Net income was $48.4 million, or $1.01 per
diluted share, in the first quarter of 2023 compared to net income
of $21.0 million, or $0.44 per diluted share, in the prior year
quarter, including a non-cash foreign exchange transaction loss of
$1.1 million in the first quarter of 2023 and a $2.9 million loss
in the first quarter of 2022. As previously disclosed, these
non-cash 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 $51.5
million, or $1.08 per diluted share, in the first quarter of 2023
compared to adjusted net income of $25.4 million, or $0.53 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 89.3% to $85.8 million, or 42.4% of
total revenues, in the first quarter of 2023, compared to $45.4
million, or 33.7% of total revenues, in the prior year quarter. The
improvement was driven by higher sales and stronger gross and
operating margins. Adjusted EBITDA1 included a
$1.5 million contribution from the Company’s joint venture with
Saint-Gobain, compared to $0.8 million in the prior year
quarter.
Balance Sheet &
Liquidity
The Company ended the first quarter of 2023 with
total liquidity of approximately $300 million, including cash and
cash equivalents of $128.5 million and availability under its
committed revolving credit facilities of $170 million. Given the
Company’s continued growth in Adjusted EBITDA1 and strong cash
generation, debt leverage continues to trend lower and now stands
at 0.1 times net debt to LTM Adjusted EBITDA1, compared to 0.6
times in the prior year quarter.
Dividend
The Company declared a quarterly cash dividend
of $0.09 per share for the first quarter of 2023, representing a
20% increase from the previous dividend, which was paid on April
28, 2023 to shareholders of record as of the close of business on
March 31, 2023.
Full Year
2023 Outlook
Santiago Giraldo, Chief Financial Officer of
Tecnoglass, stated, “We are increasing our full year 2023 outlook
to reflect our strong start to 2023 and positive sales momentum
into the second quarter, reflected by record invoicing months in
March and April. We now expect full year 2023 revenues to grow
organically to a range of $810 million to $850 million
(approximately 16% growth at the midpoint of the range) and for
Adjusted EBITDA1 to increase to a range of $315 million to $335
million. This implies Adjusted EBITDA1 growth of approximately 23%
at the midpoint driven by stronger than originally anticipated
gross margins. The structural advantages provided by our vertically
integrated business model, as well as the investments we have made
in our production capabilities, put Tecnoglass firmly on track to
meet the strong demand anticipated in our updated outlook for the
full year 2023.”
Webcast and Conference Call
Management will host a webcast and conference
call on May 4, 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
1-844-826-3035 (domestic) or 1-412-317-5195 (international). Upon
dialing in, please request to join the Tecnoglass First 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:
10177642.
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 4.1
million square foot, vertically-integrated and state-of-the-art
manufacturing complex provides efficient access to over 1,000
global customers, with the U.S. accounting for more than 90% of
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
SubsidiariesConsolidated Balance Sheets
(In thousands, except share and per share
data)
|
|
March
31, |
|
|
|
|
|
|
2023(Unaudited) |
|
|
December 31, 2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
128,538 |
|
|
$ |
103,671 |
|
Investments |
|
|
2,140 |
|
|
|
2,049 |
|
Trade accounts receivable, net |
|
|
167,137 |
|
|
|
158,397 |
|
Due from related parties |
|
|
772 |
|
|
|
1,447 |
|
Inventories |
|
|
143,057 |
|
|
|
124,997 |
|
Contract assets – current portion |
|
|
18,982 |
|
|
|
12,610 |
|
Other current assets |
|
|
40,364 |
|
|
|
28,963 |
|
Total current assets |
|
$ |
500,990 |
|
|
$ |
432,134 |
|
Long-term assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
$ |
223,554 |
|
|
$ |
202,865 |
|
Deferred income taxes |
|
|
155 |
|
|
|
558 |
|
Contract assets – non-current |
|
|
4,415 |
|
|
|
8,875 |
|
Long-term trade accounts receivable |
|
|
- |
|
|
|
1,225 |
|
Intangible assets |
|
|
2,614 |
|
|
|
2,706 |
|
Goodwill |
|
|
23,561 |
|
|
|
23,561 |
|
Long-term investments |
|
|
60,433 |
|
|
|
57,839 |
|
Other long-term assets |
|
|
3,735 |
|
|
|
4,545 |
|
Total long-term assets |
|
|
318,467 |
|
|
|
302,174 |
|
Total assets |
|
$ |
819,457 |
|
|
$ |
734,308 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and current portion of long-term debt |
|
$ |
819 |
|
|
$ |
504 |
|
Trade accounts payable and accrued expenses |
|
|
86,629 |
|
|
|
90,186 |
|
Due to related parties |
|
|
5,491 |
|
|
|
5,323 |
|
Dividends payable |
|
|
4,334 |
|
|
|
3,622 |
|
Contract liability – current portion |
|
|
58,591 |
|
|
|
49,601 |
|
Other current liabilities |
|
|
88,394 |
|
|
|
60,566 |
|
Total current liabilities |
|
$ |
244,258 |
|
|
$ |
209,802 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
$ |
5,732 |
|
|
$ |
5,190 |
|
Contract liability – non-current |
|
|
11 |
|
|
|
11 |
|
Long-term debt |
|
|
169,076 |
|
|
|
168,980 |
|
Total long-term liabilities |
|
|
174,819 |
|
|
|
174,181 |
|
Total liabilities |
|
$ |
419,077 |
|
|
$ |
383,983 |
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Preferred shares, $0.0001 par value, 1,000,000 shares
authorized, 0 shares issued and outstanding at March 31, 2023 and
December 31, 2022, respectively |
|
$ |
- |
|
|
$ |
- |
|
Ordinary shares, $0.0001 par value, 100,000,000 shares
authorized, 47,674,773 and 47,674,773 shares issued and outstanding
at March 31, 2023 and December 31, 2022, respectively |
|
|
5 |
|
|
|
5 |
|
Legal Reserves |
|
|
1,458 |
|
|
|
1,458 |
|
Additional paid-in capital |
|
|
219,290 |
|
|
|
219,290 |
|
Retained earnings |
|
|
278,198 |
|
|
|
234,254 |
|
Accumulated other comprehensive loss |
|
|
(100,213 |
) |
|
|
(106,187 |
) |
Shareholders’ equity attributable to controlling
interest |
|
|
398,738 |
|
|
|
348,820 |
|
Shareholders’ equity attributable to non-controlling
interest |
|
|
1,642 |
|
|
|
1,505 |
|
Total shareholders’ equity |
|
|
400,380 |
|
|
|
350,325 |
|
Total liabilities and shareholders’ equity |
|
$ |
819,457 |
|
|
$ |
734,308 |
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Operations
and Comprehensive Income (In thousands,
except share and per share
data)(Unaudited)
|
|
Three months
ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Operating revenues: |
|
|
|
|
|
|
|
|
External customers |
|
$ |
202,306 |
|
|
$ |
134,022 |
|
Related parties |
|
|
333 |
|
|
|
526 |
|
Total operating revenues |
|
|
202,639 |
|
|
|
134,548 |
|
Cost of sales |
|
|
(94,884 |
) |
|
|
(74,215 |
) |
Gross profit |
|
|
107,755 |
|
|
|
60,333 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling expense |
|
|
(16,320 |
) |
|
|
(13,368 |
) |
General and administrative expense |
|
|
(17,755 |
) |
|
|
(12,999 |
) |
Total operating expenses |
|
|
(34,075 |
) |
|
|
(26,367 |
) |
Operating income |
|
|
73,680 |
|
|
|
33,966 |
|
Non-operating income, net |
|
|
1,287 |
|
|
|
342 |
|
Equity method income |
|
|
1,449 |
|
|
|
1,580 |
|
Foreign currency transactions losses |
|
|
(1,100 |
) |
|
|
(2,909 |
) |
Interest expense and deferred cost of financing |
|
|
(2,273 |
) |
|
|
(1,468 |
) |
Income before taxes |
|
|
73,043 |
|
|
|
31,511 |
|
Income tax provision |
|
|
(24,671 |
) |
|
|
(10,558 |
) |
Net income |
|
$ |
48,372 |
|
|
$ |
20,953 |
|
Income attributable to non-controlling interest |
|
|
(137 |
) |
|
|
(100 |
) |
Income attributable to parent |
|
$ |
48,235 |
|
|
$ |
20,853 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
48,372 |
|
|
$ |
20,953 |
|
Foreign currency translation adjustments |
|
|
7,811 |
|
|
|
13,635 |
|
Change in fair value of derivative contracts |
|
|
(1,837 |
) |
|
|
2,622 |
|
Total comprehensive income (loss) |
|
$ |
54,346 |
|
|
$ |
37,210 |
|
Comprehensive income attributable to non-controlling
interest |
|
|
(137 |
) |
|
|
(100 |
) |
Total comprehensive income (loss) attributable to
parent |
|
$ |
54,209 |
|
|
$ |
37,110 |
|
Basic income per share |
|
$ |
1.01 |
|
|
$ |
0.44 |
|
Diluted income per share |
|
$ |
1.01 |
|
|
$ |
0.44 |
|
Basic weighted average common shares outstanding |
|
|
47,674,773 |
|
|
|
47,674,773 |
|
Diluted weighted average common shares outstanding |
|
|
47,674,773 |
|
|
|
47,674,773 |
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows (In
thousands)(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income |
|
$ |
48,372 |
|
|
$ |
20,953 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
914 |
|
|
|
414 |
|
Depreciation and amortization |
|
|
4,767 |
|
|
|
5,251 |
|
Deferred income taxes |
|
|
156 |
|
|
|
(1,568 |
) |
Equity method income |
|
|
(1,449 |
) |
|
|
(1,580 |
) |
Realized gain on derivative instruments |
|
|
(1,951 |
) |
|
|
- |
|
Deferred cost of financing |
|
|
312 |
|
|
|
363 |
|
Other non-cash adjustments |
|
|
(16 |
) |
|
|
5 |
|
Unrealized currency translation losses |
|
|
410 |
|
|
|
3,205 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
|
(8,644 |
) |
|
|
6,099 |
|
Inventories |
|
|
(13,048 |
) |
|
|
(13,452 |
) |
Prepaid expenses |
|
|
(864 |
) |
|
|
507 |
|
Other assets |
|
|
(14,338 |
) |
|
|
(1,841 |
) |
Trade accounts payable and accrued expenses |
|
|
(9,681 |
) |
|
|
(5,551 |
) |
Taxes payable |
|
|
25,488 |
|
|
|
11,591 |
|
Labor liabilities |
|
|
(447 |
) |
|
|
(331 |
) |
Other liabilities |
|
|
(7 |
) |
|
|
(1,196 |
) |
Contract assets and liabilities |
|
|
12,425 |
|
|
|
1,965 |
|
Related parties |
|
|
664 |
|
|
|
2,301 |
|
CASH PROVIDED BY OPERATING ACTIVITIES |
|
$ |
43,063 |
|
|
$ |
27,135 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of investments |
|
|
(134 |
) |
|
|
(1,136 |
) |
Acquisition of property and equipment |
|
|
(15,554 |
) |
|
|
(9,258 |
) |
CASH USED IN INVESTING ACTIVITIES |
|
$ |
(15,688 |
) |
|
$ |
(10,394 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Cash dividend |
|
|
(3,579 |
) |
|
|
(3,099 |
) |
Proceeds from debt |
|
|
292 |
|
|
|
93 |
|
Repayments of debt |
|
|
- |
|
|
|
(15,312 |
) |
CASH USED IN FINANCING ACTIVITIES |
|
$ |
(3,287 |
) |
|
$ |
(18,318 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents |
|
$ |
778 |
|
|
$ |
997 |
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH |
|
|
24,866 |
|
|
|
(580 |
) |
CASH - Beginning of period |
|
|
103,672 |
|
|
|
85,011 |
|
CASH - End of period |
|
$ |
128,538 |
|
|
$ |
84,431 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
2,717 |
|
|
$ |
1,139 |
|
Income Tax |
|
$ |
26,342 |
|
|
$ |
2,927 |
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
Assets acquired under credit or debt |
|
$ |
4,790 |
|
|
$ |
2,678 |
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
|
Three months ended |
|
Twelve months ended |
|
March 31, |
|
March 31, |
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
Revenues by
Region |
|
|
|
|
|
|
|
|
|
|
|
United States |
194,840 |
|
126,984 |
|
53.4 |
% |
|
756,222 |
|
482,504 |
|
56.7 |
% |
Colombia |
5,740 |
|
4,025 |
|
42.6 |
% |
|
17,715 |
|
22,735 |
|
-22.1 |
% |
Other Countries |
2,058 |
|
3,539 |
|
(41.9 |
%) |
|
10,724 |
|
14,539 |
|
(26.2 |
%) |
Total Revenues by
Region |
202,639 |
|
134,548 |
|
50.6 |
% |
|
784,661 |
|
519,778 |
|
51.0 |
% |
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 |
|
March 31, |
|
March 31, |
2023 |
|
|
2022 |
|
% Change |
|
2023 |
|
|
2022 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues with
Foreign Currency Held Neutral |
203,881 |
|
|
134,548 |
|
51.5 |
% |
|
787,584 |
|
|
519,778 |
|
51.5 |
% |
Impact of changes in foreign
currency |
(1,242 |
) |
|
- |
|
|
|
(2,923 |
) |
|
- |
|
|
Total Revenues,
As Reported |
202,639 |
|
|
134,548 |
|
50.6 |
% |
|
784,661 |
|
|
519,778 |
|
51.0 |
% |
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 |
|
|
|
Mar 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
48,372 |
|
|
|
20,953 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
(137 |
) |
|
|
(100 |
) |
(Loss) Income attributable to parent |
|
|
48,235 |
|
|
|
20,853 |
|
Foreign currency transactions losses (gains) |
|
|
1,100 |
|
|
|
2,909 |
|
Non Recurring expenses (non-recurring profesional fees, capital
market fees, provision for bad debt, other non-core ítems) |
|
|
3,275 |
|
|
|
3,487 |
|
Joint Venture VA (Saint Gobain) adjustments |
|
|
435 |
|
|
|
36 |
|
Tax impact of adjustments at statutory rate |
|
|
(1,539 |
) |
|
|
(1,930 |
) |
Adjusted net (loss) income |
|
|
51,506 |
|
|
|
25,355 |
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
|
|
1.01 |
|
|
|
0.44 |
|
Diluted income (loss) per share |
|
|
1.01 |
|
|
|
0.44 |
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted net income (loss) per share |
|
|
1.08 |
|
|
|
0.53 |
|
|
|
|
|
|
|
|
|
|
Diluted Weighted Average Common Shares Outstanding in
thousands |
|
|
47,675 |
|
|
|
47,675 |
|
Basic weighted average common shares outstanding in thousands |
|
|
47,675 |
|
|
|
47,675 |
|
Diluted weighted average common shares outstanding in
thousands |
|
|
47,675 |
|
|
|
47,675 |
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
Mar 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
48,372 |
|
|
|
20,953 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
(137 |
) |
|
|
(100 |
) |
(Loss) Income attributable to parent |
|
|
48,235 |
|
|
|
20,853 |
|
Interest expense and deferred cost of financing |
|
|
2,273 |
|
|
|
1,468 |
|
Income tax (benefit) provision |
|
|
24,671 |
|
|
|
10,558 |
|
Depreciation & amortization |
|
|
4,767 |
|
|
|
5,251 |
|
Foreign currency transactions losses (gains) |
|
|
1,100 |
|
|
|
2,909 |
|
Non Recurring expenses (non-recurring profesional fees, capital
market fees, provision for bad debt, other non-core ítems) |
|
|
3,275 |
|
|
|
3,487 |
|
Joint Venture VA (Saint Gobain) EBITDA adjustments |
|
|
1,515 |
|
|
|
825 |
|
Adjusted EBITDA |
|
|
85,836 |
|
|
|
45,351 |
|
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