{"id":754797,"date":"2023-05-04T08:04:34","date_gmt":"2023-05-04T12:04:34","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tecnoglass-reports-record-first-quarter-2023-results\/"},"modified":"2023-05-04T08:04:34","modified_gmt":"2023-05-04T12:04:34","slug":"tecnoglass-reports-record-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tecnoglass-reports-record-first-quarter-2023-results\/","title":{"rendered":"Tecnoglass Reports Record First Quarter 2023 Results"},"content":{"rendered":"
\n

\n – Total Revenues Up 50.6% to $202.6 Million –<\/strong>\n <\/p>\n

\n – Strong Results Driven by <\/strong>
\n Organic Growth<\/strong>
\n in Both <\/strong>
\n Multifamily\/Commercial and <\/strong>
\n Single-Family Residential <\/strong>
\n Businesses, <\/strong>
\n Up<\/strong>
\n 59<\/strong>
\n % and <\/strong>
\n 40<\/strong>
\n %, Respectively<\/strong>
\n – <\/strong>\n <\/p>\n

\n – <\/strong>
\n Record <\/strong>
\n Gross Margin of 53.2%, Up 830 Basis Points Year-Over-Year –<\/strong>\n <\/p>\n

\n – Net Income of $<\/strong>
\n 48<\/strong>
\n .<\/strong>
\n 4<\/strong>
\n Million, or $<\/strong>
\n 1<\/strong>
\n .<\/strong>
\n 0<\/strong>
\n 1<\/strong>
\n Per Diluted Share –<\/strong>\n <\/p>\n

\n – Adjusted Net Income<\/strong>
\n
\n 1<\/strong>
\n <\/sup>
\n of $5<\/strong>
\n 1<\/strong>
\n .<\/strong>
\n 5<\/strong>
\n Million, or $<\/strong>
\n 1<\/strong>
\n .<\/strong>
\n 08<\/strong>
\n Per Diluted Share –<\/strong>\n <\/p>\n

\n – Adjusted EBITDA<\/strong>
\n
\n 1<\/strong>
\n <\/sup>
\n Up <\/strong>
\n 89<\/strong>
\n % Year-Over-Year to $<\/strong>
\n 8<\/strong>
\n 5.<\/strong>
\n 8<\/strong>
\n Million, <\/strong>
\n Representing <\/strong>
\n 42<\/strong>
\n .<\/strong>
\n 4<\/strong>
\n % of Total Revenues –<\/strong>\n <\/p>\n

\n – <\/strong>
\n Record <\/strong>
\n Cash Flow <\/strong>
\n From<\/strong>
\n Operations of $<\/strong>
\n 43.1<\/strong>
\n Million <\/strong>
\n and Free Cash Flow of <\/strong>
\n $27.<\/strong>
\n 5<\/strong>
\n Million <\/strong>
\n –<\/strong>\n <\/p>\n

\n – <\/strong>
\n Backlog <\/strong>
\n Growth Accelerates, <\/strong>
\n Expand<\/strong>
\n ing<\/strong>
\n 19<\/strong>
\n % Year-Over-Year <\/strong>
\n to $<\/strong>
\n 776<\/strong>
\n M<\/strong>
\n illion<\/strong>
\n –<\/strong>\n <\/p>\n

\n – <\/strong>
\n Facility Investments <\/strong>
\n Remain on Track <\/strong>
\n to Increase Operational Capacity to <\/strong>
\n ~<\/strong>
\n $950 <\/strong>
\n Million<\/strong>
\n in<\/strong>
\n Revenues <\/strong>
\n by the end of the<\/strong>
\n Second Quarter of 2023<\/strong>
\n –<\/strong>\n <\/p>\n

\n – <\/strong>
\n Raises<\/strong>
\n Full Year 202<\/strong>
\n 3<\/strong>
\n Growth Outlook <\/strong>
\n for<\/strong>
\n Ad<\/strong>
\n justed EBITDA<\/strong>
\n
\n 1<\/strong>
\n <\/sup>
\n to a range <\/strong>
\n of $<\/strong>
\n 3<\/strong>
\n 15<\/strong>
\n M<\/strong>
\n illion to $<\/strong>
\n 3<\/strong>
\n 35<\/strong>
\n M<\/strong>
\n illion on Total Revenues of $<\/strong>
\n 81<\/strong>
\n 0<\/strong>
\n M<\/strong>
\n illion to $<\/strong>
\n 8<\/strong>
\n 5<\/strong>
\n 0<\/strong>
\n M<\/strong>
\n illion<\/strong>
\n , Bolstered by Record Invoicing in<\/strong>
\n March and April <\/strong>
\n –<\/strong>\n <\/p>\n

\n BARRANQUILLA, Colombia, May 04, 2023 (GLOBE NEWSWIRE) — Tecnoglass, Inc.\u00a0<\/strong>
\n (<\/strong>
\n NYSE<\/strong>
\n : TGLS) (\u201c<\/strong>
\n Tecnoglass<\/strong>
\n \u201d or the \u201cCompany\u201d)<\/strong>,\u00a0<\/strong>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.<\/p>\n

Jos\u00e9 Manuel Daes, Chief Executive Officer of Tecnoglass, commented, \u201cOur 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<\/sup>, 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<\/sup> 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.\u201d<\/p>\n

Christian Daes, Chief Operating Officer of Tecnoglass, added, \u201cWe 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.\u201d<\/p>\n

\n First Quarter<\/strong>
\n 20<\/strong>
\n 2<\/strong>
\n 3<\/strong>
\n Results<\/strong>\n <\/p>\n

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\u2019s 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\u2019s 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.<\/p>\n

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.<\/p>\n

Selling, general and administrative expense (\u201cSG&A\u201d) 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.<\/p>\n

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.<\/p>\n

Adjusted net income1<\/strong><\/sup> 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<\/strong><\/sup>, 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.<\/p>\n

Adjusted EBITDA1<\/strong><\/sup>, 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<\/strong><\/sup> included a $1.5 million contribution from the Company\u2019s joint venture with Saint-Gobain, compared to $0.8 million in the prior year quarter.<\/p>\n

\n Balance Sheet & Liquidity<\/strong>\n <\/p>\n

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\u2019s continued growth in Adjusted EBITDA1<\/sup> and strong cash generation, debt leverage continues to trend lower and now stands at 0.1 times net debt to LTM Adjusted EBITDA1<\/sup>, compared to 0.6 times in the prior year quarter.<\/p>\n

\n Dividend <\/strong>\n <\/p>\n

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.<\/p>\n

\n Full Year <\/strong>
\n 202<\/strong>
\n 3<\/strong>
\n Outlook <\/strong>\n <\/p>\n

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, \u201cWe 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<\/sup> to increase to a range of $315 million to $335 million. This implies Adjusted EBITDA1<\/sup> 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.\u201d<\/p>\n

\n Webcast and Conference Call<\/strong>\n <\/p>\n

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\u2019s 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<\/a>. 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.<\/p>\n

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.<\/p>\n

\n About <\/strong>
\n Tecnoglass<\/strong>\n <\/p>\n

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\u2019s 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 (Bogot\u00e1), One Plaza (Medell\u00edn), Pabellon de Cristal (Barranquilla). For more information, please visit www.tecnoglass.com<\/a> or view our corporate video at https:\/\/vimeo.com\/134429998<\/a>.<\/p>\n

\n Forward Looking Statements <\/strong>\n <\/p>\n

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\u2019 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\u2019 business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass\u2019 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\u2019 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.<\/p>\n

\n 1<\/sup> Adjusted net income (loss) and Adjusted EBITDA in both periods are reconciled in the table below.<\/p>\n

\n Investor Relations:<\/strong>
\n
Santiago Giraldo
CFO
305-503-9062
investorrelations@tecnoglass.com<\/u><\/a><\/p>\n

\n Tecnoglass<\/strong>
\n Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Balance Sheets<\/strong>
\n
\n (In thousands, except share and per share data)<\/strong>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n March 31,<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n December 31, 2022<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n ASSETS<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current assets:<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n128,538<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n103,671<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,140<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,049<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade accounts receivable, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n167,137<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n158,397<\/td>\n\u00a0<\/td>\n<\/tr>\n
Due from related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n772<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,447<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143,057<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124,997<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract assets \u2013 current portion<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,982<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,610<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,364<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,963<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total current assets<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 500,990<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 432,134<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n Long-term assets:<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n$<\/td>\n223,554<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n202,865<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n155<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n558<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract assets \u2013 non-current<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,415<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,875<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term trade accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,225<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,614<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,706<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,561<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,561<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,433<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57,839<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,735<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,545<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total long-term assets<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 318,467<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 302,174<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n Total assets<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 819,457<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 734,308<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n LIABILITIES AND SHAREHOLDERS\u2019 EQUITY<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current liabilities:<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Short-term debt and current portion of long-term debt<\/td>\n\u00a0<\/td>\n$<\/td>\n819<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n504<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade accounts payable and accrued expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n86,629<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n90,186<\/td>\n\u00a0<\/td>\n<\/tr>\n
Due to related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,491<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,323<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dividends payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,334<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,622<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract liability \u2013 current portion<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n58,591<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,601<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n88,394<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,566<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total current liabilities<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 244,258<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 209,802<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n Long-term liabilities:<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n$<\/td>\n5,732<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n5,190<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract liability \u2013 non-current<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n169,076<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n168,980<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total long-term liabilities<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 174,819<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 174,181<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n Total liabilities<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 419,077<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 383,983<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n SHAREHOLDERS\u2019 EQUITY<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
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<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n<\/tr>\n
Legal Reserves<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,458<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,458<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n219,290<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n219,290<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n278,198<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n234,254<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(100,213<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(106,187<\/td>\n)<\/td>\n<\/tr>\n
\n Shareholders\u2019 equity attributable to controlling interest<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 398,738<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 348,820<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n Shareholders\u2019 equity attributable to non-controlling interest<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 1,642<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 1,505<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n Total shareholders\u2019 equity<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 400,380<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 350,325<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n Total liabilities and shareholders\u2019 equity<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 819,457<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 734,308<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Tecnoglass Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Statements of Operations and Comprehensive Income<\/strong>
\n
\n \u00a0(In thousands, except share and per share data)<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n Three months ended<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n March 31,<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2023<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2022<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Operating revenues:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
External customers<\/td>\n\u00a0<\/td>\n$<\/td>\n202,306<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n134,022<\/td>\n\u00a0<\/td>\n<\/tr>\n
Related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n333<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n526<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n202,639<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,548<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(94,884<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(74,215<\/td>\n)<\/td>\n<\/tr>\n
\n Gross profit<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 107,755<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 60,333<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Operating expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(16,320<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,368<\/td>\n)<\/td>\n<\/tr>\n
General and administrative expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,755<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,999<\/td>\n)<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(34,075<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(26,367<\/td>\n)<\/td>\n<\/tr>\n
\n Operating income<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 73,680<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 33,966<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Non-operating income, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,287<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n342<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity method income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,449<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,580<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign currency transactions losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,100<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,909<\/td>\n)<\/td>\n<\/tr>\n
Interest expense and deferred cost of financing<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,273<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,468<\/td>\n)<\/td>\n<\/tr>\n
Income before taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n73,043<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31,511<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax provision<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24,671<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,558<\/td>\n)<\/td>\n<\/tr>\n
\n Net income<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 48,372<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 20,953<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Income attributable to non-controlling interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(137<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(100<\/td>\n)<\/td>\n<\/tr>\n
\n Income attributable to parent<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 48,235<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 20,853<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Comprehensive income:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n$<\/td>\n48,372<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n20,953<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign currency translation adjustments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,811<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,635<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in fair value of derivative contracts<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,837<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,622<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total comprehensive income (loss)<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 54,346<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 37,210<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Comprehensive income attributable to non-controlling interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(137<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(100<\/td>\n)<\/td>\n<\/tr>\n
\n Total comprehensive income (loss) attributable to parent<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 54,209<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 37,110<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Basic income per share<\/td>\n\u00a0<\/td>\n$<\/td>\n1.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.44<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted income per share<\/td>\n\u00a0<\/td>\n$<\/td>\n1.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.44<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic weighted average common shares outstanding<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,674,773<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,674,773<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted weighted average common shares outstanding<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,674,773<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,674,773<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
Tecnoglass<\/strong>
\n Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Statements of Cash Flows<\/strong>
\n
\n (<\/strong>
\n I<\/strong>
\n n thousands)<\/strong>
\n
\n (<\/strong>
\n Una<\/strong>
\n udited<\/strong>
\n )<\/strong>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n Three months ended March 31,<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2023<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2022<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\n CASH FLOWS FROM OPERATING ACTIVITIES<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n$<\/td>\n48,372<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n20,953<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Allowance for credit losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n914<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n414<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,767<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,251<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,568<\/td>\n)<\/td>\n<\/tr>\n
Equity method income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,449<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,580<\/td>\n)<\/td>\n<\/tr>\n
Realized gain on derivative instruments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,951<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred cost of financing<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n312<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n363<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other non-cash adjustments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(16<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n<\/tr>\n
Unrealized currency translation losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,205<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Changes in operating assets and liabilities:<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,644<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,099<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,048<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,452<\/td>\n)<\/td>\n<\/tr>\n
Prepaid expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(864<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n507<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,338<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,841<\/td>\n)<\/td>\n<\/tr>\n
Trade accounts payable and accrued expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,681<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,551<\/td>\n)<\/td>\n<\/tr>\n
Taxes payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,488<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,591<\/td>\n\u00a0<\/td>\n<\/tr>\n
Labor liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(447<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(331<\/td>\n)<\/td>\n<\/tr>\n
Other liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,196<\/td>\n)<\/td>\n<\/tr>\n
Contract assets and liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,425<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,965<\/td>\n\u00a0<\/td>\n<\/tr>\n
Related parties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n664<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,301<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n CASH PROVIDED BY OPERATING ACTIVITIES<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 43,063<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n 27,135<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM INVESTING ACTIVITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchase of investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(134<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,136<\/td>\n)<\/td>\n<\/tr>\n
Acquisition of property and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15,554<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,258<\/td>\n)<\/td>\n<\/tr>\n
\n CASH USED IN INVESTING ACTIVITIES<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n (15,688<\/b>\n <\/td>\n\n )<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n (10,394<\/b>\n <\/td>\n\n )<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM FINANCING ACTIVITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash dividend<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,579<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,099<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n292<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayments of debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15,312<\/td>\n)<\/td>\n<\/tr>\n
\n CASH USED IN FINANCING ACTIVITIES<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n (3,287<\/b>\n <\/td>\n\n )<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n (18,318<\/b>\n <\/td>\n\n )<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effect of exchange rate changes on cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n778<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n997<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
NET INCREASE IN CASH<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,866<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(580<\/td>\n)<\/td>\n<\/tr>\n
CASH – Beginning of period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n103,672<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n85,011<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH – End of period<\/td>\n\u00a0<\/td>\n$<\/td>\n128,538<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n84,431<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash paid during the period for:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest<\/td>\n\u00a0<\/td>\n$<\/td>\n2,717<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,139<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income Tax<\/td>\n\u00a0<\/td>\n$<\/td>\n26,342<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,927<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
NON-CASH INVESTING AND FINANCING ACTIVITES:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Assets acquired under credit or debt<\/td>\n\u00a0<\/td>\n$<\/td>\n4,790<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,678<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n Revenues by Region<\/strong>
\n
\n (<\/strong>
\n Amounts in thousands<\/strong>
\n )<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Twelve months ended <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n March 31,<\/strong>\n <\/td>\n<\/tr>\n
\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n % Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n % Change<\/strong>\n <\/td>\n<\/tr>\n
\n Revenues by Region <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
United States<\/td>\n194,840<\/td>\n\u00a0<\/td>\n126,984<\/td>\n\u00a0<\/td>\n53.4<\/td>\n%<\/td>\n\u00a0<\/td>\n756,222<\/td>\n\u00a0<\/td>\n482,504<\/td>\n\u00a0<\/td>\n56.7<\/td>\n%<\/td>\n<\/tr>\n
Colombia<\/td>\n5,740<\/td>\n\u00a0<\/td>\n4,025<\/td>\n\u00a0<\/td>\n42.6<\/td>\n%<\/td>\n\u00a0<\/td>\n17,715<\/td>\n\u00a0<\/td>\n22,735<\/td>\n\u00a0<\/td>\n-22.1<\/td>\n%<\/td>\n<\/tr>\n
Other Countries<\/td>\n2,058<\/td>\n\u00a0<\/td>\n3,539<\/td>\n\u00a0<\/td>\n(41.9<\/td>\n%)<\/td>\n\u00a0<\/td>\n10,724<\/td>\n\u00a0<\/td>\n14,539<\/td>\n\u00a0<\/td>\n(26.2<\/td>\n%)<\/td>\n<\/tr>\n
\n Total Revenues by Region <\/strong>\n <\/td>\n\n 202,639<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 134,548<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 50.6<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 784,661<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 519,778<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 51.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\n
\n
Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures<\/strong>
\n
\n (<\/strong>
\n I<\/strong>
\n n thousands<\/strong>
\n )<\/strong>
\n
\n (<\/strong>
\n Una<\/strong>
\n udited<\/strong>
\n )<\/strong>\n <\/p>\n

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\u2011GAAP 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.<\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Twelve months ended <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n March 31,<\/strong>\n <\/td>\n<\/tr>\n
\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n % Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\n % Change<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Revenues with Foreign Currency Held Neutral<\/strong>\n <\/td>\n203,881<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,548<\/td>\n\u00a0<\/td>\n51.5<\/td>\n%<\/td>\n\u00a0<\/td>\n787,584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n519,778<\/td>\n\u00a0<\/td>\n51.5<\/td>\n%<\/td>\n<\/tr>\n
Impact of changes in foreign currency<\/td>\n(1,242<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,923<\/td>\n)<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Revenues, As\u00a0Reported<\/strong>\n <\/td>\n\n 202,639<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 134,548<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 50.6<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 784,661<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 519,778<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 51.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

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.<\/p>\n

\n Reconciliation of Adjusted EBITDA and Adjusted <\/strong>
\n n<\/strong>
\n et <\/strong>
\n (loss) i<\/strong>
\n ncom<\/strong>
\n e to <\/strong>
\n n<\/strong>
\n et <\/strong>
\n (loss) i<\/strong>
\n ncome<\/strong>
\n
\n (In thousands, except share and per share data)<\/strong>
\n
\n (<\/strong>
\n U<\/strong>
\n naudited)<\/strong>\n <\/p>\n

Adjusted EBITDA and adjusted net (loss) income are not measures of financial performance under generally accepted accounting principles (\u201cGAAP\u201d). 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\u2019s results because it excludes certain items that are not directly related to the Company\u2019s 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.<\/p>\n

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.<\/p>\n

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:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n Three months ended<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n Mar 31,<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2023<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2022<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net (loss) income<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 48,372<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 20,953<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Less: Income (loss) attributable to non-controlling interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(137<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(100<\/td>\n)<\/td>\n<\/tr>\n
\n \u00a0(Loss) Income attributable to parent<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 48,235<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 20,853<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Foreign currency transactions losses (gains)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,909<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non Recurring expenses (non-recurring profesional fees, capital market fees, provision for bad debt, other non-core \u00edtems)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,275<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,487<\/td>\n\u00a0<\/td>\n<\/tr>\n
Joint Venture VA (Saint Gobain) adjustments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n435<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36<\/td>\n\u00a0<\/td>\n<\/tr>\n
Tax impact of adjustments at statutory rate<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,539<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,930<\/td>\n)<\/td>\n<\/tr>\n
\n Adjusted net (loss) income<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 51,506<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 25,355<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic income (loss) per share<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.44<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted income (loss) per share<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.44<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted Adjusted net income (loss) per share<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.08<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.53<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Diluted Weighted Average Common Shares Outstanding in thousands<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 47,675<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 47,675<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Basic weighted average common shares outstanding in thousands<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,675<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,675<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted weighted average common shares outstanding in thousands<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,675<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,675<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n Three months ended<\/b>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n Mar 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2023<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2022<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net (loss) income<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 48,372<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 20,953<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Less: Income (loss) attributable to non-controlling interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(137<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(100<\/td>\n)<\/td>\n<\/tr>\n
\n \u00a0(Loss) Income attributable to parent<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 48,235<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 20,853<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n
Interest expense and deferred cost of financing<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,273<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,468<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax (benefit) provision<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,671<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,558<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation & amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,767<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,251<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign currency transactions losses (gains)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,909<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non Recurring expenses (non-recurring profesional fees, capital market fees, provision for bad debt, other non-core \u00edtems)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,275<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,487<\/td>\n\u00a0<\/td>\n<\/tr>\n
Joint Venture VA (Saint Gobain) EBITDA adjustments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,515<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n825<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 85,836<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 45,351<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n<\/tr>\n<\/table>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

– Total Revenues Up 50.6% to $202.6 Million – – Strong Results Driven by Organic Growth in Both Multifamily\/Commercial and Single-Family Residential Businesses, Up 59 % and 40 %, Respectively – – Record Gross Margin of 53.2%, Up 830 Basis Points Year-Over-Year – – Net Income of $ 48 . 4 Million, or $ 1 . 0 1 Per Diluted Share – – Adjusted Net Income 1 of $5 1 . 5 Million, or $ 1 . 08 Per Diluted Share – – Adjusted EBITDA 1 Up 89 % Year-Over-Year to $ 8 5. 8 Million, Representing 42 . 4 % of Total Revenues – – Record Cash Flow From Operations of $ 43.1 Million and Free Cash Flow of … <\/p>\n

Continue reading “Tecnoglass Reports Record First Quarter 2023 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-754797","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTecnoglass Reports Record First Quarter 2023 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/tecnoglass-reports-record-first-quarter-2023-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tecnoglass Reports Record First Quarter 2023 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"– Total Revenues Up 50.6% to $202.6 Million – – Strong Results Driven by Organic Growth in Both Multifamily\/Commercial and Single-Family Residential Businesses, Up 59 % and 40 %, Respectively – – Record Gross Margin of 53.2%, Up 830 Basis Points Year-Over-Year – – Net Income of $ 48 . 4 Million, or $ 1 . 0 1 Per Diluted Share – – Adjusted Net Income 1 of $5 1 . 5 Million, or $ 1 . 08 Per Diluted Share – – Adjusted EBITDA 1 Up 89 % Year-Over-Year to $ 8 5. 8 Million, Representing 42 . 4 % of Total Revenues – – Record Cash Flow From Operations of $ 43.1 Million and Free Cash Flow of … Continue reading "Tecnoglass Reports Record First Quarter 2023 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/tecnoglass-reports-record-first-quarter-2023-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-04T12:04:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMTY3OCM1NTc0NDIwIzIwMjYwNzg=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tecnoglass-reports-record-first-quarter-2023-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tecnoglass-reports-record-first-quarter-2023-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Tecnoglass Reports Record First Quarter 2023 Results\",\"datePublished\":\"2023-05-04T12:04:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tecnoglass-reports-record-first-quarter-2023-results\\\/\"},\"wordCount\":2937,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tecnoglass-reports-record-first-quarter-2023-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODgzMTY3OCM1NTc0NDIwIzIwMjYwNzg=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tecnoglass-reports-record-first-quarter-2023-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tecnoglass-reports-record-first-quarter-2023-results\\\/\",\"name\":\"Tecnoglass Reports Record First Quarter 2023 Results - 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