Tecnoglass (TGLS) Investor Presentation
Q1 2023 Key Takeaways
Q1'23 all-organic revenue growth of 50.6% to $202.6 mm. Growth continues to be
fueled by strong U.S. performance, up 53.4% to $194.8 mm, on continued healthy
single-family residential revenue, up 40.0% to $83.6 mm, through dealership
expansion, geographic diversification and new innovative products. Ramping
commercial activity, up 59.0% YoY
Sales By Geography Q1'23
4%
Record Q1'23 gross profit increased 78.6% to $107.8 mm, with gross margin up 830
bps reaching a record 53.2% attributable to operating leverage on higher sales,
favorable pricing, revenue mix and automation initiatives
Total
Revenues
Q1'23
■ U.S.
LatAm/Other
96%
Robust Operating Income of $73.7 mm on higher sales. Operating margins improved by
1110 bps to 36.4%
Adj. EBITDA of $85.8 mm, with margins up by 860 bps to a record 42.4% on gross
margin expansion
✓ Adj. net income increased 103.1% to $51.5 mm
Adj. EPS, which excludes non-cash FX and non core items, up 103.1% to $1.08,
compared to $0.53 in the previous year quarter
Record cash flow from operations of $43.1 mm driven by higher profitability YoY and
enhanced working capital management further strengthening financial flexibility to
execute expected growth; record free cash flow of $27.5 mm for the quarter
Continued deleveraging, with the lowest net debt / LTM Adj. EBITDA in the company's
history at 0.1x
Backlog of $776.3 mm, up ~19.2% YoY, representing ~1.7x LTM multi family and
commercial revenues
Notes:
1.
U.S. End Market Mix Q1'23
■SF Residential
57%
Total
U.S. Revenues
Q1'23
43%
Q1'23 Gross Margin
■ Multi-Family/
Commercial
53.2%
Q1'23 Adj. EBITDA¹ Margin 42.4%
Q1'23 Operating Cash Flow $43.1 mm
Q1'23 Net Leverage
Adjusted EBITDA excludes non-recurring and non-cash expenses mainly associated with our bond issuance and respective extinguishment of former debt, withholding taxes associated with payments to
bondholders, acquisition related costs and other non-recurring items
0.1x
16View entire presentation