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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 4, 2022

 

TECNOGLASS INC.

(Exact Name of Registrant as Specified in Charter)

 

Cayman Islands   001-35436   98-1271120
(State or Other Jurisdiction   (Commission   (IRS Employer
of Incorporation)   File Number)   Identification No.)

 

Avenida Circunvalar a 100 mts de la Via 40, Barrio Las Flores, Barranquilla, Colombia

(Address of Principal Executive Offices) (Zip Code)

 

(57)(5) 3734000

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Ordinary Shares   TGLS   The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On August 4, 2022, Tecnoglass Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2022. The press release is included as Exhibit 99.1 hereto.

 

The information furnished under this Item 2.02, including the exhibit related thereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

 

Item 8.01 Other Events.

 

On August 4, 2022, the Company also announced the timing for the payment of a quarterly cash dividend of $0.075 per share for the third quarter of 2022. The dividend will be paid on October 31, 2022 to shareholders of record as of the close of business on September 30, 2022.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
99.1   Press release dated August 4, 2022.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: August 4, 2022

 

  TECNOGLASS INC.
     
  By: /s/ Jose M. Daes
  Name: Jose M. Daes
  Title: Chief Executive Officer

 

 

 

Exhibit 99.1

 

 

Tecnoglass Reports Record Second Quarter 2022 Results

 

- Record Total Revenues of $169.1 Million Up 39% Year-Over-Year, All through Organic Growth -

 

- Record Single-Family Residential Revenues Increased 86% Year-Over-Year, Representing 45% of Total Revenues –

 

- Growth Capex Investments on Track to End Year with Installed Production Capacity of Over $800 Million -

 

- Gross Margin of 43.5%, Up 310 Basis Points Year-Over-Year -

 

- Record Net Income of $33.4 Million and $0.70 Per Diluted Share -

 

- Record Adjusted Net Income1 of $33.0 Million and $0.69 Per Diluted Share -

 

- Adjusted EBITDA1 Up 51.7% Year-Over-Year to a Record $54.6 Million, or 32.3% of Total Revenues -

 

- Cash Flow From Operations of $35.9 Million -

 

- Backlog Expanded 19.5% Year-Over-Year to a Record $668 Million –

 

- Board Increases Quarterly Dividend by 15% -

 

- Increases Full Year 2022 Growth Outlook to Adjusted EBITDA1 of $208 Million to $220 Million on Total Revenues of $620 Million to $640 Million -

 

BARRANQUILLA, Colombia – August 4, 2022 – 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 second quarter ended June 30, 2022.

 

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “We are very pleased to report another quarter of record results led by continued strong demand for our single-family residential products and further sequential growth in our commercial business. The benefit of our vertically integrated business model and highly efficient manufacturing capacity are allowing us to maintain exceptional lead times for our customers, resulting in market share gains and profitable growth. The prudent investments we have made in automation, capacity enhancements and product innovation, in addition to our disciplined cost controls, are supporting our industry-leading adjusted EBITDA margin, which remains in excess of 30%. We believe the momentum in our business and established track record of exceptional cash flow further validates Tecnoglass’ unique vertically integrated business model and strategic positioning in attractive high-growth geographies across the U.S. We are excited by the trajectory of our business and look forward to delivering on our upwardly revised outlook for the full year 2022.”

 

Christian Daes, Chief Operating Officer of Tecnoglass, added, “Our activity in key U.S. regions remains strong for single-family and multifamily residential projects, as well as commercial projects, evidenced by record levels of invoicing during the month of July. Ongoing market share gains helped us produce revenue growth of 86% year-over-year in our single-family residential business, with projects in the historically resilient remodel and renovation end market representing approximately 65% of that business. The commercial side of our business has continued to experience sequential growth in each month this year, with the second quarter revenues up 15% compared to the prior year quarter. Furthermore, we ended the quarter with a record backlog of multifamily and commercial projects that now extend well into 2023. We intend to continue outperforming in our markets as a supplier of choice given our ability to maintain timely deliveries that help keep customers on schedule. We are reinvesting a portion of our significant cash flow into high-return capex investments that will allow us to end the year with installed production capacity equivalent to over $800 million of revenue. The Board’s 15% increase in our dividend demonstrates their confidence in our cash flow generation to remain strong. We are well positioned to drive additional success in our Company for many years to come.”

 

 

 

 

Second Quarter 2022 Results

 

Total revenues for the second quarter of 2022 increased 38.9% to $169.1 million, compared to $121.8 million in the prior year quarter, driven by strong growth in single-family residential activity, market share gains and the ongoing ramp up of the Company’s commercial activity. Single-family residential revenues increased approximately 86% year-over-year, representing 44.9% of total revenues for the second quarter, helped by continued strong demand within the repair and remodeling space, the ongoing expansion of the Company’s Multimax product line, and a larger customer base. Changes in foreign currency exchange rates had an adverse impact of $0.3 million on both Colombia revenues and total revenues in the quarter.

 

Gross profit for the second quarter of 2022 grew 49.9% to $73.6 million, representing a 43.5% gross margin, compared to gross profit of $49.1 million, representing a 40.4% gross margin in the prior year quarter. The 310 basis point improvement in gross margin mainly reflected operating leverage on higher sales, greater operating efficiencies related to automation and a higher mix of revenue from manufacturing versus installation activity as Tecnoglass continues to increase its mix of single-family residential products. Selling, general and administrative expense (“SG&A”) was $28.1 million compared to $20.4 million in the prior year quarter, with the majority of the increase attributable to shipping expense as a result of a higher sales volume and higher shipping rates. As a percent of total revenues, SG&A improved to 16.6% compared to 16.7% in the prior year quarter, primarily due to higher sales and better operating leverage on personnel, professional fees and other fixed expenses.

 

Net income was $33.4 million, or $0.70 per diluted share, in the second quarter of 2022 compared to net income of $19.6 million, or $0.41 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction gain of $2.5 million in the second quarter of 2022 and a $0.2 million gain in the second quarter of 2021. As previously disclosed, these non-cash gains and losses are related to the accounting re-measurement of U.S. Dollar denominated assets and liabilities against the Colombian Peso as functional currency.

 

Adjusted net income1 was $33.0 million, or $0.69 per diluted share, in the second quarter of 2022 compared to adjusted net income of $20.1 million, or $0.42 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 51.7% to $54.6 million, or 32.3% of total revenues, in the second quarter of 2022, compared to $36.0 million, or 29.5% of total revenues, in the prior year quarter. The improvement was driven by higher sales, a stronger gross margin and operating leverage on SG&A. Adjusted EBITDA1 included a $0.9 million contribution from the Company’s joint venture with Saint-Gobain, compared to $0.5 million in the prior year quarter.

 

Dividend

 

The Board of Directors of the Company today declared a quarterly cash dividend of $0.075 per share, representing a 15% increase from the previous dividend payment. The quarterly dividend will be paid on October 31, 2022 to shareholders of record as of the close of business on September 30, 2022.

 

 

 

 

Balance Sheet & Liquidity

 

The Company ended the second quarter of 2022 with total liquidity of approximately $270 million, including cash and cash equivalents of $99 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 0.5 times LTM net debt to adjusted EBITDA1, compared to 1.1 times in the prior year quarter.

 

Based on the Company’s record of strong financial performance, in May 2022 the Company amended its Credit Agreement with its syndicate of banks to remove the cap on restricted payments (including stock buybacks and dividend payouts) pursuant to the Company´s leverage ratio as defined in its Credit Agreement remaining below 1.5x net debt to adjusted EBITDA1.

 

Full Year 2022 Outlook

 

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “The momentum in our business continued into the third quarter with single-family residential projects representing a growing share of our revenues and the commercial business continuing to grow sequentially each month through this year. Based on our current invoicing schedule and underlying market demand, we are increasing our full year 2022 outlook for revenues to grow to a range of $620 million to $640 million and for adjusted EBITDA1 to increase to a range of $208 million to $220 million. This implies adjusted EBITDA growth of approximately 42% at the midpoint, putting us firmly on the path to achieve another year of record results in full year 2022.”

 

Webcast and Conference Call

 

Management will host a webcast and conference call on August 4, 2022 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 1-844-943-2944 (domestic) or 1- 973-528-0098 (international). Upon dialing in, please request to join the Tecnoglass Second Quarter 2022 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 (800)-332-6854 (Domestic) or (973)-528-0005 (International) and entering passcode: 933766.

 

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 3.8 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 Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)

 

   June 30,   December 31, 
   2022   2021 
ASSETS          
Current assets:          
Cash and cash equivalents  $98,620   $85,011 
Investments   2,407    1,977 
Trade accounts receivable, net   114,218    110,539 
Due from related parties   1,669    2,252 
Inventories   111,914    84,975 
Contract assets – current portion   16,310    18,667 
Other current assets   23,554    22,854 
Total current assets  $368,692   $326,275 
Long-term assets:          
Property, plant and equipment, net  $183,594   $166,629 
Deferred income taxes   2,526    596 
Contract assets – non-current   10,588    11,853 
Long-term trade accounts receivable   4,279    3,995 
Intangible assets   3,029    3,337 
Goodwill   23,561    23,561 
Long-term investments   55,059    51,160 
Other long-term assets   4,282    4,157 
Total long-term assets   286,918    265,288 
Total assets  $655,610   $591,563 
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Short-term debt and current portion of long-term debt  $591   $10,700 
Trade accounts payable and accrued expenses   89,406    68,087 
Due to related parties   4,186    3,857 
Dividends payable   3,143    3,141 
Contract liability – current portion   58,974    45,213 
Other current liabilities   24,379    24,017 
Total current liabilities  $180,679   $155,015 
Long-term liabilities:          
Deferred income taxes  $3,403   $3,417 
Contract liability – non-current   47    78 
Long-term debt   184,268    188,355 
Total long-term liabilities   187,718    191,850 
Total liabilities  $368,397   $346,865 
SHAREHOLDERS’ EQUITY          
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively  $-   $- 
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 47,674,773 and 47,674,773 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively   5    5 
Legal Reserves   1,458    2,273 
Additional paid-in capital   219,290    219,290 
Retained earnings   139,709    91,045 
Accumulated other comprehensive loss   (74,404)   (68,751)
Shareholders’ equity attributable to controlling interest   286,058    243,862 
Shareholders’ equity attributable to non-controlling interest   1,155    836 
Total shareholders’ equity   287,213    244,698 
Total liabilities and shareholders’ equity  $655,610   $591,563 

 

 

 

 

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, 
   2022   2021   2022   2021 
Operating revenues:                    
External customers  $168,657   $121,401   $302,679   $232,576 
Related parties   467    351    993    731 
Total operating revenues   169,124    121,752    303,672    233,307 
Cost of sales   95,492    72,622    169,707    138,868 
Gross profit   73,632    49,130    133,965    94,439 
Operating expenses:                    
Selling expense   (16,616)   (12,030)   (29,984)   (23,113)
General and administrative expense   (10,851)   (8,332)   (21,126)   (17,125)
Other professional fees   (678)   -    (3,402)   - 
Total operating expenses   (28,145)   (20,362)   (54,512))   (40,238)
Operating income   45,487    28,768    79,453    54,201 
Non-operating income (expenses), net   161    (229)   503    (70)
Equity method income   1,669    788    3,249    1,879 
Foreign currency transactions gains (loss)   2,503    190    (406)   145 
Gain (loss) on debt extinguishment   -    169    -    (10,978)
Interest expense and deferred cost of financing   (1,715)   (2,442)   (3,183)   (5,964)
Income before taxes   48,105    27,244    79,616    39,213 
Income tax (provision)   (14,692)   (7,601)   (25,250)   (11,289)
Net income  $33,413   $19,643   $54,366   $27,924 
(Loss) Income attributable to non-controlling interest   (219)   (51)   (319)   (140)
Income attributable to parent  $33,194   $19,592   $54,047   $27,784 
Comprehensive income:                    
Net income  $33,413   $19,643   $54,366   $27,924 
Foreign currency translation adjustments   (23,621)   (1,185)   (9,987)   (16,819)
Change in fair value derivative contracts   1,710    -    4,332    (159)
Total comprehensive income  $11,502   $18,458   $48,711   $10,946 
Comprehensive (loss) income attributable to non-controlling interest   (219)   (51)   (319)   (140)
Total comprehensive income attributable to parent  $11,283   $18,407   $48,392   $10,806 
Basic income per share  $0.70   $0.41   $1.14   $0.59 
Diluted income per share  $0.70   $0.41   $1.14   $0.59 
Basic weighted average common shares outstanding   47,674,773    47,674,773    47,674,773    47,674,773 
Diluted weighted average common shares outstanding   47,674,773    47,674,773    47,674,773    47,674,773 

 

 

 

 

Tecnoglass Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

   Six months ended June 30, 
   2022   2021 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income  $54,366   $27,924 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Allowance for credit losses   580    748 
Depreciation and amortization   10,462    10,515 
Deferred income taxes   (1,016)   424 
Equity method income   (3,249)   (1,879)
Deferred cost of financing   726    623 
Other non-cash adjustments   6    (19)
Loss on debt extinguishment   -    2,333 
Unrealized currency translation losses   911    2,555 
Changes in operating assets and liabilities:          
Trade accounts receivable   (4,792)   (6,069)
Inventories   (31,343)   (2,082)
Prepaid expenses   (690)   (2,015)
Other assets   1,652    (6,718)
Trade accounts payable and accrued expenses   16,489    23,375 
Accrued interest expense   (1)   (7,171)
Taxes payable   2,260    3,389 
Labor liabilities   125    (132)
Other liabilities   (2,047)   (342)
Contract assets and liabilities   17,538    14,677 
Related parties   1,020    (23)
CASH PROVIDED BY OPERATING ACTIVITIES  $62,997   $60,113 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Proceeds from sale of investments   -    166 
Proceeds from sale of property and equipment   -    7 
Purchase of investments   (933)   (49)
Acquisition of property and equipment   (26,250)   (18,325)
CASH USED IN INVESTING ACTIVITIES  $(27,183)  $(18,201)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Cash dividend   (6,196)   (2,621)
Loss on debt extinguishment - call premium   -    (8,610)
Deferred financing transaction costs   -    (88)
Proceeds from debt   241    221,146 
Repayments of debt   (15,367)   (216,676)
CASH USED IN FINANCING ACTIVITIES  $(21,322)  $(6,849)
           
Effect of exchange rate changes on cash and cash equivalents  $(883)  $(2,334)
           
NET INCREASE IN CASH   13,609    32,729 
CASH - Beginning of period   85,011    67,668 
CASH - End of period  $98,620   $100,397 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Cash paid during the period for:          
Interest  $2,387   $12,286 
Income Tax  $7,552   $9,471 
           
NON-CASH INVESTING AND FINANCING ACTIVITES:          
Assets acquired under debt or supplier credit  $5,835   $937 

 

 

 

 

Revenues by Region

(Amounts in thousands)

(Unaudited)

 

   Three months ended   Twelve months ended 
   June 30,   June 30, 
   2022   2021   % Change   2022    2021   % Change 
Revenues by Region                              
United States   161,478    109,879    47.0%   534,103    393,177    35.8%
Colombia   4,816    8,166    -41.0%   19,385    31,717    -38.9%
Other Countries   2,830    3,708    -23.7%   13,662    14,689    -7.0%
Total Revenues by Region   169,124    121,752    38.9%   567,150    439,583    29.0%

 

 

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 
   June 30,   June 30, 
   2022   2021   % Change   2022   2021   % Change 
                         
Total Revenues with Foreign Currency Held Neutral   169,417    121,752    39.1%   568,714    439,583    29.4%
Impact of changes in foreign currency   (293)   -         (1,564)   -      
Total Revenues, As Reported   169,124    121,752    38.9%   567,150    439,583    29.0%

 

 

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   Six months ended 
   Jun 30,   Jun 30, 
   2022   2021   2022   2021 
                 
Net (loss) income   33,413    19,642    54,366    27,924 
Less: Income (loss) attributable to non-controlling interest   (219)   (51)   (319)   (140)
(Loss) Income attributable to parent   33,194    19,591    54,047    27,784 
Foreign currency transactions losses (gains)   (2,503)   (190)   406    (145)
Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other)   646    975    1,409    2,258 
Non Recurring professional fees   678    -    3,402    - 
Extinguishment of debt - Call Option Premium   -    -    -    8,610 
Extinguishment of debt - Deferred Costs   -    (169)   -    2,368 
Joint Venture VA (Saint Gobain) adjustments   936    68    972    147 
Change in FV of Hedging Derivatives   -    3    -    (182)
Tax impact of adjustments at statutory rate   73    (206)   (1,857)   (3,917)
Adjusted net (loss) income   33,024    20,072    58,379    36,923 
                     
Basic income (loss) per share   0.70    0.41    1.13    0.58 
Diluted income (loss) per share   0.70    0.41    1.13    0.58 
                     
Diluted Adjusted net income (loss) per share   0.69    0.42    1.22    0.77 
                     
Diluted Weighted Average Common Shares Outstanding in thousands   47,675    47,675    47,675    47,675 
Basic weighted average common shares outstanding in thousands   47,675    47,675    47,675    47,675 
Diluted weighted average common shares outstanding in thousands   47,675    47,675    47,675    47,675 

 

   Three months ended    Six months ended 
   Jun 30,    Jun 30, 
    2022    2021    2022    2021 
                     
Net (loss) income   33,413    19,643    54,366    27,924 
Less: Income (loss) attributable to non-controlling interest   (219)   (51)   (319)   (140)
(Loss) Income attributable to parent   33,194    19,592    54,047    27,784 
Interest expense and deferred cost of financing   1,715    2,442    3,183    5,964 
Income tax (benefit) provision   14,692    7,601    25,250    11,289 
Depreciation & amortization   5,211    5,218    10,462    10,507 
Foreign currency transactions losses (gains)   (2,503)   (190)   406    (145)
Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other)   646    975    1,409    2,003 
Non Recurring professional fees   678    -    3,402    - 
Extinguishment of debt - Call Option Premium   -    -    -    8,610 
Extinguishment of debt - Deferred Costs   -    (169)   -    2,368 
Joint Venture VA (Saint Gobain) EBITDA adjustments   936    503    1,761    1,341 
Change in FV of Hedging Derivatives   -    3    -    (182)
Adjusted EBITDA   54,569    35,975    99,920    69,539