Tecnoglass Reports Record Financial Metrics Across the Board for Full Year 2023

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– Full Year Revenues Increased 16% to a Record $833.3 Million Through Entirely Organic Growth –

– Full Year Net Income of $183.5 Million, or $3.85 Per Diluted Share; Full Year Adjusted Net Income1 of $189.3 Million, or $3.98 Per Diluted Share –

– Full Year Adjusted EBITDA1 up 15% to an all-time high of $304.1 Million, Representing 36.5% of Revenues –

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– Record Full Year Gross Profit of $390.9 Million, Producing Gross Margin within Target Range of 47% to 49% –

– Strong Full Year Cash Flow from Operations of $138.8 Million, Representing 46% of Adjusted EBITDA1

– All Time Record Low Net Leverage Ratio of 0.1x at Year End –

– Backlog Expanded 20% Year-Over-Year to a Record $870.1 Million –

– Expansion into High End Vinyl Windows on Track with Shipments that Started in December 2023 –

– Board of Directors Approves a 22% Increase in Quarterly Dividend to $0.11 per Share –

– Executes $23.5 Million in Share Repurchases During the Year –

– Introduces Full Year 2024 Outlook for Double-Digit Year-Over-Year Revenue Growth –

Miami, FL, Feb. 29, 2024 (GLOBE NEWSWIRE) — Tecnoglass, Inc. (NYSE: TGLS) (“Tecnoglass” or the “Company”), a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today reported financial results for the fourth quarter and full year ended December 31, 2023.

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “I am proud of the Tecnoglass team for another year of strong operational accomplishments and record performance across many financial metrics. The relentless dedication to excellence across all levels of our business, coupled with our market-leading innovation and unique vertically integrated business model, are all reflected in our solid full year results. While our year-over-year margins were impacted by the sharp appreciation of the Colombian Peso during the second half of 2023, we delivered industry leading Adjusted EBITDA1 margins in excess of 35% for the year. Our strong margin performance is attributable to our previously implemented high return automation and capacity enhancements as well as our disciplined cost control efforts. Additionally, the structural enhancements in our business, along with our prudent working capital management, helped us generate another year of exceptional cash flow. Our solid capital position has given us flexibility to invest in further structural enhancements, increase our cash dividend, return value to our shareholders through share repurchases, and improve our leverage profile with net debt to Adjusted EBITDA1 ending the year at a record low of 0.1x. We remain committed to driving above market growth through our entry into the attractive vinyl window market, strengthening customer relationships, and further geographic diversification as we unlock additional value for all our stakeholders.”

Christian Daes, Chief Operating Officer of Tecnoglass, added, “Fourth quarter Adjusted EBITDA was in line with internal expectations and reflects the resiliency of our business despite the turbulent macroeconomic environment, particularly in the single-family residential end market. Our results during the quarter demonstrated our ability to leverage our unique competitive advantages to preserve margins and generate additional cash flow. We were pleased to begin shipments of our innovative vinyl window products in December 2023, which we expect to contribute more meaningfully to results in the second half of 2024 and beyond. Additionally, we reported another year of record backlog, which reflects healthy quoting and bidding activity for multi-family/commercial projects in our pipeline and provides visibility through 2024 and building into 2025. Beyond the firm backlog in place, bidding activity remains robust given the relatively favorable demographic trends within our main markets in the Southeast U.S. region. The expansion and automation investments made in recent years put us in a position to execute our growth strategy. We are very confident in our long-term vision and look forward to capturing incremental market share while taking advantage of the long-term opportunities we see across our end markets.”

Fourth Quarter 2023 Results

Total revenues for the fourth quarter of 2023 decreased 7.8% to $194.6 million compared to $211.1 million in the prior year quarter. Commercial activity performed in line with expectations given the projected timing of project deliveries. Single-family residential revenues were impacted by slower sequential and year-over-year activity resulting from higher interest and mortgage rates. Changes in foreign currency exchange rates had an adverse impact of $0.9 million on total revenues in the quarter.

Gross profit for the fourth quarter of 2023 was $83.0 million, representing a 42.6% gross margin, compared to gross profit of $110.2 million, representing a 52.2% gross margin, in the prior year quarter. The year-over-year change in gross margin reflected the impacts of unfavorable foreign exchange, lower revenues and an increased mix of installation versus product revenue during the quarter. The impact of unfavorable foreign exchange related to a Peso appreciation of 15% year-over-year for the quarter, in contrast with a non-cash short-term benefit of nearly 300 basis points during the prior year quarter related to inventories and the functional currency of our manufacturing operations in Colombia. Additionally, installation mix increased year-over-year, partially related to the step down in single-family residential revenues.

Selling, general and administrative expense (“SG&A”) was $32.4 million for the fourth quarter of 2023 compared to $33.4 million in the prior year quarter, with the decrease primarily attributable to lower shipping and commission expenses, partially offset by increased corporate costs to support a larger operation. As a percent of total revenues, SG&A was 16.7% for the fourth quarter of 2023 compared to 15.8% in the prior year quarter, primarily due to lower revenues.

Net income was $36.5 million, or $0.77 per diluted share, in the fourth quarter of 2023 compared to net income of $55.1 million, or $1.15 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction loss of $0.2 million in the fourth quarter of 2023 and a $2.9 million gain in the fourth quarter of 2022. 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 $37.7 million, or $0.80 per diluted share, in the fourth quarter of 2023 compared to adjusted net income of $52.1 million, or $1.09 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, was $62.0 million, or 31.8% of total revenues, in the fourth quarter of 2023, compared to $87.2 million, or 41.3% of total revenues, in the prior year quarter. The change was primarily attributable to the aforementioned factors impacting gross margin as well as lower year-over-year revenues. Adjusted EBITDA1 included a $1.4 million contribution from the Company’s joint venture with Saint-Gobain, compared to $0.8 million in the prior year quarter.

Full Year 2023 Results

Total revenues for the full year 2023 increased 16.3% to a record $833.3 million compared to $716.6 million in the prior year. Changes in foreign currency exchange rates had a negligible impact on total revenues in the year.

Gross profit increased 11.9% year-over-year to a full year record of $390.9 million, representing a 46.9% gross margin, compared to $349.5 million, representing a 48.8% gross margin, in the prior year. Operating income for the full year 2023 was $259.8 million compared to $226.4 million in the prior year. Net income for the full year 2023 was $183.5 million, or $3.85 per diluted share, compared to net income of $156.4 million, or $3.27 per diluted share, in the prior year. Adjusted net income1 for the full year 2023 was $189.3 million, or $3.98 per diluted share, compared to $158.5 million, or $3.32 per diluted share, in the prior year. Adjusted EBITDA1 for the full year 2023 improved to a record $304.1 million, or 36.5% of sales, compared to $265.7 million, or 37.1% of sales, in the prior year.

Cash Generation, Capital Allocation and Liquidity

Cash provided by operating activities for the full year 2023 was $138.8 million, primarily driven by higher profitability and strong working capital management. Capital expenditures of $78.0 million in the year included payments for previously purchased land for future potential capacity expansion, along with a significant portion of previously disclosed investments in facilities and operational infrastructure to enter the vinyl window market. Given the Company´s increase in installed capacity, a meaningful decrease in capital expenditures is expected for 2024.

During the fourth quarter of 2023, the Company returned capital to shareholders through an aggregate of $14.7 million in share repurchases and $4.3 million in cash dividends. As of February 29, 2024, the Company has approximately $26.5 million remaining under the current repurchase program.

The Company ended 2023 with total liquidity of approximately $300 million, including $129.5 million of cash and cash equivalents and $170.0 million of availability under its revolving credit facilities. Given the Company’s strong cash generation, net debt leverage remained near a record low level of 0.1x net debt to LTM Adjusted EBITDA1, compared to 0.2x in the prior year.

Given the visibility afforded by our backlog as of year-end and the expectation to continue driving strong operating and free cash flow, the Board of Directors has approved a 22% increase in the quarterly dividend on its ordinary shares, to $0.11 per share from $0.09 per share, continuing to return incremental cash to shareholders. At the new rate, the dividend on an annualized basis will be $0.44 per share compared to the previous rate of $0.36 per share. The Company’s next quarterly dividend of $0.11 per share will be payable on April 30, 2024, to holders of record as of March 29, 2024.

Full Year 2024 Outlook

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “Based on our current backlog and our expectation to continue increasing our single-family residential revenues through geographic expansion and our new vinyl initiative, we are confident that 2024 will be another year of double-digit revenue growth. Given the current lack of clarity on U.S. macroeconomic factors, mainly the evolution of interest rates going forward, we plan to provide additional color on our full year 2024 revenue and adjusted EBITDA outlook at a later date as the economic picture and the cadence of growth in the single family residential business become clearer. We remain confident in our ability to outperform our end markets, with share gains expected to drive another year of solid growth and cash flow generation in 2024.”

Webcast and Conference Call

Management will host a webcast and conference call on March 1, 2024, at 8:30 a.m. Eastern time to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass’ website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those unable to access the webcast, the conference call will be accessible by dialing 1-877-269-7751 (domestic) or 1-201-389-0908 (international). Upon dialing in, please request to join the Tecnoglass Fourth 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: 13744034.        

About Tecnoglass

Tecnoglass Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass serving the multi-family, single-family, and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company’s 5.6 million square foot, vertically integrated, and state-of-the-art manufacturing complex provide efficient access to nearly 1,000 customers in North, Central and South America, with the United States accounting for 95% of total 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
[email protected]

Tecnoglass Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)

    December 31,     December 31,  
    2023     2022  
ASSETS                
Current assets:                
Cash and cash equivalents   $ 129,508     $ 103,671  
Investments     2,907       2,049  
Trade accounts receivable, net     166,498       158,397  
Due from related parties     1,387       1,447  
Inventories     159,070       124,997  
Contract assets – current portion     17,800       12,610  
Other current assets     58,590       28,963  
Total current assets   $ 535,760     $ 432,134  
Long-term assets:                
Property, plant and equipment, net   $ 324,591     $ 202,865  
Deferred income taxes     169       558  
Contract assets – non-current     8,797       8,875  
Long-term trade accounts receivable           1,225  
Intangible assets     3,475       2,706  
Goodwill     23,561       23,561  
Equity method investment     60,570       57,839  
Other long-term assets     5,794       4,545  
Total long-term assets     426,957       302,174  
Total assets   $ 962,717     $ 734,308  
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current liabilities:                
Short-term debt and current portion of long-term debt   $ 7,002     $ 504  
Trade accounts payable and accrued expenses     82,784       90,186  
Due to related parties     7,498       5,323  
Dividends payable     4,265       3,622  
Contract liability – current portion     72,543       49,601  
Other current liabilities     61,794       60,566  
Total current liabilities   $ 235,886     $ 209,802  
Long-term liabilities:                
Deferred income taxes   $ 15,793     $ 5,190  
Contract liability – non-current     14       11  
Long-term debt     163,004       168,980  
Total long-term liabilities     178,811       174,181  
Total liabilities   $ 414,697     $ 383,983  
SHAREHOLDERS’ EQUITY                
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2023 and December 31, 2022 respectively   $     $  
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 46,996,708 and 46,674,773 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively     5       5  
Legal Reserves     1,458       1,458  
Additional paid-in capital     192,385       219,290  
Retained earnings     400,035       234,254  
Accumulated other comprehensive (loss)     (45,863 )     (106,187 )
Shareholders’ equity attributable to controlling interest     548,020       348,820  
Shareholders’ equity attributable to non-controlling interest           1,505  
Total shareholders’ equity     548,020       350,325  
Total liabilities and shareholders’ equity   $ 962,717     $ 734,308  


Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)

    Three months ended     Twelve months ended  
    December 31,     December 31,  
    2023       2022       2023       2022  
Operating revenues:                                
External customers   $ 193,517       $ 210,816       $ 830,879       $ 714,735  
Related parties     1,086         302         2,386         1,835  
Total operating revenues     194,603         211,118         833,265         716,570  
Cost of sales     (111,621 )       (100,880 )       442,331         367,071  
Gross profit     82,982         110,238         390,934         349,499  
Operating expenses:                                
Selling expense     (15,530 )       (18,772 )       (68,061 )       (69,006 )
General and administrative expense     (16,883 )       (14,636 )       (63,111 )       (54,078 )
Total operating expenses     (32,413 )       (33,408 )       (131,172 )       (123,084 )
Operating income     50,569         76,830         259,762         226,415  
Non-operating income, net     1,614         3,081         5,131         4,218  
Equity method income     1,337         1,610         5,013         6,680  
Foreign currency transactions (loss) gains     (245 )       2,869         686         2,013  
Interest expense and deferred cost of financing     (2,259 )       (2,724 )       (9,178 )       (8,156 )
Income before taxes     51,016         81,666         261,414         231,170  
Income tax provision     (14,538 )       (26,542 )       (77,904 )       (74,758 )
Net income   $ 36,478       $ 55,124       $ 183,510       $ 156,412  
Income attributable to non-controlling interest     (139 )       (154 )       (628 )       (669  
Income attributable to parent   $ 36,339       $ 54,970       $ 182,882       $ 155,743  
Basic income per share   $ 0.77       $ 1.15       $ 3.85       $ 3.27  
Diluted income per share   $ 0.77         1.15       $ 3.85       $ 3.27  
Basic weighted average common shares outstanding     47,093,096         47,674,773         47,508,980         47,674,773  
Diluted weighted average common shares outstanding     47,093,096         47,674,773         47,508,980         47,674,773  
Comprehensive income:                                
Net income   $ 36,478       $ 55,124       $ 183,510       $ 156,412  
Foreign currency translation adjustments     19,782         (14,584 )       63,058         (46,623  
Change in fair value of derivative contracts     (3,321 )       (10 )       (2,734 )       9,187  
Total comprehensive income   $ 52,939       $ 40,530       $ 243,834       $ 118,976  
Comprehensive loss attributable to non-controlling interest     (139 )       (154 )       (628 )       (669  
Total comprehensive income attributable to parent   $ 52,800       $ 40,376       $ 243,206       $ 118,307  


Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

    Year ended December 31,  
    2023     2022  
             
CASH FLOWS FROM OPERATING ACTIVITIES                
Net income   $ 183,510     $ 156,412  
Adjustments to reconcile net income to net cash provided by operating activities:                
Provision for bad debts     2,809       643  
Provision for obsolete inventory     67       19  
Depreciation and amortization     21,878       19,686  
Deferred income taxes     8,345       5,484  
Equity method income     (5,013 )     (6,680 )
Deferred cost of financing     1,243       1,370  
Other non-cash adjustments     120       (36 )
Unrealized currency translation losses     (25,854     15,385  
Changes in operating assets and liabilities:                
Trade accounts receivable     (780 )     (54,179 )
Inventories     (522 )     (63,937 )
Prepaid expenses     (2,849 )     (2,405 )
Other assets     (27,547 )     (483 )
Other liabilities     (62 )     (1,862 )
Trade accounts payable and accrued expenses     (17,428     7,220  
Accrued interest expense     (1 )     (1 )
Taxes payable     (12,851     45,250  
Labor liabilities     1,109       927  
Contract assets and liabilities     13,871       16,174  
Related parties     (1,218     2,933  
CASH PROVIDED BY OPERATING ACTIVITIES   $ 138,827     $ 141,920  
CASH FLOWS FROM INVESTING ACTIVITIES                
Dividends received     2,282        
Purchase of investments     (339 )     (1,257 )
Acquisition of property and equipment     (77,960 )     (71,327 )
CASH USED IN INVESTING ACTIVITIES   $ (76,017 )   $ (72,584 )
CASH FLOWS FROM FINANCING ACTIVITIES                
Cash dividend     (16,427 )     (12,869 )
Stock buyback     (23,537 )      
Non controlling interest purchase     (3,000 )      
Proceeds from debt     196       49  
Repayments of debt           (31,981 )
CASH USED IN FINANCING ACTIVITIES   $ (42,768 )   $ (44,801 )
Effect of exchange rate changes on cash and cash equivalents   $ 5,795     $ (5,875 )
NET INCREASE IN CASH     25,838       18,660  
CASH – Beginning of period     103,671       85,011  
CASH – End of period   $ 129,508     $ 103,671  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION                
Cash paid during the period for:                
Interest   $ 11,624     $ 6,421  
Income Tax   $ 107,150     $ 27,191  
NON-CASH INVESTING AND FINANCING ACTIVITES:                
Assets acquired under credit or debt   $ 9,311     $ 11,800  


Revenues by Region

(Amounts in thousands)
(Unaudited)

  Three months ended   Twelve months ended
  December 31,   December 31,
2023   2022   % Change   2023   2022   % Change
Revenues by Region                      
United States 185,151   206,400   -10.3 %   795,063   688,365   15.5 %
Colombia 6,182   2,343   163.9 %   25,103   16,000   56.9 %
Other Countries 3,270   2,375   37.6 %   13,099   12,205   7.3 %
Total Revenues by Region 194,603   211,118   -7.8 %   833,265   716,570   16.3 %


Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(In thousands)
(Unaudited)

The Company believes that total revenues with foreign currency held neutral, which are not performance measures under generally accepted accounting principles (“GAAP”), may provide users of the Company’s financial information with additional meaningful bases for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. Management uses such performance measures in managing and evaluating the Company’s business. However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

  Three months ended   Twelve months ended
  December 31,   December 31,
2023   2022   % Change   2023     2022   % Change
                       
Total Revenues with Foreign Currency Held Neutral 193,654   211,118   -8.3 %   833,675     716,570   16.3 %
Impact of changes in foreign currency 948         (411 )      
Total Revenues, As Reported 194,603   211,118   -7.8 %   833,265     716,570   16.3 %

Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.

Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(In thousands, except share and per share data) / (Unaudited)

Adjusted EBITDA and adjusted net (loss) income are non-GAAP performance measures. Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.

Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. Items excluded to arrive at forward-looking non-GAAP measures may have a significant, and potentially unpredictable, impact on our future GAAP results.

A reconciliation of Adjusted net (loss) income and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows, with amounts in thousands:

      Three months ended   Twelve months ended
      Dec 31,   Dec 31,
      2023     2022     2023     2022  
                   
Net (loss) income     36,478     55,124     183,510     156,412  
Less: Income (loss) attributable to non-controlling interest     (139 )   (153 )   (628 )   (669 )
(Loss) Income attributable to parent     36,339     54,971     182,882     155,743  
Foreign currency transactions losses (gains)     245     (2,869 )   (686 )   (2,013 )
Provision for bad debt     272     102     2,809     645  
Non Recurring expenses (non-recurring professional fees, capital market fees, other non-core ítems)     894     408     6,494     5,212  
Joint Venture VA (Saint Gobain) adjustments     644     (1,691 )   802     52  
Tax impact of adjustments at statutory rate     (658 )   1,215     (3,014 )   (1,169 )
Adjusted net (loss) income     37,737     52,136     189,287     158,470  
                   
Basic income (loss) per share     0.77     1.15     3.85     3.27  
Diluted income (loss) per share     0.77     1.15     3.85     3.27  
                   
Diluted Adjusted net income (loss) per share     0.80     1.09     3.98     3.32  
                   
Diluted Weighted Average Common Shares Outstanding in thousands     47,093     47,675     47,509     47,675  
Basic weighted average common shares outstanding in thousands     47,093     47,675     47,509     47,675  
Diluted weighted average common shares outstanding in thousands     47,093     47,675     47,509     47,675  
                   
                   
      Three months ended   Twelve months ended
      Dec 31,   Dec 31,
      2023     2022     2023     2022  
                   
Net (loss) income     36,478     55,124     183,510     156,412  
Less: Income (loss) attributable to non-controlling interest     (139 )   (153 )   (628 )   (669 )
(Loss) Income attributable to parent     36,339     54,971     182,882     155,743  
Interest expense and deferred cost of financing     2,259     2,724     9,178     8,156  
Income tax (benefit) provision     14,539     26,542     77,905     74,758  
Depreciation & amortization     6,034     4,597     21,875     19,686  
Foreign currency transactions losses (gains)     245     (2,869 )   (686 )   (2,013 )
Provision for bad debt     272     102     2,809     645  
Non Recurring expenses (non-recurring professional fees, capital market fees, other non-core ítems)     893     408     6,493     5,212  
Joint Venture VA (Saint Gobain) EBITDA adjustments     1,397     768     3,661     3,477  
Adjusted EBITDA     61,978     87,243     304,117     265,664  

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