Tecnoglass Inc (TGLS) 2023 Q1 法說會逐字稿

Hello, and welcome to the Tecnoglass, Inc. First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, today's event is being recorded.

您好，歡迎來到 Tecnoglass, Inc. 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

I'd now like to turn the conference over to Brad Cray, Investor Relations. Please go ahead, sir.

我現在想把會議轉交給投資者關係部的 Brad Cray。請繼續，先生。

Thank you for joining us for Tecnoglass' First Quarter 2023 Conference Call. A copy of the slide presentation to accompany this call may be obtained on the Investors Section of the Tecnoglass website. Our speakers for today's call are Chief Executive Officer, José Manuel Daes; Chief Operating Officer, Chris Daes; and Chief Financial Officer, Santiago Giraldo.

感謝您加入我們參加 Tecnoglass 2023 年第一季度電話會議。可在 Tecnoglass 網站的投資者部分獲取本次電話會議的幻燈片演示副本。我們今天電話會議的發言人是首席執行官 José Manuel Daes；首席運營官 Chris Daes；首席財務官 Santiago Giraldo。

I'd like to remind everyone that matters discussed in this call, except for historical information, are 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's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary in a material nature 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's business.

我想提醒大家，本次電話會議中討論的事項，除歷史信息外，均為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，包括有關未來財務業績、未來增長和未來收購的陳述。這些陳述基於 Tecnoglass 當前的預期或信念，並受不確定性和環境變化的影響。由於經濟、業務、競爭和/或監管因素的變化以及影響 Tecnoglass 業務運營的其他風險和不確定性，實際結果可能與此處聲明明示或暗示的結果存在重大差異。

These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass's filings with the SEC. The information discussed during the call is presented 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, changes in assumptions or otherwise.

Tecnoglass 向美國證券交易委員會提交的文件中不時指出這些風險、不確定性和意外事件。通話期間討論的信息是根據此類風險提供的。此外，投資者應記住，Tecnoglass 在任何特定時期的財務業績可能並不代表未來的業績。 Tecnoglass 沒有義務並明確否認任何更新或更改其前瞻性陳述的義務，無論是由於新信息、未來事件、假設變化還是其他原因。

I will now turn the call over to José Manuel, beginning on Slide #4.

我現在將把電話轉給 José Manuel，從幻燈片 #4 開始。

Thank you, Brad, and thank you, everyone, for participating on today's call. We are very pleased to start 2023 on solid footing with very strong year-over-year growth and record first quarter results in all our key operating metrics. This includes record revenues, gross profit, adjusted EBITDA, free cash flow and backlog amongst several other metrics. Our outsized growth is driven by our structural and sustainable competitive advantages, which allow us to gain market share in different markets.

謝謝布拉德，也謝謝大家參加今天的電話會議。我們很高興以穩固的基礎開始 2023 年，實現非常強勁的同比增長，並在所有關鍵運營指標中創下第一季度業績記錄。這包括創紀錄的收入、毛利潤、調整後的 EBITDA、自由現金流和積壓訂單等多項指標。我們的超額增長是由我們的結構性和可持續競爭優勢推動的，這使我們能夠在不同市場獲得市場份額。

Our multiyear effort to improve our operations through strategic investments in automation and capacity enhancements further boosted our bottom line. These structural improvements to our vertically integrated platform have enhanced our ability to support our ongoing growth while serving a broader market and broader product offering. We are delivering high-quality service and products to our customers with lead times well below industry average.

我們多年來通過對自動化和產能提升的戰略投資來改善我們的運營，這進一步提高了我們的利潤。我們垂直整合平台的這些結構改進增強了我們支持持續增長的能力，同時服務於更廣闊的市場和更廣泛的產品供應。我們以遠低於行業平均水平的交貨時間為客戶提供高質量的服務和產品。

Our investments in our plans have bolstered our ability to meet the higher levels of demand for not only our legacy products but also for newer products designed for other geographies and segments such as Multimax and a recently designed [Terrastore] product. In both our commercial and single-family residential business, we are still experiencing a rapid growth in demand for our products, particularly in the Southeast U.S. where we enjoy the benefit of secular tailwinds. Furthermore, a strong momentum in our single-family residential business, which has a shorter cash cycle, along with our proven working capital management collectively helped drive our 13th consecutive quarter of exceptional cash flow generation.

我們對計劃的投資增強了我們滿足更高水平需求的能力，不僅是我們的傳統產品，還有為其他地區和細分市場設計的新產品，例如 Multimax 和最近設計的 [Terrastore] 產品。在我們的商業和單戶住宅業務中，我們的產品需求仍在快速增長，特別是在美國東南部，我們享受長期順風帶來的好處。此外，我們的單戶住宅業務的強勁勢頭（現金周期較短）以及我們久經考驗的營運資本管理共同推動了我們連續第 13 個季度產生出色的現金流。

Our ability to generate cash has strengthened our financial flexibility so that we can capture higher levels of demand and reinvest in the business through ongoing operational and capacity enhancements. We are on track to expand our installed production capacity to an output equivalent to roughly $950 million of annual sales by the end of the second quarter of this year.

我們產生現金的能力增強了我們的財務靈活性，因此我們可以通過持續的運營和能力增強來捕捉更高水平的需求並對業務進行再投資。到今年第二季度末，我們有望將裝機產能擴大到相當於年銷售額約 9.5 億美元的產量。

Our track record of delivering strong financial results validates our growth strategy. We are committed to consistent outperformance, operational excellence and driving value through product innovation by leveraging our vertically integrated platform. As a result, we continue to enjoy a healthy competitive advantage, which has contributed to market share gains.

我們提供強勁財務業績的記錄驗證了我們的增長戰略。我們致力於利用我們的垂直整合平台，通過產品創新實現始終如一的卓越表現、卓越運營和推動價值。因此，我們繼續享有健康的競爭優勢，這有助於增加市場份額。

Based on our success so far this year and the opportunities we see ahead, we are pleased to increase our full year revenue and adjusted EBITDA growth outlook. We were very pleased with our entire team's dedication to driving exceptional results and now forced to deliver another year of record performance. We look forward to maintaining our position as a leader in architectural glass as we deliver exceptional above market growth, profitability and value to our shareholders.

基於我們今年迄今取得的成功以及我們看到的未來機遇，我們很高興增加全年收入和調整後的 EBITDA 增長前景。我們對整個團隊致力於推動卓越成果的奉獻感到非常高興，現在被迫再創造一年的創紀錄業績。我們期待保持我們作為建築玻璃領導者的地位，因為我們為股東提供了高於市場的卓越增長、盈利能力和價值。

I will now turn the call over to Chris to provide additional details on the record backlog.

我現在將電話轉給克里斯，以提供有關記錄積壓的更多詳細信息。

Thank you, José Manuel. Moving to our backlog on Slide 5. We are thrilled to report a strong start to the year for Tecnoglass. We have a solid momentum in our business even into the second quarter, reflected by record invoicing month in March and April. Our strong performance in this challenging macroeconomic environment demonstrates the resilience of our business model. Our sales reflect the continued strong momentum in commercial demand and market share gains in single-family residential. We are delivering exceptional service, innovative product offerings and shorter lead times. Our track record of successfully delivering on high-profile projects and maintain consistent lead times has earned us an increasing number of opportunities across the U.S. These, along with our showroom expansions that are allowing us to further penetrate attractive geographies.

謝謝你，何塞·曼努埃爾。轉到幻燈片 5 上的積壓工作。我們很高興地報告 Tecnoglass 今年開局良好。即使進入第二季度，我們的業務也保持強勁勢頭，這從 3 月和 4 月創紀錄的發票月反映出來。我們在這個充滿挑戰的宏觀經濟環境中的強勁表現證明了我們商業模式的彈性。我們的銷售額反映了商業需求的持續強勁勢頭和單戶住宅市場份額的增長。我們正在提供卓越的服務、創新的產品和更短的交貨時間。我們成功交付備受矚目的項目並保持一致的交貨時間的記錄為我們在美國贏得了越來越多的機會。這些，以及我們的展廳擴張，使我們能夠進一步滲透有吸引力的地區。

Strong demand for our multifamily residential and commercial product has resulted in accelerating backlog growth, which climbed to a record of $776 million at the end of the first quarter. Beyond our backlog, the pipeline of projects continues to be strong, providing visibility well into 2024 and starting to build into 2025. Supporting the positive momentum in commercial, we are pleased to see the ABI index return to expansionary readings in March. As a reminder, approximately 2/3 of our backlog is mainly composed of medium- and high-rise residential buildings, which are currently outperforming most of other commercial sectors. The last 1/3 is related to a wide variety of commercial projects where demand remains firm. Our single-family residential growth trajectory is not fully captured in our backlog given the shorter-term spot duration of projects.

對我們的多戶住宅和商業產品的強勁需求導致積壓訂單增長加速，在第一季度末攀升至創紀錄的 7.76 億美元。除了我們的積壓項目外，項目管道繼續保持強勁，提供了到 2024 年的可見性並開始構建到 2025 年。支持商業的積極勢頭，我們很高興看到 ABI 指數在 3 月份恢復到擴張性讀數。提醒一下，我們大約 2/3 的積壓訂單主要由中高層住宅建築組成，這些建築目前的表現優於大多數其他商業部門。最後 1/3 與需求保持堅挺的各種商業項目有關。鑑於項目的現貨持續時間較短，我們的積壓訂單未完全反映我們的單戶住宅增長軌跡。

Several other important factors driving our consistent ability to produce exceptional results are strong customer relationships, strategic partnerships and new product innovations. We were thrilled to announce our partnership with Storm Shield Windows & Door during the first quarter to develop a new product called StormArmour that targets key geographies we operate in where severe weather conditions such as hurricanes, torrential rains and high winds are prominent.

推動我們始終如一地取得卓越成果的其他幾個重要因素是牢固的客戶關係、戰略合作夥伴關係和新產品創新。我們很高興地宣布，我們在第一季度與 Storm Shield Windows & Door 合作開發了一款名為 StormArmour 的新產品，該產品針對我們在颶風、暴雨和大風等惡劣天氣條件下開展業務的主要地區。

Product launches such as StormArmour and our existing Multimax product line should help us generate additional organic growth as we expand our addressable market through new and unique solutions. We were also excited to recently announce our strategic partnership with Wells Fargo, who will offer a variety of very competitive and affordable financing options to our customers. Partnerships such as these highlight our dedication providing value-added solutions for our customers in addition to participating in ongoing industry innovation.

StormArmour 和我們現有的 Multimax 產品線等產品的發布應該有助於我們產生額外的有機增長，因為我們通過新的和獨特的解決方案擴展了我們的目標市場。我們也很高興最近宣布與 Wells Fargo 建立戰略合作夥伴關係，Wells Fargo 將為我們的客戶提供各種極具競爭力且負擔得起的融資選擇。除了參與持續的行業創新之外，諸如此類的合作夥伴關係突出了我們為客戶提供增值解決方案的奉獻精神。

I will now turn the call over to Santiago to discuss our operations, financial results and improved outlook for 2023.

我現在將電話轉給聖地亞哥，討論我們的運營、財務業績和 2023 年改善的前景。

Thank you, Christian. Turning to Slide #6. Our exceptional performance in the first quarter reflects the ongoing strength and resilience of our business model. We had a very strong year-over-year organic growth in both our commercial and single-family residential businesses. We're executing on our growth strategy to capture demand for our innovative products and remain better positioned than ever to take advantage of the tailwinds José Manuel and Christian highlight, given the unique benefits provided by our vertically-integrated platform and deepening customer relationships across our increasingly diversified footprint.

謝謝你，克里斯蒂安。轉到幻燈片 #6。我們在第一季度的出色表現反映了我們業務模式的持續實力和彈性。我們的商業和單戶住宅業務均實現了非常強勁的同比有機增長。我們正在執行我們的增長戰略，以抓住對我們創新產品的需求，並保持比以往任何時候都更好的定位，以利用順風 José Manuel 和 Christian 的亮點，因為我們的垂直整合平台提供了獨特的優勢，並加深了我們整個客戶的關係足跡越來越多樣化。

Single-family residential revenues grew organically 40% year-over-year in the first quarter, now representing 43% of our U.S. revenue. Our continued growth in single family is a direct result of our ability to deliver superior quality architectural glass products with much shorter lead times at an attractive value. It is also important to reiterate that approximately 2/3 of our single family residential revenues are tied to repair and remodeling demand, which has remained relatively resilient in our markets and for our products and have historically local relation with interest and mortgage rate fluctuations.

第一季度單戶住宅收入同比有機增長 40%，目前占我們美國收入的 43%。我們在單一家庭中的持續增長是我們能夠以更短的交貨時間以具有吸引力的價值提供優質建築玻璃產品的直接結果。同樣重要的是要重申，我們大約 2/3 的單戶住宅收入與維修和改造需求有關，這些需求在我們的市場和我們的產品中保持相對彈性，並且歷史上與利率和抵押貸款利率波動存在局部關係。

As we look ahead, we see additional market share upside to single-family revenues through our expanding dealer base, geographic expansion within the Southeast and South Central U.S., the introduction of innovative new products, such as those Christian just discussed, and the opening of new showrooms in key geographies. Additionally, we continue to see favorable demographic trends of population migration into the Southern U.S. where we have significant exposure.

展望未來，我們看到通過不斷擴大的經銷商基礎、在美國東南部和中南部的地理擴張、創新的新產品（例如 Christian 剛才討論的產品）的推出以及主要地區的新陳列室。此外，我們繼續看到人口遷移到美國南部的有利人口趨勢，我們在那裡有很大的風險。

Now on Slide #7. I would like to reiterate the important differentiating aspects driving our industry leadership and outperformance. Our vertically-integrated business model and strategically located operations are supporting our success in the ongoing tight supply and dynamic cost environment. More specifically, the differentiating factors benefiting our businesses are: #1, previously implemented an ongoing high-return investments in plant automation and capacity upgrades; #2, stabilizing our cost through hedging on aluminum inputs and dependable supply of raw glass through our joint venture with Saint-Gobain; #3, our people-focused culture to retain quality talent and achieve low turnover as an employer of choice that pays well above minimum wage; #4, keeping transportation costs under 5% of revenues; and #5, a sustainable energy model including solar power and co-generation of power through on-site natural gas.

現在在第 7 號幻燈片上。我想重申推動我們行業領導地位和卓越表現的重要差異化方面。我們的垂直整合業務模式和戰略定位的運營支持我們在持續緊張的供應和動態成本環境中取得成功。更具體地說，有利於我們業務的差異化因素是：#1，之前在工廠自動化和產能升級方面實施了持續的高回報投資； #2，通過我們與聖戈班的合資企業對鋁輸入和可靠的原玻璃供應進行套期保值來穩定我們的成本； #3，我們以人為本的文化，以留住高素質人才並實現低流動率，成為支付遠高於最低工資的首選雇主； #4，將運輸成本控制在收入的 5% 以下； #5，可持續能源模型，包括太陽能和通過現場天然氣進行的熱電聯產。

Turning to the drivers of revenue on Slide 9. Total revenues increased 50.6% year-over-year to $202.6 million for the first quarter. This increase was driven by a significant growth in our multifamily and commercial activity as well as a strong increase in single-family residential activity in addition to market share gains. Of note, both single-family residential and multifamily and commercial revenues are benefiting from the positive demographic trends in our main markets that I touched on earlier.

轉向幻燈片 9 的收入驅動因素。第一季度總收入同比增長 50.6% 至 2.026 億美元。這一增長是由於我們的多戶家庭和商業活動的顯著增長以及單戶住宅活動的強勁增長以及市場份額的增長。值得注意的是，單戶住宅和多戶住宅以及商業收入都受益於我之前提到的我們主要市場的積極人口趨勢。

Looking at the drivers of adjusted EBITDA on Slide #10. Adjusted EBITDA for the first quarter of 2023 nearly doubled to a first quarter record of $85.8 million compared to $45.4 million in the prior year quarter. Adjusted EBITDA margin of 42.4% increased 860 basis points compared to the first quarter of 2022. First quarter gross profit increased 78.6% to $107.8 million, representing a record 53.2% gross margin. This compares to gross profit of $60.3 million, representing a 44.8% gross margin in the prior year quarter. Our significant improvement in margin mainly reflected operating leverage on higher sales, favorable pricing dynamics and greater operating efficiencies, partly due to prior automation initiatives.

查看幻燈片 #10 中調整後 EBITDA 的驅動因素。 2023 年第一季度的調整後 EBITDA 幾乎翻了一番，達到創紀錄的 8580 萬美元，而去年同期為 4540 萬美元。調整後的 EBITDA 利潤率為 42.4%，與 2022 年第一季度相比增長了 860 個基點。第一季度毛利潤增長 78.6% 至 1.078 億美元，毛利率達到創紀錄的 53.2%。相比之下，毛利潤為 6030 萬美元，上一季度的毛利率為 44.8%。我們利潤率的顯著提高主要反映了更高銷售額的運營槓桿、有利的定價動態和更高的運營效率，部分原因是之前的自動化舉措。

SG&A was $34.1 million compared to $26.4 million in the prior year quarter, with the majority of the increase attributable to higher shipping and commission expenses as a result of higher sales volume. As well as a higher provision for bad debt expenses and incremental marketing and administrative costs associated with the expansion of our new showrooms. As a percentage of total revenue, SG&A for the first quarter improved 280 basis points to 16.8%.

SG&A 為 3,410 萬美元，而去年同期為 2,640 萬美元，增長的主要原因是銷量增加導致運輸和佣金費用增加。以及與我們新陳列室擴建相關的壞賬費用和增量營銷和管理費用的更高撥備。作為總收入的百分比，第一季度的 SG&A 提高了 280 個基點，達到 16.8%。

Now looking at our improved balance sheet and leverage on Slide 11. In the first quarter, we built on our solid track record of cash flow generation, with operating cash flow of $43.1 million. This has left us with significant financial flexibility to drive additional value in our business, giving us the ability to reinvest in growth CapEx into our operations in anticipation of higher levels of demand in the future.

現在看看幻燈片 11 上我們改進的資產負債表和槓桿率。在第一季度，我們建立了良好的現金流生成記錄，運營現金流為 4310 萬美元。這使我們擁有顯著的財務靈活性，可以為我們的業務帶來額外價值，使我們能夠將增長的資本支出再投資到我們的運營中，以應對未來更高水平的需求。

At quarter end, our leverage ratio once again improved to a new record low of 0.1x net debt to LTM adjusted EBITDA, down from 0.6x in the prior year quarter. As of March 31, we had a cash balance of $128.5 million and availability under our committed revolving credit facilities of $170 million, resulting in total liquidity of approximately $300 million.

在季度末，我們的槓桿率再次提高至歷史新低，即淨債務與 LTM 調整後 EBITDA 之比為 0.1 倍，低於去年同期的 0.6 倍。截至 3 月 31 日，我們的現金餘額為 1.285 億美元，承諾的循環信貸額度為 1.7 億美元，因此流動性總額約為 3 億美元。

Turning to our structurally improved margins and cash generation on Slide #12. The significant improvements in our gross margin are mainly attributable to the themes that we've highlighted in recent calls. Namely, the structural and sustainable operational improvements related to automation initiatives in our shift in business strategy to further penetrate into the more profitable single-family residential end market, where we do not carry out lower margin installation work.

轉向我們在幻燈片 #12 上結構性改善的利潤率和現金產生。我們毛利率的顯著改善主要歸功於我們在最近的電話會議中強調的主題。即，與我們業務戰略轉變中的自動化舉措相關的結構性和可持續運營改進，以進一步滲透到利潤更高的單戶住宅終端市場，我們不進行利潤率較低的安裝工作。

Additionally, our operating leverage on higher revenues has more than offset depreciation, labor and other indirect manufacturing costs, further bolstering our profitability. Taking these factors into account, we now expect our gross margin to normalize in the 50% range for the full year 2023 based on our current expected mix of commercial versus residential revenue.

此外，我們對更高收入的經營槓桿抵消了折舊、勞動力和其他間接製造成本，進一步提高了我們的盈利能力。考慮到這些因素，我們現在預計，根據我們目前預期的商業與住宅收入組合，我們的毛利率將在 2023 年全年正常化在 50% 的範圍內。

Our impressive cash generation has benefited from our careful working capital management, reduced interest expense and a more favorable mix of revenues, providing us with financial flexibility to drive additional shareholder value through the 20% increase to our dividend in March as well as the funding of our investments to increase production capacity by over 35% by the end of the second quarter of 2023, which are being financed entirely by our operating cash flow generation.

我們令人印象深刻的現金產生得益於我們謹慎的營運資本管理、減少的利息支出和更有利的收入組合，為我們提供了財務靈活性，通過 3 月份股息增加 20% 以及為我們的投資旨在到 2023 年第二季度末將產能提高 35% 以上，這完全由我們的經營現金流產生提供資金。

While we continue to anticipate strong cash flow for the full year 2023, cash flow from operations is expected to trend down in the second and third quarters of 2023, given the timing of 2022 income tax payments in the U.S. and Colombia.

雖然我們繼續預計 2023 年全年現金流強勁，但考慮到美國和哥倫比亞 2022 年繳納所得稅的時間，預計 2023 年第二和第三季度的運營現金流將呈下降趨勢。

Now on Slide 13, I would like to highlight our strong returns. Since becoming a public company, Tecnoglass has been focused on making accretive investments with our returns-oriented mindset. This is evident in the value we have created for our shareholders through our return on equity and return on invested capital. As evidenced by the charts on this slide, the stronger profitability and meaningful step-up in cash flow has driven significant average returns over the past 3 years. And when comparing our ROE and ROIC metrics to those U.S. building product peers, the returns of our investments into our business have driven substantially higher value to our shareholders, further validating our strategic approach to drive their returns.

現在在幻燈片 13 上，我想強調我們的強勁回報。自成為一家上市公司以來，Tecnoglass 一直專注於以我們以回報為導向的心態進行增值投資。這在我們通過股本回報和投資資本回報為股東創造的價值中顯而易見。正如這張幻燈片上的圖表所證明的那樣，更強的盈利能力和現金流的顯著增加推動了過去 3 年的顯著平均回報。在將我們的 ROE 和 ROIC 指標與美國建築產品同行進行比較時，我們對業務的投資回報為我們的股東帶來了更高的價值，進一步驗證了我們推動股東回報的戰略方法。

As you can see on Slide 15, the upward trajectory of our revenue and adjusted EBITDA remains positive, and there is a lot of runway for growth with the additional capacity slated to come online by the end of the second quarter. We are as confident as ever in our ability to achieve many years of exceptional growth.

正如您在幻燈片 15 中看到的那樣，我們的收入和調整後的 EBITDA 的上升軌跡仍然是積極的，並且有很多增長的跑道，額外的產能將在第二季度末上線。我們一如既往地相信我們有能力實現多年的卓越增長。

Now moving to our outlook on Slide 16. Based on our strong results in the first quarter and positive momentum into the second quarter, including record invoicing months in March and April, we are increasing our full year 2023 outlook for revenues and adjusted EBITDA growth. We now expect full year 2023 revenues to be in the range of $810 million to $850 million. This outlook represents an organic growth of 16% at the midpoint. Based on these sales outlook, our anticipated mix of revenues and our expectations for cost and expenses, we expect full year adjusted EBITDA to be in the range of $315 million to $335 million, representing a 23% growth at the midpoint of the range. We expect gross margins to be in the 50% range for 2023, mainly attributable to strong operating leverage on higher sales, structural advantages from our vertically-integrated operations and favorable pricing and revenue mix.

現在轉向我們對幻燈片 16 的展望。基於我們在第一季度的強勁業績和進入第二季度的積極勢頭，包括 3 月和 4 月創紀錄的發票月，我們正在上調 2023 年全年收入展望和調整後的 EBITDA 增長。我們現在預計 2023 年全年收入將在 8.1 億美元至 8.5 億美元之間。這一前景代表了 16% 的中點有機增長。基於這些銷售前景、我們預期的收入組合以及我們對成本和費用的預期，我們預計全年調整後的 EBITDA 將在 3.15 億美元至 3.35 億美元之間，在該範圍的中點增長 23%。我們預計 2023 年的毛利率將在 50% 的範圍內，這主要歸因於更高銷售額帶來的強大運營槓桿、我們垂直整合業務帶來的結構優勢以及有利的定價和收入組合。

In closing, we are very pleased with the momentum in our business. Our high-return investments, vertically-integrated low-cost operations, growing portfolio of best-in-class products and conservative balance sheet positions Tecnoglass well to deliver another year of above-market growth in 2023, while maintaining our industry-leading margins and superb operating cash flow generation.

最後，我們對我們業務的發展勢頭感到非常滿意。我們的高回報投資、垂直整合的低成本運營、不斷增長的一流產品組合和保守的資產負債表使 Tecnoglass 能夠在 2023 年實現又一年高於市場的增長，同時保持我們行業領先的利潤率和極好的經營現金流產生。

With that, we will be happy to answer your questions. Operator, please open the floor for questions.

這樣，我們將很樂意回答您的問題。接線員，請打開地板提問。

(Operator Instructions) And the first question comes from Julio Romero with Sidoti & Company.

（操作員說明）第一個問題來自 Sidoti & Company 的 Julio Romero。

I wanted to start on the sales growth in the first quarter, really solid on the commercial construction side. And Christian, you talked about the project pipeline and the backlog starting to grow out to even 2025. If you could just talk about what type of projects are driving the commercial demand, maybe what geographies in the commercial side are driving the orders?

我想從第一季度的銷售增長開始，在商業建築方面非常穩固。克里斯蒂安，你談到了項目管道和積壓工作甚至開始增長到 2025 年。如果你能談談什麼類型的項目正在推動商業需求，也許商業方面的哪些地區正在推動訂單？

Hi, Julio, José here. We have a lot of high-rises and mid-rises in Miami, very broad Palm Beach county, also in the temporary area, they are booming. It's unbelievable the amount of people moving to Florida. So we see a strong growth in that sector. And also New York is speaking of, Boston is speaking of, especially universities, and no construction in New York for residential. So we believe '24 is going to be a stronger year for commercial and even our pipeline cost to '25.

嗨，胡里奧，這裡是何塞。我們在邁阿密有很多高層和中層建築，非常廣闊的棕櫚灘縣，也在臨時區域，它們正在蓬勃發展。搬到佛羅里達州的人數之多令人難以置信。因此，我們看到該行業的強勁增長。還有紐約說的，波士頓說的，尤其是大學，紐約沒有住宅建設。因此，我們相信 24 年對於商業來說將是更強勁的一年，甚至我們的管道成本到 25 年也是如此。

Okay. Got it. That's very helpful. And then I just wanted to turn to the cash flow in the quarter. Really solid cash flow for the first quarter. But you talked about cash flow trending down in the second and third quarters. Any sense of how much the tax payment impact should be? And do you still expect positive cash flow from operations on an absolute basis?

好的。知道了。這很有幫助。然後我只想談談本季度的現金流量。第一季度的現金流非常穩定。但是你談到了第二和第三季度現金流量呈下降趨勢。納稅影響應該有多大？您是否仍然期望絕對的運營現金流為正？

Yes, absolutely positive cash flow from operations, Julio. The thing is that in both Colombia and the U.S., the timing of payments are April and July, and not so much in Q1. So there's a seasonal component to it. But it's not going to be a drop where we're going to be near -- anywhere near not generating positive cash flow. I would estimate that a downtick maybe $10 million, $15 million for the quarter. So nothing dramatic.

是的，來自運營的絕對正現金流，Julio。問題是，在哥倫比亞和美國，支付時間都是在 4 月和 7 月，而不是在第一季度。所以它有一個季節性的組成部分。但這不會是我們將要接近的地方——任何接近不產生正現金流的地方。我估計本季度可能下降 1000 萬美元，1500 萬美元。所以沒什麼戲劇性的。

Got it. That's really helpful. And then, this is the highest cash balance, it might be in company history for you guys. Does that sway you to be more aggressive with debt reduction or maybe building out capacity a little earlier than usual?

知道了。這真的很有幫助。然後，這是最高的現金餘額，對你們來說這可能是公司歷史上的記錄。這是否會影響您更積極地削減債務，或者可能比平時更早地建立產能？

The buildout of the capacity is going to be determined by the pipeline. As you just heard José, the pipeline continues to be strong, and you can see how the backlog is growing. So throughout the year we're certainly going to make decisions as to whether more capacity is needed down the road. As we have mentioned, by the end of the quarter will be north of $950 million, but if the pipeline continues to grow at this pace, I'm sure there's going to be more investments coming down the road. Debt repayment is also an option. We just increased our dividend. So we're assessing all different avenues to return capital to shareholders and to reinvest in the business to continue supporting our growth.

容量的增加將由管道決定。正如您剛剛聽到何塞所說，管道繼續強勁，您可以看到積壓是如何增長的。因此，全年我們肯定會就未來是否需要更多產能做出決定。正如我們所提到的，到本季度末將超過 9.5 億美元，但如果管道繼續以這種速度增長，我相信未來會有更多投資。償還債務也是一種選擇。我們剛剛增加了股息。因此，我們正在評估向股東返還資本和對業務進行再投資以繼續支持我們增長的所有不同途徑。

And the next question comes from Brent Thielman with D. A. Davidson.

下一個問題來自 Brent Thielman 和 D. A. Davidson。

Congrats on a really great quarter and outlook. Santiago, I guess, just thanks for the update on the gross margin. It sounds like you think it's going to normalize in the 50% range this year. Just wanted to get your thoughts on kind of the appropriate long-term gross margin range for the company, at least for us to think about, I guess, looking beyond this year, obviously, very high level, what we're going to see here in 2023.

祝賀一個非常好的季度和前景。聖地亞哥，我想，只是感謝毛利率的更新。聽起來您認為今年會在 50% 的範圍內正常化。只是想听聽您對公司適當的長期毛利率範圍的看法，至少讓我們考慮，我想，展望今年以後，顯然，非常高的水平，我們將看到什麼2023年在這裡。

And what's going to be driving gross margins upwards beyond the level that we have guided to is going to be the operating leverage. We were able to gain about 300 basis points of operating leverage on a gross margin perspective quarter-over-quarter. So that continues to be a tailwind to gross margins. Some of it is coming from pricing but obviously, we adjusted pricing in Q2 of last year. So from a comparable basis, that will not continue to be the case going forward. So anything above what we're doing is going to come from operating leverage and further automation. I think we -- over time, we can still gain maybe another 100 bps, 150 bps depending on the level of operating leverage that we can get. But we've been pleasantly surprised over the last couple of quarters, obviously, more to come, but the expectation is that we'll be able to sustain what we've been doing and depending on operating leverage, hopefully, gaining a little bit more.

將推動毛利率超過我們指導的水平的將是運營槓桿。從毛利率的角度來看，我們能夠比上一季度獲得大約 300 個基點的運營槓桿。因此，這仍然是毛利率的順風。其中一些來自定價，但顯然，我們在去年第二季度調整了定價。因此，從可比的角度來看，未來不會繼續如此。因此，我們正在做的任何事情都將來自運營槓桿和進一步的自動化。我認為我們 - 隨著時間的推移，我們仍然可以再獲得 100 個基點，150 個基點，具體取決於我們可以獲得的運營槓桿水平。但我們在過去幾個季度中一直感到驚喜，顯然，還會有更多，但期望我們能夠維持我們一直在做的事情，並取決於運營槓桿，希望能有所收穫更多的。

Okay, really helpful. I was wondering if you could talk about -- a little more about the Wells Fargo partnership, that's really interesting, obviously early to talk about financial implications. But maybe you could help us think about how this expands your total addressable market from where you are, I guess, previously the -- what this opens it up for you going forward?

好吧，真的很有幫助。我想知道你是否可以談談 - 關於富國銀行合作夥伴關係的更多信息，這真的很有趣，顯然現在談論財務影響還為時過早。但也許你可以幫助我們思考這如何從你所在的地方擴展你的總目標市場，我想，以前 - 這為你的未來打開了什麼？

Yes, absolutely. We were very excited to sign that agreement with them, a very large financial partner that has a presence nationwide, which bodes very well with our expansion strategy into different markets. And we think it's certainly going to help sales over time. We have already signed several dealers into the program in these early stages. And clearly, we feel that it's going to help out and clients to finance windows -- a very low finance rates even in an environment where interest rates are high, we're being able to provide very competitive rates for end clients. So I think over time, it's going to be quite a bit of a tailwind to revenues once it gets going. But as you mentioned, it's clearly in the early stages still, but the early signs are encouraging.

是的，一點沒錯。我們很高興與他們簽署該協議，他們是一個在全國范圍內都有業務的非常大的金融合作夥伴，這預示著我們向不同市場的擴張戰略是個好兆頭。我們認為這肯定會隨著時間的推移幫助銷售。在這些早期階段，我們已經與幾家經銷商簽約加入該計劃。很明顯，我們認為這將幫助客戶為窗口融資——即使在利率高的環境中，融資利率也非常低，我們能夠為最終客戶提供極具競爭力的利率。所以我認為隨著時間的推移，一旦開始，這將對收入產生相當大的推動作用。但正如你提到的，它顯然仍處於早期階段，但早期跡象令人鼓舞。

Okay. Really interesting. Lastly, I was just looking at the map on Slide 6, I mean Florida has been obviously a huge driver for your single-family business. But I guess I want to get your -- maybe an update just on your progress in Texas, which seems like just sort of the next great opportunity for you and to the inroads you're gaining there.

好的。十分有趣。最後，我只是在看幻燈片 6 上的地圖，我的意思是佛羅里達顯然是您的單一家族企業的巨大推動力。但我想我想得到你的 - 也許只是關於你在德克薩斯州的進展的最新消息，這似乎只是你的下一個好機會以及你在那裡獲得的進展。

Yes. We're working on opening. We have already a partner in Texas, in Houston, but we're working on opening also in 3 other cities, Austin, San Antonio and Dallas. And will be -- by the end of the year we have full line of dealers and distributors in Texas. We're also working in South Carolina, North Carolina and all the way up to New York. We're very enthusiastic about our new lines going to other states.

是的。我們正在努力開放。我們已經在得克薩斯州的休斯敦擁有合作夥伴，但我們正在努力在其他 3 個城市（奧斯汀、聖安東尼奧和達拉斯）開設分店。並且將會 - 到今年年底，我們在德克薩斯州擁有完整的經銷商和分銷商。我們還在南卡羅來納州、北卡羅來納州以及一直到紐約開展工作。我們對通往其他州的新線路充滿熱情。

(Operator Instructions) And the next question comes from Alex Rygiel with B. Riley.

（操作員說明）下一個問題來自 Alex Rygiel 和 B. Riley。

Now understanding that a very large portion of your residential business is in the R&R. But looking at the other segment as it relates to penetrating into national homebuilders, can you talk about some of the successes there and directionally, how that has grown over the last couple of quarters?

現在了解到您的住宅業務的很大一部分都在 R&R 中。但是看看與滲透到全國房屋建築商相關的其他部分，你能談談那里和方向上的一些成功，在過去幾個季度中是如何發展的嗎？

Yes. We have 4 national builders that are buying and increasing their buys from us on a steady basis. And they have found that we have much better array of products, the performance of our windows is really good for them and their clients. And we keep gaining little by little in that sector. We are just now south of Orlando. And we are developing products to go off north to where there is no hurricane impact windows. We're working on that. And we believe that's going to be a change for the company with the homebuilders.

是的。我們有 4 家全國性建築商正在穩定地從我們這裡購買和增加他們的購買量。他們發現我們有更好的產品系列，我們窗戶的性能對他們和他們的客戶來說真的很好。我們在該領域不斷取得進展。我們現在就在奧蘭多以南。我們正在開發產品以向北移動到沒有颶風影響窗口的地方。我們正在努力。我們相信這將改變公司與房屋建築商的關係。

Just to add to that, Alex, just to give you some perspective. Q1, we were able to drive Multimax sales above $20 million for the quarter, which is a step up versus what we were doing. And I think with the incremental capacity that we have in place and that we have increased over the last few months, that's only going to help out even more because now we can allocate capacity to both the legacy products as well as the Multimax line.

亞歷克斯，只是為了補充一點，只是為了給你一些觀點。第一季度，我們能夠將 Multimax 本季度的銷售額推高至 2000 萬美元以上，這比我們所做的有所提高。而且我認為，隨著我們現有的增量容量以及我們在過去幾個月中增加的容量，這只會提供更多幫助，因為現在我們可以將容量分配給遺留產品和 Multimax 生產線。

That's great. And then any update on the Saint-Gobain glass plant and timing?

那太棒了。然後是關於聖戈班玻璃廠和時間安排的最新消息嗎？

I'll let Chris take that.

我會讓克里斯接受的。

Well, we're still waiting on Saint-Gobain to make a decision when to start building. You have to remember that they -- we're only 20-some percent of the company. And they have guarantee us, because we have it in writing, we have a contract with them that if the place is not built by next year, we will get prices like if we -- if the plant was already built next door. So we're not really in a hurry to see it being built. Obviously, it will be a lot better to have it closer to our plan and things are okay like they are today.

好吧，我們仍在等待聖戈班決定何時開始建設。你必須記住，他們——我們只占公司的 20% 左右。他們已經向我們保證，因為我們有書面形式，我們與他們簽訂了合同，如果該地方到明年還沒有建成，我們將獲得價格，就像我們 - 如果工廠已經在隔壁建成一樣。所以我們並不急於看到它正在建造中。顯然，讓它更接近我們的計劃會好得多，而且一切都像今天這樣。

And the next question comes from Tim Wojs with Baird.

下一個問題來自 Baird 的 Tim Wojs。

Maybe just a modeling question, Santiago. Just if I take your adjusted EBITDA number for the first quarter and just kind of annualize it, I get to a number that's kind of above your guidance. So I'm just trying to kind of understand what the puts and takes to that might be for the rest of the year?

也許只是一個建模問題，聖地亞哥。如果我將第一季度調整後的 EBITDA 數字進行年化處理，我得到的數字會高於你的指導。所以我只是想了解今年餘下時間的看跌期權和看跌期權可能是什麼？

So if you take the same kind of EBITDA that we did in Q1 throughout the year, you get to the higher end of the guidance. The [biggest] is what happens with kind of like the single-family orders in the second half of the year, because we already know that Q2 is coming strong, basically, and we said that April was a record invoicing month. So we already have the orders that will be invoiced over the course of Q2. The question comes as to what happens in Q3 and Q4. But what we're baking in is essentially just kind of stable EBITDA for Q2 and Q3 against Q1 and then a seasonal step down in Q4. And that's how you get to about $335 million.

因此，如果您採用我們在全年第一季度所做的相同類型的 EBITDA，您將獲得指導的較高端。 [最大的] 是下半年單戶訂單發生的情況，因為我們已經知道第二季度基本上是強勁的，我們說 4 月是創紀錄的發票月。所以我們已經有了將在第二季度開具發票的訂單。問題在於第三季度和第四季度會發生什麼。但我們正在烘烤的基本上只是第二季度和第三季度相對於第一季度的穩定 EBITDA，然後是第四季度的季節性下降。這就是您獲得約 3.35 億美元的方式。

Okay. Good. And then just from a capacity perspective, we're adding the automation by the end of the second quarter. I mean, would that translate into more shipments in the back half of the year? Or do you think the revenue kind of trends similarly to what the EBITDA is trending?

好的。好的。然後從容量的角度來看，我們將在第二季度末添加自動化。我的意思是，這會轉化為今年下半年的更多出貨量嗎？或者您認為收入趨勢與 EBITDA 趨勢相似嗎？

Well, the capacity will be there to even increase our sales above $950 million if we need to, but it all depends on how much we can sell. And my brother here will say -- he's saying that he's going to sell a lot of it. So we're hopeful that we will fill capacity again.

嗯，如果需要的話，我們的銷售額甚至可以增加到 9.5 億美元以上，但這完全取決於我們能賣多少。我在這裡的兄弟會說——他說他要賣掉很多。因此，我們希望我們能再次充滿產能。

From a modeling perspective, Tim, again, Q2 and Q3 where our base case is that, there is a step up from Q1 in revenues in top line, and then a seasonal step down in Q4. But again, if Resi outperforms our base case, then there's definitely upside on both metrics, top line and adjusted EBITDA.

從建模的角度來看，蒂姆，我們的基本情況是第二季度和第三季度，收入比第一季度有所上升，然後在第四季度出現季節性下降。但同樣，如果 Resi 的表現優於我們的基本情況，那麼這兩個指標、頂線和調整後的 EBITDA 肯定都有上行空間。

And the Resi base case is flat for the year?

Resi 基本情況全年持平？

Flat versus Q1?

與 Q1 持平？

Yes. I guess flat versus Q1, what is the base case for Resi this year, I guess.

是的。我猜與第一季度持平，我猜今年 Resi 的基本情況是什麼。

No. It's higher than Q1. Remember that Q1 is a shorter quarter in the sense that we have 2 weeks in January where their scheduled maintenance in pretty much shut down, right? So there is a step-up in the base case in Q2 and Q3, and again, trending down seasonally in Q4.

不，它高於 Q1。請記住，第一季度是一個較短的季度，因為我們在 1 月份有 2 週的時間，他們的計劃維護幾乎停止了，對吧？因此，第二季度和第三季度的基本情況有所上升，並且在第四季度再次呈季節性下降趨勢。

And this concludes question-and-answer session. I would like to return the call to José Manuel Daes for any closing comments.

問答環節到此結束。我想將電話轉回給 José Manuel Daes 以獲得任何結束評論。

Okay. Thank you, everyone, for participating on today's call. Keep tight, we'll keep working hard to give you great news to all our shareholders. Thank you.

好的。謝謝大家參加今天的電話會議。保持緊張，我們會繼續努力，向我們所有的股東傳達好消息。謝謝。

Thank you. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。