Tecnoglass Inc (TGLS) 2024 Q2 法說會逐字稿

Good day, and welcome to the Tecnoglass Inc., second-quarter 2024 earnings conference call. (Operator Instructions)

美好的一天，歡迎參加 Tecnoglass Inc. 2024 年第二季財報電話會議。（操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to Brad Cray from Investor Relations. Please go ahead.

請注意，此事件正在被記錄。我現在想將會議交給投資者關係部門的布拉德·克雷 (Brad Cray)。請繼續。

Thank you for joining us for Tecnoglass' second-quarter 2024 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, Jose Manuel Daes; Chief Operating Officer, Chris Daes; and Chief Financial Officer, Santiago Giraldo.

感謝您參加 Tecnoglass 2024 年第二季電話會議。您可以在 Tecnoglass 網站的投資者部分取得本次電話會議隨附的幻燈片簡報的副本。今天電話會議的發言人是執行長 Jose Manuel Daes；營運長克里斯·戴斯；財務長聖地牙哥‧吉拉爾多 (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' current expectations or beliefs and are subject to uncertainty and changes in circumstances.

我想提醒大家，本次電話會議中討論的事項，除歷史資訊外，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。這些陳述是基於 Tecnoglass 當前的期望或信念，並可能受到不確定性和情況變化的影響。

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' business. These risks, uncertainties, and contingencies are indicated from time to time in Tecnoglass' filings with the SEC. The information discussed during the call is presented in light of such risks.

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，實際結果可能與本聲明中明示或暗示的結果存在重大差異。Tecnoglass 向 SEC 提交的文件中會不時指出這些風險、不確定性和意外情況。電話會議中討論的資訊是根據此類風險提出的。

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.

此外，投資者應記住，Tecnoglass 在任何特定期間的財務表現可能並不代表未來的表現。Tecnoglass 沒有義務並明確否認有任何義務更新或更改其前瞻性陳述，無論是由於新資訊、未來事件、假設變更或其他原因。

Finally, as previously announced on June 25, 2024, Tecnoglass' Board of Directors is conducting a review of strategic alternatives with the assistance of outside financial and legal advisers. There is no deadline or definitive timetable set for completion of the review process, and there can be no assurance that this process will result in the company pursuing a transaction or any other particular outcome.

最後，正如先前於 2024 年 6 月 25 日宣布的那樣，Tecnoglass 董事會正在外部財務和法律顧問的協助下對策略替代方案進行審查。沒有為完成審查過程設定最後期限或明確的時間表，並且不能保證該過程將導致公司尋求交易或任何其他特定結果。

The company does not intend to make any further public comment regarding its review until the Board of Directors has approved a specific course of action or the company determines that additional disclosure is appropriate or necessary.

在董事會批准具體行動方案或公司確定額外揭露是適當或必要的之前，本公司不打算就其審查發表任何進一步的公開評論。

I will now turn the call over to Jose Manuel, beginning on slide number 4.

我現在將把電話轉給 Jose Manuel，從第 4 投影片開始。

Thank you, Brad, and thank you, everyone, for participating on today's call. We are pleased to report another quarter of strong results to close out the first half of the year.

謝謝布拉德，也謝謝大家參加今天的電話會議。我們很高興地報告另一個季度的強勁業績，以結束今年上半年。

We achieved record single-family residential revenues of $95.7 million and our second highest total revenue of $219.7 million. This demonstrates the resilience and the ratability of our business model in a complex macroeconomic landscape. These accomplishments reflect the strong demand and level of orders result towards the end of the first quarter.

我們的單戶住宅收入創紀錄地達到了 9,570 萬美元，總收入達到了第二高的 2.197 億美元。這證明了我們的商業模式在複雜的宏觀經濟情勢下的彈性和可評估性。這些成就反映了第一季末的強勁需求和訂單水準。

We remain confident in our ability to capitalize on attractive opportunities and to gain market share despite certain challenges related to inflation and higher interest rates. Record single-family residential revenues reached a quarterly record of $95.7 million, up 10.1% year over year. The solid growth in our residential business reflects our ability to capitalize on the strong demand we saw at the end of the quarter as well as improving market trends, which led to a record level of orders in the second quarter of the year.

儘管存在與通貨膨脹和利率上升相關的某些挑戰，但我們仍然對利用有吸引力的機會並獲得市場份額的能力充滿信心。單戶住宅收入創下季度紀錄，達到 9,570 萬美元，年增 10.1%。我們住宅業務的穩健成長反映出我們有能力利用季度末的強勁需求以及市場趨勢的改善，從而導致今年第二季的訂單水準創下歷史新高。

We also continue to expect manual orders to contribute more meaningfully during the second half of the year. Our multi-family commercial business saw sequential improvement but was impacted by higher interest and market rates during the second quarter.

我們也繼續預計手動訂單將在今年下半年做出更有意義的貢獻。我們的多戶商業業務持續改善，但受到第二季利率和市場利率上升的影響。

Despite this trend, we are seeing a substantial amount of new activity, especially on the high-rise market as evidenced by yet another record level of backlog. We anticipate this positive trend to continue through the second half of the year. Our forward-looking optimism is supported by the significant level of orders we received in June with residential orders up over 60% year over year, contributing to a record backlog of approximately $1 billion at quarter end.

儘管有這種趨勢，我們還是看到了大量的新活動，特別是在高層建築市場，積壓訂單再創新高就證明了這一點。我們預計這種正面趨勢將持續到今年下半年。我們的前瞻性樂觀情緒得到了 6 月收到的大量訂單的支持，其中住宅訂單同比增長超過 60%，導致季度末積壓訂單達到創紀錄的約 10 億美元。

As a reminder, our backlog reflects the pipeline of multi-family commercial activity and firm single-family residential orders in our key geographies providing visibility through 2025 and building into 2026. Despite some year-over-year headwinds including unfavorable foreign exchange impacts, we were pleased to see a sequential increase in gross margin and adjusted EBITDA margin.

需要提醒的是，我們的積壓訂單反映了我們關鍵地區的多戶商業活動和單戶住宅​​訂單的儲備情況，提供了 2025 年和 2026 年的可視性。儘管存在一些同比不利因素，包括不利的外匯影響，但我們很高興看到毛利率和調整後 EBITDA 利潤率連續增長。

The sequential improvement in profitability and the relative stability in exchange rates over the past several quarters support our positive outlook. Our improved profitability also gives us confidence in our ability to navigate the evolving market landscape and continue to create value for our shareholders.

過去幾季獲利能力的連續改善和匯率的相對穩定支持了我們的積極前景。我們獲利能力的提升也讓我們對自己駕馭不斷變化的市場格局並繼續為股東創造價值的能力充滿信心。

The solid growth in our shorter cash cycle single-family residential business and careful working capital management, resulting in robust cash flow generation of $34.5 million. Impressively, this was achieved even with the timing of seasonal tax payments during the quarter. Our solid cash generation continues to provide us with additional flexibility to return value to our shareholders through our share repurchases and dividends.

我們較短的現金週期單戶住宅業務的穩健成長和謹慎的營運資金管理，帶來了 3,450 萬美元的強勁現金流。令人印象深刻的是，即使考慮到本季季節性納稅的時間，也能實現這一目標。我們穩定的現金產生能力繼續為我們提供額外的靈活性，透過股票回購和股利向股東回報價值。

Our cash flow has also allowed us to enhance our operational flexibility and balance sheet through another $15 million voluntary prepayment of our term loan during the quarter, totaling $30 million of debt repayments year to date.

我們的現金流還使我們能夠透過在本季度再自願提前償還 1500 萬美元的定期貸款來增強我們的營運靈活性和資產負債表，今年迄今為止的債務償還總額為 3000 萬美元。

Overall, we are pleased with the improvement we see in our business, and we remain encouraged by the recovering demand trends in our end markets. As we look to the remainder of the year, our positive growth outlook is supported by our strong customer relationships, record backlog, and innovative product portfolio.

總體而言，我們對業務的改善感到滿意，終端市場需求趨勢的復甦仍然令我們感到鼓舞。展望今年剩餘時間，我們強大的客戶關係、創紀錄的積壓訂單和創新的產品組合支持了我們積極的成長前景。

I will now turn the call over to Chris to provide additional operating highlights.

我現在將把電話轉給克里斯，以提供更多營運亮點。

Thank you, Jose Manuel. Moving to slide number 5. Our second-quarter results reflect our focused execution on the growth initiatives in our business and our ability to generate solid cash flow.

謝謝你，何塞·曼努埃爾。轉到第 5 張投影片。我們第二季的業績反映了我們對業務成長計畫的專注執行以及我們產生穩定現金流的能力。

Our single-family residential business continued its strong trajectory with revenues increasing 10% year over year to a record $95.7 million in revenues. This growth reflects improving market trends along with the benefit of some demand pull forward related to the recent expiration of a Florida Windows sales tax extension in June.

我們的單戶住宅業務持續保持強勁勢頭，營收年增 10%，達到創紀錄的 9,570 萬美元。這一增長反映了市場趨勢的改善以及與佛羅裡達州 Windows 銷售稅 6 月延期到期相關的一些需求拉動的好處。

Our demand momentum, along with the favorable demographic trends we see in Florida and in the Southeast positions us for a strong single-family residential revenues through year-end. As it relates to our vinyl products, quoting activity remains strong and we remain on schedule to increase deliveries in the second half of 2024.

我們的需求勢頭，以及我們在佛羅裡達州和東南部看到的有利的人口趨勢，使我們能夠在年底實現強勁的單戶住宅收入。由於與我們的乙烯基產品相關，報價活動依然強勁，我們仍按計劃在 2024 年下半年增加交付量。

In our multi-family commercial business at quarter end we were pleased to report another record multiyear backlog of approximately $1 billion. Our backlog growth reflects an expanding pipeline of projects with visibility through 2025 and now building into 2026. This robust backlog represents 2.1 times our LTM multi-family commercial business, providing us with a multi-year view on the multi-family commercial portion of our revenues.

在我們的多戶商業業務中，季度末我們很高興地報告了創紀錄的多年積壓訂單，金額約為 10 億美元。我們的積壓訂單成長反映出專案管道不斷擴大，預計到 2025 年，現在將持續到 2026 年。這項強勁的積壓訂單相當於我們 LTM 多戶型商業業務的 2.1 倍，為我們提供了多戶型商業收入部分的多年看法。

In our multi-family commercial business, we saw sequential growth in the second quarter of 2024, including a strong level of orders for light commercial projects.

在我們的多戶商業業務中，我們在 2024 年第二季實現了環比成長，其中包括輕型商業項目的強勁訂單。

Revenues decreased compared to the prior year quarter, given record activity during the second quarter of 2023 and higher interest rates and mortgage rates during 2024. That said, we were encouraged by the improving trends and expect continuous positive momentum in the second half of the year.

鑑於 2023 年第二季創紀錄的活動以及 2024 年利率和抵押貸款利率上升，與去年同期相比，收入有所下降。儘管如此，我們對改善趨勢感到鼓舞，並預計下半年將繼續出現積極勢頭。

Moving to slide number 6. Our backlog has seen consistent sequential growth in each quarter since 2021. We expect this momentum in our project pipeline and the strong bidding activity we are seeing will help us keep a strong book-to-bill ratio, which stood at 1.5 times as of quarter two 2024.

轉到第 6 張投影片。自 2021 年以來，我們的積壓訂單每季都持續成長。我們預計，我們專案儲備中的這種勢頭以及我們所看到的強勁招標活動將有助於我們保持強勁的訂單出貨比，截至 2024 年第二季度，該比率為 1.5 倍。

This adds to our track record of maintaining a book-to-bill ratio above 1.1 times over the past 14 consecutive quarters. Historically, roughly two-thirds of reported backlog are invoiced over the following 12 months.

這增加了我們在過去連續 14 個季度保持訂單出貨比高於 1.1 倍的記錄。從歷史上看，大約三分之二的報告積壓訂單是在接下來的 12 個月內開立發票的。

Historically, there are virtually no project cancellations even delay state installation of windows into largely completed buildings. Therefore, we believe that this ratio provides a strong visibility on invoicing despite the fact that certain external factors can cause temporary delays in deliveries. I will now turn the call over to Santiago to discuss our financial results and outlook for 2024.

從歷史上看，幾乎沒有項目被取消，甚至沒有推遲國家在已完工的建築物中安裝窗戶的情況。因此，我們認為，儘管某些外部因素可能導致交貨暫時延遲，但該比率為發票提供了很強的可見性。我現在將把電話轉給聖地牙哥，討論我們的財務表現和 2024 年的前景。

Thank you, Christian. Turning to single-family residential on slide number 7. We generated record single-family residential revenues of $95.7 million in the second quarter, compared to $86.9 million in the prior year quarter. The year-over-year increase was primarily due to improving market trends and what we estimate to be a partial pull forward effect related to the Florida sales tax waiver Christian mentioned.

謝謝你，克里斯蒂安。轉向第 7 號投影片上的單戶住宅。第二季我們創造了創紀錄的單戶住宅收入 9,570 萬美元，而去年同期為 8,690 萬美元。同比成長主要是由於市場趨勢改善以及我們估計與克里斯蒂安提到的佛羅裡達州銷售稅減免相關的部分拉動效應。

Additionally, we were thrilled to see second quarter residential orders up over 60% year over year, reflecting solid traction in this business and supporting our expectation for solid single-family growth in the back half of the year.

此外，我們很高興看到第二季住宅訂單年增超過 60%，這反映出該業務強勁的吸引力，並支持我們對今年下半年單戶住宅穩健成長的預期。

Looking ahead, we continue to see organic growth opportunities in our single-family residential business through several Tecnoglass' specific tailwinds. First, our expanding dealer base, driven by short lead times, innovative products and demand for impact resistant and energy-efficient solutions.

展望未來，透過 Tecnoglass 的幾個特定有利因素，我們繼續看到我們的單戶住宅業務的有機成長機會。首先，在交貨時間短、產品創新以及對抗衝擊和節能解決方案的需求的推動下，我們的經銷商基礎不斷擴大。

Second, ongoing geographic expansion in Florida and increasing brand recognition across the US, supported by new showroom openings in key markets.

其次，在主要市場開設新展廳的支持下，佛羅裡達州持續進行地理擴張，並提高美國各地的品牌知名度。

And lastly, our strategic entry into the vinyl market, which has significantly expanded our addressable market and provide substantial runway for revenue growth and product diversification. Customer enthusiasm for our vinyl products remains strong with solid quoting activity, which we expect to translate into a ramp-up of deliveries as we move through the second half of the year. The overall enthusiasm for our vinyl offering strengthens our condition in this strategic expansion and underscores the significant long-term opportunities we see in this category.

最後，我們策略性地進入黑膠市場，這極大地擴大了我們的潛在市場，並為收入成長和產品多元化提供了堅實的基礎。客戶對我們的乙烯基產品的熱情依然強勁，報價活動活躍，我們預計這將轉化為下半年交貨量的增加。對我們黑膠產品的整體熱情增強了我們在這一策略擴張中的條件，並強調了我們在這一類別中看到的重大長期機會。

Turning to drivers of revenue on slide number 9. Total revenues for the second quarter decreased 2.5% year over year to $219.7 million. This represents our second highest revenue quarter in the company's history. The decrease was primarily due to lower multi-family and commercial revenues, partially offset by growth in single-family residential.

轉向第 9 號投影片上的收入驅動因素。第二季總營收年減 2.5% 至 2.197 億美元。這是我們公司史上第二高的季度營收。下降的主要原因是多戶住宅和商業收入下降，但部分被單戶住宅的成長所抵消。

Looking at the profit drivers on slide number 10. Adjusted EBITDA for the second quarter was $64.1 million, representing an adjusted EBITDA margin of 29.2%. SG&A was $38.4 million compared to $35.2 million in the prior year quarter, with the increase primarily attributable to higher personnel expenses from annual salary adjustments that took place at the beginning of the year.

請參閱第 10 號投影片上的利潤驅動因素。第二季調整後 EBITDA 為 6,410 萬美元，調整後 EBITDA 利潤率為 29.2%。SG&A 為 3,840 萬美元，而去年同期為 3,520 萬美元，增加的主要原因是年初進行的年度薪資調整導致人員費用增加。

As a percentage of total revenues, SG&A was 17.5% up from 15.6% in the prior year quarter due to lower revenues and the aforementioned salary adjustments.

由於收入下降和上述薪資調整，SG&A 佔總收入的百分比為 17.5%，高於去年同期的 15.6%。

Second-quarter gross profit was $89.6 million, representing a 40.8% gross margin. This compared to gross profit of $109.7 million and a 48.7% gross margin in the prior year quarter. Similar to recently reported quarters, the year-over-year change in gross margin primarily reflects an unfavorable FX impact of nearly 340 basis points, reduced operating leverage on lower revenues and higher salary expenses.

第二季毛利為 8,960 萬美元，毛利率為 40.8%。相較之下，去年同期的毛利為 1.097 億美元，毛利率為 48.7%。與最近報告的季度類似，毛利率的同比變化主要反映了近 340 個基點的不利外匯影響、收入下降和工資支出上升導致的營運槓桿降低。

On a sequential basis, gross margin improved by 200 basis points compared to 38.8% in the first quarter of 2024. The unfavorable FX comparisons seen in the last few quarters should largely dissipate given the relative stability in currencies during the last 12 months and expectations through year-end.

與 2024 年第一季的 38.8% 相比，毛利率較上季提高了 200 個基點。鑑於過去 12 個月貨幣相對穩定以及截至年底的預期，過去幾季出現的不利匯率比較應該會基本消失。

Now looking at our strong cash flow and improved leverage on slide number 11. We generated strong operating cash flow of $34.5 million in the second quarter, primarily driven by our disciplined working capital management. Our capital expenditures of $20.3 million, including payments for previously purchased land for future potential capacity expansion as well as a down payment for our new Miami headquarters, which will include a new flagship showroom to help us drive incremental business activity.

現在看看第 11 幻燈片中我們強勁的現金流和改善的槓桿率。我們在第二季度產生了 3,450 萬美元的強勁營運現金流，這主要得益於我們嚴格的營運資本管理。我們的資本支出為 2,030 萬美元，包括為未來潛在產能擴張而購買的土地的付款，以及我們邁阿密新總部的首付，其中將包括一個新的旗艦陳列室，以幫助我們推動增量業務活動。

We were pleased to continue our track record of returning capital to shareholders through our recently increased cash dividend payment during the period. At quarter end, we also had approximately $26 million remaining in our share repurchase authorization.

我們很高興透過最近增加的現金股利支付繼續保持向股東返還資本的記錄。截至季末，我們的股票回購授權中還剩餘約 2,600 萬美元。

We also made $15 million of voluntary prepayments on our syndicated term loan during the quarter with $30 million of debt repayments year to date, driving our net leverage ratio to a record low near zero net debt to LTM adjusted EBITDA compared to 0.2 times in the prior year.

我們還在本季自願預付了1,500 萬美元的銀團定期貸款，並償還了年初至今的3,000 萬美元的債務，將我們的淨槓桿率推至創紀錄的低點，淨債務與LTM 調整後EBITDA 之比接近零，而上一期為0.2 倍年。

As of June 30, 2024, we had total liquidity of approximately $300 million, including $127 million in cash and $170 million available under our revolving credit facilities, giving us financial flexibility to drive additional value in our business.

截至 2024 年 6 月 30 日，我們的流動資金總額約為 3 億美元，其中包括 1.27 億美元現金和循環信貸額度下的 1.7 億美元，這使我們具有財務靈活性，可以推動業務的額外價值。

On slide number 12, we're proud to showcase our track record of delivering exceptional shareholder value. Over the last three years, our strategic initiatives have consistently yielded returns that surpass industry benchmarks. This outperformance is driven by our robust profitability and significantly improved cash flow generation. The superior returns we've achieved not only benefit our investors but also validate the effectiveness of our multi-faceted growth strategy.

在第 12 號投影片上，我們很自豪地展示了我們提供卓越股東價值的記錄。過去三年來，我們的策略舉措持續帶來超越產業基準的回報。這種優異的表現是由我們強勁的獲利能力和顯著改善的現金流產生所推動的。我們取得的卓越回報不僅使我們的投資者受益，也驗證了我們多方面成長策略的有效性。

Now moving to outlook on slide number 14. Based on the momentum in our business and our visibility in the expected timing of deliveries through year-end in our residential and commercial markets, we are updating our outlook for the full year.

現在轉到第 14 號投影片上的 Outlook。根據我們的業務動能以及我們對住宅和商業市場年底預計交付時間的了解，我們正在更新全年展望。

We expect full-year 2024 revenue to be in the range of $860 million to $910 million. This outlook represents entirely organic growth of 6% 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 $260 million to $285 million.

我們預計 2024 年全年營收將在 8.6 億美元至 9.1 億美元之間。這一前景代表了中點 6% 的完全有機成長。根據這些銷售前景、我們預期的收入組合以及對成本和費用的預期，我們預計全年調整後 EBITDA 將在 2.6 億至 2.85 億美元之間。

We also expect gross margins to be in the low to mid-40s range for 2024 and for healthy year-over-year cash flow growth given most capital expenditures related to facility upgrades and vinyl investments are now complete.

鑑於與設施升級和乙烯基投資相關的大部分資本支出現已完成，我們也預計 2024 年毛利率將在 40 多歲左右，現金流量將實現健康的年增長。

Our outlook is predicated on a few key assumptions, namely growth in residential revenues based on the strong orders we received through June, our ramp-up in vinyl related revenues through the second half of the year as well as stable FX rates between $3,900 and $4,000. This full-year outlook is also anchored in our expectations for large multi-family and commercial projects staying within scheduled timetables and for stable activity in short-term small commercial projects.

我們的前景基於幾個關鍵假設，即住宅收入的成長是基於我們截至 6 月收到的強勁訂單、下半年黑膠相關收入的成長以及匯率穩定在 3,900 美元至 4,000 美元之間。這項全年展望也基於我們對大型多戶住宅和商業項目按計劃完成以及短期小型商業項目穩定活動的預期。

In summary, we are pleased with our results during the first half of the year, which demonstrated the resiliency of our business and our ability to capitalize on market opportunities. As we look to the remainder of the year, we remain confident in our ability to continue creating value for our stakeholders, given our low leverage profile and numerous avenues for market share expansion.

總而言之，我們對上半年的業績感到滿意，這證明了我們業務的彈性以及我們利用市場機會的能力。展望今年剩餘時間，鑑於我們的槓桿率較低以及市場份額擴張的多種途徑，我們對繼續為利益相關者創造價值的能力仍然充滿信心。

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

這樣，我們將很樂意回答您的問題。接線員，請開通提問線。

(Operator Instructions) Sam Darkatsh, Raymond James.

（操作員說明）Sam Darkatsh，Raymond James。

Good morning, Jose Manuel, Chris Santiago. How are you? Thank you. A couple of questions. First off, Santiago, could you help us directionally think about third quarter sales, gross margin and EBITDA expectations and then the caveat to that or the addendum to that would be, what are you seeing in single-family orders in July now that the incentives have expired?

早安，何塞·曼努埃爾，克里斯·聖地亞哥。你好嗎？謝謝。有幾個問題。首先，聖地牙哥，您能否幫助我們定向思考第三季的銷售額、毛利率和 EBITDA 預期，然後對此的警告或附錄是，鑑於激勵措施，您在 7 月份的單戶訂單中看到了什麼？已經過期了嗎？

Yeah. So if you take the ranges, Sam, you're going to get to revenues in the neighborhood of $240 million to $250 million, depending on where you are and gross margins picking up probably to the range of 43%, in line with what we had discussed earlier as to how you get operating leverage on those incremental sales.

是的。因此，山姆，如果你按照這個範圍，你將獲得大約 2.4 億至 2.5 億美元的收入，具體取決於你所處的位置，毛利率可能會上升到 43% 的範圍，這與我們的預測一致。之前已經討論過如何從這些增量銷售中獲得營運槓桿。

And then in terms of EBITDA, you could be getting to a range of like around $75 million, $80 million, depending on where you are in the range as well. In terms of orders, the July came in probably at about 75% to 80% of a normal month, but August month to date is in line with previous months. So the pull forward that we saw in June was partial in nature. I mean we're seeing kind of normalized level of orders as of today.

然後就 EBITDA 而言，您的收入範圍可能約為 7500 萬美元至 8000 萬美元，具體取決於您所處的範圍。就訂單而言，7 月的訂單量可能約為正常月份的 75% 至 80%，但 8 月迄今與前幾個月持平。因此，我們在六月看到的拉動本質上是部分的。我的意思是，截至今天，我們看到訂單水準已經正常化。

And then my follow-up question, prevailing aluminum prices look like they're down, I don't know, call it, 15%, 20% or so over the past month or two. Are you expecting a favorable impact on gross margins? And what are you expecting for industry pricing as a result?

然後是我的後續問題，在過去一兩個月裡，目前的鋁價似乎下跌了，我不知道，可以稱之為 15%、20% 左右。您預計會對毛利率產生有利影響嗎？您對產業定價有何預期？

Well, this is Jose. We have bought most of our aluminum at a very favorable price for this year and for next. And the aluminum went from $2,200 to $2,500 and then to $2,700, but for a very short while, because there was a plant down in Australia. But now the plant is back, and aluminum went back to normal. But we have hedged before that.

嗯，這是何塞。我們已經以非常優惠的價格購買了今年和明年的大部分鋁。鋁價從 2,200 美元漲到 2,500 美元，然後漲到 2,700 美元，但時間很短，因為澳洲有一家工廠。但現在工廠已經恢復，鋁業也恢復正常。但在此之前我們已經進行了對沖。

And just to follow up on that, Sam, remember that on the residential orders, it's kind of spot in nature, so you don't get a pickup. Basically, it’s a match based on how you quote versus how the LME behaves. And then on the commercial side, as Jose was saying, we enter into forward contracts to hedge against what was quoted. So not necessarily a fact that we're kind of going long or short on inventory.

山姆，為了跟進這一點，請記住，在住宅訂單上，這是自然界中的一個地點，所以你不會得到接送服務。基本上，這是基於您的報價方式與 LME 的行為方式的匹配。然後在商業方面，正如何塞所說，我們簽訂遠期合約以對沖報價。因此，我們不一定會做多或做空庫存。

I guess the spirit of my question was your market intelligence in terms of how others that you compete against in the state or that use aluminum, how much they've hedged and whether the lower aluminum prices of late, at least may have influenced pricing, especially in July and August after the incentives expired.

我想我的問題的實質是你的市場情報，即你在該州與其他人競爭或使用鋁的其他人如何競爭，他們對沖了多少，以及最近較低的鋁價是否至少可能影響了定價，特別是在激勵措施到期後的七月和八月。

No, we have seen in the last six, seven months of this year that a couple of our competitors have increased prices because of the aluminum tariffs more than the LME and most of them imported from Turkey and from China and from other places that were hit hard with the tariff and also glass prices are going a little up. And I believe by next year, they're going to go a lot up. So we have very stable pricing, so we're very happy with that.

不，我們在今年的過去六、七個月裡看到，由於鋁關稅高於倫敦金屬交易所，我們的一些競爭對手提高了價格，其中大部分是從土耳其、中國和其他受到打擊的地方進口的關稅很困難，玻璃價格也略有上漲。我相信到明年，它們將會大幅上漲。因此，我們的定價非常穩定，因此我們對此感到非常滿意。

Thank you.

謝謝。

Alex Rygiel, B. Riley.

亞歷克斯·里吉爾，B.萊利。

Jose, can you provide us a little bit more color on the new orders and the strength in backlog in the quarter, like geographically, where are you seeing the strength come from?

Jose，您能否為我們提供有關本季度新訂單和積壓訂單強度的更多信息，例如從地理位置上看，您認為這些強度來自哪裡？

Well, mostly it's coming from Florida, New York, Boston, and now since we have some sales in the Carolinas and Virginia. That's where most of the orders are coming from.

嗯，大部分來自佛羅裡達州、紐約州、波士頓，現在我們在卡羅來納州和維吉尼亞州也有一些銷售。大部分訂單都來自那裡。

Excellent. And then how should we think about the mix in backlog today between installation and product sales and how that might affect margins over the coming 12, 18 months?

出色的。那麼我們應該如何考慮今天安裝和產品銷售之間的積壓情況以及這可能如何影響未來 12 個月、18 個月的利潤率？

Well, it's always around the same. We believe it's around half and half. Half is installed and half of it is -- or perhaps 40% is just product. But we are getting much better margins now in the installation side because we have caught a lot of [fat] that we had and we have reached much better deals with the installation crews, et cetera.

嗯，總是差不多。我們相信大約是一半一半。一半已安裝，一半是——或者 40% 可能只是產品。但我們現在在安裝方面獲得了更好的利潤，因為我們已經獲得了很多[脂肪]，並且我們與安裝人員達成了更好的協議，等等。

Just as a follow-up. Remember that we only do installation on certain commercial projects in Florida. All of the other geographies, we only provide the windows. So to the extent that we continue growing outside of Florida, the mix there is more favorable as far as doing installation or not.

只是作為後續。請記住，我們僅在佛羅裡達州的某些商業項目上進行安裝。對於所有其他地區，我們僅提供窗戶。因此，就我們在佛羅裡達州以外繼續發展而言，無論是否進行安裝，那裡的組合都更有利。

And lastly, as it relates to vinyl windows, have you started shipping yet? And how might we think about the cadence over the next two quarters and maybe even an early look into a revenue target for 2025?

最後，由於涉及乙烯基窗戶，你們開始發貨了嗎？我們如何看待未來兩季的節奏，甚至可能如何提前審視 2025 年的營收目標？

We ship it already. Yes, it's slowly coming up. We had a couple of products that we were missing. They are going to be in line for next month. And we see that we can increase to maybe $5 million a month, and we hope for next year, we can do for 5 to 10 months.

我們已經發貨了。是的，它正在慢慢出現。我們有一些我們缺少的產品。他們將在下個月排隊。我們看到我們可以增加到每月 500 萬美元，我們希望明年可以持續 5 到 10 個月。

Yes. Thank you.

是的。謝謝。

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，西多蒂公司。

Good morning. This is Alex on for Julio. First question on CapEx. Could you give us a quantified CapEx guide for 2024? And does that include any further capacity expansion?

早安.這是亞歷克斯（Alex）替胡里歐（Julio）發言。關於資本支出的第一個問題。您能為我們提供 2024 年量化資本支出指南嗎？這是否包括進一步的產能擴張？

Yeah. So we had already provided at beginning of the year CapEx guidance to be around $40 million to $45 million. So if you do the math, it's front-loaded and it steps down in the third and fourth quarter, that includes investments in land that we had previously made but there's also some things that are getting done to increase capacity to address the orders for 2025.

是的。因此，我們在年初就已經提供了 4,000 萬至 4,500 萬美元左右的資本支出指引。因此，如果你算一下，它是提前加載的，並且會在第三季度和第四季度逐步減少，其中包括我們之前進行的土地投資，但也正在採取一些措施來提高處理 2025 年訂單的能力。

Yeah. This is Christian. We're trying to especially increase capacity in certain areas where we believe that we're going to have the big demand in 2025 and 2026. And instead of waiting until we are there, we already -- especially with the buildings that we need. We're going to have them ready.

是的。這是基督教的。我們正在努力特別增加某些領域的產能，我們相信這些領域在 2025 年和 2026 年將有巨大的需求。我們不是等到那裡，而是已經——尤其是我們需要的建築物。我們會讓他們準備好。

So when -- because we are certainly -- we are pretty sure that 2025 is going to be a very busy year for us.

因此，我們非常確定 2025 年對我們來說將是非常忙碌的一年，因為我們確實如此。

Thank you. Appreciate the context. And then one more for me. We touched on this a little bit earlier in the Q&A. But on the promotional activity from last quarter within single-family residential, did that have an impact at all in the second quarter? And do you think that there's some residual impact for the remainder of the year?

謝謝。欣賞上下文。然後再給我一張。我們在問答環節早些時候談到了這一點。但上季獨棟住宅的促銷活動，對第二季有影響嗎？您認為今年剩餘時間會產生一些殘餘影響嗎？

Not for the remainder of the year, I would say, the residual impact was already thickening in Q2 and in line with what you're seeing with the effect of the expiration of the sales tax waiver in Q2. Some of those orders were taken ahead of time, so people took advantage of the opportunity, not to be delivered only in Q3, but a little bit in Q4. You get that same effect with the promotional stuff at the end of last year where a lot of it went through in Q1, but a little bit in Q2. The expectation is for that to be completely through and not FX going forward.

我想說，在今年剩餘的時間裡，剩餘影響已經在第二季加劇，這與您所看到的第二季銷售稅豁免到期的影響一致。其中一些訂單是提前收到的，因此人們利用了這個機會，不僅在第三季度交付，而且在第四季度交付了一點。去年年底的促銷活動也得到了同樣的效果，其中大部分是在第一季進行的，但在第二季進行了一些。預計這將完全結束，而不是外匯繼續前進。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey, guys. Good morning. I guess, on the first one, just on the backlog piece. Obviously, really strong performance this quarter. Just given the June uptick in single-family, I mean, did that get captured a little bit in the backlog? I'm just kind of curious if you can quantify that. And -- just also wanted to verify if you guys do expect backlog to continue to grow year-over-year in the back half of the year.

嘿，夥計們。早安.我想，第一個，就是積壓的部分。顯然，本季的表現非常強勁。考慮到 6 月單戶住宅的成長，我的意思是，這是否在積壓中有所體現？我只是有點好奇你能否量化這一點。而且 - 我還想驗證一下你們是否確實預計下半年積壓訂單會繼續同比增長。

Yeah. I'll take the first one, and I'll let Jose speak on the backlog of the rest of the year. Yes, there were firm orders that came in, in June that get added to the backlog. You saw the numbers that we provided, orders for Q2 were 60% higher than what they were the previous year.

是的。我將討論第一個，然後讓何塞談談今年剩餘時間的積壓工作。是的，六月有一些確定的訂單被添加到積壓訂單中。您看到了我們提供的數據，第二季的訂單比去年增加了 60%。

So if you take just as a general benchmark, just take the revenues from last year, and do the math as to what the orders were. And you probably get to the neighborhood of like $50 million to $60 million that is still in the backlog.

因此，如果您僅將其作為一般基準，只需計算去年的收入，然後計算訂單量即可。您可能會收到約 5000 萬至 6000 萬美元的積壓資金。

So despite that, there was a lot of pickup on the commercial side as well. And I'll use that as a segue for Jose to tell you what he's seeing in the markets, the rest of the way.

因此，儘管如此，商業方面也有很多成長。我將用這個作為何塞的一個延續，告訴你他在市場上看到了什麼，以及剩下的事情。

Talking about the backlog in commercial, we will see an increase in the next two quarters for sure because every month, we invoice X, we are closing at least 2x. It's unbelievable, the amount of new buildings that we're getting. It's just crazy.

談到商業方面的積壓，我們肯定會在接下來的兩個季度看到增加，因為每個月我們都會開立 X 份發票，我們至少會關閉 2 倍。我們得到的新建築數量之多令人難以置信。這太瘋狂了。

Okay. That's helpful. And then maybe just on the backlog conversion. So I think historically, you talked about in the slides, you've converted about two-thirds of your backlog over the next 12 months. And so I know the mix of the backlog has changed a little bit.

好的。這很有幫助。然後也許只是積壓的轉換。所以我認為從歷史上看，您在幻燈片中談到，您在接下來的 12 個月內已經轉換了大約三分之二的積壓訂單。所以我知道積壓的情況已經發生了一些變化。

But if I would apply that same conversion percentage to your trailing 12-month backlog, I have a non-res business that's probably going to be closer to $550 million to $600 million over the next 12 to 18 months versus the $450 million that you're reporting on a run rate basis today. So I just want to verify that the math I'm doing is okay and if there's any change in that conversion timeline.

但是，如果我將相同的轉換百分比應用於您過去12 個月的積壓訂單，我的非資源業務在未來12 到18 個月內可能會接近5.5 億到6 億美元，而您的非資源業務則為4.5 億美元。所以我只是想驗證我正在做的數學是否正確，以及轉換時間線是否有任何變化。

There's a couple of variables here. The first one is that there is more kind of a high-end luxury towers that are multiyear in nature, right? So you have these high rises that not -- they don't take one year or two years, they sometimes go longer than that. If you're talking about like an 80, 90, 100 story tower, so you're going to have a little bit more of that mix in there.

這裡有幾個變數。第一個是，有更多類型的高端豪華塔樓具有多年性質，對吧？所以你擁有這些高樓，它們不需要一年或兩年，有時會比這更長。如果你說的是一座 80 層、90 層、100 層的塔樓，那麼裡面會有更多的混合建築。

And the other variable is what assumptions you make for the light commercial that kind of gets booked on a month-to-month basis. But generally, I mean, I would say with the combination of how we're seeing both of those. I think that the 18-month formula still kind of play it out. We don't see that varying too much. If you look at the graph, I think that the range in which that move could be 90% to 105% conversion so I would expect that range to hold through still.

另一個變數是您對按月預訂的輕型廣告做出的假設。但總的來說，我的意思是，我會結合我們對這兩者的看法。我認為 18 個月的公式仍然有效。我們認為變化不大。如果你看一下圖表，我認為這一變化的範圍可能是 90% 到 105% 的轉換，所以我預計這個範圍將保持不變。

Okay, great. And then just the last one for me. On the salary increases that you mentioned in the quarter, I guess, were those kind of standard in nature? Or were those any sort of special increases? And I guess as you think about the back half of the year, will you get some leverage on that as you just get better volumes?

好的，太好了。然後是我的最後一個。關於您在本季度提到的加薪，我想，這本質上是一種標準嗎？或者這些是某種特殊的增加嗎？我想，當你考慮今年下半年時，你會因為銷售量增加而獲得一些槓桿作用嗎？

Yes. No. I mean -- and remember, I think we even discussed this in Q1. The way it works in Colombia is that you get salary increases adjusted for inflation at the beginning of the year for the rest of the year. So this was already kind of a headwind in Q1, especially against lower revenues.

是的。不。我的意思是——記住，我想我們甚至在第一季討論過這個問題。在哥倫比亞，它的運作方式是，你可以在年初根據通貨膨脹調整工資，並在今年剩餘的時間裡獲得加薪。因此，這在第一季已經是一種阻力，尤其是在收入下降的情況下。

But as you ramp up revenue sequentially, you start diluting those salaries more and more and you get leverage. But it's not like you are to expect incremental salary adjustments the rest of the way. I mean it was done once and it plays out for the rest of the year.

但當你的收入連續增加時，你開始越來越稀釋這些工資，你就獲得了槓桿。但你並不希望在剩下的時間裡不斷調整工資。我的意思是，它只完成一次，並在今年剩餘的時間裡發揮作用。

Got you. Okay. So it's just the normal kind of salary increases, I see.

明白你了。好的。所以我明白，這只是正常的加薪。

Yes, that's right.

是的，沒錯。

Okay, great. Thanks for the time. Good luck in the back half and Thank you.

好的，太好了。謝謝你的時間。祝後半程好運，謝謝。

(Operator Instructions) Jean Ramirez, D.A. Davidson.

（操作員說明）Jean Ramirez，D.A.戴維森。

Good morning. Thank you for the time. Could you help me understand what the bridge looks like between your 3Q guidance and the year-end? I mean, at the midpoint, it looks like there's some sort of inflection point that needs to happen to reach your gross margins and that revenue guidance.

早安.謝謝你的時間。您能幫我了解一下您的第三季指導和年底之間的橋樑是什麼樣的嗎？我的意思是，在中間點，看起來需要出現某種轉折點才能達到毛利率和收入指引。

But your gross margins this quarter with that 40% quarter-over-quarter revenue growth was sort of kept down at 40.8%. Could you help me understand like what needs to happen for that gross margin growth? And given the FX, it's now starting to taper down or starting to sort of materialize itself out (inaudible).

但本季的毛利率雖然較上季成長 40%，但仍維持在 40.8% 的水平。您能幫我了解毛利率成長需要做什麼嗎？考慮到外匯，它現在開始逐漸減少或開始具體化（聽不清楚）。

Yeah, we'll start with that. Okay. A couple of moving pieces. Just to clarify, sequentially, gross margin didn't tick down, it went up 200 basis points. I don't know if that's what you meant. But in terms of what happens, I mean, the guidance that we're providing is for low to mid-40s for the full year.

是的，我們就從那裡開始。好的。幾個移動的部分。需要澄清的是，毛利率並沒有下降，而是上升了 200 個基點。我不知道你是不是這個意思。但就發生的情況而言，我的意思是，我們提供的指導對像是全年 40 歲以下的人。

That makes in, as I was mentioning earlier in the first question that came up that, that implies that gross margins get to a range of like 43%, 44% or so. Where that's coming from is a couple of things, revenues going up and you get a substantial amount of operating leverage on that. And what gives us a lot of visibility on revenues is the fact that we already have the orders in place.

正如我之前在第一個問題中提到的那樣，這意味著毛利率將達到 43%、44% 左右的範圍。這來自於幾個因素，收入的增加，你將獲得大量的營運槓桿。讓我們對收入有很大了解的是我們已經有了訂單。

On the residential side, the headlines that you read, 60% higher year over year gives us a lot of clarity as to what the second half of the year looks like, and we're already seeing that in July and August. And then you mentioned FX.

在住宅方面，您讀到的頭條新聞同比增長了 60%，這讓我們很清楚今年下半年的情況，我們已經在 7 月和 8 月看到了這一點。然後你提到了外匯。

FX is actually trending in the right way for us. FX was averaging close to $3,800, $3,900 in the first half of the year, now it’s closer to $4,100. So both of those factors are actually playing a favorable part in what we're projecting for the second half of the year.

外匯趨勢實際上對我們來說是正確的。外匯平均價格接近 3,800 美元，今年上半年為 3,900 美元，現在接近 4,100 美元。因此，這兩個因素實際上對我們下半年的預測發揮了有利的作用。

Thank you. And for vinyl, can you provide some color on the shipment trends and invoice trends post 2Q? And do you still expect around $20 million in the second half in vinyl?

謝謝。對於黑膠唱片，您能否提供有關第二季度後發貨趨勢和發票趨勢的一些資訊？您仍然預計下半年黑膠唱片收入將達到 2000 萬美元左右嗎？

That looks reasonable. We expect vinyl to keep growing. I mean, this is a learning curve, it's normal. And I believe it should be around that figure. And next year, it's going to be much better. Much, much better.

看起來很合理。我們預計黑膠唱片將繼續成長。我的意思是，這是一個學習曲線，很正常。我相信應該在這個數字左右。明年，情況會好得多。好多了。

And just to follow up on that, the contribution from vinyl in the first half was non-material, as we discussed earlier in the year. So all of the pickup and the record level of revenues that you saw on the residential side, we're still the legacy aluminum product.

正如我們在今年早些時候討論的那樣，上半年黑膠唱片的貢獻是非物質性的。因此，您在住宅方面看到的所有成長和創紀錄的收入水平，我們仍然是傳統的鋁產品。

Thank you. And last one for me. If you could provide some update on that strategic review that was announced earlier in the quarter. Is there anything you can say regarding that?

謝謝。最後一張給我。您能否提供本季早些時候宣布的戰略審查的一些最新情況。對此您有什麼想說的嗎？

No, not at this point in time. we will not provide comments on that, and we will, once it is warranted. If there is something to announce.

不，目前還不行。我們不會對此發表評論，一旦有必要，我們就會發表評論。如果有什麼要宣布的。

Perfect. Appreciate the time. Thank you.

完美的。珍惜時間。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to CEO, Jose Manuel Daes, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給執行長 Jose Manuel Daes 發表閉幕詞。

Well, thanks, everyone, for participating on today's call. And as I said the last time, the best is yet to come. We are doing great, and we see a very favorable future for the company, our shareholders, and our employees. Thank you.

好的，謝謝大家參加今天的電話會議。正如我上次所說，最好的尚未到來。我們做得很好，我們看到公司、股東和員工都擁有非常美好的未來。謝謝。

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

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。