Tecnoglass Inc (TGLS) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Tecnoglass third quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Brad Cray, Investor Relations. Please go ahead.

早安，歡迎參加 Tecnoglass 2024 年第三季財報電話會議。（操作員指示）請注意，此事件正在記錄中。現在，我想將會議交給投資者關係部布拉德·克雷 (Brad Cray)。請繼續。

Thank you for joining us for Tecnoglass' third quarter 2024 conference call. 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.

感謝您參加 Tecnoglass 2024 年第三季電話會議。您可以在 Tecnoglass 網站的投資者部分取得本次電話會議的幻燈片簡報副本。今天電話會議的發言人是執行長 José Manuel Daes；營運長 Chris Daes；和首席財務官 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' 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內容，除歷史資訊外，均為 1995 年私人證券訴訟改革法案所定義的前瞻性陳述，包括有關未來財務業績、未來增長和未來收購的陳述。這些聲明是基於 Tecnoglass 目前的預期或信念，並受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、商業、競爭和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因素，實際結果可能與本文陳述表達或暗示的結果有重大差異。這些風險、不確定性和意外事件會不時在 Tecnoglass 向美國證券交易委員會提交的文件中提及。通話中討論的資訊正是考慮到這些風險而提出的。

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 在任何特定時期的財務表現可能無法代表未來的結果。Tecnoglass 沒有義務並且明確否認更新或更改其前瞻性陳述的任何義務，無論是由於新資訊、未來事件、假設變更或其他原因。

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

現在我將把電話轉給 José Manuel，從第 4 張投影片開始。

Thank you, Brad, and thank you, everyone, for participating on today's call. We are proud to report another quarter of exceptional results that showcases our ability to consistently outperform in our markets. Our third quarter performance included record revenues of $238.3 million, achieved entirely through organic growth. This impressive performance demonstrates our continued success in capturing market share, especially in regions that are doing better than the broader US market.

謝謝布拉德，也謝謝大家參加今天的電話會議。我們很自豪地報告又一個季度的出色業績，展現了我們在市場上持續表現優異的能力。我們第三季的業績包括創紀錄的 2.383 億美元的收入，這完全是透過有機成長實現的。這一令人印象深刻的業績證明了我們在佔領市場份額方面持續取得的成功，特別是在那些表現優於美國大市場的地區。

Our vertically integrated business model remains a key differentiator, allowing us to effectuate the strong cost controls and quickly adapt to evolving market dynamics. In our single-family residential business, revenues reached a new quarterly record of $109.7 million, representing robust growth of 25% year-over-year.

我們的垂直整​​合業務模式仍然是一個關鍵的區別因素，使我們能夠實現強大的成本控制並快速適應不斷變化的市場動態。在我們的獨戶住宅業務中，營收創下了季度新高，達到 1.097 億美元，比去年同期強勁增長 25%。

This strong performance reflects both stabilizing market conditions and growing demand for our innovative product portfolio. Our multifamily and commercial business delivered revenue growth of 4.6% year-over-year to $128.6 million, marking our second highest revenue quarter for this segment. This momentum has carried into the fourth quarter with October achieving record monthly invoicing for the company as a whole. We maintain a positive outlook for our multifamily and commercial business, supported by our record backlog and robust quoting and bidding activity.

這一強勁表現既反映了市場條件的穩定，也反映了對我們創新產品組合的需求不斷增長。我們的多戶型和商業業務收入年增 4.6% 至 1.286 億美元，創下該部門收入第二高的季度。這一勢頭一直延續到第四季度，十月份整個公司的月度發票金額創下了歷史新高。由於創紀錄的訂單積壓量以及強勁的報價和投標活動，我們對我們的多戶型和商業業務保持樂觀的展望。

Our strategic investments in automation and advanced manufacturing continue to generate substantial returns. We had a strong year-over-year growth in both gross profit and adjusted EBITDA. These results show our ability to maintain industry-leading margins while growing the business. We remain confident in our ability to sustain leading profitability through enhanced operational efficiency and the benefit of relatively stable exchange rates over the past year.

我們在自動化和先進製造領域的策略性投資持續產生可觀的回報。我們的毛利和調整後 EBITDA 均實現了強勁同比增長。這些結果表明我們有能力在發展業務的同時保持行業領先的利潤率。我們仍然有信心，透過提高營運效率和受益於過去一年相對穩定的匯率，我們能夠保持領先的獲利能力。

Our strong financial position provides significant flexibility to pursue growth initiatives while returning capital to shareholders. We generated a strong operating cash flow of $41.5 million this quarter. This was driven by growth in our shorter cash cycle residential business and disciplined working capital management. This solid cash generation fortified our Board's decision to announce today a 36% increase in the dividend to $0.15 per share.

我們強大的財務狀況為我們追求成長計劃和向股東返還資本提供了極大的靈活性。本季我們產生了 4,150 萬美元的強勁營運現金流。這是由我們現金週期較短的住宅業務的成長和嚴格的營運資本管理所推動的。強勁的現金產生鞏固了我們董事會今天宣布將股息增加 36% 至每股 0.15 美元的決定。

In conclusion, we are strategically positioned to capitalize on the substantial growth opportunities we see across both our residential and commercial markets. Our record backlog, which extends well into 2026 demonstrates the strong demand for our products and validates our market leadership. This visibility, combined with our operational excellence and innovative product portfolio gives us the confidence in our ability to continue delivering above-market growth and industry-leading margins.

總之，我們在策略上處於有利地位，可以利用住宅和商業市場中看到的巨大成長機會。我們的創紀錄積壓訂單將延續到 2026 年，顯示市場對我們產品的需求強勁，也證實了我們的市場領導地位。這種可見性，加上我們卓越的營運和創新的產品組合，使我們有信心繼續實現高於市場的成長和領先業界的利潤率。

The strong momentum in our project pipeline continued into October, which saw record invoicing. This supports our strengthened outlook for 2024 and reinforces our long-term growth trajectory. With our vertically integrated model, robust balance sheet and proven ability to execute, we believe Tecnoglass is uniquely positioned to create lasting value for our shareholders.

我們的專案儲備勢頭持續到十月份，並創下了創紀錄的發票金額。這支持了我們對 2024 年的強勁前景，並鞏固了我們的長期成長軌跡。憑藉我們的垂直整​​合模式、強勁的資產負債表和經過驗證的執行能力，我們相信 Tecnoglass 擁有獨特的優勢，能夠為我們的股東創造持久的價值。

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

現在我將把電話轉給克里斯，以提供更多營運亮點。

Thank you, José Manuel. Moving to slide number 5. Our performance during the third quarter reflects the resilience of our business to outperform broader macroeconomic trends. Our single-family residential business achieved another record quarter with revenues increasing 25% year-over-year to $109.7 million. This exceptional growth reflects strong demand for our innovative high-performance products, which allow us to capture market share. We also benefited from deliveries on products order prior to the expiration of Florida's window sales tax exemption at the end of June.

謝謝你，何塞·曼努埃爾。移至投影片 5。我們第三季的業績反映了我們業務超越更廣泛的宏觀經濟趨勢的韌性。我們的獨戶住宅業務再創季度紀錄，營收年增 25%，達到 1.097 億美元。這一異常增長反映了對我們創新的高性能產品的強勁需求，這使我們能夠佔領市場份額。我們還受益於在六月底佛羅裡達州窗戶銷售稅豁免到期之前交付的產品訂單。

Turning to our multifamily and commercial business. Our reputation for excellence continues to earn us new opportunities across our key geographies. This result in revenues growing to $128.6 million, and we achieved another record multiyear backlog of approximately $1.04 billion at quarter end. The pipeline of projects that we expect to sign into backlog provides clear visibility on projects well into 2025 and early 2026.

轉向我們的多戶住宅和商業業務。我們的卓越聲譽繼續為我們在主要地區贏得新的機會。這使得營收成長至 1.286 億美元，並且我們在季度末實現了約 10.4 億美元的多年積壓訂單，創下了新高。我們預計將簽署積壓的專案管道為 2025 年和 2026 年初的專案提供了清晰的可見度。

Moving to slide number 6. Our backlog has demonstrated consistent sequential growth in each quarter since 2021. The momentum in our project pipeline and strong bidding activity has helped us maintain a book-to-bill ratio of 1.1 times as of quarter three, 2024. This extends our track record of maintaining a ratio above 1.1 times for 15 consecutive quarters. Historically, approximately two-thierd of our reported backlog is invoiced over the following 12 months.

移至幻燈片 6。自 2021 年以來，我們的積壓訂單每季都呈現持續的連續成長。我們的專案儲備動能和強勁的投標活動幫助我們截至 2024 年第三季保持了 1.1 倍的訂單出貨比。這延續了我們連續 15 個季度維持 1.1 倍以上比率的記錄。從歷史上看，我們報告的積壓訂單中約有三分之二會在接下來的 12 個月內開立發票。

It is worth noting two things. First, we historically have virtually no project cancellations, given that our windows are typically installed in largely completed buildings. Second, the majority of our backlog consists of projects that we believe have reduced sensitivity to interest rate fluctuations. While external factors can cause temporary delays in deliveries, we believe book-to-bill ratio provides a strong visibility on future invoicing.

有兩件事值得注意。首先，由於我們的窗戶通常安裝在已基本完工的建築物中，因此我們歷史上幾乎沒有項目取消的情況。其次，我們認為我們的積壓項目大部分對利率波動的敏感度較低。雖然外部因素可能會導致交貨暫時延遲，但我們相信訂單出貨比可以為未來的發票提供良好的可視性。

I will now turn the call over to Santiago to discuss our financial results and outlook for 2024.

現在，我將把電話轉給聖地牙哥，討論我們的財務表現和 2024 年的展望。

Thank you, Christian. Turning to single-family residential on slide number 7. Our single-family residential revenues for the third quarter increased 25% year-over-year to a record $109.7 million compared to $87.8 million in the prior year quarter. This strong year-over-year growth primarily reflects improving market trends and the invoicing of orders placed ahead of the June 30, expiration of the Florida sales tax waiver.

謝謝你，克里斯蒂安。轉向第 7 張投影片上的單戶住宅。我們第三季的單戶住宅營收年增 25%，達到創紀錄的 1.097 億美元，而去年同期為 8,780 萬美元。這一強勁的同比增長主要反映了市場趨勢的改善和 6 月 30 日佛羅裡達州銷售稅豁免到期前下達的訂單的開票。

Looking ahead, our organic growth opportunities in the single-family residential are driven by our expanding dealer network, geographic growth in the Southeast and our strategic entry into the vinyl market, which has significantly expanded our addressable market.

展望未來，我們在單戶住宅領域的有機成長機會得益於我們不斷擴大的經銷商網路、東南部的地域成長以及我們策略性地進入乙烯基市場，這大大擴展了我們的潛在市場。

We continue to expand dealer relationships, innovate and generate awareness for our new vinyl products. We continue to quote an incremental number of projects in many of our new high-growth target geographies. We expect deliveries to continue ramping up through year-end and expect substantial growth in the coming years as we leverage our existing network to meet growing demand for these products.

我們繼續擴大經銷商關係，進行創新並提高我們新乙烯基產品的知名度。我們將繼續在許多新的高成長目標地區引用越來越多的項目。我們預計到年底交付量將繼續增加，並且隨著我們利用現有網路滿足對這些產品日益增長的需求，預計未來幾年交付量將大幅增長。

We were also pleased to see our ES Windows Pivot Door win several high-profile glass industry awards during the quarter, which we expect will help drive additional sales growth in this business. Additionally, we were very pleased to be recognized by Fortune 100 as one of the top 30 fastest-growing public companies in the US and the only company recognized in the Materials segment. This is a testament to our sound strategy and our ability to leverage our competitive advantages.

我們也很高興看到我們的 ES Windows Pivot Door 在本季度贏得了多個備受矚目的玻璃行業獎項，我們預計這將有助於推動該業務的進一步銷售成長。此外，我們非常高興被《財星》100強評為美國成長最快的30家上市公司之一，並且是材料領域唯一獲此殊榮的公司。這證明了我們的合理策略和利用競爭優勢的能力。

Turning to drivers of revenue on slide number 9. Total revenues for the third quarter increased 13.1% year-over-year to $238.3 million, our highest revenue quarter in the company's history. The increase was driven by growth in both our single-family residential and multi-family/commercial businesses.

轉向第 9 張投影片上的收入驅動因素。第三季總營收年增 13.1% 至 2.383 億美元，這是公司歷史上收入最高的一個季度。這一增長主要得益於我們的單戶住宅和多戶住宅/商業業務的成長。

Looking at the profit drivers on slide number 10. Adjusted EBITDA for the third quarter was $81.4 million, representing an adjusted EBITDA margin of 34.2%. Third quarter gross profit reached $109.2 million, representing a 45.8% gross margin, compared to gross profit of $90.5 million and a 43% gross margin in the prior year quarter.

請參閱第 10 張投影片上的利潤驅動因素。第三季調整後 EBITDA 為 8,140 萬美元，調整後 EBITDA 利潤率為 34.2%。第三季毛利達到 1.092 億美元，毛利率為 45.8%，而去年同期的毛利為 9,050 萬美元，毛利率為 43%。

The year-over-year margin improvement primarily reflects benefits from stronger pricing, stable raw material cost, favorable product mix and steady foreign exchange rates. We incur incremental expenses related to aluminum tariffs on a small number of our products, which have been largely passed through the customers and which were subsequently eliminated based on a negative determination by the International Trade Commission on October 31, as it was determined that these aluminum imports do not present a risk for the US industry.

利潤率同比提高主要反映了更高的定價、穩定的原材料成本、有利的產品組合和穩定的外匯匯率帶來的好處。我們產生了與少數產品鋁關稅相關的增量費用，這些產品大部分已轉嫁給客戶，並隨後根據國際貿易委員會 10 月 31 日的負面裁定而被取消，因為委員會確定這些鋁進口不會對美國工業構成風險。

As highlighted last quarter, the unfavorable FX comparisons seen in recent quarters have dissipated, given the relative stability in currencies during the last 15 to 18 months, and we expect this stability to continue through year-end.

正如上個季度所強調的那樣，鑑於過去 15 到 18 個月貨幣相對穩定，最近幾個季度出現的不利外匯對比已經消散，我們預計這種穩定將持續到年底。

SG&A expenses were $41.5 million compared to $29.5 million in the prior year quarter. This increase primarily reflects higher transportation and commission expenses associated with our revenue growth, increased personnel expenses from annual salary adjustments implemented at the beginning of the year as well as increased head count to support a larger operation, and certain nonrecurring expenses related to our previously announced strategic review.

銷售、一般及行政開支為 4,150 萬美元，去年同期為 2,950 萬美元。這一增長主要反映了伴隨我們收入增長而來的運輸和佣金費用的增加、年初實施的年度薪酬調整以及為支持更大規模運營而增加的員工人數導致的人員費用的增加，以及與我們之前宣布的戰略評估相關的某些非經常性費用。

Now looking at our strong cash flow and improved leverage on slide number 11. We generated strong third quarter operating cash flow of $41.5 million, driven by increased profitability on higher revenues and efficient working capital management. Our capital expenditures of $23.7 million included approximately $5 million of opportunistic payments for previously purchased land for future potential capacity expansion and equipment sold under sellers' finance, as well as a discretionary payment for our new Miami headquarters, which will include a new flagship showroom to help us drive incremental business activity.

現在就來看看第 11 張投影片中我們強勁的現金流和提高的槓桿率。我們第三季的營運現金流強勁，達到 4,150 萬美元，這得益於收入增加帶來的獲利能力提升以及高效的營運資本管理。我們的資本支出為 2,370 萬美元，其中包括約 500 萬美元的機會性付款，用於先前購買的土地（用於未來潛在的產能擴張）和根據賣方融資出售的設備，以及一筆用於我們新邁阿密總部的自由支配付款，該總部將包括一個新的旗艦展廳，以幫助我們推動增量業務活動。

Excluding these proactive payments, capital expenditures decreased quarter-over-quarter, in line with our expectations for capital expenditures to decrease sequentially in the back half of the year. During the quarter, we voluntarily prepaid $17.5 million on our syndicated term loan facility. Net leverage ratio dropped to a record low of 0.01 times compared to 0.2 times in the prior year quarter. In addition, we returned capital to shareholders through $5.2 million of cash dividends during the period.

除這些主動支付外，資本支出較上月下降，符合我們對下半年資本支出季減的預期。本季度，我們自願預付了 1750 萬美元的銀團定期貸款。淨槓桿比率由去年同期的0.2倍降至0.01倍的歷史最低水準。此外，我們在本期間透過 520 萬美元的現金股利向股東返還資本。

As of September 30, 2024, we had total liquidity of approximately $290 million, including $122 million in cash and $170 million available under our revolving credit facilities. This strong liquidity position, combined with a robust cash flow generation provides us with ample financial flexibility to pursue our growth initiatives and other value-enhancing initiatives.

截至 2024 年 9 月 30 日，我們的總流動資金約為 2.9 億美元，其中包括 1.22 億美元現金和 1.7 億美元循環信貸額度。強大的流動性狀況加上強勁的現金流生成為我們提供了充足的財務靈活性來追求我們的成長計劃和其他增值計劃。

On slide number 12, we showcase our success in generating best-in-class returns for our shareholders, outperforming the broader industry over the last three years. Our focus on enhancing our business through strategic investments continues to be validated through consistently higher returns than our peers. This outperformance is enhanced by a robust profitability and solid track record of cash flow generation.

在第 12 張投影片上，我們展示了我們為股東創造一流回報的成功，過去三年的表現優於整個產業。我們專注於透過策略性投資來增強業務，這項舉措持續透過我們高於同業的回報來驗證。強勁的獲利能力和良好的現金流創造記錄進一步增強了這一優異表現。

As mentioned in our earnings release today, after careful evaluation, the Board has concluded its review of strategic alternatives and have decided that the best path forward is to continue executing on our ongoing business strategy. Based on our strong business visibility, high return organic growth investments and projected cash flow generation, we believe the best path forward to maximize shareholder value is to continue to expand across the US, leveraging our sustainable competitive advantages to gain market share through our broader product offering.

正如我們今天的收益報告中所提到的，經過仔細評估，董事會已完成對策略替代方案的審查，並決定最好的前進道路是繼續執行我們正在進行的業務策略。基於我們強大的業務可見度、高回報的有機成長投資和預期的現金流產生，我們相信最大化股東價值的最佳途徑是繼續在美國擴張，利用我們可持續的競爭優勢，透過我們更廣泛的產品供應來獲得市場份額。

Concurrently, the Board has determined that based on the strength of the business and the company's financial flexibility, we will return more cash to shareholders increasing the dividend by 36% and expanding the buyback program to $100 million to execute on share repurchases opportunistically.

同時，董事會決定，基於業務實力和公司的財務靈活性，我們將向股東返還更多現金，將股息提高 36%，並將回購計畫擴大至 1 億美元，以適時執行股票回購。

Now moving to our outlook on slide number 14. Based on our strong execution through the first nine months of 2024 and our momentum into year-end, we are updating our full year 2024 outlook. We now expect full year revenues to be in the range of $880 million to $900 million, representing entirely organic growth of approximately 7% at the midpoint of the range. Additionally, we're updating our adjusted EBITDA target to a range of $270 million to $280 million.

現在轉到第 14 張投影片上的展望。基於我們在 2024 年前 9 個月的強勁執行力以及年底的發展勢頭，我們正在更新 2024 年全年展望。我們現在預計全年營收將在 8.8 億美元至 9 億美元之間，中間值代表完全有機成長約 7%。此外，我們將調整後的 EBITDA 目標更新為 2.7 億美元至 2.8 億美元之間。

Our outlook is predicated on a few key assumptions. First, it takes into account our delivery timetable for commercial orders through year-end and incorporates our strong performance in October, alongside ongoing residential orders scheduled for execution in November. We expect continued momentum in our vinyl related revenues and stable activity in short term and small commercial projects, supported by our strong order activity during the third quarter.

我們的展望是基於幾個關鍵假設。首先，它考慮了我們到年底的商業訂單交付時間表，並結合了我們十月份的強勁表現，以及計劃於十一月執行的住宅訂單。我們預計，在第三季強勁的訂單活動的支持下，我們的乙烯基相關收入將繼續保持良好勢頭，短期和小型商業項目活動也將保持穩定。

This outlook assumes Colombian peso exchange rates to remain stable within the current range and gross margins maintained in the low to mid 40% range for the year. Additionally, we anticipate healthy cash flow generation through the remainder of the year, particularly given that the majority of our capital expenditure investments are now complete with capital expenditures expected to decrease sequentially in the fourth quarter.

這項展望假設哥倫比亞比索匯率在目前範圍內保持穩定，且今年的毛利率維持在 40% 左右。此外，我們預計今年剩餘時間將產生健康的現金流，特別是考慮到我們的大部分資本支出投資現已完成，並且預計第四季度的資本支出將環比下降。

In conclusion, our third quarter performance demonstrates our ability to outperform even in challenging market conditions while maintaining industry-leading margins and profitability. As we look to the remainder of the year and beyond, our considerable growth in single-family residential, combined with our record backlog provides us with multiple avenues for continued expansion. With our focused cost management, strong balance sheet, and robust cash flow generation, we remain well positioned to drive sustainable growth and create additional value for our shareholders into 2025 and beyond.

總之，我們第三季的業績證明了我們即使在充滿挑戰的市場條件下也能表現出色，同時保持業界領先的利潤率和獲利能力。展望今年剩餘時間及以後，我們在獨戶住宅方面的大幅增長，加上我們創紀錄的積壓訂單，為我們繼續擴張提供了多種途徑。憑藉我們專注的成本管理、強勁的資產負債表和強勁的現金流生成，我們仍處於有利地位，能夠在 2025 年及以後推動永續成長並為股東創造更多價值。

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

我們將很樂意回答您的問題。接線員，請打開電話線以回答問題。

(Operator Instructions)

（操作員指令）

Sam Darkatsh, Raymond James.

山姆達卡什，雷蒙德詹姆斯。

Good morning, Jose Manuel, Chris, Santiago. How are you?

早安，何塞·曼努埃爾、克里斯、聖地亞哥。你好嗎？

Good morning, (multiple speakers)

早安,（多位發言者）

A few questions, if I could. I'll start with the obvious one at the conclusion of the strategic review. I mean, presumably, you were looking into potentially a transaction that would involve selling the company. What do you see as the company being generally valued at in the -- as a private market transaction versus the public markets right now. And associated with that question with the share repurchase authorization having been raised, do you anticipate using repo at current stock prices.

如果可以的話，我問幾個問題。我先從戰略評估結論中最明顯的問題開始。我的意思是，大概你正在調查可能涉及出售公司的交易。您認為目前該公司在私人市場交易中的普遍估值是多少，而不是公開市場。與該問題相關的是，隨著股票回購授權的提出，您是否預期以當前股價使用回購？

So on the first one, Sam, when we reveal this out to the market, we said that many different options were on the table, not necessarily just the sale of the company. So continuing the path and growing organically was determined by the board to be the best option and returns for shareholders. And clearly, with that, it's implied that we have a positive view for the organic growth of the company going forward, the avenues for growth and such. So at the end of the day, it was a determination based on the prospects for the company.

因此，對於第一個問題，山姆，當我們向市場透露這個消息時，我們說過，有很多不同的選擇，不一定只是出售公司。因此，董事會認為繼續走這條路並實現有機成長是最好的選擇，也是為股東帶來回報的最佳方式。顯然，這意味著我們對公司未來的有機成長、成長途徑等持正面看法。所以歸根結底，這是一個基於公司前景的決定。

What do we think the multiple for the company is warranted, again, that depends on the view on growth and what we see going forward. Right now, I think it's obviously trading at a premium, and we think that's probably warranted based on better margin profile and based on better growth outlook. So that's obviously for the market to determine and understand what the company's value going forward based on those prospects.

我們認為該公司的本益比應該是多少？現在，我認為它的交易價格顯然是溢價，而且我們認為，基於更好的利潤率和更好的成長前景，這可能是合理的。因此，市場顯然應該根據這些前景來確定和了解公司未來的價值。

And the repo question, Santiago, I'm sorry.

關於回購的問題，聖地牙哥，很抱歉。

The repo questions. As we said, it would be opportunistically, and that's going to depend on cash flow mainly. We obviously have opportunities to continue growing organically. And as we've discussed before, to the extent that we find ways to reinvest in the business, the return on invested capital is obviously the highest. But if we see that there is opportunities to buy when we feel that the stock needs to be supported, will definitely be there for that.

回購問題。正如我們所說，這將是機會主義的，而且主要取決於現金流。我們顯然有機會繼續實現有機成長。正如我們之前討論過的，只要我們找到方法對業務進行再投資，投資資本的回報率顯然是最高的。但如果我們發現有買入機會，我們覺得股票需要支撐，那麼我們肯定會買進。

Okay. Thank you for that question and answer. The next obvious question, obviously, is your first look at '25. What's your first guess as to -- initial guess as to sales, gross margin and EBITDA margins as we look into '25?

好的。感謝您的提問與回答。顯然，下一個顯而易見的問題是您對 '25 的第一次觀察。當我們展望 25 年時，您對銷售額、毛利率和 EBITDA 利潤率的初步猜測是什麼？

So we said gross margins was going to be for 2024 in the low to mid-40s. You saw Q3 actually achieving mid-40s and you can probably trend up based on what we're seeing for growth in 2025. Too early to tell what we see exactly for 2025, we're going through the budgeting process, and we'll give you guys more color on our next call, obviously, when we provide 2025 guidance. But generally, with that growth, we expect margins to continue trending up.

因此我們表示，2024 年的毛利率將達到 40% 左右。您看到第三季實際上達到了 40 年代中期的目標，根據我們對 2025 年成長的預測，您可能會發現趨勢是上升的。現在預測 2025 年的具體情況還為時過早，我們正在進行預算編制過程，顯然，我們會在下次電話會議上為大家提供更多詳細信息，屆時我們將提供 2025 年的指導。但總體而言，隨著這種成長，我們預期利潤率將繼續上升。

And also, I want to add that we have a very good backlog, and we keep closing more jobs than what we invoice every month. So the backlog keeps growing, and we see a strong market ahead, and in different geographies, too.

另外，我想補充一點，我們有非常多的積壓工作，而且我們每個月完成的工作量都比我們開立的發票要多。因此積壓訂單不斷增加，我們預見到未來市場將更加強勁，在不同的地區也是如此。

And my final question, there was obviously good news that the East Coast and Southeast ports, the strike was minimal. If, however, the ports eventually strike in January, if talks break down, what sorts of options are available to you to satisfy demand in Florida and the Southeast? And are you anticipating shipping product ahead of the mid-January potential port situation? Thanks.

我的最後一個問題是，顯然有一個好消息，即東海岸和東南港口的罷工規模很小。然而，如果港口最終在 1 月罷工，如果談判破裂，你們有什麼選擇來滿足佛羅裡達和東南部的需求？您是否預計在 1 月中旬潛在港口情況出現之前發貨？謝謝。

Well, the ports that we're using, they are all private, and they will not compromise with the port strike, but there are several ports that we can go through and the cost is about the same. The difference between shipping to Miami or Savannah is even cheaper to Savannah than to Miami. So we could still find a way to come in. But we always keep a good inventory of the products that we have, because we are always ahead of our customers. So at any point in time, for example, today, we have two weeks deliveries already stored at the port in Miami.

嗯，我們使用的港口都是私人的，他們不會在港口罷工問題上妥協，但是我們可以通過幾個港口，費用差不多。運送到邁阿密和薩​​凡納之間的差異在於，運送到薩凡納甚至比運送到邁阿密更便宜。所以我們仍然可以找到進來的方法。但我們始終保持充足的產品庫存，因為我們始終走在客戶的前面。因此在任何時間點，例如今天，我們已經在邁阿密港口儲存了兩週的交貨量。

Very helpful.

非常有幫助。

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，Sidoti & Company。

Good morning. This is Alex on for Julio. Thank you for taking questions. Just a follow-up, post strategic review, is there any change expected to what avenues you're considering to pursue growth?

早安.這是 Alex 代替 Julio 上場的。感謝您回答問題。只是一個後續問題，在策略評估之後，您考慮追求成長的途徑預計會有什麼變化嗎？

Yes. I mean, obviously, continuing taking market share and leveraging our advantages is number one. But we're also contemplating opportunistic tuck-in acquisitions to be able to enter some of these new markets more efficiently. So everything is on the table, obviously has to make sense from a valuation perspective. But our strategy has been strong in gaining market share organically.

是的。我的意思是，顯然，繼續佔領市場份額並利用我們的優勢是首要的。但我們也在考慮機會性的附加收購，以便能夠更有效地進入一些新市場。因此，一切都擺在桌面上，顯然從估值的角度來看是合理的。但我們的策略在有機獲取市場份額方面一直很強大。

Thank you. And one follow-up. In terms of the SG&A increase year-over-year, do you see that continuing to rise at the same pace? And if so, would you attribute the raise to the same drivers mentioned in the press release and on the call?

謝謝。還有一次後續行動。就銷售、一般及行政費用年增而言，您是否認為其會繼續以相同的速度成長？如果是這樣，您是否會將加薪歸功於新聞稿和電話中提到的相同推動因素？

We do not. If you look sequentially from Q2, the change is not so drastic. And the reason for that, like higher SG&A year-over-year is that at the beginning of the year, as we discussed in our previous call, we had salary increases that took effect at the beginning of this year. So if you look at it sequentially, the change is not that high, that, number one.

我們沒有。如果從第二季開始依序看，變化並不是那麼劇烈。而造成這種情況的原因，就像銷售、一般和行政費用同比增加一樣，是因為在年初，正如我們在上次電話會議上所討論的那樣，我們的工資上漲從今年年初開始生效。因此，如果按順序查看，變化並不是那麼大，這是第一點。

Number two, there were some nonrecurring expenses associated with the strategic review that when -- that were expensed in Q3. And number three, we incurred some aluminum tariffs that were put in place earlier in the year that were not there last year, and those tariffs were subsequently reversed by a determination of the International Trade Commission. So we don't expect that going forward as we move through the year.

第二，與策略評估相關的一些非經常性費用已在第三季計入。第三，我們承擔了一些今年稍早實施的鋁關稅，而去年並沒有實施，這些關稅後來根據國際貿易委員會的裁定被撤銷。因此，我們預計今年不會再出現這種情況。

Thank you, very much.

非常感謝。

Thank you.

謝謝。

Tim Wojs, Baird.

蒂姆·沃斯，貝爾德。

Hey guys. Good morning.

嘿，大家好。早安.

Good morning.

早安.

Maybe just the first question on the tariffs, Santiago, I guess. First, do you get that back in terms of any tariffs that you've incurred? I mean does that kind of come back in the fourth quarter? I guess that's the first question. And then obviously, we're a couple of days from the election, but the President that is going to be President has run on a tariff ticket. And so I know China has been focused, but it could also kind of expand to just any sort of import. So what type of flexibility do you guys have around any prospective tariffs that could kind of happen just on imports in general?

也許只是關於關稅的第一個問題，聖地亞哥，我想。首先，你們已經支付的關稅能收回嗎？我的意思是這種情況會在第四季再次出現嗎？我想這是第一個問題。顯然，距離選舉只有幾天時間了，但即將上任的總統卻以關稅政策為競選綱領。我知道中國一直非常關注這一領域，但它也可能擴展到任何類型的進口。那麼，對於可能對進口產品徵收的一般關稅，你們有什麼樣的彈性呢？

Yes. And on the first question, the answer is yes. We get that fully returned to us, and that will be reflected in Q4. And I think that was a good test because what happened there is that a lot of those were passed on to clients, and they paid for them without any significant issue. And we saw other competitors doing the same.

是的。對於第一個問題，答案是肯定的。我們將獲得全額退款，這將反映在第四季度。我認為這是一個很好的測試，因為很多問題都轉嫁給了客戶，而且他們也付了錢，沒有任何重大問題。我們也看到其他競爭對手也做了同樣的事情。

So at the end of the day, what you would potentially see with tariffs, given the fact that the US is not self-sufficient is that imports continue to be required and those are going to be passed on to end clients via pricing, right? So our expectation is that everybody is probably going to be on the same boat, and that's going to create inflation. And I think you're seeing that reflected in the markets today.

所以到最後，考慮到美國不能自給自足的事實，你可能會看到關稅的結果是，美國仍然需要進口，而這些進口將透過定價轉嫁給最終客戶，對嗎？因此，我們預計每個人可能都會陷入同樣的困境，這將導致通貨膨脹。我想你已經在今天的市場上看到了這一點。

And also, I may add that Colombia is one of the few countries that has either a balance or a deficit with the US in trade. In other words, out of the $16 billion trade that we do with the US, $9 billion is in commodities that we ship like oil, coffee, bananas, flowers, coal. So I certainly wouldn't expect that a country that has a deficit with the US would get tariffs on. But if they will do, we will pass it on to the customers. And with aluminum, like Santiago said, when they -- actually, we are paying today 10% tariff on aluminum and we are getting it all back from customers.

另外我還要補充一點，哥倫比亞是少數與美國貿易平衡或逆差的國家之一。換句話說，在我們與美國的 160 億美元貿易中，有 90 億美元是我們運送的石油、咖啡、香蕉、鮮花、煤炭等商品。所以我當然不會認為一個對美國有逆差的國家會被徵收關稅。但如果他們願意這樣做，我們就會將其轉嫁給客戶。至於鋁，正如聖地牙哥所說，實際上，我們今天支付的鋁關稅為 10%，而我們將從客戶那裡全部收回。

Okay. That's helpful. And then just as you think about backlog conversion, your backlog now is up north of 20%, I think, year-to-date. Your commercial US revenue, I think, is actually down slightly. And so should we see a pretty big inflection in the implied US commercial business in 2025 as that backlog starts to convert?

好的。這很有幫助。然後，正如您考慮積壓轉換一樣，我認為，從年初至今，您的積壓訂單已經上升了 20% 以上。我認為，你們在美國的商業收入實際​​上略有下降。那麼，隨著積壓訂單開始轉換，我們是否應該看到 2025 年美國商業業務隱含量出現相當大的變化？

Yeah. And I think we discussed this in the last call that some of these projects that are getting booked are some of the larger towers that take longer to get put in place. So it's not necessarily an 18 month conversion but a longer-dated conversion. So we're essentially building into 2026 already. But the expectation generally is that the backlog will continue going, as José just mentioned.

是的。我想我們在上次電話會議中討論過這個問題，其中一些正在預訂的項目中是一些較大的塔樓，需要更長的時間才能到位。因此，它不一定是 18 個月的轉換，而是更長期的轉換。所以我們基本上已經進入 2026 年的建設階段了。但正如何塞剛才所提到的，普遍的預期是，積壓情況將會持續下去。

The other thing is that, to the extent that residential continues to grow and is taking more and more of the overall revenue stream that doesn't get captured in the backlog, right? So it doesn't necessarily mean that sequential growth is going to reflect as it did what future revenues will be because a lot of that revenue stream is coming from single-family resi.

另一件事是，隨著住宅業務的持續成長，佔據了整體收入流的越來越多的部分，而這些收入並沒有被計入積壓訂單中，對嗎？因此，這並不一定意味著連續成長將反映未來的收入，因為許多收入來源來自單戶住宅。

But to answer your question, the expectation is for the backlog continue growing through year-end. And obviously, with the backlog composition, the conversion is probably extending more based on the complexity and magnitude of those projects.

但回答你的問題，預計積壓訂單將在年底前繼續成長。顯然，考慮到積壓的組成，轉換可能會根據這些項目的複雜性和規模進一步擴大。

Okay. Good. And then just last one. Can you just remind us kind of where you are on the vinyl ramp within residential?

好的。好的。接下來是最後一個。您能否提醒我們一下您在住宅區內的乙烯基坡道上的位置？

Yes. So a lot of quotes still, somewhat slower than expected, but it's encouraging that we're getting very good feedback. As we discussed last quarter, the main issue was not having the full line. So the vinyl doors, for instance, that's been taken care of. So we continue to expect that to be a meaningful contributor next year.

是的。因此，許多報價仍然比預期慢一些，但令人鼓舞的是，我們得到了非常好的回饋。正如我們上個季度所討論的那樣，主要問題是沒有完整的生產線。以乙烯基門為例，這已經得到了妥善處理。因此，我們繼續期待它明年能夠做出有意義的貢獻。

Okay. Very good. I'll hop back into queue. Thanks, everybody.

好的。非常好。我將重新回到隊列。謝謝大家。

Thanks.

謝謝。

Alex Rygiel, B. Riley FBR.

亞歷克斯·里吉爾 (Alex Rygiel)、B.萊利 FBR。

Thank you. Good morning, gentlemen. A couple of quick questions. First, Santiago, can you quantify the pull-forward effect related to the expiration of the Florida sales tax waiver?

謝謝。先生們，早安。幾個簡單的問題。首先，聖地牙哥，您能量化與佛羅裡達州銷售稅減免到期相關的前拉效應嗎？

Yeah. So if you look at the run rate that we were going with, we were talking about maybe $85 million, $90 million per quarter in Q2. You -- we reached $109 million, and that's about right. I mean if you think about the level of orders on that side as of June, it was up 60%, but not all of it was executed in Q3 as we discussed. The expectation is that some of that is going to be executed in Q4.

是的。因此，如果你看一下我們的運行率，我們談論的是第二季每季可能為 8500 萬美元、9000 萬美元。您 — — 我們達到了 1.09 億美元，這就對了。我的意思是，如果你想想截至 6 月那邊的訂單水平，它增長了 60%，但正如我們所討論的，並不是所有的訂單都在第三季度執行。預計其中一些將在第四季度執行。

So I would say, Alex, that generally, maybe a good $15 million of what we did in Q3 was related to that pull forward. The encouraging thing is that orders have leveled off. So we're just going to have more invoice in Q3 and Q4, but expect with interest rates coming down, hopefully, we expect more businesses going forward as well as with this geographic diversification. But yes, I would say $10 million, $15 million was embedded in Q3.

因此我想說，亞歷克斯，總體而言，我們在第三季度所做的 1500 萬美元可能與這種提前行動有關。令人鼓舞的是訂單已趨於平穩。因此，我們在第三季和第四季將會有更多的發票，但隨著利率下降，我們希望未來能夠有更多的業務發展以及地域多樣化。但是的，我想說第三季已經嵌入了 1000 萬美元到 1500 萬美元。

And is there any chance the waiver is reauthorized?

這項豁免還有可能被重新授權嗎？

We do not know. Hopefully, that's the case, but it's going to be kind of more on the legislative side to determine that. I think that based on the recent activity of hurricanes is certainly a possibility. I think is definitely something that should be needed. And hopefully, if it is extended, we will see some tailwinds behind that.

我們不知道。希望如此，但這更多的需要由立法方面來決定。我認為，根據最近颶風的活動情況，這肯定是可能的。我認為這絕對是需要的東西。並且希望，如果它得以延續，我們將看到一些有利因素。

And on that topic of hurricanes, can you sort of remind us how the demand pull-through sort of plays out over the next couple of quarters for repairs and if your new vinyl window products can sort of play into that opportunity at all?

關於颶風的話題，您能否提醒我們未來幾季維修需求將如何拉動，以及您的新乙烯基窗戶產品是否能利用這一機會？

Well, as you know, the insurance has taken a lot of time to assess the damages and accept the claims. There is a lot of movement on that yet. We have seen a slowdown in orders on the West Coast of Florida because of the hurricane. There were like two, three weeks nobody was doing anything, now started to pick up again, and we expect a lot of that work to get done next year.

嗯，如您所知，保險公司花了大量時間來評估損失並接受索賠。目前這方面已經取得了許多進展。由於颶風的影響，我們發現佛羅裡達西海岸的訂單放緩。大約有兩三個星期沒人做任何事情，現在又開始活躍起來，我們預計明年將會完成很多工作。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Jean Ramirez, D.A. Davidson.

拉米雷斯（Jean Ramirez），地方檢察官戴維森。

Hi, thank you for the time. Yeah, this is Jean for Brent Thielman. Thinking about the backlog in context of the pipeline visibility going into 2026. Can you give a little more color as to what the burn rate looks like? Is it more second half weighted given that you have projects that take a little longer to revenue? Yes, I'll start with that.

你好，謝謝您抽出時間。是的，這是 Brent Thielman 的 Jean。思考 2026 年管道可見度的積壓問題。您能否更詳細說明一下燃燒率是怎麼樣的？考慮到你們的專案需要更長的時間才能產生收益，你們是否會更加重視下半年？是的，我就從那裡開始。

Well, I guess the back of the envelope calculation is that two-third of the backlog get executed within the first 12 months. I think perhaps based on the composition of projects that could change slightly, maybe call it 60% getting in the first 12 months, but that's also going to be determined by how many light commercial projects we're able to book from here and out because the backlog composition will have these kind of large projects that are multiyear.

嗯，我猜簡單的計算是三分之二的積壓工作會在前 12 個月內完成。我認為，根據項目構成情況，情況可能會略有變化，也許可以稱其為前 12 個月的 60%，但這也將取決於我們從那時起能夠預訂多少輕型商業項目，因為積壓構成將包含這類多年的大型項目。

But you also get projects that you book on a spot basis that get delivered within 6, 9, 12 months. So that's yet to be determined. I mean, based on what we have today, maybe it gets extended and is not 65%, I guess, executed over the following 12 months, maybe it's more like 60%. But then to the extent that the light commercial projects continue to pick up, then that's going to change. So the visibility is more so on the longer-dated projects, but we still have like commercial projects that can get booked on a day-to-day basis.

但您也可以獲得按現貨預訂的項目，這些項目將在 6、9、12 個月內交付。因此這還有待確定。我的意思是，基於我們今天所擁有的，也許它會延長，而且我猜不是 65%，在接下來的 12 個月內執行，也許更像是 60%。但隨著輕型商業項目繼續回暖，這種情況將會改變。因此，長期項目的可見性更高，但我們仍然有可以按日預訂的商業項目。

Perfect. Thank you. And regarding vinyl, are you -- do you guys still think it will be $5 million to $10 million contribution per month in 2025? Or is there more of a target that you guys have thought of?

完美的。謝謝。關於黑膠唱片，你們還認為 2025 年每個月的貢獻將達到 500 萬至 1,000 萬美元嗎？或者你們想到了更多的目標嗎？

Yeah, we're expecting to pick up in 2025. We have now the complete line. We're developing a couple of new products to even be better prepared. And we believe maybe in the first two months, which are the slowest months of the year, no. But from then on, yes.

是的，我們預計 2025 年將會回升。現在我們擁有完整的生產線。為了做好更充分的準備，我們正在開發一些新產品。我們認為，也許在一年中最慢的幾個月——前兩個月——情況不會如此。但從那時起，是的。

All right. And just thinking about your relationship with Saint-Gobain and the possible discount and contribution to margins. Can you provide a little more color into how they might show up in the P&L, at least some preliminary expectations?

好的。我只是考慮了一下您與聖戈班的關係以及可能帶來的折扣和利潤貢獻。您能否更詳細地說明它們在損益表中可能如何體現，至少是一些初步的預期？

Meaning a relationship with them and how we're able to supply the glass generally cheaper than the market or?

意思是與他們建立關係以及我們如何能夠以比市場價格更便宜的價格提供玻璃？

Right. But the sort of discount that you guys are expected to get from them, just wanted to know how you guys are thinking about that in terms of margin contribution?

正確的。但是你們期望從他們那裡得到什麼樣的折扣，只是想知道你們在利潤貢獻方面是如何考慮的？

Well, I mean, if you -- earlier, we were asked about the gross margin percentages for next year. And I think that going forward, we should be able to hover around the kind of 45%, 46% next year with operating leverage and being able to purchase glass at a discount from market that could potentially be higher. I mean we'll give you guys more color next quarter when we provide full guidance. But at this point, we haven't quantify that because we are going through the budgeting process.

嗯，我的意思是，如果您 - 之前，我們被問及明年的毛利率百分比。我認為，展望未來，我們應該能夠將利潤率維持在 45% 到 46% 左右，並且可以利用經營槓桿以低於市場價格的價格購買玻璃，而這個價格可能更高。我的意思是，當我們在下個季度提供完整的指導時，我們會給你們更多細節。但目前，我們還沒有量化這一點，因為我們正在進行預算流程。

Thank you. I appreciate the time.

謝謝。我很感激您抽出時間。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想將會議交還給若澤·曼努埃爾·澤斯，請他作最後發言。

Thanks, everyone, for participating on today's call. Please expect better news every quarter. We're doing really good. Thank you.

感謝大家參加今天的電話會議。請期待每個季度都有更好的消息。我們做得很好。謝謝。

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

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。