Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-35436 | |
Entity Registrant Name | TECNOGLASS INC. | |
Entity Central Index Key | 0001534675 | |
Entity Tax Identification Number | 98-1271120 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | Avenida Circunvalar a 100 mts de la Via 40 | |
Entity Address, Address Line Two | Barrio Las Flores | |
Entity Address, City or Town | Barranquilla | |
Entity Address, Country | CO | |
Entity Address, Postal Zip Code | 00000 | |
City Area Code | (+57)(605) | |
Local Phone Number | 373 4000 | |
Title of 12(b) Security | Ordinary Shares | |
Trading Symbol | TGLS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,673,433 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 104,686 | $ 103,671 |
Investments | 2,365 | 2,049 |
Trade accounts receivable, net | 185,996 | 158,397 |
Inventories | 161,767 | 124,997 |
Contract assets – current portion | 18,077 | 12,610 |
Other current assets | 53,304 | 28,963 |
Total current assets | 527,811 | 432,134 |
Long-term assets: | ||
Property, plant and equipment, net | 266,783 | 202,865 |
Deferred income taxes | 112 | 558 |
Contract assets – non-current | 6,089 | 8,875 |
Long-term trade accounts receivable | 1,225 | |
Intangible assets | 2,525 | 2,706 |
Goodwill | 23,561 | 23,561 |
Long-term investments | 60,408 | 57,839 |
Other long-term assets | 4,977 | 4,545 |
Total long-term assets | 364,455 | 302,174 |
Total assets | 892,266 | 734,308 |
Current liabilities: | ||
Short-term debt and current portion of long-term debt | 645 | 504 |
Trade accounts payable and accrued expenses | 113,803 | 90,186 |
Dividends payable | 4,336 | 3,622 |
Contract liability – current portion | 62,907 | 49,601 |
Total current liabilities | 234,989 | 209,802 |
Long-term liabilities: | ||
Deferred income taxes | 10,602 | 5,190 |
Contract liability – non-current | 12 | 11 |
Long-term debt | 169,003 | 168,980 |
Total long-term liabilities | 179,617 | 174,181 |
Total liabilities | 414,606 | 383,983 |
SHAREHOLDERS’ EQUITY | ||
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | ||
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 47,673,433 and 47,674,773 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 5 | 5 |
Legal Reserves | 1,458 | 1,458 |
Additional paid-in capital | 219,234 | 219,290 |
Retained earnings | 326,353 | 234,254 |
Accumulated other comprehensive loss | (71,152) | (106,187) |
Shareholders’ equity attributable to controlling interest | 475,898 | 348,820 |
Shareholders’ equity attributable to non-controlling interest | 1,762 | 1,505 |
Total shareholders’ equity | 477,660 | 350,325 |
Total liabilities and shareholders’ equity | 892,266 | 734,308 |
Related Party [Member] | ||
Current assets: | ||
Due from related parties | 1,616 | 1,447 |
Current liabilities: | ||
Other current liabilities | 6,276 | 5,323 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Other current liabilities | $ 47,022 | $ 60,566 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 |
Ordinary shares, par value | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued | 47,673,433 | 47,674,773 |
Ordinary shares, shares outstanding | 47,673,433 | 47,674,773 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating revenues: | ||||
Total operating revenues | $ 225,280 | $ 169,124 | $ 427,919 | $ 303,672 |
Cost of sales | (115,610) | (95,492) | (210,494) | (169,707) |
Gross profit | 109,670 | 73,632 | 217,425 | 133,965 |
Operating expenses: | ||||
Selling expense | (20,487) | (16,616) | (36,807) | (29,984) |
General and administrative expense | (14,682) | (11,529) | (32,437) | (24,528) |
Total operating expenses | (35,169) | (28,145) | (69,244) | (54,512) |
Operating income | 74,501 | 45,487 | 148,181 | 79,453 |
Non-operating income (expenses), net | 1,625 | 161 | 2,912 | 503 |
Equity method income | 1,119 | 1,669 | 2,568 | 3,249 |
Foreign currency transactions (loss) gains | 889 | 2,503 | (211) | (406) |
Interest expense and deferred cost of financing | (2,321) | (1,715) | (4,594) | (3,183) |
Income before taxes | 75,813 | 48,105 | 148,856 | 79,616 |
Income tax provision | (23,248) | (14,692) | (47,919) | (25,250) |
Net income | 52,565 | 33,413 | 100,937 | 54,366 |
Income attributable to non-controlling interest | (120) | (219) | (257) | (319) |
Income attributable to parent | 52,445 | 33,194 | 100,680 | 54,047 |
Comprehensive income: | ||||
Foreign currency translation adjustments | 27,238 | (23,620) | 35,049 | (9,987) |
Change in fair value of derivative contracts | 1,823 | 1,710 | (14) | 4,332 |
Total comprehensive income | 81,626 | 11,503 | 135,972 | 48,711 |
Comprehensive (loss) income attributable to non-controlling interest | (120) | (219) | (257) | (319) |
Total comprehensive income attributable to parent | $ 81,506 | $ 11,284 | $ 135,715 | $ 48,392 |
Basic income per share | $ 1.10 | $ 0.70 | $ 2.12 | $ 1.14 |
Diluted income per share | $ 1.10 | $ 0.70 | $ 2.12 | $ 1.14 |
Basic weighted average common shares outstanding | 47,674,041 | 47,674,773 | 47,674,403 | 47,674,773 |
Diluted weighted average common shares outstanding | 47,674,041 | 47,674,773 | 47,674,403 | 47,674,773 |
External Customers [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 224,788 | $ 168,657 | $ 427,094 | $ 302,679 |
Related Party [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 492 | $ 467 | $ 825 | $ 993 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 100,937 | $ 54,366 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Allowance for credit losses | 1,899 | 580 |
Depreciation and amortization | 9,914 | 10,462 |
Deferred income taxes | 4,130 | (1,016) |
Equity method income | (2,568) | (3,249) |
Deferred cost of financing | 610 | 726 |
Other non-cash adjustments | 118 | 6 |
Unrealized currency translation (loss) gains | (14,609) | 911 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (24,778) | (4,792) |
Inventories | (15,584) | (31,343) |
Prepaid expenses | (1,660) | (690) |
Other assets | (22,550) | 1,652 |
Trade accounts payable and accrued expenses | 16,167 | 16,488 |
Taxes payable | (20,153) | 2,260 |
Labor liabilities | 345 | 125 |
Other liabilities | (57) | (2,047) |
Contract assets and liabilities | 10,843 | 17,538 |
Related parties | 210 | 1,020 |
CASH PROVIDED BY OPERATING ACTIVITIES | 43,214 | 62,997 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of investments | (193) | (933) |
Acquisition of property and equipment | (37,886) | (26,250) |
CASH USED IN INVESTING ACTIVITIES | (38,079) | (27,183) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash dividend | (7,868) | (6,196) |
Stock buyback | (56) | |
Proceeds from debt | 98 | 241 |
Repayments of debt | (6) | (15,367) |
CASH USED IN FINANCING ACTIVITIES | (7,832) | (21,322) |
Effect of exchange rate changes on cash and cash equivalents | 3,711 | (883) |
NET INCREASE IN CASH | 1,014 | 13,609 |
CASH - Beginning of period | 103,672 | 85,011 |
CASH - End of period | 104,686 | 98,620 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest | 5,556 | 2,387 |
Income Tax | 82,807 | 7,552 |
NON-CASH INVESTING AND FINANCING ACTIVITES: | ||
Assets acquired under credit or debt | $ 7,223 | $ 5,835 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Legal Reserves [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2021 | $ 5 | $ 219,290 | $ 2,273 | $ 91,045 | $ (68,751) | $ 243,862 | $ 836 | $ 244,698 |
Balance, shares at Dec. 31, 2021 | 47,674,773 | |||||||
Dividend | (3,099) | (3,099) | (3,099) | |||||
Derivative financial instruments | 2,622 | 2,622 | 2,622 | |||||
Foreign currency translation | 13,635 | 13,635 | 13,635 | |||||
Net income | 20,853 | 20,853 | 100 | 20,953 | ||||
Balance at Mar. 31, 2022 | $ 5 | 219,290 | 2,273 | 108,799 | (52,494) | 277,873 | 936 | 278,809 |
Balance, shares at Mar. 31, 2022 | 47,674,773 | |||||||
Balance at Dec. 31, 2021 | $ 5 | 219,290 | 2,273 | 91,045 | (68,751) | 243,862 | 836 | 244,698 |
Balance, shares at Dec. 31, 2021 | 47,674,773 | |||||||
Net income | 54,366 | |||||||
Balance at Jun. 30, 2022 | $ 5 | 219,290 | 1,458 | 139,709 | (74,404) | 286,058 | 1,155 | 287,213 |
Balance, shares at Jun. 30, 2022 | 47,674,773 | |||||||
Balance at Mar. 31, 2022 | $ 5 | 219,290 | 2,273 | 108,799 | (52,494) | 277,873 | 936 | 278,809 |
Balance, shares at Mar. 31, 2022 | 47,674,773 | |||||||
Dividend | (3,099) | (3,099) | (3,099) | |||||
Derivative financial instruments | 1,710 | 1,710 | 1,710 | |||||
Foreign currency translation | (23,620) | (23,620) | (23,620) | |||||
Net income | 33,194 | 33,194 | 219 | 33,413 | ||||
Legal Reserves | (815) | 815 | ||||||
Balance at Jun. 30, 2022 | $ 5 | 219,290 | 1,458 | 139,709 | (74,404) | 286,058 | 1,155 | 287,213 |
Balance, shares at Jun. 30, 2022 | 47,674,773 | |||||||
Balance at Dec. 31, 2022 | $ 5 | 219,290 | 1,458 | 234,254 | (106,187) | 348,820 | 1,505 | 350,325 |
Balance, shares at Dec. 31, 2022 | 47,674,773 | |||||||
Dividend | (4,291) | (4,291) | (4,291) | |||||
Derivative financial instruments | (1,837) | (1,837) | (1,837) | |||||
Foreign currency translation | 7,811 | 7,811 | 7,811 | |||||
Net income | 48,235 | 48,235 | 137 | 48,372 | ||||
Balance at Mar. 31, 2023 | $ 5 | 219,290 | 1,458 | 278,198 | (100,213) | 398,738 | 1,642 | 400,380 |
Balance, shares at Mar. 31, 2023 | 47,674,773 | |||||||
Balance at Dec. 31, 2022 | $ 5 | 219,290 | 1,458 | 234,254 | (106,187) | 348,820 | 1,505 | 350,325 |
Balance, shares at Dec. 31, 2022 | 47,674,773 | |||||||
Net income | 100,937 | |||||||
Balance at Jun. 30, 2023 | $ 5 | 219,234 | 1,458 | 326,353 | (71,152) | 475,898 | 1,762 | 477,660 |
Balance, shares at Jun. 30, 2023 | 47,673,433 | |||||||
Balance at Mar. 31, 2023 | $ 5 | 219,290 | 1,458 | 278,198 | (100,213) | 398,738 | 1,642 | 400,380 |
Balance, shares at Mar. 31, 2023 | 47,674,773 | |||||||
Dividend | (4,291) | (4,291) | (4,291) | |||||
Derivative financial instruments | 1,823 | 1,823 | 1,823 | |||||
Foreign currency translation | 27,238 | 27,238 | 27,238 | |||||
Net income | 52,445 | 52,445 | 120 | 52,565 | ||||
Share repurchase | (56) | (56) | (56) | |||||
Stock repurchase, shares | (1,340) | |||||||
Balance at Jun. 30, 2023 | $ 5 | $ 219,234 | $ 1,458 | $ 326,353 | $ (71,152) | $ 475,898 | $ 1,762 | $ 477,660 |
Balance, shares at Jun. 30, 2023 | 47,673,433 |
General
General | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | Note 1. General Business Description Tecnoglass Inc., a Cayman Islands exempted company (the “Company”, “Tecnoglass,” “TGI,” “we, “us” or “our”), manufactures hi-specification, architectural glass and windows for the global residential and commercial construction industries. Currently the Company offers design, production, marketing, and installation of architectural systems for buildings of high, medium, and low elevation size. Products include windows and doors in glass and aluminum, office partitions and interior divisions, floating facades and commercial window showcases. The Company exports most of its products to foreign countries, selling to customers in North, Central and South America. The Company manufactures both glass and aluminum products. Its glass products include tempered glass, laminated glass, thermo-acoustic glass, curved glass, silk-screened glass, acoustic glass,and digital print glass. Its Alutions plant produces mill finished, anodized, painted aluminum profiles and rods, tubes, bars, and plates. Alution’s operations include extrusion, smelting, painting and anodizing processes, and exporting, importing and marketing aluminum products. The Company also designs, manufactures, markets, and installs architectural systems for high, medium and low-rise construction, glass and aluminum windows and doors, office dividers and interiors, floating facades and commercial display windows. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting purposes. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the information contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The year-end condensed balance sheet data was derived from the audited financial statements in the Annual Report on Form 10-K but does not include all disclosures required by US GAAP. The preparation of these unaudited condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Company’s financial statements. Actual results may differ from these estimates under different assumptions and conditions. Estimates utilized in the preparation of these unaudited condensed consolidated financial statements relate to the collectability of account receivables, the valuation of inventories, estimated earnings on uncompleted contracts, useful lives and potential impairment of long-lived assets. Changes in estimates are reflected in the periods during which they become known. Actual amounts may differ from these estimates and could differ materially. These financial statements reflect all adjustments that in the opinion of management are necessary for a fair statement of the financial position, results of operations and cash flows for the period presented, and are of a normal, recurring nature. The Company has one operating segment, Architectural Glass and Windows, which is also its reporting segment, comprising the design, manufacturing, distribution, marketing and installation of high-specification architectural glass and window products sold to the construction industry. Principles of Consolidation These unaudited condensed consolidated financial statements consolidate TGI and its subsidiaries Tecnoglass S.A.S (“TG”), C.I. Energía Solar S.A.S E.S. Windows (“ES”), ES Windows LLC (“ESW LLC”), Tecnoglass LLC (“Tecno LLC”), Tecno RE LLC (“Tecno RE”), GM&P Consulting and Glazing Contractors (“GM&P”), Componenti USA LLC, ES Metals SAS (“ES Metals”), and Ventanas Solar S.A (“VS”), which are entities in which we have a controlling financial interest because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (“VIE”) model to the entity and if we are not, the entity is evaluated under the voting interest model. All significant intercompany accounts and transactions are eliminated in consolidation, including unrealized intercompany profits and losses. The equity method of accounting is used for investments in affiliates and other joint ventures over which the Company has significant influence but does not have effective control. TGI and certain wholly owned subsidiaries with functional currency different than the U.S. dollar have long-term intercompany loan balances denominated in foreign currencies that are remeasured at the exchange rate in effect at the balance sheet date. Such loan balances are not expected to be settled in the foreseeable future. Any gains and losses relating to these loans are included in the accumulated other comprehensive income (loss), which is reflected as a separate component of shareholders’ equity. Derivative Financial Instruments The Company recognizes all derivative financial instruments as either assets or liabilities at fair value on the condensed consolidated balance sheet. The unrealized gains or losses arising from changes in fair value of derivative instruments that are designated and qualify as cash flow hedges, are recorded in the condensed consolidated statement of comprehensive income. Amounts in accumulated other comprehensive loss on the condensed consolidated balance sheet are reclassified into the condensed consolidated statement of income in the same period or periods during which the hedged transactions are settled. Accounting Standards Adopted in 2023 In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments in this Update provide optional expedients and exceptions for contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The interest rate on our credit facility was updated to SOFR plus the same spread of 1.5%. In addition, he Company amended the Interest Rate Swap contract from Libor plus spread to SOFR plus spread. The settlements of the instruments remain under the existing conditions; however, the fixed leg goes from 1.93% to 1.87%. The Company did not apply any of the optional expedients or exceptions allowed under this ASU. |
Inventories, net
Inventories, net | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Note 3. - Inventories, net Schedule of Inventories June 30, 2023 December 31, 2022 Raw materials $ 107,355 $ 93,360 Work in process 21,063 9,875 Finished goods 10,350 6,409 Spares and accessories 21,427 13,902 Packing material 1,737 1,563 Total Inventories, gross 161,932 125,109 Less: Inventory allowance (165 ) (112 ) Total inventories, net $ 161,767 $ 124,997 |
Revenues, Trade Accounts Receiv
Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Operating revenues: | |
Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities | Note 4. – Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities Disaggregation of Total Net Sales The Company disaggregates its sales with customers by revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing and uncertainty of the Company’s revenue and cash flows. Schedule of Disaggregation by Revenue 2023 2022 2023 2022 Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Fixed price contracts $ 32,330 $ 22,525 $ 61,423 $ 41,376 Product sales 192,950 146,599 366,496 262,296 Total Revenues $ 225,280 $ 169,124 $ 427,919 $ 303,672 The following table presents geographical information about revenues. Schedule of Geographic Information 2023 2022 2023 2022 Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Colombia $ 5,962 $ 4,816 $ 11,702 $ 8,841 United States 214,725 161,478 409,565 288,461 Panama 314 1,003 584 1,803 Other 4,279 1,827 6,068 4,567 Total Revenues $ 225,280 $ 169,124 $ 427,919 $ 303,672 Trade Accounts Receivable In the ordinary course of business, we extend credit to customers on a generally non-collateralized basis. The Company maintains an allowance for expected credit losses which is based on management’s assessments of the amount which may become uncollectible in the future and is determined through consideration of our write-off history, specific identification of uncollectible accounts based in part on the customer’s past due balance (based on contractual terms), and consideration of prevailing economic and industry conditions. Uncollectible accounts are written off after repeated attempts to collect from the customer have been unsuccessful. Trade accounts receivable consist of the following: Schedule of Trade Accounts Receivable June 30, 2023 December 31, 2022 Trade accounts receivable 187,545 159,068 Less: Allowance for credit losses (1,549 ) (671 ) Total $ 185,996 $ 158,397 The changes in the allowance for credit losses for the six months ended June 30, 2023, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Six months ended June 30, 2023 Balance at beginning of period $ 671 Provisions for credit losses 1,899 Deductions and write-offs, net of foreign currency adjustment (1,021 ) Balance at end of period $ 1,549 Contract Assets and Liabilities Contract assets represent accumulated incurred costs and earned profits on contracts with customers that have been recorded as sales but have not been billed to customers and are classified as current. In addition, a portion of the amounts billed on certain fixed price contracts that are withheld by the customer as a retainage until a final good receipt of the complete project to the customers satisfaction. Contract liabilities consist of advance payments and billings in excess of costs incurred and deferred revenue, and represent amounts received in excess of sales recognized on contracts. The Company classifies advance payments and billings in excess of costs incurred as current, and deferred revenue as current or non-current based on the expected timing of sales recognition. Contract assets and contract liabilities are determined on a contract-by-contract basis at the end of each reporting period. The non-current portion of contract liabilities is included in long-term liabilities in the Company’s condensed consolidated balance sheets. The table below presents the components of net contract assets (liabilities). Schedule of Contract Assets and Liabilities June 30, 2023 December 31, 2023 Contract assets — current $ 18,077 $ 12,610 Contract assets — non-current 6,089 8,875 Contract liabilities — current (62,907 ) (49,601 ) Contract liabilities — non-current (12 ) (11 ) Net contract assets $ (38,753 ) $ (28,127 ) The components of contract assets are presented in the table below. June 30, 2023 December 31, 2022 Unbilled contract receivables, gross $ 7,142 $ 5,738 Retainage 17,024 15,747 Total contract assets 24,166 21,485 Less: current portion 18,077 12,610 Contract Assets – non-current $ 6,089 $ 8,875 The components of contract liabilities are presented in the table below. June 30, 2022 December 31, 2022 Billings in excess of costs $ 23,308 14,724 Advances from customers on uncompleted contracts 39,611 34,888 Total contract liabilities 62,919 49,612 Less: current portion 62,907 49,601 Contract liabilities – non-current $ 12 11 During the three and six months ended June 30, 2023, the Company recognized $ 2,669 5,941 3,421 5,503 Remaining Performance Obligations As of June 30, 2023, the Company had $ 427.2 100% 218.4 198.6 20.2 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 5. Intangible Assets Intangible assets include Miami-Dade County Notices of Acceptances (NOA’s), which are certificates issued for approved products and required to market hurricane-resistant glass in Florida. Intangibles assets also include the intangibles acquired during the acquisition of GM&P. Schedule of Finite-Lived Intangible Assets, Net June 30, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 10,531 (8,006 ) 2,525 December 31, 2022 Gross Acc. Amort. Net Trade Names $ 980 $ (980 ) $ - Notice of Acceptances (NOAs), product designs and other intellectual property 9,987 (7,281 ) 2,706 Non-compete Agreement 165 (165 ) - Customer Relationships 4,140 (4,140 ) - Total $ 15,272 $ (12,566 ) $ 2,706 The weighted average amortization period is 4.9 During the three and six months ended June 30, 2023, the amortization expense amounted to $ 293 615 314 789 The estimated aggregate amortization expense for each of the five succeeding years as of June 30, 2023 is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2023 $ 530 2024 775 2025 447 2026 350 2027 283 Thereafter 140 Total $ 2,525 |
Supplier Finance Program
Supplier Finance Program | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Supplier Finance Program | Note 6. Supplier Finance Program Tecnoglass, Inc. has established payment terms to suppliers for the purchase of goods and services, which normally range between 30 and 60 days. In the normal course of business, suppliers may require liquidity and manage, through third parties, the advanced payment of invoices. The Company allows its suppliers the option to payments in advance of an invoice due date, through a third-party finance provider or intermediary, with the purpose of allowing suppliers to obtain the required liquidity. For these purposes, suppliers present to Tecnoglass, Inc. the third-party finance provider or intermediary with whom they will carry out the finance program and establish an agreement, through which the invoices will be paid by the third-party finance provider or intermediary once Tecnoglass, Inc. has confirmed the invoices as valid. Once the Company confirms the invoices are valid, the third-party finance provider or intermediary proceeds with the payment to the supplier. Subsequently, Tecnoglass, Inc. pays the invoices for goods or services to the third-party finance provider or intermediary selected by the supplier. Payment times do not vary from those initially agreed with the supplier, as stated in the invoices factored by the supplier (i.e. between 30 and 60 days). Pursuant to the supplier finance programs, the Company has not been required to pledge any assets as security nor to provide any guarantee to third-party finance provider or intermediary. As of June 30, 2023, the obligations outstanding related to the supplier finance program amount to $ 20,954 20,808 146 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 7. Debt The Company’s debt is comprised of the following: Schedule of Long Term Debt June 30, 2023 December 31, 2022 Revolving lines of credit $ 421 $ 329 Finance lease 396 395 Senior Secured Credit Facility 172,500 172,500 Less: Deferred cost of financing (3,669 ) (3,740 ) Total obligations under borrowing arrangements 169,648 169,484 Less: Current portion of long-term debt and other current borrowings 645 504 Long-term debt $ 169,003 $ 168,980 In November 2021, the Company amended its Senior Secured Credit Facility to (i) increase the borrowing capacity under its committed line of credit from $ 50 150 1.50% 0.75% 2.50% 15 7.51% 1,496 1,346 150 15 1.5% 10.0 6.7 1.5% Maturities of long-term debt and other current borrowings are as follows as of June 30, 2023: Schedule of Maturities of Long Term Debt 2024 $ 645 2025 13,884 2026 15,038 2027 143,750 2028 - Total $ 173,317 The Company’s loans have maturities ranging from a few weeks to 5 years 6.74% |
Hedging Activity and Fair Value
Hedging Activity and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Activity and Fair Value Measurements | Note 8. Hedging Activity and Fair Value Measurements Hedging Activity During the quarter ended March 31, 2022, we entered into several interest rate swap contracts to hedge the interest rate fluctuations related to our outstanding debt. The effective date of the contract is December 31, 2022, and, thus, we shall have payment dates each quarter, commencing March, 31 2023. During the quarter ended December 31, 2022, we entered into several foreign currency non-delivery forward contracts to hedge the fluctuations in the exchange rate between the Colombian Peso and the U.S. Dollar. Our contracts are designated as cash flow hedges since they are highly effective in offsetting changes in the cash flows attributable to forecasted LIBOR and Colombian Peso denominated costs and expenses, respectively. We record our hedge contracts at fair value and consider our credit risk for contracts in a liability position, and our counter-party’s credit risk for contracts in an asset position, in determining fair value. We assess our counter-party’s risk of non-performance when measuring the fair value of financial instruments in an asset position by evaluating their financial position, including cash on hand, as well as their credit ratings. Due to the Libor discontinuance, on June 21, 2023, the Company amended the Interest Rate Swap contract from LIBOR plus spread to SOFR plus spread. The settlements of the instruments remain under the existing conditions; however, the fixed leg goes from 1.93 1.87 As of June 30, 2023, the fair value of our interest rate swap was in a net asset position of $ 9.2 14 125 We assess the effectiveness of our interest rate swap contracts by comparing the change in the fair value of the interest rate swap contracts to the change in the expected cash to be paid for the hedged item. The effective portion of the gain or loss on our interest rate swap contracts is reported as a component of accumulated other comprehensive income and is reclassified into earnings in the same line item in the income statement as the hedged item in the same period or periods during which the transaction affects earnings. The amount of gains, net, recognized in the “accumulated other comprehensive income” line item in the accompanying consolidated balance sheet as of June 30, 2023, that we expect will be reclassified to earnings within the next twelve months, is $ 4.1 The fair value of our interest rate swap hedges is classified in the accompanying consolidated balance sheets, as of June 30, 2023, as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities June 30, 2023 June 30, 2023 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Interest rate swap contracts and foreign currency non-delivery forwards Other current assets $ 9,173 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 9,173 Total derivative liabilities $ - The ending accumulated balance for the interest rate swap contracts included in accumulated other comprehensive income was $ 9,173 The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended June 30, 2023: Schedule of Gains (Losses) on Derivative Financial Instruments quarter ended Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives Location of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income Three Months Ended Three Months Ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Interest rate swap contracts and foreign currency non-delivery forwards contracts $ 1,823 $ 1,710 Interest expense and operating income $ 918 $ - The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the six months ended June 30, 2023: Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Location of Gain or (Loss) Reclassified from Accumulated Amount of Gain or (Loss) Reclassified from Recognized in OCI (Loss) on OCI (Loss) into Accumulated Derivatives Income OCI (Loss) into Income Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Interest Rate Swap Contracts $ 9,173 $ 4,332 Interest Expense and Operating Income $ 4,054 $ - Fair Value Measurements The Company accounts for financial assets and liabilities in accordance with accounting standards that define fair value and establish a framework for measuring fair value. The hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and advances from customers approximate their fair value due to their relatively short-term maturities. The Company bases its fair value estimate for long term debt obligations on its internal valuation that all debt is floating rate debt based on current interest rates in Colombia. The fair values of derivatives used to manage interest rate risks are based on SOFR rates and interest rate swap curves. Measurement of our derivative assets and liabilities is considered a level 2 measurement. To carry out the swap valuation, the definition of the fixed leg (obligation) and variable leg (right) is used. Once the projected flows are obtained in both fixed and variable rates, the regression analysis is performed for prospective effectiveness test. The projection curve contains the forward interest rates to project flows at a variable rate and the discount curve contains the interest rates to discount future flows, using the one-month USD Libor curve. As of June 30, 2023, financial instruments carried at amortized cost that do not approximate fair value consist of long-term debt. See Note 7 – Debt. The fair value of long-term debt was calculated based on an analysis of future cash flows discounted at current market rates, which are level 2 inputs. The following table summarizes the fair value and carrying amounts of our long-term debt: Summary of Fair Value and Carrying Amounts of Long Term Debt June 30, 2023 December 31, 2022 Fair Value 168,235 194,285 Carrying Value 169,003 168,980 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The Company files income tax returns for TG, ES and ES Metals in the Republic of Colombia. GM&P, Componenti and ESW LLC are U.S. entities based in Florida subject to U.S. federal and state income taxes. Tecnoglass Inc. as well as all the other subsidiaries in the Cayman Islands do not currently have any tax obligations. The components of income tax expense are as follows: Schedule of Components of Income Tax Expense (Benefit) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Current income tax United States $ (2,996 ) $ (1,646 ) $ (6,460 ) $ (2,748 ) Colombia (16,275 ) (12,483 ) (37,323 ) (23,498 ) Panama (3 ) (11 ) (6 ) (20 ) Total current income tax (19,274 ) (14,140 ) (43,789 ) (26,266 ) Deferred income Tax United States 157 79 (127 ) 199 Colombia (4,131 ) (631 ) (4,003 ) 817 Total deferred income tax (3,974 ) 552 (4,130 ) 1,016 Total income provision $ (23,248 ) $ (14,692 ) $ (47,919 ) $ (25,250 ) Effective tax rate 30.7 % 30.5 % 32.2 % 31.7 % The weighted average statutory income tax rate for the three months ended June 30, 2023, and 2022 of 30.7 30.5 32.2 31.7 |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 10. Related Parties The following is a summary of assets, liabilities, and income transactions with all related parties: Schedule of Related Parties June 30, 2022 December 31, 2022 Due from related parties: Alutrafic Led SAS 395 249 Studio Avanti SAS 345 113 Due from other related parties 876 1,085 Total due from related parties $ 1,616 $ 1,447 Due to related parties: Vidrio Andino 5,185 4,853 Due to other related parties 1,091 470 Total due to related parties $ 6,276 $ 5,323 Schedule of Sale to Related Parties 2023 2022 2023 2022 Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Sales to related parties: Alutrafic Led SAS 192 270 365 570 Studio Avanti SAS 129 164 285 332 Sales to other related parties 171 33 175 91 Sales to related parties $ 492 $ 467 $ 825 $ 993 Alutrafic Led SAS In the ordinary course of business, we sell products to Alutrafic Led SAS (“Alutrafic”), a fabricator of electrical lighting equipment. Affiliates of Jose Daes and Christian Daes have an ownership stake in Alutrafic. During the three and six months ended June 30, 2023, we sold $ 192 365 270 570 395 249 Santa Maria del Mar SAS In the ordinary course of business, we purchase fuel for use at our manufacturing facilities from Estación Santa Maria del Mar SAS, a gas station located in the vicinity of our manufacturing campus which is owned by affiliates of Jose Daes and Christian Daes. During the three and six months ended June 30, 2023, we purchased $ 469 705 168 412 Fundacion Tecnoglass-ESWindows Fundacion Tecnoglass-ESWindows is a non-profit organization set up by the Company to carry out social causes in the communities around where we operate. We made charitable contributions during the three and six months ended June 30, 2023, for $ 869 1,533 439 795 Studio Avanti SAS In the ordinary course of business, we sell products to Studio Avanti SAS (“Avanti”), a distributer and installer of architectural systems in Colombia. Avanti is owned and controlled by Alberto Velilla, who is director of Energy Holding Corporation, the controlling shareholder of the Company. As of June 30, 2023, and December 31, 2022, the Company had outstanding accounts receivable from Avanti of $ 345 113 129 285 164 332 Vidrio Andino Joint Venture On May 3, 2019, we consummated a joint venture agreement with Saint-Gobain, a world leader in the production of float glass, a key component of our manufacturing process, whereby we acquired a 25.8 45 34.1 10.9 1,557,142 7.00 33 The land will serve the purpose of developing a second float glass plant nearby our existing manufacturing facilities which we expect will carry significant efficiencies for us once it becomes operative, in which we will also have a 25.8 12.5 In the ordinary course of business, we purchased $ 7,612 13,957 3,948 9,041 5,185 4,853 1,120 2,568 1,669 3,249 Zofracosta SA We have an investment in Zofracosta SA, a real estate holding company and operator of a tax-free zone located in the vicinity of the proposed glass plant being built through our Vidrio Andino joint venture recorded at $ 726 632 |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 11. Shareholders’ Equity Dividends On June 15, 2023, the Company declared a regular quarterly dividend of $ 0.09 0.36 Earnings per Share The following table sets forth the computation of the basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022: Schedule of Earnings Per Share, Basic and Diluted Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per share Net Income $ 52,565 $ 33,413 $ 100,937 $ 54,366 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 47,674,041 47,674,773 47,674,403 47,674,773 Effect of dilutive securities and stock dividend - - - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 47,674,041 47,674,773 47,674,403 47,674,773 Basic earnings per ordinary share $ 1.10 $ 0.70 $ 2.12 $ 1.14 Diluted earnings per ordinary share $ 1.10 $ 0.70 $ 2.12 $ 1.14 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Commitments As of June 30, 2023, the Company had an outstanding obligation to purchase an aggregate of at least $ 68,057 On May 3, 2019, we consummated a joint venture agreement with Saint-Gobain whereby we acquired a 25.8 45 34.1 10.9 1,557,142 7.00 33 The joint venture agreement includes plans to build a new plant in Galapa, Colombia that will be located approximately 20 miles from our primary manufacturing facility, in which we will also have a 25.8 12.5 General Legal Matters From time to time, the Company is involved in legal matters arising in the regular course of business. Some disputes are derived directly from our construction projects, related to supply and installation, and even though deemed ordinary, they may involve significant monetary damages. We are also subject to other type of litigations arising from employment practices, worker’s compensation, automobile claims and general liability. It is very difficult to predict precisely what the outcome of these litigations might be. However, with the information at our disposition as this time, there are no indications that such claims will result in a material adverse effect on the business, financial condition or results of operations of the Company. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting purposes. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the information contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The year-end condensed balance sheet data was derived from the audited financial statements in the Annual Report on Form 10-K but does not include all disclosures required by US GAAP. The preparation of these unaudited condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Company’s financial statements. Actual results may differ from these estimates under different assumptions and conditions. Estimates utilized in the preparation of these unaudited condensed consolidated financial statements relate to the collectability of account receivables, the valuation of inventories, estimated earnings on uncompleted contracts, useful lives and potential impairment of long-lived assets. Changes in estimates are reflected in the periods during which they become known. Actual amounts may differ from these estimates and could differ materially. These financial statements reflect all adjustments that in the opinion of management are necessary for a fair statement of the financial position, results of operations and cash flows for the period presented, and are of a normal, recurring nature. The Company has one operating segment, Architectural Glass and Windows, which is also its reporting segment, comprising the design, manufacturing, distribution, marketing and installation of high-specification architectural glass and window products sold to the construction industry. |
Principles of Consolidation | Principles of Consolidation These unaudited condensed consolidated financial statements consolidate TGI and its subsidiaries Tecnoglass S.A.S (“TG”), C.I. Energía Solar S.A.S E.S. Windows (“ES”), ES Windows LLC (“ESW LLC”), Tecnoglass LLC (“Tecno LLC”), Tecno RE LLC (“Tecno RE”), GM&P Consulting and Glazing Contractors (“GM&P”), Componenti USA LLC, ES Metals SAS (“ES Metals”), and Ventanas Solar S.A (“VS”), which are entities in which we have a controlling financial interest because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (“VIE”) model to the entity and if we are not, the entity is evaluated under the voting interest model. All significant intercompany accounts and transactions are eliminated in consolidation, including unrealized intercompany profits and losses. The equity method of accounting is used for investments in affiliates and other joint ventures over which the Company has significant influence but does not have effective control. TGI and certain wholly owned subsidiaries with functional currency different than the U.S. dollar have long-term intercompany loan balances denominated in foreign currencies that are remeasured at the exchange rate in effect at the balance sheet date. Such loan balances are not expected to be settled in the foreseeable future. Any gains and losses relating to these loans are included in the accumulated other comprehensive income (loss), which is reflected as a separate component of shareholders’ equity. |
Derivative Financial Instruments | Derivative Financial Instruments The Company recognizes all derivative financial instruments as either assets or liabilities at fair value on the condensed consolidated balance sheet. The unrealized gains or losses arising from changes in fair value of derivative instruments that are designated and qualify as cash flow hedges, are recorded in the condensed consolidated statement of comprehensive income. Amounts in accumulated other comprehensive loss on the condensed consolidated balance sheet are reclassified into the condensed consolidated statement of income in the same period or periods during which the hedged transactions are settled. |
Accounting Standards Adopted in 2023 | Accounting Standards Adopted in 2023 In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments in this Update provide optional expedients and exceptions for contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The interest rate on our credit facility was updated to SOFR plus the same spread of 1.5%. In addition, he Company amended the Interest Rate Swap contract from Libor plus spread to SOFR plus spread. The settlements of the instruments remain under the existing conditions; however, the fixed leg goes from 1.93% to 1.87%. The Company did not apply any of the optional expedients or exceptions allowed under this ASU. |
Inventories, net (Tables)
Inventories, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Schedule of Inventories June 30, 2023 December 31, 2022 Raw materials $ 107,355 $ 93,360 Work in process 21,063 9,875 Finished goods 10,350 6,409 Spares and accessories 21,427 13,902 Packing material 1,737 1,563 Total Inventories, gross 161,932 125,109 Less: Inventory allowance (165 ) (112 ) Total inventories, net $ 161,767 $ 124,997 |
Revenues, Trade Accounts Rece_2
Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Operating revenues: | |
Schedule of Disaggregation by Revenue | The Company disaggregates its sales with customers by revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing and uncertainty of the Company’s revenue and cash flows. Schedule of Disaggregation by Revenue 2023 2022 2023 2022 Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Fixed price contracts $ 32,330 $ 22,525 $ 61,423 $ 41,376 Product sales 192,950 146,599 366,496 262,296 Total Revenues $ 225,280 $ 169,124 $ 427,919 $ 303,672 |
Schedule of Geographic Information | The following table presents geographical information about revenues. Schedule of Geographic Information 2023 2022 2023 2022 Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Colombia $ 5,962 $ 4,816 $ 11,702 $ 8,841 United States 214,725 161,478 409,565 288,461 Panama 314 1,003 584 1,803 Other 4,279 1,827 6,068 4,567 Total Revenues $ 225,280 $ 169,124 $ 427,919 $ 303,672 |
Schedule of Trade Accounts Receivable | Trade accounts receivable consist of the following: Schedule of Trade Accounts Receivable June 30, 2023 December 31, 2022 Trade accounts receivable 187,545 159,068 Less: Allowance for credit losses (1,549 ) (671 ) Total $ 185,996 $ 158,397 |
Schedule of Changes in Allowance for Doubtful Accounts Receivable | The changes in the allowance for credit losses for the six months ended June 30, 2023, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Six months ended June 30, 2023 Balance at beginning of period $ 671 Provisions for credit losses 1,899 Deductions and write-offs, net of foreign currency adjustment (1,021 ) Balance at end of period $ 1,549 |
Schedule of Contract Assets and Liabilities | The table below presents the components of net contract assets (liabilities). Schedule of Contract Assets and Liabilities June 30, 2023 December 31, 2023 Contract assets — current $ 18,077 $ 12,610 Contract assets — non-current 6,089 8,875 Contract liabilities — current (62,907 ) (49,601 ) Contract liabilities — non-current (12 ) (11 ) Net contract assets $ (38,753 ) $ (28,127 ) The components of contract assets are presented in the table below. June 30, 2023 December 31, 2022 Unbilled contract receivables, gross $ 7,142 $ 5,738 Retainage 17,024 15,747 Total contract assets 24,166 21,485 Less: current portion 18,077 12,610 Contract Assets – non-current $ 6,089 $ 8,875 The components of contract liabilities are presented in the table below. June 30, 2022 December 31, 2022 Billings in excess of costs $ 23,308 14,724 Advances from customers on uncompleted contracts 39,611 34,888 Total contract liabilities 62,919 49,612 Less: current portion 62,907 49,601 Contract liabilities – non-current $ 12 11 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Net | Schedule of Finite-Lived Intangible Assets, Net June 30, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 10,531 (8,006 ) 2,525 December 31, 2022 Gross Acc. Amort. Net Trade Names $ 980 $ (980 ) $ - Notice of Acceptances (NOAs), product designs and other intellectual property 9,987 (7,281 ) 2,706 Non-compete Agreement 165 (165 ) - Customer Relationships 4,140 (4,140 ) - Total $ 15,272 $ (12,566 ) $ 2,706 |
Schedule of Finite Lived Intangible Assets Future Amortization Expense | The estimated aggregate amortization expense for each of the five succeeding years as of June 30, 2023 is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2023 $ 530 2024 775 2025 447 2026 350 2027 283 Thereafter 140 Total $ 2,525 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | The Company’s debt is comprised of the following: Schedule of Long Term Debt June 30, 2023 December 31, 2022 Revolving lines of credit $ 421 $ 329 Finance lease 396 395 Senior Secured Credit Facility 172,500 172,500 Less: Deferred cost of financing (3,669 ) (3,740 ) Total obligations under borrowing arrangements 169,648 169,484 Less: Current portion of long-term debt and other current borrowings 645 504 Long-term debt $ 169,003 $ 168,980 |
Schedule of Maturities of Long Term Debt | Maturities of long-term debt and other current borrowings are as follows as of June 30, 2023: Schedule of Maturities of Long Term Debt 2024 $ 645 2025 13,884 2026 15,038 2027 143,750 2028 - Total $ 173,317 |
Hedging Activity and Fair Val_2
Hedging Activity and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Foreign Currency Hedges | The fair value of our interest rate swap hedges is classified in the accompanying consolidated balance sheets, as of June 30, 2023, as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities June 30, 2023 June 30, 2023 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Interest rate swap contracts and foreign currency non-delivery forwards Other current assets $ 9,173 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 9,173 Total derivative liabilities $ - |
Schedule of Gains (Losses) on Derivative Financial Instruments quarter ended | The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended June 30, 2023: Schedule of Gains (Losses) on Derivative Financial Instruments quarter ended Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives Location of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income Three Months Ended Three Months Ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Interest rate swap contracts and foreign currency non-delivery forwards contracts $ 1,823 $ 1,710 Interest expense and operating income $ 918 $ - The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the six months ended June 30, 2023: Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Location of Gain or (Loss) Reclassified from Accumulated Amount of Gain or (Loss) Reclassified from Recognized in OCI (Loss) on OCI (Loss) into Accumulated Derivatives Income OCI (Loss) into Income Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Interest Rate Swap Contracts $ 9,173 $ 4,332 Interest Expense and Operating Income $ 4,054 $ - |
Summary of Fair Value and Carrying Amounts of Long Term Debt | The following table summarizes the fair value and carrying amounts of our long-term debt: Summary of Fair Value and Carrying Amounts of Long Term Debt June 30, 2023 December 31, 2022 Fair Value 168,235 194,285 Carrying Value 169,003 168,980 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: Schedule of Components of Income Tax Expense (Benefit) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Current income tax United States $ (2,996 ) $ (1,646 ) $ (6,460 ) $ (2,748 ) Colombia (16,275 ) (12,483 ) (37,323 ) (23,498 ) Panama (3 ) (11 ) (6 ) (20 ) Total current income tax (19,274 ) (14,140 ) (43,789 ) (26,266 ) Deferred income Tax United States 157 79 (127 ) 199 Colombia (4,131 ) (631 ) (4,003 ) 817 Total deferred income tax (3,974 ) 552 (4,130 ) 1,016 Total income provision $ (23,248 ) $ (14,692 ) $ (47,919 ) $ (25,250 ) Effective tax rate 30.7 % 30.5 % 32.2 % 31.7 % |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties | The following is a summary of assets, liabilities, and income transactions with all related parties: Schedule of Related Parties June 30, 2022 December 31, 2022 Due from related parties: Alutrafic Led SAS 395 249 Studio Avanti SAS 345 113 Due from other related parties 876 1,085 Total due from related parties $ 1,616 $ 1,447 Due to related parties: Vidrio Andino 5,185 4,853 Due to other related parties 1,091 470 Total due to related parties $ 6,276 $ 5,323 |
Schedule of Sale to Related Parties | Schedule of Sale to Related Parties 2023 2022 2023 2022 Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Sales to related parties: Alutrafic Led SAS 192 270 365 570 Studio Avanti SAS 129 164 285 332 Sales to other related parties 171 33 175 91 Sales to related parties $ 492 $ 467 $ 825 $ 993 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of the basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022: Schedule of Earnings Per Share, Basic and Diluted Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per share Net Income $ 52,565 $ 33,413 $ 100,937 $ 54,366 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 47,674,041 47,674,773 47,674,403 47,674,773 Effect of dilutive securities and stock dividend - - - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 47,674,041 47,674,773 47,674,403 47,674,773 Basic earnings per ordinary share $ 1.10 $ 0.70 $ 2.12 $ 1.14 Diluted earnings per ordinary share $ 1.10 $ 0.70 $ 2.12 $ 1.14 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 107,355 | $ 93,360 |
Work in process | 21,063 | 9,875 |
Finished goods | 10,350 | 6,409 |
Spares and accessories | 21,427 | 13,902 |
Packing material | 1,737 | 1,563 |
Total Inventories, gross | 161,932 | 125,109 |
Less: Inventory allowance | (165) | (112) |
Total inventories, net | $ 161,767 | $ 124,997 |
Schedule of Disaggregation by R
Schedule of Disaggregation by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 225,280 | $ 169,124 | $ 427,919 | $ 303,672 |
Fixed Price Contracts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 32,330 | 22,525 | 61,423 | 41,376 |
Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 192,950 | $ 146,599 | $ 366,496 | $ 262,296 |
Schedule of Geographic Informat
Schedule of Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 225,280 | $ 169,124 | $ 427,919 | $ 303,672 |
COLOMBIA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 5,962 | 4,816 | 11,702 | 8,841 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 214,725 | 161,478 | 409,565 | 288,461 |
PANAMA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 314 | 1,003 | 584 | 1,803 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 4,279 | $ 1,827 | $ 6,068 | $ 4,567 |
Schedule of Trade Accounts Rece
Schedule of Trade Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating revenues: | ||
Trade accounts receivable | $ 187,545 | $ 159,068 |
Less: Allowance for credit losses | (1,549) | (671) |
Total | $ 185,996 | $ 158,397 |
Schedule of Changes in Allowanc
Schedule of Changes in Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating revenues: | ||
Balance at beginning of period | $ 671 | |
Provisions for credit losses | 1,899 | $ 580 |
Deductions and write-offs, net of foreign currency adjustment | (1,021) | |
Balance at end of period | $ 1,549 |
Schedule of Contract Assets and
Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating revenues: | ||
Less: current portion | $ 18,077 | $ 12,610 |
Contract Assets – non-current | 6,089 | 8,875 |
Contract liabilities — current | (62,907) | (49,601) |
Contract liabilities — non-current | (12) | (11) |
Net contract assets | (38,753) | (28,127) |
Unbilled contract receivables, gross | 7,142 | 5,738 |
Retainage | 17,024 | 15,747 |
Total contract assets | 24,166 | 21,485 |
Billings in excess of costs | 23,308 | 14,724 |
Advances from customers on uncompleted contracts | 39,611 | 34,888 |
Total contract liabilities | 62,919 | 49,612 |
Less: current portion | 62,907 | 49,601 |
Contract liabilities – non-current | $ 12 | $ 11 |
Revenues, Trade Accounts Rece_3
Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | |
Recognition of sales related to contract liabilities | $ 2,669 | $ 3,421 | $ 5,941 | $ 5,503 | |||
Remaining performance obligation | $ 427,200 | $ 427,200 | |||||
Performance obligation, percentage | 100% | 100% | |||||
Forecast [Member] | |||||||
Remaining performance obligation | $ 20,200 | $ 198,600 | $ 218,400 |
Schedule of Finite-Lived Intang
Schedule of Finite-Lived Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | $ 15,272 | |
Accumulated Amortization | (12,566) | |
Total | $ 2,525 | 2,706 |
Notice of Acceptances [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 10,531 | 9,987 |
Accumulated Amortization | (8,006) | (7,281) |
Total | $ 2,525 | 2,706 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 980 | |
Accumulated Amortization | (980) | |
Total | ||
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 165 | |
Accumulated Amortization | (165) | |
Total | ||
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 4,140 | |
Accumulated Amortization | (4,140) | |
Total |
Schedule of Finite Lived Intang
Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 530 | |
2024 | 775 | |
2025 | 447 | |
2026 | 350 | |
2027 | 283 | |
Thereafter | 140 | |
Total | $ 2,525 | $ 2,706 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Weighted average amortization period | 4 years 10 months 24 days | |||
Amortization expense | $ 293 | $ 314 | $ 615 | $ 789 |
Supplier Finance Program (Detai
Supplier Finance Program (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Trade accounts payable and accrued expenses | $ 113,803 | $ 90,186 |
Related Party [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Due to related parties | 6,276 | $ 5,323 |
Supplier Finance Program [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Current liabilities | 20,954 | |
Trade accounts payable and accrued expenses | 20,808 | |
Supplier Finance Program [Member] | Related Party [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Due to related parties | $ 146 |
Schedule of Long Term Debt (Det
Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Revolving lines of credit | $ 421 | $ 329 |
Finance lease | 396 | 395 |
Senior Secured Credit Facility | 172,500 | 172,500 |
Less: Deferred cost of financing | (3,669) | (3,740) |
Total obligations under borrowing arrangements | 169,648 | 169,484 |
Less: Current portion of long-term debt and other current borrowings | 645 | 504 |
Long-term debt | $ 169,003 | $ 168,980 |
Schedule of Maturities of Long
Schedule of Maturities of Long Term Debt (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 645 |
2025 | 13,884 |
2026 | 15,038 |
2027 | 143,750 |
2028 | |
Total | $ 173,317 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 01, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Nov. 30, 2021 | Jun. 30, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 2.50% | ||||||
Line of credit | $ 421 | $ 329 | |||||
Loan maturity period description | few weeks to 5 years | ||||||
Debt, weighted average interest rate | 6.74% | ||||||
US Bank Syndicated [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deposits savings deposits | $ 15,000 | ||||||
LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 1.50% | ||||||
LIBOR [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 0.75% | ||||||
Senior Secured Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, borrowing capacity, description | (i) increase the borrowing capacity under its committed line of credit from $50 million to $150 million, (ii) reduce its borrowing costs by an approximate 130 basis points and (iii) extend the initial maturity date by one year to the end of 2026. | ||||||
Debt instrument basis spread on variable rate | 1.50% | ||||||
Line of credit interest rate | 7.51% | ||||||
Line of credit facility decrease forgiveness | $ 10,000 | $ 15,000 | |||||
Senior Secured Credit Facility [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 1.50% | ||||||
Senior Secured Credit Facility [Member] | Related Party [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost | $ 1,496 | ||||||
Senior Secured Credit Facility [Member] | Related Party [Member] | Deferred Cost [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payment of fees | 1,346 | ||||||
Senior Secured Credit Facility [Member] | Related Party [Member] | Operating Expense [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Due to related parties | $ 150 | ||||||
Senior Secured Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit | 50,000 | ||||||
Senior Secured Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit | $ 150,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit | $ 6,700 |
Schedule of Fair Value of Forei
Schedule of Fair Value of Foreign Currency Hedges (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | |
Total derivative assets | $ 9,173 |
Total derivative liabilities | |
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] | Other Current Assets [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Total derivative assets | 9,173 |
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] | Accrued Liabilities [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Total derivative liabilities |
Schedule of Gains (Losses) on D
Schedule of Gains (Losses) on Derivative Financial Instruments quarter ended (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives | $ 1,823 | $ 1,710 | ||
Amount of gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income | $ 918 | $ 0 | ||
Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives | $ 9,173 | $ 4,332 | ||
Amount of gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income | $ 4,054 |
Summary of Fair Value and Carry
Summary of Fair Value and Carrying Amounts of Long Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair Value | $ 168,235 | $ 194,285 |
Carrying Value | $ 169,003 | $ 168,980 |
Hedging Activity and Fair Val_3
Hedging Activity and Fair Value Measurements (Details Narrative) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 USD ($) Integer | Jun. 21, 2023 | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |||
Accumulated other comprehensive income net of tax | $ (71,152) | $ (106,187) | |
Accumulated Other Comprehensive Loss [Member] | |||
Derivative [Line Items] | |||
Reclassified earnings, expected | 4,100 | ||
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative assets | $ 9,200 | ||
Interest outstanding rate swap contract | Integer | 14 | ||
Debt outstanding amount | $ 125,000 | ||
Accumulated other comprehensive income net of tax | $ 9,173 | ||
Interest Rate Swap [Member] | LIBOR [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative fixed interest rate | 1.93% | ||
Interest Rate Swap [Member] | LIBOR [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative fixed interest rate | 1.87% |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total current income tax | $ (19,274) | $ (14,140) | $ (43,789) | $ (26,266) |
Total deferred income tax | (3,974) | 552 | (4,130) | 1,016 |
Total income provision | $ (23,248) | $ (14,692) | $ (47,919) | $ (25,250) |
Effective tax rate | 30.70% | 30.50% | 32.20% | 31.70% |
UNITED STATES | ||||
Total current income tax | $ (2,996) | $ (1,646) | $ (6,460) | $ (2,748) |
Total deferred income tax | 157 | 79 | (127) | 199 |
COLOMBIA | ||||
Total current income tax | (16,275) | (12,483) | (37,323) | (23,498) |
Total deferred income tax | (4,131) | (631) | (4,003) | 817 |
PANAMA | ||||
Total current income tax | $ (3) | $ (11) | $ (6) | $ (20) |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Statutory income tax rate | 30.70% | 30.50% | 32.20% | 31.70% |
Schedule of Related Parties (De
Schedule of Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Total due from related parties | $ 1,616 | $ 1,447 |
Total due to related parties | 6,276 | 5,323 |
Alutrafic Led SAS [Member] | ||
Related Party Transaction [Line Items] | ||
Total due from related parties | 395 | 249 |
Studio Avanti SAS [Member] | ||
Related Party Transaction [Line Items] | ||
Total due from related parties | 345 | 113 |
Other [Member] | ||
Related Party Transaction [Line Items] | ||
Total due from related parties | 876 | 1,085 |
Total due to related parties | 1,091 | 470 |
Vidrio Andino (St. Gobain) [Member] | ||
Related Party Transaction [Line Items] | ||
Total due to related parties | $ 5,185 | $ 4,853 |
Schedule of Sale to Related Par
Schedule of Sale to Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Sales to related parties | $ 492 | $ 467 | $ 825 | $ 993 |
Alutrafic Led SAS [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | 192 | 270 | 365 | 570 |
Studio Avanti SAS [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | 129 | 164 | 285 | 332 |
Sales to Other Related Parties [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | $ 171 | $ 33 | $ 175 | $ 91 |
Related Parties (Details Narrat
Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Dec. 09, 2020 | Oct. 28, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Oct. 27, 2020 | May 03, 2019 | |
Related Party Transaction [Line Items] | |||||||||
Equity method income | $ 1,119 | $ 1,669 | $ 2,568 | $ 3,249 | |||||
Vidrio Andino (St. Gobain) [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Minority interest ownership | 25.80% | ||||||||
Related Party [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue from related parties | 492 | 467 | 825 | 993 | |||||
Alutrafic Led SAS [Member] | Related Party [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue from related parties | 192 | 270 | 365 | 570 | |||||
Accounts receivable | 395 | 395 | $ 249 | ||||||
Santa Maria Del Mar SAS [Member] | Related Party [Member] | CEO And COO [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Purchase of fuel | 469 | 168 | 705 | 412 | |||||
Fundacion Tecnoglass [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Cash contributions for social causes | 869 | 439 | 1,533 | 795 | |||||
Studio Avanti SAS [Member] | Related Party [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue from related parties | 129 | 164 | 285 | 332 | |||||
Accounts receivable | 345 | $ 345 | 113 | ||||||
Vidrio Andino (St. Gobain) [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Purchase price of interest | $ 45,000 | ||||||||
Payment of cash | 34,100 | ||||||||
Land contribution value | $ 10,900 | ||||||||
Shares issued during acquisition | 1,557,142 | ||||||||
Shares issued, price per share | $ 7 | ||||||||
Premium closing stock, percent | 33% | ||||||||
Expected ownership percentage | 25.80% | ||||||||
Additional contribution amount | $ 12,500 | ||||||||
Purchase from related party | 7,612 | 3,948 | 13,957 | 9,041 | |||||
Equity method income | 1,120 | $ 1,669 | 2,568 | $ 3,249 | |||||
Vidrio Andino (St. Gobain) [Member] | Related Party [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payable outstanding | 5,185 | 5,185 | 4,853 | ||||||
Zofracosta SA [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investments | $ 726 | $ 726 | $ 632 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||||||
Net Income | $ 52,565 | $ 48,372 | $ 33,413 | $ 20,953 | $ 100,937 | $ 54,366 |
Denominator for basic earnings per ordinary share - weighted average shares outstanding | 47,674,041 | 47,674,773 | 47,674,403 | 47,674,773 | ||
Effect of dilutive securities and stock dividend | ||||||
Denominator for diluted earnings per ordinary share - weighted average shares outstanding | 47,674,041 | 47,674,773 | 47,674,403 | 47,674,773 | ||
Basic earnings per ordinary share | $ 1.10 | $ 0.70 | $ 2.12 | $ 1.14 | ||
Diluted earnings per ordinary share | $ 1.10 | $ 0.70 | $ 2.12 | $ 1.14 |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) | Jun. 15, 2023 $ / shares |
Quarterly Rate [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Dividend rate per share | $ 0.09 |
Annual Basis [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Dividend rate per share | $ 0.36 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||
Dec. 09, 2020 | Oct. 28, 2020 | Jun. 30, 2023 | Oct. 27, 2020 | May 03, 2019 | |
Purchase of aggregate raw material | $ 68,057 | ||||
Vidrio Andino (St. Gobain) [Member] | |||||
Purchase price of interest | $ 45,000 | ||||
Payment of cash | 34,100 | ||||
Land contribution value | $ 10,900 | ||||
Shares issued during acquisition | 1,557,142 | ||||
Shares issued, price per share | $ 7 | ||||
Premium closing stock, percent | 33% | ||||
Expected ownership percentage | 25.80% | ||||
Additional contribution amount | $ 12,500 | ||||
Vidrio Andino (St. Gobain) [Member] | |||||
Minority interest ownership | 25.80% |