Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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 | 3550 NW 49th Street | |
Entity Address, City or Town | Miami | |
Entity Address, State or Province | FL | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 33142 | |
City Area Code | +1 305 | |
Local Phone Number | 638 5151 | |
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 | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 46,996,708 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 135,881 | $ 129,508 |
Investments | 2,897 | 2,907 |
Trade accounts receivable, net | 170,591 | 166,498 |
Inventories | 144,212 | 159,070 |
Contract assets – current portion | 20,982 | 17,800 |
Other current assets | 73,474 | 58,590 |
Total current assets | 549,645 | 535,760 |
Long-term assets: | ||
Property, plant and equipment, net | 329,238 | 324,591 |
Deferred income taxes | 266 | 169 |
Contract assets – non-current | 8,169 | 8,797 |
Intangible assets | 3,311 | 3,475 |
Goodwill | 23,561 | 23,561 |
Long-term investments | 61,616 | 60,570 |
Other long-term assets | 5,764 | 5,794 |
Total long-term assets | 431,925 | 426,957 |
Total assets | 981,570 | 962,717 |
Current liabilities: | ||
Short-term debt and current portion of long-term debt | 3,338 | 7,002 |
Trade accounts payable and accrued expenses | 79,180 | 82,784 |
Dividends payable | 5,196 | 4,265 |
Contract liability – current portion | 71,928 | 72,543 |
Total current liabilities | 235,661 | 235,886 |
Long-term liabilities: | ||
Deferred income taxes | 17,695 | 15,793 |
Contract liability – non-current | 14 | |
Long-term debt | 154,567 | 163,004 |
Total long-term liabilities | 172,262 | 178,811 |
Total liabilities | 407,923 | 414,697 |
SHAREHOLDERS’ EQUITY | ||
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | ||
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 46,996,708 and 46,996,708 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 5 | 5 |
Legal Reserves | 1,458 | 1,458 |
Additional paid-in capital | 192,385 | 192,385 |
Retained earnings | 424,596 | 400,035 |
Accumulated other comprehensive loss | (44,797) | (45,863) |
Total shareholders’ equity | 573,647 | 548,020 |
Total liabilities and shareholders’ equity | 981,570 | 962,717 |
Related Party [Member] | ||
Current assets: | ||
Due from related parties | 1,608 | 1,387 |
Current liabilities: | ||
Other current liabilities | 8,406 | 7,498 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Other current liabilities | $ 67,613 | $ 61,794 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 46,996,708 | 46,996,708 |
Ordinary shares, shares outstanding | 46,996,708 | 46,996,708 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating revenues: | ||
Total operating revenues | $ 192,627 | $ 202,639 |
Cost of sales | (117,967) | (94,884) |
Gross profit | 74,660 | 107,755 |
Operating expenses: | ||
Selling expense | (17,583) | (16,320) |
General and administrative expense | (16,055) | (17,755) |
Total operating expenses | (33,638) | (34,075) |
Operating income | 41,022 | 73,680 |
Non-operating income, net | 1,080 | 1,287 |
Equity method income | 1,046 | 1,449 |
Foreign currency transactions (loss) gains | (153) | (1,100) |
Interest expense and deferred cost of financing | (2,106) | (2,273) |
Income before taxes | 40,889 | 73,043 |
Income tax provision | (11,159) | (24,671) |
Net income | 29,730 | 48,372 |
Income attributable to non-controlling interest | (137) | |
Income attributable to parent | $ 29,730 | $ 48,235 |
Basic income per share | $ 0.63 | $ 1.01 |
Diluted income per share | $ 0.63 | $ 1.01 |
Basic weighted average common shares outstanding | 46,996,708 | 47,674,773 |
Diluted weighted average common shares outstanding | 46,996,708 | 47,674,773 |
Other comprehensive income: | ||
Foreign currency translation adjustments | $ 30 | $ 7,811 |
Change in fair value of derivative contracts | 1,036 | (1,837) |
Other comprehensive income | 1,066 | 5,974 |
Total comprehensive income | 30,796 | 54,346 |
Income attributable to non-controlling interest | (137) | |
Total comprehensive income attributable to parent | 30,796 | 54,209 |
External Customers [Member] | ||
Operating revenues: | ||
Total operating revenues | 192,089 | 202,306 |
Related Party [Member] | ||
Operating revenues: | ||
Total operating revenues | $ 538 | $ 333 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 29,730 | $ 48,372 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Allowance for credit losses | 125 | 914 |
Depreciation and amortization | 6,313 | 4,767 |
Deferred income taxes | 3,518 | 156 |
Equity method income | (1,046) | (1,449) |
Realized gain on derivative instruments | (1,951) | |
Deferred cost of financing | 322 | 312 |
Other non-cash adjustments | 3 | (16) |
Unrealized currency translation (gains) loss | (4,227) | 410 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 3,840 | (8,644) |
Inventories | 13,737 | (13,048) |
Prepaid expenses | (300) | (864) |
Other assets | (9,250) | (14,338) |
Trade accounts payable and accrued expenses | (8,059) | (9,681) |
Taxes payable | 7,068 | 25,488 |
Labor liabilities | (1,076) | (447) |
Other liabilities | 61 | (7) |
Contract assets and liabilities | (8,029) | 12,425 |
Related parties | 717 | 664 |
CASH PROVIDED BY OPERATING ACTIVITIES | 33,447 | 43,063 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of investments | (306) | (134) |
Acquisition of property and equipment | (9,886) | (15,554) |
CASH USED IN INVESTING ACTIVITIES | (10,192) | (15,688) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash dividend | (4,239) | (3,579) |
Proceeds from debt | 2,766 | 292 |
Repayments of debt | (15,213) | |
CASH USED IN FINANCING ACTIVITIES | (16,686) | (3,287) |
Effect of exchange rate changes on cash and cash equivalents | (196) | 778 |
NET INCREASE IN CASH | 6,373 | 24,866 |
CASH - Beginning of period | 129,508 | 103,672 |
CASH - End of period | 135,881 | 128,538 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest | 2,827 | 2,717 |
Income Tax | 14,094 | 26,342 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Assets acquired under credit or debt | $ 1,305 | $ 4,790 |
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 |
Beginning balance, value at Dec. 31, 2022 | $ 5 | $ 219,290 | $ 1,458 | $ 234,254 | $ (106,187) | $ 348,820 | $ 1,505 | $ 350,325 |
Beginning balance, shares at Dec. 31, 2022 | 47,674,773 | |||||||
Dividend (0.09 per share) | (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 | ||||
Ending balance, value at Mar. 31, 2023 | $ 5 | 219,290 | 1,458 | 278,198 | (100,213) | 398,738 | 1,642 | 400,380 |
Ending balance, shares at Mar. 31, 2023 | 47,674,773 | |||||||
Beginning balance, value at Dec. 31, 2023 | $ 5 | 192,385 | 1,458 | 400,035 | (45,863) | 548,020 | 548,020 | |
Beginning balance, shares at Dec. 31, 2023 | 46,996,708 | |||||||
Dividend (0.09 per share) | (5,169) | (5,169) | (5,169) | |||||
Derivative financial instruments | 1,036 | 1,036 | 1,036 | |||||
Foreign currency translation | 30 | 30 | 30 | |||||
Net income | 29,730 | 29,730 | 29,730 | |||||
Ending balance, value at Mar. 31, 2024 | $ 5 | $ 192,385 | $ 1,458 | $ 424,596 | $ (44,797) | $ 573,647 | $ 573,647 | |
Ending balance, shares at Mar. 31, 2024 | 46,996,708 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Stockholders' Equity [Abstract] | ||
Dividend per share | $ 0.11 | $ 0.09 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure [Table] | ||
Net Income (Loss) | $ 29,730 | $ 48,235 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
General
General | 3 Months Ended |
Mar. 31, 2024 | |
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, aluminum, and vinyl, office partitions and interior divisions, floating facades and commercial window showcases. The Company sells to customers in North, Central and South America, and exports more than 95% of its production to foreign countries. The Company manufactures glass, aluminum, and vinyl 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. Alutions’ operations include extrusion, smelting, painting and anodizing processes, and exporting, importing and marketing aluminum products. Its newly installed vinyl assembling lines manufacture and distributes cutting-edge vinyl windows for new and existing customers. The Company also designs, manufactures, markets and installs architectural systems for high, medium and low-rise construction, glass, aluminum and vinyl 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 | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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 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”), 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. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) have observed that segment information is critically important in understanding a public entity’s different business activities. That information enables investors to better understand an entity’s overall performance and assists in assessing potential future cash flows. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The Board is issuing the amendments in this Update to enhance the transparency and decision usefulness of income tax disclosures. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) indicated that the existing income tax disclosures should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The amendments in this Update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This Update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this Update are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. |
Inventories, net
Inventories, net | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Note 3. - Inventories, net Schedule of Inventories March 31, 2024 December 31, 2023 Raw materials $ 91,937 $ 100,828 Work in process 20,108 19,738 Finished goods 4,753 9,941 Spares and accessories 26,194 27,057 Packing material 1,424 1,715 Total Inventories, gross 144,416 159,279 Less: Inventory allowance (204 ) (209 ) Total inventories, net $ 144,212 $ 159,070 |
Revenues, Trade Accounts Receiv
Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities | |
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 2024 2023 Three months ended March 31, 2024 2023 Fixed price contracts $ 32,632 $ 29,093 Product sales 159,995 173,546 Total Revenues $ 192,627 $ 202,639 The following table presents geographical information about revenues. Schedule of Geographic Information 2024 2023 Three months ended March 31, 2024 2023 Colombia $ 5,239 $ 5,740 United States 184,003 194,839 Panama 94 270 Other 3,291 1,790 Total Revenues $ 192,627 $ 202,639 The following table presents revenues breakdown by market. Schedule of Revenues Breakdown by Market 2024 2023 Three months ended March 31, 2024 2023 Residential $ 73,154 $ 83,595 Commercial 119,473 119,044 Total Revenues $ 192,627 $ 202,639 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 March 31, 2024 December 31, 2023 Trade accounts receivable 172,993 168,778 Less: Allowance for credit losses (2,402 ) (2,280 ) Total $ 170,591 $ 166,498 The changes in the allowance for credit losses for the three months ended March 31, 2024, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Three months ended March 31, 2024 Balance at beginning of period $ 2,280 Provisions for credit losses 125 Deductions and write-offs, net of foreign currency adjustment (3 ) Balance at end of period $ 2,402 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 March 31, 2024 December 31, 2023 Contract assets — current $ 20,982 $ 17,800 Contract assets — non-current 8,169 8,797 Contract liabilities — current (71,928 ) (72,543 ) Contract liabilities — non-current - (14 ) Net contract liability $ (42,777 ) $ (45,960 ) The components of contract assets are presented in the table below. March 31, 2024 December 31, 2023 Unbilled contract receivables, gross $ 4,669 $ 4,501 Retainage 24,482 22,096 Total contract assets 29,151 26,597 Less: current portion 20,982 17,800 Contract Assets – non-current $ 8,169 $ 8,797 The components of contract liabilities are presented in the table below. March 31, 2024 December 31, 2023 Billings in excess of costs $ 36,127 35,949 Advances from customers on uncompleted contracts 35,801 36,608 Total contract liabilities 71,928 72,557 Less: current portion 71,928 72,543 Contract liabilities – non-current $ - 14 During the three months ended March 31, 2024, the Company recognized $ 6,732 2,945 Remaining Performance Obligations As of March 31, 2024, the Company had $ 438.2 100 123.5 296.1 135.0 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 12,171 (8,860 ) 3,311 December 31, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 12,231 (8,756 ) 3,475 The weighted average amortization period is 4.7 During the three months ended March 31, 2024, the amortization expense amounted to $ 342 322 The estimated aggregate amortization expense for each of the five succeeding years as of March 31, 2024, is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2024 $ 902 2025 632 2026 522 2027 460 2028 353 Thereafter 442 Total $ 3,311 |
Supplier Finance Program
Supplier Finance Program | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Supplier Finance Program | Note 6. Supplier Finance Program Tecnoglass 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 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 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 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 March 31, 2024, the obligations outstanding related to the supplier finance program amounted to $ 1,190 2,722 898 2,330 292 392 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Note 7. Debt The Company’s debt is comprised of the following: Schedule of Long Term Debt March 31, 2024 December 31, 2023 Revolving lines of credit $ 736 $ 525 Finance lease 284 327 Other current debt 2,386 - Senior Secured Credit Facility 157,500 172,500 Less: Deferred cost of financing (3,001 ) (3,346 ) Total obligations under borrowing arrangements 157,905 170,006 Less: Current portion of long-term debt and other current borrowings 3,338 7,002 Long-term debt $ 154,567 $ 163,004 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 7.71 1,496 1,346 150 1.5 15 1.5 Maturities of long-term debt and other current borrowings are as follows as of March 31, 2024: Schedule of Maturities of Long Term Debt 2024 $ 3,338 2025 10,068 2026 147,500 Total $ 160,906 The Company’s loans have maturities ranging from a several weeks to 4 years 6.98 |
Hedging Activity and Fair Value
Hedging Activity and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 1 Month plus spread to SOFR 3 Months plus spread. The settlements of the instruments remain under the existing conditions; however, the fixed leg goes from 1.93 1.87 As of March 31, 2024, the fair value of our interest rate swap was in a net asset position of $ 7.5 12 125 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 March 31, 2024, that we expect will be reclassified to earnings within the next twelve months, is $ 3.7 The fair value of our interest rate swap hedges is classified in the accompanying consolidated balance sheets, as of March 31, 2024, as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities March 31, 2024 March 31, 2024 Derivatives designated as hedging instruments under Balance Sheet Fair Value Balance Sheet Fair Value Derivative instruments: Interest rate swap contracts Other current assets $ 7,489 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 7,489 Total derivative liabilities $ - The ending accumulated balance for the interest rate swap contracts included in accumulated other comprehensive income was $ 7,489 The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended March 31, 2024: 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 March 31, March 31, March 31, March 31, 2024 2023 2024 2023 Interest Rate Swap and foreign currency non-delivery forwards Contracts $ 1,036 $ (1,837 ) Interest expense and operating income $ 1,099 $ 3,193 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 March 31, 2024, 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 March 31, 2024 December 31, 2023 Fair Value 155,366 166,041 Carrying Value 154,567 163,004 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
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 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 2024 2023 Three months ended March 31, 2024 2023 Current income tax United States $ (3,832 ) $ (3,464 ) Colombia (3,808 ) (21,048 ) Panama (1 ) (3 ) Total current income tax (7,641 ) (24,515 ) Deferred income Tax United States (1,178 ) (284 ) Colombia (2,340 ) 128 Total deferred income tax (3,518 ) (156 ) Total income provision $ (11,159 ) $ (24,671 ) Effective tax rate 27.3 % 33.8 % The effective income tax rate for 2024 and 2023, was 27.3 33.8 27.3 |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 December 31, 2023 Due from related parties: Studio Avanti SAS 548 460 Alutrafic Led SAS 276 322 Prisma Glass LLC 142 281 Due from other related parties 642 324 Total due from related parties $ 1,608 $ 1,387 Due to related parties: Vidrio Andino 4,746 3,927 Incantesimo SAS 2,500 2,500 Due to other related parties 1,160 1,071 Total due to related parties $ 8,406 $ 7,498 Schedule of Sale to Related Parties 2024 2023 Three months ended March 31, 2024 2023 Sales to related parties: Studio Avanti SAS 196 156 Prisma-Glass SAS 193 - Alutrafic Led SAS 139 173 Sales to other related parties 10 4 Sales to related parties $ 538 $ 333 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, the Company’s Chief Executive Officer and Chief Operating Officer, respectively, have an ownership stake in Alutrafic. During the three months ended March 31, 2024, we sold $ 139 173 276 322 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 months ended March 31, 2024 of $ 749 664 Incantesimo SAS On November 10, 2023, we acquired the 30 5,500 3,000 2,500 Prisma-Glass LLC In the ordinary course of business, we sell products to Prisma-Glass LLC a distributer and installer of architectural systems in Florida that. is owned and controlled by family members of Christian Daes. We sold $ 193 142 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 months ended March 31, 2024, we purchased $ 151 236 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 March 31, 2024, and December 31, 2023, the Company had outstanding accounts receivable from Avanti of $ 548 460 196 156 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 $ 6,881 6,345 4,746 3,927 1,046 1,449 Zofracosta SA We have an investment in Zofracosta SA, a real estate holding company located in the vicinity of the proposed glass plant being built through our Vidrio Andino joint venture, recorded at $ 792 796 |
Shareholders_ Equity
Shareholders’ Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 11. Shareholders’ Equity Dividends On February 29, 2024, the Company declared a regular quarterly dividend of $ 0.11 0.44 Earnings per Share The following table sets forth the computation of the basic and diluted earnings per share for the three months ended March 31, 2024, and 2023: Schedule of Earnings Per Share, Basic and Diluted 2024 2023 Three months ended March 31, 2024 2023 Numerator for basic and diluted earnings per share Net income attributable to parent $ 29,730 $ 48,235 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 46,996,708 47,674,773 Effect of dilutive securities and stock dividend - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 46,996,708 47,674,773 Basic earnings per ordinary share $ 0.63 $ 1.01 Diluted earnings per ordinary share $ 0.63 $ 1.01 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Commitments As of March 31, 2024, the Company had outstanding obligations to purchase an aggregate of at least $ 59,314 10,035 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) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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 |
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”), 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. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) have observed that segment information is critically important in understanding a public entity’s different business activities. That information enables investors to better understand an entity’s overall performance and assists in assessing potential future cash flows. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The Board is issuing the amendments in this Update to enhance the transparency and decision usefulness of income tax disclosures. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) indicated that the existing income tax disclosures should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The amendments in this Update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This Update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this Update are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. |
Inventories, net (Tables)
Inventories, net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Schedule of Inventories March 31, 2024 December 31, 2023 Raw materials $ 91,937 $ 100,828 Work in process 20,108 19,738 Finished goods 4,753 9,941 Spares and accessories 26,194 27,057 Packing material 1,424 1,715 Total Inventories, gross 144,416 159,279 Less: Inventory allowance (204 ) (209 ) Total inventories, net $ 144,212 $ 159,070 |
Revenues, Trade Accounts Rece_2
Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities | |
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 2024 2023 Three months ended March 31, 2024 2023 Fixed price contracts $ 32,632 $ 29,093 Product sales 159,995 173,546 Total Revenues $ 192,627 $ 202,639 |
Schedule of Geographic Information | The following table presents geographical information about revenues. Schedule of Geographic Information 2024 2023 Three months ended March 31, 2024 2023 Colombia $ 5,239 $ 5,740 United States 184,003 194,839 Panama 94 270 Other 3,291 1,790 Total Revenues $ 192,627 $ 202,639 |
Schedule of Revenues Breakdown by Market | The following table presents revenues breakdown by market. Schedule of Revenues Breakdown by Market 2024 2023 Three months ended March 31, 2024 2023 Residential $ 73,154 $ 83,595 Commercial 119,473 119,044 Total Revenues $ 192,627 $ 202,639 |
Schedule of Trade Accounts Receivable | Trade accounts receivable consist of the following: Schedule of Trade Accounts Receivable March 31, 2024 December 31, 2023 Trade accounts receivable 172,993 168,778 Less: Allowance for credit losses (2,402 ) (2,280 ) Total $ 170,591 $ 166,498 |
Schedule of Changes in Allowance for Doubtful Accounts Receivable | The changes in the allowance for credit losses for the three months ended March 31, 2024, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Three months ended March 31, 2024 Balance at beginning of period $ 2,280 Provisions for credit losses 125 Deductions and write-offs, net of foreign currency adjustment (3 ) Balance at end of period $ 2,402 |
Schedule of Contract Assets and Liabilities | The table below presents the components of net contract assets (liabilities). Schedule of Contract Assets and Liabilities March 31, 2024 December 31, 2023 Contract assets — current $ 20,982 $ 17,800 Contract assets — non-current 8,169 8,797 Contract liabilities — current (71,928 ) (72,543 ) Contract liabilities — non-current - (14 ) Net contract liability $ (42,777 ) $ (45,960 ) The components of contract assets are presented in the table below. March 31, 2024 December 31, 2023 Unbilled contract receivables, gross $ 4,669 $ 4,501 Retainage 24,482 22,096 Total contract assets 29,151 26,597 Less: current portion 20,982 17,800 Contract Assets – non-current $ 8,169 $ 8,797 The components of contract liabilities are presented in the table below. March 31, 2024 December 31, 2023 Billings in excess of costs $ 36,127 35,949 Advances from customers on uncompleted contracts 35,801 36,608 Total contract liabilities 71,928 72,557 Less: current portion 71,928 72,543 Contract liabilities – non-current $ - 14 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Net | Schedule of Finite-Lived Intangible Assets, Net March 31, 2024 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 12,171 (8,860 ) 3,311 December 31, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 12,231 (8,756 ) 3,475 |
Schedule of Finite Lived Intangible Assets Future Amortization Expense | The estimated aggregate amortization expense for each of the five succeeding years as of March 31, 2024, is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2024 $ 902 2025 632 2026 522 2027 460 2028 353 Thereafter 442 Total $ 3,311 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | The Company’s debt is comprised of the following: Schedule of Long Term Debt March 31, 2024 December 31, 2023 Revolving lines of credit $ 736 $ 525 Finance lease 284 327 Other current debt 2,386 - Senior Secured Credit Facility 157,500 172,500 Less: Deferred cost of financing (3,001 ) (3,346 ) Total obligations under borrowing arrangements 157,905 170,006 Less: Current portion of long-term debt and other current borrowings 3,338 7,002 Long-term debt $ 154,567 $ 163,004 |
Schedule of Maturities of Long Term Debt | Maturities of long-term debt and other current borrowings are as follows as of March 31, 2024: Schedule of Maturities of Long Term Debt 2024 $ 3,338 2025 10,068 2026 147,500 Total $ 160,906 |
Hedging Activity and Fair Val_2
Hedging Activity and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities March 31, 2024 March 31, 2024 Derivatives designated as hedging instruments under Balance Sheet Fair Value Balance Sheet Fair Value Derivative instruments: Interest rate swap contracts Other current assets $ 7,489 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 7,489 Total derivative liabilities $ - The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended March 31, 2024: 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 March 31, March 31, March 31, March 31, 2024 2023 2024 2023 Interest Rate Swap and foreign currency non-delivery forwards Contracts $ 1,036 $ (1,837 ) Interest expense and operating income $ 1,099 $ 3,193 |
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 March 31, 2024 December 31, 2023 Fair Value 155,366 166,041 Carrying Value 154,567 163,004 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The components of income tax expense are as follows: Schedule of Components of Income Tax Expense 2024 2023 Three months ended March 31, 2024 2023 Current income tax United States $ (3,832 ) $ (3,464 ) Colombia (3,808 ) (21,048 ) Panama (1 ) (3 ) Total current income tax (7,641 ) (24,515 ) Deferred income Tax United States (1,178 ) (284 ) Colombia (2,340 ) 128 Total deferred income tax (3,518 ) (156 ) Total income provision $ (11,159 ) $ (24,671 ) Effective tax rate 27.3 % 33.8 % |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 December 31, 2023 Due from related parties: Studio Avanti SAS 548 460 Alutrafic Led SAS 276 322 Prisma Glass LLC 142 281 Due from other related parties 642 324 Total due from related parties $ 1,608 $ 1,387 Due to related parties: Vidrio Andino 4,746 3,927 Incantesimo SAS 2,500 2,500 Due to other related parties 1,160 1,071 Total due to related parties $ 8,406 $ 7,498 |
Schedule of Sale to Related Parties | Schedule of Sale to Related Parties 2024 2023 Three months ended March 31, 2024 2023 Sales to related parties: Studio Avanti SAS 196 156 Prisma-Glass SAS 193 - Alutrafic Led SAS 139 173 Sales to other related parties 10 4 Sales to related parties $ 538 $ 333 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024, and 2023: Schedule of Earnings Per Share, Basic and Diluted 2024 2023 Three months ended March 31, 2024 2023 Numerator for basic and diluted earnings per share Net income attributable to parent $ 29,730 $ 48,235 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 46,996,708 47,674,773 Effect of dilutive securities and stock dividend - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 46,996,708 47,674,773 Basic earnings per ordinary share $ 0.63 $ 1.01 Diluted earnings per ordinary share $ 0.63 $ 1.01 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 Segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 91,937 | $ 100,828 |
Work in process | 20,108 | 19,738 |
Finished goods | 4,753 | 9,941 |
Spares and accessories | 26,194 | 27,057 |
Packing material | 1,424 | 1,715 |
Total Inventories, gross | 144,416 | 159,279 |
Less: Inventory allowance | (204) | (209) |
Total inventories, net | $ 144,212 | $ 159,070 |
Schedule of Disaggregation by R
Schedule of Disaggregation by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total Revenues | $ 192,627 | $ 202,639 |
Fixed Price Contracts [Member] | ||
Total Revenues | 32,632 | 29,093 |
Product Sales [Member] | ||
Total Revenues | $ 159,995 | $ 173,546 |
Schedule of Geographic Informat
Schedule of Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total Revenues | $ 192,627 | $ 202,639 |
COLOMBIA | ||
Total Revenues | 5,239 | 5,740 |
UNITED STATES | ||
Total Revenues | 184,003 | 194,839 |
PANAMA | ||
Total Revenues | 94 | 270 |
Other [Member] | ||
Total Revenues | $ 3,291 | $ 1,790 |
Schedule of Revenues Breakdown
Schedule of Revenues Breakdown by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | ||
Total Revenues | $ 192,627 | $ 202,639 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Revenues | 73,154 | 83,595 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Revenues | $ 119,473 | $ 119,044 |
Schedule of Trade Accounts Rece
Schedule of Trade Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities | ||
Trade accounts receivable | $ 172,993 | $ 168,778 |
Less: Allowance for credit losses | (2,402) | (2,280) |
Total | $ 170,591 | $ 166,498 |
Schedule of Changes in Allowanc
Schedule of Changes in Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities | ||
Balance at beginning of period | $ 2,280 | |
Provisions for credit losses | 125 | $ 914 |
Deductions and write-offs, net of foreign currency adjustment | (3) | |
Balance at end of period | $ 2,402 |
Schedule of Contract Assets and
Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities | ||
Less: current portion | $ 20,982 | $ 17,800 |
Contract Assets – non-current | 8,169 | 8,797 |
Contract liabilities — current | (71,928) | (72,543) |
Contract liabilities — non-current | (14) | |
Net contract liability | (42,777) | (45,960) |
Unbilled contract receivables, gross | 4,669 | 4,501 |
Retainage | 24,482 | 22,096 |
Total contract assets | 29,151 | 26,597 |
Billings in excess of costs | 36,127 | 35,949 |
Advances from customers on uncompleted contracts | 35,801 | 36,608 |
Total contract liabilities | 71,928 | 72,557 |
Less: current portion | 71,928 | 72,543 |
Contract liabilities – non-current | $ 14 |
Revenues, Trade Accounts Rece_3
Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | |
Sales related to contract liabilities | $ 6,732 | $ 2,945 | |||
Remaining performance obligation | $ 438,200 | ||||
Performance obligation, percentage | 100% | ||||
Forecast [Member] | |||||
Remaining performance obligation | $ 135,000 | $ 296,100 | $ 123,500 |
Schedule of Finite-Lived Intang
Schedule of Finite-Lived Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 3,311 | |
Notice of Acceptances [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 12,171 | $ 12,231 |
Accumulated Amortization | (8,860) | (8,756) |
Total | $ 3,311 | $ 3,475 |
Schedule of Finite Lived Intang
Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 902 |
2025 | 632 |
2026 | 522 |
2027 | 460 |
2028 | 353 |
Thereafter | 442 |
Total | $ 3,311 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted average amortization period | 4 years 8 months 12 days | |
Amortization expense | $ 342 | $ 322 |
Supplier Finance Program (Detai
Supplier Finance Program (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Trade accounts payable and accrued expenses | $ 79,180 | $ 82,784 |
Related Party [Member] | ||
Marketable Securities [Line Items] | ||
Due to related parties | 8,406 | 7,498 |
Supplier Finance Program [Member] | ||
Marketable Securities [Line Items] | ||
Current liabilities | 1,190 | 2,722 |
Trade accounts payable and accrued expenses | 898 | 2,330 |
Supplier Finance Program [Member] | Related Party [Member] | ||
Marketable Securities [Line Items] | ||
Due to related parties | $ 292 | $ 392 |
Schedule of Long Term Debt (Det
Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Revolving lines of credit | $ 736 | $ 525 |
Finance lease | 284 | 327 |
Other current debt | 2,386 | |
Senior Secured Credit Facility | 157,500 | 172,500 |
Less: Deferred cost of financing | (3,001) | (3,346) |
Total obligations under borrowing arrangements | 157,905 | 170,006 |
Less: Current portion of long-term debt and other current borrowings | 3,338 | 7,002 |
Long-term debt | $ 154,567 | $ 163,004 |
Schedule of Maturities of Long
Schedule of Maturities of Long Term Debt (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 3,338 |
2025 | 10,068 |
2026 | 147,500 |
Total | $ 160,906 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 24, 2024 | Jul. 01, 2023 | Nov. 30, 2021 | Mar. 31, 2024 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||||
Debt instrument basis spread on variable rate | 2.50% | ||||
Loan maturity period description | several weeks to 4 years | ||||
Debt, weighted average interest rate | 6.98% | ||||
US Bank Syndicated [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Deposits savings deposits | $ 15,000 | ||||
LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument basis spread on variable rate | 1.50% | ||||
Debt instrument basis spread on variable rate | 0.75% | ||||
Senior Secured Credit Facility [Member] | |||||
Line of Credit Facility [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% | 1.50% | |||
Line of credit interest rate | 7.71% | ||||
Line of credit facility decrease forgiveness | $ 15,000 | ||||
Senior Secured Credit Facility [Member] | Related Party [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt issuance cost | $ 1,496 | ||||
Senior Secured Credit Facility [Member] | Related Party [Member] | Deferred Cost [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Payment of fees | 1,346 | ||||
Senior Secured Credit Facility [Member] | Related Party [Member] | Operating Expense [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Due to related parties | $ 150 | ||||
Senior Secured Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 50,000 | ||||
Senior Secured Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 150,000 |
Schedule of Fair Value of Forei
Schedule of Fair Value of Foreign Currency Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative assets | $ 7,489 | |
Total derivative liabilities | ||
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 | 1,036 | $ (1,837) |
Amount of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income | 1,099 | $ 3,193 |
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] | Other Current Assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative assets | 7,489 | |
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] | Accrued Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities |
Summary of Fair Value and Carry
Summary of Fair Value and Carrying Amounts of Long Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair Value | $ 155,366 | $ 166,041 |
Carrying Value | $ 154,567 | $ 163,004 |
Hedging Activity and Fair Val_3
Hedging Activity and Fair Value Measurements (Details Narrative) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Integer | Dec. 31, 2023 USD ($) | Jun. 21, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Accumulated other comprehensive income net of tax | $ (44,797) | $ (45,863) | |
Accumulated Other Comprehensive Loss [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Reclassified earnings, expected | 3,700 | ||
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets | $ 7,500 | ||
Interest outstanding rate swap contract | Integer | 12 | ||
Debt outstanding amount | $ 125,000 | ||
Accumulated other comprehensive income net of tax | $ 7,489 | ||
Interest Rate Swap [Member] | Minimum [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative fixed interest rate | 1.93% | ||
Interest Rate Swap [Member] | Maximum [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative fixed interest rate | 1.87% |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total current income tax | $ (7,641) | $ (24,515) |
Total deferred income tax | (3,518) | (156) |
Total income provision | $ (11,159) | $ (24,671) |
Effective tax rate | 27.30% | 33.80% |
UNITED STATES | ||
Total current income tax | $ (3,832) | $ (3,464) |
Total deferred income tax | (1,178) | (284) |
COLOMBIA | ||
Total current income tax | (3,808) | (21,048) |
Total deferred income tax | (2,340) | 128 |
PANAMA | ||
Total current income tax | $ (1) | $ (3) |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Statutory income tax rate | 27.30% | 33.80% |
Schedule of Related Parties (De
Schedule of Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
Total due from related parties | $ 1,608 | $ 1,387 |
Total due to related parties | 8,406 | 7,498 |
Studio Avanti SAS [Member] | ||
Related Party Transaction [Line Items] | ||
Total due from related parties | 548 | 460 |
Alutrafic Led SAS [Member] | ||
Related Party Transaction [Line Items] | ||
Total due from related parties | 276 | 322 |
Prisma Glass LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Total due from related parties | 142 | 281 |
Other [Member] | ||
Related Party Transaction [Line Items] | ||
Total due from related parties | 642 | 324 |
Total due to related parties | 1,160 | 1,071 |
Vidrio Andino (St. Gobain) [Member] | ||
Related Party Transaction [Line Items] | ||
Total due to related parties | 4,746 | 3,927 |
Incantesimo SAS [Member] | ||
Related Party Transaction [Line Items] | ||
Total due to related parties | $ 2,500 | $ 2,500 |
Schedule of Sale to Related Par
Schedule of Sale to Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Sales to related parties | $ 538 | $ 333 |
Studio Avanti SAS [Member] | ||
Related Party Transaction [Line Items] | ||
Sales to related parties | 196 | 156 |
Prisma Glass LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Sales to related parties | 193 | |
Alutrafic Led SAS [Member] | ||
Related Party Transaction [Line Items] | ||
Sales to related parties | 139 | 173 |
Sales to Other Related Parties [Member] | ||
Related Party Transaction [Line Items] | ||
Sales to related parties | $ 10 | $ 4 |
Related Parties (Details Narrat
Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | ||||||
Dec. 09, 2020 | Oct. 28, 2020 | Dec. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Nov. 10, 2023 | Oct. 27, 2020 | May 03, 2019 | |
Related Party Transaction [Line Items] | ||||||||
Equity method income | $ 1,046 | $ 1,449 | ||||||
Vidrio Andino (St. Gobain) [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Minority interest ownership | 25.80% | |||||||
Payment of cash | $ 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 | 6,881 | 6,345 | ||||||
Equity method income | 1,046 | 1,449 | ||||||
Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | 538 | 333 | ||||||
Related Party [Member] | Vidrio Andino (St. Gobain) [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payable outstanding | $ 3,927 | 4,746 | ||||||
Incantesimo SAS [Member] | ESMetals [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership percentage | 30% | |||||||
Aggregrate cost | $ 5,500 | |||||||
Payments to acquire equity | 3,000 | |||||||
Outstanding payment of acquisition date | 2,500 | |||||||
Alutrafic Led SAS [Member] | Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | 139 | 173 | ||||||
Accounts receivable | 322 | 276 | ||||||
Fundacion Tecnoglass [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cash contributions for social causes | 749 | 664 | ||||||
Prisma Glass LLC [Member] | Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | 193 | |||||||
Accounts receivable | 142 | |||||||
Santa Maria Del Mar SAS [Member] | Related Party [Member] | CEO And COO [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchases of fuel | 151 | 236 | ||||||
Studio Avanti SAS [Member] | Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | 196 | $ 156 | ||||||
Accounts receivable | 460 | 548 | ||||||
Zofracosta SA [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investments | $ 796 | $ 792 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Net income attributable to parent | $ 29,730 | $ 48,235 |
Denominator for basic earnings per ordinary share - weighted average shares outstanding | 46,996,708 | 47,674,773 |
Effect of dilutive securities and stock dividend | ||
Denominator for diluted earnings per ordinary share - weighted average shares outstanding | 46,996,708 | 47,674,773 |
Basic earnings per ordinary share | $ 0.63 | $ 1.01 |
Diluted earnings per ordinary share | $ 0.63 | $ 1.01 |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) | Feb. 29, 2024 $ / shares |
Quarterly Rate [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Dividend rate per share | $ 0.11 |
Annual Basis [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Dividend rate per share | $ 0.44 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Dec. 09, 2020 | Oct. 28, 2020 | Mar. 31, 2024 | Oct. 27, 2020 | May 03, 2019 | |
Vidrio Andino (St. Gobain) [Member] | |||||
Loss Contingencies [Line Items] | |||||
Minority interest ownership | 25.80% | ||||
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 | ||||
Minimum [Member] | November 30, 2030 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Purchase of aggregate raw material | 59,314 | ||||
Minimum [Member] | Through 2028 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Purchase of aggregate raw material | $ 10,035 |