TGLS - Earnings call transcript Q3 2017

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Operator

Greetings, and welcome to the Tecnoglass Third Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rodny Nacier, Investor Relations. you. Thank begin. may you Sir

Rodny Nacier

Investor you for XXXX presentation Tecnoglass' quarter on for accompany at Tecnoglass www.tecnoglass.com. joining call. A us the obtained conference be slide call the of copy the this website third may Thank section of to the

today's José speakers Daes, Chief Chris Manuel Executive Officer. for Our Operating Chief Officer; Financial Daes, Officer; Chief and call are Santiago Giraldo,

two. slide to Moving

now slide changes José new the to to with may for are statements, events, to particular Commission. call risks, in circumstances. results in historical economic, to regulatory the by any in Manuel, that other These Act changes Before as regarding to affecting or are indicative and Securities Tecnoglass' forward-looking Further, uncertainty update should the other and to no future on remind Tecnoglass' and business, like material everyone expectations a statements four. growth, future risks. these in whether operations in I or investors over light beginning future to over from risk presented results. otherwise. and/or be of I'd Tecnoglass' results call and Tecnoglass' expressed period The current obligation in Tecnoglass Private keep that changes is financial mind future may Securities call future contingencies of uncertainties of in within time-to-time result turning statements filings Actual call, subject of or statements acquisitions. are or alter information vary Manuel, except in information, is business. and from forward-looking on of discussed competitive statements the These discussed are the will matters beliefs those nature assumptions, José financial due expressly based the performance, implied any the Exchange and and herein number in XXXX, meaning indicated obligation not turn disclaims under including during factors, uncertainties a Reform its of information, and such Litigation

José Daes

for quarter our Rodny, call. begin third will will you, on participating then results. our with outlook. you, our and followed will and Chris review take a Thank by Santiago, of market discuss thank financial I through backlog, us update, who results, everyone, today's

growth further business During diverse inroads to increasingly XX.X% of ability Irma the quarter, eruptions our the significant which into proud sales flooding teams' were made footprint. by U.S., the Florida we the shows the related the caused expansion Southeast. third our region despite across We in and Hurricane up that accomplish our in and

that and stoppages work some While assets third differ estimate million light the on of of were extreme our disruptions to weather. manufacturing our U.S. We job in $X largely approximately warehousing net quarter customers sales due site impact, experienced XXXX.

We additional also million the of net fourth $X into to from million been has XXXX. quarter estimate pushed $X that sales

to ships a delays where these did materially be to make arrangements shipping all presence, customers head and Columbia expect than helpful, the resume In growing we made activity. that as Hurricane have by less U.S. favorable able third are of of our number not the During Houston, Harvey results. affected by construction weather-related we possible are quarter impact to our up

our significant This have past during in years. we and that the our installed be the very majority and products has we remains market high-rise particular, a windows South important success XX% for to estimate a that dominant in large allowed part, XX our position In buildings market XX% in Florida, us, where of approximately a in of to standards our higher, U.S. struck same has is required been the typically Mainland of stream new building time steady that has the XX ability U.S. past to minimum cutting-edge recorded or codes. the X history products a that Category the years two growth first triggered extreme, year. hurricanes over by by we provide local

So, for windows many We well the high impact-resistant quality mid extremely our and we both the East anticipate initial in South general in products strength for and of storm the superior serve, Texas. or the importance indicate will markets are along structure. rising of performed the build the we feedback that throughout our that that U.S. performance with installed low, proud this windows awareness help any

the quality we codes on better impact an [Indiscernible] storms, such review which to exterior [Indiscernible] especially, shift drives opportunity severe after product. building a Additionally, to windows, further products as

of We long contribute to remodeling more to effort rebuilding and the are innovation; prepared now we record track have a than ever ahead.

compared quarter, During to X.X% prior revenue the total third period. our by grew year the

partly Our was growth by pressure continuous U.S. in offset Columbia.

structural While XXXX. higher been due along tampered pent-up rates has construction activity, is macro by including temporarily interest delayed significant tax activity in completed late factors, reform the This and construction, January to XXXX and XXXX projects. with early in

and building are normalized increased have activity coring rate in local interest in recovery and XXXX. we into translated which Columbia, Fortunately, revenues seeing in

cost XXXX. indirect to compared in the increased similar of ongoing was a mix, EBITDA third the sourcing, cost to sale margins. of enhance quarter announced XX.X% into initiatives other difference Third the of and a better second This direct labor, of points steps XXXX, performance throughout a as in result revenues On of mix to XXX $XX.X year in the the shift adjusted plant rationalize a portion network raw given revenue EBITDA to quarter. million reflects was million percent to on primarily and previously structure material This products backlog versus XXXX compared sequential efficiencies a second direct quarter of included provides for our our companywide comparison improvement coring $XX.X SG&A, of in half which year-over-year prior XXXX. by quarter basis, a adjusted XXXX. This

to expect fourth quarter. continue those see We benefits the into

We on by third generating further year conversion XXXX, remain of we end the our increase we represents a per Additionally, energy U.S. for discuss will Beginning well our share. efforts quarter of call. rate cost focused expect value were extremely with which we in savings companies realize solar this from the sharply $X.XX by broader X.X%, the dividend additional to shareholders is to and some which as excited our building XX% large highest the all U.S. industrial distribution, an across product to under dividend yield as XXXX highest the annualized sector. later

are climbed which a business to build our afforded by strong visibility yet significant project $XXX the level of continue the upside our of for reflected of by very fully record not Although, we foundation by the price, that our to new pipeline share we and in encouraged Tecnoglass million. has our backlog, is

with We stronger all into primarily building project visibility regions with which and better the to will incremental pipeline in backlog continue build and providing Chris discuss Florida us coating activity, XXXX, and further. a U.S.

to financial further balance our industry-leading we and confident ability objectives, With the while our extremely strengths are our improving our flexibility, of in achieve growth sheet margin.

We call have markets. operation cost pent-up us provide the portfolio a which will backlog. to turn products, to integrated, will highly in to of demand an best in-demand our low with allow our vertically details and now of over serve additional Chris I efficient, extensive the abundant

Christian Daes

everyone Thank on you, José line. the good to and morning Manuel,

year-over-year a backlog Moving by to $XXX our We XX% million. on record five. expanded slide to backlog number

geographic such backlog interest expanded coat the combination now to invoicing $X market means We new of sales the attractive XXXX, lines in business we particularly, cutting-edge product is the Sticking Prestige success $XX visibility revenues, in U.S., both remain a products. broadening and hit during continue footprint, us ramp feel new the fully bidding million GM&P and are which during we on by to the Additions from second expect seeing record project to XXXX, efforts quarter we our quarter. range legacy through this additions U.S. we projects, new on activity, activity. in pleased in in sales to to roughly quarter Overall, our million the million stronger as to Compared continue are backlog with strong replace XXXX, represents where to ongoing Elite the revenue This XXXX. include to Columbia, a and our million wins providing a relationships, increased in which to introduce expand customer and coring to accomplish and our sequentially. of increasing which targeted additional of backlog to Residential, XXXX. confident these of with our $XX $XX of track residential our base given record

breakdown geographic on the our slide at Looking six. number

wins and than to markets invest We a of trend. representing with to additional and more are additional our U.S., architectural wall within many quarter into number glass curtain expand structural continue systems lead the project XX states. more our glass continue sourcing presence U.S. backlog We'll across from the where three regions diverse

in profile the our wins Chicago project Texas. West recent have and Some elevated Northeast, Coast,

of populate GM&P's opportunities capabilities markets, to we lot the Our year-over-year asset are also a in types in In U.S. contribution in providing GM&P our higher sequential of are wins additional a to other these remain reach backlog market backlog. and markets in we and up, primarily new through projects. at healthy pent-up reflects share seeing these Activity new of Florida backlog bidding over opportunities certain where our the diversification expect on Latin Overall, we are activity activity providing with basis diversified pipeline expanded service of range The strong Columbia, full of backlog picking a attractive to is American on into across a a a additional level, of markets range that market. projects in markets help in time. given

are a quarter disciplined a As a pipeline result, and we exposure our diversifying manner. we market ended better on and multi-year geographic visibility in with the project actively

and energy planned Moving solar built number innovation been productivity network to capacity support on With growth, to focused investment has to industry-leading slide margins. XXXX our during continue anticipated our largely our investment produce seven. to on

and II already consumption expand Our conversion, by with solar into which X% investment energy to is a and solar expected XXXX in in us gas to of We target. needs completed with recently convert be track year-end our of possibility by about our to of electric operational November, both our end subsequent putting phases is natural of to the portion our implementation multiyear reduce on phases successful Phase of the to come. the ahead operational to energy years needs

tax are benefits given government Additionally, to the clean in to XXXX. eligible now users receive Colombian by energy we

innovation, beyond Santiago productivity, projects on as discuss the capacity financial generating this results. to we sourcing call markets strong and turn expansion to high committed will I and needed now Beyond initiative, our install over return our remain capacity. and to focused additional

Santiago Giraldo

morning good and everyone Christian line. you, on Thank the to

GM&P our update nine. to Turning on number slide

times Given U.S. to very XXXX, pro March forma In I'd operation we of spend four the benefits GM&P a like and a at our the EBITDA. of opportunity this to market and completed this capabilities, moment ahead. multiple strategic LTA region combined acquisition discussing to attractive contribution our of the attractive near deal

As our a XX% nine U.S. first sales record to XXXX, of the $XXX.X increased year-over-year million. result, months during a

We more engineers architects. have with in-house control working of with now projects, many hand-in-hand our

installers in-house U.S. enhance available. glass best-in-class more than of generates our our and manufactured efficiently windows relationships and ensuring more channels doors to are to systems. engineers through expands our sales installation GM&P external installers; Our previously also customers

a to our strategic vertically integrated company, other industry our U.S. from margin grow benefits cost superior into continue can construct and U.S. low drive additional As performance previously business strong and activity compared model, and continue With expansion we untapped location, footprint, combined peers. we to construction markets.

slide U.S. demand on number at the construction XX. Looking

We activity in many markets in the favorable U.S. continue see construction to

homes. hotels, to of and diversify our high-rise buildings, continue include projects, multi-family, single-family mix we Additionally; more recently, which office

at Looking starts demand flattish year-to-date. which our non-residential still remains majority construction U.S. business; represents despite commercial, positive the the of underlying

strength expansion sectors the Project design in design and a and for to the demand trend contracts three the positive reading continues dipped in support increase growth below LTM indicators more services, new in the industry-wide healthy XX and and indicate continued regions September of While months regions stability. steady seven healthy outlook. the remain ABI showed stable after in

for regulations, is expanding that need rapid to for the The global urbans pace XX. expected five Moving increasing taper at next advances business, buildings, on to to in continue well and the expected until centers years Glazing mid-single-digit good U.S. according to market which off and number glass the sources. is slide which is our coating a technology, proxy environmental XXXX. energy-efficient third-party expanding over Industry, after market not growth, fueling outlook construction Globally, represents

and to Residential capture more upside time. increased expanding LatAm projects the and Glazing expected is benefit the of demand the pace to both to our business into U.S., the With at awareness along we to mid to by construction a deeper in high single-digit footprint possible recent ambitions share of our and at generated U.S. the a our new XXXX. U.S., expand exposure renovation rising see through and the in a hurricanes, grow global into Looking over Industry with significant even

down Turning to country-wide. third quarter update more delays to the our due overall construction consistent In our slide numberXX. project activity an Colombian were QX, Columbia, on XXXX, during sales market tempered of with mainly of pace and

While discussed first building the construction in GDP half expanded factors the of in a stalled in due construction single-digits licenses macro continuation calls. of to prior XXXX,

tax large providing passed of XX% by for reduction number pushed to the legislation the XXXX tax introduced contractors in a beginning new with reform at structural starts The awaited compared this outcome, First, favorable XXXX. rates of XX% XXXX gradual a corporate legislation. project to out eventually in as

invoice, reinforced licenses Based the demand XXXX, is construction XXX Bank Colombia in points XXXX providing significantly, for to ground. significant environment by quote by Overall, encouraging. have a at taken projects multi-quarter sentiment in the is typical picking builder between Secondly, XXXX is further the August, higher conversations X% a off October, pent-up dropped increasing to and expect to interest more to contractors on quoting revenues our get reinforce in with of is backlog as Colombian-based an an Central QX The confidence than more this delayed Local lag up based which basis since in X.XX% market. activity see activity improving in on expected. and which a year-over-year. our initially rates our favorable during recover which continues rates rebound we

on to highlights activity. XX. our slide financial by Revenues year-over-year, driven U.S. primarily number increased commercial X.X% Moving

CapEx the mix D&A by from of of performance sales impacted revenues, additional have margin impact resulting and would the to Irma, along sales a XXXX. expenses, in first engineering Excluding by robust finalized year-over-year. X.X% was due Hurricane with Gross installation the increased primarily higher program year-over-year

our previously a our substantially we at leverage reduce QX our and basis efficiencies trimmed We taken of of better gross our as third confident operational operating of However, additional a on beginning X% the rationalize on cost cadence XX.X% to we'll force generate and XX.X% of announced in X% was the in ability remain higher pipeline. very continue on improved our result sequential visibility base. approximately headcount second several project We develop base. and labor about This margin the avenues to to of compared of administrative source quarter. to quarter sales improve additional to actions cost

revised we capacity supports During which tax a of compared share of raised dividend months quarter for cash XX% $XX operating all taxes and out along million, of We investments, paid This including by we upwardly the $XX.X we first return of of third cash to XXXX, initiatives liquidity, and prior our the have nine with QX of in balance positive the interest per our period. generated shareholders ended taxes to cash, million with annual XXXX. profile. ample and completed representing sheet Year-to-date, with million conservative improved $XX.X year. nearly balance strength a beginning by through payments year future the have million leverage direct growth our $X.XX $XX

at the QX EBITDA number Looking adjusted and of XX. on revenue drivers slide

the a revenues. For the temporary was third U.S., which GM&P demand partially And million. core Volume installation of and on attributable by offset invoicing revenues to X.X% margin. with services, year-over-year. engineering, which Adjusted flat $XX.X in by was higher XXXX, that total we to impact the This carry That the had postponement was increased design, additional mainly revenue was in price said; services up pressures quarter industry from hurricane mix the decreased market to and the lower of recent and $XX.X EBITDA are the associated quarter XXXX growth of slightly third activity. Colombia of the million. essentially

prior XX.X% the year SG&A actions, in $X.X as help cost-saving a to of XX.X% the improved spend year-over-year percent revenue compared With to and total quarter. of million decreased

strong good As profitability, we efficiencies quarter. support productivity we to expected the very are platform But focused initiatives made additional preserving margins enhance our to a growth. progress during mentioned, while on further in and

Moving for to in we the our XXXX. to on our on much XX. XXXX by results number company our Based continue prospects feel encouraged slide outlook year-to-date, stronger

look unfavorable reflect are XXXX, our to the year full despite we the to we impacts revising of As performance. to the topline stronger expectations of outlook balance bottom-line weather

this to a are to adjusted sales our million a to million. of As $XXX we Irma. Hurricane a million José prior range thrilled range This were million compared and Manuel time, to on $XXX mentioned in forecast million to work the customers to EBITDA we're revenues to Hurricane a $XX compares mix result delays to operations largely which our despite This million the revenue To range $XXX to $X prior, for continued total $X and to our hurricanes. At Irma, earlier, $XX while reflects of our $XX impact faced manufacturing from the same based the XXXX cost. optimize XXXX. by of estimated million, anticipated our range $XX to of and of of caused million revising raise by untouched is distribution outlook deferred improved to million million into dynamic, efforts disruptions by outlook weather $XXX the account stoppage is of

Operator, We line you be answer adjusted questions. support for questions. EBITDA your thank for to to an look continue and third We to generate our full positive operations on year. flow summary, the for continued expect the revised your cash to quarter the the year to progress during are We'll by expectations full happy XXXX. open forward we upwardly In please from Tecnoglass. delivering in pleased

Operator

Thank you.

question-and-answer Instructions] now you. be will We [Operator session. Thank conducting a

Dougherty with line comes of Company. & your first Jeremy please the from proceed Hamblin with Our question question.

Jeremy Hamblin

quarter. to question see want I performance in the my great margin the It's gentlemen. start to improved And that. with morning Good first

In absorbed and think of GM&P sizable a XX%s about in gross front. of on that margins on what what call you margins, on for acquisition expected particularly you from indicated wasn't basis just the saw long-term understanding a I thinking we gross your of XX.X%, should be the in the forward? you you that get absolute overall be up now terms we had And jump really basis will a moving the low quarter had last how impact kind you an sequential as a sales think business, QX. put I better on strong and

your to of think continue next do couple over see you grow, reasonable sales you you As margins a on achieve? range where that could is the gross years

Santiago Giraldo

Jeremy, Hi this is Santiago.

basically, So, effect so fees basically that there is include a that XX.X% on basis The GM&P we've some on services XXX or installation estimated efficiencies and gross the point seeing you're cost. margins. acquisition does and

remaining was out fixed operating down. being, expect gross But we said, time being time have saw of the we call. more XXs to a detail we'll basically QX, be trending and of with over year, line this is the QX what for our account -- rather said you guys QX profile we that cost than XXXX That For in that think did the come we amount normalized that in the seen leverage, provide margins next what improve once estimate. significant could which we with guidance for fair a a margin more was we have in low part and in through

Jeremy Hamblin

I like sounds related solar to nearing to question, this somewhat phase. to wanted it's which in back energy completion Well, project, come Okay. that the

-- You've and investments equipment. soft made, coating capability had the the that big a of you've couple certainly,

quite to investment thinking that million solar on savings been think you've with expected achieve haven't yield And relates initially out in that of that just as the savings it that's utilization of we expect soft total anticipated gap how that had improvement? you kind not seen savings. maybe much additional to long-term a you say, on bridge $X a these to calling that coating, related think on capacity you annual I and of able to projects the investments initially kind return the do had why of standpoint, of you're project. these of I But terms we from or, to million as let's that the $X -- expected some --

José Daes

Jeremy, José Daes. How are you?

Jeremy Hamblin

Thank well. yourself? you and I'm

José Daes

soft coatings we're Thank into by low for possible Even volume. doing good. increase has very yet saving you. the XX% a year better though we to line. the little and getting coat at and coat better the been Listen and we after And the Good, XX% next beginning. year the product, another to we're then hasn't see because will Jeremy, very, to us then expect savings XX% soft reflected XX% mixed

previous we And mostly fixed. margins because the on call, most the what next And As the our believe. increase we I improve. you That's the sales, costs going when are remains of same. to as SG&A told increase the the sales, going are to margins we increase year are

Jeremy Hamblin

great. helpful. That's Okay,

mentioned obviously, me business to back areas, Let come you been local that's very weak sales and one where in of Colombia. the is your

tax XXXX? the or You of could to statutory expectation the several the Colombia, a rates we XXXX. noting that, specifically, rates the hikes significant quarters? XX% year the related that some a been is is tax what there five concern in down tax here with effects macro ago, four break to until interest along If about called have are in that over the rate started operations a linger that terms mean, that driver next bouncing out get clicking to in in I XXXX Colombian of full back in factors

José Daes

a for We the People they half point And really, year backlog. much don't back. a that construction. that really the big of direct finance interest or when buy already rates have were a Colombia the new was is the cannot business. a rates homes and year, have to bounce there really offices. gap construction to the was the going And Jeremy interest affection The high.

I year are Colombia mean have this going interest than the backlog for improving rate interest is we the X.X% stronger -- XX% What rates, happened I for to XXXX next and that -- which to back around sales. mean, around be for Colombian is business. to rates we year Now, rate normal financing. for believe the And from the was And prime killed that. believe even XX% XX% we

Jeremy Hamblin

me into I then rise rates gradual start interest Is it the and you think this have bit to a we point think you very, you What of -- rate to Obviously, look something the the mean, have higher do specifically, Let back at apply in that when States? have the is on rates so, from interest you where activity where a markets. negative very point sense in decade that funds XXXX. could rate seen expected where think than slow I least potentially stunt start the the at it is construction see at in fed X%? little U.S. you the that? impact? within a is a interest United U.S. cycle to when Do U.S., increases some the past gets continue to growth of might are that tension or to

José Daes

down next that haven't in quarter believe we delivery we the side. historically. low is to businesses we're very before. I very, is by I is historically And months now, seeing in seen most to very past quoting encouraging don't if low, X% activity the mean, of to or a those you, mortgage -- kill are I two six four little that let of to tell XXXX. me the that It a very believe three raises government close is points. we seen in X.X% bit And And a have slow our business. for three nine for believe months to might expect point to to I raise interest going mean, residential anything. very, X% But so a a rates normal. X% I half financing now

Jeremy Hamblin

Yes, to you million absolutely. you $XXX about tied have Well, think, your to backlog, ask about -- the it specifically, of U.S. $XXX calculates And to Florida. me let million I further noted that

hard keep shortages. But the distributors tons labor heard that we've be that appears of to inbound of have construction-related things Florida they business in up of of other is the with the discussions the related rebuilding. it's to supply businesses calls, in that One challenges partially and with to one amount

with what don't you have to of to have. you see supply of being You in a up the recognize I Does do completed have that's certainly related shortages -- keep problem terms And just your to some personnel it. really concern demand. then high-class on But I qualified And of projects factor enough labor that in a the on risk about follow-up potential time? Florida, specifically, being after raise projects? the that

José Daes

most our don't. Because six this in we No, haven't in even that low We're delayed very our or not ones first mean in were are Florida months the new sales that. side. or up I the got seeing because of or buildings tapping and started

to equipped worried about we we on That that Beach, all But do and the house on to that seeing to have We're have are side the to buildings we you send contract. fine. that. labor building mean, that have on a have that to we're people in So, doing labor more you're side building. side, Palm to the very the We're a lot requires each very is do I that if than be might house contracted. four split side. we not do buildings the ones and people the because We're contracted the not even all Residential the any three, problem to Residential going going the up. do

Jeremy Hamblin

or that costs or then half. have But risen what rebuild have so some month a call-outs pass-through And been contracts. your I started efforts you and significantly development in And that the have that has last about materials also pricing there been contract the place Okay. been know to that month since is have front. projects. on some on over risk account some the in for in there terms development are demand that challenge that you has seeing for raw factor another costs? pricing potential is in of simply where materials that not for front increase delays another material What because the

José Daes

$X,XXX that bought for very It been XXXX week. around to $X,XXX has six the have last only everything and this you months. price for the $X,XXX to XXXX a the of aluminum has we per increased went at already have preferable six we know, bought price No, months of as increasing But $X,XXX is material $X,XXX, from around ton.

not So, that. margins we our remained to that. -- we're the has not flat. flat, so of most now, The concerned about remained glass Colombia the maybe glass source That's our since has us cost why flat we're glass labor improving. are in And seeing

Jeremy Hamblin

to Okay, then And I great. wanted Santiago. ask

seen million kind future mid guided at you I $X depreciation think that your should $XX to plus we As about you've of thinking and a in amortization forward? of moving or missed should be and we million. had year of question range. this on interest may I out and expectations, depreciation look the How XXXX? kind same remainder the $XX guidance it about into then actually for be And million this How that I the thinking level expense? in have on amortization.

Santiago Giraldo

Yes.

So, acquisition benchmark, that you basically, saw our this $X.X you amortization QX as you million $XXX,XXX what Jeremy, very then pretty is about to depreciation. know, GM&P reduced. are out has which amortizing. been $X of of much good intangibles And year $X.X roughly about and the CapEx related other a to in is of million much million, And have

from same. a basis. in in saw the We is keep it what we differences that you benchmark going basically good the nominal significant balance QX also, expecting on then don't have that. you of been a expect amount QX we're to benchmark The what in any So, And has sheet, debt forward. saw on interest,

QX. you being really much fixed rate So, most you in just see line in with should our interest be continue what to debt with pretty what of saw

Jeremy Hamblin

Okay.

on So a of moving down step interest expense bit forward? little a the

Santiago Giraldo

announced of recall, you to going the that bond of benefits cost the come average our we weighted as debt was And yes. was issuance, Yes, down. when one

if it of higher even So, with nominal you coming a bit. interest year-over-year compare actually a down is amount debt, cost our

Jeremy Hamblin

last appreciate Okay. taking in then question and your And questions. generosity the

me cash years, related. it last generated into flow thinking sense flow a year this of forward, of we moving of thinking terms have some free cash Can of you of look going of overall a haven't does like should a In about ton cash on give what next. your couple basis? But you're be free about to in investment over the that's flows, needs terms cash CapEx lower you both and

Santiago Giraldo

Sure.

$XX the going to would year, cash be than at what had guided the between million $XX same million end that expectation previously And we've if pretty the year. to look cash September, close million was flow. $XX this year we're CapEx be you We for also and next flow demands of less this out how up year doing on be expectation expect free the up to The So, about done we would depending to in playing end line. in working generate as the year next as be would to and CapEx this XXXX. much through capital we're full

Jeremy Hamblin

here. for Okay, best so Thanks much my forward of luck great. taking all moving guys. And questions

Santiago Giraldo

Thank you, Jeremy.

José Daes

you. Thank

Operator

you. Thank

this you We time. have no further questions over comments. to closing turn would at now to Mr. back I the for like Daes, floor

José Daes

speaking Tecnoglass. again look We again, everybody in you, forward Thank interest you. to for in continued your Thank soon. for participating and call today's

Operator

does today's conclude Ladies this teleconference. gentlemen, and

You this for may Thank participation. day. a your lines at your have And wonderful time. disconnect you

Tecnoglass (TGLS) 14 Nov 172017 Q3 Earnings call transcript