TGLS - Earnings call transcript Q4 2017

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Operator

Greetings, and welcome to the Tecnoglass Fourth Quarter and Full-Year 2017 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rodny Nacier, Investor Relations. Thank you, sir.

You may begin.

Rodny Nacier

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

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

X. Slide to Moving

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

José Daes

XXXX then everyone for financial Santiago, I will participating a followed our you begin with revenues XXth This climbing and results, of considerable to long-term Rodny you, year-over-year our built straight update, review achieved take market track will with of our outlook. will We share representing and call. by the and on growth thank million net in $XXX.X primarily market in Thank discuss today's backlog Chris growings through highlights. quarter record quarter progress with us first expansion record who sales our making with operating U.S. revenue growth. a the of

the macroeconomic as pace third a the we New of XXXX While revenues are factors, remained XX.X% up discussed beginning activity a and the with of quarter previously result quarter to that year-over-year in Year. making to Colombia of compared start pressured fourth turn corner revenues to solid and

of a about goes thrilled very as note real the ability strong with I'm expanding revenue the towards dynamics, year-over-year end which million end XXXX to shift of compared XXXX sales margins. margin, growth, our EBITDA to existing growing flexibility of we fact, second respond organization's am improved very at results X a backlog also on XXXX. to half In XX% the as to well looking year gross I all weather proud SG&A adjusted our nearly a $XXX by XXXX, our first by half to of of markets to metrics million. to by range including and record

in new in we our XXXX, interest XXXX, strong to on our number XXXX. a which are the in complete $XX about sales products. delivered to million a target $XX given on relation initiative residential, single family the business range We anticipate our innovative in million based of confident to ramp of of In we $XX million

by ongoing reduced cost savings On largely headcount, pursued and manufacturing cost the rationalized possible fixed cost side, made dollar initiatives. we lean

phase second our the now November, installation of driving savings. solar in which we panel incremental Colombia completed is energy project Additionally,

volume shareholders. end We in additional by of and business are expand $XX.X and flow generating drive growing $XX.X these investments. free the that growth actions a from cash cash by of sheet million we To interest take and had full solid were advantage of million. operations and year our balance for margin flow future All pleased to to value

Our highly sector. underlying the of remains dividend the among U.S. across of $X.XX one industrial per share yields former

to progress On view only to XX% extend mix integration to dramatically USA's for than in source approximately In returns. represented X shareholders. XXXX, and highlight an the ago. the XX% to the having XXXX expected continue ups plan We like to compared good than two grow very The to heavily Slide return position. years efficient business our better now achieving growing of have XX% while strengthen platform more more continues sales additional U.S. according of U.S. to of tremendous of to we've our I'd make throughout a as made GM&P We U.S. contributed

projects to end control installation allow numerous engineering the gained with all also the that extent way have of and the approach. to of capabilities reach We more our customer service us vision

customer the has previously addressable into market. U.S. have includes expanded the enhanced untapped all We relationships U.S. base customer

cost surge up Looking low location ramp forward, integrated seen legacy during grow continue that already in we we’ve the the first especially anticipate which model, industry our leading and business vertically performance to strategic business a margin we through footprint quarter. drive and can our a

to and to EBITDA the in forward XXXX. double-digit flow. details look we Although our growth call I achieving strength will provide are percentage in generating backlog. additional adjusted turn We additional direction and to pleased our cash now revenue while of of over business Chris with the

Christian Daes

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

also on compared backlog included we up level XXXX. $XX which have balance than contribution record XX% from $XX middle additions X. in backlog of and to of the $XXX reactivation revenues more of in replenish both where backlog backlog invoicing a Backlog wins of Total the represents million since Additions million fourth attractive a Colombia approximately to of new during million record climbed million coding These was by XXXX. seen activity Slide projects the to U.S. our quarter of to third Moving $XX.X expanded quarter. the year-over-year. to which QX sequentially

Our U.S. we new in encouraged efforts by and and backlog visibility which our XXXX times expand in our total Overall that with to effort our revenue. of approximately about pipeline sequential Prestige residential our improvement. to also lines the by represents steady XXXX Elite X.X build products by to are continue such strong added we foundation the project

X. our Looking on breakdown at geographic Slide

Our backlog range continue regions. with a three projects primary diverse includes of by been driven growth

Colombia American markets. our have of U.S. Latin the dominant In buildings additional in windows has Florida, into resurgent Florida position in to we market XX% high-rise our South XX leading past position products Our expansion be in approximately we a installed and during years. estimate and that a and allowed

towards four lead the a and/or stream U.S. drive cutting-edge products to the number stay shift of impact Hurricane we cotton from wool we expect continue trend. to where new to to of in preferences system windows. Most through a regions and project of retain leadership quality, ahead steady Following wins our structural of architectural glass we approach Irma, gloves long-term a market in to consumer building the sourcing trends. regard, In diverse including involving are more market probably restricted to speed continue quotes better anticipate that

Northeast, opportunities further reach to UMP efforts Coast service capabilities We new providing through the in that to and these introduce lot our result improvement see to product customers. quoting plan in end. existing activities our we to a of expanded portfolio expanding West in in and selling Colombia, position are invest In markets Our year Texas. backlog a a an new at pleased are strong to

Additionally, of and markets. XXXX project a Since of other American markets quarter diversification the Latin portion activity of in in on backlog Colombia compared Florida picking Latin pipeline have up, additional we of providing American market types. be other to of sequential means expansion a into the opportunities wins range continued product is XXXX. to new the Collectively, a beginning third of of outside reflects

expand geographic exposure diversifying discipline actively end manner. are We backlog market in and a our to our

as call revenue to financial and gives Our to margin I and we our turn pipeline. potential look markets. over project discuss backlog forward our confidence our multi-year results will now execute to the visibility us on Santiago in

Santiago Giraldo

everybody structure generate and morning a Beginning nearly Slide than second saving XXXX Thank the recovery additional address sales That's held revenue highlights avenues more We additional offsetting from source activity, than another environment timing the our the in that by improve challenging on year in place margin invoicing very higher confident impacted Margins actions Colombia. to X, cost in you to to U.S. cost and line. on for operating deferred improved we sequentially performance of with on first realized leverage Christian, Colombia. put of and a was invoicing our financial by coupled of recorded sales higher to our significant remain with growth our net and were particularly across good projects, in reduce said, year all we'll with stronger of metrics, ability half and cost half modest in continue the robust base. efficiencies our invoicing. half first businesses certain a more on mix to

full mention pleased net stronger a allowing investments with our obtainment flow healthy our in year to the adjusted that debt material of balance reflection in than of the in cash we to operations. of operating free EBITDA. very large XX to with the weakness remediation financial filing XXXX also year flow, and three to with in part, to conservative profile since XXXX million sole the end higher a was strengthen like to much XXXX which times the performance remaining XX-K Our less announce were cash connection compared is of of prior us and compliance I'd SOX a our of leverage significant cash

impacted X.X full disruptions during million We sales for team's fourth Irma offset fourth XX.X XX.X revenue U.S. and to XXX slightly of GM&P XXXX both primarily and completed profile basis EBITDA program. activity, the year. the was margin several the previously margin was cost Looking in our enhance of growth our to the X.X%. to primarily raw plant by Irma place reflects million of flooding quarter to U.S. labor, compared cost margins. year as in flat our actions fourth increased and result the year-over-year the by more in periods year. projected approximately margin and on of second million and company-wide significant compared million U.S. sourcing, due saving to XX, revenues accomplish quarter by in in XX.X first in adjusted depreciation than was ability first the installation driven ongoing Hurricane unfavorable U.S. Florida energy on That that engineering one-time to the million efficiencies in revenues included of XX.X X% in in essentially grow to more quarter at sales performance of better the of an related in full the the fourth lower was XXXX acceleration year-over-year. along by Both And were third XXXX points amortization EBITDA the Hurricane percent of by SG&A other the beginning year On and approximately revenue flat X drivers material XXXX of service our the market services of cutting Southeast. for XXXX. design compared to half from operating and total sales with from full the were of XXXX. med-year the Volume decline X for of year. impact the revenues margin, first growth XX higher actions other We the XXXX proud compared growth. revenues despite was Gross items. growth cost said, CapEx than to to estimate representing the by and of business regions Similar year. pressures to of incremental gross quarter, to through half announced increased caused X million of at higher strong fourth excluding generated higher for realized for prior taken of platform. and was business initiatives served second year SG&A full million leverage This a as profitability. Slide rationalize mix periods put to quarter impact XX.X% quarter exceeded price quarter gross the half our and million base XX.X% the Slide revenues the the revenues was at resulting up a network heavier the in for higher the in full XX overall our was million structure importantly XXXX and to also sequential half year. Despite cost the growth quarter The commercial half the of

and We while additional on focused expected support enhance to profitability productivity are very initiatives further platform growth. efficiency preserving strong to a

at by XX, QX highly generated Looking Trade receivable Slide generated better on during our our management. helped sheet XXXX by offset balance by account cash shipments. X.X and which stronger positive in ahead inventories liquidity operating year-over-year XX.X a capital million million improved working build-up anticipated of of amount we

high also CapEx was created given has capacity XXXX The such maintenance management ample installed with free cash an phase which spend in million year-over-year. improved of address up the innovation CapEx on flow primarily Our from X.X million modest focus XX.X our lower position needs combination planned initiatives. to growth. cash minimal improved related future investment to some projects in conclusion return and of resulted CapEx conversion as in our capital solar working improvement on expansion productivity

a As leverage liquidity policy. a initiatives future result, strength with profile. a and dividend sheet position This enhancements, improved million of returns direct supports in the our conservative shareholders along growth year operational to to cash our through with our end significantly balance strong XX balance our

factors on demand completed due in XXXX which significant as discussed an project prior of activity macro XXXX, including basis is their in reform Inflation Turning update to led calls pace XXXX construction more XXX delays interest to temperate Colombian down mid XXXX. normalized throughout along has XX, This since and Slide at Colombia respectively. overall pent-up our and and to countrywide. market on interest peaks approximately experience gradually points rates tax higher rates temporarily in early structural the January have XXX below with stabilizing and XXXX coming

are and they lows from resuming our activity recent mortgage on with line visibility reduction are projects we renew coating the through These in and Colombia a increase gradual rates construction a of rates. of a and have have stabilization building June observed of now As number result, continued our activity backlog XXXX an increasing recovery stronger in multi-quarter with that or trends starting contractors quote tax invoicing revenues corporate in better by for XXXX these consistent since has invoice, in so which in activity mid-year This in drove of should QX our Colombia lag typical a is translate with in sequential and Tecnoglass into QX which XXXX. a that Colombia we encouraged into local between trends strong XXXX. interest

on see fundamentals shifts demographic buildings, construction Slide energy in XX, drive digit for to advances the regulations, rapid markets to continue mid increasing growth activity environmental at coating we until in the single XXXX. is need US. The Looking beyond expected construction the favorable urban to many efficient and technology standards well in

new office homes. increased continue contracts stability. continued and design mix wide and include strength industry multifamily, indicates we in project buildings, which single Additionally, high to diversify family projects regions recently hotel healthy of and sectors the rise most ABI and more our remain

at commercial consistent our a our to of business still of our point market a which majority single indicators projections. internal Looking most growth with digit represents

Moving to XXXX. Slide year-end prospects we in our on the and outlook full based momentum company QX early XXXX year anticipate XX, on stronger into for performance

and other share commercial construction Latin Colombia in U.S., the We expect in markets. growth markets market and gains to additional see American

range compared year of million. of year-over-year in With the $XXX to based anticipated in million the first we invoicing For XXXX anticipate on of to growth grow higher $XXX full XXXX. revenues half XXXX to to timing

significant from demand Florida. pent-up in benefit expect We and Colombia

basis our cost QX by Several which should and mix these sales taken Based confidence and performance EBITDA have outlook. adjusted manufacturing our February. of be expect from us more par through approach for higher two-thirds to our to expectation visibility full range up higher $XX with us million. a have drive gives in million sales backlog of of we revenues added on operating afforded to on you outlook to and continued additional revenues year first mix bottom in leverage an and of adjusted we revenues in the along the our on the anticipated steps reinforce EBITDA be $XX project-by-project shared on XX% based our we to XX% optimization up in today than quarter our With year-over-year to January improved with also margins. operations range both in complete allow efforts Additionally

during is driven like-for-like XXXX the with half of for expectation Our improvement growth QX quarter our to be highest growth. core by QX approximately

Beyond this acquisition of from into months $X Hurricane to two million Year. million pushed $X deferred incremental from expect of GM&P New core improvement million approximately Irma $X to of sales we and million sales $X

we that expect contributing year growth far to recovery our see in note are our updates for XXXX. the outlook are QX year on limit very we call Additionally in Please providing to on Colombian’s future pleased we to full outlook while QX to our full so revenue quarter, the calls. the and already based progress

positive generate full We operations for from flow expect cash year. to the

of the extremely to we our our growth while and objectives financial strength ability our With industry margins. confident flexibility leading balance in further improving achieve sheet our

you questions. forward please demand markets. extensive pent-up be and Operator, operation your for we’ll to improved for in in happy demand the vertically We of Tecnoglass. your highly this which delivering results best continued products efficient in the a questions. cost We us have our allow answer thank with look XXXX. abundant to in open We integrated At an to serve time, support low line portfolio

Operator

Hamblin from question the of Jeremy with line Dougherty. with proceed [Operator your question. Please Instructions] Our first comes

Jeremy Hamblin

about you pretty EBITDA couple with know to improvement for for sense margins. on of I math the do basis start gross an me the give it year. wanted XX Congratulations you Can XXX margin By getting my margins me how that improvement, leverage about you to of level been the it come guidance that SG&A? the of and implies to the the on material on tell much years. points on from to getting remediation hard I a split talking have improving of or controls your on versus expect weakness working

Santiago Giraldo

Santiago. This is

most remain We are gross fixed is which about of costs the from XXX then come SG&A basis And are come to our they line. where to out points actually margin and located. expecting of

Jeremy Hamblin

maybe dollar that so absolute SG&A And that an from might expand then implying you XXXX? slightly be further, on if I are down basis

Santiago Giraldo

cost you’ll also still measures baked everything acquisition. Maybe going the have through and a then little from optimization GM&P we’re in

kind So continue our there to be the the same for nominal optimizations pickup leverage be incremental should idea year. to even are expecting will of on but revenues that we looking able the some for level at we

Jeremy Hamblin

And then rate effective you last on high relatively and a high ask very too year. taxes, question a to had wanted tax you know

from I going trend think But indicated to in you statutory a you’ve taxes that year? there some be moving little perspective. that both color on thinking downward the can forward provide about a is for

Santiago Giraldo

this and entities we’ll tax. Yes, go obviously income entities we U.S. relief the Colombian based have to XX federal at on on year XX%

estimated proposed down. the of and blender see depending is XX% go coming to the then tax should be to going And to year rate the both we our of end from XX%. you year So Colombia mix or next taxes U.S. Colombian at a the but in benefit on so at certainly revenues XX%

Jeremy Hamblin

that there as of being in I lot thing a implemented. environment regulatory has other about are the to of then obviously noise potentially tariffs ask And wanted been terms

issues your In impact a of any for perspective thinking how or this business, or tariffs from import these expect is these Tecnoglass? to steel may you a you impact from how sourcing import perspective it of aluminum about negative tariffs are terms your positive whether of it’s and do any

José Daes

so anything don’t the They tariff there Daes. import. material no any when sourced in have José so is here, Colombia are imported at are impact tariff doesn’t product to tariff we import finish all. And the then to Jeremy, because we state it

Christian Daes

This is Christian.

is exports that prices - all the and to is we minimal U.S. going customers of the there aluminum capacity aluminum the aluminum site up just even already and enough it needed are are not the passed of the here. everything in supply On to

at the year pass cost so be of a have the XX% target the So at the we stay end now. we least the to $XXX,XXX XX% of year orders actually, the is have the of would customers continued in for tariff and or and set where less Colombia $XXX,XXX to than it

- we've have making applying we extension and told getting already the been are chance a of We that very it. for good

Jeremy Hamblin

you the want And I South. some in on whereas softness you've graph to and seen great did in some bit, in there the just have strengthening billing Northeast little has ask a architectural been there index the a

of In you do and the bit terms about give you how you between York City both I have Northeast more that the the by of Boston color of fair South, corridor. of thinking and that in New business backlog U.S. little your know backlog, terms your split in Could a a in West? along region Northeast,

José Daes

are in many in Well Northeast, we in we new Jeremy, are town, player growing towns. the the

lot So lot get of even a a can share. if and softness there is market grow we little a

don’t we that. feel So

and we We business, building People getting we our we gaining few are more the what lot. been a are all corrected. do, we happy lot a have more and in a customers project. And made they are beginning, of now are very mistakes liking are

Santiago Giraldo

that, by which of presentation there's exactly is actually for. follow on you what And backlog if up to our Jeremy, just a go you're QX looking to region breakdown

more follow-up the on that may lot take So color a you to that as gives you and a want a breakdown. at look

Jeremy Hamblin

seeing XXXX bounce then well. been sense Again Florida It's some market in And maybe your in some a little XXXX back. exposure. as ask even in wanted softness had that is high and I the about largest to My you're particular. in there rise

a in projects And Florida U.S.? been that a kind these of market, talk Florida? that of the you some the in to compares in involved that of but large growth little how to bit market your you've of really could resurgence So very rest

José Daes

we seeing of project. better buildings, residential/commercial mean, a we're lot of and from Well rental are bunch projects, XXXX are instead lot for and very lot soft remodeling also a work of Florida And - as was is of of seeing of a rises seeing of high we're quite a we lot least And say, hotels. for commercial many XX new getting lot a a new old them. buildings that, I let had are same some is buildings as up the we as XX/XX not at before like before, coming at commercial, time, on market but the Much getting good it’s better. than or that do and the better in it's we a XXXX, lot mean, I not XXXX Jeremy, but getting better XXXX numbers could better. XXXX

Jeremy Hamblin

just outlook or on And U.S. your moving it's about biggest forward regions two your then – and thinking taking whether Colombia.

In Colombia that thinking really and U.S. kind certainly looking do is expect implied million to you How this your terms XXXX, or of from versus of in in of $XX to underperformed forward come roughly of but you last million know Colombia? couple year. growth $XX the about much years the

Santiago Giraldo

expecting the ended about LatAm. XX% expecting with pickup guidance and higher of closing as time up quite We're U.S. providing. we're breakdown a with but probably of the certainly to implied and to certainly towards the of versus above Colombia a overall up to yearend, Colombia than to is XX%. the slightly with we breakdown XXXX. XX% should about well, be up year-over-year that Colombia we're growing Colombia U.S., grow end end a Well, soft Colombia, U.S. with At year up the Jeremy breakdown

Operator

line Riley. question. Rygiel B. the with of Please from comes question proceed with your Alex next Our

Alex Rygiel

XQ improved Colombia the in the and understand on quarter XXXX [indiscernible]? of for that activity you America, would first shipping us Coming those XQ expect you bidding Can in fourth mentioned bids be quarter in when to help XXXX. and product to a Latin you to back of

Santiago Giraldo

and QX XX.X for be better to at than up is expectation ended that. quite revenues QX the

we're Colombia. for seeing growth So already

to and and So what provided see said we bat going flash along the the of you're of that’s lines a for in QX we XXXX off right QX financial.

Q the the activity right be we pent-up the bidding bat of backlog XXXX to the invoicing during that year. the off materialize had first as and starting should in there So

José Daes

because I much And and the – on year add to the that to in in a happen got the year lot not went we what right delayed people the as left. This election. of is negotiations than top election see going that and the of is the the that, so will if confident last win looking want again, XXXX now to process that to going waiting but year peace for And in this better, investing election. are XXXX projects is better we more

Alex Rygiel

And American then starting catalysts go And pick up. and the which Can secondly, to you more maybe other little market you front? bit mentioned that what Latin are? a is that markets the on detail into

José Daes

Also lot years. Panama Yes, we are a Peru good bidding a have and - are also well many, business we Paraguay footprint and we we working in in in started a we’re we getting and many believe bidding for sold. we work have good backlog Bolivia. Chile We in could get couple of

Alex Rygiel

of is is and maybe And to and on could perspective that in if from U.S.? to Colombia But severely as confirm in margin then the into it was depressed therefore, in Latin where the think and relative rebound going XXXX. suspect XXXX, kind you gross attractive an margin about America, lastly, revenue the I put you obviously, margins be

Santiago Giraldo

a It in on which the jobs But residential depends margin. do of Colombia. of that line, value buildings The type tend type the jobs. high commercial end of very of are like-for-like toward is added type end big similar. as target carry Colombia in commercial more on we to doing obviously low be doesn't that high work we're jobs, do kind We us which ECOMAX that of is margins

tend work Jeremy niche I'm of sorry, mean there the target both Alex I that margins on is margins the niche in significant difference that similar and carry So to regions. there a we the do

Alex Rygiel

And last question. I do one have

impacting in As how you Jeremy's competitors therefore, does your in position could tariffs, it you the put tariffs And to, coming that States? could question more a to be United relates back wise? on positive discuss competitor

Christian Daes

This raw aluminum Alex, is everybody prices situation, about didn’t I but think be too want optimistic Christian of supply. increasing to is of I the

by business better, aluminum impacted continue used to U.S. prices market up. because at we’re be And So we obviously to and sell end of make going sell exporting people it’s ridiculous prices. going the not to to our prices our these at like think especially I at aluminum, and even the competition aluminum going is to other

actually the happy So we with tariff. are

a We we the really chance in trading. extension believe especially XX% has the are that getting of with that for applying U.S. we and obviously have Colombia deficit

Operator

comes question. Please proceed of the with your next from question Our line [indiscernible].

Unidentified Analyst

you their acquisitions for or XXXX. My for first your is question guidance business Are considering further you that minds. growth see is organic that from an

Santiago Giraldo

Anything work That's to incremental strictly we come organic growth, that. do that David. will to

So - business as base we see XXXX. that's it for our just

Unidentified Analyst

are you U.S. or acquisitions South that seeing opportunities maybe countries sake for example, other in America? regions And in for for the

Santiago Giraldo

come also Yes, things anything. for up opportunities make are to is your they sure up always arise strategic you overpaying that want view. fit that don't and And that there where that you end

you the years at time fairly a valuations probably high this couple look they that are were of priced of end. point on couple last If done at the we've over acquisitions very in

having will and consider that the always we have meet to So way you adequate and returns comes opportunity our any would but valuations. criteria of

Unidentified Analyst

are when would those out numbers, bit that or number? signed My are that handled negotiation into or of next a hard you exactly commitments knowing question those backlog little stage but like how again you commitments of put is the what you publish

José Daes

Intents contracts even We those Not that count. only firm Letter mean, we I LOIs, on. don’t place have of

Unidentified Analyst

directly, my just remember of on, spoke if that a the And you you about the question if how numbers? evolution Thanks. sense can last - the Colombia is, - backlog in can't but Colombia Okay, I great. give

Santiago Giraldo

a of the gone out activity end of softer year. with up carried obviously lot the have Colombia The year a into been XXXX pent-up because

So XXXX is very which we year in pretty backlog that, us XXXX, Colombia. but of a gives going to a amount at not be U.S. also good year-end, healthy in had in the confidence Colombia much certainly in to comparison only better

Operator

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

José Daes

participating much today’s very you thank I in for call.

news good last that coming. but things off-the-charts lot keep this Thank can coming not along finally year we feel had soft again. better We years we you. really So the and a are

Operator

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

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

Tecnoglass (TGLS) 14 Mar 182017 Q4 Earnings call transcript