Despite the COVID-19 pandemic, Tecnoglass total revenues for the fourth quarter of 2020 increased 1.0% to $102.4 million, compared to $101.4 million in the prior year Q4. US revenues of $87.8 million, representing 86% of total revenues, grew 4.8% compared to $83.8 million in the prior year quarter, primarily driven by strong growth in residential activity. The contribution of US revenue growth to total revenues was partly offset by lower revenue from Colombia, primarily attributable to delayed activity at many customer jobsites due to COVID-19 related factors. Changes in foreign currency exchange rates had an adverse impact of $0.7 million on Colombia and total revenues in the quarter.

Gross profit for the fourth quarter of 2020 grew 25.8% to $36.9 million, representing a 36.1% gross margin, compared to gross profit of $29.3 million, representing a 28.9% gross margin in the prior year quarter. The 710-basis point improvement in gross margin mainly reflected greater operating efficiencies from prior automation initiatives and a higher mix of revenue from manufacturing versus installation activity. Selling, general and administrative expense was $19.4 million compared to $18.6 million in the prior year quarter, primarily attributable to higher variable expenses related to shipping, as well as COVID-19 related expenses. As a percent of total revenues, SG&A was 18.9% compared to 18.3% in the prior year quarter.

Net income was $18.5 million, or $0.39 per diluted share, in the fourth quarter of 2020 compared to net income of $10.9 million, or $0.23 loss per diluted share, in the prior year quarter, including an after-tax non-cash foreign exchange transaction gain of $13.6 million in the fourth quarter 2020 and a $8.9 million gain in the fourth quarter 2019. As previously disclosed, these gains and losses are related to the accounting re-measurement of US Dollar denominated assets and liabilities against the Colombian Peso as functional currency.

Tecnoglass will attend the Raymond James 42nd Annual Institutional Investors Conference, being held virtually on Wednesday, March 3, 2021.

Adjusted net income was $10.3 million, or $0.22 per diluted share, in the fourth quarter of 2020 compared to an adjusted net income of $7.5 million, or $0.16 per diluted share, in the prior year quarter. Adjusted net income, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, to better reflect core financial performance.

Adjusted EBITDA, as reconciled in the table below, increased 19.3% to $25.7 million, or 25.1% of total revenues in the fourth quarter of 2020, compared to $21.5 million, or 21.2% of revenues, in the prior year quarter. The improvement was driven by a stronger gross margin. Adjusted EBITDA in the fourth quarter 2020 included $1.6 million in contribution from Tecnoglass’ joint venture with Saint-Gobain, compared to $1.1 million in the prior year quarter.

“2020 was a milestone year for Tecnoglass. Our exceptional results reflect the resilience and dedication of our team as we capitalized on strong residential macro tailwinds and recovering commercial end market conditions to post our second straight quarter of growth in the US Additionally, we delivered on our goal to produce strong returns on our previously implemented automation and capacity investments, contributing to record full year gross profit and Adjusted EBITDA levels, both on a dollar basis and as a percentage of sales. Just as important, our success is translating into a step-change in cash generation, with our operating cash flow representing over 70% of Adjusted EBITDA in 2020. We were thrilled to exit the year with a much stronger and leaner company, underpinned by a significantly improved capital position to further extend our leadership in the architectural glass industry. We will continue to leverage Tecnoglass’ structural competitive advantages to maintain industry leading margins while capturing additional market share in the US We are well situated to achieve another year of stellar financial performance and returns for our shareholders in 2021,” said CEO José Manuel Daes (above right).

Tecnoglass declared a quarterly cash dividend of $0.0275 per share for the fourth quarter of 2020, which was paid on January 29, 2021 to shareholders of record as of the close of business on December 31, 2020.

Total revenues for the full year 2020 were $374.9 million compared to $430.9 million in the prior year with the decrease mainly related to one month less of invoicing in the second half of March and first half of April because of the previously communicated suspension of plant operations, as well as a slower recovery in Latin American markets since the onset of the COVID-19 pandemic. Excluding the impact of unfavorable foreign currency exchange, total revenues were lower by 12.3% compared to the prior year.

Single-family residential architectural glass represents a fairly new focus for Tecnoglass

Gross profit increased 2.5% year-over-year to a full year record of $139.3 million, representing a 37.1% gross margin, compared to $135.8 million, representing a 31.5% gross margin in the prior year. Operating income was $66.1 million compared to $58.8 million in the prior year. Net income was $24.2 million, or a $0.52 per diluted share, compared to net income of $24.3 million, or $0.55 per diluted share in the prior year. Adjusted net income was $36.8 million, or $0.79 per diluted share, compared to $30.8 million, or $0.69 per diluted share in the prior year. Adjusted EBITDA for the full year 2020 improved to a record $97.8 million, or 26.1% of sales, compared to $92.4 million, or 21.4% of sales, in the prior year.

Christian Daes, Chief Operating Officer of Tecnoglass (above, left), added, “Fourth quarter results were encouraging and marked a return to growth in total revenues to close out an extraordinary year. Single-family residential revenues expanded more than 50% year-over-year in the quarter and represented nearly 20% of our revenues for the full year 2020. Overall quoting and bidding activity continued to strengthen since mid-year 2020, resulting in defensible backlog position of $545 million. Our strong performance in 2020 was augmented by winning new customers, entering new markets, and maintaining our commitment to innovation through the introduction of new best-in-class products, particularly in residential. As we move into 2021, we remain focused on expanding our addressable market in single-family housing in the US Accomplishments to date reflect our dedication to excellence and we are excited to drive further improvement across our business in the coming quarters.”

Tecnoglass ended 2020 with cash and cash equivalents of $66.9 million compared to $47.9 million in the prior year. Cash provided by operating activities of $71.4 million improved by $45.8 million compared to the prior year, attributable to higher profitability as well as more efficient inventory and working capital management. During 2020 Tecnoglass incurred $19.8 million of capital expenditures, compared to $25.0 million in the prior year, with the decrease due to Tecnoglass’ $20 million investment into high-return projects to expand and automate key operations at several glass and aluminum facilities, which was largely completed in the fourth quarter of 2019.

On November 2, 2020, Tecnoglass announced a new $300 million Senior Secured Credit Facility, consisting of a $250 million delayed draw term loan and a $50 million committed revolving credit facility, with a maturity date in 2025. The new facility has an initial interest rate spread of 3.00%, which will decrease to a spread of 2.50% in April 2021 based on Tecnoglass’ leverage as of the end of the year.

Tecnoglass CFO Santiago Giraldo – Photo credit: Liliana Padierna)

Subsequent to the end of 2020, Tecnoglass redeemed in full its $210 million unsecured senior notes, which bear interest at a rate of 8.2%, following the step down in redemption price at the end of January 2021. The $8.6 million call option was fully paid in January alongside with the redemption of the notes. Following the redemption of the senior notes, annualized savings on cash interest expense are expected to approximate $11 million annually. On a pro forma basis giving effect to the pay down of the unsecured senior notes, Tecnoglass had total liquidity of approximately $126.9 million, including cash of $66.9 million and availability under its revolving credit facilities of $60 million.

“Our positive momentum continued into the first quarter, with single-family residential representing a growing share of our revenues. Based on our current invoicing schedule and underlying market demand, we are introducing our full year 2021 outlook for revenue to grow to a range of $400 million to $415 million. In addition, we anticipate full year Adjusted EBITDA to grow to a range of $100 million to $110 million, implying growth of approximately 7% at the midpoint, driven by higher revenues, partly offset by higher unit costs for raw materials and a more normalized revenue mix. We expect the stronger demand in the US to continue to offset the slower recovery in Latin American markets. Furthermore, we anticipate our track record of strong cash flow generation to continue in the full year 2021,” said Tecnoglass CFO Santiago Giraldo.

Tecnoglass Inc. and Subsidiaries
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Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
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Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
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The Company believes that total revenues with foreign currency held neutral non-GAAP performance measures, which management uses in managing and evaluating the Company’s business, may provide users of the Company’s financial information with additional meaningful bases for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.

Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(In thousands, except share and per share data)
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Adjusted EBITDA and adjusted net (loss) income are not measures of financial performance under generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, is useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.

Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures.

A reconciliation of Adjusted net (loss) income and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows, with amounts in thousands:

Tracxn ranks Tecnoglass as #1 out of all competitors.

One of the largest employers in Colombia, the company both sells its architectural glass & aluminum products primarily to the US, as well as trades its shares on the US based NASDAQ stock market. This provides both the stability of the US, with the cost and logistical advantages of Colombian factories and production facilities just across the Caribbean Sea.

Not only was Tecnoglass able to overcome the COVID related challenges throughout the year, it kept its employees on payroll during a temporary government mandated shutdown, and took extra steps to support the surrounding community during the pandemic. The interview video is below, and the full transcript of the conversation follows.

Finance Colombia: Thank you again for having us back here in your Barranquilla offices. Congratulations, because even though it’s been a challenging year for everybody on so many different fronts, it still has been a banner year for Tecnoglass, I think that a lot of people expected the building products industry, whether it’s focused on commercial, residential or industrial to follow a lot of other industries and have a down year but no, you guys have bucked the trend and it’s been a banner year for you.

First congratulations but tell me how the year; here we are in the fourth quarter, how things have maybe turned out with the pandemic and you guys were shut down here for two or three weeks taking into account all of that. Has this year met expectations, or has it exceeded expectations? What is your take on how this year has been so far with regards to Tecnoglass and all the challenges that you and the whole industry have faced?

Santiago Giraldo: Sure, well yes, thanks for having us again. Obviously, this year has been challenging for everybody, but if you were to ask me I think this year has met expectations and actually surpassed expectations if we were to talk about what our projection for the year was in terms of EBITDA and other metrics, we’re going to land pretty much where we were expecting to at the beginning of the year. We had less revenues in the year because you mentioned that we were shut down for three weeks and it’s obviously, hard to recover and recoup that time. But from a profitability perspective we’re going to be in line if not better than we had projected at the beginning of the year, that’s a result of many things: We invested in automation last year so that’s helping quite a bit with raw material cost, waste…head count has obviously been optimized, energy costs have gone down, so those initiatives that we invested on as far as automation goes, have played out much better than we had expected.

As a result, what we’re thinking is that we end up maybe 10% to 15% lower in sales, but if you’re to look at our adjusted EBITDA, we are going to be up 7% to 8% from 2019. You know our business is divided into really two segments: the commercial and the residential. On the commercial segment, what we are invoicing right now are projects that were booked many months ago; 12 to 18 months ago, so the effects of the pandemic are not necessarily seen today because the construction in the US kept going, right? I mean it was considered an essential business and it never stopped.

The US has been close to 90% percent of our revenues this year and we will talk about what LatAm and Colombia are doing, but the US kept going very strongly, so we were able just to execute the backlog that we had at hand. I mean, it’s not a business that you book overnight, and you expect to get business from one week to the next, right? I mean it’s something that we were already kind of booking and these buildings were well underway, so cancellations don’t take place.

By the time that we get involved these buildings are well off the ground so this year was really more of the same, just continue to execute. On the residential side it is a different story because this is much more short nature, much more a spot type of business, but that is an area that is outperforming the economy as a whole. If you look at what’s happening with home builders, low mortgage rates, low interest rates are driving pretty healthy growth on the single family residential segment, so we’re taking the opportunity to basically grow as that particular segment is growing.

So all in all, I think that we ended up much better than we could have expected from kind of everything that’s going on, and that’s related to solid execution, the fact that the US continued to push forward. LatAm on the other end has been very slow to recover. A lot of our clients are just having gotten up to par as far as being able to operate on their safety standards related to COVID, so that’s been slow. Q2 was really non-existent, that was 2% of our business. Q3, Latam was 7% of our business, so it’s trending in the right direction, but it’s still not where it was pre-COVID, so locally we’re much more exposed to the US, which is over 90% of our business and that business continues to move forward.

“We historically have concentrated in commercial and within commercial, very focused on Florida. Now we’re looking to be much more diversified: the northeast, Chicago, Texas, the west coast and with residential. is just the tip of the iceberg so far.”

I think what’s important now is how fast can we replenish our backlog, the backlog that is being consumed, how fast our customers are going to be able to sign new contracts to go from what’s in the pipeline or what are quotations into what is in the backlog: So that’s where we are, all in all I would tell you a very positive year.

Finance Colombia: Even still I don’t know how concerned you are about the backlog, because if I remember from the last numbers it’s still over $560 million, right? So you have a very healthy backlog, so it looks like you’re going to go into 2021 in a very strong position.

Santiago Giraldo: Yes, so we reported closer to $540 million, what you don’t get to capture there is the residential backlog, because residential is so short-term that you don’t get to fully capture your next 12 months of revenues. The only thing that you could put in there are your orders that are already into production and that’s a very small amount in comparison to what we’re expecting to sell for a full year to give you some perspective. I think what is captured in the Q3 backlog related to single family residential is less than $10 million, but we’re going to do about to $75 to $80 million of revenues for the full year, so even though our backlog is $536 million as of September, which basically carries us all the way through the rest of 2020 and pretty much the majority of 2021, we should expect to see revenues coming from the single-family residential that are not captured there, so you’re right, but what we want to make sure is that 2022 starts kind of building up, because we’re going to start going through this existing backlog.

But this business you have to kind of work every day to make sure that you replenish what you’re invoicing, so in another way to put it is this is a short-term versus long-term dilemma, the short term is pretty much played out with what we have. The long term, the 2022 and on is basically what we have to work on today and that’s where we have to make sure that things continue to normalize, and conditions continue to move in the right direction.

Finance Colombia: I think though that with residential being a growth area for Tecnoglass because the company’s roots and history has been, in my understanding, largely commercial and so now that’s creating a new opportunity for you as well as you go into new markets inside of North America, inside of the US because even though you have a strong US presence, over 90% of your business is in the US and you’re not well represented into other regions in the US and so it still is a growth market for the company, right?

Santiago Giraldo: Absolutely, I mean, we look at the US as our growth market for the next five to ten years. I think all that you see here 2.7 million square feet of just PP&E, equipment that that we have basically built over time is designed to service the US, right? I mean we love to serve LatAm, we’re here in Colombia, we love to do things here, but all of this capacity is destined for the US market.

The US market is about $25 billion USD per year in sales between product sales and installation and we’re selling $350 million a year so we’re one and a half percent of the market. Not necessarily all of that market is the target market that we’re basically focused on, right? It’s not all addressable but the point is that it’s a much larger market and you said it, we historically have concentrated in commercial and within commercial, very focused on Florida. Now we’re looking to be much more diversified: the northeast, Chicago, Texas, the west coast and with residential. is just the tip of the iceberg so far. I mean if you look at our main competitor in the same market and the same product type they do about $700 million in sales on residential alone and we’re doing $5 million this year, 1/10 of what our main competitor does, so still a lot of upside. We don’t see that even on the downside case scenario, we should not be able to grow, I think it is difficult, I mean is definitely more challenging because I think a lot of people, a lot of our clients are taking a wait-and-see approach to have more visibility, but from a market size perspective the potential to continue growing is there.

Finance Colombia: I think another thing too is that even if you look at the new administration coming in that has stated a higher focus on energy efficiency, Tecnoglass has this highly energy efficient glass and these products that can help builders meet LEED certifications that can create very low emission buildings, that can reduce their footprint, so I think that creates additional opportunities for the company as well.

Santiago Giraldo: Absolutely and with the mandate from the new president-elect to spend significantly on global warming and in green buildings as a whole, this whole initiative where there’s going to be trillions of dollars being spent in going green can only favor our business. You mentioned it: a lot of what is being done right now as far as architectural glass goes is related to low emissivity glass because people want LEED certifications, they want to be green, they want to save on energy costs and that’s a lot of what we do. We bought our own glass coater to make low emissivity glass four or five years ago and that coater still has a ways to grow before it’s fully utilized, so we’re counting on this being a tailwind to our business.

Finance Colombia: You just mentioned something right there and that is that you continue to make capital investment, you continue in growth mode, you just purchased land for the new factory that you guys have planned, so tell me a little bit…I know that you guys have Vidrio Andino, I think that is the joint venture that you have with Saint Gobain. Tell me what this new partnership will allow you to do and my understanding is that you already have a broad product lineup between glass itself and the aluminum products that go along with glass but you’re going to be more vertically integrated. My understanding with this factory is it will allow you to be in a much better position when it comes to quality control, but when it comes to really being able to control everything from the sand to the finished product. What’s the plan there in the in the rationale behind the new investment?

Santiago Giraldo: So it’s been a long-term strategy of the company to be fully vertically integrated. So we started out in assembling windows, over time we developed a glass transformation operation, subsequently we developed an aluminum transformation operation, we bought our own installer in the US, we bought our own distributor. The one thing that was missing was the first stage of the supply chain which was basically being able to transform sand into glass. That’s a whole different business that we don’t want to operate but we were able to participate there with this joint venture with Saint Gobain, which is a worldwide leader in this specific manufacturing piece so it’s encouraging to see that somebody like Saint Gobain, which is a $50 billion dollar per year company was interested in joining forces with Tecnoglass. It tells a lot about what they think about our trajectory, about our company and doing that has two different benefits, one for Tecnoglass on a standalone basis and one for the joint venture, right? So if we start with the Tecnoglass story on a standalone basis it’s going have multiple advantages, it’s going to give us a long-term supply, a stable supply which obviously with everything going on with trade is very important to have secure suppliers that are going to allow you not to have interruptions on your supply chain.

With this second factory in Colombia we’re going to be able to source 100% of our glass needs from Colombia, from our joint venture factories. Right now we only source probably 40% to 50% of what we need out of the existing factory. With the second one given the fact that the first one is already at full capacity, we’re going to be able to source everything, we’re going to be able to have stable pricing over years and we’re going to be able to save money because 30% or so of the cost of the glass that we purchased from Saint Gobain in Bogota is related to transportation.

So by having a factory next door, right off the bat you’re shaving off 30% of that cost and with the second plan being built out we’re going to be able to source more jumbo-sized sheets of glass, which carry a much more efficient coefficient basically because you’re able to utilize more of the glass and you don’t waste as much. So in other words when you cut the glass sheets not as much goes to waste.

So we’re able to save on both of those fronts, on the Joint Venture side we’re going to benefit because what Saint Gobain is looking to do is basically grow their presence into the US which is a geographical segment where they have not been able to penetrate the markets as much as many other areas throughout the world. What they see in Tecnoglass is basically the ability to push their products through transformed glass that we that we make, right? If you can basically sell raw glass into the market let’s join forces with somebody that has a growth trajectory and just push it to them so they can transform it and sell the end product into the US market.

So right now we’re going to be able to join forces with a global leader that’s going to probably establish their own sales force and we’re going to be able to market together to grow the piece of the pie that we have there, so we see it as a win-win. We’re in the in the process of completing permits and both parties are basically assessing what things look like out there from a demand perspective. I mean obviously, we were ready to go and if it had not been for Covid, I think we will be one or two quarters removed from breaking ground and have already started building this second facility, but it doesn’t make sense doing it at any cost. You have to assess conditions, you have to analyze what demand looks like and that’s what we’re doing so hopefully, you know, we’ll be able to get more clarity and better visibility on things and move forward.

Finance Colombia: I think that’s an important point because a lot of times people hear, “okay, Saint Gobain is going to joint venture with Tecnoglass” and people in the US or people in the investment community might go “well Saint Gobain is helping Tecnoglass,” but no, Tecnoglass is helping Saint Gobain as much if not more. I mean we don’t want to make that judgment but it still is a win-win situation because both sides are gaining something there that they maybe don’t have and so it makes sense. It really isn’t a big brother-little brother thing, it is kind of mutual, a real synergy and a project that brings equal companies together on an equal footing.

Santiago Giraldo: Absolutely, this is a true joint venture. I don’t think a company of this magnitude is going to do things just to do somebody a favor, right? They have to do their own analysis and understand what value add comes out of it for them. So yes, I think they’re going to benefit. The other thing is that the existing factory is at full capacity as I was mentioning. They service Ecuador, they service Colombia, they service whatever is being done in Venezuela, but they’re at full capacity right now, and they they see an opportunity to service the Caribbean, to service the Central American region, obviously to penetrate the US market, so they see this an opportunity to grow. And the fact that we’re going to be joining forces with them allows them to have some security that some of that production is going to be sold, because we’re going to enter into an off-take agreement that guarantees that the JV and the new factory specifically is going to have the required returns. It’s a win-win and obviously they have a lot of know-how, they have a long-term trajectory and just being associated with a global leader can only help the brand.

Finance Colombia: Coming over here today, we passed by the large new monument that the company donated to the city of Barranquilla. It’s the largest city on the Atlantic, Cartagena is probably more famous with people who don’t know Colombia well, but this is really the industrial heart of Colombia. It also has an advantageous location on the port, it’s a city that’s on the move, there’s a new convention center there’s a new Malecon which is like a waterfront park, I see that there are new sports arenas in the works. You guys are a big supporter I think of Junior which is the soccer team in the national league here and the company does a lot of things very quietly as far as supporting the community and supporting local citizens beyond your employees.

I know it’s something that the Daes family is really focused on and being a philanthropic type of company. It is front and center to what we want to do. It’s not “let’s get richer and make more profit” where, the surrounding areas are not thriving and having a better time or even just barely surviving.

You were able to keep everybody fully employed and taken care of during the pandemic, which is great to see, but you guys have quietly done a lot of things here in the community as far as families. And I know you don’t do it for publicity, you don’t do it for marketing that’s why I want to bring it up, because I know that you wouldn’t bring it up on your own, but I think that it’s important that people understand the social component. It’s not a company that goes out there and goes “look at us we’re do-gooders” but the company aside from the environmental impact, the positive environmental impact that you have, I want you to at least speak briefly on some of the things that you’ve done this year to have a positive impact in this challenging time where a lot of people on the coast between Santa Marta and Cartagena—and this is still a tourism-driven region where a lot of people have been impacted—but you guys really stepped up and went above and beyond expectations as far as helping support, not just a local economy but local families in need.

Santiago Giraldo: Absolutely, I mean these are unprecedented times, I think a lot of people are having a really hard time and for us to be in the position where we’re having really a record year…is a privilege. It could have been that we were in a totally different industry targeting a different market and that would not be the case, so I think we were very lucky to be where we are. But even before COVID I think this is part of the DNA of the company, this is something where we feel that giving back to the community is obviously the right thing.

I think this is probably the largest if not, probably top two or three employers in the region is something that makes you proud and I know it’s something that the Daes family is really focused on and being a philanthropic type of company. It is front and center to what we want to do. It’s not “let’s get richer and make more profit” where, the surrounding areas are not thriving and having a better time or even just barely surviving.

I think we want to promote sustainability; we want to promote growth. Barranquilla is one of the places really in Colombia and LatAm that over the last couple of years has had a lot of success growing sustainable strategies. I think the public investment is showing. You can definitely see a change in the city, and being one of the largest companies in the city puts you in a position to help out. Tecnoglass is very recognized around here and I think it’s just the right thing to help out, to help promote wellness, to do what we can.

Obviously this year, there was more hardship than many others so yes I think it’s at the at the front and center, at the heart of the of the strategy, of the DNA of the company. Just having a sustainable and responsible strategy makes sense. At the end of the day we want everybody around us our employees and all our of our stakeholders to do well. So to the point that we can continue doing that and I know the Daes family will want to continue contributing as much as possible, that’s what you should see from Tecnoglass going forward. And like you said, it’s not something that you do for publicity, you just want the people to be better off and (these are) the people that we can help, not necessarily try to be out there on the press showing off these results for different purposes, right?

Finance Colombia: You guys have several thousand employees, more or less right?

Santiago Giraldo: Five Thousand.

Finance Colombia: Yes, about 5,000, one of the largest employers in Colombia. And especially if you take out things like retail or grocery store chains or something like that, certainly in the top ten if not the top five largest employers in certainly one of the largest industries. And it’s fascinating because Colombia is changing now, but outside of the textile industry, it hasn’t really been an export-oriented economy that’s changed in the last couple decades and it’s good to see that Tecnoglass is really a leader in that. It’s on NASDAQ, it’s TGLS, it’s a company that we follow and that is really impressive and so I thank you for your time.

Santiago Giraldo: Yes, absolutely, thank you, more to come.

Tracxn ranks Tecnoglass as #1 out of all competitors.

Tecnoglass is a leading producer of architectural glass, windows, and associated aluminum products serving the multi-family, single-family and commercial end markets. Tecnoglass is the second largest glass fabricator serving the US. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, on Colombia’s Caribbean coast, the company’s 2.7 million square foot, vertically integrated and state-of-the-art manufacturing complex provides efficient access to over 1,000 global customers, with the U.S. accounting for more than 90% of revenues.

Tecnoglass’ tailored, high-end products are found on some of the world’s most distinctive properties, including the El Dorado Airport (Bogota), United Nations Plaza (New York), Icon Bay (Miami), and Salesforce Tower (San Francisco).