Tecnoglass Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
TGLS$47.09+7.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Cash Flows
(In thousands)
| Year ended December 31, | |||||
|---|---|---|---|---|---|
| 2023 · 2022 · 2021 | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||
| Net income | $183,510 | $156,412 | $68,428 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Provision for bad debts | 2,809 | 643 | 1,599 | ||
| Provision for obsolete inventory | 67 | 19 | 53 | ||
| Depreciation and amortization | 21,878 | 19,686 | 20,923 | ||
| Deferred income taxes | 8,345 | 5,484 | 4,400 | ||
| Equity method income | (5,013) | (6,680) | (4,177) | ||
| Deferred cost of financing | 1,243 | 1,370 | 1,368 | ||
| Other non-cash adjustments | 120 | (36) | (91) | ||
| Loss on debt extinguishment | - | - | 2,333 | ||
| Unrealized currency translation losses | (25,854) | 15,385 | 14,175 | ||
| Changes in operating assets and liabilities: | |||||
| Trade accounts receivable | (780) | (54,179) | (38,515) | ||
| Inventories | (522) | (63,937) | (16,747) | ||
| Prepaid expenses | (2,849) | (2,405) | (3,293) | ||
| Other assets | (27,547) | (483) | (14,877 | ||
| Other liabilities | (62) | (1,862) | (435) | ||
| Trade accounts payable and accrued expenses | (17,428) | 7,220 | 38,001 | ||
| Accrued interest expense | (1) | (1) | (7,173) | ||
| Taxes payable | (12,851) | 45,250 | 16,125 | ||
| Labor liabilities | 1,109 | 927 | 357 | ||
| Contract assets and liabilities | 13,871 | 16,174 | 28,593 | ||
| Related parties | (1,218) | 2,933 | 6,206 | ||
| CASH PROVIDED BY OPERATING ACTIVITIES | $138,827 | $141,920 | $117,253 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Proceeds from sale of investments | - | - | 685 | ||
| Proceeds from sale of property and equipment | - | - | 130 | ||
| Dividends received | 2,282 | - | - | ||
| Purchase of investments | (339) | (1,257) | (63) | ||
| Acquisition of property and equipment | (77,960) | (71,327) | (51,513) | ||
| CASH USED IN INVESTING ACTIVITIES | $(76,017) | $(72,584) | $(50,761) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Cash dividend | (16,427) | (12,869) | (5,243) | ||
| Stock buyback | (23,537) | - | - | ||
| Non controlling interest purchase | (3,000) | - | - | ||
| Loss on debt extinguishment – call premium | - | - | (8,610) | ||
| Proceeds from debt | 196 | 49 | 221,350 | ||
| Debt discount and issuance costs | - | - | (1,489) | ||
| Repayments of debt | - | (31,981) | (249,797) | ||
| CASH USED IN FINANCING ACTIVITIES | $(42,768) | $(44,801) | $(43,789) | ||
| Effect of exchange rate changes on cash and cash equivalents | $5,795 | $(5,875) | $(5,360) | ||
| NET INCREASE IN CASH | 25,837 | 18,660 | 17,343 | ||
| CASH – Beginning of period | 103,671 | 85,011 | 67,668 | ||
| CASH – End of period | $129,508 | $103,671 | $85,011 | ||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||
| Cash paid during the period for: | |||||
| Interest | $11,624 | $6,421 | $15,531 | ||
| Income Tax | $107,150 | $27,191 | $13,399 | ||
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||
| Assets acquired under credit or debt | $9,311 | $11,800 | $1,859 | ||
| Unpaid portion of non-controlling interest purchase | $2,500 | $ | - | $ | - |
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