Tecnoglass Inc. Ordinary Shares

First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Brad Cray, IR. Please go ahead.

Thank you for joining us for Technoglass' first quarter 2024 conference call. A copy of the slide presentation to accompany this call may be obtained on the Investors section of the Technoglass website. Our speakers for today's call are Chief Executive Officer Jose Manuel Diaz, Chief Operating Officer Chris Diaz, and Chief Financial Officer Santiago Giraldo. I'd like to remind everyone that matters discussed in this call, except for historical information, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth, and future acquisitions. These statements are based on Technoglass' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary in a material nature from those expressed or implied by the statements herein due to changes in economic, business competitive and or regulatory factors, and other risks and uncertainties affecting the operation of Technoglass' business. These risks, uncertainties, and contingencies are indicated from time to time in Technoglass' filings with the SEC. The information discussed during the call is presented in light of such risks. Further, investors should keep in mind that Technoglass' financial results in any particular period may not be indicative of future results. Technoglass is under no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise. I will now turn the call over to Jose Manuel, beginning on slide number four.

Thank you, Brad, and thank you, everyone, for participating on today's call. I am proud of our team's resilience to start off 2024. Despite a challenging macroeconomic environment, we maintained a steady course. We executed against a record multifamily commercial backlog while navigating end market pressures in a single-family residential sales channel. This resulted in revenues of $192.6 million. Multifamily commercial revenues met our expectations and continues to look healthy based on continued backlog and pipeline growth in our main markets. Growth in this business helped to partly cushion soft-definitioned family residential demand, which is now trending much better based on the level of orders seen during the last couple of months. Our record backlog of 916 million reflects growing demand for our product and healthy commercial activity in our key geographies, with visibility into 2025. While single-family residential performance lagged due to inflationary constraints on consumer spending, record order trends in March and April were up over 12% compared to the same period in 2023, indicating an upward trajectory in this business. Additionally, our strategic entry into the vinyl window market is showing promising early results as quoting activity is surpassing our expectations. We anticipate that vinyl orders will accelerate and become a more significant contributor to our results in the later half of the year. Our commitment to efficient working capital management was evident in our strong cash flow from operations of $33 million in the first quarter. This robust cash generation, coupled with an expected reduction in capital expenditures, yielded free cash flow of $24 million during the quarter. This was achieved despite facing headwinds from currency fluctuations in an unfavorable revenue mix. Furthermore, our solid capital position has provided us with the financial flexibility necessary to support our growth initiatives. This included ramping up production of vinyl windows and further enhancing our low net leverage profile. I am particularly pleased to report that we improved our net debt to adjusted dividend ratio to a record low of 0.1 times as of March 31, 2024. Looking ahead, we remain optimistic about the underlying drivers of our business. The attractiveness of the vinyl window market, combined with entrenched customer relationships and geographic diversification, positions us well to capture additional value. Despite the broader macro challenges affecting our industry, our robust pipeline of projects continues to support healthy activity across our end markets. We look forward to delivering stronger results as we move through 2024. I will now turn the call over to Chris to provide additional operating highlights.