Microvast Holdings announces departure of chief financial officer
On Thursday, 20 March 2025, Tecnoglass (NYSE: TGLS) presented at the Sidoti Small-Cap Virtual Conference 2025, showcasing its robust financial health and strategic maneuvering in response to market challenges. While the company reported impressive growth and profitability, it also addressed the hurdles posed by aluminum tariffs, emphasizing its operational resilience.
Key Takeaways
- Tecnoglass reported $890 million in revenue for 2024, with a sustained 17% CAGR since 2012.
- Adjusted EBITDA reached $276 million, constituting 31% of revenues, double the margin of competitors.
- The company is navigating aluminum tariffs by sourcing U.S. aluminum for processing in Colombia, incurring an annualized cost of $12 million.
- Tecnoglass ended 2024 with a record backlog of $1.1 billion and a book-to-bill ratio of $1.3 billion in Q4.
- Growth initiatives include new showrooms in several U.S. states and an expanded vinyl product line.
Financial Results
Tecnoglass achieved $890 million in revenue for 2024, marking a 17% Compound Annual Growth Rate since its public debut in 2012. The company projects continued double-digit growth for 2025. Adjusted EBITDA for 2024 was reported at $276 million, representing 31% of revenues. This robust profitability highlights Tecnoglass’s competitive edge, with EBITDA margins approximately twice those of its peers.
Operational Updates
The company leverages its vertically integrated Colombian manufacturing facility to maintain cost advantages, with labor costs around $3 per hour. Despite facing aluminum tariffs, Tecnoglass plans to mitigate these costs by sourcing U.S. aluminum, processing it in Colombia, and shipping finished products back to the U.S., incurring an estimated annualized cost of $12 million. This strategy underscores the company’s operational flexibility and its ability to adapt to market challenges.
Future Outlook
Tecnoglass ended 2024 with a record backlog of $1.1 billion and a Q4 book-to-bill ratio of $1.3 billion, indicating strong future demand. The company anticipates growth in the single-family residential segment through the introduction of vinyl windows and expansion outside Florida via new showrooms in New York, South Carolina, and Texas, with plans for Arizona and California. Vinyl windows generated $5 million in 2024, with projections between $15 million and $40 million for the current year.
Q&A Highlights
During the conference, Eduardo Pucci, Head of Financial Planning and Analysis, highlighted the company’s strategic agility, emphasizing its light cost structure and agile management. The focus remains on delivering high-quality products and exceptional customer service, enabling Tecnoglass to expand into new markets while maintaining a healthy cash position.
In conclusion, Tecnoglass’s presentation at the Sidoti Small-Cap Virtual Conference 2025 underscores its strategic growth and operational resilience amid challenging market conditions. Readers are encouraged to refer to the full transcript for detailed insights.
Full transcript - Sidoti Small-Cap Virtual Conference 2025:
Julio Romero, Analyst, Sidoti and Company: Okay. Good morning, everyone, and thank you for joining the Sidoti and Company March twenty twenty five Small Cap Conference. My name is Julio Romero, and I cover building products, industrials, engineering, and construction at Sidoti and Company. We’re really pleased to be able to host Technogloss. Their ticker is TGLS.
With us today, we have Eduardo Pucci, head of financial planning and analysis for Technogloss. This is gonna be a fireside chat, but if you do have any questions for the company, feel free to type them into the q and a section at the bottom of your screen, and I will ask on your behalf if time permits at the end. So, Eduardo, thanks so much for being here.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Thank you, Julio.
Julio Romero, Analyst, Sidoti and Company: Yeah. Maybe I’ll have you kinda kick it off with some prepared remarks, about the company, and then we’ll hop into q and a after that.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Great. Yeah. So just for quick context, for those that are new to the story, we’re a leading supplier of high end windows serving The US commercial and residential markets. We’re headquartered in Miami. We employ around 9,000, most of which are located in Colombia, where, the bulk of our manufacturing happens.
We have annualized revenues in the range of $900,000,000 this is a number that is growing. So we did $890,000,000 in 2024, but we sustained a 17% CAGR since we first started reporting as a public company in 2012. And we’re also we have double digit growth projected for this 2025 at midpoint of guidance. We’re also very profitable company. So our adjusted EBITDA for 2024 was $276,000,000 which is 31% of revenues and is growing faster than our top line.
We do about 95% of our business in The U. S. Historically, we’re very strong in South Florida, where we’re based out of. And virtually, all of our single family residential sales through 2024 were or before 2024 were in Florida, and it’s still less than 15% outside of Florida. So 56 of our business is commercial and multifamily, which we bucket together, and the other 44% is single family residential, which has been the driver of growth over the past few years and is what we’re betting on growing over, you know, over the near future.
However, we have also been growing commercial, quite a bit and we get a good visibility from backlog. I think I think it’s important, there there are sort of three things that I like to highlight about our company. One is our ability to grow the top line. So both historically and prospectively, why we’re well positioned to continue growing. We have a very robust backlog that affords us great visibility.
And we’re sort of well positioned in markets to outperform national averages and, NDCs against, you know, some not great macroeconomics indicators. And then, the second, the reason why we’re able to do that so well and be profitable is because of our structural competitive advantages, which come from our upper, we operate a vertically integrated state of the art manufacturing facility out of Colombia, which comes with several costs and logistical advantages. Although, we have some, impact of tariffs to talk about. So we’ll get into that later. And because of, you know, we’ve been able to grow our sales and we have these competitive advantages.
We have a very strong balance sheet. We are, again, very profitable. We’re generating cash and don’t have a lot of commitments coming ahead, which gives us some good fit, flexibility going forward. Is that is that good for now, Julio?
Julio Romero, Analyst, Sidoti and Company: Yeah. I think I think you hit it. You know, it’s it’s a big part of it is the bulk of manufacturing is at Columbia, and there’s several advantages to it. Like you said, cost, and other advantages. Maybe just to to stay on that for a little bit.
One major thing is the favorable shipping rates you get from Colombia. If you could talk about, you know, why that is and and why that’s kind of unlikely to change.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Yeah. Yeah. So you actually gave it easy to me and are starting by by the the the easier ones, and then we’ll get into the tariff ones that, you know, We we saw that.
Julio Romero, Analyst, Sidoti and Company: There’s a big one. So we’ve got second half.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: So there is a big trade imbalance between Colombia and The US where The US sends a lot of product to Colombia. Colombia does not manufacture a lot of product to ship back to The U. S. And what comes back to The U. S.
Is mostly commodities like coal or agricultural products. So those don’t travel by container ship and those containerships are traveling back or those containers are traveling back empty. So we get them at a It is no secret that sea freight is cheaper than trucking. So along the coast, we are much very cost competitive on the logistics side compared to a producer maybe in the Midwest or so. And then this trade imbalance is something structural, which sort of bridges into the tariff.
Because of that trade imbalance, it is unlikely that we’ll be targeted for tariffs, not that we can know.
Julio Romero, Analyst, Sidoti and Company: Yeah. Yeah. It’s very tough to know. And then one thing you mentioned, you’re right about, ocean freight versus, you know, land freight. But then also, oftentimes, I get asked, well, what about air freight?
Right? And then you can ship your product over air because of the barometric pressure. Is that correct? It shatters the cost?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: We can. It’s just not a cost effective way of doing I mean, these are windows. They’re not they’re not, you know, fresh organs or
Julio Romero, Analyst, Sidoti and Company: Fair.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Right. So so it usually is scheduled ahead of time. We do from time to time ship by air. It is possible. It’s just only sort of for emergencies, not really a regular we will also have so typically, we ship to the nearest seaport to minimize cost, which we can do because of our vertically integrated facility.
We have very short manufacturing lead times that even with a longer transit times, we are still very competitive you know, overall lead times. Sometimes, we we, you know, when we need to speed it up, we’ll ship to Miami and then truck from there, which is not cost efficient, but it is much quicker.
Julio Romero, Analyst, Sidoti and Company: Makes sense. Okay. You know, wanna talk about the new administration and the impact that Technoglas. Before going into tariffs, just any other non impact nontariff impacts of the new administration to touch on?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Yeah. So I I think there’s a lot of mixed information out there. A lot of the anecdotal feedback that we’re getting and the orders that are coming in, there is a positive market sentiment, at least in South Florida where we do the bulk of our business. So orders for single family residential are strong and this other light commercial, really has been strong since the second half of last year and continues. So despite, you know, despite permits and housing starts being down and even R and R trends not being there, we do get this anecdotal sort of positive feeling.
We’ll have to see how that changes. Affordability has been an issue, especially for sort of middle of the road condos that were historically a big portion of our business and that has been slower. So we’ll have to see how the other measures taken on by the administration play out. But initially, there’s sort of a positive sentiment amid also, I I guess, we’re we’re going straight into tariffs. Right?
Julio Romero, Analyst, Sidoti and Company: Yep. Yeah. So I’ll let you take it because it’s a it’s a Yeah.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: So this is not the first time we’re dealing with, tariffs. So we our windows are made of aluminum. The first time steel and aluminum tariff, or I guess not the first time, the first time recently, was during the first Trump administration in 2018. It went away, it came back in 2024. And then for a brief time during 2024, we also had an anti dumping duty levied on aluminum, which was later repealed by the International Trade Commission.
So we have seen these before. Historically, it leads to increases in price generally just because The U. S. Is not self sufficient in aluminum. So even U.
S. Peers, who are not importing the totality of their product, they do import a lot of components. So it impacts that way. Now for this one, we do we do have a steel and aluminum tariff that went into effect last week. Our strategy here is we are buying US aluminum.
We’ve already negotiated aluminum through the rest of the year for the most part, and the first shipment is already arriving at our factory. This will be US source aluminum. We ship it to Colombia, extrude the frames, assemble them into window and then ship them back into The US with no tariff. This is obviously there’s going to be an incremental cost associated, but it’s nowhere near the price of tariff on a finished product. So we’re looking at somewhere in the range of $12,000,000 on an annualized basis, which we’re more than confident will be easy to compensate through price increases.
And even if not, it’s still not a huge I mean, it’s not great, but it’s not a huge dent on our margins if we do have to assume it. Now that is extremely unlikely. We still have not increased our selling prices, just because we’re holding put and seeing how the market reacts to this before we move forward. But it does not take a very large market increase or a a very large price increase to cover that differential.
Julio Romero, Analyst, Sidoti and Company: Yeah. No. Absolutely. And and then, you know, back to your competitive cost advantages of being in in Colombia, you you have the ability to kind of use pricing as a lever to, to offset tariff impact, maybe more so than some of your competitors, if you could speak.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: I think a lot more than our competitors. So our, you know, our adjusted EBITDA margin hovers in the low thirties, which is roughly twice that of our competitors. So there is a lot of flexibility within our cost structure. There is so we’re also in a very advantageous position. We do have a lot of cash on hand.
We don’t have a lot of commitments coming up. So we have a very flexible, you know, we’re ready to we’re quick on our feet and we’re able to make any adjustments as needed. But then again, the cost benefit is just so we have the cost on shipping that we’ve discussed already. Labor in Colombia is about $3 an hour, and we pay attractive wages. So, typically 15% above average for starting positions.
So we don’t run into labor shortages or any of those, difficulties that do our US based peers do run. And then we have everything operating in one single facility. So we are extruding aluminum. We are transforming raw glass into architectural glass or coating, laminating, tempering, to make architectural glass. And that’s happening right next to where it gets assembled into a windows.
We have been investing heavily in automating the process in between with sorting and centralized warehousing. So that is a very efficient manufacturing process with very inexpensive labor. And it’s just a huge advantage compared to our competitors. Some do integrate some steps of the vertically integrated process, but most of them are buying glass from a third party or even when they do have their own aluminum capacity is usually in a different facility that requires trucking from one place to the other. And we have all that in a very streamlined, very large manufacturing campus, that it by far outweighs, any of the other, you know, positive headwinds that we feel.
And definitely, we do have a flexibility of lowering prices and, you know, still being more profitable than the competition. Absolutely. Strategically, we don’t sell cheap windows because they’re not. So we work really hard on our quality. It’s one of our biggest points of focus for everything operational.
Focus on quality is number one. And it’s important that our price reflects that. So we do sell at a discount when entering a new geography or to attract particularly new attractive account or new accounts. We are in the process of gaining a lot of market share, since we are growing and I don’t think markets are growing very much these days. So we do sell a slight discount, but the reason we have those margins is because we’re not just selling cheap, no frills window.
This is very, high end product and relatively well priced.
Julio Romero, Analyst, Sidoti and Company: Yeah. I I think that’s super important. I mean, historically, your strategy is not to compete on price. It’s competing on quality. I think folks maybe don’t know your product and then, you know, using price there as a lever if needed, but strategically or on a shorter term basis and then, but not not obviously for the longer term.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: So in construction, it’s important that we deliver quality products so we don’t hold up the construction and they can deliver their construction. But also customer service is one of the big ones. Because we are doing everything in one single vertically integrated facility, we’re able to resolve issues very quickly. So mishaps happen all the time. Think of glass being broken or the plumber came and drilled too hard and scratched the frame.
We’re able to sort that out of our factory within a week where most of our competitors would then have to call their third party suppliers to order in the scratch frame or the broken glass and then ship it to the job site. And within a week, we’re able to get it out to the job site. So that’s also a big driver. It’s not the price. It’s having the quality product.
It’s having the customer service to follow-up. And it’s it’s, you know, it’s one of the reasons when when we grow into new geography, we we take our time and we do it well, so that we can build those relationships because, ultimately, it’s a relationship driven business.
Julio Romero, Analyst, Sidoti and Company: Absolutely. Maybe we could turn to the record backlog you ended 2024 with backlog of $1,100,000,000 It was up both year over year and sequentially. It got a book to bill of $1,300,000,000 in the fourth quarter. How has conversion been looking? And do you think the backlog growth kind of continues?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Yes. So backlog is at its all time high. You didn’t ask about this, but I think it’s important to mention that we virtually don’t get any backlog cancellations. By the time we are awarded a job, financial closing has already happened and it’s either broken ground or about to break ground by the time the general contractor gets to subcontracting the suppliers of windows. So virtually no cancellations.
In the absolute worst case, we get some delays, but, you know, we’ve never had any material cancellations in the past and that’s not likely to change. Back on conversion rates. So historically, 65% of our commercial backlog rolls into revenues over the next twelve months. Now, there is there are some shifting dynamics, there. Our backlog has been growing mostly because we’ve been very active in a very attractive niche, which is the ultra luxury residences in South Florida.
These are 80 plus storey buildings all covered in glass. An individual project can be the $30,000,000 40 million dollars 50 million dollars range. So these are multiyear projects and they will stretch that backlog conversion rate out. So if we stood at $1,100,000,000 and did the 65%, we come up with commercial revenues in the range of $700,000,000 That’s slightly above what we have guided just because of these longer term projects.
Julio Romero, Analyst, Sidoti and Company: Got it. And it’s important what you said about the ultra luxury residences. You know, historically, they’ve been more resilient to interest rate changes, but you also mentioned earlier about the the the condos that are more, less luxury, I guess, best best to say. Right?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Yeah. So so we don’t we don’t do any of the, cheaper commoditized windows at our standard. But but historically, the meat and potatoes of our business, what does what were those sort of middle of the road condos? Those are more sensitive to interest rates and affordability is an issue. We do think there is a lot of demand in Florida for housing.
There is a lot of people planning to retire in Florida. So population is projected to continue to grow. We don’t see that changing, but in the short term, it does it has been somewhat slow. Fortunately, there’s this other light commercial side of our business. These are typically think of storefronts, maybe car dealerships or non luxury hotels, so like three star hotels that have more standard windows as opposed to the fancy curtain walls.
These have been doing very well, very strong level of demand since the second half of last year and that continues going into this year. It’s one of the variables where we have put out a broad range for guidance since these are spot orders relatively spot orders, not as quick as single family residential that usually gets delivered within six weeks or so. This will get delivered within three to four months, definitely less than six.
Julio Romero, Analyst, Sidoti and Company: And what do you think is driving that, kind of, like, commercial? Yeah. Are you three to four months quicker than competitors too? Like, is that also
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: a No. No. So so lead times are a big deal on single family residential. These are more on the schedule, you know, they’re usually having a big job performed. They need the windows delivered when they need the windows.
So it’s not usually as ASAP. It’s not it’s not that we have three to four months lead times. Those are just the delivery schedules that they need so it fits when their job site is ready.
Julio Romero, Analyst, Sidoti and Company: Gotcha. And then last conference call, you mentioned robust activity in in in luxury lodging and in class a office space. Can you just talk about that a little bit?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Yeah. So with with all this uncertainty, a lot of wealthy individuals are placing their cash in Florida real estate. That’s been going on for some time and continues to go on. And then there’s a lot of companies relocating and moving, to Florida. So they’re creating their headquarters and, you know, that also requires that the people that work there come in.
So it even, you know, brings more of that population growth that I mentioned earlier.
Julio Romero, Analyst, Sidoti and Company: Excellent. So maybe if we can turn to single family residential, big part of the story for sure and big part of your cash flow story. You had fourth quarter single family residential sales of $90,000,000 I I think it was a record for the fourth quarter, you know, record full year sales too on the single family front. And you said first quarter single family orders have been have been off to a strong start. Is that correct?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Yes. Yes. Now the the the we we don’t get the visibility of commercial, so it is much spot order. We have been able to, sign over very attractive accounts in Florida, particularly Central And Panhandle, Central Florida and The Panhandle. So, yeah, we’re definitely, expecting a year of growth.
It it is typically, as you mentioned, fourth quarter is the fourth quarter is typically our slowest quarter. Now we’ve been growing so much that that doesn’t really hold out every year in the past. But we we so sort of the cadence of or of deliveries does work that way, where q one will be then q q two will be higher than q three is typically the highest, and then q four is probably somewhere in line with Q2 or Q3.
Julio Romero, Analyst, Sidoti and Company: Absolutely. And then within single family residential, there’s a couple of different buckets. Right? I think one of the ways you’ve been kind of growing and diversifying the sales there is, you know, a twofold path of vinyl and showrooms, and there’s some overlap between the two. Can you just touch on that for us?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Yeah. Yeah. So I I think I mentioned in my remarks earlier that before ’9 or so before 2023, virtually all of our single family residential was in Florida. And in ’twenty four, about 85% of our residential was in Florida. And it’s because we our new growth initiatives are sort of starting to roll out.
Beginning in ’twenty three, we rolled out a series of showrooms. We got one in New York, one in South Carolina, then later we got another one in Texas. We have plans for showrooms out of, Arizona and California. These will be so this will be to offer our single family residential, which we cannot offer single family residential everywhere because it is small orders. So we do need that volume for the logistics to make sense.
And they’re starting to ramp up revenue. Now on the product side, there are two. So we rolled out vinyl, started bringing in revenues last year for the first time. All the all the windows we did before were aluminum. Now we have the vinyl frames.
During the year, we did gradually roll in the full product suite. So that took us some time and held back on the ramp up of Vinyl. Our product suites are now complete. So we have a couple of product lines for specific need and, with all the products that are needed, which should help them ramp up. Our revenues in vinyl last year were in the range of 5,000,000.
3 of those were in q four. And we’re guiding between 15 to 40 for this year, which is a where it’s a pretty broad range. The lower end, we’re almost there already. So we ended Q4 with three, which is not quite there, but it’s been increasing sequentially, not really linearly. And we’ve onboarded a few very attractive accounts with a very high potential for revenues on those.
And then the showroom initiatives is sort of our other growth. And these are presences where we are locations where we didn’t do any single family residential business. So everything we grow is up from zero. Meaning we don’t need to take a very large market share. Just a few points here and there will bring us a lot of growth since the base is nothing.
Julio Romero, Analyst, Sidoti and Company: Yeah. Goes back to your first point. You said at the beginning that, you know, the the macro headlines of residential are a little bit different than than you guys because of where you’re growing off of your base. Can so the the showrooms are selling both vinyl and aluminum. Right?
Is that fair?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: The show so initially, the showrooms, I guess, they were conceived before vinyl. They were meant for the aluminum single family residential, but we’ve actually fitted them with commercial products as well, because we found it’s very beneficial for the commercial customers to come and look at their products. I think it’s worth clarifying these showrooms are not like retail stores. So they’re not for the homeowners to come in and look at windows. Rather, they’re from the local window dealers or contractors to come in and get, you know, physical contact with our product.
So it’s appointment only. Again, we do have vinyl. We have single family residential aluminum, and we have commercial products on display.
Julio Romero, Analyst, Sidoti and Company: Absolutely. Can you touch on the garage doors portion a little bit? That’s something you mentioned a couple of conference calls ago. Then just give us a refresher on kind of where that is.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Yeah. It’s it’s growing a lot now. It is a very small niche. So as as the numbers in general, you know, every every house has windows, but not many have garage doors. Every unit is very expensive.
It does allow us to participate in those houses where we supply all the products. So that’s part of the importance of having the full product suite where we can also do the garage. Again, revenue wise, we’re only talking a couple of million, just because it’s a very niche product. It’s very high end product as well. But then we need to consider that as part of the integral strategy that we want to do the whole side of the business.
So when we’re talking one of these mansions really that have those doors, we get to do the whole house and then we also get to do the garage as well.
Julio Romero, Analyst, Sidoti and Company: Really helpful there. Just turning to your financials a bit, your your return on equity and return on invested capital are relatively multiples above kind of the building product sector averages. Just talk about what’s driven your ability to kind of maintain that edge and how do you allocate investments towards that?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Yeah. Yeah. That that that we don’t anticipate that discipline in capital allocation to change anytime soon. It’s very important. The way we invest is to keep growing organically, which we’ve been doing so successfully.
And we’re more profitable because we have a very modern, automated, vertically integrated manufacturing platform. And there’s still some more room for automation. So what we do is we take our old equipment, our existing glass furnace and laminator and cutting equipment, and we add automation between those steps in some centralized warehousing and sorting so that we can streamline the production process, basically doubling the output in a very similar footprint and gaining shorter lead times, which allow us to be more competitive. So a lot of we’re going to continue to be careful with cash allocation. I I do know that we are sitting on a lot of cash.
And one of the questions we get is, you know, what are you going to do with that management? It’s very careful not to burn through it. So, yeah, we’re betting on continue to grow organically, and we’re still generating cash. We don’t have a lot of commitments. It’s sort of a good problem to have.
There’s a lot of moving pieces, especially with the whole, political and macroeconomic environment. So we want to be able to respond, and this gives us the flexibility, you know. So yeah.
Julio Romero, Analyst, Sidoti and Company: Yeah. It makes sense that it’s worth noting your, you know, your net cash positive, I think, I think for the first time since you’ve been public. Yes. So that’s that’s a big deal. You have our share repurchase program.
If you could talk to that a little bit and and kinda how are you weighing kind of being opportunistic versus keeping maintaining flexibility in the Yeah.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: So so we do anticipate, I I guess, versus, our expectations at the beginning of the year, we’re going to have a slightly higher use of working capital, since we are securing The U. S. Sourced aluminum. I don’t think it’s not going to be something drastic to we’re still going to be generating a lot of operating cash flow. We are seeing CapEx stepping down a little for this year.
So we’re still going to be generating free cash flow
Julio Romero, Analyst, Sidoti and Company: going forward. Excellent. Excellent. You know, before we wrap up here, you know, any aspects of the technical story that are often overlooked? Any kind of key messages you want folks to kind of take away from today?
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: No. I think I’m thankful that that I think our story is getting across relatively well. We well, we have been delivering great results quarter after quarter after quarter. And I think we sort of breached that gap that took us a very long time, to be honest, if you look at the long term trajectory of how we’ve done. But I think we’re staying on quick feet, sort of staying ahead of the game.
I think we’re well prepared to navigate through tough situations as our COO says that’s what we’re made for. We have a light cost structure, very agile management that makes decisions quickly, and we have a very healthy cash position. So I think ultimately I think I think that generally gets well understood, but thank you so much for your help.
Julio Romero, Analyst, Sidoti and Company: Absolutely. Eduardo, thanks so much. Thanks to everyone at Technoglass and the ICR team. Appreciate you all taking the time.
Eduardo Pucci, Head of Financial Planning and Analysis, Technogloss: Good rest of the conference. Bye.
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