10-Q Filing

TPI COMPOSITES, INC CIK: 1455684 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-009393`
Period End Date	20170331
Filing Date	20170508
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	tpic-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 41 Cash Flow Statement 62 Comprehensive Income 6

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.50M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.50M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$115.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$45.92M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.84M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.07M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.93M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.26M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable (Note 3)	`AccountsReceivableNetCurrent`	$67.84M	USD	Point-in-time
Accounts receivable (Note 3)	`AccountsReceivableNetCurrent`	$96.56M	USD	Point-in-time
Inventories	`InventoryNet`	$53.09M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventories	`InventoryNet`	$51.95M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.74M	shares	Point-in-time
Inventories held for customer orders	`InventoryHeldForCustomerOrders`	$68.67M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.74M	shares	Point-in-time
Inventories held for customer orders	`InventoryHeldForCustomerOrders`	$52.31M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.66M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.74M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$23.84M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.74M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$358.49M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$325.23M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$91.17M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$103.49M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$20.81M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$15.96M	USD	Point-in-time
Total assets	`Assets`	$437.21M	USD	Point-in-time
Total assets	`Assets`	$477.94M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$112.28M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$123.39M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$21.89M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$19.91M	USD	Point-in-time
Deferred revenue (Note 3)	`DeferredRevenueCurrent`	$69.57M	USD	Point-in-time
Deferred revenue (Note 3)	`DeferredRevenueCurrent`	$89.32M	USD	Point-in-time
Customer deposits and customer advances	`CustomerAdvancesAndDepositsCurrent`	$6.22M	USD	Point-in-time
Customer deposits and customer advances	`CustomerAdvancesAndDepositsCurrent`	$1.39M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$33.40M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$32.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$236.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$273.30M	USD	Point-in-time
Long-term debt, net of debt issuance costs and current maturities	`LongTermDebtAndCapitalLeaseObligations`	$89.75M	USD	Point-in-time
Long-term debt, net of debt issuance costs and current maturities	`LongTermDebtAndCapitalLeaseObligations`	$88.02M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$4.39M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$4.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$365.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$330.70M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred shares, $0.01 par value, 5,500 shares authorized, no shares issued or outstanding at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares, $0.01 par value, 5,500 shares authorized, no shares issued or outstanding at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common shares, $0.01 par value, 100,000 shares authorized and 33,737 shares issued and outstanding at March 31, 2017 and December 31, 2016	`CommonStockValue`	$337.00K	USD	Point-in-time
Common shares, $0.01 par value, 100,000 shares authorized and 33,737 shares issued and outstanding at March 31, 2017 and December 31, 2016	`CommonStockValue`	$337.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$295.29M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$292.83M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.58M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-182.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-179.98M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$112.07M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$106.51M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$437.21M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$477.94M	USD	Point-in-time

Income Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net sales (Note 3)	`SalesRevenueNet`	$191.60M	USD	1 Quarter
Net sales (Note 3)	`SalesRevenueNet`	$176.11M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$159.87M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$167.42M	USD	1 Quarter
Startup and transition costs	`BusinessDevelopment`	$6.16M	USD	1 Quarter
Startup and transition costs	`BusinessDevelopment`	$3.31M	USD	1 Quarter
Total cost of goods sold	`CostOfRevenue`	$163.17M	USD	1 Quarter
Total cost of goods sold	`CostOfRevenue`	$173.58M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.02M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.94M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.31M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.75M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$9.71M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$8.19M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$19.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$21.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.03M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.91M	USD	1 Quarter
Realized loss on foreign currency remeasurement	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.38M	USD	1 Quarter
Realized loss on foreign currency remeasurement	`ForeignCurrencyTransactionGainLossBeforeTax`	$-439.00K	USD	1 Quarter
Miscellaneous income	`MiscellaneousIncomeExpense`	$320.00K	USD	1 Quarter
Miscellaneous income	`MiscellaneousIncomeExpense`	$190.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-4.14M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-4.07M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.65M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.05M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.10M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.75M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.54M	USD	1 Quarter
Net income attributable to preferred shareholders	`PreferredStockDividendsAndOtherAdjustments`	$2.44M	USD	1 Quarter
Net income (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-691.00K	USD	1 Quarter
Net income (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$3.54M	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	33.74M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.24M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.83M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.24M	shares	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.16	USD	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.11	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.16	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.10	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.75M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.54M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.83M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.01M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$1.71M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$143.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$412.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$755.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$28.72M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$14.12M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$15.22M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$5.27M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-6.82M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.35M	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.96M	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-5.87M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$11.21M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$6.80M	USD	1 Quarter
Accrued warranty	`IncreaseDecreaseInAccruedWarranty`	$1.98M	USD	1 Quarter
Accrued warranty	`IncreaseDecreaseInAccruedWarranty`	$14.34M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$4.83M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$2.54M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$19.75M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-493.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$446.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$197.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$15.94M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.14M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.89M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.92M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-10.89M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-16.92M	USD	1 Quarter
Repayment of term loan	`ProceedsFromRepaymentsOfDebt`	$-938.00K	USD	1 Quarter
Net proceeds from (repayments of) accounts receivable financing	`ProceedsFromRepaymentsOfAccountsReceivableSecuritization`	$6.80M	USD	1 Quarter
Net proceeds from (repayments of) accounts receivable financing	`ProceedsFromRepaymentsOfAccountsReceivableSecuritization`	$-1.23M	USD	1 Quarter
Net proceeds from (repayments of) working capital loans	`ProceedsFromRepaymentsOfShortTermDebt`	$-4.96M	USD	1 Quarter
Net proceeds from (repayments of) working capital loans	`ProceedsFromRepaymentsOfShortTermDebt`	$517.00K	USD	1 Quarter
Net repayments of other debt	`ProceedsFromRepaymentsOfOtherDebt`	$-1.16M	USD	1 Quarter
Net repayments of other debt	`ProceedsFromRepaymentsOfOtherDebt`	$-1.19M	USD	1 Quarter
Proceeds from customer advances	`ProceedsFromCustomerAdvances`	$2.00M	USD	1 Quarter
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$331.00K	USD	1 Quarter
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$-647.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-2.48M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.00M	USD	1 Quarter
Impact of foreign exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-51.00K	USD	1 Quarter
Impact of foreign exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-63.00K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.52M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.07M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$115.54M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$45.92M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$35.84M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$119.07M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$115.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$45.92M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$35.84M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$119.07M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$2.56M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$2.90M	USD	1 Quarter
Cash paid for income taxes, net	`IncomeTaxesPaidNet`	$4.15M	USD	1 Quarter
Cash paid for income taxes, net	`IncomeTaxesPaidNet`	$1.43M	USD	1 Quarter
Accrued capital expenditures in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$760.00K	USD	1 Quarter
Accrued capital expenditures in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$2.57M	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.75M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.54M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$277.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$428.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$3.82M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$2.17M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.