10-Q Filing

TPI COMPOSITES, INC CIK: 1455684 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-010728`
Period End Date	20180331
Filing Date	20180503
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	tpic-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 38 Cash Flow Statement 59 Comprehensive Income 6

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$138.84M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.05M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$148.11M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.13M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.85M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.25M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.02M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.10M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$121.58M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$117.95M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	28,000.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	31,000.00	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$130.01M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$105.62M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$35.72M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$27.51M	USD	Point-in-time
Inventories	`InventoryNet`	$4.21M	USD	Point-in-time
Inventories	`InventoryNet`	$4.11M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$410.78M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$429.98M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$123.48M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$126.86M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$22.31M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$23.02M	USD	Point-in-time
Total assets	`Assets`	$579.86M	USD	Point-in-time
Total assets	`Assets`	$556.56M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$167.18M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$169.18M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$32.67M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$30.42M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$43.09M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$35.51M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$2.76M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$4.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$235.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$249.38M	USD	Point-in-time
Long-term debt, net of debt issuance costs and current maturities	`LongTermDebtAndCapitalLeaseObligations`	$82.66M	USD	Point-in-time
Long-term debt, net of debt issuance costs and current maturities	`LongTermDebtAndCapitalLeaseObligations`	$85.88M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$4.94M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$4.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$326.68M	USD	Point-in-time
Total liabilities	`Liabilities`	$336.83M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, $0.01 par value, 100,000 shares authorized and 34,128 shares issued and 34,097 shares outstanding at March 31, 2018 and 100,000 shares authorized and 34,049 shares issued and 34,021 shares outstanding at December 31, 2017	`CommonStockValue`	$341.00K	USD	Point-in-time
Common shares, $0.01 par value, 100,000 shares authorized and 34,128 shares issued and 34,097 shares outstanding at March 31, 2018 and 100,000 shares authorized and 34,049 shares issued and 34,021 shares outstanding at December 31, 2017	`CommonStockValue`	$340.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$304.23M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$301.54M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.33M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-558.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-70.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-62.28M	USD	Point-in-time
Treasury stock, at cost, 31 shares at March 31, 2018 and 28 shares at December 31, 2017	`TreasuryStockValue`	$511.00K	USD	Point-in-time
Treasury stock, at cost, 31 shares at March 31, 2018 and 28 shares at December 31, 2017	`TreasuryStockValue`	$587.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$229.88M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$243.03M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$556.56M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$579.86M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales (Note 4)	`SalesRevenueNet`	$208.62M	USD	1 Quarter
Net sales (Note 4)	`SalesRevenueNet`	$253.98M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$182.54M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$210.99M	USD	1 Quarter
Startup and transition costs	`BusinessDevelopment`	$6.16M	USD	1 Quarter
Startup and transition costs	`BusinessDevelopment`	$14.73M	USD	1 Quarter
Total cost of goods sold	`CostOfRevenue`	$225.72M	USD	1 Quarter
Total cost of goods sold	`CostOfRevenue`	$188.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$28.26M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.92M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$11.16M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.31M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$11.61M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$17.09M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$19.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$41.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.34M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.03M	USD	1 Quarter
Realized loss on foreign currency remeasurement	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.38M	USD	1 Quarter
Realized loss on foreign currency remeasurement	`ForeignCurrencyTransactionGainLossBeforeTax`	$-4.01M	USD	1 Quarter
Miscellaneous income	`OtherNonoperatingIncome`	$818.00K	USD	1 Quarter
Miscellaneous income	`OtherNonoperatingIncome`	$320.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-6.49M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-4.07M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.54M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.61M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.33M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.96M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.21M	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	33.74M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	34.05M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.83M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.48M	shares	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.25	USD	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.15	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.15	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.24	USD	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.21M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.95M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$2.39M	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`	$181.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.63M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$28.72M	USD	1 Quarter
Contract assets and liabilities	`IncreaseDecreaseInContractAssetsAndLiabilitiesNet`	$-6.85M	USD	1 Quarter
Contract assets and liabilities	`IncreaseDecreaseInContractAssetsAndLiabilitiesNet`	$22.71M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$93.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$68.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.21M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-6.82M	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$156.00K	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-734.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.24M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$11.93M	USD	1 Quarter
Accrued warranty	`IncreaseDecreaseInAccruedWarranty`	$2.25M	USD	1 Quarter
Accrued warranty	`IncreaseDecreaseInAccruedWarranty`	$2.08M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$197.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-158.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$9.94M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-3.03M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.71M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.92M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-11.71M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-16.92M	USD	1 Quarter
Repayments of term loan	`ProceedsFromRepaymentsOfDebt`	$-938.00K	USD	1 Quarter
Repayments of term loan	`ProceedsFromRepaymentsOfDebt`	$-938.00K	USD	1 Quarter
Net proceeds from (repayments of) accounts receivable financing	`ProceedsFromRepaymentsOfAccountsReceivableSecuritization`	$8.09M	USD	1 Quarter
Net proceeds from (repayments of) accounts receivable financing	`ProceedsFromRepaymentsOfAccountsReceivableSecuritization`	$-1.23M	USD	1 Quarter
Net proceeds from working capital loans	`ProceedsFromShortTermDebt`	$517.00K	USD	1 Quarter
Net repayments of other debt	`ProceedsFromRepaymentsOfOtherDebt`	$-2.98M	USD	1 Quarter
Net repayments of other debt	`ProceedsFromRepaymentsOfOtherDebt`	$-1.16M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$585.00K	USD	1 Quarter
Repurchase of common stock including shares withheld in lieu of income taxes	`PaymentsForRepurchaseOfCommonStock`	$272.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$4.49M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-2.81M	USD	1 Quarter
Impact of foreign exchange rates on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-63.00K	USD	1 Quarter
Impact of foreign exchange rates on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$386.00K	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-9.86M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-9.87M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$152.44M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$129.86M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$120.01M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$142.57M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$152.44M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$129.86M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$120.01M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$142.57M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$2.90M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$3.13M	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`	$2.57M	USD	1 Quarter
Accrued capital expenditures in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$4.42M	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.21M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$277.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.89M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$5.49M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$10.54M	USD	1 Quarter

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