10-Q Filing

TPI COMPOSITES, INC CIK: 1455684 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-017207`
Period End Date	20190331
Filing Date	20190508
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	tpic-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 38 Cash Flow Statement 64 Stockholders Equity 10 Comprehensive Income 8

Balance Sheet 69 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`	$148.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$85.35M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.74M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.10M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$138.84M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$78.32M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.01M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.85M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.56M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.85M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.25M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.68M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	86,000.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$167.21M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$176.81M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	67,000.00	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$116.71M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$133.11M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$43.30M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$26.04M	USD	Point-in-time
Inventories	`InventoryNet`	$6.16M	USD	Point-in-time
Inventories	`InventoryNet`	$5.74M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$429.94M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$414.20M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$159.42M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$171.89M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$135.90M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$31.23M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$44.11M	USD	Point-in-time
Total assets	`Assets`	$604.86M	USD	Point-in-time
Total assets	`Assets`	$781.84M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$218.29M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$199.08M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$36.77M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$39.53M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$41.57M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$27.06M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$17.01M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$7.14M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$7.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$323.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$270.04M	USD	Point-in-time
Long-term debt, net of debt issuance costs and current maturities	`LongTermDebtAndCapitalLeaseObligations`	$117.87M	USD	Point-in-time
Long-term debt, net of debt issuance costs and current maturities	`LongTermDebtAndCapitalLeaseObligations`	$110.56M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$123.06M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$3.70M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$3.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$383.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$568.57M	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, 35,100 shares issued and 35,014 shares outstanding at March 31, 2019 and 100,000 shares authorized, 34,745 shares issued and 34,678 shares outstanding at December 31, 2018	`CommonStockValue`	$351.00K	USD	Point-in-time
Common shares, $0.01 par value, 100,000 shares authorized, 35,100 shares issued and 35,014 shares outstanding at March 31, 2019 and 100,000 shares authorized, 34,745 shares issued and 34,678 shares outstanding at December 31, 2018	`CommonStockValue`	$347.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$317.23M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$311.77M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.39M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.87M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-87.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-74.98M	USD	Point-in-time
Treasury stock, at cost, 86 shares at March 31, 2019 and 67 shares at December 31, 2018	`TreasuryStockValue`	$2.35M	USD	Point-in-time
Treasury stock, at cost, 86 shares at March 31, 2019 and 67 shares at December 31, 2018	`TreasuryStockValue`	$1.79M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$220.96M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$213.28M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$604.86M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$781.84M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$299.78M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$253.98M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$283.04M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$210.99M	USD	1 Quarter
Startup and transition costs	`BusinessDevelopment`	$14.73M	USD	1 Quarter
Startup and transition costs	`BusinessDevelopment`	$18.18M	USD	1 Quarter
Total cost of goods sold	`CostOfRevenue`	$301.22M	USD	1 Quarter
Total cost of goods sold	`CostOfRevenue`	$225.72M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$28.26M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-1.44M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.22M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$11.16M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-11.66M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$17.09M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$51.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$41.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.34M	USD	1 Quarter
Realized loss on foreign currency remeasurement	`ForeignCurrencyTransactionGainLossBeforeTax`	$-4.01M	USD	1 Quarter
Realized loss on foreign currency remeasurement	`ForeignCurrencyTransactionGainLossBeforeTax`	$-3.80M	USD	1 Quarter
Miscellaneous income	`OtherNonoperatingIncome`	$702.00K	USD	1 Quarter
Miscellaneous income	`OtherNonoperatingIncome`	$818.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-5.05M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-6.49M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-16.70M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.61M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$-4.60M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$1.96M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-12.10M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$8.65M	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	34.05M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	34.91M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.48M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.91M	shares	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.35	USD	1 Quarter
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.25	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.35	USD	1 Quarter
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.24	USD	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-12.10M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$8.65M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.66M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.07M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$2.39M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$985.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$181.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$51.00K	USD	1 Quarter
Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$-2.23M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.63M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-8.49M	USD	1 Quarter
Contract assets and liabilities	`IncreaseDecreaseInContractAssetsAndLiabilitiesNet`	$15.90M	USD	1 Quarter
Contract assets and liabilities	`IncreaseDecreaseInContractAssetsAndLiabilitiesNet`	$22.71M	USD	1 Quarter
Operating lease right of use assets and operating lease liabilities	`IncreaseDecreaseInOperatingLeaseRightOfUseAssetsAndOperatingLeaseLiabilities`	$-4.17M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$93.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$419.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.21M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$17.22M	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-734.00K	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$14.05M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.24M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$17.78M	USD	1 Quarter
Accrued warranty	`IncreaseDecreaseInAccruedWarranty`	$2.77M	USD	1 Quarter
Accrued warranty	`IncreaseDecreaseInAccruedWarranty`	$2.25M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$462.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-158.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.09M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.03M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.71M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.71M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.71M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.71M	USD	1 Quarter
Proceeds from revolving loans	`ProceedsFromLongTermLinesOfCredit`	$6.00M	USD	1 Quarter
Repayments of term and revolving loans	`ProceedsFromRepaymentsOfDebt`	$-938.00K	USD	1 Quarter
Net proceeds from accounts receivable financing	`ProceedsFromRepaymentsOfAccountsReceivableSecuritization`	$8.09M	USD	1 Quarter
Net proceeds from accounts receivable financing	`ProceedsFromRepaymentsOfAccountsReceivableSecuritization`	$13.21M	USD	1 Quarter
Proceeds from working capital loans	`ProceedsFromShortTermDebt`	$2.23M	USD	1 Quarter
Principal repayments of finance leases	`FinanceLeasePrincipalPayments`	$2.93M	USD	1 Quarter
Net repayments of other debt	`ProceedsFromRepaymentsOfOtherDebt`	$-2.98M	USD	1 Quarter
Net repayments of other debt	`ProceedsFromRepaymentsOfOtherDebt`	$-1.45M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$4.57M	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
Repurchase of common stock including shares withheld in lieu of income taxes	`PaymentsForRepurchaseOfCommonStock`	$559.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$21.07M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.49M	USD	1 Quarter
Impact of foreign exchange rates on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$993.00K	USD	1 Quarter
Impact of foreign exchange rates on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$386.00K	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.73M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.87M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$89.38M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$142.57M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$152.44M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$80.64M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$89.38M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$142.57M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$152.44M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$80.64M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$1.94M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$3.13M	USD	1 Quarter
Cash paid for income taxes, net	`IncomeTaxesPaidNet`	$4.78M	USD	1 Quarter
Cash paid for income taxes, net	`IncomeTaxesPaidNet`	$1.43M	USD	1 Quarter
Accrued capital expenditures in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$6.41M	USD	1 Quarter
Accrued capital expenditures in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$4.42M	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$220.96M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$213.28M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-12.10M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$8.65M	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$821.00K	USD	1 Quarter
Issuances under share-based compensation plan	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$4.64M	USD	1 Quarter
Common stock repurchased for treasury	`TreasuryStockValueAcquiredCostMethod`	$559.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-477.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$220.96M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$213.28M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-12.10M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$8.65M	USD	1 Quarter
Unrealized gain on hedging derivatives	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$481.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.33M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.89M	USD	1 Quarter
Unrealized loss on hedging derivatives, net of taxes of $481 for the three months ended March 31, 2019	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-1.81M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-12.58M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$10.54M	USD	1 Quarter

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