TPI Composites, Inc. (Nasdaq:TPIC), the largest U.S.-based
independent manufacturer of composite wind blades, today reported
financial results for the fourth quarter and full year ended
December 31, 2016.
Highlights
For the quarter ended December 31,
2016:
- Net sales of $185.6 million
- Total billings of $197.6 million
- Net loss attributable to common shareholders of $2.3 million or
$0.07 per diluted share
- EBITDA of $12.5 million, with an EBITDA margin of 6.7%
- Adjusted EBITDA of $14.3 million, with an Adjusted EBITDA
margin of 7.7%
For the full year 2016:
- Net sales of $754.9 million
- Total billings of $764.4 million
- Net income attributable to common shareholders of $8.4 million
or $0.48 per share on a fully-diluted basis. Net income was $13.8
million, or $0.41 per fully diluted share assuming that all shares
from the Company’s IPO had been outstanding since January 1,
2016
- EBITDA increased to $55.5 million, with an EBITDA margin of
7.4%
- Adjusted EBITDA of $66.2 million, with an Adjusted EBITDA
margin of 8.8%
KPIs |
|
Q4'16 |
Q4'15 |
FY 16 |
FY 15 |
|
Sets¹ |
541 |
527 |
2,154 |
1,609 |
|
Estimated
megawatts² |
1,234 |
1,191 |
4,920 |
3,595 |
|
Dedicated manufacturing
lines³ |
44 |
34 |
44 |
34 |
|
Manufacturing lines
installed⁴ |
33 |
30 |
33 |
30 |
|
Manufacturing lines in
startup⁵ |
3 |
2 |
3 |
10 |
|
Manufacturing lines in transition⁶ |
- |
7 |
- |
11 |
- Number of wind blade sets (which consist of three wind blades)
invoiced worldwide in the period.
- Estimated megawatts of energy capacity to be generated by wind
blade sets invoiced in the period.
- Number of manufacturing lines that are dedicated to our
customers under long-term supply agreements.
- Number of manufacturing lines installed and either in
operation, startup or transition.
- Number of manufacturing lines in a startup phase during the
pre-production and production ramp-up period.
- Number of manufacturing lines that were being transitioned to a
new wind blade model during the period.
“We delivered strong operational and financial
performance closing out the year with solid fourth quarter and full
year 2016 results as we finished ahead of our 2016 financial
guidance for total billings,” said Steven Lockard, TPI Composites’
President and Chief Executive Officer. “We remain focused on our
strategy to grow globally, diversify among our customer base and
expand profitability. Today, we reaffirm our target of 25% average
annual top line growth for the next few years. We currently have
$3.9 billion of revenue under long-term contracts covering 43 molds
and a strong, global pipeline of opportunities to support our
growth target.”
“Last quarter, we discussed the fact that GE had
announced their intention to purchase LM Wind Power, our largest
competitor. GE recently stated that it expects this transaction to
close in the second quarter of 2017. Our contracts with GE in Iowa
and Mexico remain in effect through 2020; however, the contracts
with GE in China and Turkey are due to expire at the end of
2017.”
“We are still in discussions with GE regarding a
potential extension of the GE China supply agreement but we have
agreed with GE not to extend the Turkey supply agreement. We expect
to backfill the three Turkey mold slots with two larger blade
models for a different customer. We expect to enter into a supply
agreement with this customer in either the first or second quarter
of this year with the ability to begin production in early
2018.”
“With respect to the GE China supply agreement,
we expect to reach an agreement in the second quarter to either
extend the supply agreement or, if necessary, backfill the four
molds from our demand pipeline in China.”
“Finally, outside of our wind business, TPI
continues to demonstrate additional commercial capabilities for our
composites expertise, and is gaining traction in our effort to
build a transportation business. We recently signed a supply
agreement to manufacture composite bus bodies for Proterra, a
leading supplier of zero-emission buses. TPI also recently signed
two new confidential automotive development programs for advanced
vehicle applications. These applications will be produced and
delivered out of our New England facilities. We remain focused on
our commitment to grow, improve our operational effectiveness,
expand margins and continue to drive down the levelized cost of
energy,” concluded Mr. Lockard.
Fourth Quarter 2016 Financial
ResultsNet sales for the three months ended December 31,
2016 increased by $6.6 million or 3.7% to $185.6 million compared
to $178.9 million in the same period in 2015. The increase was
driven by a 7.0% increase in average selling price per blade and a
0.7% increase in the number of wind blades delivered in the three
months ended December 31, 2016 compared to the same period in
2015. The increased blade volume was from our plants in the
U.S. and Mexico, partially offset by lower volume in EMEA.
The increase in net sales was partially offset by foreign
currency fluctuations in Turkey and China. Total billings for the
three months ended December 31, 2016 increased by $7.4 million
or 3.9% to $197.6 million compared to $190.3 million in the same
period in 2015. The impact of the strengthening of the U.S. dollar
against the Euro at our Turkey operations and the Chinese Renminbi
at our China operations on consolidated net sales and total
billings were reductions of 1.6% and 1.4%, respectively, for the
three months ended December 31, 2016.
Total cost of goods sold for the three months
ended December 31, 2016 was $166.5 million and included aggregate
costs of $6.7 million related to startup costs in our new plants in
Mexico and Turkey. This compares to total cost of goods sold for
the three months ended December 31, 2015 of $157.7 million,
including aggregate costs of $0.3 million related to the transition
of wind blades in our Dafeng, China plant. Cost of goods sold as a
percentage of net sales of wind blades increased by 2.7% during the
three months ended December 31, 2016 as compared to the same period
in 2015, driven by the increase in startup costs and partially
offset by improved operating efficiencies globally and the impact
of savings in raw material costs. Similar to the impact to net
sales above, the impact of the strengthening of the U.S. dollar
against the Euro, Turkish Lira, Mexican Peso and Chinese Renminbi
reduced consolidated cost of goods sold by 4.1% for three months
ended December 31, 2016.
General and administrative expenses for the
three months ended December 31, 2016 totaled $9.7 million as
compared to $4.6 million for the same period in 2015. As a
percentage of net sales, general and administrative expenses were
5.2% for the three months ended December 31, 2016, up from 2.6% in
the same period in 2015. The increase was primarily driven by
share-based compensation of $1.5 million recorded in the 2016
period (none was recorded in 2015) as well as additional costs
incurred to enhance our corporate support functions to support our
growth and public company governance.
The net loss for the three months ended December
31, 2016 was $2.3 million, as compared to net income of $11.5
million in the same period in 2015.
The net loss attributable to common shareholders
was $2.3 million during the three months ended December 31, 2016,
compared to net income attributable to common shareholders of $9.1
million in the same period in 2015. This was primarily due to the
expected higher startup costs in 2016 and the write off of $4.5
million of deferred financing costs and prepayment penalties
related to the refinancing of our credit facility. Diluted loss per
share was $0.07 for the three months ended December 31, 2016
compared to earnings per share of $2.15 for the three months ended
December 31, 2015.
EBITDA for three months ended December 31, 2016
decreased to $12.5 million, compared to $19.3 million during the
same period in 2015. The EBITDA margin fell to 6.7% compared to
10.8% in the 2015 period. Adjusted EBITDA for three months ended
December 31, 2016 decreased to $14.3 million compared to $19.5
million during the same period a year ago. The Adjusted EBITDA
margin fell to 7.7%, compared to 10.9% during the same period a
year ago. The decreases above in both the absolute amounts and as
percentages of net sales were primarily driven by higher startup
costs.
Capital expenditures increased to $11.6 million
for three months ended December 31, 2016 from $1.2 million during
the same period a year ago. Capex is primarily related to new
facilities or facility expansions and related machinery and
equipment.
Net debt as of December 31, 2016 improved to
$6.4 million from $90.7 million as of December 31, 2015. The
reduction was primarily a result of the completion of our IPO in
July 2016 and the repayment of certain debt with cash flows from
operations, partially offset by an increase in financing related to
our new facilities in Mexico and Turkey.
2017 OutlookFor 2017, the
Company expects:
- Total billings of between $930 million and $950 million
(1)
- Sets delivered of between 2,800 and 2,900
- Average sales price per blade of between $105,000 and
$110,000
- Estimated megawatts of sets delivered to be between 6,350 and
6,600
- Dedicated manufacturing lines under long-term agreements at
year end to be between 52 to 56
- Manufacturing lines installed at year end to be 40
- Manufacturing lines in transition during the year to be 5
- Manufacturing lines in startup during the year to be 15
- Startup and transition cost of between $30 million and $40
million
- Capital expenditures to be between $75 million and $85 million
(approx. 85% growth related)
- Effective tax rate to be between 20% and 25%
- Depreciation and amortization of between $23 million and $25
million
- Interest expense of between $11 million and $12 million
- Income tax expense of between $8 million and $10 million
- Share-based compensation of between $9.5 million and $10.5
million
(1) We have not reconciled our expected total billings to
expected net sales as calculated under GAAP because we have not yet
finalized calculations necessary to provide the reconciliation,
including the expected change in deferred revenue, and as such the
reconciliation is not possible without unreasonable efforts.
Conference Call and Webcast
Information TPI Composites will host an investor
conference call tomorrow morning, March 17, 2017 at 8:00am ET.
Interested parties are invited to listen to the conference call
which can be accessed live over the phone by dialing
1-877-407-3982, or for international callers, 1-201-493-6780. A
replay will be available two hours after the call and can be
accessed by dialing 1-844-512-2921, or for international callers,
1-412-317-6671. The passcode for the live call and the replay is
13656821. The replay will be available until March 24, 2017.
Interested investors and other parties may also listen to a
simultaneous webcast of the conference call by logging onto the
Investor Relations section of the Company’s website at
www.tpicomposites.com. The online replay will be available for a
limited time beginning immediately following the call.
About TPI Composites, Inc. TPI
Composites, Inc. is the largest U.S.-based independent manufacturer
of composite wind blades for the wind energy market. TPI delivers
high-quality, cost-effective composite solutions through long term
relationships with leading wind turbine manufacturers. TPI is
headquartered in Scottsdale, Arizona and operates factories
throughout the U.S., Mexico, China and Turkey.
Forward-Looking Statements This
release contains forward-looking statements which are made pursuant
to safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements, among other things, concerning: effects on our
financial statements and our financial outlook; our business
strategy, including anticipated trends and developments in and
management plans for our business and the wind industry and other
markets in which we operate; our projected annual revenue growth;
our ability to backfill molds with respect to GE supply contracts
that are not renewed; competition; future financial results,
operating results, revenues, gross margin, operating expenses,
products, projected costs, warranties, our ability to improve our
operating margins, and capital expenditures. These forward-looking
statements are often characterized by the use of words such as
“estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,”
“seek,” “believe,” “forecast,” “foresee,” “likely,” “may,”
“should,” “goal,” “target,” “might,” “will,” “could,” “predict,”
“continue” and the negative or plural of these words and other
comparable terminology. Forward-looking statements are only
predictions based on our current expectations and our projections
about future events. You should not place undue reliance on these
forward-looking statements. We undertake no obligation to update
any of these forward-looking statements for any reason. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ
materially from those expressed or implied by these statements.
These factors include, but are not limited to, the matters
discussed in “Risk Factors,” in our Annual Report on Form 10-K and
other reports that we will file with the SEC.
Non-GAAP DefinitionsThis press
release includes unaudited non-GAAP financial measures, including
total billings, EBITDA, adjusted EBITDA, net debt and free cash
flow. We define total billings as total amounts billed from
products and services that we are entitled to payment and have
billed under the terms of our long-term supply agreements or other
contractual arrangements. We define EBITDA as net income plus
interest expense (including losses on extinguishment of debt and
net of interest income), income taxes and depreciation and
amortization. We define adjusted EBITDA as EBITDA plus any
share-based compensation expense plus or minus any gains or losses
from foreign currency transactions. We define net debt as the total
principal amount of debt outstanding less unrestricted cash and
equivalents. We define free cash flow as net cash flow generated
from operating activities less capital expenditures. We present
non-GAAP measures when we believe that the additional information
is useful and meaningful to investors. Non-GAAP financial measures
do not have any standardized meaning and are therefore unlikely to
be comparable to similar measures presented by other companies. The
presentation of non-GAAP financial measures is not intended to be a
substitute for, and should not be considered in isolation from, the
financial measures reported in accordance with GAAP. See below for
a reconciliation of certain non-GAAP financial measures to the
comparable GAAP measures.
TPI COMPOSITES, INC.
AND SUBSIDIARIES |
|
TABLE ONE - CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(UNAUDITED) |
|
|
|
|
|
Three Months Ended December
31, |
|
Year Ended December
31, |
|
(in
thousands, except per share amounts) |
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
185,574 |
|
$ |
178,946 |
|
|
$ |
754,877 |
|
$ |
585,852 |
|
|
Cost of
sales |
|
|
159,849 |
|
|
157,423 |
|
|
|
659,745 |
|
|
528,247 |
|
|
Startup
and transition costs |
|
|
6,678 |
|
|
314 |
|
|
|
18,127 |
|
|
15,860 |
|
|
Total
cost of goods sold |
|
|
166,527 |
|
|
157,737 |
|
|
|
677,872 |
|
|
544,107 |
|
|
Gross
profit |
|
|
19,047 |
|
|
21,209 |
|
|
|
77,005 |
|
|
41,745 |
|
|
General
and administrative expenses |
|
|
9,738 |
|
|
4,596 |
|
|
|
33,892 |
|
|
14,126 |
|
|
Income
from operations |
|
|
9,309 |
|
|
16,613 |
|
|
|
43,113 |
|
|
27,619 |
|
|
Other
income (expense): |
|
|
|
|
|
|
|
Interest
income |
|
|
268 |
|
|
12 |
|
|
|
344 |
|
|
161 |
|
|
Interest
expense |
|
|
(4,905 |
) |
|
(3,671 |
) |
|
|
(17,614 |
) |
|
(14,565 |
) |
|
Loss on
extinguishment of debt |
|
|
(4,487 |
) |
|
- |
|
|
|
(4,487 |
) |
|
- |
|
|
Realized
loss on foreign currency remeasurement |
|
|
(57 |
) |
|
(181 |
) |
|
|
(757 |
) |
|
(1,802 |
) |
|
Miscellaneous income (expense) |
|
|
46 |
|
|
(54 |
) |
|
|
238 |
|
|
246 |
|
|
Total
other expense |
|
|
(9,135 |
) |
|
(3,894 |
) |
|
|
(22,276 |
) |
|
(15,960 |
) |
|
Income
before income taxes |
|
|
174 |
|
|
12,719 |
|
|
|
20,837 |
|
|
11,659 |
|
|
Income
tax provision |
|
|
(2,430 |
) |
|
(1,243 |
) |
|
|
(6,995 |
) |
|
(3,977 |
) |
|
Net
income (loss) |
|
|
(2,256 |
) |
|
11,476 |
|
|
|
13,842 |
|
|
7,682 |
|
|
Net
income attributable to preferred shareholders |
|
|
- |
|
|
2,356 |
|
|
|
5,471 |
|
|
9,423 |
|
|
Net
income (loss) attributable to common shareholders |
|
$ |
(2,256 |
) |
$ |
9,120 |
|
|
$ |
8,371 |
|
$ |
(1,741 |
) |
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
33,737 |
|
|
4,238 |
|
|
|
17,530 |
|
|
4,238 |
|
|
Diluted |
|
|
33,737 |
|
|
4,244 |
|
|
|
17,616 |
|
|
4,238 |
|
|
Net
income (loss) per common share: |
|
|
|
|
|
|
|
Basic |
|
$ |
(0.07 |
) |
$ |
2.15 |
|
|
$ |
0.48 |
|
$ |
(0.41 |
) |
|
Diluted |
|
$ |
(0.07 |
) |
$ |
2.15 |
|
|
$ |
0.48 |
|
$ |
(0.41 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP Measures: |
|
|
|
|
|
|
|
Total
billings |
|
$ |
197,645 |
|
$ |
190,270 |
|
|
$ |
764,424 |
|
$ |
600,107 |
|
|
EBITDA |
|
$ |
12,492 |
|
$ |
19,323 |
|
|
$ |
55,491 |
|
$ |
37,479 |
|
|
Adjusted
EBITDA |
|
$ |
14,334 |
|
$ |
19,504 |
|
|
$ |
66,150 |
|
$ |
39,281 |
|
|
TPI COMPOSITES, INC. AND
SUBSIDIARIES |
TABLE TWO - CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
December 31, |
($ in
thousands) |
|
2016 |
|
2015 |
|
|
|
|
Current
assets: |
|
|
Cash and
cash equivalents |
$ |
119,066 |
$ |
45,917 |
|
Restricted cash |
|
2,259 |
|
1,760 |
|
Accounts
receivable |
|
67,842 |
|
72,913 |
|
Inventories |
|
53,095 |
|
50,841 |
|
Inventories held for customer orders |
|
52,308 |
|
49,594 |
|
Prepaid
expenses and other current assets |
|
30,657 |
|
31,337 |
|
Total
current assets |
|
325,227 |
|
252,362 |
|
Noncurrent assets: |
|
|
Property,
plant, and equipment, net |
|
91,166 |
|
67,732 |
|
Other
noncurrent assets |
|
20,813 |
|
9,826 |
|
Total
assets |
$ |
437,206 |
$ |
329,920 |
|
|
Current
liabilities: |
|
|
Accounts
payable and accrued expenses |
$ |
112,281 |
$ |
101,108 |
|
Accrued
warranty |
|
19,912 |
|
13,596 |
|
Deferred
revenue |
|
69,568 |
|
65,520 |
|
Customer
deposits and customer advances |
|
1,390 |
|
8,905 |
|
Current
maturities of long-term debt |
|
33,403 |
|
52,065 |
|
Total
current liabilities |
|
236,554 |
|
241,194 |
|
Noncurrent liabilities: |
|
|
Long-term
debt, net of debt issuance costs, discount |
|
|
and
current maturities |
|
89,752 |
|
77,281 |
|
Other
noncurrent liabilities |
|
4,393 |
|
3,812 |
|
Total
liabilities |
|
330,699 |
|
322,287 |
|
Preferred shares and warrants |
|
- |
|
198,830 |
|
Shareholders' equity (deficit) |
|
106,507 |
|
(191,197 |
) |
Total
liabilities and shareholders' equity (deficit) |
$ |
437,206 |
$ |
329,920 |
|
|
|
|
Non-GAAP Measure: |
|
|
Net
debt |
$ |
6,379 |
$ |
90,667 |
|
TPI COMPOSITES, INC.
AND SUBSIDIARIES |
|
TABLE THREE - CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(UNAUDITED) |
|
|
|
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
($ in
thousands) |
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
$ |
25,865 |
|
$ |
27,783 |
|
|
$ |
53,841 |
|
$ |
31,293 |
|
|
Net cash
used in investing activities |
|
|
(11,590 |
) |
|
(1,054 |
) |
|
|
(30,507 |
) |
|
(26,215 |
) |
|
Net cash
provided by (used in) financing activities |
|
|
(1,041 |
) |
|
12,298 |
|
|
|
51,330 |
|
|
(2,423 |
) |
|
Impact
of foreign exchange rates on cash and cash |
|
|
|
|
|
|
|
equivalents |
|
|
(970 |
) |
|
(67 |
) |
|
|
(1,515 |
) |
|
(330 |
) |
|
Cash and
cash equivalents, beginning of period |
|
|
106,802 |
|
|
6,957 |
|
|
|
45,917 |
|
|
43,592 |
|
|
Cash and
cash equivalents, end of year |
|
$ |
119,066 |
|
$ |
45,917 |
|
|
$ |
119,066 |
|
$ |
45,917 |
|
|
TPI COMPOSITES, INC.
AND SUBSIDIARIES |
|
TABLE FOUR -
RECONCILIATION OF NON-GAAP
MEASURES |
|
(UNAUDITED) |
|
|
|
|
|
|
|
|
Total billings is
reconciled as follows: |
Three Months Ended December
31, |
|
Year Ended December
31, |
|
|
|
($ in
thousands) |
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
Net
sales |
$ |
185,574 |
|
$ |
178,946 |
|
|
$ |
754,877 |
|
$ |
585,852 |
|
|
Change
in deferred revenue: |
|
|
|
|
|
|
Blade-related deferred revenue at beginning of period
(1) |
|
(61,949 |
) |
|
(56,089 |
) |
|
|
(65,520 |
) |
|
(59,476 |
) |
|
Blade-related deferred revenue at end of period (1) |
|
69,568 |
|
|
65,520 |
|
|
|
69,568 |
|
|
65,520 |
|
|
Foreign exchange impact (2) |
|
4,452 |
|
|
1,893 |
|
|
|
5,499 |
|
|
8,211 |
|
|
Change in deferred revenue |
|
12,071 |
|
|
11,324 |
|
|
|
9,547 |
|
|
14,255 |
|
|
Total
billings |
$ |
197,645 |
|
$ |
190,270 |
|
|
$ |
764,424 |
|
$ |
600,107 |
|
|
|
|
|
|
|
|
|
EBITDA and adjusted
EBITDA are reconciled as follows: |
Three Months Ended December
31, |
|
Year Ended December
31, |
|
|
|
($ in
thousands) |
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net
income (loss) |
$ |
(2,256 |
) |
$ |
11,476 |
|
|
$ |
13,842 |
|
$ |
7,682 |
|
|
Adjustments: |
|
|
|
|
|
|
Depreciation and amortization |
|
3,194 |
|
|
2,945 |
|
|
|
12,897 |
|
|
11,416 |
|
|
Interest expense (net of interest income) |
|
4,637 |
|
|
3,659 |
|
|
|
17,270 |
|
|
14,404 |
|
|
Loss on extinguishment of debt |
|
4,487 |
|
|
- |
|
|
|
4,487 |
|
|
- |
|
|
Income tax provision |
|
2,430 |
|
|
1,243 |
|
|
|
6,995 |
|
|
3,977 |
|
|
EBITDA |
|
12,492 |
|
|
19,323 |
|
|
|
55,491 |
|
|
37,479 |
|
|
Share-based compensation expense |
|
1,785 |
|
|
- |
|
|
|
9,902 |
|
|
- |
|
|
Realized loss on foreign currency remeasurement |
|
57 |
|
|
181 |
|
|
|
757 |
|
|
1,802 |
|
|
Adjusted
EBITDA |
$ |
14,334 |
|
$ |
19,504 |
|
|
$ |
66,150 |
|
$ |
39,281 |
|
|
|
|
|
|
|
|
|
Free cash flow is
reconciled as follows: |
Three Months Ended December
31, |
|
Year Ended December
31, |
|
|
|
($ in
thousands) |
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
Net cash
provided by operating activities |
$ |
25,865 |
|
$ |
27,783 |
|
|
$ |
53,841 |
|
$ |
31,293 |
|
|
Capital
expenditures |
|
(11,590 |
) |
|
(1,200 |
) |
|
|
(30,507 |
) |
|
(26,361 |
) |
|
Free
cash flow |
$ |
14,275 |
|
$ |
26,583 |
|
|
$ |
23,334 |
|
$ |
4,932 |
|
|
|
|
Net debt is reconciled
as follows: |
|
|
|
|
|
|
December 31, |
|
|
|
|
($ in
thousands) |
|
2016 |
|
|
2015 |
|
|
|
|
|
Total
debt, net of debt issuance costs and discount |
$ |
123,155 |
|
$ |
129,346 |
|
|
|
|
|
Add debt
issuance costs |
|
2,290 |
|
|
4,220 |
|
|
|
|
|
Add
discount on debt |
|
- |
|
|
3,018 |
|
|
|
|
|
Less
cash and cash equivalents |
|
(119,066 |
) |
|
(45,917 |
) |
|
|
|
|
Net
debt |
$ |
6,379 |
|
$ |
90,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total billings is reconciled using the blade-related
deferred revenue amounts at the beginning and the end of the period
as follows: |
|
|
|
|
Three Months Ended December
31, |
|
Year Ended December
31, |
|
($ in
thousands) |
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
Blade-related deferred revenue at beginning of period |
$ |
61,949 |
|
$ |
56,089 |
|
|
$ |
65,520 |
|
$ |
59,476 |
|
|
Non-blade related deferred revenue at beginning of
period |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
Total
current and noncurrent deferred revenue at beginning of
period |
$ |
61,949 |
|
$ |
56,089 |
|
|
$ |
65,520 |
|
$ |
59,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blade-related deferred revenue at end of period |
$ |
69,568 |
|
$ |
65,520 |
|
|
$ |
69,568 |
|
$ |
65,520 |
|
|
Non-blade related deferred revenue at end of period |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
Total
current and noncurrent deferred revenue at end of period |
$ |
69,568 |
|
$ |
65,520 |
|
|
$ |
69,568 |
|
$ |
65,520 |
|
|
|
|
|
|
|
|
|
(2) Represents the effect of the difference in the exchange
rate used by our various foreign subsidiaries on the invoice date
versus the exchange rate used at the period-end balance sheet
date. |
|
Investor Relations
480-315-8742
investors@TPIComposites.com
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