truehttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrenttruehttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsP1Y--12-31P1Y0001455684http://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrentP1YP1YP3MfalseQ3http://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligations0001455684us-gaap:CommonStockMember2021-07-012021-09-300001455684us-gaap:ForeignExchangeForwardMemberus-gaap:OtherCurrentAssetsMember2022-09-300001455684tpic:FourthAnniversaryMembertpic:TimedBasedRestrictedStockUnitsMember2022-01-012022-09-3000014556842021-09-300001455684country:US2022-06-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2022-07-012022-09-300001455684country:TR2022-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:AsiaSegmentMember2022-01-012022-09-300001455684tpic:IndiaSegmentMember2021-12-310001455684tpic:UnitedStatesSegmentMembertpic:WindBladesMember2022-07-012022-09-300001455684srt:AsiaMember2021-12-310001455684us-gaap:CommonStockMember2021-09-300001455684country:MX2022-07-012022-09-300001455684us-gaap:CommonStockMember2022-06-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:AsiaSegmentMember2021-01-012021-09-300001455684country:TR2021-12-310001455684us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001455684us-gaap:ForeignExchangeOptionMemberus-gaap:CashFlowHedgingMembertpic:ContractsToHedgeInMexicanPesosMember2022-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001455684tpic:AccumulatedInterestRateSwapsMember2022-04-012022-06-300001455684us-gaap:RetainedEarningsMember2022-03-310001455684tpic:UnitedStatesSegmentMembertpic:TransportationMember2021-07-012021-09-300001455684country:US2021-12-310001455684us-gaap:TreasuryStockMember2021-03-310001455684us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-03-310001455684us-gaap:RetainedEarningsMember2022-04-012022-06-300001455684tpic:FieldServicesInspectionAndRepairServicesMember2021-07-012021-09-300001455684tpic:UnitedStatesSegmentMembertpic:WindBladesMember2021-07-012021-09-300001455684tpic:EuropeMiddleEastAndAfricaSegmentMember2022-01-012022-09-300001455684us-gaap:SeriesAPreferredStockMember2022-04-012022-06-300001455684tpic:UnitedStatesSegmentMembertpic:PrecisionMoldingAndAssemblySystemsMember2021-01-012021-09-300001455684tpic:IndiaSegmentMembertpic:TransportationMember2022-01-012022-09-300001455684tpic:OtherMembertpic:UnitedStatesSegmentMember2022-01-012022-09-300001455684srt:AsiaMember2022-01-012022-03-310001455684tpic:MexicoSegmentMembertpic:TransportationMember2021-01-012021-09-300001455684tpic:AccumulatedInterestRateSwapsMember2021-06-3000014556842022-01-012022-03-310001455684tpic:UnitedStatesSegmentMembertpic:PrecisionMoldingAndAssemblySystemsMember2022-07-012022-09-300001455684country:CN2021-07-012021-09-300001455684tpic:WindBladesMember2022-01-012022-09-300001455684tpic:WindBladesMembertpic:EuropeMiddleEastAndAfricaSegmentMember2022-07-012022-09-300001455684us-gaap:EMEAMember2022-03-310001455684tpic:EuropeMiddleEastAndAfricaSegmentMember2022-07-012022-09-300001455684srt:AsiaMember2022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMember2022-07-012022-09-300001455684srt:AsiaMember2021-01-012021-09-300001455684tpic:AsiaSegmentMember2021-07-012021-09-300001455684us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembertpic:NordexMember2022-07-012022-09-300001455684tpic:MexicoSegmentMembertpic:TransportationMember2022-07-012022-09-300001455684country:TR2021-01-012021-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:AsiaSegmentMember2021-01-012021-09-300001455684us-gaap:RetainedEarningsMember2021-06-300001455684tpic:OtherMembertpic:EuropeMiddleEastAndAfricaSegmentMember2021-01-012021-09-300001455684tpic:MexicoSegmentMembertpic:PrecisionMoldingAndAssemblySystemsMember2021-07-012021-09-300001455684tpic:MexicoSegmentMembertpic:OtherMember2022-07-012022-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:EuropeMiddleEastAndAfricaSegmentMember2021-01-012021-09-300001455684tpic:IndiaSegmentMembertpic:TransportationMember2021-07-012021-09-300001455684us-gaap:CustomerConcentrationRiskMembertpic:NordexMemberus-gaap:AccountsReceivableMember2022-01-012022-09-3000014556842022-07-012022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:IndiaSegmentMember2021-07-012021-09-300001455684tpic:GEWindMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001455684us-gaap:CommonStockMember2022-07-012022-09-300001455684us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembertpic:NordexMember2022-01-012022-09-300001455684us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:EuropeMiddleEastAndAfricaSegmentMember2022-07-012022-09-300001455684tpic:UnitedStatesSegmentMember2021-12-310001455684us-gaap:ForeignExchangeOptionMembertpic:ContractsToHedgeInMexicanPesosMember2021-01-012021-09-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001455684tpic:AccumulatedInterestRateSwapsMember2022-07-012022-09-300001455684tpic:WindBladesMember2022-07-012022-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMember2021-07-012021-09-300001455684tpic:MexicoSegmentMember2022-07-012022-09-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2021-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001455684us-gaap:TreasuryStockMember2021-01-012021-03-310001455684us-gaap:SeriesAPreferredStockMember2021-12-310001455684tpic:EuropeMiddleEastAndAfricaMembertpic:FinanceLeaseObligationsMember2021-12-310001455684us-gaap:CostOfSalesMember2022-07-012022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:MexicoSegmentMember2022-07-012022-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:IndiaSegmentMember2022-07-012022-09-300001455684tpic:OtherMember2022-01-012022-09-300001455684tpic:MexicoSegmentMembertpic:OtherMember2021-01-012021-09-300001455684us-gaap:CustomerConcentrationRiskMembertpic:VestasMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001455684us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2022-07-012022-09-300001455684tpic:OtherMembertpic:AsiaSegmentMember2022-07-012022-09-300001455684us-gaap:GeneralAndAdministrativeExpenseMember2022-07-012022-09-300001455684tpic:MexicoSegmentMember2022-09-300001455684tpic:TimedBasedRestrictedStockUnitsMember2022-01-012022-09-300001455684country:IN2022-07-012022-09-300001455684country:TR2022-07-012022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:EuropeMiddleEastAndAfricaSegmentMember2021-01-012021-09-300001455684tpic:MexicoSegmentMembertpic:WindBladesMember2021-01-012021-09-300001455684us-gaap:RetainedEarningsMember2022-06-300001455684tpic:AccumulatedInterestRateSwapsMember2021-07-012021-09-300001455684tpic:GEWindMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-07-012022-09-300001455684tpic:MexicoSegmentMembertpic:PrecisionMoldingAndAssemblySystemsMember2021-01-012021-09-300001455684us-gaap:WarrantMember2022-01-012022-09-300001455684country:IN2022-01-012022-09-300001455684tpic:CertainStrategicTargetsMembertpic:PerformanceBasedRestrictedStockUnitsMember2022-01-012022-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001455684tpic:UnitedStatesSegmentMember2022-07-012022-09-300001455684us-gaap:CustomerConcentrationRiskMembertpic:EnerconMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001455684tpic:AsiaSegmentMembertpic:WindBladesMember2022-07-012022-09-300001455684tpic:AsiaSegmentMember2022-07-012022-09-300001455684tpic:OtherEquipmentFinanceLeasesMember2022-09-300001455684srt:AsiaMember2021-07-012021-09-300001455684us-gaap:TreasuryStockMember2022-03-310001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:AsiaSegmentMember2022-01-012022-09-3000014556842021-03-310001455684tpic:MexicoSegmentMember2021-07-012021-09-300001455684us-gaap:RetainedEarningsMember2022-09-300001455684tpic:AsiaSegmentMember2021-12-310001455684tpic:IndiaSegmentMembertpic:WindBladesMember2022-01-012022-09-300001455684country:CN2021-12-310001455684us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100014556842022-06-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:AsiaSegmentMember2021-07-012021-09-300001455684us-gaap:CommonStockMember2022-09-300001455684us-gaap:TreasuryStockMember2022-04-012022-06-300001455684us-gaap:ForeignExchangeOptionMembertpic:ContractsToHedgeInMexicanPesosMember2021-07-012021-09-3000014556842021-07-012021-09-300001455684tpic:TransportationMember2021-01-012021-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:EuropeMiddleEastAndAfricaSegmentMember2022-07-012022-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001455684us-gaap:CommonStockMember2022-03-310001455684tpic:UnitedStatesSegmentMember2021-01-012021-09-300001455684tpic:MexicoSegmentMember2021-01-012021-09-300001455684us-gaap:EMEAMember2022-07-012022-09-300001455684tpic:AccumulatedInterestRateSwapsMember2021-01-012021-03-310001455684us-gaap:RetainedEarningsMember2021-03-310001455684tpic:FinanceLeaseObligationsMembercountry:MX2021-12-310001455684tpic:IndiaSegmentMembertpic:WindBladesMember2021-01-012021-09-300001455684tpic:OtherMember2021-07-012021-09-300001455684us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001455684tpic:TimedBasedRestrictedStockUnitsMembertpic:SecondAnniversaryMember2022-01-012022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:MexicoSegmentMember2021-01-012021-09-3000014556842021-04-012021-06-300001455684us-gaap:CommonStockMember2021-04-012021-06-300001455684us-gaap:CostOfSalesMember2021-07-012021-09-300001455684country:US2022-04-012022-06-300001455684srt:MaximumMember2022-01-012022-09-300001455684srt:AsiaMember2022-06-300001455684srt:AsiaMember2022-07-012022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMember2021-01-012021-09-300001455684srt:AsiaMember2022-01-012022-09-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2021-03-310001455684tpic:AccumulatedInterestRateSwapsMember2022-03-310001455684tpic:UnitedStatesSegmentMembertpic:TransportationMember2022-01-012022-09-300001455684country:CN2021-01-012021-09-300001455684tpic:FinanceLeaseObligationsMembercountry:MX2022-09-300001455684us-gaap:EmployeeStockOptionMember2021-01-012021-09-3000014556842021-12-310001455684tpic:UnitedStatesSegmentMembertpic:PrecisionMoldingAndAssemblySystemsMember2022-01-012022-09-300001455684tpic:FirstAndSecondAnniversaryMembertpic:TimedBasedRestrictedStockUnitsMember2022-09-300001455684us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:ForeignExchangeForwardMember2021-12-310001455684tpic:OtherMembertpic:IndiaSegmentMember2021-07-012021-09-300001455684tpic:AccumulatedInterestRateSwapsMember2021-09-300001455684us-gaap:CostOfSalesMember2021-01-012021-09-300001455684country:CN2022-07-012022-09-300001455684tpic:MexicoSegmentMembertpic:WindBladesMember2021-07-012021-09-300001455684country:MX2022-03-310001455684us-gaap:CommonStockMember2021-01-012021-03-310001455684tpic:AccumulatedInterestRateSwapsMember2022-01-012022-03-310001455684us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMember2022-07-012022-09-3000014556842025-01-012022-09-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2022-01-012022-03-310001455684tpic:OtherMembertpic:UnitedStatesSegmentMember2022-07-012022-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001455684us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001455684country:IN2021-07-012021-09-300001455684tpic:UnitedStatesSegmentMember2021-07-012021-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2021-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:IndiaSegmentMember2022-07-012022-09-300001455684us-gaap:AdditionalPaidInCapitalMember2022-03-310001455684tpic:WindBladesMember2021-07-012021-09-300001455684us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001455684us-gaap:ForeignExchangeOptionMembertpic:ContractsToHedgeInMexicanPesosMember2022-07-012022-09-300001455684tpic:CertainStockPriceHurdlesMembertpic:PerformanceBasedRestrictedStockUnitsMember2022-01-012022-09-300001455684tpic:PerformanceBasedRestrictedStockUnitsMember2022-01-012022-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:IndiaSegmentMember2022-01-012022-09-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001455684country:INtpic:UnsecuredTermLoanMember2021-12-310001455684tpic:AsiaSegmentMembertpic:TransportationMember2022-07-012022-09-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310001455684tpic:TransportationMember2022-01-012022-09-300001455684us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:ForeignExchangeForwardMember2022-09-300001455684tpic:WindBladesMember2021-01-012021-09-300001455684us-gaap:CustomerConcentrationRiskMembertpic:NordexMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001455684us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembertpic:VestasMember2021-07-012021-09-300001455684us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001455684us-gaap:RetainedEarningsMember2021-12-310001455684tpic:MexicoSegmentMember2022-01-012022-09-300001455684us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001455684srt:AsiaMember2022-04-012022-06-300001455684tpic:TransportationMembertpic:EuropeMiddleEastAndAfricaSegmentMember2021-01-012021-09-300001455684country:CN2022-01-012022-09-300001455684us-gaap:TreasuryStockMember2020-12-310001455684us-gaap:SeriesAPreferredStockMember2022-06-300001455684country:IN2021-01-012021-09-300001455684tpic:AsiaSegmentMembertpic:TransportationMember2022-01-012022-09-300001455684tpic:AccumulatedInterestRateSwapsMember2022-09-300001455684tpic:AccumulatedInterestRateSwapsMember2021-04-012021-06-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:AsiaSegmentMember2021-07-012021-09-300001455684srt:AsiaMember2022-03-310001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2021-06-300001455684tpic:MexicoSegmentMembertpic:FieldServicesInspectionAndRepairServicesMember2022-01-012022-09-300001455684srt:MinimumMember2022-01-012022-09-300001455684tpic:TransportationMembertpic:EuropeMiddleEastAndAfricaSegmentMember2021-07-012021-09-300001455684us-gaap:PerformanceSharesMember2021-07-012021-09-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:IndiaSegmentMember2022-01-012022-09-300001455684us-gaap:EMEAMember2021-12-310001455684tpic:AsiaSegmentMembertpic:WindBladesMember2021-01-012021-09-300001455684tpic:AsiaSegmentMembertpic:TransportationMember2021-07-012021-09-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2021-01-012021-03-310001455684tpic:UnitedStatesSegmentMembertpic:PrecisionMoldingAndAssemblySystemsMember2021-07-012021-09-300001455684tpic:OtherMembertpic:EuropeMiddleEastAndAfricaSegmentMember2021-07-012021-09-300001455684tpic:OtherMember2021-01-012021-09-300001455684country:US2021-01-012021-09-300001455684tpic:EuropeMiddleEastAndAfricaMembertpic:FinanceLeaseObligationsMember2022-09-300001455684us-gaap:SeriesAPreferredStockMember2022-09-300001455684tpic:UnitedStatesSegmentMembertpic:TransportationMember2022-07-012022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:UnitedStatesSegmentMember2022-07-012022-09-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2022-03-310001455684us-gaap:AdditionalPaidInCapitalMember2021-06-300001455684us-gaap:EMEAMember2022-01-012022-09-3000014556842021-01-012021-03-310001455684tpic:IndiaSegmentMembertpic:WindBladesMember2022-07-012022-09-300001455684us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembertpic:NordexMember2021-01-012021-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:AsiaSegmentMember2022-07-012022-09-300001455684us-gaap:RetainedEarningsMember2021-09-300001455684tpic:AsiaSegmentMember2021-01-012021-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsAndWindBladesMember2022-07-012022-09-300001455684us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembertpic:NordexMember2021-07-012021-09-300001455684tpic:GEWindMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001455684country:US2022-01-012022-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:EuropeMiddleEastAndAfricaSegmentMember2022-01-012022-09-300001455684tpic:OtherMembertpic:AsiaSegmentMember2021-01-012021-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-3000014556842021-06-300001455684tpic:EuropeMiddleEastAndAfricaSegmentMembertpic:WindBladesMember2022-01-012022-09-300001455684tpic:OtherMembertpic:EuropeMiddleEastAndAfricaSegmentMember2022-01-012022-09-300001455684us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembertpic:VestasMember2021-01-012021-09-3000014556842021-01-012021-01-310001455684us-gaap:AdditionalPaidInCapitalMember2021-12-310001455684tpic:FirstAnniversaryMembertpic:TimedBasedRestrictedStockUnitsOneMember2022-01-012022-09-300001455684us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-09-300001455684us-gaap:SeriesAPreferredStockMember2022-03-310001455684tpic:EuropeMiddleEastAndAfricaSegmentMember2021-12-310001455684tpic:OtherMembertpic:IndiaSegmentMember2022-07-012022-09-300001455684tpic:OtherCountriesMember2022-09-300001455684us-gaap:CommonStockMember2022-01-012022-03-310001455684country:MX2022-04-012022-06-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:IndiaSegmentMember2021-01-012021-09-3000014556842023-01-012022-09-300001455684country:INtpic:SecuredAndUnsecuredWorkingCapitalMember2021-12-310001455684us-gaap:AccumulatedTranslationAdjustmentMember2022-04-012022-06-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001455684us-gaap:EMEAMember2022-04-012022-06-300001455684tpic:IndiaSegmentMember2022-01-012022-09-300001455684us-gaap:RetainedEarningsMember2022-07-012022-09-300001455684country:US2022-01-012022-03-310001455684us-gaap:CommonStockMember2022-04-012022-06-300001455684tpic:IndiaSegmentMember2021-01-012021-09-300001455684us-gaap:TreasuryStockMember2022-09-300001455684us-gaap:ForeignExchangeForwardMemberus-gaap:OtherCurrentAssetsMember2021-12-310001455684us-gaap:PerformanceSharesMember2022-07-012022-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMember2021-01-012021-09-3000014556842021-01-012021-09-300001455684tpic:IndiaSegmentMembertpic:TransportationMember2022-07-012022-09-300001455684us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300001455684tpic:AsiaSegmentMembertpic:WindBladesMember2022-01-012022-09-300001455684country:MX2022-01-012022-09-300001455684us-gaap:ForeignExchangeOptionMembertpic:ContractsToHedgeInMexicanPesosMember2022-01-012022-09-300001455684country:CN2022-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:EuropeMiddleEastAndAfricaSegmentMember2022-01-012022-09-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-3100014556842022-07-012022-09-300001455684us-gaap:CustomerConcentrationRiskMembertpic:VestasMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001455684us-gaap:ForeignExchangeOptionMemberus-gaap:CashFlowHedgingMembertpic:ContractsToHedgeInMexicanPesosMember2021-12-310001455684country:MX2021-12-310001455684country:US2022-09-3000014556842022-09-300001455684us-gaap:RetainedEarningsMember2022-01-012022-03-310001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:UnitedStatesSegmentMember2021-07-012021-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMember2022-01-012022-09-300001455684us-gaap:SeriesAPreferredStockMember2022-07-012022-09-300001455684tpic:IndiaSegmentMember2022-07-012022-09-300001455684tpic:AccumulatedInterestRateSwapsMember2021-03-3100014556842022-04-012022-06-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2022-04-012022-06-300001455684country:MX2022-09-300001455684tpic:AccumulatedInterestRateSwapsMember2022-06-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:IndiaSegmentMember2021-07-012021-09-300001455684tpic:FirstAndSecondAnniversaryMembertpic:TimedBasedRestrictedStockUnitsMember2022-01-012022-09-300001455684tpic:OtherMembertpic:IndiaSegmentMember2022-01-012022-09-300001455684srt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001455684country:US2021-07-012021-09-300001455684us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001455684us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMember2022-01-012022-09-3000014556842022-03-310001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001455684tpic:OtherMembertpic:IndiaSegmentMember2021-01-012021-09-300001455684us-gaap:CustomerConcentrationRiskMembertpic:EnerconMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001455684tpic:IndiaSegmentMember2021-07-012021-09-300001455684tpic:MexicoSegmentMembertpic:OtherMember2021-07-012021-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:EuropeMiddleEastAndAfricaSegmentMember2021-07-012021-09-300001455684tpic:EuropeMiddleEastAndAfricaMembertpic:UnsecuredFinancingMember2021-12-310001455684us-gaap:WarrantMember2022-07-012022-09-300001455684tpic:IndiaSegmentMember2022-09-300001455684tpic:OtherMembertpic:AsiaSegmentMember2022-01-012022-09-300001455684tpic:OtherMembertpic:EuropeMiddleEastAndAfricaSegmentMember2022-07-012022-09-300001455684tpic:GEWindMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-300001455684tpic:GEWindMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-12-3100014556842024-01-012022-09-300001455684us-gaap:TreasuryStockMember2022-06-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300001455684tpic:TimedBasedRestrictedStockUnitsMembertpic:ThirdAnniversaryMember2022-01-012022-09-300001455684tpic:GEWindMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-09-300001455684tpic:FirstAnniversaryMembertpic:TimedBasedRestrictedStockUnitsOneMember2022-09-300001455684tpic:MexicoSegmentMembertpic:TransportationMember2022-01-012022-09-300001455684tpic:AccumulatedInterestRateSwapsMember2021-12-310001455684tpic:MexicoSegmentMembertpic:TransportationMember2021-07-012021-09-300001455684us-gaap:AdditionalPaidInCapitalMember2020-12-310001455684us-gaap:RetainedEarningsMember2020-12-310001455684tpic:IndiaSegmentMembertpic:WindBladesMember2021-07-012021-09-300001455684tpic:EuropeMiddleEastAndAfricaSegmentMembertpic:WindBladesMember2021-01-012021-09-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:UnitedStatesSegmentMember2022-01-012022-09-300001455684us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001455684us-gaap:SalesRevenueNetMembertpic:VestasMember2022-07-012022-09-300001455684us-gaap:RetainedEarningsMember2021-07-012021-09-300001455684tpic:MexicoSegmentMembertpic:FieldServicesInspectionAndRepairServicesMember2021-07-012021-09-300001455684srt:MaximumMembercountry:US2021-12-310001455684us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsAndWindBladesMember2022-01-012022-09-3000014556842022-10-310001455684us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembertpic:VestasMember2022-01-012022-09-300001455684tpic:AsiaSegmentMembertpic:WindBladesMember2021-07-012021-09-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2020-12-310001455684us-gaap:CostOfSalesMember2022-01-012022-09-300001455684us-gaap:EMEAMember2022-06-300001455684country:US2022-03-3100014556842021-01-012021-12-310001455684tpic:AsiaSegmentMember2022-09-300001455684tpic:TransportationMembertpic:EuropeMiddleEastAndAfricaSegmentMember2022-01-012022-09-300001455684us-gaap:AdditionalPaidInCapitalMember2021-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMember2022-07-012022-09-300001455684tpic:TransportationMember2022-07-012022-09-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2021-04-012021-06-300001455684tpic:UnitedStatesSegmentMembertpic:WindBladesMember2021-01-012021-09-300001455684srt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:AsiaSegmentMember2022-07-012022-09-300001455684tpic:FirstAnniversaryMembertpic:TimedBasedRestrictedStockUnitsMember2022-01-012022-09-300001455684tpic:OtherMembertpic:UnitedStatesSegmentMember2021-07-012021-09-300001455684us-gaap:CommonStockMember2021-12-310001455684tpic:EuropeMiddleEastAndAfricaSegmentMember2021-07-012021-09-300001455684us-gaap:EMEAMember2022-09-300001455684tpic:OtherMember2022-07-012022-09-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2021-07-012021-09-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310001455684us-gaap:TreasuryStockMember2022-01-012022-03-310001455684tpic:TimedBasedRestrictedStockUnitsMembertpic:ThirdAnniversaryMember2022-09-300001455684country:MX2022-01-012022-03-310001455684tpic:UnitedStatesSegmentMembertpic:OtherMember2021-01-012021-09-300001455684tpic:EuropeMiddleEastAndAfricaMembertpic:UnsecuredFinancingMember2022-09-300001455684us-gaap:PerformanceSharesMember2021-01-012021-09-300001455684tpic:MexicoSegmentMembertpic:WindBladesMember2022-07-012022-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001455684tpic:OtherCountriesMember2021-12-310001455684us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembertpic:VestasMember2022-07-012022-09-300001455684us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-300001455684us-gaap:CommonStockMember2020-12-3100014556842022-01-012022-09-300001455684country:TR2021-07-012021-09-300001455684tpic:OtherMembertpic:AsiaSegmentMember2021-07-012021-09-300001455684us-gaap:CommonStockMember2021-03-310001455684us-gaap:EMEAMember2022-01-012022-03-310001455684tpic:TransportationMembertpic:EuropeMiddleEastAndAfricaSegmentMember2022-07-012022-09-300001455684us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001455684tpic:FirstAnniversaryMembertpic:TimedBasedRestrictedStockUnitsMember2022-09-300001455684tpic:OtherEquipmentFinanceLeasesMember2021-12-310001455684country:IN2021-12-310001455684tpic:MexicoSegmentMembertpic:OtherMember2022-01-012022-09-300001455684us-gaap:RetainedEarningsMember2021-04-012021-06-300001455684us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001455684us-gaap:CommonStockMember2021-06-300001455684tpic:FieldServicesInspectionAndRepairServicesMember2022-01-012022-09-300001455684srt:MaximumMembercountry:US2022-09-300001455684us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:IndiaSegmentMember2021-01-012021-09-300001455684country:INtpic:SecuredAndUnsecuredWorkingCapitalMember2022-09-300001455684us-gaap:RetainedEarningsMember2021-01-012021-03-310001455684tpic:UnitedStatesSegmentMembertpic:TransportationMember2021-01-012021-09-300001455684us-gaap:TreasuryStockMember2021-12-310001455684us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001455684tpic:EuropeMiddleEastAndAfricaSegmentMember2022-09-300001455684tpic:WindBladesMembertpic:EuropeMiddleEastAndAfricaSegmentMember2021-07-012021-09-300001455684us-gaap:AdditionalPaidInCapitalMember2022-06-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2022-06-300001455684us-gaap:AdditionalPaidInCapitalMember2021-03-310001455684tpic:IndiaSegmentMembertpic:TransportationMember2021-01-012021-09-300001455684tpic:MexicoSegmentMembertpic:WindBladesMember2022-01-012022-09-300001455684tpic:PrecisionMoldingAndAssemblySystemsMembertpic:EuropeMiddleEastAndAfricaSegmentMember2021-07-012021-09-300001455684us-gaap:GeneralAndAdministrativeExpenseMember2021-07-012021-09-300001455684country:INtpic:UnsecuredTermLoanMember2022-09-300001455684us-gaap:TreasuryStockMember2021-09-300001455684us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-09-300001455684tpic:UnitedStatesSegmentMember2022-09-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2021-07-012021-09-3000014556842020-12-310001455684country:MX2022-06-300001455684tpic:MexicoSegmentMembertpic:PrecisionMoldingAndAssemblySystemsMember2022-07-012022-09-300001455684us-gaap:TreasuryStockMember2021-06-300001455684tpic:FieldServicesInspectionAndRepairServicesMembertpic:UnitedStatesSegmentMember2021-01-012021-09-300001455684tpic:AsiaSegmentMember2022-01-012022-09-300001455684us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMember2021-07-012021-09-300001455684tpic:MexicoSegmentMembertpic:PrecisionMoldingAndAssemblySystemsMember2022-01-012022-09-300001455684country:US2022-07-012022-09-300001455684tpic:AccumulatedForeignExchangeForwardContractAdjustmentMember2021-12-310001455684us-gaap:WarrantMember2022-09-300001455684country:TR2022-01-012022-09-300001455684tpic:EuropeMiddleEastAndAfricaSegmentMember2021-01-012021-09-300001455684us-gaap:SeriesAPreferredStockMember2022-01-012022-03-310001455684us-gaap:AdditionalPaidInCapitalMember2022-09-300001455684country:IN2022-09-300001455684us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001455684tpic:AccumulatedInterestRateSwapsMember2020-12-310001455684us-gaap:PerformanceSharesMember2022-01-012022-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012021-06-300001455684tpic:AsiaSegmentMembertpic:TransportationMember2021-01-012021-09-300001455684us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001455684tpic:UnitedStatesSegmentMember2022-01-012022-09-300001455684tpic:TransportationMember2021-07-012021-09-300001455684us-gaap:AccumulatedTranslationAdjustmentMember2022-07-012022-09-300001455684tpic:UnitedStatesSegmentMembertpic:WindBladesMember2022-01-012022-09-300001455684tpic:MexicoSegmentMember2021-12-31iso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:MXNtpic:Segmentiso4217:USD
06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-37839
TPI Composites, Inc.
(Exact name of registrant as specified in its charter)
|
|
|
Delaware |
|
20-1590775 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification Number) |
8501 N. Scottsdale Rd.
Gainey Center II, Suite 100
Scottsdale, AZ 85253
(480) 305-8910
(Address, including zip code, and telephone number,
including area code, of registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, par value $0.01 |
TPIC |
NASDAQ Global Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
|
|
|
|
|
|
Large accelerated filer |
|
☒ |
|
Accelerated filer |
|
☐ |
Non-accelerated filer |
|
☐ |
|
Smaller reporting company |
|
☐ |
Emerging growth company |
|
☐ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2022, there were 41,951,186 shares of common stock outstanding.
TPI COMPOSITES, INC. AND SUBSIDIARIES
INDEX
1
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
•competition from other wind blade and wind blade turbine manufacturers;
•the discovery of defects in our products and our ability to estimate the future cost of warranty campaigns;
•the current status of the wind energy market and our addressable market;
•our ability to absorb or mitigate the impact of inflation, including rising labor wages, as well as price increases in resin, carbon reinforcements (or fiber), other raw materials and related logistics costs that we use to produce our products;
•our ability to procure adequate supplies of raw materials and components in a cost-effective manner to fulfill our volume commitments to our customers;
•the potential impact of the increasing prevalence of auction-based tenders in the wind energy market and increased competition from solar energy on our gross margins and overall financial performance;
•our future financial performance, including our net sales, cost of goods sold, gross profit or gross margin, operating expenses, ability to generate positive cash flow, and ability to achieve or maintain profitability;
•changes in domestic or international government or regulatory policy, including without limitation, changes in trade policy;
•changes in global economic trends and uncertainty, geopolitical risks, and demand or supply disruptions from global events;
•the potential impact of the COVID-19 pandemic on our business and results of operations;
•the sufficiency of our cash and cash equivalents to meet our liquidity needs;
•our ability to attract and retain customers for our products, and to optimize product pricing;
•our ability to effectively manage our strategy and future expenses, including our startup and transition costs;
•our ability to successfully expand in our existing wind energy markets and into new international wind energy markets, including our ability to expand our field service inspection and repair services business and manufacture wind blades for offshore wind energy projects;
•our ability to successfully open new manufacturing facilities and expand existing facilities on time and on budget;
•the impact of the pace of new product and wind blade model introductions on our business and our results of operations;
•our ability to successfully expand our transportation business and execute upon our strategy of entering new markets outside of wind energy;
•our ability to maintain, protect and enhance our intellectual property;
•our ability to comply with existing, modified or new laws and regulations applying to our business, including the imposition of new taxes, duties or similar assessments on our products;
•the attraction and retention of qualified employees and key personnel;
•our ability to maintain good working relationships with our employees, and avoid labor disruptions, strikes and other disputes with labor unions that represent certain of our employees; and
•the potential impact of one or more of our customers becoming bankrupt or insolvent, or experiencing other financial problems.
These forward-looking statements are only predictions. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity,
2
performance or achievements to materially differ from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. We have described in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the United States Securities and Exchange Commission (SEC) on February 25, 2022 the principal risks and uncertainties that we believe could cause actual results to differ from these forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as guarantees of future events.
The forward-looking statements in this Quarterly Report on Form 10-Q represent our views as of the date of this Quarterly Report on Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we undertake no obligation to update any forward-looking statement to reflect events or developments after the date on which the statement is made or to reflect the occurrence of unanticipated events except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date after the date of this Quarterly Report on Form 10-Q. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.
3
PART I. FINANCIAL INFORMATION
ITEM l. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
TPI COMPOSITES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands, except par value data) |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
129,137 |
|
|
$ |
242,165 |
|
Restricted cash |
|
|
9,822 |
|
|
|
10,053 |
|
Accounts receivable |
|
|
184,029 |
|
|
|
157,804 |
|
Contract assets |
|
|
211,726 |
|
|
|
188,323 |
|
Prepaid expenses |
|
|
21,230 |
|
|
|
19,280 |
|
Other current assets |
|
|
27,140 |
|
|
|
22,584 |
|
Inventories |
|
|
15,110 |
|
|
|
11,533 |
|
Assets held for sale |
|
|
8,529 |
|
|
|
8,529 |
|
Total current assets |
|
|
606,723 |
|
|
|
660,271 |
|
Property, plant and equipment, net |
|
|
157,391 |
|
|
|
169,578 |
|
Operating lease right of use assets |
|
|
147,081 |
|
|
|
137,192 |
|
Other noncurrent assets |
|
|
39,171 |
|
|
|
40,660 |
|
Total assets |
|
$ |
950,366 |
|
|
$ |
1,007,701 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
308,915 |
|
|
$ |
336,697 |
|
Accrued warranty |
|
|
20,212 |
|
|
|
42,020 |
|
Current maturities of long-term debt |
|
|
60,894 |
|
|
|
66,438 |
|
Current operating lease liabilities |
|
|
21,372 |
|
|
|
22,681 |
|
Contract liabilities |
|
|
— |
|
|
|
1,274 |
|
Total current liabilities |
|
|
411,393 |
|
|
|
469,110 |
|
Long-term debt, net of current maturities |
|
|
1,227 |
|
|
|
8,208 |
|
Noncurrent operating lease liabilities |
|
|
133,098 |
|
|
|
146,479 |
|
Other noncurrent liabilities |
|
|
15,739 |
|
|
|
10,978 |
|
Total liabilities |
|
|
561,457 |
|
|
|
634,775 |
|
Commitments and contingencies (Note 14) |
|
|
|
|
|
|
Mezzanine equity: |
|
|
|
|
|
|
Series A Preferred Stock, $0.01 par value, 400 shares authorized; 350 shares
issued and outstanding at September 30, 2022 and December 31, 2021;
liquidation preference of $474,637 at September 30, 2022 and $473,227 at
December 31, 2021 |
|
|
294,632 |
|
|
|
250,974 |
|
Stockholders’ equity: |
|
|
|
|
|
|
Common shares, $0.01 par value, 100,000 shares authorized, 42,221 shares issued
and 41,951 shares outstanding at September 30, 2022 and 100,000 shares
authorized, 37,418 shares issued and 37,180 shares outstanding at
December 31, 2021 |
|
|
422 |
|
|
|
374 |
|
Paid-in capital |
|
|
418,513 |
|
|
|
451,440 |
|
Accumulated other comprehensive loss |
|
|
(25,637 |
) |
|
|
(54,006 |
) |
Accumulated deficit |
|
|
(292,041 |
) |
|
|
(269,264 |
) |
Treasury stock, at cost, 270 shares at September 30, 2022 and 238 shares at
December 31, 2021 |
|
|
(6,980 |
) |
|
|
(6,592 |
) |
Total stockholders’ equity |
|
|
94,277 |
|
|
|
121,952 |
|
Total liabilities and stockholders’ equity |
|
$ |
950,366 |
|
|
$ |
1,007,701 |
|
See accompanying notes to our unaudited condensed consolidated financial statements.
4
TPI COMPOSITES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands, except per share data) |
|
Net sales |
|
$ |
459,271 |
|
|
$ |
479,599 |
|
|
$ |
1,296,509 |
|
|
$ |
1,343,120 |
|
Cost of sales |
|
|
445,778 |
|
|
|
472,188 |
|
|
|
1,257,830 |
|
|
|
1,295,660 |
|
Startup and transition costs |
|
|
4,821 |
|
|
|
14,541 |
|
|
|
30,411 |
|
|
|
38,994 |
|
Total cost of goods sold |
|
|
450,599 |
|
|
|
486,729 |
|
|
|
1,288,241 |
|
|
|
1,334,654 |
|
Gross profit (loss) |
|
|
8,672 |
|
|
|
(7,130 |
) |
|
|
8,268 |
|
|
|
8,466 |
|
General and administrative expenses |
|
|
8,030 |
|
|
|
8,185 |
|
|
|
22,578 |
|
|
|
23,819 |
|
Loss on sale of assets and asset impairments |
|
|
3,571 |
|
|
|
7,250 |
|
|
|
7,093 |
|
|
|
9,998 |
|
Restructuring charges, net |
|
|
(87 |
) |
|
|
1,422 |
|
|
|
2,316 |
|
|
|
3,876 |
|
Loss from operations |
|
|
(2,842 |
) |
|
|
(23,987 |
) |
|
|
(23,719 |
) |
|
|
(29,227 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(1,149 |
) |
|
|
(2,662 |
) |
|
|
(2,831 |
) |
|
|
(8,057 |
) |
Foreign currency income (loss) |
|
|
11,362 |
|
|
|
3,958 |
|
|
|
21,458 |
|
|
|
(6,273 |
) |
Miscellaneous income |
|
|
1,273 |
|
|
|
262 |
|
|
|
2,124 |
|
|
|
1,322 |
|
Total other income (expense) |
|
|
11,486 |
|
|
|
1,558 |
|
|
|
20,751 |
|
|
|
(13,008 |
) |
Income (loss) before income taxes |
|
|
8,644 |
|
|
|
(22,429 |
) |
|
|
(2,968 |
) |
|
|
(42,235 |
) |
Income tax provision |
|
|
(10,111 |
) |
|
|
(8,248 |
) |
|
|
(19,809 |
) |
|
|
(30,036 |
) |
Net loss |
|
|
(1,467 |
) |
|
|
(30,677 |
) |
|
|
(22,777 |
) |
|
|
(72,271 |
) |
Preferred stock dividends and accretion |
|
|
(14,976 |
) |
|
|
— |
|
|
|
(43,658 |
) |
|
|
— |
|
Net loss attributable to common stockholders |
|
$ |
(16,443 |
) |
|
$ |
(30,677 |
) |
|
$ |
(66,435 |
) |
|
$ |
(72,271 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
41,984 |
|
|
|
37,052 |
|
|
|
41,950 |
|
|
|
36,846 |
|
Diluted |
|
|
41,984 |
|
|
|
37,052 |
|
|
|
41,950 |
|
|
|
36,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.39 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.58 |
) |
|
$ |
(1.96 |
) |
Diluted |
|
$ |
(0.39 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.58 |
) |
|
$ |
(1.96 |
) |
See accompanying notes to our unaudited condensed consolidated financial statements.
5
TPI COMPOSITES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Net loss |
|
$ |
(1,467 |
) |
|
$ |
(30,677 |
) |
|
$ |
(22,777 |
) |
|
$ |
(72,271 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(7,903 |
) |
|
|
(889 |
) |
|
|
28,120 |
|
|
|
(6,184 |
) |
Unrealized gain (loss) on hedging derivatives, net of taxes of
$0 and $(394), $0 and $342 respectively |
|
|
(769 |
) |
|
|
(728 |
) |
|
|
249 |
|
|
|
(4,002 |
) |
Comprehensive income (loss) |
|
|
(10,139 |
) |
|
|
(32,294 |
) |
|
|
5,592 |
|
|
|
(82,457 |
) |
Preferred stock dividends and accretion |
|
|
(14,976 |
) |
|
|
— |
|
|
|
(43,658 |
) |
|
|
— |
|
Comprehensive loss attributable to common stockholders |
|
$ |
(25,115 |
) |
|
$ |
(32,294 |
) |
|
$ |
(38,066 |
) |
|
$ |
(82,457 |
) |
See accompanying notes to our unaudited condensed consolidated financial statements.
6
TPI COMPOSITES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
Series A Preferred Stock |
|
|
|
Common |
|
|
Paid-in |
|
|
other comprehensive |
|
|
Accumulated |
|
|
Treasury stock, |
|
|
Total stockholders' |
|
|
|
Shares |
|
|
Amount |
|
|
|
Shares |
|
|
Amount |
|
|
capital |
|
|
loss |
|
|
deficit |
|
|
at cost |
|
|
equity |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Balance at
December 31, 2021 |
|
|
350 |
|
|
$ |
250,974 |
|
|
|
|
37,418 |
|
|
$ |
374 |
|
|
$ |
451,440 |
|
|
$ |
(54,006 |
) |
|
$ |
(269,264 |
) |
|
$ |
(6,592 |
) |
|
$ |
121,952 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,800 |
) |
|
|
— |
|
|
|
(15,800 |
) |
Preferred stock
dividends |
|
|
— |
|
|
|
9,605 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(9,605 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,605 |
) |
Other comprehensive
income |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,074 |
|
|
|
— |
|
|
|
— |
|
|
|
46,074 |
|
Common stock
repurchased
for treasury |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(343 |
) |
|
|
(343 |
) |
Issuances under
share-based
compensation plan |
|
|
— |
|
|
|
— |
|
|
|
|
106 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Share-based
compensation
expense |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
3,279 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,279 |
|
Accretion of Series A
Preferred Stock |
|
|
— |
|
|
|
4,527 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(4,527 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,527 |
) |
Balance at
March 31, 2022 |
|
|
350 |
|
|
|
265,106 |
|
|
|
|
37,524 |
|
|
|
375 |
|
|
|
440,587 |
|
|
|
(7,932 |
) |
|
|
(285,064 |
) |
|
|
(6,935 |
) |
|
|
141,031 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,510 |
) |
|
|
— |
|
|
|
(5,510 |
) |
Preferred stock
dividends |
|
|
— |
|
|
|
9,975 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(9,975 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,975 |
) |
Other comprehensive
loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,033 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,033 |
) |
Common stock
repurchased
for treasury |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(45 |
) |
|
|
(45 |
) |
Issuances under
share-based
compensation plan |
|
|
— |
|
|
|
— |
|
|
|
|
33 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Share-based
compensation
expense |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
3,726 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,726 |
|
Accretion of Series A
Preferred Stock |
|
|
— |
|
|
|
4,575 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(4,575 |
) |