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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 June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-37839

 

IMG143929527_0.JPG

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

(480305-8910

(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 July 30, 2021, there were 37,248,140 shares of common stock outstanding.

 

 


 

TPI COMPOSITES, INC. AND SUBSIDIARIES

INDEX

 

 

 

 

 

Page

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Condensed Consolidated Financial Statements (Unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2021 and 2020

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020

 

7

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

 

8

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

10

 

 

 

 

 

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

 

 

 

 

 

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

31

 

 

 

 

 

ITEM 4.

 

Controls and Procedures

 

32

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Legal Proceedings

 

33

 

 

 

 

 

ITEM 1A.

 

Risk Factors

 

33

 

 

 

 

 

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

33

 

 

 

 

 

ITEM 3.

 

Defaults Upon Senior Securities

 

33

 

 

 

 

 

ITEM 4.

 

Mine Safety Disclosures

 

33

 

 

 

 

 

ITEM 5.

 

Other Information

 

33

 

 

 

 

 

ITEM 6.

 

Exhibits

 

34

 

 

 

 

 

SIGNATURES

 

35

 

 

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 law. 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:

the potential impact of the COVID-19 pandemic on our business and results of operations;
competition from other wind blade and wind blade turbine manufacturers;
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 discovery of defects in our products and our ability to estimate the future cost of warranty campaigns;
growth of the wind energy and electric vehicle markets and our addressable markets for our products and services;
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 and a potential extension of the Production Tax Credit in the United States;
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 growth 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, take over existing facilities of our customers and expand our existing facilities on time and on budget;
the impact of the accelerated 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;
worldwide economic conditions and their impact on customer demand;
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, performance or achievements to materially differ from any future results, levels of activity, performance or achievements expressed or

2


 

implied by these forward-looking statements. We have described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (SEC) on February 25, 2021 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)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(in thousands, except par value data)

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

123,107

 

 

$

129,857

 

Restricted cash

 

 

154

 

 

 

339

 

Accounts receivable

 

 

147,827

 

 

 

132,768

 

Contract assets

 

 

231,780

 

 

 

216,928

 

Prepaid expenses

 

 

21,019

 

 

 

29,507

 

Other current assets

 

 

20,520

 

 

 

27,921

 

Inventories

 

 

13,168

 

 

 

10,839

 

Total current assets

 

 

557,575

 

 

 

548,159

 

Property, plant and equipment, net

 

 

205,716

 

 

 

209,001

 

Operating lease right of use assets

 

 

148,991

 

 

 

158,827

 

Other noncurrent assets

 

 

28,232

 

 

 

40,270

 

Total assets

 

$

940,514

 

 

$

956,257

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

310,320

 

 

$

295,992

 

Accrued warranty

 

 

47,462

 

 

 

50,852

 

Current maturities of long-term debt

 

 

56,137

 

 

 

32,551

 

Current operating lease liabilities

 

 

23,100

 

 

 

26,099

 

Contract liabilities

 

 

2,258

 

 

 

614

 

Total current liabilities

 

 

439,277

 

 

 

406,108

 

Long-term debt, net of current maturities

 

 

180,138

 

 

 

184,316

 

Noncurrent operating lease liabilities

 

 

152,059

 

 

 

155,925

 

Other noncurrent liabilities

 

 

8,143

 

 

 

8,873

 

Total liabilities

 

 

779,617

 

 

 

755,222

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common shares, $0.01 par value, 100,000 shares authorized, 37,248
   shares issued and
37,040 shares outstanding at June 30, 2021
   and
100,000 shares authorized, 36,771 shares issued and 36,564
   shares outstanding at December 31, 2020

 

 

372

 

 

 

368

 

Paid-in capital

 

 

359,527

 

 

 

349,472

 

Accumulated other comprehensive loss

 

 

(41,559

)

 

 

(32,990

)

Accumulated deficit

 

 

(151,310

)

 

 

(109,716

)

Treasury stock, at cost, 208 shares at June 30, 2021 and 207 shares at
  December 31, 2020

 

 

(6,133

)

 

 

(6,099

)

Total stockholders’ equity

 

 

160,897

 

 

 

201,035

 

Total liabilities and stockholders’ equity

 

$

940,514

 

 

$

956,257

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

4


 

TPI COMPOSITES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands, except per share data)

 

Net sales

 

$

458,841

 

 

$

373,817

 

 

$

863,521

 

 

$

730,453

 

Cost of sales

 

 

440,416

 

 

 

367,644

 

 

 

823,472

 

 

 

716,119

 

Startup and transition costs

 

 

10,099

 

 

 

10,920

 

 

 

24,453

 

 

 

22,954

 

Total cost of goods sold

 

 

450,515

 

 

 

378,564

 

 

 

847,925

 

 

 

739,073

 

Gross profit (loss)

 

 

8,326

 

 

 

(4,747

)

 

 

15,596

 

 

 

(8,620

)

General and administrative expenses

 

 

6,712

 

 

 

6,887

 

 

 

15,634

 

 

 

16,383

 

Loss on sale of assets and asset impairments

 

 

1,451

 

 

 

1,440

 

 

 

2,748

 

 

 

3,358

 

Restructuring charges, net

 

 

2,196

 

 

 

181

 

 

 

2,454

 

 

 

298

 

Loss from operations

 

 

(2,033

)

 

 

(13,255

)

 

 

(5,240

)

 

 

(28,659

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(2,691

)

 

 

(2,545

)

 

 

(5,395

)

 

 

(4,316

)

Foreign currency loss

 

 

(6,504

)

 

 

(1,928

)

 

 

(10,231

)

 

 

(968

)

Miscellaneous income

 

 

321

 

 

 

939

 

 

 

1,060

 

 

 

1,634

 

Total other expense

 

 

(8,874

)

 

 

(3,534

)

 

 

(14,566

)

 

 

(3,650

)

Loss before income taxes

 

 

(10,907

)

 

 

(16,789

)

 

 

(19,806

)

 

 

(32,309

)

Income tax provision

 

 

(28,890

)

 

 

(49,312

)

 

 

(21,788

)

 

 

(34,284

)

Net loss

 

$

(39,797

)

 

$

(66,101

)

 

$

(41,594

)

 

$

(66,593

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,881

 

 

 

35,299

 

 

 

36,742

 

 

 

35,256

 

Diluted

 

 

36,881

 

 

 

35,299

 

 

 

36,742

 

 

 

35,256

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.08

)

 

$

(1.87

)

 

$

(1.13

)

 

$

(1.89

)

Diluted

 

$

(1.08

)

 

$

(1.87

)

 

$

(1.13

)

 

$

(1.89

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

5


 

TPI COMPOSITES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Net loss

 

$

(39,797

)

 

$

(66,101

)

 

$

(41,594

)

 

$

(66,593

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(4

)

 

 

(2,289

)

 

 

(5,295

)

 

 

(11,513

)

Unrealized gain (loss) on hedging derivatives, net of taxes of
  $
85, $(939), $736 and $1,100, respectively

 

 

(239

)

 

 

3,549

 

 

 

(3,274

)

 

 

(4,120

)

Comprehensive income (loss)

 

$

(40,040

)

 

$

(64,841

)

 

$

(50,163

)

 

$

(82,226

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

6


 

TPI COMPOSITES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

 

Six Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

Paid-in

 

 

other comprehensive

 

 

Accumulated

 

 

Treasury stock,

 

 

Total stockholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

loss

 

 

deficit

 

 

at cost

 

 

equity

 

 

 

(in thousands)

 

Balance at December 31, 2020

 

 

36,771

 

 

$

368

 

 

$

349,472

 

 

$

(32,990

)

 

$

(109,716

)

 

$

(6,099

)

 

$

201,035

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,797

)

 

 

 

 

 

(1,797

)

Share-based compensation expense

 

 

 

 

 

 

 

 

2,494

 

 

 

 

 

 

 

 

 

 

 

 

2,494

 

Issuances under share-based
   compensation plan

 

 

149

 

 

 

1

 

 

 

1,235

 

 

 

 

 

 

 

 

 

 

 

 

1,236

 

Common stock repurchased for treasury

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34

)

 

 

(34

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(8,326

)

 

 

 

 

 

 

 

 

(8,326

)

Balance at March 31, 2021

 

 

36,920

 

 

 

369

 

 

 

353,201

 

 

 

(41,316

)

 

 

(111,513

)

 

 

(6,133

)

 

 

194,608

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,797

)

 

 

 

 

 

(39,797

)

Share-based compensation expense

 

 

 

 

 

 

 

 

2,836

 

 

 

 

 

 

 

 

 

 

 

 

2,836

 

Issuances under share-based
   compensation plan

 

 

328

 

 

 

3

 

 

 

3,490

 

 

 

 

 

 

 

 

 

 

 

 

3,493

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(243

)

 

 

 

 

 

 

 

 

(243

)

Balance at June 30, 2021

 

 

37,248

 

 

$

372

 

 

$

359,527

 

 

$

(41,559

)

 

$

(151,310

)

 

$

(6,133

)

 

$

160,897

 

 

 

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

Paid-in

 

 

other comprehensive

 

 

Accumulated

 

 

Treasury stock,

 

 

Total stockholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

loss

 

 

deficit

 

 

at cost

 

 

equity

 

 

 

(in thousands)

 

Balance at December 31, 2019

 

 

35,326

 

 

$

353

 

 

$

322,906

 

 

$

(23,612

)

 

$

(90,689

)

 

$

(3,908

)

 

$

205,050

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(492

)

 

 

 

 

 

(492

)

Share-based compensation expense

 

 

 

 

 

 

 

 

2,970

 

 

 

 

 

 

 

 

 

 

 

 

2,970

 

Issuances under share-based
   compensation plan

 

 

109

 

 

 

1

 

 

 

861

 

 

 

 

 

 

 

 

 

 

 

 

862

 

Common stock repurchased for treasury

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(459

)

 

 

(459

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(16,893

)

 

 

 

 

 

 

 

 

(16,893

)

Balance at March 31, 2020

 

 

35,435

 

 

 

354

 

 

 

326,737

 

 

 

(40,505

)

 

 

(91,181

)

 

 

(4,367

)

 

 

191,038

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(66,101

)

 

 

 

 

 

(66,101

)

Share-based compensation expense

 

 

 

 

 

 

 

 

2,186

 

 

 

 

 

 

 

 

 

 

 

 

2,186

 

Issuances under share-based
   compensation plan

 

 

81

 

 

 

1

 

 

 

510

 

 

 

 

 

 

 

 

 

 

 

 

511

 

Common stock repurchased for treasury

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49

)

 

 

(49

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

1,260

 

 

 

 

 

 

 

 

 

1,260

 

Balance at June 30, 2020

 

 

35,516

 

 

$

355

 

 

$

329,433

 

 

$

(39,245

)

 

$

(157,282

)

 

$

(4,416

)

 

$

128,845

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

7


 

TPI COMPOSITES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(41,594

)

 

$

(66,593

)

Adjustments to reconcile net loss to net cash used in
   operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

24,110

 

 

 

22,644

 

Loss on sale of assets and asset impairments

 

 

2,748

 

 

 

3,358

 

Restructuring charges, net

 

 

2,454

 

 

 

298

 

Share-based compensation expense

 

 

5,324

 

 

 

5,316

 

Amortization of debt issuance costs

 

 

228

 

 

 

122

 

Deferred income taxes

 

 

13,221

 

 

 

28,134

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(19,465

)

 

 

44,864

 

Contract assets and liabilities

 

 

(16,007

)

 

 

(53,089

)

Operating lease right of use assets and operating lease liabilities

 

 

2,971

 

 

 

5,749

 

Inventories

 

 

(2,488

)

 

 

(5,899

)

Prepaid expenses

 

 

8,232

 

 

 

(6,272

)

Other current assets

 

 

7,151

 

 

 

3,396

 

Other noncurrent assets

 

 

(1,767

)

 

 

(957

)

Accounts payable and accrued expenses

 

 

15,747

 

 

 

(19,117

)

Accrued warranty

 

 

(3,390

)

 

 

9,133

 

Other noncurrent liabilities

 

 

(730

)

 

 

1,908

 

Net cash used in operating activities

 

 

(3,255

)

 

 

(27,005

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(27,059

)

 

 

(42,030

)

Net cash used in investing activities

 

 

(27,059

)

 

 

(42,030

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from revolving and term loans

 

 

2,106

 

 

 

80,000

 

Net repayments of accounts receivable financing

 

 

 

 

 

(3,829

)

Proceeds from working capital loans

 

 

6,383

 

 

 

 

Principal repayments of finance leases

 

 

(2,803

)

 

 

(2,837

)

Net proceeds from other debt

 

 

13,362

 

 

 

23,788

 

Debt issuance costs

 

 

 

 

 

(730

)

Proceeds from exercise of stock options

 

 

4,688

 

 

 

1,371

 

Repurchase of common stock including shares withheld in lieu of income taxes

 

 

(34

)

 

 

(508

)

Net cash provided by financing activities

 

 

23,702

 

 

 

97,255

 

Impact of foreign exchange rates on cash, cash equivalents and restricted cash

 

 

(323

)

 

 

(2,525

)

Net change in cash, cash equivalents and restricted cash

 

 

(6,935

)

 

 

25,695

 

Cash, cash equivalents and restricted cash, beginning of year

 

 

130,196

 

 

 

71,749

 

Cash, cash equivalents and restricted cash, end of period

 

$

123,261

 

 

$

97,444

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

8


 

TPI COMPOSITES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Supplemental cash flow information:

 

 

 

 

 

 

Cash paid for interest

 

$

5,255

 

 

$

3,976

 

Cash paid for income taxes, net of refunds

 

 

14,866

 

 

 

7,393

 

Noncash investing and financing activities:

 

 

 

 

 

 

Right of use assets obtained in exchange for new operating lease liabilities

 

 

5,384

 

 

 

54,326

 

Property, plant, and equipment obtained in exchange for new finance lease liabilities

 

 

136

 

 

 

 

Accrued capital expenditures in accounts payable

 

 

3,682

 

 

 

7,970

 

 

 

Reconciliation of Cash, Cash Equivalents and Restricted Cash:

 

June 30,

 

 

December 31,

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020