TPI Composites, Inc. (Nasdaq: TPIC), today reported financial
results for the third quarter ended September 30, 2023.
"I was pleased with the results of our focus on
cash flow and liquidity in the quarter as we finished with $161
million of unrestricted cash. Our team executed numerous cash flow
initiatives to help us navigate a quarter that included a $22.6
million charge related to the bankruptcy of an automotive customer
as well as an incremental $13.5 million charge for the warranty
campaign we announced in the second quarter. To finish the quarter
with $161 million of cash is a testament to our team’s relentless
emphasis on execution in a challenging market and economic
climate,” said Bill Siwek, President, and CEO of TPI
Composites.
“The entire TPI team has worked tirelessly on
our quality improvement initiatives, and we have made excellent
progress during the quarter to mature our quality system under the
leadership of Neil Jones, the Chief Quality Officer of TPI
Composites. We understand that operators of wind turbines have high
expectations for the longevity and performance of our wind blades
and we plan to deliver to those expectations.”
“While the wind industry continues to face a
challenging near-term macro environment, our focus is on quality
and preserving our balance sheet. We are confident that with our
liquidity position we have ample runway to get through this rough
patch in the industry while being positioned to meet the projected
growth anticipated by our customers. TPI plays a significant role
in the wind value chain in the United States and across the globe
and we are ready and look forward to increasing our role when the
wind market turns for the better.”
Third Quarter 2023 Continuing Operations
Results
-
Net Sales totaled $372.9 million for the three months ended
September 30, 2023, a decrease of 3.0% over the same period last
year
-
Net loss from continuing operations attributable to common
stockholders was $72.8 million for the three months ended September
30, 2023, compared to a loss of $21.8 million in the same period
last year
-
Adjusted EBITDA was a loss of $27.4 million for the three months
ended September 30, 2023, a decrease of $32.5 million over the same
period last year
|
KPIs from continuing operations |
3Q’23 |
|
3Q’22 |
|
|
|
|
Sets1 |
666 |
|
570 |
|
|
| |
Estimated megawatts2 |
2,892 |
|
2,542 |
|
|
| |
Utilization3 |
85 |
% |
75 |
% |
|
| |
Dedicated manufacturing
lines4 |
37 |
|
36 |
|
|
|
|
Manufacturing lines installed5 |
37 |
|
36 |
|
|
- Number of wind blade sets (which consist of three wind blades)
produced worldwide during the period.
- Estimated megawatts of energy capacity to be generated by wind
blade sets produced during the period.
- Utilization represents the percentage of wind blades produced
during the period compared to the total potential wind blade
capacity of manufacturing lines installed during the period.
- Number of wind blade manufacturing lines that are dedicated to
our customers under long-term supply agreements at the end of the
period.
- Number of wind blade manufacturing lines installed and either
in operation, startup or transition during the period.
Third Quarter 2023 Financial
Results from Continuing Operations
Net sales for the three months ended September
30, 2023, decreased 3.0% to $372.9 million as compared to $384.4
million in the same period in 2022 due to following:
-
Net sales of wind blades, tooling and other wind related sales
(collectively “Wind”) increased by $6.4 million, or 1.8%, to $362.2
million for the three months ended September 30, 2023, as compared
to $355.8 million in the same period in 2022. The increase in Wind
sales for the three months ended September 30, 2023, as compared to
the same period in 2022, was primarily due to an increase in the
number of wind blades produced, favorable foreign currency
fluctuations, and an increase in tooling sales in preparation for
manufacturing line startups and transitions. The increase in wind
blade volume was primarily driven by lower production in the prior
comparative period due to a temporary production stoppage in the
third quarter of 2022 in one of our Mexico plants as a customer
implemented a blade redesign and a brief labor disruption in
Türkiye in the third quarter of 2022 as we worked with the union to
resolve inflationary pressures on wages. These higher blade sales
were partially offset by lower average sales prices due to the
impact of raw material and logistic cost reductions on our blade
prices.
-
Automotive sales decreased by $7.9 million to $2.6 million for the
three months ended September 30, 2023, as compared to $10.5 million
in the same period in 2022. This reduction is mainly due to a
decrease in the number of composite bus bodies produced due to
Proterra’s bankruptcy during the third quarter of 2023. In
addition, sales of other automotive products decreased due to our
customers' supply chain constraints and delays in transitions of
new product launches.
-
Field service, inspection, and repair service (“Field Services")
sales decreased by $10.1 million to $8.0 million for the three
months ended September 30, 2023, as compared to $18.1 million in
the same period in 2022. Field Services sales declined primarily
due to a reduction in technicians deployed to revenue generating
projects due to an increase in time spent on non-revenue inspection
and repair activities.
Net loss from continuing operations attributable
to common stockholders was $72.8 million for the three months ended
September 30, 2023, compared to a loss of $21.8 million in the same
period in 2022.
The net loss from continuing operations per
common share was $1.71 for the three months ended September 30,
2023, compared to a net loss per common share of $0.52 for the same
period in 2022.
Adjusted EBITDA for the three months ended
September 30, 2023, was a loss of $27.4 million as compared to
adjusted EBITDA of $5.1 million during the same period in 2022. The
decrease in adjusted EBITDA during the three months ended September
30, 2023, as compared to the same period in 2022, was primarily due
to $22.6 million of credit losses and charges related to the
bankruptcy of Proterra and an incremental $13.5 million warranty
charge related to the warranty campaign we announced in the second
quarter.
On September 30, 2023 and December 31,
2022, we had unrestricted cash, cash equivalents and short-term
investments totaling $160.6 million and $133.6 million,
respectively. Net cash provided by operating activities improved by
$14.3 million for the three months ended September 30, 2023, as
compared to the same period in 2022, primarily due to improvements
in working capital and contract assets, partially offset by higher
incurred warranty costs.
Net cash provided by investing activities
improved by $7.2 million for the three months ended September 30,
2023, as compared to the same period in 2022, primarily due to the
sale our Taicang, China facility partially offset by higher capital
expenditures in preparation for manufacturing line start-ups and
transitions. Capital expenditures were $9.2 million for the three
months ended September 30, 2023, as compared to $3.5 million during
the same period in 2022. Our capital expenditures primarily related
to machinery and equipment and improvements to our existing
facilities.
2023 Guidance
Guidance for the full year ending December 31,
2023:
|
Guidance |
Previous FullYear 2023 |
Updated FullYear 2023 |
|
Net Sales from Continuing Operations |
$1.525 to $1.575 billion |
~ $1.5 billion |
|
Adjusted EBITDA Margin % from Continuing Operations |
Loss of (2-3%) |
Loss of ~ (5%) |
|
Utilization % |
80% to 85% (based on 37 lines installed) |
80% to 85% (based on 37 lines installed) |
|
Capital Expenditures |
$40 to $45 million |
$40 to $45 million |
Conference Call and Webcast Information
TPI Composites will host an investor conference
call this afternoon, Thursday, November 2, at 5:00 pm ET.
Interested parties are invited to listen to the conference call
which can be accessed live over the phone by dialing
1-844-825-9789, or for international callers, 1-412-317-5180. 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
10182802. The replay will be available until November 9, 2023.
Interested investors and other parties may also listen to a
simultaneous webcast of the conference call by logging onto the
Investors 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 a global company focused
on innovative and sustainable solutions to decarbonize and
electrify the world. TPI delivers high-quality, cost-effective
composite solutions through long-term relationships with leading
OEMs in the wind and automotive markets. TPI is headquartered in
Scottsdale, Arizona and operates factories in the U.S., Mexico,
Türkiye and India. TPI operates additional engineering development
centers in Denmark and Germany and global service training centers
in the U.S. and Spain.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
(the Exchange Act). Forward-looking statements contained in this
release include, but are not limited to, statements about: i.
competition from other wind blade and wind blade turbine
manufacturers; ii. the discovery of defects in our products and our
ability to estimate the future cost of warranty campaigns; iii. the
current status of the wind energy market and our addressable
market; iv. our ability to absorb or mitigate the impact of price
increases in resin, carbon reinforcements (or fiber), other raw
materials and related logistics costs that we use to produce our
products; v. our ability to absorb or mitigate the impact of wage
inflation in the countries in which we operate; vi. our ability to
procure adequate supplies of raw materials and components to
fulfill our wind blade volume commitments to our customers; vii.
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; viii. 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; ix. changes in
domestic or international government or regulatory policy,
including without limitation, changes in trade policy and energy
policy; x. changes in global economic trends and uncertainty,
geopolitical risks, and demand or supply disruptions from global
events; xi. changes in macroeconomic and market conditions,
including the potential impact of any pandemic, risk of recession,
rising interest rates and inflation, supply chain constraints,
commodity prices and exchange rates, and the impact of such changes
on our business and results of operations; xii. the sufficiency of
our cash and cash equivalents to meet our liquidity needs; xiii.
the increasing cost and availability of additional capital, should
such capital be needed; xiv. our ability to attract and retain
customers for our products, and to optimize product pricing; xv.
our ability to effectively manage our growth strategy and future
expenses, including our startup and transition costs; xvi. 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; xvii. our ability to keep up with market changes and
innovations; xviii. our ability to successfully open new
manufacturing facilities and expand existing facilities on time and
on budget; xix. the impact of the pace of new product and wind
blade model introductions on our business and our results of
operations; xx. our ability to identify and execute a strategic
alternative to enable the growth of our automotive business; xxi.
our ability to maintain, protect and enhance our intellectual
property; xxii. 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; xxiii. the attraction and retention of qualified
associates and key personnel; xxiv. our ability to maintain good
working relationships with our associates, and avoid labor
disruptions, strikes and other disputes with labor unions that
represent certain of our associates; and xxv. the potential impact
of one or more of our customers becoming bankrupt or insolvent, or
experiencing other financial problems.
These forward-looking statements are often characterized by the
use of words such as “may,” “should,” “expects,” “plans,”
“anticipates,” “could,” “intends,” “targets,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential” or
“continue” or the negative of these terms or other similar words.
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
EBITDA, adjusted EBITDA, net cash (debt) and free cash flow. We
define EBITDA as net income (loss) from continuing operations plus
interest expense (including losses on the 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, any foreign currency income or
losses, any gains or losses on the sale of assets and asset
impairments and any restructuring charges. We define net cash
(debt) as the total unrestricted cash and cash equivalents less the
total principal amount of debt outstanding. We define free cash
flow as net cash flow 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.
We provide forward-looking statements in the
form of guidance in our quarterly earnings releases and during our
quarterly earnings conference calls. This guidance is provided on a
non-GAAP basis and cannot be reconciled to the closest GAAP
measures without unreasonable effort because of the
unpredictability of the amounts and timing of events affecting the
items we exclude from non-GAAP measures. For example, stock-based
compensation is unpredictable for our performance-based awards,
which can fluctuate significantly based on current expectations of
future achievement of performance-based targets. Amortization of
intangible assets and restructuring costs are all impacted by the
timing and size of potential future actions, which are difficult to
predict. In addition, from time to time, we exclude certain items
that occur infrequently, which are also inherently difficult to
predict and estimate. It is also difficult to predict the tax
effect of the items we exclude and to estimate certain discrete tax
items, like the resolution of tax audits or changes to tax laws. As
such, the costs that are being excluded from non-GAAP guidance are
difficult to predict and a reconciliation or a range of results
could lead to disclosure that would be imprecise or potentially
misleading. Material changes to any one of the exclusions could
have a significant effect on our guidance and future GAAP
results.
See Table Four for a reconciliation of certain
non-GAAP financial measures to the comparable GAAP measures.
Investor
Relations480-315-8742Investors@TPIComposites.com
| TPI
COMPOSITES, INC. AND SUBSIDIARIES |
|
| TABLE ONE -
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
(UNAUDITED) |
|
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
| (in
thousands, except per share data) |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
|
Net sales |
|
$ |
372,860 |
|
$ |
384,438 |
|
|
|
$ |
1,158,197 |
|
$ |
1,120,465 |
|
|
| Cost of
sales |
|
|
379,219 |
|
|
380,729 |
|
|
|
1,203,867 |
|
|
1,099,368 |
|
|
| Startup and
transition costs |
|
|
4,817 |
|
|
4,821 |
|
|
|
10,174 |
|
|
22,417 |
|
|
|
Total cost of goods sold |
|
|
384,036 |
|
|
385,550 |
|
|
|
1,214,041 |
|
|
1,121,785 |
|
|
|
Gross loss |
|
|
(11,176 |
) |
|
(1,112 |
) |
|
|
(55,844 |
) |
|
(1,320 |
) |
|
| General and
administrative expenses |
|
|
28,709 |
|
|
8,030 |
|
|
|
42,510 |
|
|
22,578 |
|
|
| Loss on sale
of assets and asset impairments |
|
|
5,857 |
|
|
2,969 |
|
|
|
15,269 |
|
|
6,142 |
|
|
|
Restructuring charges, net |
|
|
1,167 |
|
|
(189 |
) |
|
|
3,490 |
|
|
(390 |
) |
|
|
Loss from continuing operations |
|
|
(46,909 |
) |
|
(11,922 |
) |
|
|
(117,113 |
) |
|
(29,650 |
) |
|
| Other income
(expense): |
|
|
|
|
|
|
|
| Interest
expense, net |
|
|
(1,628 |
) |
|
(1,210 |
) |
|
|
(6,034 |
) |
|
(2,872 |
) |
|
| Foreign
currency income (loss) |
|
|
(579 |
) |
|
8,207 |
|
|
|
(3,278 |
) |
|
14,306 |
|
|
|
Miscellaneous income |
|
|
393 |
|
|
991 |
|
|
|
1,546 |
|
|
997 |
|
|
|
Total other income (expense) |
|
|
(1,814 |
) |
|
7,988 |
|
|
|
(7,766 |
) |
|
12,431 |
|
|
|
Loss from continuing operations before income taxes |
|
|
(48,723 |
) |
|
(3,934 |
) |
|
|
(124,879 |
) |
|
(17,219 |
) |
|
| Income tax
provision |
|
|
(8,040 |
) |
|
(2,852 |
) |
|
|
(12,205 |
) |
|
(11,678 |
) |
|
|
Net loss from continuing operations |
|
|
(56,763 |
) |
|
(6,786 |
) |
|
|
(137,084 |
) |
|
(28,897 |
) |
|
| Preferred
stock dividends and accretion |
|
|
(16,031 |
) |
|
(14,976 |
) |
|
|
(46,802 |
) |
|
(43,658 |
) |
|
|
Net loss from continuing operations attributable to common
stockholders |
|
(72,794 |
) |
|
(21,762 |
) |
|
|
(183,886 |
) |
|
(72,555 |
) |
|
| Net income
(loss) from discontinued operations |
|
|
(52 |
) |
|
5,319 |
|
|
|
(7,095 |
) |
|
6,120 |
|
|
|
Net loss attributable to common stockholders |
|
$ |
(72,846 |
) |
$ |
(16,443 |
) |
|
|
$ |
(190,981 |
) |
$ |
(66,435 |
) |
|
| |
|
|
|
|
|
|
|
|
Weighted-average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
42,570 |
|
|
41,984 |
|
|
|
42,448 |
|
|
41,950 |
|
|
|
Diluted |
|
|
42,570 |
|
|
41,984 |
|
|
|
42,448 |
|
|
41,950 |
|
|
|
|
|
|
|
|
|
|
|
| Net loss
from continuing operations per common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.71 |
) |
$ |
(0.52 |
) |
|
$ |
(4.33 |
) |
$ |
(1.73 |
) |
|
|
Diluted |
|
$ |
(1.71 |
) |
$ |
(0.52 |
) |
|
$ |
(4.33 |
) |
$ |
(1.73 |
) |
|
| |
|
|
|
|
|
|
|
| Net income
(loss) from discontinued operations per common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.00 |
) |
$ |
0.13 |
|
|
$ |
(0.17 |
) |
$ |
0.15 |
|
|
|
Diluted |
|
$ |
(0.00 |
) |
$ |
0.13 |
|
|
$ |
(0.17 |
) |
$ |
0.15 |
|
|
| |
|
|
|
|
|
|
|
| Net loss per
common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.71 |
) |
$ |
(0.39 |
) |
|
$ |
(4.50 |
) |
$ |
(1.58 |
) |
|
|
Diluted |
|
$ |
(1.71 |
) |
$ |
(0.39 |
) |
|
$ |
(4.50 |
) |
$ |
(1.58 |
) |
|
| |
|
|
|
|
|
|
|
|
Non-GAAP Measures (unaudited): |
|
|
|
|
|
|
|
| EBITDA |
|
$ |
(37,513 |
) |
$ |
6,895 |
|
|
$ |
(89,047 |
) |
$ |
14,983 |
|
|
| Adjusted
EBITDA |
|
$ |
(27,382 |
) |
$ |
5,052 |
|
|
$ |
(57,867 |
) |
$ |
16,706 |
|
|
| |
|
|
|
|
|
|
|
| TPI
COMPOSITES, INC. AND SUBSIDIARIES |
| TABLE TWO -
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(UNAUDITED) |
| |
September 30, |
December 31, |
| (in
thousands) |
2023 |
2022 |
|
Assets |
|
|
| Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
160,649 |
|
$ |
133,546 |
|
Restricted cash |
|
9,300 |
|
|
9,854 |
|
Accounts receivable |
|
135,660 |
|
|
184,809 |
|
Contract assets |
|
184,379 |
|
|
215,939 |
|
Prepaid expenses |
|
27,321 |
|
|
29,119 |
|
Other current assets |
|
34,484 |
|
|
26,052 |
|
Inventories |
|
5,779 |
|
|
10,661 |
|
Current assets of discontinued operations |
|
4,857 |
|
|
35,182 |
| Total
current assets |
|
562,429 |
|
|
645,162 |
| Noncurrent
assets: |
|
|
|
Property, plant and equipment, net |
|
128,071 |
|
|
136,841 |
|
Operating lease right of use assets |
|
134,732 |
|
|
152,312 |
|
Other noncurrent assets |
|
30,219 |
|
|
27,861 |
| Total
assets |
$ |
855,451 |
|
$ |
962,176 |
| |
|
|
|
Liabilities and Stockholders' Equity |
|
|
| Current
liabilities: |
|
|
|
Accounts payable and accrued expenses |
$ |
247,562 |
|
$ |
280,499 |
|
Accrued warranty |
|
42,955 |
|
|
22,347 |
|
Current maturities of long-term debt |
|
63,290 |
|
|
59,975 |
|
Current operating lease liabilities |
|
21,912 |
|
|
22,220 |
|
Contract liabilities |
|
1,792 |
|
|
17,100 |
|
Current liabilities of discontinued operations |
|
7,954 |
|
|
54,440 |
| Total
current liabilities |
|
385,465 |
|
|
456,581 |
| Noncurrent
liabilities: |
|
|
|
Long-term debt, net of current maturities |
|
128,834 |
|
|
1,198 |
|
Noncurrent operating lease liabilities |
|
117,038 |
|
|
133,363 |
|
Other noncurrent liabilities |
|
15,272 |
|
|
10,670 |
| Total
liabilities |
|
646,609 |
|
|
601,812 |
| Total
mezzanine equity |
|
356,679 |
|
|
309,877 |
| Total
stockholders’ equity |
|
(147,837 |
) |
|
50,487 |
| Total
liabilities, mezzanine equity and stockholders’ equity |
$ |
855,451 |
|
$ |
962,176 |
| |
|
|
| TPI
COMPOSITES, INC. AND SUBSIDIARIES |
| TABLE THREE
- CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(UNAUDITED) |
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
(in thousands) |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
Net cash used in operating activities |
|
$ |
(11,654 |
) |
$ |
(25,934 |
) |
|
$ |
(85,908 |
) |
$ |
(85,095 |
) |
| Net cash
provided by (used in) investing activities |
|
|
3,684 |
|
|
(3,482 |
) |
|
|
(3,010 |
) |
|
(11,492 |
) |
| Net cash
provided by (used in) financing activities |
|
|
920 |
|
|
(139 |
) |
|
|
109,029 |
|
|
(12,865 |
) |
| Impact of
foreign exchange rates on cash, cash equivalents and restricted
cash |
|
|
(214 |
) |
|
4,842 |
|
|
|
700 |
|
|
(3,807 |
) |
| Cash, cash
equivalents and restricted cash, beginning of period |
|
|
181,144 |
|
|
163,672 |
|
|
|
153,069 |
|
|
252,218 |
|
| Cash, cash
equivalents and restricted cash, end of period |
|
$ |
173,880 |
|
$ |
138,959 |
|
|
$ |
173,880 |
|
$ |
138,959 |
|
| |
|
|
|
|
|
|
|
Non-GAAP Measure (unaudited): |
|
|
|
|
|
|
| Free cash
flow |
|
$ |
(20,806 |
) |
$ |
(29,416 |
) |
|
$ |
(101,754 |
) |
$ |
(96,587 |
) |
| |
|
|
|
|
|
|
| TPI
COMPOSITES, INC. AND SUBSIDIARIES |
| TABLE FOUR -
RECONCILIATION OF NON-GAAP MEASURES |
|
(UNAUDITED) |
| EBITDA and
adjusted EBITDA are reconciled as follows: |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
| Net loss
attributable to common stockholders |
$ |
(72,846 |
) |
$ |
(16,443 |
) |
|
$ |
(190,981 |
) |
$ |
(66,435 |
) |
|
Net loss (income) from discontinued operations |
|
52 |
|
|
(5,319 |
) |
|
|
7,095 |
|
|
(6,120 |
) |
| Net loss
from continuing operations attributable to common stockholders |
|
(72,794 |
) |
|
(21,762 |
) |
|
|
(183,886 |
) |
|
(72,555 |
) |
|
Preferred stock dividends and accretion |
|
16,031 |
|
|
14,976 |
|
|
|
46,802 |
|
|
43,658 |
|
| Net loss
from continuing operations |
|
(56,763 |
) |
|
(6,786 |
) |
|
|
(137,084 |
) |
|
(28,897 |
) |
|
Adjustments: |
|
|
|
|
|
|
Depreciation and amortization |
|
9,582 |
|
|
9,619 |
|
|
|
29,798 |
|
|
29,330 |
|
|
Interest expense, net |
|
1,628 |
|
|
1,210 |
|
|
|
6,034 |
|
|
2,872 |
|
|
Income tax provision |
|
8,040 |
|
|
2,852 |
|
|
|
12,205 |
|
|
11,678 |
|
| EBITDA |
|
(37,513 |
) |
|
6,895 |
|
|
|
(89,047 |
) |
|
14,983 |
|
|
Share-based compensation expense |
|
2,528 |
|
|
3,584 |
|
|
|
9,143 |
|
|
10,277 |
|
|
Foreign currency loss (income) |
|
579 |
|
|
(8,207 |
) |
|
|
3,278 |
|
|
(14,306 |
) |
|
Loss on sale of assets and asset impairments |
|
5,857 |
|
|
2,969 |
|
|
|
15,269 |
|
|
6,142 |
|
|
Restructuring charges, net |
|
1,167 |
|
|
(189 |
) |
|
|
3,490 |
|
|
(390 |
) |
| Adjusted
EBITDA |
$ |
(27,382 |
) |
$ |
5,052 |
|
|
$ |
(57,867 |
) |
$ |
16,706 |
|
| |
|
|
|
|
|
| Net cash
(debt) is reconciled as follows: |
September 30, |
December 31, |
|
|
|
| (in
thousands) |
|
2023 |
|
|
2022 |
|
|
|
|
| Cash and
cash equivalents |
$ |
160,649 |
|
$ |
133,546 |
|
|
|
|
| Cash and
cash equivalents of discontinued operations |
|
3,931 |
|
|
9,669 |
|
|
|
|
| Less total
debt—principal |
|
(196,382 |
) |
|
(61,173 |
) |
|
|
|
| Net cash
(debt) |
$ |
(31,802 |
) |
$ |
82,042 |
|
|
|
|
| |
|
|
|
|
|
| Free cash
flow is reconciled as follows: |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| (in
thousands) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
| Net cash
used in operating activities |
$ |
(11,654 |
) |
$ |
(25,934 |
) |
|
$ |
(85,908 |
) |
$ |
(85,095 |
) |
| Capital
expenditures |
|
(9,152 |
) |
|
(3,482 |
) |
|
|
(15,846 |
) |
|
(11,492 |
) |
| Free cash
flow |
$ |
(20,806 |
) |
$ |
(29,416 |
) |
|
$ |
(101,754 |
) |
$ |
(96,587 |
) |
| |
|
|
|
|
|
TPI Composites (NASDAQ:TPIC)
過去 株価チャート
から 4 2024 まで 5 2024
TPI Composites (NASDAQ:TPIC)
過去 株価チャート
から 5 2023 まで 5 2024
