United states securities and exchange commission

(In thousands, except per share data)

 

		Year Ended December 31,
		2017				2016				2015
Net sales (Note 3)		$	930,281			$	754,877			$	585,852
Cost of sales			776,944				659,745				528,247
Startup and transition costs			40,628				18,127				15,860
Total cost of goods sold			817,572				677,872				544,107
Gross profit			112,709				77,005				41,745
General and administrative expenses			40,373				33,892				14,126
Income from operations			72,336				43,113				27,619
Other income (expense):
Interest income			95				344				161
Interest expense			(12,381	)			(17,614	)			(14,565	)
Loss on extinguishment of debt			—				(4,487	)			—
Realized loss on foreign currency remeasurement			(4,471	)			(757	)			(1,802	)
Miscellaneous income			1,191				238				246
Total other expense			(15,566	)			(22,276	)			(15,960	)
Income before income taxes			56,770				20,837				11,659
Income tax provision			(13,080	)			(6,995	)			(3,977	)
Net income			43,690				13,842				7,682
Net income attributable to preferred stockholders			—				5,471				9,423
Net income (loss) attributable to common stockholders		$	43,690			$	8,371			$	(1,741	)
Weighted-average common shares outstanding:
Basic			33,844				17,530				4,238
Diluted			34,862				17,616				4,238
Net income (loss) per common share:
Basic		$	1.29			$	0.48			$	(0.41	)
Diluted		$	1.25			$	0.48			$	(0.41	)

 

See accompanying notes to consolidated financial statements.

F-4

TPI COMPOSITES, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income