United states securities and exchange commission

(In thousands)

 

		Year Ended December 31,
		2017				2016				2015
Net income		$	43,690			$	13,842			$	7,682
Other comprehensive income (loss):
Foreign currency translation adjustments			3,304				(3,837	)			(2,363	)
Comprehensive income		$	46,994			$	10,005			$	5,319

 

See accompanying notes to consolidated financial statements.

 

 

F-5

 

TPI COMPOSITES, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

(In thousands)

 

		Common								Paid-in				Accumulated other comprehensive				Accumulated				Treasury stock,				Total stockholders' equity
		Shares				Amount				capital				income (loss)				deficit				at cost				(deficit)
Balance at December 31, 2014			4,238			$	—			$	—			$	2,338			$	(189,431	)		$	—			$	(187,093	)
Net income			—				—				—				—				7,682				—				7,682
Other comprehensive loss			—				—				—				(2,363	)			—				—				(2,363	)
Redeemable preferred shares fair    value adjustment			—				—				—				—				(9,423	)			—				(9,423	)
Balance at December 31, 2015			4,238				—				—				(25	)			(191,172	)			—				(191,197	)
Net income			—				—				—				—				13,842				—				13,842
Other comprehensive loss			—				—				—				(3,837	)			—				—				(3,837	)
Redeemable preferred shares fair    value adjustment			—				—				—				—				(5,471	)			—				(5,471	)
Issuance of common stock sold in    initial public offering (IPO), net of    underwriters discount and offering    costs			7,188				72				67,127				—				—				—				67,199
Conversion of convertible preferred    shares into common stock upon    consummation of IPO			21,110				253				202,993				—				—				—				203,246
Conversion of subordinated    convertible promissory notes    into common stock upon    consummation of IPO			1,080				11				11,866				—				—				—				11,877
Conversion of redeemable preferred    share warrants into common stock     upon consummation of IPO			121				1				1,083				—				—				—				1,084
Share-based compensation expense			—				—				9,764				—				—				—				9,764
Balance at December 31, 2016			33,737				337				292,833				(3,862	)			(182,801	)			—				106,507
Cumulative-effect adjustment of the adoption of ASU 2016-09 on January 1, 2017			—				—				1,072				—				(1,086	)			—				(14	)
Net income			—				—				—				—				43,690				—				43,690
Other comprehensive income			—				—				—				3,304				—				—				3,304
Common stock repurchased			—				—				—				—				—				(1,264	)			(1,264	)
Issuances under share-based compensation plan			312				3				674				—				—				753				1,430
Share-based compensation expense			—				—				6,964				—				—				—				6,964
Balance at December 31, 2017			34,049			$	340			$	301,543			$	(558	)		$	(140,197	)		$	(511	)		$	160,617

 

See accompanying notes to consolidated financial statements.

 

F-6

 

TPI COMPOSITES, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows