(In thousands)
|
|
Year Ended December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
43,690
|
|
|
$
|
13,842
|
|
|
$
|
7,682
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
20,878
|
|
|
|
12,897
|
|
|
|
11,416
|
|
Share-based compensation expense
|
|
|
7,124
|
|
|
|
9,902
|
|
|
|
—
|
|
Amortization of debt issuance costs and debt discount
|
|
|
573
|
|
|
|
4,681
|
|
|
|
4,319
|
|
Loss on extinguishment of debt
|
|
|
—
|
|
|
|
4,487
|
|
|
|
—
|
|
Loss on disposal of property and equipment
|
|
|
334
|
|
|
|
2
|
|
|
|
187
|
|
Deferred income taxes
|
|
|
(1,068
|
)
|
|
|
(2,782
|
)
|
|
|
(765
|
)
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(53,734
|
)
|
|
|
5,071
|
|
|
|
(29,652
|
)
|
Inventories
|
|
|
(26,519
|
)
|
|
|
(4,967
|
)
|
|
|
(626
|
)
|
Prepaid expenses and other current assets
|
|
|
3,150
|
|
|
|
681
|
|
|
|
(10,978
|
)
|
Other noncurrent assets
|
|
|
7,487
|
|
|
|
(8,291
|
)
|
|
|
4,204
|
|
Accounts payable and accrued expenses
|
|
|
51,248
|
|
|
|
14,959
|
|
|
|
34,423
|
|
Accrued warranty
|
|
|
9,251
|
|
|
|
6,316
|
|
|
|
7,680
|
|
Customer deposits
|
|
|
8,744
|
|
|
|
(7,515
|
)
|
|
|
(3,193
|
)
|
Deferred revenue
|
|
|
11,480
|
|
|
|
4,048
|
|
|
|
6,044
|
|
Other noncurrent liabilities
|
|
|
25
|
|
|
|
510
|
|
|
|
552
|
|
Net cash provided by operating activities
|
|
|
82,663
|
|
|
|
53,841
|
|
|
|
31,293
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(44,828
|
)
|
|
|
(30,507
|
)
|
|
|
(26,361
|
)
|
Proceeds from sale of assets
|
|
|
850
|
|
|
|
—
|
|
|
|
146
|
|
Net cash used in investing activities
|
|
|
(43,978
|
)
|
|
|
(30,507
|
)
|
|
|
(26,215
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock sold in initial public offering,
net of underwriters discount and offering costs
|
|
|
—
|
|
|
|
67,199
|
|
|
|
—
|
|
Proceeds from term loans
|
|
|
—
|
|
|
|
—
|
|
|
|
20,000
|
|
Repayments of term loans
|
|
|
(3,750
|
)
|
|
|
(930
|
)
|
|
|
(625
|
)
|
Net repayments of accounts receivable financing
|
|
|
(1,020
|
)
|
|
|
(5,385
|
)
|
|
|
(2,472
|
)
|
Proceeds from working capital loans
|
|
|
9,936
|
|
|
|
15,813
|
|
|
|
11,690
|
|
Repayments of working capital loans
|
|
|
(14,574
|
)
|
|
|
(20,103
|
)
|
|
|
(24,262
|
)
|
Proceeds from (repayments of) other debt
|
|
|
1,313
|
|
|
|
(4,765
|
)
|
|
|
(2,777
|
)
|
Proceeds from customer advances
|
|
|
—
|
|
|
|
2,000
|
|
|
|
—
|
|
Repayments of customer advances
|
|
|
—
|
|
|
|
(2,000
|
)
|
|
|
—
|
|
Debt issuance costs
|
|
|
(454
|
)
|
|
|
—
|
|
|
|
(1,113
|
)
|
Proceeds from exercise of stock options
|
|
|
1,430
|
|
|
|
—
|
|
|
|
—
|
|
Repurchase of common stock including shares withheld in lieu of income
taxes
|
|
|
(1,264
|
)
|
|
|
—
|
|
|
|
—
|
|
Payment on acquisition of noncontrolling interest
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,875
|
)
|
Restricted cash
|
|
|
(1,590
|
)
|
|
|
(499
|
)
|
|
|
(989
|
)
|
Net cash provided by (used in) financing activities
|
|
|
(9,973
|
)
|
|
|
51,330
|
|
|
|
(2,423
|
)
|
Impact of foreign exchange rates on cash and cash equivalents
|
|
|
335
|
|
|
|
(1,515
|
)
|
|
|
(330
|
)
|
Net change in cash and cash equivalents
|
|
|
29,047
|
|
|
|
73,149
|
|
|
|
2,325
|
|
Cash and cash equivalents, beginning of year
|
|
|
119,066
|
|
|
|
45,917
|
|
|
|
43,592
|
|
Cash and cash equivalents, end of year
|
|
$
|
148,113
|
|
|
$
|
119,066
|
|
|
$
|
45,917
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
11,803
|
|
|
$
|
11,126
|
|
|
$
|
9,439
|
|
Cash paid for income taxes, net
|
|
|
17,263
|
|
|
|
8,506
|
|
|
|
3,087
|
|
Supplemental disclosures of noncash investing and financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of subordinated convertible promissory notes into common stock
|
|
|
—
|
|
|
|
11,877
|
|
|
|
—
|
|
Accrued capital expenditures in accounts payable
|
|
|
5,725
|
|
|
|
2,664
|
|
|
|
1,860
|
|
Equipment acquired through capital lease and financing obligations
|
|
|
6,206
|
|
|
|
10,011
|
|
|
|
5,004
|
|
Customer advances applied to accounts receivable
|
|
|
—
|
|
|
|
—
|
|
|
|
1,171
|
|
Debt refinance and related fees
|
|
|
—
|
|
|
|
2,163
|
|
|
|
—
|
|
See accompanying notes to consolidated financial statements.
F-7
TPI COMPOSITES, INC. AND SUBSIDIARIES
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