United states

TPI COMPOSITES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except share data)

 

		December 31,
		2015				2014
Assets
Current assets:
Cash and cash equivalents		$	45,917			$	43,592
Restricted cash			1,760				771
Accounts receivable			72,913				44,432
Inventories			50,841				44,017
Inventories held for customer orders			49,594				55,794
Prepaid expenses and other current assets			31,337				20,360
Total current assets			252,362				208,966
Property, plant, and equipment, net			67,732				51,799
Goodwill			2,807				2,807
Intangible assets, net			419				1,187
Other noncurrent assets			10,820				13,201
Total assets		$	334,140			$	277,960
Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable and accrued expenses		$	101,108			$	66,805
Accrued warranty			13,596				5,916
Notes payable			—				1,875
Deferred revenue			65,520				59,476
Customer deposits and customer advances			8,905				13,267
Current maturities of long-term debt, net of discount			52,065				62,385
Total current liabilities			241,194				209,724
Long-term debt, net of discount and current maturities			81,501				62,720
Other noncurrent liabilities			3,812				3,260
Total liabilities			326,507				275,704
Commitments and contingencies (Note 16)
Convertible and senior redeemable preferred shares and warrants			198,830				189,349
Shareholders’ deficit:
Preferred shares, $0.01 par value, no shares issued, outstanding or authorized at December 31, 2015 and 2014			—				—
Common shares, $0.01 par value, 31,104,000 shares authorized and 4,238,487 shares issued and outstanding at December 31, 2015 and 2014			—				—
Paid-in capital			—				—
Accumulated other comprehensive income (loss)			(25	)			2,338
Accumulated deficit			(191,172	)			(189,431	)
Total shareholders’ deficit			(191,197	)			(187,093	)
Total liabilities and shareholders’ deficit		$	334,140			$	277,960

See accompanying notes to consolidated financial statements.

 

F-19

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