(in thousands, except other operating information)
Total billings (4)
$
941,565
$
764,424
$
600,107
$
362,749
$
221,057
EBITDA (4)
$
89,934
$
55,491
$
37,479
$
8,768
$
6,502
Adjusted EBITDA (4)
$
101,529
$
66,150
$
39,281
$
13,457
$
8,430
Capital expenditures
$
44,828
$
30,507
$
26,361
$
18,924
$
7,065
Free cash flow (4)
$
37,835
$
23,334
$
4,932
$
(52,141
)
$
(5,438
)
Total debt, net of debt issuance costs and discount
$
121,385
$
123,155
$
129,346
$
120,849
$
36,562
Net cash (debt) (4)
$
24,557
$
(6,379
)
$
(90,667
)
$
(87,547
)
$
(26,590
)
Other Operating Information:
Sets (5)
2,736
2,154
1,609
966
648
Estimated megawatts (6)
6,602
4,920
3,595
2,029
1,173
Dedicated manufacturing lines (7)
48
44
34
29
16
Total manufacturing lines installed (8)
41
33
30
22
14
Manufacturing lines in startup (9)
9
3
10
9
2
Manufacturing lines in transition (10)
—
3
11
8
2
(1)
In 2012, we commenced operations in Turkey as a 75% owner of those operations and in 2013, we became the sole owner with the acquisition of the remaining 25% interest.
(2 )
Represents the accrual of dividends on our convertible and senior redeemable preferred shares, the accretion to redemption amounts on our convertible preferred shares and warrant fair value adjustments. Immediately prior to the closing of the IPO, all preferred shares were converted into shares of our common stock and as a result, the accrual of dividends ceased.
(3 )
For the years ended December 31, 2017 and 2016, the weighted-average diluted shares outstanding include the conversion on a net issuance basis of our common warrants and the stock options issued under the 2015 Plan and the 2008 Stock Option and Grant Plan. For the years ended December 31, 2015, 2014 and 2013, the weighted-average common shares outstanding are the same under the basic and diluted per share calculations as we incurred a net loss in each of those years.
(4 )
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics Used By Management to Measure Performance” included in Part II, Item 7 of this Annual Report on Form 10-K for more information and the reconciliations of total billings, EBITDA, adjusted EBITDA, free cash flow and net cash (debt) to net sales, net income (loss), net income (loss), net cash provided by operating activities and total debt, net of debt issuance costs and discount, respectively, the most directly comparable financial measures calculated and presented in accordance with GAAP.
(5 )
Number of wind blade sets (which consist of three wind blades) invoiced worldwide in the period. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics Used By Management to Measure Performance” included in Part II, Item 7 of this Annual Report on Form 10-K for more information.
(6 )
Estimated megawatts of energy capacity to be generated by wind blade sets invoiced in the period. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics Used By Management to Measure Performance” included in Part II, Item 7 of this Annual Report on Form 10-K for more information.
(7 )
Number of manufacturing lines that are dedicated to our customers under long-term supply agreements. Includes seven manufacturing lines for GE Wind that were not extended beyond 2017. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics Used By Management to Measure Performance” included in Part II, Item 7 of this Annual Report on Form 10-K for more information. Dedicated manufacturing lines may be greater than total manufacturing line capacity in instances where we have signed new supply agreements for manufacturing facilities that are under construction or have not yet been built.
(8 )
Number of manufacturing lines installed and either in operation, startup or transition. Includes four manufacturing lines for GE Wind that were not extended beyond 2017. See “Management’s Discussion and
46
Analysis of Financial Condition and Results of Operation s—Key Metrics Used By Management to Measure Performance” included in Part II, Item 7 of this Annual Report on Form 10-K for more information.
(9 )
Number of manufacturing lines in a startup phase during the pre-production and production ramp-up periods. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics Used By Management to Measure Performance” included in Part II, Item 7 of this Annual Report on Form 10-K for more information.
(10 )
Number of manufacturing lines that were being transitioned to a new wind blade model during the period. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics Used By Management to Measure Performance” included in Part II, Item 7 of this Annual Report on Form 10-K for more information.
