United states

 

F-1

Table of Contents

TPI COMPOSITES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)

 

		Pro Forma March 31, 2016				March 31, 2016				December 31, 2015
		(unaudited)				(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	35,842			$	35,842			$	45,917
Restricted cash			2,407				2,407				1,760
Accounts receivable			87,032				87,032				72,913
Inventories			54,836				54,836				50,841
Inventory held for customer orders			50,873				50,873				49,594
Prepaid expenses and other current assets			39,684				39,684				31,337
Total current assets			270,674				270,674				252,362
Property, plant, and equipment, net			74,943				74,943				67,732
Other noncurrent assets			12,845				12,845				9,826
Total assets		$	358,462			$	358,462			$	329,920
Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable and accrued expenses		$	106,809			$	106,809			$	101,108
Accrued warranty			27,935				27,935				13,596
Deferred revenue			65,027				65,027				65,520
Customer deposits and customer advances			13,447				13,447				8,905
Current maturities of long-term debt			53,637				53,637				52,065
Total current liabilities			266,855				266,855				241,194
Long-term debt, net of debt issuance costs, discount and current maturities			77,526				77,526				77,281
Other noncurrent liabilities			4,259				4,259				3,812
Total liabilities			348,640				348,640				322,287
Commitments and contingencies (Note 11)
Convertible and senior redeemable preferred shares and warrants			—				201,282				198,830
Shareholders’ equity (deficit):
Preferred shares, $0.01 par value, no shares issued, outstanding or authorized at March 31, 2016 and December 31, 2015; 5,500,000 shares authorized, no shares issued and outstanding pro forma (unaudited)			—				—				—
Common shares, $0.01 par value, 31,104,000 shares authorized and 4,238,487 shares issued and outstanding at March 31, 2016 and December 31, 2015; 100,000,000 shares authorized and 25,531,263 shares issued and outstanding pro forma (unaudited)			255				—				—
Paid-in capital			201,027				—				—
Accumulated other comprehensive income (loss)			403				403				(25	)
Accumulated deficit			(191,863	)			(191,863	)			(191,172	)
Total shareholders’ equity (deficit)			9,822				(191,460	)			(191,197	)
Total liabilities and shareholders’ equity (deficit)		$	358,462			$	358,462			$	329,920

See accompanying notes to unaudited condensed consolidated financial statements.

 

F-2

Table of Contents