TPI COMPOSITES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
Net income (loss)
|
|
$
|
1,746
|
|
|
$
|
(5,737
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
428
|
|
|
|
(1,328
|
)
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
|
$
|
2,174
|
|
|
$
|
(7,065
|
)
|
|
|
|
|
|
|
|
|
|
See accompanying notes to unaudited condensed consolidated financial statements.
F-4
Table of Contents
TPI COMPOSITES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(Unaudited)
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
1,746
|
|
|
$
|
(5,737
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
3,011
|
|
|
|
2,401
|
|
Amortization of debt discount
|
|
|
755
|
|
|
|
684
|
|
Amortization of debt issuance costs
|
|
|
412
|
|
|
|
312
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(14,119
|
)
|
|
|
(3,802
|
)
|
Inventories
|
|
|
(5,274
|
)
|
|
|
(13,478
|
)
|
Prepaid expenses and other current assets
|
|
|
(8,346
|
)
|
|
|
(5,310
|
)
|
Other noncurrent assets
|
|
|
(2,959
|
)
|
|
|
(835
|
)
|
Accounts payable and accrued expenses
|
|
|
6,801
|
|
|
|
10,232
|
|
Accrued warranty
|
|
|
14,339
|
|
|
|
(40
|
)
|
Customer deposits
|
|
|
2,542
|
|
|
|
(4,068
|
)
|
Deferred revenue
|
|
|
(493
|
)
|
|
|
20,409
|
|
Other noncurrent liabilities
|
|
|
446
|
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
(1,139
|
)
|
|
|
829
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(10,888
|
)
|
|
|
(10,605
|
)
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(10,888
|
)
|
|
|
(10,605
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Net proceeds from (repayments of) accounts receivable financing
|
|
|
6,800
|
|
|
|
(6,144
|
)
|
Proceeds from working capital loans
|
|
|
—
|
|
|
|
5,540
|
|
Repayments of working capital loans
|
|
|
(4,958
|
)
|
|
|
(5,611
|
)
|
Proceeds from (repayments of) other debt
|
|
|
(1,192
|
)
|
|
|
348
|
|
Payment on acquisition of noncontrolling interest
|
|
|
—
|
|
|
|
(625
|
)
|
Proceeds from customer advances
|
|
|
2,000
|
|
|
|
—
|
|
Restricted cash
|
|
|
(647
|
)
|
|
|
(676
|
)
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
2,003
|
|
|
|
(7,168
|
)
|
|
|
|
|
|
|
|
|
|
Impact of foreign exchange rates on cash and cash equivalents
|
|
|
(51
|
)
|
|
|
(86
|
)
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
(10,075
|
)
|
|
|
(17,030
|
)
|
Cash and cash equivalents, beginning of year
|
|
|
45,917
|
|
|
|
43,592
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
35,842
|
|
|
$
|
26,562
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
2,565
|
|
|
$
|
2,341
|
|
Cash paid for income taxes, net
|
|
|
1,426
|
|
|
|
607
|
|
Supplemental disclosures of noncash investing and financing activities:
|
|
|
|
|
|
|
|
|
Accrued capital expenditures in accounts payable
|
|
|
760
|
|
|
|
703
|
|
See accompanying notes to unaudited condensed consolidated financial statements.
F-5
Table of Contents
TPI COMPOSITES, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements
Dostları ilə paylaş: |
