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TPI COMPOSITES, INC. AND SUBSIDIARIES



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TPI COMPOSITES, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows



(In thousands)

 









































 

  

Year ended December 31,

 

 

  

2015

 

 

2014

 

 

2013

 

Cash flows from operating activities:

  










 










 










Net income (loss)

  

$

7,682

  

 

$

(6,648

)

 

$

(1,026

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

  










 










 










Provision for doubtful accounts

  

 

—  

 

 

 



 

 

 

28

 

Loss on disposal of property and equipment

  

 

185

  

 

 

128

 

 

 

93

 

Depreciation and amortization

  

 

11,416

  

 

 

7,441

 

 

 

5,250

 

Amortization of debt discount

  

 

3,016

  

 

 

—  

  

 

 

—  

  

Amortization of debt issuance costs

  

 

1,303

  

 

 

715

 

 

 

238

 

Loss on extinguishment of debt

  

 

—  

 

 

 

2,946

 

 

 



 

Share-based compensation expense

  

 

—  

 

 

 



 

 

 

36

 

Loss on investment in joint venture

  

 

2

 

 

 

6

 

 

 

5

 

Amortization of discount on customer advances

  

 

—  

 

 

 

218

 

 

 

627

 

Deferred income taxes

  

 

(765



 

 

(1,018



 

 

1,095

 

Changes in assets and liabilities:

  










 










 










Accounts receivable

  

 

(29,652



 

 

(31,677

)

 

 

(6,434

)

Inventories

  

 

(626



 

 

(60,320

)

 

 

(9,752

)

Prepaid expenses and other current assets

  

 

(10,978



 

 

(9,225



 

 

(6,103

)

Other noncurrent assets

  

 

4,204

  

 

 

2,021

 

 

 

(3,694

)

Accounts payable and accrued expenses

  

 

34,423

  

 

 

26,050

 

 

 

10,831

 

Accrued warranty

  

 

7,680

  

 

 

2,180

  

 

 

(330



Customer deposits

  

 

(3,193



 

 

1,047

 

 

 

9,336

 

Deferred revenue

  

 

6,044

  

 

 

38,322

 

 

 

3,161

 

Other noncurrent liabilities

  

 

552

  

 

 

(5,403



 

 

(1,734

)




  

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

  

 

31,293

  

 

 

(33,217



 

 

1,627

 




  

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

  










 










 










Purchases of property and equipment

  

 

(26,361



 

 

(18,924

)

 

 

(7,065

)

Proceeds from sale of assets

  

 

146

  

 

 

—  

 

 

 

—  

 

Contribution to joint venture

  

 

—  

  

 

 

—  

 

 

 

(84

)




  

 

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

  

 

(26,215



 

 

(18,924

)

 

 

(7,149

)




  

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

  










 










 










Proceeds from term loans

  

 

20,000

  

 

 

23,901

 

 

 

14,797

 

Repayments of term loans

  

 

(625



 

 

—  

  

 

 

—  

  

Net proceeds from (repayments of) accounts receivable financing

  

 

(2,472



 

 

34,450

 

 

 

2,183

 

Proceeds from working capital loans

  

 

11,690

  

 

 

19,120

 

 

 

3,393

 

Repayments of working capital loans

  

 

(24,262



 

 

(13,121

)

 

 

—  

 

Proceeds from subordinated debt arrangements

  

 

—  

 

 

 

15,000

 

 

 

—  

 

Proceeds from (repayments of) other financing arrangements

  

 

(2,777



 

 

(2,130



 

 

40

 

Debt issuance costs

  

 

(1,113



 

 

(4,818

)

 

 

(1,154

)

Payment on acquisition of noncontrolling interest

  

 

(1,875



 

 

(1,625

)

 

 

(500

)

Proceeds from customer advances

  

 

—  

 

 

 

4,500

 

 

 

—  

 

Repayments of customer advances

  

 

—  

 

 

 

—  

  

 

 

(5,007

)

Proceeds from issuance of preferred stock

  

 

—  

 

 

 

6,846

 

 

 

—  

 

Restricted cash

  

 

(989



 

 

1,898

 

 

 

(804

)




  

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) financing activities

  

 

(2,423



 

 

84,021

  

 

 

12,948

 




  

 

 

 

 

 

 

 

 

 

 

 

Impact of foreign exchange rates on cash and cash equivalents

  

 

(330



 

 

(43

)

 

 

720

 




  

 

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

  

 

2,325

  

 

 

31,837

 

 

 

8,146

 

Cash and cash equivalents, beginning of year

  

 

43,592

  

 

 

11,755

 

 

 

3,609

 




  

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of year

  

$

45,917

  

 

$

43,592

 

 

$

11,755

 




  

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

  










 










 










Cash paid for interest

  

$

9,439

  

 

$

6,343

 

 

$

2,545

 

Cash paid for income taxes, net

  

 

3,087

  

 

 

547

 

 

 

222

 

Supplemental disclosures of noncash investing and financing activities:

  










 










 










Accrued capital expenditures in accounts payable

  

 

1,860

  

 

 

1,980

 

 

 

3,607

 

Equipment acquired through capital lease and financing obligations

  

 

5,004

  

 

 

7,381

 

 

 

3,591

 

Note payable issued for the acquisition of noncontrolling interest

  

 

—  

 

 

 

—  

 

 

 

3,500

 

Customer advances applied to accounts receivable

  

 

1,171

  

 

 

2,753

  

 

 

—  

  

Debt refinance and related fees

  

 

—  

  

 

 

36,099

  

 

 

—  

  

See accompanying notes to consolidated financial statements.

 

F-23



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