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TPI COMPOSITES, INC. AND SUBSIDIARIES



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TPI COMPOSITES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

 

stockholders that own (directly or indirectly) 5% or more of the stock of a corporation, or arising from a new issuance of stock by a corporation. If an ownership change occurs, Section 382 generally imposes an annual limitation on the use of pre-ownership change net operating losses to offset taxable income earned after the ownership change. The annual limitation is equal to the product of the applicable long-term tax exempt rate and the value of the company’s stock immediately before the ownership change. This annual limitation may be adjusted to reflect any unused annual limitation for prior years and certain recognized built-in gains and losses for the year. In addition, Section 383 generally limits the amount of tax liability in any post-ownership change year that can be reduced by pre-ownership change tax credit carryforwards. At the end of 2008, the Company had an “ownership change” and the pre-ownership change net operating losses existing at the date of change of $25.6 million are subject to an annual limitation of $4.3 million. As of December 31, 2015, the remaining pre-ownership change net operating losses of approximately $20.5 million are no longer limited. Certain of these net operating losses may be at risk of limitation in the event of a future ownership change.



The Company’s policy regarding uncertain tax positions is to recognize potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2015, the Company has not identified any uncertain tax positions.

The Company operates in and files income tax returns in various jurisdictions in China, Mexico, Turkey and the U.S., which are subject to examination by tax authorities. With few exceptions, the Company is no longer subject to income tax examinations for years before 2010.



Note 19. Concentration of Customers

Revenues from certain customers in excess of 10 percent of total consolidated Company revenues for the years ended December 31 are as follows (in thousands):



 












































































 

  

2015

 

 

2014

 

 

2013

 

Customer

  

Revenues

 

  

% of Total

 

 

Revenues

 

  

% of Total

 

 

Revenues

 

  

% of Total

 

Customer 1

  

$

312,495

  

  

 

53.3



 

$

234,795

  

  

 

73.2



 

$

196,141

  

  

 

91.2



Customer 2

  

 

91,903

  

  

 

15.7

  

 

 

42,956

  

  

 

13.4

  

 

 

8,825

  

  

 

4.1

  

Customer 3

  

 

63,024

  

  

 

10.8

  

 

 

26,427

  

  

 

8.2

  

 

 

—  

  

  

 

—  

  

Customer 4

  

 

60,544

  

  

 

10.3

  

 

 

13,501

  

  

 

4.2

  

 

 

—  

  

  

 

—  

  

Other

  

 

57,886

  

  

 

9.9

  

 

 

3,068

  

  

 

1.0

  

 

 

10,088

  

  

 

4.7

  




  

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Total

  

$

585,852

  

  

 

100.0



 

$

320,747

  

  

 

100.0



 

$

215,054

  

  

 

100.0






  

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable at December 31 are as follows:

 





























 

  

2015

 

  

2014

 

Customer

  

 

% of Total

  

  

 

% of Total

  

Customer 1

  

 

26.5%

  

  

 

33.2%

  

Customer 2

  

 

24.4%

  

  

 

43.9%

  

Customer 3

  

 

14.9%

  

  

 

15.8%

  

Customer 5

  

 

27.9%

  

  

 

0.0%

  

 

F-50


Table of Contents

TPI COMPOSITES, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

 

Note 20. Segment Reporting

FASB ASC Topic 280, Segment Reporting , establishes standards for the manner in which companies report financial information about operating segments, products, services, geographic areas and major customers. In managing the Company’s business, management focuses on growing its revenues and earnings in select geographic areas serving primarily the wind energy market. The Company has operations in the United States, China, Turkey and Mexico. The Company’s operating segments are defined geographically as the United States, Asia, EMEA (Europe, the Middle East and Africa) and Mexico. Financial results are aggregated into four reportable segments based on quantitative thresholds. All of the Company’s segments operate in their local currency except for the Mexico and Asia segments, which both include a U.S. parent company.

The following tables set forth certain information regarding each of the Company’s segments for the years ended December 31 (in thousands):



 








































 

  

2015

 

  

2014

 

  

2013

 

Revenues by Segment:

  










  










  










U.S.

  

$

149,614

  

  

$

145,691

  

  

$

160,600

  

Asia

  

 

206,779

  

  

 

79,325

  

  

 

37,045

  

EMEA

  

 

131,547

  

  

 

67,006

  

  

 

17,409

  

Mexico

  

 

97,912

  

  

 

28,725

  

  

 

—  

  




  

 

 

 

  

 

 

 

  

 

 

 

Total Revenues

  

$

585,852

  

  

$

320,747

  

  

$

215,054

  




  

 

 

 

  

 

 

 

  

 

 

 

Revenues by Geographic Location (1):

  










  










  










United States

  

$

149,614

  

  

$

145,691

  

  

$

160,600

  

China

  

 

206,779

  

  

 

79,325

  

  

 

37,045

  

Turkey

  

 

131,547

  

  

 

67,006

  

  

 

17,409

  

Mexico

  

 

97,912

  

  

 

28,725

  

  

 

—  

  




  

 

 

 

  

 

 

 

  

 

 

 

Total Revenues

  

$

585,852

  

  

$

320,747

  

  

$

215,054

  




  

 

 

 

  

 

 

 

  

 

 

 

Depreciation and amortization:

  










  










  










U.S.

  

$

3,477

  

  

$

3,342

  

  

$

3,333

  

Asia

  

 

4,181

  

  

 

1,899

  

  

 

1,380

  

EMEA

  

 

2,225

  

  

 

1,683

  

  

 

537

  

Mexico

  

 

1,533

  

  

 

517

  

  

 

—  

  




  

 

 

 

  

 

 

 

  

 

 

 

Total depreciation and amortization

  

$

11,416

  

  

$

7,441

  

  

$

5,250

  




  

 

 

 

  

 

 

 

  

 

 

 

Capital Expenditures

  










  










  










U.S.

  

$

5,379

  

  

$

808

  

  

$

737

  

Asia

  

 

15,632

  

  

 

8,903

  

  

 

1,119

  

EMEA

  

 

2,453

  

  

 

4,789

  

  

 

3,187

  

Mexico

  

 

2,897

  

  

 

4,424

  

  

 

2,022

  




  

 

 

 

  

 

 

 

  

 

 

 

Total capital expenditures

  

$

26,361

  

  

$

18,924

  

  

$

7,065

  




  

 

 

 

  

 

 

 

  

 

 

 

Income (loss) from operations:

  










  










  










U.S.

  

$

(13,405



  

$

(1,199



  

$

8,381

  

Asia

  

 

34,998

  

  

 

14,771

  

  

 

3,807

  

EMEA

  

 

(1,505



  

 

(1,528



  

 

(8,619



Mexico

  

 

7,531

  

  

 

(6,567



  

 

(2,870






  

 

 

 

  

 

 

 

  

 

 

 

Total income from operations

  

$

27,619

  

  

$

5,477

  

  

$

699

  




  

 

 

 

  

 

 

 

  

 

 

 

 

F-51


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