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These forward-looking statements are only predictions. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to materially differ from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. We have described in the “Risk Factors” section and elsewhere in this prospectus the principal risks and uncertainties that we believe could cause actual results to differ from these forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as guarantees of future events.

The forward-looking statements in this prospectus represent our views as of the date of this prospectus. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we undertake no obligation to update any forward-looking statement to reflect events or developments after the date on which the statement is made or to reflect the occurrence of unanticipated events except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date after the date of this prospectus. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

 

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Table of Contents



USE OF PROCEEDS

The selling stockholders, which include certain of our executive officers, are selling shares of our common stock in this offering, including any shares that may be sold in connection with the exercise of the underwriters’ option to purchase additional shares. See “Principal and Selling Stockholders.” Accordingly, we will not receive any proceeds from the sale of shares of our common stock in this offering. We will bear all costs, fees and expenses in connection with this offering, which are estimated to be $850,000, except that the selling stockholders will pay all underwriting commissions and discounts. See “Description of Capital Stock—Registration Rights” and “Underwriting.”

 

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Table of Contents



MARKET PRICE OF COMMON STOCK

Our common stock has been listed on The NASDAQ Global Market under the symbol “TPIC” since July 22, 2016. Prior to that date, there was no public trading market for our common stock. The following table sets forth for the periods indicated the high and low intra-day per share sale prices for our common stock as reported on The NASDAQ Global Market:



 




























 

  

High

 

  

Low

 

Year Ended December 31, 2016

  










  










Third quarter (from July 22, 2016)

  

$

22.72

 

  

$

11.31

 

Fourth quarter

  

$

23.30

 

  

$

13.27

 

Year Ending December 31, 2017

  










  










First quarter

  

$

20.99

 

  

$

15.31

 

Second quarter (through May 5, 2017)

  

$

20.85

 

  

$

17.50

 

On May 5, 2017, the last reported sale price of our common stock on The NASDAQ Global Market was $17.97 per share. As of March 31, 2017, we had 13 stockholders of record of our common stock. The actual number of stockholders is greater than this number of stockholders of record, and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers, trusts and other nominees.

 

50



Table of Contents

DIVIDEND POLICY

We have never declared or paid any cash dividends on shares of our capital stock. We currently intend to retain earnings, if any, to finance the development and growth of our business and do not anticipate paying cash dividends on the common stock in the future. Any payment of any future dividends will be at the discretion of the board of directors, subject to compliance with certain covenants in our loan agreements, after taking into account various factors, including our financial condition, operating results, capital requirements, restrictions contained in any future financing instruments, growth plans and other factors the board deems relevant.

 

51



Table of Contents

CAPITALIZATION

The following table describes our cash and cash equivalents, as well as our capitalization, as of March 31, 2017. You should read this table together with the consolidated financial statements and related notes included elsewhere in this prospectus, as well as the sections titled “Selected Consolidated Financial and Other Data” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that are included elsewhere in this prospectus.

 

















 

  

March 31, 2017

 

 

  

(unaudited)

 

 

  

(in thousands, except 

par value data)

 

Cash and cash equivalents

  

$

115,541

 




  

 

 

 

Debt:

  










Current maturities of long-term debt

  

$

32,474

 

Long-term debt, net of debt issuance costs, discount and current maturities

  

 

88,015

 




  

 

 

 

Total debt

  

 

120,489

 




  

 

 

 

Shareholders’ Equity:

  










Common shares, $0.01 par value, 100,000 shares authorized and 33,737 shares issued and outstanding

  

 

337

 

Paid-in capital

  

 

294,570

 

Accumulated other comprehensive loss

  

 

(3,585



Accumulated deficit

  

 

(179,256






  

 

 

 

Total shareholders’ equity

  

 

112,066

 




  

 

 

 

Total capitalization

  

$

232,555

 




  

 

 

 

The table above excludes the following:

 


 



 

3,309,618 shares of common stock issuable upon exercise of outstanding options as of March 31, 2017 at a weighted-average exercise price of $12.70 per share;

 

 



 

636,120 shares of common stock issuable upon the vesting of restricted stock units outstanding as of March 31, 2017;

 

 



 

160,424 shares of our common stock reserved for issuance in connection with the exercise of our Common Warrants; and

 

 



 

4,958,767 shares of our common stock reserved for future issuance under our 2015 Plan, and which contains provisions that automatically increase its share reserve each year.

 

52

Table of Contents

SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA

The following selected consolidated statements of operations data for the three months ended March 31, 2017 and 2016 and the consolidated balance sheet data as of March 31, 2017 have been derived from our unaudited interim condensed consolidated financial statements included elsewhere in this prospectus. In our opinion, these unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with our audited financial statements and contain all adjustments, consisting only of a normal recurring nature, that are necessary for a fair presentation of such consolidated financial data. The consolidated statements of operations data for the years ended December 31, 2016, 2015 and 2014 and the consolidated balance sheet data as of December 31, 2016 and 2015 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. The consolidated statements of operations data for the year ended December 31, 2013 and the consolidated balance sheet data as of December 31, 2014 have been derived from our audited consolidated financial statements included in our final prospectus filed with the SEC on July 22, 2016. Our historical results are not necessarily indicative of the results that may be expected in the future. The selected consolidated financial and other data in this section are not intended to replace the consolidated financial statements and are qualified in their entirety by the consolidated financial statements and related notes included elsewhere in this prospectus and in our final prospectus filed with the SEC on July 22, 2016 and should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements, related notes and other financial information included elsewhere in this prospectus and in our final prospectus filed with the SEC on July 22, 2016.



 












































































 

 

Three Months Ended
March 31,


 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

Consolidated Statements of Operations Data:

 










 










 










 










 










 










Net sales

 

$

191,602

 

 

$

176,110

 

 

$

754,877

 

 

$

585,852

 

 

$

320,747

 

 

$

215,054

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

167,423

 

 

 

159,866

 

 

 

659,745

 

 

 

528,247

 

 

 

289,528

 

 

 

200,182

 

Startup and transition costs

 

 

6,159

 

 

 

3,306

 

 

 

18,127

 

 

 

15,860

 

 

 

16,567

 

 

 

6,607

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cost of goods sold

 

 

173,582

 

 

 

163,172

 

 

 

677,872

 

 

 

544,107

 

 

 

306,095

 

 

 

206,789

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

18,020

 

 

 

12,938

 

 

 

77,005

 

 

 

41,745

 

 

 

14,652

 

 

 

8,265

 

General and administrative expenses

 

 

8,306

 

 

 

4,749

 

 

 

33,892

 

 

 

14,126

 

 

 

9,175

 

 

 

7,566

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

9,714

 

 

 

8,189

 

 

 

43,113

 

 

 

27,619

 

 

 

5,477

 

 

 

699

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 










 










 










 










 










 










Interest income

 

 

19

 

 

 

21

 

 

 

344

 

 

 

161

 

 

 

186

 

 

 

155

 

Interest expense

 

 

(3,026



 

 

(3,912



 

 

(17,614



 

 

(14,565



 

 

(7,236



 

 

(3,474



Loss on extinguishment of debt

 

 

—  

 

 

 

—  

 

 

 

(4,487



 

 

—  

 

 

 

(2,946



 

 

—  

 

Realized loss on foreign currency remeasurement

 

 

(1,381



 

 

(439



 

 

(757



 

 

(1,802



 

 

(1,743



 

 

(1,892



Miscellaneous income

 

 

320

 

 

 

190

 

 

 

238

 

 

 

246

 

 

 

539

 

 

 

140

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense

 

 

(4,068



 

 

(4,140



 

 

(22,276



 

 

(15,960



 

 

(11,200



 

 

(5,071






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

5,646

 

 

 

4,049

 

 

 

20,837

 

 

 

11,659

 

 

 

(5,723



 

 

(4,372



Income tax benefit (provision)

 

 

(2,101



 

 

(2,303



 

 

(6,995



 

 

(3,977



 

 

(925



 

 

3,346

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) before noncontrolling interest

 

 

—  

 

 

 

—  

 

 

 

13,842

 

 

 

7,682

 

 

 

(6,648



 

 

(1,026



Net loss attributable to noncontrolling interest (1)

 

 

—  

 

 

 

—  

 

 

 

—  

 

 

 

—  

 

 

 

—  

 

 

 

2,305

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

3,545

 

 

 

1,746

 

 

 

13,842

 

 

 

7,682

 

 

 

(6,648



 

 

1,279

 

Net income attributable to preferred shareholders (2)

 

 

—  

 

 

 

2,437

 

 

 

5,471

 

 

 

9,423

 

 

 

13,930

 

 

 

14,149

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

3,545

 

 

$

(691



 

$

8,371

 

 

$

(1,741



 

$

(20,578



 

$

(12,870






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 










 










 










 










 










 










Basic (3)

 

 

33,737

 

 

 

4,238

 

 

 

17,530

 

 

 

4,238

 

 

 

4,238

 

 

 

4,238

 

Diluted (3)

 

 

33,827

 

 

 

4,238

 

 

 

17,616

 

 

 

4,238

 

 

 

4,238

 

 

 

4,238

 

Net income (loss) per common share:

 










 










 










 










 










 










Basic

 

$

0.11

 

 

$

(0.16



 

$

0.48

 

 

$

(0.41



 

$

(4.86



 

$

(3.04



Diluted

 

$

0.10

 

 

$

(0.16



 

$

0.48

 

 

$

(0.41



 

$

(4.86



 

$

(3.04



 

53


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