TPI Composites, Inc. Announces Second Quarter 2024 Earnings Results – Remains Well Positioned for a Recovery in the Second Half of 2024
TPI Composites (TPIC) reported Q2 2024 financial results, showing a 17.2% decrease in net sales to $309.8 million. The company posted a net loss of $61.5 million, an improvement from $74.3 million loss in Q2 2023. Adjusted EBITDA was a loss of $24.9 million, better than the $33.3 million loss last year. TPI completed the divestiture of its Automotive business and closed the Nordex Matamoros plant, two loss-making operations. The company is narrowing its 2024 adjusted EBITDA guidance to approximately 1% due to Nordex Matamoros plant closure costs. Despite challenges, TPI remains positioned for recovery in H2 2024, focusing on cost control and productivity improvements.
TPI Composites (TPIC) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando una riduzione del 17,2% delle vendite nette a 309,8 milioni di dollari. L'azienda ha registrato una perdita netta di 61,5 milioni di dollari, un miglioramento rispetto a una perdita di 74,3 milioni nel secondo trimestre 2023. L'EBITDA rettificato è stato una perdita di 24,9 milioni di dollari, migliore rispetto alla perdita di 33,3 milioni dell'anno scorso. TPI ha completato la cessione della sua attività automobilistica e ha chiuso lo stabilimento Nordex di Matamoros, due operazioni in perdita. L'azienda sta ristretta la sua guidance per l'EBITDA rettificato 2024 a circa l'1% a causa dei costi di chiusura dello stabilimento Nordex di Matamoros. Nonostante le difficoltà, TPI si posiziona per una ripresa nella seconda metà del 2024, concentrandosi sul controllo dei costi e sul miglioramento della produttività.
TPI Composites (TPIC) informó los resultados financieros del segundo trimestre de 2024, mostrando una disminución del 17,2% en las ventas netas a 309,8 millones de dólares. La compañía registró una pérdida neta de 61,5 millones de dólares, una mejora con respecto a la pérdida de 74,3 millones en el segundo trimestre de 2023. El EBITDA ajustado fue una pérdida de 24,9 millones, mejor que la pérdida de 33,3 millones del año pasado. TPI completó la desinversión de su negocio automotriz y cerró la planta de Nordex en Matamoros, dos operaciones en pérdida. La compañía está reduciendo su guía de EBITDA ajustado para 2024 a aproximadamente el 1% debido a los costos de cierre de la planta de Nordex Matamoros. A pesar de los desafíos, TPI se mantiene posicionado para una recuperación en la segunda mitad de 2024, enfocándose en el control de costos y las mejoras en la productividad.
TPI Composites (TPIC)는 2024년 2분기 재무 결과를 발표했으며, 순 매출이 17.2% 감소한 3억 980만 달러를 기록했습니다. 회사는 6150만 달러의 순손실을 기록했으며, 이는 2023년 2분기의 7430만 달러 손실에 비해 개선된 수치입니다. 조정된 EBITDA는 2490만 달러 손실로 지난해 3330만 달러 손실보다 더 나았습니다. TPI는 자동차 사업 부문의 매각을 완료하고 손실을 내고 있는 마타모로스의 노르덱스 공장을 폐쇄했습니다. 회사는 2024년 조정된 EBITDA 가이던스를 노르덱스 마타모로스 공장 폐쇄 비용으로 인해 약 1%로 축소하고 있습니다. 이러한 어려움에도 불구하고 TPI는 2024년 하반기 회복을 위해 비용 통제 및 생산성 향상에 집중하고 있습니다.
TPI Composites (TPIC) a publié ses résultats financiers pour le deuxième trimestre 2024, montrant une diminution de 17,2 % des ventes nettes à 309,8 millions de dollars. L'entreprise a enregistré une perte nette de 61,5 millions de dollars, une amélioration par rapport à une perte de 74,3 millions au deuxième trimestre 2023. L'EBITDA ajusté s'est soldé par une perte de 24,9 millions de dollars, meilleure que la perte de 33,3 millions de l'année précédente. TPI a achevé la cession de son activité automobile et a fermé l'usine Nordex de Matamoros, deux opérations déficitaires. L'entreprise affine ses prévisions d'EBITDA ajusté pour 2024 à environ 1 % en raison des coûts de fermeture de l'usine Nordex de Matamoros. Malgré les défis, TPI reste bien positionnée pour une reprise au second semestre 2024, en se concentrant sur le contrôle des coûts et les améliorations de productivité.
TPI Composites (TPIC) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und dabei einen Rückgang der Nettoumsätze um 17,2% auf 309,8 Millionen US-Dollar festgestellt. Das Unternehmen meldete einen Nettoverlust von 61,5 Millionen US-Dollar, eine Verbesserung gegenüber einem Verlust von 74,3 Millionen im zweiten Quartal 2023. Das bereinigte EBITDA betrug einen Verlust von 24,9 Millionen US-Dollar, was besser ist als der Verlust von 33,3 Millionen im letzten Jahr. TPI hat den Verkauf seines Automobilgeschäfts abgeschlossen und das Nordex-Werk in Matamoros geschlossen, zwei verlustbringende Operationen. Das Unternehmen hat seine Prognose für das bereinigte EBITDA 2024 auf etwa 1% eingeengt, da die Kosten für die Schließung des Nordex-Werkes in Matamoros anfallen. Trotz der Herausforderungen bleibt TPI für eine Erholung in der zweiten Hälfte von 2024 gut positioniert, wobei der Fokus auf Kostenkontrolle und Produktivitätsverbesserungen liegt.
- Completed divestiture of loss-making Automotive business
- Improved net loss from $74.3 million in Q2 2023 to $61.5 million in Q2 2024
- Adjusted EBITDA loss reduced from $33.3 million to $24.9 million year-over-year
- Wind Blade ASP increased from $179,000 to $208,000
- Net sales decreased 17.2% year-over-year to $309.8 million
- Utilization rate dropped from 85% to 63%
- Field Services sales decreased 51% to $5.5 million
- Narrowed adjusted EBITDA guidance to lower end of range at approximately 1%
Insights
TPI Composites' Q2 2024 results show a mixed picture. While net sales decreased by
However, the adjusted EBITDA loss of
The wind energy market appears to be in a transitional phase, affecting TPI Composites' performance. The decrease in sets produced (473 vs 661) and estimated megawatts (2,024 vs 2,910) year-over-year indicates a temporary slowdown in demand. However, the increase in Wind Blade ASP to
The company's focus on cost control and productivity improvements, coupled with anticipated market growth, positions it for a potential recovery in H2 2024. The reaffirmed full-year guidance of
SCOTTSDALE, Ariz., Aug. 08, 2024 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (Nasdaq: TPIC), today reported financial results for the second quarter ended June 30, 2024.
“In the second quarter we were able to complete the divestiture of our Automotive business and we closed the Nordex Matamoros plant for Nordex, two loss making businesses that have negatively impacted TPI’s performance. We also continued the ramp of ten lines either in startup or transition. As these lines enter serial production and utilization increases, combined with the divestiture of the Automotive business and shut down of the Nordex Matamoros plant, we are positioned to return the company to profitability and positive free cash flow in the second half of the year,” said Bill Siwek, President and CEO of TPI Composites.
“We remain steadfast in our approach to control costs, drive productivity and prepare for the growth of the wind market. We are reaffirming our guidance for the full year 2024, however, we are narrowing our adjusted EBITDA guidance to the low end of the range to reflect the cost of shutting down the Nordex Matamoros plant instead of transitioning it back to them at the end of the second quarter as originally anticipated.”
Second Quarter 2024 Results and Recent Business Highlights
- Net Sales totaled
$309.8 million for the three months ended June 30, 2024, a decrease of17.2% over the same period last year. - Net loss from continuing operations attributable to common stockholders was
$61.5 million for the three months ended June 30, 2024, compared to a net loss of$74.3 million in the same period last year. - Adjusted EBITDA was a loss of
$24.9 million for the three months ended June 30, 2024, compared to an adjusted EBITDA loss of$33.3 million in the same period last year. - Effective June 30, 2024, we divested the Automotive business and closed the Nordex Matamoros facility for Nordex, two loss making businesses that have negatively impacted TPI’s performance.
| KPIs from continuing operations | 2Q’24 | 2Q’23 | |||||
| Sets¹ | 473 | 661 | |||||
| Estimated megawatts² | 2,024 | 2,910 | |||||
| Utilization3 | |||||||
| Dedicated manufacturing lines4 | 38 | 37 | |||||
| Manufacturing lines installed5 | 38 | 37 | |||||
| Wind Blade ASP (in $ thousands)6 | |||||||
| 1. | Number of wind blade sets (which consist of three wind blades) produced worldwide during the period. |
| 2. | Estimated megawatts of energy capacity to be generated by wind blade sets produced during the period. |
| 3. | Utilization represents the percentage of wind blades invoiced during the period compared to the total potential wind blade capacity of manufacturing lines installed during the period. |
| 4. | Number of wind blade manufacturing lines that are dedicated to our customers under long-term supply agreements at the end of the period. |
| 5. | Number of wind blade manufacturing lines installed and either in operation, startup or transition during the period. |
| 6. | Wind blade ASP represents the average sales price during the period for a single wind blade that we manufacture for our customers. |
Second Quarter 2024 Financial Results from Continuing Operations
Net sales for the three months ended June 30, 2024, decreased
- Net Sales of wind blades, tooling and other wind related sales (“Wind”) decreased by
$58.4 million , or16.1% , to$304.3 million for the three months ended June 30, 2024, as compared to$362.7 million in the same period in 2023. The decrease was primarily due to the number and pace of startups and transitions, expected volume declines based on market activity levels, cancelled orders for the Nordex Matamoros facility, and unfavorable foreign currency fluctuations. These decreases were partially offset by higher average sales prices of wind blades due to changes in the mix of wind blade models produced, in particular the startup of production at one of our previously idled facilities in Juarez, Mexico, and an increase in tooling sales in preparation for manufacturing line startups and transitions. - Field service, inspection and repair services (“Field Services”) sales decreased
$5.8 million , or51.0% , to$5.5 million for the three months ended June 30, 2024, as compared to$11.3 million in the same period in 2023. The decrease was primarily due to a reduction in technicians deployed to revenue generating projects due to an increase in time spent on non-revenue generating inspection and repair activities.
Net loss from continuing operations attributable to common stockholders was
The net loss from continuing operations per common share was
Adjusted EBITDA was a loss of
Net cash used in operating activities increased by
2024 Guidance
Guidance for the full year ending December 31, 2024:
| Guidance | Full Year 2024 |
| Net Sales from Continuing Operations | |
| Adjusted EBITDA Margin % from Continuing Operations | Approximately |
| Utilization % | |
| Capital Expenditures | |
Conference Call and Webcast Information
TPI Composites will host an investor conference call this afternoon, Thursday, August 8th, at 5:00 pm ET. Interested parties are invited to listen to the conference call which can be accessed live over the phone by dialing 1-800-343-4136, or for international callers, 1-203-518-9843. A replay will be available two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 11156386. The replay will be available until August 22, 2024. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors section of the Company’s website at www.tpicomposites.com. The online replay will be available for a limited time beginning immediately following the call.
About TPI Composites, Inc.
TPI Composites, Inc. is a global company focused on innovative and sustainable solutions to decarbonize and electrify the world. TPI delivers high-quality, cost-effective composite solutions through long-term relationships with leading OEMs in the wind markets. TPI is headquartered in Scottsdale, Arizona and operates factories in the U.S., Mexico, Türkiye and India. TPI operates additional engineering development centers in Denmark and Germany and global service training centers in the U.S. and Spain.
Forward-Looking Statements
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: growth of the wind energy and our addressable markets for our products and services; effects on our financial statements and our financial outlook; our business strategy, including anticipated trends and developments in and management plans for our business and the wind industry and other markets in which we operate; competition; future financial results, operating results, revenues, gross margin, operating expenses, profitability, products, projected costs, warranties, our ability to improve our operating margins, and capital expenditures. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in “Risk Factors,” in our Annual Report on Form 10-K and other reports that we will file with the SEC.
Non-GAAP Definitions
This press release includes unaudited non-GAAP financial measures, including EBITDA, adjusted EBITDA, net cash (debt) and free cash flow. We define EBITDA as net income (loss) plus interest expense (including losses on the extinguishment of debt and net of interest income), income taxes and depreciation and amortization. We define adjusted EBITDA as EBITDA plus any share-based compensation expense, any foreign currency income or losses, any gains or losses on the sale of assets and asset impairments and any restructuring charges. We define net cash (debt) as the total unrestricted cash and cash equivalents less the total principal amount of debt outstanding. We define free cash flow as net cash flow from operating activities less capital expenditures. We present non-GAAP measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP.
We provide forward-looking statements in the form of guidance in our quarterly earnings releases and during our quarterly earnings conference calls. This guidance is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort because of the unpredictability of the amounts and timing of events affecting the items we exclude from non-GAAP measures. For example, stock-based compensation is unpredictable for our performance-based awards, which can fluctuate significantly based on current expectations of future achievement of performance-based targets. Amortization of intangible assets and restructuring costs are all impacted by the timing and size of potential future actions, which are difficult to predict. In addition, from time to time, we exclude certain items that occur infrequently, which are also inherently difficult to predict and estimate. It is also difficult to predict the tax effect of the items we exclude and to estimate certain discrete tax items, like the resolution of tax audits or changes to tax laws. As such, the costs that are being excluded from non-GAAP guidance are difficult to predict and a reconciliation or a range of results could lead to disclosure that would be imprecise or potentially misleading. Material changes to any one of the exclusions could have a significant effect on our guidance and future GAAP results. See Table Four for a reconciliation of certain non-GAAP financial measures to the comparable GAAP measures.
Investor Relations
480-315-8742
Investors@TPIComposites.com
| TPI COMPOSITES, INC. AND SUBSIDIARIES | ||||||||||||||
| TABLE ONE - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
| (UNAUDITED) | ||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net sales | $ | 309,817 | $ | 374,021 | $ | 603,863 | $ | 767,826 | ||||||
| Cost of sales | 313,562 | 411,461 | 613,057 | 795,512 | ||||||||||
| Startup and transition costs | 20,678 | 3,377 | 42,907 | 5,357 | ||||||||||
| Total cost of goods sold | 334,240 | 414,838 | 655,964 | 800,869 | ||||||||||
| Gross loss | (24,423 | ) | (40,817 | ) | (52,101 | ) | (33,043 | ) | ||||||
| General and administrative expenses | 9,211 | 6,767 | 17,614 | 13,801 | ||||||||||
| Loss on sale of assets and asset impairments | 3,083 | 5,819 | 4,918 | 9,412 | ||||||||||
| Restructuring charges, net | 298 | 2,248 | 480 | 2,224 | ||||||||||
| Loss from continuing operations | (37,015 | ) | (55,651 | ) | (75,113 | ) | (58,480 | ) | ||||||
| Other income (expense): | ||||||||||||||
| Interest expense, net | (22,428 | ) | (1,876 | ) | (43,811 | ) | (4,401 | ) | ||||||
| Foreign currency income (loss) | 132 | (1,564 | ) | (499 | ) | (2,746 | ) | |||||||
| Miscellaneous income | 227 | 682 | 2,702 | 1,115 | ||||||||||
| Total other expense | (22,069 | ) | (2,758 | ) | (41,608 | ) | (6,032 | ) | ||||||
| Loss before income taxes | (59,084 | ) | (58,409 | ) | (116,721 | ) | (64,512 | ) | ||||||
| Income tax provision | (2,412 | ) | (287 | ) | (5,654 | ) | (4,116 | ) | ||||||
| Net loss from continuing operations | (61,496 | ) | (58,696 | ) | (122,375 | ) | (68,628 | ) | ||||||
| Preferred stock dividends and accretion | - | (15,598 | ) | - | (30,771 | ) | ||||||||
| Net loss from continuing operations attributable to common stockholders | (61,496 | ) | (74,294 | ) | (122,375 | ) | (99,399 | ) | ||||||
| Net loss from discontinued operations | (29,593 | ) | (6,541 | ) | (30,182 | ) | (18,736 | ) | ||||||
| Net loss attributable to common stockholders | $ | (91,089 | ) | $ | (80,835 | ) | $ | (152,557 | ) | $ | (118,135 | ) | ||
| Weighted-average shares of common stock outstanding: | ||||||||||||||
| Basic | 47,504 | 42,517 | 47,354 | 42,386 | ||||||||||
| Diluted | 47,504 | 42,517 | 47,354 | 42,386 | ||||||||||
| Net loss from continuing operations per common share: | ||||||||||||||
| Basic | $ | (1.30 | ) | $ | (1.75 | ) | $ | (2.58 | ) | $ | (2.35 | ) | ||
| Diluted | $ | (1.30 | ) | $ | (1.75 | ) | $ | (2.58 | ) | $ | (2.35 | ) | ||
| Net loss from discontinued operations per common share: | ||||||||||||||
| Basic | $ | (0.62 | ) | $ | (0.15 | ) | $ | (0.64 | ) | $ | (0.44 | ) | ||
| Diluted | $ | (0.62 | ) | $ | (0.15 | ) | $ | (0.64 | ) | $ | (0.44 | ) | ||
| Net loss per common share: | ||||||||||||||
| Basic | $ | (1.92 | ) | $ | (1.90 | ) | $ | (3.22 | ) | $ | (2.79 | ) | ||
| Diluted | $ | (1.92 | ) | $ | (1.90 | ) | $ | (3.22 | ) | $ | (2.79 | ) | ||
| Non-GAAP Measures (unaudited): | ||||||||||||||
| EBITDA | $ | (29,322 | ) | $ | (46,890 | ) | $ | (57,538 | ) | $ | (41,552 | ) | ||
| Adjusted EBITDA | $ | (24,911 | ) | $ | (33,291 | ) | $ | (47,953 | ) | $ | (20,645 | ) | ||
| TPI COMPOSITES, INC. AND SUBSIDIARIES | ||||||
| TABLE TWO - CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (UNAUDITED) | ||||||
| June 30, | December 31, | |||||
| (in thousands) | 2024 | 2023 | ||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 101,861 | $ | 161,059 | ||
| Restricted cash | 8,451 | 10,838 | ||||
| Accounts receivable | 145,907 | 138,029 | ||||
| Contract assets | 111,228 | 112,237 | ||||
| Prepaid expenses | 19,380 | 17,621 | ||||
| Other current assets | 29,278 | 34,564 | ||||
| Inventories | 5,454 | 9,420 | ||||
| Current assets of discontinued operations | 867 | 19,307 | ||||
| Total current assets | 422,426 | 503,075 | ||||
| Noncurrent assets: | ||||||
| Property, plant and equipment, net | 120,787 | 128,808 | ||||
| Operating lease right of use assets | 133,745 | 136,124 | ||||
| Other noncurrent assets | 38,464 | 36,073 | ||||
| Total assets | $ | 715,422 | $ | 804,080 | ||
| Liabilities and Stockholders' Deficit | ||||||
| Current liabilities: | ||||||
| Accounts payable and accrued expenses | $ | 250,602 | $ | 227,723 | ||
| Accrued warranty | 34,000 | 37,483 | ||||
| Current maturities of long-term debt | 106,163 | 70,465 | ||||
| Current operating lease liabilities | 24,815 | 22,017 | ||||
| Contract liabilities | 4,408 | 24,021 | ||||
| Current liabilities of discontinued operations | 1,777 | 4,712 | ||||
| Total current liabilities | 421,765 | 386,421 | ||||
| Noncurrent liabilities: | ||||||
| Long-term debt, net of current maturities | 448,283 | 414,728 | ||||
| Noncurrent operating lease liabilities | 112,420 | 117,133 | ||||
| Other noncurrent liabilities | 7,213 | 8,102 | ||||
| Total liabilities | 989,681 | 926,384 | ||||
| Total stockholders’ deficit | (274,259 | ) | (122,304 | ) | ||
| Total liabilities and stockholders’ deficit | $ | 715,422 | $ | 804,080 | ||
| Non-GAAP Measure (unaudited): | ||||||
| Net debt | $ | (451,859 | ) | $ | (323,218 | ) |
| TPI COMPOSITES, INC. AND SUBSIDIARIES | ||||||||||||||
| TABLE THREE - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
| (UNAUDITED) | ||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net cash (used in) provided by operating activities | $ | (36,904 | ) | $ | 9,607 | $ | (75,908 | ) | $ | (74,254 | ) | |||
| Net cash used in investing activities | (7,120 | ) | (3,419 | ) | (15,405 | ) | (6,694 | ) | ||||||
| Net cash provided by financing activities | 25,527 | 363 | 29,407 | 108,109 | ||||||||||
| Impact of foreign exchange rates on cash, cash equivalents and restricted cash | (202 | ) | 184 | 131 | 914 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 129,737 | 174,409 | 172,813 | 153,069 | ||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 111,038 | $ | 181,144 | $ | 111,038 | $ | 181,144 | ||||||
| Non-GAAP Measure (unaudited): | ||||||||||||||
| Free cash flow | $ | (44,024 | ) | $ | 6,188 | $ | (91,313 | ) | $ | (80,948 | ) | |||
| TPI COMPOSITES, INC. AND SUBSIDIARIES | ||||||||||||||
| TABLE FOUR - RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||
| (UNAUDITED) | ||||||||||||||
| EBITDA and adjusted EBITDA are reconciled as follows: | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net loss attributable to common stockholders | $ | (91,089 | ) | $ | (80,835 | ) | $ | (152,557 | ) | $ | (118,135 | ) | ||
| Net loss from discontinued operations | 29,593 | 6,541 | 30,182 | 18,736 | ||||||||||
| Net loss from continuing operations attributable to common stockholders | (61,496 | ) | (74,294 | ) | (122,375 | ) | (99,399 | ) | ||||||
| Preferred stock dividends and accretion | - | 15,598 | - | 30,771 | ||||||||||
| Net loss from continuing operations | (61,496 | ) | (58,696 | ) | (122,375 | ) | (68,628 | ) | ||||||
| Adjustments: | ||||||||||||||
| Depreciation and amortization | 7,334 | 9,643 | 15,372 | 18,559 | ||||||||||
| Interest expense, net | 22,428 | 1,876 | 43,811 | 4,401 | ||||||||||
| Income tax provision | 2,412 | 287 | 5,654 | 4,116 | ||||||||||
| EBITDA | (29,322 | ) | (46,890 | ) | (57,538 | ) | (41,552 | ) | ||||||
| Share-based compensation expense | 1,162 | 3,968 | 3,688 | 6,525 | ||||||||||
| Foreign currency (income) loss | (132 | ) | 1,564 | 499 | 2,746 | |||||||||
| Loss on sale of assets and asset impairments | 3,083 | 5,819 | 4,918 | 9,412 | ||||||||||
| Restructuring charges, net | 298 | 2,248 | 480 | 2,224 | ||||||||||
| Adjusted EBITDA | $ | (24,911 | ) | $ | (33,291 | ) | $ | (47,953 | ) | $ | (20,645 | ) | ||
| Net debt is reconciled as follows: | June 30, | December 31, | ||||||||||||
| (in thousands) | 2024 | 2023 | ||||||||||||
| Cash and cash equivalents | $ | 101,861 | $ | 161,059 | ||||||||||
| Cash and cash equivalents of discontinued operations | 726 | 916 | ||||||||||||
| Total debt, net of debt issuance costs and debt discount | (554,446 | ) | (485,193 | ) | ||||||||||
| Net debt | $ | (451,859 | ) | $ | (323,218 | ) | ||||||||
| Free cash flow is reconciled as follows: | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net cash (used in) provided by operating activities | $ | (36,904 | ) | $ | 9,607 | $ | (75,908 | ) | $ | (74,254 | ) | |||
| Capital expenditures | (7,120 | ) | (3,419 | ) | (15,405 | ) | (6,694 | ) | ||||||
| Free cash flow | $ | (44,024 | ) | $ | 6,188 | $ | (91,313 | ) | $ | (80,948 | ) | |||
FAQ
What were TPI Composites' (TPIC) Q2 2024 earnings results?
How did TPIC's Q2 2024 performance compare to Q2 2023?
What strategic actions did TPIC take in Q2 2024?
What is TPIC's guidance for full-year 2024?
