TPI Composites, Inc. Announces Third Quarter 2024 Earnings Results – Operational Execution and Strategic Initiatives Drive Improved Profitability
TPI Composites announced its third quarter 2024 earnings results, highlighting a significant improvement in profitability. The company reported net sales of $380.8 million, a 2.8% increase year-over-year, and a net loss of $38.6 million, down from $43.0 million in Q3 2023. Adjusted EBITDA rose to $8.0 million from $0.2 million last year, driven by plant utilizations at 89% and divesting the Automotive business.
Key operational highlights include the startup of ten new blade lines and a 23% sequential quarterly growth in sales. The company plans to reopen its Iowa plant in mid-2025 and expects strong demand in the U.S. onshore wind market, pushing Mexican plants to near capacity in 2025. However, challenges remain outside the U.S., including inflation in Türkiye and competition from Chinese manufacturers.
For full-year 2024, TPI Composites projects net sales of approximately $1.35 billion, an adjusted EBITDA margin loss of around 2%, and capital expenditures of roughly $30 million.
TPI Composites ha annunciato i risultati finanziari del terzo trimestre 2024, evidenziando un significativo miglioramento della redditività. L'azienda ha riportato vendite nette per 380,8 milioni di dollari, con un aumento del 2,8% rispetto all'anno precedente, e una perdita netta di 38,6 milioni di dollari, in calo rispetto ai 43,0 milioni del terzo trimestre 2023. EBITDA rettificato è salito a 8,0 milioni di dollari rispetto a 0,2 milioni dell'anno scorso, grazie all'utilizzo degli impianti all'89% e alla dismissione del business automobilistico.
I principali punti operativi includono il lancio di dieci nuove linee di produzione di pale e una crescita trimestrale sequenziale delle vendite del 23%. L'azienda prevede di riaprire il proprio stabilimento in Iowa a metà 2025 e si aspetta una forte domanda nel mercato eolico onshore degli Stati Uniti, portando gli stabilimenti messicani quasi a capacità massima nel 2025. Tuttavia, rimangono sfide al di fuori degli Stati Uniti, tra cui l'inflazione in Turchia e la concorrenza dei produttori cinesi.
Per l'anno completo 2024, TPI Composites prevede vendite nette di circa 1,35 miliardi di dollari, una perdita di margine EBITDA rettificato di circa il 2% e spese in conto capitale di circa 30 milioni di dollari.
TPI Composites anunció sus resultados de ganancias del tercer trimestre de 2024, destacando una mejora significativa en la rentabilidad. La compañía reportó ventas netas de 380.8 millones de dólares, un aumento del 2.8% en comparación con el año anterior, y una pérdida neta de 38.6 millones de dólares, una disminución respecto a los 43.0 millones en el tercer trimestre de 2023. El EBITDA ajustado aumentó a 8.0 millones de dólares desde 0.2 millones el año pasado, impulsado por una utilización de planta del 89% y la desinversión del negocio automotriz.
Los puntos operativos clave incluyen el inicio de diez nuevas líneas de producción de palas y un crecimiento secuencial del 23% en las ventas trimestrales. La compañía planea reabrir su planta en Iowa a mediados de 2025 y espera una fuerte demanda en el mercado eólico terrestre de EE. UU., llevando las plantas en México casi a su máxima capacidad para 2025. Sin embargo, permanecen desafíos fuera de EE. UU., incluidos la inflación en Turquía y la competencia de fabricantes chinos.
Para todo el año 2024, TPI Composites proyecta ventas netas de aproximadamente 1.35 mil millones de dólares, una pérdida de margen EBITDA ajustado de alrededor del 2% y gastos de capital de aproximadamente 30 millones de dólares.
TPI Composites는 2024년 3분기 실적을 발표하며 수익성의 큰 개선을 강조했습니다. 회사는 순매출 3억 8,080만 달러를 보고했으며, 이는 지난해 대비 2.8% 증가한 수치입니다. 2023년 3분기에는 순손실이 4,300만 달러에서 3,860만 달러로 감소했습니다. 조정 EBITDA는 지난해 20만 달러에서 800만 달러로 증가했으며, 89%의 공장 가동률과 자동차 사업 부문의 매각에 힘입었습니다.
주요 운영 하이라이트로는 10개의 새로운 블레이드 라인 시작과 분기별 판매의 23% 증가가 있습니다. 회사는 2025년 중반에 아이오와 공장을 재개장할 계획이며, 미국 육상 풍력 시장에서 강한 수요를 기대하고 있습니다. 이로 인해 2025년에는 멕시코 공장이 거의 가동 용량에 도달할 것으로 보입니다. 그러나 터키의 인플레이션과 중국 제조업체와의 경쟁 등 미국 외 지역에서는 여전히 도전과제가 남아 있습니다.
TPI Composites는 2024년 전체 연도에 대해 약 13억 5천만 달러의 순매출과 약 2%의 조정 EBITDA 마진 손실, 약 3천만 달러의 자본 지출을 예상하고 있습니다.
TPI Composites a annoncé ses résultats financiers pour le troisième trimestre 2024, mettant en avant une amélioration significative de la rentabilité. L'entreprise a rapporté des ventes nettes s'élevant à 380,8 millions de dollars, ce qui représente une augmentation de 2,8 % par rapport à l'année précédente, et une perte nette de 38,6 millions de dollars, en baisse par rapport à 43,0 millions de dollars au troisième trimestre 2023. L'EBITDA ajusté a augmenté à 8,0 millions de dollars contre 0,2 million l'année passée, soutenu par une utilisation des usines à 89 % et la cession de l'activité automobile.
Les points saillants opérationnels clés incluent le démarrage de dix nouvelles lignes de production de pales et une croissance des ventes trimestrielles de 23 % en séquence. L'entreprise prévoit de rouvrir son usine du Iowa à la mi-2025 et s'attend à une forte demande sur le marché éolien terrestre américain, ce qui devrait amener les usines mexicaines presque à pleine capacité en 2025. Cependant, des défis demeurent en dehors des États-Unis, y compris l'inflation en Turquie et la concurrence des fabricants chinois.
Pour l'année 2024 dans son ensemble, TPI Composites prévoit des ventes nettes d'environ 1,35 milliard de dollars, une perte de marge EBITDA ajustée d'environ 2 % et des dépenses d'investissement d'environ 30 millions de dollars.
TPI Composites hat die Ergebnisse des dritten Quartals 2024 bekannt gegeben und dabei eine signifikante Verbesserung der Rentabilität hervorgehoben. Das Unternehmen berichtete über Nettoverkäufe von 380,8 Millionen US-Dollar, was einem Anstieg von 2,8 % im Vergleich zum Vorjahr entspricht, sowie über einen Nettverlust von 38,6 Millionen US-Dollar, der im Vergleich zu 43,0 Millionen US-Dollar im dritten Quartal 2023 gesenkt wurde. Bereinigte EBITDA stieg von 0,2 Millionen US-Dollar im Vorjahr auf 8,0 Millionen US-Dollar, gestützt durch eine Auslastung der Anlagen von 89 % und die Veräußertung des Automobilgeschäfts.
Wesentliche operative Höhepunkte sind die Inbetriebnahme von zehn neuen Klingenlinien und ein vierteljährliches Wachstum bei den Verkäufen von 23 %. Das Unternehmen plant, sein Werk in Iowa Mitte 2025 wieder zu eröffnen und erwartet eine starke Nachfrage im amerikanischen Onshore-Windmarkt, was die mexikanischen Werke 2025 fast an die Kapazitätsgrenze bringen dürfte. Herausforderungen bleiben jedoch außerhalb der USA, darunter Inflation in der Türkei und Konkurrenz durch chinesische Hersteller.
TPI Composites prognostiziert für das Gesamtjahr 2024 Nettoverkäufe von etwa 1,35 Milliarden US-Dollar, einen Verlust der bereinigten EBITDA-Marge von rund 2 % sowie Investitionsausgaben von etwa 30 Millionen US-Dollar.
- Net sales increased by 2.8% to $380.8 million.
- Adjusted EBITDA rose to $8.0 million from $0.2 million.
- Plant utilization reached 89%.
- Sequential quarterly sales growth of 23%.
- Reopening of Iowa plant in mid-2025.
- Net loss of $38.6 million.
- Adjusted EBITDA margin loss projected at 2% for full-year 2024.
- Increased labor costs in Türkiye and Mexico.
- Higher asset impairments from the tooling business.
Insights
TPI Composites' Q3 2024 results show mixed signals. The
Concerning trends include high interest expenses of
The wind energy sector dynamics are evident in TPI's results. While U.S. onshore wind market shows promise, with Mexico plants expected to reach near-capacity utilization in 2025, international markets present challenges. The transition to next-generation workhorse blades across ten production lines demonstrates technological advancement, but at the cost of higher startup expenses.
The increase in wind blade ASP to
SCOTTSDALE, Ariz., Nov. 07, 2024 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (Nasdaq: TPIC), today reported financial results for the third quarter ended September 30, 2024.
“The third quarter marked a significant improvement for the company, showcasing improved profitability with positive adjusted EBITDA. This improvement was largely driven by
“We believe we are well positioned to capitalize on the long-term growth expected in the U.S. onshore wind market as well as to capitalize on the growth with the blades we now have in production. We expect strong demand in the U.S. in the near term that will push our plants in Mexico to near capacity utilization in 2025. We have also agreed with GE Vernova to reopen our Iowa plant in mid-2025 and we have secured additional capacity in the U.S. to meet the needs of our customers. Outside of the U.S. market, we expect that we will continue to face some inflationary challenges in Türkiye and brisk competitive challenges from Chinese manufacturers and therefore our near-term volumes in those regions are still a bit fluid. While our operating environment is pretty dynamic right now, we believe our strong focus on safety, quality, LEAN and technological innovation will allow us to continue to successfully compete at the highest level in the long term.”
Third Quarter 2024 Results and Recent Business Highlights
- Net Sales totaled
$380.8 million for the three months ended September 30, 2024, an increase of2.8% over the same period last year.
- Net loss from continuing operations attributable to common stockholders was
$38.6 million for the three months ended September 30, 2024, compared to a net loss of$43.0 million in the same period last year.
- Adjusted EBITDA was
$8.0 million for the three months ended September 30, 2024, compared to adjusted EBITDA of$0.2 million in the same period last year.
- Line startup and transitions are fully executed with all ten lines producing next-generation blades.
| KPIs from continuing operations | 3Q’24 | 3Q’23 | |||||
| Sets1 | 601 | 666 | |||||
| Estimated megawatts2 | 2,526 | 2,892 | |||||
| Utilization3 | |||||||
| Dedicated manufacturing lines4 | 34 | 37 | |||||
| Manufacturing lines installed5 | 34 | 37 | |||||
| Wind Blade ASP (in $ thousands)6 | |||||||
- Number of wind blade sets (which consist of three wind blades) produced worldwide during the period.
- Estimated megawatts of energy capacity to be generated by wind blade sets produced during the period.
- 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.
- Number of wind blade manufacturing lines that are dedicated to our customers under long-term supply agreements at the end of the period.
- Number of wind blade manufacturing lines installed and either in operation, startup or transition during the period.
- Wind blade ASP represents the average sales price during the period for a single wind blade that we manufacture for our customers.
Third Quarter 2024 Financial Results from Continuing Operations
Net sales for the three months ended September 30, 2024, increased
- Net Sales of wind blades, tooling and other wind related sales (“Wind”) increased by
$6.9 million , or1.9% , to$369.1 million for the three months ended September 30, 2024, as compared to$362.2 million in the same period in 2023. The increase was primarily due to 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, favorable foreign currency fluctuations, and an increase in wind blade inventory included in contract assets driven by the startups and transitions. The increase in wind blade inventory directly correlates to higher sales under the cost-to-cost revenue recognition method for our wind blade contracts. This increase was partially offset by a10% decrease in the number of wind blades produced due primarily to the number and pace of startups and transitions and expected volume declines based on market activity levels.
- Field service, inspection and repair services (“Field Services”) sales increased
$3.7 million , or45.8% , to$11.7 million for the three months ended September 30, 2024, as compared to$8.0 million in the same period in 2023. The increase was due primarily to the return of technicians deployed to revenue generating projects versus 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
Net cash provided by operating activities improved by
Net cash used in investing activities increased by
2024 Guidance
Guidance for the full year ending December 31, 2024:
| Guidance | Full Year 2024 |
| Net Sales from Continuing Operations | Approximately |
| Adjusted EBITDA Margin % from Continuing Operations | A loss of approximately ( |
| Utilization % | |
| Capital Expenditures | Approximately |
Conference Call and Webcast Information
TPI Composites will host an investor conference call this afternoon, Thursday, November 7th, 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 1-800-343-4849, or for international callers, 1-203-518-9843. The Conference ID for the live call is “TPIC”. 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 11157090. The replay will be available until November 21, 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 electric vehicle markets 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, preferred stock dividends and accretion less gain on extinguishment on series A preferred stock. 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 September 30, | Nine Months Ended September 30, | ||||||||||||
| (in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Net sales | $ | 380,762 | $ | 370,242 | $ | 984,625 | $ | 1,138,068 | |||||
| Cost of sales | 369,882 | 367,915 | 982,939 | 1,163,429 | |||||||||
| Startup and transition costs | 8,113 | 4,817 | 51,020 | 10,174 | |||||||||
| Total cost of goods sold | 377,995 | 372,732 | 1,033,959 | 1,173,603 | |||||||||
| Gross profit (loss) | 2,767 | (2,490 | ) | (49,334 | ) | (35,535 | ) | ||||||
| General and administrative expenses | 4,717 | 8,817 | 22,331 | 22,618 | |||||||||
| Loss on sale of assets and asset impairments | 9,196 | 5,164 | 14,114 | 14,576 | |||||||||
| Restructuring charges, net | 428 | 710 | 908 | 2,934 | |||||||||
| Loss from continuing operations | (11,574 | ) | (17,181 | ) | (86,687 | ) | (75,663 | ) | |||||
| Other income (expense): | |||||||||||||
| Interest expense, net | (24,194 | ) | (1,625 | ) | (68,005 | ) | (6,026 | ) | |||||
| Foreign currency loss | (2,346 | ) | (511 | ) | (2,845 | ) | (3,257 | ) | |||||
| Miscellaneous income | 759 | 376 | 3,461 | 1,491 | |||||||||
| Total other expense | (25,781 | ) | (1,760 | ) | (67,389 | ) | (7,792 | ) | |||||
| Loss before income taxes | (37,355 | ) | (18,941 | ) | (154,076 | ) | (83,455 | ) | |||||
| Income tax provision | (1,241 | ) | (8,007 | ) | (6,895 | ) | (12,123 | ) | |||||
| Net loss from continuing operations | (38,596 | ) | (26,948 | ) | (160,971 | ) | (95,578 | ) | |||||
| Preferred stock dividends and accretion | - | (16,031 | ) | - | (46,802 | ) | |||||||
| Net loss from continuing operations attributable to common stockholders | (38,596 | ) | (42,979 | ) | (160,971 | ) | (142,380 | ) | |||||
| Net loss from discontinued operations | (1,472 | ) | (29,867 | ) | (31,654 | ) | (48,601 | ) | |||||
| Net loss attributable to common stockholders | $ | (40,068 | ) | $ | (72,846 | ) | $ | (192,625 | ) | $ | (190,981 | ) | |
| Weighted-average shares of common stock outstanding: | |||||||||||||
| Basic | 47,556 | 42,570 | 47,422 | 42,448 | |||||||||
| Diluted | 47,556 | 42,570 | 47,422 | 42,448 | |||||||||
| Net loss from continuing operations per common share: | |||||||||||||
| Basic | $ | (0.81 | ) | $ | (1.01 | ) | $ | (3.39 | ) | $ | (3.36 | ) | |
| Diluted | $ | (0.81 | ) | $ | (1.01 | ) | $ | (3.39 | ) | $ | (3.36 | ) | |
| Net loss from discontinued operations per common share: | |||||||||||||
| Basic | $ | (0.03 | ) | $ | (0.70 | ) | $ | (0.67 | ) | $ | (1.14 | ) | |
| Diluted | $ | (0.03 | ) | $ | (0.70 | ) | $ | (0.67 | ) | $ | (1.14 | ) | |
| Net loss per common share: | |||||||||||||
| Basic | $ | (0.84 | ) | $ | (1.71 | ) | $ | (4.06 | ) | $ | (4.50 | ) | |
| Diluted | $ | (0.84 | ) | $ | (1.71 | ) | $ | (4.06 | ) | $ | (4.50 | ) | |
| Non-GAAP Measures (unaudited): | |||||||||||||
| EBITDA | $ | (5,590 | ) | $ | (8,638 | ) | $ | (63,128 | ) | $ | (50,191 | ) | |
| Adjusted EBITDA | $ | 8,014 | $ | 215 | $ | (39,940 | ) | $ | (20,431 | ) | |||
| TPI COMPOSITES, INC. AND SUBSIDIARIES | ||||||
| TABLE TWO - CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (UNAUDITED) | ||||||
| September 30, | December 31, | |||||
| (in thousands) | 2024 | 2023 | ||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 125,871 | $ | 161,059 | ||
| Restricted cash | 9,576 | 10,838 | ||||
| Accounts receivable | 150,186 | 138,029 | ||||
| Contract assets | 124,851 | 112,237 | ||||
| Prepaid expenses | 19,940 | 17,621 | ||||
| Other current assets | 26,775 | 34,564 | ||||
| Inventories | 4,518 | 9,420 | ||||
| Assets held for sale | 4,966 | - | ||||
| Current assets of discontinued operations | 865 | 19,307 | ||||
| Total current assets | 467,548 | 503,075 | ||||
| Noncurrent assets: | ||||||
| Property, plant and equipment, net | 116,282 | 128,808 | ||||
| Operating lease right of use assets | 130,739 | 136,124 | ||||
| Other noncurrent assets | 38,076 | 36,073 | ||||
| Total assets | $ | 752,645 | $ | 804,080 | ||
| Liabilities and Stockholders' Deficit | ||||||
| Current liabilities: | ||||||
| Accounts payable and accrued expenses | $ | 286,245 | $ | 227,723 | ||
| Accrued warranty | 35,251 | 37,483 | ||||
| Current maturities of long-term debt | 139,845 | 70,465 | ||||
| Current operating lease liabilities | 26,100 | 22,017 | ||||
| Contract liabilities | 2,768 | 24,021 | ||||
| Liabilities held for sale | 1,073 | - | ||||
| Current liabilities of discontinued operations | 1,782 | 4,712 | ||||
| Total current liabilities | 493,064 | 386,421 | ||||
| Noncurrent liabilities: | ||||||
| Long-term debt, net of current maturities | 465,989 | 414,728 | ||||
| Noncurrent operating lease liabilities | 108,096 | 117,133 | ||||
| Other noncurrent liabilities | 7,491 | 8,102 | ||||
| Total liabilities | 1,074,640 | 926,384 | ||||
| Total stockholders’ deficit | (321,995 | ) | (122,304 | ) | ||
| Total liabilities and stockholders’ deficit | $ | 752,645 | $ | 804,080 | ||
| Non-GAAP Measure (unaudited): | ||||||
| Net debt | $ | (479,228 | ) | $ | (323,218 | ) |
| TPI COMPOSITES, INC. AND SUBSIDIARIES | |||||||||||||
| TABLE THREE - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Net cash provided by (used in) operating activities | $ | 1,065 | $ | (11,654 | ) | $ | (74,843 | ) | $ | (85,908 | ) | ||
| Net cash provided by (used in) investing activities | (6,674 | ) | 3,684 | (22,079 | ) | (3,010 | ) | ||||||
| Net cash provided by financing activities | 31,369 | 920 | 60,776 | 109,029 | |||||||||
| Impact of foreign exchange rates on cash, cash equivalents and restricted cash | (616 | ) | (214 | ) | (485 | ) | 700 | ||||||
| Cash, cash equivalents and restricted cash, beginning of period | 111,038 | 181,144 | 172,813 | 153,069 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 136,182 | $ | 173,880 | $ | 136,182 | $ | 173,880 | |||||
| Non-GAAP Measure (unaudited): | |||||||||||||
| Free cash flow | $ | (5,609 | ) | $ | (20,806 | ) | $ | (96,922 | ) | $ | (101,754 | ) | |
| TPI COMPOSITES, INC. AND SUBSIDIARIES | |||||||||||||
| TABLE FOUR - RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||
| (UNAUDITED) | |||||||||||||
| EBITDA and adjusted EBITDA are reconciled as follows: | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Net loss attributable to common stockholders | $ | (40,068 | ) | $ | (72,846 | ) | $ | (192,625 | ) | $ | (190,981 | ) | |
| Net loss from discontinued operations | 1,472 | 29,867 | 31,654 | 48,601 | |||||||||
| Net loss from continuing operations attributable to common stockholders | (38,596 | ) | (42,979 | ) | (160,971 | ) | (142,380 | ) | |||||
| Preferred stock dividends and accretion | - | 16,031 | - | 46,802 | |||||||||
| Net loss from continuing operations | (38,596 | ) | (26,948 | ) | (160,971 | ) | (95,578 | ) | |||||
| Adjustments: | |||||||||||||
| Depreciation and amortization | 7,571 | 8,678 | 22,943 | 27,238 | |||||||||
| Interest expense, net | 24,194 | 1,625 | 68,005 | 6,026 | |||||||||
| Income tax provision | 1,241 | 8,007 | 6,895 | 12,123 | |||||||||
| EBITDA | (5,590 | ) | (8,638 | ) | (63,128 | ) | (50,191 | ) | |||||
| Share-based compensation expense | 1,634 | 2,468 | 5,321 | 8,993 | |||||||||
| Foreign currency loss | 2,346 | 511 | 2,845 | 3,257 | |||||||||
| Loss on sale of assets and asset impairments | 9,196 | 5,164 | 14,114 | 14,576 | |||||||||
| Restructuring charges, net | 428 | 710 | 908 | 2,934 | |||||||||
| Adjusted EBITDA | $ | 8,014 | $ | 215 | $ | (39,940 | ) | $ | (20,431 | ) | |||
| Net debt is reconciled as follows: | September 30, | December 31, | |||||||||||
| (in thousands) | 2024 | 2023 | |||||||||||
| Cash and cash equivalents | $ | 125,871 | $ | 161,059 | |||||||||
| Cash and cash equivalents of discontinued operations | 735 | 916 | |||||||||||
| Total debt, net of debt issuance costs and debt discount | (605,834 | ) | (485,193 | ) | |||||||||
| Net debt | $ | (479,228 | ) | $ | (323,218 | ) | |||||||
| Free cash flow is reconciled as follows: | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Net cash provided by (used in) operating activities | $ | 1,065 | $ | (11,654 | ) | $ | (74,843 | ) | $ | (85,908 | ) | ||
| Capital expenditures | (6,674 | ) | (9,152 | ) | (22,079 | ) | (15,846 | ) | |||||
| Free cash flow | $ | (5,609 | ) | $ | (20,806 | ) | $ | (96,922 | ) | $ | (101,754 | ) | |
FAQ
What were TPI Composites' net sales for Q3 2024?
What is the net loss reported by TPI Composites in Q3 2024?
How did TPI Composites' adjusted EBITDA change in Q3 2024?
What is TPI Composites' full-year 2024 net sales guidance?
What challenges does TPI Composites face outside the U.S. market?
When will TPI Composites reopen its Iowa plant?
