Part I [Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The company reported a net loss of $39.8 million in Q2 2021, an improvement from $66.1 million, with total assets at $940.5 million [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) For H1 2021, net sales increased to $863.5 million, net loss narrowed to $41.6 million, and cash used in operations significantly reduced to $3.3 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 ($) | December 31, 2020 ($) | | :--- | :--- | :--- | | **Total Current Assets** | $557,575 | $548,159 | | **Total Assets** | $940,514 | $956,257 | | **Total Current Liabilities** | $439,277 | $406,108 | | **Total Liabilities** | $779,617 | $755,222 | | **Total Stockholders' Equity** | $160,897 | $201,035 | Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended June 30, 2021 ($) | Three Months Ended June 30, 2020 ($) | Six Months Ended June 30, 2021 ($) | Six Months Ended June 30, 2020 ($) | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $458,841 | $373,817 | $863,521 | $730,453 | | **Gross Profit (Loss)** | $8,326 | $(4,747) | $15,596 | $(8,620) | | **Loss from Operations** | $(2,033) | $(13,255) | $(5,240) | $(28,659) | | **Net Loss** | $(39,797) | $(66,101) | $(41,594) | $(66,593) | | **Diluted Net Loss Per Share** | $(1.08) | $(1.87) | $(1.13) | $(1.89) | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2021 ($) | Six Months Ended June 30, 2020 ($) | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(3,255) | $(27,005) | | **Net cash used in investing activities** | $(27,059) | $(42,030) | | **Net cash provided by financing activities** | $23,702 | $97,255 | | **Net change in cash, cash equivalents and restricted cash** | $(6,935) | $25,695 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key disclosures detail revenue by segment, **$3.2 billion** in remaining performance obligations, raw material risks, and significant customer concentration - As of June 30, 2021, the company had approximately **$3.2 billion** in remaining performance obligations, with **46.7%** expected to be recognized as revenue in 2022[47](index=47&type=chunk)[48](index=48&type=chunk) - The company faces significant risks from price increases and supply constraints for key raw materials like resin and carbon fiber, as well as increased logistics costs; for materials not covered by customer contracts, the company typically bears **30%** of price increases[53](index=53&type=chunk) Customer Concentration - % of Total Net Sales (Q2 2021) | Customer | % of Total Net Sales | | :--- | :--- | | Vestas | 45.5% | | GE | 23.1% | | Nordex | 17.8% | Net Sales by Segment (in thousands) | Segment | Q2 2021 ($) | Q2 2020 ($) | | :--- | :--- | :--- | | U.S. | $56,761 | $42,079 | | Asia | $91,106 | $145,918 | | Mexico | $143,170 | $83,420 | | EMEA | $105,350 | $87,541 | | India | $62,454 | $14,859 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q2 2021 net sales increased 22.7%, but demand is expected to decrease due to raw material costs and policy uncertainty, with restructuring charges anticipated [Key Trends and Recent Developments](index=30&type=section&id=Key%20Trends%20and%20Recent%20Developments) The company anticipates decreased wind blade demand and a **$20 million** adverse impact from raw material costs, alongside **$22-37 million** in restructuring charges - The company expects decreased demand for wind blades in the remainder of 2021, particularly in Q4, due to global policy uncertainty and raw material cost increases, which is expected to reduce 2021 Adjusted EBITDA by approximately **$28 million**[98](index=98&type=chunk) - Significant price increases and supply constraints for resin and carbon fiber, plus higher logistics costs, are expected to adversely impact 2021 results by approximately **$20 million** after accounting for customer cost-sharing agreements[99](index=99&type=chunk) - The company forecasts total restructuring charges of **$22 million to $37 million** in 2021 and 2022 related to its global footprint alignment, with **$15 million to $22 million** expected in 2021[100](index=100&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q2 2021 net sales rose 22.7% to $458.8 million, driven by volume and pricing, improving gross margin to 1.8% and narrowing operating loss to $2.0 million Net Sales by Product (in thousands) | Product/Service | Q2 2021 ($) | Q2 2020 ($) | Change (%) | | :--- | :--- | :--- | :--- | | Wind blade sales | $418,704 | $348,063 | +20.3% | | Precision molding and assembly | $13,603 | $6,894 | +97.3% | | Transportation sales | $14,915 | $14,902 | +0.1% | | **Total net sales** | **$458,841** | **$373,817** | **+22.7%** | - The increase in wind blade sales was driven by a **7% increase** in the number of blades produced and a higher average sales price due to product mix and foreign currency fluctuations[107](index=107&type=chunk) - Total cost of goods sold as a percentage of net sales decreased from **101.3% to 98.2%** in Q2 2021 vs Q2 2020, primarily due to lower warranty and direct labor costs, partially offset by higher direct material costs[116](index=116&type=chunk) Income (Loss) from Operations by Segment (in thousands) | Segment | Q2 2021 ($) | Q2 2020 ($) | | :--- | :--- | :--- | | U.S. | $148 | $(12,045) | | Asia | $8,105 | $18,492 | | Mexico | $(25,256) | $(11,324) | | EMEA | $10,782 | $(1,145) | | India | $4,188 | $(7,233) | | **Total Loss from Operations** | **$(2,033)** | **$(13,255)** | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2021, the company had **$123.1 million** in cash and **$237.1 million** in debt, with improved operating cash flow and sufficient liquidity for the next twelve months - As of June 30, 2021, the company had **$123.1 million** in cash and cash equivalents and **$237.1 million** in outstanding debt[130](index=130&type=chunk)[133](index=133&type=chunk) - Of the **$123.1 million** in cash, **$67.9 million** was located outside the U.S., including **$58.7 million** in China, where repatriation is subject to government restrictions[133](index=133&type=chunk)[134](index=134&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2021 ($) | Six Months Ended June 30, 2020 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | $(3,255) | $(27,005) | | Net cash used in investing activities | $(27,059) | $(42,030) | | Net cash provided by financing activities | $23,702 | $97,255 | - The company anticipates fiscal year 2021 capital expenditures to be between **$55 million and $65 million**[138](index=138&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces market risks from foreign currency and commodity price fluctuations, with a **10%** FX change impacting operating income by **$15.7 million** - **Foreign Currency Risk:** A hypothetical **10% change** in exchange rates would have resulted in a change to income from operations of approximately **$15.7 million** for the six months ended June 30, 2021[148](index=148&type=chunk) - **Commodity Price Risk:** A **10% change** in the price of resin and resin systems would have impacted income from operations by approximately **$11.8 million** for the full year 2021, before accounting for customer risk-sharing mechanisms[151](index=151&type=chunk) - **Interest Rate Risk:** Due to low LIBOR and EURIBOR rates, a **10% change** in these rates would not have a material impact on earnings, fair values, or cash flows[152](index=152&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Disclosure controls and procedures were **effective** as of June 30, 2021, with no material changes in internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2021[154](index=154&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[155](index=155&type=chunk) Part II [Legal Proceedings & Risk Factors](index=46&type=section&id=Item%201.%20Legal%20Proceedings%20%26%20Item%201A.%20Risk%20Factors) The company reports no material legal proceedings, but highlights ongoing risks from potential future COVID-19 pandemic disruptions - The company is not party to any material legal proceedings that would have a material adverse effect on its financial condition[87](index=87&type=chunk)[157](index=157&type=chunk) - A key risk factor is the potential future impact of the COVID-19 pandemic; although not materially affected in H1 2021, new resurgences could disrupt manufacturing operations and the global supply chain[159](index=159&type=chunk)[160](index=160&type=chunk) [Other Information (Items 2-6)](index=46&type=section&id=Items%202-6) This section confirms no unregistered equity sales, no defaults on senior securities, no mine safety disclosures, and lists filed exhibits - The company reported no activity for Unregistered Sales of Equity Securities, Defaults Upon Senior Securities, or Mine Safety Disclosures[161](index=161&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)

tpl COMPOSITES。 COMPANY PRESENTATION June 2021 Legal Disclaimer This presentation contains forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward-looking stateme ...

COMPOSITES。 Q1 2021 Earnings Call May 6, 2021 Legal Disclaimer 2 This presentation contains forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward-looking statem ...

Financial Performance - Net sales for the three months ended March 31, 2021, were $404,680,000, a 13.5% increase from $356,636,000 in the same period in 2020[93] - Adjusted EBITDA for the three months ended March 31, 2021, was $13,095,000, compared to $1,296,000 in the same period in 2020[93] - The company reported a net loss of $1,797,000 for the three months ended March 31, 2021, compared to a net loss of $492,000 in the same period in 2020[93] - Total loss from operations improved by 79.2% to $3.2 million in Q1 2021 compared to a loss of $15.4 million in Q1 2020, with notable improvements in the U.S. and India segments[109] - Diluted net loss per share was $0.05 for the three months ended March 31, 2021, compared to $0.01 for the same period in 2020[117] Sales and Revenue Breakdown - Wind blade sales increased by 12.7% to $379,179,000, driven by an 11% increase in the number of wind blades produced[98] - Net sales in the EMEA segment increased by 26.3% to $112,366,000, while the Asia segment saw a decline of 15.6% to $76,928,000[99] - Asia segment net sales decreased by 15.6% to $76.9 million in Q1 2021 from $91.1 million in Q1 2020, primarily due to a reduction in wind blade production and the removal of five manufacturing lines in China[102] - Mexico segment total net sales increased slightly by 0.2% to $118.5 million in Q1 2021, with wind blade sales down 5.9% to $108.4 million, reflecting a 6% decrease in overall wind blade volume[103] - EMEA segment net sales increased by 26.3% to $112.4 million in Q1 2021, driven by a 25.5% increase in wind blade sales to $111.0 million, supported by a 10% increase in production at Turkey plants[105] - India segment net sales surged to $47.6 million in Q1 2021 from $10.9 million in Q1 2020, driven by ramped-up production[106] Costs and Expenses - Total cost of goods sold rose by 10.2% to $397.4 million in Q1 2021, with costs as a percentage of net sales decreasing by approximately 3 percentage points to 98.2%[107] - General and administrative expenses decreased by 6.0% to $8.9 million in Q1 2021, representing 2.2% of net sales, down from 2.7% in Q1 2020[108] - Interest expense increased by 52.7% to $2.7 million in Q1 2021, while total other expense rose significantly due to increased foreign currency losses[115] Cash Flow and Debt - Free cash flow for the three months ended March 31, 2021, was $(12,046,000), an improvement from $(24,415,000) in the same period in 2020[93] - Net cash provided by operating activities increased by $4.2 million to $6.74 million for the three months ended March 31, 2021, compared to $2.57 million in 2020[123] - Net cash used in investing activities decreased by $8.2 million to $18.79 million for the three months ended March 31, 2021, compared to $26.98 million in 2020[124] - Total debt as of March 31, 2021, was $234,270,000, an increase from $216,867,000 as of December 31, 2020[93] - Total principal amount of debt outstanding as of March 31, 2021, was $235.2 million, a decrease from $64.9 million in net borrowings in the comparable period of 2020[127] Capital Expenditures and Future Outlook - Capital expenditures for the three months ended March 31, 2021, were $18,786,000, down from $26,983,000 in the same period in 2020[93] - The company anticipates fiscal year 2021 capital expenditures of between $55 million to $65 million, with an estimated $11.8 million needed to complete current projects[124] Currency and Material Impact - A hypothetical 10% change in exchange rates would have resulted in a change to income from operations of approximately $7.7 million for the three months ended March 31, 2021[134] - A 10% change in the price of resin and resin systems would have impacted income from operations by approximately $2.4 million for the three months ended March 31, 2021[137]

TPI Composites, Inc. (NASDAQ:TPIC) Q4 2020 Earnings Conference Call February 25, 2021 5:00 PM ET Company Participants Christian Edin - Senior Director-Investor Relations William Siwek - President & Chief Executive Officer Bryan Schumaker - Chief Financial Officer Conference Call Participants Donovan Schafe - ROTH Capital Partners Paul Coster - JPMorgan Chris Tsung - Webber Research & Advisory LLC Eric Stine - Craig-Hallum Capital Group LLC Laura Sanchez - Morgan Stanley Graham Price - Raymond James & Associ ...

COMPOSITES。 Q4 2020 Earnings Call February 25, 2021 Legal Disclaimer 2 This presentation contains forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward-looking ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37839 TPI Composites, Inc. (Exact name of Registrant as specified in its charter) Delaware 20-1590775 (State or other jurisdiction of ...

tpl COMPOSITES。 COMPANY PRESENTATION December 2020 Legal Disclaimer This presentation contains forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward-looking sta ...

FF 8 8 1 COMPOSITES « COMPANY PRESENTATION November 2020 Legal Disclaimer This presentation contains forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward-looki ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-37839 TPI Composites, Inc. (Exact name of registrant as specified in its charter) Delaware 20-1590775 (State or other jurisdiction of incorporation or organization) (I.R ...