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 ...

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 March 31, 2021 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.S. ...

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 ...

PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The company presents its unaudited condensed consolidated financial statements for the three and six months ended June 30, 2020 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $895.3 million while stockholders' equity decreased to $128.8 million as of June 30, 2020 Condensed Consolidated Balance Sheets (in thousands) | Account | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $498,923 | $468,422 | | **Total Assets** | **$895,285** | **$826,677** | | **Total Current Liabilities** | $374,255 | $373,881 | | **Total Liabilities** | **$766,440** | **$621,627** | | **Total Stockholders' Equity** | **$128,845** | **$205,050** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of $66.1 million for Q2 2020, a significant downturn from a net income of $1.8 million in Q2 2019 Statements of Operations Highlights (in thousands, except per share data) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $373,817 | $330,771 | $730,453 | $630,551 | | **Gross Profit (Loss)** | $(4,747) | $22,551 | $(8,620) | $21,115 | | **Income (Loss) from Operations** | $(13,255) | $4,497 | $(28,659) | $(7,159) | | **Net Income (Loss)** | **$(66,101)** | **$1,828** | **$(66,593)** | **$(10,276)** | | **Diluted EPS** | **$(1.87)** | **$0.05** | **$(1.89)** | **$(0.29)** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to $27.0 million, while financing activities provided $97.3 million in cash Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(27,005) | $(1,518) | | **Net cash used in investing activities** | $(42,030) | $(37,739) | | **Net cash provided by financing activities** | $97,255 | $10,446 | | **Net change in cash, cash equivalents and restricted cash** | $25,695 | $(28,115) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment data, and the significant impact of the COVID-19 pandemic on operations - The company operates in four geographic segments: U.S., Asia, Mexico, and EMEAI, primarily manufacturing composite wind blades[27](index=27&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The COVID-19 pandemic adversely impacted operations and financial results for the first half of 2020 due to reduced production levels[90](index=90&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk) - As of June 30, 2020, the company had approximately **$3.5 billion in remaining performance obligations** under its contracts, expected to be recognized as revenue through 2023[87](index=87&type=chunk) Customer Revenue Concentration (Q2 2020 vs Q2 2019) | Customer | Q2 2020 Revenue | % of Total | Q2 2019 Revenue | % of Total | | :--- | :--- | :--- | :--- | :--- | | Vestas | $193,426 | 51.7% | $142,101 | 43.0% | | GE | $71,176 | 19.0% | $92,018 | 27.8% | | Nordex | $62,258 | 16.7% | $53,662 | 16.2% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the adverse impact of COVID-19, which led to a net loss despite sales growth and varied segment performance - The COVID-19 pandemic significantly impacted operations, with management estimating an adverse impact on net sales of approximately **$96 million in Q2 2020** and **$134 million in the first six months of 2020**[140](index=140&type=chunk) - The net loss for Q2 2020 was estimated to be adversely impacted by approximately **$39 million (net of taxes)** from lost production and an additional **$16 million (net of taxes)** in COVID-related costs[141](index=141&type=chunk)[179](index=179&type=chunk) - To manage liquidity amidst the pandemic, the company drew down **$80.0 million** under its Credit Agreement and entered into new unsecured credit facilities in Turkey during the first half of 2020[139](index=139&type=chunk)[210](index=210&type=chunk) Key Financial Metrics (in thousands) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $373,817 | $330,771 | $730,453 | $630,551 | | **Net Income (Loss)** | $(66,101) | $1,828 | $(66,593) | $(10,276) | | **Adjusted EBITDA** | $3,295 | $23,421 | $4,591 | $26,346 | [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q2 2020 net sales rose 13.0% YoY, but higher costs led to a gross loss of $4.7 million compared to a prior year profit - Q2 2020 net sales increased by **$43.0 million (13.0%) YoY**, primarily from a 10% increase in wind blades produced and higher average sales prices, despite an estimated **$96 million negative impact from COVID-19**[171](index=171&type=chunk)[172](index=172&type=chunk) - Total cost of goods sold as a percentage of net sales **increased by approximately 8%** in Q2 2020 compared to Q2 2019, driven by higher direct material and warranty costs, and COVID-19 related expenses[173](index=173&type=chunk) - Startup and transition costs **decreased to $10.9 million** in Q2 2020 from $22.9 million in Q2 2019, reflecting the maturation of newer facilities[171](index=171&type=chunk)[173](index=173&type=chunk) [Segment Discussion](index=34&type=section&id=Segment%20Discussion) Segment performance was mixed, with strong growth in Asia contrasting with operating losses in Mexico and EMEAI due to COVID-19 - The Asia segment's revenue **surged 72.3% YoY** in Q2 2020, driven by an 87% net increase in wind blade volume and higher average selling prices[184](index=184&type=chunk) - The Mexico segment's operating results shifted from a **$4.1 million income** in Q2 2019 to an **$11.3 million loss** in Q2 2020, primarily due to reduced production levels from the COVID-19 pandemic[187](index=187&type=chunk) Segment Income (Loss) from Operations - Q2 (in thousands) | Segment | Q2 2020 | Q2 2019 | | :--- | :--- | :--- | | U.S. | $(12,045) | $(22,222) | | Asia | $18,492 | $131 | | Mexico | $(11,324) | $4,120 | | EMEAI | $(8,378) | $22,468 | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company bolstered liquidity by drawing $80.0 million from its credit facility, increasing total debt to $239.2 million - The company increased its revolving credit facility from $150.0 million to $205.0 million in February 2020 and **drew down $80.0 million** during the first six months of the year to bolster liquidity[210](index=210&type=chunk)[226](index=226&type=chunk) - Capital expenditures for the first six months of 2020 were **$42.0 million**, with a full-year 2020 projection of $80-$90 million[217](index=217&type=chunk)[218](index=218&type=chunk) - The company utilizes several off-balance sheet accounts receivable assignment agreements, under which **$459.9 million of receivables were sold** in the first half of 2020[245](index=245&type=chunk)[255](index=255&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency, commodity prices, and interest rate fluctuations - A hypothetical **10% change in foreign currency exchange rates** would have resulted in a change to income from operations of approximately **$21.2 million** for the six months ended June 30, 2020[260](index=260&type=chunk) - The company faces commodity price risk for resin and balsa wood, where a **10% price change** could impact operating income by **$5.1 million** and **$4.1 million**, respectively[263](index=263&type=chunk)[264](index=264&type=chunk) - Interest rate risk is linked to variable-rate debt, including **$117.4 million of unhedged principal** on the main Credit Agreement tied to LIBOR[265](index=265&type=chunk) [Controls and Procedures](index=46&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2020 - Based on an evaluation as of June 30, 2020, the Chief Executive Officer and Chief Financial Officer concluded that the company's **disclosure controls and procedures were effective**[267](index=267&type=chunk) - **No material changes** occurred in the company's internal control over financial reporting during the quarter ended June 30, 2020[268](index=268&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=47&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings not expected to have a material adverse effect on its financials - The company is party to various lawsuits, claims, and other legal proceedings arising in the ordinary course of business, which management **does not expect to have a material adverse effect** on its financials[271](index=271&type=chunk) [Risk Factors](index=47&type=section&id=ITEM%201A.%20Risk%20Factors) A material update to risk factors highlights the adverse effects of the COVID-19 pandemic on business operations - A significant risk factor has been added concerning the **adverse effects of the COVID-19 pandemic** on the company's business, operations, and financial condition[273](index=273&type=chunk) - The pandemic caused **production suspensions or reductions** at most manufacturing facilities during Q2 2020, and such measures may be reinstated if cases resurge[273](index=273&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 2,731 shares of common stock from employees to cover tax withholding obligations Issuer Purchases of Equity Securities (Q2 2020) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2020 | — | $— | | May 2020 | 2,731 | $17.87 | | June 2020 | — | $— | | **Total** | **2,731** | **$17.87** | [Exhibits](index=49&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications and an amendment to a credit agreement

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 March 31, 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.S. ...