TPI Composites, Inc. (TPIC) Financial Statements (2024 and earlier)

Company Profile

Business Address 8501 N SCOTTSDALE ROAD
SCOTTSDALE, AZ 85253
State of Incorp.
Fiscal Year End December 31
Industry (SIC) 351 - Engines And Turbines (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments133,546242,165129,85770,28285,346148,113
Cash and cash equivalents133,546242,165129,85770,28285,346148,113
Restricted cash and investments9,85410,0533399923,5553,849
Receivables184,809157,804132,768184,012187,975133,083
Inventory, net of allowances, customer advances and progress billings10,66111,53310,8396,7315,73567,064
Inventory10,66111,53310,8396,7315,73567,064
Prepaid expense29,11919,28029,50710,0478,7249,357
Contract with customer, asset, after allowance for credit loss215,939188,323216,928166,515116,708
Disposal group, including discontinued operation35,182     
Asset, held-for-sale, not part of disposal group  8,529    
Deposits current assets     5,6595,585
Other current assets26,05222,58427,92129,843 778
Other undisclosed current assets     49565,138
Total current assets:645,162660,271548,159468,422414,197432,967
Noncurrent Assets
Operating lease, right-of-use asset152,312137,192158,827122,351
Property, plant and equipment136,841169,578209,001205,007159,423123,480
Intangible assets, net (including goodwill) 2,8072,8076,9536,9777,2652,957
Goodwill 2,8072,8072,8072,8072,8072,807
Intangible assets, net (excluding goodwill)   4,1464,1704,458150
Other noncurrent assets21,79234,31333,31723,92023,97014,130
Other undisclosed noncurrent assets 3,2623,540    
Total noncurrent assets:317,014347,430408,098358,255190,658140,567
TOTAL ASSETS:962,1761,007,701956,257826,677604,855573,534
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:280,499336,697295,992293,104199,078166,743
Accrued liabilities22,34742,02050,85247,63936,76529,163
Other undisclosed accounts payable and accrued liabilities258,152294,677245,140245,465162,313137,580
Deferred revenue17,1001,2746143,008
Debt59,97566,43832,55113,50127,05835,506
Disposal group, including discontinued operation54,440     
Deferred revenue and credits81,048
Customer advances and deposits10,100
Contract with customer, liability7,143
Other undisclosed current liabilities44,56764,70176,95164,26836,76529,197
Total current liabilities:456,581469,110406,108373,881270,044322,594
Noncurrent Liabilities
Long-term debt and lease obligation, including:1,1988,208184,316127,888110,56585,879
Finance lease, liability1,1972,389  
Other undisclosed long-term debt and lease obligation1(140,660)28,39114,005110,56585,879
Liabilities, other than long-term debt144,03310,9788,8735,9753,2894,444
Other liabilities10,67010,9788,8735,9753,2894,444
Operating lease, liability133,363146,479155,925113,883
Other undisclosed noncurrent liabilities  146,479155,925113,883  
Total noncurrent liabilities:145,231165,665349,114247,746113,85490,323
Total liabilities:601,812634,775755,222621,627383,898412,917
Equity
Equity, attributable to parent50,487121,952201,035205,050220,957160,617
Common stock424374368353347340
Treasury stock, value(7,551)(6,592)(6,099)(3,908)(1,788)(511)
Additional paid in capital407,570451,440349,472322,906311,771301,543
Accumulated other comprehensive loss(15,387)(54,006)(32,990)(23,612)(14,392)(558)
Accumulated deficit(334,569)(269,264)(109,716)(90,689)(74,981)(140,197)
Other undisclosed equity309,877250,974    
Total equity:360,364372,926201,035205,050220,957160,617
TOTAL LIABILITIES AND EQUITY:962,1761,007,701956,257826,677604,855573,534

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues1,522,7411,732,5831,670,1371,436,5001,029,624930,281
Revenue, net930,281
Cost of revenue(1,508,096)(1,764,163)(1,606,038)(1,358,652)(956,783)(817,572)
Cost of goods and services sold(1,482,428)(1,713,331)(1,561,432)(1,290,619)(882,075)(776,944)
Gross profit:14,645(31,580)64,09977,84872,841112,709
Operating expenses(32,612)(53,008)(37,585)(43,843)(48,123)(40,373)
Other undisclosed operating loss(9,842)(13,110)(7,748)(18,117)  
Operating income (loss):(27,809)(97,698)18,76615,88824,71872,336
Nonoperating income (expense)1,872(35,090)(26,509)(8,481)(22,472)(15,566)
Gain (loss), foreign currency transaction, before tax4,571(23,671)(19,986)(4,107)(13,489)(4,471)
Other nonoperating income2,3302,2033,8763,6484,650 
Interest and debt expense(5,029)(13,622)(10,501)(8,179)(3,397)(12,381)
Income (loss) from continuing operations before equity method investments, income taxes:(30,966)(146,410)(18,244)(772)(1,151)44,389
Other undisclosed income from continuing operations before income taxes5,02913,62210,5018,1793,39712,381
Income (loss) from continuing operations before income taxes:(25,937)(132,788)(7,743)7,4072,24656,770
Income tax expense (benefit)(29,613)(26,760)(11,284)(23,115)3,033(13,080)
Income (loss) from continuing operations:(55,550)(159,548)(19,027)(15,708)5,27943,690
Income (loss) before gain (loss) on sale of properties:(159,548)(19,027)(15,708)5,27943,690
Loss from discontinued operations(9,755)     
Other undisclosed net loss      
Net income (loss) attributable to parent:(65,305)(159,548)(19,027)(15,708)5,27943,690
Other undisclosed net loss available to common stockholders, basic(58,903)(6,040)    
Net income (loss) available to common stockholders, diluted:(124,208)(165,588)(19,027)(15,708)5,27943,690

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):(65,305)(159,548)(19,027)(15,708)5,27943,690
Other comprehensive income (loss)38,619(21,016)(9,378)(9,220)(13,834)3,304
Other undisclosed comprehensive income      
Comprehensive income (loss):(26,686)(180,564)(28,405)(24,928)(8,555)46,994
Other undisclosed comprehensive loss, net of tax, attributable to parent  (6,040)    
Comprehensive income (loss), net of tax, attributable to parent:(26,686)(186,604)(28,405)(24,928)(8,555)46,994

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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