Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TPIC | |
Entity Registrant Name | TPI COMPOSITES, INC | |
Entity Central Index Key | 1,455,684 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,736,863 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 31,057 | $ 45,917 |
Restricted cash | 2,408 | 1,760 |
Accounts receivable | 87,556 | 72,913 |
Inventories | 52,664 | 50,841 |
Inventories held for customer orders | 50,138 | 49,594 |
Prepaid expenses and other current assets | 40,952 | 31,337 |
Total current assets | 264,775 | 252,362 |
Property, plant, and equipment, net | 73,575 | 67,732 |
Other noncurrent assets | 14,273 | 9,826 |
Total assets | 352,623 | 329,920 |
Current liabilities: | ||
Accounts payable and accrued expenses | 101,642 | 101,108 |
Accrued warranty | 30,573 | 13,596 |
Deferred revenue | 65,656 | 65,520 |
Customer deposits and customer advances | 10,644 | 8,905 |
Current maturities of long-term debt | 27,328 | 52,065 |
Total current liabilities | 235,843 | 241,194 |
Long-term debt, net of debt issuance costs, discount and current maturities | 92,364 | 77,281 |
Other noncurrent liabilities | 4,278 | 3,812 |
Total liabilities | 332,485 | 322,287 |
Commitments and contingencies (Note 11) | ||
Convertible and senior redeemable preferred shares and warrants | 203,734 | 198,830 |
Shareholders' equity (deficit): | ||
Preferred shares, $0.01 par value, no shares issued, outstanding or authorized at June 30, 2016 and December 31, 2015; 5,500 shares authorized, no shares issued and outstanding pro forma (unaudited) | ||
Common shares, $0.01 par value, 31,104 shares authorized and 4,238 shares issued and outstanding at June 30, 2016 and December 31, 2015; 100,000 shares authorized and 26,549 shares issued and outstanding pro forma (unaudited) | 0 | 0 |
Paid-in capital | 0 | 0 |
Accumulated other comprehensive loss | (850) | (25) |
Accumulated deficit | (182,746) | (191,172) |
Total shareholders' equity (deficit) | (183,596) | (191,197) |
Total liabilities and shareholders' equity (deficit) | 352,623 | $ 329,920 |
Pro Forma [Member] | ||
Current assets: | ||
Cash and cash equivalents | 31,057 | |
Restricted cash | 2,408 | |
Accounts receivable | 87,556 | |
Inventories | 52,664 | |
Inventories held for customer orders | 50,138 | |
Prepaid expenses and other current assets | 40,952 | |
Total current assets | 264,775 | |
Property, plant, and equipment, net | 73,575 | |
Other noncurrent assets | 14,273 | |
Total assets | 352,623 | |
Current liabilities: | ||
Accounts payable and accrued expenses | 99,765 | |
Accrued warranty | 30,573 | |
Deferred revenue | 65,656 | |
Customer deposits and customer advances | 10,644 | |
Current maturities of long-term debt | 27,328 | |
Total current liabilities | 233,966 | |
Long-term debt, net of debt issuance costs, discount and current maturities | 83,926 | |
Other noncurrent liabilities | 4,278 | |
Total liabilities | 322,170 | |
Commitments and contingencies (Note 11) | ||
Convertible and senior redeemable preferred shares and warrants | 0 | |
Shareholders' equity (deficit): | ||
Preferred shares, $0.01 par value, no shares issued, outstanding or authorized at June 30, 2016 and December 31, 2015; 5,500 shares authorized, no shares issued and outstanding pro forma (unaudited) | ||
Common shares, $0.01 par value, 31,104 shares authorized and 4,238 shares issued and outstanding at June 30, 2016 and December 31, 2015; 100,000 shares authorized and 26,549 shares issued and outstanding pro forma (unaudited) | 265 | |
Paid-in capital | 215,346 | |
Accumulated other comprehensive loss | (850) | |
Accumulated deficit | (184,308) | |
Total shareholders' equity (deficit) | 30,453 | |
Total liabilities and shareholders' equity (deficit) | $ 352,623 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares authorized | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 31,104,000 | 31,104,000 |
Common stock, shares issued | 4,238,000 | 4,238,000 |
Common stock, shares outstanding | 4,238,000 | 4,238,000 |
Pro Forma [Member] | ||
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Preferred stock, shares authorized | 5,500,000 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | |
Common stock, shares issued | 26,549,000 | |
Common stock, shares outstanding | 26,549,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net sales | $ 194,255 | $ 149,739 | $ 370,365 | $ 245,328 |
Cost of sales | 168,382 | 129,208 | 328,248 | 220,092 |
Startup and transition costs | 3,055 | 8,381 | 6,361 | 12,535 |
Total cost of goods sold | 171,437 | 137,589 | 334,609 | 232,627 |
Gross profit | 22,818 | 12,150 | 35,756 | 12,701 |
General and administrative expenses | 5,340 | 2,899 | 10,089 | 6,107 |
Income from operations | 17,478 | 9,251 | 25,667 | 6,594 |
Other income (expense): | ||||
Interest income | 28 | 79 | 49 | 138 |
Interest expense | (4,134) | (3,723) | (8,046) | (7,274) |
Realized loss on foreign currency remeasurement | (18) | (433) | (457) | (270) |
Miscellaneous income | 154 | 140 | 344 | 269 |
Total other expense | (3,970) | (3,937) | (8,110) | (7,137) |
Income (loss) before income taxes | 13,508 | 5,314 | 17,557 | (543) |
Income tax provision | (1,953) | (1,224) | (4,256) | (1,104) |
Net income (loss) | 11,555 | 4,090 | 13,301 | (1,647) |
Net income attributable to preferred shareholders | 2,438 | 2,356 | 4,875 | 4,712 |
Net income (loss) attributable to common shareholders | $ 9,117 | $ 1,734 | $ 8,426 | $ (6,359) |
Weighted-average common shares outstanding: | ||||
Basic | 4,238 | 4,238 | 4,238 | 4,238 |
Diluted | 4,244 | 4,244 | 4,244 | 4,238 |
Net income (loss) per common share: | ||||
Basic | $ 2.15 | $ 0.41 | $ 1.99 | $ (1.50) |
Diluted | $ 2.15 | $ 0.41 | $ 1.99 | $ (1.50) |
Pro forma weighted-average common shares outstanding, Basic | 26,549 | 26,549 | ||
Pro forma weighted-average common shares outstanding, Diluted | 26,555 | 26,555 | ||
Pro Forma [Member] | ||||
Net sales | $ 194,255 | $ 370,365 | ||
Cost of sales | 168,382 | 328,248 | ||
Startup and transition costs | 3,055 | 6,361 | ||
Total cost of goods sold | 171,437 | 334,609 | ||
Gross profit | 22,818 | 35,756 | ||
General and administrative expenses | 5,340 | 10,089 | ||
Income from operations | 17,478 | 25,667 | ||
Other income (expense): | ||||
Interest income | 28 | 49 | ||
Interest expense | (4,134) | (8,046) | ||
Realized loss on foreign currency remeasurement | (18) | (457) | ||
Miscellaneous income | 154 | 344 | ||
Total other expense | (3,970) | (8,110) | ||
Income (loss) before income taxes | 13,508 | 17,557 | ||
Income tax provision | (1,953) | (4,256) | ||
Net income (loss) | 11,555 | 13,301 | ||
Net income (loss) attributable to common shareholders | $ 11,555 | $ 13,301 | ||
Net income (loss) per common share: | ||||
Pro forma weighted-average common shares outstanding, Basic | 26,549 | 26,549 | ||
Pro forma weighted-average common shares outstanding, Diluted | 26,555 | 26,555 | ||
Pro forma net income per common share, Basic | $ 0.44 | $ 0.50 | ||
Pro forma net income per common share, Diluted | $ 0.44 | $ 0.50 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 11,555 | $ 4,090 | $ 13,301 | $ (1,647) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (1,253) | (305) | (825) | (1,633) |
Comprehensive income (loss) | $ 10,302 | $ 3,785 | $ 12,476 | $ (3,280) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 13,301 | $ (1,647) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 6,173 | 5,310 |
Amortization of debt discount | 1,509 | 1,509 |
Amortization of debt issuance costs | 830 | 638 |
Changes in assets and liabilities: | ||
Accounts receivable | (14,643) | (16,810) |
Inventories | (2,368) | (12,737) |
Prepaid expenses and other current assets | (9,614) | (5,340) |
Other noncurrent assets | (2,527) | 4,298 |
Accounts payable and accrued expenses | 196 | 21,496 |
Accrued warranty | 16,977 | 1,425 |
Customer deposits | (261) | (7,219) |
Deferred revenue | 136 | 8,750 |
Other noncurrent liabilities | 466 | 395 |
Net cash provided by operating activities | 10,175 | 68 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (14,244) | (20,310) |
Net cash used in investing activities | (14,244) | (20,310) |
Cash flows from financing activities: | ||
Net repayments of accounts receivable financing | (8,565) | (1,292) |
Net repayments of working capital loans | (764) | (4,954) |
Net repayments of other debt | (2,664) | (2,809) |
Payments for acquisition of noncontrolling interest | (1,250) | |
Proceeds from customer advances | 2,000 | |
Restricted cash | (648) | (647) |
Net cash used in financing activities | (10,641) | (10,952) |
Impact of foreign exchange rates on cash and cash equivalents | (150) | (73) |
Net change in cash and cash equivalents | (14,860) | (31,267) |
Cash and cash equivalents, beginning of year | 45,917 | 43,592 |
Cash and cash equivalents, end of period | 31,057 | 12,325 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 4,864 | 4,474 |
Cash paid for income taxes, net | 4,188 | 1,944 |
Supplemental disclosures of noncash investing and financing activities: | ||
Accrued capital expenditures in accounts payable | $ 2,198 | $ 1,444 |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | Note 1. Summary of Operations and Significant Accounting Policies Description of Business TPI Composites, Inc. is the holding company that conducts substantially all of its business operations through its direct and indirect subsidiaries (collectively, the Company). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company’s knowledge and experience of composite materials and manufacturing originates with its predecessor company, Tillotson Pearson Inc., a leading manufacturer of high-performance sail and powerboats along with a wide range of composite structures used in other industrial applications. Following the separation from the boat building business in 2004, the Company reorganized in Delaware as LCSI Holding, Inc and then changed its corporate name to TPI Composites, Inc. in 2008. Today, the Company is headquartered in Scottsdale, Arizona and has expanded its global footprint to include domestic facilities in Newton, Iowa; Fall River, Massachusetts; Warren, Rhode Island and Santa Teresa, New Mexico and international facilities in Dafeng, China; Taicang Port, China; Taicang City, China; Juárez, Mexico and Izmir, Turkey. Initial Public Offering and Stock Split In July 2016, the Company completed an initial public offering (IPO) of 7,187,500 shares of the Company’s common stock at a price of $11.00 per share, which included 937,500 shares issued pursuant to the underwriters’ over-allotment option. Certain of the Company’s existing shareholders, a director and executive officers purchased an aggregate of 1,250,000 shares of common stock in the IPO included in the total issuance above. The net proceeds from the IPO were approximately $69.5 million after deducting underwriting discounts and estimated offering expenses. Immediately prior to the closing of the IPO, all shares of the then-outstanding redeemable preferred shares converted into an aggregate of 21,110,204 shares of common stock and the redeemable preferred share warrants converted on a net issuance basis into 120,923 shares of common stock. In addition, concurrent with the closing of the IPO, certain subordinated convertible promissory notes in the aggregate principal and interest amount of $11.9 million were converted into 1,079,749 shares of common stock at the public offering price of $11.00 per share. Prior to the IPO, in July 2016 the Company amended its amended and restated certificate of incorporation to effect a 360-for-1 forward stock split of its common stock. As a result of the stock split, the Company has adjusted the share amounts authorized and issuable under the share-based compensation plans. All share and per share common stock information (including the share-based compensation plans) referenced throughout the unaudited condensed consolidated financial statements and notes thereto have been retroactively adjusted to reflect this stock split. The stock split did not cause an adjustment to the par value of the authorized shares of common stock. Basis of Presentation The Company divides its business operations into four geographic operating segments—the United States, Asia, Mexico and EMEA, as follows: • The U.S. segment includes (1) the manufacturing of wind blades at the Newton, Iowa plant, (2) the manufacturing of precision molding and assembly systems used for the manufacture of wind blades in the Warren, Rhode Island facility, (3) the manufacturing of composite solutions for the transportation industry, which the Company also conducts in its Rhode Island and Massachusetts facilities and (4) corporate headquarters, the costs of which are included in general and administrative expenses. • The Asia segment includes (1) the manufacturing of wind blades at a facility in Taicang Port, China and in two facilities in Dafeng, China, (2) the manufacturing of precision molding and assembly systems in the Taicang City, China facility, (3) the manufacture of components in a second Taicang Port, China facility and (4) wind blade inspection and repair services. • The Mexico segment manufactures wind blades from a facility in Juárez, Mexico that opened in late 2013 and began production in January 2014. The Mexico segment has entered into two new lease agreements with a third party for two new manufacturing facilities in Juárez, Mexico, and expects to commence operations at these new facilities in the second half of 2016 and in the first half of 2017. • The EMEA segment manufactures wind blades from a facility in Izmir, Turkey. The Company entered into a joint venture with ALKE Insaat Sanayive Ticaret A.S. (ALKE) in March 2012 to produce wind blades in Turkey and in December 2013 became the sole owner of the Turkey operation with the acquisition of the remaining 25% interest owned primarily by ALKE. The EMEA segment has entered into a new lease agreement with a third party for a new manufacturing facility in Izmir, Turkey, and expects to commence operations at this new facility in the second half of 2016. The Company has an accumulated deficit of $182.7 million as of June 30, 2016 resulting from recurring losses from operations and the past accretion to the redemption value and cumulative dividends associated with redeemable preferred shares. The Company has funded operations primarily with cash flows from operations, debt and financings from investors. The accompanying consolidated financial statements include the accounts of TPI Composites, Inc. and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC) and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 included in the Company’s Registration Statement on Form S-1. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted, as permitted by the SEC, although the Company believes the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to present fairly the Company’s financial position at June 30, 2016, and the results of the Company’s operations, comprehensive income and cash flows for the periods presented. The Company derived the December 31, 2015 condensed consolidated balance sheet data from audited financial statements, but does not include all disclosures required by GAAP. Interim results for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the full years. Warranty Expense The Company provides a limited warranty for its precision molding and assembly systems and wind blade products, including parts and labor, with terms and conditions that vary depending on the product sold, for periods that range from two to five years. Warranty expense is recorded based upon estimates of future repairs using a probability-based methodology. Once the warranty period has expired, any remaining unused warranty accrual for the specific products is reversed against the current year warranty expense amount. Warranty accrual consisted of the following (in thousands): 2016 Warranty accrual at beginning of year $ 13,596 Accrual during the period 17,827 Cost of warranty services provided during the period and reduction of reserves (850 ) Warranty accrual at end of the period $ 30,573 In June 2016, the Company entered into a settlement agreement and release with one of its customers to resolve a potential warranty claim related to wind blades primarily manufactured in 2014 in the Company’s Turkey facility. The settlement agreement and release requires the Company to make a cash payment to the customer, replace or repair a specified number of wind blades and provide margin concessions on certain products to be produced by the Company. The expected aggregate cost to the Company of fulfilling its obligations under the settlement agreement and release is estimated to be $15.0 million, all of which has been accrued. Net Income Per Share Calculation The basic net income per common share is computed by dividing the net income by the weighted-average number of common shares outstanding during a period. Diluted net income per common share is computed by dividing the net income, adjusted on an as-if-converted basis, by the weighted-average number of common shares outstanding plus potentially dilutive securities. The table below reflects the calculation of the weighted-average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted earnings per common share (in thousands): Pro Forma Three Months Ended June 30, Three Months Ended June 30, Pro Forma Six Months Ended June 30, Six Months Ended 2016 2016 2015 2016 2016 2015 Basic weighted-average shares outstanding 26,549 4,238 4,238 26,549 4,238 4,238 Effect of dilutive stock options and warrants 6 6 6 6 6 — Diluted weighted-average shares outstanding 26,555 4,244 4,244 26,555 4,244 4,238 The Company has potentially dilutive securities outstanding that are not shown in a diluted net loss per share calculation because their effect would be anti-dilutive for the six months ended June 30, 2015. The potentially dilutive securities excluded from the calculation include common shares issued upon conversion or exercise of options and warrants. Assuming an event other than a qualified initial public offering, at June 30, 2016, the securities excluded from the calculation included common warrants of 158,684 and at June 30, 2015, the securities excluded from the calculation included common warrants of 158,684 and stock options of 35,703 for a total of 194,387 dilutive securities. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Unaudited Pro Forma Results Immediately prior to the closing of the IPO, all of the outstanding shares of convertible preferred shares and the redeemable preferred share warrants converted into common stock. In addition, concurrent with the closing of the IPO, the subordinated convertible promissory notes converted into the number of shares of common stock equal to the outstanding principal and unpaid interest outstanding divided by the public offering price of $11.00. The unaudited pro forma shareholders’ equity information, as set forth in the accompanying condensed consolidated balance sheets and the condensed consolidated statements of operations, give effect to the automatic conversion of all outstanding shares of convertible preferred shares and preferred share warrants as of June 30, 2016, the conversion of the outstanding subordinated convertible promissory notes and accrued interest to 1,079,749 shares of common stock as well as the effect of the Company’s 360-for-1 forward stock split of its common stock in July 2016. The shares of common stock issued and the proceeds received in the IPO are excluded from such pro forma information. Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers The new requirements are effective for the Company beginning January 1, 2018, and may be implemented either retrospectively for all periods presented, or as a cumulative-effect adjustment as of the date of adoption. Adoption as of January 1, 2017 is permitted. The Company expects to adopt Topic 606 as of January 1, 2017 with retroactive restatement to January 1, 2015 through December 31, 2016. Based on the Company’s preliminary evaluation of the new standard, revenue recognition in accordance with Topic 606 differs from the current guidance provided by GAAP as outlined in the SEC’s Staff Accounting Bulletin 104, which requires the Company to defer recognition of revenue until the risk of loss has passed to the customer and delivery has been made or a fixed delivery schedule has been provided by the customer. Since the Company’s products have no alternative use to the Company due to contractual restrictions placed by each customer on the technical specifications and design of the products, the Company’s preliminary assessment is that revenue upon adoption of Topic 606 will likely be recognized over time during the course of the wind blade production process and before the product is delivered to the customer. Based on the Company’s current expectations for the requirements of revenue recognition under Topic 606, revenue is expected to be materially impacted by recognition as control is transferred to the customer during the course of the wind blade production process from the acquisition of raw materials to conformance with the customers’ technical specifications upon completion of the wind blade. Since the Company may only sell its products to the customer that orders them and the products have no alternative use, the Company believes that revenue will be recognized as the performance obligation is satisfied over time. Restated net sales, cost of goods sold and gross profit are expected to be materially different from the amounts previously reported in the 2015 and 2016 financial statements upon adoption January 1, 2017. Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting Leases In February 2016, the FASB issued ASU 2016-02, Leases, Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Significant Risks and Uncertainties | Note 2. Significant Risks and Uncertainties The Company’s revenues and receivables are from a small number of customers. As such, the Company’s production levels are dependent on these customers’ orders. See note 12, Concentration of Customers The Company maintains its U.S. cash in bank deposit accounts that, at times, exceed U.S. federally insured limits. U.S. bank accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) in an amount up to $250,000 during 2016 and 2015. At June 30, 2016 and December 31, 2015, the Company had $16.9 million and $33.2 million, respectively, of cash in deposit accounts in U.S. banks, which was in excess of FDIC limits. The Company has not experienced losses in any such accounts in the past. The Company also maintains cash in bank deposit accounts outside the U.S. with no deposit insurance. This includes $6.3 million in Turkey, $7.2 million in China and $0.6 million in Mexico as of June 30, 2016. The Company has not experienced losses in these accounts in the past. The Company also has long-term deposits in interest bearing accounts of $5.1 million in Mexico as of June 30, 2016. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 3. Related-Party Transactions Related party transactions include transactions between the Company and certain of its affiliates. The following transactions were in the normal course of operations and were measured at the exchange amount, which is the amount of consideration established and agreed to by the parties. The Company has entered into several agreements with subsidiaries of General Electric Company and consolidated affiliates (GE) relating to the operation of its business. As a result of these agreements, GE is a debtor, creditor and holder of preferred shares as of June 30, 2016 and December 31, 2015. For the three months ended June 30, 2016 and 2015, the Company recorded related-party sales with GE of $98.1 million and $80.8 million, respectively, and for the six months ended June 30, 2016 and 2015, the Company recorded related-party sales with GE of $194.3 million and $131.6 million, respectively. The Company has entered into four separate supply agreements with GE to manufacture wind blades in Newton, Iowa; Taicang Port, China; Juárez, Mexico and Izmir, Turkey. As a result of the supply agreements, GE is the Company’s largest customer. As of June 30, 2016 and December 31, 2015, the Company had accounts receivables related to sales to GE of approximately $18.3 million and $19.0 million, respectively. From 2007 to 2014, the Company issued several series of preferred shares, including sales of Series B, Series B-1 and senior redeemable preferred shares to GE. As a result of these transactions, GE beneficially owned approximately 1,956 preferred shares of the Company as of June 30, 2016. Upon conversion to common shares concurrent with the Company’s IPO, GE owned 2,843,664 common shares or approximately 8.4% of the Company’s common stock outstanding at the time of the Company’s IPO. See note 8, Convertible and Senior Redeemable Preferred Shares and Warrants Certain of the Company’s existing stockholders, consisting of entities associated with Element Partners, Angeleno Group and Landmark Partners, each of which is an affiliate of a member of the board of directors, as well as certain executive officers and a director, purchased an aggregate of 1,250,000 shares of common stock in the IPO. In addition, all outstanding obligations under the Company’s subordinated convertible promissory notes, including accrued interest, held by certain existing stockholders, including Element Partners, Angeleno Group and Landmark Partners, were converted into an aggregate of 1,079,749 shares of common stock concurrent with the closing of the IPO at the public offering price of $11.00 per share. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Note 4. Accounts Receivable Accounts receivable consisted of the following (in thousands): June 30, December 31, Trade accounts receivable $ 86,447 $ 71,588 Other accounts receivable 1,109 1,325 Total accounts receivable $ 87,556 $ 72,913 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories Inventories consisted of the following (in thousands): June 30, December 31, Raw materials $ 28,544 $ 29,022 Work in process 21,604 16,630 Finished goods 2,516 5,189 Total inventories $ 52,664 $ 50,841 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment, Net | Note 6. Property, Plant, and Equipment, Net Property, plant and equipment, net consisted of the following (in thousands): June 30, December 31, Machinery and equipment $ 51,522 $ 49,078 Buildings 13,964 14,047 Leasehold improvements 17,605 14,259 Office equipment and software 3,885 3,691 Furniture 15,364 15,140 Vehicles 275 279 Construction in progress 10,271 4,660 Total 112,886 101,154 Accumulated depreciation and amortization (39,311 ) (33,422 ) Property, plant and equipment, net $ 73,575 $ 67,732 Total depreciation and amortization for the three months ended June 30, 2016 and 2015 was $3.2 million and $2.9 million, respectively, and for the six months ended June 30, 2016 and 2015 was $6.2 million and $5.3 million, respectively. |
Long-Term Debt, Net of Debt Iss
Long-Term Debt, Net of Debt Issuance Costs and Discount | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net of Debt Issuance Costs and Discount | Note 7. Long-Term Debt, Net of Debt Issuance Costs and Discount Long-term debt, net of debt issuance costs and discount, consisted of the following (in thousands): June 30, December 31, Senior term loan—U.S. $ 74,375 $ 74,375 Subordinated convertible promissory notes—U.S. 10,000 10,000 Equipment capital lease—U.S. 1,578 2,678 Working capital loans—China — 9,548 Accounts receivable financing—China 1,810 6,622 Accounts receivable financing—Turkey 16,752 20,505 Unsecured financing—Turkey 3,512 8,572 Equipment capital lease—Turkey 2,152 2,879 Working capital loans—Turkey 13,843 — Equipment loan—Mexico 136 164 Construction financing—Mexico 417 1,204 Equipment capital lease—Mexico 16 37 Total long-term debt 124,591 136,584 Less: Debt issuance costs (3,390 ) (4,220 ) Less: Discount on debt (1,509 ) (3,018 ) Total long-term debt, net of debt issuance costs and discount 119,692 129,346 Less: Current maturities of long-term debt (27,328 ) (52,065 ) Long-term debt, net of debt issuance costs, discount and current maturities $ 92,364 $ 77,281 As discussed in note 1, concurrent with the closing of the Company’s IPO, the principal and accrued interest on the outstanding subordinated convertible promissory notes were converted into an aggregate of 1,079,749 shares of common stock at the public offering price of $11.00 per share. |
Convertible and Senior Redeemab
Convertible and Senior Redeemable Preferred Shares and Warrants | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Convertible and Senior Redeemable Preferred Shares and Warrants | Note 8. Convertible and Senior Redeemable Preferred Shares and Warrants Convertible and senior redeemable preferred shares, which are convertible at the discretion of the holder or will automatically convert immediately prior to the closing of an initial public offering, and warrants consisted of the following (in thousands, except share and par value data): June 30, December 31, Series A convertible preferred shares (convertible at 1 share to 3.4974 shares of common stock), $0.01 par value; liquidation preference equal to $51,783; 3,551 shares authorized; 3,551 shares issued and outstanding at June 30, 2016 and December 31, 2015 $ 51,783 $ 50,901 Series B convertible preferred shares (convertible at 1 share to 3.5636 shares of common stock), $0.01 par value; liquidation preference equal to $42,000; 2,813 shares authorized; 2,287 shares issued and outstanding at June 30, 2016 and December 31, 2015 42,000 41,200 Series B-1 convertible preferred shares (convertible at 1 share to 5.0243 shares of common stock), $0.01 par value; liquidation preference equal to $53,550; 2,972 shares authorized; 2,972 shares issued and outstanding at June 30, 2016 and December 31, 2015 53,550 52,510 Series C convertible preferred shares (convertible at 1 share to 3.2817 shares of common stock), $0.01 par value; liquidation preference equal to $17,850; 2,944 shares authorized; 2,944 shares issued and outstanding at June 30, 2016 and December 31, 2015 17,850 17,490 Senior redeemable preferred shares (convertible at 1 share to 13.2211 shares of common stock), $0.01 par value; liquidation preference equal to $66,108; 740 shares authorized; 740 shares issued and outstanding at June 30, 2016 and December 31, 2015 28,971 27,585 Super senior redeemable preferred shares (convertible at 1 share to 13.2211 shares of common stock), $0.01 par value; liquidation preference equal to $22,548; 1,024 shares authorized; 280 shares issued and outstanding at June 30, 2016 and December 31, 2015 8,496 8,060 Redeemable preferred share warrants; 248 warrants issued and outstanding at June 30, 2016 and December 31, 2015 1,084 1,084 Convertible and senior redeemable preferred shares and warrants $ 203,734 $ 198,830 Cumulative dividends on convertible and senior redeemable preferred shares are included in the liquidation preference amounts noted in the above table. For financial statement presentation purposes, the Company has accreted the preferred share balances to the redemption amount as of the first date redemption can take place using the effective interest method. In addition, the preferred share balance includes cumulative preferred share dividends as required by the preferred share agreements. No accretion has been recorded for preferred shares that are not redeemable for cash on or after a specified date. The amount of the accretion and deemed dividends is included in the net income attributable to preferred shareholders in the condensed consolidated statements of operations. The Company recorded the warrants noted above at their fair value upon issuance, and will amortize the value of the warrants as interest expense over the term of the preferred share agreement. As discussed in note 1, immediately prior to the closing of the IPO, all of the outstanding convertible preferred shares and redeemable preferred share warrants were converted into common stock. The pro forma results included on the condensed consolidated balance sheets and statements of operations give effect to this conversion to common stock as well as the Company’s 360-for-1 forward stock split of its common stock in July 2016. Redeemable Preferred Share Warrants The details of the warrant activity for the six months ended June 30, 2016 is as follows: Number of Weighted-Average Outstanding as of December 31, 2015 248 $ 8,748.81 2016 grants — — 2016 exercises — — 2016 forfeitures — — 2016 cancellations — — 2016 expirations — — Outstanding as of June 30, 2016 248 $ 8,748.81 The warrants are reported at fair value in the accompanying financial statements based on the value of the Series B Preferred Shares that may be purchased. Common Stock Warrants In connection with the note purchase agreement dated December 29, 2014 for the purchase of $10.0 million of subordinated convertible promissory notes, a minimum of 160,424 warrants were issued to purchase common stock with an exercise price equal to the lesser of $24.30 or 85% of the IPO price of $11.00 per share, subject to adjustment. After the IPO, the exercise price is $9.35. The warrants are immediately exercisable and expire no later than eight years from the date of issuance. The fair value of the warrants was estimated on the date of grant using the Black-Scholes option pricing model assuming a common stock price of $11.03 per share, an exercise price of $9.38 per share, expected stock price volatility of 80 percent and a risk-free interest rate estimate of 0.71 percent. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | Note 9. Share-Based Compensation Plans The Company granted stock option awards during the six months ended June 30, 2016 to certain employees under the Amended and Restated 2015 Stock Option and Incentive Plan (the 2015 Plan). Each award includes a performance condition that requires the completion of an initial public offering by the Company and a required vesting period of one to four years commencing upon achievement of the performance condition. Since the IPO was consummated in July 2016, compensation expense will be recorded in July 2016 for the requisite service period from the grant date through the IPO date with the balance of the share-based compensation expensed over the remaining vesting period. The following table summarizes the activity of the stock options and restricted stock units (RSU) under the Company’s incentive plans: Stock Options RSUs Shares Shares Weighted- Options Shares Weighted- Balance as of December 31, 2015 3,392,141 3,261,663 $ 11.90 35,703 731,880 $ 10.89 Granted (273,600 ) 273,600 21.36 — — Forfeited/cancelled 447,995 (363,035 ) 11.93 (84,960 ) 10.87 Balance as of June 30, 2016 3,566,536 3,172,228 12.71 25,828 646,920 10.90 The following table summarizes the outstanding and exercisable stock option awards as of June 30, 2016: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Weighted- Shares Weighted- $8.49 25,828 3.5 $ 8.49 25,828 $ 8.49 $10.87 2,340,000 8.9 10.87 — — $16.53 604,800 9.5 16.53 — — $23.09 201,600 9.7 23.09 — — $8.49 to $23.09 3,172,228 9.0 12.71 25,828 8.49 The Company granted awards of stock options and RSUs during 2015 and the six months ended June 30, 2016 to certain employees and non-employee directors. As the Company consummated the IPO in July 2016, compensation expense will be recorded in the third quarter of 2016 for the requisite service period from the grant date through the offering date, with the balance of the share-based compensation expense recorded over the remaining vesting period. The compensation expense will be calculated based on the actual price per share at which shares of common stock were sold in the IPO. The expected share-based compensation to be recorded in the third quarter of 2016 (based on the initial public offering price of $11.00 per share) is approximately $8.2 million. The remaining unamortized amount of approximately $10.5 million of share-based compensation expense for these awards will be amortized over the remaining individual service periods, which range from 12 to 48 months. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes Income tax expense was $2.0 million and $1.2 million in the three months ended June 30, 2016 and 2015, respectively, and $4.3 million and $1.1 million in the six months ended June 30, 2016 and 2015, respectively. This is consistent with the year end tax provision calculations and are primarily due to the operating results in China and Mexico. The United States and Turkey operations have not had a significant change to the full valuation allowances recorded against their net operating loss carryforwards as of year end. No changes in tax law since December 31, 2015 have had a material impact on the Company’s income tax provision. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies Legal Proceedings The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. |
Concentration of Customers
Concentration of Customers | 6 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Customers | Note 12. Concentration of Customers Revenues from certain customers in excess of 10 percent of total consolidated Company revenues (in thousands) for the three and six months ended June 30 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Customer Revenues % of Total Revenues % of Total Revenues % of Total Revenues % of Total Customer 1 $ 98,143 50.5 % $ 80,824 54.0 % $ 194,294 52.5 % $ 131,646 53.7 % Customer 2 40,475 20.8 12,333 8.2 70,416 19.0 16,425 6.7 Customer 3 25,842 13.3 23,265 15.5 45,366 12.2 38,600 15.7 Customer 4 9,500 4.9 16,992 11.4 19,641 5.3 31,265 12.7 Customer 5 18,573 9.6 13,967 9.3 36,709 9.9 24,751 10.1 Other 1,722 0.9 2,358 1.6 3,939 1.1 2,641 1.1 Total $ 194,255 100.0 % $ 149,739 100.0 % $ 370,365 100.0 % $ 245,328 100.0 % Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable are as follows: June 30, December 31, Customer % of Total % of Total Customer 1 21.2 % 26.5 % Customer 2 36.9 % 27.9 % Customer 3 26.4 % 24.4 % |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 13. Segment Reporting The Company’s operating segments are defined geographically as the United States, Asia, EMEA (Europe, the Middle East and Africa) and Mexico. Financial results are aggregated into four reportable segments based on quantitative thresholds. All of the Company’s segments operate in their local currency except for the Mexico and China segments, which both include a U.S. parent company. The following tables set forth certain information regarding each of the Company’s segments for the three and six months ended June 30: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Revenues by segment: U.S. $ 45,069 $ 40,546 $ 96,830 $ 77,921 Asia 81,453 48,212 145,805 76,217 EMEA 40,098 38,271 74,555 55,803 Mexico 27,635 22,710 53,175 35,387 Total revenues $ 194,255 $ 149,739 $ 370,365 $ 245,328 Revenues by geographic location (1): U.S. $ 45,069 $ 40,546 $ 96,830 $ 77,921 China 81,453 48,212 145,805 76,217 Turkey 40,098 38,271 74,555 55,803 Mexico 27,635 22,710 53,175 35,387 Total revenues $ 194,255 $ 149,739 $ 370,365 $ 245,328 Income (loss) from operations: U.S. (2) $ (4,462 ) $ (1,807 ) $ (5,123 ) $ (4,030 ) Asia 15,222 10,054 30,764 12,574 EMEA 5,062 (333 ) (2,597 ) (1,959 ) Mexico 1,656 1,337 2,623 9 Total income from operations $ 17,478 $ 9,251 $ 25,667 $ 6,594 (in thousands) June 30, December 31, Tangible long-lived assets: U.S. $ 14,350 $ 13,805 Asia (China) 27,766 29,957 EMEA (Turkey) 18,006 11,370 Mexico 13,453 12,600 Total tangible long-lived assets $ 73,575 $ 67,732 (1) Revenues are attributable to countries based on the location where the product is manufactured or the services are performed. (2) The losses from operations in the U.S. segment includes corporate general and administrative costs of $5.3 million and $2.9 million for the three months ended June 30, 2016, respectively, and $10.1 million and $6.1 million for the six months ended June 30, 2016, respectively. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 14. Subsequent Event In August 2016, the Company entered into an amendment to the existing supply agreement with Nordex SE (Nordex), extending the term of the agreement from December 31, 2018 to December 31, 2020. The amendment also increases the dedicated manufacturing capacity for each year of the agreement, increases the minimum annual purchase commitments of Nordex, grants certain margin concessions to Nordex on the incremental volume increases in 2016 and 2017, and grants Nordex an early termination right upon 12 months’ prior written notice, if certain cost reduction targets with respect to the blades manufactured under the agreement are not achieved in 2017 and 2018, respectively. |
Summary of Operations and Sig21
Summary of Operations and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business TPI Composites, Inc. is the holding company that conducts substantially all of its business operations through its direct and indirect subsidiaries (collectively, the Company). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company’s knowledge and experience of composite materials and manufacturing originates with its predecessor company, Tillotson Pearson Inc., a leading manufacturer of high-performance sail and powerboats along with a wide range of composite structures used in other industrial applications. Following the separation from the boat building business in 2004, the Company reorganized in Delaware as LCSI Holding, Inc and then changed its corporate name to TPI Composites, Inc. in 2008. Today, the Company is headquartered in Scottsdale, Arizona and has expanded its global footprint to include domestic facilities in Newton, Iowa; Fall River, Massachusetts; Warren, Rhode Island and Santa Teresa, New Mexico and international facilities in Dafeng, China; Taicang Port, China; Taicang City, China; Juárez, Mexico and Izmir, Turkey. |
Initial Public Offering and Stock Split | Initial Public Offering and Stock Split In July 2016, the Company completed an initial public offering (IPO) of 7,187,500 shares of the Company’s common stock at a price of $11.00 per share, which included 937,500 shares issued pursuant to the underwriters’ over-allotment option. Certain of the Company’s existing shareholders, a director and executive officers purchased an aggregate of 1,250,000 shares of common stock in the IPO included in the total issuance above. The net proceeds from the IPO were approximately $69.5 million after deducting underwriting discounts and estimated offering expenses. Immediately prior to the closing of the IPO, all shares of the then-outstanding redeemable preferred shares converted into an aggregate of 21,110,204 shares of common stock and the redeemable preferred share warrants converted on a net issuance basis into 120,923 shares of common stock. In addition, concurrent with the closing of the IPO, certain subordinated convertible promissory notes in the aggregate principal and interest amount of $11.9 million were converted into 1,079,749 shares of common stock at the public offering price of $11.00 per share. Prior to the IPO, in July 2016 the Company amended its amended and restated certificate of incorporation to effect a 360-for-1 forward stock split of its common stock. As a result of the stock split, the Company has adjusted the share amounts authorized and issuable under the share-based compensation plans. All share and per share common stock information (including the share-based compensation plans) referenced throughout the unaudited condensed consolidated financial statements and notes thereto have been retroactively adjusted to reflect this stock split. The stock split did not cause an adjustment to the par value of the authorized shares of common stock. |
Basis of Presentation | Basis of Presentation The Company divides its business operations into four geographic operating segments—the United States, Asia, Mexico and EMEA, as follows: • The U.S. segment includes (1) the manufacturing of wind blades at the Newton, Iowa plant, (2) the manufacturing of precision molding and assembly systems used for the manufacture of wind blades in the Warren, Rhode Island facility, (3) the manufacturing of composite solutions for the transportation industry, which the Company also conducts in its Rhode Island and Massachusetts facilities and (4) corporate headquarters, the costs of which are included in general and administrative expenses. • The Asia segment includes (1) the manufacturing of wind blades at a facility in Taicang Port, China and in two facilities in Dafeng, China, (2) the manufacturing of precision molding and assembly systems in the Taicang City, China facility, (3) the manufacture of components in a second Taicang Port, China facility and (4) wind blade inspection and repair services. • The Mexico segment manufactures wind blades from a facility in Juárez, Mexico that opened in late 2013 and began production in January 2014. The Mexico segment has entered into two new lease agreements with a third party for two new manufacturing facilities in Juárez, Mexico, and expects to commence operations at these new facilities in the second half of 2016 and in the first half of 2017. • The EMEA segment manufactures wind blades from a facility in Izmir, Turkey. The Company entered into a joint venture with ALKE Insaat Sanayive Ticaret A.S. (ALKE) in March 2012 to produce wind blades in Turkey and in December 2013 became the sole owner of the Turkey operation with the acquisition of the remaining 25% interest owned primarily by ALKE. The EMEA segment has entered into a new lease agreement with a third party for a new manufacturing facility in Izmir, Turkey, and expects to commence operations at this new facility in the second half of 2016. The Company has an accumulated deficit of $182.7 million as of June 30, 2016 resulting from recurring losses from operations and the past accretion to the redemption value and cumulative dividends associated with redeemable preferred shares. The Company has funded operations primarily with cash flows from operations, debt and financings from investors. The accompanying consolidated financial statements include the accounts of TPI Composites, Inc. and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC) and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 included in the Company’s Registration Statement on Form S-1. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted, as permitted by the SEC, although the Company believes the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to present fairly the Company’s financial position at June 30, 2016, and the results of the Company’s operations, comprehensive income and cash flows for the periods presented. The Company derived the December 31, 2015 condensed consolidated balance sheet data from audited financial statements, but does not include all disclosures required by GAAP. Interim results for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the full years. |
Warranty Expense | Warranty Expense The Company provides a limited warranty for its precision molding and assembly systems and wind blade products, including parts and labor, with terms and conditions that vary depending on the product sold, for periods that range from two to five years. Warranty expense is recorded based upon estimates of future repairs using a probability-based methodology. Once the warranty period has expired, any remaining unused warranty accrual for the specific products is reversed against the current year warranty expense amount. Warranty accrual consisted of the following (in thousands): 2016 Warranty accrual at beginning of year $ 13,596 Accrual during the period 17,827 Cost of warranty services provided during the period and reduction of reserves (850 ) Warranty accrual at end of the period $ 30,573 In June 2016, the Company entered into a settlement agreement and release with one of its customers to resolve a potential warranty claim related to wind blades primarily manufactured in 2014 in the Company’s Turkey facility. The settlement agreement and release requires the Company to make a cash payment to the customer, replace or repair a specified number of wind blades and provide margin concessions on certain products to be produced by the Company. The expected aggregate cost to the Company of fulfilling its obligations under the settlement agreement and release is estimated to be $15.0 million, all of which has been accrued. |
Net Income Per Share Calculation | Net Income Per Share Calculation The basic net income per common share is computed by dividing the net income by the weighted-average number of common shares outstanding during a period. Diluted net income per common share is computed by dividing the net income, adjusted on an as-if-converted basis, by the weighted-average number of common shares outstanding plus potentially dilutive securities. The table below reflects the calculation of the weighted-average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted earnings per common share (in thousands): Pro Forma Three Months Ended June 30, Three Months Ended June 30, Pro Forma Six Months Ended June 30, Six Months Ended 2016 2016 2015 2016 2016 2015 Basic weighted-average shares outstanding 26,549 4,238 4,238 26,549 4,238 4,238 Effect of dilutive stock options and warrants 6 6 6 6 6 — Diluted weighted-average shares outstanding 26,555 4,244 4,244 26,555 4,244 4,238 The Company has potentially dilutive securities outstanding that are not shown in a diluted net loss per share calculation because their effect would be anti-dilutive for the six months ended June 30, 2015. The potentially dilutive securities excluded from the calculation include common shares issued upon conversion or exercise of options and warrants. Assuming an event other than a qualified initial public offering, at June 30, 2016, the securities excluded from the calculation included common warrants of 158,684 and at June 30, 2015, the securities excluded from the calculation included common warrants of 158,684 and stock options of 35,703 for a total of 194,387 dilutive securities. |
Use of Estimates | Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Unaudited Pro Forma Results | Unaudited Pro Forma Results Immediately prior to the closing of the IPO, all of the outstanding shares of convertible preferred shares and the redeemable preferred share warrants converted into common stock. In addition, concurrent with the closing of the IPO, the subordinated convertible promissory notes converted into the number of shares of common stock equal to the outstanding principal and unpaid interest outstanding divided by the public offering price of $11.00. The unaudited pro forma shareholders’ equity information, as set forth in the accompanying condensed consolidated balance sheets and the condensed consolidated statements of operations, give effect to the automatic conversion of all outstanding shares of convertible preferred shares and preferred share warrants as of June 30, 2016, the conversion of the outstanding subordinated convertible promissory notes and accrued interest to 1,079,749 shares of common stock as well as the effect of the Company’s 360-for-1 forward stock split of its common stock in July 2016. The shares of common stock issued and the proceeds received in the IPO are excluded from such pro forma information. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers The new requirements are effective for the Company beginning January 1, 2018, and may be implemented either retrospectively for all periods presented, or as a cumulative-effect adjustment as of the date of adoption. Adoption as of January 1, 2017 is permitted. The Company expects to adopt Topic 606 as of January 1, 2017 with retroactive restatement to January 1, 2015 through December 31, 2016. Based on the Company’s preliminary evaluation of the new standard, revenue recognition in accordance with Topic 606 differs from the current guidance provided by GAAP as outlined in the SEC’s Staff Accounting Bulletin 104, which requires the Company to defer recognition of revenue until the risk of loss has passed to the customer and delivery has been made or a fixed delivery schedule has been provided by the customer. Since the Company’s products have no alternative use to the Company due to contractual restrictions placed by each customer on the technical specifications and design of the products, the Company’s preliminary assessment is that revenue upon adoption of Topic 606 will likely be recognized over time during the course of the wind blade production process and before the product is delivered to the customer. Based on the Company’s current expectations for the requirements of revenue recognition under Topic 606, revenue is expected to be materially impacted by recognition as control is transferred to the customer during the course of the wind blade production process from the acquisition of raw materials to conformance with the customers’ technical specifications upon completion of the wind blade. Since the Company may only sell its products to the customer that orders them and the products have no alternative use, the Company believes that revenue will be recognized as the performance obligation is satisfied over time. Restated net sales, cost of goods sold and gross profit are expected to be materially different from the amounts previously reported in the 2015 and 2016 financial statements upon adoption January 1, 2017. |
Share-Based Compensation | Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting |
Leases | Leases In February 2016, the FASB issued ASU 2016-02, Leases, (Topic 842) |
Financial Instruments | Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments |
Summary of Operations and Sig22
Summary of Operations and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Warranty Accrual | Warranty accrual consisted of the following (in thousands): 2016 Warranty accrual at beginning of year $ 13,596 Accrual during the period 17,827 Cost of warranty services provided during the period and reduction of reserves (850 ) Warranty accrual at end of the period $ 30,573 |
Calculation Of Weighted-Average Number Of Common Shares Outstanding | The table below reflects the calculation of the weighted-average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted earnings per common share (in thousands): Pro Forma Three Months Ended June 30, Three Months Ended June 30, Pro Forma Six Months Ended June 30, Six Months Ended 2016 2016 2015 2016 2016 2015 Basic weighted-average shares outstanding 26,549 4,238 4,238 26,549 4,238 4,238 Effect of dilutive stock options and warrants 6 6 6 6 6 — Diluted weighted-average shares outstanding 26,555 4,244 4,244 26,555 4,244 4,238 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable consisted of the following (in thousands): June 30, December 31, Trade accounts receivable $ 86,447 $ 71,588 Other accounts receivable 1,109 1,325 Total accounts receivable $ 87,556 $ 72,913 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): June 30, December 31, Raw materials $ 28,544 $ 29,022 Work in process 21,604 16,630 Finished goods 2,516 5,189 Total inventories $ 52,664 $ 50,841 |
Property, Plant, and Equipmen25
Property, Plant, and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment Net | Property, plant and equipment, net consisted of the following (in thousands): June 30, December 31, Machinery and equipment $ 51,522 $ 49,078 Buildings 13,964 14,047 Leasehold improvements 17,605 14,259 Office equipment and software 3,885 3,691 Furniture 15,364 15,140 Vehicles 275 279 Construction in progress 10,271 4,660 Total 112,886 101,154 Accumulated depreciation and amortization (39,311 ) (33,422 ) Property, plant and equipment, net $ 73,575 $ 67,732 |
Long-Term Debt, Net of Debt I26
Long-Term Debt, Net of Debt Issuance Costs and Discount (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Net of Debt Issuance Costs and Discount | Long-term debt, net of debt issuance costs and discount, consisted of the following (in thousands): June 30, December 31, Senior term loan—U.S. $ 74,375 $ 74,375 Subordinated convertible promissory notes—U.S. 10,000 10,000 Equipment capital lease—U.S. 1,578 2,678 Working capital loans—China — 9,548 Accounts receivable financing—China 1,810 6,622 Accounts receivable financing—Turkey 16,752 20,505 Unsecured financing—Turkey 3,512 8,572 Equipment capital lease—Turkey 2,152 2,879 Working capital loans—Turkey 13,843 — Equipment loan—Mexico 136 164 Construction financing—Mexico 417 1,204 Equipment capital lease—Mexico 16 37 Total long-term debt 124,591 136,584 Less: Debt issuance costs (3,390 ) (4,220 ) Less: Discount on debt (1,509 ) (3,018 ) Total long-term debt, net of debt issuance costs and discount 119,692 129,346 Less: Current maturities of long-term debt (27,328 ) (52,065 ) Long-term debt, net of debt issuance costs, discount and current maturities $ 92,364 $ 77,281 |
Convertible and Senior Redeem27
Convertible and Senior Redeemable Preferred Shares and Warrants (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Summary of Convertible and Senior Redeemable Preferred Shares and Warrants | Convertible and senior redeemable preferred shares, which are convertible at the discretion of the holder or will automatically convert immediately prior to the closing of an initial public offering, and warrants consisted of the following (in thousands, except share and par value data): June 30, December 31, Series A convertible preferred shares (convertible at 1 share to 3.4974 shares of common stock), $0.01 par value; liquidation preference equal to $51,783; 3,551 shares authorized; 3,551 shares issued and outstanding at June 30, 2016 and December 31, 2015 $ 51,783 $ 50,901 Series B convertible preferred shares (convertible at 1 share to 3.5636 shares of common stock), $0.01 par value; liquidation preference equal to $42,000; 2,813 shares authorized; 2,287 shares issued and outstanding at June 30, 2016 and December 31, 2015 42,000 41,200 Series B-1 convertible preferred shares (convertible at 1 share to 5.0243 shares of common stock), $0.01 par value; liquidation preference equal to $53,550; 2,972 shares authorized; 2,972 shares issued and outstanding at June 30, 2016 and December 31, 2015 53,550 52,510 Series C convertible preferred shares (convertible at 1 share to 3.2817 shares of common stock), $0.01 par value; liquidation preference equal to $17,850; 2,944 shares authorized; 2,944 shares issued and outstanding at June 30, 2016 and December 31, 2015 17,850 17,490 Senior redeemable preferred shares (convertible at 1 share to 13.2211 shares of common stock), $0.01 par value; liquidation preference equal to $66,108; 740 shares authorized; 740 shares issued and outstanding at June 30, 2016 and December 31, 2015 28,971 27,585 Super senior redeemable preferred shares (convertible at 1 share to 13.2211 shares of common stock), $0.01 par value; liquidation preference equal to $22,548; 1,024 shares authorized; 280 shares issued and outstanding at June 30, 2016 and December 31, 2015 8,496 8,060 Redeemable preferred share warrants; 248 warrants issued and outstanding at June 30, 2016 and December 31, 2015 1,084 1,084 Convertible and senior redeemable preferred shares and warrants $ 203,734 $ 198,830 |
Summary of Warrant Activity | The details of the warrant activity for the six months ended June 30, 2016 is as follows: Number of Weighted-Average Outstanding as of December 31, 2015 248 $ 8,748.81 2016 grants — — 2016 exercises — — 2016 forfeitures — — 2016 cancellations — — 2016 expirations — — Outstanding as of June 30, 2016 248 $ 8,748.81 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Activity of Stock Options and Restricted Stock Units (RSU) | The following table summarizes the activity of the stock options and restricted stock units (RSU) under the Company’s incentive plans: Stock Options RSUs Shares Shares Weighted- Options Shares Weighted- Balance as of December 31, 2015 3,392,141 3,261,663 $ 11.90 35,703 731,880 $ 10.89 Granted (273,600 ) 273,600 21.36 — — Forfeited/cancelled 447,995 (363,035 ) 11.93 (84,960 ) 10.87 Balance as of June 30, 2016 3,566,536 3,172,228 12.71 25,828 646,920 10.90 |
Summary of Outstanding and Exercisable Stock Option Awards | The following table summarizes the outstanding and exercisable stock option awards as of June 30, 2016: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Weighted- Shares Weighted- $8.49 25,828 3.5 $ 8.49 25,828 $ 8.49 $10.87 2,340,000 8.9 10.87 — — $16.53 604,800 9.5 16.53 — — $23.09 201,600 9.7 23.09 — — $8.49 to $23.09 3,172,228 9.0 12.71 25,828 8.49 |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenues from Customers | Revenues from certain customers in excess of 10 percent of total consolidated Company revenues (in thousands) for the three and six months ended June 30 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Customer Revenues % of Total Revenues % of Total Revenues % of Total Revenues % of Total Customer 1 $ 98,143 50.5 % $ 80,824 54.0 % $ 194,294 52.5 % $ 131,646 53.7 % Customer 2 40,475 20.8 12,333 8.2 70,416 19.0 16,425 6.7 Customer 3 25,842 13.3 23,265 15.5 45,366 12.2 38,600 15.7 Customer 4 9,500 4.9 16,992 11.4 19,641 5.3 31,265 12.7 Customer 5 18,573 9.6 13,967 9.3 36,709 9.9 24,751 10.1 Other 1,722 0.9 2,358 1.6 3,939 1.1 2,641 1.1 Total $ 194,255 100.0 % $ 149,739 100.0 % $ 370,365 100.0 % $ 245,328 100.0 % |
Schedule of Trade Accounts Receivable from Certain Customers | Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable are as follows: June 30, December 31, Customer % of Total % of Total Customer 1 21.2 % 26.5 % Customer 2 36.9 % 27.9 % Customer 3 26.4 % 24.4 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following tables set forth certain information regarding each of the Company’s segments for the three and six months ended June 30: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Revenues by segment: U.S. $ 45,069 $ 40,546 $ 96,830 $ 77,921 Asia 81,453 48,212 145,805 76,217 EMEA 40,098 38,271 74,555 55,803 Mexico 27,635 22,710 53,175 35,387 Total revenues $ 194,255 $ 149,739 $ 370,365 $ 245,328 Revenues by geographic location (1): U.S. $ 45,069 $ 40,546 $ 96,830 $ 77,921 China 81,453 48,212 145,805 76,217 Turkey 40,098 38,271 74,555 55,803 Mexico 27,635 22,710 53,175 35,387 Total revenues $ 194,255 $ 149,739 $ 370,365 $ 245,328 Income (loss) from operations: U.S. (2) $ (4,462 ) $ (1,807 ) $ (5,123 ) $ (4,030 ) Asia 15,222 10,054 30,764 12,574 EMEA 5,062 (333 ) (2,597 ) (1,959 ) Mexico 1,656 1,337 2,623 9 Total income from operations $ 17,478 $ 9,251 $ 25,667 $ 6,594 (in thousands) June 30, December 31, Tangible long-lived assets: U.S. $ 14,350 $ 13,805 Asia (China) 27,766 29,957 EMEA (Turkey) 18,006 11,370 Mexico 13,453 12,600 Total tangible long-lived assets $ 73,575 $ 67,732 (1) Revenues are attributable to countries based on the location where the product is manufactured or the services are performed. (2) The losses from operations in the U.S. segment includes corporate general and administrative costs of $5.3 million and $2.9 million for the three months ended June 30, 2016, respectively, and $10.1 million and $6.1 million for the six months ended June 30, 2016, respectively. |
Summary of Operations and Sig31
Summary of Operations and Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Jul. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)SegmentLease_Agreementshares | Jun. 30, 2015shares | Jul. 22, 2016$ / shares | Dec. 31, 2015USD ($) | Dec. 29, 2014$ / shares | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of operating segments | Segment | 4 | |||||
Accumulated deficit | $ | $ (182,746) | $ (191,172) | ||||
Expected aggregate cost under the settlement agreement | $ | $ 15,000 | |||||
Incremental common shares attributable to dilutive effect of conversion of dilutive securities | 194,387 | |||||
Common Stock Warrants [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Share price | $ / shares | $ 11.03 | |||||
Mexico [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease agreements, number of lease agreements | Lease_Agreement | 2 | |||||
Common Warrants [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Incremental common shares attributable to dilutive effect of conversion of dilutive securities | 158,684 | 158,684 | ||||
Stock Options [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Incremental common shares attributable to dilutive effect of conversion of dilutive securities | 35,703 | |||||
Initial Public Offering [Member] | Subsequent Event [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Initial public offering shares | 7,187,500 | |||||
Share price | $ / shares | $ 11 | $ 11 | ||||
Net proceeds from Initial public offering | $ | $ 69,500 | |||||
Debt instrument, periodic payment | $ | $ 11,900 | |||||
Forward stock split ratio | 360 | |||||
Initial Public Offering [Member] | Subsequent Event [Member] | Redeemable Preferred Shares [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of common stock issue on conversion of preferred share | 21,110,204 | |||||
Initial Public Offering [Member] | Subsequent Event [Member] | Common Stock Warrants [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of common stock issue on conversion of preferred share | 120,923 | |||||
Initial Public Offering [Member] | Subsequent Event [Member] | Director and Executive Officers [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Initial public offering shares | 1,250,000 | |||||
Initial Public Offering [Member] | Subordinated Convertible Promissory Notes [Member] | Subsequent Event [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Share price | $ / shares | $ 11 | |||||
Debt instrument convertible number of equity shares | 1,079,749 | |||||
Underwriters Over-allotment Option [Member] | Subsequent Event [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Initial public offering shares | 937,500 | |||||
Minimum [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Limited warranty period | 2 years | |||||
Maximum [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Limited warranty period | 5 years |
Summary of Operations and Sig32
Summary of Operations and Significant Accounting Policies - Summary of Warranty Accrual (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Product Warranties Disclosures [Abstract] | |
Warranty accrual at beginning of year | $ 13,596 |
Accrual during the period | 17,827 |
Cost of warranty services provided during the period and reduction of reserves | (850) |
Warranty accrual at end of the period | $ 30,573 |
Summary of Operations and Sig33
Summary of Operations and Significant Accounting Policies - Calculation Of Weighted-Average Number Of Common Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average shares outstanding, Pro Forma | 26,549 | 26,549 | ||
Effect of dilutive stock options and warrants, Pro Forma | 6 | 6 | ||
Diluted weighted-average shares outstanding, Pro Forma | 26,555 | 26,555 | ||
Basic weighted-average shares outstanding | 4,238 | 4,238 | 4,238 | 4,238 |
Effect of dilutive stock options and warrants | 6 | 6 | 6 | |
Diluted weighted-average shares outstanding | 4,244 | 4,244 | 4,244 | 4,238 |
Significant Risks and Uncerta34
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
U.S. [Member] | |||
Concentration Risk [Line Items] | |||
Cash in deposit accounts | $ 16,900,000 | $ 33,200,000 | |
Turkey [Member] | |||
Concentration Risk [Line Items] | |||
Cash in deposit accounts | 6,300,000 | ||
China [Member] | |||
Concentration Risk [Line Items] | |||
Cash in deposit accounts | 7,200,000 | ||
Mexico [Member] | |||
Concentration Risk [Line Items] | |||
Cash in deposit accounts | 600,000 | ||
Cash in long term deposits | 5,100,000 | ||
Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Cash deposit insured amount | $ 250,000 | $ 250,000 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2016$ / sharesshares | Jun. 30, 2016USD ($)Agreementshares | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($) | Jul. 22, 2016$ / shares | Dec. 31, 2015USD ($)shares | |
Related Party Transaction [Line Items] | |||||||
Common shares outstanding after conversion | 4,238,000 | 4,238,000 | 4,238,000 | ||||
Subsequent Event [Member] | Initial Public Offering [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Initial public offering shares | 7,187,500 | ||||||
Share price | $ / shares | $ 11 | $ 11 | |||||
Subsequent Event [Member] | Director and Executive Officers [Member] | Initial Public Offering [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Initial public offering shares | 1,250,000 | ||||||
Subsequent Event [Member] | Subordinated Convertible Promissory Notes [Member] | Initial Public Offering [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument convertible number of equity shares | 1,079,749 | ||||||
Share price | $ / shares | $ 11 | ||||||
GE [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from related party sales | $ | $ 98.1 | $ 80.8 | $ 194.3 | $ 131.6 | |||
Accounts receivables, related party | $ | $ 18.3 | $ 18.3 | $ 19 | ||||
Number of supply agreements | Agreement | 4 | ||||||
Redeemable preferred stock issued | 1,956 | 1,956 | |||||
Common shares outstanding after conversion | 2,843,664 | 2,843,664 | |||||
Percentage of common stock outstanding | 8.40% | 8.40% |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 87,556 | $ 72,913 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 86,447 | 71,588 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 1,109 | $ 1,325 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 28,544 | $ 29,022 |
Work in process | 21,604 | 16,630 |
Finished goods | 2,516 | 5,189 |
Total inventories | $ 52,664 | $ 50,841 |
Property, Plant, and Equipmen38
Property, Plant, and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 112,886 | $ 101,154 |
Accumulated depreciation and amortization | (39,311) | (33,422) |
Property, plant and equipment, net | 73,575 | 67,732 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 51,522 | 49,078 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,964 | 14,047 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 17,605 | 14,259 |
Office Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,885 | 3,691 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,364 | 15,140 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 275 | 279 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,271 | $ 4,660 |
Property, Plant, and Equipmen39
Property, Plant, and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Total depreciation and amortization | $ 3.2 | $ 2.9 | $ 6.2 | $ 5.3 |
Long-Term Debt, Net of Debt I40
Long-Term Debt, Net of Debt Issuance Costs and Discount - Schedule of Long-Term Debt, Net of Debt Issuance Costs and Discount (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Total long-term debt | ||
Total long-term debt | $ 124,591 | $ 136,584 |
Less: Debt issuance costs | (3,390) | (4,220) |
Less: Discount on debt | (1,509) | (3,018) |
Total long-term debt, net of debt issuance costs and discount | 119,692 | 129,346 |
Total long-term debt, net of debt issuance costs and discount | 119,692 | 129,346 |
Less: Current maturities of long-term debt | (27,328) | (52,065) |
Long-term debt, net of debt issuance costs, discount and current maturities | 92,364 | 77,281 |
U.S. [Member] | Senior Term Loan [Member] | ||
Total long-term debt | ||
Total long-term debt | 74,375 | 74,375 |
U.S. [Member] | Subordinated Convertible Promissory Notes [Member] | ||
Total long-term debt | ||
Total long-term debt | 10,000 | 10,000 |
U.S. [Member] | Equipment Capital Lease [Member] | ||
Total long-term debt | ||
Total long-term debt | 1,578 | 2,678 |
China [Member] | Working Capital Loans [Member] | ||
Total long-term debt | ||
Total long-term debt | 9,548 | |
China [Member] | Accounts Receivable Financing [Member] | ||
Total long-term debt | ||
Total long-term debt | 1,810 | 6,622 |
Turkey [Member] | Equipment Capital Lease [Member] | ||
Total long-term debt | ||
Total long-term debt | 2,152 | 2,879 |
Turkey [Member] | Working Capital Loans [Member] | ||
Total long-term debt | ||
Total long-term debt | 13,843 | |
Turkey [Member] | Accounts Receivable Financing [Member] | ||
Total long-term debt | ||
Total long-term debt | 16,752 | 20,505 |
Turkey [Member] | Unsecured Financing [Member] | ||
Total long-term debt | ||
Total long-term debt | 3,512 | 8,572 |
Mexico [Member] | Equipment Capital Lease [Member] | ||
Total long-term debt | ||
Total long-term debt | 16 | 37 |
Mexico [Member] | Equipment Loan [Member] | ||
Total long-term debt | ||
Total long-term debt | 136 | 164 |
Mexico [Member] | Construction Financing [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 417 | $ 1,204 |
Long-Term Debt, Net of Debt I41
Long-Term Debt, Net of Debt Issuance Costs and Discount - Additional Information (Detail) - Subsequent Event [Member] - Initial Public Offering [Member] - $ / shares | 1 Months Ended | |
Jul. 31, 2016 | Jul. 22, 2016 | |
Debt Instrument [Line Items] | ||
Share price | $ 11 | $ 11 |
Subordinated Convertible Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Share price | $ 11 | |
Debt instrument convertible number of equity shares | 1,079,749 |
Convertible and Senior Redeem42
Convertible and Senior Redeemable Preferred Shares and Warrants - Summary of Convertible and Senior Redeemable Preferred Shares and Warrants (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | $ 203,734 | $ 198,830 |
Series A Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 51,783 | 50,901 |
Series B Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 42,000 | 41,200 |
Series B-1 Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 53,550 | 52,510 |
Series C Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 17,850 | 17,490 |
Senior Redeemable Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 28,971 | 27,585 |
Super Senior Redeemable Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 8,496 | 8,060 |
Redeemable Preferred Share Warrants [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | $ 1,084 | $ 1,084 |
Convertible and Senior Redeem43
Convertible and Senior Redeemable Preferred Shares and Warrants - Summary of Convertible and Senior Redeemable Preferred Shares and Warrants (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Series A Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants, conversion description | Series A convertible preferred shares (convertible at 1 share to 3.4974 shares of common stock), $0.01 par value; liquidation preference equal to $51,783; 3,551 shares authorized; 3,551 shares issued and outstanding at June 30, 2016 and December 31, 2015 | |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 349.74% | 349.74% |
Convertible and senior redeemable preferred shares and warrants, par value | $ 0.01 | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ 51,783 | $ 51,783 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 3,551 | 3,551 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 3,551 | 3,551 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 3,551 | 3,551 |
Series B Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants, conversion description | Series B convertible preferred shares (convertible at 1 share to 3.5636 shares of common stock), $0.01 par value; liquidation preference equal to $42,000; 2,813 shares authorized; 2,287 shares issued and outstanding at June 30, 2016 and December 31, 2015 | |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 356.36% | 356.36% |
Convertible and senior redeemable preferred shares and warrants, par value | $ 0.01 | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ 42,000 | $ 42,000 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 2,813 | 2,813 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 2,287 | 2,287 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 2,287 | 2,287 |
Series B-1 Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants, conversion description | Series B-1 convertible preferred shares (convertible at 1 share to 5.0243 shares of common stock), $0.01 par value; liquidation preference equal to $53,550; 2,972 shares authorized; 2,972 shares issued and outstanding at June 30, 2016 and December 31, 2015 | |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 502.43% | 502.43% |
Convertible and senior redeemable preferred shares and warrants, par value | $ 0.01 | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ 53,550 | $ 53,550 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 2,972 | 2,972 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 2,972 | 2,972 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 2,972 | 2,972 |
Series C Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants, conversion description | Series C convertible preferred shares (convertible at 1 share to 3.2817 shares of common stock), $0.01 par value; liquidation preference equal to $17,850; 2,944 shares authorized; 2,944 shares issued and outstanding at June 30, 2016 and December 31, 2015 | |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 328.17% | 328.17% |
Convertible and senior redeemable preferred shares and warrants, par value | $ 0.01 | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ 17,850 | $ 17,850 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 2,944 | 2,944 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 2,944 | 2,944 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 2,944 | 2,944 |
Senior Redeemable Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants, conversion description | Senior redeemable preferred shares (convertible at 1 share to 13.2211 shares of common stock), $0.01 par value; liquidation preference equal to $66,108; 740 shares authorized; 740 shares issued and outstanding at June 30, 2016 and December 31, 2015 | |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 1322.11% | 1322.11% |
Convertible and senior redeemable preferred shares and warrants, par value | $ 0.01 | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ 66,108 | $ 66,108 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 740 | 740 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 740 | 740 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 740 | 740 |
Super Senior Redeemable Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants, conversion description | Super senior redeemable preferred shares (convertible at 1 share to 13.2211 shares of common stock), $0.01 par value; liquidation preference equal to $22,548; 1,024 shares authorized; 280 shares issued and outstanding at June 30, 2016 and December 31, 2015 | |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 1322.11% | 1322.11% |
Convertible and senior redeemable preferred shares and warrants, par value | $ 0.01 | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ 22,548 | $ 22,548 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 1,024 | 1,024 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 280 | 280 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 280 | 280 |
Redeemable Preferred Share Warrants [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants, conversion description | Redeemable preferred share warrants; 248 warrants issued and outstanding at June 30, 2016 and December 31, 2015 | |
Convertible and senior redeemable preferred shares and warrants, shares issued | 248 | 248 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 248 | 248 |
Convertible and Senior Redeem44
Convertible and Senior Redeemable Preferred Shares and Warrants - Additional Information (Detail) | Dec. 29, 2014USD ($)$ / shares | Jul. 31, 2016$ / sharesshares | Jun. 30, 2016USD ($)$ / shares | Jul. 22, 2016$ / sharesshares |
Class of Stock [Line Items] | ||||
Accretion recorded for preferred shares | $ | $ 0 | |||
Initial Public Offering [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Forward stock split ratio | 360 | |||
Fair value assumption common stock price per share | $ 11 | $ 11 | ||
Common Stock Warrants [Member] | ||||
Class of Stock [Line Items] | ||||
Value of subordinated convertible promissory notes | $ | $ 10,000,000 | |||
Warrants issued to purchase common stock price per share percentage | 85.00% | |||
Warrants expiration period | 8 years | |||
Fair value measurement, valuation technique | Black-Scholes option pricing model | |||
Fair value assumption common stock price per share | $ 11.03 | |||
Fair value assumption warrant exercise price | $ 9.38 | |||
Fair value assumption expected stock price volatility rate | 80.00% | |||
Fair value assumption risk-free interest rate | 0.71% | |||
Common Stock Warrants [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Warrants issued to purchase common stock | shares | 160,424 | 160,424 | ||
Warrants exercise price | $ 9.35 | $ 9.35 | ||
Common Stock Warrants [Member] | Initial Public Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Price per share | $ 11 | |||
Common Stock Warrants [Member] | Minimum [Member] | ||||
Class of Stock [Line Items] | ||||
Warrants exercise price | $ 24.30 |
Convertible and Senior Redeem45
Convertible and Senior Redeemable Preferred Shares and Warrants - Summary of Warrant Activity (Detail) - Redeemable Preferred Share Warrants [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Outstanding, Number of Warrants, Beginning balance | shares | 248 |
2016 grants, Number of Warrants | shares | 0 |
2016 exercises, Number of Warrants | shares | 0 |
2016 forfeitures, Number of Warrants | shares | 0 |
2016 cancellations, Number of Warrants | shares | 0 |
2016 expirations, Number of Warrants | shares | 0 |
Outstanding, Number of Warrants, Ending balance | shares | 248 |
Outstanding, Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 8,748.81 |
2016 grants, Weighted-Average Exercise Price | $ / shares | 0 |
2016 exercises, Weighted-Average Exercise Price | $ / shares | 0 |
2016 forfeitures, Weighted-Average Exercise Price | $ / shares | 0 |
2016 cancellations, Weighted-Average Exercise Price | $ / shares | 0 |
2016 expirations, Weighted-Average Exercise Price | $ / shares | 0 |
Outstanding, Weighted-Average Exercise Price, Ending balance | $ / shares | $ 8,748.81 |
Share-Based Compensation Plan46
Share-Based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jun. 30, 2016 | Jul. 31, 2016 | Jul. 22, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected share-based compensation | $ 8.2 | ||
Unamortized amount of share-based compensation expense | $ 10.5 | ||
Initial Public Offering [Member] | Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price | $ 11 | $ 11 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense, service periods | 12 months | ||
Minimum [Member] | 2015 Stock Option and Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense, service periods | 48 months | ||
Maximum [Member] | 2015 Stock Option and Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years |
Share-Based Compensation Plan47
Share-Based Compensation Plans - Summary of Activity of Stock Options and Restricted Stock Units (RSU) (Detail) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options, Shares Available for Grant, Beginning balance | 3,392,141 |
Stock Options, Shares Available for Grant, Granted | (273,600) |
Stock Options, Shares Available for Grant, Forfeited/cancelled | 447,995 |
Stock Options, Shares Available for Grant, Ending balance | 3,566,536 |
Stock Options, Shares, Beginning balance | 3,261,663 |
Stock Options, Shares, Granted | 273,600 |
Stock Options, Shares, Forfeited/cancelled | (363,035) |
Stock Options, Shares, Ending balance | 3,172,228 |
Stock Options, Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 11.90 |
Stock Options, Weighted-Average Exercise Price, Granted | $ / shares | 21.36 |
Stock Options, Weighted-Average Exercise Price, Forfeited/cancelled | $ / shares | 11.93 |
Stock Options, Weighted-Average Exercise Price, Ending balance | $ / shares | $ 12.71 |
Stock Options, Options Exercisable, Beginning balance | 35,703 |
Stock Options, Options Exercisable, Granted | 0 |
Stock Options, Options Exercisable, Forfeited/cancelled | 0 |
Stock Options, Options Exercisable, Ending balance | 25,828 |
RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, Shares, Beginning balance | 731,880 |
RSUs, Shares, Granted | 0 |
RSUs, Shares, Forfeited/cancelled | (84,960) |
RSUs, Shares, Ending balance | 646,920 |
RSUs, Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 10.89 |
RSUs, Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
RSUs, Weighted-Average Grant Date Fair Value, Forfeited/cancelled | $ / shares | 10.87 |
RSUs, Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 10.90 |
Share-Based Compensation Plan48
Share-Based Compensation Plans - Summary of Outstanding and Exercisable Stock Option Awards (Detail) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 8.49 |
Range of Exercise Prices, Maximum | $ 23.09 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 9 years |
Options Outstanding, Weighted-Average Exercise Price | $ 12.71 |
Options Exercisable, Weighted-Average Exercise Price | $ 8.49 |
Options Outstanding, Shares | shares | 3,172,228 |
Options Exercisable, Shares | shares | 25,828 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 8.49 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 3 years 6 months |
Options Outstanding, Weighted-Average Exercise Price | $ 8.49 |
Options Exercisable, Weighted-Average Exercise Price | $ 8.49 |
Options Outstanding, Shares | shares | 25,828 |
Options Exercisable, Shares | shares | 25,828 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 10.87 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 10.87 |
Options Outstanding, Shares | shares | 2,340,000 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 16.53 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 9 years 6 months |
Options Outstanding, Weighted-Average Exercise Price | $ 16.53 |
Options Outstanding, Shares | shares | 604,800 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 23.09 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 9 years 8 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 23.09 |
Options Outstanding, Shares | shares | 201,600 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 1,953 | $ 1,224 | $ 4,256 | $ 1,104 |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Sales Revenues [Member] | ||||
Concentration Risk [Line Items] | ||||
Customer risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Sales Revenues [Member] | Minimum [Member] | ||||
Concentration Risk [Line Items] | ||||
Customer risk percentage | 10.00% | |||
Accounts Receivable [Member] | Minimum [Member] | ||||
Concentration Risk [Line Items] | ||||
Customer risk percentage | 10.00% |
Concentration of Customers - Sc
Concentration of Customers - Schedule of Revenues from Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 194,255 | $ 149,739 | $ 370,365 | $ 245,328 |
Customer Concentration Risk [Member] | Sales Revenues [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 194,255 | $ 149,739 | $ 370,365 | $ 245,328 |
Percentage of Total | 100.00% | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Sales Revenues [Member] | Customer 1 [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 98,143 | $ 80,824 | $ 194,294 | $ 131,646 |
Percentage of Total | 50.50% | 54.00% | 52.50% | 53.70% |
Customer Concentration Risk [Member] | Sales Revenues [Member] | Customer 2 [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 40,475 | $ 12,333 | $ 70,416 | $ 16,425 |
Percentage of Total | 20.80% | 8.20% | 19.00% | 6.70% |
Customer Concentration Risk [Member] | Sales Revenues [Member] | Customer 3 [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 25,842 | $ 23,265 | $ 45,366 | $ 38,600 |
Percentage of Total | 13.30% | 15.50% | 12.20% | 15.70% |
Customer Concentration Risk [Member] | Sales Revenues [Member] | Customer 4 [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 9,500 | $ 16,992 | $ 19,641 | $ 31,265 |
Percentage of Total | 4.90% | 11.40% | 5.30% | 12.70% |
Customer Concentration Risk [Member] | Sales Revenues [Member] | Customer 5 [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 18,573 | $ 13,967 | $ 36,709 | $ 24,751 |
Percentage of Total | 9.60% | 9.30% | 9.90% | 10.10% |
Customer Concentration Risk [Member] | Sales Revenues [Member] | Other [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 1,722 | $ 2,358 | $ 3,939 | $ 2,641 |
Percentage of Total | 0.90% | 1.60% | 1.10% | 1.10% |
Concentration of Customers - 52
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Customer Concentration Risk [Member] - Accounts Receivable [Member] | Jun. 30, 2016 | Dec. 31, 2015 |
Customer 1 [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 21.20% | 26.50% |
Customer 2 [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 36.90% | 27.90% |
Customer 3 [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 26.40% | 24.40% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 194,255 | $ 149,739 | $ 370,365 | $ 245,328 | |
Total income from operations | 17,478 | 9,251 | 25,667 | 6,594 | |
Total tangible long-lived assets | 73,575 | 73,575 | $ 67,732 | ||
U.S. [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 45,069 | 40,546 | 96,830 | 77,921 | |
Total income from operations | (4,462) | (1,807) | (5,123) | (4,030) | |
Total tangible long-lived assets | 14,350 | 14,350 | 13,805 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 81,453 | 48,212 | 145,805 | 76,217 | |
Total income from operations | 15,222 | 10,054 | 30,764 | 12,574 | |
Total tangible long-lived assets | 27,766 | 27,766 | 29,957 | ||
EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 40,098 | 38,271 | 74,555 | 55,803 | |
Total income from operations | 5,062 | (333) | (2,597) | (1,959) | |
Total tangible long-lived assets | 18,006 | 18,006 | 11,370 | ||
Mexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 27,635 | 22,710 | 53,175 | 35,387 | |
Total income from operations | 1,656 | 1,337 | 2,623 | 9 | |
Total tangible long-lived assets | 13,453 | 13,453 | $ 12,600 | ||
Sales Revenue, Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 194,255 | 149,739 | 370,365 | 245,328 | |
Sales Revenue, Segment [Member] | U.S. [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 45,069 | 40,546 | 96,830 | 77,921 | |
Sales Revenue, Segment [Member] | Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 81,453 | 48,212 | 145,805 | 76,217 | |
Sales Revenue, Segment [Member] | EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 40,098 | 38,271 | 74,555 | 55,803 | |
Sales Revenue, Segment [Member] | Mexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 27,635 | $ 22,710 | $ 53,175 | $ 35,387 |
Segment Reporting - Schedule 55
Segment Reporting - Schedule of Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
General and administrative costs | $ 5,340 | $ 2,899 | $ 10,089 | $ 6,107 |
U.S. [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative costs | $ 5,300 | $ 2,900 | $ 10,100 | $ 6,100 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) | Aug. 15, 2016 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Agreement maturity date | Dec. 31, 2020 |