Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 106,802 | $ 45,917 |
Restricted cash | 2,409 | 1,760 |
Accounts receivable | 100,150 | 72,913 |
Inventories | 58,824 | 50,841 |
Inventories held for customer orders | 48,203 | 49,594 |
Prepaid expenses and other current assets | 26,415 | 31,337 |
Total current assets | 342,803 | 252,362 |
Property, plant, and equipment, net | 78,635 | 67,732 |
Other noncurrent assets | 17,655 | 9,826 |
Total assets | 439,093 | 329,920 |
Current liabilities: | ||
Accounts payable and accrued expenses | 107,319 | 101,108 |
Accrued warranty | 31,057 | 13,596 |
Deferred revenue | 61,949 | 65,520 |
Customer deposits and customer advances | 13,775 | 8,905 |
Current maturities of long-term debt | 27,171 | 52,065 |
Total current liabilities | 241,271 | 241,194 |
Long-term debt, net of debt issuance costs, discount and current maturities | 83,751 | 77,281 |
Other noncurrent liabilities | 4,287 | 3,812 |
Total liabilities | 329,309 | 322,287 |
Commitments and contingencies (Note 11) | ||
Convertible and senior redeemable preferred shares and warrants | 0 | 198,830 |
Shareholders’ equity (deficit): | ||
Preferred shares, $0.01 par value, 5,500 shares authorized, no shares issued or outstanding at September 30, 2016; no shares issued, outstanding or authorized at December 31, 2015 | ||
Common shares, $0.01 par value, 100,000 shares authorized and 33,737 shares issued and outstanding at September 30, 2016; 31,104 shares authorized and 4,238 shares issued and outstanding at December 31, 2015 | 337 | 0 |
Paid-in capital | 291,186 | 0 |
Accumulated other comprehensive loss | (1,194) | (25) |
Accumulated deficit | (180,545) | (191,172) |
Total shareholders’ equity (deficit) | 109,784 | (191,197) |
Total liabilities and shareholders’ equity (deficit) | $ 439,093 | $ 329,920 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares authorized | 5,500,000 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 31,104,000 |
Common stock, shares issued | 33,737,000 | 4,238,000 |
Common stock, shares outstanding | 33,737,000 | 4,238,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 198,938 | $ 161,578 | $ 569,303 | $ 406,906 |
Cost of sales | 171,648 | 150,732 | 499,896 | 370,824 |
Startup and transition costs | 5,088 | 3,011 | 11,449 | 15,546 |
Total cost of goods sold | 176,736 | 153,743 | 511,345 | 386,370 |
Gross profit | 22,202 | 7,835 | 57,958 | 20,536 |
General and administrative expenses | 14,065 | 3,423 | 24,154 | 9,530 |
Income from operations | 8,137 | 4,412 | 33,804 | 11,006 |
Other income (expense): | ||||
Interest income | 27 | 11 | 76 | 149 |
Interest expense | (4,663) | (3,620) | (12,709) | (10,894) |
Realized loss on foreign currency remeasurement | (243) | (1,351) | (700) | (1,621) |
Miscellaneous income (expense) | (152) | 31 | 192 | 300 |
Total other expense | (5,031) | (4,929) | (13,141) | (12,066) |
Income (loss) before income taxes | 3,106 | (517) | 20,663 | (1,060) |
Income tax provision | (309) | (1,630) | (4,565) | (2,734) |
Net income (loss) | 2,797 | (2,147) | 16,098 | (3,794) |
Net income attributable to preferred shareholders | 596 | 2,355 | 5,471 | 7,067 |
Net income (loss) attributable to common shareholders | $ 2,201 | $ (4,502) | $ 10,627 | $ (10,861) |
Weighted-average common shares outstanding: | ||||
Basic | 27,284 | 4,238 | 12,042 | 4,238 |
Diluted | 27,375 | 4,238 | 12,133 | 4,238 |
Net income (loss) per common share: | ||||
Basic | $ 0.08 | $ (1.06) | $ 0.88 | $ (2.56) |
Diluted | $ 0.08 | $ (1.06) | $ 0.88 | $ (2.56) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2,797 | $ (2,147) | $ 16,098 | $ (3,794) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (344) | (1,678) | (1,169) | (3,311) |
Comprehensive income (loss) | $ 2,453 | $ (3,825) | $ 14,929 | $ (7,105) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Changes in Shareholders' Equity (Deficit) - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Common Stock [Member]Subordinated Debt [Member] | Common Stock [Member]Convertible Preferred Stock [Member] | Common Stock [Member]Series B Warrants [Member] | Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2015 | $ (191,197) | $ (25) | $ (191,172) | |||||
Beginning balance, shares at Dec. 31, 2015 | 4,238 | |||||||
Net income (loss) | 16,098 | 16,098 | ||||||
Other comprehensive loss | (1,169) | (1,169) | ||||||
Redeemable preferred shares fair value adjustment | (5,471) | (5,471) | ||||||
Issuance of common stock sold in initial public offering (IPO), net of underwriters discount and offering costs | 67,199 | $ 72 | $ 67,127 | |||||
Issuance of common stock sold in initial public offering (IPO), net of underwriters discount and offering costs, shares | 7,188 | |||||||
Conversion of convertible preferred shares into common stock upon consummation of IPO | 203,246 | $ 253 | 202,993 | |||||
Conversion of convertible preferred stock into common stock upon consummation of IPO, shares | 21,110 | |||||||
Conversion of subordinated convertible promissory notes into common stock upon consummation of IPO | 11,877 | 11 | 11,866 | |||||
Conversion of subordinated debt into common stock upon consummation of IPO, shares | 1,080 | |||||||
Conversion of redeemable preferred share warrants into common stock upon consummation of IPO | 1,084 | 1 | 1,083 | |||||
Conversion of Series B warrants into common stock upon consummation of IPO, shares | 121 | |||||||
Share-based compensation expense | 8,117 | 8,117 | ||||||
Ending balance at Sep. 30, 2016 | $ 109,784 | $ 337 | $ 291,186 | $ (1,194) | $ (180,545) | |||
Ending balance, shares at Sep. 30, 2016 | 33,737 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 16,098 | $ (3,794) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 9,703 | 8,471 |
Share-based compensation expense | 8,117 | |
Amortization of debt discount | 3,018 | 2,264 |
Amortization of debt issuance costs | 1,273 | 949 |
Changes in assets and liabilities: | ||
Accounts receivable | (27,237) | (30,779) |
Inventories | (6,592) | 4,627 |
Prepaid expenses and other current assets | 4,922 | (4,608) |
Other noncurrent assets | (6,900) | 5,558 |
Accounts payable and accrued expenses | 6,339 | 25,528 |
Accrued warranty | 17,461 | 3,672 |
Customer deposits | 4,870 | (5,336) |
Deferred revenue | (3,571) | (3,387) |
Other noncurrent liabilities | 475 | 345 |
Net cash provided by operating activities | 27,976 | 3,510 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (18,917) | (25,161) |
Net cash used in investing activities | (18,917) | (25,161) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock in initial public offering, net of underwriters discount and offering costs | 67,199 | |
Repayment of term loan | (617) | (625) |
Net repayments of accounts receivable financing | (6,050) | (4,738) |
Net repayments of working capital loans | (4,097) | (7,972) |
Net proceeds from (repayments of) other debt | (3,415) | 1,131 |
Payments for acquisition of noncontrolling interest | (1,875) | |
Restricted cash | (649) | (642) |
Net cash provided by (used in) financing activities | 52,371 | (14,721) |
Impact of foreign exchange rates on cash and cash equivalents | (545) | (263) |
Net change in cash and cash equivalents | 60,885 | (36,635) |
Cash and cash equivalents, beginning of year | 45,917 | 43,592 |
Cash and cash equivalents, end of period | 106,802 | 6,957 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 9,505 | 6,803 |
Cash paid for income taxes, net | 5,191 | 2,786 |
Supplemental disclosures of noncash investing and financing activities: | ||
Conversion of subordinated convertible promissory notes into common stock | 11,877 | |
Equipment acquired through capital lease and financing obligations | 1,464 | 2,506 |
Accrued capital expenditures in accounts payable | $ 3,610 | $ 733 |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies | 9 Months Ended |
Sep. 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 $67.2 million after deducting underwriting discounts and 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) its 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 two facilities in Juárez, Mexico, one of which commenced operations in early 2014 and the second during the third quarter of 2016. The Mexico segment has also entered into a new lease agreement with a third party for a third manufacturing facility in Juárez, Mexico, and expects to commence operations in this new facility in the first quarter of 2017. • The EMEA segment manufactures wind blades from two facilities 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 the first Turkey plant 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 commenced operations in the second facility during the third quarter of 2016. 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 September 30, 2016, and the results of the Company’s operations, comprehensive income (loss) 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 nine months ended September 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 19,132 Cost of warranty services provided during the period (385 ) Reduction of reserves (1,286 ) Warranty accrual at end of the period $ 31,057 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): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic weighted-average shares outstanding 27,284 4,238 12,042 4,238 Effect of dilutive stock options and warrants 91 — 91 — Diluted weighted-average shares outstanding 27,375 4,238 12,133 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 three and nine months ended September 30, 2015. The potentially dilutive securities excluded from the calculation include common shares issued upon conversion or exercise of options and warrants. Assuming that the IPO had occurred on January 1, 2015, diluted earnings per share would have been $0.08 and a loss of $0.06 for the three months ended September 30, 2016 and 2015, respectively. For the nine months ended September 30, 2016 and 2015, diluted earnings per share would have been $0.48 and a loss of $0.11, respectively. 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. 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 retrospective application 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 production process and before the product is delivered to the customer. The Company expects that the adoption of Topic 606 will have a material impact on the amount of net sales, cost of goods sold and income from operations reported in the Statements of Operations in future periods. In accordance with Topic 606, revenues will be recognized over the time period of the production process, whereas currently it is recognized upon delivery to the client. Further, since revenue will be recognized over time for manufacturing contracts, future net sales will include amounts related to products that are in production as of the period end. Finally, the gross margin realized in the period may be impacted by the changes related to the timing and amount of revenue recognized for products in the production process. The changes noted above involving the timing of revenue recognition will materially impact the amount of reported assets and liabilities associated with our manufacturing contracts. Upon adoption of Topic 606, the Company will include amounts recognized in revenue for products in production in contract assets, which differs from the current practice of including the balances in inventory and will include an amount for the margin recognized to date. The Company believes that it will no longer report inventory held for customer orders since revenue will be recognized over time during the course of the production process and before the product is delivered to the customer. Contract liabilities will be reported for amounts collected from customers in advance of the production of products. The amount of deferred revenue will be substantially reduced as revenue for products will be recognized over time. The Company does not anticipate a change in the timing of cash receipts and payments from customers as customers will continue to be invoiced as products are completed; however, the impact to the amounts reported in the statements of cash flows operating activities upon application of Topic 606 is expected to be material. The Company has a project plan in place for the transition to revenue recognition in accordance with Topic 606 including necessary changes to accounting processes and procedures, the chart of accounts, the system of internal control and retrospective application of the standard to periods beginning December 31, 2014 through December 31, 2016. The Company expects to complete the plan in time to report in accordance with Topic 606 for the first quarterly filing on Form 10-Q for the period ended March 31, 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 | 9 Months Ended |
Sep. 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 September 30, 2016 and December 31, 2015, the Company had $89.8 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 $10.6 million in China, $5.8 million in Turkey and $0.6 million in Mexico as of September 30, 2016. The Company has not experienced losses in these accounts in the past. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 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) for the manufacture and supply of wind blades. In October 2016, the Company extended the term of certain of its supply agreements with GE through December 31, 2020 and entered into a new supply agreement as described in note 14, Subsequent Events For the three months ended September 30, 2016 and 2015, the Company recorded related-party sales with GE of $98.1 million and $82.2 million, respectively, and for the nine months ended September 30, 2016 and 2015, the Company recorded related-party sales with GE of $292.4 million and $213.9 million, respectively. The Company has entered into five separate supply agreements with GE to manufacture wind blades in Newton, Iowa; Taicang Port, China; Juárez, Mexico (2) and Izmir, Turkey. As a result of the supply agreements, GE is the Company’s largest customer. As of September 30, 2016 and December 31, 2015, the Company had accounts receivables related to sales to GE of approximately $29.2 million and $19.0 million, respectively. In January 2016, the Company entered into an agreement with GE and received an advance of $2.0 million, which the Company repaid in full in August 2016. 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 | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Note 4. Accounts Receivable Accounts receivable consisted of the following (in thousands): September 30, 2016 December 31, 2015 Trade accounts receivable $ 99,139 $ 71,588 Other accounts receivable 1,011 1,325 Total accounts receivable $ 100,150 $ 72,913 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories Inventories consisted of the following (in thousands): September 30, 2016 December 31, 2015 Raw materials $ 29,934 $ 29,022 Work in process 20,359 16,630 Finished goods 8,531 5,189 Total inventories $ 58,824 $ 50,841 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 9 Months Ended |
Sep. 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): September 30, 2016 December 31, 2015 Machinery and equipment $ 54,771 $ 49,078 Buildings 13,867 14,047 Leasehold improvements 17,656 14,259 Office equipment and software 3,960 3,691 Furniture 16,032 15,140 Vehicles 345 279 Construction in progress 14,513 4,660 Total 121,144 101,154 Accumulated depreciation and amortization (42,509 ) (33,422 ) Property, plant and equipment, net $ 78,635 $ 67,732 Total depreciation and amortization for the three months ended September 30, 2016 and 2015 was $3.5 million and $3.2 million, respectively, and for the nine months ended September 30, 2016 and 2015 was $9.7 million and $8.5 million, respectively. |
Long-Term Debt, Net of Debt Iss
Long-Term Debt, Net of Debt Issuance Costs and Discount | 9 Months Ended |
Sep. 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): September 30, 2016 December 31, 2015 Senior term loan—U.S. $ 73,758 $ 74,375 Accounts receivable financing—Turkey 21,077 20,505 Working capital loans—Turkey 14,022 — Equipment capital lease—U.S. 2,903 2,678 Equipment capital lease—Turkey 1,801 2,879 Equipment loan—Mexico 117 164 Construction financing—Mexico 100 1,204 Equipment capital lease—Mexico 91 37 Subordinated convertible promissory notes—U.S. — 10,000 Working capital loans—China — 9,548 Unsecured financing—Turkey — 8,572 Accounts receivable financing—China — 6,622 Total long-term debt 113,869 136,584 Less: Debt issuance costs (2,947 ) (4,220 ) Less: Discount on debt — (3,018 ) Total long-term debt, net of debt issuance costs and discount 110,922 129,346 Less: Current maturities of long-term debt (27,171 ) (52,065 ) Long-term debt, net of debt issuance costs, discount and current maturities $ 83,751 $ 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. In connection with this conversion, the remaining beneficial conversion feature, debt discount and debt issuance costs totaling $1.3 million were fully expensed as interest expense in the accompanying condensed consolidated statements of operations. |
Convertible and Senior Redeemab
Convertible and Senior Redeemable Preferred Shares and Warrants | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Convertible and Senior Redeemable Preferred Shares and Warrants | Note 8. Convertible and Senior Redeemable Preferred Shares and Warrants The convertible and senior redeemable preferred shares and warrants outstanding as of December 31, 2015 automatically converted to common shares immediately prior to the closing of the IPO, consisted of the following (in thousands, except share and par value data): December 31, 2015 Series A convertible preferred shares (convertible at 1 share to 3.4974 shares of common stock), $0.01 par value; liquidation preference equal to $50,901; 3,551 shares authorized; 3,551 shares issued and outstanding at December 31, 2015 $ 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 $41,200; 2,813 shares authorized; 2,287 shares issued and outstanding at December 31, 2015 41,200 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 $17,490; 2,944 shares authorized; 2,944 shares issued and outstanding at December 31, 2015 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 $64,722; 740 shares authorized; 740 shares issued and outstanding December 31, 2015 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 $22,141; 1,024 shares authorized; 280 shares issued and outstanding at December 31, 2015 8,060 1,084 Convertible and senior redeemable preferred shares and warrants $ 198,830 As discussed in note 1, immediately prior to the closing of the IPO, all of the outstanding redeemable preferred shares were converted into an aggregate of 21,110,204 shares of common stock. Prior to conversion, the Company had recorded dividends totaling $0.6 million for the period July 1, 2016 through July 22, 2016 (the date of the Company’s IPO) which are included in the net income attributable to preferred shareholders in the accompanying condensed consolidated statements of operations. Redeemable Preferred Share Warrants As discussed in note 1, immediately prior to the closing of the IPO, the 248 outstanding redeemable Series B preferred share warrants were converted on a net issuance basis into an aggregate of 120,923 shares of common stock. 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, accordingly, 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 unamortized fair value of the warrants was expensed upon conversion of the convertible promissory notes concurrent with the IPO. These warrants all remain outstanding as of September 30, 2016. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Plans | Note 9. Share-Based Compensation Plans The Company granted stock option awards during the nine months ended September 30, 2016 to certain employees under the Amended and Restated 2015 Stock Option and Incentive Plan (the 2015 Plan). Each award granted prior to the consummation of the IPO included a performance condition that required 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. As the IPO was consummated in July 2016, the Company began recording compensation expense in July 2016 for the requisite service period from the grant date through the IPO date with the balance of the share-based compensation to be expensed over the remaining vesting period. Total share-based compensation expense recognized during the three and nine months ended September 30, 2016 was $8.1 million, of which approximately $6.3 million related to the service period from the grant date to through June 30, 2016. Of the $8.1 million expense, $1.2 million is included in cost of goods sold and the remaining $6.9 million included in general and administrative expenses. The amount recorded related to restricted stock units was $3.0 million while $5.1 million related to stock options. Furthermore, the total tax benefits related to share-based compensation expense was $1.8 million for the three and nine months ended September 30, 2016. No share-based compensation costs were capitalized during the nine months ended September 30, 2016. As of September 30, 2016, the unamortized cost of the outstanding restricted stock units was $3.3 million, which the Company expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.9 years. The total unrecognized cost related to non-vested stock option awards was $8.2 million as of September 30, 2016. The Company expects to recognize such costs in the consolidated financial statements over a weighted-average period of approximately 2.2 years. 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 Available for Grant Shares Weighted- Average Exercise Price Options Exercisable Units Weighted- Average Grant Date Fair Value Balance as of December 31, 2015 3,392,141 3,261,663 $ 11.90 35,703 731,880 $ 10.89 Granted (486,000 ) 486,000 17.37 — — Forfeited/cancelled 519,995 (424,235 ) 11.78 (95,760 ) 10.87 Balance as of September 30, 2016 3,426,136 3,323,428 12.71 25,828 636,120 10.90 The following table summarizes the outstanding and exercisable stock option awards as of September 30, 2016: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Average Remaining Contractual Life (in years) Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $8.49 25,828 3.3 $ 8.49 25,828 $ 8.49 $10.87 - $11.00 2,322,000 8.7 10.87 — — $14.31 - $16.53 640,800 9.3 16.41 — — $18.70 334,800 10.0 18.70 — — $8.49 to $18.70 3,323,428 8.9 12.71 25,828 8.49 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes Income tax expense was $0.3 million and $1.6 million in the three months ended September 30, 2016 and 2015, respectively, and $4.6 million and $2.7 million in the nine months ended September 30, 2016 and 2015, respectively. The lower effective tax rate is primarily due to the operating results in China and Mexico and the foreign rate differential. 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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 nine months ended September 30 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Customer Revenues % of Total Revenues % of Total Revenues % of Total Revenues % of Total Customer 1 $ 98,141 49.3 % $ 82,204 50.9 % $ 292,435 51.4 % $ 213,850 52.6 % Customer 2 50,300 25.3 18,996 11.8 120,716 21.2 35,421 8.7 Customer 3 31,132 15.6 39,063 24.2 96,139 16.9 108,929 26.8 Customer 4 17,844 9.0 18,663 11.6 54,553 9.6 43,414 10.7 Other 1,521 0.8 2,652 1.5 5,460 0.9 5,292 1.2 Total $ 198,938 100.0 % $ 161,578 100.0 % $ 569,303 100.0 % $ 406,906 100.0 % Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable are as follows: September 30, 2016 December 31, 2015 Customer % of Total % of Total Customer 1 29.4 % 26.5 % Customer 2 31.4 % 27.9 % Customer 3 32.7 % 24.4 % |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 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. Total assets changed during the nine months ended September 30, 2016, primarily as a result of the Company’s IPO; the net proceeds of which are included in the total assets of the U.S. segment. The following tables set forth certain information regarding each of the Company’s segments for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenues by segment: U.S. $ 45,090 $ 28,583 $ 141,920 $ 106,504 Asia 86,834 68,547 232,639 144,764 Mexico 35,448 30,309 88,623 65,696 EMEA 31,566 34,139 106,121 89,942 Total revenues $ 198,938 $ 161,578 $ 569,303 $ 406,906 Revenues by geographic location (1): U.S. $ 45,090 $ 28,583 $ 141,920 $ 106,504 China 86,834 68,547 232,639 144,764 Mexico 35,448 30,309 88,623 65,696 Turkey 31,566 34,139 106,121 89,942 Total revenues $ 198,938 $ 161,578 $ 569,303 $ 406,906 Income (loss) from operations: U.S. (2) $ (12,929 ) $ (7,000 ) $ (18,052 ) $ (11,030 ) Asia 17,291 8,277 48,055 20,851 Mexico 3,574 2,337 6,197 2,346 EMEA 201 798 (2,396 ) (1,161 ) Total income from operations $ 8,137 $ 4,412 $ 33,804 $ 11,006 (in thousands) September 30, 2016 December 31, 2015 Tangible long-lived assets: U.S. $ 16,670 $ 13,805 Asia (China) 27,513 29,957 Mexico 13,955 12,600 EMEA (Turkey) 20,497 11,370 Total tangible long-lived assets $ 78,635 $ 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 $14.1 million and $3.4 million for the three months ended September 30, 2016, respectively, and $24.2 million and $9.5 million for the nine months ended September 30, 2016, respectively. |
Summary of Operations and Sig21
Summary of Operations and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 $67.2 million after deducting underwriting discounts and 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) its 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 two facilities in Juárez, Mexico, one of which commenced operations in early 2014 and the second during the third quarter of 2016. The Mexico segment has also entered into a new lease agreement with a third party for a third manufacturing facility in Juárez, Mexico, and expects to commence operations in this new facility in the first quarter of 2017. • The EMEA segment manufactures wind blades from two facilities 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 the first Turkey plant 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 commenced operations in the second facility during the third quarter of 2016. 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 September 30, 2016, and the results of the Company’s operations, comprehensive income (loss) 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 nine months ended September 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 19,132 Cost of warranty services provided during the period (385 ) Reduction of reserves (1,286 ) Warranty accrual at end of the period $ 31,057 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): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic weighted-average shares outstanding 27,284 4,238 12,042 4,238 Effect of dilutive stock options and warrants 91 — 91 — Diluted weighted-average shares outstanding 27,375 4,238 12,133 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 three and nine months ended September 30, 2015. The potentially dilutive securities excluded from the calculation include common shares issued upon conversion or exercise of options and warrants. Assuming that the IPO had occurred on January 1, 2015, diluted earnings per share would have been $0.08 and a loss of $0.06 for the three months ended September 30, 2016 and 2015, respectively. For the nine months ended September 30, 2016 and 2015, diluted earnings per share would have been $0.48 and a loss of $0.11, respectively. |
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. |
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 retrospective application 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 production process and before the product is delivered to the customer. The Company expects that the adoption of Topic 606 will have a material impact on the amount of net sales, cost of goods sold and income from operations reported in the Statements of Operations in future periods. In accordance with Topic 606, revenues will be recognized over the time period of the production process, whereas currently it is recognized upon delivery to the client. Further, since revenue will be recognized over time for manufacturing contracts, future net sales will include amounts related to products that are in production as of the period end. Finally, the gross margin realized in the period may be impacted by the changes related to the timing and amount of revenue recognized for products in the production process. The changes noted above involving the timing of revenue recognition will materially impact the amount of reported assets and liabilities associated with our manufacturing contracts. Upon adoption of Topic 606, the Company will include amounts recognized in revenue for products in production in contract assets, which differs from the current practice of including the balances in inventory and will include an amount for the margin recognized to date. The Company believes that it will no longer report inventory held for customer orders since revenue will be recognized over time during the course of the production process and before the product is delivered to the customer. Contract liabilities will be reported for amounts collected from customers in advance of the production of products. The amount of deferred revenue will be substantially reduced as revenue for products will be recognized over time. The Company does not anticipate a change in the timing of cash receipts and payments from customers as customers will continue to be invoiced as products are completed; however, the impact to the amounts reported in the statements of cash flows operating activities upon application of Topic 606 is expected to be material. The Company has a project plan in place for the transition to revenue recognition in accordance with Topic 606 including necessary changes to accounting processes and procedures, the chart of accounts, the system of internal control and retrospective application of the standard to periods beginning December 31, 2014 through December 31, 2016. The Company expects to complete the plan in time to report in accordance with Topic 606 for the first quarterly filing on Form 10-Q for the period ended March 31, 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 |
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) | 9 Months Ended |
Sep. 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 19,132 Cost of warranty services provided during the period (385 ) Reduction of reserves (1,286 ) Warranty accrual at end of the period $ 31,057 |
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): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic weighted-average shares outstanding 27,284 4,238 12,042 4,238 Effect of dilutive stock options and warrants 91 — 91 — Diluted weighted-average shares outstanding 27,375 4,238 12,133 4,238 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable consisted of the following (in thousands): September 30, 2016 December 31, 2015 Trade accounts receivable $ 99,139 $ 71,588 Other accounts receivable 1,011 1,325 Total accounts receivable $ 100,150 $ 72,913 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): September 30, 2016 December 31, 2015 Raw materials $ 29,934 $ 29,022 Work in process 20,359 16,630 Finished goods 8,531 5,189 Total inventories $ 58,824 $ 50,841 |
Property, Plant, and Equipmen25
Property, Plant, and Equipment, Net (Tables) | 9 Months Ended |
Sep. 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): September 30, 2016 December 31, 2015 Machinery and equipment $ 54,771 $ 49,078 Buildings 13,867 14,047 Leasehold improvements 17,656 14,259 Office equipment and software 3,960 3,691 Furniture 16,032 15,140 Vehicles 345 279 Construction in progress 14,513 4,660 Total 121,144 101,154 Accumulated depreciation and amortization (42,509 ) (33,422 ) Property, plant and equipment, net $ 78,635 $ 67,732 |
Long-Term Debt, Net of Debt I26
Long-Term Debt, Net of Debt Issuance Costs and Discount (Tables) | 9 Months Ended |
Sep. 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): September 30, 2016 December 31, 2015 Senior term loan—U.S. $ 73,758 $ 74,375 Accounts receivable financing—Turkey 21,077 20,505 Working capital loans—Turkey 14,022 — Equipment capital lease—U.S. 2,903 2,678 Equipment capital lease—Turkey 1,801 2,879 Equipment loan—Mexico 117 164 Construction financing—Mexico 100 1,204 Equipment capital lease—Mexico 91 37 Subordinated convertible promissory notes—U.S. — 10,000 Working capital loans—China — 9,548 Unsecured financing—Turkey — 8,572 Accounts receivable financing—China — 6,622 Total long-term debt 113,869 136,584 Less: Debt issuance costs (2,947 ) (4,220 ) Less: Discount on debt — (3,018 ) Total long-term debt, net of debt issuance costs and discount 110,922 129,346 Less: Current maturities of long-term debt (27,171 ) (52,065 ) Long-term debt, net of debt issuance costs, discount and current maturities $ 83,751 $ 77,281 |
Convertible and Senior Redeem27
Convertible and Senior Redeemable Preferred Shares and Warrants (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Summary of Convertible and Senior Redeemable Preferred Shares and Warrants | The convertible and senior redeemable preferred shares and warrants outstanding as of December 31, 2015 automatically converted to common shares immediately prior to the closing of the IPO, consisted of the following (in thousands, except share and par value data): December 31, 2015 Series A convertible preferred shares (convertible at 1 share to 3.4974 shares of common stock), $0.01 par value; liquidation preference equal to $50,901; 3,551 shares authorized; 3,551 shares issued and outstanding at December 31, 2015 $ 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 $41,200; 2,813 shares authorized; 2,287 shares issued and outstanding at December 31, 2015 41,200 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 $17,490; 2,944 shares authorized; 2,944 shares issued and outstanding at December 31, 2015 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 $64,722; 740 shares authorized; 740 shares issued and outstanding December 31, 2015 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 $22,141; 1,024 shares authorized; 280 shares issued and outstanding at December 31, 2015 8,060 1,084 Convertible and senior redeemable preferred shares and warrants $ 198,830 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased 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 Available for Grant Shares Weighted- Average Exercise Price Options Exercisable Units Weighted- Average Grant Date Fair Value Balance as of December 31, 2015 3,392,141 3,261,663 $ 11.90 35,703 731,880 $ 10.89 Granted (486,000 ) 486,000 17.37 — — Forfeited/cancelled 519,995 (424,235 ) 11.78 (95,760 ) 10.87 Balance as of September 30, 2016 3,426,136 3,323,428 12.71 25,828 636,120 10.90 |
Summary of Outstanding and Exercisable Stock Option Awards | The following table summarizes the outstanding and exercisable stock option awards as of September 30, 2016: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Average Remaining Contractual Life (in years) Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $8.49 25,828 3.3 $ 8.49 25,828 $ 8.49 $10.87 - $11.00 2,322,000 8.7 10.87 — — $14.31 - $16.53 640,800 9.3 16.41 — — $18.70 334,800 10.0 18.70 — — $8.49 to $18.70 3,323,428 8.9 12.71 25,828 8.49 |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Customer Revenues % of Total Revenues % of Total Revenues % of Total Revenues % of Total Customer 1 $ 98,141 49.3 % $ 82,204 50.9 % $ 292,435 51.4 % $ 213,850 52.6 % Customer 2 50,300 25.3 18,996 11.8 120,716 21.2 35,421 8.7 Customer 3 31,132 15.6 39,063 24.2 96,139 16.9 108,929 26.8 Customer 4 17,844 9.0 18,663 11.6 54,553 9.6 43,414 10.7 Other 1,521 0.8 2,652 1.5 5,460 0.9 5,292 1.2 Total $ 198,938 100.0 % $ 161,578 100.0 % $ 569,303 100.0 % $ 406,906 100.0 % |
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: September 30, 2016 December 31, 2015 Customer % of Total % of Total Customer 1 29.4 % 26.5 % Customer 2 31.4 % 27.9 % Customer 3 32.7 % 24.4 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenues by segment: U.S. $ 45,090 $ 28,583 $ 141,920 $ 106,504 Asia 86,834 68,547 232,639 144,764 Mexico 35,448 30,309 88,623 65,696 EMEA 31,566 34,139 106,121 89,942 Total revenues $ 198,938 $ 161,578 $ 569,303 $ 406,906 Revenues by geographic location (1): U.S. $ 45,090 $ 28,583 $ 141,920 $ 106,504 China 86,834 68,547 232,639 144,764 Mexico 35,448 30,309 88,623 65,696 Turkey 31,566 34,139 106,121 89,942 Total revenues $ 198,938 $ 161,578 $ 569,303 $ 406,906 Income (loss) from operations: U.S. (2) $ (12,929 ) $ (7,000 ) $ (18,052 ) $ (11,030 ) Asia 17,291 8,277 48,055 20,851 Mexico 3,574 2,337 6,197 2,346 EMEA 201 798 (2,396 ) (1,161 ) Total income from operations $ 8,137 $ 4,412 $ 33,804 $ 11,006 (in thousands) September 30, 2016 December 31, 2015 Tangible long-lived assets: U.S. $ 16,670 $ 13,805 Asia (China) 27,513 29,957 Mexico 13,955 12,600 EMEA (Turkey) 20,497 11,370 Total tangible long-lived assets $ 78,635 $ 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 $14.1 million and $3.4 million for the three months ended September 30, 2016, respectively, and $24.2 million and $9.5 million for the nine months ended September 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 | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2016$ / sharesshares | Sep. 30, 2015$ / shares | Sep. 30, 2016USD ($)SegmentFacility$ / shares | Sep. 30, 2015$ / shares | Dec. 31, 2013 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Net proceeds from Initial public offering | $ | $ 67,199 | |||||
Number of operating segments | Segment | 4 | |||||
Expected aggregate cost under the settlement agreement | $ | $ 15,000 | |||||
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 | |||||
Asia [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of manufacturing facilities | Facility | 2 | |||||
Mexico [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of manufacturing facilities | Facility | 2 | |||||
EMEA [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of manufacturing facilities | Facility | 2 | |||||
EMEA [Member] | ALKE [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Joint venture remaining ownership percentage acquired | 25.00% | |||||
Initial Public Offering [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Initial public offering shares | 7,187,500 | |||||
Share price | $ / shares | $ 11 | |||||
Net proceeds from Initial public offering | $ | $ 67,200 | |||||
Debt instrument, periodic payment | $ | $ 11,900 | |||||
Diluted earnings per share | $ / shares | $ 0.08 | $ 0.06 | $ 0.48 | $ 0.11 | ||
Initial Public Offering [Member] | Subordinated Convertible Promissory Notes [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Share price | $ / shares | $ 11 | |||||
Debt instrument convertible number of equity shares | 1,079,749 | |||||
Initial Public Offering [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] | 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 | 21,110,204 | ||||
Initial Public Offering [Member] | Redeemable Preferred Shares [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] | Director and Executive Officers [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Initial public offering shares | 1,250,000 | |||||
Underwriters Over-allotment Option [Member] | ||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Initial public offering shares | 937,500 |
Summary of Operations and Sig32
Summary of Operations and Significant Accounting Policies - Summary of Warranty Accrual (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Product Warranties Disclosures [Abstract] | |
Warranty accrual at beginning of year | $ 13,596 |
Accrual during the period | 19,132 |
Cost of warranty services provided during the period | (385) |
Reduction of reserves | (1,286) |
Warranty accrual at end of the period | $ 31,057 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average shares outstanding | 27,284 | 4,238 | 12,042 | 4,238 |
Effect of dilutive stock options and warrants | 91 | 91 | ||
Diluted weighted-average shares outstanding | 27,375 | 4,238 | 12,133 | 4,238 |
Significant Risks and Uncerta34
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
U.S. [Member] | |||
Concentration Risk [Line Items] | |||
Cash in deposit accounts | $ 89,800,000 | $ 33,200,000 | |
China [Member] | |||
Concentration Risk [Line Items] | |||
Cash in deposit accounts | 10,600,000 | ||
Turkey [Member] | |||
Concentration Risk [Line Items] | |||
Cash in deposit accounts | 5,800,000 | ||
Mexico [Member] | |||
Concentration Risk [Line Items] | |||
Cash in deposit accounts | 600,000 | ||
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 | 9 Months Ended | ||||
Jul. 31, 2016$ / sharesshares | Sep. 30, 2016USD ($)Agreement | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Initial Public Offering [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Initial public offering shares | shares | 7,187,500 | ||||||
Share price | $ / shares | $ 11 | ||||||
Director and Executive Officers [Member] | Initial Public Offering [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Initial public offering shares | shares | 1,250,000 | ||||||
Subordinated Convertible Promissory Notes [Member] | Initial Public Offering [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument convertible number of equity shares | shares | 1,079,749 | ||||||
Share price | $ / shares | $ 11 | ||||||
GE [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of common stock outstanding | 8.40% | 8.40% | |||||
Proceeds from related party sales | $ | $ 98.1 | $ 82.2 | $ 292.4 | $ 213.9 | |||
Accounts receivables, related party | $ | $ 29.2 | $ 29.2 | $ 19 | ||||
Number of supply agreements | Agreement | 5 | ||||||
Advance received | $ | $ 2 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 100,150 | $ 72,913 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 99,139 | 71,588 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 1,011 | $ 1,325 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 29,934 | $ 29,022 |
Work in process | 20,359 | 16,630 |
Finished goods | 8,531 | 5,189 |
Total inventories | $ 58,824 | $ 50,841 |
Property, Plant, and Equipmen38
Property, Plant, and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 121,144 | $ 101,154 |
Accumulated depreciation and amortization | (42,509) | (33,422) |
Property, plant and equipment, net | 78,635 | 67,732 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 54,771 | 49,078 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,867 | 14,047 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 17,656 | 14,259 |
Office Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,960 | 3,691 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,032 | 15,140 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 345 | 279 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 14,513 | $ 4,660 |
Property, Plant, and Equipmen39
Property, Plant, and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | ||||
Total depreciation and amortization | $ 3,500 | $ 3,200 | $ 9,703 | $ 8,471 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Total long-term debt | ||
Total long-term debt | $ 113,869 | $ 136,584 |
Less: Debt issuance costs | (2,947) | (4,220) |
Less: Discount on debt | (3,018) | |
Total long-term debt, net of debt issuance costs and discount | 110,922 | 129,346 |
Less: Current maturities of long-term debt | (27,171) | (52,065) |
Long-term debt, net of debt issuance costs, discount and current maturities | 83,751 | 77,281 |
U.S. [Member] | Senior Term Loan [Member] | ||
Total long-term debt | ||
Total long-term debt | 73,758 | 74,375 |
U.S. [Member] | Subordinated Convertible Promissory Notes [Member] | ||
Total long-term debt | ||
Total long-term debt | 10,000 | |
U.S. [Member] | Equipment Capital Lease [Member] | ||
Total long-term debt | ||
Total long-term debt | 2,903 | 2,678 |
Turkey [Member] | Working Capital Loans [Member] | ||
Total long-term debt | ||
Total long-term debt | 14,022 | |
Turkey [Member] | Accounts Receivable Financing [Member] | ||
Total long-term debt | ||
Total long-term debt | 21,077 | 20,505 |
Turkey [Member] | Equipment Capital Lease [Member] | ||
Total long-term debt | ||
Total long-term debt | 1,801 | 2,879 |
Turkey [Member] | Unsecured Financing [Member] | ||
Total long-term debt | ||
Total long-term debt | 8,572 | |
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 | 6,622 | |
Mexico [Member] | Equipment Capital Lease [Member] | ||
Total long-term debt | ||
Total long-term debt | 91 | 37 |
Mexico [Member] | Equipment Loan [Member] | ||
Total long-term debt | ||
Total long-term debt | 117 | 164 |
Mexico [Member] | Construction Financing [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 100 | $ 1,204 |
Long-Term Debt, Net of Debt I41
Long-Term Debt, Net of Debt Issuance Costs and Discount - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Debt Instrument [Line Items] | |||||
Remaining beneficial conversion feature, debt discount and debt issuance costs | $ 4,663 | $ 3,620 | $ 12,709 | $ 10,894 | |
Initial Public Offering [Member] | |||||
Debt Instrument [Line Items] | |||||
Share price | $ 11 | ||||
Subordinated Convertible Promissory Notes [Member] | Initial Public Offering [Member] | |||||
Debt Instrument [Line Items] | |||||
Share price | $ 11 | ||||
Debt instrument convertible number of equity shares | 1,079,749 | ||||
Remaining beneficial conversion feature, debt discount and debt issuance costs | $ 1,300 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | $ 0 | $ 198,830 |
Series A Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 50,901 | |
Series B Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 41,200 | |
Series B-1 Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 52,510 | |
Series C Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 17,490 | |
Senior Redeemable Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 27,585 | |
Super Senior Redeemable Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | 8,060 | |
Redeemable Preferred Share Warrants [Member] | ||
Temporary Equity [Line Items] | ||
Convertible and senior redeemable preferred shares and warrants | $ 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) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
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 $50,901; 3,551 shares authorized; 3,551 shares issued and outstanding at December 31, 2015 |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 349.74% |
Convertible and senior redeemable preferred shares and warrants, par value | $ / shares | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ | $ 50,901 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 3,551 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 3,551 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 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 $41,200; 2,813 shares authorized; 2,287 shares issued and outstanding at December 31, 2015 |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 356.36% |
Convertible and senior redeemable preferred shares and warrants, par value | $ / shares | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ | $ 41,200 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 2,813 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 2,287 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 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 $52,510; 2,972 shares authorized; 2,972 shares issued and outstanding at December 31, 2015 |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 502.43% |
Convertible and senior redeemable preferred shares and warrants, par value | $ / shares | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ | $ 52,510 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 2,972 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 2,972 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 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 $17,490; 2,944 shares authorized; 2,944 shares issued and outstanding at December 31, 2015 |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 328.17% |
Convertible and senior redeemable preferred shares and warrants, par value | $ / shares | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ | $ 17,490 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 2,944 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 2,944 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 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 $64,722; 740 shares authorized; 740 shares issued and outstanding December 31, 2015 |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 1322.11% |
Convertible and senior redeemable preferred shares and warrants, par value | $ / shares | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ | $ 64,722 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 740 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 740 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 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 $22,141; 1,024 shares authorized; 280 shares issued and outstanding at December 31, 2015 |
Convertible and senior redeemable preferred shares and warrants, convertible at 1 share to common stock | 1322.11% |
Convertible and senior redeemable preferred shares and warrants, par value | $ / shares | $ 0.01 |
Convertible and senior redeemable preferred shares and warrants, liquidation preference | $ | $ 22,141 |
Convertible and senior redeemable preferred shares and warrants, shares authorized | 1,024 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 280 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 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 December 31, 2015 |
Convertible and senior redeemable preferred shares and warrants, shares issued | 248 |
Convertible and senior redeemable preferred shares and warrants, shares outstanding | 248 |
Convertible and Senior Redeem44
Convertible and Senior Redeemable Preferred Shares and Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 29, 2014 | Jul. 22, 2016 | Sep. 30, 2016 | Jul. 31, 2016 | Jun. 30, 2016 |
Common Stock Warrants [Member] | |||||
Class of Stock [Line Items] | |||||
Value of subordinated convertible promissory notes | $ 10 | ||||
Warrants issued to purchase common stock | 160,424 | 160,424 | |||
Warrants exercise price | $ 9.35 | $ 9.35 | |||
Warrants issued to purchase common stock price per share percentage | 85.00% | ||||
Warrants expiration period | 8 years | ||||
Common Stock Warrants [Member] | Minimum [Member] | |||||
Class of Stock [Line Items] | |||||
Warrants exercise price | $ 24.30 | ||||
Initial Public Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Dividends recorded | $ 0.6 | ||||
Initial Public Offering [Member] | Common Stock Warrants [Member] | |||||
Class of Stock [Line Items] | |||||
Number of common stock issue on conversion of preferred share | 120,923 | ||||
Price per share | $ 11 | ||||
Initial Public Offering [Member] | Redeemable Preferred Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Number of common stock issue on conversion of preferred share | 21,110,204 | 21,110,204 | |||
Outstanding number of warrants | 248 | ||||
Initial Public Offering [Member] | Redeemable Preferred Shares [Member] | Common Stock Warrants [Member] | |||||
Class of Stock [Line Items] | |||||
Number of common stock issue on conversion of preferred share | 120,923 |
Share-Based Compensation Plan45
Share-Based Compensation Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 8,100,000 | $ 6,300,000 | $ 8,100,000 |
Total tax benefits related to share-based compensation expense | 1,800,000 | 1,800,000 | |
Share-based compensation capitalized costs | 0 | $ 0 | |
2015 Stock Option and Incentive Plan [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
2015 Stock Option and Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year 10 months 24 days | ||
Total share-based compensation expense | 3,000,000 | $ 3,000,000 | |
Unamortized amount of share-based compensation expense | 3,300,000 | $ 3,300,000 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years 2 months 12 days | ||
Total share-based compensation expense | 5,100,000 | $ 5,100,000 | |
Total unrecognized cost related to non-vested stock option awards | 8,200,000 | 8,200,000 | |
Cost of Goods Sold [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,200,000 | 1,200,000 | |
General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 6,900,000 | $ 6,900,000 |
Share-Based Compensation Plan46
Share-Based Compensation Plans - Summary of Activity of Stock Options and Restricted Stock Units (RSU) (Detail) | 9 Months Ended |
Sep. 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 | (486,000) |
Stock Options, Shares Available for Grant, Forfeited/cancelled | 519,995 |
Stock Options, Shares Available for Grant, Ending balance | 3,426,136 |
Stock Options, Shares, Beginning balance | 3,261,663 |
Stock Options, Shares, Granted | 486,000 |
Stock Options, Shares, Forfeited/cancelled | (424,235) |
Stock Options, Shares, Ending balance | 3,323,428 |
Stock Options, Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 11.90 |
Stock Options, Weighted-Average Exercise Price, Granted | $ / shares | 17.37 |
Stock Options, Weighted-Average Exercise Price, Forfeited/cancelled | $ / shares | 11.78 |
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 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, Units, Beginning balance | 731,880 |
RSUs, Units, Granted | 0 |
RSUs, Units, Forfeited/cancelled | (95,760) |
RSUs, Units, Ending balance | 636,120 |
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 Plan47
Share-Based Compensation Plans - Summary of Outstanding and Exercisable Stock Option Awards (Detail) | 9 Months Ended |
Sep. 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 | $ 18.70 |
Options Outstanding, Shares | shares | 3,323,428 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 12.71 |
Options Exercisable, Shares | shares | 25,828 |
Options Exercisable, Weighted-Average Exercise Price | $ 8.49 |
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, Shares | shares | 25,828 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 3 years 3 months 18 days |
Options Outstanding, Weighted-Average Exercise Price | $ 8.49 |
Options Exercisable, Shares | shares | 25,828 |
Options Exercisable, Weighted-Average Exercise Price | $ 8.49 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | 10.87 |
Range of Exercise Prices, Maximum | $ 11 |
Options Outstanding, Shares | shares | 2,322,000 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 8 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 10.87 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | 14.31 |
Range of Exercise Prices, Maximum | $ 16.53 |
Options Outstanding, Shares | shares | 640,800 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 9 years 3 months 18 days |
Options Outstanding, Weighted-Average Exercise Price | $ 16.41 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 18.70 |
Options Outstanding, Shares | shares | 334,800 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 10 years |
Options Outstanding, Weighted-Average Exercise Price | $ 18.70 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 309 | $ 1,630 | $ 4,565 | $ 2,734 |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 198,938 | $ 161,578 | $ 569,303 | $ 406,906 |
Sales Revenues [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 198,938 | $ 161,578 | $ 569,303 | $ 406,906 |
Percentage of Total | 100.00% | 100.00% | 100.00% | 100.00% |
Sales Revenues [Member] | Customer 1 [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 98,141 | $ 82,204 | $ 292,435 | $ 213,850 |
Percentage of Total | 49.30% | 50.90% | 51.40% | 52.60% |
Sales Revenues [Member] | Customer 2 [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 50,300 | $ 18,996 | $ 120,716 | $ 35,421 |
Percentage of Total | 25.30% | 11.80% | 21.20% | 8.70% |
Sales Revenues [Member] | Customer 3 [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 31,132 | $ 39,063 | $ 96,139 | $ 108,929 |
Percentage of Total | 15.60% | 24.20% | 16.90% | 26.80% |
Sales Revenues [Member] | Customer 4 [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 17,844 | $ 18,663 | $ 54,553 | $ 43,414 |
Percentage of Total | 9.00% | 11.60% | 9.60% | 10.70% |
Sales Revenues [Member] | Other [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 1,521 | $ 2,652 | $ 5,460 | $ 5,292 |
Percentage of Total | 0.80% | 1.50% | 0.90% | 1.20% |
Concentration of Customers - 51
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Customer 1 [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 29.40% | 26.50% |
Customer 2 [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 31.40% | 27.90% |
Customer 3 [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 32.70% | 24.40% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 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 | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 198,938 | $ 161,578 | $ 569,303 | $ 406,906 | |
Total income from operations | 8,137 | 4,412 | 33,804 | 11,006 | |
Total tangible long-lived assets | 78,635 | 78,635 | $ 67,732 | ||
U.S. [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 45,090 | 28,583 | 141,920 | 106,504 | |
Total income from operations | (12,929) | (7,000) | (18,052) | (11,030) | |
Total tangible long-lived assets | 16,670 | 16,670 | 13,805 | ||
Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 86,834 | 68,547 | 232,639 | 144,764 | |
Total income from operations | 17,291 | 8,277 | 48,055 | 20,851 | |
Total tangible long-lived assets | 27,513 | 27,513 | 29,957 | ||
Mexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 35,448 | 30,309 | 88,623 | 65,696 | |
Total income from operations | 3,574 | 2,337 | 6,197 | 2,346 | |
Total tangible long-lived assets | 13,955 | 13,955 | 12,600 | ||
EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 31,566 | 34,139 | 106,121 | 89,942 | |
Total income from operations | 201 | 798 | (2,396) | (1,161) | |
Total tangible long-lived assets | 20,497 | 20,497 | $ 11,370 | ||
Sales Revenue, Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 198,938 | 161,578 | 569,303 | 406,906 | |
Sales Revenue, Segment [Member] | U.S. [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 45,090 | 28,583 | 141,920 | 106,504 | |
Sales Revenue, Segment [Member] | Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 86,834 | 68,547 | 232,639 | 144,764 | |
Sales Revenue, Segment [Member] | Mexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 35,448 | 30,309 | 88,623 | 65,696 | |
Sales Revenue, Segment [Member] | EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 31,566 | $ 34,139 | $ 106,121 | $ 89,942 |
Segment Reporting - Schedule 54
Segment Reporting - Schedule of Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
General and administrative costs | $ 14,065 | $ 3,423 | $ 24,154 | $ 9,530 |
U.S. [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative costs | $ 14,100 | $ 3,400 | $ 24,200 | $ 9,500 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] | Oct. 31, 2016 |
Newton, Lowa Manufacturing Facility [Member] | |
Subsequent Event [Line Items] | |
Agreement maturity date | Dec. 31, 2020 |
Juarez, Mexico Manufacturing Facility [Member] | |
Subsequent Event [Line Items] | |
Agreement maturity date | Dec. 31, 2020 |
Third Manufacturing Facility [Member] | |
Subsequent Event [Line Items] | |
Agreement maturity date | Dec. 31, 2020 |