Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 115,541 | $ 119,066 |
Restricted cash | 1,928 | 2,259 |
Accounts receivable (Note 3) | 96,564 | 67,842 |
Inventories | 51,947 | 53,095 |
Inventories held for customer orders | 68,675 | 52,308 |
Prepaid expenses and other current assets | 23,839 | 30,657 |
Total current assets | 358,494 | 325,227 |
Property, plant, and equipment, net | 103,486 | 91,166 |
Other noncurrent assets | 15,961 | 20,813 |
Total assets | 477,941 | 437,206 |
Current liabilities: | ||
Accounts payable and accrued expenses | 123,390 | 112,281 |
Accrued warranty | 21,895 | 19,912 |
Deferred revenue (Note 3) | 89,319 | 69,568 |
Customer deposits and customer advances | 6,217 | 1,390 |
Current maturities of long-term debt | 32,474 | 33,403 |
Total current liabilities | 273,295 | 236,554 |
Long-term debt, net of debt issuance costs and current maturities | 88,015 | 89,752 |
Other noncurrent liabilities | 4,565 | 4,393 |
Total liabilities | 365,875 | 330,699 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity: (Note 3) | ||
Preferred shares, $0.01 par value, 5,500 shares authorized, no shares issued or outstanding at March 31, 2017 and December 31, 2016 | ||
Common shares, $0.01 par value, 100,000 shares authorized and 33,737 shares issued and outstanding at March 31, 2017 and December 31, 2016 | 337 | 337 |
Paid-in capital | 295,292 | 292,833 |
Accumulated other comprehensive loss | (3,585) | (3,862) |
Accumulated deficit | (179,978) | (182,801) |
Total shareholders’ equity | 112,066 | 106,507 |
Total liabilities and shareholders’ equity | $ 477,941 | $ 437,206 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,500,000 | 5,500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 33,737,000 | 33,737,000 |
Common stock, shares outstanding | 33,737,000 | 33,737,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Net sales (Note 3) | $ 191,602 | $ 176,110 |
Cost of sales | 167,423 | 159,866 |
Startup and transition costs | 6,159 | 3,306 |
Total cost of goods sold | 173,582 | 163,172 |
Gross profit | 18,020 | 12,938 |
General and administrative expenses | 8,306 | 4,749 |
Income from operations | 9,714 | 8,189 |
Other income (expense): | ||
Interest income | 19 | 21 |
Interest expense | (3,026) | (3,912) |
Realized loss on foreign currency remeasurement | (1,381) | (439) |
Miscellaneous income | 320 | 190 |
Total other expense | (4,068) | (4,140) |
Income before income taxes | 5,646 | 4,049 |
Income tax provision | (2,101) | (2,303) |
Net income | 3,545 | 1,746 |
Net income attributable to preferred shareholders | 2,437 | |
Net income (loss) attributable to common shareholders | $ 3,545 | $ (691) |
Weighted-average common shares outstanding: | ||
Basic | 33,737 | 4,238 |
Diluted | 33,827 | 4,238 |
Net income (loss) per common share: | ||
Basic | $ 0.11 | $ (0.16) |
Diluted | $ 0.10 | $ (0.16) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 3,545 | $ 1,746 |
Other comprehensive income: | ||
Foreign currency translation adjustments | 277 | 428 |
Comprehensive income | $ 3,822 | $ 2,174 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 3,545 | $ 1,746 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,829 | 3,011 |
Share-based compensation expense | 1,707 | |
Amortization of debt issuance costs | 143 | 412 |
Amortization of debt discount | 755 | |
Changes in assets and liabilities: | ||
Accounts receivable | (28,722) | (14,119) |
Inventories | (15,220) | (5,274) |
Prepaid expenses and other current assets | 6,816 | (8,346) |
Other noncurrent assets | 5,871 | (2,959) |
Accounts payable and accrued expenses | 11,211 | 6,801 |
Accrued warranty | 1,983 | 14,339 |
Customer deposits | 4,827 | 2,542 |
Deferred revenue | 19,751 | (493) |
Other noncurrent liabilities | 197 | 446 |
Net cash provided by (used in) operating activities | 15,938 | (1,139) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (16,922) | (10,888) |
Net cash used in investing activities | (16,922) | (10,888) |
Cash flows from financing activities: | ||
Repayment of term loan | (938) | |
Net proceeds from (repayments of) accounts receivable financing | (1,233) | 6,800 |
Net proceeds from (repayments of) working capital loans | 517 | (4,958) |
Net repayments of other debt | (1,155) | (1,192) |
Proceeds from customer advances | 2,000 | |
Restricted cash | 331 | (647) |
Net cash provided by (used in) financing activities | (2,478) | 2,003 |
Impact of foreign exchange rates on cash and cash equivalents | (63) | (51) |
Net change in cash and cash equivalents | (3,525) | (10,075) |
Cash and cash equivalents, beginning of year | 119,066 | 45,917 |
Cash and cash equivalents, end of period | 115,541 | 35,842 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 2,899 | 2,565 |
Cash paid for income taxes, net | 4,146 | 1,426 |
Supplemental disclosures of noncash investing and financing activities: | ||
Accrued capital expenditures in accounts payable | $ 2,569 | $ 760 |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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. In April 2017, the Company entered into a multiyear supply agreement with Vestas Wind Systems A/S (Vestas) to supply wind blades from two manufacturing lines at a new manufacturing facility that will be constructed in Matamoros, Mexico. The Company expects this new manufacturing facility will commence operations in the first half of 2018. 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 the Middle East and Africa (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 at its 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 three facilities in Juárez, Mexico, one of which commenced operations in 2014, the second during the third quarter of 2016 and the third in January 2017. In April 2017, the Mexico segment entered into a multiyear supply agreement with Vestas to supply wind blades from two manufacturing lines at a new manufacturing facility that will be constructed in Matamoros, Mexico. • The EMEA segment manufactures wind blades from two facilities in Izmir, Turkey. The Company entered into a joint venture in 2012 to produce wind blades at the first Turkey plant and in 2013 became the sole owner of the Turkey operation with the acquisition of the remaining 25% interest. 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 SEC and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K. 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 March 31, 2017, and the results of the Company’s operations, comprehensive income and cash flows for the periods presented. The Company derived the December 31, 2016 condensed consolidated balance sheet data from audited financial statements, but does not include all disclosures required by GAAP. Interim results for the three months ended March 31, 2017 and 2016 are not necessarily indicative of the results to be expected for the full years. Warranty Expense The Company provides a limited warranty for its mold 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 at March 31 consisted of the following (in thousands): 2017 Warranty accrual at beginning of year $ 19,912 Accrual during the period 3,447 Cost of warranty services provided during the period (196 ) Reversal of reserves upon warranty expiration (1,268 ) Warranty accrual at end of the period $ 21,895 Net Income Attributable to Preferred Shareholders Net income attributable to preferred shareholders related to the accrual of dividends on our convertible and senior redeemable preferred shares, the accretion to redemption amounts on our convertible preferred shares and warrant fair value adjustment. Immediately prior to the closing of our IPO, all preferred shares were converted into shares of our common stock and as a result, the accrual of dividends ceased. 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 March 31, 2017 2016 Basic weighted-average shares outstanding 33,737 4,238 Effect of dilutive stock options and warrants 90 — Diluted weighted-average shares outstanding 33,827 4,238 The Company did not have any potentially dilutive securities outstanding that are not included in the diluted net income per share calculation for the quarter ended March 31, 2017. The Company had 6,000 potentially dilutive securities outstanding during the three months ended March 31, 2016 that are not included in the diluted net loss per share calculation because their effect would be anti-dilutive. 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, 2016, diluted earnings per share would have been a loss of $0.02 for the three months ended March 31, 2016. 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 Accounting Pronouncements Adopted in 2017 In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Compensation – Stock Compensation: Improvement to Employee Share-Based Payment Accounting The Company adopted ASU 2016-09 in the first quarter of 2017 using the modified retrospective transition method through a cumulative effect adjustment to equity as of January 1, 2017. Upon adoption, the Company elected to eliminate application of a forfeiture assumption to share based compensation expense and account for forfeitures as they occur over the vesting period. The cumulative effect of this change increased additional paid-in capital and decreased retained earnings as of January 1, 2017 by $0.7 million, net of tax. The Company did not have any previously unrecognized excess tax effects that had not been recorded as a reduction to the tax liability. The Company did not have any vesting of restricted stock units or stock option exercises during the periods presented in the accompanying financial statements; therefore, the provisions of the standard relating to the cash flow presentation and income taxes did not impact the statements of cash flows nor the income tax provision for the three months ended March 31, 2017. The inclusion of excess tax benefits and deficiencies as a component of the Company’s income tax expense in future periods will increase volatility within the provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on the Company’s stock price at the date the restricted awards vest, the stock price on the date an option is exercised, and the quantity of options exercised. Revenue from Contracts with Customers In May 2014, the FASB issued 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. The Company expects to adopt Topic 606 as of January 1, 2018 with retrospective application to January 1, 2016 through December 31, 2017. 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 consolidated 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. The Company expects that contract liabilities will be reported for amounts collected from customers in advance of the production of products. The Company also expects that 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 consolidated 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 January 1, 2016 through December 31, 2017. 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, 2018. Cash Flow Presentation In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments Restricted Cash 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 11, 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 2017 and 2016. At March 31, 2017 and December 31, 2016, the Company had $97.8 million and $103.4 million, respectively, of cash in deposit accounts in high quality U.S. banks, which was in excess of FDIC limits. The Company has not experienced losses in any such accounts. The Company also maintains cash in bank deposit accounts outside the U.S. with no deposit insurance. This includes $14.8 million in China, $1.9 million in Turkey and $1.0 million in Mexico as of March 31, 2017. The Company has not experienced losses in these accounts in the past. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
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 its consolidated affiliates (GE) relating to the operation of its business. As a result of these agreements, GE has been a debtor, creditor, holder of preferred shares and currently is a holder of common shares. 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 disclosed at note 11, Concentration of Customers Since 2007, the Company has issued multiple series of preferred shares, including several preferred share issuances to GE. Immediately prior to the closing of the IPO, all shares of the then-outstanding preferred shares were converted into shares of common stock. As a result of these transactions, GE owned 8.4% of the Company’s outstanding common stock as of March 31, 2017. 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 and accrued interest under the Company’s subordinated convertible promissory notes 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 | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable | Note 4. Accounts Receivable Accounts receivable consisted of the following (in thousands): March 31, December 31, 2017 2016 Trade accounts receivable $ 93,979 $ 66,612 Other accounts receivable 2,585 1,230 Total accounts receivable $ 96,564 $ 67,842 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories Inventories consisted of the following (in thousands): March 31, December 31, 2017 2016 Raw materials $ 26,551 $ 29,278 Work in process 23,915 21,169 Finished goods 1,481 2,648 Total inventories $ 51,947 $ 53,095 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 3 Months Ended |
Mar. 31, 2017 | |
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): March 31, December 31, 2017 2016 Machinery and equipment $ 77,330 $ 70,481 Buildings 13,590 13,449 Leasehold improvements 17,994 16,818 Office equipment and software 8,945 6,403 Furniture 16,412 15,883 Vehicles 348 342 Construction in progress 16,349 11,592 Total 150,968 134,968 Accumulated depreciation and amortization (47,482 ) (43,802 ) Property, plant and equipment, net $ 103,486 $ 91,166 Total depreciation and amortization expense for the three months ended March 31, 2017 and 2016 was $3.8 million and $3.0 million, respectively. |
Long-Term Debt, Net of Debt Iss
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Note 7. Long-Term Debt, Net of Debt Issuance Costs and Current Maturities Long-term debt, net of debt issuance costs and current maturities, consisted of the following (in thousands): March 31, December 31, 2017 2016 Senior term loan—U.S. $ 74,063 $ 75,000 Senior revolving loan—U.S. 2,820 2,820 Accounts receivable financing—EMEA 13,887 15,120 Unsecured financing—EMEA 5,155 4,638 Equipment financing—EMEA 16,112 15,813 Equipment capital lease—U.S. 1,431 2,016 Equipment capital lease—EMEA 1,499 1,898 Equipment capital lease—Mexico 7,580 8,037 Equipment loan—Mexico 89 103 Total long-term debt 122,636 125,445 Less: Debt issuance costs (2,147 ) (2,290 ) Total long-term debt, net of debt issuance costs 120,489 123,155 Less: Current maturities of long-term debt (32,474 ) (33,403 ) Long-term debt, net of debt issuance costs and current maturities $ 88,015 $ 89,752 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Plans | Note 8. Share-Based Compensation Plans The Company has granted stock option awards to certain employees and non-employee directors 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 months ended March 31, 2017 was $1.7 million, of which $0.2 million is included in cost of goods sold and the remaining $1.5 million is included in general and administrative expenses. The amount related to restricted stock units was $0.5 million while $1.2 million related to stock options. No share-based compensation costs were capitalized during the three months ended March 31, 2017 and 2016. As of March 31, 2017, the unamortized cost of the outstanding restricted stock units was $2.3 million, which the Company expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.7 years. The total unrecognized cost related to non-vested stock option awards was $6.0 million as of March 31, 2017. The Company expects to recognize such costs in the consolidated financial statements over a weighted-average period of approximately 2.0 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, 2016 3,587,692 3,331,418 $ 12.72 25,828 636,120 $ 10.90 Increase in shares authorized 1,349,475 — — — — Forfeited/cancelled 21,600 (21,600 ) 16.53 — — Balance as of March 31, 2017 4,958,767 3,309,818 12.70 25,828 636,120 10.90 The following table summarizes the outstanding and exercisable stock option awards as of March 31, 2017: 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 2.8 $ 8.49 25,828 $ 8.49 $10.87 2,278,800 8.2 10.87 — — $11.00 - $14.31 79,200 9.3 12.50 — — $ 16.53 583,200 8.7 16.53 — — $17.68 - $18.70 342,790 9.2 18.68 — — $8.49 to $18.70 3,309,818 8.4 12.70 25,828 8.49 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes Income tax expense was $2.1 million and $2.3 million in the three months ended March 31, 2017 and 2016, respectively. Tax expense was primarily due to the operating results in China and Mexico. The United States and Turkey operations have not had a significant change to the full valuation allowances recorded against their deferred tax assets as of December 31, 2016. No changes in tax law since December 31, 2016 have had a material impact on the Company’s income tax provision. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Risks And Uncertainties [Abstract] | |
Concentration of Customers | Note 11. Concentration of Customers Revenues from certain customers in excess of 10 percent of total consolidated Company revenues (in thousands) are as follows: Three Months Ended March 31, 2017 2016 Customer Revenues % of Total Revenues % of Total GE $ 84,910 44.3 % $ 96,151 54.6 % Vestas 44,322 23.2 29,941 17.0 Nordex Group 33,559 17.5 29,664 16.8 Gamesa 26,262 13.7 18,137 10.3 Other 2,549 1.3 2,217 1.3 Total $ 191,602 100.0 % $ 176,110 100.0 % Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable are as follows: March 31, December 31, 2017 2016 Customer % of Total % of Total GE 26.7 % 24.9 % Vestas 36.1 % 26.2 % Nordex Group 30.1 % 26.8 % Gamesa 4.6 % 16.2 % |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 12. Segment Reporting The Company’s operating segments are defined geographically as the United States, Asia, Mexico and EMEA. 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 China and Mexico segments, which both include a U.S. parent company. The following tables set forth certain information (in thousands) regarding each of the Company’s segments: Three Months Ended March 31, 2017 2016 Revenues by segment: U.S. $ 46,540 $ 51,761 Asia 66,732 64,352 Mexico 46,931 25,540 EMEA 31,399 34,457 Total revenues $ 191,602 $ 176,110 Revenues by geographic location (1): U.S. $ 46,540 $ 51,761 China 66,732 64,352 Mexico 46,931 25,540 Turkey 31,399 34,457 Total revenues $ 191,602 $ 176,110 Income (loss) from operations: U.S. (2) $ (10,111 ) $ (661 ) Asia 14,704 15,542 Mexico 1,947 967 EMEA 3,174 (7,659 ) Total income from operations $ 9,714 $ 8,189 March 31, December 31, 2017 2016 Property, plant and equipment, net: U.S. $ 17,450 $ 16,740 Asia (China) 27,462 26,341 Mexico 35,634 24,842 EMEA (Turkey) 22,940 23,243 Total property, plant and equipment, net $ 103,486 $ 91,166 (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 $8.3 million and $4.7 million for the three months ended March 31, 2017 and 2016, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events In April 2017, the Company entered into a multiyear supply agreement with Vestas to supply wind blades from two manufacturing lines at a new manufacturing facility that will be constructed in Matamoros, Mexico. The Company also granted Vestas an option to add additional manufacturing lines to the scope of the supply agreement. The Company expects this new manufacturing facility will commence operations in the first half of 2018 and that the wind blades produced at this manufacturing facility will primarily serve wind markets in Mexico, Central America and South America. In April 2017, the Company amended its Restated Credit Facility to increase the letter of credit sub-facility from $15.0 million to $20.0 million. |
Summary of Operations and Sig20
Summary of Operations and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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. In April 2017, the Company entered into a multiyear supply agreement with Vestas Wind Systems A/S (Vestas) to supply wind blades from two manufacturing lines at a new manufacturing facility that will be constructed in Matamoros, Mexico. The Company expects this new manufacturing facility will commence operations in the first half of 2018. |
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 the Middle East and Africa (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 at its 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 three facilities in Juárez, Mexico, one of which commenced operations in 2014, the second during the third quarter of 2016 and the third in January 2017. In April 2017, the Mexico segment entered into a multiyear supply agreement with Vestas to supply wind blades from two manufacturing lines at a new manufacturing facility that will be constructed in Matamoros, Mexico. • The EMEA segment manufactures wind blades from two facilities in Izmir, Turkey. The Company entered into a joint venture in 2012 to produce wind blades at the first Turkey plant and in 2013 became the sole owner of the Turkey operation with the acquisition of the remaining 25% interest. 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 SEC and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K. 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 March 31, 2017, and the results of the Company’s operations, comprehensive income and cash flows for the periods presented. The Company derived the December 31, 2016 condensed consolidated balance sheet data from audited financial statements, but does not include all disclosures required by GAAP. Interim results for the three months ended March 31, 2017 and 2016 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 mold 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 at March 31 consisted of the following (in thousands): 2017 Warranty accrual at beginning of year $ 19,912 Accrual during the period 3,447 Cost of warranty services provided during the period (196 ) Reversal of reserves upon warranty expiration (1,268 ) Warranty accrual at end of the period $ 21,895 |
Net Income Attributable to Preferred Shareholders | Net Income Attributable to Preferred Shareholders Net income attributable to preferred shareholders related to the accrual of dividends on our convertible and senior redeemable preferred shares, the accretion to redemption amounts on our convertible preferred shares and warrant fair value adjustment. Immediately prior to the closing of our IPO, all preferred shares were converted into shares of our common stock and as a result, the accrual of dividends ceased. |
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 March 31, 2017 2016 Basic weighted-average shares outstanding 33,737 4,238 Effect of dilutive stock options and warrants 90 — Diluted weighted-average shares outstanding 33,827 4,238 The Company did not have any potentially dilutive securities outstanding that are not included in the diluted net income per share calculation for the quarter ended March 31, 2017. The Company had 6,000 potentially dilutive securities outstanding during the three months ended March 31, 2016 that are not included in the diluted net loss per share calculation because their effect would be anti-dilutive. 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, 2016, diluted earnings per share would have been a loss of $0.02 for the three months ended March 31, 2016. |
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 Accounting Pronouncements Adopted in 2017 In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Compensation – Stock Compensation: Improvement to Employee Share-Based Payment Accounting The Company adopted ASU 2016-09 in the first quarter of 2017 using the modified retrospective transition method through a cumulative effect adjustment to equity as of January 1, 2017. Upon adoption, the Company elected to eliminate application of a forfeiture assumption to share based compensation expense and account for forfeitures as they occur over the vesting period. The cumulative effect of this change increased additional paid-in capital and decreased retained earnings as of January 1, 2017 by $0.7 million, net of tax. The Company did not have any previously unrecognized excess tax effects that had not been recorded as a reduction to the tax liability. The Company did not have any vesting of restricted stock units or stock option exercises during the periods presented in the accompanying financial statements; therefore, the provisions of the standard relating to the cash flow presentation and income taxes did not impact the statements of cash flows nor the income tax provision for the three months ended March 31, 2017. The inclusion of excess tax benefits and deficiencies as a component of the Company’s income tax expense in future periods will increase volatility within the provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on the Company’s stock price at the date the restricted awards vest, the stock price on the date an option is exercised, and the quantity of options exercised. Revenue from Contracts with Customers In May 2014, the FASB issued 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. The Company expects to adopt Topic 606 as of January 1, 2018 with retrospective application to January 1, 2016 through December 31, 2017. 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 consolidated 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. The Company expects that contract liabilities will be reported for amounts collected from customers in advance of the production of products. The Company also expects that 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 consolidated 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 January 1, 2016 through December 31, 2017. 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, 2018. |
Cash Flow Presentation | Cash Flow Presentation In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments Restricted Cash |
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 Sig21
Summary of Operations and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Warranty Accrual | Warranty accrual at March 31 consisted of the following (in thousands): 2017 Warranty accrual at beginning of year $ 19,912 Accrual during the period 3,447 Cost of warranty services provided during the period (196 ) Reversal of reserves upon warranty expiration (1,268 ) Warranty accrual at end of the period $ 21,895 |
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 March 31, 2017 2016 Basic weighted-average shares outstanding 33,737 4,238 Effect of dilutive stock options and warrants 90 — Diluted weighted-average shares outstanding 33,827 4,238 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable consisted of the following (in thousands): March 31, December 31, 2017 2016 Trade accounts receivable $ 93,979 $ 66,612 Other accounts receivable 2,585 1,230 Total accounts receivable $ 96,564 $ 67,842 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): March 31, December 31, 2017 2016 Raw materials $ 26,551 $ 29,278 Work in process 23,915 21,169 Finished goods 1,481 2,648 Total inventories $ 51,947 $ 53,095 |
Property, Plant, and Equipmen24
Property, Plant, and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment Net | Property, plant and equipment, net consisted of the following (in thousands): March 31, December 31, 2017 2016 Machinery and equipment $ 77,330 $ 70,481 Buildings 13,590 13,449 Leasehold improvements 17,994 16,818 Office equipment and software 8,945 6,403 Furniture 16,412 15,883 Vehicles 348 342 Construction in progress 16,349 11,592 Total 150,968 134,968 Accumulated depreciation and amortization (47,482 ) (43,802 ) Property, plant and equipment, net $ 103,486 $ 91,166 |
Long-Term Debt, Net of Debt I25
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Long-term debt, net of debt issuance costs and current maturities, consisted of the following (in thousands): March 31, December 31, 2017 2016 Senior term loan—U.S. $ 74,063 $ 75,000 Senior revolving loan—U.S. 2,820 2,820 Accounts receivable financing—EMEA 13,887 15,120 Unsecured financing—EMEA 5,155 4,638 Equipment financing—EMEA 16,112 15,813 Equipment capital lease—U.S. 1,431 2,016 Equipment capital lease—EMEA 1,499 1,898 Equipment capital lease—Mexico 7,580 8,037 Equipment loan—Mexico 89 103 Total long-term debt 122,636 125,445 Less: Debt issuance costs (2,147 ) (2,290 ) Total long-term debt, net of debt issuance costs 120,489 123,155 Less: Current maturities of long-term debt (32,474 ) (33,403 ) Long-term debt, net of debt issuance costs and current maturities $ 88,015 $ 89,752 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 3,587,692 3,331,418 $ 12.72 25,828 636,120 $ 10.90 Increase in shares authorized 1,349,475 — — — — Forfeited/cancelled 21,600 (21,600 ) 16.53 — — Balance as of March 31, 2017 4,958,767 3,309,818 12.70 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 March 31, 2017: 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 2.8 $ 8.49 25,828 $ 8.49 $10.87 2,278,800 8.2 10.87 — — $11.00 - $14.31 79,200 9.3 12.50 — — $ 16.53 583,200 8.7 16.53 — — $17.68 - $18.70 342,790 9.2 18.68 — — $8.49 to $18.70 3,309,818 8.4 12.70 25,828 8.49 |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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) are as follows: Three Months Ended March 31, 2017 2016 Customer Revenues % of Total Revenues % of Total GE $ 84,910 44.3 % $ 96,151 54.6 % Vestas 44,322 23.2 29,941 17.0 Nordex Group 33,559 17.5 29,664 16.8 Gamesa 26,262 13.7 18,137 10.3 Other 2,549 1.3 2,217 1.3 Total $ 191,602 100.0 % $ 176,110 100.0 % |
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: March 31, December 31, 2017 2016 Customer % of Total % of Total GE 26.7 % 24.9 % Vestas 36.1 % 26.2 % Nordex Group 30.1 % 26.8 % Gamesa 4.6 % 16.2 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables set forth certain information (in thousands) regarding each of the Company’s segments: Three Months Ended March 31, 2017 2016 Revenues by segment: U.S. $ 46,540 $ 51,761 Asia 66,732 64,352 Mexico 46,931 25,540 EMEA 31,399 34,457 Total revenues $ 191,602 $ 176,110 Revenues by geographic location (1): U.S. $ 46,540 $ 51,761 China 66,732 64,352 Mexico 46,931 25,540 Turkey 31,399 34,457 Total revenues $ 191,602 $ 176,110 Income (loss) from operations: U.S. (2) $ (10,111 ) $ (661 ) Asia 14,704 15,542 Mexico 1,947 967 EMEA 3,174 (7,659 ) Total income from operations $ 9,714 $ 8,189 March 31, December 31, 2017 2016 Property, plant and equipment, net: U.S. $ 17,450 $ 16,740 Asia (China) 27,462 26,341 Mexico 35,634 24,842 EMEA (Turkey) 22,940 23,243 Total property, plant and equipment, net $ 103,486 $ 91,166 (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 $8.3 million and $4.7 million for the three months ended March 31, 2017 and 2016, respectively. |
Summary of Operations and Sig29
Summary of Operations and Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||
Jul. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2017SegmentFacilityshares | Mar. 31, 2016$ / sharesshares | Jan. 01, 2017USD ($) | Dec. 31, 2013 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |||||
Number of operating segments | Segment | 4 | ||||
Potentially dilutive securities outstanding | 0 | 6,000 | |||
ASU 2016-09 [Member] | |||||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||||
Cumulative effect of change in increased additional paid-in capital and decreased in retained earnings | $ | $ 0.7 | ||||
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 | 3 | ||||
EMEA [Member] | |||||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||||
Number of manufacturing facilities | Facility | 2 | ||||
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 | $ | $ 67.2 | ||||
Conversion of convertible promissory notes | $ | $ 11.9 | ||||
Diluted earnings per share | $ / shares | $ (0.02) | ||||
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 | ||||
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 | ||||
Prior to IPO [Member] | |||||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||||
Common stock forward stock split ratio | 360 |
Summary of Operations and Sig30
Summary of Operations and Significant Accounting Policies - Summary of Warranty Accrual (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Product Warranties Disclosures [Abstract] | |
Warranty accrual at beginning of year | $ 19,912 |
Accrual during the period | 3,447 |
Cost of warranty services provided during the period | (196) |
Reversal of reserves upon warranty expiration | (1,268) |
Warranty accrual at end of the period | $ 21,895 |
Summary of Operations and Sig31
Summary of Operations and Significant Accounting Policies - Calculation Of Weighted-Average Number Of Common Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Basic weighted-average shares outstanding | 33,737 | 4,238 |
Effect of dilutive stock options and warrants | 90 | |
Diluted weighted-average shares outstanding | 33,827 | 4,238 |
Significant Risks and Uncerta32
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
U.S. [Member] | ||
Concentration Risk [Line Items] | ||
Cash in deposit accounts | $ 97,800,000 | $ 103,400,000 |
China [Member] | ||
Concentration Risk [Line Items] | ||
Cash in deposit accounts | 14,800,000 | |
Turkey [Member] | ||
Concentration Risk [Line Items] | ||
Cash in deposit accounts | 1,900,000 | |
Mexico [Member] | ||
Concentration Risk [Line Items] | ||
Cash in deposit accounts | 1,000,000 | |
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 | |||
Jul. 31, 2016$ / sharesshares | Mar. 31, 2017USD ($)Agreement | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2016USD ($) | |
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] | |||||
Number of supply agreements | Agreement | 5 | ||||
Proceeds from related party sales | $ | $ 84.9 | $ 96.2 | |||
Accounts receivables, related party | $ | $ 25.1 | $ 16.6 | |||
Percentage of common stock outstanding | 8.40% | ||||
Advance received | $ | $ 2 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 96,564 | $ 67,842 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 93,979 | 66,612 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 2,585 | $ 1,230 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 26,551 | $ 29,278 |
Work in process | 23,915 | 21,169 |
Finished goods | 1,481 | 2,648 |
Total inventories | $ 51,947 | $ 53,095 |
Property, Plant, and Equipmen36
Property, Plant, and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 150,968 | $ 134,968 |
Accumulated depreciation and amortization | (47,482) | (43,802) |
Property, plant and equipment, net | 103,486 | 91,166 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 77,330 | 70,481 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,590 | 13,449 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 17,994 | 16,818 |
Office Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,945 | 6,403 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,412 | 15,883 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 348 | 342 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 16,349 | $ 11,592 |
Property, Plant, and Equipmen37
Property, Plant, and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | ||
Total depreciation and amortization expense | $ 3,829 | $ 3,011 |
Long-Term Debt, Net of Debt I38
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Total long-term debt | ||
Total long-term debt | $ 122,636 | $ 125,445 |
Less: Debt issuance costs | (2,147) | (2,290) |
Total long-term debt, net of debt issuance costs | 120,489 | 123,155 |
Less: Current maturities of long-term debt | (32,474) | (33,403) |
Long-term debt, net of debt issuance costs and current maturities | 88,015 | 89,752 |
Senior Term Loan [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 74,063 | 75,000 |
Senior Revolving Loan [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 2,820 | 2,820 |
Accounts Receivable Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 13,887 | 15,120 |
Unsecured Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 5,155 | 4,638 |
Equipment Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 16,112 | 15,813 |
Equipment Capital Lease [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 1,431 | 2,016 |
Equipment Capital Lease [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 1,499 | 1,898 |
Equipment Capital Lease [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | 7,580 | 8,037 |
Equipment Loan [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 89 | $ 103 |
Share-Based Compensation Plan39
Share-Based Compensation Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 1,700,000 | |
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 8 months 12 days | |
Total share-based compensation expense | $ 500,000 | |
Unamortized amount of share-based compensation expense | $ 2,300,000 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 2 years | |
Total share-based compensation expense | $ 1,200,000 | |
Total unrecognized cost related to non-vested stock option awards | 6,000,000 | |
Cost of Goods Sold [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | 200,000 | |
General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 1,500,000 |
Share-Based Compensation Plan40
Share-Based Compensation Plans - Summary of Activity of Stock Options and Restricted Stock Units (RSU) (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Options, Shares Available for Grant, Beginning balance | 3,587,692 | |
Stock Options, Shares Available for Grant, Increase in shares authorized | 1,349,475 | |
Stock Options, Shares Available for Grant, Forfeited/cancelled | 21,600 | |
Stock Options, Shares Available for Grant, Ending balance | 4,958,767 | |
Stock Options, Shares, Beginning balance | 3,331,418 | |
Stock Options, Shares, Increase in shares authorized | 0 | |
Stock Options, Shares, Forfeited/cancelled | (21,600) | |
Stock Options, Shares, Ending balance | 3,309,818 | |
Stock Options, Weighted-Average Exercise Price, Beginning balance | $ 12.72 | |
Stock Options, Weighted-Average Exercise Price, Increase in shares authorized | 0 | |
Stock Options, Weighted-Average Exercise Price, Forfeited/cancelled | 16.53 | |
Stock Options, Weighted-Average Exercise Price, Ending balance | $ 12.70 | |
Stock Options, Options Exercisable | 25,828 | 25,828 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs, Units, Beginning balance | 636,120 | |
RSUs, Units, Increase in shares authorized | 0 | |
RSUs, Units, Forfeited/cancelled | 0 | |
RSUs, Units, Ending balance | 636,120 | |
RSUs, Weighted-Average Grant Date Fair Value, Beginning balance | $ 10.90 | |
RSUs, Weighted-Average Grant Date Fair Value, Increase in shares authorized | 0 | |
RSUs, Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 0 | |
RSUs, Weighted-Average Grant Date Fair Value, Ending balance | $ 10.90 |
Share-Based Compensation Plan41
Share-Based Compensation Plans - Summary of Outstanding and Exercisable Stock Option Awards (Detail) | 3 Months Ended |
Mar. 31, 2017$ / 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 | 3,309,818 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 12.70 |
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) | 2 years 9 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 |
Options Outstanding, Shares | shares | 2,278,800 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 2 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 | 11 |
Range of Exercise Prices, Maximum | $ 14.31 |
Options Outstanding, Shares | shares | 79,200 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 9 years 3 months 18 days |
Options Outstanding, Weighted-Average Exercise Price | $ 12.50 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 16.53 |
Options Outstanding, Shares | shares | 583,200 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 8 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 16.53 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | 17.68 |
Range of Exercise Prices, Maximum | $ 18.70 |
Options Outstanding, Shares | shares | 342,790 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 9 years 2 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 18.68 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 2,101 | $ 2,303 |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Sales Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 100.00% | 100.00% | |
Sales Revenues [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 10.00% | 10.00% | |
Accounts Receivable [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 10.00% | 10.00% |
Concentration of Customers - Sc
Concentration of Customers - Schedule of Revenues from Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Concentration Risk [Line Items] | ||
Revenues | $ 191,602 | $ 176,110 |
Sales Revenues [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 191,602 | $ 176,110 |
Percentage of Total | 100.00% | 100.00% |
Sales Revenues [Member] | GE [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 84,910 | $ 96,151 |
Percentage of Total | 44.30% | 54.60% |
Sales Revenues [Member] | Vestas [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 44,322 | $ 29,941 |
Percentage of Total | 23.20% | 17.00% |
Sales Revenues [Member] | Nordex Group [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 33,559 | $ 29,664 |
Percentage of Total | 17.50% | 16.80% |
Sales Revenues [Member] | Gamesa [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 26,262 | $ 18,137 |
Percentage of Total | 13.70% | 10.30% |
Sales Revenues [Member] | Other [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenues | $ 2,549 | $ 2,217 |
Percentage of Total | 1.30% | 1.30% |
Concentration of Customers - 45
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
GE [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 26.70% | 24.90% |
Vestas [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 36.10% | 26.20% |
Nordex Group [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 30.10% | 26.80% |
Gamesa [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 4.60% | 16.20% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Segment | |
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 | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 191,602 | $ 176,110 | |
Total income from operations | 9,714 | 8,189 | |
Total property, plant and equipment, net | 103,486 | $ 91,166 | |
U.S. Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 46,540 | 51,761 | |
Total income from operations | (10,111) | (661) | |
Total property, plant and equipment, net | 17,450 | 16,740 | |
Asia Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 66,732 | 64,352 | |
Total income from operations | 14,704 | 15,542 | |
Total property, plant and equipment, net | 27,462 | 26,341 | |
Mexico Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 46,931 | 25,540 | |
Total income from operations | 1,947 | 967 | |
Total property, plant and equipment, net | 35,634 | 24,842 | |
EMEA Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 31,399 | 34,457 | |
Total income from operations | 3,174 | (7,659) | |
Total property, plant and equipment, net | 22,940 | $ 23,243 | |
U.S. [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 46,540 | 51,761 | |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 66,732 | 64,352 | |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 46,931 | 25,540 | |
Turkey [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 31,399 | $ 34,457 |
Segment Reporting - Schedule 48
Segment Reporting - Schedule of Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
General and administrative costs | $ 8,306 | $ 4,749 |
U.S. Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
General and administrative costs | $ 8,300 | $ 4,700 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Letter of Credit [Member] - USD ($) | Apr. 30, 2017 | Mar. 31, 2017 |
Subsequent Event [Line Items] | ||
Letter of credit sub-facility | $ 15,000,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Letter of credit sub-facility | $ 20,000,000 |