Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TPIC | ||
Entity Registrant Name | TPI COMPOSITES, INC | ||
Entity Central Index Key | 1,455,684 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 34,914,385 | ||
Entity Public Float | $ 589 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 85,346 | $ 148,113 |
Restricted cash | 3,555 | 3,849 |
Accounts receivable | 176,815 | 121,576 |
Contract assets | 116,708 | 105,619 |
Prepaid expenses and other current assets | 26,038 | 27,507 |
Inventories | 5,735 | 4,112 |
Total current assets | 414,197 | 410,776 |
Property, plant and equipment, net | 159,423 | 123,480 |
Goodwill | 2,807 | 2,807 |
Intangible assets and deferred costs, net | 4,458 | 1,108 |
Other noncurrent assets | 23,970 | 7,566 |
Total assets | 604,855 | 545,737 |
Current liabilities: | ||
Accounts payable and accrued expenses | 199,078 | 167,175 |
Accrued warranty | 36,765 | 30,419 |
Current maturities of long-term debt | 27,058 | 35,506 |
Contract liabilities | 7,143 | 2,763 |
Total current liabilities | 270,044 | 235,863 |
Long-term debt, net of debt issuance costs and current maturities | 110,565 | 85,879 |
Other noncurrent liabilities | 3,289 | 3,441 |
Total liabilities | 383,898 | 325,183 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: (Note 4) | ||
Common shares, $0.01 par value, 100,000 shares authorized and 34,745 shares issued and 34,678 shares outstanding at December 31, 2018; 100,000 shares authorized and 34,049 shares issued and 34,021 shares outstanding at December 31, 2017 | 347 | 340 |
Paid-in capital | 311,771 | 301,543 |
Accumulated other comprehensive loss | (14,392) | (558) |
Accumulated deficit | (74,981) | (80,260) |
Treasury stock, at cost, 67 shares at December 31, 2018; 28 shares at December 31, 2017 | (1,788) | (511) |
Total stockholders’ equity | 220,957 | 220,554 |
Total liabilities and stockholders’ equity | $ 604,855 | $ 545,737 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 34,745,000 | 34,049,000 |
Common stock, shares outstanding | 34,678,000 | 34,021,000 |
Treasury stock, shares | 67,000 | 28,000 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||||||||||
Net sales (Note 4) | $ 290,057 | $ 254,976 | $ 230,610 | $ 253,981 | $ 253,503 | $ 253,498 | $ 239,582 | $ 208,615 | $ 1,029,624 | $ 955,198 | $ 769,019 |
Cost of sales | 882,075 | 804,099 | 664,026 | ||||||||
Startup and transition costs | 74,708 | 40,628 | 18,127 | ||||||||
Total cost of goods sold | 956,783 | 844,727 | 682,153 | ||||||||
Gross profit | 12,565 | 16,967 | 15,051 | 28,258 | 30,322 | 30,306 | 29,925 | 19,918 | 72,841 | 110,471 | 86,866 |
General and administrative expenses | 48,123 | 40,373 | 33,892 | ||||||||
Income from operations | 24,718 | 70,098 | 52,974 | ||||||||
Other income (expense): | |||||||||||
Interest income | 181 | 95 | 344 | ||||||||
Interest expense | (10,417) | (12,381) | (17,614) | ||||||||
Loss on extinguishment of debt | (3,397) | (4,487) | |||||||||
Realized loss on foreign currency remeasurement | (13,489) | (4,471) | (757) | ||||||||
Miscellaneous income | 4,650 | 1,191 | 238 | ||||||||
Total other expense | (22,472) | (15,566) | (22,276) | ||||||||
Income before income taxes | 2,246 | 54,532 | 30,698 | ||||||||
Income tax benefit (provision) | 3,033 | (15,798) | (3,654) | ||||||||
Net income | $ (8,848) | $ 9,532 | $ (4,053) | $ 8,648 | $ 2,207 | $ 21,737 | $ 9,577 | $ 5,213 | 5,279 | 38,734 | 27,044 |
Net income attributable to preferred stockholders | 5,471 | ||||||||||
Net income attributable to common stockholders | $ 5,279 | $ 38,734 | $ 21,573 | ||||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 34,311 | 33,844 | 17,530 | ||||||||
Diluted | 36,002 | 34,862 | 17,616 | ||||||||
Net income per common share: | |||||||||||
Basic | $ 0.15 | $ 1.14 | $ 1.23 | ||||||||
Diluted | $ 0.15 | $ 1.11 | $ 1.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||||||||||
Net income | $ (8,848) | $ 9,532 | $ (4,053) | $ 8,648 | $ 2,207 | $ 21,737 | $ 9,577 | $ 5,213 | $ 5,279 | $ 38,734 | $ 27,044 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | (14,428) | 3,304 | (3,837) | ||||||||
Unrealized gain on hedging derivatives, net of taxes of $158 for the year ended December 31, 2018 | 594 | ||||||||||
Comprehensive income (loss) | $ (8,555) | $ 42,038 | $ 23,207 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Statement Of Income And Comprehensive Income [Abstract] | |
Unrealized gain on hedging derivatives, tax | $ 158 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | As Reported [Member] | Common Stock [Member] | Common Stock [Member]Subordinated Debt [Member] | Common Stock [Member]Convertible Preferred Stock [Member] | Common Stock [Member]Series B Warrants [Member] | Common Stock [Member]As Reported [Member] | Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]As Reported [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]As Reported [Member] | Treasury Stock, at Cost [Member] |
Beginning balance at Dec. 31, 2015 | $ (139,506) | $ (25) | $ (139,481) | ||||||||||
Beginning balance (ASU 2014-09 [Member]) at Dec. 31, 2015 | $ (191,197) | $ (25) | $ (191,172) | ||||||||||
Beginning balance, shares at Dec. 31, 2015 | 4,238 | ||||||||||||
Beginning balance, shares (ASU 2014-09 [Member]) at Dec. 31, 2015 | 4,238 | ||||||||||||
Cumulative-effect adjustment of the adoption (ASU 2014-09 [Member]) at Dec. 31, 2015 | 51,691 | 51,691 | |||||||||||
Net income | 27,044 | 27,044 | |||||||||||
Net income | ASU 2014-09 [Member] | 13,842 | ||||||||||||
Other comprehensive income (loss) | (3,837) | (3,837) | |||||||||||
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 under-writers 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 convertible promissory notes 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 redeemable preferred share warrants into common stock upon consummation of IPO, shares | 121 | ||||||||||||
Share-based compensation expense | 9,764 | 9,764 | |||||||||||
Ending balance at Dec. 31, 2016 | 171,400 | $ 337 | 292,833 | (3,862) | (117,908) | ||||||||
Ending balance, shares at Dec. 31, 2016 | 33,737 | ||||||||||||
Cumulative-effect adjustment of the adoption (ASU 2016-09 [Member]) at Dec. 31, 2016 | (14) | 1,072 | (1,086) | ||||||||||
Net income | 38,734 | 38,734 | |||||||||||
Net income | ASU 2014-09 [Member] | 43,690 | ||||||||||||
Other comprehensive income (loss) | 3,304 | 3,304 | |||||||||||
Common stock repurchased | (1,264) | $ (1,264) | |||||||||||
Issuances under share-based compensation plan | 1,430 | $ 3 | 674 | 753 | |||||||||
Issuances under share-based compensation plan, shares | 312 | ||||||||||||
Share-based compensation expense | 6,964 | 6,964 | |||||||||||
Ending balance at Dec. 31, 2017 | 220,554 | $ 340 | 301,543 | (558) | (80,260) | (511) | |||||||
Ending balance (ASU 2014-09 [Member]) at Dec. 31, 2017 | $ 160,617 | ||||||||||||
Ending balance, shares at Dec. 31, 2017 | 34,049 | ||||||||||||
Net income | 5,279 | 5,279 | |||||||||||
Other comprehensive income (loss) | (13,834) | (13,834) | |||||||||||
Common stock repurchased | (2,859) | (2,859) | |||||||||||
Issuances under share-based compensation plan | 4,284 | $ 7 | 2,695 | 1,582 | |||||||||
Issuances under share-based compensation plan, shares | 696 | ||||||||||||
Share-based compensation expense | 7,533 | 7,533 | |||||||||||
Ending balance at Dec. 31, 2018 | $ 220,957 | $ 347 | $ 311,771 | $ (14,392) | $ (74,981) | $ (1,788) | |||||||
Ending balance, shares at Dec. 31, 2018 | 34,745 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 5,279 | $ 38,734 | $ 27,044 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 26,429 | 21,698 | 13,186 |
Share-based compensation expense | 7,795 | 7,124 | 9,902 |
Amortization of debt issuance costs and debt discount | 336 | 573 | 4,681 |
Loss on extinguishment of debt | 3,397 | 4,487 | |
Loss on sale of assets | 4,581 | 334 | 2 |
Deferred income taxes | (14,912) | 1,650 | (6,123) |
Changes in assets and liabilities: | |||
Accounts receivable | (59,200) | (54,227) | 5,564 |
Contract assets and liabilities | (7,898) | (4,423) | (17,227) |
Inventories | (1,685) | 964 | (1,179) |
Prepaid expenses and other current assets | 1,186 | 3,150 | 681 |
Other noncurrent assets | (5,167) | 2,816 | (3,690) |
Accounts payable and accrued expenses | 32,263 | 51,474 | 17,424 |
Accrued warranty | 6,346 | 9,330 | 6,709 |
Other noncurrent liabilities | (2,008) | (4,597) | (1,619) |
Net cash provided by (used in) operating activities | (3,258) | 74,600 | 59,842 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (52,688) | (44,828) | (30,507) |
Proceeds from sale of assets | 850 | ||
Net cash used in investing activities | (52,688) | (43,978) | (30,507) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock sold in initial public offering, net of underwriters discount and offering costs | 67,199 | ||
Proceeds from revolving and term loans | 89,435 | ||
Repayments of revolving and term loans | (74,972) | (3,750) | (930) |
Net proceeds from (repayments of) accounts receivable financing | 424 | (1,020) | (5,385) |
Proceeds from working capital loans | 9,936 | 15,813 | |
Repayments of working capital loans | (14,574) | (20,103) | |
Net proceeds from (repayments of) other debt | (23,763) | 1,313 | (4,765) |
Proceeds from customer advances | 2,000 | ||
Repayments of customer advances | (2,000) | ||
Debt issuance costs | (281) | (454) | |
Proceeds from exercise of stock options | 4,284 | 1,430 | |
Repurchase of common stock including shares withheld in lieu of income taxes | (2,859) | (1,264) | |
Net cash provided by (used in) financing activities | (7,732) | (8,383) | 51,829 |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | 617 | 335 | (1,515) |
Net change in cash, cash equivalents and restricted cash | (63,061) | 22,574 | 79,649 |
Cash, cash equivalents and restricted cash, beginning of year | 152,437 | 129,863 | 50,214 |
Cash, cash equivalents and restricted cash, end of year | 89,376 | 152,437 | 129,863 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 9,904 | 11,803 | 11,126 |
Cash paid for income taxes, net | 7,246 | 17,263 | 8,506 |
Supplemental disclosures of noncash investing and financing activities: | |||
Conversion of subordinated convertible promissory notes into common stock | 11,877 | ||
Accrued capital expenditures in accounts payable | 5,139 | 5,725 | 2,664 |
Equipment acquired through capital lease and financing obligations | $ 21,968 | $ 6,206 | 10,011 |
Debt refinance and related fees | $ 2,163 |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | Note 1. Summary of Operations and Significant Accounting Policies (a) 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 or we). 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; Matamoros, Mexico; Izmir, Turkey; Kolding, Denmark and Chennai, India. (b) Basis of Presentation We divide our business operations into four geographic operating segments—the United States (U.S.), Asia, Mexico and Europe, the Middle East, Africa and India (EMEAI), as follows: • Our U.S. segment includes (1) the manufacturing of wind blades at our Newton, Iowa plant, (2) the manufacturing of precision molding and assembly systems used for the manufacture of wind blades at our Warren, Rhode Island facility, (3) the manufacturing of composite solutions for the transportation industry, which we also conduct at our existing Rhode Island facility as well as at our Fall River, Massachusetts facility and at a second manufacturing facility in Newton, Iowa which commenced operations in the second quarter of 2018, (4) wind blade inspection and repair services in North America, (5) our advanced engineering center in Kolding, Denmark, which provides technical and engineering resources to our manufacturing facilities and (6) our corporate headquarters, the costs of which are included in general and administrative expenses. • Our Asia segment includes (1) the manufacturing of wind blades at our facilities in Taicang Port, China; Dafeng, China and Yangzhou, China, the latter of which we expect to commence operations in the first quarter of 2019, (2) the manufacturing of precision molding and assembly systems at our Taicang City, China facility and (3) wind blade inspection and repair services. • Our Mexico segment manufactures wind blades from three facilities in Juárez, Mexico and a facility in Matamoros, Mexico at which we commenced operations in the third quarter of 2018. In November 2018, we entered into a new lease agreement with a third party for a new precision molding and assembly systems manufacturing facility in Juárez, Mexico and we expect to commence operations at this facility in the first quarter of 2019. This segment also performs wind blade inspection and repair services. • Our EMEAI segment manufactures wind blades from two facilities in Izmir, Turkey and also performs wind blade inspection and repair services. In February 2019, we entered into a new lease agreement with a third party for a new manufacturing facility that will be built near Chennai, India and we expect to commence operations at this facility in the first half of 2020. 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. As previously announced, effective January 1, 2018, we adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers Recently Issued Accounting Pronouncements - Revenue from Contracts with Customers Revenue from Contracts with Customers Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement (c) Public Offerings and Stock Split In July 2016, we completed an initial public offering (IPO) of 7,187,500 shares of our 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 our existing stockholders, a non-employee director and executive officers purchased an aggregate of 1,250,000 shares of our 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 our common stock and the redeemable preferred share warrants converted on a net issuance basis into 120,923 shares of our 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 our common stock at the public offering price of $11.00 per share. Prior to the IPO, in July 2016, we amended our amended and restated certificate of incorporation to effect a 360-for-1 forward stock split of our common stock. As a result of the stock split, we have adjusted the share amounts authorized and issuable under the share-based compensation plans. All share and per share common stock information referenced throughout the 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 our common stock. In May 2017, we completed a secondary public offering of 5,075,000 shares of our common stock at a price of $16.35 per share, which included 575,000 shares issued pursuant to the underwriters’ option to purchase additional shares. All of the shares were sold by existing stockholders and certain of our executive officers. The selling stockholders received all of the net proceeds of $78.8 million from the secondary public offering. We did not sell any shares and did not receive any of the proceeds from the offering and the costs paid by us in connection with the offering of $0.8 million were recorded in general and administrative costs in the accompanying consolidated income statement. (d) Revenue Recognition The majority of our revenue is generated from long-term contracts associated with manufacturing of wind blades and related services. We account for a long-term contract when it has the approval from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and the collectability of consideration is probable. To determine the proper revenue recognition method for each long-term contract, we evaluate whether the original contract should be accounted for as one or more performance obligations. This evaluation requires judgment and the decisions reached could change the amount of revenue and gross profit recorded in a given period. As most of our contracts contain multiple performance obligations, we allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Our manufacturing services are customer specific and involve production of items that cannot be sold to other customers due to the customers’ protected intellectual property; therefore, we allocate the total transaction price under our contracts with multiple performance obligations using the contractually stated prices, as these prices represent the relative standalone selling price based on an expected cost plus margin model. Revenue is primarily recognized over time as we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. In addition, the customer does not have return or refund rights for items produced that conform to the specifications included in the contract. Because control transfers over time, revenue is recognized based on the extent of progress towards the completion of the performance obligation. We use the cost-to-cost input measure of progress for our contracts as this method provides the best representation of the production progress towards satisfaction of the performance obligation as the materials are distinct to the product being manufactured because of customer specifications provided for in the contract, the costs incurred are proportional to the progress towards completion of the product, and the products do not involve significant pre-fabricated component parts. Under the cost-to-cost method, progress and the related revenue recognition is determined by a ratio of direct costs incurred to date in fulfillment of the contract to the total estimated direct costs required to complete the performance obligation. Determining the revenue to be recognized for services performed under our manufacturing contracts involves significant judgments and estimates relating to the total consideration to be received and the expected total costs to complete the performance obligation. The judgments and estimates relating to the total consideration to be received include the amount of variable consideration as our contracts typically provide the customer with a range of production output options from guaranteed minimum volume obligations to the production capacity of the facility, and customers will provide periodic non-cancellable commitments for the number of wind blades to be produced over the term of the agreement. We use historical experience, customer commitments and forecasted future production based on the capacity of the plant to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of revenue per unit produced may vary based on the costs of production of the wind blades as we may be able to change the price per unit based on changes in the cost of production. Further, some of our contracts provide opportunities for us to share in labor and material cost savings as well as absorb some additional costs as an incentive for more efficient production, both of which impact the margin realized on the contract and ultimately the total amount of revenue to be recognized. Additionally, certain of our customer contracts provide for concessions by us for missed production deadlines. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information available to us at the time of the estimate and may materially change as additional information becomes known. Our contracts may be modified to account for changes in specifications of products and changing requirements. If the contract modifications are for goods or services that are not distinct from the existing contract, they are accounted for as if they were part of the original contract. The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If contract modifications are for goods and services that are distinct from the existing contract and increases the amount of consideration reflecting the standalone sale price of the additional goods or services, then the contract modification is accounted for as a separate contract and is evaluated for one or more performance obligations. Each reporting period, we evaluate the progress towards satisfaction of each performance obligation based on any contract modifications that have occurred, cost incurred to date, and an estimate of the expected future revenue and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of revenue, cost of sales, contract assets and liabilities and the related impact to operating income are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on the percentage of completion of the performance obligation. Wind blade pricing is based on annual commitments of volume as established in our customer contracts and orders less than committed volume may result in a higher price per wind blade to our customers. Orders in excess of annual commitments may result in discounts to our customers from the contracted price for the committed volume. Our customers typically provide periodic purchase orders with the price per wind blade given the current cost of the bill of materials, labor requirements and volume desired. We record an allowance for expected utilization of early payment discounts which are reported as a reduction of the related revenue. Precision molding and assembly systems included in a customer’s contract are based upon the specific engineering requirements and design determined by the customer and are specific to the wind blade design and function desired. From the customer’s engineering specifications, a job cost estimate is developed along with a production plan, and the desired margin is applied based on the location the work is to be performed and complexity of the customer’s design. Precision molding and assembly systems are generally built to produce wind blades which may be manufactured by us in production runs specified in the customer contract. Contract assets primarily relate to our rights to consideration for work completed but not billed at the reporting date on manufacturing services contracts. The contract assets are transferred to accounts receivable when the rights become unconditional, which generally occurs when customers are invoiced upon the determination that a product conforms to the contract specifications and invoices are due based on each customers negotiated payment terms, which range from 15 to 90 days. We apply the practical expedient that allows us to exclude payment terms under one year from the transfer of a promised good or service from consideration of a significant financing component in its contracts. With regards to the production of precision molding and assembly systems, our contracts generally call for progress payments to be made in advance of production. Generally, payment is made at certain percentage of completion milestones with the final payment due upon delivery to the manufacturing facility. These progress payments are recorded within contract liabilities as current liabilities in the consolidated balance sheets and are reduced as we record revenue over time. We evaluate indications that a customer may not be able to meet the obligations under our long-term supply agreements to determine if an account receivable or contract asset may be impaired. Our customers may request, in situations where they do not have space available to receive products or do not want to take possession of products immediately for other reasons, that their finished products be stored by us in one of our facilities. Most of our contracts provide for a limited number of wind blades to be stored during the period of the contract with any additional wind blades stored subject to additional storage fees, which are included in the wind blade performance obligation revenue. Revenue related to non-recurring engineering and freight services provided under our customer contracts is recognized at a point in time following the transfer of control of the promised services to the customer. Customers usually pay the carrier directly for the cost of shipping associated with items produced. When we pay the shipping costs, we apply the practical expedient that allows us to account for shipping and handling as a fulfillment costs and include the revenue in the associated performance obligation and the costs are included in cost of goods sold. Taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions, that are collected by us from a customer, are excluded from revenue. (e) Cost of Goods Sold Cost of goods sold includes the costs we incur at our production facilities to make products saleable on both products invoiced during the period as well as products in progress towards the completion of each performance obligation. Cost of goods sold includes such items as raw materials, direct and indirect labor and facilities costs, including purchasing and receiving costs, plant management, inspection costs, production process improvement activities, product engineering and internal transfer costs. In addition, all depreciation associated with assets used in the production of our products is also included in cost of goods sold. Direct labor costs consist of salaries, benefits and other personnel related costs for employees engaged in the manufacture of our products and services. Startup costs represent the unallocated overhead related to both new manufacturing facilities as well as new lines in existing manufacturing facilities. Transition costs represent the unallocated overhead related to the transition of wind blade models. The startup and transition costs are primarily fixed overhead costs incurred during the period production facilities are under-utilized while transitioning wind blade models and ramping up manufacturing, which are not allocated to products and are expensed as incurred. The cost of sales for the initial wind blades from a new model manufacturing line is generally higher than when the line is operating at optimal production volume levels due to inefficiencies during ramp-up related to labor hours per blade, cycle times per blade and raw material usage. Additionally, manufacturing overhead as a percentage of net sales is generally higher during the period in which a facility is ramping up to full production capacity due to underutilization of the facility. Manufacturing overhead at each of our facilities includes virtually all indirect costs (including share-based compensation costs) incurred at the plants, including engineering, finance, information technology, human resources and plant management. (f) General and Administrative Expense General and administrative expenses are primarily incurred at our corporate headquarters and our research facilities and include salaries, benefits and other personnel related costs for employees engaged in research and development, engineering, finance, internal audit, information technology, human resources, business development, global operational excellence, global supply chain, in-house legal and executive management. Other costs include outside legal and accounting fees, risk management (insurance), share-based compensation and certain other administrative and global resources costs. In addition, realized gains and losses on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions and on the sale of other assets at our manufacturing facilities are also included in general and administrative expenses. The research and development expenses incurred at our Warren, Rhode Island and Fall River, Massachusetts locations as well as at our Kolding, Denmark advanced engineering center are included in general and administrative expenses. For the years ended December 31, 2018, 2017 and 2016, total research and development expenses totaled $0.8 million, $1.6 million and $1.5 million, respectively. For the year ended December 31, 2018, the realized loss on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions and the realized loss on the sale of other assets at our manufacturing facilities totaled $4.6 million. There were no such amounts for the years ended December 31, 2017 and 2016. (g) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. As of December 31, 2018 and 2017, our China locations collectively had unrestricted cash totaling $28.9 million and $46.3 million, respectively, in bank accounts in China. The Chinese government imposes certain restrictions on transferring cash out of China. The local governments in Turkey and Mexico impose no such restrictions on transferring cash out of the respective country. As of December 31, 2018 and 2017, we had provided for cash deposits for letters of guarantee used for customs clearance related to our China locations totaling $3.5 million and $3.8 million, respectively. These amounts are reported as restricted cash in our consolidated balance sheets. As of December 31, 2018 and 2017, we maintained a long-term deposit in interest bearing accounts, related to fully cash-collateralized letters of credit in connection an equipment lessor in Iowa, totaling $0.5 million. See Note 9, Other Noncurrent Assets. (h) Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. We follow the allowance method of recognizing uncollectible accounts receivable, which recognizes bad debt expense based on a review of the individual accounts outstanding and prior history of uncollectible accounts receivable. Credit is extended based on evaluation of each of our customer’s financial condition and is generally unsecured. Accounts receivable are generally due within 30 days and are stated net of an allowance for doubtful accounts in the consolidated balance sheets. Accounts are considered past due if outstanding longer than contractual payment terms. We record an allowance based on consideration of a number of factors, including the length of time trade accounts are past due, previous loss history, the credit-worthiness of individual customers, economic conditions affecting specific customer industries, and economic conditions in general. We charge-off accounts receivable after all reasonable collection efforts have been exhausted. We credit payments subsequently received on such receivables to bad debt expense in the period payment is received. We record delinquent finance charges on outstanding accounts receivables only if they are collected. We wrote off $0.2 million during 2018, $0.2 million during 2017 and $0.5 million during 2016, and do not have any off-balance-sheet credit exposure related to our customers. See Note 5, Accounts Receivable. (i) Inventories Inventories represent materials purchased that are not restricted to fulfillment of a specific contract and are measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is determined using the first-in, first-out method for such raw materials. Write-downs to reduce the carrying cost of obsolete, slow-moving, and unusable inventory to net realizable value are recognized in cost of goods sold. The effect of these write-downs establishes a new cost basis in the related inventory, which is not subsequently written up. (j) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 7, Property, Plant and Equipment, Net. Estimated useful lives Machinery and equipment 7–10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term of the lease, if shorter Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years (k) Recoverability of Long-Lived Assets We review property, plant and equipment and other long-lived assets in order to assess recoverability based on expected future undiscounted cash flows whenever events or circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future net cash flows is less than the carrying value, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value exceeds the fair value of the asset. (l) Goodwill, Intangible Assets and Deferred Costs Goodwill represents the excess of the acquisition cost of Composite Solutions, Inc. from True North Partners, LLC in 2004 over the fair value of identifiable assets acquired and liabilities assumed. Goodwill, which is entirely in the U.S. segment, is evaluated for impairment annually on October 31 and whenever events or circumstances make it likely that impairment may have occurred. In determining whether impairment has occurred, we use a two-step approach. Step one compares the fair value of the related reporting unit (calculated using the discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, there is a potential impairment and step two must be performed. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value (i.e., fair value of reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the implied fair value of goodwill is less than the carrying amount of goodwill, impairment is recognized for that difference. We may Our only intangible assets were acquired in a business acquisition and provide contractual or legal rights, or other future benefits that could be separately identified. Our valuation of identified intangible assets was based upon discounted cash flow estimates that require significant management judgment with respect to revenue and expense growth rates, changes in working capital, and the selection and use of the appropriate discount rate. The intangible assets are amortized over their estimated useful life. Intangible assets with indefinite lives are evaluated at least annually for impairment or whenever events or circumstances make it likely that impairment may have occurred. As a result of our adoption of Topic 606, we recognized an asset for deferred costs incurred to fulfill a contract when such costs meet certain criteria. These deferred costs are amortized over their estimated useful life. See Note 2, Revenue From Contracts with Customers Intangible Assets and Deferred Costs, Net. (m) Warranty Expense We provide a limited warranty for our mold and wind blade products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for periods that range from two to five years. We also provide a limited warranty for our transportation products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for a period of approximately two years. Warranty expense is recorded based upon estimates of future repairs using a probability-based methodology that considers previous warranty claims, identified quality issues and industry practices. Once the warranty period has expired, any remaining unused warranty accrual for the specific products is generally reversed against the current year warranty expense amount. See Note 10, Accrued Warranty (n) Treasury Stock Common stock purchased for treasury is recorded at historical cost. Transactions in treasury shares relate to share-based compensation plans and are recorded at weighted-average cost. (o) Foreign Currency Translation Adjustments Our reporting currency is the U.S. dollar. However, we have non-U.S. operating segments in our U.S., Mexico, Turkey and China operations • The U.S. parent companies of our China and Mexico operations, which are wholly-owned subsidiaries of TPI Composites, Inc., maintain their books and records in U.S. dollars. • Our Kolding, Denmark operation, which is a wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records denominated in the local Danish currency, the Krone. • Our Mexico operations maintain their books and records through multiple legal entities that are denominated in the local Mexican currency, the Peso. • Our Turkey operations maintain their books and records in the local Turkish currency, the Lira. • Our China operations maintain their books and records in the local Chinese currency, the Renminbi. Foreign currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Results of operations of our foreign subsidiaries are translated at the average exchange rates during the respective periods. Foreign currency transaction gains and losses are reported in realized loss on foreign currency remeasurement in our consolidated income statements. Translation adjustments are reported in accumulated other comprehensive loss in our consolidated balance sheets. Currency translation adjustments for the years ended December 31, 2018, 2017 and 2016 amounted to a loss of $14.4 million, a gain of $3.3 million and a loss of $3.8 million, respectively. (p) Share-Based Compensation We maintain two active incentive compensation plans: the 2008 Stock Option and Grant Plan and the Amended and Restated 2015 Stock Option and Incentive Plan (the 2015 Plan). In May 2015, our board of directors and stockholders adopted and approved the 2015 Plan, which provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards, performance share awards and dividend equivalent rights to certain of our employees, non-employee directors and consultants. The term of stock options issued under the 2015 Plan may not exceed ten years from the date of grant. Under the 2015 Plan, incentive stock options and non-qualified stock options are granted at an exercise price that is not to be less than 100% of the fair market value of our common stock on the date of grant, as determined by the Compensation Committee of our board of directors. Stock options become vested and exercisable at such times and under such conditions as determined by the Compensation Committee on the date of grant. Upon approval of the 2015 Plan, no future grants will be made from the 2008 Stock Option and Grant Plan. We use the Black Scholes valuation model, unless the awards are subject to market conditions, in which case we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value of stock options and certain performance-based restricted stock units (PSUs) granted pursuant to the 2015 Plan. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. For grants with market conditions made in the year ended December 31, 2018, we utilized a volatility of 31.1%, a 0% dividend yield and a risk-free interest rate of 2.4%. The volatility was based on the most recent comparable period for the Company and the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is equal to the yield, as of the measurement date, of the zero-coupon U.S. Treasury bill that is commensurate with the remaining performance measurement period. The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include our closing market price at the grant date as well as the following assumptions: Expected Volatility . As our common stock had not been publicly traded prior to July 2016, the expected volatility assumption reflects an average of volatilities of publicly traded peer group |
Revenue From Contracts with Cus
Revenue From Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contracts with Customers | Note 2 – Revenue From Contracts with Customers The following tables represents the disaggregation of our net sales revenue by product for each of our reportable segments: Year Ended December 31, 2018 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 126,335 $ 264,417 $ 256,101 $ 286,414 $ 933,267 Precision molding and assembly systems sales 5,034 36,616 7,203 — 48,853 Transportation sales 29,254 — — — 29,254 Other sales 3,093 5,222 5,452 4,483 18,250 Total net sales $ 163,716 $ 306,255 $ 268,756 $ 290,897 $ 1,029,624 Year Ended December 31, 2017 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 164,870 $ 346,200 $ 200,355 $ 179,100 $ 890,525 Precision molding and assembly systems sales 8,445 18,408 760 — 27,613 Transportation sales 14,020 — — — 14,020 Other sales 3,690 7,912 5,448 5,990 23,040 Total net sales $ 191,025 $ 372,520 $ 206,563 $ 185,090 $ 955,198 Year Ended December 31, 2016 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 163,926 $ 287,398 $ 122,712 $ 138,358 $ 712,394 Precision molding and assembly systems sales 17,683 17,846 363 — 35,892 Transportation sales 7,552 — — — 7,552 Other sales 2,702 4,317 4,945 1,217 13,181 Total net sales $ 191,863 $ 309,561 $ 128,020 $ 139,575 $ 769,019 In addition, most of our net sales are made directly to our customers, primarily large multi-national wind turbine manufacturers, under our long-term contracts which are typically five years in length. Contract Assets and Liabilities Contract assets consist of the amount of revenue recognized over time for performance obligations in production where control has transferred to the customer but the contract does not yet allow for the customer to be billed. Typically, customers are billed when the product finishes production and meets the technical specifications contained in the contract. The contract assets are recorded as current assets in the consolidated balance sheets. Contract liabilities consist of advance payments in excess of revenue earned. These amounts were historically recorded as customer deposits which usually relate to progress payments received as precision molding and assembly systems were being manufactured. The contract liabilities are recorded as current liabilities in the consolidated balance sheets and are reduced as we record revenue over time. These contract assets and liabilities are reported on the consolidated balance sheets net on a contract-by-contract basis at the end of each reporting period, as demonstrated in the table below. Contract assets and contract liabilities consisted of the following: December 31, 2018 2017 $ Change (in thousands) Gross contract assets $ 127,568 $ 112,557 $ 15,011 Less: reclassification from contract liabilities (10,860 ) (6,938 ) (3,922 ) Contract assets $ 116,708 $ 105,619 $ 11,089 December 31, 2018 2017 $ Change (in thousands) Gross contract liabilities $ 18,003 $ 9,701 $ 8,302 Less: reclassification to contract assets (10,860 ) (6,938 ) (3,922 ) Contract liabilities $ 7,143 $ 2,763 $ 4,380 Contracts assets increased by $11.1 million from December 31, 2017 to December 31, 2018 due to incremental unbilled production during the year ended December 31, 2018. Contracts liabilities increased by $4.4 million from December 31, 2017 to December 31, 2018 due to the amounts billed to customers exceeding the revenue earned related to precision molding and assembly systems and wind blades being produced in the year ended December 31, 2018. The time it takes to produce a single blade is typically between 5 to 7 days. The time it takes to produce a mold is typically between 3 to 6 months. For the year ended December 31, 2018, we recognized $2.8 million of revenue that was included in the corresponding contract liability balance at the beginning of the period. Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes any unexercised contract options. For the year ended December 31, 2018, net revenue recognized from our performance obligations satisfied in previous periods decreased by $12.7 million. This primarily relates to changes in certain of our estimated total contract values and related percentage of completion estimates. As of December 31, 2018, the aggregate amount of the transaction price allocated to the remaining performance obligations to be satisfied in future periods was approximately $5.6 billion. We estimate that we will recognize the remaining performance obligations as revenue as follows: 27 percent in 2019, 28 percent in 2020, 20 percent in 2021, 15 percent in 2022 and the remaining 10 percent in 2023. Pre-Production Investments We recognize an asset for deferred costs incurred to fulfill a contract when those costs meet all of the following criteria: (a) the costs relate directly to a contract or to an anticipated contract that we can specifically identify; (b) the costs generate or enhance our resources that will be used in satisfying performance obligations in the future; and, (c) the costs are expected to be recovered. We capitalize the costs related to training our workforce to execute the manufacturing services and other facility set-up costs related to preparing for production of a specific contract. We factor these costs into our estimated cost analysis for the overall contract. Costs capitalized are amortized over the number of units produced during the contract term. As of December 31, 2018, the cost and accumulated amortization of such assets totaled $5.6 million and $2.1 million, respectively. As of December 31, 2017, the cost and accumulated amortization of such assets totaled $2.4 million and $1.4 million, respectively. These amounts are included in intangible assets and deferred costs, net in the consolidated balance sheet. See Note 8, Intangible Assets and Deferred Costs, Net In applying the practical expedient as permitted under Topic 606, we recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less. These costs are included in cost of goods sold. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2018 | |
Risks And Uncertainties [Abstract] | |
Significant Risks and Uncertainties | Note 3. Significant Risks and Uncertainties Our revenues and receivables are from a small number of customers. As such, our production levels are dependent on these customers’ orders. See Note 16, Concentration of Customers We maintain our 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 2018 and 2017. At December 31, 2018 and 2017, we had $53.7 million and $98.9 million, respectively, of cash in deposit accounts in high quality U.S. banks, which was in excess of FDIC limits. We have not experienced losses in any such accounts. We also maintain cash in bank deposit accounts outside the U.S. with no insurance. At December 31, 2018, this includes $1.0 million in Turkey, $28.9 million in China and $1.7 million in Mexico. We have not experienced losses in these accounts. In addition, we have short-term deposits in interest bearing accounts of $3.5 million in China, which are reported as restricted cash in our consolidated balance sheets. We also have long-term deposits in interest bearing accounts of $0.5 million in Iowa. See Note 9, Other Noncurrent Assets |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 4. Related-Party Transactions Related party transactions include transactions between us and certain of our 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. We have previously 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 and holder of both our preferred and common shares. During the second quarter of 2017, GE reduced its holdings of our common shares to less than five percent of the total shares outstanding and then completely divested of our common shares during the third quarter of 2017. We have entered into five separate supply agreements with GE to manufacture wind blades in Newton, Iowa; Taicang Port, China; Juárez, Mexico (2) and Izmir, Turkey. The supply agreements in Taicang Port, China and Izmir, Turkey expired on December 31, 2017. For the six months ended June 30, 2017, we recorded related-party sales with GE of $198.6 million. As disclosed in Note 16, Concentration of Customers In January 2016, we entered into an agreement with GE and received an advance of $2.0 million, which we repaid in full in August 2016. Certain of our existing stockholders, consisting of entities associated with Element Partners, Angeleno Group and Landmark Partners, each of which is an affiliate of a member of our board of directors, as well as certain of our executive officers and a director, purchased an aggregate of 1,250,000 shares of our common stock in the IPO. In addition, all outstanding obligations and accrued interest under our subordinated convertible promissory notes held by certain of our existing stockholders, including Element Partners, Angeleno Group and Landmark Partners, were converted into an aggregate of 1,079,749 shares of our common stock concurrent with the closing of the IPO at the public offering price of $11.00 per share. In connection with our secondary offering in May 2017, certain entities associated with Element Partners, Angeleno Group, Landmark Partners and NGP Energy Technology Partners, L.P, as well as certain of our executive officers sold an aggregate of 5,075,000 shares of our common stock at the public offering price of $16.35 per share. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | Note 5. Accounts Receivable Accounts receivable at December 31 consisted of the following: 2018 2017 (in thousands) Trade accounts receivable $ 172,667 $ 117,794 Other accounts receivable 4,148 3,782 Total accounts receivable $ 176,815 $ 121,576 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Note 6. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets at December 31 consisted of the following: 2018 2017 (in thousands) Refundable value-added tax $ 11,160 $ 11,507 Prepaid customs and duty charges 495 280 Deposits 5,659 4,585 Other prepaid expenses 8,724 10,357 Other current assets — 778 Total prepaid expenses and other current assets $ 26,038 $ 27,507 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 7. Property, Plant and Equipment, Net Property, plant and equipment, net at December 31 consisted of the following: 2018 2017 (in thousands) Machinery and equipment $ 119,737 $ 100,681 Buildings 15,080 14,711 Leasehold improvements 38,747 21,853 Office equipment and software 26,363 18,664 Furniture 19,579 19,017 Vehicles 287 294 Construction in progress 17,390 10,687 Total property, plant and equipment, gross 237,183 185,907 Accumulated depreciation (77,760 ) (62,427 ) Total property, plant and equipment, net $ 159,423 $ 123,480 As of December 31, 2018, we had undertaken projects including the construction and outfitting of our Matamoros, Mexico facility, our Yangzhou, China facility, the expansion and improvements at certain of our existing wind blade production facilities and costs at our corporate office to enhance our information technology systems. Total depreciation for the years ended December 31, 2018, 2017 and 2016 was $25.5 million, $20.8 million and $12.7 million, respectively. As of December 31, 2018, the cost and accumulated depreciation of property, plant and equipment that we are leasing under capital lease arrangements is $41.3 million and $11.7 million, respectively. As of December 31, 2017, the cost and accumulated depreciation of property, plant and equipment that we are leasing under capital lease arrangements is $29.7 million and $8.0 million, respectively. |
Intangible Assets and Deferred
Intangible Assets and Deferred Costs, Net | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Deferred Costs, Net | Note 8. Intangible Assets and Deferred Costs, Net Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2018, consisted of the following: Estimated Useful Life Cost Accumulated Amortization Net (in thousands) Pre-production investments (1) Various $ 5,598 $ (2,111 ) $ 3,487 License 5 years 1,000 (179 ) 821 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 6,748 $ (2,290 ) $ 4,458 Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2017, consisted of the following: Estimated Useful Life Cost Accumulated Amortization Net (in thousands) Pre-production investments (1) Various $ 2,387 $ (1,429 ) $ 958 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 2,537 $ (1,429 ) $ 1,108 (1) See Note 2, Revenue From Contracts with Customers, During the years ended December 31, 2018, 2017 and 2016, we recorded amortization expense for the intangible assets and deferred costs of $0.9 million, $0.9 million and $0.4 million, respectively. |
Other Noncurrent Assets
Other Noncurrent Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets Noncurrent [Abstract] | |
Other Noncurrent Assets | Note 9. Other Noncurrent Assets Other noncurrent assets at December 31 consisted of the following: 2018 2017 (in thousands) Restricted cash $ 475 $ 475 Deferred tax assets 15,296 1,740 Land use right 2,378 1,708 Deposits 3,845 3,237 Other 1,976 406 Total other noncurrent assets $ 23,970 $ 7,566 As of December 31, 2018 and 2017, we maintained long-term deposits in interest bearing accounts related to fully cash-collateralized letter of credit in connection with an equipment lessor in Iowa totaling approximately $0.5 million. The historical land use right asset was purchased during 2007 and permits us to use the land where the Taicang Port, China facility, owned by us, is situated. Amortization of the land use right began upon the opening of the plant in 2008. An additional land use right asset was purchased during 2018 which permits us to use additional land where the Taicang Port, China facility is situated. We are amortizing both these land use rights on a straight-line basis over their 50 year lives. |
Accrued Warranty
Accrued Warranty | 12 Months Ended |
Dec. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Accrued Warranty | Note 10. Accrued Warranty Warranty accrual at December 31 consisted of the following: 2018 2017 2016 (in thousands) Warranty accrual at beginning of year $ 30,419 $ 21,089 $ 14,380 Accrual during the year 14,605 15,443 19,279 Cost of warranty services provided during the year (1) (4,457 ) (1,986 ) (10,808 ) Reduction of reserves (3,802 ) (4,127 ) (1,762 ) Warranty accrual at end of year $ 36,765 $ 30,419 $ 21,089 (1) The 2016 amount includes an 8.0 million Euro ($8.5 million) payment related to a settlement agreement with a customer. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 11. Share-Based Compensation Since 2015, we have granted awards of stock options, restricted stock units (RSUs) and performance-based restricted stock units to certain employees and non-employee directors under the 2015 Plan. Each award granted prior to the consummation of our IPO included a performance condition that required the completion of an initial public offering by us 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, we 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. Upon completion of the IPO and the achievement of the performance condition in 2016, we recorded share-based compensation expense for the requisite service period from the grant date which included approximately $3.6 million related to the portion of the service period from the grant date through December 31, 2015. The share-based compensation expense recognized in the consolidated income statements for the years ended December 31 was as follows: 2018 2017 2016 (in thousands) Cost of goods sold $ 1,281 $ 1,070 $ 1,505 General and administrative expenses 6,514 6,054 8,397 Total share-based compensation expense $ 7,795 $ 7,124 $ 9,902 The share-based compensation expense recognized by award type for the years ended December 31 was as follows: 2018 2017 2016 (in thousands) RSUs $ 4,209 $ 2,808 $ 3,457 Stock options 2,463 4,316 6,445 PSUs 1,123 — — Total share-based compensation expense $ 7,795 $ 7,124 $ 9,902 The summary of activity for our incentive plans is as follows: Stock Options RSUs PSUs Shares Available for Grant Shares Weighted- Average Exercise Price Options Exercisable Shares Weighted- Average Grant Date Fair Value Shares 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 — $ — Increase in shares authorized 169,546 — — — — — — Granted (493,990 ) 493,990 17.37 — — — — Exercised/vested — — — — — — — Forfeited/cancelled 519,995 (424,235 ) 11.78 (95,760 ) 10.87 — — 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 — — — — — — Granted (433,700 ) 213,200 19.70 220,500 22.42 — — Exercised/vested — (138,878 ) 10.83 (218,040 ) 10.95 — — Forfeited/cancelled 227,650 (202,450 ) 11.54 (25,200 ) 10.87 — — Balance as of December 31, 2017 4,731,117 3,203,290 13.34 890,433 613,380 15.02 — — Increase in shares authorized 1,360,826 — — — — — — Granted (451,212 ) 9,652 22.67 149,012 23.37 292,548 22.67 Exercised/vested — (354,153 ) 12.10 (298,036 ) 13.03 — — Forfeited/cancelled 339,874 (258,095 ) 14.72 (38,480 ) 21.51 (43,299 ) 22.67 Balance as of December 31, 2018 5,980,605 2,600,694 13.41 1,415,948 425,876 18.75 249,249 22.67 The grant date fair value of RSUs which vested during the years ended December 31, 2018 and 2017 was $3.9 million and $2.4 million, respectively. In addition, during 2018 and 2017, we repurchased 100,891 and 68,815 shares for $2.9 million and $1.3 million, respectively, related to tax withholding requirements on vested RSU awards. The following table summarizes the outstanding and exercisable stock option awards as of December 31, 2018: 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 16,397 1.6 $ 8.49 16,397 $ 8.49 $10.87 1,603,722 6.4 10.87 859,549 10.87 $11.00 to $16.53 495,601 7.1 16.10 331,800 16.31 $17.68 to $18.70 276,107 7.5 18.67 150,833 18.67 $18.77 to $22.67 208,867 8.7 19.97 57,369 19.93 $8.49 to $22.67 2,600,694 6.8 13.41 1,415,948 13.32 The following table contains additional information pertaining to stock options for the years ended December 31: 2018 2017 2016 (in thousands) Total intrinsic value of stock options outstanding $ 29,045 $ 22,804 $ 12,251 Total intrinsic value of stock options exercisable 15,949 6,688 195 Cash received from the exercise of stock options 4,284 1,430 — Fair value of stock options vested 4,566 4,931 — As of December 31, 2018, the unamortized cost of the outstanding RSUs and PSUs was $3.4 million and $3.1 million, respectively, which we expect to recognize in the consolidated financial statements over weighted-average periods of approximately 1.6 years and 2.2 years, respectively. Additionally, the total unrecognized cost related to non-vested stock option awards was $1.6 million, which we expect to recognize in the consolidated financial statements over a weighted-average period of approximately 1.4 years. As of December 31, 2017, the unamortized cost of the outstanding RSUs was $5.0 million, which we expected to recognize in the consolidated financial statements over a weighted-average period of approximately 1.5 years. Additionally, the total unrecognized cost related to non-vested stock option awards was $4.8 million, which we expected to recognize in the consolidated financial statements over a weighted-average period of approximately 1.8 years. As of December 31, 2016, the unamortized cost of the outstanding RSUs was $2.8 million, which we expected to recognize in the consolidated financial statements over a weighted-average period of approximately 1.8 years. Additionally, the total unrecognized cost related to non-vested stock option awards was $7.3 million, which we expected to recognize in the consolidated financial statements over a weighted-average period of approximately 2.1 years. The fair value of the stock options granted during the years ended December 31 were calculated using the Black-Scholes option pricing model with the following assumptions: 2018 2017 2016 Weighted-average fair value $ 10.36 $ 9.10 $ 5.14 Expected volatility 42.8 % 45.0 % 45.2 % Expected life 6.3 years 6.3 years 6.3 years Risk-free interest rate 2.7 % 1.5 % 0.9 % Dividend yield 0.0 % 0.0 % 0.0 % |
Long-Term Debt, Net of Debt Iss
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Note 12. Long-Term Debt, Net of Debt Issuance Costs and Current Maturities Long-term debt, net of debt issuance costs and current maturities, as of December 31 consisted of the following: 2018 2017 (in thousands) Senior term loan—U.S. $ — $ 71,250 Senior revolving loan—US 90,414 2,820 Accounts receivable financing—EMEAI 14,524 14,100 Equipment financing—EMEAI 12,197 16,901 Equipment capital lease—U.S. 111 536 Equipment capital lease—EMEAI 6,738 5,058 Equipment capital lease—Mexico 14,517 12,844 Equipment loan—Mexico — 47 Total debt - principal 138,501 123,556 Less: Debt issuance costs (878 ) (2,171 ) Total debt, net of debt issuance costs 137,623 121,385 Less: Current maturities of long-term debt (27,058 ) (35,506 ) Long-term debt, net of debt issuance costs and current maturities $ 110,565 $ 85,879 Senior Financing Agreements (U.S.): In December 2017, we amended our previous credit facility (the Credit Facility) to consent to the restructuring of our parent and subsidiaries, decreased the variable interest rate to LIBOR, with a 1.0% floor, plus 5.25% and the amendment of certain capital expenditure and other financial covenants. In connection with this amendment, the amendment fee of $0.4 million was recorded as a debt issuance cost and was being amortized to interest expense over the remaining term of the Credit Facility (36 months) using the effective interest method. As of December 31, 2017, the aggregate outstanding balance under the Credit Facility was $74.1 million. In April 2018, we entered into a new credit agreement (the Credit Agreement) with four lenders consisting of a multi-currency, revolving credit facility in an aggregate principal amount of $150.0 million, including a $25.0 million letter of credit sub-facility. On the closing date we drew down $75.4 million on the revolving credit facility in connection with the closing of the transactions contemplated by the Credit Agreement and used the proceeds to pay all outstanding amounts due and payable under the Credit Facility, various fees and expenses and accrued interest. All borrowings and amounts outstanding under the Credit Agreement are scheduled to mature in April 2023. In connection with the Credit Agreement, we expensed $2.0 million of deferred financing costs associated with the Credit Facility and a $1.4 million prepayment penalty within the caption “Loss on extinguishment of debt” in the accompanying consolidated income statements. In addition, we incurred debt issuance costs related to the Credit Agreement totaling $1.0 million which will be amortized to interest expense over the five-year term of the Credit Agreement using the effective interest method. Interest accrues at a variable rate equal to LIBOR plus an initial margin of 1.5% (4.0% as of December 31, 2018), which may vary based on our total net leverage ratio as defined in the Credit Agreement. Interest is paid monthly and we are not obligated to make any principal repayments prior to the maturity date provided we are not in default under the Credit Agreement. We may prepay the borrowings under the Credit Agreement without penalty. In April 2018, we also entered into an interest rate swap arrangement to fix a notional amount of $75.0 million of the Credit Agreement at an effective interest rate of 4.2% for a period of five years. As of December 31, 2018, there was $90.4 million outstanding under the Credit Agreement. Due to the revolving credit facility’s variable interest rate of LIBOR plus a competitive spread, we estimate that fair-value approximates the face value of these notes. Accounts Receivable, Secured and Unsecured Financing: EMEAI During 2014, we renewed a general credit agreement, as amended, with a financial institution in Turkey to provide up to 21.0 million Euro of short-term collateralized financing on invoiced accounts receivable of one of our customers in Turkey. Interest accrues annually at a fixed rate of 9.1% and is paid quarterly. In December 2014, and later amended, we obtained an additional $5.0 million of unsecured financing in Turkey under the credit agreement, increasing the total facility. All credit agreement terms remained the same. The credit agreement does not have a maturity date, however the limits are reviewed in September of each year. As of December 31, 2017, there was $6.8 million of accounts receivable financing and no unsecured financing outstanding. During the fourth quarter of 2018, we replaced the accounts receivable financing facility with the accounts receivable assignment agreement discussed below. As of December 31, 2018, there were no amounts outstanding under the unsecured financing facility. In 2014, we entered into a credit agreement with a Turkish financial institution to provide up to $16.0 million of short-term financing of which $10.0 million is collateralized financing on invoiced accounts receivable of one of our customers in Turkey, $5.0 million is unsecured financing and $1.0 million is related to letters of guarantee. Interest accrues at a variable rate of the three month Euro Interbank Offered Rate (EURIBOR) plus 6.5%. During the first quarter of 2018, the collateralized financing on invoiced accounts receivables and unsecured financing facilities were retired and the letters of guarantee limit was decreased to $0.6 million. No amounts were outstanding under this agreement as of December 31, 2018 or 2017. In 2016, we entered into a general credit agreement, as amended, with a Turkish financial institution to provide up to 31.0 million Euro (approximately $35.5 million as of December 31, 2018) of short-term financing of which 15.0 million Euro (approximately $17.2 million as of December 31, 2018) is collateralized financing based on invoiced accounts receivables of two of our customers in Turkey, 15.0 million Euro (approximately $17.2 million as of December 31, 2018) for the collateralized financing of capital expenditures and 1.0 million Euro (approximately $1.2 million as of December 31, 2018) related to letters of guarantee. Interest on the collateralized financing based on invoiced accounts receivables of two of our customers in Turkey accrues at a fixed rate of 9.0% as of December 31, 2018 and is paid quarterly with a maturity date equal to four months from the applicable invoice date. Interest on the collateralized capital expenditures financing accrues at the one month EURIBOR plus 6.75% (6.75% as of December 31, 2018) with monthly principal repayments beginning in October 2017 with a final maturity date of December 2021. Interest on the letters of guarantee accrues at 2.00% annually with an amended final maturity date of December 2018. As of December 31, 2018 and 2017, there was $12.2 million and $16.9 million outstanding under the collateralized financing of capital expenditures line, respectively. Additionally, as of December 31, 2018 and 2017, there was $14.5 million and $7.3 million, respectively, outstanding under the collateralized financing based on invoiced accounts receivables. In the fourth quarter of 2018, we entered into a credit agreement with a Turkish financial institution to provide up to 100 million Turkish Lira (approximately $18.9 million as of December 31, 2018) of collateralized financing on invoiced accounts receivable of one of our customers in Turkey. Interest accrues at a fixed rate of 4.5% and is paid quarterly. The credit agreement does not have a maturity date, however the limit will be reviewed in October of each year. No amounts were outstanding under this agreement as of December 31, 2018. Due to the short-term nature of the unsecured financings in the EMEAI segment, we estimate that fair-value approximates the face value of the notes. Asia In February 2017, we entered into a credit agreement, as amended, with a Chinese financial institution to provide an unsecured credit line of up to 210.0 million Renminbi (approximately $30.6 million as of December 31, 2018) which can be used for the purpose of domestic and foreign currency loans, issuing customs letters of guarantee or other transactions approved by the lender. Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (4.8% as of December 31, 2018) and can be paid monthly, quarterly or at the time of the debt’s maturity (extended to January 2020). As of December 31, 2018 and 2017, there were 92.8 million Renminbi (approximately $13.5 million) and 127.0 million Renminbi (approximately $19.5 million) of letters of guarantee used for customs clearance outstanding, respectively. In March 2018, we entered into a credit agreement with a Chinese financial institution to provide an unsecured credit line of up to 100.0 million Renminbi (approximately $14.6 million as of December 31, 2018) of which 70.0 million Renminbi (approximately $10.2 million as of December 31, 2018) can be used as customs letters of guarantee and 30.0 million Renminbi (approximately $4.4 million as of December 31, 2018) can be used for working capital. Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (4.8% at December 31, 2018) and can be paid monthly, quarterly or at the time of the debt’s maturity (in March 2023). As of December 31, 2018, there were no amounts outstanding under this credit agreement. Equipment Leases and Other Arrangements: U.S In 2014, we entered into a lease agreement, as amended, with a leasing company for the lease of up to $5.4 million of machinery and equipment at our Iowa facility. The lease included an implied effective interest rate of 4.3% annually and required monthly payments during each 24 month term. The amounts outstanding under this agreement as of December 31, 2018 and 2017, were $0.1 million and $0.5 million, respectively. EMEAI In 2013, we entered into a finance lease agreement with a financial institution in Turkey for the initial lease of up to $4.9 million of machinery, equipment and building improvements at our first Turkey facility. The term of the lease was for four years at an effective interest rate of 6.0%. The loan was to be repaid in monthly installments through 2017. The financing agreement was subsequently amended in 2017 to include our second Turkey facility and increase the amount of machinery, equipment and building improvements available for lease to $10.0 million. As a result of the amendment, the loan is to be repaid in monthly installments through 2022. All other financing agreement terms remained the same. The balance outstanding as of December 31, 2018 and 2017 was $6.7 million and $5.1 million, respectively. Mexico In 2016, we entered into a lease agreement, as amended, with a leasing company for the lease of up to $10.0 million of machinery and equipment at our second Mexico facility. The lease includes an implied effective interest rate of 4.3% annually and requires monthly payments during each 24 month term. The amounts outstanding under this agreement as of December 31, 2018 and 2017 were $0.7 million and $5.0 million, respectively. In March 2017, we entered into a sale-lease agreement with a leasing company for the initial lease of up to $12.0 million of machinery and equipment at our third Mexico facility. The lease includes an implied effective interest rate of 4.3% annually and requires monthly payments during each 24 month term. The amounts outstanding under this agreement as of December 31, 2018 and 2017 were $3.2 million and $7.4 million, respectively. In March 2018, we entered into a sale-lease agreement with a leasing company for the initial lease of up to $15.0 million of machinery and equipment at our Matamoros, Mexico facility. The lease includes an implied effective interest rate of 6.7% annually and requires monthly payments during each 48 month term. The amount outstanding under this agreement as of December 31, 2018 was $10.5 million. Costs associated with the issuance of debt are presented net of the related debt and are amortized over the term of the debt using the effective interest rate method. For the years ended December 31, 2018, 2017 and 2016, $0.3 million, $0.6 million and $1.7 million of debt issuance costs were amortized to interest expense in our consolidated income statements, respectively. The average interest rate on our short-term borrowings as of December 31, 2018 and 2017 was approximately 7.7% and 5.9%, respectively. The future aggregate annual principal maturities of debt at December 31, 2018, are as follows (in thousands): 2019 $ 27,058 2020 8,370 2021 8,423 2022 3,938 2023 90,712 Total debt - principal $ 138,501 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies (a) Operating Leases We lease various facilities and equipment under noncancelable operating leases with terms ranging from 12 months to 120 months. Scheduled rent increases are recorded on a straight-line basis over the entire term of the lease. Rental expense charged under all operating leases (including leases with terms of less than one year) was $25.5 million, $19.3 million and $11.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. Future minimum lease payments under noncancelable operating leases with terms of one year or more as of December 31, 2018 are as follows (in thousands): 2019 $ 28,173 2020 26,871 2021 22,942 2022 22,065 2023 21,583 Thereafter 61,049 Total future minimum lease payments $ 182,683 (b) 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 was $9.35. The warrants were immediately exercisable and expired 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 were all exercised during 2018. (c) Legal Proceedings From time to time, we may be involved in disputes or litigation relating to claims arising out of its operations. In March 2015, a complaint was filed against us in the Superior Court of the State of Arizona (Maricopa County) by a former employee, alleging that we had agreed to compensate the employee upon any future sale of the Company. We filed a motion to dismiss the complaint in April 2015, which was denied. We subsequently filed an answer to the complaint in July 2015 denying the substantive allegations of the complaint. The parties completed court-ordered mediation in December 2015 but were not able to reach a settlement. We filed a motion for summary judgment to dismiss the complaint in April 2016 and the court denied the motion in August 2016. The court has set a trial date for June 2019. We continue to deny the substantive allegations of the complaint and intend to vigorously defend this lawsuit; however, we are currently unable to determine the ultimate outcome of this case. In August 2015, we entered into a transition agreement with our former Senior Vice President – Asia, pursuant to which that individual transitioned out of this role at the end of 2015 and was to serve in a consulting capacity in 2016 and 2017. In January 2016, following our discovery that the individual had materially violated the terms of the transition agreement, we terminated the consultancy for cause. In April 2016, an arbitration claim was filed in China by the individual with the Taicang Labor and Personnel Dispute Arbitration Committee alleging that we improperly terminated the transition agreement. The individual is demanding that we honor the terms of the transition agreement and pay compensation and fees under the transition agreement, which in the aggregate totals approximately $2.6 million. In addition, the individual is also challenging the validity of our termination of an option to purchase 164,880 shares of our common stock and 77,760 restricted stock units awarded under the 2015 Plan, which were canceled in January 2016 when the consultancy was terminated. The Taicang Labor and Personnel Dispute Arbitration Committee awarded damages to the individual of approximately $1.2 million but rejected the claims regarding the termination of the stock option and restricted stock unit awards. We subsequently appealed the arbitration award in favor of the individual to the Taicang Municipal People’s Court, which affirmed the arbitration award in June 2018. We appealed this judgment to an appellate level court in the Jiangsu Province and the appellate court affirmed the judgment of the Taicang Municipal People’s court and we paid the judgement award in the fourth quarter of 2018. We currently are evaluating whether to further appeal this matter. In June 2018, Iowa OSHA, a division of the Iowa Department of Labor, issued a citation and notification of penalty to us alleging that certain of our workplace practices and conditions at our Newton, Iowa wind blade manufacturing facility had violated the Iowa Occupational Safety and Health Act. Specifically, the citation cited us for multiple alleged violations and proposed that we pay an aggregate penalty of $0.2 million. In June 2018, we notified Iowa OSHA that we were contesting all of the alleged violations and proposed penalties. In June 2018, the Labor Commissioner of the Iowa Department of Labor subsequently filed a complaint with the State of Iowa Employment Appeal Board, petitioning the appeal board to affirm the citation and notification of penalty that Iowa OSHA issued to us. In July 2018, we then filed a response with the appeal board denying the substantive allegations of the complaint. A hearing date has been set for June 2019 and the matter remains pending. From time to time, we are party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business, some of which are covered by insurance. Upon resolution of any pending legal matters, we may incur charges in excess of presently established reserves. Our management does not believe that any such charges would, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows. (d) Insurance/Self-Insurance We use a combination of insurance and self-insurance for a number of risks, including claims related to our employee health care, workers’ compensation and general liability. Liabilities associated with these risks are estimated based on, among other things, historical claims experience, severity factors, and other actuarial assumptions. Our loss exposure related to self-insurance is limited by stop loss coverage on a per occurrence and aggregate basis. We regularly analyze our reserves for incurred but not reported claims, and for reported but not paid claims related to our self-funded insurance programs. While we believe our reserves are adequate, significant judgment is involved in assessing these reserves such as assessing historical paid claims, average lags between the claims’ incurred date, reported dates and paid dates, and the frequency and severity of claims. There may be differences between actual settlement amounts and recorded reserves and any resulting adjustments are included in expense once a probable amount is known. (e) Dividend Restrictions Certain of our subsidiaries are limited in their ability to declare dividends without first meeting statutory restrictions of the People’s Republic of China, including retained earnings as determined under Chinese-statutory accounting requirements. Until 50% ($21.6 million) of registered capital is contributed to a surplus reserve, our Chinese operations can only pay dividends equal to 90% of after-tax profits (10% must be contributed to the surplus reserve). Once the surplus reserve fund requirement is met, we can pay dividends equal to 100% of after-tax profit assuming other conditions are met. At December 31, 2018, the amount of the surplus reserve fund was $6.5 million. (f) Collective Bargaining Agreements In 2016, we entered into a three-year collective bargaining agreement with certain of our employees at our first Turkey facility. The agreement resulted in an average increase in pay of approximately 20% for employees covered by the agreement. In addition, beginning in July 2017, this collective bargaining arrangement also covered similarly situated employees at our second Turkey facility. In March 2018, we entered into a collective bargaining agreement with a labor union for certain of our employees at the Matamoros, Mexico facility. Currently, there are no other employees covered by collective bargaining agreements. We believe that our relations with employees are good, and there have been no major work stoppages in recent years. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plan | Note 14. Defined Contribution Plan We maintain a 401(k) plan for all of our U.S. employees. Under the 401(k) plan, eligible employees may contribute, subject to statutory limitations, a percentage of their salaries. We currently match 50 percent of the participants’ contributions up to eight percent of eligible compensation. Participant vesting occurs in our matching contributions according to the schedule below: Years of service Vesting Percentage 1-year anniversary 34 % 2-year anniversary 66 % 3-year anniversary 100 % Our matching contributions to the 401(k) plan were $0.6 million, $0.6 million and $0.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. Our matching contributions are accrued and recorded as expense during each payroll period. Effective January 1, 2017, we changed the 401(k) plan to include an auto enrollment feature, increased our match from 25% of the first 8% to 50% of the first 8% and reduced the vesting period from six years to three years. In Mexico, we maintain an annual savings fund, which matches the employee contribution each week, based on the Mexican statutory maximum of 13% of actual minimum salary rates. The savings fund period runs from November to October each year, and is distributed to employees in full, during the first week of November each year. For the years ended December 31, 2018, 2017 and 2016, we incurred matched savings expense of $0.2 million, $1.3 million and $0.6 million, respectively. In Turkey, we maintain a retirement fund that is based on a formula of annual salary multiplied by the number of years of service with us. We accrue a retirement fund liability for this each month. As of December 31, 2018 and 2017, we accrued $1.0 million and $1.5 million, respectively, based on the service periods of eligible employees greater than one year. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15. Income Taxes Geographic sources of income (loss) before income taxes are as follows for the years ended December 31: 2018 2017 2016 (in thousands) United States $ (33,034 ) $ 6,272 $ 19,907 China (4 ) 44,563 17,518 Turkey 31,955 56 (7,896 ) Mexico 3,329 3,641 1,169 Total income before income taxes $ 2,246 $ 54,532 $ 30,698 2017 Tax Reform During the fourth quarter of 2017, we recorded a net tax expense of $0.1 million (net of valuation allowance) related to the enactment of the Tax Cuts and Jobs Act (Tax Reform). The expense was primarily related to applying the federal income tax rate change to certain of our deferred tax liabilities, and the realization of a benefit from our alternative minimum tax credit carryover. This provisional amount was subject to adjustment during the measurement period of up to one year following the December 2017 enactment of Tax Reform, as provided by SEC guidance. As of December 31, 2018, we completed the accounting for the enactment-date income tax effects of Tax Reform, which resulted in an immaterial impact to our financial statements. Upon further analyses of certain aspects of Tax Reform, and refinement of calculations during 2018, we increased our provisional amount of previously untaxed foreign earnings by $13.8 million, to $88.1 million. This resulted in no change to our U.S. federal income tax expense due to the impact of foreign tax credits. In addition, the provisional net tax expense discussed above was unchanged. Tax Reform enacted a new minimum tax on U.S. companies’ foreign operations called Global Intangible Low Tax Income (GILTI). Beginning in 2018, GILTI provisions will be applied providing an incremental tax on low taxed foreign income. The GILTI provisions require us to include in our U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. We have made a policy election to account for any ongoing impacts of GILTI tax in the period in which it is incurred. At December 31, 2018, we provided no net amount for the federal income tax impacts of GILTI, made up of $12.1 million in income taxes related to the GILTI inclusion, which were fully offset by net operating loss carryforwards, and the income tax expense increase in the rate reconciliation related to the GILTI inclusion was reduced by the release of the previously provided valuation allowance on U.S. deferred tax assets. Undistributed earnings of certain of our foreign subsidiaries amounted to approximately $111.1 million at December 31, 2018, and we consider those earnings reinvested indefinitely. As a result of the deemed mandatory repatriation provision pursuant to Tax Reform, we included undistributed earnings in income subject to U.S. tax at reduced tax rates in 2017. In addition, we recognized GILTI income reduced by net operating losses in 2018 as part of the changes from Tax Reform. As a result, we do not have material basis differences related to cumulative unremitted earnings for U.S. income tax purposes. The income tax provision includes U.S. federal, state, and local taxes, Turkey, China and Mexico taxes currently payable and those deferred because of temporary differences between the financial statement and the tax bases of assets and liabilities. The components of the income tax provision for the years ended December 31 are as follows: 2018 2017 2016 (in thousands) Current: U.S. federal $ — $ (49 ) $ — U.S. state and local taxes 4 (3 ) (196 ) Foreign 11,875 14,200 9,973 Total current 11,879 14,148 9,777 Deferred: U.S. federal (7,596 ) (20 ) 51 U.S. state and local taxes (36 ) — — Foreign (7,280 ) 1,670 (6,174 ) Total deferred (14,912 ) 1,650 (6,123 ) Total income tax provision (benefit) $ (3,033 ) $ 15,798 $ 3,654 The following is a reconciliation from the U.S. statutory income tax rate to our effective income tax rate for the years ended December 31: 2018 2017 2016 United States statutory income tax rate 21.0 % 35.0 % 34.0 % Foreign rate differential (14.4 ) (7.2 ) 4.4 Foreign permanent differences 31.7 1.2 1.6 China rate change — — (2.6 ) U.S. rate change — 10.3 — Withholding taxes 27.3 5.2 4.6 Foreign tax credits — (5.2 ) (5.4 ) Subpart F / GILTI income 539.8 — 1.3 IRC Section 965 dividend — 21.1 — Foreign tax credits - 965 dividend — (13.7 ) — Share-based compensation (89.0 ) — — Nondeductible interest — — 7.8 Valuation allowance (483.1 ) (16.6 ) (27.7 ) State taxes (1.7 ) — (0.4 ) Deferred tax adjustments 4.6 3.8 (5.4 ) Research and development (59.8 ) (1.2 ) (2.0 ) Turkey incentive credits — (5.5 ) — Foreign currency / inflationary adjustments (90.6 ) — — Other (20.8 ) 1.8 1.7 Effective income tax rate (135.0 )% 29.0 % 11.9 % The following is a summary of the components of deferred tax assets and liabilities at December 31: 2018 2017 2016 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 17,360 $ 18,913 $ 25,354 Deferred revenue 149 178 4,075 Non-deductible accruals 10,850 9,860 8,651 Equity compensation 3,607 3,489 3,503 Equity investment — 390 633 Amortization of intangible assets — 320 472 Non-deductible interest 1,452 — — Tax credits 2,212 4,760 2,914 Other 4,548 3,424 1,248 Total deferred tax assets 40,178 41,334 46,850 Valuation allowance (8,520 ) (18,680 ) (23,618 ) Net deferred tax assets 31,658 22,654 23,232 Deferred tax liabilities: Deferred revenue (13,781 ) (15,564 ) (18,859 ) Depreciation (2,636 ) (3,489 ) (1,714 ) Other (406 ) (1,972 ) (423 ) Total deferred tax liabilities (16,823 ) (21,025 ) (20,996 ) Net deferred tax assets $ 14,835 $ 1,629 $ 2,236 The deferred tax valuation allowance at December 31 consisted of the following: 2018 2017 2016 (in thousands) Allowance at beginning of year $ (18,680 ) $ (23,618 ) $ (31,100 ) Benefits obtained 10,160 4,938 7,482 Allowance at end of year $ (8,520 ) $ (18,680 ) $ (23,618 ) The valuation allowance as of December 31, 2018 primarily relates to certain state net operating losses (NOLs) that we believe do not meet the more-likely-than-not criteria for recording the related benefits. During 2018, we released the valuation allowance recorded against deferred tax assets reported in the United States. The release of this valuation allowance resulted in the recognition of a non-cash tax benefit of $10.8 million for the year. Additionally, during 2018, there was an increase in the valuation allowance of $0.6 million primarily related to state NOLs. We have U.S. federal NOL of approximately $25.8 million, state NOLs of approximately $118.5 million, foreign NOLs of approximately $14.6 million and foreign tax credits of approximately $1.9 million available to offset future U.S. and China taxable income. The U.S. federal and state net operating loss carryforwards expire in varying amounts through 2038 and the foreign tax credits expire in 2026. We also have Turkey investment tax incentives of approximately $0.3 million which do not expire and foreign NOLs that expire in 2023. Sections 382 and 383 of the Internal Revenue Code of 1986, contain rules that limit the ability of a company that undergoes an “ownership change” to utilize its net operating loss and tax credit carry forwards and certain built-in losses recognized in years after the “ownership change.” An “ownership change” is generally defined as any change in ownership of more than 50% of a corporation’s stock over a rolling three-year period by stockholders that own (directly or indirectly) 5% or more of the stock of a corporation, or arising from a new issuance of stock by a corporation. If an ownership change occurs, Section 382 generally imposes an annual limitation on the use of pre-ownership change NOLs to offset taxable income earned after the ownership change. The annual limitation is equal to the product of the applicable long-term tax exempt rate and the value of our stock immediately before the ownership change. This annual limitation may be adjusted to reflect any unused annual limitation for prior years and certain recognized built-in gains and losses for the year. In addition, Section 383 generally limits the amount of tax liability in any post-ownership change year that can be reduced by pre-ownership change tax credit carryforwards. In June of 2018, we experienced an ownership change. The pre-ownership change NOLs existing at the date of change of $47.7 million are subject to an annual limitation. We do not believe that the Section 382 and 383 annual limitation will materially impact our ability to utilize the tax attributes that existed as of the date of the ownership change. Certain of these NOLs may be at risk of limitation in the event of a future ownership change. We recognize the impact of a tax position in its financial statements if that position is more-likely-than-not to be sustained on audit, based on the technical merits of the position. We disclose all unrecognized tax benefits, which includes the reserves recorded for uncertain tax positions on filed tax returns and the unrecognized portion of affirmative claims. Our policy regarding uncertain tax positions is to recognize potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2018, we had not identified any unrecognized tax benefits. We operate in and file income tax returns in various jurisdictions in China, Mexico, Turkey, the U.S., Denmark and Switzerland, which are subject to examination by tax authorities. |
Concentration of Customers
Concentration of Customers | 12 Months Ended |
Dec. 31, 2018 | |
Risks And Uncertainties [Abstract] | |
Concentration of Customers | Note 16. Concentration of Customers Revenues from certain customers (in thousands) in excess of 10 percent of total consolidated Company revenues for the years ended December 31 are as follows: 2018 2017 2016 Customer Revenues % of Total Revenues % of Total Revenues % of Total Customer 1 - Vestas $ 329,472 32.0 % $ 266,276 27.9 % $ 170,764 22.2 % Customer 2 - GE 325,962 31.7 % 426,133 44.6 % 372,294 48.4 % Customer 3 - Nordex 195,156 19.0 % 153,227 16.0 % 138,228 18.0 % Customer 4 - Siemens Gamesa 115,779 11.2 % 92,394 9.7 % 78,324 10.2 % Other 63,255 6.1 % 17,168 1.8 % 9,409 1.2 % Total $ 1,029,624 100.0 % $ 955,198 100.0 % $ 769,019 100.0 % Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable at December 31 are as follows: 2018 2017 Customer % of Total % of Total Customer 1 - Vestas 46.7 % 52.4 % Customer 2 - GE 5.0 % 18.9 % Customer 3 - Nordex 25.7 % 19.5 % |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 17. Segment Reporting FASB ASC Topic 280, Segment Reporting The following tables set forth certain information regarding each of our segments for the years ended December 31: 2018 2017 2016 (in thousands) Net sales by segment: U.S. $ 163,716 $ 191,025 $ 191,863 Asia 306,255 372,520 309,561 Mexico 268,756 206,563 128,020 EMEAI 290,897 185,090 139,575 Total net sales $ 1,029,624 $ 955,198 $ 769,019 Net sales by geographic location (1): United States $ 163,716 $ 191,025 $ 191,863 China 306,255 372,520 309,561 Mexico 268,756 206,563 128,020 Turkey 290,897 185,090 139,575 Total net sales $ 1,029,624 $ 955,198 $ 769,019 Depreciation and amortization: U.S. $ 6,795 $ 4,822 $ 3,335 Asia 6,765 6,272 4,690 Mexico 7,891 5,994 2,462 EMEAI 4,978 4,610 2,699 Total depreciation and amortization $ 26,429 $ 21,698 $ 13,186 Capital expenditures U.S. $ 21,305 $ 10,575 $ 4,056 Asia 11,218 7,000 3,287 Mexico 18,928 20,033 5,565 EMEAI 1,237 7,220 17,599 Total capital expenditures $ 52,688 $ 44,828 $ 30,507 Income (loss) from operations: U.S. $ (67,357 ) $ (33,231 ) $ (19,154 ) Asia 28,147 76,332 67,127 Mexico 12,154 14,430 10,060 EMEAI 51,774 12,567 (5,059 ) Total income from operations $ 24,718 $ 70,098 $ 52,974 Tangible long-lived assets: U.S. $ 34,825 $ 24,575 Asia (China) 31,924 28,887 Mexico 65,981 39,756 EMEAI (Turkey and India) 26,693 30,262 Total tangible long-lived assets $ 159,423 $ 123,480 Total assets: U.S. $ 115,435 $ 157,208 Asia 194,088 186,842 Mexico 142,412 89,754 EMEAI 152,920 111,933 Total assets $ 604,855 $ 545,737 (1) Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 18. Selected Quarterly Financial Data (Unaudited) The following tables set forth certain unaudited financial information for each quarter of 2018 and 2017. The unaudited quarterly information includes all normal recurring adjustments that, in the opinion of management, are necessary for the fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of the results for any future period. The unaudited quarterly results are as follows: 2018 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 253,981 $ 230,610 $ 254,976 $ 290,057 Gross profit 28,258 15,051 16,967 12,565 Net income (loss) 8,648 (4,053 ) 9,532 (8,848 ) Net income (loss) per common share: Basic (1) $ 0.25 $ (0.12 ) $ 0.28 $ (0.26 ) Diluted (1) $ 0.24 $ (0.12 ) $ 0.26 $ (0.26 ) 2017 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 208,615 $ 239,582 $ 253,498 $ 253,503 Gross profit 19,918 29,925 30,306 30,322 Net income 5,213 9,577 21,737 2,207 Net income per common share: Basic (1) $ 0.15 $ 0.28 $ 0.64 $ 0.06 Diluted (1) $ 0.15 $ 0.28 $ 0.62 $ 0.06 (1) The sum of the quarterly net income (loss) per common share amounts may not equal the annual net income (loss) per common share amount due to rounding. |
Adjustments to Previously Repor
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement | Note 19 – Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement As discussed in Note 1, Summary of Operations and Significant Accounting Policies The following tables summarize the effects of adopting Topic 606 and ASU 2016-18 had on our previously reported financial statements. (In thousands, except par value data) December 31, 2017 As Reported Adoption of Topic 606 As Adjusted Assets Current assets: Cash and cash equivalents $ 148,113 $ — $ 148,113 Restricted cash 3,849 — 3,849 Accounts receivable 121,576 — 121,576 Contract assets — 105,619 105,619 Inventories 67,064 (62,952 ) 4,112 Inventories held for customer orders 64,858 (64,858 ) — Prepaid expenses and other current assets 27,507 — 27,507 Total current assets 432,967 (22,191 ) 410,776 Property, plant, and equipment, net 123,480 — 123,480 Goodwill 2,807 — 2,807 Intangible assets and deferred costs, net 150 958 1,108 Other noncurrent assets 14,130 (6,564 ) 7,566 Total assets $ 573,534 $ (27,797 ) $ 545,737 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses $ 166,743 $ — $ 166,743 Accrued warranty 29,163 1,256 30,419 Deferred revenue 81,048 (81,048 ) — Customer deposits and customer advances 10,134 (9,702 ) 432 Contract liabilities — 2,763 2,763 Current maturities of long-term debt 35,506 — 35,506 Total current liabilities 322,594 (86,731 ) 235,863 Long-term debt, net of debt issuance costs, discount and current maturities 85,879 — 85,879 Other noncurrent liabilities 4,444 (1,003 ) 3,441 Total liabilities 412,917 (87,734 ) 325,183 Commitments and contingencies Stockholders’ equity: Common shares, $0.01 par value, 100,000 shares authorized and 34,049 shares issued and 34,021 shares outstanding 340 — 340 Paid-in capital 301,543 — 301,543 Accumulated other comprehensive loss (558 ) — (558 ) Accumulated deficit (140,197 ) 59,937 (80,260 ) Treasury stock, at cost, 28 shares (511 ) — (511 ) Total stockholders’ equity 160,617 59,937 220,554 Total liabilities and stockholders’ equity $ 573,534 $ (27,797 ) $ 545,737 The primary effects of the adoption of Topic 606 on our consolidated balance sheet include 1) amounts being recognized as revenue for work performed as production takes place over time as contract assets, which differs from the prior practice of including the balances in inventory; 2) no longer reporting inventory held for customer orders or deferred revenue since revenue is now being recognized over the course of the production process, and before the product is delivered to the customer; 3) that contract liabilities are reported for amounts collected from customers in advance of the production of products, similar to our prior practice of recording customer deposits; 4) the impact of the retrospective adjustment on deferred income taxes; and 5) the cumulative amount of the effect to prior periods’ net income related to the adoption of Topic 606 through December 31, 2017 is reflected in retained earnings. Consolidated Income Statement (In thousands, except per share data) Year Ended December 31, 2017 As Reported Adoption of Topic 606 As Adjusted Net sales $ 930,281 $ 24,917 $ 955,198 Cost of sales 776,944 27,155 804,099 Startup and transition costs 40,628 — 40,628 Total cost of goods sold 817,572 27,155 844,727 Gross profit 112,709 (2,238 ) 110,471 General and administrative expenses 40,373 — 40,373 Income from operations 72,336 (2,238 ) 70,098 Other income (expense): Interest income 95 — 95 Interest expense (12,381 ) — (12,381 ) Realized loss on foreign currency remeasurement (4,471 ) — (4,471 ) Miscellaneous income 1,191 — 1,191 Total other expense (15,566 ) — (15,566 ) Income before income taxes 56,770 (2,238 ) 54,532 Income tax provision (13,080 ) (2,718 ) (15,798 ) Net income $ 43,690 $ (4,956 ) $ 38,734 Weighted-average common shares outstanding: Basic 33,844 33,844 33,844 Diluted 34,862 34,862 34,862 Net income per common share: Basic $ 1.29 $ (0.15 ) $ 1.14 Diluted $ 1.25 $ (0.14 ) $ 1.11 The primary effects of the adoption of Topic 606 on our consolidated income statement relate to amounts being recognized as revenue for work performed as production takes place over time, which differs from the prior practice of recognizing revenue when the product was delivered to the customer. (In thousands, except per share data) Year Ended December 31, 2016 As Reported Adoption of Topic 606 As Adjusted Net sales $ 754,877 $ 14,142 $ 769,019 Cost of sales 659,745 4,281 664,026 Startup and transition costs 18,127 — 18,127 Total cost of goods sold 677,872 4,281 682,153 Gross profit 77,005 9,861 86,866 General and administrative expenses 33,892 — 33,892 Income from operations 43,113 9,861 52,974 Other income (expense): Interest income 344 — 344 Interest expense (17,614 ) — (17,614 ) Loss on extinguishment of debt (4,487 ) — (4,487 ) Realized loss on foreign currency remeasurement (757 ) — (757 ) Miscellaneous income 238 — 238 Total other expense (22,276 ) — (22,276 ) Income before income taxes 20,837 9,861 30,698 Income tax provision (6,995 ) 3,341 (3,654 ) Net income 13,842 13,202 27,044 Net income attributable to preferred stockholders 5,471 — 5,471 Net income attributable to common stockholders $ 8,371 $ 13,202 $ 21,573 Weighted-average common shares outstanding: Basic 17,530 17,530 17,530 Diluted 17,616 17,616 17,616 Net income per common share: Basic $ 0.48 $ 0.75 $ 1.23 Diluted $ 0.48 $ 0.74 $ 1.22 The primary effects of the adoption of Topic 606 on our consolidated income statement relate to amounts being recognized as revenue for work performed as production takes place over time, which differs from the prior practice of recognizing revenue when the product was delivered to the customer. (In thousands) Year Ended December 31, 2017 As Reported Adoption of Topic 606 As Adjusted Net income $ 43,690 $ (4,956 ) $ 38,734 Other comprehensive income: Foreign currency translation adjustments 3,304 — 3,304 Comprehensive income $ 46,994 $ (4,956 ) $ 42,038 Year Ended December 31, 2016 As Reported Adoption of Topic 606 As Adjusted Net income $ 13,842 $ 13,202 $ 27,044 Other comprehensive loss: Foreign currency translation adjustments (3,837 ) — (3,837 ) Comprehensive income $ 10,005 $ 13,202 $ 23,207 (In thousands) Common Paid-in Accumulated other comprehensive Accumulated Treasury stock, Total stockholders' equity Shares Amount capital income (loss) deficit at cost (deficit) Balance at December 31, 2015 - as reported 4,238 $ — $ — $ (25 ) $ (191,172 ) $ — $ (191,197 ) Cumulative-effect adjustment of the adoption of Topic 606 on January 1, 2016 — — — — 51,691 — 51,691 Balance at December 31, 2015 - as adjusted 4,238 — — (25 ) (139,481 ) — (139,506 ) Year ended December 31, 2016 activity - as reported 29,499 337 292,833 (3,837 ) 8,371 — 297,704 Effect of the adoption of Topic 606 — — — — 13,202 — 13,202 Balance at December 31, 2016 - as adjusted 33,737 337 292,833 (3,862 ) (117,908 ) — 171,400 Year ended December 31, 2017 activity - as reported 312 3 8,710 3,304 42,604 (511 ) 54,110 Effect of the adoption of Topic 606 — — — — (4,956 ) — (4,956 ) Balance at December 31, 2017 - as adjusted 34,049 $ 340 $ 301,543 $ (558 ) $ (80,260 ) $ (511 ) $ 220,554 The adoption of Topic 606 increased our total stockholders’ equity in 2015 by $51.7 million. Consolidated Statement of Cash Flows (In thousands) Year Ended December 31, 2017 As Reported Adoption of Topic 606 Adoption of ASU 2016-18 As Adjusted Cash flows from operating activities: Net income $ 43,690 $ (4,956 ) $ — $ 38,734 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 20,878 820 — 21,698 Share-based compensation expense 7,124 — — 7,124 Amortization of debt issuance costs 573 — — 573 Loss on disposal of property and equipment 334 — — 334 Deferred income taxes (1,068 ) 2,718 — 1,650 Changes in assets and liabilities: Accounts receivable (53,734 ) (493 ) — (54,227 ) Contract assets and liabilities — (4,423 ) — (4,423 ) Inventories (26,519 ) 27,483 — 964 Prepaid expenses and other current assets 3,150 — — 3,150 Other noncurrent assets 7,487 3,392 (8,063 ) 2,816 Accounts payable and accrued expenses 51,248 — — 51,248 Accrued warranty 9,251 79 — 9,330 Customer deposits 8,744 (8,518 ) — 226 Deferred revenue 11,480 (11,480 ) — — Other noncurrent liabilities 25 (4,622 ) — (4,597 ) Net cash provided by operating activities 82,663 — (8,063 ) 74,600 Cash flows from investing activities: Purchases of property and equipment (44,828 ) — — (44,828 ) Proceeds from sale of assets 850 — — 850 Net cash used in investing activities (43,978 ) — — (43,978 ) Cash flows from financing activities: Repayments of term loans (3,750 ) — — (3,750 ) Net repayments of accounts receivable financing (1,020 ) — — (1,020 ) Proceeds from working capital loans 9,936 — — 9,936 Repayments of working capital loans (14,574 ) — — (14,574 ) Net proceeds from other debt 1,313 — — 1,313 Debt issuance costs (454 ) — — (454 ) Proceeds from exercise of stock options 1,430 — — 1,430 Repurchase of common stock including shares withheld in lieu of income taxes (1,264 ) — — (1,264 ) Restricted cash (1,590 ) — 1,590 — Net cash used in financing activities (9,973 ) — 1,590 (8,383 ) Impact of foreign exchange rates on cash, cash equivalents and restricted cash 335 — — 335 Net change in cash, cash equivalents and restricted cash 29,047 — (6,473 ) 22,574 Cash, cash equivalents and restricted cash, beginning of year 119,066 — 10,797 129,863 Cash, cash equivalents and restricted cash, end of year $ 148,113 $ — $ 4,324 $ 152,437 The primary effects of the adoption of Topic 606 on our consolidated statement of cash flows include 1) the establishment of contract assets and liabilities; 2) the reduction of inventory and elimination of inventory held for customer orders; 3) the impact of the retrospective adjustment on deferred income taxes; and 4) the elimination of deferred revenue. For more details on these items, see the disclosure related to the effect of the adoption of Topic 606 on our consolidated balance sheet. (In thousands) Year Ended December 31, 2016 As Reported Adoption of Topic 606 Adoption of ASU 2016-18 As Adjusted Cash flows from operating activities: Net income $ 13,842 $ 13,202 $ — $ 27,044 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 12,897 289 — 13,186 Share-based compensation expense 9,902 — — 9,902 Amortization of debt issuance costs and debt discount 4,681 — — 4,681 Loss on extinguishment of debt 4,487 — — 4,487 Loss on disposal of property and equipment 2 — — 2 Deferred income taxes (2,782 ) (3,341 ) — (6,123 ) Changes in assets and liabilities: Accounts receivable 5,071 493 — 5,564 Contract assets and liabilities — (17,227 ) — (17,227 ) Inventories (4,967 ) 3,788 — (1,179 ) Prepaid expenses and other current assets 681 — — 681 Other noncurrent assets (8,291 ) (1,400 ) 6,001 (3,690 ) Accounts payable and accrued expenses 14,959 3,341 — 18,300 Accrued warranty 6,316 393 — 6,709 Customer deposits (7,515 ) 6,639 — (876 ) Deferred revenue 4,048 (4,048 ) — — Other noncurrent liabilities 510 (2,129 ) — (1,619 ) Net cash provided by operating activities 53,841 — 6,001 59,842 Cash flows from investing activities: Purchases of property and equipment (30,507 ) — — (30,507 ) Net cash used in investing activities (30,507 ) — — (30,507 ) Cash flows from financing activities: Proceeds from issuance of common stock sold in initial public offering, net of underwriters discount and offering costs 67,199 — — 67,199 Repayments of term loans (930 ) — — (930 ) Net repayments of accounts receivable financing (5,385 ) — — (5,385 ) Proceeds from working capital loans 15,813 — — 15,813 Repayments of working capital loans (20,103 ) — — (20,103 ) Net repayments of other debt (4,765 ) — — (4,765 ) Proceeds from customer advances 2,000 — — 2,000 Repayments of customer advances (2,000 ) — — (2,000 ) Restricted cash (499 ) — 499 — Net cash provided by financing activities 51,330 — 499 51,829 Impact of foreign exchange rates on cash, cash equivalents and restricted cash (1,515 ) — — (1,515 ) Net change in cash, cash equivalents and restricted cash 73,149 — 6,500 79,649 Cash, cash equivalents and restricted cash, beginning of year 45,917 — 4,297 50,214 Cash, cash equivalents and restricted cash, end of year $ 119,066 $ — $ 10,797 $ 129,863 The primary effects of the adoption of Topic 606 on our consolidated statement of cash flows include 1) the establishment of contract assets and liabilities; 2) the reduction of inventory and elimination of inventory held for customer orders; 3) the impact of the retrospective adjustment on deferred income taxes; and 4) the elimination of deferred revenue. For more details on these items, see the disclosure related to the effect of the adoption of Topic 606 on our consolidated balance sheet. As part of our adoption of Topic 606, we have elected to use the following practical expedients: - for completed contracts that have variable consideration, we have used the transaction price at the date on which the contract was completed, rather than estimating amounts for variable consideration in each comparative reporting period. - for modified contracts, we did not separately evaluate the effects of the contract modifications before the beginning of the earliest period presented. Instead, we reflected the aggregate effect of all of the modifications that occur before the beginning of the earliest period presented in determining the transaction price, identifying the satisfied and unsatisfied performance obligations, and allocating the transaction price to the performance obligations. - for all periods presented before the date of initial application, we did not disclose the amount of the transaction price allocated to remaining performance obligations, nor an explanation of when we expect to recognize that amount as revenue. The impact of applying the above practical expedients may change the period of revenue recognition but not the total amount to be recognized under the contract; therefore, we believe that the application of the practical expedients is not material to the comparability of the information presented above and the accounting and financial reporting related to the adoption of Topic 606. |
Summary of Operations and Sig_2
Summary of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business | (a) 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 or we). 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; Matamoros, Mexico; Izmir, Turkey; Kolding, Denmark and Chennai, India. |
Basis of Presentation | (b) Basis of Presentation We divide our business operations into four geographic operating segments—the United States (U.S.), Asia, Mexico and Europe, the Middle East, Africa and India (EMEAI), as follows: • Our U.S. segment includes (1) the manufacturing of wind blades at our Newton, Iowa plant, (2) the manufacturing of precision molding and assembly systems used for the manufacture of wind blades at our Warren, Rhode Island facility, (3) the manufacturing of composite solutions for the transportation industry, which we also conduct at our existing Rhode Island facility as well as at our Fall River, Massachusetts facility and at a second manufacturing facility in Newton, Iowa which commenced operations in the second quarter of 2018, (4) wind blade inspection and repair services in North America, (5) our advanced engineering center in Kolding, Denmark, which provides technical and engineering resources to our manufacturing facilities and (6) our corporate headquarters, the costs of which are included in general and administrative expenses. • Our Asia segment includes (1) the manufacturing of wind blades at our facilities in Taicang Port, China; Dafeng, China and Yangzhou, China, the latter of which we expect to commence operations in the first quarter of 2019, (2) the manufacturing of precision molding and assembly systems at our Taicang City, China facility and (3) wind blade inspection and repair services. • Our Mexico segment manufactures wind blades from three facilities in Juárez, Mexico and a facility in Matamoros, Mexico at which we commenced operations in the third quarter of 2018. In November 2018, we entered into a new lease agreement with a third party for a new precision molding and assembly systems manufacturing facility in Juárez, Mexico and we expect to commence operations at this facility in the first quarter of 2019. This segment also performs wind blade inspection and repair services. • Our EMEAI segment manufactures wind blades from two facilities in Izmir, Turkey and also performs wind blade inspection and repair services. In February 2019, we entered into a new lease agreement with a third party for a new manufacturing facility that will be built near Chennai, India and we expect to commence operations at this facility in the first half of 2020. 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. As previously announced, effective January 1, 2018, we adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers Recently Issued Accounting Pronouncements - Revenue from Contracts with Customers Revenue from Contracts with Customers Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement |
Public Offerings and Stock Split | (c) Public Offerings and Stock Split In July 2016, we completed an initial public offering (IPO) of 7,187,500 shares of our 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 our existing stockholders, a non-employee director and executive officers purchased an aggregate of 1,250,000 shares of our 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 our common stock and the redeemable preferred share warrants converted on a net issuance basis into 120,923 shares of our 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 our common stock at the public offering price of $11.00 per share. Prior to the IPO, in July 2016, we amended our amended and restated certificate of incorporation to effect a 360-for-1 forward stock split of our common stock. As a result of the stock split, we have adjusted the share amounts authorized and issuable under the share-based compensation plans. All share and per share common stock information referenced throughout the 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 our common stock. In May 2017, we completed a secondary public offering of 5,075,000 shares of our common stock at a price of $16.35 per share, which included 575,000 shares issued pursuant to the underwriters’ option to purchase additional shares. All of the shares were sold by existing stockholders and certain of our executive officers. The selling stockholders received all of the net proceeds of $78.8 million from the secondary public offering. We did not sell any shares and did not receive any of the proceeds from the offering and the costs paid by us in connection with the offering of $0.8 million were recorded in general and administrative costs in the accompanying consolidated income statement. |
Revenue Recognition | (d) Revenue Recognition The majority of our revenue is generated from long-term contracts associated with manufacturing of wind blades and related services. We account for a long-term contract when it has the approval from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and the collectability of consideration is probable. To determine the proper revenue recognition method for each long-term contract, we evaluate whether the original contract should be accounted for as one or more performance obligations. This evaluation requires judgment and the decisions reached could change the amount of revenue and gross profit recorded in a given period. As most of our contracts contain multiple performance obligations, we allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Our manufacturing services are customer specific and involve production of items that cannot be sold to other customers due to the customers’ protected intellectual property; therefore, we allocate the total transaction price under our contracts with multiple performance obligations using the contractually stated prices, as these prices represent the relative standalone selling price based on an expected cost plus margin model. Revenue is primarily recognized over time as we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. In addition, the customer does not have return or refund rights for items produced that conform to the specifications included in the contract. Because control transfers over time, revenue is recognized based on the extent of progress towards the completion of the performance obligation. We use the cost-to-cost input measure of progress for our contracts as this method provides the best representation of the production progress towards satisfaction of the performance obligation as the materials are distinct to the product being manufactured because of customer specifications provided for in the contract, the costs incurred are proportional to the progress towards completion of the product, and the products do not involve significant pre-fabricated component parts. Under the cost-to-cost method, progress and the related revenue recognition is determined by a ratio of direct costs incurred to date in fulfillment of the contract to the total estimated direct costs required to complete the performance obligation. Determining the revenue to be recognized for services performed under our manufacturing contracts involves significant judgments and estimates relating to the total consideration to be received and the expected total costs to complete the performance obligation. The judgments and estimates relating to the total consideration to be received include the amount of variable consideration as our contracts typically provide the customer with a range of production output options from guaranteed minimum volume obligations to the production capacity of the facility, and customers will provide periodic non-cancellable commitments for the number of wind blades to be produced over the term of the agreement. We use historical experience, customer commitments and forecasted future production based on the capacity of the plant to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of revenue per unit produced may vary based on the costs of production of the wind blades as we may be able to change the price per unit based on changes in the cost of production. Further, some of our contracts provide opportunities for us to share in labor and material cost savings as well as absorb some additional costs as an incentive for more efficient production, both of which impact the margin realized on the contract and ultimately the total amount of revenue to be recognized. Additionally, certain of our customer contracts provide for concessions by us for missed production deadlines. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information available to us at the time of the estimate and may materially change as additional information becomes known. Our contracts may be modified to account for changes in specifications of products and changing requirements. If the contract modifications are for goods or services that are not distinct from the existing contract, they are accounted for as if they were part of the original contract. The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If contract modifications are for goods and services that are distinct from the existing contract and increases the amount of consideration reflecting the standalone sale price of the additional goods or services, then the contract modification is accounted for as a separate contract and is evaluated for one or more performance obligations. Each reporting period, we evaluate the progress towards satisfaction of each performance obligation based on any contract modifications that have occurred, cost incurred to date, and an estimate of the expected future revenue and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of revenue, cost of sales, contract assets and liabilities and the related impact to operating income are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on the percentage of completion of the performance obligation. Wind blade pricing is based on annual commitments of volume as established in our customer contracts and orders less than committed volume may result in a higher price per wind blade to our customers. Orders in excess of annual commitments may result in discounts to our customers from the contracted price for the committed volume. Our customers typically provide periodic purchase orders with the price per wind blade given the current cost of the bill of materials, labor requirements and volume desired. We record an allowance for expected utilization of early payment discounts which are reported as a reduction of the related revenue. Precision molding and assembly systems included in a customer’s contract are based upon the specific engineering requirements and design determined by the customer and are specific to the wind blade design and function desired. From the customer’s engineering specifications, a job cost estimate is developed along with a production plan, and the desired margin is applied based on the location the work is to be performed and complexity of the customer’s design. Precision molding and assembly systems are generally built to produce wind blades which may be manufactured by us in production runs specified in the customer contract. Contract assets primarily relate to our rights to consideration for work completed but not billed at the reporting date on manufacturing services contracts. The contract assets are transferred to accounts receivable when the rights become unconditional, which generally occurs when customers are invoiced upon the determination that a product conforms to the contract specifications and invoices are due based on each customers negotiated payment terms, which range from 15 to 90 days. We apply the practical expedient that allows us to exclude payment terms under one year from the transfer of a promised good or service from consideration of a significant financing component in its contracts. With regards to the production of precision molding and assembly systems, our contracts generally call for progress payments to be made in advance of production. Generally, payment is made at certain percentage of completion milestones with the final payment due upon delivery to the manufacturing facility. These progress payments are recorded within contract liabilities as current liabilities in the consolidated balance sheets and are reduced as we record revenue over time. We evaluate indications that a customer may not be able to meet the obligations under our long-term supply agreements to determine if an account receivable or contract asset may be impaired. Our customers may request, in situations where they do not have space available to receive products or do not want to take possession of products immediately for other reasons, that their finished products be stored by us in one of our facilities. Most of our contracts provide for a limited number of wind blades to be stored during the period of the contract with any additional wind blades stored subject to additional storage fees, which are included in the wind blade performance obligation revenue. Revenue related to non-recurring engineering and freight services provided under our customer contracts is recognized at a point in time following the transfer of control of the promised services to the customer. Customers usually pay the carrier directly for the cost of shipping associated with items produced. When we pay the shipping costs, we apply the practical expedient that allows us to account for shipping and handling as a fulfillment costs and include the revenue in the associated performance obligation and the costs are included in cost of goods sold. Taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions, that are collected by us from a customer, are excluded from revenue. |
Cost of Goods Sold | (e) Cost of Goods Sold Cost of goods sold includes the costs we incur at our production facilities to make products saleable on both products invoiced during the period as well as products in progress towards the completion of each performance obligation. Cost of goods sold includes such items as raw materials, direct and indirect labor and facilities costs, including purchasing and receiving costs, plant management, inspection costs, production process improvement activities, product engineering and internal transfer costs. In addition, all depreciation associated with assets used in the production of our products is also included in cost of goods sold. Direct labor costs consist of salaries, benefits and other personnel related costs for employees engaged in the manufacture of our products and services. Startup costs represent the unallocated overhead related to both new manufacturing facilities as well as new lines in existing manufacturing facilities. Transition costs represent the unallocated overhead related to the transition of wind blade models. The startup and transition costs are primarily fixed overhead costs incurred during the period production facilities are under-utilized while transitioning wind blade models and ramping up manufacturing, which are not allocated to products and are expensed as incurred. The cost of sales for the initial wind blades from a new model manufacturing line is generally higher than when the line is operating at optimal production volume levels due to inefficiencies during ramp-up related to labor hours per blade, cycle times per blade and raw material usage. Additionally, manufacturing overhead as a percentage of net sales is generally higher during the period in which a facility is ramping up to full production capacity due to underutilization of the facility. Manufacturing overhead at each of our facilities includes virtually all indirect costs (including share-based compensation costs) incurred at the plants, including engineering, finance, information technology, human resources and plant management. |
General and Administrative Expense | (f) General and Administrative Expense General and administrative expenses are primarily incurred at our corporate headquarters and our research facilities and include salaries, benefits and other personnel related costs for employees engaged in research and development, engineering, finance, internal audit, information technology, human resources, business development, global operational excellence, global supply chain, in-house legal and executive management. Other costs include outside legal and accounting fees, risk management (insurance), share-based compensation and certain other administrative and global resources costs. In addition, realized gains and losses on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions and on the sale of other assets at our manufacturing facilities are also included in general and administrative expenses. The research and development expenses incurred at our Warren, Rhode Island and Fall River, Massachusetts locations as well as at our Kolding, Denmark advanced engineering center are included in general and administrative expenses. For the years ended December 31, 2018, 2017 and 2016, total research and development expenses totaled $0.8 million, $1.6 million and $1.5 million, respectively. For the year ended December 31, 2018, the realized loss on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions and the realized loss on the sale of other assets at our manufacturing facilities totaled $4.6 million. There were no such amounts for the years ended December 31, 2017 and 2016. |
Cash and Cash Equivalents and Restricted Cash | (g) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. As of December 31, 2018 and 2017, our China locations collectively had unrestricted cash totaling $28.9 million and $46.3 million, respectively, in bank accounts in China. The Chinese government imposes certain restrictions on transferring cash out of China. The local governments in Turkey and Mexico impose no such restrictions on transferring cash out of the respective country. As of December 31, 2018 and 2017, we had provided for cash deposits for letters of guarantee used for customs clearance related to our China locations totaling $3.5 million and $3.8 million, respectively. These amounts are reported as restricted cash in our consolidated balance sheets. As of December 31, 2018 and 2017, we maintained a long-term deposit in interest bearing accounts, related to fully cash-collateralized letters of credit in connection an equipment lessor in Iowa, totaling $0.5 million. See Note 9, Other Noncurrent Assets. |
Accounts Receivable | (h) Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. We follow the allowance method of recognizing uncollectible accounts receivable, which recognizes bad debt expense based on a review of the individual accounts outstanding and prior history of uncollectible accounts receivable. Credit is extended based on evaluation of each of our customer’s financial condition and is generally unsecured. Accounts receivable are generally due within 30 days and are stated net of an allowance for doubtful accounts in the consolidated balance sheets. Accounts are considered past due if outstanding longer than contractual payment terms. We record an allowance based on consideration of a number of factors, including the length of time trade accounts are past due, previous loss history, the credit-worthiness of individual customers, economic conditions affecting specific customer industries, and economic conditions in general. We charge-off accounts receivable after all reasonable collection efforts have been exhausted. We credit payments subsequently received on such receivables to bad debt expense in the period payment is received. We record delinquent finance charges on outstanding accounts receivables only if they are collected. We wrote off $0.2 million during 2018, $0.2 million during 2017 and $0.5 million during 2016, and do not have any off-balance-sheet credit exposure related to our customers. See Note 5, Accounts Receivable. |
Inventories | (i) Inventories Inventories represent materials purchased that are not restricted to fulfillment of a specific contract and are measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is determined using the first-in, first-out method for such raw materials. Write-downs to reduce the carrying cost of obsolete, slow-moving, and unusable inventory to net realizable value are recognized in cost of goods sold. The effect of these write-downs establishes a new cost basis in the related inventory, which is not subsequently written up. |
Property, Plant and Equipment | (j) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 7, Property, Plant and Equipment, Net. Estimated useful lives Machinery and equipment 7–10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term of the lease, if shorter Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years |
Recoverability of Long-Lived Assets | (k) Recoverability of Long-Lived Assets We review property, plant and equipment and other long-lived assets in order to assess recoverability based on expected future undiscounted cash flows whenever events or circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future net cash flows is less than the carrying value, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value exceeds the fair value of the asset. |
Goodwill, Intangible Assets and Deferred Costs | (l) Goodwill, Intangible Assets and Deferred Costs Goodwill represents the excess of the acquisition cost of Composite Solutions, Inc. from True North Partners, LLC in 2004 over the fair value of identifiable assets acquired and liabilities assumed. Goodwill, which is entirely in the U.S. segment, is evaluated for impairment annually on October 31 and whenever events or circumstances make it likely that impairment may have occurred. In determining whether impairment has occurred, we use a two-step approach. Step one compares the fair value of the related reporting unit (calculated using the discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, there is a potential impairment and step two must be performed. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value (i.e., fair value of reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the implied fair value of goodwill is less than the carrying amount of goodwill, impairment is recognized for that difference. We may Our only intangible assets were acquired in a business acquisition and provide contractual or legal rights, or other future benefits that could be separately identified. Our valuation of identified intangible assets was based upon discounted cash flow estimates that require significant management judgment with respect to revenue and expense growth rates, changes in working capital, and the selection and use of the appropriate discount rate. The intangible assets are amortized over their estimated useful life. Intangible assets with indefinite lives are evaluated at least annually for impairment or whenever events or circumstances make it likely that impairment may have occurred. As a result of our adoption of Topic 606, we recognized an asset for deferred costs incurred to fulfill a contract when such costs meet certain criteria. These deferred costs are amortized over their estimated useful life. See Note 2, Revenue From Contracts with Customers Intangible Assets and Deferred Costs, Net. |
Warranty Expense | (m) Warranty Expense We provide a limited warranty for our mold and wind blade products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for periods that range from two to five years. We also provide a limited warranty for our transportation products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for a period of approximately two years. Warranty expense is recorded based upon estimates of future repairs using a probability-based methodology that considers previous warranty claims, identified quality issues and industry practices. Once the warranty period has expired, any remaining unused warranty accrual for the specific products is generally reversed against the current year warranty expense amount. See Note 10, Accrued Warranty |
Treasury Stock | (n) Treasury Stock Common stock purchased for treasury is recorded at historical cost. Transactions in treasury shares relate to share-based compensation plans and are recorded at weighted-average cost. |
Foreign Currency Translation Adjustments | (o) Foreign Currency Translation Adjustments Our reporting currency is the U.S. dollar. However, we have non-U.S. operating segments in our U.S., Mexico, Turkey and China operations • The U.S. parent companies of our China and Mexico operations, which are wholly-owned subsidiaries of TPI Composites, Inc., maintain their books and records in U.S. dollars. • Our Kolding, Denmark operation, which is a wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records denominated in the local Danish currency, the Krone. • Our Mexico operations maintain their books and records through multiple legal entities that are denominated in the local Mexican currency, the Peso. • Our Turkey operations maintain their books and records in the local Turkish currency, the Lira. • Our China operations maintain their books and records in the local Chinese currency, the Renminbi. Foreign currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Results of operations of our foreign subsidiaries are translated at the average exchange rates during the respective periods. Foreign currency transaction gains and losses are reported in realized loss on foreign currency remeasurement in our consolidated income statements. Translation adjustments are reported in accumulated other comprehensive loss in our consolidated balance sheets. Currency translation adjustments for the years ended December 31, 2018, 2017 and 2016 amounted to a loss of $14.4 million, a gain of $3.3 million and a loss of $3.8 million, respectively. |
Share-Based Compensation | (p) Share-Based Compensation We maintain two active incentive compensation plans: the 2008 Stock Option and Grant Plan and the Amended and Restated 2015 Stock Option and Incentive Plan (the 2015 Plan). In May 2015, our board of directors and stockholders adopted and approved the 2015 Plan, which provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards, performance share awards and dividend equivalent rights to certain of our employees, non-employee directors and consultants. The term of stock options issued under the 2015 Plan may not exceed ten years from the date of grant. Under the 2015 Plan, incentive stock options and non-qualified stock options are granted at an exercise price that is not to be less than 100% of the fair market value of our common stock on the date of grant, as determined by the Compensation Committee of our board of directors. Stock options become vested and exercisable at such times and under such conditions as determined by the Compensation Committee on the date of grant. Upon approval of the 2015 Plan, no future grants will be made from the 2008 Stock Option and Grant Plan. We use the Black Scholes valuation model, unless the awards are subject to market conditions, in which case we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value of stock options and certain performance-based restricted stock units (PSUs) granted pursuant to the 2015 Plan. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. For grants with market conditions made in the year ended December 31, 2018, we utilized a volatility of 31.1%, a 0% dividend yield and a risk-free interest rate of 2.4%. The volatility was based on the most recent comparable period for the Company and the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is equal to the yield, as of the measurement date, of the zero-coupon U.S. Treasury bill that is commensurate with the remaining performance measurement period. The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include our closing market price at the grant date as well as the following assumptions: Expected Volatility . As our common stock had not been publicly traded prior to July 2016, the expected volatility assumption reflects an average of volatilities of publicly traded peer group companies with a period equal to the expected life of the options. Expected Life (years) . We use the simplified method to estimate the expected term of stock options. The simplified method for estimating expected term is to use the mid-point between the vesting term and the contractual term of the option. We elected to use the simplified method because we did not have historical exercise data to estimate the expected term due to the limited time period our common stock had been publicly traded. Risk-Free Interest Rate . The risk-free interest rate assumption is based upon the U.S. constant maturity treasury rates as the risk-free rate interpolated between the years commensurate with the expected life of the options. Dividend Yield . The dividend yield assumption is zero since we do not expect to declare or pay dividends in the foreseeable future. Forfeitures. Share-based compensation expense is reversed when the service-based award is forfeited. Expected Vesting Period . We amortize the share-based compensation expense over the requisite service period. Share-based compensation expense related to restricted stock units and PSUs are expensed over the vesting period using the straight-line method for our employees and our board of directors. The restricted stock units and PSUs do not have voting rights. We calculate the fair value of our share-based awards on the date of grant for our employees and directors. We calculate the fair value of our share-based awards to our consultants on the date of vesting. |
Leases | (q) Leases Leases are classified as either operating leases or capital leases. Assets acquired under capital leases are amortized on the same basis as similar property, plant and equipment. Rental payments, including rent holidays, leasehold incentives, and scheduled rent increases are expensed on a straight-line basis over the lease term including any applicable renewals. Leasehold improvements are amortized over the shorter of the depreciable lives of the corresponding fixed assets or the lease term including any applicable renewals. |
Financial Instruments | (r) Financial Instruments Interest Rate Swap We use interest rate swap contracts to mitigate our exposure to interest rate fluctuations associated with our new credit agreement (the Credit Agreement) that we entered into in April 2018. We do not use such swap contracts for speculative or trading purposes. To offset the variability of future interest payments on the Credit Agreement arising from changes in the London Interbank Offered Rate (LIBOR), in April 2018, we entered into an interest rate swap agreement with a financial institution for a notional amount of $75.0 million with an expiration date of April 2023. This interest rate swap effectively hedges $75.0 million of the future variable rate LIBOR interest expense to a fixed rate interest expense. The derivative instrument qualified for accounting as a cash flow hedge in accordance with Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 815, Derivatives and Hedging The settlement value of the interest rate swap is $0.8 million as of December 31, 2018 and is included in other noncurrent assets in the consolidated balance sheet. The unrealized gain on the swap of $0.6 million, net of tax, is included in the consolidated statement of other comprehensive income (loss). Forward Contract We use forward contracts to mitigate our exposure associated with fluctuations in foreign currency exchange rates. We do not use such forward contracts for speculative or trading purposes. In August 2018, we provided a Turkish Lira denominated intercompany loan to an EMEAI subsidiary of $15.0 million converted at the spot rate on the transaction date to 96.6 million Turkish Lira to fund their working capital requirements. We entered into a forward contract, with the same expiration as that of the intercompany loan’s maturity in October 2018, for a notional amount of 101.5 million Turkish Lira to reduce our exposure to currency fluctuations from the settlement of this Turkish Lira denominated intercompany loan. The derivative instrument qualifies for accounting as a cash flow hedge in accordance with FASB ASC Topic 815, Derivatives and Hedging |
Income Taxes | (s) Income Taxes Income taxes are accounted for under the asset and liability method in accordance with FASB ASC Topic 740, Income Taxes Income Taxes. |
Net Income Attributable to Preferred Stockholders | (t) Net Income Attributable to Preferred Stockholders Net income attributable to preferred stockholders relates 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 | (u) 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 by the weighted-average number of common shares outstanding plus potentially dilutive securities using the treasury stock method. The table below reflects the calculation of the weighted-average number of common shares outstanding, using the treasury stock method, used in computing basic and diluted earnings per common share for the years ended December 31: 2018 2017 2016 (in thousands) Basic weighted-average shares outstanding 34,311 33,844 17,530 Effect of dilutive stock options and warrants 1,691 1,018 86 Diluted weighted-average shares outstanding 36,002 34,862 17,616 Share-based compensation awards of 30,000 shares were excluded from the computation of diluted net income per share for the year ended December 31, 2018 because their effect would be anti-dilutive. We did not have any potential dilutive securities which were excluded from the computation of diluted net income per share for the years ended December 31, 2017 and 2016. |
Use of Estimates | (v) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, realizability of intangible assets, deferred costs and deferred tax assets, inventory valuation, relative selling prices and cost assumptions for revenue recognition, fair value of stock options, performance-based restricted stock units and warrants, warranty reserves and other contingencies. |
Fair Value of Financial Instruments | (w) Fair Value of Financial Instruments FASB ASC Topic 820, Fair Value Measurements Level 1: Quoted prices in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts of cash and cash equivalents, trade accounts receivable, income taxes receivable, accounts payable and accrued expenses and income taxes payable approximate fair value because of the short-term nature of these financial instruments. The carrying amount of working capital loans approximates fair value due to their short term nature and the loans carry a current market rate of interest, a level 2 input. The carrying value of long-term debt approximates fair value based on its variable rate index or based upon market interest rates available to us for debt of similar risk and maturities, both of which are level 2 inputs. |
Recently Issued Accounting Pronouncements | (x) Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted in 2018 Revenue from Contracts with Customers In May 2014, the FASB issued Topic 606, which provides new recognition and disclosure requirements for revenue from contracts with customers that supersedes the existing revenue recognition guidance. The new recognition requirements focus on when the customer obtains control of the goods or services, rather than the current risks and rewards model of recognition. The core principle of the new standard is that an entity will recognize revenue when it transfers goods or services to its customers in an amount that reflects the consideration an entity expects to be entitled to for those goods or services. The new disclosure requirements included in these financial statements contain information intended to communicate the nature, amount, timing and any uncertainty of revenue and cash flows from the applicable contracts, including any significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill a contract. We adopted Topic 606 as of January 1, 2018 with retrospective application to January 1, 2016 through December 31, 2017. See Note 2, Revenue From Contracts with Customers Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement Cash Flow Presentation In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets which total the same such amounts in the consolidated statements of cash flows: December 31, 2018 2017 2016 2015 (in thousands) Cash and cash equivalents $ 85,346 $ 148,113 $ 119,066 $ 45,917 Restricted cash 3,555 3,849 2,259 1,760 Restricted cash included within other noncurrent assets 475 475 8,538 2,537 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 89,376 $ 152,437 $ 129,863 $ 50,214 See Note 19, Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement Income Taxes In December 2017, the SEC staff issued Staff Accounting Bulletin 118 (SAB 118), which provides relief for companies that have not completed their accounting for the effects of The Tax Cuts and Jobs Act (Tax Reform Act) but can determine a reasonable estimate of those effects to allow them to include a provisional amount based on their reasonable estimate in their financial statements. The guidance in SAB 118 also allows companies to adjust the provisional amounts during a one-year “measurement period” which is similar to the measurement period used when accounting for business combinations. In the accompanying consolidated financial statements, we have completed our accounting for all the tax effects associated with the enactment of the Tax Reform Act. See Note 15, Income Taxes Share-Based Compensation In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting, which provides guidance about which changes to terms or conditions of share-based payment awards requires an entity to apply the modification accounting of Topic 718, Compensation-Stock Compensation. This standard is effective for all entities for annual and interim periods beginning after December 15, 2017, with early adoption permitted. We adopted this standard on January 1, 2018 and it did not have a material effect on our consolidated financial statements. Financial Instruments In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which simplifies the application of hedge accounting guidance, including eliminating the requirement to separately measure and report hedge ineffectiveness. This standard is effective for all public business entities for annual and interim periods beginning after December 15, 2018, with early adoption permitted. We adopted this standard on January 1, 2018 and it did not have a material effect on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB established Topic 842, Leases Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842, Leases Targeted Improvements This standard is effective for all public business entities for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We will adopt this new standard on January 1, 2019 and use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides a number of optional practical expedients in transition. We expect to elect the package of practical expedients, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We do not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements, the latter not being applicable to us. We expect that this standard will have a material effect on our financial statements. While we continue to assess all of the effects of adoption, we currently believe the most significant effects relate to the recognition of new ROU assets and lease liabilities on our balance sheet for our real estate, equipment and auto operating leases and providing significant new disclosures about our leasing activities. On adoption, we currently expect to recognize additional operating liabilities of approximately $135 million, with corresponding ROU assets of approximately the same amount based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases. The new standard also provides practical expedients for an entity’s ongoing accounting. We currently expect to elect the short-term lease recognition exemption for all leases that qualify. Accordingly, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also currently expect to elect the practical expedient to not separate lease and non-lease components for all of our leases. Income Taxes In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Share-Based Compensation In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting Compensation-Stock Compensation In July 2018, the FASB issued ASU 2018-09, Codification Improvements Compensation-Stock Compensation-Income Taxes There have been no other recent accounting pronouncements or changes in accounting pronouncements during the current year that are of significance, or potential significance, to us. |
Summary of Operations and Sig_3
Summary of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property, Plant and Equipment | Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 7, Property, Plant and Equipment, Net. Estimated useful lives Machinery and equipment 7–10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term of the lease, if shorter Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years |
Calculation Of Weighted-Average Number Of Common Shares Outstanding | The table below reflects the calculation of the weighted-average number of common shares outstanding, using the treasury stock method, used in computing basic and diluted earnings per common share for the years ended December 31: 2018 2017 2016 (in thousands) Basic weighted-average shares outstanding 34,311 33,844 17,530 Effect of dilutive stock options and warrants 1,691 1,018 86 Diluted weighted-average shares outstanding 36,002 34,862 17,616 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets which total the same such amounts in the consolidated statements of cash flows: December 31, 2018 2017 2016 2015 (in thousands) Cash and cash equivalents $ 85,346 $ 148,113 $ 119,066 $ 45,917 Restricted cash 3,555 3,849 2,259 1,760 Restricted cash included within other noncurrent assets 475 475 8,538 2,537 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 89,376 $ 152,437 $ 129,863 $ 50,214 |
Revenue From Contracts with C_2
Revenue From Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Net Sales Revenue by Product for Each of Reportable Segments | The following tables represents the disaggregation of our net sales revenue by product for each of our reportable segments: Year Ended December 31, 2018 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 126,335 $ 264,417 $ 256,101 $ 286,414 $ 933,267 Precision molding and assembly systems sales 5,034 36,616 7,203 — 48,853 Transportation sales 29,254 — — — 29,254 Other sales 3,093 5,222 5,452 4,483 18,250 Total net sales $ 163,716 $ 306,255 $ 268,756 $ 290,897 $ 1,029,624 Year Ended December 31, 2017 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 164,870 $ 346,200 $ 200,355 $ 179,100 $ 890,525 Precision molding and assembly systems sales 8,445 18,408 760 — 27,613 Transportation sales 14,020 — — — 14,020 Other sales 3,690 7,912 5,448 5,990 23,040 Total net sales $ 191,025 $ 372,520 $ 206,563 $ 185,090 $ 955,198 Year Ended December 31, 2016 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 163,926 $ 287,398 $ 122,712 $ 138,358 $ 712,394 Precision molding and assembly systems sales 17,683 17,846 363 — 35,892 Transportation sales 7,552 — — — 7,552 Other sales 2,702 4,317 4,945 1,217 13,181 Total net sales $ 191,863 $ 309,561 $ 128,020 $ 139,575 $ 769,019 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities consisted of the following: December 31, 2018 2017 $ Change (in thousands) Gross contract assets $ 127,568 $ 112,557 $ 15,011 Less: reclassification from contract liabilities (10,860 ) (6,938 ) (3,922 ) Contract assets $ 116,708 $ 105,619 $ 11,089 December 31, 2018 2017 $ Change (in thousands) Gross contract liabilities $ 18,003 $ 9,701 $ 8,302 Less: reclassification to contract assets (10,860 ) (6,938 ) (3,922 ) Contract liabilities $ 7,143 $ 2,763 $ 4,380 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable at December 31 consisted of the following: 2018 2017 (in thousands) Trade accounts receivable $ 172,667 $ 117,794 Other accounts receivable 4,148 3,782 Total accounts receivable $ 176,815 $ 121,576 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets at December 31 consisted of the following: 2018 2017 (in thousands) Refundable value-added tax $ 11,160 $ 11,507 Prepaid customs and duty charges 495 280 Deposits 5,659 4,585 Other prepaid expenses 8,724 10,357 Other current assets — 778 Total prepaid expenses and other current assets $ 26,038 $ 27,507 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment Net | Property, plant and equipment, net at December 31 consisted of the following: 2018 2017 (in thousands) Machinery and equipment $ 119,737 $ 100,681 Buildings 15,080 14,711 Leasehold improvements 38,747 21,853 Office equipment and software 26,363 18,664 Furniture 19,579 19,017 Vehicles 287 294 Construction in progress 17,390 10,687 Total property, plant and equipment, gross 237,183 185,907 Accumulated depreciation (77,760 ) (62,427 ) Total property, plant and equipment, net $ 159,423 $ 123,480 |
Intangible Assets and Deferre_2
Intangible Assets and Deferred Costs, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Useful Lives of Intangible Assets and Deferred Costs | Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2018, consisted of the following: Estimated Useful Life Cost Accumulated Amortization Net (in thousands) Pre-production investments (1) Various $ 5,598 $ (2,111 ) $ 3,487 License 5 years 1,000 (179 ) 821 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 6,748 $ (2,290 ) $ 4,458 Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2017, consisted of the following: Estimated Useful Life Cost Accumulated Amortization Net (in thousands) Pre-production investments (1) Various $ 2,387 $ (1,429 ) $ 958 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 2,537 $ (1,429 ) $ 1,108 (1) See Note 2, Revenue From Contracts with Customers, |
Other Noncurrent Assets (Tables
Other Noncurrent Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets Noncurrent [Abstract] | |
Schedule of Other Noncurrent Assets | Other noncurrent assets at December 31 consisted of the following: 2018 2017 (in thousands) Restricted cash $ 475 $ 475 Deferred tax assets 15,296 1,740 Land use right 2,378 1,708 Deposits 3,845 3,237 Other 1,976 406 Total other noncurrent assets $ 23,970 $ 7,566 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Accrual | Warranty accrual at December 31 consisted of the following: 2018 2017 2016 (in thousands) Warranty accrual at beginning of year $ 30,419 $ 21,089 $ 14,380 Accrual during the year 14,605 15,443 19,279 Cost of warranty services provided during the year (1) (4,457 ) (1,986 ) (10,808 ) Reduction of reserves (3,802 ) (4,127 ) (1,762 ) Warranty accrual at end of year $ 36,765 $ 30,419 $ 21,089 (1) The 2016 amount includes an 8.0 million Euro ($8.5 million) payment related to a settlement agreement with a customer. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-Based Compensation Expense recognized in the Consolidated Income Statements | The share-based compensation expense recognized in the consolidated income statements for the years ended December 31 was as follows: 2018 2017 2016 (in thousands) Cost of goods sold $ 1,281 $ 1,070 $ 1,505 General and administrative expenses 6,514 6,054 8,397 Total share-based compensation expense $ 7,795 $ 7,124 $ 9,902 |
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award | The share-based compensation expense recognized by award type for the years ended December 31 was as follows: 2018 2017 2016 (in thousands) RSUs $ 4,209 $ 2,808 $ 3,457 Stock options 2,463 4,316 6,445 PSUs 1,123 — — Total share-based compensation expense $ 7,795 $ 7,124 $ 9,902 |
Summary of Activity for Incentive Plans | The summary of activity for our incentive plans is as follows: Stock Options RSUs PSUs Shares Available for Grant Shares Weighted- Average Exercise Price Options Exercisable Shares Weighted- Average Grant Date Fair Value Shares 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 — $ — Increase in shares authorized 169,546 — — — — — — Granted (493,990 ) 493,990 17.37 — — — — Exercised/vested — — — — — — — Forfeited/cancelled 519,995 (424,235 ) 11.78 (95,760 ) 10.87 — — 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 — — — — — — Granted (433,700 ) 213,200 19.70 220,500 22.42 — — Exercised/vested — (138,878 ) 10.83 (218,040 ) 10.95 — — Forfeited/cancelled 227,650 (202,450 ) 11.54 (25,200 ) 10.87 — — Balance as of December 31, 2017 4,731,117 3,203,290 13.34 890,433 613,380 15.02 — — Increase in shares authorized 1,360,826 — — — — — — Granted (451,212 ) 9,652 22.67 149,012 23.37 292,548 22.67 Exercised/vested — (354,153 ) 12.10 (298,036 ) 13.03 — — Forfeited/cancelled 339,874 (258,095 ) 14.72 (38,480 ) 21.51 (43,299 ) 22.67 Balance as of December 31, 2018 5,980,605 2,600,694 13.41 1,415,948 425,876 18.75 249,249 22.67 |
Summary of Outstanding and Exercisable Stock Option Awards | The following table summarizes the outstanding and exercisable stock option awards as of December 31, 2018: 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 16,397 1.6 $ 8.49 16,397 $ 8.49 $10.87 1,603,722 6.4 10.87 859,549 10.87 $11.00 to $16.53 495,601 7.1 16.10 331,800 16.31 $17.68 to $18.70 276,107 7.5 18.67 150,833 18.67 $18.77 to $22.67 208,867 8.7 19.97 57,369 19.93 $8.49 to $22.67 2,600,694 6.8 13.41 1,415,948 13.32 |
Additional Information Pertaining to Stock Options | The following table contains additional information pertaining to stock options for the years ended December 31: 2018 2017 2016 (in thousands) Total intrinsic value of stock options outstanding $ 29,045 $ 22,804 $ 12,251 Total intrinsic value of stock options exercisable 15,949 6,688 195 Cash received from the exercise of stock options 4,284 1,430 — Fair value of stock options vested 4,566 4,931 — |
Assumptions Used to Calculate Fair Value of Stock Options Granted under Black-Scholes Option Pricing Model | The fair value of the stock options granted during the years ended December 31 were calculated using the Black-Scholes option pricing model with the following assumptions: 2018 2017 2016 Weighted-average fair value $ 10.36 $ 9.10 $ 5.14 Expected volatility 42.8 % 45.0 % 45.2 % Expected life 6.3 years 6.3 years 6.3 years Risk-free interest rate 2.7 % 1.5 % 0.9 % Dividend yield 0.0 % 0.0 % 0.0 % |
Long-Term Debt, Net of Debt I_2
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, as of December 31 consisted of the following: 2018 2017 (in thousands) Senior term loan—U.S. $ — $ 71,250 Senior revolving loan—US 90,414 2,820 Accounts receivable financing—EMEAI 14,524 14,100 Equipment financing—EMEAI 12,197 16,901 Equipment capital lease—U.S. 111 536 Equipment capital lease—EMEAI 6,738 5,058 Equipment capital lease—Mexico 14,517 12,844 Equipment loan—Mexico — 47 Total debt - principal 138,501 123,556 Less: Debt issuance costs (878 ) (2,171 ) Total debt, net of debt issuance costs 137,623 121,385 Less: Current maturities of long-term debt (27,058 ) (35,506 ) Long-term debt, net of debt issuance costs and current maturities $ 110,565 $ 85,879 |
Schedule of Future Aggregate Annual Principal Maturities of Debt | The future aggregate annual principal maturities of debt at December 31, 2018, are as follows (in thousands): 2019 $ 27,058 2020 8,370 2021 8,423 2022 3,938 2023 90,712 Total debt - principal $ 138,501 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under Noncancelable Operating Leases | Future minimum lease payments under noncancelable operating leases with terms of one year or more as of December 31, 2018 are as follows (in thousands): 2019 $ 28,173 2020 26,871 2021 22,942 2022 22,065 2023 21,583 Thereafter 61,049 Total future minimum lease payments $ 182,683 |
Defined Contribution Plan (Tabl
Defined Contribution Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Company Matching Contribution Vesting Percentage | Participant vesting occurs in our matching contributions according to the schedule below: Years of service Vesting Percentage 1-year anniversary 34 % 2-year anniversary 66 % 3-year anniversary 100 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Income Taxes | Geographic sources of income (loss) before income taxes are as follows for the years ended December 31: 2018 2017 2016 (in thousands) United States $ (33,034 ) $ 6,272 $ 19,907 China (4 ) 44,563 17,518 Turkey 31,955 56 (7,896 ) Mexico 3,329 3,641 1,169 Total income before income taxes $ 2,246 $ 54,532 $ 30,698 |
Components of Income Tax Provision | The components of the income tax provision for the years ended December 31 are as follows: 2018 2017 2016 (in thousands) Current: U.S. federal $ — $ (49 ) $ — U.S. state and local taxes 4 (3 ) (196 ) Foreign 11,875 14,200 9,973 Total current 11,879 14,148 9,777 Deferred: U.S. federal (7,596 ) (20 ) 51 U.S. state and local taxes (36 ) — — Foreign (7,280 ) 1,670 (6,174 ) Total deferred (14,912 ) 1,650 (6,123 ) Total income tax provision (benefit) $ (3,033 ) $ 15,798 $ 3,654 |
Reconciliation from U.S. Statutory Income Tax Rate to Our Effective Income Tax Rate | The following is a reconciliation from the U.S. statutory income tax rate to our effective income tax rate for the years ended December 31: 2018 2017 2016 United States statutory income tax rate 21.0 % 35.0 % 34.0 % Foreign rate differential (14.4 ) (7.2 ) 4.4 Foreign permanent differences 31.7 1.2 1.6 China rate change — — (2.6 ) U.S. rate change — 10.3 — Withholding taxes 27.3 5.2 4.6 Foreign tax credits — (5.2 ) (5.4 ) Subpart F / GILTI income 539.8 — 1.3 IRC Section 965 dividend — 21.1 — Foreign tax credits - 965 dividend — (13.7 ) — Share-based compensation (89.0 ) — — Nondeductible interest — — 7.8 Valuation allowance (483.1 ) (16.6 ) (27.7 ) State taxes (1.7 ) — (0.4 ) Deferred tax adjustments 4.6 3.8 (5.4 ) Research and development (59.8 ) (1.2 ) (2.0 ) Turkey incentive credits — (5.5 ) — Foreign currency / inflationary adjustments (90.6 ) — — Other (20.8 ) 1.8 1.7 Effective income tax rate (135.0 )% 29.0 % 11.9 % |
Summary of Components of Deferred Tax Assets and Liabilities | The following is a summary of the components of deferred tax assets and liabilities at December 31: 2018 2017 2016 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 17,360 $ 18,913 $ 25,354 Deferred revenue 149 178 4,075 Non-deductible accruals 10,850 9,860 8,651 Equity compensation 3,607 3,489 3,503 Equity investment — 390 633 Amortization of intangible assets — 320 472 Non-deductible interest 1,452 — — Tax credits 2,212 4,760 2,914 Other 4,548 3,424 1,248 Total deferred tax assets 40,178 41,334 46,850 Valuation allowance (8,520 ) (18,680 ) (23,618 ) Net deferred tax assets 31,658 22,654 23,232 Deferred tax liabilities: Deferred revenue (13,781 ) (15,564 ) (18,859 ) Depreciation (2,636 ) (3,489 ) (1,714 ) Other (406 ) (1,972 ) (423 ) Total deferred tax liabilities (16,823 ) (21,025 ) (20,996 ) Net deferred tax assets $ 14,835 $ 1,629 $ 2,236 |
Schedule of Deferred Tax Valuation Allowance | The deferred tax valuation allowance at December 31 consisted of the following: 2018 2017 2016 (in thousands) Allowance at beginning of year $ (18,680 ) $ (23,618 ) $ (31,100 ) Benefits obtained 10,160 4,938 7,482 Allowance at end of year $ (8,520 ) $ (18,680 ) $ (23,618 ) |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Risks And Uncertainties [Abstract] | |
Schedule of Revenues from Customers | Revenues from certain customers (in thousands) in excess of 10 percent of total consolidated Company revenues for the years ended December 31 are as follows: 2018 2017 2016 Customer Revenues % of Total Revenues % of Total Revenues % of Total Customer 1 - Vestas $ 329,472 32.0 % $ 266,276 27.9 % $ 170,764 22.2 % Customer 2 - GE 325,962 31.7 % 426,133 44.6 % 372,294 48.4 % Customer 3 - Nordex 195,156 19.0 % 153,227 16.0 % 138,228 18.0 % Customer 4 - Siemens Gamesa 115,779 11.2 % 92,394 9.7 % 78,324 10.2 % Other 63,255 6.1 % 17,168 1.8 % 9,409 1.2 % Total $ 1,029,624 100.0 % $ 955,198 100.0 % $ 769,019 100.0 % |
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 at December 31 are as follows: 2018 2017 Customer % of Total % of Total Customer 1 - Vestas 46.7 % 52.4 % Customer 2 - GE 5.0 % 18.9 % Customer 3 - Nordex 25.7 % 19.5 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables set forth certain information regarding each of our segments for the years ended December 31: 2018 2017 2016 (in thousands) Net sales by segment: U.S. $ 163,716 $ 191,025 $ 191,863 Asia 306,255 372,520 309,561 Mexico 268,756 206,563 128,020 EMEAI 290,897 185,090 139,575 Total net sales $ 1,029,624 $ 955,198 $ 769,019 Net sales by geographic location (1): United States $ 163,716 $ 191,025 $ 191,863 China 306,255 372,520 309,561 Mexico 268,756 206,563 128,020 Turkey 290,897 185,090 139,575 Total net sales $ 1,029,624 $ 955,198 $ 769,019 Depreciation and amortization: U.S. $ 6,795 $ 4,822 $ 3,335 Asia 6,765 6,272 4,690 Mexico 7,891 5,994 2,462 EMEAI 4,978 4,610 2,699 Total depreciation and amortization $ 26,429 $ 21,698 $ 13,186 Capital expenditures U.S. $ 21,305 $ 10,575 $ 4,056 Asia 11,218 7,000 3,287 Mexico 18,928 20,033 5,565 EMEAI 1,237 7,220 17,599 Total capital expenditures $ 52,688 $ 44,828 $ 30,507 Income (loss) from operations: U.S. $ (67,357 ) $ (33,231 ) $ (19,154 ) Asia 28,147 76,332 67,127 Mexico 12,154 14,430 10,060 EMEAI 51,774 12,567 (5,059 ) Total income from operations $ 24,718 $ 70,098 $ 52,974 Tangible long-lived assets: U.S. $ 34,825 $ 24,575 Asia (China) 31,924 28,887 Mexico 65,981 39,756 EMEAI (Turkey and India) 26,693 30,262 Total tangible long-lived assets $ 159,423 $ 123,480 Total assets: U.S. $ 115,435 $ 157,208 Asia 194,088 186,842 Mexico 142,412 89,754 EMEAI 152,920 111,933 Total assets $ 604,855 $ 545,737 (1) Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | The following tables set forth certain unaudited financial information for each quarter of 2018 and 2017. The unaudited quarterly information includes all normal recurring adjustments that, in the opinion of management, are necessary for the fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of the results for any future period. The unaudited quarterly results are as follows: 2018 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 253,981 $ 230,610 $ 254,976 $ 290,057 Gross profit 28,258 15,051 16,967 12,565 Net income (loss) 8,648 (4,053 ) 9,532 (8,848 ) Net income (loss) per common share: Basic (1) $ 0.25 $ (0.12 ) $ 0.28 $ (0.26 ) Diluted (1) $ 0.24 $ (0.12 ) $ 0.26 $ (0.26 ) 2017 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 208,615 $ 239,582 $ 253,498 $ 253,503 Gross profit 19,918 29,925 30,306 30,322 Net income 5,213 9,577 21,737 2,207 Net income per common share: Basic (1) $ 0.15 $ 0.28 $ 0.64 $ 0.06 Diluted (1) $ 0.15 $ 0.28 $ 0.62 $ 0.06 (1) The sum of the quarterly net income (loss) per common share amounts may not equal the annual net income (loss) per common share amount due to rounding. |
Adjustments to Previously Rep_2
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Summary of Effects of Adopting Topic 606 and ASU 2016-18 on Previously Reported Financial Statements | The following tables summarize the effects of adopting Topic 606 and ASU 2016-18 had on our previously reported financial statements. (In thousands, except par value data) December 31, 2017 As Reported Adoption of Topic 606 As Adjusted Assets Current assets: Cash and cash equivalents $ 148,113 $ — $ 148,113 Restricted cash 3,849 — 3,849 Accounts receivable 121,576 — 121,576 Contract assets — 105,619 105,619 Inventories 67,064 (62,952 ) 4,112 Inventories held for customer orders 64,858 (64,858 ) — Prepaid expenses and other current assets 27,507 — 27,507 Total current assets 432,967 (22,191 ) 410,776 Property, plant, and equipment, net 123,480 — 123,480 Goodwill 2,807 — 2,807 Intangible assets and deferred costs, net 150 958 1,108 Other noncurrent assets 14,130 (6,564 ) 7,566 Total assets $ 573,534 $ (27,797 ) $ 545,737 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses $ 166,743 $ — $ 166,743 Accrued warranty 29,163 1,256 30,419 Deferred revenue 81,048 (81,048 ) — Customer deposits and customer advances 10,134 (9,702 ) 432 Contract liabilities — 2,763 2,763 Current maturities of long-term debt 35,506 — 35,506 Total current liabilities 322,594 (86,731 ) 235,863 Long-term debt, net of debt issuance costs, discount and current maturities 85,879 — 85,879 Other noncurrent liabilities 4,444 (1,003 ) 3,441 Total liabilities 412,917 (87,734 ) 325,183 Commitments and contingencies Stockholders’ equity: Common shares, $0.01 par value, 100,000 shares authorized and 34,049 shares issued and 34,021 shares outstanding 340 — 340 Paid-in capital 301,543 — 301,543 Accumulated other comprehensive loss (558 ) — (558 ) Accumulated deficit (140,197 ) 59,937 (80,260 ) Treasury stock, at cost, 28 shares (511 ) — (511 ) Total stockholders’ equity 160,617 59,937 220,554 Total liabilities and stockholders’ equity $ 573,534 $ (27,797 ) $ 545,737 The primary effects of the adoption of Topic 606 on our consolidated balance sheet include 1) amounts being recognized as revenue for work performed as production takes place over time as contract assets, which differs from the prior practice of including the balances in inventory; 2) no longer reporting inventory held for customer orders or deferred revenue since revenue is now being recognized over the course of the production process, and before the product is delivered to the customer; 3) that contract liabilities are reported for amounts collected from customers in advance of the production of products, similar to our prior practice of recording customer deposits; 4) the impact of the retrospective adjustment on deferred income taxes; and 5) the cumulative amount of the effect to prior periods’ net income related to the adoption of Topic 606 through December 31, 2017 is reflected in retained earnings. Consolidated Income Statement (In thousands, except per share data) Year Ended December 31, 2017 As Reported Adoption of Topic 606 As Adjusted Net sales $ 930,281 $ 24,917 $ 955,198 Cost of sales 776,944 27,155 804,099 Startup and transition costs 40,628 — 40,628 Total cost of goods sold 817,572 27,155 844,727 Gross profit 112,709 (2,238 ) 110,471 General and administrative expenses 40,373 — 40,373 Income from operations 72,336 (2,238 ) 70,098 Other income (expense): Interest income 95 — 95 Interest expense (12,381 ) — (12,381 ) Realized loss on foreign currency remeasurement (4,471 ) — (4,471 ) Miscellaneous income 1,191 — 1,191 Total other expense (15,566 ) — (15,566 ) Income before income taxes 56,770 (2,238 ) 54,532 Income tax provision (13,080 ) (2,718 ) (15,798 ) Net income $ 43,690 $ (4,956 ) $ 38,734 Weighted-average common shares outstanding: Basic 33,844 33,844 33,844 Diluted 34,862 34,862 34,862 Net income per common share: Basic $ 1.29 $ (0.15 ) $ 1.14 Diluted $ 1.25 $ (0.14 ) $ 1.11 The primary effects of the adoption of Topic 606 on our consolidated income statement relate to amounts being recognized as revenue for work performed as production takes place over time, which differs from the prior practice of recognizing revenue when the product was delivered to the customer. (In thousands, except per share data) Year Ended December 31, 2016 As Reported Adoption of Topic 606 As Adjusted Net sales $ 754,877 $ 14,142 $ 769,019 Cost of sales 659,745 4,281 664,026 Startup and transition costs 18,127 — 18,127 Total cost of goods sold 677,872 4,281 682,153 Gross profit 77,005 9,861 86,866 General and administrative expenses 33,892 — 33,892 Income from operations 43,113 9,861 52,974 Other income (expense): Interest income 344 — 344 Interest expense (17,614 ) — (17,614 ) Loss on extinguishment of debt (4,487 ) — (4,487 ) Realized loss on foreign currency remeasurement (757 ) — (757 ) Miscellaneous income 238 — 238 Total other expense (22,276 ) — (22,276 ) Income before income taxes 20,837 9,861 30,698 Income tax provision (6,995 ) 3,341 (3,654 ) Net income 13,842 13,202 27,044 Net income attributable to preferred stockholders 5,471 — 5,471 Net income attributable to common stockholders $ 8,371 $ 13,202 $ 21,573 Weighted-average common shares outstanding: Basic 17,530 17,530 17,530 Diluted 17,616 17,616 17,616 Net income per common share: Basic $ 0.48 $ 0.75 $ 1.23 Diluted $ 0.48 $ 0.74 $ 1.22 The primary effects of the adoption of Topic 606 on our consolidated income statement relate to amounts being recognized as revenue for work performed as production takes place over time, which differs from the prior practice of recognizing revenue when the product was delivered to the customer. (In thousands) Year Ended December 31, 2017 As Reported Adoption of Topic 606 As Adjusted Net income $ 43,690 $ (4,956 ) $ 38,734 Other comprehensive income: Foreign currency translation adjustments 3,304 — 3,304 Comprehensive income $ 46,994 $ (4,956 ) $ 42,038 Year Ended December 31, 2016 As Reported Adoption of Topic 606 As Adjusted Net income $ 13,842 $ 13,202 $ 27,044 Other comprehensive loss: Foreign currency translation adjustments (3,837 ) — (3,837 ) Comprehensive income $ 10,005 $ 13,202 $ 23,207 (In thousands) Common Paid-in Accumulated other comprehensive Accumulated Treasury stock, Total stockholders' equity Shares Amount capital income (loss) deficit at cost (deficit) Balance at December 31, 2015 - as reported 4,238 $ — $ — $ (25 ) $ (191,172 ) $ — $ (191,197 ) Cumulative-effect adjustment of the adoption of Topic 606 on January 1, 2016 — — — — 51,691 — 51,691 Balance at December 31, 2015 - as adjusted 4,238 — — (25 ) (139,481 ) — (139,506 ) Year ended December 31, 2016 activity - as reported 29,499 337 292,833 (3,837 ) 8,371 — 297,704 Effect of the adoption of Topic 606 — — — — 13,202 — 13,202 Balance at December 31, 2016 - as adjusted 33,737 337 292,833 (3,862 ) (117,908 ) — 171,400 Year ended December 31, 2017 activity - as reported 312 3 8,710 3,304 42,604 (511 ) 54,110 Effect of the adoption of Topic 606 — — — — (4,956 ) — (4,956 ) Balance at December 31, 2017 - as adjusted 34,049 $ 340 $ 301,543 $ (558 ) $ (80,260 ) $ (511 ) $ 220,554 The adoption of Topic 606 increased our total stockholders’ equity in 2015 by $51.7 million. Consolidated Statement of Cash Flows (In thousands) Year Ended December 31, 2017 As Reported Adoption of Topic 606 Adoption of ASU 2016-18 As Adjusted Cash flows from operating activities: Net income $ 43,690 $ (4,956 ) $ — $ 38,734 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 20,878 820 — 21,698 Share-based compensation expense 7,124 — — 7,124 Amortization of debt issuance costs 573 — — 573 Loss on disposal of property and equipment 334 — — 334 Deferred income taxes (1,068 ) 2,718 — 1,650 Changes in assets and liabilities: Accounts receivable (53,734 ) (493 ) — (54,227 ) Contract assets and liabilities — (4,423 ) — (4,423 ) Inventories (26,519 ) 27,483 — 964 Prepaid expenses and other current assets 3,150 — — 3,150 Other noncurrent assets 7,487 3,392 (8,063 ) 2,816 Accounts payable and accrued expenses 51,248 — — 51,248 Accrued warranty 9,251 79 — 9,330 Customer deposits 8,744 (8,518 ) — 226 Deferred revenue 11,480 (11,480 ) — — Other noncurrent liabilities 25 (4,622 ) — (4,597 ) Net cash provided by operating activities 82,663 — (8,063 ) 74,600 Cash flows from investing activities: Purchases of property and equipment (44,828 ) — — (44,828 ) Proceeds from sale of assets 850 — — 850 Net cash used in investing activities (43,978 ) — — (43,978 ) Cash flows from financing activities: Repayments of term loans (3,750 ) — — (3,750 ) Net repayments of accounts receivable financing (1,020 ) — — (1,020 ) Proceeds from working capital loans 9,936 — — 9,936 Repayments of working capital loans (14,574 ) — — (14,574 ) Net proceeds from other debt 1,313 — — 1,313 Debt issuance costs (454 ) — — (454 ) Proceeds from exercise of stock options 1,430 — — 1,430 Repurchase of common stock including shares withheld in lieu of income taxes (1,264 ) — — (1,264 ) Restricted cash (1,590 ) — 1,590 — Net cash used in financing activities (9,973 ) — 1,590 (8,383 ) Impact of foreign exchange rates on cash, cash equivalents and restricted cash 335 — — 335 Net change in cash, cash equivalents and restricted cash 29,047 — (6,473 ) 22,574 Cash, cash equivalents and restricted cash, beginning of year 119,066 — 10,797 129,863 Cash, cash equivalents and restricted cash, end of year $ 148,113 $ — $ 4,324 $ 152,437 The primary effects of the adoption of Topic 606 on our consolidated statement of cash flows include 1) the establishment of contract assets and liabilities; 2) the reduction of inventory and elimination of inventory held for customer orders; 3) the impact of the retrospective adjustment on deferred income taxes; and 4) the elimination of deferred revenue. For more details on these items, see the disclosure related to the effect of the adoption of Topic 606 on our consolidated balance sheet. (In thousands) Year Ended December 31, 2016 As Reported Adoption of Topic 606 Adoption of ASU 2016-18 As Adjusted Cash flows from operating activities: Net income $ 13,842 $ 13,202 $ — $ 27,044 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 12,897 289 — 13,186 Share-based compensation expense 9,902 — — 9,902 Amortization of debt issuance costs and debt discount 4,681 — — 4,681 Loss on extinguishment of debt 4,487 — — 4,487 Loss on disposal of property and equipment 2 — — 2 Deferred income taxes (2,782 ) (3,341 ) — (6,123 ) Changes in assets and liabilities: Accounts receivable 5,071 493 — 5,564 Contract assets and liabilities — (17,227 ) — (17,227 ) Inventories (4,967 ) 3,788 — (1,179 ) Prepaid expenses and other current assets 681 — — 681 Other noncurrent assets (8,291 ) (1,400 ) 6,001 (3,690 ) Accounts payable and accrued expenses 14,959 3,341 — 18,300 Accrued warranty 6,316 393 — 6,709 Customer deposits (7,515 ) 6,639 — (876 ) Deferred revenue 4,048 (4,048 ) — — Other noncurrent liabilities 510 (2,129 ) — (1,619 ) Net cash provided by operating activities 53,841 — 6,001 59,842 Cash flows from investing activities: Purchases of property and equipment (30,507 ) — — (30,507 ) Net cash used in investing activities (30,507 ) — — (30,507 ) Cash flows from financing activities: Proceeds from issuance of common stock sold in initial public offering, net of underwriters discount and offering costs 67,199 — — 67,199 Repayments of term loans (930 ) — — (930 ) Net repayments of accounts receivable financing (5,385 ) — — (5,385 ) Proceeds from working capital loans 15,813 — — 15,813 Repayments of working capital loans (20,103 ) — — (20,103 ) Net repayments of other debt (4,765 ) — — (4,765 ) Proceeds from customer advances 2,000 — — 2,000 Repayments of customer advances (2,000 ) — — (2,000 ) Restricted cash (499 ) — 499 — Net cash provided by financing activities 51,330 — 499 51,829 Impact of foreign exchange rates on cash, cash equivalents and restricted cash (1,515 ) — — (1,515 ) Net change in cash, cash equivalents and restricted cash 73,149 — 6,500 79,649 Cash, cash equivalents and restricted cash, beginning of year 45,917 — 4,297 50,214 Cash, cash equivalents and restricted cash, end of year $ 119,066 $ — $ 10,797 $ 129,863 |
Summary of Operations and Sig_4
Summary of Operations and Significant Accounting Policies - Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018SegmentFacility | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of operating segments | Segment | 4 |
Mexico [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of manufacturing facilities | 3 |
EMEAI [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of manufacturing facilities | 2 |
Summary of Operations and Sig_5
Summary of Operations and Significant Accounting Policies - Public Offerings and Stock Split - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
May 31, 2017USD ($)$ / sharesshares | Jul. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Net proceeds from Initial public offering | $ | $ 67,199,000 | ||
Conversion of convertible promissory notes | $ | 11,877,000 | ||
Proceeds from secondary public offering | $ | $ 2,000,000 | ||
Initial Public Offering [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Public offering shares | 7,187,500 | ||
Share price | $ / shares | $ 11 | ||
Net proceeds from Initial public offering | $ | $ 67,200,000 | ||
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] | Investors, Non-employee Director and Executive Officers [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Public offering shares | 1,250,000 | ||
Underwriters Over-allotment Option [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Public offering shares | 937,500 | ||
Underwriters Over-allotment Option [Member] | Existing Shareholders and Executive Officers [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Public offering shares | 575,000 | ||
Initial Public Offering and Stock Split [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Conversion of convertible promissory notes | $ | $ 11,900,000 | ||
Prior to IPO [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Common stock forward stock split ratio | 360 | ||
Secondary Public Offering [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Public offering shares | 0 | ||
Net proceeds from secondary public offering to selling stockholders | $ | $ 78,800,000 | ||
Proceeds from secondary public offering | $ | 0 | ||
Secondary Public Offering [Member] | General and Administrative Costs [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Offering costs paid | $ | $ 800,000 | ||
Secondary Public Offering [Member] | Existing Shareholders and Executive Officers [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Public offering shares | 5,075,000 | ||
Share price | $ / shares | $ 16.35 |
Summary of Operations and Sig_6
Summary of Operations and Significant Accounting Policies - Revenue Recognition - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Revenue recognition, description of payment terms | The contract assets are transferred to accounts receivable when the rights become unconditional, which generally occurs when customers are invoiced upon the determination that a product conforms to the contract specifications and invoices are due based on each customers negotiated payment terms, which range from 15 to 90 days. |
Summary of Operations and Sig_7
Summary of Operations and Significant Accounting Policies - General and Administrative Expense - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Loss on sale of account receivables and other assets | $ 4,600,000 | $ 0 | $ 0 |
General and Administrative Costs [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Research and development expense | $ 800,000 | $ 1,600,000 | $ 1,500,000 |
Summary of Operations and Sig_8
Summary of Operations and Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Cash deposits for letters of guarantee used for customs clearance, current | $ 3,555 | $ 3,849 |
Cash-collateralized letter of credit, non current | 475 | 475 |
China [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Unrestricted Cash | 28,900 | 46,300 |
Cash deposits for letters of guarantee used for customs clearance, current | 3,500 | 3,800 |
Iowa [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Cash-collateralized letter of credit, non current | $ 500 | $ 500 |
Summary of Operations and Sig_9
Summary of Operations and Significant Accounting Policies - Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Accounts receivables, written off | $ 0.2 | $ 0.2 | $ 0.5 |
Summary of Operations and Si_10
Summary of Operations and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 7 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 10 years |
Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 20 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 to 10 years, or the term of the lease,if shorter |
Leasehold Improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 10 years |
Office Equipment and Software [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Office Equipment and Software [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Vehicles [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Summary of Operations and Si_11
Summary of Operations and Significant Accounting Policies - Warranty Expense - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Transportation [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 2 years |
Minimum [Member] | Mold and Wind Blade Products [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 2 years |
Maximum [Member] | Mold and Wind Blade Products [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 5 years |
Summary of Operations and Si_12
Summary of Operations and Significant Accounting Policies - Foreign Currency Translation Adjustments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Foreign currency translation adjustments | $ (14,428) | $ 3,304 | $ (3,837) |
Summary of Operations and Si_13
Summary of Operations and Significant Accounting Policies - Share-Based Compensation - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2018Planshares | Dec. 31, 2017shares | Dec. 31, 2016shares | Dec. 31, 2015shares | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of active incentive compensation plans | Plan | 2 | |||
Shares available for grant | 5,980,605 | 4,731,117 | 3,587,692 | 3,392,141 |
Expected dividend yield | 0.00% | |||
Monte Carlo Simulation Model [Member] | ||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Expected volatility rate | 31.10% | |||
Expected dividend yield | 0.00% | |||
Expected risk free interest rate | 2.40% | |||
2015 Stock Option and Incentive Plan [Member] | Minimum [Member] | ||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of common stock fair market value on incentive stock options and non-qualified stock options granted at exercise price | 100.00% | |||
2015 Stock Option and Incentive Plan [Member] | Maximum [Member] | ||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Stock options expiration term | 10 years | |||
2008 Stock Option and Grant Plan [Member] | ||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Shares available for grant | 0 |
Summary of Operations and Si_14
Summary of Operations and Significant Accounting Policies - Financial Instruments - Additional Information (Detail) $ in Thousands, ₺ in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2018USD ($) | Aug. 31, 2018TRY (₺) | Apr. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Unrealized gain (loss), net of tax | $ 594 | |||
Intercompany loan to subsidiary | $ 15,000 | ₺ 96.6 | ||
Forward Contracts [Member] | ||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Derivative notional amount | ₺ | ₺ 101.5 | |||
Derivative maturity month and year | 2018-10 | 2018-10 | ||
Interest Rate Swap Arrangement [Member] | ||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Derivative notional amount | $ 75,000 | |||
Derivative maturity month and year | 2023-04 | |||
Settlement value of swap | 800 | |||
Unrealized gain (loss), net of tax | $ 600 | |||
Interest Rate Swap Arrangement [Member] | LIBOR [Member] | ||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Derivative hedges amount future variable rate interest expense | $ 75,000 |
Summary of Operations and Si_15
Summary of Operations and Significant Accounting Policies - Calculation Of Weighted-Average Number Of Common Shares Outstanding (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Basic weighted-average shares outstanding | 34,311 | 33,844 | 17,530 |
Effect of dilutive stock options and warrants | 1,691 | 1,018 | 86 |
Diluted weighted-average shares outstanding | 36,002 | 34,862 | 17,616 |
Summary of Operations and Si_16
Summary of Operations and Significant Accounting Policies - Net Income Per Share Calculation - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Anti-dilutive shares excluded from computation of diluted net income per share | 0 | 0 | |
Share-Based Compensation Awards [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Anti-dilutive shares excluded from computation of diluted net income per share | 30,000 |
Summary of Operations and Si_17
Summary of Operations and Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Cash and cash equivalents | $ 85,346 | $ 148,113 | ||
Restricted cash | 3,555 | 3,849 | ||
Restricted cash included within other noncurrent assets | 475 | 475 | ||
ASU 2016-15 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Cash and cash equivalents | 85,346 | 148,113 | $ 119,066 | $ 45,917 |
Restricted cash | 3,555 | 3,849 | 2,259 | 1,760 |
Restricted cash included within other noncurrent assets | 475 | 475 | 8,538 | 2,537 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 89,376 | $ 152,437 | $ 129,863 | $ 50,214 |
Summary of Operations and Si_18
Summary of Operations and Significant Accounting Policies - Leases - Additional Information (Detail) - Subsequent Event [Member] - ASU 2016-02 [Member $ in Millions | Jan. 01, 2019USD ($) |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Right-of-use assets | $ 135 |
Lease liabilities | $ 135 |
Revenue From Contracts with C_3
Revenue From Contracts with Customers - Summary of Disaggregation of Net Sales Revenue by Product for Each of Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | $ 290,057 | $ 254,976 | $ 230,610 | $ 253,981 | $ 253,503 | $ 253,498 | $ 239,582 | $ 208,615 | $ 1,029,624 | $ 955,198 | $ 769,019 |
U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 163,716 | 191,025 | 191,863 | ||||||||
Asia Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 306,255 | 372,520 | 309,561 | ||||||||
Mexico Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 268,756 | 206,563 | 128,020 | ||||||||
EMEAI Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 290,897 | 185,090 | 139,575 | ||||||||
Wind Blades [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 933,267 | 890,525 | 712,394 | ||||||||
Wind Blades [Member] | U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 126,335 | 164,870 | 163,926 | ||||||||
Wind Blades [Member] | Asia Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 264,417 | 346,200 | 287,398 | ||||||||
Wind Blades [Member] | Mexico Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 256,101 | 200,355 | 122,712 | ||||||||
Wind Blades [Member] | EMEAI Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 286,414 | 179,100 | 138,358 | ||||||||
Precision Molding and Assembly Systems [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 48,853 | 27,613 | 35,892 | ||||||||
Precision Molding and Assembly Systems [Member] | U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 5,034 | 8,445 | 17,683 | ||||||||
Precision Molding and Assembly Systems [Member] | Asia Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 36,616 | 18,408 | 17,846 | ||||||||
Precision Molding and Assembly Systems [Member] | Mexico Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 7,203 | 760 | 363 | ||||||||
Transportation [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 29,254 | 14,020 | 7,552 | ||||||||
Transportation [Member] | U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 29,254 | 14,020 | 7,552 | ||||||||
Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 18,250 | 23,040 | 13,181 | ||||||||
Other [Member] | U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 3,093 | 3,690 | 2,702 | ||||||||
Other [Member] | Asia Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 5,222 | 7,912 | 4,317 | ||||||||
Other [Member] | Mexico Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 5,452 | 5,448 | 4,945 | ||||||||
Other [Member] | EMEAI Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | $ 4,483 | $ 5,990 | $ 1,217 |
Revenue From Contracts with C_4
Revenue From Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contracts with Customers | ||
Increase in contracts assets | $ 11,089 | |
Increase in contracts liabilities | 4,380 | |
Contract liability revenue recognized | 2,800 | |
Net revenue recognized from performance obligations satisfied in previous periods, decrease amount | 12,700 | |
Transaction price allocated to remaining performance obligations to be satisfied in future periods | $ 5,600,000 | |
Estimate to recognize remaining performance obligations as revenue, percent in 2019 | 27.00% | |
Estimate to recognize remaining performance obligations as revenue, percent in 2020 | 28.00% | |
Estimate to recognize remaining performance obligations as revenue, percent in 2021 | 20.00% | |
Estimate to recognize remaining performance obligations as revenue, percent in 2022 | 15.00% | |
Estimate to recognize remaining performance obligations as revenue, percent in 2023 | 10.00% | |
Revenue, practical expedient, incremental cost of obtaining contract | true | |
Other Noncurrent Assets [Member] | ||
Revenue from Contracts with Customers | ||
Capitalized contract cost | $ 5,600 | $ 2,400 |
Capitalized contract cost, accumulated amortization | $ 2,100 | $ 1,400 |
Minimum [Member] | ||
Revenue from Contracts with Customers | ||
Production hours of single blade | 24 hours | |
Production time of mold | 3 months | |
Maximum [Member] | ||
Revenue from Contracts with Customers | ||
Production hours of single blade | 42 hours | |
Production time of mold | 6 months | |
Long-term Contract with Customer [Member] | Net Sales, Directly to Consumer [Member] | ||
Revenue from Contracts with Customers | ||
Contracts with customer, length | 5 years |
Revenue From Contracts with C_5
Revenue From Contracts with Customers - Summary of Contract Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue From Contract With Customer [Abstract] | ||
Gross contract assets | $ 127,568 | $ 112,557 |
Less: reclassification from contract liabilities | (10,860) | (6,938) |
Contract assets | 116,708 | $ 105,619 |
Gross contract assets, Change | 15,011 | |
Less: reclassification from contract liabilities, Change | (3,922) | |
Contract assets, Change | $ 11,089 |
Revenue From Contracts with C_6
Revenue From Contracts with Customers - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue From Contract With Customer [Abstract] | ||
Gross contract liabilities | $ 18,003 | $ 9,701 |
Less: reclassification to contract assets | (10,860) | (6,938) |
Contract liabilities | 7,143 | $ 2,763 |
Gross contract liabilities, Change | 8,302 | |
Less: reclassification to contract assets, Change | (3,922) | |
Contract liabilities, Change | $ 4,380 |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Concentration Risk [Line Items] | ||
Cash in short-term deposits in interest bearing accounts | $ 3,555,000 | $ 3,849,000 |
Cash in long term deposits in interest bearing accounts | 475,000 | 475,000 |
U.S. [Member] | ||
Concentration Risk [Line Items] | ||
Cash in deposit accounts | 53,700,000 | 98,900,000 |
Turkey [Member] | ||
Concentration Risk [Line Items] | ||
Cash in deposit accounts | 1,000,000 | |
China [Member] | ||
Concentration Risk [Line Items] | ||
Cash in deposit accounts | 28,900,000 | 46,300,000 |
Cash in short-term deposits in interest bearing accounts | 3,500,000 | 3,800,000 |
Mexico [Member] | ||
Concentration Risk [Line Items] | ||
Cash in deposit accounts | 1,700,000 | |
Iowa [Member] | ||
Concentration Risk [Line Items] | ||
Cash in long term deposits in interest bearing accounts | 500,000 | 500,000 |
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 | 6 Months Ended | 12 Months Ended | |||
May 31, 2017$ / sharesshares | Jul. 31, 2016$ / sharesshares | Jun. 30, 2017USD ($) | Dec. 31, 2018Agreement | Dec. 31, 2016USD ($) | Jan. 31, 2016USD ($) | |
Initial Public Offering [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Public offering shares | 7,187,500 | |||||
Share price | $ / shares | $ 11 | |||||
Secondary Public Offering [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Public offering shares | 0 | |||||
Investor, Executive Officers and Director [Member] | Initial Public Offering [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Public offering 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 | 1,079,749 | |||||
Share price | $ / shares | $ 11 | |||||
GE [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of supply agreements | Agreement | 5 | |||||
Proceeds from sales | $ | $ 198.6 | $ 372.3 | ||||
Advance received | $ | $ 2 | |||||
GE [Member] | Agreements in Taicang Port and Izmir [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Agreement expiration date | Dec. 31, 2017 | |||||
GE [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of common stock outstanding | 5.00% | |||||
Certain Entities Associated with Element Partners, Angeleno Group Landmark Partners and NGP Energy Technology Partners, L.P and Certain Executive Officers [Member] | Secondary Public Offering [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Public offering shares | 5,075,000 | |||||
Share price | $ / shares | $ 16.35 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 176,815 | $ 121,576 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 172,667 | 117,794 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 4,148 | $ 3,782 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Refundable value-added tax | $ 11,160 | $ 11,507 |
Prepaid customs and duty charges | 495 | 280 |
Deposits | 5,659 | 4,585 |
Other prepaid expenses | 8,724 | 10,357 |
Other current assets | 778 | |
Total prepaid expenses and other current assets | $ 26,038 | $ 27,507 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 237,183 | $ 185,907 |
Accumulated depreciation | (77,760) | (62,427) |
Total property, plant and equipment, net | 159,423 | 123,480 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 119,737 | 100,681 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,080 | 14,711 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 38,747 | 21,853 |
Office Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 26,363 | 18,664 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,579 | 19,017 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 287 | 294 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 17,390 | $ 10,687 |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Total depreciation expense | $ 25.5 | $ 20.8 | $ 12.7 |
Cost of property plant and equipment leased under capital lease arrangements | 41.3 | 29.7 | |
Accumulated depreciation of property plant and equipment under capital lease arrangements | $ 11.7 | $ 8 |
Intangible Assets and Deferre_3
Intangible Assets and Deferred Costs, Net - Schedule of Carrying Values and Estimated Useful Lives of Intangible Assets and Deferred Costs - (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Cost | $ 6,748 | $ 2,537 |
Total intangible assets and deferred costs, Accumulated Amortization | (2,290) | (1,429) |
Total intangible assets and deferred costs, Net | 4,458 | 1,108 |
Trademarks [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Net | 150 | 150 |
Pre-Production Investments [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Cost | 5,598 | 2,387 |
Total intangible assets and deferred costs, Accumulated Amortization | (2,111) | (1,429) |
Total intangible assets and deferred costs, Net | $ 3,487 | $ 958 |
License [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Estimated Useful Life | 5 years | |
Total intangible assets and deferred costs, Cost | $ 1,000 | |
Total intangible assets and deferred costs, Accumulated Amortization | (179) | |
Total intangible assets and deferred costs, Net | $ 821 |
Intangible Assets and Deferre_4
Intangible Assets and Deferred Costs, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense of intangible assets and deferred costs | $ 0.9 | $ 0.9 | $ 0.4 |
Other Noncurrent Assets - Sched
Other Noncurrent Assets - Schedule of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets Noncurrent [Abstract] | ||
Restricted cash | $ 475 | $ 475 |
Deferred tax assets | 15,296 | 1,740 |
Land use right | 2,378 | 1,708 |
Deposits | 3,845 | 3,237 |
Other | 1,976 | 406 |
Total other noncurrent assets | $ 23,970 | $ 7,566 |
Other Noncurrent Assets - Addit
Other Noncurrent Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Noncurrent Assets [Line Items] | ||
Restricted cash | $ 475 | $ 475 |
Iowa [Member] | ||
Other Noncurrent Assets [Line Items] | ||
Restricted cash | $ 500 | 500 |
China [Member] | Land Use Right Purchased during 2008 [Member] | ||
Other Noncurrent Assets [Line Items] | ||
Amortizing land use right on straight-line basis | 50 years | |
Letter of Credit [Member] | Iowa [Member] | ||
Other Noncurrent Assets [Line Items] | ||
Restricted cash | $ 500 | $ 500 |
Accrued Warranty - Schedule of
Accrued Warranty - Schedule of Warranty Accrual (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Product Warranties Disclosures [Abstract] | |||
Warranty accrual at beginning of year | $ 30,419 | $ 21,089 | $ 14,380 |
Accrual during the year | 14,605 | 15,443 | 19,279 |
Cost of warranty services provided during the year | (4,457) | (1,986) | (10,808) |
Reduction of reserves | (3,802) | (4,127) | (1,762) |
Warranty accrual at end of year | $ 36,765 | $ 30,419 | $ 21,089 |
Accrued Warranty - Schedule o_2
Accrued Warranty - Schedule of Warranty Accrual (Detail) (Parenthetical) $ in Thousands, € in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | |
Product Warranty Liability [Line Items] | ||||
Warranties payment | $ 4,457 | $ 1,986 | $ 10,808 | |
Settlement Agreement with Customer [Member] | ||||
Product Warranty Liability [Line Items] | ||||
Warranties payment | $ 8,500 | € 8 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 7,795 | $ 7,124 | $ 9,902 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 4,209 | 2,808 | 3,457 | |
Grant date fair value of awards vested during period | $ 3,900 | $ 2,400 | ||
Shares repurchased for awards | 100,891 | 68,815 | ||
Shares repurchased for tax witholding requirements, value | $ 2,900 | $ 1,300 | ||
Unamortized amount of share-based compensation expense | $ 3,400 | $ 5,000 | $ 2,800 | |
Unrecognized cost expects to recognize, weighted-average period | 1 year 7 months 6 days | 1 year 6 months | 1 year 9 months 18 days | |
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 2,463 | $ 4,316 | $ 6,445 | |
Unrecognized cost expects to recognize, weighted-average period | 1 year 4 months 24 days | 1 year 9 months 18 days | 2 years 1 month 6 days | |
Unamortized amount of share-based compensation expense | $ 1,600 | $ 4,800 | $ 7,300 | |
Performance-based Restricted Stock Units (PSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 1,123 | |||
Unamortized amount of share-based compensation expense | $ 3,100 | |||
Unrecognized cost expects to recognize, weighted-average period | 2 years 2 months 12 days | |||
Service Period From Grant Date Through December 31, 2015 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 3,600 | |||
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 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-based Compensation Expense Recognized in Consolidated Income Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 7,795 | $ 7,124 | $ 9,902 |
Cost of Goods Sold [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,281 | 1,070 | 1,505 |
General and Administrative Costs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 6,514 | $ 6,054 | $ 8,397 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 7,795 | $ 7,124 | $ 9,902 |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 4,209 | 2,808 | 3,457 |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 2,463 | $ 4,316 | $ 6,445 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 1,123 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity for Incentive Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock Options, Shares Available for Grant, Beginning balance | 4,731,117 | 3,587,692 | 3,392,141 |
Stock Options, Shares Available for Grant, Increase in shares authorized | 1,360,826 | 1,349,475 | 169,546 |
Stock Options, Shares Available for Grant, Granted | (451,212) | (433,700) | (493,990) |
Stock Options, Shares Available for Grant, Exercised/vested | 0 | 0 | 0 |
Stock Options, Shares Available for Grant, Forfeited/cancelled | 339,874 | 227,650 | 519,995 |
Stock Options, Shares Available for Grant, Ending balance | 5,980,605 | 4,731,117 | 3,587,692 |
Stock Options, Shares, Beginning balance | 3,203,290 | 3,331,418 | 3,261,663 |
Stock Options, Shares, Increase in shares authorized | 0 | 0 | 0 |
Stock Options, Shares, Granted | 9,652 | 213,200 | 493,990 |
Stock Options, Shares, Exercised/vested | (354,153) | (138,878) | 0 |
Stock Options, Shares, Forfeited/cancelled | (258,095) | (202,450) | (424,235) |
Stock Options, Shares, Ending balance | 2,600,694 | 3,203,290 | 3,331,418 |
Stock Options, Weighted-Average Exercise Price, Beginning balance | $ 13.34 | $ 12.72 | $ 11.90 |
Stock Options, Weighted-Average Exercise Price, Increase in shares authorized | 0 | 0 | 0 |
Stock Options, Weighted-Average Exercise Price, Granted | 22.67 | 19.70 | 17.37 |
Stock Options, Weighted-Average Exercise Price, Exercised/vested | 12.10 | 10.83 | 0 |
Stock Options, Weighted-Average Exercise Price, Forfeited/cancelled | 14.72 | 11.54 | 11.78 |
Stock Options, Weighted-Average Exercise Price, Ending balance | $ 13.41 | $ 13.34 | $ 12.72 |
Stock Options, Options Exercisable, Beginning balance | 890,433 | 25,828 | 35,703 |
Stock Options, Options Exercisable, Ending balance | 1,415,948 | 890,433 | 25,828 |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 613,380 | 636,120 | 731,880 |
Shares, Increase in shares authorized | 0 | 0 | 0 |
Shares, Granted | 149,012 | 220,500 | 0 |
Shares, Exercised/vested | (298,036) | (218,040) | 0 |
Shares, Forfeited/cancelled | (38,480) | (25,200) | (95,760) |
Shares, Ending balance | 425,876 | 613,380 | 636,120 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 15.02 | $ 10.90 | $ 10.89 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | 0 | 0 | 0 |
Weighted-Average Grant Date Fair Value, Granted | 23.37 | 22.42 | 0 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 13.03 | 10.95 | 0 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 21.51 | 10.87 | 10.87 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 18.75 | $ 15.02 | $ 10.90 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 0 | 0 | 0 |
Shares, Increase in shares authorized | 0 | 0 | 0 |
Shares, Granted | 292,548 | 0 | 0 |
Shares, Exercised/vested | 0 | 0 | 0 |
Shares, Forfeited/cancelled | (43,299) | 0 | 0 |
Shares, Ending balance | 249,249 | 0 | 0 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 0 | $ 0 | $ 0 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | 0 | 0 | 0 |
Weighted-Average Grant Date Fair Value, Granted | 22.67 | 0 | 0 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 0 | 0 | 0 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 22.67 | 0 | 0 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 22.67 | $ 0 | $ 0 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Outstanding and Exercisable Stock Option Awards (Detail) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
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 | 16,397 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 1 year 7 months 6 days |
Options Outstanding, Weighted-Average Exercise Price | $ 8.49 |
Options Exercisable, Shares | shares | 16,397 |
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 | 1,603,722 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 10.87 |
Options Exercisable, Shares | shares | 859,549 |
Options Exercisable, 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 | $ 16.53 |
Options Outstanding, Shares | shares | 495,601 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 7 years 1 month 6 days |
Options Outstanding, Weighted-Average Exercise Price | $ 16.10 |
Options Exercisable, Shares | shares | 331,800 |
Options Exercisable, Weighted-Average Exercise Price | $ 16.31 |
Range Four [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 | 276,107 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 7 years 6 months |
Options Outstanding, Weighted-Average Exercise Price | $ 18.67 |
Options Exercisable, Shares | shares | 150,833 |
Options Exercisable, Weighted-Average Exercise Price | $ 18.67 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | 18.77 |
Range of Exercise Prices, Maximum | $ 22.67 |
Options Outstanding, Shares | shares | 208,867 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 8 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 19.97 |
Options Exercisable, Shares | shares | 57,369 |
Options Exercisable, Weighted-Average Exercise Price | $ 19.93 |
Range Six [Member] | |
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 | $ 22.67 |
Options Outstanding, Shares | shares | 2,600,694 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 9 months 18 days |
Options Outstanding, Weighted-Average Exercise Price | $ 13.41 |
Options Exercisable, Shares | shares | 1,415,948 |
Options Exercisable, Weighted-Average Exercise Price | $ 13.32 |
Share-Based Compensation - Ad_2
Share-Based Compensation - Additional Information Pertaining to Stock Options (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total intrinsic value of stock options outstanding | $ 29,045 | $ 22,804 | $ 12,251 |
Total intrinsic value of stock options exercisable | 15,949 | 6,688 | $ 195 |
Cash received from the exercise of stock options | 4,284 | 1,430 | |
Fair value of stock options vested | $ 4,566 | $ 4,931 |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used to Calculate Fair Value of Stock Options Granted under Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value | $ 10.36 | $ 9.10 | $ 5.14 |
Expected volatility | 42.80% | 45.00% | 45.20% |
Expected life | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 3 months 18 days |
Risk-free interest rate | 2.70% | 1.50% | 0.90% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Long-Term Debt, Net of Debt I_3
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 | Dec. 31, 2018 | Dec. 31, 2017 |
Total long-term debt | ||
Total long-term debt | $ 138,501 | $ 123,556 |
Less: Debt issuance costs | (878) | (2,171) |
Total debt, net of debt issuance costs | 137,623 | 121,385 |
Less: Current maturities of long-term debt | (27,058) | (35,506) |
Long-term debt, net of debt issuance costs and current maturities | 110,565 | 85,879 |
Senior Term Loan [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 71,250 | |
Senior Revolving Loan [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 90,414 | 2,820 |
Accounts Receivable Financing [Member] | EMEAI [Member] | ||
Total long-term debt | ||
Total long-term debt | 14,524 | 14,100 |
Equipment Financing [Member] | EMEAI [Member] | ||
Total long-term debt | ||
Total long-term debt | 12,197 | 16,901 |
Equipment Capital Lease [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 111 | 536 |
Equipment Capital Lease [Member] | EMEAI [Member] | ||
Total long-term debt | ||
Total long-term debt | 6,738 | 5,058 |
Equipment Capital Lease [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 14,517 | 12,844 |
Equipment Loan [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 47 |
Long-Term Debt, Net of Debt I_4
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Senior Financing Agreements (U.S) - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2018USD ($)Lender | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Debt issuance costs | $ 2,171,000 | $ 878,000 | |
Debt instrument, amount outstanding | 123,556,000 | $ 138,501,000 | |
Interest Rate Swap Arrangement [Member] | |||
Debt Instrument [Line Items] | |||
Derivative notional amount | $ 75,000,000 | ||
U.S. [Member] | |||
Debt Instrument [Line Items] | |||
Number of lenders | Lender | 4 | ||
Debt instrument, maturity month and year | 2023-04 | ||
Debt instrument, prepayment penalty | $ 1,400,000 | ||
Debt instrument frequency of periodic payment | monthly | ||
Debt instrument, payment terms | Interest is paid monthly and we are not obligated to make any principal repayments prior to the maturity date provided we are not in default under the Credit Agreement. We may prepay the borrowings under the Credit Agreement without penalty | ||
U.S. [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 90,400,000 | ||
U.S. [Member] | Interest Rate Swap Arrangement [Member] | |||
Debt Instrument [Line Items] | |||
Derivative notional amount | $ 75,000,000 | ||
Derivative effective rate | 4.20% | ||
Derivative term | 5 years | ||
U.S. [Member] | Interest Expense [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | $ 1,000,000 | ||
Amortization of debt issuance costs to interest expense, period | 5 years | ||
U.S. [Member] | Amended Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | $ 400,000 | ||
Amortization of debt issuance costs to interest expense, period | 36 months | ||
U.S. [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, amount | $ 150,000,000 | ||
Proceeds from line of credit | 75,400,000 | ||
U.S. [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, amount | 25,000,000 | ||
U.S. [Member] | Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | $ 2,000,000 | ||
U.S. [Member] | Senior Term Loan and Senior Revolving Loan [Member] | Amended Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | $ 74,100,000 | ||
U.S. [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, variable interest rate | 1.50% | 4.00% | |
U.S. [Member] | LIBOR [Member] | Amended Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, floor rate | 1.00% | ||
Debt instrument, variable interest rate | 5.25% |
Long-Term Debt, Net of Debt I_5
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (EMEAI) - Additional Information (Detail) - EMEAI [Member] | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018USD ($)Customer | Nov. 30, 2014EUR (€)Customer | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016EUR (€)Customer | Dec. 31, 2014USD ($) | Dec. 31, 2018TRY (₺) | Mar. 31, 2018USD ($) | |
Letters of Guarantee [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | $ 600,000 | |||||||
Financial Institution One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, description | The credit agreement does not have a maturity date, however the limits are reviewed in September of each year. | |||||||
Financial Institution One [Member] | Accounts Receivable Financing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | € | € 21,000,000 | |||||||
Collateralized credit agreement renewal based on the number of customers | Customer | 1 | |||||||
Credit facility, interest rate terms | Interest accrues annually at a fixed rate of 9.1% and is paid quarterly. | |||||||
Debt instrument, fixed interest rate | 9.10% | |||||||
Credit facility, frequency of periodic payment | quarterly | |||||||
Credit facility outstanding | $ 6,800,000 | |||||||
Financial Institution One [Member] | Unsecured Financing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Additional debt financing | $ 5,000,000 | |||||||
Credit facility outstanding | $ 0 | $ 0 | ||||||
Financial Institution Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | $ 16,000,000 | |||||||
Credit facility, description | The credit agreement does not have a maturity date, however the limits are reviewed in September of each year. | |||||||
Credit facility outstanding | 0 | $ 0 | 0 | |||||
Financial Institution Two [Member] | Three month EURIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, interest rate terms | Interest accrues at a variable rate of the three month Euro Interbank Offered Rate (EURIBOR) plus 6.5%. During the first quarter of 2018, the collateralized financing on invoiced accounts receivables and unsecured financing facilities were retired and the letters of guarantee limit was decreased to $0.6 million. No amounts were outstanding under this agreement as of December 31, 2018 or 2017. | |||||||
Debt instrument, variable interest rate | 6.50% | |||||||
Debt instrument installment period | 3 months | |||||||
Financial Institution Two [Member] | Accounts Receivable Financing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | $ 10,000,000 | |||||||
Financial Institution Two [Member] | Unsecured Financing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | 5,000,000 | |||||||
Financial Institution Two [Member] | Letters of Guarantee [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | $ 1,000,000 | |||||||
Financial Institution Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | 35,500,000 | $ 35,500,000 | € 31,000,000 | |||||
Financial Institution Three [Member] | Accounts Receivable Financing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | 17,200,000 | 17,200,000 | € 15,000,000 | |||||
Collateralized credit agreement renewal based on the number of customers | Customer | 2 | |||||||
Credit facility outstanding | $ 14,500,000 | $ 14,500,000 | 7,300,000 | |||||
Debt instrument fixed interest rate | 9.00% | 9.00% | 9.00% | |||||
Financial Institution Three [Member] | Accounts Receivable Financing [Member] | One month EURIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, interest rate terms | Interest on the collateralized financing based on invoiced accounts receivables of two of our customers in Turkey accrues at a fixed rate of 9.0% as of December 31, 2018 and is paid quarterly with a maturity date equal to four months from the applicable invoice date. | |||||||
Credit facility, frequency of periodic payment | quarterly | |||||||
Debt instrument installment period | 4 months | |||||||
Financial Institution Three [Member] | Letters of Guarantee [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | $ 1,200,000 | $ 1,200,000 | € 1,000,000 | |||||
Debt instrument, interest rate | 2.00% | |||||||
Financial Institution Three [Member] | Letters of Guarantee [Member] | Amended Final Maturity Date [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity date | Dec. 31, 2018 | |||||||
Financial Institution Three [Member] | Capital Expenditures Financing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | 17,200,000 | $ 17,200,000 | € 15,000,000 | |||||
Credit facility outstanding | 12,200,000 | $ 12,200,000 | $ 16,900,000 | |||||
Financial Institution Three [Member] | Capital Expenditures Financing [Member] | One month EURIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, interest rate terms | Interest on the collateralized capital expenditures financing accrues at the one month EURIBOR plus 6.75% (6.75% as of December 31, 2018) with monthly principal repayments beginning in October 2017 with a final maturity date of December 2021. | |||||||
Credit facility, frequency of periodic payment | monthly | |||||||
Debt instrument, variable interest rate | 6.75% | |||||||
Debt instrument, interest rate | 6.75% | |||||||
Debt instrument payment, start date | 2017-10 | |||||||
Debt instrument payment, end date | 2021-12 | |||||||
Financial Institution Four [Member] | Accounts Receivable Financing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, amount | $ 18,900,000 | $ 18,900,000 | ₺ 100,000,000 | |||||
Collateralized credit agreement renewal based on the number of customers | Customer | 1 | |||||||
Debt instrument, fixed interest rate | 4.50% | 4.50% | 4.50% | |||||
Credit facility outstanding | $ 0 | $ 0 |
Long-Term Debt, Net of Debt I_6
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (Asia) - Additional Information (Detail) - Asia [Member] $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Feb. 28, 2017CNY (¥) | |
Financial Institution One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date | Jan. 31, 2020 | |||||
Credit facility, interest rate terms | Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (4.8% as of December 31, 2018) and can be paid monthly, quarterly or at the time of the debt’s maturity (extended to January 2020). | |||||
Financial Institution One [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 30.6 | ¥ 210,000,000 | ||||
Financial Institution One [Member] | Letters of Guarantee [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of guarantee used for customs clearance outstanding | 13.5 | ¥ 92,800,000 | $ 19.5 | ¥ 127,000,000 | ||
Financial Institution Two [Member] | Credit Agreement March 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | ¥ 100,000,000 | $ 14.6 | ||||
Debt instrument, maturity date | Mar. 31, 2023 | |||||
Credit facility, interest rate terms | Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (4.8% at December 31, 2018) and can be paid monthly, quarterly or at the time of the debt’s maturity (in March 2023). | |||||
Financial Institution Two [Member] | Letters of Guarantee [Member] | Credit Agreement March 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | ¥ 70,000,000 | $ 10.2 | ||||
Letters of guarantee used for customs clearance outstanding | ¥ 0 | |||||
Financial Institution Two [Member] | Working Capital [Member] | Credit Agreement March 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | ¥ 30,000,000 | $ 4.4 |
Long-Term Debt, Net of Debt I_7
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Equipment Leases and Other Arrangements (U.S.) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | $ 138,501,000 | $ 123,556,000 | |
Machinery and Equipment [Member] | U.S. [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate of lease agreement | 4.30% | ||
Lease agreement period | 24 months | ||
Machinery and Equipment [Member] | U.S. [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 5,400,000 | ||
Equipment Capital Lease [Member] | U.S. [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | 111,000 | 536,000 | |
Equipment Capital Lease [Member] | Machinery and Equipment [Member] | U.S. [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | $ 100,000 | $ 500,000 |
Long-Term Debt, Net of Debt I_8
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Equipment Leases and Other Arrangements (EMEAI) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2013 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | $ 138,501,000 | $ 123,556,000 | |
EMEAI [Member] | |||
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 10,000,000 | ||
Effective interest rate of lease agreement | 6.00% | ||
Lease agreement period | 4 years | ||
Debt instrument frequency of principal payment | monthly | ||
Debt instrument repaid installment through | 2,022 | ||
EMEAI [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 4,900,000 | ||
Equipment Capital Lease [Member] | EMEAI [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | $ 6,738,000 | $ 5,058,000 |
Long-Term Debt, Net of Debt I_9
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities- Equipment Leases and Other Arrangements (Mexico) - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Debt instrument, amount outstanding | $ 138,501,000 | $ 123,556,000 | |||
Amortization of debt issuance costs | $ 573,000 | ||||
Mexico [Member] | |||||
Debt Instrument [Line Items] | |||||
Average interest rate on short-term borrowings | 7.70% | 5.90% | |||
Mexico [Member] | Interest Expense [Member] | |||||
Debt Instrument [Line Items] | |||||
Amortization of debt issuance costs | $ 300,000 | $ 600,000 | $ 1,700,000 | ||
Mexico [Member] | Lease Agreement 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate of lease agreement | 4.30% | ||||
Lease agreement period | 24 months | ||||
Debt instrument, amount outstanding | 700,000 | 5,000,000 | |||
Mexico [Member] | Lease Agreement 2016 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Lease agreement amended value | $ 10,000,000 | ||||
Mexico [Member] | Sale-lease Agreement, March 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate of lease agreement | 4.30% | ||||
Lease agreement period | 24 months | ||||
Debt instrument, amount outstanding | 3,200,000 | $ 7,400,000 | |||
Mexico [Member] | Sale-lease Agreement, March 2017 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Initial amount of lease agreement | $ 12,000,000 | ||||
Mexico [Member] | Sale-lease Agreement, March 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate of lease agreement | 6.70% | ||||
Lease agreement period | 48 months | ||||
Debt instrument, amount outstanding | $ 10,500,000 | ||||
Mexico [Member] | Sale-lease Agreement, March 2018 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Initial amount of lease agreement | $ 15,000,000 |
Long-Term Debt, Net of Debt _10
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Schedule of Future Aggregate Annual Principal Maturities of Debt (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Long Term Debt By Maturity [Abstract] | |
2,019 | $ 27,058 |
2,020 | 8,370 |
2,021 | 8,423 |
2,022 | 3,938 |
2,023 | 90,712 |
Total debt - principal | $ 138,501 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018USD ($) | Apr. 30, 2016USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Employee | Dec. 29, 2014USD ($) | |
Commitments and Contingencies [Line Items] | ||||||
Operating leases rental expense | $ 25,500,000 | $ 19,300,000 | $ 11,500,000 | |||
China [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Maximum percentage of registered capital contributed to surplus reserve | 50.00% | |||||
Maximum amount of registered capital contributed to surplus reserve | $ 21,600,000 | |||||
Percentage of dividends payment after tax profits | 90.00% | |||||
Percentage of dividend contributed to surplus reserve | 10.00% | |||||
Percentage of dividends payment after tax profits upon fulfillment of requirement | 100.00% | |||||
Surplus reserve fund | $ 6,500,000 | |||||
Turkey [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Collective bargaining agreement period | 3 years | |||||
Percentage of average increase in payment | 20.00% | |||||
Number of other employees covered by collective bargaining agreements | Employee | 0 | |||||
Pending Litigation [Member] | OSHA [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Compensation and fees demanded by plaintiff | $ 200,000 | |||||
SVP–Asia [Member] | Transition Agreement [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Compensation and fees demanded by plaintiff | $ 2,600,000 | |||||
Termination of options to purchase common stock | shares | 164,880 | |||||
Termination of options to purchase restricted stock | shares | 77,760 | |||||
Compensation and fees damages awarded to plaintiff | $ 1,200,000 | |||||
Common Stock Warrants [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Value of subordinated convertible promissory notes | $ 10,000,000 | |||||
Warrants issued to purchase common stock | shares | 160,424 | |||||
Warrants exercise price | $ / shares | $ 9.35 | |||||
Warrants issued to purchase common stock price per share percentage | 85.00% | |||||
Warrants expiration period | 8 years | |||||
Common Stock Warrants [Member] | Initial Public Offering [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Price per share | $ / shares | $ 11 | |||||
Minimum [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Operating leases, contract terms | 12 months | |||||
Minimum [Member] | Common Stock Warrants [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Warrants exercise price | $ / shares | $ 24.30 | |||||
Maximum [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Operating leases, contract terms | 120 months |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Noncancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2,019 | $ 28,173 |
2,020 | 26,871 |
2,021 | 22,942 |
2,022 | 22,065 |
2,023 | 21,583 |
Thereafter | 61,049 |
Total future minimum lease payments | $ 182,683 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Mexico [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Mexican maximum statutory employee contribution percentage | 13.00% | |||
Matched savings expense incurred | $ 0.2 | $ 1.3 | $ 0.6 | |
Turkey [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Accrued retirement fund | $ 1 | 1.5 | ||
Employee eligibility, minimum requisite service period | 1 year | |||
401(k) Plan [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of participant's contributions matched by Company | 50.00% | 25.00% | ||
Percentage of eligible compensation | 8.00% | 8.00% | ||
Vesting period to match participants contribution | 3 years | 6 years | ||
401(k) Plan [Member] | U.S. [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of participant's contributions matched by Company | 50.00% | |||
Company's matching contributions to plan | $ 0.6 | $ 0.6 | $ 0.3 | |
401(k) Plan [Member] | U.S. [Member] | Maximum [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of eligible compensation | 8.00% |
Defined Contribution Plan - Sum
Defined Contribution Plan - Summary of Company Matching Contribution Vesting Percentage (Detail) - 401(k) Plan [Member] - U.S. [Member] | 12 Months Ended |
Dec. 31, 2018 | |
1-Year Anniversary [Member] | |
Defined Contribution Plan Disclosure [Line Items] | |
Vesting Percentage | 34.00% |
2-Year Anniversary [Member] | |
Defined Contribution Plan Disclosure [Line Items] | |
Vesting Percentage | 66.00% |
3-Year Anniversary [Member] | |
Defined Contribution Plan Disclosure [Line Items] | |
Vesting Percentage | 100.00% |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Line Items] | |||
Total income before income taxes | $ 2,246 | $ 54,532 | $ 30,698 |
United States [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income before income taxes | (33,034) | 6,272 | 19,907 |
China [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income before income taxes | (4) | 44,563 | 17,518 |
Turkey [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income before income taxes | 31,955 | 56 | (7,896) |
Mexico [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income before income taxes | $ 3,329 | $ 3,641 | $ 1,169 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | Jun. 30, 2018 | |
Income Tax Disclosure [Line Items] | |||
Net tax expense (net of valuation allowance) related to enactment of tax cuts and job acts | $ 100,000 | ||
Increase in provisional benefit recognized | $ 13,800,000 | ||
Total provisional benefit recognized | 88,100,000 | ||
Undistributed earnings of foreign subsidiaries | $ 111,100,000 | ||
Ownership change, description | An “ownership change” is generally defined as any change in ownership of more than 50% of a corporation’s stock over a rolling three-year period by stockholders that own (directly or indirectly) 5% or more of the stock of a corporation, or arising from a new issuance of stock by a corporation. | ||
Uncertain tax positions of accrued interest and penalties related to unrecognized tax benefits | $ 0 | ||
Income tax examinations, description | We operate in and file income tax returns in various jurisdictions in China, Mexico, Turkey, the U.S., Denmark and Switzerland, which are subject to examination by tax authorities. | ||
Pre-ownership Change [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforward | $ 47,700,000 | ||
State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operatng loss, valuation allownce | $ 600,000 | ||
Net operating loss carryforward | $ 118,500,000 | ||
Net operating loss carryforwards expiration year | 2,038 | ||
U.S. Federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforward | $ 25,800,000 | ||
Net operating loss carryforwards expiration year | 2,038 | ||
Foreign [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforward | $ 14,600,000 | ||
Tax credit carryforwards | $ 1,900,000 | ||
Tax credits carryforward expiration year | 2,026 | ||
United States [Member] | |||
Income Tax Disclosure [Line Items] | |||
Recognition of non-cash tax benefit from foreign operations | $ 10,800,000 | ||
Turkey [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax incentives carryforward amount not subject to expiration | 300,000 | ||
Maximum [Member] | GILTI [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income tax offset by net operating loss carryforwards | $ 12,100,000 |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
U.S. federal | $ (49) | ||
U.S. state and local taxes | $ 4 | (3) | $ (196) |
Foreign | 11,875 | 14,200 | 9,973 |
Total current | 11,879 | 14,148 | 9,777 |
Deferred: | |||
U.S. federal | (7,596) | (20) | 51 |
U.S. state and local taxes | (36) | ||
Foreign | (7,280) | 1,670 | (6,174) |
Total deferred | (14,912) | 1,650 | (6,123) |
Total income tax provision (benefit) | $ (3,033) | $ 15,798 | $ 3,654 |
Income Taxes - Reconciliation f
Income Taxes - Reconciliation from U.S. Statutory Income Tax Rate to Our Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States statutory income tax rate | 21.00% | 35.00% | 34.00% |
Foreign rate differential | (14.40%) | (7.20%) | 4.40% |
Foreign permanent differences | 31.70% | 1.20% | 1.60% |
China rate change | (2.60%) | ||
U.S. rate change | 10.30% | ||
Withholding taxes | 27.30% | 5.20% | 4.60% |
Foreign tax credits | (5.20%) | (5.40%) | |
Subpart F / GILTI income | 539.80% | 1.30% | |
IRC Section 965 dividend | 21.10% | ||
Foreign tax credits - 965 dividend | (13.70%) | ||
Share-based compensation | (89.00%) | ||
Nondeductible interest | 7.80% | ||
Valuation allowance | (483.10%) | (16.60%) | (27.70%) |
State taxes | (1.70%) | (0.40%) | |
Deferred tax adjustments | 4.60% | 3.80% | (5.40%) |
Research and development | (59.80%) | (1.20%) | (2.00%) |
Turkey incentive credits | (5.50%) | ||
Foreign currency / inflationary adjustments | (90.60%) | ||
Other | (20.80%) | 1.80% | 1.70% |
Effective income tax rate | (135.00%) | 29.00% | 11.90% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||||
Net operating loss and credit carry forwards | $ 17,360 | $ 18,913 | $ 25,354 | |
Deferred revenue | 149 | 178 | 4,075 | |
Non-deductible accruals | 10,850 | 9,860 | 8,651 | |
Equity compensation | 3,607 | 3,489 | 3,503 | |
Equity investment | 390 | 633 | ||
Amortization of intangible assets | 320 | 472 | ||
Non-deductible interest | 1,452 | |||
Tax credits | 2,212 | 4,760 | 2,914 | |
Other | 4,548 | 3,424 | 1,248 | |
Total deferred tax assets | 40,178 | 41,334 | 46,850 | |
Valuation allowance | (8,520) | (18,680) | (23,618) | $ (31,100) |
Net deferred tax assets | 31,658 | 22,654 | 23,232 | |
Deferred tax liabilities: | ||||
Deferred revenue | (13,781) | (15,564) | (18,859) | |
Depreciation | (2,636) | (3,489) | (1,714) | |
Other | (406) | (1,972) | (423) | |
Total deferred tax liabilities | (16,823) | (21,025) | (20,996) | |
Net deferred tax assets | $ 14,835 | $ 1,629 | $ 2,236 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Allowance at beginning of year | $ (18,680) | $ (23,618) | $ (31,100) |
Benefits obtained | 10,160 | 4,938 | 7,482 |
Allowance at end of year | $ (8,520) | $ (18,680) | $ (23,618) |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sales Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 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 | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 290,057 | $ 254,976 | $ 230,610 | $ 253,981 | $ 253,503 | $ 253,498 | $ 239,582 | $ 208,615 | $ 1,029,624 | $ 955,198 | $ 769,019 |
Sales Revenues [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 1,029,624 | $ 955,198 | $ 769,019 | ||||||||
Percentage of Total | 100.00% | 100.00% | 100.00% | ||||||||
Sales Revenues [Member] | Customer 2 - GE [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 325,962 | $ 426,133 | $ 372,294 | ||||||||
Percentage of Total | 31.70% | 44.60% | 48.40% | ||||||||
Sales Revenues [Member] | Customer 1 - Vestas [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 329,472 | $ 266,276 | $ 170,764 | ||||||||
Percentage of Total | 32.00% | 27.90% | 22.20% | ||||||||
Sales Revenues [Member] | Customer 3 - Nordex [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 195,156 | $ 153,227 | $ 138,228 | ||||||||
Percentage of Total | 19.00% | 16.00% | 18.00% | ||||||||
Sales Revenues [Member] | Customer 4 - Siemens Gamesa [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 115,779 | $ 92,394 | $ 78,324 | ||||||||
Percentage of Total | 11.20% | 9.70% | 10.20% | ||||||||
Sales Revenues [Member] | Other [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 63,255 | $ 17,168 | $ 9,409 | ||||||||
Percentage of Total | 6.10% | 1.80% | 1.20% |
Concentration of Customers - _2
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Customer 2 - GE [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 5.00% | 18.90% |
Customer 1 - Vestas [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 46.70% | 52.40% |
Customer 3 - Nordex [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 25.70% | 19.50% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Segment | |
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 | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 290,057 | $ 254,976 | $ 230,610 | $ 253,981 | $ 253,503 | $ 253,498 | $ 239,582 | $ 208,615 | $ 1,029,624 | $ 955,198 | $ 769,019 |
Total depreciation and amortization | 26,429 | 21,698 | 13,186 | ||||||||
Total capital expenditures | 52,688 | 44,828 | 30,507 | ||||||||
Total income from operations | 24,718 | 70,098 | 52,974 | ||||||||
Total tangible long-lived assets | 159,423 | 123,480 | 159,423 | 123,480 | |||||||
Total assets | 604,855 | 545,737 | 604,855 | 545,737 | |||||||
U.S. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 163,716 | 191,025 | 191,863 | ||||||||
China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 306,255 | 372,520 | 309,561 | ||||||||
Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 268,756 | 206,563 | 128,020 | ||||||||
Turkey [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 290,897 | 185,090 | 139,575 | ||||||||
U.S. Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 163,716 | 191,025 | 191,863 | ||||||||
Total depreciation and amortization | 6,795 | 4,822 | 3,335 | ||||||||
Total capital expenditures | 21,305 | 10,575 | 4,056 | ||||||||
Total income from operations | (67,357) | (33,231) | (19,154) | ||||||||
Total tangible long-lived assets | 34,825 | 24,575 | 34,825 | 24,575 | |||||||
Total assets | 115,435 | 157,208 | 115,435 | 157,208 | |||||||
Asia Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 306,255 | 372,520 | 309,561 | ||||||||
Total depreciation and amortization | 6,765 | 6,272 | 4,690 | ||||||||
Total capital expenditures | 11,218 | 7,000 | 3,287 | ||||||||
Total income from operations | 28,147 | 76,332 | 67,127 | ||||||||
Total tangible long-lived assets | 31,924 | 28,887 | 31,924 | 28,887 | |||||||
Total assets | 194,088 | 186,842 | 194,088 | 186,842 | |||||||
Mexico Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 268,756 | 206,563 | 128,020 | ||||||||
Total depreciation and amortization | 7,891 | 5,994 | 2,462 | ||||||||
Total capital expenditures | 18,928 | 20,033 | 5,565 | ||||||||
Total income from operations | 12,154 | 14,430 | 10,060 | ||||||||
Total tangible long-lived assets | 65,981 | 39,756 | 65,981 | 39,756 | |||||||
Total assets | 142,412 | 89,754 | 142,412 | 89,754 | |||||||
EMEAI Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 290,897 | 185,090 | 139,575 | ||||||||
Total depreciation and amortization | 4,978 | 4,610 | 2,699 | ||||||||
Total capital expenditures | 1,237 | 7,220 | 17,599 | ||||||||
Total income from operations | 51,774 | 12,567 | $ (5,059) | ||||||||
Total tangible long-lived assets | 26,693 | 30,262 | 26,693 | 30,262 | |||||||
Total assets | $ 152,920 | $ 111,933 | $ 152,920 | $ 111,933 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 290,057 | $ 254,976 | $ 230,610 | $ 253,981 | $ 253,503 | $ 253,498 | $ 239,582 | $ 208,615 | $ 1,029,624 | $ 955,198 | $ 769,019 |
Gross profit | 12,565 | 16,967 | 15,051 | 28,258 | 30,322 | 30,306 | 29,925 | 19,918 | 72,841 | 110,471 | 86,866 |
Net income (loss) | $ (8,848) | $ 9,532 | $ (4,053) | $ 8,648 | $ 2,207 | $ 21,737 | $ 9,577 | $ 5,213 | $ 5,279 | $ 38,734 | $ 27,044 |
Net income (loss) per common share: | |||||||||||
Basic | $ (0.26) | $ 0.28 | $ (0.12) | $ 0.25 | $ 0.06 | $ 0.64 | $ 0.28 | $ 0.15 | |||
Diluted | $ (0.26) | $ 0.26 | $ (0.12) | $ 0.24 | $ 0.06 | $ 0.62 | $ 0.28 | $ 0.15 |
Adjustments to Previously Rep_3
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2015 |
ASU 2014-09 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Increase (decrease) in stockholder's equity | $ 51,691 | |
Adoption of Topic 606 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Decrease in total assets due to income tax effect | $ 10,800 | |
Decrease in total liabilities due to income tax effect | 1,500 | |
Decrease in total stockholders equity due to income | $ 9,300 | |
Adoption of Topic 606 [Member] | ASU 2014-09 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Increase (decrease) in stockholder's equity | $ 51,700 |
Adjustments to Previously Rep_4
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement - Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 85,346 | $ 148,113 | ||
Restricted cash | 3,555 | 3,849 | ||
Accounts receivable | 176,815 | 121,576 | ||
Contract assets | 116,708 | 105,619 | ||
Inventories | 5,735 | 4,112 | ||
Prepaid expenses and other current assets | 26,038 | 27,507 | ||
Total current assets | 414,197 | 410,776 | ||
Property, plant, and equipment, net | 159,423 | 123,480 | ||
Goodwill | 2,807 | 2,807 | ||
Intangible assets and deferred costs, net | 4,458 | 1,108 | ||
Other noncurrent assets | 7,566 | |||
Total assets | 604,855 | 545,737 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 166,743 | |||
Accrued warranty | 36,765 | 30,419 | $ 21,089 | $ 14,380 |
Customer deposits and customer advances | 432 | |||
Contract liabilities | 7,143 | 2,763 | ||
Current maturities of long-term debt | 27,058 | 35,506 | ||
Total current liabilities | 270,044 | 235,863 | ||
Long-term debt, net of debt issuance costs and current maturities | 110,565 | 85,879 | ||
Other noncurrent liabilities | 3,289 | 3,441 | ||
Total liabilities | 383,898 | 325,183 | ||
Commitments and contingencies | ||||
Stockholders’ equity: | ||||
Common shares, $0.01 par value, 100,000 shares authorized and 34,049 shares issued and 34,021 shares outstanding | 347 | 340 | ||
Paid-in capital | 311,771 | 301,543 | ||
Accumulated other comprehensive loss | (14,392) | (558) | ||
Accumulated deficit | (74,981) | (80,260) | ||
Treasury stock, at cost, 28 shares | (1,788) | (511) | ||
Total stockholders’ equity | 220,957 | 220,554 | $ 171,400 | (139,506) |
Total liabilities and stockholders’ equity | $ 604,855 | 545,737 | ||
As Reported [Member] | ASU 2014-09 [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 148,113 | |||
Restricted cash | 3,849 | |||
Accounts receivable | 121,576 | |||
Inventories | 67,064 | |||
Inventories held for customer orders | 64,858 | |||
Prepaid expenses and other current assets | 27,507 | |||
Total current assets | 432,967 | |||
Property, plant, and equipment, net | 123,480 | |||
Goodwill | 2,807 | |||
Intangible assets and deferred costs, net | 150 | |||
Other noncurrent assets | 14,130 | |||
Total assets | 573,534 | |||
Current liabilities: | ||||
Accounts payable and accrued expenses | 166,743 | |||
Accrued warranty | 29,163 | |||
Deferred revenue | 81,048 | |||
Customer deposits and customer advances | 10,134 | |||
Current maturities of long-term debt | 35,506 | |||
Total current liabilities | 322,594 | |||
Long-term debt, net of debt issuance costs and current maturities | 85,879 | |||
Other noncurrent liabilities | 4,444 | |||
Total liabilities | 412,917 | |||
Commitments and contingencies | ||||
Stockholders’ equity: | ||||
Common shares, $0.01 par value, 100,000 shares authorized and 34,049 shares issued and 34,021 shares outstanding | 340 | |||
Paid-in capital | 301,543 | |||
Accumulated other comprehensive loss | (558) | |||
Accumulated deficit | (140,197) | |||
Treasury stock, at cost, 28 shares | (511) | |||
Total stockholders’ equity | 160,617 | $ (191,197) | ||
Total liabilities and stockholders’ equity | 573,534 | |||
Adoption of Topic 606 [Member] | ASU 2014-09 [Member] | ||||
Current assets: | ||||
Contract assets | 105,619 | |||
Inventories | (62,952) | |||
Inventories held for customer orders | (64,858) | |||
Total current assets | (22,191) | |||
Intangible assets and deferred costs, net | 958 | |||
Other noncurrent assets | (6,564) | |||
Total assets | (27,797) | |||
Current liabilities: | ||||
Accrued warranty | 1,256 | |||
Deferred revenue | (81,048) | |||
Customer deposits and customer advances | (9,702) | |||
Contract liabilities | 2,763 | |||
Total current liabilities | (86,731) | |||
Other noncurrent liabilities | (1,003) | |||
Total liabilities | (87,734) | |||
Commitments and contingencies | ||||
Stockholders’ equity: | ||||
Accumulated deficit | 59,937 | |||
Total stockholders’ equity | 59,937 | |||
Total liabilities and stockholders’ equity | $ (27,797) |
Adjustments to Previously Rep_5
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement - Consolidated Balance Sheet (Parenthetical) (Detail) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue Initial Application Period Cumulative Effect Transition [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 34,745,000 | 34,049,000 |
Common stock, shares outstanding | 34,678,000 | 34,021,000 |
Treasury stock, shares | 67,000 | 28,000 |
Adjustments to Previously Rep_6
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement - Consolidated Income Statement (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net sales | $ 290,057 | $ 254,976 | $ 230,610 | $ 253,981 | $ 253,503 | $ 253,498 | $ 239,582 | $ 208,615 | $ 1,029,624 | $ 955,198 | $ 769,019 |
Cost of sales | 882,075 | 804,099 | 664,026 | ||||||||
Startup and transition costs | 74,708 | 40,628 | 18,127 | ||||||||
Total cost of goods sold | 956,783 | 844,727 | 682,153 | ||||||||
Gross profit | 12,565 | 16,967 | 15,051 | 28,258 | 30,322 | 30,306 | 29,925 | 19,918 | 72,841 | 110,471 | 86,866 |
General and administrative expenses | 48,123 | 40,373 | 33,892 | ||||||||
Income from operations | 24,718 | 70,098 | 52,974 | ||||||||
Other income (expense): | |||||||||||
Interest income | 181 | 95 | 344 | ||||||||
Interest expense | (10,417) | (12,381) | (17,614) | ||||||||
Realized loss on foreign currency remeasurement | (13,489) | (4,471) | (757) | ||||||||
Miscellaneous income | 4,650 | 1,191 | 238 | ||||||||
Total other expense | (22,472) | (15,566) | (22,276) | ||||||||
Loss on extinguishment of debt | (3,397) | (4,487) | |||||||||
Income before income taxes | 2,246 | 54,532 | 30,698 | ||||||||
Income tax provision | 3,033 | (15,798) | (3,654) | ||||||||
Net income | $ (8,848) | $ 9,532 | $ (4,053) | $ 8,648 | $ 2,207 | $ 21,737 | $ 9,577 | $ 5,213 | 5,279 | 38,734 | 27,044 |
Net income attributable to preferred stockholders | 5,471 | ||||||||||
Net income attributable to common stockholders | $ 5,279 | $ 38,734 | $ 21,573 | ||||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 34,311 | 33,844 | 17,530 | ||||||||
Diluted | 36,002 | 34,862 | 17,616 | ||||||||
Net income per common share: | |||||||||||
Basic | $ 0.15 | $ 1.14 | $ 1.23 | ||||||||
Diluted | $ 0.15 | $ 1.11 | $ 1.22 | ||||||||
As Reported [Member] | ASU 2014-09 [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net sales | $ 930,281 | $ 754,877 | |||||||||
Cost of sales | 776,944 | 659,745 | |||||||||
Startup and transition costs | 40,628 | 18,127 | |||||||||
Total cost of goods sold | 817,572 | 677,872 | |||||||||
Gross profit | 112,709 | 77,005 | |||||||||
General and administrative expenses | 40,373 | 33,892 | |||||||||
Income from operations | 72,336 | 43,113 | |||||||||
Other income (expense): | |||||||||||
Interest income | 95 | 344 | |||||||||
Interest expense | (12,381) | (17,614) | |||||||||
Realized loss on foreign currency remeasurement | (4,471) | (757) | |||||||||
Miscellaneous income | 1,191 | 238 | |||||||||
Total other expense | (15,566) | (22,276) | |||||||||
Loss on extinguishment of debt | (4,487) | ||||||||||
Income before income taxes | 56,770 | 20,837 | |||||||||
Income tax provision | (13,080) | (6,995) | |||||||||
Net income | $ 43,690 | 13,842 | |||||||||
Net income attributable to preferred stockholders | 5,471 | ||||||||||
Net income attributable to common stockholders | $ 8,371 | ||||||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 33,844 | 17,530 | |||||||||
Diluted | 34,862 | 17,616 | |||||||||
Net income per common share: | |||||||||||
Basic | $ 1.29 | $ 0.48 | |||||||||
Diluted | $ 1.25 | $ 0.48 | |||||||||
Adoption of Topic 606 [Member] | ASU 2014-09 [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net sales | $ 24,917 | $ 14,142 | |||||||||
Cost of sales | 27,155 | 4,281 | |||||||||
Total cost of goods sold | 27,155 | 4,281 | |||||||||
Gross profit | (2,238) | 9,861 | |||||||||
Income from operations | (2,238) | 9,861 | |||||||||
Other income (expense): | |||||||||||
Income before income taxes | (2,238) | 9,861 | |||||||||
Income tax provision | (2,718) | 3,341 | |||||||||
Net income | $ (4,956) | 13,202 | |||||||||
Net income attributable to common stockholders | $ 13,202 | ||||||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 33,844 | 17,530 | |||||||||
Diluted | 34,862 | 17,616 | |||||||||
Net income per common share: | |||||||||||
Basic | $ (0.15) | $ 0.75 | |||||||||
Diluted | $ (0.14) | $ 0.74 |
Adjustments to Previously Rep_7
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement - Consolidated Statement of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net income | $ (8,848) | $ 9,532 | $ (4,053) | $ 8,648 | $ 2,207 | $ 21,737 | $ 9,577 | $ 5,213 | $ 5,279 | $ 38,734 | $ 27,044 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | (14,428) | 3,304 | (3,837) | ||||||||
Comprehensive income (loss) | $ (8,555) | 42,038 | 23,207 | ||||||||
As Reported [Member] | ASU 2014-09 [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net income | 43,690 | 13,842 | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 3,304 | (3,837) | |||||||||
Comprehensive income (loss) | 46,994 | 10,005 | |||||||||
Adoption of Topic 606 [Member] | ASU 2014-09 [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net income | (4,956) | 13,202 | |||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | $ (4,956) | $ 13,202 |
Adjustments to Previously Rep_8
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement - Consolidated Statements of Changes in Stockholders' Equity (Detail) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | $ (139,506) | $ 220,554 | $ 171,400 | $ 220,957 |
As Reported [Member] | ASU 2014-09 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | (191,197) | 160,617 | ||
Activity during period | 54,110 | 297,704 | ||
Adoption of Topic 606 [Member] | ASU 2014-09 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | 59,937 | |||
Cumulative effect of the adoption of Topic 606 | $ 51,691 | |||
Activity during period | (4,956) | 13,202 | ||
Common Stock [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | $ 340 | $ 337 | $ 347 | |
Beginning balance, shares | 4,238 | 34,049 | 33,737 | 34,745 |
Common Stock [Member] | As Reported [Member] | ASU 2014-09 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Beginning balance, shares | 4,238 | |||
Activity during period | $ 3 | $ 337 | ||
Activity during period, shares | 312 | 29,499 | ||
Paid-in Capital [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | $ 301,543 | $ 292,833 | $ 311,771 | |
Paid-in Capital [Member] | As Reported [Member] | ASU 2014-09 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Activity during period | 8,710 | 292,833 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | $ (25) | (558) | (3,862) | (14,392) |
Accumulated Other Comprehensive Income (Loss) [Member] | As Reported [Member] | ASU 2014-09 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | (25) | |||
Activity during period | 3,304 | (3,837) | ||
Accumulated Deficit [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | (139,481) | (80,260) | (117,908) | (74,981) |
Accumulated Deficit [Member] | As Reported [Member] | ASU 2014-09 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | (191,172) | |||
Activity during period | 42,604 | 8,371 | ||
Accumulated Deficit [Member] | Adoption of Topic 606 [Member] | ASU 2014-09 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Cumulative effect of the adoption of Topic 606 | $ 51,691 | |||
Activity during period | (4,956) | $ 13,202 | ||
Treasury Stock, at Cost [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Balance | (511) | $ (1,788) | ||
Treasury Stock, at Cost [Member] | As Reported [Member] | ASU 2014-09 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Activity during period | $ (511) |
Adjustments to Previously Rep_9
Adjustments to Previously Reported Financial Statements from the Adoption of an Accounting Pronouncement - Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 5,279 | $ 38,734 | $ 27,044 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 26,429 | 21,698 | 13,186 |
Share-based compensation expense | 7,795 | 7,124 | 9,902 |
Amortization of debt issuance costs | 573 | ||
Loss on disposal of property and equipment | 334 | 2 | |
Deferred income taxes | (14,912) | 1,650 | (6,123) |
Changes in assets and liabilities: | |||
Accounts receivable | (59,200) | (54,227) | 5,564 |
Contract assets and liabilities | (7,898) | (4,423) | (17,227) |
Inventories | (1,685) | 964 | (1,179) |
Prepaid expenses and other current assets | 1,186 | 3,150 | 681 |
Other noncurrent assets | (5,167) | 2,816 | (3,690) |
Accounts payable and accrued expenses | 51,248 | 18,300 | |
Accrued warranty | 6,346 | 9,330 | 6,709 |
Customer deposits | 226 | (876) | |
Other noncurrent liabilities | (2,008) | (4,597) | (1,619) |
Amortization of debt issuance costs and debt discount | 336 | 573 | 4,681 |
Loss on extinguishment of debt | 3,397 | 4,487 | |
Net cash provided by (used in) operating activities | (3,258) | 74,600 | 59,842 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (52,688) | (44,828) | (30,507) |
Proceeds from sale of assets | 850 | ||
Net cash used in investing activities | (52,688) | (43,978) | (30,507) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock sold in initial public offering, net of underwriters discount and offering costs | 67,199 | ||
Repayments of term loans | (74,972) | (3,750) | (930) |
Net repayments of accounts receivable financing | 424 | (1,020) | (5,385) |
Proceeds from working capital loans | 9,936 | 15,813 | |
Repayments of working capital loans | (14,574) | (20,103) | |
Proceeds from secondary public offering | 2,000 | ||
Repayments of customer advances | (2,000) | ||
Net proceeds from other debt | (23,763) | 1,313 | (4,765) |
Debt issuance costs | (281) | (454) | |
Proceeds from exercise of stock options | 4,284 | 1,430 | |
Repurchase of common stock including shares withheld in lieu of income taxes | (2,859) | (1,264) | |
Net cash provided by (used in) financing activities | (7,732) | (8,383) | 51,829 |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | 617 | 335 | (1,515) |
Net change in cash, cash equivalents and restricted cash | (63,061) | 22,574 | 79,649 |
Cash, cash equivalents and restricted cash, beginning of year | 152,437 | 129,863 | 50,214 |
Cash, cash equivalents and restricted cash, end of year | 89,376 | 152,437 | 129,863 |
As Reported [Member] | |||
Cash flows from operating activities: | |||
Net income | 43,690 | 13,842 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 20,878 | 12,897 | |
Share-based compensation expense | 7,124 | 9,902 | |
Amortization of debt issuance costs | 573 | ||
Loss on disposal of property and equipment | 334 | 2 | |
Deferred income taxes | (1,068) | (2,782) | |
Changes in assets and liabilities: | |||
Accounts receivable | (53,734) | 5,071 | |
Inventories | (26,519) | (4,967) | |
Prepaid expenses and other current assets | 3,150 | 681 | |
Other noncurrent assets | 7,487 | (8,291) | |
Accounts payable and accrued expenses | 51,248 | 14,959 | |
Accrued warranty | 9,251 | 6,316 | |
Customer deposits | 8,744 | (7,515) | |
Deferred revenue | 11,480 | 4,048 | |
Other noncurrent liabilities | 25 | 510 | |
Amortization of debt issuance costs and debt discount | 4,681 | ||
Loss on extinguishment of debt | 4,487 | ||
Net cash provided by (used in) operating activities | 82,663 | 53,841 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (44,828) | (30,507) | |
Proceeds from sale of assets | 850 | ||
Net cash used in investing activities | (43,978) | (30,507) | |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock sold in initial public offering, net of underwriters discount and offering costs | 67,199 | ||
Repayments of term loans | (3,750) | (930) | |
Net repayments of accounts receivable financing | (1,020) | (5,385) | |
Proceeds from working capital loans | 9,936 | 15,813 | |
Repayments of working capital loans | (14,574) | (20,103) | |
Proceeds from secondary public offering | 2,000 | ||
Repayments of customer advances | (2,000) | ||
Net proceeds from other debt | 1,313 | (4,765) | |
Debt issuance costs | (454) | ||
Proceeds from exercise of stock options | 1,430 | ||
Repurchase of common stock including shares withheld in lieu of income taxes | (1,264) | ||
Restricted cash | (1,590) | (499) | |
Net cash provided by (used in) financing activities | (9,973) | 51,330 | |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | 335 | (1,515) | |
Net change in cash, cash equivalents and restricted cash | 29,047 | 73,149 | |
Cash, cash equivalents and restricted cash, beginning of year | 148,113 | 119,066 | 45,917 |
Cash, cash equivalents and restricted cash, end of year | 148,113 | 119,066 | |
Adoption of ASU 2016-18 [Member] | |||
Changes in assets and liabilities: | |||
Other noncurrent assets | (8,063) | 6,001 | |
Net cash provided by (used in) operating activities | (8,063) | 6,001 | |
Cash flows from financing activities: | |||
Restricted cash | 1,590 | 499 | |
Net cash provided by (used in) financing activities | 1,590 | 499 | |
Net change in cash, cash equivalents and restricted cash | (6,473) | 6,500 | |
Cash, cash equivalents and restricted cash, beginning of year | $ 4,324 | 10,797 | 4,297 |
Cash, cash equivalents and restricted cash, end of year | 4,324 | 10,797 | |
Adoption of Topic 606 [Member] | ASU 2014-09 [Member] | |||
Cash flows from operating activities: | |||
Net income | (4,956) | 13,202 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 820 | 289 | |
Deferred income taxes | 2,718 | (3,341) | |
Changes in assets and liabilities: | |||
Accounts receivable | (493) | 493 | |
Contract assets and liabilities | (4,423) | (17,227) | |
Inventories | 27,483 | 3,788 | |
Other noncurrent assets | 3,392 | (1,400) | |
Accounts payable and accrued expenses | 3,341 | ||
Accrued warranty | 79 | 393 | |
Customer deposits | (8,518) | 6,639 | |
Deferred revenue | (11,480) | (4,048) | |
Other noncurrent liabilities | $ (4,622) | $ (2,129) |