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MarketScreener Homepage  >  Equities  >  Nasdaq  >  TPI Composites, Inc.    TPIC

TPI COMPOSITES, INC.

(TPIC)
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TPI Composites : August 2020 Company Presentation

08/07/2020 | 04:19pm EST

COMPANY PRESENTATION

August 2020

Legal Disclaimer

This presentation contains forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward- looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar words. Forward- looking statements contained in this presentation include, but are not limited to, statements about: (i) the potential impact of the Coronavirus on our business and results of operations; (ii) growth of the wind energy market and our addressable market;

  1. the potential impact of the increasing prevalence of auction-based tenders in the wind energy market and increased competition from solar energy on our gross margins and overall financial performance; (iv) our future financial performance, including our net sales, cost of goods sold, gross profit or gross margin, operating expenses, ability to generate positive cash flow, and ability to achieve or maintain profitability; (v) changes in domestic or international government or regulatory policy, including without limitation, changes in trade policy; (vi) the sufficiency of our cash and cash equivalents to meet our liquidity needs; (vii) our ability to attract and retain customers for our products, and to optimize product pricing; (viii) our ability to effectively manage our growth strategy and future expenses, including our startup and transition costs; (ix) competition from other wind blade and wind blade turbine manufacturers; (x) the discovery of defects in our products and our ability to estimate the future cost of warranty campaigns and product recalls; (xi) our ability to successfully expand in our existing wind energy markets and into new international wind energy markets, including our ability to expand our field service inspection and repair services in wind energy markets; (xii) our ability to successfully open new manufacturing facilities and expand existing facilities on time and on budget; (xiii) the impact of the accelerated pace of new product and wind blade model introductions on our business and our results of operations; (xiv) our ability to successfully expand our transportation business and execute upon our strategy of entering new markets outside of wind energy; (xv) worldwide economic conditions and their impact on customer demand; (xvi) our ability to maintain, protect and enhance our intellectual property; (xvii) our ability to comply with existing, modified or new laws and regulations applying to our business, including the imposition of new taxes, duties or similar assessments on our products; (xviii) the attraction and retention of qualified employees and key personnel; (xix) our ability to maintain good working relationships with our employees, and avoid labor disruptions, strikes and other disputes with labor unions that represent certain of our employees; (xx) our ability to procure adequate supplies of raw materials and components to fulfill our wind blade volume commitments to our customers and (xxi) the potential impact of one or more of our customers becoming bankrupt or insolvent, or experiencing other financial problems.​

These forward-looking statements are only predictions. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of

activity, performance or achievements to materially differ from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as guarantees of future events. Further information on the factors, risks and uncertainties that could affect our financial results and the forward- looking statements in this presentation are included in our filings with the Securities and Exchange Commission and will be included in subsequent periodic and current reports we make with the Securities and Exchange Commission from time to time, including in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.

The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we undertake no obligation to update any forward-looking statement to reflect events or developments after the date on which the statement is made or to reflect the occurrence of unanticipated events except to the extent required by applicable law. You should, therefore, not rely on these forward- looking statements as representing our views as of any date after the date of this presentation. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

This presentation includes unaudited non-GAAP financial measures including EBITDA, adjusted EBITDA, net cash (debt) and free cash flow. We define EBITDA as net income (loss) plus interest expense (including losses on the extinguishment of debt and net of interest income), income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus any share-based compensation expense, any realized gains or losses from foreign currency remeasurement, any realized gains or losses on the sale of assets and asset impairments and restructuring charges. We define net cash (debt) as total unrestricted cash and cash equivalents less the total principal amount of debt outstanding. We define free cash flow as net cash flow from operating activities less capital expenditures. We present non-GAAP measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. See the Appendix for the reconciliations of certain non-GAAP financial measures to the comparable GAAP measures.

This presentation also contains estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.

August 2020 | 2

Investment Thesis

Capitalizing on Wind and EV Market Growth, Blade Outsourcing and Improving Economics

  • Renewables and wind energy are mainstream, large, growing, competitive and desired by customers.
  • Emerging markets around the world are growing faster than mature markets.
  • Blades are being outsourced to access emerging growth markets, drive cost and efficiently utilize capital.

Only Independent Blade Manufacturer with a Global Footprint

  • Our factories are low cost, world class hubs that serve large, diverse and growing addressable markets, reducing the effect of individual market fluctuations.

Advanced Composite Technology and Production Expertise Provide Barrier to Entry

  • TPI holds important IP that is difficult to replicate (materials, process, tooling, inspection and DFM).
  • >300 engineers and technicians and growing.
  • 60-75+meter blades, larger than 787 wingspan, with tolerances measured in millimeters.

Collaborative Dedicated Supplier Model to Share Gain and Drive Down LCOE

  • Our business model helps TPI customers to gain market share in a cost effective and capital efficient manner by sharing the investment, spreading overhead, driving down material cost, improving productivity and sharing a large portion of that benefit with our customers.

Long-Term Supply Agreements Provide Significant Revenue Visibility

  • Volume based pricing and shared investment motivate both parties to keep plants full.
  • Shared gain/pain protects our margins.

Compelling Return on Invested Capital

• Shared capital investment results in a "capital-light" model for TPI and our customers.

Seasoned Management Team with Significant Global Growth Experience

  • TPI has become a destination for top talent.
  • Pleased with the exceptional leaders and managers that have joined the TPI team.

August 2020 | 3

Key Messages

  • Wind energy and EV's offer tremendous opportunity for TPI's diversified, profitable, global growth.
  • Wind growth is mostly about economics, customers, investors and the need to positively impact climate change.
  • Wind costs will continue to be driven down to compete primarily with solar. Price discipline and margin opportunities should improve over time.
  • TPI is building global infrastructure with best-in- class composites technology to access the global growth with the lowest total delivered cost.
  • TPI is a large global player with ~18% global onshore market share in 2019.
  • We will continue to partner deeply with the industry leading customers.
  • We are applying our global scale to ensure lowest cost raw materials and to eliminate supply change constraints.
  • We are bringing relentless focus to manufacturing execution, productivity gains, cost reduction and risk mitigation.
  • We plan to turn speed into a source of competitive advantage - cut transition and startup time in half, reduce cost of transitions and share those costs with our customers.
  • We will continue to innovate and advance our state-of-the-art blade technology.
  • We plan to bring value to the EV sector with structural composite solutions and plan to build a $500M annual revenue stream. By developing bus, delivery vehicle, truck and passenger vehicle applications, we will see just how low down the cost curve and how high up the volume curve we can profitably grow.
  • Our capital allocation strategy includes maintaining a conservative balance sheet, smart long-term growth investments and return of capital to shareholders.
  • ESG is the right thing to do. We are committed to it and expect it to drive long term value.
  • We will continue to build a strong, independent and diverse board of directors as well as ensure that our management team is fully aligned with the interests of our stakeholders.
  • 18GW of capacity, 80% utilization, 20% global market share, $2B in annual revenue, 12% AEBITDA, 25-30% ROIC, and 7-9% free cash flow.

August 2020 | 4

Introduction to TPI Composites

Only independent manufacturer of composite wind blades for the high-growth wind energy market with a global footprint

Provides wind blades to some of the industry's leading OEMs such as: Vestas, GE, Siemens/Gamesa, Nordex, and

ENERCON

Operates ten wind blade manufacturing plants, two transportation facilities, and six tooling and R&D facilities and advanced engineering centers across six countries:

• United States

• Mexico

• Denmark • Germany

• China

• Turkey

• India

Applying advanced composites technology to the production of clean transportation solutions, including electric buses and delivery vehicles

Long-term supply agreements with customers, providing contracted volumes that generate significant revenue visibility and drive capital efficiency

Founded in 1968 and headquartered in Scottsdale, Arizona Approximately 14,400 associates globally

20%

$1,500

15%

$1,000

10%

$500

5%

$0

0%

2016

2017

2018

2019

Net Sales

Market Share

August 2020 | 5

Strong Customer Base of Industry Leaders

Key Customers with Significant Market Share

Current Customer Mix - 55 (2) Dedicated Lines

Global Onshore Wind

2017-2019

Rank

OEM

Share (1)

Vestas

19%

1

Goldwind

14%

2

GE Wind

12%

3

SGRE

11%

4

Envision

8%

5

Mingyang

5%

6

Nordex

5%

7

Enercon

5%

8

Windey

3%

9

United Power

2%

10

TPI Customers

~52%

Market Share

= TPI Customer = Chinese OEM

Global Onshore Wind excl. China

2017-2019

Rank

OEM

Share (1)

Vestas

32%

1

GE Wind

20%

2

SGRE

19%

3

Nordex

9%

4

ENERCON

8%

5

Suzlon

3%

6

Senvion

3%

7

Goldwind

1%

8

INOX

1%

9

Envision

<1%

10

TPI Customers

~88%

Market Share

4%

27%

44%

16%

9%

TPI's customers account for 99% of the U.S. onshore wind market and 52% of the global onshore market

Source: BloombergNEF, "Global Wind Turbine Market Shares 2014-19"

  1. Figures are rounded to nearest whole percent
  2. 55 dedicated lines under long term agreement; does not include 2 lines under a short-term agreement for 2020 in China.

August 2020 | 6

Existing Contracts Provide for ~$5.4 Billion in Revenue through 2024

Key Contract Terms

Minimum Volume

Minimum Volume Obligations (MVOs) in place requiring

Visibility Mitigates

the customer to take an agreed upon percentage of total

production capacity or pay TPI its equivalent gross

Downside Risk

margin and operating costs associated with the MVO

Pricing mechanisms generally encourage customers to

Incentivized

purchase 100% of the contract volume, as prices

progressively increase as volumes decrease

Maximum

Customers fund the molds for each production line

Customer Volume

incentivizing them to maximize TPI's production

capability to amortize their fixed cost

Long-term Supply Agreements (1)

2020

2021

2022

2023

2024

China

India

Mexico

Turkey

Attractive

Contract

Negotiation

Dynamic

  • TPI plans for renegotiation and extension of contracts one year in advance of expiration
  • Provisions allowing for reductions in lines generally provide for adequate time to replace a customer if a line reduction option is exercised
  • Demand in locations where TPI already has a foothold (China, Turkey, Mexico and India) provides a substantial opportunity for synergies in the construction of new facilities
  • TPI continues to expand its manufacturing facilities globally to meet increased demand

U.S.

Long-term supply agreements provide for estimated minimum aggregate volume commitments from our customers of ~$2.9 billion and encourage our customers to purchase additional volume up to, in the aggregate, an estimated total contract value ~$5.4 billion through the end of 2024

Long-term contracts with minimum volume obligations provide strong revenue visibility

Note: Contracts with some of our customers are subject to termination on short notice with substantial penalties. Contracts with some of our customers also enable them to reduce number of lines, generally with 12 months notice, and in some cases with substantial penalties. Our contracts also contain liquidated damages provisions, which may require us to make unanticipated payments to our customers or our customers to make payments to us.

1. As of August 6, 2020. The chart depicts the term of the longest contract in each location; Iowa blade contract expires at the end of 2021; does not include 2 lines under a short-term agreement for 2020 in China.

August 2020 | 7

Long-Term Wind Financial Targets

Annual Wind Revenue

Adj. EBITDA Margin

Market Share

ROIC(1)

Free Cash Flow

$2 billion

12%

20%

25% - 30%

7% - 9%

.

1. ROIC target is based on an estimate of tax effected income from operations plus implied interest on operating leases divided by beginning of the period capital which includes total stockholders' equity less cash and cash equivalents plus total outstanding debt and the net present value of operating leases.

August 2020 | 8

Wind Power Generation Has Grown Rapidly and Expanded Globally in Recent Years

In the last decade, cumulative global power generating capacity of wind turbine installations has gone up by more than 3 times, with compound annual growth in cumulative global installed wind capacity of 21% since 2000.

Rapid growth driven by:

637

Decarbonization

577

Increasing cost

528

competitiveness through

476

technological

21% CAGR

advancement

423

2000-2019

Supportive global policy

361

initiatives

313

Global population growth

279

and electricity demand

233

30

Offshore

278

Asia and rest of the world onshore

149

Americas onshore

  • Increasing C&I and utility demand
  • Coal/nuclear decommissioning
  • Repowering

193

156

16

22

29

37

45

55

70

90

117

180

EMEA onshore

  • EV trends

Wind energy is a large and rapidly growing worldwide business

Source: Bloomberg New Energy Finance

Note: Regional onshore and worldwide offshore figures presented for 2019 only

August 2020 | 9

Large and Growing Global Market

Estimated Annual Installed Global Wind Capacity (GW): 2019 - 2029

77.5

Onshore

Offshore

77.1

77.1

70.7

9.8

66.2

69.8

61.9

6.7

64.6

20.2

18.2

12.2

6.3

9.3

9.3

64.0

67.7

58.9

55.7

56.8

55.3

57.6

56.9

90.4

89.6

84.4

Offshore

25.0

23.1

CAGR

21.6

~ 14%

(2019 - 2029)

Onshore

CAGR

62.8

65.4

66.6

~ 2%

(2019 - 2029)

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Annual installed wind capacity growth is projected to average 75GW between 2019 and 2029.

Global markets (excluding the US and China) are projected to grow at an 7% CAGR. TPI is well positioned to participate in this growth.

Source: Wood Mackenzie, "Q2 2020 Global Wind Power Market Outlook Update"

August 2020 | 10

U.S. Forecast - Forecasted GW Continue to Increase

2019-2029

GW

16

15.0

14

14.0

13.8

12

10.3

9.8

9.5

10

9.0

8.9

8.6

8.7

8.8

8.1

8.4

7.6

7.8

8

3.7

6.9

15.0

14.0

6.2

3.9

4.0

4.1

6

3.7

10.3

1.1

4.2

4

6.9

6.1

5.1

4.7

4.7

4.7

2

4.1

3.4

0

Onshore

Offshore

UBS Onshore

The U.S. wind market is expected to experience consistent near-term growth

Source: Wood Mackenzie, "Q2 2020 Global Wind Power Market Outlook Update" and UBS Securities LLC

August 2020 | 11

Declining LCOE

Allows Wind Energy to be More Competitive with Conventional Power Generation

Global Onshore Wind LCOE Over Time (1)

($/MWh)

$250

Onshore wind

Onshore wind

LCOE Mean

LCOE Range

$188

67% DECREASE

$148

over ten years - 11%

$125

CAGR (2)

$92

$95

$95

$81

$99

$77

$63

$62

$60

$56

$54

$50

$48

$45

$37

$32

$32

$30

$29

$28

$0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Unsubsidized Global Levelized Cost of Power Generation Ranges by Technology (1) - ($/MWh)

$250

Fossil Fuels

$200

Onshore Wind

Other Renewables

$150

$100

$50

$0

Onshore

Solar PV

CCGT

Geo-

Coal

Solar

wind

utility

gas

thermal

thermal

w/storage

Global LCOE for onshore wind generation has become increasingly competitive at or below new combined cycle gas turbines, unsubsidized

Source: Lazard Levelized Cost of Energy Analysis (version 13.0).

  1. Costs are on an unsubsidized basis. Ranges reflect differences in resources, geography, fuel costs and cost of capital, among other factors.
  2. Represents the average compound annual rate of decline of the high and low end of the LCOE range.

August 2020 | 12

LCOE Comparison

Alternative Energy versus Marginal Cost of Selected Existing Conventional Generation

$90 $75 $60 $45

$30

$15

$0

Levelized Cost

Marginal Cost of Selected Existing

of New-Build Wind and Solar

Conventional Generation(1)

Unsubsidized Solar PV

Unsubsidized Wind

Onshore

Solar PV

Coal

Nuclear

Wind

- Thin Film

Utility Scale

Onshore

Solar PV - Thin

Coal

Nuclear

wind

Film Utilitiy Scale

Onshore wind, which became cost-competitive with conventional generation technologies several years ago, is, in some scenarios, approaching an LCOE that is at or below the marginal cost of operating existing conventional generation technologies.

Source: Lazard Levelized Cost of Energy Analysis (version 13.0).

1. Represents the marginal cost of operating, fully depreciated coal and nuclear facilities, inclusive of decommissioning costs for nuclear facilities. Analysis assumes that the salvage value for a decommissioned coal plant is equivalent to the decommissioning and site restoration costs. Inputs are derived from a benchmark of operating, fully depreciated coal and nuclear assets across the U.S. Capacity factors, fuel, variable and fixed operating expenses are based on upper and lower quartile estimates derived from Lazard's research.

August 2020 | 13

Global Policy Support Coupled with Corporate Initiatives and Repowering Expected to Drive Additional Growth

1

U.S. Policy Initiatives

U.S. policy expected to support continued domestic wind capacity installation

  • Wind Production Tax Credit (PTC) through 2020 for both new and repowering of existing turbines allow developers a PTC benefit as late as 2024, with Treasury clarifications providing an additional year of safe harbor for 2016 and 2017 projects due to COVID-19.
  • State Renewable Portfolio Standards
  • Increased state programs/ targets for offshore wind

2

Corporate and Utility Procurement

Increasing focus in board rooms regarding the economic and social benefits of adopting low-cost wind energy

  • 86% of S&P 500 companies published sustainability reports in 2018
  • Furthermore, over 230 leading multinationals such as GM, Nike, Walmart, IKEA, BMW, Coca Cola and Proctor & Gamble have taken the RE100 pledge, organized by the Climate Group, to transition to 100% renewable energy

3

International Policy Initiatives

Recent global initiatives aimed at promoting the growth of renewable energy including wind

  • European Union finalized new climate rules targeting an uplift in the share of renewable energy to 32% by 2030
  • China is targeting 210 GW of grid-connected wind capacity by 2020

4

COP21 Paris Climate Talks

Paris Agreement is a landmark deal marking a significant commitment by the international community to further reduce fossil fuel consumption

  • 189 countries have ratified the agreement

Longer term policy visibility and an increase in corporate and utility

procurement is expected to drive additional growth over the next decade

Source: Bloomberg New Energy Finance, China National Development and Reform Commission, IRRC Institute, RE100

August 2020 | 14

The Industry has Shifted to a Predominantly Outsourced Wind Blade Manufacturing Model

Outsourcing Trends

Vertically integrated OEMs are outsourcing wind blade manufacturing due to:

  • the need to accelerate access to emerging markets
  • the need for efficient capital allocation
  • the need for supply chain optimization
  • global talent constraints

Some have sold or shuttered in-house tower and blade manufacturing facilities in favor of an outsourced manufacturer

Geographically distributed, high precision blade manufacturing is more cost effective when performed by diversified, specialized manufacturers

TPI is the only independent manufacturer of composite wind blades with a global footprint and is well positioned to capitalize on global industry trends

TPI selected as manufacturer of Vestas-designed blades in China, Mexico, India and Turkey

Expected to continue to outsource a significant percentage of blade needs notwithstanding acquisition of LM Wind Power. Expanded with TPI in 2018 and 2020.

Currently outsources to TPI in Mexico and Turkey

Global Wind Blade Manufacturing: Outsourced vs. Insourced (1)

100%

37%

80%

62%

60%

40%

63%

20%

38%

0%

2009

2019

Outsourced

Insourced

TPI Onshore Global Wind Blade Market Share

2016 - 2019 (2)

18%

TPI Share

14%

Future market share increases

Increase: ~2X

expected to be driven by:

9%

Continuation of

outsourcing

Growth and leverage

from global footprint

2016

2018

2019

Several of the wind industry's largest participants have chosen TPI as their leading outsourced blade manufacturer

  1. Source: Wood Mackenzie, based on % of MW, LM supply to GE is defined as outsourced
  2. TPI's market share based on TPI MW relative to OEM total onshore MW from Bloomberg NEF, "Global Wind Turbine Market Shares 2014-19"

August 2020 | 15

787 aircraft,
60m

TPI is Well Positioned to Take Advantage of the Market Movement Towards Larger Blades

Turbine Cost by Component

Blades and pitch systems remain the most important elements in reducing LCOE driven by ongoing improvements in aerodynamic efficiency, load controls and cost reductions

Turbine Cost Breakdown by Component (1)

8%

Blades

3%

Tower

4%

29%

Gearbox

5%

6%

Hub & Pitch

10%

Converter

13%

22%

Bearing & Shaft

Generator

Bedplate

Wind blades represent ~22% of total installed turbine costs

Movement Towards

Larger Blade Lengths

The trend toward larger wind blades indicates the potential phase out of smaller wind blades, as larger blades have the greatest impact on energy efficiency and LCOE reduction

Global Blade Length Breakdown

4%

7%

<50.0m

40%

56%

50.0-59.9m

46%

60.0-69.9m

70.0-79.9m

9%

36%

>80.0m

2019E

2024E

On par with the movement toward larger wind blades, TPI blades are generally 60-75m in length

Pipeline Opportunities

Size of Total

Addressable Market

OEM(s) Share

Long-term Revenue

Potential

Prioritized Pipeline - >6GW:

60-100+m blades, >$40M/year/line, >320MW/year/line

New and Existing Customers Existing Geographies Onshore and Offshore

Source: Wood Mackenzie, American Wind Energy Association

1. Costs included in turbine cost breakdown represent 77% of total installed turbine costs. Remaining 23% not represented in chart.

August 2020 | 16

Strong Barriers to Entry Provide an Opportunity for TPI to Capture Additional Market Share

We believe that our extensive experience and track-record in delivering high quality wind blades combined with our established global scale and strong customer relationships creates a significant barrier to entry and is the foundation of our leadership position.

Barriers to Entry

Know How &

Extensive Expertise

Strong Reputation

for Reliability

Extensive Expertise

Strong track record of delivering high quality wind blades to diverse, global markets, and of developing replicable and scalable manufacturing facilities and processes

Reputation for Reliability

Over 59,000 wind blades produced since 2001, with an excellent field performance record in a market where reliability is critical to our customers' success

Established

Global Scale

Customer Stickiness

Established Global Scale

We expand our manufacturing footprint in coordination with our customers' needs, scaling our capacity to meet demand in markets across the globe

Customer Stickiness

Dedicated capacity and collaborative approach of manufacturing wind blades to meet customer specifications promotes significant customer loyalty and creates higher switching costs

TPI's ability to capitalize on recent growth trends in the wind energy market and outsourcing trends has allowed us to grow

our revenue by 87% from 2016 to 2019 and expand our global manufacturing footprint over the same period

August 2020 | 17

Global Footprint Strategically Optimized for Regional Industry Demand

TPI has strategically built a strong global footprint that takes advantage of proximity to large existing regional markets, adjacent new markets and seaports for global export

13 Manufacturing Facilities with Approximately 6 million SF in 5 countries and 18GW Equivalent Capacity.

Applied Technology Development at All Manufacturing Sites. With Over 300 Engineers and Technicians Globally.

August 2020 | 18

Dedicated Supplier Model Encourages Stable Long-Term Customers

Deeply Integrated

Partnership Model

  • Dedicated TPI capacity provides outsourced volume that customers can depend upon
  • Joint investment in manufacturing with tooling funded by customers
  • Long-termagreements with incentives for maximum volumes
  • Strong visibility into next fiscal year volumes
  • Shared pain/gain on increases and decreases of material costs and some production costs
  • Cooperative manufacturing and design efforts optimize performance, quality and cost
  • Global presence enables customers to repeat models in new markets

High Customer

Strong Customer

Value Proposition

Base of Leading OEMs

Build-to-spec blades

High quality, low cost

Dedicated capacity

Industry leading field performance

Global operations

August 2020 | 19

Technology Advantage

Customer Technology

TPI Technology

Collaborative Space

Design for Manufacturing

Technical Due Diligence

Process Technology

Develop manufacturing

process technology to

Structural Design

enable manufacture

Design of internal

Aero Design structure

Enhanced TPI Customer

Collaboration

Technology Partnership built on long-term relationships and mutual dependency

'True' Partnerships with Customers in their New Product Development process

Move Upstream - Collaborative due diligence on Design for Manufacturing and Risk Mitigation

Customer Intimacy - Joint prototyping of blades with customers in customer facilities and pilot production line in our facilities

Design of external shape (airfoil)

Material Technology

Develop new materials to reduce weight and cost

Leads to

  • Reduced Time to Market
  • Design to Cost Target
  • Enhanced Design for Manufacturing
  • Margin Expansion

August 2020 | 20

Vehicle Strategy for Clean Transportation

Lighter weight equates to longer range

Lower capital investment required for composites structure

Multiple programs in: Passenger Automotive

EVs

Commercial Vehicles

August 2020 | 21

Large Market Opportunity

U.S. Electric Bus Market

  • Addresses large opportunity given mission-critical nature of transit
  • Cusp of wide-spread adoption
  • Technology applicable everywhere
  • Compelling growth potential

1,400

1,20040%

1,000CAGR

Units

800

600

400

200

-

2019 2020 2021 2022 2023 2024 2025 U.S.

Source: BloombergNEF Long-Term Electric Vehicle Outlook 2020, Proterra

  • Proterra is a leader in North American electric transit bus market with 50%+ share
  • >120 customers and >900 vehicles sold
  • >55,000,000 pounds of CO2 emissions & 2,000,000 gallons of fuel avoided

August 2020 | 22

Commercial Electric Vehicles Market

Significant Growth Projections

  • Commercial vehicle market growing, largely driven by ecommerce
  • Opportunity for electric vehicles driven by economics

Light

7

6

23%

5

units

4

CAGR

Million

3

2

1

Medium and Heavy

Medium

Heavy

700

600

29%

500

CAGR

units

400

Thousand

300

200

100

0

0

Source: BloombergNEF Long-Term Electric Vehicle Outlook 2020

August 2020 | 23

Passenger EV market

>55% of passenger vehicle sales to be electric by 2040

Global new passenger vehicle sales forecast by drivetrain

Million units

100

80

60

40

20

0

Battery electric

Plug-in hybrid

Internal combustion

Source: BloombergNEF Long-Term Electric Vehicle Outlook 2020

August 2020 | 24

Large and Growing Global Service Market Opportunity

Global Blade Service Market Forecast

Wind Blade Service Offerings

3.5

+$1.6B

3.0

7%

Certified Professionals

2.5

CAGR

2.0

Engineering & Preventative Maintenance

billion

1.5

US$

Inspection & Analysis

1.0

0.5

Repair & Improvements

0.0

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Leading Edge Repair

Lightning Receptor Exchange

Blade Surface Add On-Install / Repairs

Trailing Edge Repair

Other

Structural Repair

Global Retrofits

Recycling

Source: Wood Mackenzie, Global Onshore Wind Power O&M 2019

August 2020 | 25

TPI Operating Imperatives

• Relentless focus on operational excellence

• Turn speed into a competitive advantage - cut transition and startup time in half

• Innovate - continue to advance our composites technology

• Partner more deeply with our customers

• Reduce and balance cost of transitions with our customers

• Apply scale to expand material capacity, continuity of supply, and drive cost down

• Continue to build and develop world class team

• Drive ESG vision

August 2020 | 26

TPI's ESG Efforts

Embracing and operationalizing Environmental, Social and Governance (ESG) practices into everything we do will reduce risk, increase associate satisfaction and improve operational execution, financial performance, and governance. TPI is committed to ESG and we've developed a long-term ESG strategy.

Materiality

Goal Setting &

Data Collection

Refresh

Execution

& Processes

Through peer analysis

We plan to set goals

We have established

and stakeholder

and targets for our

and documented

engagement, we will

material topics and

procedures for data

refresh which ESG

execute projects to

collection, identification

topics are material,

achieve them.

of data owners and

relevant and aligned

developed standard

to TPI's business

operating procedures

strategy on a regular

for reporting.

basis.

Stakeholder

Reporting

We published a sustainability report aligned to the GRI and SASB frameworks. In the future, we plan to adopt additional ESG reporting frameworks.

Highlights of TPI's 2019 ESG Report

ENVIRONMENTAL

SOCIAL

GOVERNANCE

• Over the last 5 years, the wind

• 82% decrease in recordable

• Board committee oversight of

blades we have sold have the

incident and 78% decrease in lost

ESG-related matters

potential to reduce more than 980

time incident rates over the last 4

• ESG metrics are included in our

million metric tons of CO2 over their

years

executive compensation plans

average 20-year life span

August 2020 | 27

August 2020

Financial Summary

Financial Results

Net Sales (2)

AEBITDA (1)(2)

$ millions

$1,800

$ millions

$120

$1,600

23%

$1,400

CAGR

$100

$1,200

$80

$1,000

$60

$800

$600

$40

$400

$20

$200

$0

$0

2016

2017

2018

2019

4%

CAGR

2016

2017

2018

2019

  1. See Appendix for reconciliations of non-GAAP financial data
  2. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2019 full year Adjusted EBITDA has been restated to include restructuring charges, based upon a definition change made in Q1 2020.

August 2020 | 29

Financial Performance

Growth Funded Largely from Cash Flow from Operations

MW and Sets per Line

2016 - 2019

+56% MW/line

100

Topline Increase

325

+19% Sets/line

$769 M

$1.4 B

MW/Line

275

2016-2019

90

Sets/Line

225

80

Investment in Growth

175

70

$202 M

$169 M

125

2016

2017

2018

2019

60

MW/Line

Sets per Line

CAPEX

Start-up Costs

GW Sold

MW/Set

10

+ 24% GW Sold CAGR

70

3.0

+8% CAGR

2016-2019

60

2016-2019

2.8

8

50

40

2.6

Cumulative Cash Flow From Operations, Net

$188 M

6

30

2.4

20

2.2

10

4

0

2.0

2016

2017

2018

2019

2016

2017

2018

2019

TPI GW Sold

Global Total Install

Net Debt

$6 M

$72 M

August 2020 | 30

Q2 2020 Highlights

• Operating results and year-over-year comparisons to 2019:

Net Sales and Adjusted EBITDA ($ in millions)

• Net sales were up 13% to $373.8 million for the quarter

$400

$374

• Net loss for the quarter was $66.1 million compared to net

$331

income of $1.8 million

• Adjusted EBITDA for the quarter was $3.3 million or 0.9%

of net sales down 620 bps

GE: extended our supply agreement in one of our Mexico

plants by two years through 2022 and our supply

$200

agreement in Iowa through 2021. Added one additional

manufacturing line in Mexico.

Nordex: signed multi-year agreement for two

manufacturing lines in our Chennai, India facility

$23

• Added approximately $800 million of potential contract

$3

value

$0

2Q19

2Q20

2Q19

2Q20

Global Service: signed agreements totaling approximately

$15 million.

Sets

716

787

Transportation: continued progress on commercial

invoiced

Est. MW

2,016

2,650

delivery vehicles, producing parts on the passenger EV

Dedicated

tooling

54

52

lines (1)

• Appointed Jim Hilderhoff as Chief Commercial Officer.

Lines

50

54

• Appointed Adan Gossar as Chief Accounting Officer.

installed (2)

Utilization (3)

70%

69%

1.

Number of wind blade manufacturing lines dedicated to our customers under long-term supply agreements at the end of the period.

2.

Number of wind blade manufacturing lines installed that are either in operation, startup or transition at the end of the period.

3.

Represents the percentage of wind blades invoiced during the period compared to the total potential wind blade capacity of manufacturing lines installed at the end of the period.

August 2020

|

31

Key Statement of Operations and Performance Indicator Data(1)

(unaudited)

Key Statement of Operations Data

Three Months Ended

Change

June 30,

(in thousands, except per share data)

2020

2019

%

Key Highlights

• Net sales of wind blades increased

Net sales

Cost of sales

Startup and transition costs

Total cost of goods sold

Gross profit (loss)

General and administrative expenses

Realized loss on sale of assets and asset impairments

Income tax provision

Net income (loss)

Weighted-average common shares outstanding (diluted)

Net income (loss) per common share (diluted)

Non-GAAP Metric

$

373,817

$

330,771

13.0%

$

367,644

$

285,319

28.9%

$

10,920

$

22,901

-52.3%

$

378,564

$

308,220

22.8%

$

(4,747)

$

22,551

-121.1%

$

6,887

$

9,208

-25.2%

$

1,440

$

4,972

-71.0%

$

(49,312)

$

(475)

NM

$

(66,101)

$

1,828

NM

35,299

36,369

$

(1.87)

$

0.05

by 15.3%

• 10% increase in the number of wind

blades produced year over year

• Q2 2020 revenue was negatively

impacted by approximately

$96 million associated with the

reduced production levels in

Mexico, Iowa, Turkey, and India due

to COVID-19

• For the year, we expect our cash

taxes to be approximately $15

million - $ 17 million

• Adjusted EBITDA was negatively

Adjusted EBITDA (1) (in thousands)

$

3,295

$

23,421

-85.9%

Adjusted EBITDA Margin

0.9%

7.1%

-620 bps

Key Performance Indicators (KPIs)

Sets produced

787

716

71

Estimated megawatts

2,650

2,016

634

Utilization

69%

70%

-100 bps

Dedicated wind blade manufacturing lines

52

54

2 lines

Wind blade manufacturing lines installed

54

50

4 lines

(1) See Appendix for reconciliations of non-GAAP financial data

impacted by approximately

$36 million associated with the

production volume lost and other

costs related to COVID-19

August 2020 | 32

Short Term Increase in Leverage During COVID-19

Total Net Leverage Ratio (1)

Actual Covenant Target

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

(1) Net Debt / TTM Adjusted EBITDA. See Credit Agreement for complete definition.

Key Highlights

  • Amended the Credit Agreement to increase permitted Total Net Leverage covenant during 2020 due to COVID-19 impact
  • Expect Total Net Leverage Ratio to peak in Q3 2020 and then decrease in Q4 2020
  • Total Net Leverage Ratio Long-Term Target is 2%

August 2020 | 33

Key Balance Sheet and Cash Flow Data (1)

(unaudited)

Key Balance Sheet Data

June 30,

December 31,

(in thousands)

2020

2019

Cash and cash equivalents

$

96,657

$

70,282

Accounts receivable

$

133,147

$

184,012

Contract assets

$

214,556

$

166,515

Operating lease right of use assets

$

162,767

$

122,351

Total operating lease liabilities - current

$

176,677

$

130,512

and noncurrent

Accounts payable and accrued expenses

$

267,833

$

293,104

Total debt - current and noncurrent, net

$

237,902

$

141,389

Net debt (1)

$

(142,524)

$

(71,779)

Key Highlights

  • Increased inventory (included within inventory and contract assets balances) by approximately $25 million during 2Q 2020 to manage COVID-19 risks
  • Plan to reduce inventory levels during Q3 and Q4 of 2020 while monitoring continued risks
  • Continue to defer capital expenditures

Key Cash Flow Data

Three Months Ended

June 30,

(in thousands)

2020

2019

Net cash provided by (used in) operating activities

Capital expenditures

Free cash flow (1)

$

(29,573)

$

10,573

$

15,047

$

19,030

$

(44,620)

$

(8,457)

(1) See Appendix for reconciliations of non-GAAP financial data

August 2020 | 34

Capital Allocation Plan

Capital discipline

    • Robust balance sheet
  • Working capital management
    • Return on invested capital

Reinvestment in business to drive long term

profitable growth and productivity

Selective acquisitions aligned to core strategy

Potential return

of capital to

shareholders

August 2020 | 35

August 2020

Appendix

Balance Sheets

December 31,

June 30,

($ in thousands)

2016

2017

2018

2019

2020

Assets

Current assets:

Cash and cash equivalents

$

119,066

$

148,113

$

85,346

$

70,282

$

96,657

Restricted cash

2,259

3,849

3,555

992

312

Accounts receivable

67,349

121,576

176,815

184,012

133,147

Contract assets

99,120

105,619

116,708

166,515

214,556

Prepaid expenses and other current assets

30,657

27,507

26,038

39,890

41,883

Inventories

5,076

4,112

5,735

6,731

12,368

Total current assets

323,527

410,776

414,197

468,422

498,923

Noncurrent assets:

Property, plant, and equipment, net

91,166

123,480

159,423

205,007

211,175

Operating lease right of use assets

-

-

-

122,351

162,767

Goodwill and other intangibles, net

3,624

3,915

7,265

6,977

6,778

Other noncurrent assets

18,516

7,566

23,970

23,920

15,642

Total assets

$

436,833

$

545,737

$

604,855

$

826,677

$

895,285

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable and accrued expenses

$

112,490

$

167,175

$

199,078

$

293,104

$

267,833

Accrued warranty

21,089

30,419

36,765

47,639

56,772

Current maturities of long-term debt

33,403

35,506

27,058

13,501

25,285

Current operating lease liabilities

-

-

-

16,629

21,918

Contract liabilities

687

2,763

7,143

3,008

2,447

Total current liabilities

167,669

235,863

270,044

373,881

374,255

Noncurrent liabilities:

Long-term debt

89,752

85,879

110,565

127,888

212,617

Noncurrent operating lease liabilities

-

-

-

113,883

154,759

Other noncurrent liabilities

8,012

3,441

3,289

5,975

24,809

Total liabilities

265,433

325,183

383,898

621,627

766,440

Total stockholders' equity (deficit)

171,400

220,554

220,957

205,050

128,845

Total liabilities and stockholders' equity

$

436,833

$

545,737

$

604,855

$

826,677

$

895,285

Non-GAAP Metric (unaudited):

Net cash (debt)

$

(6,379)

$

24,557

$

(53,155)

$

(71,779)

$

(142,524)

Source: Year end 2016 through 2019 audited financial statements. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2020 interim period is unaudited.

August 2020 | 37

Income Statements

Year Ended December 31,

Three Months Ended

Six Months Ended

June 30,

June 30,

($ in thousands)

2016

2017

2018

2019

2019

2020

2019

2020

Net sales

$

769,019

$

955,198

$

1,029,624

$

1,436,500

$

330,771

$

373,817

$

630,551

$

730,453

Cost of sales

664,026

804,099

882,075

1,290,619

285,319

367,644

568,357

716,119

Startup and transition costs

18,127

40,628

74,708

68,033

22,901

10,920

41,079

22,954

Total cost of goods sold

682,153

844,727

956,783

1,358,652

308,220

378,564

609,436

739,073

Gross profit (loss)

86,866

110,471

72,841

77,848

22,551

(4,747)

21,115

(8,620)

General and administrative expenses

33,892

40,373

43,542

39,916

9,208

6,887

17,193

16,383

Realized loss on sale of assets and asset impairments

-

-

4,581

18,117

4,972

1,440

7,207

3,358

Restructuring charges, net

-

-

-

3,927

3,874

181

3,874

298

Income (loss) from operations

52,974

70,098

24,718

15,888

4,497

(13,255)

(7,159)

(28,659)

Other income (expense)

Interest income

344

95

181

157

31

8

82

40

Interest expense

(17,614)

(12,381)

(10,417)

(8,179)

(2,274)

(2,553)

(4,273)

(4,356)

Loss on extinguishment of debt

(4,487)

-

(3,397)

-

-

-

-

-

Realized loss on foreign currency remeasurement

(757)

(4,471)

(13,489)

(4,107)

(967)

(1,928)

(4,769)

(968)

Miscellaneous income

238

1,191

4,650

3,648

1,016

939

1,718

1,634

Total other expense

(22,276)

(15,566)

(22,472)

(8,481)

(2,194)

(3,534)

(7,242)

(3,650)

Income (loss) before income taxes

30,698

54,532

2,246

7,407

2,303

(16,789)

(14,401)

(32,309)

Income tax benefit (provision)

(3,654)

(15,798)

3,033

(23,115)

(475)

(49,312)

4,125

(34,284)

Net income (loss)

27,044

38,734

5,279

(15,708)

1,828

(66,101)

(10,276)

(66,593)

Net income attributable to preferred stockholders

5,471

-

-

-

-

-

-

-

Net income (loss) attributable to common stockholders

$

21,573

$

38,734

$

5,279

$

(15,708)

$

1,828

$

(66,101)

$

(10,276)

$

(66,593)

Non-GAAP Metrics (unaudited):

EBITDA

$

65,641

$

88,516

$

42,308

$

54,009

$

11,671

$

(2,628)

$

7,574

$

(5,349)

Adjusted EBITDA

$

76,300

$

100,111

$

68,173

$

85,841

$

23,421

$

3,295

$

26,346

$

4,591

Source: Year end 2016 through 2019 audited financial statements. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2019 and 2020 interim periods are unaudited. 2019 full year Adjusted EBITDA has been restated to include restructuring charges, based upon a definition change made in Q1 2020.

August 2020 | 38

Cash Flow Statements

Three Months Ended

Six Months Ended

Year Ended December 31,

June 30,

June 30,

($ in thousands)

2016

2017

2018

2019

2019

2020

2019

2020

Cash flows from operating activities

Net income (loss)

$

27,044

$

38,734

$

5,279

$

(15,708)

$

1,828

$

(66,101)

$

(10,276)

$

(66,593)

Depreciation and amortization

13,186

21,698

26,429

38,580

7,125

11,616

17,784

22,644

Realized loss on sale of assets and asset impairments

2

334

4,581

18,117

4,972

1,440

7,207

3,358

Restructuring charges, net

-

-

-

3,927

3,874

181

3,874

298

Share-based compensation expense

9,902

7,124

7,795

5,681

1,937

2,374

2,922

5,316

Amortization of debt issuance costs and debt discount

4,681

573

336

206

52

66

103

122

Loss on extinguishment of debt

4,487

-

3,397

-

-

-

-

-

Deferred income taxes

(6,123)

1,650

(14,912)

4,951

-

-

-

-

Changes in assets and liabilities

6,663

4,487

(36,163)

1,330

(9,215)

20,851

(23,132)

7,850

Net cash provided by (used in) operating activities

59,842

74,600

(3,258)

57,084

10,573

(29,573)

(1,518)

(27,005)

Cash flows from investing activities

Purchases of property, plant and equipment

(30,507)

(44,828)

(52,688)

(74,408)

(19,030)

(15,047)

(37,739)

(42,030)

Proceeds from sale of assets

-

850

-

-

-

-

-

-

Acquisition of a business

-

-

-

(1,102)

-

-

-

-

Net cash used in investing activities

(30,507)

(43,978)

(52,688)

(75,510)

(19,030)

(15,047)

(37,739)

(42,030)

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

Net proceeds from (repayment of) debt

(15,370)

(8,095)

(8,876)

(2,133)

(10,773)

32,210

6,289

97,122

Debt issuance costs

-

(454)

(281)

-

-

(547)

-

(730)

Proceeds from exercise of stock options

-

1,430

4,284

5,223

144

559

4,716

1,371

Repurchase of common stock including shares withheld in lieu

-

-

of income taxes

(1,264)

(2,859)

(2,120)

(49)

(559)

(508)

Net cash provided by (used in) financing activities

51,829

(8,383)

(7,732)

970

(10,629)

32,173

10,446

97,255

Impact of foreign exchange rates on cash, cash equivalents

and restricted cash

(1,515)

335

617

(171)

(297)

(719)

696

(2,525)

Net change in cash, cash equivalents and restricted cash

79,649

22,574

(63,061)

(17,627)

(19,383)

(13,166)

(28,115)

25,695

Cash, cash equivalents and restricted cash, beginning of period

50,214

129,863

152,437

89,376

80,644

110,610

89,376

71,749

Cash, cash equivalents and restricted cash, end of period

$

129,863

$

152,437

$

89,376

$

71,749

$

61,261

$

97,444

$

61,261

$

97,444

Non-GAAP Metric (unaudited):

Free cash flow

$

29,335

$

29,772

$

(55,946)

$

(17,324)

$

(8,457)

$

(44,620)

$

(39,257)

$

(69,035)

Source: Year end 2016 through 2019 audited financial statements. 2016 through 2017 restated per the Company's retroactive adoption of ASU 2016-2018. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2019 and 2020 interim periods are unaudited.

August 2020 | 39

Non-GAAP Reconciliations

Net income (loss) is reconciled to Adjusted EBITDA as follows:

Three Months Ended

Six Months Ended

Year Ended December 31,

June 30,

June 30,

($ in thousands)

2016

2017

2018

2019

2019

2020

2019

2020

Net income (loss)

$

27,044

$

38,734

$

5,279

$

(15,708)

$

1,828

$

(66,101)

$

(10,276)

$

(66,593)

Adjustments:

Depreciation and amortization

13,186

21,698

26,429

38,580

7,125

11,616

17,784

22,644

Interest expense (net of interest income)

17,270

12,286

10,236

8,022

2,243

2,545

4,191

4,316

Loss on extinguishment of debt

4,487

-

3,397

-

-

-

-

-

Income tax provision (benefit)

3,654

15,798

(3,033)

23,115

475

49,312

(4,125)

34,284

EBITDA

65,641

88,516

42,308

54,009

11,671

(2,628)

7,574

(5,349)

Share-based compensation expense

9,902

7,124

7,795

5,681

1,937

2,374

2,922

5,316

Realized loss on foreign currency remeasurement

757

4,471

13,489

4,107

967

1,928

4,769

968

Realized loss on sale of assets and asset impairments

-

-

4,581

18,117

4,972

1,440

7,207

3,358

Restructuring costs, net

-

-

-

3,927

3,874

181

3,874

298

Adjusted EBITDA

$

76,300

$

100,111

$

68,173

$

85,841

$

23,421

$

3,295

$

26,346

$

4,591

Net cash (debt) is reconciled as follows:

December 31,

June 30,

($ in thousands)

2016

2017

2018

2019

2019

2020

Cash and cash equivalents

$

119,066

$

148,113

$

85,346

$

70,282

$

58,664

$

96,657

Less total debt, net of debt issuance costs and discount

(123,155)

(121,385)

(137,623)

(141,389)

(148,937)

(237,902)

Less debt issuance costs and discount

(2,290)

(2,171)

(878)

(672)

(775)

(1,279)

Net cash (debt)

$

(6,379)

$

24,557

$

(53,155)

$

(71,779)

$

(91,048)

$

(142,524)

Free cash flow is reconciled as follows:

Three Months Ended

Six Months Ended

Year Ended December 31,

June 30,

June 30,

($ in thousands)

2016

2017

2018

2019

2019

2020

2019

2020

Net cash provided by (used in) operating activities

$

59,842

$

74,600

$

(3,258)

$

57,084

$

10,573

$

(29,573)

$

(1,518)

$

(27,005)

Less capital expenditures

(30,507)

(44,828)

(52,688)

(74,408)

(19,030)

(15,047)

(37,739)

(42,030)

Free cash flow

$

29,335

$

29,772

$

(55,946)

$

(17,324)

$

(8,457)

$

(44,620)

$

(39,257)

$

(69,035)

Source: Year end 2016 through 2019 audited financial statements. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2019 and 2020 interim periods are unaudited. 2019 full year Adjusted EBITDA has been restated to include restructuring charges, based upon a definition change made in Q1 2020.

August 2020 | 40

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TPI Composites Inc. published this content on 07 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2020 20:18:09 UTC


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Financials (USD)
Sales 2020 1 654 M - -
Net income 2020 -16,9 M - -
Net Debt 2020 101 M - -
P/E ratio 2020 -83,5x
Yield 2020 -
Capitalization 1 431 M 1 431 M -
EV / Sales 2020 0,93x
EV / Sales 2021 0,83x
Nbr of Employees 13 300
Free-Float 83,8%
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Technical analysis trends TPI COMPOSITES, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 43,36 $
Last Close Price 40,04 $
Spread / Highest target 19,9%
Spread / Average Target 8,30%
Spread / Lowest Target -25,1%
EPS Revisions
Managers
NameTitle
William E. Siwek President & Chief Executive Officer
Steven C. Lockard Chairman
Thomas J. Castle Senior VP-Operations & Strategic Markets
Bryan Robert Schumaker Chief Financial Officer
Theo Gibson Chief Information Officer