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

TPI COMPOSITES, INC.

(TPIC)
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TPI Composites : November 2020 Company Presentation

11/09/2020 | 05:32am EST

COMPANY PRESENTATION

November 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; (iii) 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.

November 2020

2

Investment Thesis

Capitalizing on the Decarbonization of the Electric Sector and the Electrification of the Vehicle Fleet

  • 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.
  • Electric vehicles sales are expected to grow 20%+ CAGR through 2040 according to BNEF.

Only Independent Wind 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.
  • 60-80meter 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.

November 2020

3

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 commercial vehicles and passenger EV platforms

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 15,000 associates globally

20%

$1,500

15%

$1,000

10%

$500

5%

$0

0%

2016

2017

2018

2019

Net Sales

Market Share

November 2020

4

Strong Customer Base of Industry Leaders

Key Customers with Significant Market Share

Current Customer Mix - 53 (2) Dedicated Lines

Global Onshore Wind

2017-2019

Rank

OEM

Share (1)

Vestas

19%

1

Goldwind

14%

2

GE Wind

12%

33

SGRE

11%

4

Envision

8%

5

Mingyang

5%

6

Nordex

5%

7

Enercon

5%

8

Windey

3%

9

United Power

2%

10

TPI Customers

Market Share

~52%

= 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

Market Share

~88%

4%

28%

45%

13%

10%

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. 53 dedicated lines under long term agreement; does not include 2 lines under a short-term agreement for 2020 in China.

November 2020

5

Existing Contracts Provide for ~$5.1 Billion in Revenue through 2024

Key Contract Terms

Minimum Volume

Minimum Volume Obligations (MVOs) in place requiring the

Visibility Mitigates

customer to take an agreed upon percentage of total

production capacity or pay TPI its equivalent gross margin

Downside Risk

and operating costs associated with the MVO

Long-term Supply Agreements (1)

2020

2021

2022

2023

2024

China

Incentivized

Maximum

Customer Volume

  • Pricing mechanisms generally encourage customers to purchase 100% of the contract volume, as prices progressively increase as volumes decrease
  • Customers fund the molds for each production line incentivizing them to maximize TPI's production capability to amortize their fixed cost

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 ~$5.1 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 November 5, 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.

November 2020

6

Long-Term Wind Financial Targets

Annual Wind Revenue

$2 billion

Adj. EBITDA Margin

12%

Market Share

20%

ROIC(1)

25% - 30%

Free Cash Flow

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.

November 2020

7

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:

Decarbonization

Increasing cost competitiveness

637

30

577 Offshore

528

through technological

advancement

Supportive global policy

initiatives

• Global population growth and

electricity demand

• Increasing C&I and utility

demand

Coal/nuclear decommissioning

Repowering

EV trends

21% CAGR

476

2000-2019

423

361

313

279

233

193

156

117

70

90

37

45

55

22

29

16

278

Asia and rest of the world onshore

149

Americas onshore

180

EMEA onshore

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

November 2020

8

Large and Growing Global Market

The accelerating energy transition is expected to drive even stronger forecasts in the future

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

77.5

Onshore

Offshore

78.3

77.3

72.0

9.8

68.3

67.8

70.0

6.8

19.2

18.2

62.5

9.5

11.0

11.5

6.3

65.2

67.7

58.9

60.1

56.3

58.9

56.3

58.1

93.1 93.5

88.6

25.8

24.6

Offshore

CAGR

24.3

~ 15%

(2019 - 2029)

Onshore

67.3

68.9

CAGR

64.3

~ 2%

(2019 - 2029)

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Annual installed wind capacity growth is projected to average 77GW between 2019 and 2029. Global markets (excluding the US and China) are projected to grow at an 8% CAGR. TPI is well positioned to participate in this growth.

Source: Wood Mackenzie, "Q3 2020 Global Wind Power Market Outlook Update"

November 2020

9

U.S. Forecast

2019-2029

16.6

16

14.7

13.9

1413.2

12 11.0

GW

10

9.9

9.0

9.1

9.2

9.8

9.3

8.2

8.5

8

16.6

3.7

7.9

8.4

6.8

6.4

3.9

4.0

4.1

13.2

3.7

6

1.1

4.2

11.0

4

6.8

5.3

6.2

5.1

5.1

5.1

2

3.7

4.5

0

Onshore

Offshore

UBS Onshore and Offshore

The forecasted GW are expected to increase over time due to the accelerating energy transition in the U.S. driven by lower cost of energy, C&I demand, and stronger state renewable targets.

Source: Wood Mackenzie, "Q3 2020 Global Wind Power Market Outlook Update" and UBS Securities LLC

November 2020

10

Declining LCOE

Allows Wind Energy to be More Competitive with Conventional Power Generation

Global Onshore Wind LCOE Over Time (1)

Unsubsidized Global Levelized Cost of Power Generation

($/MWh)

Ranges by Technology (1) - ($/MWh)

$250

$250

Onshore wind

Onshore wind

Fossil Fuels

LCOE Mean

LCOE Range

$188

71% DECREASE

Onshore Wind

$200

Other Renewables

$169

over twelve years - 11%

$148

CAGR (2)

$150

$125

$92

$95

$95

$100

$101

$99

$81

$77

$63

$62

$60

$56

$54

$54

$50

$50

$48

$45

$37

$32

$32

$30

$29

$28

$26

$0

$0

Onshore

Solar PV

CCGT

Geo-

Coal

Solar

2009

2010

2011

2012

2013 2014

2015

2016

2017

2018

2019

2020

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 14.0).

  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.

November 2020

11

LCOE Comparison

Alternative Energy versus Marginal Cost of Selected Existing Conventional Generation

$90

Levelized Cost

Marginal Cost of Selected Existing Conventional

$75

of New-Build Wind and Solar

Generation(1)

$60

$45

$30

Solar PV

$15

Onshore

Coal

Nuclear

CCGT gas

Wind

- Thin Film

Utility Scale

$0

Unsubsidized Solar PV

Unsubsidized Wind

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 14.0).

1. Represents the marginal cost of operating fully depreciated gas combined cycle, coal and nuclear facilities, inclusive of decommissioning costs for nuclear facilities. Analysis assumes that the salvage value for a decommissioned gas combined cycle or coal asset is equivalent to its decommissioning and site restoration costs. Inputs are derived from a benchmark of operating gas combined cycle, 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.

November 2020

12

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
  • Potential Tailwinds from Biden Presidency

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
  • Potential EU tailwind from EUR 1.85 trillion Recovery Plan
  • 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

November 2020

13

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%

Insourced

Outsourced

40%

20%

38%

63%

0%

2009

2019

TPI Onshore Global Wind Blade Market Share

2016 - 2019

(2)

18%

Future market share increases

TPI Share

expected to be driven by:

Increase: ~2X

14%

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"

November 2020

14

TPI is Well Positioned to Take Advantage of the 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

Tower

3%

4%

29%

Gearbox

5%

6%

Hub & Pitch

10%

Converter

Bearing & Shaft

22%

13%

Generator

Bedplate

Balance of Nacelle

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

787

aircraft,

60m

Global Blade Length Breakdown

4%

7%

<50.0m

40%

56%

50.0-59.9m

46%

60.0-69.9m

70.0-79.9m

36%

9%

>80.0m

2019E 2024E

On par with the movement toward

larger wind blades, TPI blades are generally 60-80m 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.

November 2020

15

Strong Barriers to Entry Provide an Opportunity for TPI to Capture More 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 62,000 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

November 2020

16

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 Over 6 million Square Feet in 5 countries and 18GW Equivalent Capacity.

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

November 2020

17

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 Base of

Value Proposition

Leading OEMs

Build-to-spec blades

High quality, low cost

Dedicated capacity

Industry leading field performance

Global operations

November 2020

18

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-termrelationships 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

November 2020

19

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

November 2020

20

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

1,200

40%

1,000

800

CAGR

Units

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

November 2020

21

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

523%

units

4

CAGR

Million

3

2

Medium and Heavy

700

600

Medium

Heavy

500

units

29%

400

CAGR

Thousand

300

200

1

100

0

0

Source: BloombergNEF Long-Term Electric Vehicle Outlook 2020

November 2020

22

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

202020212022202320242025202620272028202920302031203220332034203520362037203820392040

Battery electric

Plug-in hybrid

Internal combustion

Source: BloombergNEF Long-Term Electric Vehicle Outlook 2020

November 2020

23

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

CAGR

2.5

billion

2.0

Engineering & Preventative Maintenance

1.5

US$

Inspection & Analysis

1.0

0.5

0.0

Repair & Improvements

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Leading Edge Repair

Lightning Receptor Exchange

Trailing Edge Repair

Blade Surface Add On-Install / Repairs

Structural Repair

Other

Global Retrofits

Recycling

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

November 2020

24

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

November 2020

25

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 publish goals

We have established

and stakeholder

in 2021 including for

and documented

engagement, we have

emissions reductions,

procedures for data

refreshed which ESG

increased diversity on

collection, identification

topics are material,

our Global Leadership

of data owners and

relevant and aligned

Team and Board, and

developed standard

to TPI's business

increased recyclability

operating procedures

strategy in 2020.

of products produced,

for reporting.

and execute projects to

achieve them.

Stakeholder

Reporting

We published our first sustainability report aligned to the GRI and SASB frameworks in 2020. In the future, we plan to adopt additional ESG reporting frameworks.

Highlights of TPI's ESG Performance

ENVIRONMENTAL

  • The wind blades we have sold between 2015 and 2019 have the potential to reduce more than 980 million metric tons of CO2 over their average 20-year life span

SOCIAL

  • 82% decrease in recordable incident and 78% decrease in lost time incident rates over the last four years through 2019

GOVERNANCE

  • Board committee oversight of ESG-related matters
  • ESG metrics are included in our executive compensation plans
  • Increased Board diversity - three women and three ethnic minorities

November 2020

26

November 2020

Financial Summary

Financial Results

Net Sales (2)

AEBITDA (1)(2)

$ millions

$1,800

$ millions

$120

6%

$1,600

21%

CAGR

$100

CAGR

$1,400

$1,200

$80

$1,000

$60

$800

$600

$40

$400

$20

$200

$0

$0

2016

2017

2018

2019

2020G Mid

2016

2017

2018

2019

2020G Mid

  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. 2020 amounts reflect guidance at the midpoint of the range.

November 2020

28

Financial Performance

Growth Funded Largely from Cash Flow from Operations

MW and Sets per Line

100

325

+56% MW/line

90

Sets/Line

MW/Line

275

+19% Sets/line

2016-2019

225

80

175

70

125

60

2016

2017

2018

2019

MW/Line

Sets per Line

GW Sold

MW/Set

10

+ 24% GW Sold CAGR

70

3.0

+8% CAGR

2016-2019

60

2.8

2016-2019

8

50

40

2.6

30

2.4

6

20

10

2.2

4

0

2.0

2016

2017

2018

2019

2016

2017

2018

2019

TPI GW Sold

Global Total Install

2016 - 2019

Topline Increase

$769 M

$1.4 B

Investment in Growth

$202 M

$169 M

CAPEX

Start-up Costs

Cumulative Cash Flow From Operations, Net

$188 M

Net Debt

$6 M

$72 M

November 2020

29

Q3 2020 Highlights

  • Operating results and year-over-year comparisons to 2019:
    • Net sales were up 23.5% to $474.1 million for the quarter
    • Net income for the quarter was $42.4 million compared to net loss of $4.6 million
    • Adjusted EBITDA for the quarter was $49.1 million or 10.4% of net sales up 320 bps
  • GE: extended our supply agreement in one of our Mexico plants by two years through 2022 and our supply 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.
  • Vestas: extended our Turkey agreement.
  • Appointed Linda Hudson and Bavan Holloway to the Board.

Net Sales and Adjusted EBITDA ($ in millions)

$500

$474

$384

$250

$27

$49

$0

3Q19

3Q20

3Q19

3Q20

Sets produced

858

1,038

Est. MW

2,491

3,576

Dedicated

52

55

lines (1)

Lines

48

54

installed (2)

Utilization (3)

88%

93%

  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 and 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.

November 2020

30

Key Statement of Operations and Performance Indicator Data

(unaudited)

Key Statement of Operations Data

Three Months Ended

September 30,

Change

(in thousands, except per share data)

2020

2019

%

Key Highlights

• Net sales of wind blades increased by 27.8%

Net sales

Cost of sales

Startup and transition costs

Total cost of goods sold

Gross profit

General and administrative expenses

Realized gain (loss) on foreign currency remeasurement

Income tax benefit (provision) Net income (loss) Weighted-average common shares

outstanding (diluted)

Net income (loss) per common share (diluted)

Non-GAAP Metric

$

474,113

$

383,836

23.5%

$

425,064

$

335,778

26.6%

$

8,576

$

22,127

-61.2%

$

433,640

$

357,905

21.2%

$

40,473

$

25,931

56.1%

$

9,263

$

10,608

-12.7%

$

(17,127)

$

3,719

NM

$

32,338

$

(18,838)

NM

$

42,382

$

(4,571)

NM

37,423

35,131

$

1.13

$

(0.13)

• 20% increase in the number of wind blades produced year over

year

• Adjusted EBITDA margin of 10.4%

• Adjusted EBITDA was negatively impacted by approximately

$8 million associated with the production volume lost and other

costs related to COVID-19

• Realized loss on foreign currency remeasurement of $17.1

million primarily due to net Euro liability exposure against the

Turkish Lira

Adjusted EBITDA (1) (in thousands)

$

49,131

$

27,470

78.9%

Adjusted EBITDA Margin

10.4%

7.2%

320 bps

Key Performance Indicators (KPIs)

Sets produced

1,038

858

180

Estimated megawatts

3,576

2,491

1,085

Utilization

93%

88%

500 bps

Dedicated wind blade manufacturing lines

55

52

3 lines

Wind blade manufacturing lines installed

54

48

6 lines

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

November 2020

31

Key Balance Sheet and Cash Flow Data

(unaudited)

Key Balance Sheet Data

September 30,

December 31,

(in thousands)

2020

2019

Cash and cash equivalents

$

149,422

$

70,282

Accounts receivable

$

149,985

$

184,012

Contract assets

$

211,569

$

166,515

Operating lease right of use assets

$

168,590

$

122,351

Total operating lease liabilities - current

$

191,120

$

130,512

and noncurrent

Accounts payable and accrued expenses

$

310,344

$

293,104

Total debt - current and noncurrent, net

$

237,568

$

141,389

Net debt (1)

$

(89,311)

$

(71,779)

Key Cash Flow Data

Three Months Ended

September 30,

(in thousands)

2020

2019

Key Highlights

  • Strong free cash flow during the quarter translated into $149 million of cash and cash equivalents
  • Net debt reduction of $53.2 million from Q2
  • Significant cushion on debt covenants
  • Continued focus on cash conversion cycle

Net cash provided by operating activities

Capital expenditures

Free cash flow (1)

$

60,870

$

64,253

$

11,398

$

21,353

$

49,472

$

42,900

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

November 2020

32

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

November 2020

33

November 2020

Guidance

3

Guidance

Q4 2020

Full Year 2020

Net Sales (1)

$435 million to $455 million

$1.64 billion to $1.66 billion

Adjusted EBITDA (1, 2)

$36 million to $46 million

$90 million to $100 million

  1. These numbers could be significantly impacted by COVID-19.
  2. See Appendix for reconciliations of non-GAAP financial data.

November 2020

35

Key Messages

  • Wind energy and EV's offer significant 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 our long-term plan is 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 margin, 25-30% ROIC, and 7-9% free cash flow.

November 2020

36

November 2020

Appendix

Balance Sheets

December 31,

September 30,

($ in thousands)

2016

2017

2018

2019

2020

Assets

Current assets:

Cash and cash equivalents

$

119,066

$

148,113

$

85,346

$

70,282

$

149,422

Restricted cash

2,259

3,849

3,555

992

1,987

Accounts receivable

67,349

121,576

176,815

184,012

149,985

Contract assets

99,120

105,619

116,708

166,515

211,569

Prepaid expenses and other current assets

30,657

27,507

26,038

39,890

37,744

Inventories

5,076

4,112

5,735

6,731

14,569

Total current assets

323,527

410,776

414,197

468,422

565,276

Noncurrent assets:

Property, plant, and equipment, net

91,166

123,480

159,423

205,007

210,024

Operating lease right of use assets

-

-

-

122,351

168,590

Goodwill and other intangibles, net

3,624

3,915

7,265

6,977

6,441

Other noncurrent assets

18,516

7,566

23,970

23,920

35,353

Total assets

$

436,833

$

545,737

$

604,855

$

826,677

$

985,684

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable and accrued expenses

$

112,490

$

167,175

$

199,078

$

293,104

$

310,344

Accrued warranty

21,089

30,419

36,765

47,639

53,596

Current maturities of long-term debt

33,403

35,506

27,058

13,501

35,788

Current operating lease liabilities

-

-

-

16,629

25,569

Contract liabilities

687

2,763

7,143

3,008

2,010

Total current liabilities

167,669

235,863

270,044

373,881

427,307

Noncurrent liabilities:

Long-term debt

89,752

85,879

110,565

127,888

201,780

Noncurrent operating lease liabilities

-

-

-

113,883

165,551

Other noncurrent liabilities

8,012

3,441

3,289

5,975

9,594

Total liabilities

265,433

325,183

383,898

621,627

804,232

Total stockholders' equity

171,400

220,554

220,957

205,050

181,452

Total liabilities and stockholders' equity

$

436,833

$

545,737

$

604,855

$

826,677

$

985,684

Non-GAAP Metric (unaudited):

Net cash (debt)

$

(6,379)

$

24,557

$

(53,155)

$

(71,779)

$

(89,311)

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.

November 2020

38

Income Statements

Year Ended December 31,

Three Months Ended

Nine Months Ended

September 30,

September 30,

($ in thousands)

2016

2017

2018

2019

2019

2020

2019

2020

Net sales

$

769,019

$

955,198

$

1,029,624

$

1,436,500

$

383,836

$

474,113

$

1,014,387

$

1,204,566

Cost of sales

664,026

804,099

882,075

1,290,619

335,778

425,064

904,135

1,141,183

Startup and transition costs

18,127

40,628

74,708

68,033

22,127

8,576

63,206

31,530

Total cost of goods sold

682,153

844,727

956,783

1,358,652

357,905

433,640

967,341

1,172,713

Gross profit

86,866

110,471

72,841

77,848

25,931

40,473

47,046

31,853

General and administrative expenses

33,892

40,373

43,542

39,916

10,608

9,263

27,801

25,646

Realized loss on sale of assets and asset impairments

-

-

4,581

18,117

3,354

2,160

10,561

5,518

Restructuring charges (reversals), net

-

-

-

3,927

(149)

45

3,725

343

Income from operations

52,974

70,098

24,718

15,888

12,118

29,005

4,959

346

Other income (expense)

Interest income

344

95

181

157

43

15

125

55

Interest expense

(17,614)

(12,381)

(10,417)

(8,179)

(2,130)

(3,108)

(6,403)

(7,464)

Loss on extinguishment of debt

(4,487)

-

(3,397)

-

-

-

-

-

Realized gain (loss) on foreign currency remeasurement

(757)

(4,471)

(13,489)

(4,107)

3,719

(17,127)

(1,050)

(18,095)

Miscellaneous income

238

1,191

4,650

3,648

517

1,259

2,235

2,893

Total other income (expense)

(22,276)

(15,566)

(22,472)

(8,481)

2,149

(18,961)

(5,093)

(22,611)

Income (loss) before income taxes

30,698

54,532

2,246

7,407

14,267

10,044

(134)

(22,265)

Income tax benefit (provision)

(3,654)

(15,798)

3,033

(23,115)

(18,838)

32,338

(14,713)

(1,946)

Net income (loss)

27,044

38,734

5,279

(15,708)

(4,571)

42,382

(14,847)

(24,211)

Net income attributable to preferred stockholders

5,471

-

-

-

-

-

-

-

Net income (loss) attributable to common stockholders

$

21,573

$

38,734

$

5,279

$

(15,708)

$

(4,571)

$

42,382

$

(14,847)

$

(24,211)

Non-GAAP Metrics (unaudited):

EBITDA

$

65,641

$

88,516

$

42,308

$

54,009

$

26,302

$

27,168

$

33,876

$

21,819

Adjusted EBITDA

$

76,300

$

100,111

$

68,173

$

85,841

$

27,470

$

49,131

$

53,816

$

53,722

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.

November 2020

39

Cash Flow Statements

Three Months Ended

Nine Months Ended

Year Ended December 31,

September 30,

September 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)

$

(4,571)

$

42,382

$

(14,847)

$

(24,211)

Depreciation and amortization

13,186

21,698

26,429

38,580

9,948

14,031

27,732

36,675

Realized loss on sale of assets and asset impairments

2

334

4,581

18,117

3,354

2,160

10,561

5,518

Restructuring charges (reversals), net

-

-

-

3,927

(149)

45

3,725

343

Share-based compensation expense

9,902

7,124

7,795

5,681

1,682

2,631

4,604

7,947

Amortization of debt issuance costs and debt discount

4,681

573

336

206

52

115

155

237

Loss on extinguishment of debt

4,487

-

3,397

-

-

-

-

-

Deferred income taxes

(6,123)

1,650

(14,912)

4,951

3,296

(9,375)

3,296

(9,375)

Changes in assets and liabilities

6,663

4,487

(36,163)

1,330

50,641

8,881

27,509

16,731

Net cash provided by (used in) operating activities

59,842

74,600

(3,258)

57,084

64,253

60,870

62,735

33,865

Cash flows from investing activities

Purchases of property, plant and equipment

(30,507)

(44,828)

(52,688)

(74,408)

(21,353)

(11,398)

(59,092)

(53,428)

Proceeds from sale of assets

-

850

-

-

-

-

-

-

Acquisition of a business

-

-

-

(1,102)

(1,102)

-

(1,102)

-

Net cash used in investing activities

(30,507)

(43,978)

(52,688)

(75,510)

(22,455)

(11,398)

(60,194)

(53,428)

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)

(6,537)

(581)

(248)

96,541

Debt issuance costs

-

(454)

(281)

-

-

-

-

(730)

Proceeds from exercise of stock options

-

1,430

4,284

5,223

10

5,753

4,726

7,124

Repurchase of common stock including shares withheld in lieu

-

-

of income taxes

(1,264)

(2,859)

(2,120)

(1,561)

(2,120)

(508)

Net cash provided by (used in) financing activities

51,829

(8,383)

(7,732)

970

(8,088)

5,172

2,358

102,427

Impact of foreign exchange rates on cash, cash equivalents

and restricted cash

(1,515)

335

617

(171)

(811)

(679)

(115)

(3,204)

Net change in cash, cash equivalents and restricted cash

79,649

22,574

(63,061)

(17,627)

32,899

53,965

4,784

79,660

Cash, cash equivalents and restricted cash, beginning of period

50,214

129,863

152,437

89,376

61,261

97,444

89,376

71,749

Cash, cash equivalents and restricted cash, end of period

$

129,863

$

152,437

$

89,376

$

71,749

$

94,160

$

151,409

$

94,160

$

151,409

Non-GAAP Metric (unaudited):

Free cash flow

$

29,335

$

29,772

$

(55,946)

$

(17,324)

$

42,900

$

49,472

$

3,643

$

(19,563)

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.

November 2020

40

Non-GAAP Reconciliations

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

Year Ended December 31,

Three Months Ended

Nine Months Ended

September 30,

September 30,

($ in thousands)

2016

2017

2018

2019

2019

2020

2019

2020

Net income (loss)

$

27,044

$

38,734

$

5,279

$

(15,708)

$

(4,571)

$

42,382

$

(14,847)

$

(24,211)

Adjustments:

Depreciation and amortization

13,186

21,698

26,429

38,580

9,948

14,031

27,732

36,675

Interest expense (net of interest income)

17,270

12,286

10,236

8,022

2,087

3,093

6,278

7,409

Loss on extinguishment of debt

4,487

-

3,397

-

-

-

-

-

Income tax provision (benefit)

3,654

15,798

(3,033)

23,115

18,838

(32,338)

14,713

1,946

EBITDA

65,641

88,516

42,308

54,009

26,302

27,168

33,876

21,819

Share-based compensation expense

9,902

7,124

7,795

5,681

1,682

2,631

4,604

7,947

Realized loss (gain) on foreign currency remeasurement

757

4,471

13,489

4,107

(3,719)

17,127

1,050

18,095

Realized loss on sale of assets and asset impairments

-

-

4,581

18,117

3,354

2,160

10,561

5,518

Restructuring charges (reversals), net

-

-

-

3,927

(149)

45

3,725

343

Adjusted EBITDA

$

76,300

$

100,111

$

68,173

$

85,841

$

27,470

$

49,131

$

53,816

$

53,722

Net cash (debt) is reconciled as follows:

December 31,

September 30,

($ in thousands)

2016

2017

2018

2019

2019

2020

Cash and cash equivalents

$

119,066

$

148,113

$

85,346

$

70,282

$

92,085

$

149,422

Less total debt, net of debt issuance costs and discount

(123,155)

(121,385)

(137,623)

(141,389)

(142,652)

(237,568)

Less debt issuance costs

(2,290)

(2,171)

(878)

(672)

(723)

(1,165)

Net cash (debt)

$

(6,379)

$

24,557

$

(53,155)

$

(71,779)

$

(51,290)

$

(89,311)

Free cash flow is reconciled as follows:

Three Months Ended

Nine Months Ended

Year Ended December 31,

September 30,

September 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

$

64,253

$

60,870

$

62,735

$

33,865

Less capital expenditures

(30,507)

(44,828)

(52,688)

(74,408)

(21,353)

(11,398)

(59,092)

(53,428)

Free cash flow

$

29,335

$

29,772

$

(55,946)

$

(17,324)

$

42,900

$

49,472

$

3,643

$

(19,563)

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.

November 2020

41

Non-GAAP Reconciliations (continued)

A reconciliation of the low end and high end ranges of projected net loss to projected EBITDA and projected adjusted EBITDA for the fourth quarter

2020 and the full year 2020 is as follows:

Q4 2020 Adjusted EBITDA

FY 2020 Adjusted EBITDA

($ in thousands)

Guidance Range (1)

Guidance Range (1)

Low End

High End

Low End

High End

Projected net loss

$

(7,000)

$

(4,000)

$

(31,000)

$

(28,000)

Adjustments:

Projected depreciation and amortization

11,500

13,500

48,000

50,000

Projected interest expense (net of interest income)

2,500

3,500

10,000

11,000

Projected income tax provision

25,500

27,500

27,500

29,500

Projected EBITDA

32,500

40,500

54,500

62,500

Projected share-based compensation expense

2,000

3,000

10,000

11,000

Projected realized loss on foreign currency remeasurement

-

-

18,000

18,000

Projected realized loss on sale of assets and asset impairments

1,500

2,500

7,500

8,000

Projected restructuring charges

-

-

-

500

Projected Adjusted EBITDA

$

36,000

$

46,000

$

90,000

$

100,000

(1) All figures presented are projected estimates for the periods noted.

November 2020

42

Disclaimer

TPI Composites Inc. published this content on 07 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2020 10:31:04 UTC


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Financials (USD)
Sales 2020 1 654 M - -
Net income 2020 -18,9 M - -
Net Debt 2020 102 M - -
P/E ratio 2020 -129x
Yield 2020 -
Capitalization 2 449 M 2 449 M -
EV / Sales 2020 1,54x
EV / Sales 2021 1,40x
Nbr of Employees 13 300
Free-Float 83,6%
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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 59,45 $
Last Close Price 68,52 $
Spread / Highest target 13,8%
Spread / Average Target -13,2%
Spread / Lowest Target -56,2%
EPS Revisions
Managers and Directors
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