tpi composites, inc. (tpic)

8-K001-3783920-1590775305-89108-K14a-12240. 14a-12)Pre-14-142(b)240. 14d-2(b))Pre-Comment 13-4(c)240. 13e-4(c))12b-2(§240. 12b-28-
K, investment day November 17, 2017 exhibition 99.
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The lookup statements contained in this presentation include, but are not limited to, about (i)
Financial guidance for 2018 and summary of financial objectives for 2019; (ii)
The growth of the wind energy market and our potential market(iii)
The potential impact of GE\'s acquisition of LM Wind Power on our business; (iv)
Our future financial performance, including net sales, cost of selling goods, gross or gross margin, operating expenses, the ability to generate positive cash flow and the ability to achieve or maintain profitability; (v)
Is our cashand cash equivalents sufficient for our liquidity needs; (vi)
The ability to attract and retain customers for our products and optimize product pricing; (vii)
Competition with other wind turbine blade and fan manufacturers(viii)
The discovery of defects in our products; (ix)
Our ability to successfully expand in existing and new international markets; (x)
Global economic situation and its impact on customer needs(xi)
The ability to effectively manage our growth strategies and future expenditures; (xii)
The ability to maintain, protect and enhance intellectual property rights; (xiii)
Our ability to comply with existing, modified or new laws and regulations applicable to our business, including the imposition of new taxes, tariffs or similar assessments on our products; (xiv)
Attraction and retention of qualified staff and key personnel; and (xv)
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This presentation includes unaudited non-
GAAP Financial indicators including total bills, adjusted EBITDA and free cash flow.
We define the total bill as the total amount of products and services that we invoice our customers under long-term terms
Supply agreement or other contract agreement.
We define the adjusted EBITDA as net income (loss)
Attributable to the company plus Interest expenses (
Including loss of debt settlement and net interest income)
Income tax, depreciation and amortization and share
Based on the cost of compensation plus or minus any gains and losses remeasured in foreign currencies.
We define free cash flow as net cash flow resulting from operating activities minus capital expenditure. We present non-
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GAAP financial measures are not intended to replace financial measures based on GAAP reports and should not be considered separately.
Please refer to the appendix for certain non---reconciliation
GAAP Financial indicators compared to comparable GAAP indicators.
This presentation also contains estimates and other information about our industry based on industry publications, surveys and forecasts.
This information involves many assumptions and limitations and we have not independently verified the accuracy or completeness of this information.
November 17, 2017 investor DaySteve Lockard Research President ceointrodution open remarksintrodution Onlyindependent TPI Composite material manufacturing composite wind blade high quality
The growth of the global footprint wind energy market provides wind blades for some of the industry\'s leading OEMs, such: three tools and R & D facilities in Vestas, GE, Siemens/Gamesa, Nordex/Acciona and sen blade manufacturing plants and four countries: the United States, Mexico, China, Turkey apply advanced composite technology to the production of clean transport solutions, including electric buses
Enter into a long-term supply agreement with the customer to provide the number of contracts, resulting in significant revenue visibility and increased capital efficiency. The agreement was established in 1968 and is headquartered in Scottsdale. About 8,000 employees in Arizona have a strong historical performance income compound growth rate of 52%-2013 in the global investment Day Business Overview in November 17, 2017.
2016 adjusted ebitda cagr 99% 2013-
The profit margin of EBITDA increased by 12 after 2016 adjustment. 4% 2013-Q3 2017 3.
9% investment paper November 17, 2017 Investor Day leveraging wind market growth and leaf outsourcing trends, only independent leaf manufacturers with a global footprint have advanced composite technology and production expertise, pull down LCOE Long for entering cooperative dedicated supplier mode-
The long-term supply agreement provides significant revenue visibility, attracting return on investment capital. The experienced management team has extensive experience in global growth. Investment paper November 17, 2017 blade outsourcing trend only independent blade manufacturers with global footprint advanced composite technology and production expertise provide obstacles to enter the collaborative dedicated supplier model, to share revenue and drive down LCOE Long-
The long-term supply agreement provides significant revenue visibility, attracting return on investment capital. The experienced management team has extensive experience in global growth. Renewable energy and wind power are mainstream, large and growing
Global emerging markets are growing faster than mature markets.
Blades are being outsourced in order to enter emerging growth markets, increase costs and make effective use of capital.
The same competition today has brought us into business.
Investment paper November 17, 2017 Investor Day leveraging wind market growth and leaf outsourcing trends, only independent leaf manufacturers with a global footprint have advanced composite technology and production expertise, provide LCOE Dragon for entering cooperative dedicated supplier mode-
The long-term supply agreement provides significant revenue visibility, attracting return on investment capital. The experienced management team has extensive experience in global growth.
Our factory is a low-cost, world-class hub serving large, diverse and growing addressable markets, reducing the impact of volatility in individual markets.
Investment paper November 17, 2017 Investor Day leveraging wind market growth and leaf outsourcing trends, only independent leaf manufacturers with a global footprint have advanced composite technology and production expertise, provide LCOE Dragon for entering cooperative dedicated supplier mode-
The long-term supply agreement provides significant revenue visibility, attracting return on investment capital. The experienced management team has important global growth experience, and TPI has important intellectual property rights that are difficult to replicate (
Materials, process, tooling, inspection, DFM)
More than 300 engineers and growing to open a new Danish office to attract more talent
70 m blade, more than 787 wingspan, November 17, 2017 Investor Day take advantage of wind market growth and leaf outsourcing trends, only independent leaf manufacturers with global footprint have advanced composite technology and production expertise, provides barriers to access and drive down LCOE Long-
The long-term supply agreement provides significant revenue visibility for investment capital. The experienced management team has extensive experience in global growth. Our business model distributes overhead, reduces material costs, improves production efficiency, and shares a large part of the benefits with our customers by sharing investments.
Investment paper November 17, 2017 Investor Day leveraging wind market growth and leaf outsourcing trends, only independent leaf manufacturers with a global footprint have advanced composite technology and production expertise, provide LCOE Dragon for entering cooperative dedicated supplier mode-
The long-term supply agreement provides significant revenue visibility, attracting return on investment capital. The experienced management team has extensive experience in global growth. The current agreement provides up to $4 in revenue.
The obvious revenue mainly comes from the 2023 4B volume-based pricing and the mutual investment between the two sides to motivate the water and green plant fullInvestment paper on November 17, 2017. Investors used the wind energy market to grow the blade outsourcing trend. Only independent blade manufacturers with global footprints are advanced. expertise in composite technology and production, provides barriers to entering the collaborative dedicated vendor model to share revenue and reduce LCOE-
The long-term supply agreement provides significant revenue visibility, attracting return on investment capital. Experienced management team with rich experience in global growth
The new investment target of TPI and our customers is the initial average of five-
Years read circuit of 25% comprehensive benchmark yield continues to was rise trend of ~ 18% 2017 2014 in, it is estimated that 33% of the investment concept in November 17, 2017, investors use the wind energy market growth and blade outsourcing trend. Only independent blade manufacturers with global footprints have advanced composite technology and production expertise to enter the collaborative dedicated supplier model. obstacles were provided, to share revenue and reduce LCOE length-
The long-term supply agreement provides significant revenue visibility, attracting return on investment capital. Experienced management team with rich experience in global growth, TPI has become a destination for top talent.
Satisfied with the excellent leadership and manager who joined the TPI team, you will meet today with some senior management team TPI financial targets November 17 investor day 20%-
25% annual income increased by 2016-2019 months + %.
EBITDA deposit 35 + % ROIC (1). (1)
ROIC target is based on an estimate of operating tax revenue plus an implied interest in operating leases, divided by the opening capital including the total equity of shareholders plus cash and cash equivalents, total outstanding debt and net present value of operating leases.
Important Information: will be the main development trend of our advanced composites technology, including an estimated $10 trillion for the power sector and the clean transport system BNEF, which will be used for new power generation capabilities in 2040 and this, renewable energy and $3 will reach 72%.
3 trillion the market for wind BNEF estimates that global electric vehicle sales will reach 65 million MarketsandMarkets 24 aerospace composite projects by 2040 from $.
It was $5 billion in 2016 and $43 billion in 2022, or aCAGR 9.
85% the rationality of the market dynamics of 2022 wind industries in 2017.
TPI is a large global player with a global share of more than 10%, about 20%
China and ~ 40% ex-
China\'s outsourcing and strong global reachTPI achieved revenue growth, market share growth, cost reduction, operational improvement and profit expansion after 45% of annual revenue growth in four years, and 2018 will be an investment year, we will achieve strong growth in 2019, and 2020 will continue to advance TPI technology to further expand the global footprint, and we will use the deep cooperative business model to provide capacity flexibility and share revenue, helping our customers to increase market share while we maintain and develop our profit TPI strategy shareholder value will continue to achieve diversified growth in November 17, opening remarks from 8: 30-9: 15 am on the agenda of 2017 Ruida DayToday on November 17, 2017: steve Lockard studies wind energy markets and development plans: Steve Lockard studies and Joe Kishkill 9: 15-9: 40 A. M. Best Practices: Mark McFeely, TJ Castle 9: 40-9: 50 a. m. technology andindustrialize: Ramesh Gopalakrishna N 9: 50-10: 00 a. m. global supply chain: 10: 00-10: 30 a. m. Q & A 10: 30-coffee break at 10: 50 a. m. 10: 50-finance section at 11: 50 a. m: bill Sivik 11: 50 am-12: 00 pm Steve 12: 00 on November 17, 2017-1: 00 pm LunchKey biography Lockard research investment day Joe Kishkill chief business officer joins TPI\'s oil and gas for the global energy executive month of August 2017, first Solar, Exterran, Enron BSEE Brown, chief operating officer, Mark McFeely, MBA, Harvard University, joined TPI, he worked at Honeywell BA Danaher\'s automotive and aerospace Remi in Colorado for 20 years MBA Penn State University TJ Castle North America and global operations excellence joined TPI in November 2015. Ge bs aviation the Company St. Louis Ramesh senalakrishnan SVP technology & industrialization in September 2016 join TPI Global blades composite material engineering and manufacturing execution Natural 20 years MS and Dr. SUNY Jim schimanski global supply chain vice president in May 2016 join TPI Global Manufacturing thirty years of supply chain execution, Bill Siwek, chief financial officer, Sage College, joined TPI in September 2013, 33 years of international finance, operations and real estate executive experience in accounting, finance, IT, operations T. W.
Bachelor\'s degree in accounting and economics from Anderson University.
Joe Kishkill, President and ceo of RedlandsSteve Lockard-Chief Commercial Officer wind market and growth strategy offshore global market growth 2017 Investor Day annual installation of global wind power capacity (GW)
: 20162026e Source: Update the prospects of Q2 2017 global wind power market: the development of wind power market is defined as less than the installed capacity of GW in December-2016. 8% CAGR0.
8% market share. 2% 17. 5% 22. 4% 24. 7% 24. 5% 25. 6% 25. 9% 28. 6% 29. 1% 28. 3% 27.
9% mature market share 84. 8% 82. 5% 77. 6% 75. 3% 75. 5% 74. 1% 74. 1% 71. 4% 70. 9% 71. 1% 72.
The 1% annual increase in installed capacity is driven by the acceleration of the developing wind market, including Turkey and Mexico, where TPI Composites are well positioned for success.
Total global wind power installation capacity on November 17, 2017 (GW)
: 20162026e Source: global wind power market outlook phase 2017 offshore update in the second quarter started on a smaller base, but grew faster, providing growth for TPI 172% CAGR 2.
Market share of 4% CAGR offshore wind power 4. 4% 6. 2% 7. 3% 8. 5% 6. 9% 9. 2% 11. 3% 10. 9% 14. 2% 13. 9% 14.
9% onshore wind power market share 95. 6% 93. 8% 92. 7% 91. 5% 93. 1% 90. 8% 88. 7% 89. 1% 85. 8% 86. 1% 85.
1% November 17, 2017. S.
Forecast 2016-2025 economic sources for investor day onshore wind power companies and economic utilities for industrial buyers marine wind power transformation vehicle electrified demand: on average, Q2 2017 global wind power MarketOutlook update and BNEF New Energy Prospects 2017EMEA Forecast 2016-2025 Analysis date Source: consultation and Bloomberg New Energy FinanceAPAC Forecast 2016-2025 Analysis date Source: consulting and Bloomberg New Energy FinanceLATAM Forecast 2016-2025 Analysis day Source: LCOE allows wind energy to be more competitive with conventional power generation. Over the past eight years, the cost of onshore wind power has fallen by more than 67%, and as progress has been made in reducing the cost of wind turbines, it is expected that costs will continue to decline, in the next ten years, increasing capacity factors and reducing operating and maintenance costs are the second largest component of the total cost of wind turbines.
Advances in wind blade technology, including an increase in blade length/rotor diameter, increased energy capture and played an important role in reducing LCOE for onshore wind November 17, 2017 Investor Day: lazard level cost for Energy Analysis (version 11. 0).
There is no subsidy for the cost.
The scope reflects the differences in factors such as resources, geography, fuel costs and capital costs. U. S.
National Renewable Energy Laboratory of the Ministry of Energy (NREL)
Global Onshore wind LCOE over time (1)—($/MWh)
The global LCOE of onshore wind power generation has become more and more competitive and is now comparable to the new combined cycle gas turbine, which is expected to drop another 50% by 2030 (2)
67% 8-year percentage of reduced demand for investor-day drivers in November 17, 2017S.
Onshore wind power enterprises and industrial buyers global economy utilities de-CO2 re-promote the power supply and stability of large markets offshore wind power vehicles electrified the penetration of emerging markets in the economy 2017 Investor Day global footprint strategic optimization regional industry needs Iowa, united StatesS. A.
2017 Investor Day, Iowa, USAS. A.
Truck railway Juarez Mexico truck railway global business strategy optimization regional industry DEMANDNovember month, 2017 investment day Iowa. S. A.
By rail trucks, by rail trucks, by rail trucks through the Gulf of Mexico, by rail trucks, global Footprint strategic optimization for regional industrial demand 2017 Investor Day global footprint strategic optimization regional industrial demand Iowa, United States of AmericaS. A.
Through the railway Juarez truck, through the railway Juarez truck, through the railway Gulf of Mexico through the railway truck, through the railway truck, 2017 Investor Day global footprint strategy optimization, through the truck, optimized through SeaNovember 172017 investor DayGlobal footprint strategy to meet the regional industry needs of SeaTPI customers. 8% of the U. S.
Current customer portfolio of onshore wind power market and 45% of the global onshore market-41 special lines (3)
In November 17, 2017, investors D> 400 units were sold> 117 units were delivered;
> 4,000,000 service miles> 13,700,000 Pounds CO2 emissions demonstrate that Proterra\'s mission is to advance electric vehicle technology to deliver the best-1,100 miles in the world
Strong execution team solid source of funding support: Proterra Inc.
Big market opportunities, big opportunities
Critical Properties of wide-transport tip
November 17, 2017 investors day 0% 1% 3% 5% 8% 16% 24% accounted for North America Public car market of the total share 31% (Units)
Source: Frost & Sullivan, comprehensive analysis of the high-definition bus market, March 9, 2016 5% $24 cagrdiversifation strategy.
The composite market is growing to $43 a year.
From 0B to 2022-CAGR is 9. 85%(1)
Replace aluminum and other more expensive composites (e. g. , carbon)
With the help of TPI\'s solution, investor day Aerospace in November 17, 2017 (1)
Market conditions in November 2017.
November 17, 2017 Investor Day, repeatable results of TPI integrated production systems (TIPS)
Focus on advanced technology and stay ahead of top-notch supply chain quality delivery costs. The core driving force of operational excellence 2017 the daily recordable accident rate of investors continues to promote safety first culture 100% accidents are preventable, to eliminate accident of fundamental reason staff involved in driving behavior in the past two years decreased the 60% results LTIR 60% in the past two years to improved thought 300% cm 25% cm 42% cm 21% cm 51% cm 2015 cm 2016 cm 2017 Cm planglobal quality performance globallystandardized system and process Comprehensive integrated management system in all regions through ISO 9001 quality management system (
Quality, safety, environment)
All sites of global supply chain transformation as of the end of 2018 (Oracle)
PLMsoftware platform data-driven performance improvements implemented at all sites> 40% reduction in rework hours.
All YTD global websites show significant improvements to rework time/blade reduction drive results through proven tools: Top 10 defects in DFMEA Six Sigma.
In 2017, the cooperation with customers carried out two new projects with two top customers, including proactive design analysis, collaborative building of manufacturing process documentation is critical to prevent design-related quality/field issues and to shorten the build cycle, E. G. g.
Cycle time in a blade model (CT)
Based only on the collaborative design plan, the reduction from 42 hours to 30 hours November 17, 2017 Investor Day global delivery performance November 17, 2017 Investor Day productivity increase additional throughput of existing capital expenditure lean tools achieved controlled and repeatable results
Upward and transition execution lean drives improvements in output and output
Number of people in cycle time
Output continuous focus on cycle time organizational mindset and behavior Balance Scorecard Daily accountability process daily meeting structure leader standard work lean audit Tollgate review visual display tool description behavior driven repeatable results November 17, 2017 investor day production system process improvement target material management process reliable duration factory organization continuous improvement culture lean management system lean operating system drive process establishment expectation continuous improvement management process continuous improvement operating system process security, quality, delivery and CostTJ Castle-SVP process improvement tool for TPI integrated production system tips-TPI integrated production system November 17, 2017 investor day to reduce defects, rcca ci card visual management layered audit Gemba walking material management accurate, requirements-cycle and lead time 5S
Supply of directional materials (
Volume, time, location, quality)
Pull system/kanban inventory management supplier management and development material display process reliability and duration the possibility of process interruption if there is a problemTPM)TQC (
Including firewall)
Establish tools to reduce operational efficiency to identify and eliminate systemic issues. Improve value flow charts and eliminate waste. Mistake Proof)
Standard work TPI integrates production systems to facilitate synergies in TPI organizations, generating highly operational processes, people and businesses through lean culture.
Continuously improved culture safety, quality, delivery and cost 2018 layered maturity rating system complete EHS Integration external suppliers participate in the organization design process automated transition process rapid transition preparation (RTR)
Extensive integration of lean: inherent product quality (IPQ)
Value flow mapping lead standard work Kanban layered audit global maturity assessment TPM maintenance strategic deployment additional tool deployment 2017 hint journey-driving results November 17, 2017 form of continuous improvement of waste identified by the vision management board of investor day 5S (Mistake Proof)RCCA (
Root cause analysis)
Standard base tools for 2016 maintenance hours were deployed.
/Blade output/month rir c/t dl hours.
/Saw Blade 77% 74% 30% 30% 100% travel of lean production, drivingresults in security quality, delivery and aviation design of external shape of CostRamesh Gopalakrishnan-SVPTechnology & industrial technology and industrial technology advanced technology cooperation space November 17, 2017 Investor Day Customer Technology (airfoil)
Structural design of internal structural materials technology development of new materials to reduce weight and cost primitive construction manufacturing zero series blade tool design advanced tools design manufacturing blade process technology development of manufacturing process technology to achieve manufacturing design for manufacturing technology, due to diligenceceuer technology, the aviation design of external shapes (airfoil)
TPI technology tool design advanced tool design manufacturing blade prototype manufacturing zero series blade material technology development new material to reduce weight and cost 2017 Investor Day internal structure design process technology development manufacturing process technology, build the TPI customer collaboration technology partnership for manufacturing enhancements over the long term
In the process of new product development, the long-term relationship with customers and the \"real\" partnership of mutual dependence will develop upstream --
Collaborative due diligence in manufacturing and risk mitigation customer intimacy design-
Collaborative space structure design with customer in manufacturing technology due diligence customer facility design for blade joint prototype design internal structure material technology development new material to reduce weight CostProcess technology development manufacturing process technology manufacturing design and manufacturing technology due to DiligenceExpanding technology development footprint November 17, 2017 investment day Rhode Island, we have a far-reaching history with the United States. S.
Government agencies will promote pilot projects in composite manufacturing technology, demonstrate new technologies such as thermoplastic Kolding, denmarkestabing, establish advanced technology centers to enhance the ability to serve the European customer base, Turkey establish AR-
GE plans to use the Turkish government\'s research and development funds in Taicang tools and process engineering, china-recognized Materials Laboratory has applied important process and tool development tools transition process expertise in all manufacturing sites of more than 300 engineers worldwide.
TPI is the first choice for top talent.
Industrialized method standard stage door model clearly defined indicators and deliverables based on lessons learned consistent process core team with functional expertise November 17, 2017 Investor Day target: create replicable and scalable processes for results of new blades and transition technologies elastic tooling transition/reduction of 48% gear acceleration for existing facilities in 27 months/reduction of 210 95 55% speed increase for existing facilities/new fund 365 180 51%. Consistent interests are reduced, repeatability and scalability speed-reduce time-to-market flexibility in dynamic environments at startup
Global supply chain update performance global supply chain vice president global supply chain update performance November 17, 2017 Investor Day global commodity market trends overall success factors application TPI growth and scale continued success, double source priority customers of our suppliers: TPI global presence and footprint serve multiple customers under one roof. TPI material qualification support in multiple OEMs.
Resin Pricing N. A.
Fiberglass pricing commodity market trends TPI pricing glass resin adhesives core hardware consumables costs and savings November 17, 2017 Investor Day team organized an investment Day team focusing on the largest category, textile class return year, depending on the carbon contentover-
Annual supplier savings (%)
4% 8% 8% global supply key plan 2017 Investor Day inventory management supplier management inventory and consignment plan integrates global purchases to drive compliance with the best cost global processes and controls, and maximum corrective action and recovery of 29 days 2015 19 days 2016 12 days 2017 inventory-
Cash management at hand extends payment terms, inventory management conditions, and works with finance and operations to reduce working capital requirements. 7 DAYS 2015 6. 2DAYS 2016 4.
Cash Conversion Cycle 2017-2 days-
DaysQ & ACOFFEE BREAKToday agenda opening remarks from 8: 30 on November 17, 2017-9: 15 a. m. Steve Lockard studies wind energy markets and development plans: Steve Lockard studies and Joe Kishkill 9: 15-9: 40 A. M. Best Practices: Mark McFeely, TJ Castle 9: 40-9: 50 a. m. technology andindustrialize: Ramesh Gopalakrishnan 9: 50-10: 00 a. m. global supply chain: Jim schimmanski 10: 00-10: 30 a. m. Q & A 10: 30 a. m. rest time 10: 50: bill Siwek at 11: 50 a. m. closingmarks at 12: 00 P. M: steve-12: 00-1: 00 P. M. LunchBill Siwek\'s main alimalofficer alimalsfincal Lockard research results the November 17, 2017 Investor Day general ledger form refers to the total amount of products and services we invoice customers under long-term terms
See Appendix for periodic supply agreements or other contract agreements
Net financial data Net sales and total bills for GAAP ($ in millions)(1)(2)
EBITDA after adjustment ($ in millions)(2)
52% \'13-16 CAGR 99%\' 13-16 CAGR 4. 2% 6. 7% 8. 8% 9. 9% 12.
4% MarginQ3 2017 main performance and annual performanceover-
Net sales rose 22 this year compared to 2016 in the third quarter. 3% to $243.
The total bill for the quarter rose by 30 to 4 million. 8% to $256.
Net income for the quarter was $4 million, up to $20.
$4 million to $2.
8 million adjusted the quarterly growth of EBITDA at 53 Q3 2016. 4% to $30.
The adjusted EBITDA profit margin rose 1 million basis points to 12 basis points in the 250 quarter.
4% signed a multi-year supply agreement with Senvion, signed a five-year supply agreement on two production lines in Taicang port, China
Reached an annual supply agreement with Proterra to become a supplier of its catalyst composite bus body®Zero-
The emission electric bus company hired Joe Kerkhove as senior vice president to lead the strategic market of the business development plan and expand the application of TPI advanced composite technology to the neighboring strategic market, highlights such as aerospace and transportation November 17, 2017 Investor Day Q3 2017 and recent company news$ in millions)
20% increase 22% INCREASEDiversified growth geography ANDCUSTOMER November 17, 2017 investment Day 2014 FYE December 31 geography customer sales net $0. 321 billion FYE 2016 sales net $ December 31 0. 586 billion net sales $2017 September 30 Net sales $0. 683 billion genordex YTD/anxun USA others SGRE Vestas in the regionS.
Revenue potential of Asia exicamexico\'s 4%-Year dedicated line and priority line November 17, 2017 average annual income/line from 20-
Driven by higher ASP and higher output/Line, $25 million to $35 million.
When we convert the existing line, the revenue/line will also increase due to the higher ASP and output/line growth of the existing line.
Fewer lines today and in the future will provide the same or more revenue potential and the same or more MW-Wind Only> $1 as more lines in the past annual revenue potential.
According to the 2018 wind leaf revenue guidance, the annual revenue potential of 7 billion is based on the annual revenue potential of $35 million per production line per year, and all production lines are in full production status (1)(2)
History trend annualrevenue/line harmony W/line annual income/line trend November 17, 2017 investment day annual MW/line trend 2007 cm 2011 cm 2013 cm 2014 cm 2015 cm 2016 cm 2017 cm take/line with the time of over, due to the increase of blade length, the increase of blade and advanced material,/year steady growth, each group of MW, so each line has increased every year, at the same time, the guidance of 2018 and the target of EBITDA cash flow becoming positive in 2018 and 2019 are expected to increase the bill growth and Operation quarter. Our investment growth in 2018 will promote value creation and growth in 2019, in addition to operational improvement, it will continue to promote profitability-lean thinking will continue to transform pipeline opportunities around the world to start a business in 2018 (
~ 14 transitions and ~ 12 startups)-short-
Driving Long-term impact
Long term growth of lengthened blades equates to higher ASP and business improvement of hard disk throughput, with a significant increase in additional revenue potential per line per year. diversifiedmarkets does not reflect the enterprise\'s 2019 in 2018-including new plants (
Mexico 4 and potential new factory opening)
, The loss of revenue for new customers and new production lines of existing factories without updated GE production lines will not be completely replaced by 2019, and the auction has driven the profit pressure of the industry --
Based on systems in many parts of the world, the United StatesS.
Driven by the current PTC cycle and increased competition for solar energy, changes in market demand will put pressure on our new transaction pricing, and asked us to share more revenue from cost spending and productivity gains, resulting in longer decision-making cycles across the United States. S.
Clear demand before tax reform.
Although unlikely, the impact of PTC can be important for the industry.
Other aspects of tax reform are beneficial for us to take advantage of the remaining NOLs.
November 17, 2017 Investor Day 2017 guidelines 2018 guidelines 2019 target total bill (1)$945M -$950M $1. 0B -$1. 05B $1. 3B -$1.
EBITDA, 5B (1)$95M -$100M $70M -$75M $140M -
$150M set 2,760-2,770 2,500-2,550 average price per blade $105 K-$110K$125K -$130K Non-
Blade bill DNP $75 M-$80 m g & A cost as A percentage of the bill (incl. SBC)
DNP 4%-5% estimated MW 6,510-6,540 6,950-7,100 dedicated line-EOY 41 -45 51 -55 Share-
Basic compensation of $7. 2M $10M -
Depreciation and amortization of $20. 0M $30M -
Net interest expenditure $35M $12. 5M $11. 5M – $12.
$5 m capital expenditure$75M $70M -
$75M effective tax rate 20% 25% Note: all references to the production line are key guidance indicators for the wind leaf manufacturing line, we do not coordinate 2017-
Expected net sales under 2019 to GAAP, or 2019 expected Adjusted EBITDA to expected net income, as we have not finalized the calculations required to provide the adjustment, including the expected changes in deferred revenue, as a result, reconciliation is impossible without unreasonable efforts.
November 17, 2017 Investor Day 20182017 total number of lines installed in the third quarter of the second quarter of the first quarter of the second quarter-period ended 41 41 40 47 47 lines-
Transition during 15 6 6 8 8 12 article line-
During this period, the start-up and transition cost of 4 7 10 10 5 14 was 40M $16 M-17 M $19 M-20 M $14 M-15 M $9 M-note: $10M $58 M-$62 M all references to the line are the guide to start and transition of the wind blade manufacturing line (1)(2)
Performance and Prospects investment day 22%, November 17, 2017
Adjusted EBITDA (1)(2)
Note: an estimate of $2017-2019 is shown at the midpoint of the range provided.
For reconciliation of non--see Appendix
Accounting financial data.
Estimated total bill for £ 2017 we don\'t have a reconciliation
Expected net sales under 2019 to GAAP, or 2019 expected Adjusted EBITDA to expected net income, as we have not finalized the calculations required to provide reconciliation, including the expected changes in deferred revenue, therefore, reconciliation is impossible without unreasonable efforts. 30% Three-
Annual CAGR profit margin % 4. 2% 6. 7% 8. 8% 10. 3% 7. 1% 10.
4% Total bi-Lingqiao November 17, 2017 investment day Note: millions of dollars.
Adjusted EBITDA Bridge on investor day November 17.
Note: millions of dollars. $27. 0 $52. 0 $7. 0 $145. 0 $25. 0 ~10. 3% ~ 7. 1% ~ 10.
4% it is expected that the adjusted EBITDA walnovember 17,207 investor day EBITDA (1)$ 98. 0M $ 73. 0M $145.
0M Add: $40 for start-up and transition. 0M $ 58. 0M $33.
The adjusted EBITDA is expected to be $138. 0M $ 131. 0M $178.
Influence of 0m GE nonrenewal $ (30. 0M)--
The adjusted EBITDA is expected to be $108. 0M $ 131. 0M $178.
0m preparation adjustment EBITDA deposit 13. 1%(2)12. 7%(1)12. 7%(1)Based on mid-
Mid-based navigation points and targets
GE\'s revenue in Turkey and ChinaMargin Evolution 2014 2015 (GM)% 4. 6% 7. 1% 10. 2% 11. 9% 8. 3% 12.
The top 0% GM % of S & T 9. 7% 9. 8% 12. 6% 16. 2% 14. 1% 14.
6% GM % before S & T of CC 8. 0% 9. 1% 10. 5% 14. 7% 14. 1% 14.
6% there was no cash flow and capital expenditure for investors on November 17, 2017.
Note: millions of dollars. (1)
Free cash flow is defined as operating cash flow minus capital expenditure.
Free cash flow (1)
Capital expenditure acquisition and expansion analysis shows that the manufacturing industry promotes expansion. Convincing new factory investment capital return November 17, 2017 Investor Day shows that the factory financial results are 0 years 1 Year 2 years 3 years 4 Years 5 Years average net 132 $210 $162 COGS (
Depreciation is not included)(8)(108)(174)(174)(174)(174)($135)EBITDA ($7)
$24 $36 $27 tax 0 (6)(9)(9)(9)(9)(7)Tax-
Implement EBITDA ($7)
$18 $27 $20 Depreciation (3)(5)(5)(5)(5)(5)(4)Net Income ($10)
$14 $23 $16 return on investment capital-
17% 23% 38% 26% investment capital 60 dollarsROIC)
Divided by net income by six lines of financial highlights of investment capital, the total permanent investment capital is US $60 million (
Capital expenditure and start-up losses)
Gross profit margin is 15%, indicating the actual tax rate is 25%
By the end of the year, the speed reached 500,000 square meters. ft.
According to the facilities leased by TPI, it is assumed that there are 5 annual supply agreements for production (s)Assumes 25% -
In the start-up year, startups set an annual number of 30% per year, an average of 75 sets of stable state revenue per production line per year, $210 per year
EBITDA rate indicator bar read out more than 25% first five years of production transition overview November 17, 2017 investment days are more frequent than in the past, mainly considering the manufacturing expenses of 80% of other potential capital expenditures other than \"additional expenses\" that do not exist during the transition time (MOH)
Is fixed, so the indirect cost is less-
Absorption of TPI during the transition period will not be laid off during the transition period, resulting in the direct labor force not being fully utilized (DL)
In the first few months of the transition impact, the slight benefits of reduced overtime to a particular plant include loss of revenue due to: reduced production during the installation of new molds and increased production.
About 45%-
In the transition year, 50% of the annual fixed amount is obtained from the line in the transition phase;
Negative operating income and EBITDA impact due to absorbed Ministry of Health and underutilized DLShort
In addition to the transition fee charged to customers to pay for opportunities and capital costs, TPI usually receives highmargin, non-
The recurring engineering cost premium on the initial blade produced on the new production line helps to cover the transition cost. Most complete blade transitions will also involve part of the capital expenditure of the TPI, what factors are considered in the pricing of the new Blade (
Depreciation and financing impact)
Capital expenditures can include factory expansion, which leads to higher transfer fees, which usually require a contract term extension of the cost recovery mechanism tool income and EBITDA are usually realized by our tool factory, in order to reduce the global impact of transfer fees, TPI has resulted in higher transition costs and significant contract term extensions in all complete blade transition processes, and TPI usually requires customers to extend the contract term, this long term for stpi
The long term revenue and profitability series on new blades produce ASP typically higher, as new blades are larger and in many cases have more advanced materials. Post-
Due to our \"shared earnings\" contract structure, transition blade margins are generally higher as well, so the revenue and EBITDA of new production lines that are continuously produced are higher, enabling TPI to recover its entire transition investment in a timely manner, maximize ROIC and increase revenue. Short-andLong-
Like all of our customers, GE has a minimum amount of commitment in each contract.
At present, we are the only Mexican blade supplier for GE in the United States to meet the needs of customers. S.
Mexico and General Electric told us that we are important partners in epoxy
Blades in the native Iowa market serve North-Central America. S.
Mexico offers affordable services to the Western United States. S.
Mexico economic to pipeline of \"priority\" not reflect diversified market profit space don\'t reflectednovember month, 2017 of investment day wind
According to the 2018 wind leaf income guidance, only the revenue potential with or without the potential of GE\'s annual income is based on the annual revenue potential of $35 million per production line on average per year, as well as all production lines based on an average annual income of $32, the annual revenue potential of each production line is about $25 million, and the annual income of the production line is decreasing in full.
5 million, all production lines are put into production (1)(2)(3)(4)
ASC 606 ImpactASC 606: the impact on TPI will be based on ASC 606 from January 1, 2018, dating back to January 1-20, 2015 to December 31.
The income will be confirmed in a manner that describes the transfer of the promised goods or services to our customers, and the amount reflects the price at which we expect to be entitled to such goods or services.
Previous guidance requires us to postpone revenue recognition until the risk of loss is transferred to the customer and delivered (
Or the customer has provided a fixed delivery schedule).
Due to the contractual restrictions imposed by each customer on the technical specifications and design of the product, our manufactured products have no alternative use, under ASC 606, we will confirm revenue \"over time\" during the production process and before the product is delivered to the customer.
Adopting a new contract of ASC 606 will have the potential to lead to higher earnings reporting in 2018 than asrevenue is recognized under the guidance of certain start-up activities, will be included under ASC 606 of the cost Bank, was previously spent.
In addition, certain start-up costs of current expenditures will be capitalized and amortized over the duration of the contract.
Future net sales will include product-related amounts produced as of the end of the period.
Therefore: we will no longer report the inventory of customer orders, as the revenue will be confirmed over time during the production process and before the product is delivered to the customer.
Work done in the production process (
Work in process and finished product)
Will result in revenue recognition.
November 17, 2017 Investor Day ASC 606: Impact on TPI we expect the adoption of ASC 606 to have a significant impact on net sales and we will report the cost and operating income of the goods sold in the coming period.
ASC 606 will not change the total revenue we have long recognized
Supply contracts on a regular basis, but only speed up the time to confirm revenue.
We do not expect the customer\'s cash receipts and payments Time to change because the customer will continue to issue invoices as the product is completed.
According to ASC 606, the amount of assets and liabilities reported on the consolidated balance sheet will be significantly affected: We will use the amount recognized in the revenue from the production products as a contractual asset on the consolidated balance sheet, this is different from the current practice of including balances in inventory.
As mentioned above, we will no longer report the inventory of customer orders.
Because we will confirm the revenue from the work performed during the production process, this will reduce the inventory level of work in progress and finished products that we will report.
We expect that the amount collected from the customer will report the contract liability prior to the production of the product (
Probably only Tools).
The company also expects Deferred revenue to decrease significantly as product revenue is recognized.
On November 17, 2017, investor DaySteve Lockard research chairman andCEO received RemarksKey news that the main development trend of advanced composite technology applicable to investors on November 17, 2017 was, the estimated $10 trillion of the electricity sector and clean transport system, which includes CO2 removal, will be invested in new power generation capacity through 2040, and 72% will be renewable energy and $3.
3 trillion the market for wind BNEF estimates that global electric vehicle sales will reach 65 million MarketsandMarkets 24 aerospace composite projects by 2040 from $.
By 2022, the annual compound growth rate was between $5 billion and $43 billion.
85% the rationality of the market dynamics of 2022 wind industries in 2017.
TPI is a large global player with a global share of more than 10%, about 20%
China and ~ 40% ex-
After four years of 45% growth, TPI has achieved revenue growth, market share growth, cost reduction, operational improvement and profit expansion, 2018 will be the year of investment, we will achieve strong growth in 2019, 2020 will continue to advance TPI technology, further expand the global footprint, we will use the deep cooperation business model, providing capacity flexibility and share gains to help our customers increase market share while we maintain and grow our profit TPI strategic diversified growth will continue to create value for shareholders. On September 30 ,($ in thousands)
2015 2016 2017 Current assets of assets: cash and cash equivalents $45,917 $119,066 $139,065 spot only 1,760 2,259 3,802 Accounts receivable 72,913 67,842 134,458 inventory 50,841 53,095 60,593 Inventoriesheld Prepaid fees and other current assets 49,594 52,308 for customer orders 69,788 31,337 30,657 29,776 flow assets total 252,362 325,227 437,482 non-flow assets: property, plant and equipment 67,732 91,166 119,635 of good faith and otherintangible assets net 3,226 3,072 2,957 Other non-flow assets 6,600 17,741 16,287 assets total $329,920 $437,206 $576,361 of flow liabilities and non-flow LIABILITIES AND SHAREHOLDERS rights and interests: deal with accounts and should be billing with $101,108 $112,281 $160,858 should be of warranty 13,596 19,912 28,150 long-term regular
Regular debt 52,065 33,403 44,498 Deferred income 65,520 69,568 87,294 customer Deposit and Customer advance 8,905 1,390 10,409 total flow liabilities 241,194 236,554 331,209 non-flow liabilities: Long-term-
Short-term debt 77,281 89,752 89,139 Other non-flow liabilities 3,812 4,393 4,245 Total liabilities 322,287 330,699 424,593 can be convertible and superior can redemption preferred stock and assurance 198,830-totalshareholders \'Equity (deficit)(191,197)
106,507 151,768 Total liabilities and shareholders\' equity (deficit)
329,920 dollar 437,206 dollar 576,361 dollar Source: Year-end 2015 and 2016 by audit of financial report and September 30, 2017 medium-term without audit of financial report.
As of December 31, 9 months as of September 30 and 3 months as of September 30 ,($ in thousands)
2014 cm 2015 cm 2016 cm 2017 cm network for $320,747 $585,852 $754,877 $569,303 $683,142 $198,938 $243,354 cost price sales 289,528 528,247 659,745499, 896 568,659 171,648 198,141 start and transition costs 16,567 cm 15,860 cm 18,127 cm 11,449 cm 29,051 cm 5,088 cm 12,352 cm total cost sell 306,095 544,107 677,872 511,345 597,710 176,736 Gross profit 210,493 14,652 41,745 77,005 57,958 85,432 22,20232, 861 General and administrative costs 9,175 14,126 33,892 24,154 28,373 14,065 9,315 of income from business 5,477 27,619 43,113 33,804 57,059 8,137 23,546 Other income (expense)
: Interest income 186 161 344 76 78 27 48 interest expenditure (7,236)(14,565)(17,614)(12,709)(9,215)(4,663)(3,254)
Loss of debt settlement (2,946)– (4,487)
-Gain achieved (loss)
Re-measurement of foreign currency (1,743)(1,802)(757)(700)(2,575)(243)
39 Miscellaneous income (expense)
539 cm 246 cm 238 cm 192 cm 968 cm (152)
390 Total other expenses (11,200)(15,960)(22,276)(13,141)(10,744)(5,031)(2,777)Income (loss)
Before income tax (5,723)
11,659 20,837 20,663 46,315 3,106 20,769 the provisions of the tax law (925)(3,977)(6,995)(4,565)(8,514)(309)(371)Net income (loss)(6,648)
7,682 cm 13,842 cm 16,098 cm 37,801 cm 2,797 cm 20,398 cm due to preferred stock shareholders Net income 13,930 9,423 5,471 5,471-596-Network (loss)
Attributable to shareholders of common stock ($20,578)($1,741)
$8,371 $10,627 $37,801 $2,201 $20,398
GAAP indicators: total bill $362,749 $600,107 $764,424 $566,779 $698,833 $196,095 $256,404 $13,457 Adjusted EBITDA $39,281 $66,150 $51,816 $76,443 $19,632 $30,118 $2014 year end to 2016 audited financial statements and unaudited financial statements for the September 30, 2017 are 2016 each.
Cash flow statement analyst for nine months ended December 31, September 30 and three months ended$ in thousands)
2014 2015 2016 2016 2017 net cash flow income from operating activities (loss)($6,648)
$7,682 $13,842 $16,098 $37,801 $2,797 $20,398 loss Property and Equipment 128 185-Depreciation and amortization 7,441 cm 11,416 cm 12,897 cm 9,703 cm 13,622 cm 3,530 cm 5,139 cm stage repay debt issue cost 715 1,303 1,663 1,273 430 443 144 Losson 2,946-4,487-Amortization of debt discount-3,016 3,018-1,509-share-
To compensation cost-9,902 8,117 4,794 8,117 1,043 at a loss oninvestment in joint venture 12-36 month-discount amortization customer advance 218-Deferred income tax liabilities (1,018)(765)(2,782)
-Changes in assets and liabilities (37,005)8,454 10,812 (10,233)(5,124)1,405 (9,134)
() Net cash providedused in)
Business activities (33,217)
31,293 cm 53,841 cm 27,976 cm 51,523 cm 17,801 cm 17,590 cm for ofassets income of investment activities of cash flow-146-of purchasing of property and equipment (18,924)(26,361)(30,507)(18,917)(35,312)(4,673)(8,585)
Net cash for investment activities (18,924)(26,215)(30,507)(18,917)(35,312)(4,673)(8,585)
Cash flow from financing activities obtained from the issuance of common shares-67,199 67,199-from (repayment of)
Debt 77,220 1,554 (15,370)(14,179)5,302 (2,186)
380 cost of debt issuance (4,818)(1,113)
-Payment for acquisition of non-controlling interest (1,625)(1,875)
-From (repayment of)
Customer advance payment 4,500 -(2,000)
-Proceeds from the issuance of preferred shares 6,846-Proceeds from the exercise of stock options-988 Repurchase of common shares, including shares subject to withholding income tax ----(1,264)– (1,264)
Cash limit 1,898 (989)(499)(649)(1,543)(1)(1,019)
() Net cash providedused in)
Activity financing 84,021 (2,423)
51,330 cm 52,371 cm 3,483 cm 63,012 cm (915)
Effect of foreign exchange rate on cash and cash equivalents (43)(330)(1,515)(545)305 (395)
141 Net changes in cash and cash equivalents 31,837 2,325 73,149 60,885 19,999 75,745 8,231 Cash and cash equivalents at the beginning of the period 592 45,917 45,917 119,066 31,057 130,834 Cash and cash equivalents, final $43,592 $45,917 $119,066 $106,802 $139,065
GAAP indicator: free cash flow $ (52,141)
$4,932 $23,334 $9,059 $16,211 $13,128 $9,005 of years end2014 the 2016 by audit of financial report and temporary September 30, 2017 and 2016 of without audit of financial report. Non-
GAAP Reconciliation Net receipts and total bills are reconciled as follows: for the analyst day Year ended December 31, for the 9 months ended September 30 and for the 3 months ended September 30 ,($ in thousands)
2014 cm 2015 cm 2016 cm 2017 cm net sale $320,747 $585,852 $754,877 $569,303 $683,142 $198,938 $243,354 Deferred revenue: Blade
Related Deferred income at the beginning of the period (1)(20,646)(59,476)(65,520)(65,520)(69,568)(65,656)(74,255)Blade-
Deferred revenue at the end of the period (1)
59,476 a 65,520mm 69,56861 949 cm 87,294 cm 61,949 cm 87,294 cm the impact of foreign exchange (2)
3,172 cm 8,211 cm 5,499 cm 1,047 cm (2,035)
864 11 Deferred income changes 42,002 14,255 9,547 (2,524)15,691 (2,843)
13,050 total turnover $362,749 $600,107 $764,424 $566,779 $698,833 $196,095 $256,404 years end December 31 September 30 the nine a month, three a month end September 30,$ in thousands)
2014 cm 2015 cm 2016 cm 2017 cm Net income (loss)($6,648)
$7,682 $13,842 $16,098 $37,801 $2,797 $20,398 adjustment: Depreciation and amortization 7,441 11,416 12,897 9,703 13,622 3,530 5,139 interest expenditure (
Net interest income)
7,050 cm 14,404 cm 17,270 cm 12,633 cm 9,137 cm 4,636 cm 3,206 cm Income tax provide 925 cm 3,977 cm 6,995 cm 4,565 cm 8,514 cm 309 cm 371 cm loss (gain)
Foreign currency again measurement 1,743 1,802 757 700 2,575 243 (39)Share-
To compensate for the cost-9,902 cm 8,117 cm 4,794 cm 8,117 cm 1,043 cm loss in cancellation of debt 2,946-4,487-Adjusted EBITDA $13,457 $39,281 $66,150 $51,816 $76,443 $19,632 $30,118 Source: from year-end 2014 to 2016, audited financial statements and unaudited financial statements for the September 30, 2017 were 2016 each.
Note: footnote reference on the next page. Net income (loss)
The adjusted EBITDA is as follows:
Adjustment of general accounting standards in the United States (CONT’D)
Coordinate Analyst Day total bill with blade
The relevant Deferred income amounts at the beginning and end of the period are as follows: the year ending December 31, the nine months ending September 30, the three months ending September 30 ,($ in thousands)
2014 cm 2015 cm 2016 cm 2017 cm blade
Beginning related Deferred income 20,646 dollar 59,476 dollar 65,520 dollar 69,568 dollar 65,656 dollar 74,255 dollar non-
Deferred revenue of blades at the beginning of the period 757 cm-Total current and non-flow at the beginning of the period Deferred revenue $21,403 $59,476 $65,520 $69,568 $65,656 $74,255
Final related deferred revenue $59,476 $65,520 $69,568 $61,949 $87,294
Final blade-related deferred revenue-Total current and non-current deferred revenue $59,476 $65,520 $69,568 $61,949 $87,294: from year-end 2014 to 2016, audited financial statements and unaudited financial statements for the September 30, 2017 were 2016 each.
On behalf of the effect of the difference between the exchange rate used by our foreign subsidiaries on the invoice date and the exchange rate used during the period-
Final balance sheet date. Non-
Adjustment of general accounting standards in the United States (CONT’D)
For the analyst day Year ended December 31, 9 months ended September 30, and 3 months ended September 30 ,($ in thousands)
2014 cm 2015 cm 2016 cm cash provided by Net 2017 cm (used in)
$ (33,217)
$31,293 $53,841 $27,976 $51,523 $17,801 $17,590 capital expenditure reduction (18,924)(26,361)(30,507)(18,917)(35,312)(4,673)(8,585)
Free cash flow $ (52,141)
$4,932 $23,334 $9,059 $16,211 $13,128 $9,005 (1)
Source: 2014 audited financial statements from year-end 2016 to 2016 and unaudited financial statements in the September 30, 2017.
The figures submitted are annual estimates for the year ended December 31, 2017 and 2018.
Estimated total bill for £ 2017 we don\'t have a reconciliation
According to GAAP, 2019 to expected net sales, or 2019 expected Adjusted EBITDA to expected net income, as we have not finalized the calculations required to provide the reconciliation, including the expected changes in deferred revenue, as a result, reconciliation is impossible without unreasonable efforts.
The free cash flow is adjusted as follows (1)
: The reconciliation of the adjusted EBITDA with the expected low-end and high-end range of estimated net income is as follows (2)(3)
: 2017 adjusted EBITDA boot range 2018 adjusted EBITDA boot range ($ in thousands)
$42,225 $46,225 $11,300 Adjustment: Estimated Depreciation and amortization 14,900 20,000 20,000 32, 50032, 500 estimated interest expenditure (
Net interest income)
12,500 12,500 12,000 12,000 is expected to income tax dial by 10,500 11,500 3,700 5,100 is expected to share-
To compensation costs 7,200 7,200 10,500 10,500 of is expected to achieve foreigncurrency revaluation loss 2,575-2,575-