TPI Composites, Inc. (Nasdaq: TPIC), today reported financial
results for the second quarter ended June 30, 2023.
“I’m pleased to report that TPI and GE have
reached an agreement in principle to amend their existing supply
agreement in Mexico to add four new lines of capacity to produce
blades for GE’s “workhorse” turbine in Juarez, with an initial term
through 2025. TPI and GE expect to finalize this agreement in the
third quarter,” said Bill Siwek, President, and CEO of TPI
Composites.
“As reported in our preliminary estimated
earnings results last week, our financial results for the quarter
were impacted by a warranty issue primarily related to one blade
type in one factory,” added Siwek. “In light of the warranty charge
as well as the quality issues impacting the broader wind industry,
we have taken this opportunity to revisit our quality system and
implement improvement initiatives to ensure we have more robust
processes in place. This includes the recent appointment of Neil
Jones as Chief Quality Officer, to help us better address the
unprecedented challenges in the wind market, bringing to TPI over
25 years’ quality and engineering experience, most recently as
Vestas’ Senior Vice President – Quality, Health, Safety and
Environment.”
“We remain diligent managing cash and we
generated positive free cash flow for the second quarter, ending
the quarter with $170 million of cash. While we
recognize the near-term headwinds for both TPI and the broader wind
industry, we continue to believe in the outlook for TPI and the key
role we play in the broader wind energy ecosystem. We are confident
that our current liquidity position will enable us to navigate the
near-term headwinds and put us on a path to achieve our sales and
adjusted EBITDA targets.”
Second Quarter 2023 Continuing
Operations Results
-
Net Sales totaled $381 million for the three months ended June 30,
2023, a decrease of 2.9% over the same period last year
-
Net loss from continuing operations attributable to common
stockholders was $80.8 million for the three months ended June 30,
2023, compared to a loss of $25.3 million in the same period last
year
-
Adjusted EBITDA was a loss of $38.9 million for the three months
ended June 30, 2023, a decrease of $44.5 million over the same
period last year
KPIs from continuing operations |
2Q’23 |
2Q’22 |
Sets¹ |
661 |
675 |
Estimated megawatts² |
2,910 |
2,976 |
Utilization3 |
85% |
88% |
Dedicated manufacturing
lines4 |
37 |
36 |
Manufacturing lines installed5 |
37 |
36 |
- Number of wind blade sets (which consist of three wind blades)
produced worldwide during the period.
- Estimated megawatts of energy capacity to be generated by wind
blade sets produced during the period.
- Utilization represents the percentage of wind blades produced
during the period compared to the total potential wind blade
capacity of manufacturing lines installed during the period.
- Number of wind blade manufacturing lines that are dedicated to
our customers under long-term supply agreements at the end of the
period.
- Number of wind blade manufacturing lines installed and either
in operation, startup or transition during the period.
Second Quarter 2023 Financial
Results from Continuing Operations
Net sales for the three months ended June 30,
2023, decreased 2.9% to $381.3 million as compared to $392.5
million in the same period in 2022 due to following:
-
Net sales of wind blades, tooling and other wind related sales
(collectively “Wind”) decreased by $4.9 million, or 1.3%, to $362.7
million for the three months ended June 30, 2023, as compared to
$367.6 million in the same period in 2022. The decrease in net
sales of Wind during the three months ended June 30, 2023, as
compared to the same period in 2022 was primarily due to a 2%
decrease in the number of wind blades produced due to lower
customer demand and delivery delays from increased inspection and
repair activities, a decrease in other wind related sales for mold
decommissioning services, and lower average sales prices due to the
impact of raw material and logistic cost reductions on our blade
prices, partially offset by favorable foreign currency fluctuations
and an increase in tooling sales.
-
Automotive sales decreased by $3.4 million, or 32.0%, to $7.3
million for the three months ended June 30, 2023, as compared to
$10.7 million in the same period in 2022. Automotive sales
decreased primarily due to a decrease in the number of composite
bus bodies produced and a decrease in sales of other automotive
products due to our customers’ supply chain constraints and delays
in transitions of new product launches, partially offset by an
increase in fees associated with minimum volume commitments.
-
Field service, inspection, and repair service (“Field Services")
sales decreased by $2.9 million to $11.3 million for the three
months ended June 30, 2023, as compared to $14.2 million in the
same period in 2022. Field Services sales declined due to a
reduction in technicians deployed to revenue generating projects
due primarily to an increase in time spent on non-revenue
generating inspection and repair activities.
-
Net loss from continuing operations attributable to common
stockholders was $80.8 million for the three months ended June 30,
2023, compared to a loss of $25.3 million in the same period in
2022.
The net loss per common share was $1.90 for the
three months ended June 30, 2023, compared to a net loss per common
share of $0.60 for the same period in 2022.
Adjusted EBITDA for the three months ended June
30, 2023, was a loss of $38.9 million as compared to adjusted
EBITDA of $5.6 million during the same period in 2022. The decrease
in adjusted EBITDA during the three months ended June 30, 2023, as
compared to the same period in 2022 was primarily due to increased
warranty costs, higher production costs for additional quality
control measures implemented at certain manufacturing facilities,
and increased labor costs in Türkiye and Mexico, partially offset
by favorable foreign currency fluctuations, cost savings
initiatives, and lower startup and transition costs.
On June 30, 2023, and December 31, 2022, we
had unrestricted cash, cash equivalents and short-term investments
totaling $170.1 million and $133.6 million, respectively.
Net cash used in operating activities increased by $15.1 million
for the six months ended June 30, 2023, as compared to the same
period in 2022, primarily as a result of an increase in operating
losses, payments for China restructuring activities including
outstanding payables and severance, an increase in gross contract
assets due to an increase in unbilled wind blade production and
timing of advance payments, and working capital fluctuations,
partially offset by an increase in accounts receivable in the prior
comparative period.
Net cash used in investing activities increased
by $0.9 million for the three months ended June 30, 2023, as
compared to the same period in 2022, as a result of higher capital
expenditures. Capital expenditures were $3.4 million for the three
months ended June 30, 2023, as compared to $2.5 million during the
same period in 2022. Our capital expenditures primarily relate to
machinery and equipment and improvements to our existing
facilities.
2023 Guidance
Guidance for the full year ending December 31,
2023:
Guidance |
Previous FullYear 2023 |
Updated FullYear 2023 |
Net Sales from Continuing Operations (1) |
$1.6 to $1.7 billion |
$1.525 to $1.575 billion |
Adjusted EBITDA Margin % from Continuing Operations (2) |
Low single-digit |
Loss of < (1%) |
Utilization % |
85% to 90% (based on 37 lines installed) |
80% to 85% (based on 37 lines installed) |
Capital Expenditures |
$40 to $45 million |
$40 to $45 million |
(1) |
Sales are now expected to be down about $100 million at the
midpoint of the ranges from our initial guidance. Approximately
half of the reduction relates to lower customer demand for blades
and delays from inspection and repair activity. About a quarter of
the reduction relates to lower Field Services sales as technicians
have been diverted to non-revenue generating work. The remainder of
the reduction relates to lower ASPs from supply chain reductions
and lower Automotive sales than expected. |
(2) |
Expect low single digit adjusted EBITDA margin in the second half
of the year. Including the loss from the second quarter ended June
30, 2023, expect the full year to be a slight loss of less than 1%
of sales. |
|
|
Conference Call and Webcast Information
TPI Composites will host an investor conference
call this afternoon, Thursday, August 3rd, at 5:00 pm ET.
Interested parties are invited to listen to the conference call
which can be accessed live over the phone by dialing
1-888-886-7786, or for international callers, 1-416-764-8658. A
replay will be available two hours after the call and can be
accessed by dialing 1-844-512-2921, or for international callers,
1-412-317-6671. The passcode for the live call and the replay is
19822327. The replay will be available until August 10, 2023.
Interested investors and other parties may also listen to a
simultaneous webcast of the conference call by logging onto the
Investors section of the Company’s website at
www.tpicomposites.com. The online replay will be available for a
limited time beginning immediately following the call.
About TPI Composites, Inc.
TPI Composites, Inc. is a global company focused
on innovative and sustainable solutions to decarbonize and
electrify the world. TPI delivers high-quality, cost-effective
composite solutions through long-term relationships with leading
OEMs in the wind and automotive markets. TPI is headquartered in
Scottsdale, Arizona and operates factories in the U.S., Mexico,
Türkiye and India. TPI operates additional engineering development
centers in Denmark and Germany and global service training centers
in the U.S. and Spain.
Forward-Looking Statements
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the Exchange Act). Forward-looking statements contained in
this release include, but are not limited to, statements
about: i. competition from other wind blade and wind blade
turbine manufacturers; ii. the discovery of defects in our products
and our ability to estimate the future cost of warranty campaigns;
iii. the current status of the wind energy market and our
addressable market; iv. our ability to absorb or mitigate the
impact of price increases in resin, carbon reinforcements (or
fiber), other raw materials and related logistics costs that we use
to produce our products; v. our ability to absorb or mitigate the
impact of wage inflation in the countries in which we operate; vi.
our ability to procure adequate supplies of raw materials and
components to fulfill our wind blade volume commitments to our
customers; vii. 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; viii. 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; ix. changes in
domestic or international government or regulatory policy,
including without limitation, changes in trade policy and energy
policy; x. changes in global economic trends and uncertainty,
geopolitical risks, and demand or supply disruptions from global
events; xi. changes in macroeconomic and market conditions,
including the potential impact of any pandemic, risk of recession,
inflation, supply chain constraints, commodity prices and exchange
rates, and the impact of such changes on our business and results
of operations; xii. the sufficiency of our cash and cash
equivalents to meet our liquidity needs; xiii. the increasing cost
and availability of additional capital, should such capital be
needed; xiv. our ability to attract and retain customers for our
products, and to optimize product pricing; xv. our ability to
effectively manage our growth strategy and future expenses,
including our startup and transition costs; xvi. 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 business
and manufacture wind blades for offshore wind energy projects;
xvii. our ability to keep up with market changes and innovations;
xviii. our ability to successfully open new manufacturing
facilities and expand existing facilities on time and on budget;
xix. the impact of the pace of new product and wind blade model
introductions on our business and our results of operations; xx.
our ability to successfully expand our automotive business and
execute upon our strategy of entering new markets outside of wind
energy; xxi. our ability to maintain, protect and enhance our
intellectual property; xxii. 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; xxiii. the attraction and retention of
qualified associates and key personnel; xxiv. our ability to
maintain good working relationships with our associates, and avoid
labor disruptions, strikes and other disputes with labor unions
that represent certain of our associates; and xxv. the potential
impact of one or more of our customers becoming bankrupt or
insolvent, or experiencing other financial problems.
These forward-looking statements are often
characterized by the use of words such as “may,” “should,”
“expects,” “plans,” “anticipates,” “could,” “intends,” “targets,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential” or “continue” or the negative of these terms or other
similar words. Forward-looking statements are only predictions
based on our current expectations and our projections about future
events. You should not place undue reliance on these
forward-looking statements. We undertake no obligation to update
any of these forward-looking statements for any reason. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance, or achievements to differ
materially from those expressed or implied by these statements.
These factors include, but are not limited to, the matters
discussed in “Risk Factors,” in our Annual Report on Form 10-K and
other reports that we will file with the SEC.
Non-GAAP DefinitionsThis press
release includes unaudited non-GAAP financial measures, including
EBITDA, adjusted EBITDA, net cash (debt) and free cash flow. We
define EBITDA as net income (loss) from continuing operations 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 foreign currency income or
losses, any gains or losses on the sale of assets and asset
impairments and any restructuring charges. We define net cash
(debt) as the 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.
We provide forward-looking statements in the
form of guidance in our quarterly earnings releases and during our
quarterly earnings conference calls. This guidance is provided on a
non-GAAP basis and cannot be reconciled to the closest GAAP
measures without unreasonable effort because of the
unpredictability of the amounts and timing of events affecting the
items we exclude from non-GAAP measures. For example, stock-based
compensation is unpredictable for our performance-based awards,
which can fluctuate significantly based on current expectations of
future achievement of performance-based targets. Amortization of
intangible assets and restructuring costs are all impacted by the
timing and size of potential future actions, which are difficult to
predict. In addition, from time to time, we exclude certain items
that occur infrequently, which are also inherently difficult to
predict and estimate. It is also difficult to predict the tax
effect of the items we exclude and to estimate certain discrete tax
items, like the resolution of tax audits or changes to tax laws. As
such, the costs that are being excluded from non-GAAP guidance are
difficult to predict and a reconciliation or a range of results
could lead to disclosure that would be imprecise or potentially
misleading. Material changes to any one of the exclusions could
have a significant effect on our guidance and future GAAP
results.
See Table Four for a reconciliation of certain
non-GAAP financial measures to the comparable GAAP measures.
Investor
Relations480-315-8742Investors@TPIComposites.com
|
TPI
COMPOSITES, INC. AND SUBSIDIARIES |
TABLE ONE -
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(UNAUDITED) |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Net
sales |
$ |
381,271 |
|
$ |
392,502 |
|
|
$ |
785,337 |
|
$ |
736,027 |
|
Cost of
sales |
|
425,267 |
|
|
386,218 |
|
|
|
824,648 |
|
|
718,639 |
|
Startup and
transition costs |
|
3,377 |
|
|
7,519 |
|
|
|
5,357 |
|
|
17,596 |
|
Total cost of goods sold |
|
428,644 |
|
|
393,737 |
|
|
|
830,005 |
|
|
736,235 |
|
Gross loss |
|
(47,373 |
) |
|
(1,235 |
) |
|
|
(44,668 |
) |
|
(208 |
) |
General and
administrative expenses |
|
6,767 |
|
|
6,688 |
|
|
|
13,801 |
|
|
14,548 |
|
Loss on sale
of assets and asset impairments |
|
5,819 |
|
|
2,265 |
|
|
|
9,412 |
|
|
3,173 |
|
Restructuring charges, net |
|
2,248 |
|
|
(658 |
) |
|
|
2,323 |
|
|
(201 |
) |
Loss from continuing operations |
|
(62,207 |
) |
|
(9,530 |
) |
|
|
(70,204 |
) |
|
(17,728 |
) |
Other income
(expense): |
|
|
|
|
|
Interest
expense, net |
|
(1,878 |
) |
|
(955 |
) |
|
|
(4,406 |
) |
|
(1,662 |
) |
Foreign
currency income (loss) |
|
(1,485 |
) |
|
5,696 |
|
|
|
(2,699 |
) |
|
6,099 |
|
Miscellaneous income (expense) |
|
700 |
|
|
(48 |
) |
|
|
1,153 |
|
|
6 |
|
Total other income (expense) |
|
(2,663 |
) |
|
4,693 |
|
|
|
(5,952 |
) |
|
4,443 |
|
Loss from continuing operations before income taxes |
|
(64,870 |
) |
|
(4,837 |
) |
|
|
(76,156 |
) |
|
(13,285 |
) |
Income tax
provision |
|
(305 |
) |
|
(5,882 |
) |
|
|
(4,165 |
) |
|
(8,826 |
) |
Net loss from continuing operations |
|
(65,175 |
) |
|
(10,719 |
) |
|
|
(80,321 |
) |
|
(22,111 |
) |
Preferred
stock dividends and accretion |
|
(15,598 |
) |
|
(14,550 |
) |
|
|
(30,771 |
) |
|
(28,682 |
) |
Net loss from continuing operations attributable to common
stockholders |
|
(80,773 |
) |
|
(25,269 |
) |
|
|
(111,092 |
) |
|
(50,793 |
) |
Net income
(loss) from discontinued operations |
|
(62 |
) |
|
5,209 |
|
|
|
(7,043 |
) |
|
801 |
|
Net loss attributable to common stockholders |
$ |
(80,835 |
) |
$ |
(20,060 |
) |
|
$ |
(118,135 |
) |
$ |
(49,992 |
) |
|
|
|
|
|
|
Weighted-average shares of common stock outstanding: |
|
|
|
|
|
Basic |
|
42,517 |
|
|
41,968 |
|
|
|
42,386 |
|
|
41,934 |
|
Diluted |
|
42,517 |
|
|
41,968 |
|
|
|
42,386 |
|
|
41,934 |
|
|
|
|
|
|
|
Net loss
from continuing operations per common share: |
|
|
|
|
|
Basic |
$ |
(1.90 |
) |
$ |
(0.60 |
) |
|
$ |
(2.62 |
) |
$ |
(1.21 |
) |
Diluted |
$ |
(1.90 |
) |
$ |
(0.60 |
) |
|
$ |
(2.62 |
) |
$ |
(1.21 |
) |
|
|
|
|
|
|
Net income
(loss) from discontinued operations per common share: |
|
|
|
|
|
Basic |
$ |
(0.00 |
) |
$ |
0.12 |
|
|
$ |
(0.17 |
) |
$ |
0.02 |
|
Diluted |
$ |
(0.00 |
) |
$ |
0.12 |
|
|
$ |
(0.17 |
) |
$ |
0.02 |
|
|
|
|
|
|
|
Net loss per
common share: |
|
|
|
|
|
Basic |
$ |
(1.90 |
) |
$ |
(0.48 |
) |
|
$ |
(2.79 |
) |
$ |
(1.19 |
) |
Diluted |
$ |
(1.90 |
) |
$ |
(0.48 |
) |
|
$ |
(2.79 |
) |
$ |
(1.19 |
) |
|
|
|
|
|
|
Non-GAAP Measures (unaudited): |
|
|
|
|
|
EBITDA |
$ |
(52,498 |
) |
$ |
6,062 |
|
|
$ |
(51,534 |
) |
$ |
8,088 |
|
Adjusted
EBITDA |
$ |
(38,884 |
) |
$ |
5,583 |
|
|
$ |
(30,485 |
) |
$ |
11,654 |
|
|
|
|
|
|
|
TPI
COMPOSITES, INC. AND SUBSIDIARIES |
TABLE TWO -
CONDENSED CONSOLIDATED BALANCE SHEETS |
(UNAUDITED) |
|
June 30, |
December 31, |
(in thousands) |
|
2023 |
|
|
2022 |
|
Assets |
|
|
Current
assets: |
|
|
Cash and cash equivalents |
$ |
170,096 |
|
$ |
133,546 |
|
Restricted cash |
|
9,239 |
|
|
9,854 |
|
Accounts receivable |
|
158,411 |
|
|
184,809 |
|
Contract assets |
|
220,119 |
|
|
215,939 |
|
Prepaid expenses |
|
28,056 |
|
|
29,119 |
|
Other current assets |
|
36,614 |
|
|
26,052 |
|
Inventories |
|
7,167 |
|
|
10,661 |
|
Current assets of discontinued operations |
|
13,111 |
|
|
35,182 |
|
Total
current assets |
|
642,813 |
|
|
645,162 |
|
Noncurrent
assets: |
|
|
Property, plant and equipment, net |
|
129,959 |
|
|
136,841 |
|
Operating lease right of use assets |
|
142,061 |
|
|
152,312 |
|
Other noncurrent assets |
|
30,115 |
|
|
27,861 |
|
Total
assets |
$ |
944,948 |
|
$ |
962,176 |
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
Current
liabilities: |
|
|
Accounts payable and accrued expenses |
$ |
273,865 |
|
$ |
280,499 |
|
Accrued warranty |
|
49,288 |
|
|
22,347 |
|
Current maturities of long-term debt |
|
62,232 |
|
|
59,975 |
|
Current operating lease liabilities |
|
22,320 |
|
|
22,220 |
|
Contract liabilities |
|
- |
|
|
17,100 |
|
Current liabilities of discontinued operations |
|
9,723 |
|
|
54,440 |
|
Total
current liabilities |
|
417,428 |
|
|
456,581 |
|
Noncurrent
liabilities: |
|
|
Long-term debt, net of current maturities |
|
128,735 |
|
|
1,198 |
|
Noncurrent operating lease liabilities |
|
124,914 |
|
|
133,363 |
|
Other noncurrent liabilities |
|
12,312 |
|
|
10,670 |
|
Total
liabilities |
|
683,389 |
|
|
601,812 |
|
Total
mezzanine equity |
|
340,648 |
|
|
309,877 |
|
Total
stockholders’ equity |
|
(79,089 |
) |
|
50,487 |
|
Total
liabilities, mezzanine equity and stockholders’ equity |
$ |
944,948 |
|
$ |
962,176 |
|
|
|
|
TPI
COMPOSITES, INC. AND SUBSIDIARIES |
TABLE THREE
- CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(UNAUDITED) |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
Net cash
provided by (used in) operating activities |
$ |
9,607 |
|
$ |
21,893 |
|
|
$ |
(74,254 |
) |
$ |
(59,161 |
) |
Net cash
used in investing activities |
|
(3,419 |
) |
|
(2,494 |
) |
|
|
(6,694 |
) |
|
(8,010 |
) |
Net cash
provided by (used in) financing activities |
|
363 |
|
|
10,553 |
|
|
|
108,109 |
|
|
(12,726 |
) |
Impact of
foreign exchange rates on cash, cash equivalents and restricted
cash |
|
184 |
|
|
(7,042 |
) |
|
|
914 |
|
|
(8,649 |
) |
Cash, cash
equivalents and restricted cash, beginning of period |
|
174,409 |
|
|
140,762 |
|
|
|
153,069 |
|
|
252,218 |
|
Cash, cash
equivalents and restricted cash, end of period |
$ |
181,144 |
|
$ |
163,672 |
|
|
$ |
181,144 |
|
$ |
163,672 |
|
|
|
|
|
|
|
TPI
COMPOSITES, INC. AND SUBSIDIARIES |
TABLE FOUR -
RECONCILIATION OF NON-GAAP MEASURES |
(UNAUDITED) |
EBITDA and
adjusted EBITDA are reconciled as follows: |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Net loss
attributable to common stockholders |
$ |
(80,835 |
) |
$ |
(20,060 |
) |
|
$ |
(118,135 |
) |
$ |
(49,992 |
) |
Net loss (income) from discontinued operations |
|
62 |
|
|
(5,209 |
) |
|
|
7,043 |
|
|
(801 |
) |
Net loss
from continuing operations attributable to common stockholders |
|
(80,773 |
) |
|
(25,269 |
) |
|
|
(111,092 |
) |
|
(50,793 |
) |
Preferred stock dividends and accretion |
|
15,598 |
|
|
14,550 |
|
|
|
30,771 |
|
|
28,682 |
|
Net loss
from continuing operations |
|
(65,175 |
) |
|
(10,719 |
) |
|
|
(80,321 |
) |
|
(22,111 |
) |
Adjustments: |
|
|
|
|
|
Depreciation and amortization |
|
10,494 |
|
|
9,944 |
|
|
|
20,216 |
|
|
19,711 |
|
Interest expense, net |
|
1,878 |
|
|
955 |
|
|
|
4,406 |
|
|
1,662 |
|
Income tax provision |
|
305 |
|
|
5,882 |
|
|
|
4,165 |
|
|
8,826 |
|
EBITDA |
|
(52,498 |
) |
|
6,062 |
|
|
|
(51,534 |
) |
|
8,088 |
|
Share-based compensation expense |
|
4,062 |
|
|
3,610 |
|
|
|
6,615 |
|
|
6,693 |
|
Foreign currency loss (income) |
|
1,485 |
|
|
(5,696 |
) |
|
|
2,699 |
|
|
(6,099 |
) |
Loss on sale of assets and asset impairments |
|
5,819 |
|
|
2,265 |
|
|
|
9,412 |
|
|
3,173 |
|
Restructuring charges, net |
|
2,248 |
|
|
(658 |
) |
|
|
2,323 |
|
|
(201 |
) |
Adjusted
EBITDA |
$ |
(38,884 |
) |
$ |
5,583 |
|
|
$ |
(30,485 |
) |
$ |
11,654 |
|
|
|
|
|
|
|
Net cash
(debt) is reconciled as follows: |
June 30, |
December 31, |
|
|
|
(in
thousands) |
|
2023 |
|
|
2022 |
|
|
|
|
Cash and
cash equivalents |
$ |
170,096 |
|
$ |
133,546 |
|
|
|
|
Cash and
cash equivalents of discontinued operations |
|
1,809 |
|
|
9,669 |
|
|
|
|
Less total
debt - principal |
|
(195,462 |
) |
|
(61,173 |
) |
|
|
|
Net cash
(debt) |
$ |
(23,557 |
) |
$ |
82,042 |
|
|
|
|
|
|
|
|
|
|
Free cash
flow is reconciled as follows: |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in
thousands) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Net cash
provided by (used in) operating activities |
$ |
9,607 |
|
$ |
21,893 |
|
|
$ |
(74,254 |
) |
$ |
(59,161 |
) |
Less capital
expenditures |
|
(3,419 |
) |
|
(2,494 |
) |
|
|
(6,694 |
) |
|
(8,010 |
) |
Free cash
flow |
$ |
6,188 |
|
$ |
19,399 |
|
|
$ |
(80,948 |
) |
$ |
(67,171 |
) |
|
|
|
|
|
|
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