TPI COMPOSITES, INC (TPIC) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
UNITED STATES	89.2	192.3	184.3	169.3
EMEAI Segment						185.1
Turkey and India						185.1
Other	1,433.6	1,280.0	958.8	1,267.2		585.0
Total revenues	1,522.7	1,472.4	1,143.1	1,436.5	1,029.6	955.2	769.0	585.9
Revenue growth [+]	3.4%	28.8%	-20.4%	39.5%	7.8%	24.2%	31.3%	82.7%
UNITED STATES	-53.6%	4.4%	8.8%
INDIA	8.9%	118.3%	13252.1%
Cost of goods sold	1,482.4	1,459.2	1,117.0	1,290.6	956.8	844.7	682.2	544.1
Gross profit	40.3	13.2	26.1	145.9	72.8	110.5	86.9	41.7
Gross margin	2.6%	0.9%	2.3%	10.2%	7.1%	11.6%	11.3%	7.1%
Selling, general and administrative [+]	25.7	50.8	42.3	68.0	118.3	81.0	52.0	30.0
Sales and marketing					74.7	40.6	18.1	15.9
General and administrative					43.5	40.4	33.9	14.1
Other selling, general and administrative					74.7	40.6	18.1	15.9
Other operating expenses	42.9	89.8	64.1	74.1	-74.7	-41.0	-18.1	-15.9
EBITDA [+]	17.2	-74.8	-30.6	42.3	55.7	92.1	66.2	39.0
EBITDA growth	-123.0%	144.5%	-172.3%	-24.0%	-39.5%	39.3%	69.5%	202.2%
EBITDA margin	1.1%	-5.1%	-2.7%	2.9%	5.4%	9.6%	8.6%	6.7%
Depreciation	44.2	49.5	49.2	36.7	25.5	20.8	12.8	10.6
EBITA	-27.0	-124.3	-79.8	5.7	30.2	71.3	53.4	28.4
EBITA margin	-1.8%	-8.4%	-7.0%	0.4%	2.9%	7.5%	6.9%	4.9%
Amortization of intangibles	1.3	3.1	0.5	1.9	0.9	0.9	0.4	0.8
EBIT [+]	-28.3	-127.4	-80.3	3.8	29.3	70.4	53.0	27.6
EBIT growth	-77.8%	58.7%	-2235.7%	-87.2%	-58.4%	33.0%	91.8%	404.3%
EBIT margin	-1.9%	-8.7%	-7.0%	0.3%	2.8%	7.4%	6.9%	4.7%
Non-recurring items [+]					4.6	0.3
Asset impairment					4.6	0.3
Interest expense, net [+]					10.2	12.3	17.3	14.4
Interest expense	5.0	13.6	10.4	8.0	10.4	12.4	17.6	14.6
Interest income					0.2	0.1	0.3	0.2
Other income (expense), net [+]	7.4	15.0	12.7	11.7	-12.2	-3.3	-5.0	-1.6
Gain (loss) on debt retirement					-3.4		-4.5
Gain (loss) on foreign currency transactions					-13.5	-4.5	-0.8	-1.8
Other non-operating income	2.3	1.4	2.3	3.6	4.7	1.2	0.2
Pre-tax income	-25.9	-126.1	-78.0	7.4	2.2	54.5	30.7	11.7
Income taxes	29.6	29.8	7.4	23.1	-3.0	15.8	3.7	4.0
Tax rate				312.1%		29.0%	11.9%	34.1%
Earnings from continuing ops	-65.3	-159.5	-19.0	-15.7	5.3	38.7	21.6	-1.7
Earnings from discontinued ops	-9.8	-3.7	66.4
Net income	-65.3	-159.5	-19.0	-15.7	5.3	38.7	21.6	-1.7
Net margin	-4.3%	-10.8%	-1.7%	-1.1%	0.5%	4.1%	2.8%	-0.3%

Basic EPS [+]	($1.56)	($4.26)	($0.54)	($0.45)	$0.15	$1.14	$1.23	($0.41)
Growth	-63.5%	696.3%	19.5%	-391.2%	-86.6%	-7.0%	-399.6%	-91.5%
Diluted EPS [+]	($1.56)	($4.26)	($0.54)	($0.45)	$0.15	$1.11	$1.22	($0.41)
Growth	-63.5%	696.3%	19.5%	-405.5%	-86.8%	-9.3%	-398.1%	-91.5%

Shares outstanding (basic) [+]	42.0	37.4	35.5	35.1	34.3	33.8	17.5	4.2
Growth	12.1%	5.3%	1.3%	2.2%	1.4%	93.1%	313.6%	0.0%
Shares outstanding (diluted) [+]	42.0	37.4	35.5	35.1	36.0	34.9	17.6	4.2
Growth	12.1%	5.3%	1.3%	-2.6%	3.3%	97.9%	315.7%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.