TPI Composites Updates its Financial Outlook

April 06 2020

TPI Composites remains focused on its liquidity to ensure the long-term viability of the Company until the pandemic abates. To that end, TPI has cash of approximately $110 million and net debt of approximately $113 million as of March 31, 2020, along with total availability under its various debt facilities of approximately $77 million for total liquidity in excess of $180 million. TPI defines net debt as (i) cash and cash equivalents less (ii) total debt and debt issuance costs, which debt and debt issuance costs totaled approximately $223 million as of March 31, 2020. Although demand from all its customers remains strong, as a result of the uncertainty relating to the magnitude and duration of the COVID-19 pandemic, TPI is updating its financial guidance issued on February 27, 2020 for the year ending December 31, 2020 such that TPI now expects, based on what it knows today, that Adjusted EBITDA for the year ending December 31, 2020 will be at the lower end of its previously announced range of $100 million to $125 million. TPI will provide a further update on the impact of COVID-19 on our liquidity, business operations, financial condition and results of operations in our first quarter 2020 earnings release, during our first quarter 2020 earnings call and in our Form 10-Q for the quarter ended March 31, 2020.

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