Westport Fuel Systems Inc. ("
WFS") (TSX:WPRT /
Nasdaq:WPRT) reported financial results for the third quarter ended
September 30, 2021, and provided an update on operations. All
figures are in U.S. dollars unless otherwise stated.
THIRD QUARTER 2021 HIGHLIGHTS
- Revenues of $74.3 million, up 14%
compared to the same period in 2020, due to the continued recovery
of sales volumes in our light-duty OEM businesses since the
beginning of the COVID-19 pandemic and $7.1 million revenue from
our recently acquired fuel storage business, partially offset by
the decrease in the independent aftermarket ("IAM") business
- Net loss of $5.8 million and net
loss per share of $0.03 mainly due to increased operating expenses,
lower government wage-subsidy and support programs, and lower
foreign exchange gain
- Global supply chain challenges and
the shortage of semiconductors adversely impacted growth of our
HPDI sales, independent aftermarket business, and delayed OEM
businesses due to lower production compared to customer demand
- Awarded our single largest IAM
tender bid of €9 Million for the supply of 60,000 LPG systems to
NAFTAL, a branch of SONATRACH, the national Algerian Oil & Gas
company
- Published our annual ESG report,
featuring 34.4% lower overall GHG emissions (tonnes-CO2e) and
reduced GHG intensity by 20.6% year over year
- Cartesian Capital Group debt
converted into common shares of the company
"While this was a challenging quarter for our
company as we felt the larger effects of both the ongoing
semi-conductor shortage and global supply chain issues across key
parts of our business; despite these challenges, market conditions
for our company and the potential for our clean, affordable
products remain positive and we are still showing an improving
trend in our business. Sales of our light-duty LPG and CNG
components in Europe showed recovery over last year, we expect
continued positive growth in Europe, as well as growth in emerging
markets. The heavy-duty business remains fundamentally strong and
we anticipate a return to expected full-year growth trend when the
semi-conductor shortage challenges are resolved, as market and
customer feedback is positive. Demand for heavy-duty vehicles will
continue to increase and our HPDI technology, fueled by LNG and RNG
today and next by green Hydrogen, is in a key competitive position
to expand as OEMs need to act to respond to environmental
regulations and meet the demand for clean, efficient, and
affordable solutions. Our products will continue to play an
important role in the immediate future towards overall carbon
reduction in transportation and ensuring a clean and prosperous
future for all."
David M. Johnson, Chief Executive Officer
Third Quarter Financial Highlights Operations
CONSOLIDATED RESULTS |
|
|
|
($ in millions, except per share amounts) |
|
Over / (Under) % |
|
Over / (Under) % |
3Q21 |
3Q20 |
9M'21 |
9M'20 |
Revenues |
$ |
74.3 |
|
|
$ |
65.4 |
|
14 |
|
% |
$ |
229.8 |
|
$ |
168.6 |
|
|
36 |
% |
Gross Margin |
10.1 |
|
|
10.0 |
|
1 |
|
% |
38.9 |
|
26.5 |
|
|
47 |
% |
Gross Margin % |
14 |
|
% |
15 |
% |
— |
|
|
17 |
% |
16 |
|
% |
— |
|
Operating Expenses |
18.8 |
|
|
13.2 |
|
43 |
|
% |
59.4 |
|
47.8 |
|
|
24 |
% |
Income
from Investments Accounted for by the Equity Method(1) |
4.1 |
|
|
4.6 |
|
(12 |
) |
% |
18.7 |
|
14.1 |
|
|
33 |
% |
Net
Income (Loss) |
$ |
(5.8 |
) |
|
$ |
0.8 |
|
(802 |
) |
% |
$ |
8.3 |
|
$ |
(11.5 |
) |
|
173 |
% |
Net
Income (Loss) per Share |
$ |
(0.03 |
) |
|
$ |
0.01 |
|
(400 |
) |
% |
$ |
0.05 |
|
$ |
(0.08 |
) |
|
163 |
% |
EBITDA(2) |
$ |
(1.2 |
) |
|
$ |
4.9 |
|
(124 |
) |
% |
$ |
14.6 |
|
$ |
3.0 |
|
|
387 |
% |
Adjusted EBITDA(2) |
$ |
(1.4 |
) |
|
$ |
4.0 |
|
(135 |
) |
% |
$ |
7.5 |
|
$ |
6.6 |
|
|
14 |
% |
(1) This includes income primarily from our
Cummins Westport Inc. ("CWI") and Minda Westport Technologies
Limited joint ventures.
(2) EBITDA and Adjusted EBITDA are non-GAAP
measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for
the reconciliation to equivalent GAAP measures and limitations on
the use of such measures.
Revenues in 3Q21 increased 14% to $74.3 million
in the three months ended September 30, 2021, resulting from higher
sales volume and recovery in our light-duty OEM business and the
addition of $7.1 million in revenue from our recently acquired fuel
storage business, partially offset by the decrease in the IAM
business.
WFS reported a net loss of $5.8 million for the
quarter ended September 30, 2021, compared to net income of $0.8
million for the same quarter last year. The $6.6 million decrease
in earnings was primarily the result of increases in research and
development expenditures and general and administrative
expenditures, lower foreign exchange gain and increase in income
tax expense compared to the prior quarter. Equity income from CWI
was $1.0 million lower compared to the same prior year quarter.
Government-wage subsidies and support programs received were also
$0.9 million lower compared to the same prior year quarter.
WFS recorded negative $1.4 million Adjusted
EBITDA for the quarter ended September 30, 2021 compared to $4.0
million. Adjusted EBITDA for the same period in 2020. This was due
to increased R&D spending and higher SG&A expenses.
Segment Information
SEGMENT RESULTS |
Three months ended September 30, 2021 |
|
Revenue |
|
Operating income (loss) |
|
Depreciation & amortization |
|
Equity income (loss) |
OEM |
$ |
48.0 |
|
|
$ |
(7.4 |
) |
|
$ |
2.4 |
|
|
$ |
0.3 |
|
IAM |
26.3 |
|
|
0.7 |
|
|
0.8 |
|
|
— |
|
Corporate |
— |
|
|
(1.9 |
) |
|
0.1 |
|
|
3.8 |
|
CWI - 50% |
41.7 |
|
|
5.1 |
|
|
0.1 |
|
|
— |
|
Total segment |
116.0 |
|
|
(3.5 |
) |
|
3.4 |
|
|
4.1 |
|
Less: CWI - 50% |
(41.7 |
) |
|
(5.1 |
) |
|
(0.1 |
) |
|
— |
|
Total
Consolidated |
$ |
74.3 |
|
|
$ |
(8.6 |
) |
|
$ |
3.3 |
|
|
$ |
4.1 |
|
SEGMENT RESULTS |
Three months ended September 30, 2020 |
|
Revenue |
|
Operating income (loss) |
|
Depreciation & amortization |
|
Equity income (loss) |
OEM |
$ |
37.4 |
|
|
$ |
(4.9 |
) |
|
$ |
2.1 |
|
|
$ |
(0.2 |
) |
IAM |
28.0 |
|
|
1.7 |
|
|
1.3 |
|
|
— |
|
Corporate |
— |
|
|
0.1 |
|
|
0.1 |
|
|
4.9 |
|
CWI - 50% |
42.2 |
|
|
6.3 |
|
|
— |
|
|
— |
|
Total segment |
107.6 |
|
|
3.1 |
|
|
3.5 |
|
|
4.7 |
|
Less: CWI - 50% |
(42.2 |
) |
|
(6.3 |
) |
|
— |
|
|
— |
|
Total
Consolidated |
$ |
65.4 |
|
|
$ |
(3.1 |
) |
|
$ |
3.5 |
|
|
$ |
4.7 |
|
Original Equipment Manufacturer
Segment
Revenue for the three and nine months ended
September 30, 2021 was $48.0 million and $138.2 million,
respectively, compared with $37.4 million and $90.8 million for the
three and nine months ended September 30, 2020. Revenue for the OEM
business segment increased by $10.6 million and $47.4 million,
respectively. The increase during the current quarter was mainly
due to higher light-duty OEM sales volumes, particularly sales to
Indian and Russian OEMs, and $7.1 million additional revenue from
the recently acquired fuel storage business. The impact of COVID-19
was significant in the prior year period, which was impacted by
plant shutdowns combined with lower light-duty OEM sales to German
and Russian OEMs. HD OEM revenue was comparable year-over-year and
reflects the impact of manufacturing delays caused by the shortage
of semiconductors on our initial OEM launch partner. Despite the
headwinds from supply chain issues and increases in LNG prices, we
expect to see continued growth in HPDI through the remainder of
this year as production recovers.
Independent Aftermarket
Segment
Revenue for the three and nine months ended
September 30, 2021, was $26.3 million and $91.6 million,
respectively, compared with $28.0 million and $77.8 million for the
three and nine months ended September 30, 2020. Revenue for the
third quarter decreased by $1.7 million year-over-year because of a
slowdown in sales due to supply chain issues, including
semiconductors shortages. Year-to-date, revenues are higher by
$13.8 million compared to the same prior year period, mainly due to
due to the recovery from the impact of COVID-19 across all markets
and growth in the emerging markets offset by the aforementioned
global supply chain issues. We expect to see continued improvement
in revenues from the IAM business segment in the fourth quarter of
the year, but we temper expectations due to the ongoing global
shortage of semiconductors, and recent spike in LPG and CNG prices
which could continue to impact the IAM business.
CUMMINS WESTPORT INC.
Revenue for the three months ended September 30, 2021 for the
Cummins Westport Inc. ("CWI") joint venture, was $83.3 million
compared to $84.4 million year-over-year. Unit sales for the three
months ended September 30, 2021, were 1,764 compared to 1,912
year-over-year. The decrease in unit sales is a result of delays in
OEM orders due to supply chain issues in the quarter. Parts revenue
for the three months ended September 30, 2021 was $29.4 million
compared to $25.1 million year-over-year. Currently, we are working
with Cummins to wrap up the final terms for the conclusion of the
joint-venture. We expect engines with our HPDI technology to have
an important role in the North American market, as they have had in
Europe.
Revenue for the nine months ended September 30,
2021 was $255.8 million compared to $227.5 million for the same
prior year period. Unit sales for the nine months ended September
30, 2021 were 5,642 compared to 4,777 for the same prior year
period. Unit sales were higher in the current year reflecting the
impact of OEM factory shutdowns in April and May 2020 in response
to the COVID-19 pandemic. Parts revenue for nine months ended
September 30, 2021 was $83.3 million compared to $79.2 million for
same prior year period.
CUMMINS WESTPORT HIGHLIGHTS |
|
|
|
|
|
Over / (Under) % |
|
Over / (Under) % |
($ in millions, except unit amounts) |
3Q21 |
3Q20 |
9M'21 |
9M'20 |
Units |
1,764 |
|
1,912 |
|
(8 |
) |
% |
5,642 |
|
4,777 |
|
18 |
|
% |
Revenue |
$ |
83.3 |
|
$ |
84.4 |
|
(1 |
) |
% |
$ |
255.8 |
|
$ |
227.5 |
|
12 |
|
|
Product revenue |
53.9 |
|
59.3 |
|
(9 |
) |
% |
172.5 |
|
148.3 |
|
16 |
|
% |
Parts revenue |
29.4 |
|
25.1 |
|
17 |
|
% |
83.3 |
|
79.2 |
|
5 |
|
% |
Gross
Margin |
16.5 |
|
19.0 |
|
(13 |
) |
% |
59.9 |
|
58.8 |
|
2 |
|
% |
Gross
Margin % |
20 |
% |
22 |
% |
— |
|
|
23 |
% |
26 |
% |
— |
|
|
Operating
Expenses |
6.3 |
|
6.4 |
|
(2 |
) |
% |
14.7 |
|
22.2 |
|
(34 |
) |
% |
Operating Income |
$ |
10.3 |
|
$ |
12.5 |
|
(18 |
) |
% |
$ |
45.2 |
|
$ |
36.6 |
|
23 |
|
% |
WFS 50% Interest |
3.8 |
|
4.9 |
|
(21 |
) |
% |
18.2 |
|
14.4 |
|
26 |
|
% |
FINANCIAL STATEMENTS & MANAGEMENT'S DISCUSSION AND
ANALYSIS
To view WFS financials for the second quarter
ended September 30, 2021, please visit
https://investors.wfsinc.com/financials/
LIVE CONFERENCE CALL & WEBCAST
WFS has scheduled a conference call for Tuesday,
November 9, 2021, at 7:00 am Pacific Time (10:00 am Eastern Time)
to discuss these results. To access the conference call by
telephone, please dial 1-800-319-4610 (Canada & USA toll-free)
or 604-638-5340. The live webcast of the conference call can be
accessed through the WFS website at
https://investors.wfsinc.com/
REPLAY CONFERENCE CALL & WEBCAST
To access the conference call replay, please
dial 1-800-319-6413 (Canada & USA toll-free) or +1-604-638-9010
using the passcode 7899. The telephone replay will be available
until Tuesday, November 16, 2021. The webcast will be archived on
the Westport Fuel Systems website and replay will be available in
streaming audio and a downloadable MP3 file.
About Westport Fuel Systems
Westport Fuel Systems is driving innovation to
power a cleaner tomorrow. The company is a leading supplier of
advanced fuel delivery components and systems for clean, low-carbon
fuels such as natural gas, renewable natural gas, propane, and
hydrogen to the global automotive industry. Westport Fuel Systems’
technology delivers the performance and fuel efficiency required by
transportation applications and the environmental benefits that
address climate change and urban air quality challenges.
Headquartered in Vancouver, Canada, with operations in Europe,
Asia, North America and South America, the company serves customers
in more than 70 countries with leading global transportation
brands. For more information, visit www.wfsinc.com.
Cautionary Note Regarding Forward Looking
StatementsThis press release contains forward-looking statements,
including statements regarding revenue and cash usage expectations,
future strategic initiatives and future growth, future of our
development programs (including those relating to HPDI and
Hydrogen), the impact of COVID-19 and ongoing semiconductor
shortages on our business, the demand for our products, the future
success of our business and technology strategies, intentions of
partners and potential customers, the performance and
competitiveness of Westport Fuel Systems’ products and expansion of
product coverage, future market opportunities, speed of adoption of
natural gas for transportation and terms and timing of future
agreements as well as Westport Fuel Systems management’s response
to any of the aforementioned factors. These statements are neither
promises nor guarantees, but involve known and unknown risks and
uncertainties and are based on both the views of management and
assumptions that may cause our actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activities, performance or achievements
expressed in or implied by these forward looking statements. These
risks, uncertainties and assumptions include those related to our
revenue growth, operating results, industry and products, the
general economy, conditions of and access to the capital and debt
markets, access to required semiconductors, solvency, governmental
policies and regulation, technology innovations, fluctuations in
foreign exchange rates, operating expenses, continued reduction in
expenses, ability to successfully commercialize new products, the
performance of our joint ventures, the availability and price of
natural gas, global government stimulus packages and new
environmental regulations, the acceptance of and shift to natural
gas vehicles, the relaxation or waiver of fuel emission standards,
the inability of fleets to access capital or government funding to
purchase natural gas vehicles, the development of competing
technologies, our ability to adequately develop and deploy our
technology, the actions and determinations of our joint venture and
development partners, the effects and duration of COVID-19 and the
ongoing semiconductor shortage as well as other risk factors and
assumptions that may affect our actual results, performance or
achievements or financial position discussed in our most recent
Annual Information Form and other filings with securities
regulators. Readers should not place undue reliance on any such
forward-looking statements, which speak only as of the date they
were made. We disclaim any obligation to publicly update or revise
such statements to reflect any change in our expectations or in
events, conditions or circumstances on which any such statements
may be based, or that may affect the likelihood that actual results
will differ from those set forth in these forward looking
statements except as required by National Instrument 51-102. The
contents of any website, RSS feed or twitter account referenced in
this press release are not incorporated by reference herein.
Contact InformationChristian
TweedyInvestor RelationsWestport Fuel
SystemsT: +1 604-718-2046
GAAP and NON-GAAP FINANCIAL MEASURES
Management reviews the operational progress of
its business units and investment programs over successive periods
through the analysis of net income, EBITDA and Adjusted EBITDA. The
Company defines EBITDA as net income or loss from continuing
operations before income taxes adjusted for interest expense (net),
depreciation and amortization. Westport Fuel Systems defines
Adjusted EBITDA as EBITDA from continuing operations excluding
expenses for stock-based compensation, unrealized foreign exchange
gain or loss, and non-cash and other adjustments. Management uses
Adjusted EBITDA as a long-term indicator of operational performance
since it ties closely to the business units’ ability to generate
sustained cash flow and such information may not be appropriate for
other purposes. Adjusted EBITDA includes the company's share
of income from joint ventures.
The terms EBITDA and Adjusted EBITDA are not
defined under U.S. generally accepted accounting principles
("U.S. GAAP") and are not a measure of operating
income, operating performance or liquidity presented in accordance
with U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as an
analytical tool, and when assessing the company's operating
performance, investors should not consider EBITDA and Adjusted
EBITDA in isolation, or as a substitute for net loss or other
consolidated statement of operations data prepared in accordance
with U.S. GAAP. Among other things, EBITDA and Adjusted EBITDA do
not reflect the company's actual cash expenditures. Other companies
may calculate similar measures differently than Westport Fuel
Systems, limiting their usefulness as comparative tools. The
company compensates for these limitations by relying primarily on
its U.S. GAAP results and using EBITDA and Adjusted EBITDA as
supplemental information.
GAAP & NON-GAAP FINANCIAL MEASURES |
|
|
|
($ in millions) |
3Q20 |
4Q20 |
1Q21 |
2Q21 |
3Q21 |
Three months ended |
Net income (loss) |
$ |
0.8 |
|
|
$ |
4.1 |
|
|
$ |
(3.1 |
) |
|
$ |
17.2 |
|
|
$ |
(5.8 |
) |
|
|
|
|
|
|
|
Income tax expense (recovery) |
(0.6 |
) |
|
1.2 |
|
|
0.3 |
|
|
(8.1 |
) |
|
0.4 |
|
|
Interest
expense, net |
1.3 |
|
|
4.0 |
|
|
1.2 |
|
|
1.1 |
|
|
0.9 |
|
|
Depreciation and amortization |
3.4 |
|
|
3.8 |
|
|
3.5 |
|
|
3.7 |
|
|
3.3 |
|
|
EBITDA |
4.9 |
|
|
13.1 |
|
|
1.9 |
|
|
13.9 |
|
|
(1.2 |
) |
|
|
|
|
|
|
|
Stock
based compensation |
0.9 |
|
|
0.3 |
|
|
0.1 |
|
|
0.5 |
|
|
0.7 |
|
|
Unrealized foreign exchange (gain) loss |
(2.3 |
) |
|
(5.3 |
) |
|
0.7 |
|
|
(2.3 |
) |
|
(0.9 |
) |
|
Asset
impairment |
0.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Bargain
purchase gain |
— |
|
|
— |
|
|
— |
|
|
(5.9 |
) |
|
— |
|
|
Adjusted EBITDA |
$ |
4.0 |
|
|
$ |
8.1 |
|
|
$ |
2.7 |
|
|
$ |
6.2 |
|
|
$ |
(1.4 |
) |
|
WESTPORT FUEL SYSTEMS INC. |
Condensed
Consolidated Interim Balance Sheets (unaudited) |
(Expressed in
thousands of United States dollars, except share amounts) |
September 30, 2021 and December 31, 2020 |
|
|
September 30, 2021 |
|
December 31, 2020 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents (including restricted cash) |
|
$ |
141,899 |
|
|
$ |
64,262 |
|
Accounts receivable |
|
86,729 |
|
|
90,467 |
|
Inventories |
|
78,087 |
|
|
51,402 |
|
Prepaid expenses |
|
9,100 |
|
|
11,767 |
|
Short-term investment |
|
7,585 |
|
|
— |
|
Total current
assets |
|
323,400 |
|
|
217,898 |
|
Long-term investments |
|
3,516 |
|
|
13,954 |
|
Property, plant and equipment |
|
63,385 |
|
|
57,507 |
|
Operating lease right-of-use assets |
|
30,204 |
|
|
27,962 |
|
Intangible assets |
|
9,863 |
|
|
11,784 |
|
Deferred income tax assets |
|
11,380 |
|
|
2,140 |
|
Goodwill |
|
3,067 |
|
|
3,397 |
|
Other long-term assets |
|
12,069 |
|
|
11,621 |
|
Total
assets |
|
$ |
456,884 |
|
|
$ |
346,263 |
|
Liabilities and
shareholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
95,203 |
|
|
$ |
84,599 |
|
Current portion of operating lease liabilities |
|
4,845 |
|
|
4,476 |
|
Short-term debt |
|
11,028 |
|
|
23,445 |
|
Current portion of long-term debt |
|
19,168 |
|
|
16,302 |
|
Current portion of long-term royalty payable |
|
5,657 |
|
|
7,451 |
|
Current portion of warranty liability |
|
11,718 |
|
|
10,749 |
|
Total current
liabilities |
|
147,619 |
|
|
147,022 |
|
Long-term operating lease liabilities |
|
25,010 |
|
|
23,486 |
|
Long-term debt |
|
33,315 |
|
|
45,651 |
|
Long-term royalty payable |
|
4,449 |
|
|
8,591 |
|
Warranty liability |
|
5,640 |
|
|
8,187 |
|
Deferred income tax liabilities |
|
3,507 |
|
|
3,250 |
|
Other long-term liabilities |
|
5,754 |
|
|
6,017 |
|
Total
liabilities |
|
225,294 |
|
|
242,204 |
|
Shareholders’ equity: |
|
|
|
|
Share capital: |
|
|
|
|
Unlimited common and preferred shares, no par value |
|
|
|
|
170,754,085 (2020 - 144,069,972) common shares issued and
outstanding |
|
1,241,854 |
|
|
1,115,092 |
|
Other equity instruments |
|
7,983 |
|
|
7,671 |
|
Additional paid in capital |
|
11,516 |
|
|
11,516 |
|
Accumulated deficit |
|
(997,358 |
) |
|
(1,005,679 |
) |
Accumulated other comprehensive loss |
|
(32,405 |
) |
|
(24,541 |
) |
Total shareholders'
equity |
|
231,590 |
|
|
104,059 |
|
Total liabilities and shareholders' equity |
|
$ |
456,884 |
|
|
$ |
346,263 |
|
WESTPORT
FUEL SYSTEMS INC. |
Condensed
Consolidated Interim Statements of Operations and Comprehensive
Income (Loss) (unaudited) |
(Expressed in
thousands of United States dollars, except share and per share
amounts) |
Three and nine months ended September 30, 2021 and 2020 |
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue |
|
$ |
74,343 |
|
|
$ |
65,407 |
|
|
$ |
229,794 |
|
|
$ |
168,594 |
|
Cost of revenue and
expenses: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
64,214 |
|
|
55,368 |
|
|
190,905 |
|
|
142,091 |
|
Research and development |
|
6,207 |
|
|
4,721 |
|
|
20,419 |
|
|
14,611 |
|
General and administrative |
|
9,058 |
|
|
5,619 |
|
|
27,581 |
|
|
18,360 |
|
Sales and marketing |
|
3,176 |
|
|
3,087 |
|
|
9,828 |
|
|
8,790 |
|
Foreign exchange (gain) loss |
|
(893 |
) |
|
(2,291 |
) |
|
(2,495 |
) |
|
978 |
|
Depreciation and amortization |
|
1,224 |
|
|
1,540 |
|
|
4,188 |
|
|
4,547 |
|
Gain on sale of assets |
|
— |
|
|
— |
|
|
(146 |
) |
|
— |
|
Impairment of long-lived assets |
|
— |
|
|
479 |
|
|
— |
|
|
479 |
|
|
|
82,986 |
|
|
68,523 |
|
|
250,280 |
|
|
189,856 |
|
Loss from operations |
|
(8,643 |
) |
|
(3,116 |
) |
|
(20,486 |
) |
|
(21,262 |
) |
|
|
|
|
|
|
|
|
|
Income from investments
accounted for by the equity method |
|
4,098 |
|
|
4,625 |
|
|
18,738 |
|
|
14,113 |
|
Interest on long-term debt and
accretion on royalty payable |
|
(1,380 |
) |
|
(1,679 |
) |
|
(4,437 |
) |
|
(4,698 |
) |
Bargain purchase gain from
acquisition |
|
— |
|
|
— |
|
|
5,856 |
|
|
— |
|
Interest and other income, net
of bank charges |
|
482 |
|
|
395 |
|
|
1,212 |
|
|
654 |
|
Income (loss) before income
taxes |
|
(5,443 |
) |
|
225 |
|
|
883 |
|
|
(11,193 |
) |
Income tax expense
(recovery) |
|
325 |
|
|
(597 |
) |
|
(7,438 |
) |
|
284 |
|
Net income (loss) for the
period |
|
(5,768 |
) |
|
822 |
|
|
8,321 |
|
|
(11,477 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
Cumulative translation
adjustment |
|
(4,067 |
) |
|
72 |
|
|
(7,864 |
) |
|
(392 |
) |
Comprehensive income
(loss) |
|
$ |
(9,835 |
) |
|
$ |
894 |
|
|
$ |
457 |
|
|
$ |
(11,869 |
) |
|
|
|
|
|
|
|
|
|
Income (loss) per share: |
|
|
|
|
|
|
|
|
Net income (loss) per share -
basic and diluted |
|
$ |
(0.03 |
) |
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
(0.08 |
) |
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
169,500,461 |
|
|
136,879,478 |
|
|
156,673,290 |
|
|
136,625,262 |
|
Diluted |
|
169,500,461 |
|
|
145,549,940 |
|
|
158,533,077 |
|
|
136,625,262 |
|
WESTPORT
FUEL SYSTEMS INC. |
Condensed
Consolidated Interim Statements of Cash Flows (unaudited) |
(Expressed in
thousands of United States dollars) |
Three and nine
months ended September 30, 2021 and 2020 |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Cash flows from (used in)
operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) for the period |
|
$ |
(5,768 |
) |
|
$ |
822 |
|
|
$ |
8,321 |
|
|
$ |
(11,477 |
) |
Items not involving cash: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
3,309 |
|
|
3,460 |
|
|
10,485 |
|
|
10,231 |
|
Stock-based compensation expense |
|
629 |
|
|
852 |
|
|
1,252 |
|
|
2,093 |
|
Unrealized foreign exchange (gain) loss |
|
(893 |
) |
|
(2,291 |
) |
|
(2,495 |
) |
|
978 |
|
Deferred income tax |
|
69 |
|
|
(645 |
) |
|
(9,606 |
) |
|
(1,328 |
) |
Income from investments accounted for by the equity method |
|
(4,098 |
) |
|
(4,625 |
) |
|
(18,738 |
) |
|
(14,113 |
) |
Interest on long-term debt and accretion on royalty payable |
|
1,380 |
|
|
1,679 |
|
|
4,437 |
|
|
4,698 |
|
Change in inventory write-downs to net realizable value |
|
87 |
|
|
414 |
|
|
409 |
|
|
478 |
|
Bargain purchase gain from acquisition |
|
— |
|
|
— |
|
|
(5,856 |
) |
|
— |
|
Change in bad debt expense |
|
178 |
|
|
143 |
|
|
152 |
|
|
395 |
|
Impairment of long-lived assets |
|
— |
|
|
479 |
|
|
— |
|
|
479 |
|
Gain on sale of assets |
|
— |
|
|
— |
|
|
(146 |
) |
|
— |
|
Net cash from (used) before
working capital changes |
|
(5,107 |
) |
|
288 |
|
|
(11,785 |
) |
|
(7,566 |
) |
|
|
|
|
|
|
|
|
|
Changes in non-cash operating
working capital: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
7,574 |
|
|
(12,621 |
) |
|
2,532 |
|
|
(8,003 |
) |
Inventories |
|
(11,851 |
) |
|
1,110 |
|
|
(23,794 |
) |
|
(6,946 |
) |
Prepaid and other assets |
|
(1,717 |
) |
|
(2,145 |
) |
|
4,639 |
|
|
(3,704 |
) |
Accounts payable and accrued liabilities |
|
(2,154 |
) |
|
8,308 |
|
|
4,134 |
|
|
(7,482 |
) |
Deferred revenue |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Warranty liability |
|
(1,136 |
) |
|
736 |
|
|
(1,423 |
) |
|
10,517 |
|
Net cash used in operating
activities of continuing operations |
|
(14,391 |
) |
|
(4,324 |
) |
|
(25,697 |
) |
|
(23,184 |
) |
Cash flows from (used in)
investing activities: |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
(5,084 |
) |
|
(1,339 |
) |
|
(7,946 |
) |
|
(4,525 |
) |
Sale of investments, net |
|
— |
|
|
— |
|
|
600 |
|
|
— |
|
Acquisition, net of acquired cash |
|
— |
|
|
— |
|
|
(5,948 |
) |
|
— |
|
Dividends received from joint ventures |
|
7,229 |
|
|
4,592 |
|
|
21,502 |
|
|
13,835 |
|
Net cash from investing
activities of continuing operations |
|
2,145 |
|
|
3,253 |
|
|
8,208 |
|
|
9,310 |
|
Cash flows from (used in)
financing activities: |
|
|
|
|
|
|
|
|
Repayments of short and long-term facilities |
|
(17,191 |
) |
|
(14,661 |
) |
|
(56,606 |
) |
|
(33,554 |
) |
Drawings on operating lines of credit and long-term facilities |
|
13,987 |
|
|
34,201 |
|
|
39,985 |
|
|
56,267 |
|
Payment of royalty payable |
|
— |
|
|
— |
|
|
(7,451 |
) |
|
(5,948 |
) |
Proceeds from share issuance, net |
|
— |
|
|
— |
|
|
120,727 |
|
|
— |
|
Net cash from (used in)
financing activities |
|
(3,204 |
) |
|
19,540 |
|
|
96,655 |
|
|
16,765 |
|
Effect of foreign exchange on
cash and cash equivalents |
|
(3,362 |
) |
|
(1,075 |
) |
|
(1,529 |
) |
|
(2,581 |
) |
Increase (decrease) in cash
and cash equivalents |
|
(18,812 |
) |
|
17,394 |
|
|
77,637 |
|
|
310 |
|
Cash and cash equivalents,
beginning of period (including restricted cash) |
|
160,711 |
|
|
28,928 |
|
|
64,262 |
|
|
46,012 |
|
Cash and cash equivalents, end
of period (including restricted cash) |
|
$ |
141,899 |
|
|
$ |
46,322 |
|
|
$ |
141,899 |
|
|
$ |
46,322 |
|
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