Westport Fuel Systems Inc. (“
WFS”) (TSX:WPRT /
Nasdaq:WPRT) today reported financial results for the first quarter
ended March 31, 2021 and provided an update on operations. All
figures are in U.S. dollars unless otherwise stated.
FIRST QUARTER 2021 HIGHLIGHTS
- Revenues of $76.4 million, up 14% compared to the same period
in 2020 due to increased sales volumes in WFS' light-duty and
heavy-duty Original Equipment Manufacturing
("OEM") businesses
- Net loss of $3.1 million and net loss per share of $0.02 were
impacted by supply chain-related production issues at WFS' initial
High Pressure Direct Injection
("HPDI")™ launch partner, one-time severance
costs and an unrealized foreign exchange loss
- Adjusted earnings before interest, taxes, depreciation and
amortization of $2.7 million
- At-the-Market equity offering raised gross proceeds of $13.2
million in 1Q21, for a cumulative total of $27.6 million; cash and
cash equivalents were $59.7 million at the end of the quarter
- Announced co-investment agreement with injector manufacturing
partner to expand manufacturing capacity for HPDI 2.0
Injectors
- Amended agreement terms with Weichai Westport for the supply of
at least 25,000 HPDI Systems in China through December 31,
2024
- Advanced hydrogen-fueled internal combustion engine development
work, with successful initial testing results and announced a
research program with bus and truck manufacturer Scania for
additional testing and ongoing development of a hydrogen fueled
engine with HPDI 2.0.
“2021 launched with solid first quarter revenue
growth in our OEM business compared to the same period last year,
despite the ongoing challenges brought on by COVID-19. Societal
demand and regulatory tailwinds continue to support the urgent need
for a range of clean, cost-effective, carbon-reducing
transportation solutions that we deliver. Fleets have continued to
gain confidence that our HPDI 2.0 solutions outperform, with
demonstrated operational cost savings, reduced carbon emissions,
and our products are taking on an increasing role in large fleets.
We are well-positioned to deliver on the increasing demand and
growth for our HPDI 2.0 solutions forecasted in Europe, China and
North America. The development of our hydrogen HPDI solutions will
offer OEMs lower industrialization costs and near zero-carbon
solutions. Fleet operators will gain a fast pathway to cost savings
without sacrificing performance, on a technology platform that has
a proven track record and longevity. The solutions we offer can
take our customers all the way to zero carbon fuels and do so
affordably. We have set targets to grow our business to $1 billion
in annual revenue by mid-decade at industry standard margins, with
a large market to serve, global partners, an impressive portfolio
of products and patents, and an exceptional team dedicated to
delivering clean solutions that are enabling the energy transition
around the globe.”
David M. Johnson, Chief Executive Officer
1Q21 CONTINUING OPERATIONS
CONSOLIDATED RESULTS |
($ in millions, except per share amounts) |
|
Over / (Under) |
1Q21 |
1Q20 |
% |
Revenues |
$ |
76.4 |
|
$ |
67.2 |
|
14 |
% |
Gross Margin |
13.0 |
|
4.3 |
|
202 |
% |
Gross Margin % |
17 |
% |
6 |
% |
— |
|
Operating Expenses |
21.2 |
|
24.2 |
|
(12 |
)% |
Income from Investments Accounted for by the Equity Method(1) |
6.6 |
|
5.4 |
|
22 |
% |
Net Income (Loss) |
$ |
(3.1 |
) |
$ |
(15.3 |
) |
80 |
% |
Net Income (Loss) per Share |
$ |
(0.02 |
) |
$ |
(0.11 |
) |
82 |
% |
EBITDA (2) |
$ |
1.9 |
|
$ |
(11.1 |
) |
117 |
% |
Adjusted EBITDA (2) |
$ |
2.7 |
|
$ |
(3.6 |
) |
175 |
% |
(1) This includes income primarily from our
Cummins Westport Inc. ("CWI"), Minda Westport and Westport Weichai
Inc. joint ventures. (2) EBITDA and Adjusted EBITDA are non-GAAP
measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for
the reconciliation.
Revenues in 1Q21 increased year-over-year by 14%
to $76.4 million compared to 1Q20, reflecting the benefit of
increased OEM sales volumes in WFS' light-duty and heavy-duty
businesses. Revenues in U.S. dollar terms benefited from a 9%
increase in the average Euro versus U.S. dollar exchange rate
period over period.
WFS reported a net loss of $3.1 million, or
$0.02 per share, for 1Q21 compared to a net loss of $15.3 million,
or $0.11 per share, for the same period in 2020. The improvement
primarily resulted from higher gross margins in the current period
due to the significant impact of a $10.0 million charge, excluding
$7.7 million in insurance recoveries recorded in 2Q20, taken for a
field service campaign in the comparative period in 2020, a
decrease in unrealized foreign exchange losses due mostly to the
strengthening of the Canadian dollar versus the U.S. dollar, and
higher earnings from CWI, partially offset by increased operating
expenses, including one-time severance expenses, and lower margins
from the heavy-duty OEM business.
WFS generated $2.7 million adjusted EBITDA
during 1Q21 compared to negative $3.6 million in 1Q20. Besides the
changes to profitability as described above, the prior year first
quarter also had a large unrealized foreign exchange loss of $6.9
million compared to $0.7 million in the current quarter.
SEGMENT INFORMATION
Original Equipment Manufacturer Segment
OEM revenue for 1Q21 was $42.7 million compared
with $34.2 million for 1Q20. The 25% increase in revenue was
primarily driven by increased light-duty OEM business sales volumes
to OEMs in Russia and India during the quarter, electronics
business and higher year-over-year HPDI product sales, more than
offsetting a decline in the delayed-OEM business that has been
affected by the impact on customer demand due to COVID-19.
Notwithstanding increased HPDI product sales year-over-year, global
supply chain issues related to, amongst other things, a lack of
semi-conductors are impacting automotive manufacturing and creating
bottlenecks. These shortages do not currently directly affect
manufacturing of the HPDI system, and demand for the HPDI product
has increased even more significantly than is reflected in the
year-over-year increase in revenues.
Independent Aftermarket Segment
Independent Aftermarket ("IAM")
revenue for 1Q21 was $33.7 million compared with $33.0 million for
the same prior year period. A 9% increase in the average Euro rate
versus the U.S. dollar more than offset lower demand period over
period.
SEGMENT RESULTS |
1Q21 |
|
Revenue |
|
Operating Income (Loss) |
|
Depreciation & Amortization |
|
Equity Income |
OEM |
$ |
42.7 |
|
|
|
$ |
(6.5 |
) |
|
|
$ |
2.1 |
|
|
$ |
0.2 |
|
IAM |
33.7 |
|
|
|
1.6 |
|
|
|
1.3 |
|
|
— |
|
Corporate |
— |
|
|
|
(3.3 |
) |
|
|
0.1 |
|
|
6.4 |
|
CWI -
50% |
41.1 |
|
|
|
8.6 |
|
|
|
— |
|
|
— |
|
Total
Segment |
117.5 |
|
|
|
0.4 |
|
|
|
3.5 |
|
|
6.6 |
|
Less: CWI -
50% |
(41.1 |
) |
|
|
(8.6 |
) |
|
|
— |
|
|
— |
|
Total Consolidated |
$ |
76.4 |
|
|
|
$ |
(8.2 |
) |
|
|
$ |
3.5 |
|
|
$ |
6.6 |
|
SEGMENT RESULTS |
1Q20 |
|
Revenue |
|
Operating Income (Loss) |
|
Depreciation & Amortization |
|
Equity Income |
OEM |
$ |
34.2 |
|
|
|
$ |
(14.5 |
) |
|
|
$ |
1.8 |
|
|
$ |
0.1 |
|
IAM |
33.0 |
|
|
|
4.8 |
|
|
|
1.5 |
|
|
— |
|
Corporate |
— |
|
|
|
(10.2 |
) |
|
|
0.1 |
|
|
5.3 |
|
CWI -
50% |
38.3 |
|
|
|
6.7 |
|
|
|
— |
|
|
— |
|
Total
Segment |
105.5 |
|
|
|
(13.2 |
) |
|
|
3.4 |
|
|
5.4 |
|
Less: CWI -
50% |
(38.3 |
) |
|
|
(6.7 |
) |
|
|
— |
|
|
— |
|
Total Consolidated |
$ |
67.2 |
|
|
|
$ |
(19.9 |
) |
|
|
$ |
3.4 |
|
|
$ |
5.4 |
|
CUMMINS WESTPORT INC.
Revenue for 1Q21 was $82.3 million, a 7%
increase compared to $76.7 million for 1Q20. Unit sales for 1Q21
were 1,873 compared to 1,513 for 1Q20. The increase in unit sales
in the current year period largely reflects the timing of sales and
an increase in demand. Parts revenue decreased from $29.1 million
to $25.8 million due to fewer parts purchases for repairs,
reflecting improving product quality. Gross margin decreased by
$0.6 million to $21.0 million, or 26% of revenue, from $21.6
million, or 28% of revenue, in the prior year period. The decrease
in gross margin and gross margin percentage primarily reflects
product mix and a $1.9 million parts warranty provision.
Operating income for 1Q21 increased by $3.7
million to $17.1 million, or 28% over the same period last year,
primarily reflecting lower operating expenses. WFS share of CWI's
net income for 1Q21 increased to $6.4 million from $5.3 million in
1Q20.
The following table sets forth a summary of the
financial results of CWI for the three months ended March 31,
2021 and 2020.
CUMMINS WESTPORT HIGHLIGHTS |
|
|
|
|
|
Over / (Under) |
($ in millions, except unit amounts) |
1Q21 |
1Q20 |
% |
Units |
1,873 |
|
1,513 |
|
24% |
Revenue |
$ |
82.3 |
|
$ |
76.7 |
|
7% |
Gross Margin |
21.0 |
|
21.6 |
|
(3)% |
Gross Margin % |
26 |
% |
28 |
% |
— |
Operating Expenses |
3.9 |
|
8.2 |
|
(52)% |
Operating Income |
$ |
17.1 |
|
$ |
13.4 |
|
28% |
Net Income |
$ |
12.9 |
|
$ |
10.6 |
|
21% |
WFS 50% Interest |
$ |
6.4 |
|
$ |
5.3 |
|
22% |
HYDROGEN ICE
Together with AVL List GmbH, a leading
independent automotive engineering firm, in February 2021 WFS
published an analysis showing the cost advantages of
hydrogen-fueled HPDI 2.0 equipped internal combustion engines for
trucking which generated international attention.
In 1Q21, WFS completed promising initial testing
demonstrating that hydrogen with HPDI 2.0 delivers efficiency
comparable to hydrogen fuel cells in heavy-duty applications, with
lower industrialization costs, and a faster pathway to bring
zero-carbon fuels to commercial applications and wide-spread
adoption in high-horsepower transportation applications.
Like heavy-duty long-haul trucking, high-load
applications like mining, marine and rail have come to rely on the
efficiency, power, durability and reliability of diesel engines,
and there is no other alternative that offers the same potential to
leverage established supply chains, manufacturing investment and
infrastructure and economies of scale.
In 1Q21, WFS announced a research program with
bus and truck manufacturer Scania for additional testing and
ongoing development of a hydrogen fueled engine with HPDI 2.0.
FINANCIAL STATEMENTS & MANAGEMENT'S DISCUSSION
AND ANALYSIS
To view WFS financials for the first quarter
ended March 31, 2021, please visit
https://investors.wfsinc.com/financials/
CONFERENCE CALL PRESENTATION
WFS is providing a conference call presentation
as a guide to its financial information in a quick reference format
and it should be read in conjunction with the WFS condensed
consolidated interim financial statements for the first quarter of
2021.
LIVE CONFERENCE CALL & WEBCAST
WFS has scheduled a conference call for Friday,
May 7, 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 pass code 6662. The telephone replay will be available
until May 14, 2021. Shortly after the conference call, 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. Westport Fuel Systems 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. Its
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, Westport Fuel Systems serves
customers in more than 70 countries with leading global
transportation brands. For more information, visit
www.wfsinc.com.
Cautionary Note Regarding Forward Looking
Statements
This 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 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, 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 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 Information
Christine Marks Investor
Relations Westport Fuel Systems T: +1 604-718-2046
invest@wfsinc.com
GAAP and NON-GAAP Financial Measures
Our financial statements are prepared in
accordance with U.S. generally accepted accounting principles
("U.S. GAAP"). These U.S. GAAP financial
statements include non-cash charges and other charges and benefits
that may be unusual or infrequent in nature or that we believe may
make comparisons to our prior or future performance difficult. In
addition to conventional measures prepared in accordance with U.S.
GAAP, WFS and certain investors use EBITDA and Adjusted EBITDA as
an indicator of our ability to generate liquidity by producing
operating cash flow to fund working capital needs, service debt
obligations and fund capital expenditures. Management also uses
these non-GAAP measures in its review and evaluation of the
financial performance of WFS. EBITDA is also frequently used by
investors and analysts for valuation purposes whereby EBITDA is
multiplied by a factor or "EBITDA multiple" that is based on an
observed or inferred relationship between EBITDA and market values
to determine the approximate total enterprise value of a company.
We believe that these non-GAAP financial measures also provide
additional insight to investors and securities analysts as
supplemental information to our U.S. GAAP results and as a basis to
compare our financial performance period-over-period and to compare
our financial performance with that of other companies. We believe
that these non-GAAP financial measures facilitate comparisons of
our core operating results from period to period and to other
companies by, in the case of EBITDA, removing the effects of our
capital structure (net interest income on cash deposits, interest
expense on outstanding debt and debt facilities), asset base
(depreciation and amortization) and tax consequences. Adjusted
EBITDA provides this same indicator of WFS' EBITDA from continuing
operations and removing such effects of our capital structure,
asset base and tax consequences, but additionally excludes any
unrealized foreign exchange gains or losses, stock-based
compensation charges and other one-time impairments and costs which
are not expected to be repeated in order to provide greater insight
into the cash flow being produced from our operating business,
without the influence of extraneous events.
EBITDA and Adjusted EBITDA are intended to
provide additional information to investors and analysts and do not
have any standardized definition under U.S. GAAP and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with U.S. GAAP. EBITDA and
Adjusted EBITDA exclude the impact of cash costs of financing
activities and taxes, and the effects of changes in operating
working capital balances, and therefore are not necessarily
indicative of operating profit or cash flow from operations as
determined under U.S. GAAP. Other companies may calculate EBITDA
and Adjusted EBITDA differently.
GAAP & NON-GAAP FINANCIAL MEASURES FROM CONTINUING
OPERATIONS |
|
|
($ in millions) |
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
Three months ended |
Net income (loss) from continuing operations |
$ |
(15.3 |
) |
|
$ |
3.0 |
|
|
$ |
0.8 |
|
|
$ |
4.1 |
|
|
$ |
(3.1 |
) |
|
|
|
|
|
|
|
Income tax expense (recovery) |
(0.7 |
) |
|
1.6 |
|
|
(0.6 |
) |
|
1.2 |
|
|
0.3 |
|
|
Interest expense, net |
1.5 |
|
|
1.2 |
|
|
1.3 |
|
|
4.0 |
|
|
1.2 |
|
|
Depreciation and amortization |
3.4 |
|
|
3.4 |
|
|
3.4 |
|
|
3.8 |
|
|
3.5 |
|
|
EBITDA |
(11.1 |
) |
|
9.2 |
|
|
4.9 |
|
|
13.1 |
|
|
1.9 |
|
|
|
|
|
|
|
|
Stock based compensation |
0.6 |
|
|
0.6 |
|
|
0.9 |
|
|
0.3 |
|
|
0.1 |
|
|
Unrealized foreign exchange (gain) loss |
6.9 |
|
|
(3.6 |
) |
|
(2.3 |
) |
|
(5.3 |
) |
|
0.7 |
|
|
Asset impairment |
— |
|
|
— |
|
|
0.5 |
|
|
— |
|
|
— |
|
|
Adjusted EBITDA |
$ |
(3.6 |
) |
|
$ |
6.2 |
|
|
$ |
4.0 |
|
|
$ |
8.1 |
|
|
$ |
2.7 |
|
|
WESTPORT FUEL SYSTEMS INC. |
|
|
|
|
Condensed
Consolidated Interim Balance Sheets (unaudited) |
|
|
|
|
(Expressed
in thousands of United States dollars, except share amounts) |
|
|
|
|
March 31,
2021 and December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
December 31, 2020 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents (including restricted cash) |
|
$ |
59,746 |
|
|
$ |
64,262 |
|
Accounts receivable |
|
81,157 |
|
|
90,467 |
|
Inventories |
|
57,130 |
|
|
51,402 |
|
Prepaid expenses |
|
7,098 |
|
|
11,767 |
|
Short-term investment |
|
9,433 |
|
|
— |
|
Total current assets |
|
214,564 |
|
|
217,898 |
|
Long-term investments |
|
3,163 |
|
|
13,954 |
|
Property, plant and equipment |
|
54,986 |
|
|
57,507 |
|
Operating lease right-of-use assets |
|
32,409 |
|
|
27,962 |
|
Intangible assets |
|
10,850 |
|
|
11,784 |
|
Deferred income tax assets |
|
1,957 |
|
|
2,140 |
|
Goodwill |
|
3,252 |
|
|
3,397 |
|
Other long-term assets |
|
12,136 |
|
|
11,621 |
|
Total assets |
|
$ |
333,317 |
|
|
$ |
346,263 |
|
Liabilities and shareholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
81,325 |
|
|
$ |
84,599 |
|
Current portion of operating lease liabilities |
|
4,952 |
|
|
4,476 |
|
Short-term debt |
|
7,888 |
|
|
23,445 |
|
Current portion of long-term debt |
|
16,624 |
|
|
16,302 |
|
Current portion of long-term royalty payable |
|
7,451 |
|
|
7,451 |
|
Current portion of warranty liability |
|
11,056 |
|
|
10,749 |
|
Total current liabilities |
|
129,296 |
|
|
147,022 |
|
Long-term operating lease liabilities |
|
27,235 |
|
|
23,486 |
|
Long-term debt |
|
37,700 |
|
|
45,651 |
|
Long-term royalty payable |
|
9,096 |
|
|
8,591 |
|
Warranty liability |
|
7,168 |
|
|
8,187 |
|
Deferred income tax liabilities |
|
2,996 |
|
|
3,250 |
|
Other long-term liabilities |
|
5,624 |
|
|
6,017 |
|
Total liabilities |
|
219,115 |
|
|
242,204 |
|
Shareholders’ equity: |
|
|
|
|
Share capital: |
|
|
|
|
Unlimited common and preferred shares, no par value |
|
|
|
|
147,848,018 (2020 - 144,069,972) common shares |
|
1,130,895 |
|
|
1,115,092 |
|
Other equity instruments |
|
7,305 |
|
|
7,671 |
|
Additional paid-in-capital |
|
11,516 |
|
|
11,516 |
|
Accumulated deficit |
|
(1,008,819) |
|
|
(1,005,679) |
|
Accumulated other comprehensive loss |
|
(26,695) |
|
|
(24,541) |
|
Total shareholders' equity |
|
114,202 |
|
|
104,059 |
|
Total liabilities and shareholders' equity |
|
$ |
333,317 |
|
|
$ |
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 months
ended March 31, 2021 and 2020 |
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2021 |
|
2020 |
Revenue |
|
$ |
76,443 |
|
|
|
$ |
67,223 |
|
|
Cost of
revenue and expenses: |
|
|
|
|
Cost of revenue |
|
63,426 |
|
|
|
62,948 |
|
|
Research and development |
|
6,712 |
|
|
|
5,800 |
|
|
General and administrative |
|
9,290 |
|
|
|
6,632 |
|
|
Sales and marketing |
|
2,931 |
|
|
|
3,325 |
|
|
Foreign exchange loss |
|
731 |
|
|
|
6,895 |
|
|
Depreciation and amortization |
|
1,510 |
|
|
|
1,496 |
|
|
|
|
84,600 |
|
|
|
87,096 |
|
|
Loss from
operations |
|
(8,157 |
) |
|
|
(19,873 |
) |
|
|
|
|
|
|
Income from
investments accounted for by the equity method |
|
6,577 |
|
|
|
5,367 |
|
|
Interest on
long-term debt and accretion on royalty payable |
|
(1,749 |
) |
|
|
(1,552 |
) |
|
Interest and
other income, net of bank charges |
|
547 |
|
|
|
85 |
|
|
Loss before
income taxes |
|
(2,782 |
) |
|
|
(15,973 |
) |
|
Income tax
expense (recovery) |
|
358 |
|
|
|
(684 |
) |
|
Net loss for
the period |
|
(3,140 |
) |
|
|
(15,289 |
) |
|
Other
comprehensive income (loss): |
|
|
|
|
Cumulative
translation adjustment |
|
(2,154 |
) |
|
|
169 |
|
|
Comprehensive loss |
|
$ |
(5,294 |
) |
|
|
$ |
(15,120 |
) |
|
|
|
|
|
|
Loss per
share: |
|
|
|
|
Net loss per
share - basic and diluted |
|
$ |
(0.02 |
) |
|
|
$ |
(0.11 |
) |
|
Weighted
average common shares outstanding: |
|
|
|
|
Basic and
diluted |
|
147,126,250 |
|
|
|
136,429,224 |
|
|
WESTPORT FUEL SYSTEMS INC. |
|
|
Condensed
Consolidated Interim Statements of Cash Flows (unaudited) |
|
|
(Expressed
in thousands of United States dollars) |
|
|
Three months
ended March 31, 2021 and 2020 |
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2021 |
|
2020 |
Cash flows
from (used in) operating activities: |
|
|
|
|
Net loss for the period |
|
$ |
(3,140 |
) |
|
|
$ |
(15,289 |
) |
|
Items not involving cash: |
|
|
|
|
Depreciation and amortization |
|
3,473 |
|
|
|
3,369 |
|
|
Stock-based compensation expense |
|
84 |
|
|
|
624 |
|
|
Unrealized foreign exchange loss |
|
731 |
|
|
|
6,895 |
|
|
Deferred income tax |
|
(190 |
) |
|
|
(2,141 |
) |
|
Income from investments accounted for by the equity method |
|
(6,577 |
) |
|
|
(5,367 |
) |
|
Interest on long-term debt and accretion of royalty payable |
|
1,749 |
|
|
|
1,552 |
|
|
Change in inventory write-downs to net realizable value |
|
198 |
|
|
|
(317 |
) |
|
Change in bad debts expense |
|
48 |
|
|
|
38 |
|
|
Net cash
used before working capital changes |
|
(3,624 |
) |
|
|
(10,636 |
) |
|
|
|
|
|
|
Changes in
non-cash operating working capital: |
|
|
|
|
Accounts receivable |
|
6,797 |
|
|
|
576 |
|
|
Inventories |
|
(6,875 |
) |
|
|
(3,727 |
) |
|
Prepaid and other assets |
|
3,842 |
|
|
|
(640 |
) |
|
Accounts payable and accrued liabilities |
|
(3,343 |
) |
|
|
(5,696 |
) |
|
Warranty liability |
|
620 |
|
|
|
10,315 |
|
|
Net cash
used in operating activities |
|
(2,583 |
) |
|
|
(9,808 |
) |
|
Cash flows
from (used in) investing activities: |
|
|
|
|
Purchase of property, plant and equipment and other assets |
|
(1,662 |
) |
|
|
(1,624 |
) |
|
Proceeds on sale of investments and assets |
|
316 |
|
|
|
— |
|
|
Dividends received from joint ventures |
|
7,878 |
|
|
|
5,823 |
|
|
Net cash
from investing activities |
|
6,532 |
|
|
|
4,199 |
|
|
Cash flows
from (used in) financing activities: |
|
|
|
|
Payments under short and long-term facilities |
|
(23,221 |
) |
|
|
(11,717 |
) |
|
Drawings on operating lines of credit |
|
4,605 |
|
|
|
11,070 |
|
|
Proceeds from share issuance, net |
|
12,805 |
|
|
|
— |
|
|
Net cash
used in financing activities |
|
(5,811 |
) |
|
|
(647 |
) |
|
Effect of
foreign exchange on cash and cash equivalents |
|
(2,654 |
) |
|
|
(664 |
) |
|
Decrease in
cash and cash equivalents |
|
(4,516 |
) |
|
|
(6,920 |
) |
|
Cash and
cash equivalents, beginning of period (including restricted
cash) |
|
64,262 |
|
|
|
46,012 |
|
|
Cash and
cash equivalents, end of period (including restricted cash) |
|
$ |
59,746 |
|
|
|
$ |
39,092 |
|
|
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