Westport Fuel Systems Inc. (“
Westport") (TSX:WPRT
/ Nasdaq:WPRT) reported financial results for the first quarter
ended March 31, 2023, and provided an update on operations.
All figures are in U.S. dollars unless otherwise stated.
Q1 2023 Highlights
- Revenues increased 7% to $82.2
million compared to the same period in 2022, driven by an increase
of $4.5 million or 9% in our Original Equipment Manufacturer
("OEM") business and $1.2 million or 5% increase in our Independent
Aftermarket ("IAM") business.
- Net loss of $10.6 million for the
quarter, compared to net income of $7.7 million for the same
quarter last year. The decrease in earnings was driven by the loss
of equity income from the sale of our interest in the Cummins
Westport Inc (“CWI”) joint venture, including a $19.1 million gain
recorded in the first quarter of 2022, partially offset by an
increase in gross margin.
- Cash and cash equivalents were
$72.0 million at the end of the first quarter of 2023. Cash used in
operating activities during the quarter was $8.6 million, due to
operating losses of $9.4 million and net-cash used in working
capital of $3.9 million. Net debt repayment was $3.5 million, in
the quarter.
- Adjusted EBITDA[1] of negative $4.5
million compared to negative $6.1 million for the same period in
2022.
- Announced expanded global
manufacturing footprint in China supporting ongoing and future
growth in hydrogen.
- Announced third major OEM
collaborator to evaluate H2 HPDI fuel system.
- In April, two papers showcasing the
industry leading performance of H2 HPDI on two different OEM engine
platforms were presented at the Vienna Motor Symposium.
- In May, showcased our LNG and H2
HPDI fuel systems for internal combustion engines for heavy-duty
applications with two fully functioning heavy-duty demonstration
vehicles at the ACT Expo in California.
[1] Adjusted earnings before interest, taxes and
depreciation is a non-GAAP measure. Please refer to NON-GAAP
FINANCIAL MEASURES in Westport’s Management Discussion and Analysis
for the reconciliation.
“We delivered solid operational and financial
results in the first quarter of 2023, supported by our diversified
business model, which allows us to combine our sustainable
lower-growth core businesses with our higher-growth future all
leading to a low carbon world. Operationally our businesses
performed well, despite continued challenges related to chip
shortages and a slow return of customers who have lingering
concerns from the high LNG prices seen in 2022. We saw significant
improvements in gross margin this quarter, to a level we were much
more comfortable with, though work still remains and is ongoing to
generate continued margin improvement. We remain focused on taking
actions to strengthen our balance sheet including improving
margins, volumes and constraining spending. The closing of
Cartesian debt following quarter end, and release of the security
interest in our HPDI 2.0 fuel system intellectual property provides
us flexibility for financing alternatives. Going forward liquidity
remains a key priority.
Our OEM business benefited from strong growth in
our delayed OEM, fuel storage, hydrogen and electronics businesses
as well as higher pricing partially offset by modest volumes from
our European OEM launch partner. Our IAM business, despite
experiencing some market and inflationary headwinds performed well,
with both the top and bottom line growth over the prior-year
period
Looking to the remainder of 2023, we remain
focused on growth in our key markets to achieve sustainable
profitability as the demand for clean, affordable low emissions
transportation solutions grows. We continue to work diligently to
enhance margins with a commitment to both top line and bottom-line
improvements. We welcome the return of the European LNG pricing
advantage as compared to diesel, combined with the launch of a new
product by our lead European HPDI OEM partner. Late 2023 also marks
the beginning of our LPG fuel system production and sales to our
European OEM customer. The growth of LPG is driven by its price
advantage versus petrol and the lower cost to access lower carbon
transportation. This is where LPG beats BEV, Hybrids and FCEV in
terms of product affordability. This becomes accentuated when
governments end incentives on those more expensive options. We look
forward to continuing to support our customers in delivering LPG
growth long into the future.
Vehicle makers around the world are recognizing
that there are many possible paths to reaching the important goal
of significantly reducing or eliminating emissions - a ‘one size
fits all’ approach to emissions reduction does not exist. Our
ongoing testing and development work is prioritized as we work with
our three announced OEM partners to demonstrate the benefits of H2
HPDI in real world applications. We also recognize that
demonstrating the strength of our H2 HPDI fuel system at venues
like ACT Expo and the Vienna Motor Symposium is an important part
of the path to commercialization. We educate OEMs and fleets on the
ability to maintain existing diesel engine architecture and related
manufacturing infrastructure while delivering timely, efficient,
cost-effective peak performance in transport applications.”
David M. Johnson, Chief Executive Officer
1Q23 Operations
CONSOLIDATED RESULTS |
|
|
($ in millions, except per share amounts) |
|
Over / (Under) % |
1Q23 |
1Q22 |
Revenues |
$ |
82.2 |
|
$ |
76.5 |
|
7 |
% |
Gross Margin(2) |
$ |
13.3 |
|
$ |
9.9 |
|
34 |
% |
Gross Margin % |
|
16 |
% |
|
13 |
% |
|
Operating Expenses |
$ |
22.8 |
|
$ |
20.7 |
|
10 |
% |
Income from Investments Accounted for by the Equity Method(1) |
$ |
0.1 |
|
$ |
0.3 |
|
(56 |
)% |
Gain on sale of investment |
$ |
— |
|
$ |
19.1 |
|
(100 |
)% |
Net Income (Loss) |
$ |
(10.6 |
) |
$ |
7.7 |
|
238 |
% |
Net Income (Loss) per Share |
$ |
(0.06 |
) |
$ |
0.05 |
|
(220 |
)% |
EBITDA(2) |
$ |
(6.3 |
) |
$ |
11.7 |
|
(154 |
)% |
Adjusted EBITDA(2) |
$ |
(4.5 |
) |
$ |
(6.1 |
) |
(26 |
)% |
(1) |
|
This includes income from our Minda Westport Technologies
Limited joint venture. |
(2) |
|
EBIT, EBITDA, Adjusted EBITDA, and Gross Margin are non-GAAP
measures. Please refer to NON-GAAP FINANCIAL MEASURES for the
reconciliation. |
Revenues for the three months ended March 31,
2023 increased by 7% to $82.2 million compared to
$76.5 million in the same quarter last year, primarily driven
by increased sales volumes of our delayed OEM, fuel storage,
hydrogen and electronics products, increased sales volumes of IAM
in the North American and Eastern Europe markets. These were offset
by lower sales volumes to Indian customers in the light-duty OEM
business, and lower sales of CNG and LNG products due to higher
natural gas prices in the European market.
Gross margin for the three months ended March
31, 2023 increased by 34% to $13.3 million or 16% of revenue
compared to $9.9 million or 13% of revenue in the same quarter last
year.
Net loss was $10.6 million for the first
quarter of 2023, compared to a net income of $7.7 million for
the same quarter last year. The decrease in earnings was driven by
the loss of equity income from the termination and sale of the CWI
joint venture and a $19.1 million gain recorded in the first
quarter of 2022, partially offset by higher year-over-year gross
margins of $3.4 million.
Westport generated negative $4.5 million in
Adjusted EBITDA during the first quarter of 2023, compared to
negative $6.1 million Adjusted EBITDA for the same period in
2022.
Segment Information
SEGMENT RESULTS |
Three months ended March 31, 2023 |
|
Revenue |
|
Operating income (loss) |
|
|
Depreciation & amortization |
|
Equity income |
OEM |
$ |
56.3 |
|
$ |
(6.0 |
) |
|
$ |
2.3 |
|
$ |
0.1 |
IAM |
|
25.9 |
|
|
— |
|
|
|
0.6 |
|
|
— |
Corporate |
|
— |
|
|
(3.4 |
) |
|
|
0.1 |
|
|
— |
Total Consolidated |
$ |
82.2 |
|
$ |
(9.4 |
) |
|
$ |
3.0 |
|
$ |
0.1 |
SEGMENT RESULTS |
Three months ended March 31, 2022 |
|
Revenue |
|
Operating income (loss) |
|
|
Depreciation & amortization |
|
Equity income |
OEM |
$ |
51.8 |
|
$ |
(6.3 |
) |
|
$ |
2.1 |
|
$ |
0.3 |
IAM |
|
24.7 |
|
|
(0.4 |
) |
|
|
0.9 |
|
|
— |
Corporate |
|
— |
|
|
(4.1 |
) |
|
|
0.1 |
|
|
— |
Total Consolidated |
$ |
76.5 |
|
$ |
(10.8 |
) |
|
$ |
3.1 |
|
$ |
0.3 |
Original Equipment Manufacturer
Segment
Revenue for the three months ended March 31,
2023, was $56.3 million, compared with $51.9 million for the
three months ended March 31, 2022. The increase of $4.5 million was
primarily driven by increased in sales for our delayed OEM, fuel
storage, hydrogen, and electronics businesses, which was partially
offset by decreased sales volumes of our light-duty OEM from India.
Sales volumes decreased from our heavy-duty OEM mainly due to the
unfavorable fuel price differential between LNG and diesel in
Europe driven by the shortage of LNG supply, offset by a favourable
price adjustment from our customer.
Gross margin increased by $3.1 million to
$8.1 million, or 14% of revenue, compared to
$5.0 million, or 10% of revenue for the same period in the
prior year, and a loss of $0.8 million and (2%) in the fourth
quarter of 2022. The improvement was driven by increased sales
volumes in multiple OEM businesses including improved sales mix of
delayed OEM business system parts. Further, we continue to incur
higher production input costs from supply chain challenges, and
inflation in logistics, utilities, labor, and other costs, which we
have only partially been able to pass on to our OEM customers.
In spite of these pressures, we remain confident
in the outlook for our OEM segment. Low to zero-emission
transportation is our future and our HPDI story provides an
affordable solution. Supportive government policies to mitigate
climate change globally bolster the adoption of our products and
the increasing usage of biomethane now with hydrogen tomorrow using
HPDI accelerates the energy transition in heavy-duty transport.
Earlier this year, our European launch partner announced a new
natural gas HPDI equipped engine that delivers increased horsepower
and an extended range. As is typical in the release of new
products, we expect a production and sales reduction of the
original engine platform as customers opt to wait for the new, more
powerful option.
Independent Aftermarket
Segment
Revenue for the three months ended March 31,
2023, was $25.9 million, compared with $24.7 million for the three
months ended March 31, 2022. Gross margin for the quarter increased
by $0.3 million to $5.2 million, or 20% of revenue, compared to
$4.9 million, or 20% of revenue for the three months ended March
31, 2022 and $5.4 million, or 18% of revenue in the fourth quarter
of 2022. The increase in revenue and gross margin percentage was
primarily driven by higher sales volumes to North America, Eastern
Europe and South America, partially offset by the lower sales
volume in the Middle East and Africa, and higher production input
costs incurred in materials, transportation, and energy costs.
The opportunity Westport has to expand market
share in current markets and advancing into emerging markets with
our LPG solutions is a real, decisive factor for growth. Supportive
LPG pricing is creating a promising demand trend for our business.
Ultimately emissions reduction is going to be driven by large scale
adoption, and adoption will be driven by affordability. Westport
continues to address and serve markets which can’t afford expensive
electric vehicles but are still looking for cleaner solutions.
These are the areas where Westport can continue to win and drive
market share.
FINANCIAL STATEMENTS & MANAGEMENT'S
DISCUSSION AND ANALYSIS
To view Westport financials for the first
quarter ended March 31st, 2023, please visit
https://investors.wfsinc.com/financials/
CONFERENCE CALL &
WEBCAST
Westport has scheduled a conference call for
Tuesday, May 9, 2023, 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 1-604-638-5340. The live webcast of the conference call can be
accessed through the Westport website at
https://investors.wfsinc.com/.
To access the conference call replay, please
dial 1-800-319-6413 (Canada & USA toll-free) or 1-604-638-9010
using the passcode 0003. The telephone replay will be available
until May 16, 2023.
About Westport Fuel Systems
At Westport Fuel Systems, we are driving
innovation to power a cleaner tomorrow. We are 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. Our
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, we serve our customers in
more than 70 countries with leading global transportation brands.
At Westport Fuel Systems, we think ahead. For more information,
visit www.wfsinc.com.
Cautionary Note Regarding Forward
Looking Statements This press release contains
forward-looking statements, including statements regarding revenue
expectations, future growth in markets, future of our development
programs (including those relating to HPDI and Hydrogen), expected
margin improvements, fuel pricing advantages, duration of
government incentive programs, expectations regarding
sales growth, 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, future market opportunities 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 including impacts due to inflation, conditions of and
access to the capital and debt markets, access to required
semiconductors, solvency, governmental policies, sanctions 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, government incentive programs 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 Russia-Ukraine conflict and ongoing semiconductor
shortages 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 InformationInvestor
RelationsWestport Fuel SystemsT: +1
604-718-2046
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) |
1Q22 |
2Q22 |
3Q22 |
4Q22 |
1Q23 |
Three months ended |
Net income (loss) before income taxes |
$ |
7.6 |
|
$ |
(11.5 |
) |
$ |
(11.0 |
) |
$ |
(16.4 |
) |
$ |
(9.7 |
) |
|
|
|
|
|
|
Interest expense, net |
|
1.0 |
|
|
0.7 |
|
|
0.2 |
|
|
0.1 |
|
|
0.4 |
|
Depreciation and amortization |
|
3.1 |
|
|
3.1 |
|
|
2.8 |
|
|
2.8 |
|
|
3.0 |
|
EBITDA |
|
11.7 |
|
|
(7.7 |
) |
|
(8.0 |
) |
|
(13.5 |
) |
|
(6.3 |
) |
|
|
|
|
|
|
Stock based compensation |
|
0.5 |
|
|
0.9 |
|
|
0.8 |
|
|
0.2 |
|
|
0.7 |
|
Unrealized foreign exchange (gain) loss |
|
0.8 |
|
|
2.5 |
|
|
2.7 |
|
|
0.4 |
|
|
1.1 |
|
(Gain) on sale of Investment |
|
(19.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted EBITDA |
$ |
(6.1 |
) |
$ |
(4.3 |
) |
$ |
(4.5 |
) |
$ |
(12.9 |
) |
$ |
(4.5 |
) |
WESTPORT FUEL SYSTEMS INC.Condensed
Consolidated Interim Balance Sheets (unaudited)(Expressed in
thousands of United States dollars, except share amounts)March 31,
2023 and December 31, 2022
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents (including restricted cash) |
|
$ |
71,963 |
|
|
$ |
86,184 |
|
Accounts receivable |
|
|
102,485 |
|
|
|
101,640 |
|
Inventories |
|
|
82,798 |
|
|
|
81,635 |
|
Prepaid expenses |
|
|
9,254 |
|
|
|
7,760 |
|
Total current assets |
|
|
266,500 |
|
|
|
277,219 |
|
Long-term investments |
|
|
4,808 |
|
|
|
4,629 |
|
Property, plant and equipment |
|
|
63,215 |
|
|
|
62,641 |
|
Operating lease right-of-use assets |
|
|
25,151 |
|
|
|
23,727 |
|
Intangible assets |
|
|
7,623 |
|
|
|
7,817 |
|
Deferred income tax assets |
|
|
10,671 |
|
|
|
10,430 |
|
Goodwill |
|
|
3,010 |
|
|
|
2,958 |
|
Other long-term assets |
|
|
18,149 |
|
|
|
18,030 |
|
Total assets |
|
$ |
399,127 |
|
|
$ |
407,451 |
|
Liabilities and shareholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
99,281 |
|
|
$ |
98,863 |
|
Current portion of operating lease liabilities |
|
|
3,473 |
|
|
|
3,379 |
|
Short-term debt |
|
|
9,129 |
|
|
|
9,102 |
|
Current portion of long-term debt |
|
|
12,562 |
|
|
|
11,698 |
|
Current portion of long-term royalty payable |
|
|
1,162 |
|
|
|
1,162 |
|
Current portion of warranty liability |
|
|
9,973 |
|
|
|
11,315 |
|
Total current liabilities |
|
|
135,580 |
|
|
|
135,519 |
|
Long-term operating lease liabilities |
|
|
21,376 |
|
|
|
20,080 |
|
Long-term debt |
|
|
29,982 |
|
|
|
32,164 |
|
Long-term royalty payable |
|
|
4,625 |
|
|
|
4,376 |
|
Warranty liability |
|
|
3,028 |
|
|
|
2,984 |
|
Deferred income tax liabilities |
|
|
3,447 |
|
|
|
3,282 |
|
Other long-term liabilities |
|
|
5,148 |
|
|
|
5,080 |
|
Total liabilities |
|
|
203,186 |
|
|
|
203,485 |
|
Shareholders’ equity: |
|
|
|
|
Share capital: |
|
|
|
|
Unlimited common and preferred shares, no par value |
|
|
|
|
171,719,337 (2022 - 171,303,165) common shares issued and
outstanding |
|
|
1,244,507 |
|
|
|
1,243,272 |
|
Other equity instruments |
|
|
8,610 |
|
|
|
9,212 |
|
Additional paid in capital |
|
|
11,516 |
|
|
|
11,516 |
|
Accumulated deficit |
|
|
(1,035,344 |
) |
|
|
(1,024,716 |
) |
Accumulated other comprehensive loss |
|
|
(33,348 |
) |
|
|
(35,318 |
) |
Total shareholders' equity |
|
|
195,941 |
|
|
|
203,966 |
|
Total liabilities and shareholders' equity |
|
$ |
399,127 |
|
|
$ |
407,451 |
|
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, 2023 and 2022
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
$ |
82,240 |
|
|
$ |
76,544 |
|
Cost of revenue and expenses: |
|
|
|
|
Cost of revenue |
|
|
68,879 |
|
|
|
66,619 |
|
Research and development |
|
|
7,263 |
|
|
|
5,934 |
|
General and administrative |
|
|
9,768 |
|
|
|
9,191 |
|
Sales and marketing |
|
|
3,649 |
|
|
|
3,649 |
|
Foreign exchange loss |
|
|
1,076 |
|
|
|
771 |
|
Depreciation and amortization |
|
|
1,037 |
|
|
|
1,183 |
|
|
|
|
91,672 |
|
|
|
87,347 |
|
Loss from operations |
|
|
(9,432 |
) |
|
|
(10,803 |
) |
|
|
|
|
|
Income from investments accounted for by the equity method |
|
|
129 |
|
|
|
293 |
|
Gain on sale of investment |
|
|
— |
|
|
|
19,119 |
|
Interest on long-term debt and accretion on royalty payable |
|
|
(847 |
) |
|
|
(1,060 |
) |
Interest and other income, net of bank charges |
|
|
466 |
|
|
|
41 |
|
Income (loss) before income taxes |
|
|
(9,684 |
) |
|
|
7,590 |
|
Income tax expense (recovery) |
|
|
944 |
|
|
|
(120 |
) |
Net income (loss) from continuing operations |
|
|
(10,628 |
) |
|
|
7,710 |
|
Net income (loss) from discontinued operations |
|
|
— |
|
|
|
— |
|
Net income (loss) for the period |
|
|
(10,628 |
) |
|
|
7,710 |
|
Other comprehensive income (loss): |
|
|
|
|
Cumulative translation adjustment |
|
|
1,970 |
|
|
|
(331 |
) |
Comprehensive income (loss) |
|
$ |
(8,658 |
) |
|
$ |
7,379 |
|
|
|
|
|
|
Income (loss) per share: |
|
|
|
|
Net income (loss) per share - basic |
|
$ |
(0.06 |
) |
|
$ |
0.05 |
|
Net income (loss) per share - diluted |
|
$ |
(0.06 |
) |
|
|
0.04 |
|
Weighted average common shares outstanding: |
|
|
|
|
Basic |
|
|
171,690,032 |
|
|
|
171,155,206 |
|
Diluted |
|
|
171,690,032 |
|
|
|
174,516,905 |
|
WESTPORT FUEL SYSTEMS INC.Condensed
Consolidated Interim Statements of Cash Flows (unaudited)(Expressed
in thousands of United States dollars)Three months ended March 31,
2023 and 2022
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
Operating activities: |
|
|
|
|
Net income (loss) for the period |
|
$ |
(10,628 |
) |
|
$ |
7,710 |
|
Adjustments to reconcile net income (loss) to net cash used in
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
3,027 |
|
|
|
3,089 |
|
Stock-based compensation expense |
|
|
633 |
|
|
|
531 |
|
Unrealized foreign exchange loss |
|
|
1,076 |
|
|
|
771 |
|
Deferred income tax |
|
|
(148 |
) |
|
|
(435 |
) |
Income from investments accounted for by the equity method |
|
|
(129 |
) |
|
|
(293 |
) |
Interest on long-term debt and accretion on royalty payable |
|
|
847 |
|
|
|
1,060 |
|
Change in inventory write-downs |
|
|
586 |
|
|
|
(243 |
) |
Change in bad debt expense |
|
|
84 |
|
|
|
91 |
|
Net gain on sale of investment |
|
|
— |
|
|
|
(19,119 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(1,041 |
) |
|
|
6,028 |
|
Inventories |
|
|
(591 |
) |
|
|
(8,384 |
) |
Prepaid expenses |
|
|
(1,684 |
) |
|
|
(2,270 |
) |
Accounts payable and accrued liabilities |
|
|
763 |
|
|
|
(3,569 |
) |
Warranty liability |
|
|
(1,382 |
) |
|
|
(1,856 |
) |
Net cash used in operating activities |
|
|
(8,587 |
) |
|
|
(16,889 |
) |
Investing activities: |
|
|
|
|
Purchase of property, plant and equipment |
|
|
(3,007 |
) |
|
|
(2,798 |
) |
Proceeds on sale of assets |
|
|
98 |
|
|
|
— |
|
Proceeds on sale of investments |
|
|
— |
|
|
|
31,949 |
|
Net cash (used in) provided by investing activities |
|
|
(2,909 |
) |
|
|
29,151 |
|
Financing activities: |
|
|
|
|
Repayments of operating lines of credit and long-term
facilities |
|
|
(11,736 |
) |
|
|
(23,193 |
) |
Drawings on operating lines of credit and long-term facilities |
|
|
8,251 |
|
|
|
15,306 |
|
Net cash used in financing activities |
|
|
(3,485 |
) |
|
|
(7,887 |
) |
Effect of foreign exchange on cash and cash equivalents |
|
|
760 |
|
|
|
(1,703 |
) |
Net (decrease) increase in cash and cash equivalents |
|
|
(14,221 |
) |
|
|
2,672 |
|
Cash and cash equivalents, beginning of period (including
restricted cash) |
|
|
86,184 |
|
|
|
124,892 |
|
Cash and cash equivalents, end of period (including restricted
cash) |
|
$ |
71,963 |
|
|
$ |
127,564 |
|
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