|
WESTPORT FUEL SYSTEMS INC.
|
|
|
|
|
|
By:
|
/s/ Michael J. Willis
|
|
Name:
|
Michael J. Willis
|
|
Title:
|
Chief Financial Officer
|
|
|
Management's Discussion and Analysis
|
|
|
Management's Discussion and Analysis
|
|
|
Management's Discussion and Analysis
|
|
|
Management's Discussion and Analysis
|
|
|
Management's Discussion and Analysis
|
|
|
Management's Discussion and Analysis
|
|
|
Management's Discussion and Analysis
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
|
|
|
|
(Adjusted, Note 1)
|
|
|
|
|
(Adjusted, Note 1)
|
|
||||||
(expressed in millions of United States dollars, except for per share amounts and shares outstanding)
|
||||||||||||||||
Revenue
|
|
$
|
65.5
|
|
|
$
|
56.4
|
|
|
$
|
209.8
|
|
|
$
|
172.3
|
|
Gross margin
|
|
$
|
15.6
|
|
|
$
|
13.7
|
|
|
$
|
52.0
|
|
|
$
|
46.3
|
|
GM %
|
|
24
|
%
|
|
24
|
%
|
|
25
|
%
|
|
27
|
%
|
||||
Net loss from continuing operations
|
|
$
|
(12.1
|
)
|
|
$
|
(16.2
|
)
|
|
$
|
(30.4
|
)
|
|
$
|
(42.1
|
)
|
Net income from discontinued operations (2)
|
|
$
|
9.0
|
|
|
$
|
0.6
|
|
|
$
|
8.1
|
|
|
$
|
46.2
|
|
Net loss
|
|
$
|
(3.1
|
)
|
|
$
|
(15.6
|
)
|
|
$
|
(22.3
|
)
|
|
$
|
4.1
|
|
Net income (loss) per share - basic and diluted
|
|
$
|
(0.02
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
0.04
|
|
Weighted average shares outstanding - basic and diluted
|
|
132,178,685
|
|
|
110,462,019
|
|
|
132,128,066
|
|
|
110,317,330
|
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||
(expressed in millions of United States dollars)
|
|
|
|
|
||||
Cash and short-term investments, including $2.5 million of restricted cash
|
|
$
|
54.2
|
|
|
$
|
71.8
|
|
Total assets
|
|
276.6
|
|
|
313.6
|
|
||
Debt, including current portion
|
|
47.0
|
|
|
54.4
|
|
||
Royalty payable, including current portion
|
|
20.2
|
|
|
19.0
|
|
||
Total liabilities
|
|
177.4
|
|
|
195.6
|
|
||
Shareholders' equity
|
|
99.2
|
|
|
118.0
|
|
|
|
Management's Discussion and Analysis
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
(expressed in millions of United States dollars)
|
|
|
|
|
|
|
|
|
||||||||
Total revenue
|
|
$
|
86.2
|
|
|
$
|
75.5
|
|
|
$
|
225.3
|
|
|
$
|
225.7
|
|
Gross margin
|
|
27.3
|
|
|
27.9
|
|
|
70.0
|
|
|
78.2
|
|
||||
GM %
|
|
32
|
%
|
|
37
|
%
|
|
31
|
%
|
|
35
|
%
|
||||
Net income before income taxes
|
|
21.0
|
|
|
15.2
|
|
|
45.0
|
|
|
36.8
|
|
||||
Income tax expense
|
|
5.5
|
|
|
3.6
|
|
|
11.0
|
|
|
11.2
|
|
||||
Net income
|
|
15.4
|
|
|
11.6
|
|
|
34.0
|
|
|
25.7
|
|
||||
Net income attributable to the Company
|
|
$
|
7.7
|
|
|
$
|
5.8
|
|
|
$
|
17.0
|
|
|
$
|
12.8
|
|
|
|
Management's Discussion and Analysis
|
|
Three months ended September 30,
|
|
|
Change
|
|
Nine months ended September 30,
|
|
|
Change
|
||||||||||||||||||||
|
2018
|
|
|
2017
|
|
|
$
|
|
%
|
|
2018
|
|
|
2017
|
|
|
$
|
|
%
|
||||||||||
Transportation
|
$
|
65.5
|
|
|
$
|
56.4
|
|
|
$
|
9.1
|
|
|
16
|
%
|
|
$
|
209.8
|
|
|
$
|
172.3
|
|
|
$
|
37.5
|
|
|
22
|
%
|
CWI
|
86.2
|
|
|
75.5
|
|
|
10.7
|
|
|
14
|
%
|
|
225.3
|
|
|
225.7
|
|
|
(0.4
|
)
|
|
—
|
%
|
||||||
Total segment revenues
|
$
|
151.7
|
|
|
$
|
131.9
|
|
|
$
|
19.8
|
|
|
15
|
%
|
|
$
|
435.1
|
|
|
$
|
398.0
|
|
|
$
|
37.1
|
|
|
9
|
%
|
Less: equity investees' revenues
|
86.2
|
|
|
75.5
|
|
|
10.7
|
|
|
14
|
%
|
|
225.3
|
|
|
225.7
|
|
|
(0.4
|
)
|
|
—
|
%
|
||||||
Total consolidated revenues
|
$
|
65.5
|
|
|
$
|
56.4
|
|
|
$
|
9.1
|
|
|
16
|
%
|
|
$
|
209.8
|
|
|
$
|
172.3
|
|
|
$
|
37.5
|
|
|
22
|
%
|
|
|
Management's Discussion and Analysis
|
|
|
Three months ended September 30, 2018
|
|
|
% of Revenue
|
|
Three months ended September 30, 2017
|
|
|
% of Revenue
|
|
Change
|
|||||||||
|
|
|
|
|
|
$
|
|
%
|
|||||||||||||
Transportation
|
|
$
|
15.6
|
|
|
24
|
%
|
|
$
|
13.7
|
|
|
24
|
%
|
|
$
|
1.9
|
|
|
14
|
%
|
CWI
|
|
27.3
|
|
|
32
|
%
|
|
27.9
|
|
|
37
|
%
|
|
(0.6
|
)
|
|
(2
|
)%
|
|||
Total segment gross margin
|
|
$
|
42.9
|
|
|
28
|
%
|
|
$
|
41.6
|
|
|
32
|
%
|
|
$
|
1.3
|
|
|
3
|
%
|
Less: equity investees' gross margin
|
|
27.3
|
|
|
32
|
%
|
|
27.9
|
|
|
37
|
%
|
|
(0.6
|
)
|
|
(2
|
)%
|
|||
Total consolidated gross margin
|
|
$
|
15.6
|
|
|
24
|
%
|
|
$
|
13.7
|
|
|
24
|
%
|
|
$
|
1.9
|
|
|
14
|
%
|
|
|
Management's Discussion and Analysis
|
|
|
Nine months ended September 30, 2018
|
|
|
% of Revenue
|
|
Nine months ended September 30, 2017
|
|
|
% of Revenue
|
|
Change
|
|||||||||
|
|
|
|
|
|
$
|
|
%
|
|||||||||||||
Transportation
|
|
$
|
52.0
|
|
|
25
|
%
|
|
$
|
46.3
|
|
|
27
|
%
|
|
$
|
5.7
|
|
|
12
|
%
|
CWI
|
|
70.0
|
|
|
31
|
%
|
|
78.2
|
|
|
35
|
%
|
|
(8.2
|
)
|
|
(10
|
)%
|
|||
Total segment gross margin
|
|
122.0
|
|
|
28
|
%
|
|
124.5
|
|
|
31
|
%
|
|
(2.5
|
)
|
|
(2
|
)%
|
|||
Less: equity investees' gross margin
|
|
70.0
|
|
|
31
|
%
|
|
78.2
|
|
|
35
|
%
|
|
(8.2
|
)
|
|
(10
|
)%
|
|||
Total consolidated gross margin
|
|
$
|
52.0
|
|
|
25
|
%
|
|
$
|
46.3
|
|
|
27
|
%
|
|
$
|
5.7
|
|
|
12
|
%
|
|
|
Management's Discussion and Analysis
|
|
|
Three months ended September 30,
|
|
|
Change
|
|
Nine months ended September 30,
|
|
|
Change
|
||||||||||||||||||||
|
|
2018
|
|
|
2017
|
|
|
$
|
|
|
%
|
|
|
2018
|
|
|
2017
|
|
|
$
|
|
%
|
||||||||
Transportation
|
|
$
|
7.4
|
|
|
$
|
12.2
|
|
|
$
|
(4.8
|
)
|
|
(39
|
)%
|
|
$
|
23.0
|
|
|
$
|
37.4
|
|
|
$
|
(14.4
|
)
|
|
(39
|
)%
|
Corporate
|
|
0.4
|
|
|
0.6
|
|
|
(0.2
|
)
|
|
(33
|
)%
|
|
0.8
|
|
|
1.1
|
|
|
(0.3
|
)
|
|
(27
|
)%
|
||||||
Total research and development
|
|
$
|
7.8
|
|
|
$
|
12.8
|
|
|
$
|
(5.0
|
)
|
|
(39
|
)%
|
|
$
|
23.8
|
|
|
$
|
38.5
|
|
|
$
|
(14.7
|
)
|
|
(38
|
)%
|
|
|
Management's Discussion and Analysis
|
|
|
Three months ended September 30,
|
|
|
Change
|
|
Nine months ended September 30,
|
|
|
Change
|
||||||||||||||||||||
|
|
2018
|
|
|
2017
|
|
|
$
|
|
|
%
|
|
|
2018
|
|
|
2017
|
|
|
$
|
|
%
|
||||||||
Transportation
|
|
$
|
8.7
|
|
|
$
|
11.3
|
|
|
$
|
(2.6
|
)
|
|
(23
|
)%
|
|
$
|
27.5
|
|
|
$
|
31.5
|
|
|
$
|
(4.0
|
)
|
|
(13
|
)%
|
Corporate
|
|
9.7
|
|
|
4.5
|
|
|
5.2
|
|
|
116
|
%
|
|
23.3
|
|
|
15.0
|
|
|
8.3
|
|
|
55
|
%
|
||||||
Total selling, general and administrative
|
|
$
|
18.4
|
|
|
$
|
15.8
|
|
|
$
|
2.6
|
|
|
16
|
%
|
|
$
|
50.8
|
|
|
$
|
46.5
|
|
|
$
|
4.3
|
|
|
9
|
%
|
|
|
Management's Discussion and Analysis
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
CWI - 50% interest
|
|
$
|
7.7
|
|
|
$
|
5.8
|
|
|
$
|
17.0
|
|
|
$
|
12.8
|
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
Term loan facility - 9% per quarter
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
Senior financing facilities
|
|
0.2
|
|
|
0.2
|
|
|
0.5
|
|
|
0.5
|
|
||||
Convertible note - 9% per annum
|
|
0.4
|
|
|
0.4
|
|
|
1.2
|
|
|
1.2
|
|
||||
Royalty payable and other amortization of discount and interest expense
|
|
1.6
|
|
|
1.0
|
|
|
3.6
|
|
|
8.4
|
|
||||
Canadian debentures (repaid in 2017)
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
2.7
|
|
||||
Total interest on long-term debt and royalty payable
|
|
$
|
2.7
|
|
|
$
|
2.4
|
|
|
$
|
6.8
|
|
|
$
|
12.8
|
|
|
|
Management's Discussion and Analysis
|
|
|
Management's Discussion and Analysis
|
|
|
Management's Discussion and Analysis
|
|
|
Carrying amount
|
|
Contractual cash flows
|
|
< 1 year
|
|
1 - 3 years
|
|
4-5 years
|
|
> 5 years
|
||||||||||||
Accounts payable and accrued liabilities
|
|
$
|
88.2
|
|
|
$
|
88.2
|
|
|
$
|
88.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt, principal, (1)
|
|
47.0
|
|
|
47.0
|
|
|
2.7
|
|
|
32.1
|
|
|
12.1
|
|
|
—
|
|
||||||
Long-term debt, interest (1)
|
|
—
|
|
|
10.1
|
|
|
2.7
|
|
|
6.7
|
|
|
0.7
|
|
|
—
|
|
||||||
Long-term royalty payable (2)
|
|
20.2
|
|
|
32.8
|
|
|
6.2
|
|
|
13.3
|
|
|
6.5
|
|
|
6.8
|
|
||||||
Operating lease commitments
|
|
—
|
|
|
10.7
|
|
|
4.6
|
|
|
4.6
|
|
|
1.4
|
|
|
0.1
|
|
||||||
|
|
$
|
155.4
|
|
|
$
|
188.8
|
|
|
$
|
104.4
|
|
|
$
|
56.7
|
|
|
$
|
20.7
|
|
|
$
|
6.9
|
|
|
|
September 30, 2018
|
|
|
November 5, 2018
|
|
|
|
Number of shares
|
|
|
Number of shares
|
|
|
|
|
|
|
|
|
Common Shares outstanding
|
|
132,942,884
|
|
|
132,942,884
|
|
Share Units
|
|
|
|
|
|
|
Outstanding
|
|
2,591,751
|
|
|
2,591,751
|
|
Exercisable
|
|
2,316,665
|
|
|
2,316,665
|
|
|
|
Management's Discussion and Analysis
|
|
|
Management's Discussion and Analysis
|
Three months ended (1)
|
|
31-Dec-16
|
|
31-Mar-17
|
|
30-Jun-17
|
|
30-Sep-17
|
|
31-Dec-17
|
|
31-Mar-18
|
|
30-Jun-18
|
|
30-Sep-18
|
||||||||||||||||
(expressed in millions of United States dollars except for per share amounts)
|
|
|
|
|
|
(1)
|
|
|
|
(2)
|
|
|
|
|
|
(3)
|
||||||||||||||||
Total revenue
|
|
$
|
54.5
|
|
|
$
|
57.3
|
|
|
$
|
58.6
|
|
|
$
|
56.4
|
|
|
$
|
57.5
|
|
|
$
|
63.8
|
|
|
$
|
80.5
|
|
|
$
|
65.5
|
|
Cost of product and parts revenue
|
|
$
|
42.9
|
|
|
$
|
39.9
|
|
|
$
|
43.4
|
|
|
$
|
42.7
|
|
|
$
|
43.5
|
|
|
$
|
49.2
|
|
|
$
|
58.8
|
|
|
$
|
49.9
|
|
Gross margin
|
|
$
|
11.6
|
|
|
$
|
17.4
|
|
|
$
|
15.2
|
|
|
$
|
13.7
|
|
|
$
|
14.0
|
|
|
$
|
14.6
|
|
|
$
|
21.7
|
|
|
$
|
15.6
|
|
Gross margin percentage
|
|
21.3
|
%
|
|
30.4
|
%
|
|
25.9
|
%
|
|
24.3
|
%
|
|
24.3
|
%
|
|
22.9
|
%
|
|
27.0
|
%
|
|
23.8
|
%
|
||||||||
Net income (loss) from continuing operations
|
|
$
|
(45.5
|
)
|
|
$
|
(12.5
|
)
|
|
$
|
(13.4
|
)
|
|
$
|
(16.2
|
)
|
|
$
|
(20.8
|
)
|
|
$
|
(12.6
|
)
|
|
$
|
(5.7
|
)
|
|
$
|
(12.1
|
)
|
Net income (loss)
|
|
$
|
(43.2
|
)
|
|
$
|
(12.5
|
)
|
|
$
|
32.3
|
|
|
$
|
(15.6
|
)
|
|
$
|
(14.2
|
)
|
|
$
|
(14.2
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
(3.2
|
)
|
EBITDA (4)
|
|
$
|
(34.2
|
)
|
|
$
|
(6.3
|
)
|
|
$
|
(7.5
|
)
|
|
$
|
(11.1
|
)
|
|
$
|
(14.3
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
0.2
|
|
|
$
|
(3.0
|
)
|
Adjusted EBITDA (5)
|
|
$
|
(11.7
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
(5.3
|
)
|
|
$
|
(5.7
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
8.6
|
|
|
$
|
4.3
|
|
CWI net income attributable to the Company (2)
|
|
$
|
0.8
|
|
|
$
|
1.8
|
|
|
$
|
5.3
|
|
|
$
|
5.8
|
|
|
$
|
(0.4
|
)
|
|
$
|
1.5
|
|
|
$
|
7.8
|
|
|
$
|
7.7
|
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic and diluted
|
|
$
|
(0.43
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
0.29
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.02
|
)
|
|
|
Management's Discussion and Analysis
|
Three months ended
|
|
31-Dec-16
|
|
|
31-Mar-17
|
|
|
30-Jun-17
|
|
|
30-Sep-17
|
|
|
31-Dec-17
|
|
|
31-Mar-18
|
|
|
30-Jun-18
|
|
|
30-Sep-18
|
|
||||||||
Income (loss) before income taxes from continuing operations
|
|
$
|
(41.9
|
)
|
|
$
|
(13.3
|
)
|
|
$
|
(17.3
|
)
|
|
$
|
(15.8
|
)
|
|
$
|
(20.7
|
)
|
|
$
|
(11.7
|
)
|
|
$
|
(5.6
|
)
|
|
$
|
(9.5
|
)
|
Interest expense, net (1)
|
|
4.3
|
|
|
3.4
|
|
|
6.3
|
|
|
0.9
|
|
|
2.5
|
|
|
2.1
|
|
|
1.7
|
|
|
2.3
|
|
||||||||
Depreciation and amortization
|
|
3.4
|
|
|
3.6
|
|
|
3.5
|
|
|
3.8
|
|
|
3.9
|
|
|
4.2
|
|
|
4.1
|
|
|
4.2
|
|
||||||||
EBITDA
|
|
$
|
(34.2
|
)
|
|
$
|
(6.3
|
)
|
|
$
|
(7.5
|
)
|
|
$
|
(11.1
|
)
|
|
$
|
(14.3
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
0.2
|
|
|
$
|
(3.0
|
)
|
|
|
Management's Discussion and Analysis
|
Three months ended
|
31-Dec-16
|
|
|
31-Mar-17
|
|
|
30-Jun-17
|
|
|
30-Sep-17
|
|
|
31-Dec-17
|
|
|
31-Mar-18
|
|
|
30-Jun-18
|
|
|
30-Sep-18
|
|
||||||||
EBITDA
|
$
|
(34.2
|
)
|
|
$
|
(6.3
|
)
|
|
$
|
(7.5
|
)
|
|
$
|
(11.1
|
)
|
|
$
|
(14.3
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
0.2
|
|
|
$
|
(3.0
|
)
|
Stock based compensation
|
1.2
|
|
|
1.1
|
|
|
3.1
|
|
|
2.1
|
|
|
0.7
|
|
|
0.3
|
|
|
1.4
|
|
|
0.6
|
|
||||||||
Unrealized foreign exchange (gain) loss
|
8.1
|
|
|
(1.6
|
)
|
|
1.0
|
|
|
2.5
|
|
|
(1.3
|
)
|
|
—
|
|
|
5.2
|
|
|
2.2
|
|
||||||||
Asset impairment
|
2.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Inventory impairment from product line closure
|
1.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Bargain purchase gain
|
7.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
(Gain) loss on sale of investments
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restructuring, termination and other exit costs
|
1.5
|
|
|
1.6
|
|
|
(1.6
|
)
|
|
(0.1
|
)
|
|
1.8
|
|
|
0.6
|
|
|
0.2
|
|
|
—
|
|
||||||||
CWI US tax adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Legal costs associated with SEC investigation
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
0.9
|
|
|
0.9
|
|
|
2.5
|
|
|
3.5
|
|
||||||||
Other
|
0.9
|
|
|
1.3
|
|
|
(0.3
|
)
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
(0.9
|
)
|
|
1.0
|
|
||||||||
Adjusted EBITDA
|
$
|
(11.7
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
(5.3
|
)
|
|
$
|
(5.7
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
8.6
|
|
|
$
|
4.3
|
|
WESTPORT FUEL SYSTEMS INC.
|
Condensed Consolidated Interim Balance Sheets (unaudited)
|
(Expressed in thousands of United States dollars, except share amounts)
|
September 30, 2018 and December 31, 2017
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||
|
|
|
|
(Adjusted, note 5)
|
|
|||
Assets
|
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents (including $2,536 restricted cash, note 12(a))
|
|
$
|
54,243
|
|
|
$
|
71,842
|
|
Accounts receivable (note 6)
|
|
63,005
|
|
|
61,900
|
|
||
Inventories (note 7)
|
|
47,165
|
|
|
45,737
|
|
||
Prepaid expenses
|
|
5,958
|
|
|
4,726
|
|
||
Current assets held for sale (note 5)
|
|
3,042
|
|
|
16,992
|
|
||
Total current assets
|
|
173,413
|
|
|
201,197
|
|
||
Long-term investments (note 8)
|
|
11,230
|
|
|
9,302
|
|
||
Property, plant and equipment (note 9)
|
|
65,563
|
|
|
69,804
|
|
||
Intangible assets (note 10)
|
|
17,876
|
|
|
20,943
|
|
||
Deferred income tax assets
|
|
745
|
|
|
1,848
|
|
||
Goodwill
|
|
3,214
|
|
|
3,324
|
|
||
Other long-term assets
|
|
4,551
|
|
|
7,204
|
|
||
Total assets
|
|
$
|
276,592
|
|
|
$
|
313,622
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Accounts payable and accrued liabilities (note 11)
|
|
$
|
88,163
|
|
|
$
|
86,225
|
|
Current portion of long-term debt (note 12)
|
|
7,448
|
|
|
8,993
|
|
||
Current portion of long-term royalty payable (note 13)
|
|
6,166
|
|
|
2,390
|
|
||
Current portion of warranty liability (note 14)
|
|
3,004
|
|
|
3,529
|
|
||
Current liabilities held for sale (note 5)
|
|
6,784
|
|
|
19,141
|
|
||
Total current liabilities
|
|
111,565
|
|
|
120,278
|
|
||
Long-term debt (note 12)
|
|
39,512
|
|
|
45,429
|
|
||
Long-term royalty payable (note 13)
|
|
14,045
|
|
|
16,641
|
|
||
Warranty liability (note 14)
|
|
2,662
|
|
|
2,772
|
|
||
Deferred income tax liabilities
|
|
3,929
|
|
|
4,616
|
|
||
Other long-term liabilities
|
|
5,689
|
|
|
5,854
|
|
||
Total liabilities
|
|
177,402
|
|
|
195,590
|
|
||
Shareholders’ equity:
|
|
|
|
|
|
|
||
Share capital (Unlimited common and preferred shares, no par value)(note 15):
|
|
|
|
|
|
|
||
132,942,884 (2017 - 131,279,709) common shares
|
|
1,085,575
|
|
|
1,078,280
|
|
||
Other equity instruments
|
|
13,662
|
|
|
16,247
|
|
||
Additional paid in capital
|
|
10,079
|
|
|
10,079
|
|
||
Accumulated deficit
|
|
(989,157
|
)
|
|
(966,869
|
)
|
||
Accumulated other comprehensive loss
|
|
(20,969
|
)
|
|
(19,705
|
)
|
||
Total shareholders' equity
|
|
99,190
|
|
|
118,032
|
|
||
Total liabilities and shareholders' equity
|
|
$
|
276,592
|
|
|
$
|
313,622
|
|
Commitments and contingencies (note 17)
|
|
|
|
|
|
|
Approved on behalf of the Board:
|
Brenda J. Eprile
|
Director
|
Colin Johnston
|
|
Director
|
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, 2018 and 2017
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
|
|
|
|
(Adjusted, note 5)
|
|
|
|
|
(Adjusted, note 5)
|
|
||||||
Product revenue
|
|
$
|
65,413
|
|
|
$
|
55,768
|
|
|
$
|
208,291
|
|
|
$
|
166,776
|
|
Service and other revenue
|
|
111
|
|
|
643
|
|
|
1,554
|
|
|
5,551
|
|
||||
|
|
65,524
|
|
|
56,411
|
|
|
209,845
|
|
|
172,327
|
|
||||
Cost of revenue and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of product revenue
|
|
49,918
|
|
|
42,747
|
|
|
157,859
|
|
|
126,050
|
|
||||
Research and development
|
|
7,817
|
|
|
12,765
|
|
|
23,841
|
|
|
38,542
|
|
||||
General and administrative
|
|
14,767
|
|
|
11,384
|
|
|
39,304
|
|
|
33,881
|
|
||||
Sales and marketing
|
|
3,605
|
|
|
4,428
|
|
|
11,514
|
|
|
12,614
|
|
||||
Restructuring costs (recoveries)
|
|
—
|
|
|
(162
|
)
|
|
808
|
|
|
(133
|
)
|
||||
Foreign exchange loss
|
|
2,223
|
|
|
2,548
|
|
|
7,422
|
|
|
1,981
|
|
||||
Depreciation and amortization
|
|
2,133
|
|
|
2,572
|
|
|
6,707
|
|
|
7,322
|
|
||||
Loss on sale of investment and assets
|
|
36
|
|
|
706
|
|
|
95
|
|
|
639
|
|
||||
|
|
80,499
|
|
|
76,988
|
|
|
247,550
|
|
|
220,896
|
|
||||
Loss from operations
|
|
(14,975
|
)
|
|
(20,577
|
)
|
|
(37,705
|
)
|
|
(48,569
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income from investments accounted for by the equity method
|
|
7,696
|
|
|
5,755
|
|
|
16,960
|
|
|
12,798
|
|
||||
Interest on long-term debt and amortization of discount
|
|
(2,697
|
)
|
|
(2,377
|
)
|
|
(6,818
|
)
|
|
(12,822
|
)
|
||||
Other income
|
|
442
|
|
|
1,417
|
|
|
744
|
|
|
2,190
|
|
||||
Loss before income taxes
|
|
(9,534
|
)
|
|
(15,782
|
)
|
|
(26,819
|
)
|
|
(46,403
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax expense (recovery)
|
|
2,566
|
|
|
459
|
|
|
3,569
|
|
|
(4,292
|
)
|
||||
Net loss from continuing operations
|
|
(12,100
|
)
|
|
(16,241
|
)
|
|
(30,388
|
)
|
|
(42,111
|
)
|
||||
Net income from discontinued operations (note 5)
|
|
8,971
|
|
|
602
|
|
|
8,100
|
|
|
46,222
|
|
||||
Net income (loss) for the period
|
|
(3,129
|
)
|
|
(15,639
|
)
|
|
(22,288
|
)
|
|
4,111
|
|
||||
Cumulative translation adjustment
|
|
1,612
|
|
|
6,365
|
|
|
(1,264
|
)
|
|
15,334
|
|
||||
Comprehensive income (loss)
|
|
$
|
(1,517
|
)
|
|
$
|
(9,274
|
)
|
|
$
|
(23,552
|
)
|
|
$
|
19,445
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
From continuing operations - basic and diluted
|
|
$
|
(0.09
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.38
|
)
|
From discontinued operations - basic and diluted
|
|
0.07
|
|
|
0.01
|
|
|
0.06
|
|
|
0.42
|
|
||||
Net income (loss) - basic and diluted
|
|
$
|
(0.02
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
0.04
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic and diluted
|
|
132,178,685
|
|
|
110,462,019
|
|
|
132,128,066
|
|
|
110,317,330
|
|
WESTPORT FUEL SYSTEMS INC.
|
Condensed Consolidated Interim Statements of Shareholders’ Equity (unaudited)
|
(Expressed in thousands of United States dollars, except share amounts)
|
Nine months ended September 30, 2018 and 2017
|
|
|
Common Shares Outstanding
|
|
|
Share capital
|
|
|
Other equity instruments
|
|
|
Additional paid in capital
|
|
|
Accumulated deficit
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
Total shareholders' equity
|
|
||||||
January 1, 2017
|
|
110,109,092
|
|
|
$
|
1,042,410
|
|
|
$
|
20,926
|
|
|
$
|
10,079
|
|
|
$
|
(956,890
|
)
|
|
$
|
(31,087
|
)
|
|
$
|
85,438
|
|
Issue of common shares on exercise of share units
|
|
1,380,719
|
|
|
6,740
|
|
|
(6,740
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issue of common shares on public offering, net of costs incurred
|
|
19,125,000
|
|
|
25,953
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,953
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
4,642
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,642
|
|
||||||
Net income for the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,111
|
|
|
—
|
|
|
4,111
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,334
|
|
|
15,334
|
|
||||||
September 30, 2017
|
|
130,614,811
|
|
|
$
|
1,075,103
|
|
|
$
|
18,828
|
|
|
$
|
10,079
|
|
|
$
|
(952,779
|
)
|
|
$
|
(15,753
|
)
|
|
$
|
135,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
January 1, 2018
|
|
131,279,709
|
|
|
$
|
1,078,280
|
|
|
$
|
16,247
|
|
|
$
|
10,079
|
|
|
$
|
(966,869
|
)
|
|
$
|
(19,705
|
)
|
|
$
|
118,032
|
|
Issue of common shares on exercise of share units
|
|
1,663,175
|
|
|
7,295
|
|
|
(7,295
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
4,710
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,710
|
|
||||||
Net loss for the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,288
|
)
|
|
—
|
|
|
(22,288
|
)
|
||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,264
|
)
|
|
(1,264
|
)
|
||||||
September 30, 2018
|
|
132,942,884
|
|
|
$
|
1,085,575
|
|
|
$
|
13,662
|
|
|
$
|
10,079
|
|
|
$
|
(989,157
|
)
|
|
$
|
(20,969
|
)
|
|
$
|
99,190
|
|
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, 2018 and 2017
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
|
|
|
|
(Adjusted, note 5)
|
|
|
|
|
(Adjusted, note 5)
|
|
||||||
Cash flows from (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|||||||
Net loss for the period from continuing operations
|
|
$
|
(12,100
|
)
|
|
$
|
(16,241
|
)
|
|
$
|
(30,388
|
)
|
|
$
|
(42,111
|
)
|
Items not involving cash:
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
4,207
|
|
|
3,865
|
|
|
12,527
|
|
|
11,000
|
|
||||
Stock-based compensation expense
|
|
605
|
|
|
2,120
|
|
|
2,263
|
|
|
6,288
|
|
||||
Unrealized foreign exchange loss
|
|
2,223
|
|
|
2,547
|
|
|
7,422
|
|
|
1,980
|
|
||||
Deferred income tax
|
|
192
|
|
|
806
|
|
|
93
|
|
|
(1,242
|
)
|
||||
Income from investments accounted for by the equity method
|
|
(7,696
|
)
|
|
(5,755
|
)
|
|
(16,960
|
)
|
|
(12,798
|
)
|
||||
Accretion of long-term debt
|
|
1,141
|
|
|
1,047
|
|
|
5,262
|
|
|
7,069
|
|
||||
Inventory write-downs to net realizable value
|
|
—
|
|
|
590
|
|
|
162
|
|
|
866
|
|
||||
Change in fair value of derivatives and bad debts expense
|
|
—
|
|
|
1,184
|
|
|
685
|
|
|
1,184
|
|
||||
Loss on sale of asset or investments
|
|
36
|
|
|
706
|
|
|
95
|
|
|
639
|
|
||||
Restructuring obligations
|
|
(188
|
)
|
|
(6,325
|
)
|
|
(3,775
|
)
|
|
(10,993
|
)
|
||||
Changes in non-cash operating working capital:
|
|
|
|
|
|
|
|
|
||||||||
Accounts receivable
|
|
5,419
|
|
|
4,919
|
|
|
(2,623
|
)
|
|
(2,531
|
)
|
||||
Inventories
|
|
(2,619
|
)
|
|
1,829
|
|
|
(2,592
|
)
|
|
(2,129
|
)
|
||||
Prepaid and other assets
|
|
949
|
|
|
93
|
|
|
(461
|
)
|
|
(523
|
)
|
||||
Accounts payable and accrued liabilities
|
|
(5,555
|
)
|
|
(3,876
|
)
|
|
2,143
|
|
|
4,329
|
|
||||
Deferred revenue
|
|
767
|
|
|
(445
|
)
|
|
843
|
|
|
(1,440
|
)
|
||||
Warranty liability
|
|
358
|
|
|
(1,616
|
)
|
|
623
|
|
|
(3,191
|
)
|
||||
Net cash used in operating activities of continuing operations
|
|
(12,261
|
)
|
|
(14,552
|
)
|
|
(24,681
|
)
|
|
(43,603
|
)
|
||||
Net cash from (used in) operating activities of discontinued operations
|
|
143
|
|
|
(239
|
)
|
|
(2,731
|
)
|
|
(4,134
|
)
|
||||
Cash flows from (used in) investing activities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchase of property, plant and equipment and other assets
|
|
(1,914
|
)
|
|
(3,810
|
)
|
|
(7,247
|
)
|
|
(17,207
|
)
|
||||
Sale of short-term investments, net
|
|
1
|
|
|
5
|
|
|
1
|
|
|
371
|
|
||||
Proceeds on sale of investments and assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
||||
Dividends received from joint ventures
|
|
7,746
|
|
|
5,323
|
|
|
15,017
|
|
|
10,856
|
|
||||
Proceeds received from holdback (see note 5)
|
|
—
|
|
|
—
|
|
|
3,600
|
|
|
—
|
|
||||
Net cash from (used in) investing activities of continuing operations
|
|
5,833
|
|
|
1,518
|
|
|
11,371
|
|
|
(5,913
|
)
|
||||
Net cash from investing activities of discontinued operations
|
|
14,050
|
|
|
—
|
|
|
14,050
|
|
|
77,148
|
|
||||
Cash flows from (used in) financing activities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Repayment of operating lines of credit and long term facilities
|
|
(3,431
|
)
|
|
(49,342
|
)
|
|
(11,620
|
)
|
|
(67,062
|
)
|
||||
Drawings on operating lines of credit
|
|
—
|
|
|
3,618
|
|
|
4,352
|
|
|
19,440
|
|
||||
Repayment of royalty payable
|
|
—
|
|
|
(1,303
|
)
|
|
(2,504
|
)
|
|
(10,953
|
)
|
||||
Issuance of common shares
|
|
—
|
|
|
25,953
|
|
|
—
|
|
|
25,953
|
|
||||
Net cash used in financing activities
|
|
(3,431
|
)
|
|
(21,074
|
)
|
|
(9,772
|
)
|
|
(32,622
|
)
|
||||
Effect of foreign exchange on cash and cash equivalents
|
|
(1,278
|
)
|
|
(2,435
|
)
|
|
(5,836
|
)
|
|
(320
|
)
|
||||
Increase (decrease) in cash and cash equivalents
|
|
3,056
|
|
|
(36,782
|
)
|
|
(17,599
|
)
|
|
(9,444
|
)
|
||||
Cash and cash equivalents, beginning of period
|
|
51,187
|
|
|
87,395
|
|
|
71,842
|
|
|
60,057
|
|
||||
Cash and cash equivalents (including $2,536 restricted cash, note 12(a)), end of period
|
|
$
|
54,243
|
|
|
$
|
50,613
|
|
|
$
|
54,243
|
|
|
$
|
50,613
|
|
WESTPORT FUEL SYSTEMS INC.
|
Condensed Consolidated Statements of Cash Flows (unaudited)
|
(Expressed in thousands of United States dollars)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
2018
|
|
|
2017
|
|
||||
Supplementary information:
|
|
|
|
|
|
|
|
|
|
||||||
Interest paid
|
|
$
|
504
|
|
|
$
|
1,939
|
|
$
|
2,977
|
|
|
$
|
4,164
|
|
Taxes paid, net of refunds
|
|
—
|
|
|
—
|
|
27
|
|
|
—
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
Period ended
|
|
Average for the three months ended
|
|
Average for the nine months ended
|
||||||||||||
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
|
September 30, 2018
|
|
|
September 30, 2017
|
|
|
September 30, 2018
|
|
|
September 30, 2017
|
|
Canadian dollar
|
|
0.77
|
|
|
0.80
|
|
|
0.77
|
|
|
0.80
|
|
|
0.78
|
|
|
0.77
|
|
Australian dollar
|
|
0.72
|
|
|
0.78
|
|
|
0.73
|
|
|
0.79
|
|
|
0.76
|
|
|
0.77
|
|
Euro
|
|
1.16
|
|
|
1.20
|
|
|
1.16
|
|
|
1.18
|
|
|
1.19
|
|
|
1.11
|
|
Argentina Peso
|
|
0.02
|
|
|
0.06
|
|
|
0.03
|
|
|
0.06
|
|
|
0.04
|
|
|
0.06
|
|
RMB
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
Swedish Krona
|
|
0.11
|
|
|
0.12
|
|
|
0.11
|
|
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
Indian Rupee
|
|
0.0138
|
|
|
0.0157
|
|
|
0.0142
|
|
|
0.0156
|
|
|
0.0149
|
|
|
0.0153
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||
|
|
|
|
|
||||
Cash
|
|
$
|
—
|
|
|
$
|
5,924
|
|
Accounts receivable
|
|
3,042
|
|
|
5,267
|
|
||
Inventories
|
|
—
|
|
|
5,006
|
|
||
Property, plant, and equipment
|
|
—
|
|
|
795
|
|
||
Total assets classified as held for sale
|
|
$
|
3,042
|
|
|
$
|
16,992
|
|
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
|
$
|
1,377
|
|
|
$
|
12,597
|
|
Restructuring obligations
|
|
667
|
|
|
—
|
|
||
Income taxes payable
|
|
3,448
|
|
|
3,448
|
|
||
Other current liabilities
|
|
—
|
|
|
1,462
|
|
||
Deferred income tax liabilities and other liabilities
|
|
1,292
|
|
|
1,634
|
|
||
Total liabilities classified as held for sale
|
|
$
|
6,784
|
|
|
$
|
19,141
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
Product and service revenue
|
|
$
|
1,238
|
|
|
$
|
5,380
|
|
|
$
|
8,849
|
|
|
$
|
39,569
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of product revenue
|
|
1,274
|
|
|
3,187
|
|
|
7,514
|
|
|
29,947
|
|
||||
Research and development
|
|
77
|
|
|
296
|
|
|
603
|
|
|
2,768
|
|
||||
General and administrative
|
|
37
|
|
|
1,373
|
|
|
850
|
|
|
4,039
|
|
||||
Sales and marketing
|
|
209
|
|
|
445
|
|
|
644
|
|
|
2,407
|
|
||||
|
|
1,597
|
|
|
5,301
|
|
|
9,611
|
|
|
39,161
|
|
||||
Operating income (loss) from discontinued operations
|
|
(359
|
)
|
|
79
|
|
|
(762
|
)
|
|
408
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Restructuring cost (recovery) and other expenses
|
|
—
|
|
|
(480
|
)
|
|
1,268
|
|
|
133
|
|
||||
Gain on sale of assets
|
|
(9,910
|
)
|
|
—
|
|
|
(10,710
|
)
|
|
(54,884
|
)
|
||||
Income from discontinued operations before income tax
|
|
9,551
|
|
|
559
|
|
|
8,680
|
|
|
55,159
|
|
||||
Income tax expense
|
|
580
|
|
|
(43
|
)
|
|
580
|
|
|
8,937
|
|
||||
Net income from discontinued operations
|
|
$
|
8,971
|
|
|
$
|
602
|
|
|
$
|
8,100
|
|
|
$
|
46,222
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Customer trade receivables
|
|
$
|
55,967
|
|
|
$
|
51,719
|
|
Holdback receivables
|
|
3,125
|
|
|
6,750
|
|
||
Other receivables
|
|
5,315
|
|
|
4,337
|
|
||
Income tax receivable
|
|
957
|
|
|
1,232
|
|
||
Due from related parties (note 8(a))
|
|
204
|
|
|
156
|
|
||
Allowance for doubtful accounts
|
|
(2,563
|
)
|
|
(2,294
|
)
|
||
|
|
$
|
63,005
|
|
|
$
|
61,900
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Purchased parts
|
|
$
|
31,956
|
|
|
$
|
32,352
|
|
Work-in-process
|
|
2,317
|
|
|
2,187
|
|
||
Finished goods
|
|
12,213
|
|
|
10,505
|
|
||
Inventory on consignment
|
|
679
|
|
|
693
|
|
||
|
|
$
|
47,165
|
|
|
$
|
45,737
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Cummins Westport Inc. (a)
|
|
$
|
8,761
|
|
|
$
|
6,799
|
|
Weichai Westport Inc. (b)
|
|
1,823
|
|
|
1,824
|
|
||
Other equity-accounted investees
|
|
646
|
|
|
679
|
|
||
|
|
$
|
11,230
|
|
|
$
|
9,302
|
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and short-term investments
|
|
$
|
88,397
|
|
|
$
|
91,720
|
|
Accounts receivable
|
|
2,399
|
|
|
10,925
|
|
||
|
|
90,796
|
|
|
102,645
|
|
||
Long-term assets:
|
|
|
|
|
||||
Property, plant and equipment
|
|
1,026
|
|
|
1,245
|
|
||
Deferred income tax assets
|
|
24,246
|
|
|
28,096
|
|
||
|
|
25,272
|
|
|
29,341
|
|
||
Total assets
|
|
$
|
116,068
|
|
|
$
|
131,986
|
|
Current liabilities:
|
|
|
|
|
||||
Current portion of warranty liability
|
|
$
|
19,330
|
|
|
$
|
25,866
|
|
Current portion of deferred revenue
|
|
21,839
|
|
|
22,157
|
|
||
Accounts payable and accrued liabilities
|
|
8,379
|
|
|
12,603
|
|
||
|
|
49,548
|
|
|
60,626
|
|
||
Long-term liabilities:
|
|
|
|
|
||||
Warranty liability
|
|
16,254
|
|
|
16,253
|
|
||
Deferred revenue
|
|
29,747
|
|
|
38,321
|
|
||
Other long-term liabilities
|
|
2,985
|
|
|
3,175
|
|
||
|
|
48,986
|
|
|
57,749
|
|
||
Total liabilities
|
|
$
|
98,534
|
|
|
$
|
118,375
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
|
|
|
|
|
||||||||||
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
Product revenue
|
|
$
|
63,125
|
|
|
$
|
54,658
|
|
|
$
|
157,583
|
|
|
$
|
165,163
|
|
Parts revenue
|
|
23,054
|
|
|
20,816
|
|
|
67,717
|
|
|
60,548
|
|
||||
|
|
86,179
|
|
|
75,474
|
|
|
225,300
|
|
|
225,711
|
|
||||
Cost of revenue and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of product and parts revenue
|
|
58,864
|
|
|
47,647
|
|
|
155,258
|
|
|
147,540
|
|
||||
Research and development
|
|
4,184
|
|
|
7,555
|
|
|
14,665
|
|
|
25,443
|
|
||||
General and administrative
|
|
496
|
|
|
199
|
|
|
1,189
|
|
|
845
|
|
||||
Sales and marketing
|
|
1,977
|
|
|
5,060
|
|
|
9,919
|
|
|
15,284
|
|
||||
Foreign exchange loss
|
|
—
|
|
|
4
|
|
|
12
|
|
|
17
|
|
||||
Bank charges, interest and other
|
|
184
|
|
|
152
|
|
|
549
|
|
|
458
|
|
||||
|
|
65,705
|
|
|
60,617
|
|
|
181,592
|
|
|
189,587
|
|
||||
Income from operations
|
|
20,474
|
|
|
14,857
|
|
|
43,708
|
|
|
36,124
|
|
||||
Interest and investment income
|
|
484
|
|
|
298
|
|
|
1,259
|
|
|
700
|
|
||||
Income before income taxes
|
|
20,958
|
|
|
15,155
|
|
|
44,967
|
|
|
36,824
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense
|
|
5,547
|
|
|
3,602
|
|
|
11,011
|
|
|
11,157
|
|
||||
Net income
|
|
$
|
15,411
|
|
|
$
|
11,553
|
|
|
$
|
33,956
|
|
|
$
|
25,667
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
|
|
|
Accumulated
|
|
|
Net book
|
|
|||
September 30, 2018
|
|
Cost
|
|
|
depreciation
|
|
|
value
|
|
|||
Land and buildings
|
|
$
|
4,817
|
|
|
$
|
1,462
|
|
|
$
|
3,355
|
|
Computer equipment and software
|
|
8,266
|
|
|
7,484
|
|
|
782
|
|
|||
Furniture and fixtures
|
|
4,116
|
|
|
3,598
|
|
|
518
|
|
|||
Machinery and equipment
|
|
90,829
|
|
|
34,938
|
|
|
55,891
|
|
|||
Leasehold improvements
|
|
12,156
|
|
|
7,139
|
|
|
5,017
|
|
|||
|
|
$
|
120,184
|
|
|
$
|
54,621
|
|
|
$
|
65,563
|
|
|
|
|
|
|
Accumulated
|
|
|
Net book
|
|
|||
December 31, 2017
|
|
Cost
|
|
|
depreciation
|
|
|
value
|
|
|||
Land and buildings
|
|
$
|
4,947
|
|
|
$
|
1,412
|
|
|
$
|
3,535
|
|
Computer equipment and software
|
|
7,742
|
|
|
7,438
|
|
|
304
|
|
|||
Furniture and fixtures
|
|
5,322
|
|
|
3,585
|
|
|
1,737
|
|
|||
Machinery and equipment
|
|
90,570
|
|
|
33,007
|
|
|
57,563
|
|
|||
Leasehold improvements
|
|
14,261
|
|
|
7,596
|
|
|
6,665
|
|
|||
|
|
$
|
122,842
|
|
|
$
|
53,038
|
|
|
$
|
69,804
|
|
|
|
|
|
Accumulated
|
|
|
Net book
|
|
||||
September 30, 2018
|
|
Cost
|
|
|
amortization
|
|
|
value
|
|
|||
Brands, patents and trademarks
|
|
$
|
21,442
|
|
|
$
|
7,780
|
|
|
$
|
13,662
|
|
Technology
|
|
5,222
|
|
|
4,304
|
|
|
918
|
|
|||
Customer contracts
|
|
12,537
|
|
|
9,246
|
|
|
3,291
|
|
|||
Other intangibles
|
|
339
|
|
|
334
|
|
|
5
|
|
|||
Total
|
|
$
|
39,540
|
|
|
$
|
21,664
|
|
|
$
|
17,876
|
|
|
|
|
|
Accumulated
|
|
|
Net book
|
|
||||
December 31, 2017
|
|
Cost
|
|
|
amortization
|
|
|
value
|
|
|||
Brands, patents and trademarks
|
|
$
|
22,031
|
|
|
$
|
6,995
|
|
|
$
|
15,036
|
|
Technology
|
|
5,400
|
|
|
4,059
|
|
|
1,341
|
|
|||
Customer contracts
|
|
12,964
|
|
|
8,404
|
|
|
4,560
|
|
|||
Other intangibles
|
|
351
|
|
|
345
|
|
|
6
|
|
|||
Total
|
|
$
|
40,746
|
|
|
$
|
19,803
|
|
|
$
|
20,943
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||
Trade accounts payable
|
|
$
|
62,228
|
|
|
$
|
56,309
|
|
Accrued payroll
|
|
14,239
|
|
|
16,292
|
|
||
Taxes payable
|
|
4,170
|
|
|
511
|
|
||
Deferred revenue
|
|
859
|
|
|
1,398
|
|
||
Restructuring obligation
|
|
—
|
|
|
2,969
|
|
||
Accrued interest
|
|
1,171
|
|
|
1,567
|
|
||
Other payables
|
|
5,496
|
|
|
7,179
|
|
||
|
|
$
|
88,163
|
|
|
$
|
86,225
|
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||
Term loan facility, net of debt issuance costs (a)
|
|
$
|
17,400
|
|
|
$
|
18,987
|
|
Senior financing (b)
|
|
9,674
|
|
|
10,901
|
|
||
Convertible debt (c)
|
|
17,371
|
|
|
17,335
|
|
||
Other bank financing (d)
|
|
1,695
|
|
|
6,562
|
|
||
Capital lease obligations (e)
|
|
820
|
|
|
637
|
|
||
Balance, end of period
|
|
46,960
|
|
|
54,422
|
|
||
Current portion
|
|
(7,448
|
)
|
|
(8,993
|
)
|
||
Long-term portion
|
|
$
|
39,512
|
|
|
$
|
45,429
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
Term loan facility
|
|
Senior financing
|
|
Convertible debt
|
|
Other bank financing
|
|
Capital lease obligations
|
|
Total
|
||||||||||||
Remainder of 2018
|
|
$
|
437
|
|
|
$
|
1,845
|
|
|
$
|
—
|
|
|
$
|
303
|
|
|
$
|
246
|
|
|
$
|
2,831
|
|
2019
|
|
3,747
|
|
|
1,971
|
|
|
—
|
|
|
348
|
|
|
223
|
|
|
6,289
|
|
||||||
2020
|
|
5,747
|
|
|
2,161
|
|
|
—
|
|
|
348
|
|
|
199
|
|
|
8,455
|
|
||||||
2021
|
|
7,469
|
|
|
2,421
|
|
|
17,371
|
|
|
348
|
|
|
152
|
|
|
27,761
|
|
||||||
2022 and thereafter
|
|
—
|
|
|
1,276
|
|
|
—
|
|
|
348
|
|
|
—
|
|
|
1,624
|
|
||||||
|
|
$
|
17,400
|
|
|
$
|
9,674
|
|
|
$
|
17,371
|
|
|
$
|
1,695
|
|
|
$
|
820
|
|
|
$
|
46,960
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||
Balance, beginning of period
|
|
$
|
19,031
|
|
|
$
|
21,562
|
|
Accretion expense
|
|
3,052
|
|
|
3,168
|
|
||
Repayment
|
|
(2,504
|
)
|
|
(10,935
|
)
|
||
Prepayment finance charge
|
|
632
|
|
|
5,236
|
|
||
Balance, end of period
|
|
20,211
|
|
|
19,031
|
|
||
Current portion
|
|
(6,166
|
)
|
|
(2,390
|
)
|
||
Long-term portion
|
|
$
|
14,045
|
|
|
$
|
16,641
|
|
|
|
|
|
|
||
2019
|
|
|
|
$
|
6,166
|
|
2020
|
|
|
|
6,002
|
|
|
2021
|
|
|
|
7,333
|
|
|
2022
|
|
|
|
5,344
|
|
|
2023
|
|
|
|
1,162
|
|
|
2024 and thereafter
|
|
|
|
6,758
|
|
|
|
|
|
|
$
|
32,765
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
Balance, beginning of period
|
|
$
|
5,666
|
|
|
$
|
9,367
|
|
|
$
|
6,570
|
|
|
$
|
11,598
|
|
Warranty claims paid
|
|
(614
|
)
|
|
(236
|
)
|
|
(1,997
|
)
|
|
(1,336
|
)
|
||||
Warranty accruals
|
|
592
|
|
|
190
|
|
|
1,604
|
|
|
570
|
|
||||
Change in estimate
|
|
145
|
|
|
(698
|
)
|
|
(1,121
|
)
|
|
(1,815
|
)
|
||||
Impact of foreign exchange changes
|
|
(123
|
)
|
|
(544
|
)
|
|
610
|
|
|
(938
|
)
|
||||
Balance, end of period
|
|
5,666
|
|
|
8,079
|
|
|
5,666
|
|
|
8,079
|
|
||||
Less: current portion
|
|
(3,004
|
)
|
|
(4,718
|
)
|
|
(3,004
|
)
|
|
(4,718
|
)
|
||||
Long-term portion
|
|
$
|
2,662
|
|
|
$
|
3,361
|
|
|
$
|
2,662
|
|
|
$
|
3,361
|
|
|
|
Nine months ended September 30, 2018
|
|
|
Nine months ended September 30, 2017
|
|
||||||||
|
|
Number of
units
|
|
|
Weighted
average
grant
date fair
value
(CDN $)
|
|
|
Number of
units
|
|
|
Weighted
average
grant
date fair
value
(CDN $)
|
|
||
Outstanding, beginning of period
|
|
4,509,990
|
|
|
$
|
6.00
|
|
|
6,664,591
|
|
|
$
|
6.75
|
|
Granted
|
|
474,936
|
|
|
3.54
|
|
|
993,659
|
|
|
2.18
|
|
||
Exercised
|
|
(1,663,175
|
)
|
|
5.68
|
|
|
(1,380,719
|
)
|
|
6.41
|
|
||
Forfeited/expired
|
|
(730,000
|
)
|
|
3.62
|
|
|
(182,879
|
)
|
|
6.01
|
|
||
Outstanding, end of period
|
|
2,591,751
|
|
|
$
|
4.61
|
|
|
6,094,652
|
|
|
$
|
6.09
|
|
Units outstanding and exercisable, end of period
|
|
2,316,665
|
|
|
$
|
4.75
|
|
|
1,655,042
|
|
|
$
|
6.24
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
September 30, 2018
|
|
|
|
|
(CDN $)
|
|
|
Share units:
|
|
|
||
Outstanding
|
|
$
|
9,952
|
|
Exercisable
|
|
8,896
|
|
|
|
Nine months ended September 30,
|
|
|||||
|
|
2018
|
|
|
2017
|
|
||
Research and development
|
|
$
|
405
|
|
|
$
|
999
|
|
General and administrative
|
|
1,583
|
|
|
4,153
|
|
||
Sales and marketing
|
|
275
|
|
|
1,136
|
|
||
|
|
$
|
2,263
|
|
|
$
|
6,288
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
Remainder of 2018
|
|
$
|
1,539
|
|
2019
|
|
4,110
|
|
|
2020
|
|
2,768
|
|
|
2021
|
|
1,026
|
|
|
2022
|
|
839
|
|
|
Thereafter
|
|
413
|
|
|
|
|
$
|
10,695
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation
|
|
$
|
65,524
|
|
|
$
|
56,411
|
|
|
$
|
209,845
|
|
|
$
|
172,327
|
|
CWI
|
|
86,179
|
|
|
75,474
|
|
|
225,300
|
|
|
225,711
|
|
||||
Total segment revenues
|
|
151,703
|
|
|
131,885
|
|
|
435,145
|
|
|
398,038
|
|
||||
Less: equity investees' revenue
|
|
(86,179
|
)
|
|
(75,474
|
)
|
|
(225,300
|
)
|
|
(225,711
|
)
|
||||
Consolidated revenue from continuing operations
|
|
$
|
65,524
|
|
|
$
|
56,411
|
|
|
$
|
209,845
|
|
|
$
|
172,327
|
|
Consolidated revenue from discontinued operations
|
|
$
|
1,238
|
|
|
$
|
5,380
|
|
|
$
|
8,849
|
|
|
$
|
39,569
|
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
Operating income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Transportation
|
|
$
|
(2,693
|
)
|
|
$
|
(11,976
|
)
|
|
$
|
(5,075
|
)
|
|
$
|
(29,432
|
)
|
Corporate
|
|
(10,023
|
)
|
|
(5,509
|
)
|
|
(24,305
|
)
|
|
(16,650
|
)
|
||||
CWI
|
|
20,474
|
|
|
14,857
|
|
|
43,708
|
|
|
36,124
|
|
||||
Restructuring recoveries (costs)
|
|
—
|
|
|
162
|
|
|
(808
|
)
|
|
133
|
|
||||
Foreign exchange gain (loss)
|
|
(2,223
|
)
|
|
(2,548
|
)
|
|
(7,422
|
)
|
|
(1,981
|
)
|
||||
Gain (loss) on sale of investment and assets
|
|
(36
|
)
|
|
(706
|
)
|
|
(95
|
)
|
|
(639
|
)
|
||||
Total segment operating income (loss)
|
|
5,499
|
|
|
(5,720
|
)
|
|
6,003
|
|
|
(12,445
|
)
|
||||
Less: equity investees’ operating income
|
|
(20,474
|
)
|
|
(14,857
|
)
|
|
(43,708
|
)
|
|
(36,124
|
)
|
||||
Consolidated operating loss from continuing operations
|
|
$
|
(14,975
|
)
|
|
$
|
(20,577
|
)
|
|
$
|
(37,705
|
)
|
|
$
|
(48,569
|
)
|
Consolidated operating income (loss) from discontinued operations
|
|
$
|
(359
|
)
|
|
$
|
79
|
|
|
$
|
(762
|
)
|
|
$
|
408
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
% of total revenue from continuing operations
|
||||||||||
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Europe
|
|
60
|
%
|
|
60
|
%
|
|
62
|
%
|
|
60
|
%
|
Americas
|
|
20
|
%
|
|
21
|
%
|
|
17
|
%
|
|
19
|
%
|
Asia
|
|
9
|
%
|
|
12
|
%
|
|
10
|
%
|
|
13
|
%
|
Other
|
|
10
|
%
|
|
7
|
%
|
|
11
|
%
|
|
7
|
%
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Transportation
|
|
$
|
242,610
|
|
|
$
|
254,037
|
|
CWI
|
|
116,068
|
|
|
131,986
|
|
||
Corporate
|
|
30,940
|
|
|
42,593
|
|
||
|
|
389,618
|
|
|
428,616
|
|
||
Add: assets held for sale
|
|
3,042
|
|
|
16,992
|
|
||
Less: equity investees’ total assets
|
|
(116,068
|
)
|
|
(131,986
|
)
|
||
Total consolidated assets
|
|
$
|
276,592
|
|
|
$
|
313,622
|
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|
|
|
Carrying
amount
|
|
|
Contractual
cash flows
|
|
|
< 1 year
|
|
|
1-3 years
|
|
|
4-5 years
|
|
|
|
>5 years
|
|
||||||
Accounts payable and accrued liabilities
|
|
$
|
88,163
|
|
|
$
|
88,163
|
|
|
$
|
88,163
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Term loan facility (note 12 (a))
|
|
17,400
|
|
|
22,453
|
|
|
1,206
|
|
|
13,128
|
|
|
8,119
|
|
|
—
|
|
|||||||
Senior financing (note 12 (b))
|
|
9,674
|
|
|
10,344
|
|
|
2,160
|
|
|
4,445
|
|
|
3,739
|
|
|
—
|
|
|||||||
Convertible debt (note 12 (c))
|
|
17,371
|
|
|
21,699
|
|
|
1,575
|
|
|
20,124
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Other bank financing (note 12 (d))
|
|
1,695
|
|
|
1,724
|
|
|
317
|
|
|
708
|
|
|
699
|
|
|
—
|
|
|||||||
Long-term royalty payable (note 13)
|
|
20,211
|
|
|
32,765
|
|
|
6,166
|
|
|
13,335
|
|
|
6,506
|
|
—
|
|
6,758
|
|
||||||
Capital lease obligations (note 12 (e))
|
|
820
|
|
|
852
|
|
|
160
|
|
|
428
|
|
|
264
|
|
|
—
|
|
|||||||
Operating lease commitments
|
|
—
|
|
|
10,695
|
|
|
4,622
|
|
|
4,565
|
|
|
1,406
|
|
|
102
|
|
|||||||
|
|
$
|
155,334
|
|
|
$
|
188,695
|
|
|
$
|
104,369
|
|
|
$
|
56,733
|
|
|
$
|
20,733
|
|
|
$
|
6,860
|
|
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities.
|
|
|
|
|
Level 2 –
|
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
|
|
|
|
Level 3 –
|
Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
|
WESTPORT FUEL SYSTEMS INC.
|
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
|
(Expressed in thousands of United States dollars, except share and per share amounts)
|
Three and nine months ended September 30, 2018 and 2017
|