Westport Fuel Systems, Inc. · TSX:WPRT
Westport Fuel Systems — Q3 2021 Earnings Presentation
15 slides from Westport Fuel Systems's earnings presentation, Nov 9, 2021
Slide 1: 3Q21 Financial Results
3Q21 Financial Results Tuesday, November 9, 2021
Slide 2: Forward-Looking Statements
Westport Fuel Systems Forward-Looking Statements This presentation is being issued for informational purposes only, is not intended to provide the basis for any credit or other evaluation and does not form part of any offer or invitation to sell or issue any securities or any solicitation of any off
Slide 3: Speaking Today
Speaking Today… David M. Johnson Richard Orazietti Chief Executive Officer Chief Financial Officer Nasdaq:WPRT / TSX:WPRT PAGE PAGE 3
Slide 4: Strong Ongoing Commitment To ESG
Strong Ongoing Commitment To ESG Sustainability is at the core of our technology strategy, our product portfolio and our operations Solutions with Reduced Governance Emissions Enabling Energy Transition • Sustainability Working Group • Reduced GHG intensity by 20.6% year • Our products help meet the
Slide 5: Financial Highlights – 3Q21
Financial Highlights – 3Q21 Revenue OEM Revenue Adjusted EBITDA $74.3 million $48.0 million -$1.4 million vs. $4.0 million 14% YoY 3Q20 28% YoY 3Q20 in 3Q20 • Higher sales volumes in • Continued recovery of light- • Increased spending in R&D light-duty OEM duty OEM business expenditures for heavy-du
Slide 6: HPDI Growth In European Heavy-Duty Trucking
HPDI Growth In European Heavy-Duty Trucking Europe HD NG Truck Sales 4,500 3.0% Volvo 4,000 Volvo 2.5% 3,500 Volvo 3,000 2.0% 2,500 Scania 1.5% 2,000 MAN 1,500 1.0% Iveco 1,000 Iveco 0.5% 500 Other Iveco Other 0 0.0% 2017 2018 2019 2020 Other Volvo Share of HD NG 0% 9% 22% 28% Truck Sales Sources: P
Slide 7: China – The Largest Market For Natural Gas Fueled Trucks
China – The Largest Market For Natural Gas Fueled Trucks China HD NG Engine Sales Natural Gas Share of Class 8 Market 160,000 14.0% 140,000 13.0% Weichai Westport Weichai 120,000 12.0% Westport 100,000 11.0% 80,000 10.0% 60,000 FAW 9.0% 40,000 Sinotruk 8.0% 20,000 Yuchai 7.0% 0 6.0% 2017 2018 2019 2
Slide 8: NAFTAL Supply Order
NAFTAL Supply Order Source: NAFTAL www.naftdal.dz Nasdaq:WPRT / TSX:WPRT PAGE PAGE 8
Slide 9: India – A Key Emerging Market
India – A Key Emerging Market Rapidly growing CNG infrastructure, over 2800 stations 10,000 stations expected by 2030 Aggressive Bharat VI standards increasing demand for our products CNG vehicle growth accelerating, OEMs waning on diesel Source: Maruti Suzuki Source: Enfuse India www.enfuse.org Nas
Slide 10: Hydrogen HPDI – The Most Cost-Effective Path
Hydrogen HPDI – The Most Cost-Effective Path H2-HPDI offers compelling TCO for high load applications Increasing OEM interest in H2- HPDI Scania testing results expected 4Q21 Hydrogen infrastructure investment growing globally Source: World Hydrogen Council www.hydrogencouncil.com Source: AVL, Westp
Slide 11: Financial Highlights – Third Quarter 2021
Financial Highlights – Third Quarter 2021 Consolidated Financial Data Commentary GAAP ($ millions, except per share) 3Q21A 2Q21A 3Q20A O/(U) • Revenues higher by 14% YoY driven by: Revenues $ 74.3 $ 79.0 $ 65.4 $ 8.9 o Sales volume growth with the light-duty OEM business Gross Margin 10.1 15.7 10.0
Slide 12: Business Segments – Operational Performance
Business Segments – Operational Performance OEM Commentary • Revenue increased YoY by 28% driven by: ($ m illions except Gross Margin %) 3Q21A 2Q21A 3Q20A O/(U) o Higher sales volumes in light-duty OEM business to pre- COVID-19 levels Revenues $ 48.0 $ 47.4 $ 37.4 $ 10.6 o $7.1m revenue from the fue
Slide 13: Liquidity
Liquidity Cash & Liquidity 3Q21 4Q20 3Q20 Commentary Cash balance $142 $64 $46 Debt Financing: HSBC AR Facility/EDC Revolver $15 $6 $3 • Cartesian convertible debt repaid and converted into our Total Liquidity $157 $70 $49 common shares in full as of 30 September 2021. • EDC Term Loan and COVID-19 B
Slide 14: Questions?
Questions? Westport
Slide 15: Appendix: EBITDA and Adjusted EBITDA
Appendix: EBITDA and Adjusted EBITDA EBITDA 2017-2021 20 ($ in millions) 11.7 13.1 13.9 9.2 10 4.2 4.0 5.0 4.9 0.2 1.9 0 (3) (1.2) -10 (7.5) (5.4) (5.3) (11.1) (11.1) -20 (14.3) 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Adjusted EBITDA 2017-2021 20 ($
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