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Westport FY2014 Q2 Financial Earnings Call

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Welcome to our second quarter conference call for fiscal 2014. It is being held to coincide with the disclosure of our financial results earlier this afternoon. For those who haven't seen the release and financial statements yet, they can be found on Westport's website at www.westport.com.

Speaking on behalf of the Company will be Westport’s Chief Executive Officer, David Demers and Westport’s Chief Financial Officer, Ashoka Achuthan and Westport’s President, Nancy Gougarty.

Attendance at this call is open to the public and to media, but for the sake of brevity we're restricting questions to analysts.

Published in: Investor Relations
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Westport FY2014 Q2 Financial Earnings Call

  1. 1. Westport Innovations Inc. July 31, 2014 Q2 FY2014 CONFERENCE CALL stock symbols market capitalization TSX NASDAQ CAD USD WPT WPRT $1.2 billion $1.1 billion
  2. 2. DARREN SEED VP, Capital Markets & Communications 2
  3. 3. » David Demers, CEO » Ashoka Achuthan, CFO » Nancy Gougarty, President & COO 3 Speakers
  4. 4. » This presentation contains forward-looking statements that are based on the beliefs of Westport’s management and reflect Westport’s current expectations. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in these forward-looking statements, including, without limitation, Westport’s ability to develop viable fuel systems; Westport’s ability to provide the capital required for research, product development, operations, and marketing; product development, production and commercial launch delays; changing environmental regulations; Westport’s ability to attract and retain key personal and business partners; competition from conventional diesel fuelled engines; and Westport’s ability to protect its intellectual property. These factors should be considered carefully and investors should not rely on any forward-looking statements. Investors are encouraged to review Management’s Discussion and Analysis and the Risk Factors section in Westport’s most recently filed Annual Information Form and filings with securities regulators for a more complete discussion of factors that could affect Westport’s future performance. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. » All figures are in U.S. dollars unless otherwise stated. 4 Forward Looking Statements
  5. 5. DAVID DEMERS CEO 5
  6. 6. $(8.9) $(1.6) $1.0 $(16.0) $(14.0) $(12.0) $(10.0) $(8.0) $(6.0) $(4.0) $(2.0) - 2.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 millions 6 Achieved Operating Business Units Adjusted EBITDA Goal Ahead of Plan Average $(9.4)M 2012 2013 2014 OPERATING BUSINESS UNITS ADJUSTED EBITDA
  7. 7. » Westport has invested over $239M since 2012  Co-investing with OEMs to develop a portfolio of new natural gas vehicle technologies and related systems and components  Investments with 3 to 5 year development cycles from start of development to product sales  Careful management of future programs and capital allocation designed to deliver high margin returns 7 Investing in Next Generation Products Off-Road 9% Trucking 39% Automotive 27% Advanced Engineering 14% Capital Expenditure 11% Breakdown of Investments
  8. 8. ASHOKA ACHUTHAN CFO 8
  9. 9. $(8.9) $(1.6) $1.0 $(16.0) $(14.0) $(12.0) $(10.0) $(8.0) $(6.0) $(4.0) $(2.0) - 2.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 millions 9 Achieved Operating Business Units Adjusted EBITDA Goal Ahead of Plan Average $(9.4)M 2012 2013 2014 OPERATING BUSINESS UNITS ADJUSTED EBITDA
  10. 10. 10 Transitioning from R&D Phase to a Focused, Profitable Business $(27.8) $(17.0) $(30.0) $(25.0) $(20.0) $(15.0) $(10.0) $(5.0) - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 millions Average $(24.2)M CONSOLIDATED BUSINESS TO BE ADJUSTED EBITDA POSITIVE BY THE END OF 2015 » Contributions from:  Westport’s operating business units  Share of net income from the joint ventures  Funding from development partners 2013 2014 2015
  11. 11. » Between $175 million and $185 million for the year ended December 31, 2014 11 Reaffirms Revenue Guidance $164 $175 $185 $150 $155 $160 $165 $170 $175 $180 $185 $190 2013 2014 millions REVENUE
  12. 12. NANCY GOUGARTY President and COO 12
  13. 13. Q&A 13

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