The quarter and year-to-date results for the period ended June 30, 2016 include one month of the former Fuel Systems Solutions, Inc. ("Fuel Systems") results following completion of the merger that closed on June 1, 2016.
- Net income for the quarter ended June 30, 2016 included a one-time non-cash gain on the bargain purchase transaction related to the merger of $42.9 million. Excluding the bargain purchase transaction and Fuel Systems' June 2016 net loss of $0.1 million, Westport Fuel Systems net loss for the quarter ended June 30, 2016 would have been $39.1 million. Fully diluted loss per share is not materially different as the effect of conversion of stock options, warrants, and performance share units would be anti-dilutive.
- Westport Fuel Systems defines Adjusted EBITDA as net income (loss) attributed to the business unit or the consolidated company excluding expenses for (a) income taxes, (b) depreciation and amortization, (c) interest expense, net, (d) non-cash and other adjustments, (e) amortization of stock-based compensation, and (f) unrealized foreign exchange gain or loss.
- Cash used in operations, excluding changes in working capital, plus dividends received from joint ventures.