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00015e6669314380f3c2c7e4c8cd71f320420ee1e6d45fd463deba5c244d35bd-6
hf://datasets/artefactory/Argimi-Ardian-Finance-10k-text@b40b1d6d9d59bc1c03b1be2b55b4c6dac1577083/data/00/document-00015e6669314380f3c2c7e4c8cd71f320420ee1e6d45fd463deba5c244d35bd.tar.gz
2022 Ballard Annual Impact Award Recipients Safety Health and Safety BFCS Team Members: Wade Popham Listen & Deliver Freight Cost Reductions from Chinese Suppliers Team Members: Stephen Shen, Andy Chen, Rhealyn Orbon, Mandy Tam, Maria Cagalawan, Vivian Chang, Asila Ashrafi, Betty Yeh, Gabriela Goncalves, Maoning Zhang...
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2022 Ballard Annual Impact Award Recipients Own It CP Rail – Installation and Commissioning Team Members: Jacob B. Nørgaard, Andreas Simony Madsen, Rasmus Gyldenøhr, Daniel Hunskær, Søren Moesgaard, Edgars Freimanis, Lars Husted, Kevin Hutton & Karina Rask Thomsen Row Together Future of Work Project Team Members: Darby...
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MANAGEMENT PROXY CIRCULAR dated as of April 10, 2023 MATTERS TO BE VOTED UPON Registered Shareholders or their duly appointed proxyholders will be voting on: - x the election of directors to our Board; - x the re-appointment of our auditors and authorization for our Audit Committee to fix the remuneration of the audito...
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Distribution of Meeting Materials to Beneficial Shareholders The Corporation has distributed copies of the notice-and-access notice and voting instruction form to the depositories and intermediaries for onward distribution to Beneficial Shareholders. Beneficial Shareholders who have previously provided standing instruc...
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or statutory holidays in B.C.) prior to the reconvened meeting (the proxy cut-off). If you prefer, you may also complete and return your form of proxy to Broadridge at Data Processing Centre, P.O. Box 3700 STN Industrial Park, Markham, ON, L3R 9Z9. Broadridge must receive your completed form of proxy or voting instruct...
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ELECTION OF DIRECTORS At the Meeting you will be asked to elect nine directors. All our nominees are currently members of the Board. Each elected director will hold office until the end of our next annual shareholders' meeting (or if no director is then elected, until a successor is elected) unless the director resigns...
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Kui (Kevin) Jiang Kui (Kevin) Jiang Age: 59 Shandong, China Director since: 2019 Independent( t(3) (Weichai nominee) Randy MacEwen Randy MacEwen Age: 54 B.C., Canada Director since: 2014 Non-Independent Hubertus M. Muehlhaeuser Hubertus M. Muehlhaeuser Age: 53 Schwyz, Switzerland Director since: 2021 Independent Mr. Ji...
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Marty Neese Marty Neese Age: 60 California, USA Director since: 2015 Independent James Roche James Roche Age: 60 Ontario, Canada Director since: 2015 Independent Shaojun (Sherman) Sun Shaojun (Sherman) Sun Age: 58 Shandong, China Director since: 2019 Independent( t(3) (Weichai nominee) Mr. Neese is CEO of Verdagy Inc. ...
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Janet Woodruff Janet Woodruff Age: 66 B.C., Canada Director since: 2017 Independent Ms. Woodruff's principal occupation is corporate director. Previously, Ms. Woodruff served as acting CEO to the Transportation Investment Corporation (transportation infrastructure management) from 2014 to 2015, advisor to the board (20...
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requirements for certain issuers. Although the Corporation's Shares are traded on NASDAQ, Ballard is a "foreign private issuer" under applicable SEC rules and, accordingly, these requirements do not apply to the Corporation. Although "say-on-pay" shareholder votes have yet to be mandated in Canada, a number of larger i...
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requirements for maximizing the effectiveness of Board and committee meetings, and considerations that directors are to keep in mind in order to make effective and informed decisions. In addition, we have a Board-approved Code of Ethics, which applies to all members of the Board, as well as our officers and employees. ...
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company boards, service on a board of a company affiliated with the director's employer is not included. Currently all of our Board members comply with this guideline. The Board believes that its membership should be composed of highly qualified directors with diverse and complementary backgrounds, skills sets and expe...
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(1) Ms. Le resigned from the Board effective February 28, 2023. During 2022, the Board had ten directors, of which three directors were women, representing 30% of the number of directors. In February 2023, Duy-Loan Le resigned from the Board. As a result, until a replacement director is appointed, the Board is currentl...
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- c) Financial literacy - d) M&A and capital markets experience - e) Corporate governance experience & education - f) People and compensation experience, including succession planning, talent management, leadership development and executive compensation - g) Experience with technology research and development, applicat...
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BOARD ORIENTATION AND EDUCATION We have established a formal director orientation and ongoing education program. Upon joining our Board, each director receives an orientation regarding our business. Such orientation includes site visits to our manufacturing facilities, presentations regarding our business, technology a...
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DIRECTOR SHARE OWNERSHIP GUIDELINES We have minimum share ownership guidelines that apply to our directors, other than management directors (Mr. MacEwen, who is subject to similar guidelines for our executive officers) and directors who are shareholder nominees appointed pursuant to agreements with the Corporation (Mr....
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The following chart sets out the members of our standing committees: (1) Mr. Jiang and Mr. Sun are nominees to the Board appointed by Weichai. Accordingly, they are not eligible to serve on any Board committees. After the Meeting, we will reconstitute the standing committees to reflect the newly elected Board. Audit Co...
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Collectively, the PCC members have extensive compensation-related experience as senior executives (past and present) and members of the board of directors and committees of other public and private corporations. Members of the PCC are independent directors in accordance with the applicable Canadian and United States se...
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People, Corporate Governance & Compensation Committee The PCGCC met four (4) times during 2022 before being split into the PCC and SGC in June 2022. The committee members were Douglas P. Hayhurst, Duy-Loan Le, Hubertus M. Muehlhaeuser, James Roche and Janet Woodruff (Chair). The committee's mandate encompassed the resp...
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EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS This section discusses the elements of compensation earned by our "Named Executive Officers" (or "NEOs") as of December 31, 2022: (1) Appointed May 23, 2022 EXECUTIVE SUMMARY Objectives and Philosophy The Corporation puts a considerable amount of effort into t...
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Summary of 2023 Executive Compensation Program Changes In 2022, the PCC engaged Hugessen Consulting Inc. ("Hugessen"), an independent executive compensation advising firm, to undertake a diagnostic review of Ballard's short-term incentive plan (STIP) and long-term incentive plan (LTIP) for executives and related pay go...
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We target our compensation at the 50 th percentile of the market, with actual compensation varying above and below based on performance and relative experience. Pay for Performance and Incentive Awards Aligned with Shareholders Interests The alignment between pay for performance for executive officers and Shareholder i...
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As such, executives will only receive value from those elements to the extent that the relevant performance conditions and vesting conditions are met. With long-term incentive (LTI), values are also aligned with share price performance. Advisors to the People & Compensation Committee From 2008, Willis Towers Watson ("W...
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benchmarking as a key input and considers several factors detailed below, including the labor markets in which we compete for executive talent. In 2022, the PCC, working with Hugessen, conducted the annual review of the comparator group, resulting in several changes to our 2023 comparator group: removing 10 companies a...
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Compensation Framework for 2022 The 2022 compensation program for our executive officers has four primary components that deliver pay over the short- and long-term: ELEMENTS OF EXECUTIVE COMPENSATION Annual Salary The PCC approves the annual salary of our executive officers (excluding Jesper Themsen in 2022, as noted a...
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- c) the individual performance of each executive officer; and - d) the scope of responsibilities of each executive officer. The following table outlines the base salaries in 2021 and the increases approved by the PCC (excluding Jesper Themsen) for 2022 base salaries. (1) Mr. Mucciacciaro was appointed Senior Vice Pres...
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quantitative financial metrics typically include a threshold level of performance below which the contribution of that goal to the overall corporate scorecard multiplier is zero, and a maximum beyond which no further contribution to the corporate scorecard multiplier accrues. The financial targets in the Corporate Scor...
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In 2022, Named Executive Officers had an individual multiplier of 80% - 95%. Our executive officers received their 2022 bonus in cash. A summary of the Named Executive Officers’ annual bonus payments for 2022 is as follows: (1) Mr. Mucciacciaro was appointed Senior Vice President and Chief Commercial Officer on May 23,...
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Starting in 2023, PSU performance criteria will be established for the three-year period based on performance metrics from the Corporation's strategic plan and relative Total Shareholder Return (rTSR). Also, starting in 2023, RSUs will form 25% of the LTIP program rather than stock options. See "2023 Executive Compensa...
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Target Value of LTI The target value of long-term incentives granted to Named Executive Officers in 2022, and the composition of long-term incentives is set out in the table below. (1) Converted to a number of PSUs dividing the dollar value by the closing Share price on the TSX on the award date. All Named Executive Of...
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were weighted equally under the PSU Scorecard. Since the Corporation did not achieve the threshold PSU Scorecard performance in 2022, no PSUs subject to the 2022 PSU Scorecard were earned. Perquisites In addition to cash and equity compensation, the Corporation provides Named Executive Officers with certain personal be...
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CEO COMPENSATION 2022 CEO Compensation Mr. MacEwen's target bonus for 2022 was CDN$600,000, which was 100% of his annual base salary. His actual bonus for 2022 was determined by the PCC and the Board based on corporate financial and operational performance reflected in the Corporate Performance Scorecard rating (70% we...
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80% of the CEO's target compensation is 'at-risk' (via the annual bonus plan and long-term incentive awards): 65% of his target compensation is linked directly to performance goals (via annual bonus plan and PSUs); and 60% of his target compensation is linked to the performance of Shares (via PSUs and Stock Option gran...
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The PCC and Board have not identified any risks arising from the compensation policies and practices that are reasonably likely to have a material adverse effect on the Corporation. Executive Claw-Back Provisions Named Executive Officers are subject to the following claw-back provision: - x Where there is a restatement...
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of Canadian, US and European companies exhibiting key characteristics that align with Ballard, including: a growth orientation, market capitalization, revenue, employee base, asset base and market focus. As part of the review of our executive compensation practices and comparator group in 2022, the PCC, with support fr...
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Executive Compensation Tables The following table summarizes the compensation paid for the fiscal years ended on December 31, 2020, December 31, 2021 and December 31, 2022 to our Named Executive Officers . (1) Mr. MacEwen was appointed President and Chief Executive Officer as of October 6, 2014. He is also a director b...
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received RSUs upon their appointments. The number of PSUs and RSUs awarded is equal to the dollar amount of the award divided by the fair market value of the Shares at the time of issuance (based on the closing price of the Shares on the TSX and NASDAQ on the date of issuance). Except as noted in the table below, all N...
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Option-Based Awards (A) The fair market value of a Share has been calculated based on the Black-Scholes valuation model using the Canadian dollar closing price of the Shares underlying the options on the TSX on the date of issuance. - (B) The United States dollar amounts for 2022 were US$332,249, US$92,294, US$0, US$40...
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The value of the items included in this amount was based on the aggregate incremental cash cost to the Corporation. All Other Compensation, including the type and amount of each perquisite, the value of which exceeds 25% of the total value of perquisites reported for a Named Executive Officer, includes: (A) Includes au...
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- (6) Comprising 6,769 vested and 13,539 unvested options. - (7) Comprising 5,134 vested and 2,567 unvested options. - (8) Comprising 1,077 vested and 2,154 unvested options. - (9) Comprising 1,344 vested and 2,688 unvested options. The following table sets forth the value of the incentive plan awards vested or earned ...
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TERMINATION AND CHANGE OF CONTROL BENEFITS Employment Contracts Ballard employs a standard-form executive employment agreement which all of our Named Executive Officers have executed. These agreements have indefinite terms, provide for payments to be made on termination and otherwise include typical terms and condition...
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Equity-Based Compensation Plans (1) If a participant ceases to be an employee of Ballard or its subsidiaries (other than by reason of death/disability or being retired), he or she will have up to 90 days, in the event of termination other than for just cause, or 30 days, in the event of voluntary resignation, in which ...
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(1) All values are in Canadian dollars, unless otherwise stated. (2) Based on accrued service to December 31, 2022. (3) All options and PSUs vest immediately upon a change of control in accordance with the Stock Option Plan and SDP, as applicable. Value shown equals, in the case of PSUs, the price of the underlying Sha...
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- x Annual flat fee structure for directors. No additional meeting attendance fees for Board or committee meetings. - x Additional annual retainer fees for committee Chairs. - x All retainer fees are paid in CDN$, regardless of director's country of residence. If a meeting or group of meetings is held on a continent ot...
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Directors have a minimum shareholding requirement equivalent to three times the director's board retainer (excluding any Chair retainers). They may apply DSUs they receive as payment for all or part of their annual retainer towards the minimum share ownership requirements and can elect to take 100% of their fees in the...
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INCENTIVE PLAN AWARDS The following table sets forth all option-based and Share-based awards granted to our non-executive directors that are outstanding as of December 31, 2022. In 2003, we ceased the practice of annual grants of share options to our independent directors and there are no options grants outstanding to ...
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(1) Shares issuable under the DSU Plan for Directors and the DSU Plan for Executive Officers (together, the "DSU Plans") will be satisfied with Shares reserved under the SDP or any successor plan. The Option Plan and SDP provide that the maximum number of the Corporation's Shares available for issuance under them, in a...
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Annual Burn Rate The annual burn rate, representing the number of securities granted under the Option Plan and SDP, respectively, relative to the weighted average number of securities outstanding for the fiscal years ended on December 31, 2022, December 31, 2021, and December 31, 2020, are as follows: INTEREST OF INFOR...
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PROPOSALS Any Shareholder who intends to present a proposal at our annual Shareholders' meeting held in 2024 must send the proposal to our Corporate Secretary at 9000 Glenlyon Parkway, Burnaby, British Columbia, Canada V5J 5J8. In order for the proposal to be included in the proxy materials we send to Shareholders for ...
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DEFINED TERMS
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APPENDIX "A" BOARD MANDATE The board of directors (the "Board") is responsible for the overall corporate governance of the Corporation. It oversees and directs the management of the Corporation's business and affairs. In doing so, it must act honestly, in good faith, and in the best interests of the Corporation. The Bo...
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- G. The Corporate Secretary or his or her nominee will act as Secretary to the Board. - H. All decisions made by the Board may be made at a Board meeting or evidenced in writing and signed by all Board members, which will be fully effective as if it had been made or passed at a Board meeting. - I. As part of every reg...
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F. Statutory Requirements The Board is responsible for approving all matters that require Board approval as prescribed by applicable statutes and regulations, such as payment of dividends and issuances of shares. Management ensures that such matters are brought to the attention of the Board as they arise. G. Formal Boa...
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APPENDIX "B" DESCRIPTION OF OPTION PLAN All directors, officers and employees of Ballard and its subsidiaries are eligible to participate in the Option Plan. As of April 10, 2023, the total number of Shares issued and reserved and authorized for issue under the Option Plan was 4,635,297 Shares, representing 1.6% of the...
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Under the Option Plan each option will expire (or no longer be capable of being exercised) on the earlier of: - (a) the expiration date as determined by the Board, which date will not be more than 10 years from the date of grant; and - (b) if the optionee is a director, officer or employee, the optionee ceases to hold ...
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- (v) an increase in the maximum number of securities that can be granted to directors (other than directors who are also officers) under all of Ballard's equity-based compensation arrangements, which could exceed such number of securities in respect of which the underlying Shares have a Fair Market Value (as defined i...
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APPENDIX "C" DESCRIPTION OF SDP The SDP is a single plan divided into the following three principal sections: - 1. A deferred share unit section for senior executives (the "DSU Plan for Executive Officers"). Under the SDP, DSUs are granted at the election of each executive officer of Ballard who is eligible (as determi...
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grant), the PSUs will expire and the participant will no longer be entitled to receive any Shares upon conversion of those PSUs. All PSUs awarded to a participant under the SDP will also expire on the last day on which the participant works for Ballard or any of its subsidiaries except that, - (a) in the event of the p...
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- (ii) a reduction of the issue price of the Shares issued under the plan or the cancellation and reissue of Shares; - (iii) a reduction to the fair market value used to calculate the number of DSUs to be awarded; - (iv) an extension of time for redemption of a DSU or an extension beyond the original restriction period...
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3ALLARD
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS This document contains forward-looking statements about expected events and the financial and operating performance of Ballard Power Systems Inc. ("Ballard", "the Company", "we", "us" or "our"). Forward-looking statements include any statements that do not refer to historica...
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MANAGEMENT’S DISCUSSION AND ANALYSIS March 16, 2023
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1. INTRODUCTION 1.1 Preparation of the MD&A This discussion and analysis of financial condition and results of operations of Ballard Power Systems Inc. ("Ballard", "the Company", "we", "us" or "our") is prepared as of March 16, 2023 and should be read in conjunction with our audited condensed consolidated financial st...
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of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on this evaluation, management has determined that internal control over financial reporting was effective as of December 31, 2022. KPMG LLP, our independent registered public accounting firm, has audited our consolidated financial statements and ex...
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- x We have limited experience manufacturing fuel cell products on a commercial basis and our experience has been limited to relatively low production volumes. - x We are subject to risks inherent in international operations, including restrictions on the conversion of currencies and restrictions on repatriation of fun...
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- x Commodity price fluctuations are beyond our control and may have a material adverse effect on our business, operating results, financial condition and profitability. - x We expect our cash reserves will be reduced due to future operating losses, working capital requirements, capital expenditures and potential acqui...
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and have a sales, quality, supply chain, and after-sales service office in Guangzhou, Guangdong Province, China. We also have a non-controlling, 49% interest in Weichai Ballard Hy-Energy Technologies Co., Ltd. ("Weichai Ballard JV"), located in Weifang, Shandong Province, China. Weichai Ballard JV's business is to manu...
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deployments and expected market adoption rates for hydrogen and fuel cells, supportive government policies, existing and potential partner, customer, and end user relationships, and competitive dynamics. Our current target markets are the geographic regions of China, Europe, and North America. While we recognize addres...
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3. SELECT ANNUAL FINANCIAL INFORMATION AND 2023 BUSINESS OUTLOOK 3.1 Select Annual Financial Information (1) Cash Operating Costs and Adjusted EBITDA are non-GAAP measures. We use certain Non-GAAP measures to assist in assessing our financial performance. Non-GAAP measures do not have any standardized meaning prescribe...
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plan to invest $130 million over 3-years in a new MEA manufacturing facility and R&D center in Shanghai, China. - x Introduce plan to expand global footprint - We continue to believe in the value of investing ahead of the hydrogen growth curve and positioning our manufacturing capabilities to support anticipated scale ...
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Our outlook expectations are based on our internal forecast which reflects an assessment of overall business conditions and takes into account actual sales, operating expenses, capital expenditures, and financial results in the first two months of 2023; sales orders received for units and services expected to be delive...
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or that customers will not cancel their orders. In addition, our supply agreements may include various pricing structures or reduced pricing tiers based on various factors, including volumes and timing. In setting these reduced pricing tiers, we may assume certain future product cost reductions which are subject to exe...
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This investment is expected to reduce MEA manufacturing costs, align with China's fuel cell value chain localization policy, and position Ballard more strongly in the hydrogen fuel cell demonstration cluster regions and for the post-subsidy market. The facility is planned to be in operation in 2025 to meet expected mar...
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- to develop and transfer technology to Weichai Ballard JV in order to enable these manufacturing activities. Revenue earned from the $90 million Weichai Ballard JV technology transfer agreement ($0.9 million in the fourth quarter of 2022; $4.2 million in the fourth quarter of 2021; $6.0 million in fiscal 2022; $18.2 m...
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Ballard contributed $1.0 million for its 10% interest in Synergy Ballard JVCo in 2017, currently recognized at nil value. We have no obligation to provide future funding to Synergy Ballard JVCo. We have recently entered into a tentative agreement to sell our 10% interest in Synergy Ballard JVCo to the Synergy Group for...
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Revenue earned from this and other agreements with Audi ($1.0 million in the fourth quarter of 2022; $2.6 million in the fourth quarter of 2021; $5.6 million in fiscal 2022; $9.8 million fiscal 2021; $16.0 million in fiscal 2020) is recorded as Technology Solutions revenues. 4.3 North America and Other Order from First...
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and marine applications), Material Handling and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications. R...
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$0.3 million to Weichai Ballard JV for the supply of a mix of certain fuel cell products and components that will be used in the assembly of modules to power zero-emission FCEVs in China; and $8.9 million to a variety of customers in North America, Europe, and Other areas including New Flyer, Solaris, Van Hool, and oth...
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Operating Expenses and Cash Operating Costs Cash Operating Costs and its components of Research and Product Development (cash operating cost), General and Administrative (cash operating cost), and Sales and Marketing (cash operating cost) are non-GAAP measures. We use certain Non-GAAP measures to assist in assessing ou...
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Canadian dollar, relative to the U.S. dollar, was approximately (8%) lower in the fourth quarter of 2022 compared to the fourth quarter of 2021. Adjusted EBITDA EBITDA and Adjusted EBITDA are non-GAAP measures. We use certain Non-GAAP measures to assist in assessing our financial performance. Non-GAAP measures do not h...
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margins and cost base were approximately $1.8 million. A $0.01 decrease in the Canadian dollar, relative to the U.S. dollar, positively impacts annual operating margins and costs by approximately $1.2 million. 5.3 Summary of Key Financial Metrics – Year Ended December 31, 2022 Revenue and Gross Margin 5.3 Summary of Ke...
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and FCveloCity ® -HDv8 fuel cell modules and related components for their respective bus and rail programs. Heavy-Duty Motive revenues of $51.7 million in 2021 include $17.1 million of shipments to Weichai Ballard JV; $3.1 million for shipments of MEAs to Synergy Ballard JVCo; and $31.5 million to a variety of customer...
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primarily as a cost offset against gross research and product development expenses. These operating expense increases were partially offset by relatively lower labour costs in Canada in 2022 on our Canadian operating cost base as the Canadian dollar, relative to the U.S. dollar, was approximately (4%) lower in 2022 com...
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and cost base were approximately $3.6 million. A $0.01 decrease in the Canadian dollar, relative to the U.S. dollar, positively impacts annual operating margins and costs by approximately $1.2 million. Net Loss from Discontinued Operations Net Loss from Discontinued Operations Net income from discontinued operations fo...
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Supplemental Non-GAAP Measures and Reconciliations) were $84.0 million in 2022, an increase of $31.5 million, or 60%, compared to 2021. The respective $4.4 million, or 25%, and $31.5 million, or 60%, increases in research and development cash operating costs (see Supplemental Non-GAAP Measures and Reconciliations) in t...
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General and administrative expenses General and Administrative (cash operating cost) is a non-GAAP measure. We use certain Non-GAAP measures to assist in assessing our financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar ...
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These operating expense impacts were also impacted by relatively lower labour costs in Canada in 2022 on our Canadian operating cost base as the Canadian dollar, relative to the U.S. dollar, was approximately (8%) lower in the fourth quarter of 2022, compared to the fourth quarter of 2021, and (4%) lower in 2022, compa...
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GAAP Measures and Reconciliations) was $11.6 million in 2022, relatively consistent with 2021. Stock-based compensation expense included in sales and marketing expense for the three months and year ended December 31, 2022, were $0.2 million and $1.3 million, respectively, relatively consistent with the corresponding pe...
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Employee future benefit plan expense for the year ended December 31, 2022, was ($0.2) million, relatively consistent with the corresponding period, and consists primarily of interest cost on plan obligations over the expected return on plan assets on a curtailed defined benefit pension plan for certain former United St...
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Government levies for the three months and year ended December 31, 2022, was nil and ($0.1) million, respectively, compared to ($1.1) million and ($1.9) million, respectively, for the corresponding periods of 2021. Government levies relate primarily to withholding taxes deducted from proceeds earned on certain commerci...
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5.5 Summary of Quarterly Results The following table provides summary financial data for our last eight quarters: Summary of Quarterly Results: There were no significant seasonal variations in our quarterly results. Variations in our net loss for the above periods were affected primarily by the following factors: - x R...
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6. CASH FLOWS, LIQUIDITY AND CAPITAL RESOURCES 6.1 Summary of Cash Flows Cash and cash equivalents were $913.7 million as of December 31, 2022, compared to $1,123.9 million as of December 31, 2021. The ($210.2) million decrease in cash and cash equivalents in 2022 was driven by net cash operating losses (excluding non-...
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due to the timing of revenues and the related customer collections, and by lower inventory of $0.6 million. These fourth quarter of 2022 inflows were partially offset by lower deferred revenue of ($2.7) million as pre-payments on certain Heavy-Duty Motive and Technology Solutions contracts were recognized. The total ch...
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The total change in working capital of ($11.6) million in 2021 was driven by higher inventory of ($23.0) million primarily to support expected Heavy-Duty Motive shipments in 2022 and to help mitigate ongoing COVID-19 supply chain disruptions. These working capital outflows in 2021 were partially offset by lower account...
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6.4 Cash Provided by (Used by) Financing Activities Financing activities resulted in net cash inflows (outflows) of ($0.8) million and ($2.4) million, respectively, for the three months and year ended December 31, 2022, compared to net cash inflows (outflows) of ($0.5) million and $526.9 million, respectively, for the ...
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commercialization of our products, the ability to successfully execute our business plan, and general global economic conditions, certain of which are beyond our control. While we continue to make significant investments in product development and market development activities necessary to commercialize our products, m...
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