AMSC (Nasdaq: AMSC), a global solutions provider serving power grid
and wind industry leaders, today reported financial results for its
fourth quarter and full fiscal year 2018 ended March 31, 2019.
Revenues for the fourth quarter of fiscal 2018
were $14.6 million, compared with $13.5 million for the same period
of fiscal 2017. The year-over-year increase was driven by higher
Grid and Wind segment revenues.
AMSC’s net loss for the fourth quarter of fiscal
2018 was $8.4 million, or $0.41 per share, compared to a net loss
of $6.0 million, or $0.30 per share, for the same period of fiscal
2017. The Company’s non-GAAP net loss for the fourth quarter of
fiscal 2018 was $4.6 million, or $0.23 per share, compared with a
non-GAAP net loss of $5.0 million, or $0.25 per share, in the same
period of fiscal 2017. Please refer to the financial table below
for a reconciliation of GAAP to non-GAAP results.
Revenues for the full fiscal year 2018 were
$56.2 million as compared to $48.4 million in fiscal year 2017.
AMSC reported net income for fiscal year 2018 of $26.8 million, or
$1.29 per diluted share, compared to a net loss of $32.8 million,
or $1.73 per share in fiscal year 2017. The Company's non-GAAP net
loss for full year fiscal 2018 was $13.0 million, or $0.64 per
share, compared with a non-GAAP net loss of $32.2 million, or $1.70
per share, for fiscal year 2017.
Cash, cash equivalents and restricted cash on
March 31, 2019 totaled $78.2 million, compared with $34.2
million at March 31, 2018.
“In fiscal 2018, we grew and diversified our grid business and
finished the year with a record grid backlog for execution in
fiscal 2019. We also grew our wind business,” said Daniel P.
McGahn, Chairman, President and CEO, AMSC. “We anticipate
significant growth in our grid business in fiscal 2019, driven by
expected higher revenues from D-VAR, VVO, SPS and REG. We expect to
support Inox Wind Limited as they look to enhance their competitive
position in the Indian wind market. In fiscal 2019, we look forward
to growing AMSC from a position of financial and operational
strength.”
Business OutlookFor the first quarter ending
June 30, 2019, AMSC expects that its revenues will be in the range
of $10 million to $13 million. The Company’s net loss for the
first quarter of fiscal 2019 is expected not to exceed $9 million,
or $0.42 per share. The Company's non-GAAP net loss (as
defined below) is expected not to exceed $7.5 million, or $0.35 per
share. The Company expects an operating cash flow to be a
burn of $5 million to $7 million in the first quarter of fiscal
2019. This guidance does not include any tax payments or
other costs related to the final settlement payment from
Sinovel. The Company expects cash, cash equivalents and
restricted cash on June 30, 2019, to be no less than $73
million.
Conference Call ReminderIn
conjunction with this announcement, AMSC management will
participate in a conference call with investors beginning at 10:00
a.m. Eastern Time on Thursday, June 6, 2019, to discuss the
Company’s financial results and business outlook. Those who wish to
listen to the live or archived conference call webcast should visit
the “Investors” section of the Company’s website at
http://www.amsc.com/investors. The live call also can be accessed
by dialing 1-800-479-1004 or 1-323-794-2597 and using conference ID
7618827. A replay of the call may be accessed 2 hours following the
call by dialing (888) 203-1112 or 719-457-0820 and using conference
ID 7618827.
About AMSC (Nasdaq: AMSC)AMSC
generates the ideas, technologies and solutions that meet the
world’s demand for smarter, cleaner … better energy™. Through its
Gridtec™ Solutions, AMSC provides the engineering planning services
and advanced grid systems that optimize network reliability,
efficiency and performance. Through its Windtec™ Solutions, AMSC
provides wind turbine electronic controls and systems, designs and
engineering services that reduce the cost of wind energy. The
Company’s solutions are now powering gigawatts of renewable energy
globally and are enhancing the performance and reliability of power
networks in more than a dozen countries. Founded in 1987, AMSC is
headquartered near Boston, Massachusetts with operations in Asia,
Australia, Europe and North America. For more information, please
visit www.amsc.com.
AMSC, D-VAR, D-VAR VVO, Gridtec, Windtec, and
Smarter, Cleaner … Better Energy are trademarks or registered
trademarks of American Superconductor Corporation. All other brand
names, product names, trademarks or service marks belong to their
respective holders.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Any
statements in this release about our anticipation of significant
growth in our grid business in fiscal 2019; our expected higher
revenues from D-VAR, VVO, SPS and REG; our expectation that we will
support Inox as they look to enhance their competitive position in
the Indian wind market; AMSC growth in fiscal 2019 from a position
of financial and operational strength; our expected GAAP and
non-GAAP financial results for the quarter ending June 30, 2019,
our expected cash, cash equivalents and restricted cash balance on
June 30, 2019; and other statements containing the words
"believes," "anticipates," "plans," "expects," "will" and similar
expressions, constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements represent management's current
expectations and are inherently uncertain. There are a number of
important factors that could materially impact the value of our
common stock or cause actual results to differ materially from
those indicated by such forward-looking statements. These important
factors include, but are not limited to: A significant portion of
our revenues are derived from a single customer, Inox, and we
cannot predict if and how successful Inox will be in executing on
Solar Energy Corporate of India ("SECI") orders under the new
central and state auction regime, and any related failure by Inox
to succeed under this regime, or any delay in Inox’s ability to
deliver its wind turbines, could result in fewer electric control
systems shipments to Inox; We have a history of operating losses
and negative operating cash flows, which may continue in the future
and require us to secure additional financing in the future; Our
operating results may fluctuate significantly from quarter to
quarter and may fall below expectations in any particular fiscal
quarter; We may be required to issue performance bonds or provide
letters of credit, which restricts our ability to access any cash
used as collateral for the bonds or letters of credit;
Changes in exchange rates could adversely affect our results of
operations; If we fail to maintain proper and effective internal
control over financial reporting, our ability to produce accurate
and timely financial statements could be impaired and may lead
investors and other users to lose confidence in our financial data;
Our financial condition may have an adverse effect on our customer
and supplier relationships; Our contracts with the U.S. government
are subject to audit, modification or termination by the U.S.
government and include certain other provisions in favor of the
government, and additional funding of such contracts may not be
approved by U.S. Congress; Our success in addressing the wind
energy market is dependent on the manufacturers that license our
designs; Our success is dependent upon attracting and retaining
qualified personnel and our inability to do so could significantly
damage our business and prospects; We may experience difficulties
re-establishing our HTS wire production capability in our Ayer,
Massachusetts facility; We may not realize all of the sales
expected from our backlog of orders and contracts; Our business and
operations would be adversely impacted in the event of a failure or
security breach of our information technology infrastructure;
Failure to comply with evolving data privacy and data protection
laws and regulations or to otherwise protect personal data, may
adversely impact our business and financial results; We rely upon
third-party suppliers for the components and subassemblies of many
of our Wind and Grid products, making us vulnerable to supply
shortages and price fluctuations, which could harm our business;
Many of our revenue opportunities are dependent upon subcontractors
and other business collaborators; If we fail to implement our
business strategy successfully, our financial performance could be
harmed; Problems with product quality or product performance may
cause us to incur warranty expenses and may damage our market
reputation and prevent us from achieving increased sales and market
share; Many of our customers outside of the United States may
be either directly or indirectly related to governmental entities,
and we could be adversely affected by violations of the United
States Foreign Corrupt Practices Act and similar worldwide
anti-bribery laws outside the United States; We have had limited
success marketing and selling our superconductor products and
system-level solutions, and our failure to more broadly market and
sell our products and solutions could lower our revenue and cash
flow; We may acquire additional complementary businesses or
technologies, which may require us to incur substantial costs for
which we may never realize the anticipated benefits; Our
success depends upon the commercial adoption of the REG system,
which is currently limited, and a widespread commercial market for
our products may not develop; Growth of the wind energy market
depends largely on the availability and size of government
subsidies, economic incentives and legislative programs designed to
support the growth of wind energy; We have operations in, and
depend on sales in, emerging markets, including India, and global
conditions could negatively affect our operating results or limit
our ability to expand our operations outside of these markets;
Changes in India’s political, social, regulatory and economic
environment may affect our financial performance; Our products face
intense competition, which could limit our ability to acquire or
retain customers; Our international operations are subject to risks
that we do not face in the United States, which could have an
adverse effect on our operating results; Lower prices for other
fuel sources may reduce the demand for wind energy development,
which could have a material adverse effect on our ability to grow
our Wind business; Adverse changes in domestic and global economic
conditions could adversely affect our operating results; We face
risks related to our intellectual property; We face risks related
to our technologies; We face risks related to our legal
proceedings; We face risks related to our common stock; and the
important factors discussed under the caption "Risk Factors" in
Part 1. Item 1A of our Form 10-K for the fiscal year ended March
31, 2019, and our other reports filed with the SEC. These important
factors, among others, could cause actual results to differ
materially from those indicated by forward-looking statements made
herein and presented elsewhere by management from time to time. Any
such forward-looking statements represent management's estimates as
of the date of this press release. While we may elect to update
such forward-looking statements at some point in the future, we
disclaim any obligation to do so, even if subsequent events cause
our views to change. These forward-looking statements should not be
relied upon as representing our views as of any date subsequent to
the date of this press release.
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
data)
|
|
Three Months EndedMarch 31, |
|
|
Twelve months endedMarch 31, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grid |
|
$ |
10,965 |
|
|
$ |
9,670 |
|
|
$ |
34,290 |
|
|
$ |
34,109 |
|
Wind |
|
|
3,624 |
|
|
|
3,828 |
|
|
|
21,917 |
|
|
|
14,294 |
|
Revenues |
|
|
14,589 |
|
|
|
13,498 |
|
|
|
56,207 |
|
|
|
48,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
11,825 |
|
|
|
10,504 |
|
|
|
42,190 |
|
|
|
44,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
2,764 |
|
|
|
2,994 |
|
|
|
14,017 |
|
|
|
3,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
2,301 |
|
|
|
2,904 |
|
|
|
9,874 |
|
|
|
11,594 |
|
Selling, general and administrative |
|
|
5,720 |
|
|
|
5,614 |
|
|
|
22,028 |
|
|
|
22,577 |
|
Gain on Sinovel settlement |
|
|
1,000 |
|
|
|
— |
|
|
|
(52,698 |
) |
|
|
— |
|
Amortization of acquisition related intangibles |
|
|
85 |
|
|
|
85 |
|
|
|
340 |
|
|
|
183 |
|
Loss on contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
71 |
|
Restructuring and impairment |
|
|
— |
|
|
|
199 |
|
|
|
450 |
|
|
|
1,527 |
|
Total operating expenses |
|
|
9,106 |
|
|
|
8,802 |
|
|
|
(20,006 |
) |
|
|
35,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
(6,342 |
) |
|
|
(5,808 |
) |
|
|
34,023 |
|
|
|
(32,157 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of
derivatives and warrants |
|
|
(1,068 |
) |
|
|
(762 |
) |
|
|
(3,725 |
) |
|
|
706 |
|
Gain on sale of minority
interests |
|
|
— |
|
|
|
216 |
|
|
|
127 |
|
|
|
1,167 |
|
Interest income (expense),
net |
|
|
348 |
|
|
|
53 |
|
|
|
1,117 |
|
|
|
147 |
|
Other income (expense),
net |
|
|
541 |
|
|
|
(351 |
) |
|
|
1,599 |
|
|
|
(2,800 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
tax benefit expense (benefit) |
|
|
(6,521 |
) |
|
|
(6,652 |
) |
|
|
33,141 |
|
|
|
(32,937 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
1,832 |
|
|
|
(657 |
) |
|
|
6,380 |
|
|
|
(161 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(8,353 |
) |
|
$ |
(5,995 |
) |
|
$ |
26,761 |
|
|
$ |
(32,776 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.41 |
) |
|
$ |
(0.30 |
) |
|
$ |
1.32 |
|
|
$ |
(1.73 |
) |
Diluted |
|
$ |
(0.41 |
) |
|
$ |
(0.30 |
) |
|
$ |
1.29 |
|
|
$ |
(1.73 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
20,442 |
|
|
|
20,044 |
|
|
|
20,335 |
|
|
|
18,967 |
|
Diluted |
|
|
20,442 |
|
|
|
20,044 |
|
|
|
20,726 |
|
|
|
18,967 |
|
CONSOLIDATED BALANCE
SHEET(In thousands, except per share
data)
|
|
March 31, 2019 |
|
|
March 31, 2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
77,483 |
|
|
$ |
34,084 |
|
Accounts receivable, net |
|
|
7,855 |
|
|
|
7,365 |
|
Inventory |
|
|
12,119 |
|
|
|
19,780 |
|
Note receivable, current portion |
|
|
2,888 |
|
|
|
3,000 |
|
Prepaid expenses and other current assets |
|
|
3,053 |
|
|
|
2,947 |
|
Total current assets |
|
|
103,398 |
|
|
|
67,176 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
8,972 |
|
|
|
12,513 |
|
Intangibles, net |
|
|
2,890 |
|
|
|
3,230 |
|
Note receivable, long term portion |
|
|
— |
|
|
|
2,559 |
|
Goodwill |
|
|
1,719 |
|
|
|
1,719 |
|
Restricted cash |
|
|
715 |
|
|
|
165 |
|
Deferred tax assets |
|
|
1,357 |
|
|
|
542 |
|
Other assets |
|
|
279 |
|
|
|
271 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
119,330 |
|
|
$ |
88,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
15,885 |
|
|
|
12,625 |
|
Derivative liabilities |
|
|
4,942 |
|
|
|
1,217 |
|
Deferred revenue, current portion |
|
|
7,557 |
|
|
|
13,483 |
|
Total current liabilities |
|
|
28,384 |
|
|
|
27,325 |
|
|
|
|
|
|
|
|
|
|
Deferred revenue, long term portion |
|
|
7,962 |
|
|
|
8,454 |
|
Deferred tax liabilities |
|
|
1,698 |
|
|
|
110 |
|
Other liabilities |
|
|
93 |
|
|
|
57 |
|
Total liabilities |
|
|
38,137 |
|
|
|
35,946 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 75,000,000 shares authorized;
21,651,631 and 21,138,689 shares issued at March 31, 2019 and 2018,
respectively |
|
|
216 |
|
|
|
211 |
|
Additional paid-in capital |
|
|
1,044,622 |
|
|
|
1,041,113 |
|
Treasury stock, at cost, 235,518 and 165,094 shares at March 31,
2019 and 2018, respectively |
|
|
(2,101 |
) |
|
|
(1,645 |
) |
Accumulated other comprehensive (loss) income |
|
|
(5 |
) |
|
|
883 |
|
Accumulated deficit |
|
|
(961,539 |
) |
|
|
(988,333 |
) |
Total stockholders' equity |
|
|
81,193 |
|
|
|
52,229 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
119,330 |
|
|
$ |
88,175 |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)
|
|
Twelve months endedMarch 31, |
|
|
|
2019 |
|
|
2018 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
26,761 |
|
|
$ |
(32,776 |
) |
Adjustments to reconcile net loss to net cash used in
operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,609 |
|
|
|
11,459 |
|
Stock-based compensation expense |
|
|
3,030 |
|
|
|
2,692 |
|
Provision for excess and obsolete inventory |
|
|
878 |
|
|
|
434 |
|
Write-off prepaid taxes |
|
|
— |
|
|
|
(82 |
) |
Gain on sale from minority interest investments |
|
|
(127 |
) |
|
|
(1,167 |
) |
Change in fair value of warrants and contingent consideration |
|
|
3,725 |
|
|
|
(635 |
) |
Non-cash interest expense |
|
|
(224 |
) |
|
|
19 |
|
Other non-cash items |
|
|
(117 |
) |
|
|
793 |
|
Changes in operating asset and
liability accounts: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(529 |
) |
|
|
1,145 |
|
Inventory |
|
|
5,007 |
|
|
|
(2,423 |
) |
Prepaid expenses and other current assets |
|
|
(365 |
) |
|
|
558 |
|
Accounts payable and accrued expenses |
|
|
2,839 |
|
|
|
(2,956 |
) |
Deferred revenue |
|
|
(2,773 |
) |
|
|
(1,888 |
) |
Net cash provided by (used in) operating activities |
|
|
42,714 |
|
|
|
(24,827 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
|
2,169 |
|
|
|
15,602 |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
(299 |
) |
|
|
15,278 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
|
(635 |
) |
|
|
452 |
|
|
|
|
|
|
|
|
|
|
Net increase in cash, cash
equivalents and restricted cash |
|
|
43,949 |
|
|
|
6,505 |
|
Cash, cash equivalents and
restricted cash at beginning of year |
|
|
34,249 |
|
|
|
27,744 |
|
Cash, cash equivalents and
restricted cash at end of year |
|
$ |
78,198 |
|
|
$ |
34,249 |
|
RECONCILIATION OF GAAP NET INCOME (LOSS)
TO NON-GAAP NET INCOME (LOSS)(In thousands, except
per share data)
|
|
Three Months EndedMarch 31, |
|
|
Twelve months ended March
31, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net income (loss) |
|
$ |
(8,353 |
) |
|
$ |
(5,995 |
) |
|
$ |
26,761 |
|
|
$ |
(32,776 |
) |
Gain on sale of interest in
minority investments |
|
|
— |
|
|
|
(216 |
) |
|
|
(127 |
) |
|
|
(1,167 |
) |
Gain on Sinovel settlement,
net |
|
|
1,000 |
|
|
|
— |
|
|
|
(52,698 |
) |
|
|
— |
|
Stock-based compensation |
|
|
629 |
|
|
|
578 |
|
|
|
3,030 |
|
|
|
2,692 |
|
Amortization of
acquisition-related intangibles |
|
|
85 |
|
|
|
85 |
|
|
|
340 |
|
|
|
183 |
|
Consumption of zero cost-basis
inventory |
|
|
— |
|
|
|
(220 |
) |
|
|
— |
|
|
|
(734 |
) |
Change in fair value of
warrants and contingent consideration |
|
|
1,068 |
|
|
|
762 |
|
|
|
3,725 |
|
|
|
(635 |
) |
Non-cash interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19 |
|
Tax effect of adjustments |
|
|
933 |
|
|
|
35 |
|
|
|
5,925 |
|
|
|
177 |
|
Non-GAAP net loss |
|
$ |
(4,638 |
) |
|
$ |
(4,971 |
) |
|
$ |
(13,044 |
) |
|
$ |
(32,241 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per
share |
|
$ |
(0.23 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.64 |
) |
|
$ |
(1.70 |
) |
Weighted average shares
outstanding - basic and diluted |
|
|
20,442 |
|
|
|
20,044 |
|
|
|
20,335 |
|
|
|
18,967 |
|
RECONCILIATION OF GAAP OPERATING CASH
FLOW TO NON-GAAP OPERATING CASH FLOW(In
thousands)
|
|
March 31, 2019 |
|
Operating cash flow |
|
$ |
42,714 |
|
Sinovel settlement (net of
legal fees and expenses) |
|
|
(52,740 |
) |
Tax effect of adjustments |
|
|
2,377 |
|
Non-GAAP operating cash
flow |
|
$ |
(7,649 |
) |
Reconciliation of Forecast GAAP Net Loss
to Non-GAAP Net Loss(In millions, except per share
data)
|
|
Three months ending |
|
|
|
June 30, 2019 |
|
Net loss |
|
$ |
(9.0 |
) |
Stock-based compensation |
|
|
1.4 |
|
Amortization of acquisition-related intangibles |
|
|
0.1 |
|
Non-GAAP net loss |
|
$ |
(7.5 |
) |
Non-GAAP net loss per
share |
|
$ |
(0.35 |
) |
Shares outstanding |
|
|
21.4 |
|
Note: Non-GAAP net loss is defined by the
Company as net income (loss) before; gain on sale of minority
investments; gain on Sinovel settlement, net; stock-based
compensation; amortization of acquisition-related intangibles;
consumption of zero cost-basis inventory; changes in fair value of
warrants and contingent consideration; non-cash interest expense;
other unusual charges or items, and the tax effect of adjustments.
The Company believes non-GAAP net loss assists management and
investors in comparing the Company’s performance across reporting
periods on a consistent basis by excluding these non-cash,
non-recurring or other charges that it does not believe are
indicative of its core operating performance. The Company is not
able to provide the change in fair value of warrants on a
forward-looking basis without unreasonable efforts because the
calculation for that change is primarily driven by the closing
price and volatility of the Company's stock at the end of each
fiscal quarter, which cannot be reasonably estimated at this time,
and therefore the Company's non-GAAP net loss guidance does not
include the impact from any change in fair value of warrants.
The Company does not expect a further gain on sale of minority
investments or gain on Sinovel Settlement, net, and therefore the
Company's non-GAAP net loss guidance does not include the impact
from these adjustments. Actual non-GAAP net loss for the
fiscal quarter ending June 30, 2019, including the above
adjustments, may differ materially from those forecasted in the
table above.
Non-GAAP operating cash flow is defined by the
Company as operating cash flow before: Sinovel settlement (net of
legal fees and expenses); tax effect of adjustments; and other
unusual cash flows or items. The Company believes non-GAAP
operating cash flow assists management and investors in comparing
the Company’s operating cash flow across reporting periods on a
consistent basis by excluding these non-recurring cash items
that it does not believe are indicative of its core operating cash
flow. Actual non-GAAP operating cash flow for the fiscal quarter
ending June 30, 2019, including the above adjustments, may differ
materially from that forecasted in the table above.
Generally, a non-GAAP financial measure is a
numerical measure of a company's performance, financial position or
cash flow that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented in accordance with GAAP. The
non-GAAP measures included in this release, however, should be
considered in addition to, and not as a substitute for or superior
to, operating income, cash flows, or other measures of financial
performance prepared in accordance with GAAP. A reconciliation of
GAAP to non-GAAP net loss is set forth in the table above.
AMSC ContactsInvestor Relations Contact:LHA
Investor RelationsSanjay M. Hurry(212) 838-3777amscIR@lhai.com
Public Relations Contact:RooneyPartners LLCBob
Cavosi646-638-9891rcavosi@rooneyco.com
AMSC Communications Manager:Nicol GolezPhone: 978-399-8344Email:
Nicol.Golez@amsc.com
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