AMSC (Nasdaq: AMSC), a leading system provider of
megawatt-scale power resiliency solutions
that orchestrate the rhythm and harmony of power on the
grid™, and that protect and expand the capability and
resiliency of our Navy’s fleet, today reported financial results
for its fourth quarter and fiscal year ended March 31,
2023 ("fiscal 2022").
Revenues for the fourth quarter of fiscal
2022 were $31.7 million compared with $28.3 million for the
same period of fiscal 2021. The year-over-year increase
was a result of higher Grid segment revenues, primarily driven
by strong new energy power system sales.
AMSC’s net loss for the fourth quarter of fiscal
2022 was $6.9 million, or $0.25 per share, compared to
net loss of $5.0 million, or $0.18 per share, for the same
period of fiscal 2021. The Company’s non-GAAP net loss for the
fourth quarter of fiscal 2022 was $7.8 million, or $0.28
per share, compared with a non-GAAP net loss of $4.7 million,
or $0.17 per share, in the same period of fiscal 2021. Please refer
to the financial table below for a reconciliation of GAAP to
non-GAAP results.
Revenues for fiscal 2022 were $106.0
million as compared to $108.4 million in fiscal 2021. The
decrease in revenues was driven by lower D-VAR revenues than in the
prior year.
AMSC reported a net loss for fiscal
2022 of $35.0 million, or $1.26 per diluted share,
compared to a net loss of $19.2 million, or $0.71 per diluted share
in fiscal 2021. The Company's non-GAAP net loss for fiscal
2022 was $28.8 million, or $1.03 per share,
compared with a non-GAAP net loss of $17.1 million, or $0.63 per
share, for fiscal 2021. Please refer to the financial
table below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents and restricted cash on
March 31, 2023 totaled $25.7 million.
"During fiscal 2022, AMSC delivered
significant business diversification,” said Daniel P. McGahn,
Chairman, President and CEO, AMSC. “Our fiscal 2022 performance
reflects our strategic effort to diversify our Company by markets,
geography and products as well as our efforts to capture
integration synergies and reduce our cost structure. We believe
this diversification well positions us to capitalize on future
investments in renewables, mining of metals and
materials—especially those for the electrification of vehicles,
semiconductors and in the defense business. Our Company has
successfully transitioned from almost a pure play in the wind
market, to a company primarily focused on the power grid and
military resiliency markets as further evidenced by our recently
introduced U.S. Navy solution—mine countermeasure system. We
believe our growing and consistent Grid demand may allow us to
seize opportunities in new markets, introduce new offerings and
expand our customer reach. I am grateful for our team’s commitment
and delivery on fiscal 2022 and look forward to a bright
fiscal 2023."
Business OutlookFor the first
quarter ending June 30, 2023, AMSC expects that its revenues will
be in the range of $26 million to $30 million. The
Company’s net loss for the first quarter of fiscal 2023 is
expected not to exceed $6.5 million, or $0.23 per share.
The Company’s net loss guidance assumes no changes in fair value of
contingent consideration. The Company's non-GAAP net loss (as
defined below) is expected not to exceed $4.8 million, or
$0.17 per share. The Company expects operating cash flow to
be a burn of $1 million to $3 million in the first
quarter of fiscal 2023. The Company expects cash, cash
equivalents, and restricted cash on June 30, 2023, to be no
less than $22 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 1, 2023, 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
https://ir.amsc.com. The live call can be accessed by dialing
1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call.
A replay of the call may be accessed 2 hours following the call by
dialing 1-877-344-7529 and using conference passcode 4313516.
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 Marinetec™
Solutions, AMSC provides ship protection and is developing
propulsion and power management solutions designed to help
fleets increase system efficiencies, enhance power quality and
boost operational safety. 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 enhancing the performance
and reliability of power networks, increasing the operational
safety of navy fleets, and powering gigawatts of renewable energy
globally. 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, American Superconductor, D-VAR, D-VAR VVO,
Gridtec, Marintec, Windtec, Neeltran, NEPSI, Smarter, Cleaner …
Better Energy and Orchestrate the Rhythm and Harmony of Power
on the Grid 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 regarding our goals and
strategies; business diversification; integration synergies
and cost structure reduction efforts; market demand, drivers and
opportunities for our products; our belief that our
diversification well positions us to capitalize on future
investments; our belief regarding expected opportunities from our
growing and consistent Grid demand; our expected GAAP and
non-GAAP financial results for the quarter ending June 30, 2023,
our expected cash, cash equivalents and restricted cash balance on
June 30, 2023; 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: We have a history of
operating losses, which may continue in the future. Our operating
results may fluctuate significantly from quarter to quarter and may
fall below expectations in any particular fiscal quarter; We have a
history of negative operating cash flows, and we may require
additional financing in the future, which may not be available to
us; 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;We may not
realize all of the sales expected from our backlog of orders and
contracts; 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. The
continued funding of such contracts remains subject to annual
congressional appropriation, which, if not approved, could reduce
our revenue and lower or eliminate our profit; The COVID-19
pandemic has adversely impacted our business, financial condition
and results of operations and other future pandemics or health
crises may have similar impacts; Changes in U.S. government defense
spending could negatively impact our financial position, results of
operations, liquidity and overall business; We rely upon
third-party suppliers for the components and subassemblies of many
of our Grid and Wind products, making us vulnerable to supply
shortages and price fluctuations, which could harm our business;
Uncertainty surrounding our prospects and financial
condition may have an adverse effect on our customer and
supplier relationship; We have not manufactured our Amperium wire
in commercial quantities, and a failure to manufacture our Amperium
wire in commercial quantities at acceptable cost and quality levels
would substantially limit our future revenue and profit potential;
Our success is dependent upon attracting and retaining qualified
personnel and our inability to do so could significantly damage our
business and prospects; A significant portion of our Wind
segment revenues are derived from a single customer. If this
customer’s business is negatively affected, it could adversely
impact our business; Our success in addressing the wind energy
market is dependent on the manufacturers that license our designs;
Our business and operations would be adversely impacted in the
event of a failure or security breach of our or any critical third
parties' information technology infrastructure and networks;
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; 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; We or third parties on whom we
depend may be adversely affected by natural disasters, including
events resulting from climate change, and our business continuity
and disaster recovery plans may not adequately protect us or our
value chain from such events; Adverse changes in domestic and
global economic conditions could adversely affect our operating
results; 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; Our products face competition,
which could limit our ability to acquire or retain customers; 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 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; Industry
consolidation could result in more powerful competitors and fewer
customers; The increasing focus on environmental sustainability and
social initiatives could increase our costs, and inaction could
harm our reputation and adversely impact our financial results;
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: 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; We may be unable
to adequately prevent disclosure of trade secrets and other
proprietary information; Our patents may not provide meaningful
protection for our technology, which could result in us losing some
or all of our market position; There are a number of technological
challenges that must be successfully addressed before our
superconductor products can gain widespread commercial acceptance,
and our inability to address such technological challenges could
adversely affect our ability to acquire customers for our products;
Third parties have or may acquire patents that cover the materials,
processes and technologies we use or may use in the future to
manufacture our Amperium products, and our success depends on our
ability to license such patents or other proprietary rights; Our
technology and products could infringe intellectual property rights
of others, which may require costly litigation and, if we are not
successful, could cause us to pay substantial damages and disrupt
our business; We face risks related to our legal proceedings; We
face risks related to our common stock; and the other
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, 2023, 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 Ended |
|
|
Twelve Months Ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grid |
|
$ |
28,294 |
|
|
$ |
25,706 |
|
|
$ |
94,631 |
|
|
$ |
98,876 |
|
Wind |
|
|
3,449 |
|
|
|
2,602 |
|
|
|
11,353 |
|
|
|
9,559 |
|
Total revenues |
|
|
31,743 |
|
|
|
28,308 |
|
|
|
105,984 |
|
|
|
108,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
27,929 |
|
|
|
25,018 |
|
|
|
97,463 |
|
|
|
94,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
3,814 |
|
|
|
3,290 |
|
|
|
8,521 |
|
|
|
13,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,890 |
|
|
|
2,102 |
|
|
|
8,966 |
|
|
|
10,470 |
|
Selling, general and administrative |
|
|
6,616 |
|
|
|
6,880 |
|
|
|
28,700 |
|
|
|
27,494 |
|
Amortization of acquisition related intangibles |
|
|
688 |
|
|
|
627 |
|
|
|
2,746 |
|
|
|
2,467 |
|
Change in fair value on contingent consideration |
|
|
410 |
|
|
|
(1,410 |
) |
|
|
70 |
|
|
|
(5,850 |
) |
Restructuring |
|
|
1,048 |
|
|
|
— |
|
|
|
1,048 |
|
|
|
— |
|
Total operating expenses |
|
|
10,652 |
|
|
|
8,199 |
|
|
|
41,530 |
|
|
|
34,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(6,838 |
) |
|
|
(4,909 |
) |
|
|
(33,009 |
) |
|
|
(21,089 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
140 |
|
|
|
7 |
|
|
|
252 |
|
|
|
75 |
|
China dissolution |
|
|
- |
|
|
|
- |
|
|
|
(1,921 |
) |
|
|
- |
|
Other expense, net |
|
|
(100 |
) |
|
|
(33 |
) |
|
|
(148 |
) |
|
|
(28 |
) |
Loss before income tax expense
(benefit) |
|
|
(6,798 |
) |
|
|
(4,935 |
) |
|
|
(34,826 |
) |
|
|
(21,042 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
72 |
|
|
|
97 |
|
|
|
215 |
|
|
|
(1,849 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(6,870 |
) |
|
$ |
(5,032 |
) |
|
$ |
(35,041 |
) |
|
$ |
(19,193 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.25 |
) |
|
$ |
(0.18 |
) |
|
$ |
(1.26 |
) |
|
$ |
(0.71 |
) |
Diluted |
|
$ |
(0.25 |
) |
|
$ |
(0.18 |
) |
|
$ |
(1.26 |
) |
|
$ |
(0.71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
28,010 |
|
|
|
27,383 |
|
|
|
27,848 |
|
|
|
27,203 |
|
Diluted |
|
|
28,010 |
|
|
|
27,383 |
|
|
|
27,848 |
|
|
|
27,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET(In thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,360 |
|
|
$ |
40,584 |
|
Accounts receivable |
|
|
30,665 |
|
|
|
20,280 |
|
Inventory |
|
|
36,986 |
|
|
|
23,666 |
|
Prepaid expenses and other current assets |
|
|
13,429 |
|
|
|
7,052 |
|
Restricted cash |
|
|
1,733 |
|
|
|
2,754 |
|
Total current assets |
|
|
106,173 |
|
|
|
94,336 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
|
12,309 |
|
|
|
13,656 |
|
Intangibles, net |
|
|
8,527 |
|
|
|
11,311 |
|
Right-of-use asset |
|
|
2,857 |
|
|
|
3,502 |
|
Goodwill |
|
|
43,471 |
|
|
|
43,471 |
|
Restricted cash |
|
|
582 |
|
|
|
6,148 |
|
Deferred tax assets |
|
|
1,114 |
|
|
|
1,224 |
|
Other assets |
|
|
528 |
|
|
|
239 |
|
Total assets |
|
$ |
175,561 |
|
|
$ |
173,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
38,383 |
|
|
$ |
29,140 |
|
Lease liability, current portion |
|
|
808 |
|
|
|
740 |
|
Debt, current portion |
|
|
75 |
|
|
|
72 |
|
Contingent consideration |
|
|
1,270 |
|
|
|
1,200 |
|
Deferred revenue, current portion |
|
|
43,572 |
|
|
|
22,812 |
|
Total current liabilities |
|
|
84,108 |
|
|
|
53,964 |
|
|
|
|
|
|
|
|
|
|
Deferred revenue, long term
portion |
|
|
7,188 |
|
|
|
7,222 |
|
Lease liability, long term
portion |
|
|
2,184 |
|
|
|
2,900 |
|
Deferred tax liabilities |
|
|
243 |
|
|
|
297 |
|
Debt, long-term portion |
|
|
15 |
|
|
|
90 |
|
Other liabilities |
|
|
26 |
|
|
|
25 |
|
Total liabilities |
|
|
93,764 |
|
|
|
64,498 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value,
75,000,000 shares authorized; 29,937,119 and 28,919,990 shares
issued and 29,539,488 and 28,522,359 shares outstanding at March
31, 2023 and 2022, respectively |
|
|
299 |
|
|
|
289 |
|
Additional paid-in
capital |
|
|
1,139,113 |
|
|
|
1,133,536 |
|
Treasury stock, at cost,
397,631 at March 31, 2023 and 2022, respectively |
|
|
(3,639 |
) |
|
|
(3,639 |
) |
Accumulated other
comprehensive loss |
|
|
1,571 |
|
|
|
(291 |
) |
Accumulated deficit |
|
|
(1,055,547 |
) |
|
|
(1,020,506 |
) |
Total stockholders' equity |
|
|
81,797 |
|
|
|
109,389 |
|
Total liabilities and stockholders' equity |
|
$ |
175,561 |
|
|
$ |
173,887 |
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS(In
thousands) |
|
|
|
|
|
|
Year Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(35,041 |
) |
|
$ |
(19,193 |
) |
Adjustments to reconcile net loss to net cash used in
operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,361 |
|
|
|
5,341 |
|
Stock-based compensation expense |
|
|
4,729 |
|
|
|
4,661 |
|
Provision for excess and obsolete inventory |
|
|
1,467 |
|
|
|
1,902 |
|
Deferred income taxes |
|
|
24 |
|
|
|
(2,403 |
) |
Change in fair value of contingent consideration |
|
|
70 |
|
|
|
(5,850 |
) |
China Dissolution |
|
|
1,921 |
|
|
|
— |
|
Non-cash interest income |
|
|
— |
|
|
|
(49 |
) |
Other non-cash items |
|
|
600 |
|
|
|
525 |
|
Unrealized foreign exchange gain on cash and cash equivalents |
|
|
(226 |
) |
|
|
(186 |
) |
Changes in operating asset and liability accounts: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(10,360 |
) |
|
|
(3,760 |
) |
Inventory |
|
|
(14,796 |
) |
|
|
(3,307 |
) |
Prepaid expenses and other current assets |
|
|
(5,757 |
) |
|
|
(420 |
) |
Accounts payable and accrued expenses |
|
|
8,660 |
|
|
|
4,695 |
|
Deferred revenue |
|
|
20,863 |
|
|
|
(933 |
) |
Net cash used in operating activities |
|
|
(22,485 |
) |
|
|
(18,977 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
(1,236 |
) |
|
|
(938 |
) |
Cash paid for acquisition, net of cash received |
|
|
— |
|
|
|
(11,479 |
) |
Proceeds from the maturity of marketable securities |
|
|
— |
|
|
|
5,189 |
|
Change in other assets |
|
|
(281 |
) |
|
|
65 |
|
Net cash used in investing activities |
|
|
(1,517 |
) |
|
|
(7,163 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Repurchase of treasury stock |
|
|
— |
|
|
|
(46 |
) |
Repayment of debt |
|
|
(73 |
) |
|
|
(53 |
) |
Proceeds from exercise of employee stock options and ESPP |
|
|
235 |
|
|
|
241 |
|
Net cash provided by financing activities |
|
|
162 |
|
|
|
142 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
|
29 |
|
|
|
(55 |
) |
|
|
|
|
|
|
|
|
|
Net decrease in cash, cash
equivalents and restricted cash |
|
|
(23,811 |
) |
|
|
(26,053 |
) |
Cash, cash equivalents and
restricted cash at beginning of year |
|
|
49,486 |
|
|
|
75,539 |
|
Cash, cash equivalents and
restricted cash at end of year |
|
$ |
25,675 |
|
|
$ |
49,486 |
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET
LOSS(In thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
Year Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
|
$ |
(6,870 |
) |
|
$ |
(5,032 |
) |
|
$ |
(35,041 |
) |
|
$ |
(19,193 |
) |
Stock-based compensation |
|
|
1,237 |
|
|
|
1,147 |
|
|
|
4,729 |
|
|
|
4,661 |
|
Amortization of acquisition-related intangibles |
|
|
688 |
|
|
|
644 |
|
|
|
2,784 |
|
|
|
2,623 |
|
Acquisition Costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
681 |
|
Change in fair value of contingent consideration |
|
|
410 |
|
|
|
(1,410 |
) |
|
|
70 |
|
|
|
(5,850 |
) |
China dissolution |
|
|
— |
|
|
|
— |
|
|
|
1,921 |
|
|
|
— |
|
ERC tax benefit |
|
|
(3,283 |
) |
|
|
— |
|
|
|
(3,283 |
) |
|
|
— |
|
Non-GAAP net loss |
|
|
(7,818 |
) |
|
|
(4,650 |
) |
|
|
(28,820 |
) |
|
|
(17,078 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per
share |
|
$ |
(0.28 |
) |
|
$ |
(0.17 |
) |
|
$ |
(1.03 |
) |
|
$ |
(0.63 |
) |
Weighted average shares
outstanding - basic and diluted |
|
|
28,010 |
|
|
|
27,383 |
|
|
|
27,848 |
|
|
|
27,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Forecast GAAP Net Loss to Non-GAAP Net
Loss(In millions, except per share
data) |
|
|
|
|
|
|
Three months ending |
|
|
|
June 30, 2023 |
|
Net loss |
|
$ |
(6.5 |
) |
Stock-based compensation |
|
|
1.2 |
|
Amortization of
acquisition-related intangibles |
|
|
0.5 |
|
Non-GAAP net loss |
|
$ |
(4.8 |
) |
Non-GAAP net loss per
share |
|
$ |
(0.17 |
) |
Shares outstanding |
|
|
28.1 |
|
|
|
|
|
|
Note: Non-GAAP net loss is defined by the
Company as net loss before; stock-based compensation;
amortization of acquisition-related intangibles; acquisition costs;
changes in fair value of contingent consideration; China
dissolution; ERC tax benefit; other non-cash or unusual charges,
and the tax effect of adjustments calculated at the relevant rate
for our non-GAAP metric. The Company believes non-GAAP net
loss and non-GAAP net loss per share assist 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. Actual GAAP and
non-GAAP net loss and net loss per share for the fiscal quarter
ending June 30, 2023, including the above adjustments, may differ
materially from those forecasted in the table above, including as a
result of changes in the fair value of contingent
consideration.
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 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. Non-GAAP net loss per share is defined as non-GAAP net
loss divided by shares outstanding.
AMSC ContactsInvestor Relations Contact:LHA
Investor RelationsCarolyn Capaccio(212) 838-3777amscIR@lhai.com
AMSC Communications Manager:Nicol GolezPhone: 978-399-8344Email:
Nicol.Golez@amsc.com
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