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, 2021
("fiscal 2020").
Revenues for the fourth quarter of fiscal 2020
were $21.2 million compared with $18.1 million for the same period
of fiscal 2019. The year-over-year increase was driven by
higher Grid segment revenues.
AMSC’s net loss for the fourth quarter of fiscal
2020 was $7.6 million, or $0.29 per share, compared to
net loss of $5.9 million, or $0.27 per share, for the same
period of fiscal 2019. The Company’s non-GAAP net loss for the
fourth quarter of fiscal 2020 was $5.6 million, or
$0.21 per share, compared with a non-GAAP net loss of $5.1
million, or $0.24 per share, in the same period of fiscal
2019. Please refer to the financial table below for a
reconciliation of GAAP to non-GAAP results.
Revenues for the full fiscal year 2020 were
$87.1 million as compared to $63.8 million in fiscal year
2019. The increase in revenues was driven by the contribution from
the acquisition of NEPSI™ as well as growth in the D-VAR, Volt
Var Optimization ("VVO") and SPS product lines. AMSC reported a net
loss for the fiscal year 2020 of $22.7 million,
or $0.95 per diluted share, compared to net loss of
$17.1 million, or $1.03 per diluted share in fiscal year 2019.
The Company's non-GAAP net loss for the full year fiscal
2020 was $14.1 million, or $0.59 per
share, compared with a non-GAAP net loss of $19.5 million, or
$0.93 per share, for fiscal year 2019. Please refer to the
financial table below for a reconciliation of GAAP to non-GAAP
results.
Cash, cash equivalents, marketable securities
and restricted cash on March 31, 2021 totaled
$80.7 million, compared with $66.1 million at March 31, 2020.
Cash, cash equivalents, marketable securities and restricted cash
on March 31, 2021 do not reflect the impact of the Company’s
acquisition of Neeltran, Inc., which occurred subsequent to the end
of the period.
“In fiscal 2020, we grew our Grid business by
over 40% - our sixth consecutive year of grid growth,” said
Daniel P. McGahn, Chairman, President and CEO, AMSC. “With the
acquisition of NEPSI and more recently, Neeltran, we have
diversified our business by geography and by market, expanded our
total addressable market for new energy power systems to nearly $3
billion and have accelerated our path toward profitability. I am
grateful for our team’s commitment and delivery on a successful
fiscal year 2020 and look forward to continue to grow revenue in
fiscal year 2021.”
Business Outlook
For the first quarter ending June 30, 2021, AMSC
expects that its revenues will be in the range of $22 million
to $26 million. The Company’s net loss for the first quarter
of fiscal 2021 is expected not to exceed $6.5 million, or
$0.24 per share. The Company’s net loss guidance assumes no changes
in contingent consideration nor any purchase accounting
adjustments associated with the Neeltran Acquisition. The
Company's non-GAAP net loss (as defined below) is expected not to
exceed $4.6 million, or $0.17 per share. The Company
expects operating cash flow to be a burn of $4 million to
$6 million in the first quarter of fiscal 2021. The Company
expects cash, cash equivalents, marketable securities and
restricted cash on June 30, 2021, to be no less than
$60 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 3, 2021, 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. To preregister for the call, go to
ClickToJoinLink. Callers who click the link will be able to enter
their information to gain immediate access to the call and bypass
the live operator. Participants may preregister 15 minutes prior to
the scheduled start time. The live call can also be accessed by
dialing 866-248-8441 or 323-289-6581 and using conference ID
8268096. 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
passcode 8268096.
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, Smarter, Cleaner … Better Energy,
Orchestrate the Rhythm and Harmony of Power on the Grid and
NEPSI 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; our
expectation that we will be a more diversified business; our
expectations related to our total addressable market and path
toward profitability; our expected GAAP and non-GAAP financial
results for the quarter ending June 30, 2021, our expected cash,
cash equivalents, marketable securities, and restricted cash
balance on June 30, 2021; 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 could adversely impact our business, financial condition
and results of operations; 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 relationships;
We may experience difficulties re-establishing our HTS wire
production capability in our Ayer, Massachusetts facility; Our
success is dependent upon attracting and retaining qualified
personnel and our inability to do so could significantly damage our
business and prospects; Historically, a significant
portion of our revenues have been derived from a single customer
and 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 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; 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; Adverse changes in
domestic and global economic conditions could adversely affect our
operating results; 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 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; 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; 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, 2021, 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, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grid |
|
$ |
19,380 |
|
|
$ |
13,008 |
|
|
$ |
70,528 |
|
|
$ |
49,585 |
|
Wind |
|
|
1,784 |
|
|
|
5,133 |
|
|
|
16,597 |
|
|
|
14,253 |
|
Total revenues |
|
|
21,164 |
|
|
|
18,141 |
|
|
|
87,125 |
|
|
|
63,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
18,226 |
|
|
|
15,623 |
|
|
|
69,671 |
|
|
|
54,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
2,938 |
|
|
|
2,518 |
|
|
|
17,454 |
|
|
|
9,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
2,768 |
|
|
|
2,644 |
|
|
|
11,015 |
|
|
|
9,565 |
|
Selling, general and administrative |
|
|
6,713 |
|
|
|
5,944 |
|
|
|
25,322 |
|
|
|
22,669 |
|
Amortization of acquisition related intangibles |
|
|
621 |
|
|
|
85 |
|
|
|
1,222 |
|
|
|
340 |
|
Loss on contingent consideration |
|
|
320 |
|
|
|
— |
|
|
|
3,060 |
|
|
|
— |
|
Total operating expenses |
|
|
10,422 |
|
|
|
8,673 |
|
|
|
40,619 |
|
|
|
32,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(7,484 |
) |
|
|
(6,155 |
) |
|
|
(23,165 |
) |
|
|
(23,129 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of
warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,648 |
|
Interest income, net |
|
|
53 |
|
|
|
226 |
|
|
|
426 |
|
|
|
1,327 |
|
Other (expense) income,
net |
|
|
149 |
|
|
|
208 |
|
|
|
(771 |
) |
|
|
253 |
|
Loss before income tax
expense |
|
|
(7,281 |
) |
|
|
(5,721 |
) |
|
|
(23,510 |
) |
|
|
(16,901 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense |
|
|
335 |
|
|
|
165 |
|
|
|
(832 |
) |
|
|
195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(7,616 |
) |
|
$ |
(5,886 |
) |
|
$ |
(22,678 |
) |
|
$ |
(17,096 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.29 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.95 |
) |
|
$ |
(0.81 |
) |
Diluted |
|
$ |
(0.29 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.95 |
) |
|
$ |
(1.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
26,533 |
|
|
|
21,581 |
|
|
|
23,879 |
|
|
|
20,985 |
|
Diluted |
|
|
26,533 |
|
|
|
21,581 |
|
|
|
23,879 |
|
|
|
21,069 |
|
CONSOLIDATED BALANCE
SHEET(In thousands, except per share
data)
|
|
March 31, |
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
67,814 |
|
|
$ |
24,699 |
|
Marketable securities |
|
|
5,140 |
|
|
|
30,149 |
|
Accounts receivable |
|
|
13,267 |
|
|
|
16,987 |
|
Inventory |
|
|
13,306 |
|
|
|
18,975 |
|
Prepaid expenses and other current assets |
|
|
3,546 |
|
|
|
2,959 |
|
Restricted cash |
|
|
2,157 |
|
|
|
508 |
|
Total current assets |
|
|
105,230 |
|
|
|
94,277 |
|
|
|
|
|
|
|
|
|
|
Marketable securities, long
term portion |
|
|
— |
|
|
|
5,046 |
|
Property, plant and equipment,
net |
|
|
8,997 |
|
|
|
8,565 |
|
Intangibles, net |
|
|
9,153 |
|
|
|
3,550 |
|
Right-of-use asset |
|
|
3,747 |
|
|
|
3,359 |
|
Goodwill |
|
|
34,634 |
|
|
|
1,719 |
|
Restricted cash |
|
|
5,568 |
|
|
|
5,657 |
|
Deferred tax assets |
|
|
1,223 |
|
|
|
1,551 |
|
Other assets |
|
|
314 |
|
|
|
385 |
|
Total assets |
|
$ |
168,866 |
|
|
$ |
124,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
19,810 |
|
|
$ |
22,091 |
|
Lease liability, current portion |
|
|
612 |
|
|
|
439 |
|
Contingent consideration |
|
|
7,050 |
|
|
|
— |
|
Deferred revenue, current portion |
|
|
13,266 |
|
|
|
18,430 |
|
Total current liabilities |
|
|
40,738 |
|
|
|
40,960 |
|
|
|
|
|
|
|
|
|
|
Deferred revenue, long term
portion |
|
|
7,991 |
|
|
|
7,712 |
|
Lease liability, long term
portion |
|
|
3,246 |
|
|
|
3,000 |
|
Deferred tax liabilities |
|
|
274 |
|
|
|
180 |
|
Other liabilities |
|
|
25 |
|
|
|
38 |
|
Total liabilities |
|
|
52,274 |
|
|
|
51,890 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value,
75,000,000 shares authorized; 27,988,536 and 22,902,288 shares
issued and 27,593,400 and 22,604,410 shares outstanding at March
31, 2021 and 2020, respectively |
|
|
280 |
|
|
|
229 |
|
Additional paid-in
capital |
|
|
1,121,495 |
|
|
|
1,053,507 |
|
Treasury stock, at cost,
395,136 and 297,878 shares at March 31, 2021 and 2020,
respectively |
|
|
(3,593 |
) |
|
|
(2,666 |
) |
Accumulated other
comprehensive loss |
|
|
(277 |
) |
|
|
(216 |
) |
Accumulated deficit |
|
|
(1,001,313 |
) |
|
|
(978,635 |
) |
Total stockholders' equity |
|
|
116,592 |
|
|
|
72,219 |
|
Total liabilities and stockholders' equity |
|
$ |
168,866 |
|
|
$ |
124,109 |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)
|
|
Year Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(22,678 |
) |
|
$ |
(17,096 |
) |
Adjustments to reconcile net loss to net cash used in
operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,352 |
|
|
|
4,308 |
|
Stock-based compensation expense |
|
|
3,485 |
|
|
|
1,922 |
|
Provision for excess and obsolete inventory |
|
|
1,762 |
|
|
|
1,276 |
|
Deferred income taxes |
|
|
(1,221 |
) |
|
|
(1,714 |
) |
Change in fair value of contingent consideration |
|
|
3,060 |
|
|
|
— |
|
Change in fair value of warrants |
|
|
— |
|
|
|
(4,648 |
) |
Non-cash interest (income) expense |
|
|
(94 |
) |
|
|
(308 |
) |
Other non-cash items |
|
|
272 |
|
|
|
329 |
|
Unrealized foreign exchange loss/(gain) on cash and cash
equivalents |
|
|
363 |
|
|
|
(319 |
) |
Changes in operating asset and liability accounts: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
5,193 |
|
|
|
(9,159 |
) |
Inventory |
|
|
8,106 |
|
|
|
(8,143 |
) |
Prepaid expenses and other current assets |
|
|
823 |
|
|
|
373 |
|
Accounts payable and accrued expenses |
|
|
(5,047 |
) |
|
|
5,894 |
|
Deferred revenue |
|
|
(8,057 |
) |
|
|
10,788 |
|
Net cash used in operating activities |
|
|
(8,681 |
) |
|
|
(16,497 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
(1,764 |
) |
|
|
(3,630 |
) |
Proceeds from the sale of property, plant and equipment |
|
|
— |
|
|
|
3,001 |
|
Purchase of marketable securities |
|
|
— |
|
|
|
(35,000 |
) |
Sale of marketable securities |
|
|
30,152 |
|
|
|
— |
|
Cash paid for acquisition, net of cash received |
|
|
(26,000 |
) |
|
|
— |
|
Purchase of intangible assets |
|
|
— |
|
|
|
(1,000 |
) |
Change in other assets |
|
|
81 |
|
|
|
8 |
|
Net cash provided by (used in) investing activities |
|
|
2,469 |
|
|
|
(36,621 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Employee taxes paid related to net settlement of equity awards |
|
|
(927 |
) |
|
|
(565 |
) |
Proceeds from exercise of warrants |
|
|
— |
|
|
|
6,139 |
|
Proceeds from public equity offering, net |
|
|
51,477 |
|
|
|
— |
|
Proceeds from exercise of employee stock options and ESPP |
|
|
278 |
|
|
|
202 |
|
Net cash provided by financing activities |
|
|
50,828 |
|
|
|
5,776 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
|
59 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
|
44,675 |
|
|
|
(47,334 |
) |
Cash, cash equivalents and
restricted cash at beginning of year |
|
|
30,864 |
|
|
|
78,198 |
|
Cash, cash equivalents and
restricted cash at end of year |
|
$ |
75,539 |
|
|
$ |
30,864 |
|
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, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net loss |
|
$ |
(7,616 |
) |
|
$ |
(5,886 |
) |
|
$ |
(22,678 |
) |
|
$ |
(17,096 |
) |
Stock-based compensation |
|
|
888 |
|
|
|
686 |
|
|
|
3,485 |
|
|
|
1,922 |
|
Amortization of acquisition-related intangibles |
|
|
811 |
|
|
|
85 |
|
|
|
1,697 |
|
|
|
340 |
|
Change in fair value of warrants |
|
|
320 |
|
|
|
— |
|
|
|
3,060 |
|
|
|
(4,648 |
) |
Acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
313 |
|
|
|
— |
|
Non-GAAP net loss |
|
|
(5,597 |
) |
|
|
(5,115 |
) |
|
|
(14,123 |
) |
|
|
(19,482 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per
share |
|
$ |
(0.21 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.59 |
) |
|
$ |
(0.93 |
) |
Weighted average shares
outstanding - basic and diluted |
|
|
26,533 |
|
|
|
21,581 |
|
|
|
23,879 |
|
|
|
20,985 |
|
RECONCILIATION OF GAAP OPERATING CASH
FLOW TO NON-GAAP OPERATING CASH FLOW(In
thousands)
|
|
March 31, 2021 |
|
|
March 31, 2020 |
|
Operating cash flow |
|
$ |
(8,681 |
) |
|
$ |
(16,497 |
) |
Sinovel settlement (net of
legal fees and expenses) |
|
|
— |
|
|
|
1,000 |
|
Tax effect of Sinovel
settlement, net |
|
|
— |
|
|
|
3,323 |
|
Non-GAAP operating cash
flow |
|
$ |
(8,681 |
) |
|
$ |
(12,174 |
) |
Reconciliation of Forecast GAAP Net Loss
to Non-GAAP Net Loss(In millions, except per share
data)
|
|
Three months ending |
|
|
|
June 30, 2021 |
|
Net loss |
|
$ |
(6.5 |
) |
Stock-based compensation |
|
|
0.7 |
|
Amortization of
acquisition-related intangibles |
|
|
0.7 |
|
Acquisition costs |
|
|
0.5 |
|
Non-GAAP net loss |
|
$ |
(4.6 |
) |
Non-GAAP net loss per
share |
|
$ |
(0.17 |
) |
Shares outstanding |
|
|
26.6 |
|
Note: Non-GAAP net loss is defined by the Company as net income
(loss) before; stock-based compensation; amortization of
acquisition-related intangibles; changes in fair value of warrants;
other non-cash or unusual charges, and acquisition costs. 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 does not expect a further gain
on sale of minority investments or gain on Sinovel settlement,
net, and the Company no longer has any warrants outstanding,
therefore the Company's non-GAAP net loss guidance does not include
the impact from these adjustments. Actual GAAP and non-GAAP net
loss for the fiscal quarter ending June 30, 2021, 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 or purchase accounting adjustments
associated with the acquisition of Neeltran.
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 Sinovel settlement; 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.
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 RelationsCarolyn Capaccio(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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