American Superconductor Corporation (NASDAQ:AMSC) Q4 2019 Earnings Conference Call Transcript

Jun 06, 2019 • 10:00 am ET

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American Superconductor Corporation (NASDAQ:AMSC) Q4 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Welcome to the AMSC Fourth Quarter Fiscal 2018 Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Sanjay Hurry, the LHA Investor Relations. Please go ahead, sir.

Executive
Sanjay M. Hurry

Thank you, operator. Good morning, everyone, and welcome to AMSC's Fourth Quarter and Full Fiscal Year 2018 Earnings Conference Call. My name is Sanjay Hurry of LHA Investor Relations, AMSC's IR agency of record. With us on the call today are Daniel McGahn, Chairman, President and CEO; and John Kosiba, Senior Vice President and CFO.

AMSC issued its earnings release for the fourth quarter and fiscal full year 2018 yesterday after the market closed. For those of you who have not yet seen the release, a copy is available in the Investors page of the company's website at www.amsc.com.

Before starting the call, I'd like to remind you that various remarks that management may make during today's call about AMSC's future expectations, plans and prospects constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statement as a result of various important factors, including those set forth in the Risk Factors section of the company's annual report on Form 10-K for the year ended March 31, 2019, that was filed with the SEC, other reports that the company has filed with the SEC and the factors outlined in the fourth quarter and fiscal full year 2018 earnings press release.

These forward-looking statements represent management expectations only as of today and should not be relied upon as representing management's views as of any date subsequent to today. While AMSC anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward-looking statements.

Also, on today's call, management will refer to certain non-GAAP financial measures, non-GAAP net loss or income and non-GAAP operating cash flow. Non-GAAP net loss or income is defined as net loss or net income before gain on sale of minority investments, gain on the Chinese settlement, net stock-based compensation, amortization of acquisition-related intangibles, consumption of zero cost basis inventory, change in fair value of warrants and contingent consideration, non-cash interest expense and the tax effect of adjustments. Non-GAAP operating cash flow is defined as operating cash flow before the gain on our settlements net of legal fees and expenses, the tax effect of the settlements net of the other unusual cash flow or items. The company believes that these non-GAAP measures assist management and investors to compare results of operations in the current period to prior period results on a consistent basis by excluding these non-cash, nonrecurring or other charges, and it does not believe are indicative of the company's core performing -- core operating performance.

A reconciliation of the non-GAAP to GAAP measures can be found in the fourth quarter and fiscal full year 2018 earnings press