American Superconductor Corporation (NASDAQ:AMSC) Q1 2019 Earnings Conference Call - Final Transcript

Aug 06, 2019 • 10:00 am ET

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American Superconductor Corporation (NASDAQ:AMSC) Q1 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the American Superconductor First Quarter Fiscal 2019 Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. John Heilshorn. Please go ahead, sir.

Analyst
John W. Heilshorn

Thank you, Brandon. Good morning everyone and welcome to American Superconductor's First Quarter and Fiscal 2019 Earnings Conference call. I'm John Heilshorn, partner of LHA, American Superconductor's IR agency of record. With us on today's call are Daniel McGahn, Chairman, President, and Chief Executive Officer and John Kosiba, Senior Vice President and Chief Financial Officer. American Superconductor issued its earnings release for the first quarter of fiscal 2019 yesterday after the market closed. Those of you who have not been able to see 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 American Superconductor's future expectations, plans and prospects constitute forward-looking statements for 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 statements as a result of various important factors, including those set forth in the Risk Factors section of American Superconductor's annual report on Form 10-K for the year ended March 31, 2019, which the company filed with the Securities and Exchange Commission on June 5, 2019, and subsequent reports that the company has filed with the Securities and Exchange Commission. These forward-looking statements represent management's expectations only as of today and should not be relied upon as representing management's views as of any date subsequent to today. While the company 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 and non-GAAP operating cash flow. Non-GAAP net loss is defined by the company as net loss before stock-based compensation, amortization of acquisition-related intangibles, consumption of zero cost basis inventory, changes in fair value of warrants, other unusual charges or items and the tax effect of adjustments calculated at the relevant rate over the company's non-GAAP metric. Non-GAAP operating cash flow is defined by the company as operating cash flow before Sinovel's settlement that have legal fees and expenses, tax effect of adjustments and other unusual cash flow or items.

A reconciliation of the non-GAAP to GAAP measures can be found in the first quarter fiscal 2019 earnings press release, the company issued and furnished to the Securities and Exchange Commission last night on Form 8-K. All of American Superconductor's press releases and SEC filings can be accessed from the Investors page of its website at www.amsc.com.

With that, I will now turn the call over to Chairman, President and CEO, Daniel McGahn. Daniel?

Executive
Daniel McGahn

Thanks John and good morning, everyone. I'll begin today by providing an update of our