American Superconductor Corporation (NASDAQ:AMSC) Q2 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 10:00 am ET

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American Superconductor Corporation (NASDAQ:AMSC) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

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

Executive
Sanjay Hurry

Thank you, Chantal. Good morning, everyone, and welcome to American Superconductor's Second Quarter Fiscal 2019 Earnings Conference Call. I am Sanjay Hurry of LHA Investor Relations, American Superconductor's Investor Relations Agency of record. With us on the call today are Daniel McGahn, Chairman, President and CEO and John Kosiba, Senior Vice President and CFO.

American Superconductor issued its earnings release for the second quarter of fiscal 2019 yesterday after the market closed. For those of you who have not yet seen the release, a copy is available in the Investor 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 SEC on June 5, 2019, and subsequent reports that the company has filed with the SEC.

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 income or net loss before stock-based compensation, gain on the China settlement net, amortization of acquisition-related intangibles, changes in fair value of warrants, other unusual charges or items and the tax effect of adjustments calculated at the relevant rate for the company's non-GAAP metric.

Non-GAAP operating cash flow is defined by the company as operating cash flow before the China settlement, net of legal fees and expenses, tax effect of adjustments and other unusual cash flows or items. A reconciliation of the non-GAAP measures to the most direct comparable GAAP measures can be found in the second quarter of fiscal 2019 earnings press release that the company issued and furnished to the SEC 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, again, www.amsc.com.

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

Executive
Daniel McGahn

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