American Superconductor Corporation (NASDAQ:AMSC) Q1 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 10:00 am ET

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American Superconductor Corporation (NASDAQ:AMSC) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the American Superconductor First Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. John Heilshorn. Please go ahead, sir.

Executive
John W. Heilshorn

Thank you, Ella. Good morning, everyone, and welcome to American Superconductor Corporation's First Quarter Fiscal 2020 Earnings Conference Call. I'm John Heilshorn, LHA Investor Relations, AMSC's Investor Relations agency of record. With us on today's call are Daniel McGahn, Chairman, President and Chief Executive Officer; and John Kosiba, Senior Vice President, Chief Financial Officer and Treasurer. American Superconductor issued its earnings release for the first quarter of fiscal 2020 yesterday after the market closed. Those of you who are not -- 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 would 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, 2020, which the company filed with the SEC on June 2, 2020, 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. For the company -- 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 loss before stock-based compensation, amortization of acquisition-related intangibles, changes in fair value of warrants, other non-cash or unusual charges 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 and other unusual cash flow items.

The reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in the first quarter of fiscal 2020 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 at www.amsc.com.

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

Executive
Daniel McGahn

Thanks, John, and good morning, everyone. I will begin today by providing an update on our grid and wind