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,
2024 ("fiscal 2023").
Revenues for the fourth quarter of fiscal
2023 were $42.0 million compared with $31.7 million
for the same period of fiscal 2022. The year-over-year
increase was a result of both higher Grid segment revenues,
primarily driven by strong new energy power system sales and higher
Wind segment revenues, as a result of 3MW ECS shipments.
AMSC’s net loss for the fourth quarter of fiscal
2023 was $1.6 million, or $0.05 per share, compared to
net loss of $6.9 million, or $0.25 per share, for the
same period of fiscal 2022. The Company’s non-GAAP net income for
the fourth quarter of fiscal 2023 was $1.9 million, or
$0.06 per share, compared with a non-GAAP net loss of
$7.8 million, or $0.28 per share, in the same period of
fiscal 2022. Please refer to the financial table below for a
reconciliation of GAAP to non-GAAP results.
Revenues for fiscal 2023 were
$145.6 million as compared to $106.0 million in fiscal
2022. The increase in revenues was driven by higher Grid and
Wind segment revenues than in the prior year.
AMSC reported a net loss for fiscal
2023 of $11.1 million,
or $0.37 per share, compared to a net loss of
$35.0 million, or $1.26 per share in fiscal 2022. The
Company's non-GAAP net income for fiscal
2023 was $0.6 million, or $0.02 per share,
compared with a non-GAAP net loss of $28.8 million,
or $1.03 per share, for fiscal 2022. Please refer to the
financial table below for a reconciliation of GAAP to non-GAAP
results.
Cash, cash equivalents and restricted cash on
March 31, 2024 totaled $92.3 million.
"Our fourth quarter results exceeded our
forecast by nearly every measure, with growth in both our Grid and
Wind segments and a third consecutive quarter of non-GAAP net
income. During the fourth quarter, we booked $39 million in orders,
and our backlog at year-end stood at $140 million,” said Daniel P.
McGahn, Chairman, President and CEO, AMSC. “We believe our
company’s diverse orders bookings, strengthened balance sheet, and
operational success in fiscal 2023 has laid the groundwork for
AMSC’s long term growth trajectory. Our growing and robust end
markets may allow us to seize opportunities in new markets,
expand our offerings and extend our customer reach. AMSC
delivered a terrific year of operational performance and success,
ensuring a more diversified and financially stronger company. We
maintain an optimistic outlook for fiscal year 2024 and believe we
are off to a very good start for the coming year."
Business OutlookFor the first
quarter ending June 30, 2024, AMSC expects that its revenues will
be in the range of $38 million to $42 million. The
Company’s net loss for the first quarter of fiscal 2024 is
expected not to exceed $2.2 million, or $0.05 per
share. The Company’s net loss guidance assumes no changes in
fair value of contingent consideration. The Company's non-GAAP
net loss (as defined below) is not expected to exceed
$0.5 million, to $0.01 per share. The Company expects
operating cash flow to be in a range of break even to positive
$2 million in the first quarter of fiscal 2024. The
Company expects cash, cash equivalents, and restricted cash on
June 30, 2024, to be no less than $91 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, May 30, 2024, 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
https://ir.amsc.com. The live call can be accessed by dialing
1-844-481-2802 or 1-412-317- 0675 and asking to join the AMSC call.
A replay of the call may be accessed 2 hours following the call by
dialing 1-877-344-7529 and using conference passcode 4825680.
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, Neeltran, NEPSI, Smarter, Cleaner …
Better Energy and Orchestrate the Rhythm and Harmony of Power
on the Grid 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; business diversification and ability to expand
into new markets; orders; long-term growth trajectory; market
demand, drivers and opportunities for our products; our expected
GAAP and non-GAAP financial results for the quarter ending June 30,
2024, our expected cash, cash equivalents and restricted cash
balance on June 30, 2024; 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; Our technology and products could infringe
intellectual property rights of others, which may require costly
litigation and, if we are not successful, could cause us to pay
substantial damages and disrupt our business; Changes in exchange
rates could adversely affect our results of operations; 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; 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; Pandemics, epidemics or other public
health crises may 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 relationship; Our success is dependent upon attracting and
retaining qualified personnel and our inability to do so could
significantly damage our business and prospects; A significant
portion of our Wind segment revenues are derived from a single
customer. 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 or any
critical third parties' information technology infrastructure and
networks; 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; 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 or third
parties on whom we depend may be adversely affected by natural
disasters, including events resulting from climate change, and our
business continuity and disaster recovery plans may not adequately
protect us or our value chain from such events; Adverse changes in
domestic and global economic conditions could adversely affect our
operating results; 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; Our products face
competition, which could limit our ability to acquire or retain
customers; 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 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;
Industry consolidation could result in more powerful competitors
and fewer customers; The increasing focus on environmental
sustainability and social initiatives could increase our costs, and
inaction could harm our reputation and adversely impact our
financial 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; There are a number of technological
challenges that must be successfully addressed before our
superconductor products can gain widespread commercial acceptance,
and our inability to address such technological challenges could
adversely affect our ability to acquire customers for our products;
Third parties have or may acquire patents that cover the materials,
processes and technologies we use or may use in the future to
manufacture our Amperium products, and our success depends on our
ability to license such patents or other proprietary rights; Our
common stock has experienced, and may continue to experience,
market price and volume fluctuations, which may prevent our
stockholders from selling our common stock at a profit and could
lead to costly litigation against us that could divert our
management’s attention; Unfavorable results of legal proceedings
could have a material adverse effect on our business, operating
results and financial condition; and the other 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, 2024, 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, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grid |
$ |
34,211 |
|
|
$ |
28,294 |
|
|
$ |
122,065 |
|
|
$ |
94,631 |
|
Wind |
|
7,817 |
|
|
|
3,449 |
|
|
|
23,574 |
|
|
|
11,353 |
|
Total revenues |
|
42,028 |
|
|
|
31,743 |
|
|
|
145,639 |
|
|
|
105,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
31,598 |
|
|
|
27,929 |
|
|
|
110,356 |
|
|
|
97,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
10,430 |
|
|
|
3,814 |
|
|
|
35,283 |
|
|
|
8,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
2,298 |
|
|
|
1,890 |
|
|
|
7,991 |
|
|
|
8,966 |
|
Selling, general and administrative |
|
7,953 |
|
|
|
6,616 |
|
|
|
31,600 |
|
|
|
28,700 |
|
Amortization of acquisition related intangibles |
|
538 |
|
|
|
688 |
|
|
|
2,152 |
|
|
|
2,746 |
|
Change in fair value on contingent consideration |
|
1,870 |
|
|
|
410 |
|
|
|
4,922 |
|
|
|
70 |
|
Restructuring |
|
— |
|
|
|
1,048 |
|
|
|
(14 |
) |
|
|
1,048 |
|
Total operating expenses |
|
12,659 |
|
|
|
10,652 |
|
|
|
46,651 |
|
|
|
41,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(2,229 |
) |
|
|
(6,838 |
) |
|
|
(11,368 |
) |
|
|
(33,009 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
784 |
|
|
|
140 |
|
|
|
1,302 |
|
|
|
252 |
|
China dissolution |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,921 |
) |
Other expense, net |
|
(117 |
) |
|
|
(100 |
) |
|
|
(736 |
) |
|
|
(148 |
) |
Loss before income tax
expense |
|
(1,562 |
) |
|
|
(6,798 |
) |
|
|
(10,802 |
) |
|
|
(34,826 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
17 |
|
|
|
72 |
|
|
|
309 |
|
|
|
215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(1,579 |
) |
|
$ |
(6,870 |
) |
|
$ |
(11,111 |
) |
|
$ |
(35,041 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.05 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.37 |
) |
|
$ |
(1.26 |
) |
Diluted |
$ |
(0.05 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.37 |
) |
|
$ |
(1.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
33,139 |
|
|
|
28,010 |
|
|
|
29,825 |
|
|
|
27,848 |
|
Diluted |
|
33,139 |
|
|
|
28,010 |
|
|
|
29,825 |
|
|
|
27,848 |
|
|
CONSOLIDATED BALANCE SHEET(In thousands, except
per share data) |
|
|
March 31, |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
90,522 |
|
|
$ |
23,360 |
|
Accounts receivable, net |
|
26,325 |
|
|
|
30,665 |
|
Inventory, net |
|
41,857 |
|
|
|
36,986 |
|
Prepaid expenses and other current assets |
|
7,295 |
|
|
|
13,429 |
|
Restricted cash |
|
468 |
|
|
|
1,733 |
|
Total current assets |
|
166,467 |
|
|
|
106,173 |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
10,861 |
|
|
|
12,309 |
|
Intangibles, net |
|
6,369 |
|
|
|
8,527 |
|
Right-of-use assets |
|
2,557 |
|
|
|
2,857 |
|
Goodwill |
|
43,471 |
|
|
|
43,471 |
|
Restricted cash |
|
1,290 |
|
|
|
582 |
|
Deferred tax assets |
|
1,119 |
|
|
|
1,114 |
|
Other assets |
|
637 |
|
|
|
528 |
|
Total assets |
$ |
232,771 |
|
|
$ |
175,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
24,235 |
|
|
$ |
38,383 |
|
Lease liability, current portion |
|
716 |
|
|
|
808 |
|
Debt, current portion |
|
25 |
|
|
|
75 |
|
Contingent consideration |
|
3,100 |
|
|
|
1,270 |
|
Deferred revenue, current portion |
|
50,732 |
|
|
|
43,572 |
|
Total current liabilities |
|
78,808 |
|
|
|
84,108 |
|
|
|
|
|
|
|
|
|
Deferred revenue, long term
portion |
|
7,097 |
|
|
|
7,188 |
|
Lease liability, long term
portion |
|
1,968 |
|
|
|
2,184 |
|
Deferred tax liabilities |
|
300 |
|
|
|
243 |
|
Debt, long-term portion |
|
— |
|
|
|
15 |
|
Other liabilities |
|
27 |
|
|
|
26 |
|
Total liabilities |
|
88,200 |
|
|
|
93,764 |
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
Common stock, $0.01 par value,
75,000,000 shares authorized; 37,343,812 and 29,937,119 shares
issued and 36,946,181 and 29,539,488 shares outstanding at March
31, 2024 and 2023, respectively |
|
373 |
|
|
|
299 |
|
Additional paid-in
capital |
|
1,212,913 |
|
|
|
1,139,113 |
|
Treasury stock, at cost,
397,631 at March 31, 2024 and 2023, respectively |
|
(3,639 |
) |
|
|
(3,639 |
) |
Accumulated other
comprehensive loss |
|
1,582 |
|
|
|
1,571 |
|
Accumulated deficit |
|
(1,066,658 |
) |
|
|
(1,055,547 |
) |
Total stockholders' equity |
|
144,571 |
|
|
|
81,797 |
|
Total liabilities and stockholders' equity |
$ |
232,771 |
|
|
$ |
175,561 |
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS(In
thousands) |
|
|
Year Ended March 31, |
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(11,111 |
) |
|
$ |
(35,041 |
) |
Adjustments to reconcile net loss to net cash used in
operations: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
4,494 |
|
|
|
5,361 |
|
Stock-based compensation expense |
|
4,652 |
|
|
|
4,729 |
|
Provision for excess and obsolete inventory |
|
1,970 |
|
|
|
1,467 |
|
Deferred income taxes |
|
65 |
|
|
|
24 |
|
Change in fair value of contingent consideration |
|
4,922 |
|
|
|
70 |
|
China Dissolution |
|
— |
|
|
|
1,921 |
|
Other non-cash items |
|
44 |
|
|
|
600 |
|
Unrealized foreign exchange gain on cash and cash equivalents |
|
(2 |
) |
|
|
(226 |
) |
Changes in operating asset and liability accounts: |
|
|
|
|
|
|
|
Accounts receivable |
|
4,340 |
|
|
|
(10,360 |
) |
Inventory |
|
(6,841 |
) |
|
|
(14,796 |
) |
Prepaid expenses and other current assets |
|
6,313 |
|
|
|
(5,757 |
) |
Accounts payable and accrued expenses |
|
(13,825 |
) |
|
|
8,660 |
|
Deferred revenue |
|
7,117 |
|
|
|
20,863 |
|
Net cash provided by (used in) operating activities |
|
2,138 |
|
|
|
(22,485 |
) |
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
(934 |
) |
|
|
(1,236 |
) |
Change in other assets |
|
(27 |
) |
|
|
(281 |
) |
Net cash used in investing activities |
|
(961 |
) |
|
|
(1,517 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
Repayment of debt |
|
(65 |
) |
|
|
(73 |
) |
Proceeds from public equity offering, net |
|
65,227 |
|
|
|
— |
|
Proceeds from exercise of ESPP |
|
279 |
|
|
|
235 |
|
Net cash provided by financing activities |
|
65,441 |
|
|
|
162 |
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
(13 |
) |
|
|
29 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
66,605 |
|
|
|
(23,811 |
) |
Cash, cash equivalents and
restricted cash at beginning of year |
|
25,675 |
|
|
|
49,486 |
|
Cash, cash equivalents and
restricted cash at end of year |
$ |
92,280 |
|
|
$ |
25,675 |
|
|
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME
(LOSS)(In thousands, except per share data) |
|
|
Three Months Ended March 31, |
|
|
Year Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net loss |
$ |
(1,579 |
) |
|
$ |
(6,870 |
) |
|
$ |
(11,111 |
) |
|
$ |
(35,041 |
) |
Stock-based compensation |
|
1,044 |
|
|
|
1,237 |
|
|
|
4,652 |
|
|
|
4,729 |
|
Amortization of acquisition-related intangibles |
|
538 |
|
|
|
688 |
|
|
|
2,158 |
|
|
|
2,784 |
|
Change in fair value of contingent consideration |
|
1,870 |
|
|
|
410 |
|
|
|
4,922 |
|
|
|
70 |
|
China dissolution |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,921 |
|
ERC tax benefit |
|
— |
|
|
|
(3,283 |
) |
|
|
— |
|
|
|
(3,283 |
) |
Non-GAAP net income
(loss) |
|
1,873 |
|
|
|
(7,818 |
) |
|
|
621 |
|
|
|
(28,820 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per
share - basic |
$ |
0.06 |
|
|
$ |
(0.28 |
) |
|
$ |
0.02 |
|
|
$ |
(1.03 |
) |
Non-GAAP net income (loss) per
share - diluted |
$ |
0.05 |
|
|
$ |
(0.28 |
) |
|
$ |
0.02 |
|
|
$ |
(1.03 |
) |
Weighted average shares
outstanding - basic |
|
33,139 |
|
|
|
28,010 |
|
|
|
29,825 |
|
|
|
27,848 |
|
Weighted average shares
outstanding - diluted |
|
34,447 |
|
|
|
28,010 |
|
|
|
30,909 |
|
|
|
27,848 |
|
|
Reconciliation of Forecast GAAP Net Loss to Non-GAAP Net
Income(In millions, except per share data) |
|
|
Three months ending |
|
|
June 30, 2024 |
|
Net loss |
$ |
(2.2 |
) |
Stock-based compensation |
|
1.3 |
|
Amortization of
acquisition-related intangibles |
|
0.4 |
|
Non-GAAP net income |
$ |
(0.5 |
) |
Non-GAAP net income per
share |
$ |
(0.01 |
) |
Shares outstanding |
|
36.0 |
|
Note: Non-GAAP net loss is defined by the
Company as net loss before; stock-based compensation;
amortization of acquisition-related intangibles; changes in fair
value of contingent consideration; China dissolution; ERC tax
benefit; other non-cash or unusual charges, and the tax effect of
adjustments calculated at the relevant rate for our non-GAAP
metric. The Company believes non-GAAP net income (loss) and
non-GAAP net income (loss) per share assist 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. Actual GAAP and
non-GAAP net income (loss) and net income (loss) per share for
the fiscal quarter ending June 30, 2024, 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.
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 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. Non-GAAP net loss per share is defined as non-GAAP net
loss divided by shares outstanding.
AMSC ContactsInvestor Relations Contact:LHA
Investor RelationsCarolyn Cappaccio(212)
838-3777amscIR@lhai.com
AMSC Senior Communications Manager:Nicol GolezPhone:
978-399-8344Email: Nicol.Golez@amsc.com
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