Good day, everyone, and welcome to the American Superconductor fourth quarter fiscal 2020 earnings conference call. Today's call is being recorded. Now at this time, I'd like to turn the call over to John Hildreth. Please go ahead. Good morning. Thank you, April. Good morning, everyone, and welcome to American Superconductor Corporation's fourth quarter fiscal year 2020 earnings conference call. I am John Hildhorn of LHA Investor Relations, AMSC's investor relations agency of record. With us today on the call are Daniel McGahn, Chairman, President, Chief Executive Officer, and John Kosiba, Senior Vice President, Chief Financial Officer, and Treasurer. American Superconductor issued its earnings release for the fourth quarter full fiscal year 2020 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 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, 2021, which the company filed with the Securities and Exchange Commission on June 2, 2021, and the company's other reports 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 subsequent date 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, acquisition costs, changes in fair value of contingent consideration of warrants, and other non-cash or unusual charges, and the tax effect of the adjustments calculated at the relevant rate for the company's non-GAAP metrics. 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. The reconciliation of the non-GAAP measures to the mostly directly comparable GAAP measures can be found in the fourth quarter full fiscal year 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? Thanks, John. Good morning, everyone. First, I hope all of you and your families are safe and healthy. It certainly has been a challenging year for us all. We're going to cover a lot of ground today, so I guess buckle up and we'll try to go through the highlights as best as we can, and hopefully people will understand this is really a company that's headed in the same direction with more critical mass and more scale than we've had in a very long time. I'll begin today with a recap of fiscal 2020, which ended March 31, 2021. John Kosiba will provide a detailed review of our financial results for the fourth quarter and full fiscal year 2020. He will also provide guidance for the first quarter of fiscal 2021, which will end June 30, 2021. Following our remarks, we'll open up the line to questions from our analysts. The team here at the company really handled a difficult year very well. In fiscal 2020, our grid business grew by more than 40%. This is our sixth year in a row of growth in our grid segment. D-VAR grew, SPS grew, and the prospects here seem great. D-VAR VVO grew and continues to gain traction. Our NEPSI acquisition contributed to revenues, and REG is expected to come online this summer in Chicago. The growth exceeded our own expectations and is a testament to our team's ability to execute. Full-year revenues for the entire AMSC business increased by over 35% year-over-year, driven by growth in grid. In October 2020, we announced the acquisition of Northeast Power Systems, Inc., or NEPSI. The acquisition of NEPSI directly aligns with our strategic priorities to accelerate profitable growth independent of our wind business, broaden our product offerings, and expand both market reach and market share. Additionally, in May 2021, we announced the acquisition of Neeltran, Inc. The acquisition is a continuation of what we started with NEPSI. We expect that Neeltran's long-standing relationship with NEPSI will allow us to expand our offering of proprietary power electronic products into the industrial market. This deal is expected to give us more market, more content, and more channel for their products. More market for our new energy power systems. Neeltran is an extension of NEPSI's total addressable market. Neeltran expands the total addressable market for our new energy power systems to nearly $3 billion a year. More content for our new energy power system orders. Neeltran is an extension of the content we can sell into these markets. For example, if we look at a chemical plant in an industrial setting, there'll be a need for static voltage management as well as rectifiers or transformers, and certainly for harmonic filters. NEPSI would sell into these projects without the ability to sell a transformer or rectifier. Adding Neeltran is expected to provide AMSC with the opportunity to sell both. This is an expansion of content per sale and could be on the order of two to three times larger per order. We like the sales leverage. More products, same direction, same markets, more content per sale. More channel for Neeltran products. Neeltran doesn't sell much outside North America, but historically we have. This opens the possibility for growth coming from more channel to market for Neeltran products. We acquired Neeltran about a month ago for a total consideration of approximately $16 million, which means we paid approximately 1 times trailing 12-month revenue. We anticipate this transaction to be additive to our operating cash flow and be accretive to earnings per share within the next year. We really like that we took what we had with D-VAR, which we doubled over the past several years to nearly $40 million this year. We added NEPSI, which prior to our acquisition, had a three-year average of approximately $25 million of revenue per year, and now add Neeltran with $16 million of revenue in calendar 2020. Assuming that these revenues, these levels continue, we believe we've created an $80 million per year new energy power systems business that is expected to have a diversified set of markets that we will serve, and good prospects for growth at healthy margins. Realize we just reported on an $87 million business for the entire company. This may not be fully understood in the market, but now you see why we really like adding Neeltran. Our new energy power systems business is expected to play an important role in accelerating us to begin operating cash flow positive and position us for more dramatic growth. AMSC's grid revenue in fiscal year 2020 was more than 80% of our business, achieved through organic growth as well as strategic M&A. A few years ago, grid revenue was less than 30% of our business. As we enter fiscal 2021, we expect revenue growth again in both our grid and our overall business. Our new energy power systems business backlog is strong. We just announced over $19 million of new orders. We are seeing some benefits already from cross-selling. Our team, along with ComEd, is planning to energize the REG system in Chicago this summer right on ComEd's schedule. We are manufacturing Ship Protection Systems for the San Antonio class ship platform LPD, with our first delivery expected in 2021. We are supporting Inox with commissioning in the field and providing ECS product as they need and pay for it. As a result, we again expect revenue growth in fiscal 2021. During the COVID-19 pandemic, AMSC demonstrated once again that it can operate effectively through a challenging environment. We were early to implement physical separation protocols at our manufacturing sites and have not missed a beat in production. In addition to focusing on strong customer service and product quality, we've been focusing on cost, and that means establishing a broader supply chain, which provides us with the flexibility to source key components from multiple sources. This has really helped to keep continuity of component supply. We are considered an essential business and have been open and operational throughout the pandemic. We are a resilient company that has overcome crisis before. Our strong balance sheet allows us to navigate this period of uncertainty and is expected to enable us to capitalize on the long-term opportunities driving our industry when conditions normalize. Qualitatively, as of June 3rd, our business does not show slowing demand, but we are mindful that customers may push out future projects because of external circumstances affecting them. While the pandemic has not materially affected our grid business to date, it still remains a risk to all businesses and the overall economy. We expect the markets we serve to remain fluid in the coming months and year, and we plan to remain nimble and ready to adjust to these dynamics. We are focused on what we can control. When we talked about cash flow breakeven a few years ago, we had scenarios, many of which had about 50% of our business coming from wind. We have focused on growing grid and now have added NEPSI and Neeltran revenues as well as their fixed costs. We believe that with a nominal return in wind, growth in new energy power systems or additional ships, we have multiple opportunities to get us to sustainable cash flow breakeven and add potential pathways for future growth. We believe that there are several scenarios to get us to cash flow breakeven through a different route, more new energy power systems, and a modest wind business. This includes the additional fixed cost from our acquisitions, which is about $6 million. This raises our breakeven level by at least $30 million annually, just in doing the math. Net net, however, we believe this path gets us there faster and more in our control. We have more work to do with Neeltran and NEPSI, and this certainly requires some time, but we wanted to give you a general sense. We will update you as we make progress on this work. Please realize that deal was only closed about a month ago. Now I'll turn the call over to John Kosiba to review our financial results for the fourth quarter and full fiscal year 2020 and provide guidance for the first quarter of fiscal 2021, which will end June 30, 2021. John? Thanks, Daniel. Good morning, everyone. Total revenues for the fourth quarter of fiscal 2020 were $21.2 million. This is an increase of 17% compared to the year-ago quarter of $18.1 million. Grid business revenues of $19.4 million increased by 49% versus the year-ago quarter, while our wind business revenues were $1.8 million for the fourth quarter of fiscal 2020. Moving on to the full fiscal year, our total revenues for fiscal 2020 were $87.1 million. That is a 36% growth in revenue from the previous year. The revenue growth was led by our grid business, which experienced a 42% year-over-year increase, thanks to growth from our D-VAR, D-VAR VVO, and SPS product lines. Additionally, our NEPSI product line contributed to our revenue growth in both our third and fourth quarters of fiscal 2020. Grid business revenues represented 81% of our total fiscal 2020 revenues. This marks the sixth consecutive year of grid revenue growth. Wind business revenues increased 16% in fiscal 2020, primarily as a result of increased shipments to Inox and growth to our spare parts and service business. Gross margin for the fourth quarter of fiscal 2020 was 13.9%, which was flat compared to the year-ago quarter. For the full fiscal year 2020, AMSC generated gross margins of 20%. This is up from 14.8% in fiscal 2019. The year-over-year increase in gross margin was primarily a result of a favorable product mix and improved overhead absorption driven by higher total revenues for the year. Additionally, during fiscal 2020, wind revenue experienced a favorable shift in product mix with growth in both Inox ECS shipments and our spare parts and service business, which positively impacted both revenue and contribution margins for the year. Moving on to operating expenses. Research and development and SG&A expenses totaled $9.5 million for the fourth quarter of fiscal 2020. This is up from $8.6 million in the year ago quarter. Approximately 10% of R&D and SG&A expenses in the fourth quarter were non-cash. For the full fiscal year, operating expenses grew modestly as a result of our acquisition of NEPSI in the third quarter of fiscal 2020. Research and development and SG&A expenses totaled $36.3 million in fiscal 2020, compared with $32.2 million in fiscal 2019. Approximately 14% of R&D and SG&A expenses in fiscal 2020 were non-cash. Our net loss in the fourth quarter of fiscal 2020 was $7.6 million, or $0.29 per share, compared to $5.9 million or $0.27 per share in the year ago quarter. Our non-GAAP net loss for the fourth quarter of fiscal 2020 was $5.6 million, or $0.21 per share, compared with non-GAAP net loss of $5.1 million or $0.24 per share in the year ago quarter. For the full fiscal year 2020, our net loss was $22.7 million, or $0.95 per diluted share. This compares to a net loss of $17.1 million or $1.03 per diluted share in fiscal 2019. For the full fiscal year 2020, our non-GAAP net loss was $14.1 million or $0.59 per share. This compares to a non-GAAP net loss of $19.5 million or $0.93 per diluted share in fiscal 2019. The year-over-year improvement to our non-GAAP results is a result of improved gross margins in both our Grid and Wind business segments. We ended the fiscal year 2020 with $80.7 million in cash equivalents, marketable securities, and restricted cash. This compares with $84.4 million on December 31, 2020. In the fourth quarter of fiscal 2020, we consumed $3.8 million in operating cash flow. For the full fiscal year, our operating cash burn was $8.7 million on $87 million of revenue. This represents an $8 million year-over-year improvement, basically cutting our cash burn in half in fiscal 2020. This conversion was well within our expected operating results on that revenue profile. I'd like to take a moment to provide a quick summary of the Neeltran transaction. On May 6, 2021, AMSC acquired Neeltran, Inc., a private Connecticut-based company that supplies rectifiers and transformers to industrial customers. The total consideration paid for this acquisition was approximately $16.4 million. The consideration comprised of $4.5 million in cash paid directly to the sellers, coupled with AMSC issuing 301,556 restricted shares of AMSC common stock to the sellers, having a value of approximately $4.3 million. Lastly, AMSC paid $7.6 million directly to Neeltran lenders at closing to extinguish all outstanding Neeltran debt. Neeltran generated approximately $16 million in calendar 2020 revenue. As Daniel mentioned, the transaction is anticipated to be additive to AMSC's operating cash flow and accretive to earnings per share within the next year. Now turning to our financial guidance for the first quarter of fiscal 2021. We expect that our revenues will be in the range of $22 million-$26 million. Our net loss on that revenue is expected to be no more than $6.5 million or $0.24 per share. Our non-GAAP net loss is expected to be no more than $4.6 million or $0.17 per share. We anticipate operating cash flow to be a burn of $4 million-$6 million in the first quarter of fiscal 2021. The operating cash burn in the quarter includes approximately $2 million in additional working capital. This increase in working capital is being driven by our Wind business and our recent acquisition of Neeltran. We believe the increase in working capital for both Wind and Neeltran is necessary to support the revenue growth that is expected in the year ahead. As a reminder, working capital will fluctuate from quarter to quarter, dependent on the timing of milestone payments and inventory positions within each business. We expect to end the first quarter of fiscal 2021 with no less than $60 million in cash equivalents, marketable securities, and restricted cash. The ending cash balance contemplates the approximately $12 million, which was invested in the Neeltran acquisition, which happened in the quarter. With the recent acquisitions of NEPSI and Neeltran, our revenue profile and associated operating results are evolving. We expect that NEPSI and now Neeltran will have a meaningful positive impact on our revenue in fiscal 2021. The contribution margins of these product families are expected to be similar in nature to our existing new energy product lines. We expect we have absorbed approximately $5 million in annualized fixed manufacturing overhead expenses related to the two factories in New York and Connecticut. With approximately $6 million in annualized cash-related R&D and SG&A expenses associated with the two acquisitions. Lastly, I'd like to take a moment to explain the amendment to our Form S-3, which was filed in conjunction with our 10-K. On February 26, 2021, we filed an automatic shelf registration statement on Form S-3 with the SEC. We replaced our previously filed Form S-3 registration statement, which expired on February 15, 2021. At that time, we were a Well-Known Seasoned Issuer or a WKSI because we had a market float in excess of $700 million. As a result, our S-3 registration statement became effective automatically upon filing. Such eligibility is reevaluated during the 60 days prior to filing our 10-K. Because our market float was not at least $700 million during that 60-day period, we were no longer a WKSI upon the filing of our 10-K and needed to amend our existing automatic shelf registration statement by filing a post-effective amendment to convert the automatic shelf registration statement to a regular shelf registration, which we did yesterday. We view this as an administrative procedure and part of normal treasury management. With that, I'll now turn the call back over to Dan. Thanks, John. In fiscal 2020, our Grid team performed again. Grid revenue grew by over 40%, driven by our new energy power systems and our Ship Protection System. Our new energy power systems, which includes D-VAR, VVO, and NEPSI, going forward in fiscal year 2021, Neeltran, is supported by an expected strong base of projects in the renewable and industrial segments. We are growing and diversifying revenues by geography and by market. The diversification into industrial is what we planned with the acquisitions. Our growing list of repeat customers is a testament to the quality and performance of AMSC's products and people. We're focused on supporting our customers' needs and maintaining a timely flow of product from our factory to the customer's site. Our manufacturing team is performing very, very well. We anticipate that the new energy power systems should provide a strong base of Grid revenues. This expectation is driven by our strong Grid backlog. Fiscal 2020 was a strategically important year for REG. We broke ground on Chicago's first resilient electric grid system in July 2020. We completed the fabrication of the REG cable and system for ComEd, which utilizes AMSC's proprietary Amperium superconductor wire. We delivered the REG hardware to the site in Chicago on time. We anticipate the REG system to be energized this summer. We believe many utilities are interested in seeing the performance of our product in Chicago. We're also developing opportunities to deploy our REG product in other utilities across the country, and we believe the energization and operation of this first REG system in Chicago could be a catalyst for Exelon and other utilities to begin deploying our state-of-the-art solution. With the first system deployed, we believe that future deployments of REG will be de-risked. U.S. utilities are focused on the execution of this first Chicago project, as are we. Our Ship Protection System is the Navy's baseline degaussing design for the San Antonio class ship platform, LPD. In fiscal 2020, we announced two separate delivery contracts for our SPS systems. These two contracts represent our third and fourth Ship Protection System orders for deployment on LPD 31 and LPD 29. We're working very closely with the Navy and our supply chain to ensure timely delivery of our SPS orders. We expect to deliver the first system in fiscal 2021. We are prepared for the next SPS order and are planning for concurrent manufacture of multiple SPS orders. This means we now have orders on the books for LPD 28, LPD 29, LPD 30, and LPD 31, four ships. We anticipate that our SPS has the potential for deployment on a total of approximately 15 future ships in this class. We believe our SPS for the San Antonio class alone could represent a potential revenue stream of about $150 million for the class of ship. Minus the approximately $40 million we already have with four ships, we believe we could see up to an additional $110 million in potential future orders for this class of ship. The San Antonio class was our first design win with the U.S. Navy. We believe we've identified the next opportunity beyond the San Antonio class for SPS. We intend to report on that potential opportunity just as soon as we can. We expect opportunities to sell our SPS to allied navies as well and are actively working to make that happen. As I said on the last call, we need to see product engineering before procurement. We are very excited about the prospects that some of this engineering work could begin soon, potentially on multiple ship platforms. I wish I could say more to convey my excitement here, but I really am excited. Sometimes it's hard to deal with disclosures and facts and contracts and such, but we're making tremendous progress on moving the product forward within the Navy. I do, however, realize that navies are not the fastest adopters of new systems. Please be patient with our ability to deliver news around this product line, but please realize we're tremendously excited at the prospects for some engineering work coming our way. On the wind side, in fiscal 2020, we completed shipping our first order of 5-megawatt class ECS to our Korean partner, Doosan Heavy Industries. This order represents our entry into the offshore wind market with a 5-megawatt class turbine, proving our capabilities and establishing a foothold in this market segment. We believe Southeast Asia is a geography well-suited for our 5-megawatt class wind turbine and for our partner, Doosan. In fiscal 2020, we saw, and we still see in fiscal 2021, uncertainty in the Indian wind market and at Inox. We stand ready to support our partner in India as they need to support commissioning new turbines or need new stock of two-megawatt ECS. We are hopeful that fiscal 2021 will be the year that Inox begins transitioning to our three-megawatt ECS platform. This transition, if it happens, is anticipated to be signaled by a three-megawatt ECS supply contract with Inox. In the meantime, we have diversified our business through grids, and we are growing overall revenue without Inox. Inox expects 2021 to be better than 2020, and 2022 to certainly be better even still. I'm often asked, "How will you grow the company?" Let me tell you what I believe. We're going to grow through the leverage created within the new energy power systems part of our grid business, expansion of total available market, expansion of content, expansion of channel. We're going to grow through the re-emergence of our wind business, which we are preparing for. We are going to grow through the acquisition of additional ship platform wins. We are going to grow through the emergence of REG as a critical product for critical infrastructure in this country. As we have demonstrated, we have the opportunity to continue to expand inorganically where it makes strategic sense. Our momentum is very strong. In fiscal 2020, we exceeded our own expectations. We grew our grid business by over 40% and grew significantly organically. We grew total company revenues by over 35% year-over-year. We have diversified our business by geography and by market. In fiscal 2020, our revenue mix consisted of more than 80% grid. Just a few years ago, grid revenues were less than 30%. The grid business itself is larger today than the entire business was just two years ago. We expect year-over-year growth in grid in fiscal 2021. We are weathering the pandemic crisis well. This is something unique about our company. We are aggressively managing that which we can control. In fiscal 2021, we expect that AMSC will continue to execute our strategy of delivering
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