Q3 2022 American Superconductor Corp Earnings Call

February 2, 2023

[music].

Good morning, and welcome to the a M. S C third quarter of fiscal year 2022 financial results Conference call.

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I would now like to turn the conference over to John Hi. This is <unk> a L. H a please go ahead.

Thank you Gary Good morning, everyone and thank you are welcome to Americans Dr. Corporations third quarter of physical 20 twenty-two earnings conference call I have John Hiatt.

J Investor Relations M S Gs Investor Relations agency of record.

With us on today's call a gang them again, chairman, President and Chief Executive Officer, and John <unk>, Senior Vice President and Chief Financial Officer and Treasurer.

And superconductor issued its earnings release for the third quarter of physical 2022 yesterday after the market closed, but those of you who would I get seen the release of copies available in the investors page of the company's website at Www Dot com.

Or are starting to call I would like to remind you that various remarks that badger may make during today's call about Americans superconductors future expectations, including expectations regarding the company's fourth quarter of fiscal 2022 financial performance.

The prospect constitute forward looking statements for purposes of the Safe Harbor revision under.

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 and risk factors section of America Superconductors annual report.

Ted K for the year ended March 31, 2022, which the company filed with the Securities and Exchange Commission on June 120, 22, and a couple of these other reports filed with the SEC.

These forward looking statements represent management's expectations only adds up 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 develop a space cause the company's views changed the company specifically disclaims any obligation to update these forward looking statements.

Also on today's call Magill referred to non-GAAP net loss of non-GAAP financial measures.

The company believes that non-GAAP net loss assess management and investors and comparing the company's performance across reporting periods on a consistent basis by excluding these non-cash nonrecurring or other charges that it does not believe are indicative of its core operating performance.

The reconciliation of GAAP net loss to non-GAAP net loss can be found in the third quarter physical 20 twenty-two earnings press release that the.

Company issued edit furnished CFCC last night on Form 10-K pardon me.

All of American Superconductors press releases and SEC filings can be accessed from the investors page of its website at www MSG Dot com.

I will now turn the caught up with the chairman President and Chief Executive Officer date him again, Daniel Thanks, John and good morning, everyone and thank you for joining us.

I will begin today by providing an update and sharing a few remarks on our business.

John Conceivable then provide is a tale review of our financial results for the third fiscal quarter, which ended December 31, 2022 and.

And we will provide guidance for the fourth fiscal quarter, which will add March 31 2023.

Separately, John will update our operating models and talk about actions. We took that are expected to lower operating expenses.

Following are comments will open up the lines of questions from our analysts.

During our third quarter of fiscal year 2022, we are delivering on our strategic priority of a more diversified business.

Total revenues for the third quarter of fiscal year 2022 came in within our guidance range or third quarter revenue of nearly $24 billion was driven by new energy power system shipments.

Our great segment revenue for the third quarter of fiscal year 2022 accounted for over 85% of the Msc's total revenue the.

The remainder of the revenues came from our wind business.

During our third quarter, we saw a diverse set the product shipments we shipped voltage compensator is capacitor banks harmonic filters Transformers rectifiers bar Optimizers ship protection systems, and electrical control systems.

These products went into renewables and a variety of industrial markets, including semiconductor mining as well as weren't maybe projects.

We ended the third quarter with more than $30 billion in cash and.

And I'm happy to announce that we have met our obligations and the Chicago project the $5 billion of restricted cash further resilient electric grid project in Chicago or.

I expect it to become unrestricted and hit our books during our fourth quarter of this fiscal year 2022.

During our third quarter, we booked $43 million.

New orders.

And grew our backlog to over $110 million.

Our backlog at the end of the third quarter increased by nearly 40% when compared to the same quarter a year ago.

We announced our ship protection system contract with Huntington ankles to be deployed on the San Antonio Class amphibious ship L. P. D 32.

The LPGA 32 contract marks Msc's fifth.

<unk> protection system for the San Antonio Class ship platform.

Over the past several years, we've taken a series of very deliberate actions to diversify our business and grow through our grid business.

Over a four year period, we doubled our business over the same period, we nearly tripled our grid business.

Fiscal year 2022 has been a year of transition for the company.

To a broader product portfolio pricing and cross changes were possible and aligning are fixed cost better with historical revenues.

John Cassava will provide more color on this today.

We have expanded the market's we serve and that has translated into a higher order intake right.

We do not intend to stop here.

We have a lot of work ahead of us, but our longer term priority is to build a sustainable business that is well positioned to not only take advantage and renewables, but also in semiconductor mining of materials as well as in defense.

We believe that this sustainable business is not so far off in the future.

John is going to update our operating models later in the call.

I will provide the deeper review of some of the drivers of our business going forward for now I'll turn the call over to John placebo to review our financial results for the third quarter of fiscal year 2022, and provide guidance for the fourth quarter of fiscal year, 2022, which will end March 31.

2023 job.

Daniel and good morning, everyone.

MSC generated revenues of $23.9 million for the third quarter of fiscal 2022.

The 26.8 million in the year ago quarter.

Alright, Great business unit accounting for 87 per cent of total revenues, while I win business unit and call it a 13%.

Weird business unit revenues decreased by 17% in the third quarter versus the year ago quarter, while I win business unit increased by 76% over the same time period.

Looking at the Pinella more detailed gross margin for the third quarter of fiscal 2022 was two per cent compared to 13% in the year ago quarter.

Gross margin for this quarter was adversely impacted by the continued to drag on logins associated with the required Neil travel backlog.

Additionally, one of our larger projects that Neil trend required additional costs to complete than we had originally planned this required approximately 900000 of additional unanticipated costs in the corner.

We do not anticipate any of these costs reoccurring in queue for that project is now in the final stages of production.

To help provide some quantitative reference as a result of several loss contracts associated with required Neil turned back on which includes the project I just discussed third quarter reported consolidated gross margins have been adversely impacted by approximately 660 basis points.

We believe that Q3 fiscal 2022 will be the peak of the drag from Neofan acquired backlog.

We anticipate Neil train gross margins to improving Q4, and further strengthen into fiscal 2023 as we begin to execute on the new project sold postproduction posted up acquisitions sorry.

Moving onto operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2022 were $9.3 million compared to $9.4 million in the year ago quarter.

Approximately 15% of R&D and SG&A expenses in the third quarter of fiscal 2022 were non-cash.

non-GAAP net loss for the third quarter of fiscal 2022 was $7.7 million or 27 cents per share compared with $4.6 million.17 for sure and the year ago quarter.

Oh no. It wasn't the third quarter of fiscal 2022 was $9.6 million.34 per share.

This compared to a net loss of $4.3 million.16 for sure and the year ago quarter.

Please see a press release issued last night for a reconciliation of GAAP to non-GAAP results.

We ended the third quarter of fiscal 2022 with $31.4 million in cash cash equivalents unrestricted cash. This compares with 37.4 million on September 30th 2022.

Are operating cash burned in the third quarter of fiscal 2022 was $5.5 million.

They will turn into a financial guidance for the fourth quarter of fiscal 2022.

We expect that our revenues will be in the range of $27 million to $30 million on that losses expected not to exceed $8 million or 28 cents per share.

non-GAAP net loss is expected not to exceed $6 million.21 per share.

We expect operating kind of show it to be a burn a 4 million to $6 million in the fourth quarter of fiscal 2022.

We expect the and the fourth quarter with greater than $25 million in cash clash equivalents and restricted cash.

Yeah, I'd like to take a few moments to update you on several strategic steps, we have undertaken over the past three days.

Are expected to lower our castle breakeven revenue targets.

Ah revenue product mix has evolved as a result of the two acquisitions.

Was once heavily dependent on the renewable market to a much more diversified revenue stream.

It took some time to integrate both nessie male friends to the point that we have now experienced some operating leverage across the grid segment.

As a result, we have taken several steps.

We're expected to lower both Ah manufacturing and SG&A overhead costs.

These steps range from combining positions, which were redundant across multiple product lines.

Leveraging our engineering and SG&A cost across the entire company.

This has been part enabled us to undertaken organizational realignment and to reduce our workforce across multiple product lines.

We anticipate annualized savings of $5 million, resulting from these actions.

Ah business outlook for the fourth quarter does not contemplate any signs related costs for the reduction in workforce actions, which are expected to be no more than a million dollars.

We expect to experience the full impact of these anticipated savings starting in Q1 FY 2023.

Now let me further elaborate on how this is expected to impact our cash flow breakeven scenarios moving forward.

As we move into the thought of FY 2000, twenty-three, we expect short term cash gross margins, who approached the upper team as.

As we move further into F Y 2023, we see scenarios with cash gross gross margins could reach 20 per cent, if our revenue approaches $30 million.

And we have several scenarios would cast gross margins approach twenty-five percent of revenue approaches $35 million.

These cash gross margin scenarios, a result of actions we have taken over the past year to raise our prices coupled with what we believe is stabilized raw material costs.

We will continue to be vigilant and both on pricing models and proactive to any changes in raw material costs as we move into F y 2023.

Moving along to our operating expense models, we anticipate our cash operating expenses will be approximately $9 million a quarter. Once the full extent of a recent cost reduction steps are realized.

When you combine the anticipated gross margin improvement with our updated operating expense profile, we see revenue breakeven scenarios and the $35 million quarterly range.

These scenarios are based on current assumptions, which are subject to change <unk>.

Please note. This is not financial guidance. This has meant more to help our shareholders understand our current forecasts some operating model.

We will continue to provide our current quarter.

Waterleaf financial guidance, when we announced our earnings for the private water.

With that I'll turn the call back over to Daniel.

John .

We have macro trends in the market that are starting to drive our business.

Our backlog is over $110 million.

And our pipeline of prospective orders reflects our growing and diversified company.

We have doubled our new energy power systems order intake break.

These macro trends are driven by climate and environmental policies, which raised a man or a new energy power systems.

More specifically are diversified pipeline of orders come from investments in renewables and industrial markets such as semiconductors.

And mining metals and materials.

Our company has transition from almost a pure play in wind.

To a company that's focusing on grid resiliency.

We now have multiple place at multiple points and the power infrastructure.

Voltage compensator as capacitors harmonic filters transformers rectifiers can power the energy intensive factories of the future without the risk of costly power interruptions.

Today, our business is about a quarter based upon renewable energy.

We grow into business, that's supporting power management at the substation level for the utility as well as supporting customers in the semiconductor industry.

We have a variety of applications for industrial processes, and manufacturing like mining metals extraction mental processing and chemical plants.

The company is moving in a direction, where expects to provide more new energy power systems for more industrial uses.

More than half of our new energy power systems orders during the third quarter of fiscal 2022.

Come from industrial markets.

One fourth is from renewables.

In the past, we've talked about sales leverage with our acquisitions for example.

If we get a 5 million dollar order or D bar and semi conductor.

We have the ability to be a nap seat to get an additional 20% or $1 million of this case of additional revenue.

At similar margin of profit.

When we look at the sales leverage in the mining and materials space. If we get a 1 million dollar order from a mining project for Nancy.

We have the ability to get another $5 billion.

From the leverage of Neil Tramps product line.

This is.

Five times expansion of revenues.

I State. The example, with Dempsey first followed by Neil Tran because that was the order in which we acquired the two companies and part of what drove us to like the potential sales leverage.

Both companies.

You can reverse the example, and see similar potential leverage for mining when comparing to semiconductor projects for a mining and materials project that Neil traveling generates a $5 million, we're able to expand those revenues by another $1 million from Pepsi.

We are working to make those also be yet similar margin levels. We believe that we're almost through that.

We have a handful of Neil Tran projects, we need to deliver.

On in our fourth quarter of fiscal 2022.

Which is part of the guidance.

I have been asked about potential operating leverage and synergies between the operations that were acquired and the historical distance.

My answer has been no up until now.

The team has worked diligently on driving operational leverage between the business lives.

We are seeing that now coming to fruition due in part to this leverage during the fourth quarter, we were able to trim, what we expect to be approximately $5 million from our annual operational expenses beginning in fiscal 2023.

This is expected to help us get better financial leverage from the business. We believe that this helps put us on a better foot forward.

Financially.

We discussed the impact of the neoprene backlog on our financials.

This is something we have largely work through it.

And I want to reassure you that going forward, we feel very confident about prospective margins.

With that I'll move on to our ship protection systems.

In an age of increasing global tensions.

We're helping to move U S Navy ships into the future by installing protection systems that help them stay hidden from our enemies threats.

Our ship protection systems are Sps provides a solution that masks the ship from harm's way when an operation lifestyle.

We announced our fifth ship protection system contract for L. P. D 32.

Which has become the baseline design for the San Antonio Class and maybe a ship platform right. Now we are installing our first ship protection system on the U S S Fort Lauderdale.

This is something the navy and our shipyard partner are monitoring closely.

We are preparing deliver on our second shift contract the U S is Harrisburg.

We currently have orders for the U S is Harrisburg B U S is Pittsburgh the U S S, Richard but cool and the recently at a L. P. G 32.

S. B S contributed nearly 10% of revenues in the third quarter of fiscal 2022, and that's been a very consistent source of grid revenue for several quarters.

Our team is focused on continuing to expand our ship protection systems and other than vessels, while we install our initial systems.

As I have mentioned in the past.

We are working on developing additional content that could be inserted in a future fleet.

We hope to have some news very soon on our progress here.

On our resilient electric grid or Reg system in Chicago, It continues to perform very well and.

In fact, we received notification from the utility that's the system map specified performance requirements and as a result, we expect to see the return of a 5 billion dollar bond, which was held until the Reg system pass. This important accomplishment. The performance bond was structured as a letter of credit this letter.

It is expected to hit our books during the fourth quarter of fiscal year 2022.

We continue to see strong desire from this utility as well as others to further deploy rag into the power grid.

It is clear at least to us that Reg offers that capability in functionality to solve some of the nation's current critical grid infrastructure problems right now.

This initial project is provide a tremendous learning and.

And it is clear to me that utilities are thinking about Reg as a viable product.

Turning to wind we are supporting IMAX with the initial prototype of a three megawatt class wind turbine.

And do something with the initial waiting for a 5.5 megawatt wind turbines.

During the third quarter of fiscal 2022, we shipped two megawatt electrical control systems to our partner in India IMAX wind.

You can see that I Knox was just over 10%.

All of our revenues this quarter.

The design certificate of the three megawatt class wind turbine prototype for the Indian market is complete.

We are now working on the type certification and hopefully will report back to you soon on our progress type certification means that the three megawatt class wind turbine will be able to connect to the power grid.

It's worth noting that towards the end of 2022.

<unk> did announce the completion of a capital raise.

About 15 billion rupee.

Which translates into something on the order of about $180 billion.

We believe I knox's closer to expanding its business with the three megawatt class wind turbine this calendar year.

Which we expect will translate into an expanded order book for us.

We hope to be.

Sporting progress.

In the near future.

To conclude.

We have built a diversified business that we believe is well positioned to capitalize on future investments in renewables future investments semiconductors future investments and electric vehicles.

And the mining of the materials that go into these three markets.

As well as the defense business.

We are driven by the opportunities that climate change presented to us as well as the electrification of transportation.

Our products provide support to the grid.

The power consumption point of the electric vehicle.

As well as the operations that provide the metals and materials used to build the vehicles.

We evolved from being a very concentrated business.

With both customer and market concentration.

A more diverse business all at the same time growing revenues.

We are focused on improving the financial performance of the business.

Continuing to deliver a diversified business and making progress towards our longer term priority of building a sustainable business.

I think the team has done a terrific job of achieving this.

We understand the broader geopolitical environment is mixed with uncertainty surrounding the supply chain constraints inflation recession.

Stock market volatility.

When we look at our prospects are sales pipeline it appears to be strengthening.

[noise] weakening.

Orders are becoming larger.

Smaller.

The types of markets, we serve are becoming more diverse less concentrated.

Somebody I looked at the near term say the next year or so I think our prospects are great.

As we look ahead into the fiscal year 2023, I am optimistic that are recently announced backlog will result in a more diversified and financially stronger MSC.

You can see from the backlog and Johns commentary on our operating models that we are nearly there.

We believe that are differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers even more efficiently.

I want to thank our team for their hard work and support and I look forward to reporting back to you at the completion of or for physical border in fiscal year end of 2022.

Gary.

Now I'll take questions from our analysts.

We will now begin the question and answer session.

To ask a question you May press Star then one on your telephone keypad.

If you're using a speaker phone please pick up your handset before pressing the keys to.

To withdraw your question. Please press Star then too at.

At this time, we will pause momentarily to assemble our roster.

Our first question comes from Eric Stein with Craig Hallum. Please go ahead.

Hi, Daniel again.

They are good.

Good morning.

Maybe just on the Reg milestone I, if you're able to maybe some details on exactly what that milestone is and you know potential read through to next steps.

You know I recently actually yesterday saw that Chicagoans com, Ed announced a pretty wide ranging agreement included a lot of energy initiatives and grit investments. So curious you know maybe your confidence level or what type of visibility you might get after this milestone into the next steps.

Yeah, I mean to be bought my confidence is very very high I think you know the good news about rag is and we.

We've designed the business in a way financially the rags not necessary to be you know.

Our margin projections and kind of the near term financial aspects of the business.

But looking at the longer term. This is a huge milestone for the company. It means the system's performed as advertised it means that.

The utility has been able to work with with their constituents, specifically regulators and.

All the local politics that they have to deal with where this is now a permanent part of the great. It has been accepted.

The number of people that they brought their that worked for the utility.

The number of people that they've brought their their work for other utilities has been staggering.

Their efforts all along had been to look at this first project as a stepping stone to a future with superconductivity.

Everything that we see everything that we're told everything we've been shown leads us to believe that there's a very bright future for Reg and many many cities in the country. This is a huge milestone for the company I think the hardest challenge, though is to predict or handicap.

Over time, how will this progress utilities are notoriously slow.

You know when negotiating contracts that we do today for any of our other products take a longer time than many there'll be other markets that we serve.

But I think when we look back about embarking on to this product right.

We really have met a tremendous milestone we have a system. That's in the grid. That's been accepted by the utility and expected and accepted by you know all of their constituencies, which I think is huge for the product that means we really have a product that you can go and sell going forward.

[noise] got it and I can appreciate the the lack of timing visibility, but if you had the handicap. It I mean do you think especially given all of the parties that have come in and looked at this deployment I mean do you think that that second Chicago project is next or would you expect.

You've talked about diversity, a diversity of customer would you expect it to potentially be another utility.

I really can't handicapped up the other than saying, we're working in parallel with multiple cities right now on projects that solved haole problems.

Right now and.

And we see Rag is really the only solution if they want to solve these in the near term.

Got it okay.

Maybe last one for me just I appreciate the commentary on the breakeven, giving your backlog pipeline and you know the potential for quicker turned business I mean, when you think about that breakeven number you think that you can get there.

On the grid momentum alone you know with the wind kind of in its current state or you know when you get there do you anticipate that wind would be a meaningful part of the dance well.

Yeah, I think that's probably the question of the day error.

[noise] nailed it I think we are both passed open to us I think.

See if there's a rapid rebounded when we get there much faster meaning that.

Rebound comes were really almost there with the backlog today right. So incrementally growing the new energy part of the business is happening you know if we can continue at the current rate we've been pumping those waters.

Basically there.

We have to deliver on it and we have to deliver it on time and on cost.

And we've been able to successfully do that throughout the business that we have improved Neil Tran pretty significantly quarter on quarter with our operating efficiency capability.

So you know what.

I think you know when I look at this I see the backlog and I see the comments John made about where the operating leverage comes from and I think we already have the backbone to get there I think time will be the the towel and I think certainly additional when would make it easier it might make it faster.

But it it today as we sit here I feel better than I ever have that we're now at the point, where we're talking about potentially achieving these milestones not in the next year or two or three but in the next quarters or a year or so so.

We have a much brighter future right in front of us right now.

Okay. Thank you.

The next question is from calling rush with Oppenheimer. Please go ahead.

Thanks, So much guys can you talk a little bit about the the raw material impact on your margins and and what you're seeing in terms of the cadence some of those lower raw materials starting to flow through your through your counseling.

Yeah, I think Collins.

The challenge for the business has is the rate at which we take orders and deliver them. So you know for some products were out we're booking orders as early as six months, maybe nine months for many of the products were out your plus at this point.

You know and that compared to where the business was a coupla years ago, certainly has extended by at least a quarter or more for many of the product lines.

And that's a bit of the kind of constipation of the backlog Ah if I use that term for please don't write that but I don't have a better language that we're kind of stuck with this backlog, we're trying to get it out.

And the and the good news is as we've price to new orders of new backlog.

As John said that those are whereas we bottled up going for it it certainly margins that we we have hope for an expected.

Where material prices specifically in Jon's commentary, we see a stabilization of those costs.

Which means now as we priced in new orders. It's just the time it takes for when we received that order to when we deliver on it and we're kind of been that cadence now in the coming quarters.

Okay and that's that's helpful. I may ask some questions later, but.

Next I'm just curious about the the bid activity you know obviously, there's a lot that's happened from regulatory perspective around capacity building.

<unk>, you know and and so I'd love to get a better sense of how.

How much sales activity, there is and what your conversion rate.

Is on on what you've seen so far you know I guess called over the last six to 12 months.

Yeah, I think the bid activity has exploded I think the number of projects that we've looked at <unk>.

Certainly is that the the highest point since since I can remember.

So the prospects for the for the business are greater than they've been.

Lee in the past years.

When we look at the order intake, we've we've been announced today, we close more than $40 million of orders basketball.

When we look at the run rate of what we're just doing the new energy over the past three quarters, it's about $30 billion just for new energy right. So then you gotta add in what we're doing with the Navy you Gotta add in what we're doing with wins as well.

Is there any other commentary you Wanna talk about yeah.

Does that help color.

Yeah, I'm, just curious about the wind right and any delta around that.

Well the hard part we have with the wind right as most projects down this is what we've done.

You know, even with the old tree and and to some extent with Nancy we try never to compete directly.

So the way we do it it's a very early decision if we're gonna win or not and then it depends upon how the project goes for it as we make things smaller and less complex.

And if we're able to design that in with the engineering company, which is usually the engineering procurement construction company.

Then we.

We really eliminate a lot of competition I won't say, all but almost all.

So were we.

Today in this version of the business, we're really never in the in the in the decision making by purchasing an engineer has made a design that requires are smaller footprint, which means that it's hard to go out and get an altered so when we look at direct project win rate.

It is extremely all right, but to be transparent there's a lot of work that happens in the quarters before even getting the order. We're we're trying to get designed it on the print be it for a ship prefer a substation.

It really those are the the two that were focused on and the same techniques. We use for the ship we used for the substation, which is how do we make it smaller more and more energy dense how do we have more feature function than what the alternatives are and that's true across to everything that we do.

That's incredible thanks, so much guys.

Oh and there are two two indicators, we're looking at is pipeline growth which is.

Highlighted and we do you know, especially for last year as we had to address our prices based on the raw material inputs has gone up.

We have been carefully watching our customers and making sure that we remain competitive in you know.

Across the board and the businesses, there's no evidence to suggest a at the bids were doing are making us uncompetitive. There's isolated pockets were watching and we're concerned about whether it is a more competitive landscape to it and.

As of now there's no and that's actually going to happen were much more focused on March and going for it right and everything. So that's the thing that people need here is we're trying to grow the business, but we're trying to expand margins as well and that means that and that's why I think my colleagues get that the question as well now your running up to a competitive pressure with this current.

Pricing, we haven't seen it for the business that we Wanna take and that's really I think the key point, we Wanna make today.

I appreciate the details guys.

Sure.

The next question is from Justin Claire with Roth Capital Partners. Please go ahead.

Yeah, Hi, thanks for taking our questions.

Hey, Hey.

Hey, Hey, Daniel So I guess the first one here the $5 million of annual savings that you expect from cost reduction actions. Just wondering if you could talk through how much of that is expected to impact your cost of goods sold versus opex and and maybe what the impact too you know either R&D or SG&A.

Might be.

I can talk about the impact on do you Wanna take the financial part of it yeah. So.

Addressing the vast majority of this is going to be in Opex, we didn't break it down publicly about what I will say is on a scale.

Call. It you know north of 75 per cent will be opex related versus you know less than 25% will be Cox.

I think from a capability standpoint.

Reiterate paraphrase something I said earlier as we were expecting.

Q3 2022 American Superconductor Corp Earnings Call

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