Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Jun. 02, 2014 | Sep. 30, 2013 |
Document Document And Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'AMERICAN SUPERCONDUCTOR CORP /DE/ | ' | ' |
Entity Central Index Key | '0000880807 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 79,419,295 | ' |
Entity Public Float | ' | ' | $116.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $43,114 | $39,243 |
Accounts receivable, net | 7,556 | 18,864 |
Inventory | 20,694 | 33,473 |
Prepaid expenses and other current assets | 9,004 | 22,469 |
Restricted cash | 2,913 | 6,136 |
Total current assets | 83,281 | 120,185 |
Property, plant and equipment, net | 64,574 | 74,626 |
Intangibles, net | 1,995 | 2,749 |
Restricted cash | 3,394 | 4,820 |
Deferred tax assets | 7,724 | 5,354 |
Other assets | 7,541 | 9,020 |
Total assets | 168,509 | 216,754 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable and accrued expenses | 21,764 | 31,578 |
Note payable, current portion, net of discount of $555 as of March 31, 2014 and $458 as of March 31, 2013 | 6,240 | 4,158 |
Convertible note, current portion, net of discount of $4,289 as of March 31, 2013 | ' | 4,610 |
Derivative liabilities | 2,601 | 4,162 |
Deferred revenue | 9,456 | 29,805 |
Deferred tax liabilities | 7,761 | 5,444 |
Total current liabilities | 47,822 | 79,757 |
Note payable, net of discount of $287 as of March 31, 2014 and $95 as of March 31, 2013 | 6,380 | 3,367 |
Convertible note, net of discount of $600 as of March 31, 2013 | ' | 5,881 |
Deferred revenue | 990 | 1,340 |
Other liabilities | 1,058 | 1,291 |
Total liabilities | 56,250 | 91,636 |
Commitments and contingencies (Note 13) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value, 150,000,000 shares authorized; 78,929,903 and 60,300,466 shares issued and outstanding at March 31, 2014 and 2013, respectively | 789 | 603 |
Additional paid-in capital | 966,390 | 923,847 |
Treasury stock, at cost, 57,046 shares at March 31, 2014 | -370 | -313 |
Accumulated other comprehensive income | 1,839 | 1,112 |
Accumulated deficit | -856,389 | -800,131 |
Total stockholders' equity | 112,259 | 125,118 |
Total liabilities and stockholders' equity | $168,509 | $216,754 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Note payable, current portion, net of discount | $555 | $458 |
Current portion of convertible note, net of discount | ' | 4,289 |
Note payable, net of current portion and discount | 287 | 95 |
Convertible note net of current portion and discount | ' | $600 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 78,929,903 | 60,300,466 |
Common stock, shares outstanding | 78,929,903 | 60,300,466 |
Treasury Stock, shares | 57,046 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Revenues | $84,117 | $87,419 | $76,543 |
Cost and operating expenses: | ' | ' | ' |
Cost of revenues | 72,858 | 71,937 | 82,882 |
Research and development | 12,173 | 15,325 | 27,271 |
Selling, general and administrative | 37,230 | 49,652 | 72,118 |
Restructuring and impairments | 2,998 | 7,922 | 9,188 |
Write-off of advance payment | ' | ' | 20,551 |
Amortization of acquisition related intangibles | 287 | 324 | 972 |
Total operating expenses | 125,546 | 145,160 | 212,982 |
Operating loss | -41,429 | -57,741 | -136,439 |
Change in fair value of derivatives and warrants | 1,872 | 7,556 | ' |
Loss on extinguishment of debt | -5,197 | ' | ' |
Interest (expense) income, net | -9,661 | -14,948 | 243 |
Other (expense) income, net | -991 | -1,262 | 738 |
Loss before income tax (benefit) expense | -55,406 | -66,395 | -135,458 |
Income tax (benefit) expense | 852 | -264 | 1,369 |
Net loss | ($56,258) | ($66,131) | ($136,827) |
Net loss per common share | ' | ' | ' |
Basic | ($0.90) | ($1.25) | ($2.69) |
Diluted | ($0.90) | ($1.25) | ($2.69) |
Weighted average number of common shares outstanding | ' | ' | ' |
Basic | 62,622 | 53,070 | 50,842 |
Diluted | 62,622 | 53,070 | 50,842 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net loss | ($56,258) | ($66,131) | ($136,827) |
Other comprehensive (loss) income, net of tax: | ' | ' | ' |
Foreign currency translation (losses) gains | 727 | -887 | -1,790 |
Unrealized losses on investments | ' | -28 | ' |
Total other comprehensive (loss) income, net of tax | 727 | -915 | -1,790 |
Comprehensive loss | ($55,531) | ($67,046) | ($138,617) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
In Thousands, except Share data | ||||||
Balance at Mar. 31, 2011 | $292,855 | $507 | $885,704 | ' | $3,817 | ($597,173) |
Balance, shares at Mar. 31, 2011 | ' | 50,719,000 | ' | ' | ' | ' |
Exercise of stock options | 24 | ' | 24 | ' | ' | ' |
Exercise of stock options, shares | ' | 3,000 | ' | ' | ' | ' |
Issuance of common stock - ESPP | 304 | 1 | 303 | ' | ' | ' |
Issuance of common stock - ESPP, shares | ' | 89,000 | ' | ' | ' | ' |
Issuance of common stock - restricted shares | ' | 7 | -7 | ' | ' | ' |
Issuance of common stock - restricted shares, shares | ' | 698,000 | ' | ' | ' | ' |
Stock-based compensation expense | 9,864 | ' | 9,864 | ' | ' | ' |
Issuance of stock for calendar 401(k) match | 720 | 1 | 719 | ' | ' | ' |
Issuance of stock for calendar 401(k) match, shares | ' | 127,000 | ' | ' | ' | ' |
Contingent consideration | ' | 4 | -4 | ' | ' | ' |
Contingent consideration shares | ' | 350,000 | ' | ' | ' | ' |
Treasury stock, at cost | -271 | ' | ' | -271 | ' | ' |
Cumulative translation adjustment | -1,790 | ' | ' | ' | -1,790 | ' |
Net loss | -136,827 | ' | ' | ' | ' | -136,827 |
Balance at Mar. 31, 2012 | 164,879 | 520 | 896,603 | -271 | 2,027 | -734,000 |
Balance, shares at Mar. 31, 2012 | ' | 51,986,000 | ' | ' | ' | ' |
Exercise of stock options | 2 | ' | 2 | ' | ' | ' |
Issuance of common stock - ESPP | 290 | 1 | 289 | ' | ' | ' |
Issuance of common stock - ESPP, shares | ' | 100,000 | ' | ' | ' | ' |
Issuance of common stock - restricted shares | 1,619 | 25 | 1,594 | ' | ' | ' |
Issuance of common stock - restricted shares, shares | ' | 2,463,000 | ' | ' | ' | ' |
Stock-based compensation expense | 8,138 | ' | 8,138 | ' | ' | ' |
Issuance of stock for calendar 401(k) match | 539 | 2 | 537 | ' | ' | ' |
Issuance of stock for calendar 401(k) match, shares | ' | 158,000 | ' | ' | ' | ' |
Issuance of common stock to settle liabilities | 16,739 | 55 | 16,684 | ' | ' | ' |
Issuance of common stock to settle liabilities, shares | ' | 5,593,000 | ' | ' | ' | ' |
Treasury stock, at cost | -42 | ' | ' | -42 | ' | ' |
Cumulative translation adjustment | -887 | ' | ' | ' | -887 | ' |
Net loss | -66,131 | ' | ' | ' | ' | -66,131 |
Unrealized losses on investments | -28 | ' | ' | ' | -28 | ' |
Balance at Mar. 31, 2013 | 125,118 | 603 | 923,847 | -313 | 1,112 | -800,131 |
Balance, shares at Mar. 31, 2013 | 60,300,466 | 60,300,000 | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' |
Issuance of common stock - ESPP | 168 | 1 | 167 | ' | ' | ' |
Issuance of common stock - ESPP, shares | ' | 100,000 | ' | ' | ' | ' |
Issuance of common stock - restricted shares | 502 | 18 | 484 | ' | ' | ' |
Issuance of common stock - restricted shares, shares | ' | 1,780,000 | ' | ' | ' | ' |
Stock-based compensation expense | 10,696 | ' | 10,696 | ' | ' | ' |
Issuance of stock for calendar 401(k) match | 425 | 2 | 423 | ' | ' | ' |
Issuance of stock for calendar 401(k) match, shares | ' | 208,000 | ' | ' | ' | ' |
Issuance of common stock to settle liabilities | 23,480 | 116 | 23,364 | ' | ' | ' |
Issuance of common stock to settle liabilities, shares | ' | 11,669,000 | ' | ' | ' | ' |
Treasury stock, at cost | -57 | ' | ' | -57 | ' | ' |
Cumulative translation adjustment | 727 | ' | ' | ' | 727 | ' |
Net loss | -56,258 | ' | ' | ' | ' | -56,258 |
Issuance of common stock-ATM, net of costs | 7,458 | 49 | 7,409 | ' | ' | ' |
Issuance of common stock-ATM, net of costs, shares | ' | 4,873,000 | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | $112,259 | $789 | $966,390 | ($370) | $1,839 | ($856,389) |
Balance, shares at Mar. 31, 2014 | 78,929,903 | 78,930,000 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($56,258) | ($66,131) | ($136,827) |
Adjustments to reconcile net loss to net cash used in operations: | ' | ' | ' |
Depreciation and amortization | 10,615 | 13,054 | 15,455 |
Stock-based compensation expense | 10,696 | 8,138 | 9,864 |
Write-off of advanced payment to The Switch | ' | ' | 20,551 |
Patent costs | ' | ' | 4,917 |
Restructuring charges, net of payments | 167 | 902 | 2,798 |
Impairment of long-lived and intangible assets | 1,265 | 4,984 | 1,715 |
Provision for excess and obsolete inventory | 316 | 2,230 | 4,357 |
Adverse purchase commitment losses (recoveries), net | ' | -7,768 | -1,299 |
Prepaid VAT reserve | 1,426 | ' | ' |
Loss on minority interest investments | 1,008 | 2,231 | 2,407 |
Change in fair value of derivatives and warrants | -1,872 | -7,556 | ' |
Loss on extinguishment of debt | 5,197 | ' | ' |
Non-cash interest expense | 7,713 | 12,426 | ' |
Other non-cash items | 1,813 | 2,427 | 771 |
Changes in operating asset and liability accounts: | ' | ' | ' |
Accounts receivable | 11,379 | -751 | -4,820 |
Inventory | 13,043 | -6,457 | -7,528 |
Prepaid expenses and other current assets | 12,512 | 8,887 | 1,685 |
Accounts payable and accrued expenses | -10,861 | -21,864 | -64,148 |
Deferred revenue | -21,426 | 9,977 | 9,060 |
Net cash used in operating activities | -13,267 | -45,271 | -141,042 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property, plant and equipment | -278 | -1,430 | -10,895 |
Proceeds from the sale of property, plant and equipment | 54 | 136 | ' |
Proceeds from the maturity of marketable securities | ' | 5,276 | 110,117 |
Change in restricted cash | 4,669 | 3,678 | -9,093 |
Purchase of intangible assets | ' | ' | -4,227 |
Purchase of minority investments | ' | ' | -1,800 |
Advanced payment for planned acquisition | ' | ' | -20,551 |
Change in other assets | -436 | -307 | -214 |
Net cash provided by investing activities | 4,009 | 7,353 | 63,337 |
Cash flows from financing activities: | ' | ' | ' |
Employee taxes paid related to net settlement of equity awards | -57 | -42 | -271 |
Proceeds from the issuance of debt, net of expenses | 9,842 | 32,895 | 4,682 |
Repayment of debt | -4,615 | -1,923 | -4,682 |
Proceeds from public equity offering, net | 7,458 | ' | ' |
Proceeds from exercise of employee stock options and ESPP | 168 | 291 | 328 |
Net cash provided by financing activities | 12,796 | 31,221 | 57 |
Effect of exchange rate changes on cash and cash equivalents | 333 | -339 | 144 |
Net increase (decrease) in cash and cash equivalents | 3,871 | -7,036 | -77,504 |
Cash and cash equivalents at beginning of year | 39,243 | 46,279 | 123,783 |
Cash and cash equivalents at end of year | 43,114 | 39,243 | 46,279 |
Supplemental schedule of cash flow information: | ' | ' | ' |
Cash paid for income taxes, net of refunds | 864 | -311 | 13,357 |
Issuance of common stock to settle liabilities | 24,407 | 18,896 | 720 |
Cash paid for interest | $990 | $787 | ' |
Nature_of_the_Business_and_Ope
Nature of the Business and Operations and Liquidity | 12 Months Ended |
Mar. 31, 2014 | |
Nature of the Business and Operations and Liquidity | ' |
1. Nature of the Business and Operations and Liquidity | |
Nature of the Business and Operations | |
American Superconductor Corporation (“AMSC” or the “Company”) was founded on April 9, 1987. The Company is a leading provider of megawatt-scale solutions that lower the cost of wind power and enhance the performance of the power grid. In the wind power market, the Company enables manufacturers to field wind turbines through its advanced engineering, support services and power electronics products. In the power grid market, the Company enables electric utilities and renewable energy project developers to connect, transmit and distribute power through its transmission planning services and power electronics and superconductor-based products. The Company’s wind and power grid products and services provide exceptional reliability, security, efficiency and affordability to its customers. | |
The Company’s consolidated financial statements for the year ended March 31, 2014, were prepared on a going concern basis in accordance with United States generally accepted accounting principles (“GAAP”). The going concern basis of presentation assumes that the Company will continue operations and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. | |
Liquidity | |
The Company has experienced recurring operating losses and as of March 31, 2014 and 2013, the Company had an accumulated deficit of $856.4 million and $800.1 million, respectively. In addition, the Company has experienced recurring negative operating cash flows. At March 31, 2014, the Company had cash and cash equivalents of $43.1 million which compares to cash used in operations of $13.3 million for the year ended March 31, 2014. At March 31, 2013, the Company had cash and cash equivalents of $39.2 million which compares to cash used in operations of $45.3 million for the year ended March 31, 2013. | |
From April 1, 2011 through the date of this filing, the Company reduced its global workforce by approximately 68%. The Company is currently in the process of consolidating certain business operations to reduce facility costs. As of March 31, 2014, the Company had a global workforce of approximately 269 persons. The Company plans to closely monitor its expenses and if required, expects to further reduce operating costs and capital spending to enhance liquidity. | |
On April 4, 2012, the Company completed a private placement of $25.0 million aggregate principal amount of a 7% senior unsecured convertible note (the “Initial Note”) with Capital Ventures International (“CVI”). On December 20, 2012, the Company agreed to exchange the Initial Note for a new unsecured, senior convertible note (the “Exchanged Note”), which had the same principal amount and accrued interest as the Initial Note at the time of the exchange. On March 2, 2014, the Company entered into an Exchange Agreement with CVI, pursuant to which the Company exchanged the Exchanged Note for approximately 6.6 million shares of common stock and extinguished the debt. (See Note 9, “Debt”, for further information regarding these debt arrangements, including the covenants, restrictions and events of default under the agreements.) | |
On June 5, 2012, the Company entered into a Loan and Security Agreement (the “Term Loan”), under which the Company borrowed $10.0 million. The Term Loan contains certain covenants and restrictions including, among others, a requirement to maintain a minimum unrestricted cash balance in the U.S. equal to the remaining principal balance. On November 15, 2013, the Company entered into an amendment of the Term Loan (the “New Term Loan”, and collectively with the Term Loan, the “Term Loans”) under which the Company borrowed an additional $10.0 million. The Term Loans contain certain covenants and restrictions. (See Note 9, “Debt”, for further information regarding these debt arrangements, including the covenants, restrictions and events of default under the agreements.) The Company believes that it is in compliance with the covenants and restrictions included in the agreements governing these debt arrangements as of the date of this Annual Report on Form 10-K. | |
On November 15, 2013, the Company entered into an At-Market Sales Arrangement (“ATM”) under which the Company may, at its discretion, sell up to $30.0 million of shares of its common stock (before expenses) through its sales agent, MLV & Co. LLC. During the year ended March 31, 2014, the Company received net proceeds of $7.5 million, including sales and commissions and offering expenses, from sales of approximately 4.9 million shares of its common stock at an average sales price of approximately $1.62 per share. During the three months ended March 31, 2014, the Company received net proceeds of $4.1 million from sales of approximately 2.5 million shares of its common stock at an average sales price of approximately $1.74 per share under the ATM. (See Note 12, “Stockholders’ Equity”, for further information regarding the ATM.) As of March 31, 2014, there was approximately $22.1 million of availability under the Company’s ATM (see further discussion below). | |
Sales of common stock under the ATM may be made from time to time, at the Company’s discretion, in order to enhance liquidity. In addition, the Company is actively seeking to sell its minority investments in Tres Amigas and Blade Dynamics and has engaged a financial advisor to assist with that effort. (See Note 15, “Minority Investments”, for further information about such investments.) There can be no assurance that the Company will be able to sell one or both of these investments on commercially reasonable terms or at all. | |
The Company believes it has sufficient available liquidity to fund its operations, capital expenditures and scheduled cash payments under its debt obligations through June 30, 2015. The Company’s liquidity is highly dependent on its ability to increase revenues, control its operating costs, its ability to utilize the ATM to raise additional capital as required, at its discretion, and its ability to maintain compliance with the covenants and restrictions on its debt obligations (or obtain waivers from its lender in the event of non-compliance). There can be no assurance that the Company will be able to continue to utilize the ATM. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
2. Summary of Significant Accounting Policies | ||||||||||||
Basis of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions are eliminated. Certain reclassifications of prior years’ amounts have been made to conform to the current year presentation. These reclassifications had no effect on net income, cash flows from operating activities or stockholders’ equity. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles of the United States of America, (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, collectability of receivables, realizability of inventory, goodwill and intangible assets, warranty provisions, stock-based compensation, valuation of warrant and derivative liabilities, tax reserves, and deferred tax assets. Provisions for depreciation are based on their estimated useful lives using the straight-line method. Some of these estimates can be subjective and complex and, consequently, actual results may differ from these estimates under different assumptions or conditions. While for any given estimate or assumption made by the Company’s management there may be other estimates or assumptions that are reasonable, the Company believes that, given the current facts and circumstances, it is unlikely that applying any such other reasonable estimate or assumption would materially impact the financial statements. | ||||||||||||
Cash Equivalents | ||||||||||||
Cash equivalents consist of highly liquid instruments with maturities of three months or less that are regarded as high quality, low risk investments and are measured using such inputs as quoted prices, and are classified within Level 1 of the valuation hierarchy. Cash equivalents consist principally of certificates of deposits and money market accounts. | ||||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable consist of amounts owed by commercial companies and government agencies. Accounts receivable are stated net of allowances for doubtful accounts. The Company’s accounts receivable relate principally to a limited number of customers. As of March 31, 2014, three customers, Inox Wind Limited (“Inox”), CG Power Solutions UK Ltd. (“CGPS”), and Beijing JINGCHENG New Energy Co., Ltd. (“JCNE”), accounted for approximately 20%, 14% and 13%, respectively, of its total receivable balance. As of March 31, 2013, three customers, Inox, CGPS, and Hyundai Heavy Industries Co. Ltd. (“HHI”), accounted for approximately 41%, 17% and 11%, respectively, of its total receivable balance. Changes in the financial condition or operations of its customers may result in delayed payments or non-payments which would adversely impact its cash flows from operating activities and/or its results of operations. As such the Company may require collateral, advanced payment or other security based upon the customer history and/or creditworthiness. In determining the allowance for doubtful accounts, the Company evaluates the collectability of accounts receivable based primarily on the probability of recoverability based on historical collection and write-off experience, the age of past due receivables, specific customer circumstances, and current economic trends. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payment, additional allowances may be required. Failure to accurately estimate the losses for doubtful accounts and ensure that payments are received on a timely basis could have a material adverse effect on the Company’s business, financial condition, results of operations, and cash flows. | ||||||||||||
Inventory | ||||||||||||
Inventories include material, direct labor and related manufacturing overhead, and are stated at the lower of cost or market determined on a first-in, first-out basis. The Company records inventory when it takes delivery and title to the product according to the terms of each supply contract. | ||||||||||||
Program costs may be deferred and recorded as inventory on contracts on which costs are incurred in excess of approved contractual amounts and/or funding, if future recovery of the costs is deemed probable. | ||||||||||||
At each balance sheet date, the Company evaluates its ending inventories for excess quantities and obsolescence. Inventories that management considers excess or obsolete are reserved. Management considers forecasted demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not written back up if demand increases. | ||||||||||||
For the year ended March 31, 2014, the Company recorded an inventory reserve of approximately $0.3 million based on evaluating its ending inventory on hand for excess quantities and obsolescence. The Company recorded an inventory reserve of approximately $2.2 million during the year ended March 31, 2013, based on its evaluation of forecasted demand in relation to the inventory on hand and market conditions surrounding its products as a result of the assumption that Sinovel and certain other customers in China will fail to meet their contractual obligations and demand that was previously forecasted will fail to materialize. The Company first recorded a benefit to cost of revenues related to the sale or usage of inventories reserved in a prior period during the year ended March 31, 2012. For the years ended March 31, 2014, 2013, and 2012, the Company recorded benefits of $4.3 million, $2.1 million, and $0.8 million respectively. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company accounts for depreciation and amortization using the straight-line method to allocate the cost of property, plant and equipment over their estimated useful lives as follows: | ||||||||||||
Asset Classification | Estimated Useful Life in Years | |||||||||||
Building | 40 | |||||||||||
Process upgrades to the building | Oct-40 | |||||||||||
Machinery and equipment | 10-Mar | |||||||||||
Furniture and fixtures | 5-Mar | |||||||||||
Leasehold improvements | Shorter of the estimated useful life or the remaining lease term | |||||||||||
Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or other disposition of assets, the costs and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in operating expenses. | ||||||||||||
Valuation of Long-Lived Assets | ||||||||||||
The Company periodically evaluates its long-lived assets, consisting principally of fixed assets and amortizable intangible assets for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, the Company reviews the carrying value of its long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not be recoverable. Under the held and used approach, the asset or asset group to be tested for impairment should represent the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The Company evaluates its long-lived assets whenever events or circumstances suggest that the carrying amount of an asset or group of assets may not be recoverable from the estimated undiscounted future cash flows. | ||||||||||||
In fiscal 2013, 2012 and 2011, in response to challenging liquidity and market conditions, the Company entered into and completed certain restructuring activities, approved by the Board of Directors, in order to reduce costs and align its strategic priorities. Since the restructuring action impacted all of its operations, management concluded that there were indicators of potential impairment of its long-lived assets in each of those fiscal years and the Company therefore conducted assessments of the recoverability of these assets by comparing its carrying value of the assets to the pre-tax undiscounted cash flows estimated to be generated by those assets over their remaining book useful lives. Based on the calculations performed by management, the sum of the undiscounted cash flows forecasted to be generated by certain assets were less than the carrying value of those assets. Therefore, there were indications that certain of its assets were impaired and, as a result, the Company performed additional analysis. An evaluation of the level of impairment was made by comparing the implied fair value of those definite long-lived tangible and intangible assets of each reporting unit against their carrying values. | ||||||||||||
The fair values of the impacted property and equipment were based on what the Company could reasonably expect to sell each asset from the perspective of a market participant. The determination of the fair value of its property and equipment includes estimates and judgments regarding the marketability and ultimate sales price of individual assets. The Company utilized market data and approximations from comparable analyses to arrive at the estimated fair values of the impacted property and equipment. The fair values of amortization intangible assets related to completed technology and trade names were determined using primarily the relief-from-royalty method over the estimated economic lives of those assets from the perspective of a market participant. During fiscal 2013, the Company determined that the fair values of those assets were greater than or equal to their carrying values and no impairment charge was recorded. During fiscal 2012 and 2011, management determined that certain of its corporate assets and Grid segment property, plant and equipment were impaired as their carrying values exceeded their fair values. The Company determined the long-lived assets of its Wind segment were not impaired. Accordingly, for the year ended March 31, 2013, the Company recorded an impairment charge on certain of its corporate assets and for the years ended March 31, 2013 and March 31, 2012, the Company recorded impairment charges on certain of its Grid segment property, plant and equipment. For the years ended March 31, 2013 and 2012, these charges totaled $5.0 million and $1.7 million, respectively. | ||||||||||||
Equity Method Investments | ||||||||||||
The Company uses the equity method of accounting for investments in entities in which it has an ownership interest, but does not exercise a controlling interest in the operating and financial policies of an investee. Under this method, an investment is carried at the acquisition cost, plus the Company’s equity in undistributed earnings or losses since acquisition. | ||||||||||||
The Company periodically tests its investments for potential impairment whenever events and circumstances indicate that the carrying value of its investments may not be recoverable. During the year ended March 31, 2014, the Company recorded an impairment charge of $1.3 million on its investment in Blade Dynamics Ltd. (See Note 15, “Minority Investments”, for further discussion.) | ||||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenue for product sales upon customer acceptance, which can occur at the time of delivery, installation or post-installation, provided persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and the collectability is reasonably assured. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured, revenue is recognized on a cash basis of accounting. Certain of the Company’s contracts involve retention amounts which are contingent upon meeting certain performance requirements through the expiration of the contract warranty periods. For contractual arrangements that involve retention, the Company recognizes revenue for these amounts upon the expiration of the warranty period, meeting the performance requirements and when collection of the fee is reasonably assured. | ||||||||||||
During the year ended March 31, 2011, the Company determined that revenues from certain of its customers in China could not be recorded for shipments made according to the delivery terms, as the fee was not fixed or determinable or collectability was not reasonably assured. For these customers, the Company is utilizing a cash basis of accounting with cash applied first against accounts receivable balances, then costs of shipments (inventory and value added taxes) before recognizing any gross margin. Payments of $3.7 million, $3.4 million, and $5.2 million, were received from these customers during the years ended March 31, 2014, 2013, and 2012, respectively, for past shipments and recorded as revenue. | ||||||||||||
For certain arrangements, such as contracts to perform research and development, prototype development contracts and certain product sales, the Company records revenues using the percentage-of-completion method, measured by the relationship of costs incurred to total estimated contract costs. Percentage-of-completion revenue recognition accounting is predominantly used on long-term prototype development contracts with the U.S. government and certain commercial turnkey contracts. The Company follows this method since reasonably dependable estimates of the revenues and costs applicable to various stages of a contract can be made. However, the ability to reliably estimate total costs at completion is challenging, especially on long-term prototype development contracts, and could result in future changes in contract estimates. For contracts where reasonably dependable estimates of the revenues and costs cannot be made, the Company follows the completed-contract method. | ||||||||||||
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of certain products may include extended warranty and support or service packages, and at times include performance bonds. As these contracts progress, the Company continually assesses the probability of a payout from the performance bond. Should the Company determine that such a payout is likely; the Company would record a liability. The Company would reduce revenue to the extent a liability is recorded. In addition, the Company enters into licensing arrangements that include training services. | ||||||||||||
Deliverables are separated into more than one unit of accounting when (1) the delivered element(s) have value to the customer on a stand-alone basis, and (2) delivery of the undelivered element(s) is probable and substantially in the control of the Company. In general, revenues are separated between the different product shipments which have stand-alone value, and the various services to be provided. Revenue for product shipments is recognized in accordance with the Company’s policy for product sales, while revenues for the services are recognized over the period of performance. The Company has determined that the licenses have no standalone value to the customer and are not separable from training services as the Company can only fully transfer the technology knowhow through the training component. Accordingly, the Company accounts for these arrangements as a single unit of accounting, and recognizes revenue over the period of the Company’s performance and milestones that have been achieved. Costs for these arrangements are expensed as incurred. The Company identifies all goods and/or services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on the element’s fair value as determined by vendor-specific objective evidence (“VSOE”), which is the price charged when that element is sold separately, or third-party evidence (“TPE”). When VSOE and TPE are unavailable, fair value is based on the Company’s best estimate of selling price utilizing a cost plus reasonable margin consistent with how the Company has set pricing historically for similar products and services. When the Company’s estimates are used to determine fair value, management makes its estimates using reasonable and objective evidence to determine the price. The Company reviews VSOE and TPE at least annually. If the Company concludes it is unable to establish fair values for one or more undelivered elements within a multiple-element arrangement using VSOE then the Company uses TPE or the best estimate of the selling price for that unit of accounting, being the price at which the vendor would transact if the unit of accounting were sold by the vendor regularly on a standalone basis. | ||||||||||||
The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue. | ||||||||||||
Customer deposits received in advance of revenue recognition are recorded as deferred revenue until customer acceptance is received. Deferred revenue also represents the amount billed to and/or collected from commercial and government customers on contracts which permit billings to occur in advance of contract performance/revenue recognition. | ||||||||||||
Product Warranty | ||||||||||||
Warranty obligations are incurred in connection with the sale of the Company’s products. The Company generally provides a one to three year warranty on its products, commencing upon installation. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. Future warranty costs are estimated based on historical performance rates and related costs to repair given products. The accounting estimate related to product warranty involves judgment in determining future estimated warranty costs. Should actual performance rates or repair costs differ from estimates, revision to the estimated warranty liability would be required. | ||||||||||||
Research and Development Costs | ||||||||||||
Research and development costs are expensed as incurred. | ||||||||||||
Income Taxes | ||||||||||||
The Company’s provision for income taxes is composed of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The deferred income tax provision is calculated for the estimated future tax effects attributable to temporary differences and carry-forwards using expected tax rates in effect in the years during which the differences are expected to reverse. | ||||||||||||
Deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each fiscal year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. The Company has provided a valuation allowance against its U.S. and foreign deferred income tax assets since the Company believes that it is more likely than not that these deferred tax assets are not currently realizable due to uncertainty around profitability in the future. | ||||||||||||
Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. The Company includes interest and penalties related to gross unrecognized tax benefits within the provision for income taxes. | ||||||||||||
The Company evaluates its permanent reinvestment assertions with respect to foreign earnings at each reporting period. The Company has not recorded a deferred tax asset for the temporary difference associated with the excess of the tax basis over its book basis in its Austrian subsidiary as the future tax benefit is not expected to reverse in the foreseeable future. The Company has recorded a deferred tax liability as of March 31, 2014 for the undistributed earnings of its remaining foreign subsidiaries for which it can no longer assert are permanently reinvested. The total amount of undistributed earnings available to be repatriated at March 31, 2014 was $1.5 million resulting in the recording of a $0.5 million net deferred federal and state income tax liability. | ||||||||||||
Stock-Based Compensation | ||||||||||||
The Company accounts for stock-based payment transactions using a fair value-based method and recognizes the related expense in the results of operations. | ||||||||||||
Stock-based compensation is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period of the award. The fair value of restricted stock awards is determined by reference to the fair market value of the Company’s common stock on the date of grant. The Company uses the Black-Scholes option pricing model to estimate the fair value of awards with service and performance conditions. For awards with service conditions only, the Company recognizes compensation cost on a straight-line basis over the requisite service/vesting period. For awards with performance conditions, accruals of compensation cost are made based on the probable outcome of the performance conditions. The cumulative effect of changes in the probability outcomes are recorded in the period in which the changes occur. | ||||||||||||
Determining the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatilities of the Company’s common stock and expected terms. The expected volatility rates are estimated based on historical and implied volatilities of the Company’s common stock. The expected term represents the average time that the options that vest are expected to be outstanding based on the vesting provisions and the Company’s historical exercise, cancellation and expiration patterns. | ||||||||||||
The Company estimates pre-vesting forfeitures when recognizing compensation expense based on historical and forward-looking factors. Changes in estimated forfeiture rates and differences between estimated forfeiture rates and actual experience may result in significant, unanticipated increases or decreases in stock-based compensation expense from period to period. The termination of employment of certain employees who hold large numbers of stock-based awards may also have a significant, unanticipated impact on forfeiture experience and, therefore, on stock-based compensation expense. The Company will update these assumptions on at least an annual basis and on an interim basis if significant changes to the assumptions are warranted. | ||||||||||||
Computation of Net Loss per Common Share | ||||||||||||
Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For the years ended March 31, 2014, 2013, and 2012, common equivalent shares of 6,431,584, 10,725,840, and 2,290,416, respectively, were not included in the calculation of diluted EPS as they were considered antidilutive. The following table reconciles the numerators and denominators of the EPS calculation for the years ended March 31, 2014, 2013, and 2012 (in thousands except per share amounts): | ||||||||||||
Year ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (56,258 | ) | $ | (66,131 | ) | $ | (136,827 | ) | |||
Denominator: | ||||||||||||
Weighted-average shares of common stock outstanding | 64,111 | 53,537 | 51,144 | |||||||||
Weighted-average shares subject to repurchase | (1,489 | ) | (467 | ) | (302 | ) | ||||||
Shares used in per-share calculation ― basic | 62,622 | 53,070 | 50,842 | |||||||||
Shares used in per-share calculation ― diluted | 62,622 | 53,070 | 50,842 | |||||||||
Net loss per share ― basic | $ | (0.90 | ) | $ | (1.25 | ) | $ | (2.69 | ) | |||
Net loss per share ― diluted | $ | (0.90 | ) | $ | (1.25 | ) | $ | (2.69 | ) | |||
Foreign Currency Translation | ||||||||||||
The functional currency of all the Company’s foreign subsidiaries is the U.S. dollar, except for AMSC Austria, for which the local currency (Euro) is the functional currency, and AMSC China, for which the local currency (Renminbi) is the functional currency. The assets and liabilities of AMSC Austria and AMSC China are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and income and expense items are translated at average rates for the period. Cumulative translation adjustments are excluded from net loss and shown as a separate component of stockholders’ equity. Net foreign currency transaction gains (losses) are included in net loss and were ($0.1) million, $1.0 million, and $3.1 million for the years ended March 31, 2014, 2013 and 2012, respectively. The Company has no restrictions on the foreign exchange activities of its foreign subsidiaries, including the payment of dividends and other distributions. | ||||||||||||
Risks and Uncertainties | ||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates and would impact future results of operations and cash flows. | ||||||||||||
The Company invests its available cash with high-credit, quality financial instruments and invests primarily in investment-grade marketable securities, including, but not limited to, government obligations, money market funds and corporate debt instruments. | ||||||||||||
Several of the Company’s government contracts are being funded incrementally, and as such, are subject to the future authorization, appropriation, and availability of government funding. The Company has a history of successfully obtaining financing under incrementally-funded contracts with the U.S. government and it expects to continue to receive additional contract modifications in the year ending March 31, 2014 and beyond as incremental funding is authorized and appropriated by the government. | ||||||||||||
Contingencies | ||||||||||||
From time to time, the Company may be involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. Management reviews these estimates in each accounting period as additional information is known and adjusts the loss provision when appropriate. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the consolidated financial statements. If, with respect to a matter, it is not both probable to result in liability and the amount of loss cannot be reasonably estimated, an estimate of possible loss or range of loss is disclosed unless such an estimate cannot be made. The Company does not recognize gain contingencies until they are realized. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company recorded a loss contingency of $1.8 million for the year ended March 31, 2013. (See Note 13, “Commitments and Contingencies,” for further information regarding the Company’s pending litigation.) | ||||||||||||
Debt | ||||||||||||
For debt arrangements, the Company considers any embedded equity-linked components and accounts for the fair value of any embedded warrants and derivatives. The Company elects not to use the fair value option for recording debt arrangements and elects to record the debt at the stated value of the loan agreement on the date of issuance. Any other elements present are reviewed to determine if they are embedded derivatives requiring bifurcation and requiring valuation under the fair value option. Derivatives and warrants, which meet the condition to satisfy an obligation by issuing a variable number of equity shares, are recorded at fair value. The carrying value assigned to the host instrument will be the difference between the previous carrying value of the host instrument and the fair value of the warrants and derivatives. There is no immediate gain/loss from the initial recognition and measurement if the embedded derivative is accounted for separately from its host contract. There is an offsetting debt discount or premium as a result of the fair value assigned to the warrants and derivatives, as well as any debt issuance costs, which is amortized under the effective interest method over the term of the loan. Each reporting period, fair value is assessed for the warrants and derivatives with the change in value being recorded as other income/loss. (See Note 9, “Debt,” and Note 10, “Warrants and Derivative Liabilities,” for a full discussion regarding the activity and financial impact for the Company’s debt, warrants and derivative liabilities.) | ||||||||||||
Disclosure of Fair Value of Financial Instruments | ||||||||||||
The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, warrants to purchase shares of common stock, derivatives, a senior convertible note and senior secured term loan. The carrying amounts of these instruments approximate fair value at March 31, 2014 and 2013. The estimated fair values have been determined through information obtained from market sources and management estimates. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
3. Fair Value Disclosures | ||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||
A valuation hierarchy for disclosure of the inputs to valuation used to measure fair value has been established. This hierarchy prioritizes the inputs into three broad levels as follows: | ||||||||||||||||
Level 1 - | Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||||||||||||||
Level 2 - | Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | |||||||||||||||
Level 3 - | Unobservable inputs that reflect the Company’s assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. | |||||||||||||||
The Company provides a gross presentation of activity within the Level 3 measurement roll-forward and details of transfers in and out of Level 1 and 2 measurements. A change in the hierarchy of an investment from its current level is reflected in the period during which the pricing methodology of such investment changes. Disclosure of the transfer of securities from Level 1 to Level 2 or Level 3 is made in the event that the related security is significant to total cash and investments. The Company did not have any transfers of assets and liabilities between Level 1 and Level 3 of the fair value measurement hierarchy during the years ended March 31, 2014 and 2013. | ||||||||||||||||
A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
The following table provides the assets and liabilities carried at fair value, measured as of March 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 17,675 | $ | 17,675 | $ | - | $ | - | ||||||||
Derivative liabilities: | ||||||||||||||||
Warrants | $ | 2,601 | $ | - | $ | - | $ | 2,601 | ||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 18,649 | $ | 18,649 | $ | - | $ | - | ||||||||
Derivative liabilities: | ||||||||||||||||
Derivative liability | $ | 529 | $ | - | $ | - | $ | 529 | ||||||||
Warrants | $ | 3,633 | $ | - | $ | - | $ | 3,633 | ||||||||
The table below reflects the activity for the Company’s major classes of liabilities measured at fair value for the years ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Derivative | ||||||||||||||||
Liability | Warrants | |||||||||||||||
April 1, 2013 | $ | 529 | $ | 3,633 | ||||||||||||
Warrant issuance with Senior Secured Term Loan | - | 315 | ||||||||||||||
Mark to market adjustment | (525 | ) | (1,347 | ) | ||||||||||||
Extinguishment of derivative liability | (4 | ) | - | |||||||||||||
Balance at March 31, 2014 | $ | - | $ | 2,601 | ||||||||||||
Derivative | ||||||||||||||||
Liability | Warrants | |||||||||||||||
April 1, 2012 | $ | - | $ | - | ||||||||||||
Valuation of original derivative liability | 3,779 | - | ||||||||||||||
Warrant issuance with Senior Convertible Note | - | 7,018 | ||||||||||||||
Warrant issuance with Senior Secured Term Loan | - | 380 | ||||||||||||||
Valuation of derivative liability attributable to modification | 542 | - | ||||||||||||||
Mark to market adjustment | (3,792 | ) | (3,765 | ) | ||||||||||||
Balance at March 31, 2013 | $ | 529 | $ | 3,633 | ||||||||||||
The following table provides the assets and liabilities measured at fair value on a non-recurring basis, as of March 31, 2014 (in thousands): | ||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Investment in unconsolidated entity – Blade Dynamics | $ | 3,690 | $ | $ | $ | 3,690 | ||||||||||
Valuation Techniques | ||||||||||||||||
Cash Equivalents | ||||||||||||||||
Cash equivalents consist of highly liquid instruments with maturities of three months or less that are regarded as high quality, low risk investments and are measured using such inputs as quoted prices, and are classified within Level 1 of the valuation hierarchy. Cash equivalents consist principally of money market accounts. | ||||||||||||||||
Derivative Liability | ||||||||||||||||
The Company had identified all of the derivatives (“Derivative Liability”) associated with the extinguished Exchanged Note which include holder change of control redemption rights, issuer optional redemption rights, sale redemption rights and a feature to convert the Exchanged Note into equity at the holder’s option. The Derivative Liability was subject to revaluation at each balance sheet date, and any change in fair value was recorded as a change in fair value in other income (expense) until its expiration. The Company relied on assumptions in a lattice model to determine the fair value of Derivative Liability. The Company had appropriately valued the Derivative Liability within Level 3 of the valuation hierarchy. (See Note 9, “Debt,” for discussion on the Exchanged Note, Derivative Liability and valuation assumptions used.) | ||||||||||||||||
Warrants | ||||||||||||||||
Warrants were issued in conjunction with the Initial Note and the Term Loan. (See Note 9, “Debt,” for additional information on warrants.) These warrants are subject to revaluation at each balance sheet date, and any change in fair value will be recorded as a change in fair value in other income (expense) until the earlier of their exercise or expiration. | ||||||||||||||||
The Company relies on various assumptions in a lattice model to determine the fair value of warrants. The Company has appropriately valued the warrants within Level 3 of the valuation hierarchy. (See Note 10, “Warrants and Derivative Liabilities,” for a discussion of the warrants and the valuation assumptions used.) | ||||||||||||||||
Minority Investment | ||||||||||||||||
The Company accounts for the minority investment in Blade Dynamics on a cost basis (See Note 15, “Minority Investments”). During the year ended March 31, 2014, the Company determined that as a result of its efforts to sell its investment in Blade Dynamics, certain indicators of impairment existed which required the Company to perform further analysis. Based on analysis which included potential sale scenarios of the investment, the Company recorded an impairment charge of approximately $1.3 million and reported the investment at its estimated fair value in the fourth quarter ended March 31, 2014. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounts Receivable | ' | |||||||
4. Accounts Receivable | ||||||||
Accounts receivable at March 31, 2014 and 2013 consisted of the following (in thousands): | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Accounts receivable (billed) | $ | 6,113 | $ | 17,222 | ||||
Accounts receivable (unbilled) | 1,459 | 1,642 | ||||||
Less: Allowance for doubtful accounts | (16 | ) | - | |||||
Accounts receivable, net | $ | 7,556 | $ | 18,864 | ||||
As of March 31, 2014, three customers, Inox, CGPS, and JCNE, accounted for approximately 20%, 14% and 13%, respectively, of the Company’s total receivable balance. As of March 31, 2013, three customers, Inox, CGPS, and HHI, accounted for approximately 41%, 17% and 11%, respectively, of the Company’s total receivable balance. |
Inventory
Inventory | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory | ' | |||||||
5. Inventory | ||||||||
Inventory at March 31, 2014 and 2013 consisted of the following (in thousands): | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 3,304 | $ | 5,966 | ||||
Work-in-process | 4,047 | 3,427 | ||||||
Finished goods | 10,275 | 21,655 | ||||||
Deferred program costs | 3,068 | 2,425 | ||||||
Net inventory | $ | 20,694 | $ | 33,473 | ||||
For the year ended March 31, 2014, the Company recorded an inventory write-down of approximately $0.3 million based on evaluating its ending inventory on hand for excess quantities and obsolescence. For the year ended March 31, 2013, the Company recorded an inventory write-down of approximately $2.2 million based on its evaluation of forecasted demand in relation to the inventory on hand and market conditions surrounding its products as a result of the assumption that Sinovel and certain other customers in China will fail to meet their contractual obligations under existing supply agreements and demand that was previously forecasted will fail to materialize. | ||||||||
Deferred program costs as of March 31, 2014 and 2013 primarily represent costs incurred on programs accounted for under contract accounting where revenue and costs will be recognized when the Company completes the development programs. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment | ' | |||||||
6. Property, Plant and Equipment | ||||||||
The cost and accumulated depreciation of property and equipment at March 31, 2014 and 2013 are as follows (in thousands): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 3,643 | $ | 3,643 | ||||
Construction in progress - equipment | 117 | 14,505 | ||||||
Buildings | 34,341 | 34,398 | ||||||
Equipment and software | 83,861 | 71,116 | ||||||
Furniture and fixtures | 1,353 | 1,626 | ||||||
Leasehold improvements | 5,211 | 5,556 | ||||||
Property, plant and equipment, gross | 128,526 | 130,844 | ||||||
Less accumulated depreciation | (63,952 | ) | (56,218 | ) | ||||
Property, plant and equipment, net | $ | 64,574 | $ | 74,626 | ||||
Depreciation expense was $9.9 million, $12.1 million, and $12.9 million, for the years ended March 31, 2014, 2013, and 2012, respectively. (See Note 16, “Restructuring and Impairments,” for additional information regarding the effect the Company’s restructuring plan had on property, plant and equipment.) |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||||
7. Intangible Assets | ||||||||||||||||||||||||||
Intangible assets at March 31, 2014 and 2013 consisted of the following (in thousands): | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | Estimated | ||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | Useful Life | ||||||||||||||||||||
Licenses | $ | 4,473 | $ | (2,962 | ) | $ | 1,511 | $ | 5,349 | $ | (3,366 | ) | $ | 1,983 | 7 | |||||||||||
Trade names and trademarks | 1,250 | (1,250 | ) | - | 1,165 | (1,040 | ) | 125 | 7 | |||||||||||||||||
Core technology and know-how | 5,736 | (5,252 | ) | 484 | 5,453 | (4,812 | ) | 641 | 10-May | |||||||||||||||||
Intangible assets | $ | 11,459 | $ | (9,464 | ) | $ | 1,995 | $ | 11,967 | $ | (9,218 | ) | $ | 2,749 | ||||||||||||
The Company recorded intangible amortization expense of $0.8 million, $0.9 million, and $2.6 million for the years ended March 31, 2014, 2013, and 2012, respectively. During the fourth quarter of the year ended March 31, 2012, the Company elected to change its accounting policy for legal costs to defend and maintain its patents. Historically, the Company capitalized these costs and amortized them over the useful lives of the patents. At that time, the Company determined a change to expense these costs as incurred is preferable, and elected to make that change by expensing the remaining unamortized patent costs of $4.9 million during the year ended March 31, 2012. | ||||||||||||||||||||||||||
Expected future amortization expense related to intangible assets is as follows (in thousands): | ||||||||||||||||||||||||||
For the years ended March 31, | Total | |||||||||||||||||||||||||
2015 | $ | 573 | ||||||||||||||||||||||||
2016 | 568 | |||||||||||||||||||||||||
2017 | 553 | |||||||||||||||||||||||||
2018 | 301 | |||||||||||||||||||||||||
Total | $ | 1,995 | ||||||||||||||||||||||||
The geographic composition of intangible assets is as follows (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Intangible assets by geography: | ||||||||||||||||||||||||||
U.S. | $ | 1,995 | $ | 2,624 | ||||||||||||||||||||||
Europe | - | 125 | ||||||||||||||||||||||||
Total | $ | 1,995 | $ | 2,749 | ||||||||||||||||||||||
The business segment composition of intangible assets is as follows (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Intangible assets by business segments: | ||||||||||||||||||||||||||
Wind | $ | - | $ | 152 | ||||||||||||||||||||||
Grid | 1,995 | 2,597 | ||||||||||||||||||||||||
Total | $ | 1,995 | $ | 2,749 | ||||||||||||||||||||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounts Payable and Accrued Expenses | ' | |||||||
8. Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses consisted of the following (in thousands): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Accounts payable | $ | 1,749 | $ | 7,146 | ||||
Accrued inventories in-transit | 212 | 779 | ||||||
Accrued miscellaneous expenses | 6,076 | 9,172 | ||||||
Accrued outside services | 3,716 | 2,251 | ||||||
Accrued subcontractor program costs | 290 | 2,442 | ||||||
Accrued compensation | 5,939 | 5,506 | ||||||
Income taxes payable | 173 | 133 | ||||||
Accrued adverse purchase commitments | 402 | 1,440 | ||||||
Accrued warranty | 3,207 | 2,709 | ||||||
Total | $ | 21,764 | $ | 31,578 | ||||
Product Warranty | ||||||||
The Company generally provides a one to three year warranty on its products, commencing upon installation. A provision is recorded upon revenue recognition to cost of revenues for estimated warranty expense based on historical experience. The following is a summary of accrued warranty activity (in thousands): | ||||||||
For the years ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 2,709 | $ | 5,896 | ||||
Change in accruals for warranties during the period | 1,717 | 1,371 | ||||||
Settlements during the period | (1,219 | ) | (4,558 | ) | ||||
Balance at end of period | $ | 3,207 | $ | 2,709 | ||||
Debt
Debt | 12 Months Ended | |
Mar. 31, 2014 | ||
Debt | ' | |
9. Debt | ||
Senior Convertible Note | ||
On April 4, 2012, the Company entered into a Securities Purchase Agreement with CVI, an affiliate of Heights Capital Management (the “Purchase Agreement”) and completed a private placement of (the “Initial Note”), a 7% unsecured senior convertible note. After fees and expenses, the net proceeds of the Initial Note were $23.2 million. The Initial Note had an initial conversion price of $4.85 per share, representing a premium of approximately 20% over AMSC’s closing price on April 3, 2012. The Initial Note was payable in monthly installments beginning four months from issuance and ending on October 4, 2014. Monthly payments were payable in cash or the Company’s common stock at the option of the Company, subject to certain trading volume, stock price and other conditions. CVI could have also elected to defer receipt of monthly installment payments at its option. Any deferred installment payments would have continued to accrue interest. The Company registered 10,262,311 shares of common stock which may be used as payment for principal and interest in lieu of cash for resale under the Securities Act as required under a Registration Rights Agreement with CVI. | ||
The Company accounted for the Initial Note as an instrument that has the characteristics of a debt host contract containing several embedded derivative features that would require bifurcation and separate accounting as a derivative instrument pursuant to the provisions of ASC 815. The Company elected not to use the fair value option for the aggregate amount of the Initial Note and recorded the liability at its stated value on the date of issuance with no changes in fair value reported in subsequent periods. | ||
The Company identified the following derivatives associated with the Initial Note: holder change of control redemption rights; issuer optional redemption rights; sale redemption rights and a feature to convert the Initial Note into equity at the holder’s option. The Company valued these derivatives at $3.8 million upon issuance of the Initial Note. (See Note 10, “Warrants and Derivative Liabilities,” for additional information regarding derivative liabilities.) | ||
In conjunction with the Initial Note, CVI received a warrant to purchase approximately 3.1 million additional shares of common stock exercisable at a strike price of $5.45 per share, subject to adjustment, until October 4, 2017. Due to certain adjustment provisions within the warrant, it qualified for liability accounting and had a fair value of $7.0 million upon issuance. The Company recorded the value as a debt discount and a warrant liability. (See Note 10, “Warrants and Derivative Liabilities,” for additional information regarding the warrant.) | ||
The process of valuing financial and derivative instruments utilizes facts and circumstances as of the measurement date as well as certain inputs, assumptions, and judgments that may affect the estimated fair value of the instruments. Upon issuance of the Initial Note, the Company determined the initial carrying value of the Initial Note to be $25.0 million. In addition, the Company also incurred $1.8 million of legal and origination costs, which have been recorded as a discount on the Initial Note. | ||
On December 20, 2012, the Company entered into an Amendment and Exchange Agreement, (the “Amendment”) with CVI, which amended the Purchase Agreement. Pursuant to the Amendment, the Company and CVI exchanged the Initial Note for the Exchanged Note. At the time of the exchange, the Exchanged Note had the same principal amount and accrued interest as the Initial Note. The Exchanged Note was convertible into the Company’s common stock and had the same scheduled monthly installment payments as the Initial Note. The Exchanged Note provided the Company with additional flexibility to make monthly installment payments in shares of the Company’s common stock. The Company retained the ability to repay the Exchanged Note in cash. Specifically, the amendments to the Exchanged Note: | ||
· | Allowed the Company to convert, subject to the satisfaction of certain conditions set forth in the Exchanged Note, (a) at least $2.5 million of the approximately $5.3 million installment amount payable with respect to the January 2013 installment date (including approximately $4.2 million of deferred installment amounts from the period September 4, 2012 to December 3, 2012) into shares of the Company’s common stock (on December 21, 2012 the Company converted $3.8 million in deferred installment amount principal and interest and issued 1,715,443 shares of common stock), and (b) the balance of the January 2013 installment amount in equal amounts on each of the February and March 2013 installment dates; | |
· | Reduced the price failure equity condition with respect to a particular date of determination from $2.50 to $1.00; | |
· | Reduced the aggregate daily dollar trading volume equity condition required for at least 25 of the 30 consecutive trading days immediately preceding a date of determination from $1,500,000 to $850,000 per trading day. In addition, if the aggregate daily dollar trading volume was between $50,000 and $850,000, the Company could have still converted into common stock a portion of an installment amount payable with respect to an installment date equal to the quotient of (x) the aggregate daily dollar trading volume, divided by (y) $850,000; | |
· | Increased CVI’s beneficial ownership limitation under the Exchanged Note from 4.99% to 9.99%; and | |
· | Reduced the conversion price, from $4.85 per share of the Company’s common stock to $3.19 per share of the Company’s common stock, subject to certain price-based and other anti-dilution adjustments. | |
The Company assessed the changes in the Exchanged Note and accounted for it as a modification of the Initial Note. Therefore, the Company determined the incremental value of the derivative instruments, as a result of the Exchanged Note, as having a reduced conversion price. As a result of the re-valuation, the Company recorded a $0.5 million increase in the value of the derivative liability and additional debt discount. At the modification date, the value of the derivative liability was $1.5 million. The total debt discount, including the embedded derivatives in the Initial Note, the incremental value of embedded derivatives in the Exchanged Note, warrant and legal and origination costs of $13.1 million was amortized into interest expense over the term of the Exchanged Note using the effective interest method. Under this method, interest expense was recognized each period until the debt instruments reached maturity. Given that the maturity of the Exchanged Note was accelerated due to prepayment, the amortization was accelerated. | ||
On October 9, 2013, the Company entered into a Second Amendment and Warrant Exchange Agreement (the “Second Amendment”) with CVI. The Second Amendment further amended the Securities Purchase Agreement, as amended by the First Amendment (collectively, the “Amended Purchase Agreement”), that the Company previously entered into with CVI. | ||
Pursuant to the Second Amendment, the Company and/or CVI waived certain provisions of the Amended Purchase Agreement and amended certain provisions of the Exchanged Note, specifically: | ||
· | CVI waived its rights under the Amended Purchase Agreement to participate in (i) specific types of offerings that may be conducted by the Company with respect to the Company’s currently effective Registration Statement on Form S-3 (Registration No. 333-191153), and (ii) the issuance of shares of common stock in connection with any settlement of currently outstanding litigation involving the Company; | |
· | the Company and CVI amended the Exchanged Note: | |
— | to increase the period during which CVI is allowed to accelerate payment in shares of common stock at the then current installment date conversion price from such installment date until the trading day before the next installment notice due date to the entire period from such installment date until the trading day before the next installment date; | |
— | to increase the aggregate outstanding principal amount under the definition of “permitted senior indebtedness” from $10.0 million to $15.0 million; and | |
· | the Company and CVI exchanged the warrant (the “Original Warrant”) for a new warrant (the “Exchanged Warrant”) with a reduced exercise price of $2.61 per share of common stock. | |
The Company assessed the changes to the Exchanged Note included in the Second Amendment and accounted for it as a modification of the Exchanged Note. Therefore, the Company determined the incremental value of the derivative instruments, as a result of the Second Amendment, specifically the Exchanged Warrant. See Note 10 “Warrants and Derivative Liabilities” for discussion of the valuation of the Exchanged Warrant. | ||
During the years ended March 31, 2014 and 2013, the Company recorded non-cash interest expense for amortization of the debt discount related to the convertible notes of $4.1 million and $8.2 million respectively. | ||
Provided certain equity conditions were met, the Company could elect to repay principal and interest in shares of the Company’s common stock. If the Company elected to make a payment in shares of the Company’s common stock, the number of shares issued was determined by dividing the amount of such payment by 85% of the lessor of the average volume-weighted average price (“VWAP”) of the 10 consecutive days immediately preceding the payment date or the VWAP price on the day preceding the payment date (the “Market Price”). The Company recorded the difference between the closing price of its common stock on the day preceding the payment date and the Market Price as a discount on the fair value of its shares. During the year ended March 31, 2014, the Company recorded $2.9 million of non-cash interest expense related to installment payments made by issuing the Company’s common stock at a discount, compared to $3.6 million during the year ended March 31, 2013. | ||
On March 2, 2014, the Company entered into an Exchange Agreement with CVI, pursuant to which the Company exchanged the Exchanged Note for approximately 6.6 million shares of common stock and extinguished the debt. As a result of this transaction, the Company recorded a loss on the extinguishment of debt of $5.2 million during the three months ended March 31, 2014. | ||
Senior Secured Term Loan | ||
On June 5, 2012, the Company entered into a Term Loan with Hercules Technology Growth Capital, Inc. (“Hercules”), under which the Company borrowed $10.0 million. After the closing fees and expenses, the net proceeds to the Company were $9.7 million. The Term Loan bears an interest rate equal to 11% plus the percentage, if any, by which the prime rate as reported by The Wall Street Journal exceeds 3.75%. The Company made interest-only payments from July 1, 2012 through October 31, 2012, after which the Company repays the loan in equal monthly installments ending on December 1, 2014. The Term Loan is secured by substantially all of the Company’s existing and future assets, including a mortgage on real property owned by the Company’s wholly-owned subsidiary, ASC Devens LLC, and located at 64 Jackson Road, Devens, Massachusetts. In addition, Hercules received a warrant to purchase 139,276 shares of common stock, exercisable at an initial strike price of $3.59 per share, subject to adjustment, until December 5, 2017. Due to certain adjustment provisions within the warrant, it qualified for liability accounting and the fair value of $0.4 million was recorded upon issuance, which the Company recorded as a debt discount and a warrant liability. (See Note 10, “Warrants and Derivative Liabilities,” for a discussion on warrants and the valuation assumptions used.) The Company will pay an end of term fee of $0.5 million upon the earlier of maturity or prepayment of the loan. The Company accrued this as of the year ended March 31, 2013 and recorded a corresponding amount into the debt discount. In addition, the Company incurred $0.3 million of legal and origination costs in the year ended March 31, 2013, which were recorded as a debt discount. The total debt discount including the warrant, end of term fee and legal and origination costs of $1.2 million is being amortized into interest expense over the term of the Term Loan using the effective interest method. Under this method, interest expense is recognized each period until the debt instrument reaches maturity. If the maturity of the Term Loan is accelerated because of prepayment, then the amortization will be accelerated. During the years ended March 31, 2014 and 2013, the Company recorded non-cash interest expense for amortization of the debt discount related to the Term Loan of $0.5 million and $0.6 million, respectively. | ||
On November 15, 2013, the Company amended the Term Loan with Hercules and entered into a New Term Loan, borrowing an additional $10.0 million. After closing fees and expenses, the net proceeds to the Company for the New Term Loan were $9.8 million. The New Term Loan also bears the same interest rate as the Term Loan. The Company is making interest-only payments from December 1, 2013 to May 31, 2014. If the Company achieved certain revenue targets for the six-month period ending March 31, 2014, interest only payments would continue through August 31, 2014. The Company did not achieve the revenue required to extend the interest-only period. Beginning June 1, 2014, the Company will repay the New Term Loan in equal monthly installments ending on November 1, 2016. Hercules received a warrant (the “Second Warrant”) to purchase 256,410 shares of common stock, exercisable at an initial strike price of $1.95 per share, subject to adjustment, until May 15, 2019. In addition, the exercise price of the First Warrant was reduced to $1.95 per share. (See Note 10, “Warrants and Derivative Liabilities,” for a discussion on both warrants and the valuation assumptions used.) The Company will pay an end of term fee of $0.5 million upon the earlier of maturity or prepayment of the New Term Loan. The Company has accrued the end of term fee and recorded a corresponding amount into the debt discount. The New Term Loan includes a mandatory prepayment feature which allows Hercules the right to use any of the Company’s net proceeds from specified asset dispositions greater than $1.0 million in a calendar year to pay off any outstanding accrued interest and principal balance on the New Term Loan. The Company determined the fair value to be de-minimis for this feature. In addition, the Company incurred $0.2 million of legal and origination costs in the year ended March 31, 2014, which have been recorded as a debt discount. The total debt discount including the Second Warrant, end of term fee and legal and origination costs of $1.0 million is being amortized into interest expense over the term of the New Term Loan using the effective interest method. If the maturity of either of the term loans is accelerated because of prepayment, then the amortization will be accelerated. During the year ended March 31, 2014, the Company recorded non-cash interest expense for amortization of the debt discount related to the New Term Loan of $0.2 million. | ||
The Term Loans are secured by substantially all of the Company’s existing and future assets, including a mortgage on real property owned by the Company’s wholly-owned subsidiary, ASC Devens LLC, and located at 64 Jackson Road, Devens, Massachusetts. The Term Loans contain certain covenants that restrict the Company’s ability to, among other things, incur or assume certain debt, merge or consolidate, materially change the nature of the Company’s business, make certain investments, acquire or dispose of certain assets, make guaranties or grant liens on its assets, make certain loans, advances or investments, declare dividends or make distributions or enter into transactions with affiliates. In addition, there is a covenant that requires the Company to maintain a minimum unrestricted cash balance (“Minimum Threshold”) in the United States of at least $15.0 million at the inception of the New Term Loan. The Minimum Threshold amount is reduced by $2.5 million for every $5.0 million of net proceeds from the sale of its common stock after November 15, 2013, including those under the ATM, to an amount not lower than $7.5 million or the outstanding combined principal balances of the Term Loans, whichever is lower. As of March 31, 2014, the Minimum Threshold was $12.5 million. The events of default under the Term Loans include, but are not limited to, failure to pay amounts due, breaches of covenants, bankruptcy events, cross defaults under other material indebtedness and the occurrence of a material adverse effect and/or change in control. In the case of a continuing event of default, Hercules may, among other remedies, declare due all unpaid principal amounts outstanding and any accrued but unpaid interest and foreclose on all collateral granted to Hercules as security under the Term Loans. | ||
Although the Company believes that it is in and expects to remain in compliance with the covenants and restrictions under the Term Loans as of the date of this Annual Report on Form 10-K, there can be no assurance that the Company will continue to be in compliance. | ||
Interest expense on the Exchanged Note and Term Loans for the years ended March 31, 2014 and 2013 was $9.7 million and $14.9 million respectively, which included $7.7 million and $12.4 million, of non-cash interest expense related to the amortization of the debt discount on the Exchanged Note and Term Loans and payment of the Exchanged Note in Company common stock at a discount, respectively. |
Warrants_and_Derivative_Liabil
Warrants and Derivative Liabilities | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Warrants and Derivative Liabilities | ' | |||||||||||||||||||||||||||
10. Warrants and Derivative Liabilities | ||||||||||||||||||||||||||||
On April 4, 2012, the Company entered into the Purchase Agreement for the Initial Note and on December 20, 2012, the Company entered into the First Amendment pursuant to which it exchanged the Initial Note for the Exchanged Note (See Note 9, “Debt” for further discussion). The Initial Note included a warrant to purchase 3,094,060 shares of the Company’s common stock. The warrant is exercisable at any time on or after the date that is six months after the issuance of the warrant and entitles CVI to purchase shares of the Company’s common stock for a period of five years from the initial date the warrant becomes exercisable at a price equal to $5.45 per share, subject to certain price-based and other anti-dilution adjustments. On October 9, 2013, the Company entered into the Second Amendment with CVI. Pursuant to the Second Amendment, the Company exchanged the Original Warrant for the Exchanged Warrant, with a reduced exercise price of $2.61 per share of common stock. Other than the reduced exercise price, the Exchanged Warrant has the same terms and conditions as the Original Warrant. The Company recorded a charge of approximately $1.0 million for the increase in fair value of the Exchanged Warrant resulting from the Second Amendment on the warrant liability during the three months ending December 31, 2013. As a result of the sales of common stock under the ATM (See Note 12, “Stockholders’ Equity”, for further discussion of the ATM) during the year ended March 31, 2014, the exercise price of the Exchanged Warrant was reduced to $2.58 per share. The Exchanged Warrant may not be exercised if, after giving effect to the conversion, CVI together with its affiliates would beneficially own in excess of 4.99% of the Company’s common stock. This percentage may be raised to any other percentage not in excess of 9.99% at the option of CVI, upon at least 61-days prior notice to the Company, or lowered to any other percentage, at the option of CVI, at any time. | ||||||||||||||||||||||||||||
The Company calculated the fair value of the derivative liabilities and warrants utilizing an integrated lattice model. The lattice model is an option pricing model that involves the construction of a binomial tree to show the different paths that the underlying asset may take over the option’s life. A lattice model can take into account expected changes in various parameters such as volatility over the life of the options, providing more accurate estimates of option prices than the Black-Scholes model. | ||||||||||||||||||||||||||||
The Company accounts for the warrant as a liability due to certain adjustment provisions within the warrant, which requires that it be recorded at fair value. The warrant is subject to revaluation at each balance sheet date and any change in fair value will be recorded as a change in fair value in other income (expense) until the earlier of expiration or its exercise at which time the warrant liability will be reclassified to equity. | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the warrant: | ||||||||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | October 9, | October 9, | September 30, | June 30, | |||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.11 | % | 1.17 | % | 1.05 | % | 1.05 | % | 1.02 | % | 1.13 | % | ||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
Expected volatility | 81 | % | 75.6 | % | 71.5 | % | 71.5 | % | 72 | % | 71.9 | % | ||||||||||||||||
Term (years) | 3.51 | 3.76 | 3.99 | 3.99 | 4.01 | 4.27 | ||||||||||||||||||||||
Fair value | $ 2.2 million | $ 2.2 million | $ 3.2 million | $ 2.2 million | $ 2.5 million | $ 3.0 million | ||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | April 4, | ||||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.67 | % | 0.75 | % | 0.63 | % | 0.77 | % | 1.19 | % | ||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||
Expected volatility | 71.7 | % | 80.6 | % | 80.9 | % | 80.8 | % | 80 | % | ||||||||||||||||||
Term (years) | 4.51 | 4.76 | 5.01 | 5.28 | 5.5 | |||||||||||||||||||||||
Fair value | $ 3.4 million | $ 4.4 million | $ 7.1 million | $ 8.6 million | $ 7.0 million | |||||||||||||||||||||||
The Company recorded gains for the change in the fair value of the CVI warrant, including the impact of the modification of $1.2 million and $3.6 million to change in fair value of derivatives and warrants in the years ended March 31, 2014 and 2013 respectively. | ||||||||||||||||||||||||||||
Convertible Note Derivative Liability | ||||||||||||||||||||||||||||
The Company determined certain embedded derivatives issued with the Initial Note required accounting as a liability, which requires they be accounted for as a standalone liability subject to revaluation at each balance sheet date with changes in fair value recorded as change in fair value of derivatives and warrants until the earlier of exercise or expiration. | ||||||||||||||||||||||||||||
The terms of the December 2012 debt modification with CVI reduced the conversion price of the Initial Note from $4.85 per share to $3.19 per share in the Exchanged Note. As a result the Company revalued these derivatives pre- and post-modification and recorded the difference of $0.5 million as a debt discount and a derivative liability. (See Note 9, “Debt,” for further discussion.) As a result of the sales of common stock under the ATM (See Note 12, “Stockholders’ Equity”, for further discussion of the ATM) during the year ended March 31, 2014, the conversion price of the Exchanged Note was reduced to $3.10 per share. | ||||||||||||||||||||||||||||
On March 2, 2014, the Company executed an agreement to extinguish the Exchanged Note in exchange for approximately 6.6 million shares of AMSC common stock, par value $0.01 per share, in full satisfaction of all amounts owed including any accrued interest. In addition, the Company extinguished the remaining value for the derivative liability identified with the Exchanged Note and any unamortized debt discount. (See Note 9, “Debt” for further discussion) | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to value the convertible notes derivative feature: | ||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||
Principal outstanding (000's) | $ — | $ | 10,411 | $ | 10,411 | $ | 14,389 | |||||||||||||||||||||
Stock price | N/A | $ | 1.64 | $ | 2.34 | $ | 2.64 | |||||||||||||||||||||
Percentage volume condition met | — % | 87.2 | % | 80.2 | % | 87.5 | % | |||||||||||||||||||||
Expected volatility | — % | 68.6 | % | 66.3 | % | 65.8 | % | |||||||||||||||||||||
Risk free rate | — % | 0.12 | % | 0.1 | % | 0.21 | % | |||||||||||||||||||||
Bond yield | — % | 16.5 | % | 15.5 | % | 16.7 | % | |||||||||||||||||||||
Recovery rate | — % | 35 | % | 35 | % | 37 | % | |||||||||||||||||||||
Redeemable | N/A | yes | yes | yes | ||||||||||||||||||||||||
Total time (years) | — | 0.75 | 1 | 1.26 | ||||||||||||||||||||||||
Dilution effect | N/A | yes | yes | yes | ||||||||||||||||||||||||
Fair value | $ — | $ — | $ 0.2 million | $ 0.5 million | ||||||||||||||||||||||||
Fair value as a percent of par | 0.02 | % | 0.7 | % | 3.3 | % | ||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | December 20, | December 20, | September 30, | June 30, | April 4, | ||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||
Principal outstanding (000's) | $ | 15,380 | $ | 20,944 | $ | 20,944 | $ | 24,074 | $ | 24,074 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Stock price | $ | 2.67 | $ | 2.62 | $ | 2.95 | $ | 2.95 | $ | 4.15 | $ | 4.68 | $ | 3.97 | ||||||||||||||
Percentage volume condition met | 80.5 | % | 94.5 | % | 94.9 | % | 28.6 | % | 51 | % | 75.2 | % | 85.9 | % | ||||||||||||||
Expected volatility | 66.9 | % | 73.5 | % | 72.5 | % | 72.5 | % | 70 | % | 71 | % | 75 | % | ||||||||||||||
Risk free rate | 0.2 | % | 0.23 | % | 0.25 | % | 0.25 | % | 0.23 | % | 0.33 | % | 0.44 | % | ||||||||||||||
Bond yield | 16.5 | % | 16.5 | % | 16.5 | % | 16.5 | % | 15 | % | 16 | % | 15 | % | ||||||||||||||
Recovery rate | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | ||||||||||||||
Redeemable | yes | yes | yes | yes | yes | yes | yes | |||||||||||||||||||||
Total time (years) | 1.51 | 1.76 | 1.79 | 1.79 | 2.01 | 2.28 | 2.5 | |||||||||||||||||||||
Dilution effect | yes | yes | yes | yes | yes | yes | yes | |||||||||||||||||||||
Fair value | $ 0.5 million | $ 1.0 million | $ 1.5 million | $ 0.9 million | $ 2.8 million | $ 4.5 million | $ 3.8 million | |||||||||||||||||||||
Fair value as a percent of par | 3.4 | % | 4.9 | % | 7.1 | % | 3.9 | % | 11.4 | % | 17.9 | % | 15.1 | % | ||||||||||||||
Based on historical volume-weighted average price (“VWAP”) of the Company’s common stock as well as the historic average dollar trading volume of the Company’s common stock, the percentage volume condition is the probability that the Company will convert monthly installment payments into the Company’s common stock. The expected volatility rate was estimated based on an equal weighting of the historical volatility of the Company’s common stock and the implied volatility of the Company’s traded options. To determine the risk-free interest rate, an interpolated rate was used based on the one, two and three-year United States Treasury rates. The bond yield was estimated using comparable corporate debt and yield information. The recovery rate of the Exchanged Note was estimated by reviewing historical corporate debt that went into default. The bond is redeemable by the Company at any point after the one-year anniversary of the grant date provided certain provisions within the note. The total time is based on the actual 30-month contractual terms. It was determined that there is a dilution effect based on the Company’s ability to make payments in shares of common stock. | ||||||||||||||||||||||||||||
The Company recorded gains from the change in the fair value of the derivative liabilities of $0.5 million and $3.8 million to changes in fair value of derivatives and warrants in the years ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Senior Secured Term Loan – First Warrant | ||||||||||||||||||||||||||||
On June 5, 2012, the Company entered into the Loan and Security Agreement with Hercules. (See Note 9, “Debt,” for additional information regarding the Loan and Security Agreement.) In conjunction with this agreement, the Company issued the First Warrant to purchase 139,276 shares of the Company’s common stock. The First Warrant is exercisable at any time after its issuance and expires on December 5, 2017, at a price equal to $3.59 per share subject to certain price-based and other anti-dilution adjustments. The exercise price was reduced to $1.95 per share in conjunction with entering into the New Term Loan. | ||||||||||||||||||||||||||||
The Company accounts for the warrant as a liability due to certain provisions within the warrant, which requires that it be recorded at fair value. The warrant is subject to revaluation at each balance sheet date and any change in fair value will be recorded as changes in fair value of derivatives and warrants until the earlier of expiration or its exercise at which time the warrant liability will be reclassified to equity. | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the warrant: | ||||||||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | November 15, | November 15, | September 30, | June 30, | |||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.18 | % | 1.24 | % | 1 | % | 1 | % | 1.09 | % | 1.2 | % | ||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
Expected volatility | 80.73 | % | 74.79 | % | 72.64 | % | 72.64 | % | 72.1 | % | 72.3 | % | ||||||||||||||||
Term (years) | 3.68 | 3.93 | 4.05 | 4.05 | 4.18 | 4.43 | ||||||||||||||||||||||
Fair value | $ 0.1 million | $ 0.1 million | $ 0.1 million | $ 0.1 million | $ 0.2 million | $ 0.2 million | ||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | June 5, | ||||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.7 | % | 0.75 | % | 0.64 | % | 0.8 | % | 0.77 | % | ||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||
Expected volatility | 72.01 | % | 80.14 | % | 81.18 | % | 80.32 | % | 79.99 | % | ||||||||||||||||||
Term (years) | 4.68 | 4.93 | 5.18 | 5.44 | 5.5 | |||||||||||||||||||||||
Fair value | $ 0.2 million | $ 0.2 million | $ 0.4 million | $ 0.5 million | $ 0.4 million | |||||||||||||||||||||||
The Company prepared its estimates for the assumptions used to determine the fair value of the warrants issued in conjunction with both the Convertible Note and Term Loan utilizing the respective terms of the warrants with similar inputs, as described above. | ||||||||||||||||||||||||||||
The Company recorded gains from the change in the fair value of the Hercules warrant of $0.1 million and $0.2 million during the years ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Senior Secured Term Loan – Second Warrant | ||||||||||||||||||||||||||||
On November 15, 2013, the Company amended the Loan and Security Agreement with Hercules and entered into the New Term Loan. (See Note 9, “Debt,” for additional information regarding the New Term Loan.) In conjunction with this agreement, the Company issued the Second Warrant to purchase 256,410 shares of the Company’s common stock. The Second Warrant is exercisable at any time after its issuance and expires on May 15, 2019, at a price equal to $1.95 per share subject to certain price-based and other anti-dilution adjustments. | ||||||||||||||||||||||||||||
The Company accounts for the Second Warrant as a liability due to certain provisions within the warrant, which requires that it be recorded at fair value. The Second Warrant is subject to revaluation at each balance sheet date and any change in fair value will be recorded as changes in fair value of derivatives and warrants until the earlier of expiration or its exercise at which time the warrant liability will be reclassified to equity. | ||||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the Second Warrant: | ||||||||||||||||||||||||||||
New Issuance | ||||||||||||||||||||||||||||
March 31, | December 31, | November 15, | ||||||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||
Risk-free interest rate | 1.76 | % | 1.89 | % | 1.55 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | ||||||||||||||||||||||
Expected volatility | 79.73 | % | 80.37 | % | 76.97 | % | ||||||||||||||||||||||
Term (years) | 5.12 | 5.37 | 5.49 | |||||||||||||||||||||||||
Fair value | $ 0.3 million | $ 0.3 million | $ 0.3 million | |||||||||||||||||||||||||
The Company recorded no change in the fair value of the Second Warrant during the year ended March 31, 2014. | ||||||||||||||||||||||||||||
The Company prepared its estimates for the assumptions used to determine the fair value of the warrants issued in conjunction with both the Exchanged Note and Term Loans utilizing the respective terms of the warrants with similar inputs, as described above. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Taxes | ' | |||||||||||
11. Income Taxes | ||||||||||||
Income (loss) before income taxes for the years ended March 31, 2014, 2013, and 2012 are provided in the table as follows (in thousands): | ||||||||||||
For the years ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income (loss) before income tax expense: | ||||||||||||
U.S. | $ | (91,558 | ) | $ | (66,975 | ) | $ | (107,301 | ) | |||
Foreign | 36,152 | 580 | (28,157 | ) | ||||||||
Total | $ | (55,406 | ) | $ | (66,395 | ) | $ | (135,458 | ) | |||
The components of income tax expense (benefit) attributable to continuing operations consist of the following (in thousands): | ||||||||||||
For the years ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal | $ | 287 | $ | 94 | $ | - | ||||||
State | - | - | - | |||||||||
Foreign | 614 | (438 | ) | 1,369 | ||||||||
Total current | 901 | (344 | ) | 1,369 | ||||||||
Deferred | ||||||||||||
Federal | (49 | ) | 93 | - | ||||||||
State | - | - | - | |||||||||
Foreign | - | (13 | ) | - | ||||||||
Total deferred | (49 | ) | 80 | - | ||||||||
Income tax (benefit) expense | $ | 852 | $ | (264 | ) | $ | 1,369 | |||||
The reconciliation between the statutory federal income tax rate and the Company’s effective income tax rate is shown below. | ||||||||||||
For the years ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | (34 | )% | (34 | )% | (34 | )% | ||||||
State income taxes, net of federal benefit | - | (3 | ) | (2 | ) | |||||||
Deemed dividend | 1 | 2 | 3 | |||||||||
Foreign income tax rate differential | (6 | ) | (2 | ) | 3 | |||||||
Stock options | 2 | (2 | ) | 1 | ||||||||
Nondeductible expenses | 1 | 1 | - | |||||||||
Research and development tax credit | - | (1 | ) | (1 | ) | |||||||
Deferred Warrants | -1 | - | - | |||||||||
Interest expense | 5 | 7 | - | |||||||||
Extinguishment of debt | 3 | - | - | |||||||||
Valuation allowance | 30 | 32 | 31 | |||||||||
Effective income tax rate | 1 | % | - | % | 1 | % | ||||||
The following is a summary of the principal components of the Company’s deferred tax assets and liabilities (in thousands): | ||||||||||||
For the years ended March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 260,254 | $ | 239,040 | ||||||||
Research and development and other tax credit carryforwards | 10,613 | 10,112 | ||||||||||
Accruals and reserves | 36,214 | 35,490 | ||||||||||
Fixed assets and intangible assets | 2,855 | 4,101 | ||||||||||
Other | 19,594 | 18,292 | ||||||||||
Gross deferred tax assets | 329,530 | 307,035 | ||||||||||
Valuation allowance | (282,824 | ) | (261,961 | ) | ||||||||
Total deferred tax assets | 46,706 | 45,074 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intercompany debt | (36,102 | ) | (35,185 | ) | ||||||||
Other | (10,641 | ) | (9,979 | ) | ||||||||
Total deferred tax liabilities | (46,743 | ) | (45,164 | ) | ||||||||
Net deferred tax liabilities | $ | (37 | ) | $ | (90 | ) | ||||||
The Company has provided a full valuation allowance against its net deferred income tax assets since it is more likely than not that its deferred tax assets are not currently realizable due to the net operating losses incurred by the Company since its inception and net operating losses forecasted in the future. The Company has recorded a deferred tax asset of approximately $13.9 million reflecting the benefit of deductions from the exercise of stock options. This deferred tax asset has been fully reserved since it is more likely than not that the tax benefit from the exercise of stock options will not be realized. The tax benefit will be recorded as a credit to additional paid-in capital if realized. | ||||||||||||
At March 31, 2014, the Company had aggregate net operating loss carryforwards in the U.S. for federal and state income tax purposes of approximately $718.0 million and $269.0 million, respectively, which expire in the years ending March 31, 2015 through 2034. Included in the U.S. net operating loss is $3.7 million of acquired losses from Power Quality Systems, Inc. and $52.4 million from excess tax deductions from stock option exercised in the years ending March 31, 2006 through 2014. Pursuant to the guidance on accounting for stock-based compensation, the deferred tax asset relating to excess tax benefits from these exercises was not recognized for financial statement purposes. The future benefit from these deductions will be recorded as a credit to additional paid-in capital when realized. Research and development and other tax credit carryforwards amounting to approximately $8.2 million and $2.4 million are available to offset federal and state income taxes, respectively, and will expire in the years ending March 31, 2015 through 2034. | ||||||||||||
At March 31, 2014, the Company had aggregate net operating loss carryforwards for its Austrian subsidiary, AMSC Austria GmbH, of approximately $70.0 million which can be carried forward indefinitely subject to certain annual limitations. At March 31, 2014, the Company had aggregate net operating loss carryforwards for its Chinese operation of approximately $28.0 million, which expire in the years ending March 31, 2017 and 2019. Also the Company had immaterial amounts of current and net operating loss carryforwards for its other foreign operations which can be carried forward indefinitely. | ||||||||||||
Section 382 of the U.S. Internal Revenue Code of 1986, as amended (the “IRC”), provides limits on the extent to which a corporation that has undergone an ownership change (as defined) can utilize any NOL and general business tax credit carryforwards it may have. The Company performed a study through February 25, 2010 to determine whether Section 382 could limit the use of its carryforwards in this manner. After completing this study, the Company has concluded that the limitation will not have a material impact on its ability to utilize its net operating loss carryforwards. If there was a material ownership change subsequent to the study it could limit the ability to utilize its net operating loss carryforwards. | ||||||||||||
The Company has not recorded a deferred tax asset for the temporary difference associated with the excess of its tax basis over the book basis in its Austrian subsidiary as the future tax benefit is not expected to reverse in the foreseeable future. | ||||||||||||
The Company has recorded a deferred tax liability as of March 31, 2014 for the undistributed earnings of its remaining foreign subsidiaries for which it can no longer assert are permanently reinvested. The total amount of undistributed earnings available to be repatriated at March 31, 2014 was $1.5 million resulting in the recording of a $0.5 million net deferred federal and state income tax liability. | ||||||||||||
Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. The Company has gross unrecognized tax benefits of approximately $1.1 million at both March 31, 2014 and 2013. These amounts represent the amount of unrecognized tax benefits that, if recognized, would result in a reduction of the Company’s effective tax rate. | ||||||||||||
During the quarter ended September 30, 2011, the Company concluded a tax audit for the period January 1, 2006 through March 31, 2008 with its foreign subsidiary in Austria. The results of the audit concluded that previously deducted amounts for certain trade-mark and management fees related to corporate affairs charges would no longer be tax deductible. | ||||||||||||
A tabular roll-forward of the Company’s uncertainties in income tax provision liability is presented below (in thousands): | ||||||||||||
Balance at March 31, 2012 | $ | 1,061 | ||||||||||
Increase for tax positions | - | |||||||||||
Balance at March 31, 2013 | $ | 1,061 | ||||||||||
Increase for tax positions | - | |||||||||||
Balance at March 31, 2014 | $ | 1,061 | ||||||||||
The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. Any unrecognized tax benefits, if recognized, would favorably affect its effective tax rate in any future period. The Company does not expect that the amounts of unrecognized benefits will change significantly within the next 12 months. Interest and penalties were recorded beginning in the year ended March 31, 2011 through March 31, 2014, but were immaterial amounts. | ||||||||||||
The Company conducts business globally and, as a result, its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Major tax jurisdictions include the U.S., China and Austria. All U.S. income tax filings for years ending March 31, 1995 through 2014 remain open and subject to examination and all years from the year ended March 31, 2007 through 2014 remain open and subject to examination in Austria. Tax filings in China for calendar years 2008 through 2013 will remain open and subject to examination. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Stockholders' Equity | ' | ||||||||||||||
12. Stockholders’ Equity | |||||||||||||||
Stock-Based Compensation | |||||||||||||||
The components of employee stock-based compensation for the years ended March 31, 2014, 2013 and 2012 were as follows (in thousands): | |||||||||||||||
For the Years Ended March 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Stock options | $ | 2,730 | $ | 3,389 | $ | 6,177 | |||||||||
Restricted stock and stock awards | 7,936 | 4,698 | 3,633 | ||||||||||||
Employee stock purchase plan | 30 | 51 | 54 | ||||||||||||
Total stock-based compensation expense | $ | 10,696 | $ | 8,138 | $ | 9,864 | |||||||||
The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. The total unrecognized compensation cost for unvested outstanding stock options was $2.0 million and $3.5 million for the years ended March 31, 2014 and 2013, respectively. This expense will be recognized over a weighted-average expense period of approximately 1.5 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $1.8 million and $5.8 million for the years ended March 31, 2014 and 2013, respectively. This expense will be recognized over a weighted-average expense period of approximately 0.6 years. | |||||||||||||||
The following table summarizes employee stock-based compensation expense by financial statement line item for the years ended March 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Cost of revenues | $ | 1,002 | $ | 726 | $ | 1,121 | |||||||||
Research and development | 2,751 | 2,456 | 2,562 | ||||||||||||
Selling, general and administrative | 6,943 | 4,956 | 6,181 | ||||||||||||
Total | $ | 10,696 | $ | 8,138 | $ | 9,864 | |||||||||
The following table summarizes the information concerning currently outstanding and exercisable employee and non-employee options: | |||||||||||||||
Weighted- | |||||||||||||||
Weighted- | Average | ||||||||||||||
Average | Remaining | Aggregate | |||||||||||||
Options/ | Exercise | Contractual | Intrinsic Value | ||||||||||||
Shares | Price | Term | (thousands) | ||||||||||||
Outstanding at March 31, 2013 | 2,671,194 | $ | 13.77 | ||||||||||||
Granted at fair value | 830,765 | 2.48 | |||||||||||||
Exercised | - | - | |||||||||||||
Cancelled/forfeited | (560,121 | ) | 11.93 | ||||||||||||
Outstanding at March 31, 2014 | 2,941,838 | $ | 10.93 | 6.7 | $ | - | |||||||||
Exercisable at March 31, 2014 | 1,484,288 | $ | 15.22 | 5 | $ | - | |||||||||
Fully vested and expected to vest at March 31, 2014 | 2,836,755 | $ | 11.15 | 6.6 | $ | - | |||||||||
The weighted-average grant-date fair value of stock option awards granted during the years ended March 31, 2014, 2013 and 2012 was $1.62 per share, $2.56 per share, and $6.02 per share, respectively. Intrinsic value represents the amount by which the market price of the common stock exceeds the exercise price of the options. Given the decline in the Company’s stock price, exercisable options as of March 31, 2014 and 2013 had no intrinsic value. The aggregate intrinsic value of exercisable options at March 31, 2012 was minimal. Given the decline in the Company’s stock price, the aggregate intrinsic value of options exercised at March 31, 2014, 2013 and 2012 was minimal. | |||||||||||||||
The weighted average assumptions used in the Black-Scholes valuation model for stock options granted during the years ended March 31, 2014, 2013, and 2012 are as follows: | |||||||||||||||
For the Years Ended March 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Expected volatility | 75.1 | % | 72 | % | 70 | % | |||||||||
Risk-free interest rate | 1.7 | % | 0.9 | % | 1.8 | % | |||||||||
Expected life (years) | 5.9 | 5.9 | 5.9 | ||||||||||||
Dividend yield | None | None | None | ||||||||||||
The expected volatility rate was estimated based on an equal weighting of the historical volatility of the Company’s common stock and the implied volatility of the Company’s traded options. The expected term was estimated based on an analysis of the Company’s historical experience of exercise, cancellation, and expiration patterns. The risk-free interest rate is based on the average of the five and seven year U.S. Treasury rates. | |||||||||||||||
The following table summarizes the employee and non-employee restricted stock activity for the year ended March 31, 2014: | |||||||||||||||
Weighted | Intrinsic | ||||||||||||||
Average | Aggregate | ||||||||||||||
Grant Date | Value | ||||||||||||||
Shares | Fair Value | (thousands) | |||||||||||||
Outstanding at March 31, 2013 | 2,404,825 | $ | 4.58 | ||||||||||||
Granted | 1,945,610 | 2.3 | |||||||||||||
Vested | (1,740,959 | ) | 3.91 | ||||||||||||
Forfeited | (194,112 | ) | 3.54 | ||||||||||||
Outstanding at March 31, 2014 | 2,415,364 | $ | 3.34 | $ | 3,889 | ||||||||||
The total fair value of restricted stock that was granted during the years ended March 31, 2014, 2013 and 2012 was $4.5 million, which includes $0.5 million for bonus and severance, $10.6 million, which includes $1.6 million for bonus and severance, and $5.6 million, respectively. The total fair value of restricted stock that vested during the years ended March 31, 2014, 2013 and 2012 was $3.7 million, which includes $0.5 million of bonus and severance, $3.4 million, which includes $1.6 million for bonus and severance, and $4.1 million, respectively. | |||||||||||||||
The restricted stock granted during the years ended March 31, 2014, 2013 and 2012 includes approximately 402,015, 1,422,127 and 109,211 shares, respectively, of performance-based restricted stock, which would vest upon achievement of certain financial performance measurements. Included in the table above are 8,000 shares of restricted stock units outstanding. | |||||||||||||||
The remaining shares granted vest upon the passage of time. For awards that vest upon the passage of time, expense is being recorded over the vesting period. | |||||||||||||||
Stock-Based Compensation Plans | |||||||||||||||
As of March 31, 2014, the Company had two active stock plans: the 2007 Stock Incentive Plan (the “2007 Plan”) and the 2007 Director Stock Option Plan (the “2007 Director Plan”). The 2007 Plan replaced the Company’s 2004 Stock Incentive Plan upon the approval by the Company’s stockholders on August 3, 2007. The 2007 Director Plan replaced the Second Amended and Restated 1997 Director Stock Option Plan, which expired pursuant to its terms on May 2, 2007. | |||||||||||||||
The 2007 Plan provides for the grant of incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. In the case of options, the exercise price shall be equal to at least the fair market value of the common stock, as determined by the Board of Directors, on the date of grant. The contractual life of options is generally 10 years. Options generally vest over a 3-5 year period while restricted stock generally vests over a 2-5 year period. | |||||||||||||||
As of March 31, 2014, the 2007 Director Plan provided for the grant of nonstatutory stock options and stock awards to members of the Board of Directors who are not also employees of the Company (outside directors). Under the terms of the 2007 Director Plan as of March 31, 2014, each outside director was granted an option to purchase 10,000 shares of common stock upon his or her initial election to the Board with an exercise price equal to the fair market value of the Company’s common stock on the date of the grant. These options vest in equal annual installments over a two-year period. In addition, as of March 31, 2014, each outside director was granted an award of 3,000 shares of common stock three business days following each annual meeting of stockholders, provided that such outside director had served as a director for at least one year. Under the terms of the 2007 Director Plan effective April 1, 2014, each outside director is granted an option to purchase shares of common stock with an aggregate grant date value equal to $40,000 upon his or her initial election to the Board with an exercise price equal to the fair market value of the Company’s common stock on the date of the grant. These options vest in equal annual installments over a two-year period. In addition, effective April 1, 2014, each outside director is granted an award of shares of common stock with an aggregate grant date value equal to $40,000 three business days following the last day of each fiscal year, subject to proration for any partial fiscal year of service. | |||||||||||||||
As of March 31, 2014, the 2007 Plan had 2,879,559 shares and the 2007 Director Plan had 159,000 shares available for future issuance. | |||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||
The Company has an employee stock purchase plan (ESPP) which provides employees with the opportunity to purchase shares of common stock at a price equal to the market value of the common stock at the end of the offering period, less a 15% purchase discount. The Company recognized compensation expense of $0.1 million for each of the years ended March 31, 2014, 2013, and 2012, respectively, related to the ESPP. The Company issued 99,963 shares of common stock related to the ESPP during the year ended March 31, 2014. As of March 31, 2014, the ESPP had 239,306 shares available for future issuance. | |||||||||||||||
ATM Arrangement | |||||||||||||||
On November 15, 2013, the Company entered into an ATM arrangement, pursuant to which, the Company may, at its discretion, sell up to $30.0 million of the Company’s common stock through its sales agent, MLV & Co. LLC (“MLV”). Sales of common stock made under the ATM are made on The NASDAQ Global Market under the Company’s previously filed and currently effective Registration Statement on Form S-3 (File No. 333-191153) by means of ordinary brokers’ transactions at market prices. Additionally, under the terms of the ATM, the Company may also sell shares of its common stock through MLV, on The NASDAQ Global Market or otherwise, at negotiated prices or at prices related to the prevailing market price. Under the terms of the ATM, MLV may not engage in any proprietary trading or trading as principal for MLV’s own account. MLV uses its commercially reasonable efforts to sell the Company’s common stock from time to time, based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company pays MLV a commission of up to 3% of the gross proceeds from the sale of shares of its common stock under the ATM. The Company has also agreed to provide MLV with customary indemnification rights. The offering of common stock pursuant to the ATM will terminate upon the earlier of the sale of all of the common stock subject to the ATM or the termination of the ATM by the Company or MLV. Either party may terminate the ATM at its sole discretion at any time upon written notice to the other party. | |||||||||||||||
During the year ended March 31, 2014, the Company received net proceeds of $7.5 million, including sales commissions and offering expenses, from sales of approximately 4.9 million shares of its common stock at an average sales price of approximately $1.62 per share under the ATM. During the three months ended March 31, 2014, the Company received net proceeds of $4.1 million from sales of approximately 2.5 million shares of its common stock at an average sales price of approximately $1.74 per share. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Commitments and Contingencies | ' | |||||||||||
13. Commitments and Contingencies | ||||||||||||
Commitments | ||||||||||||
Purchase Commitments | ||||||||||||
The Company periodically enters into non-cancelable purchase contracts in order to ensure the availability of materials to support production of its products. Purchase commitments represent enforceable and legally binding agreements with suppliers to purchase goods or services. The Company periodically assesses the need to provide for impairment on these purchase contracts and record a loss on purchase commitments when required. As of March 31, 2014 and 2013, the Company recorded a liability for adverse purchase commitments of $0.4 million and $1.4 million, respectively. During the year ended March 31, 2013, the Company adjusted its accrual for adverse purchase commitments by $7.8 million, due primarily to settlements with vendors. | ||||||||||||
Lease Commitments | ||||||||||||
Operating leases include minimum payments under leases for the Company’s facilities and certain equipment; see Item 2, “Properties.” The Company’s primary leased facilities are located in Middleton and New Berlin, Wisconsin; Suzhou and Beijing, China; Klagenfurt, Austria; and Timisoara, Romania with a combined total of approximately 316,000 square feet of space. These leases have varying expiration dates through March 2021 which can generally be terminated at the Company’s request after a six month advance notice. The Company leases other locations which focus primarily on applications engineering, sales and/or field service and do not have significant leases or physical presence. | ||||||||||||
Minimum future lease commitments at March 31, 2014 were as follows (in thousands): | ||||||||||||
For the years ended March 31, | Total | |||||||||||
2015 | $ | 1,764 | ||||||||||
2016 | 1,166 | |||||||||||
2017 | 674 | |||||||||||
2018 | 423 | |||||||||||
2019 | 211 | |||||||||||
Thereafter | 378 | |||||||||||
Total | $ | 4,616 | ||||||||||
Rent expense under the operating leases mentioned above was as follows (in thousands): | ||||||||||||
For the years ended | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Rent expense | $ | 2,152 | $ | 2,437 | $ | 3,336 | ||||||
Legal Contingencies | ||||||||||||
From time to time, the Company is involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements. | ||||||||||||
Between April 6, 2011 and May 12, 2011, seven putative securities class action complaints were filed against the Company and two of its officers in the United States District Court for the District of Massachusetts (the “Court”); one complaint additionally asserted claims against the underwriters who participated in its November 12, 2010 securities offering. On June 7, 2011, Court consolidated these actions under the caption Lenartz v. American Superconductor Corporation, et al., Docket No. 1:11-cv-10582-WGY. On August 31, 2011, Lead Plaintiff, the Plumbers and Pipefitters National Pension Fund, filed a consolidated amended complaint against the Company, its officers and directors, and the underwriters who participated in its November 12, 2010 securities offering, asserting claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated under the Exchange Act, as well as under sections 11, 12(a)(2) and 15 of the Securities Act of 1933, as amended (the “Securities Act”). The complaint alleged that during the relevant class period, the Company and its officers omitted to state material facts and made materially false and misleading statements relating to, among other things, its projected and recognized revenues and earnings, as well as its relationship with Sinovel Wind Group Co., Ltd. (“Sinovel”) that artificially inflated the value of the Company’s stock price. The complaint further alleged that the Company’s November 12, 2010 securities offering contained untrue statements of material facts and omitted to state material facts required to be stated therein. The plaintiffs seek unspecified damages, rescindment of the Company’s November 12, 2010 securities offering, and an award of costs and expenses, including attorney’s fees. All defendants moved to dismiss the consolidated amended complaint. On December 16, 2011, the Court issued a summary order declining to dismiss the Securities Act claims against the Company and its officers, and taking under advisement the motion to dismiss the Exchange Act claims against the Company and its officers and the motion to dismiss the Securities Act claims made against the underwriters. On July 26, 2012, the Court dismissed the Exchange Act claims against the Company and its officers and denied the motion to dismiss the Securities Act claims made against the underwriters. On November 19, 2013, the Company entered into a Stipulation and Agreement of Settlement (the “Stipulation”), which resolved the claims asserted against them, certain of its current and former officers and directors, and the underwriters. The terms of the Stipulation provide, among other things, a settlement payment by the Company of $10.0 million, $8.2 million of which will be funded by its insurers and $1.8 million of which is expected to be paid through the issuance of 944,882 shares of its common stock (the “Settlement Shares”). The terms of the Stipulation were subject to approval by the Court following notice to all class members. By order entered May 5, 2014, the Court approved the terms of the Stipulation and issued a final judgment dismissing this class action litigation. The effective date of the settlement is expected to be June 5, 2014. In the event that the value of the Settlement Shares (as calculated under the Stipulation) decreases as of the effective date of the settlement, the Company will be required to make a cash payment for the difference in value. As of March 31, 2013, the Company had established a reserve for the anticipated cost to settle this class action litigation. The issuance of the Settlement Shares is expected to be exempt from registration pursuant to Section 3(a)(10) of the Securities Act of 1933. Based on the Company’s assessment of the probable losses on this claim, the Company has recorded a loss contingency of $1.8 million as of March 31, 2014. | ||||||||||||
Between May 4, 2011 and June 17, 2011, four putative shareholder derivative complaints were filed against the Company (as a nominal defendant) and certain of its directors in the Court. On July 5, 2011, the Court consolidated three of these actions, and that matter was captioned In re American Superconductor Corporation Derivative Litigation, Docket No. 1:11-cv-10784-WGY. On June 1, 2011, the plaintiff in the fourth action, Marlborough Family Revocable Trust v. Yurek, et al., moved to voluntarily dismiss its complaint and refiled its complaint in Superior Court for the Commonwealth of Massachusetts, Middlesex County. On September 7, 2011, the Marlborough action and another putative shareholder derivative complaint filed in Superior Court for the Commonwealth of Massachusetts were consolidated. That consolidated matter was captioned In re American Superconductor Corporation Shareholder Derivative Litigation, Docket No. 11-1961. On January 12, 2012, an additional shareholder derivative complaint was filed in the Court of Chancery for the State of Delaware. That matter was captioned Krasnoff v. Budhraja, et al., Docket No. 7171. The allegations of the derivative complaints mirrored the allegations made in the putative class action complaints described above. The plaintiffs purported to assert claims against the director defendants for breach of fiduciary duty, abuse of control, gross mismanagement, unjust enrichment and corporate waste. On February 4, 2014, the Company entered into a Stipulation and Agreement of Settlement (the “Derivative Stipulation”) to settle In re American Superconductor Corporation Derivative Litigation, In re American Superconductor Corporation Shareholder Derivative Litigation, and Krasnoff v. Budhraja, et al., (together, the “Derivative Actions”). The Derivative Actions named certain current and former directors and officers as defendants. The current and former directors and officers named as individual defendants have denied expressly and continue to deny each and all of the claims and contentions alleged against them, and neither the individual defendants nor management has admitted any fault, wrongdoing or concession of liability in connection with the terms of the Derivative Stipulation. The Derivative Stipulation provides for, among other things, (a) a release of all claims relating to the Derivative Actions for the Company, the individual defendants, who are all current or former officers and directors, and the plaintiffs; (b) a requirement that the Company pay to plaintiffs’ counsel approximately $0.5 million for fees and expenses, which will be fully funded by its insurers; and (c) certain additions to its corporate governance policies, many of which have already been implemented. The terms of the Derivative Stipulation were subject to approval by the Court following notice to stockholders. By order entered May 8, 2014, the Court approved the terms of the Derivative Stipulation and issued a final judgment dismissing In re American Superconductor Corporation Derivative Litigation. Pursuant to the terms of the stipulation, the Company and the plaintiffs subsequently jointly sought and obtained dismissal of In re American Superconductor Corporation Shareholder Derivative Litigation, and Krasnoff v. Budhraja, et al. The effective date of the settlement is expected to be June 10, 2014. Based on the Company’s assessment that the probable losses on this claim are insignificant, no loss contingency was recorded. | ||||||||||||
On September 13, 2011, the Company commenced a series of legal actions in China against Sinovel. The Company’s Chinese subsidiary, Suzhou AMSC Superconductor Co. Ltd., filed a claim for arbitration with the Beijing Arbitration Commission in accordance with the terms of the Company’s supply contracts with Sinovel. The case is captioned (2011) Jing Zhong An Zi No. 0963. On March 31, 2011, Sinovel refused to accept contracted shipments of 1.5 MW and 3 MW wind turbine core electrical components and spare parts that the Company was prepared to deliver. The Company alleges that these actions constitute material breaches of its contracts because Sinovel did not give it notice that it intended to delay deliveries as required under the contracts. Moreover, the Company alleges that Sinovel has refused to pay past due amounts for prior shipments of core electrical components and spare parts. The Company is seeking compensation for past product shipments and retention (including interest) in the amount of approximately RMB 485.0 million ($76.0 million) due to Sinovel’s breaches of its contracts. The Company is also seeking specific performance of its existing contracts as well as reimbursement of all costs and reasonable expenses with respect to the arbitration. The value of the undelivered components under the existing contracts, including the deliveries refused by Sinovel in March 2011, amounts to approximately RMB 4.6 billion ($720.0 million). | ||||||||||||
On October 8, 2011, Sinovel filed with the Beijing Arbitration Commission an application under the caption (2011) Jing Zhong An Zi No. 0963, for a counterclaim against the Company for breach of the same contracts under which the Company filed its original arbitration claim. Sinovel claimed, among other things, that the goods supplied by the Company do not conform to the standards specified in the contracts and claimed damages in the amount of approximately RMB 370.0 million ($58.0 million). On October 17, 2011, Sinovel filed with the Beijing Arbitration Commission a request for change of counterclaim to increase its damage claim to approximately RMB 1.0 billion ($157.0 million). On December 22, 2011, Sinovel filed with the Beijing Arbitration Commission an additional request for change of counterclaim to increase its damages claim to approximately RMB 1.2 billion ($190.0 million). On February 27, 2012, Sinovel filed with the Beijing Arbitration Commission an application under the caption (2012) Jing Zhong An Zi No. 0157, against the Company for breach of the same contracts under which the Company filed its original arbitration claim. Sinovel claimed, among other things, that the goods supplied by the Company do not conform to the standards specified in the contracts and claimed damages in the amount of approximately RMB 105.0 million ($17.0 million). The Company believes that Sinovel’s claims are without merit and it intends to defend these actions vigorously. Since the proceedings in this matter are in relatively early stages, the Company cannot reasonably estimate possible losses or range of losses at this time. | ||||||||||||
The Company also submitted a civil action application to the Beijing No. 1 Intermediate People’s Court under the caption (2011) Yi Zhong Min Chu Zi No. 15524, against Sinovel for software copyright infringement on September 13, 2011. The application alleges Sinovel’s unauthorized use of portions of the Company’s wind turbine control software source code developed for Sinovel’s 1.5MW wind turbines and the binary code, or upper layer, of the Company’s software for the PM3000 power converters in 1.5MW wind turbines. In July 2011, a former employee of the Company’s Austrian subsidiary was arrested in Austria on charges of economic espionage and fraudulent manipulation of data. In September 2011, the former employee pled guilty to the charges, and was imprisoned. As a result of the Company’s internal investigation and a criminal investigation conducted by Austrian authorities, the Company believes that this former employee was contracted by Sinovel through an intermediary while employed by the Company and improperly obtained and transferred to Sinovel portions of its wind turbine control software source code developed for Sinovel’s 1.5MW wind turbines. Moreover, the Company believes the former employee illegally used source code to develop for Sinovel a software modification to circumvent the encryption and remove technical protection measures on the Company’s PM3000 power converters in 1.5MW wind turbines in the field. The Company is seeking a cease and desist order with respect to the unauthorized copying, installation and use of its software, monetary damages of approximately RMB 38.0 million ($6.0 million) for its economic losses and reimbursement of all costs and reasonable expenses. The Beijing No. 1 Intermediate People’s Court accepted the case, which was necessary in order for the case to proceed. In November 2011, Sinovel filed a motion to remove this case from the Beijing No. 1 Intermediate People’s Court and transfer the matter to the Beijing Arbitration Commission. On February 14, 2012, the court denied Sinovel’s motion to remove the case. On February 21, 2012, Sinovel filed an appeal of the Beijing No. 1 Intermediate People’s Court decision to the Beijing Higher People’s Court. On April 25, 2012, the Beijing Higher People’s Court issued a final Civil Ruling which supports the Beijing No.1 Intermediate People’s Court’s civil ruling and rejected Sinovel’s appeal. Sinovel filed an appeal of the Beijing Higher People’s Court’s decision with China’s Supreme People’s Court. A hearing regarding this appeal was held at the Chinese Supreme People’s Court on October 26, 2012. On November 23, 2012, China’s Supreme People’s Court issued a Civil Ruling, holding that (1) it will conduct a re-trial of Sinovel’s appeal, and (2) the lower court’s decision will be stayed pending the re-trial. China’s Supreme People’s Court conducted a re-trial of Sinovel’s appeal on May 29, 2013. On January 26, 2014, the Supreme People's Court ruled to uphold the Beijing Higher People's Court ruling that the dispute shall be heard by the court. The Company will now await a hearing date from the Beijing No. 1 Intermediate People's Court. | ||||||||||||
The Company submitted a civil action application to the Beijing Higher People’s Court against Sinovel and certain of its employees for trade secret infringement on September 13, 2011 under the caption (2011) Gao Min Chu Zi No. 4193. The application alleges the defendants’ unauthorized use of portions of the Company’s wind turbine control software source code developed for Sinovel’s 1.5MW wind turbines as described above with respect to the Copyright Action. The Company is seeking monetary damages of RMB 2.9 billion ($453.0 million) for the trade secret infringement as well as reimbursement of all costs and reasonable expenses. The Beijing Higher People’s Court accepted the case, which was necessary in order for the case to proceed. On December 22, 2011, the Beijing Higher People’s Court transferred the case to the Beijing No. 1 Intermediate People’s Court under the caption (2011) Gao Min Chu Zi No. 4193. On June 7, 2012, the Company received an Acceptance Notice from the Beijing No.1 Intermediate People’s Court under the caption (2012) Yi Zhong Min Chu Zi No.6833. In August 2012, Sinovel filed a motion to remove this case from the Beijing No. 1 Intermediate People’s Court and transfer the matter to the Beijing Arbitration Commission. On February 24, 2014, the Beijing No.1 Intermediate People’s Court denied Sinovel’s motion to remove the case. On March 13, 2014, Sinovel filed an appeal of the Beijing No. 1 Intermediate People’s Court decision to the Beijing Higher People’s Court. The Company is currently awaiting the final decision from the Beijing Higher People’s Court regarding the jurisdiction opposition issue. | ||||||||||||
On September 16, 2011, the Company filed a civil copyright infringement complaint in the Hainan Province No. 1 Intermediate People’s Court against Dalian Guotong Electric Co. Ltd. (“Guotong”), a supplier of power converter products to Sinovel, and Huaneng Hainan Power, Inc. (“Huaneng”), a wind farm operator that has purchased Sinovel wind turbines containing Guotong power converter products. The case is captioned (2011) Hainan Yi Zhong Min Chu Zi No. 62. The application alleges that the Company’s PM1000 converters in certain Sinovel wind turbines have been replaced by converters produced by Guotong. Because the Guotong converters are being used in wind turbines containing the Company’s wind turbine control software, the Company believes that its copyrighted software is being infringed. The Company is seeking a cease and desist order with respect to the unauthorized use of its software, monetary damages of RMB 1.2 million ($0.2 million) for its economic losses (with respect to Guotong only) and reimbursement of all costs and reasonable expenses. The court has accepted the case, which was necessary in order for the case to proceed. In addition, upon the request of the defendant Huaneng, Sinovel has been added by the court to this case as a defendant and Huaneng has been released from this case. In December 2011, Sinovel filed a jurisdiction opposition motion requesting dismissal by the Hainan Province No. 1 Intermediate People’s Court, saying the case should be governed by the Beijing Arbitration Commission. On February 3, 2012, the Company received the Civil Ruling from the court, which granted Sinovel’s motion, and dismissed the entire case. The Company appealed the court’s ruling to the Hainan Higher Court, which on April 5, 2012 upheld the decision of the Hainan Province No. 1 Intermediate People’s Court. On April 9, 2012, the Company filed an appeal of the Hainan Higher Court’s decision with China’s Supreme People’s Court. China’s Supreme People’s Court accepted the appeal on May 23, 2012. The case is captioned, (2012) Min Shen Zi No. 630. On December 20, 2012, China’s Supreme People’s Court issued a Civil ruling, holding that (1) it will conduct a re-trial of the Company’s appeal and (2) the lower court’s decision will be stayed pending the re-trial. China’s Supreme People’s Court conducted a re-trial of the Company’s appeal on May 29, 2013. On January 26, 2014, the Supreme People's Court revoked Hainan No. 1 Intermediate People’s Court and Hainan Higher People’s Court’s rulings and ruled that the case shall be heard by the Hainan No. 1 Intermediate People’s Court. The Hainan No. 1 Intermediate People’s Court accepted the case under the caption (2014) Hainan Yi Zhong Min Chu Zi No. 1. | ||||||||||||
Ghodawat Energy Pvt Ltd (“Ghodawat”), a company registered in India carrying on the business of wind power development, lodged a Request for Arbitration with the Secretariat of the ICC International Court of Arbitration (the “ICC Court”) on May 12, 2011 and named AMSC Windtec GmbH (“AMSC Austria”) as the Respondent. Under the Request for Arbitration, Ghodawat alleges that AMSC Austria breached an agreement dated March 19, 2008 pursuant to which AMSC Austria granted a license to Ghodawat to manufacture, use, sell, market, erect, commission and maintain certain wind turbines using its technical information and wind turbine design (the “License Agreement”). Under the Request for Arbitration, Ghodawat’s claims in this arbitration amount to approximately €18.0 million ($24.0 million). AMSC Austria filed an Answer to Request for Arbitration and Counterclaim, in which AMSC Austria denied Ghodawat’s claims in their entirety. AMSC Austria has also submitted counterclaims under the License Agreement against Ghodawat in the amount of approximately €6.0 million ($9.0 million). Ghodawat has filed a Reply to Answer to Request for Arbitration and Counterclaim in which it denies AMSC Austria’s counterclaims. On June 3, 2013, the final oral submission hearing was conducted. The final award is pending and the ICC Court has extended the time limit for the Tribunal to render a final award on a number of occasions. The Company expects that the award will be issued in 2014; however, it cannot assure you that the issuance of the award will not be delayed. The Company had recorded a loss contingency based on its assessment of probable losses on this claim; however, this amount is immaterial to its consolidated financial statements. | ||||||||||||
Other | ||||||||||||
The Company enters into long-term construction contracts with customers that require the Company to obtain performance bonds. The Company is required to deposit an amount equivalent to some or all the face amount of the performance bonds into an escrow account until the termination of the bond. When the performance conditions are met, amounts deposited as collateral for the performance bonds are returned to the Company. In addition, the Company has various contractual arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis. | ||||||||||||
At March 31, 2014 and 2013, the Company had $2.9 million and $6.1 million, respectively, of restricted cash included in current assets, and $3.4 million and $4.8 million, respectively, of restricted cash included in long-term assets. These amounts included in restricted cash represent deposits to secure letters of credit for various supply contracts. These deposits are held in interest bearing accounts. | ||||||||||||
The Company had an unused, unsecured line of credit consisting of €2.7 million (approximately $3.7 million) in Austria as of March 31, 2014. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2014 | |
Employee Benefit Plans | ' |
14. Employee Benefit Plans | |
The Company has implemented a defined contribution plan (the “Plan”) under Section 401(k) of the Internal Revenue Code. Any contributions made by the Company to the Plan are discretionary. The Company has a stock match program under which the Company matched, in the form of Company common stock, 50% of the first 6% of eligible contributions. The Company recorded expense of $0.4 million, $0.5 million, and $0.7 million, for the years ended March 31, 2014, 2013, and 2012, respectively, and recorded corresponding charges to additional paid-in capital related to this program. |
Minority_Investments
Minority Investments | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Minority Investments | ' | |||
15. Minority Investments | ||||
Investment in Tres Amigas LLC | ||||
The Company made an investment in Tres Amigas LLC, a Delaware limited liability company (“Tres Amigas”), focused on providing the first common interconnection of America’s three power grids to help the country achieve its renewable energy goals and facilitate the smooth, reliable and efficient transfer of green power from region to region. The Company’s original investment in Tres Amigas was $5.4 million. As of March 31, 2014, the Company holds a 26% ownership interest in Tres Amigas. | ||||
The Company has determined that Tres Amigas is a variable interest entity (“VIE”) and that the Company is not the primary beneficiary of the VIE. Therefore, the Company has not consolidated Tres Amigas as of March 31, 2014. The investment is carried at acquisition cost, plus the Company’s equity in undistributed earnings or losses. The Company’s maximum exposure to loss is limited to the Company’s recorded investment in this VIE. The Company’s investment in Tres Amigas is included in other assets on the consolidated balance sheet and the equity in undistributed losses of Tres Amigas is included in other income, net, on the consolidated statements of operations. | ||||
The net investment activity for the year ended March 31, 2014 is as follows (in thousands): | ||||
Balance at April 1, 2013 | $ | 2,853 | ||
Minority interest in net losses | (1,008 | ) | ||
Balance at March 31, 2014 | $ | 1,845 | ||
Investment in Blade Dynamics Ltd. | ||||
The Company has (through its Austrian subsidiary), a minority ownership position in Blade Dynamics Ltd. (“Blade Dynamics”), a designer and manufacturer of advanced wind turbine blades based on proprietary materials and structural technologies. The Company’s original investment was for $8.0 million in cash. As of March 31, 2014, the Company holds a 19% ownership interest in Blade Dynamics. | ||||
The investment is carried at the acquisition cost, plus the Company’s equity in undistributed earnings or losses, through December 1, 2012, the date which the company no longer reports undistributed earnings or losses. The Company’s investment in Blade Dynamics is included in other assets on the consolidated balance sheet and the equity in undistributed losses of Blade Dynamics is included in other income, net, on the unaudited condensed consolidated statements of operations. | ||||
During the year ended March 31, 2014, the Company determined that as a result of its efforts to sell its investment in Blade Dynamics, certain indicators of impairment existed which required the Company to perform further analysis. As a result of this analysis, the Company recorded an impairment charge of approximately $1.3 million. | ||||
The net investment activity for the year ended March 31, 2014 is as follows (in thousands): | ||||
Balance at April 1, 2013 | $ | 4,611 | ||
Net foreign exchange rate impact | 344 | |||
Impairment | (1,265 | ) | ||
Balance at March 31, 2014 | $ | 3,690 | ||
Restructuring_and_Impairments
Restructuring and Impairments | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Restructuring and Impairments | ' | |||||||||||
16. Restructuring and Impairments | ||||||||||||
Restructuring | ||||||||||||
The Company accounts for charges resulting from operational restructuring actions in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”) and ASC Topic 712, Compensation — Nonretirement Postemployment Benefits (“ASC 712”). In accounting for these obligations, the Company is required to make assumptions related to the amounts of employee severance, benefits, and related costs and the time period over which leased facilities will remain vacant, sublease terms, sublease rates and discount rates. Estimates and assumptions are based on the best information available at the time the obligation arises. These estimates are reviewed and revised as facts and circumstances dictate; changes in these estimates could have a material effect on the amount accrued on the consolidated balance sheet. | ||||||||||||
During the years ended March 31, 2014, 2013 and 2012, the Company initiated restructuring activities, approved by the Board of Directors, in order to reorganize global operations, streamline various functions of the business, and reduce its global workforce to better reflect the demand for its products. Most recently, during the year ended March 31, 2014, the Company undertook a plan to consolidate its Grid manufacturing activities in its Devens, Massachusetts facility and close its facility in Middleton, Wisconsin. In addition, the Company is establishing a new Wind manufacturing facility in Romania and as a result reduced the headcount in its operation in China to a level necessary to support demand from its Chinese customers. From April 1, 2011 through March 31, 2014, the Company has reduced its global workforce by approximately 68% and as a result, the Company incurred costs associated with the workforce reduction consisting of severance pay, outplacement services, medical benefits, and other related benefits. For the years ended March 31, 2014, 2013, and 2012, the Company recorded employee severance and benefit costs of $1.7 million, $2.5 million, and $5.3 million, respectively. Remaining unpaid charges are expected to be paid through December 2014. In addition, during the year ended March 31, 2013, the Company consolidated certain of its business operations to reduce overall facility costs. The Beijing and Klagenfurt office consolidations were accounted for in accordance with ASC 420. The consolidation plan entailed vacating approximately 8,200 square feet of occupied space in Beijing China, and approximately 4,000 square feet of occupied space in Klagenfurt, Austria. The Company recorded a liability of $0.4 million as of March 31, 2013, associated with the fair value of the remaining lease payments as of the cease-use date and related office furniture and equipment. Fair value was determined based upon the discounted present value of remaining lease rentals for the space no longer occupied, considering future estimated potential sublease income. | ||||||||||||
The following table presents restructuring charges and cash payments (in thousands): | ||||||||||||
Severance pay | Facility | |||||||||||
and benefits | exit costs | Total | ||||||||||
Accrued restructuring balance at April 1, 2012 | $ | 680 | $ | 294 | $ | 974 | ||||||
Charges to operations | 2,501 | 436 | 2,937 | |||||||||
Cash payments | (3,036 | ) | (676 | ) | (3,712 | ) | ||||||
Accrued restructuring balance at March 31, 2013 | $ | 145 | $ | 54 | $ | 199 | ||||||
Charges to operations | 1,710 | 23 | 1,733 | |||||||||
Cash payments | (836 | ) | (37 | ) | (873 | ) | ||||||
Non-cash/miscellaneous reductions | (175 | ) | (39 | ) | (215 | ) | ||||||
Accrued restructuring balance at March 31, 2014 | $ | 844 | $ | 0 | $ | 844 | ||||||
In addition, during the year ended March 31, 2012, the Company also consolidated certain of its business operations to reduce overall facility costs. The consolidation plan entailed vacating approximately 8,937 square feet of occupied space in Klagenfurt, Austria, approximately 33,000 square feet of unoccupied space in Middleton, WI and approximately 3,300 square feet of occupied space in Nuremburg, Germany. The facility closures were accounted for in accordance with ASC 420. With respect to the Klagenfurt location, the Company recorded a liability equal to the fair value of the remaining lease payments as of the cease-use date. Fair value was determined based upon the discounted present value of remaining lease rentals for the space no longer occupied, considering future estimated potential sublease income. With respect to the Middleton location the Company settled with its landlord a final lease payment. As a result, the Company recorded facility exit costs of $0.3 million related to the remaining lease commitments on the leased space in Klagenfurt and Middleton locations. These charges were paid through March 2013. All restructuring charges discussed above are included within restructuring and impairments in the Company’s consolidated statements of operations. The Company includes accrued restructuring within accounts payable and accrued expenses in the consolidated balance sheets. | ||||||||||||
Impairments | ||||||||||||
The Company periodically evaluates its long-lived assets consisting principally of fixed assets and amortizable intangible assets for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, the Company reviews the carrying value of its long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not be recoverable. Under the held and used approach, the asset or asset group to be tested for impairment should represent the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The Company evaluates its long-lived assets whenever events or circumstances suggest that the carrying amount of an asset or group of assets may not be recoverable from the estimated undiscounted future cash flows. | ||||||||||||
In fiscal 2013, 2012 and 2011, in response to challenging liquidity and market conditions, the Company entered into and completed certain restructuring activities, approved by the Board of Directors, in order to reduce costs and align its strategic priorities. Since the restructuring action impacted all of its operations, management concluded that there were indicators of potential impairment of its long-lived assets in each of those fiscal years and it therefore conducted assessments of the recoverability of these assets by comparing its carrying value of the assets to the pre-tax undiscounted cash flows estimated to be generated by those assets over their remaining book useful lives. Based on the calculations performed by management, the sum of the undiscounted cash flows forecasted to be generated by certain assets were less than the carrying value of those assets. Therefore, there were indications that certain of its assets were impaired and, as a result, the Company performed additional analysis. An evaluation of the level of impairment was made by comparing the implied fair value of those definite long-lived tangible and intangible assets of each reporting unit against their carrying values. | ||||||||||||
The fair values of the impacted property and equipment were based on what the Company could reasonably expect to sell each asset from the perspective of a market participant. The determination of the fair value of its property and equipment includes estimates and judgments regarding the marketability and ultimate sales price of individual assets. The Company utilized market data and approximations from comparable analyses to arrive at the estimated fair values of the impacted property and equipment. The fair values of amortization intangible assets related to completed technology and trade names were determined using primarily the relief-from-royalty method over the estimated economic lives of those assets from the perspective of a market participant. During fiscal 2013, the Company determined that the fair values of those assets were greater than or equal to their carrying values and no impairment charge was recorded. During fiscal 2012 and 2011, management determined that certain of its corporate assets and Grid segment property, plant and equipment were impaired as their carrying values exceeded their fair values. The Company determined the long-lived assets of its Wind segment were not impaired. Accordingly, for the year ended March 31, 2013, the Company recorded an impairment charge on certain of its corporate assets and for the years ended March 31, 2013 and March 31, 2012, the Company recorded impairment charges on certain of its Grid segment property, plant and equipment. For the years ended March 31, 2013 and 2012, these charges totaled $5.0 million and $1.7 million, respectively. |
Business_Segment_and_Geographi
Business Segment and Geographic Information | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Business Segment and Geographic Information | ' | |||||||||||
17. Business Segment and Geographic Information | ||||||||||||
The Company reports its financial results in two reportable business segments: Wind and Grid. | ||||||||||||
Through its Windtec Solutions, the Wind business segment enables manufacturers to field wind turbines with highly competitive power output, reliability and affordability. The Company supplies advanced power electronics and control systems, licenses its highly engineered wind turbine designs, and provides extensive customer support services to wind turbine manufactures. Its design portfolio includes a broad range of drive trains and power ratings of 2 MW’s and higher. It provides a broad range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility. | ||||||||||||
Through its Gridtec Solutions, the Grid business segment enables electric utilities and renewable energy project developers to connect, transmit and distribute power with highly competitive efficiency, reliability and affordability. The Company provides transmission planning services that allow it to identify power grid congestion, poor power quality and other risks, which help the Company determine how its solutions can improve network performance. These services often lead to sales of grid interconnection solutions for wind farms and solar power plants, power quality systems and transmission and distribution cable systems. | ||||||||||||
The operating results for the two business segments are as follows (in thousands): | ||||||||||||
For the Years Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Wind | $ | 55,608 | $ | 44,231 | $ | 44,642 | ||||||
Grid | 28,509 | 43,188 | 31,901 | |||||||||
Total | $ | 84,117 | $ | 87,419 | $ | 76,543 | ||||||
2014 | 2013 | 2012 | ||||||||||
Operating loss: | ||||||||||||
Wind | $ | (5,213 | ) | $ | (16,098 | ) | $ | (62,217 | ) | |||
Grid | (22,523 | ) | (23,815 | ) | (29,645 | ) | ||||||
Unallocated corporate expenses | (13,693 | ) | (17,828 | ) | (44,577 | ) | ||||||
Total | $ | (41,429 | ) | $ | (57,741 | ) | $ | (136,439 | ) | |||
Total business segments assets are as follows (in thousands): | ||||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | |||||||||||
Wind | $ | 36,701 | $ | 67,111 | ||||||||
Grid | 54,342 | 72,800 | ||||||||||
Corporate assets | 77,466 | 76,843 | ||||||||||
Total | $ | 168,509 | $ | 216,754 | ||||||||
The accounting policies of the business segments are the same as those for the consolidated Company. The Company’s business segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measures are segment revenues and segment operating (loss) income. The disaggregated financial results of the segments reflect allocation of certain functional expense categories consistent with the basis and manner in which Company management internally disaggregates financial information for the purpose of assisting in making internal operating decisions. In addition, certain corporate expenses which the Company does not believe are specifically attributable or allocable to either of the two business segments have been excluded from the segment operating income. | ||||||||||||
Unallocated corporate expenses primarily consist of stock-based compensation expense of $10.7 million and $8.1 million, and $9.9 million for the years ended March 31, 2014, 2013 and 2012, respectively, and restructuring and impairment charges of $3.0 million, $7.9 million, and $9.2 million for the years ended March 31, 2014, 2013, and 2012, respectively. For the year ended March 31, 2013, unallocated corporate expenses also included a loss contingency of $1.8 million, also for the year ended March 31, 2012, unallocated corporate expenses included $20.6 million for the write-off of an advanced payment to The Switch. | ||||||||||||
Geographic information about revenue, based on shipments to customers by region, is as follows (in thousands): | ||||||||||||
For the Years Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | $ | 11,013 | $ | 13,197 | $ | 21,347 | ||||||
Canada | 3,312 | 1,663 | 1,219 | |||||||||
Europe | 7,453 | 14,709 | 2,868 | |||||||||
China | 24,748 | 17,906 | 16,929 | |||||||||
Korea | 6,429 | 10,945 | 12,486 | |||||||||
India | 26,384 | 17,062 | 14,212 | |||||||||
Australia | 4,779 | 11,937 | 7,482 | |||||||||
Total | $ | 84,117 | $ | 87,419 | $ | 76,543 | ||||||
In the year ended March 31, 2014, 2013 and 2012, 87%, 85%, and 72% of the Company’s revenues, respectively, were recognized from sales outside the United States. The Company maintains operations in Austria, China and the United States and sales and service support centers around the world. | ||||||||||||
In the year ended March 31, 2014, two customers, Inox Wind Limited (“Inox”) and Beijing JINGCHENG New Energy (“JCNE”), accounted for approximately 31% and 18%, respectively, of the Company’s total revenues. In the year ended March 31, 2013, Inox and JCNE, accounted for approximately 19% and 13%, respectively, of the Company’s total revenues. In the year ended March 31, 2012, Inox and Doosan Heavy Industries, accounted for approximately 18% and 11%, respectively, of the Company’s total revenues. | ||||||||||||
Geographic information about property, plant and equipment associated with particular regions is as follows (in thousands): | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
North America | $ | 62,426 | $ | 71,127 | ||||||||
Europe | 1,232 | 1,941 | ||||||||||
Asia Pacific | 916 | 1,558 | ||||||||||
Total | $ | 64,574 | $ | 74,626 | ||||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||
18. Quarterly Financial Data (Unaudited) | ||||||||||||||||
(In thousands, except per share amount) | For the year ended March 31, 2014: | |||||||||||||||
Three Months Ended | June 30, | September 30, | December 31, | March 31, | ||||||||||||
2013 | 2013 | 2013 | 2014 | |||||||||||||
Total revenue | $ | 23,086 | $ | 24,181 | $ | 20,563 | $ | 16,287 | ||||||||
Operating loss | (8,850 | ) | (11,028 | ) | (6,675 | ) | (14,876 | ) | ||||||||
Net loss | (10,513 | ) | (14,623 | ) | (8,417 | ) | (22,705 | ) | ||||||||
Net loss per common share—basic | (0.18 | ) | (0.24 | ) | (0.14 | ) | (0.33 | ) | ||||||||
Net loss per common share—diluted | (0.18 | ) | (0.24 | ) | (0.14 | ) | (0.33 | ) | ||||||||
(In thousands, except per share amount) | For the year ended March 31, 2013: | |||||||||||||||
Three Months Ended | June 30, | September 30, | December 31, | March 31, | ||||||||||||
2012 | 2012 | 2012 | 2013 | |||||||||||||
Total revenue | $ | 28,716 | $ | 20,867 | $ | 17,417 | $ | 20,419 | ||||||||
Operating loss | (6,128 | ) | (14,970 | ) | (20,616 | ) | (16,027 | ) | ||||||||
Net loss | (10,275 | ) | (15,949 | ) | (20,135 | ) | (19,773 | ) | ||||||||
Net loss per common share—basic | (0.20 | ) | (0.31 | ) | (0.38 | ) | (0.35 | ) | ||||||||
Net loss per common share—diluted | (0.20 | ) | (0.31 | ) | (0.38 | ) | (0.35 | ) | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events | ' |
19. Subsequent Events | |
The Company has performed an evaluation of subsequent events through the time of filing this Annual Report on Form 10-K with the SEC, and has determined that there are no such events that are required to be disclosed. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Mar. 31, 2014 | |
Recent Accounting Pronouncements | ' |
20. Recent Accounting Pronouncements | |
In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (ASU 2013-01). The main objective in developing this update is to address implementation issues about the scope of Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The update requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. ASU 2013-01 is effective for the Company’s first quarter of fiscal 2014. The Company is currently evaluating the impact of adopting ASU 2013-01, and does not believe there will be a significant impact on its consolidated results of operations, financial condition, or cash flows. | |
In March 2013, the FASB issued Accounting Standards Update No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASU 2013-05). The objective of the amendments in this update is to resolve the diversity in practice about whether Subtopic 810-10, Consolidation — Overall, or Subtopic 830-30, Foreign Currency Matters — Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments in this update resolve the diversity in practice for the treatment of business combinations achieved in involving a foreign entity. ASU 2013-05 is effective for fiscal years and interim periods beginning after December 15, 2013. The Company adopted ASU 2013-05 in the fourth quarter of fiscal 2013, and there were no significant effects on its consolidated results of operations, financial condition, or cash flows. | |
In June 2013, the FASB issued ASU 2013-07, Liquidation Basis of Accounting, to require entities to begin preparing financial statements on a liquidation basis when liquidation is imminent. The guidance requires liquidation accounting when liquidation is imminent, unless an entity is outside the scope of the guidance or it is following a liquidation plan established at its inception. The guidance says liquidation is imminent when either, the party or parties with the authority to approve a liquidation plan do so or other forces (e.g., involuntary bankruptcy) impose a plan for liquidation, and the likelihood that the entity will return from liquidation is remote. The guidance also requires entities using the liquidation basis of accounting to measure their assets at the amount they expect to collect upon sale and liabilities are not remeasured to reflect any anticipation that the entity will be legally released from the obligation. ASU 2013-07 is effective for annual periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting ASU 2013-07, but currently does not believe there will be an impact on its consolidated results of operations, financial condition, or cash flows. | |
In September 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The guidance states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company is currently evaluating the impact of adopting ASU 2013-11, but currently does not believe there will be an impact on its consolidated results of operations, financial condition, or cash flow. | |
In May 2014, the FASB and the International Accounting Standards Board (IASB) issued, ASU Revenue from Contracts with Customers 2014-09 (Topic 606)., The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all exiting revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. The ASU is effective for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of adopting ASU 2014-09 to determine the impact, if any, it may have on its current practices. | |
The Company does not believe that other recently issued accounting pronouncements will have a material impact on its financial statements. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||
American Superconductor Corporation | ||||||||||||||||
Schedule II — Valuation and Qualifying Accounts | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance, | Recoveries | Balance, | ||||||||||||||
Beginning of | and Other | End of | ||||||||||||||
Year | Additions | Write-offs | Adjustments | Year | ||||||||||||
Allowance for doubtful accounts receivable: | ||||||||||||||||
Fiscal year ended March 31, 2014 | $ | - | 16 | - | - | $ | 16 | |||||||||
Fiscal year ended March 31, 2013 | $ | 52 | - | (52 | ) | - | $ | - | ||||||||
Fiscal year ended March 31, 2012 | $ | 683 | 6 | (631 | ) | (6 | ) | $ | 52 | |||||||
Balance, | Recoveries | Balance, | ||||||||||||||
Beginning of | and Other | End of | ||||||||||||||
Year | Additions | Write-offs | Adjustments | Year | ||||||||||||
Deferred tax asset valuation allowance: | ||||||||||||||||
Fiscal year ended March 31, 2014 | $ | 261,961 | 26,649 | (5,786 | ) | - | $ | 282,824 | ||||||||
Fiscal year ended March 31, 2013 | $ | 252,302 | 21,333 | (11,674 | ) | - | $ | 261,961 | ||||||||
Fiscal year ended March 31, 2012 | $ | 220,596 | 41,709 | (10,003 | ) | - | $ | 252,302 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Basis of Consolidation | ' | |||||||||||
Basis of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions are eliminated. Certain reclassifications of prior years’ amounts have been made to conform to the current year presentation. These reclassifications had no effect on net income, cash flows from operating activities or stockholders’ equity. | ||||||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles of the United States of America, (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, collectability of receivables, realizability of inventory, goodwill and intangible assets, warranty provisions, stock-based compensation, valuation of warrant and derivative liabilities, tax reserves, and deferred tax assets. Provisions for depreciation are based on their estimated useful lives using the straight-line method. Some of these estimates can be subjective and complex and, consequently, actual results may differ from these estimates under different assumptions or conditions. While for any given estimate or assumption made by the Company’s management there may be other estimates or assumptions that are reasonable, the Company believes that, given the current facts and circumstances, it is unlikely that applying any such other reasonable estimate or assumption would materially impact the financial statements. | ||||||||||||
Cash Equivalents | ' | |||||||||||
Cash Equivalents | ||||||||||||
Cash equivalents consist of highly liquid instruments with maturities of three months or less that are regarded as high quality, low risk investments and are measured using such inputs as quoted prices, and are classified within Level 1 of the valuation hierarchy. Cash equivalents consist principally of certificates of deposits and money market accounts. | ||||||||||||
Accounts Receivable | ' | |||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable consist of amounts owed by commercial companies and government agencies. Accounts receivable are stated net of allowances for doubtful accounts. The Company’s accounts receivable relate principally to a limited number of customers. As of March 31, 2014, three customers, Inox Wind Limited (“Inox”), CG Power Solutions UK Ltd. (“CGPS”), and Beijing JINGCHENG New Energy Co., Ltd. (“JCNE”), accounted for approximately 20%, 14% and 13%, respectively, of its total receivable balance. As of March 31, 2013, three customers, Inox, CGPS, and Hyundai Heavy Industries Co. Ltd. (“HHI”), accounted for approximately 41%, 17% and 11%, respectively, of its total receivable balance. Changes in the financial condition or operations of its customers may result in delayed payments or non-payments which would adversely impact its cash flows from operating activities and/or its results of operations. As such the Company may require collateral, advanced payment or other security based upon the customer history and/or creditworthiness. In determining the allowance for doubtful accounts, the Company evaluates the collectability of accounts receivable based primarily on the probability of recoverability based on historical collection and write-off experience, the age of past due receivables, specific customer circumstances, and current economic trends. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payment, additional allowances may be required. Failure to accurately estimate the losses for doubtful accounts and ensure that payments are received on a timely basis could have a material adverse effect on the Company’s business, financial condition, results of operations, and cash flows. | ||||||||||||
Inventory | ' | |||||||||||
Inventory | ||||||||||||
Inventories include material, direct labor and related manufacturing overhead, and are stated at the lower of cost or market determined on a first-in, first-out basis. The Company records inventory when it takes delivery and title to the product according to the terms of each supply contract. | ||||||||||||
Program costs may be deferred and recorded as inventory on contracts on which costs are incurred in excess of approved contractual amounts and/or funding, if future recovery of the costs is deemed probable. | ||||||||||||
At each balance sheet date, the Company evaluates its ending inventories for excess quantities and obsolescence. Inventories that management considers excess or obsolete are reserved. Management considers forecasted demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not written back up if demand increases. | ||||||||||||
For the year ended March 31, 2014, the Company recorded an inventory reserve of approximately $0.3 million based on evaluating its ending inventory on hand for excess quantities and obsolescence. The Company recorded an inventory reserve of approximately $2.2 million during the year ended March 31, 2013, based on its evaluation of forecasted demand in relation to the inventory on hand and market conditions surrounding its products as a result of the assumption that Sinovel and certain other customers in China will fail to meet their contractual obligations and demand that was previously forecasted will fail to materialize. The Company first recorded a benefit to cost of revenues related to the sale or usage of inventories reserved in a prior period during the year ended March 31, 2012. For the years ended March 31, 2014, 2013, and 2012, the Company recorded benefits of $4.3 million, $2.1 million, and $0.8 million respectively. | ||||||||||||
Property, Plant and Equipment | ' | |||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company accounts for depreciation and amortization using the straight-line method to allocate the cost of property, plant and equipment over their estimated useful lives as follows: | ||||||||||||
Asset Classification | Estimated Useful Life in Years | |||||||||||
Building | 40 | |||||||||||
Process upgrades to the building | Oct-40 | |||||||||||
Machinery and equipment | 10-Mar | |||||||||||
Furniture and fixtures | 5-Mar | |||||||||||
Leasehold improvements | Shorter of the estimated useful life or the remaining lease term | |||||||||||
Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or other disposition of assets, the costs and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in operating expenses. | ||||||||||||
Valuation of Long-Lived Assets | ' | |||||||||||
Valuation of Long-Lived Assets | ||||||||||||
The Company periodically evaluates its long-lived assets, consisting principally of fixed assets and amortizable intangible assets for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, the Company reviews the carrying value of its long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not be recoverable. Under the held and used approach, the asset or asset group to be tested for impairment should represent the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. The Company evaluates its long-lived assets whenever events or circumstances suggest that the carrying amount of an asset or group of assets may not be recoverable from the estimated undiscounted future cash flows. | ||||||||||||
In fiscal 2013, 2012 and 2011, in response to challenging liquidity and market conditions, the Company entered into and completed certain restructuring activities, approved by the Board of Directors, in order to reduce costs and align its strategic priorities. Since the restructuring action impacted all of its operations, management concluded that there were indicators of potential impairment of its long-lived assets in each of those fiscal years and the Company therefore conducted assessments of the recoverability of these assets by comparing its carrying value of the assets to the pre-tax undiscounted cash flows estimated to be generated by those assets over their remaining book useful lives. Based on the calculations performed by management, the sum of the undiscounted cash flows forecasted to be generated by certain assets were less than the carrying value of those assets. Therefore, there were indications that certain of its assets were impaired and, as a result, the Company performed additional analysis. An evaluation of the level of impairment was made by comparing the implied fair value of those definite long-lived tangible and intangible assets of each reporting unit against their carrying values. | ||||||||||||
The fair values of the impacted property and equipment were based on what the Company could reasonably expect to sell each asset from the perspective of a market participant. The determination of the fair value of its property and equipment includes estimates and judgments regarding the marketability and ultimate sales price of individual assets. The Company utilized market data and approximations from comparable analyses to arrive at the estimated fair values of the impacted property and equipment. The fair values of amortization intangible assets related to completed technology and trade names were determined using primarily the relief-from-royalty method over the estimated economic lives of those assets from the perspective of a market participant. During fiscal 2013, the Company determined that the fair values of those assets were greater than or equal to their carrying values and no impairment charge was recorded. During fiscal 2012 and 2011, management determined that certain of its corporate assets and Grid segment property, plant and equipment were impaired as their carrying values exceeded their fair values. The Company determined the long-lived assets of its Wind segment were not impaired. Accordingly, for the year ended March 31, 2013, the Company recorded an impairment charge on certain of its corporate assets and for the years ended March 31, 2013 and March 31, 2012, the Company recorded impairment charges on certain of its Grid segment property, plant and equipment. For the years ended March 31, 2013 and 2012, these charges totaled $5.0 million and $1.7 million, respectively. | ||||||||||||
Equity Method Investments | ' | |||||||||||
Equity Method Investments | ||||||||||||
The Company uses the equity method of accounting for investments in entities in which it has an ownership interest, but does not exercise a controlling interest in the operating and financial policies of an investee. Under this method, an investment is carried at the acquisition cost, plus the Company’s equity in undistributed earnings or losses since acquisition. | ||||||||||||
The Company periodically tests its investments for potential impairment whenever events and circumstances indicate that the carrying value of its investments may not be recoverable. During the year ended March 31, 2014, the Company recorded an impairment charge of $1.3 million on its investment in Blade Dynamics Ltd. (See Note 15, “Minority Investments”, for further discussion.) | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenue for product sales upon customer acceptance, which can occur at the time of delivery, installation or post-installation, provided persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and the collectability is reasonably assured. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured, revenue is recognized on a cash basis of accounting. Certain of the Company’s contracts involve retention amounts which are contingent upon meeting certain performance requirements through the expiration of the contract warranty periods. For contractual arrangements that involve retention, the Company recognizes revenue for these amounts upon the expiration of the warranty period, meeting the performance requirements and when collection of the fee is reasonably assured. | ||||||||||||
During the year ended March 31, 2011, the Company determined that revenues from certain of its customers in China could not be recorded for shipments made according to the delivery terms, as the fee was not fixed or determinable or collectability was not reasonably assured. For these customers, the Company is utilizing a cash basis of accounting with cash applied first against accounts receivable balances, then costs of shipments (inventory and value added taxes) before recognizing any gross margin. Payments of $3.7 million, $3.4 million, and $5.2 million, were received from these customers during the years ended March 31, 2014, 2013, and 2012, respectively, for past shipments and recorded as revenue. | ||||||||||||
For certain arrangements, such as contracts to perform research and development, prototype development contracts and certain product sales, the Company records revenues using the percentage-of-completion method, measured by the relationship of costs incurred to total estimated contract costs. Percentage-of-completion revenue recognition accounting is predominantly used on long-term prototype development contracts with the U.S. government and certain commercial turnkey contracts. The Company follows this method since reasonably dependable estimates of the revenues and costs applicable to various stages of a contract can be made. However, the ability to reliably estimate total costs at completion is challenging, especially on long-term prototype development contracts, and could result in future changes in contract estimates. For contracts where reasonably dependable estimates of the revenues and costs cannot be made, the Company follows the completed-contract method. | ||||||||||||
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of certain products may include extended warranty and support or service packages, and at times include performance bonds. As these contracts progress, the Company continually assesses the probability of a payout from the performance bond. Should the Company determine that such a payout is likely; the Company would record a liability. The Company would reduce revenue to the extent a liability is recorded. In addition, the Company enters into licensing arrangements that include training services. | ||||||||||||
Deliverables are separated into more than one unit of accounting when (1) the delivered element(s) have value to the customer on a stand-alone basis, and (2) delivery of the undelivered element(s) is probable and substantially in the control of the Company. In general, revenues are separated between the different product shipments which have stand-alone value, and the various services to be provided. Revenue for product shipments is recognized in accordance with the Company’s policy for product sales, while revenues for the services are recognized over the period of performance. The Company has determined that the licenses have no standalone value to the customer and are not separable from training services as the Company can only fully transfer the technology knowhow through the training component. Accordingly, the Company accounts for these arrangements as a single unit of accounting, and recognizes revenue over the period of the Company’s performance and milestones that have been achieved. Costs for these arrangements are expensed as incurred. The Company identifies all goods and/or services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on the element’s fair value as determined by vendor-specific objective evidence (“VSOE”), which is the price charged when that element is sold separately, or third-party evidence (“TPE”). When VSOE and TPE are unavailable, fair value is based on the Company’s best estimate of selling price utilizing a cost plus reasonable margin consistent with how the Company has set pricing historically for similar products and services. When the Company’s estimates are used to determine fair value, management makes its estimates using reasonable and objective evidence to determine the price. The Company reviews VSOE and TPE at least annually. If the Company concludes it is unable to establish fair values for one or more undelivered elements within a multiple-element arrangement using VSOE then the Company uses TPE or the best estimate of the selling price for that unit of accounting, being the price at which the vendor would transact if the unit of accounting were sold by the vendor regularly on a standalone basis. | ||||||||||||
The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or costs of revenue. | ||||||||||||
Customer deposits received in advance of revenue recognition are recorded as deferred revenue until customer acceptance is received. Deferred revenue also represents the amount billed to and/or collected from commercial and government customers on contracts which permit billings to occur in advance of contract performance/revenue recognition. | ||||||||||||
Product Warranty | ' | |||||||||||
Product Warranty | ||||||||||||
Warranty obligations are incurred in connection with the sale of the Company’s products. The Company generally provides a one to three year warranty on its products, commencing upon installation. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. Future warranty costs are estimated based on historical performance rates and related costs to repair given products. The accounting estimate related to product warranty involves judgment in determining future estimated warranty costs. Should actual performance rates or repair costs differ from estimates, revision to the estimated warranty liability would be required. | ||||||||||||
Research and Development Costs | ' | |||||||||||
Research and Development Costs | ||||||||||||
Research and development costs are expensed as incurred. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The Company’s provision for income taxes is composed of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The deferred income tax provision is calculated for the estimated future tax effects attributable to temporary differences and carry-forwards using expected tax rates in effect in the years during which the differences are expected to reverse. | ||||||||||||
Deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each fiscal year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. The Company has provided a valuation allowance against its U.S. and foreign deferred income tax assets since the Company believes that it is more likely than not that these deferred tax assets are not currently realizable due to uncertainty around profitability in the future. | ||||||||||||
Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. The Company includes interest and penalties related to gross unrecognized tax benefits within the provision for income taxes. | ||||||||||||
The Company evaluates its permanent reinvestment assertions with respect to foreign earnings at each reporting period. The Company has not recorded a deferred tax asset for the temporary difference associated with the excess of the tax basis over its book basis in its Austrian subsidiary as the future tax benefit is not expected to reverse in the foreseeable future. The Company has recorded a deferred tax liability as of March 31, 2014 for the undistributed earnings of its remaining foreign subsidiaries for which it can no longer assert are permanently reinvested. The total amount of undistributed earnings available to be repatriated at March 31, 2014 was $1.5 million resulting in the recording of a $0.5 million net deferred federal and state income tax liability. | ||||||||||||
Stock-Based Compensation | ' | |||||||||||
Stock-Based Compensation | ||||||||||||
The Company accounts for stock-based payment transactions using a fair value-based method and recognizes the related expense in the results of operations. | ||||||||||||
Stock-based compensation is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period of the award. The fair value of restricted stock awards is determined by reference to the fair market value of the Company’s common stock on the date of grant. The Company uses the Black-Scholes option pricing model to estimate the fair value of awards with service and performance conditions. For awards with service conditions only, the Company recognizes compensation cost on a straight-line basis over the requisite service/vesting period. For awards with performance conditions, accruals of compensation cost are made based on the probable outcome of the performance conditions. The cumulative effect of changes in the probability outcomes are recorded in the period in which the changes occur. | ||||||||||||
Determining the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatilities of the Company’s common stock and expected terms. The expected volatility rates are estimated based on historical and implied volatilities of the Company’s common stock. The expected term represents the average time that the options that vest are expected to be outstanding based on the vesting provisions and the Company’s historical exercise, cancellation and expiration patterns. | ||||||||||||
The Company estimates pre-vesting forfeitures when recognizing compensation expense based on historical and forward-looking factors. Changes in estimated forfeiture rates and differences between estimated forfeiture rates and actual experience may result in significant, unanticipated increases or decreases in stock-based compensation expense from period to period. The termination of employment of certain employees who hold large numbers of stock-based awards may also have a significant, unanticipated impact on forfeiture experience and, therefore, on stock-based compensation expense. The Company will update these assumptions on at least an annual basis and on an interim basis if significant changes to the assumptions are warranted. | ||||||||||||
Computation of Net Loss Per Common Share | ' | |||||||||||
Computation of Net Loss per Common Share | ||||||||||||
Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. For the years ended March 31, 2014, 2013, and 2012, common equivalent shares of 6,431,584, 10,725,840, and 2,290,416, respectively, were not included in the calculation of diluted EPS as they were considered antidilutive. The following table reconciles the numerators and denominators of the EPS calculation for the years ended March 31, 2014, 2013, and 2012 (in thousands except per share amounts): | ||||||||||||
Year ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (56,258 | ) | $ | (66,131 | ) | $ | (136,827 | ) | |||
Denominator: | ||||||||||||
Weighted-average shares of common stock outstanding | 64,111 | 53,537 | 51,144 | |||||||||
Weighted-average shares subject to repurchase | (1,489 | ) | (467 | ) | (302 | ) | ||||||
Shares used in per-share calculation ― basic | 62,622 | 53,070 | 50,842 | |||||||||
Shares used in per-share calculation ― diluted | 62,622 | 53,070 | 50,842 | |||||||||
Net loss per share ― basic | $ | (0.90 | ) | $ | (1.25 | ) | $ | (2.69 | ) | |||
Net loss per share ― diluted | $ | (0.90 | ) | $ | (1.25 | ) | $ | (2.69 | ) | |||
Foreign Currency Translation | ' | |||||||||||
Foreign Currency Translation | ||||||||||||
The functional currency of all the Company’s foreign subsidiaries is the U.S. dollar, except for AMSC Austria, for which the local currency (Euro) is the functional currency, and AMSC China, for which the local currency (Renminbi) is the functional currency. The assets and liabilities of AMSC Austria and AMSC China are translated into U.S. dollars at the exchange rate in effect at the balance sheet date and income and expense items are translated at average rates for the period. Cumulative translation adjustments are excluded from net loss and shown as a separate component of stockholders’ equity. Net foreign currency transaction gains (losses) are included in net loss and were ($0.1) million, $1.0 million, and $3.1 million for the years ended March 31, 2014, 2013 and 2012, respectively. The Company has no restrictions on the foreign exchange activities of its foreign subsidiaries, including the payment of dividends and other distributions. | ||||||||||||
Risks and Uncertainties | ' | |||||||||||
Risks and Uncertainties | ||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates and would impact future results of operations and cash flows. | ||||||||||||
The Company invests its available cash with high-credit, quality financial instruments and invests primarily in investment-grade marketable securities, including, but not limited to, government obligations, money market funds and corporate debt instruments. | ||||||||||||
Several of the Company’s government contracts are being funded incrementally, and as such, are subject to the future authorization, appropriation, and availability of government funding. The Company has a history of successfully obtaining financing under incrementally-funded contracts with the U.S. government and it expects to continue to receive additional contract modifications in the year ending March 31, 2014 and beyond as incremental funding is authorized and appropriated by the government. | ||||||||||||
Contingencies | ' | |||||||||||
Contingencies | ||||||||||||
From time to time, the Company may be involved in legal and administrative proceedings and claims of various types. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. Management reviews these estimates in each accounting period as additional information is known and adjusts the loss provision when appropriate. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the consolidated financial statements. If, with respect to a matter, it is not both probable to result in liability and the amount of loss cannot be reasonably estimated, an estimate of possible loss or range of loss is disclosed unless such an estimate cannot be made. The Company does not recognize gain contingencies until they are realized. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company recorded a loss contingency of $1.8 million for the year ended March 31, 2013. (See Note 13, “Commitments and Contingencies,” for further information regarding the Company’s pending litigation.) | ||||||||||||
Debt | ' | |||||||||||
Debt | ||||||||||||
For debt arrangements, the Company considers any embedded equity-linked components and accounts for the fair value of any embedded warrants and derivatives. The Company elects not to use the fair value option for recording debt arrangements and elects to record the debt at the stated value of the loan agreement on the date of issuance. Any other elements present are reviewed to determine if they are embedded derivatives requiring bifurcation and requiring valuation under the fair value option. Derivatives and warrants, which meet the condition to satisfy an obligation by issuing a variable number of equity shares, are recorded at fair value. The carrying value assigned to the host instrument will be the difference between the previous carrying value of the host instrument and the fair value of the warrants and derivatives. There is no immediate gain/loss from the initial recognition and measurement if the embedded derivative is accounted for separately from its host contract. There is an offsetting debt discount or premium as a result of the fair value assigned to the warrants and derivatives, as well as any debt issuance costs, which is amortized under the effective interest method over the term of the loan. Each reporting period, fair value is assessed for the warrants and derivatives with the change in value being recorded as other income/loss. (See Note 9, “Debt,” and Note 10, “Warrants and Derivative Liabilities,” for a full discussion regarding the activity and financial impact for the Company’s debt, warrants and derivative liabilities.) | ||||||||||||
Disclosure of Fair Value of Financial Instruments | ' | |||||||||||
Disclosure of Fair Value of Financial Instruments | ||||||||||||
The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, warrants to purchase shares of common stock, derivatives, a senior convertible note and senior secured term loan. The carrying amounts of these instruments approximate fair value at March 31, 2014 and 2013. The estimated fair values have been determined through information obtained from market sources and management estimates. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Estimated Useful Life of Property, Plant and Equipment | ' | |||||||||||
Property, plant and equipment are carried at cost less accumulated depreciation and amortization. The Company accounts for depreciation and amortization using the straight-line method to allocate the cost of property, plant and equipment over their estimated useful lives as follows: | ||||||||||||
Asset Classification | Estimated Useful Life in Years | |||||||||||
Building | 40 | |||||||||||
Process upgrades to the building | Oct-40 | |||||||||||
Machinery and equipment | 10-Mar | |||||||||||
Furniture and fixtures | 5-Mar | |||||||||||
Leasehold improvements | Shorter of the estimated useful life or the remaining lease term | |||||||||||
Reconciliation of Numerators and Denominators of EPS Calculation | ' | |||||||||||
Year ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (56,258 | ) | $ | (66,131 | ) | $ | (136,827 | ) | |||
Denominator: | ||||||||||||
Weighted-average shares of common stock outstanding | 64,111 | 53,537 | 51,144 | |||||||||
Weighted-average shares subject to repurchase | (1,489 | ) | (467 | ) | (302 | ) | ||||||
Shares used in per-share calculation ― basic | 62,622 | 53,070 | 50,842 | |||||||||
Shares used in per-share calculation ― diluted | 62,622 | 53,070 | 50,842 | |||||||||
Net loss per share ― basic | $ | (0.90 | ) | $ | (1.25 | ) | $ | (2.69 | ) | |||
Net loss per share ― diluted | $ | (0.90 | ) | $ | (1.25 | ) | $ | (2.69 | ) | |||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Schedule of Assets and Liabilities Carried at Fair Value | ' | |||||||||||||||
The following table provides the assets and liabilities carried at fair value, measured as of March 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 17,675 | $ | 17,675 | $ | - | $ | - | ||||||||
Derivative liabilities: | ||||||||||||||||
Warrants | $ | 2,601 | $ | - | $ | - | $ | 2,601 | ||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 18,649 | $ | 18,649 | $ | - | $ | - | ||||||||
Derivative liabilities: | ||||||||||||||||
Derivative liability | $ | 529 | $ | - | $ | - | $ | 529 | ||||||||
Warrants | $ | 3,633 | $ | - | $ | - | $ | 3,633 | ||||||||
Schedule of Liabilities Measured at Fair Value | ' | |||||||||||||||
The table below reflects the activity for the Company’s major classes of liabilities measured at fair value for the years ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Derivative | ||||||||||||||||
Liability | Warrants | |||||||||||||||
April 1, 2013 | $ | 529 | $ | 3,633 | ||||||||||||
Warrant issuance with Senior Secured Term Loan | - | 315 | ||||||||||||||
Mark to market adjustment | (525 | ) | (1,347 | ) | ||||||||||||
Extinguishment of derivative liability | (4 | ) | - | |||||||||||||
Balance at March 31, 2014 | $ | - | $ | 2,601 | ||||||||||||
Derivative | ||||||||||||||||
Liability | Warrants | |||||||||||||||
April 1, 2012 | $ | - | $ | - | ||||||||||||
Valuation of original derivative liability | 3,779 | - | ||||||||||||||
Warrant issuance with Senior Convertible Note | - | 7,018 | ||||||||||||||
Warrant issuance with Senior Secured Term Loan | - | 380 | ||||||||||||||
Valuation of derivative liability attributable to modification | 542 | - | ||||||||||||||
Mark to market adjustment | (3,792 | ) | (3,765 | ) | ||||||||||||
Balance at March 31, 2013 | $ | 529 | $ | 3,633 | ||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ' | |||||||||||||||
The following table provides the assets and liabilities measured at fair value on a non-recurring basis, as of March 31, 2014 (in thousands): | ||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Carrying | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Investment in unconsolidated entity – Blade Dynamics | $ | 3,690 | $ | $ | $ | 3,690 | ||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Accounts Receivable | ' | |||||||
Accounts receivable at March 31, 2014 and 2013 consisted of the following (in thousands): | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Accounts receivable (billed) | $ | 6,113 | $ | 17,222 | ||||
Accounts receivable (unbilled) | 1,459 | 1,642 | ||||||
Less: Allowance for doubtful accounts | (16 | ) | - | |||||
Accounts receivable, net | $ | 7,556 | $ | 18,864 | ||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Inventory | ' | |||||||
Inventory at March 31, 2014 and 2013 consisted of the following (in thousands): | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 3,304 | $ | 5,966 | ||||
Work-in-process | 4,047 | 3,427 | ||||||
Finished goods | 10,275 | 21,655 | ||||||
Deferred program costs | 3,068 | 2,425 | ||||||
Net inventory | $ | 20,694 | $ | 33,473 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Cost and Accumulated Depreciation of Property and Equipment | ' | |||||||
The cost and accumulated depreciation of property and equipment at March 31, 2014 and 2013 are as follows (in thousands): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 3,643 | $ | 3,643 | ||||
Construction in progress - equipment | 117 | 14,505 | ||||||
Buildings | 34,341 | 34,398 | ||||||
Equipment and software | 83,861 | 71,116 | ||||||
Furniture and fixtures | 1,353 | 1,626 | ||||||
Leasehold improvements | 5,211 | 5,556 | ||||||
Property, plant and equipment, gross | 128,526 | 130,844 | ||||||
Less accumulated depreciation | (63,952 | ) | (56,218 | ) | ||||
Property, plant and equipment, net | $ | 64,574 | $ | 74,626 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Schedule of Intangible Assets | ' | |||||||||||||||||||||||||
Intangible assets at March 31, 2014 and 2013 consisted of the following (in thousands): | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | Estimated | ||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | Useful Life | ||||||||||||||||||||
Licenses | $ | 4,473 | $ | (2,962 | ) | $ | 1,511 | $ | 5,349 | $ | (3,366 | ) | $ | 1,983 | 7 | |||||||||||
Trade names and trademarks | 1,250 | (1,250 | ) | - | 1,165 | (1,040 | ) | 125 | 7 | |||||||||||||||||
Core technology and know-how | 5,736 | (5,252 | ) | 484 | 5,453 | (4,812 | ) | 641 | 10-May | |||||||||||||||||
Intangible assets | $ | 11,459 | $ | (9,464 | ) | $ | 1,995 | $ | 11,967 | $ | (9,218 | ) | $ | 2,749 | ||||||||||||
Schedule of Expected Future Amortization Expense | ' | |||||||||||||||||||||||||
Expected future amortization expense related to intangible assets is as follows (in thousands): | ||||||||||||||||||||||||||
For the years ended March 31, | Total | |||||||||||||||||||||||||
2015 | $ | 573 | ||||||||||||||||||||||||
2016 | 568 | |||||||||||||||||||||||||
2017 | 553 | |||||||||||||||||||||||||
2018 | 301 | |||||||||||||||||||||||||
Total | $ | 1,995 | ||||||||||||||||||||||||
Schedule of Geographic Composition of Goodwill and Intangible Assets | ' | |||||||||||||||||||||||||
The geographic composition of intangible assets is as follows (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Intangible assets by geography: | ||||||||||||||||||||||||||
U.S. | $ | 1,995 | $ | 2,624 | ||||||||||||||||||||||
Europe | - | 125 | ||||||||||||||||||||||||
Total | $ | 1,995 | $ | 2,749 | ||||||||||||||||||||||
Schedule of Business Segment Composition of Intangible Assets | ' | |||||||||||||||||||||||||
The business segment composition of intangible assets is as follows (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Intangible assets by business segments: | ||||||||||||||||||||||||||
Wind | $ | - | $ | 152 | ||||||||||||||||||||||
Grid | 1,995 | 2,597 | ||||||||||||||||||||||||
Total | $ | 1,995 | $ | 2,749 | ||||||||||||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Accounts Payable and Accrued Expenses | ' | |||||||
Accounts payable and accrued expenses consisted of the following (in thousands): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Accounts payable | $ | 1,749 | $ | 7,146 | ||||
Accrued inventories in-transit | 212 | 779 | ||||||
Accrued miscellaneous expenses | 6,076 | 9,172 | ||||||
Accrued outside services | 3,716 | 2,251 | ||||||
Accrued subcontractor program costs | 290 | 2,442 | ||||||
Accrued compensation | 5,939 | 5,506 | ||||||
Income taxes payable | 173 | 133 | ||||||
Accrued adverse purchase commitments | 402 | 1,440 | ||||||
Accrued warranty | 3,207 | 2,709 | ||||||
Total | $ | 21,764 | $ | 31,578 | ||||
Schedule of Product Warranty Activity | ' | |||||||
The Company generally provides a one to three year warranty on its products, commencing upon installation. A provision is recorded upon revenue recognition to cost of revenues for estimated warranty expense based on historical experience. The following is a summary of accrued warranty activity (in thousands): | ||||||||
For the years ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 2,709 | $ | 5,896 | ||||
Change in accruals for warranties during the period | 1,717 | 1,371 | ||||||
Settlements during the period | (1,219 | ) | (4,558 | ) | ||||
Balance at end of period | $ | 3,207 | $ | 2,709 | ||||
Warrants_and_Derivative_Liabil1
Warrants and Derivative Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Schedule of Fair Value Assumptions Used to Calculate Value of Convertible Note Derivative Feature | ' | |||||||||||||||||||||||||||
Following is a summary of the key assumptions used to value the convertible notes derivative feature: | ||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | |||||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||
Principal outstanding (000's) | $ — | $ | 10,411 | $ | 10,411 | $ | 14,389 | |||||||||||||||||||||
Stock price | N/A | $ | 1.64 | $ | 2.34 | $ | 2.64 | |||||||||||||||||||||
Percentage volume condition met | — % | 87.2 | % | 80.2 | % | 87.5 | % | |||||||||||||||||||||
Expected volatility | — % | 68.6 | % | 66.3 | % | 65.8 | % | |||||||||||||||||||||
Risk free rate | — % | 0.12 | % | 0.1 | % | 0.21 | % | |||||||||||||||||||||
Bond yield | — % | 16.5 | % | 15.5 | % | 16.7 | % | |||||||||||||||||||||
Recovery rate | — % | 35 | % | 35 | % | 37 | % | |||||||||||||||||||||
Redeemable | N/A | yes | yes | yes | ||||||||||||||||||||||||
Total time (years) | — | 0.75 | 1 | 1.26 | ||||||||||||||||||||||||
Dilution effect | N/A | yes | yes | yes | ||||||||||||||||||||||||
Fair value | $ — | $ — | $ 0.2 million | $ 0.5 million | ||||||||||||||||||||||||
Fair value as a percent of par | 0.02 | % | 0.7 | % | 3.3 | % | ||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | December 20, | December 20, | September 30, | June 30, | April 4, | ||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||
Principal outstanding (000's) | $ | 15,380 | $ | 20,944 | $ | 20,944 | $ | 24,074 | $ | 24,074 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Stock price | $ | 2.67 | $ | 2.62 | $ | 2.95 | $ | 2.95 | $ | 4.15 | $ | 4.68 | $ | 3.97 | ||||||||||||||
Percentage volume condition met | 80.5 | % | 94.5 | % | 94.9 | % | 28.6 | % | 51 | % | 75.2 | % | 85.9 | % | ||||||||||||||
Expected volatility | 66.9 | % | 73.5 | % | 72.5 | % | 72.5 | % | 70 | % | 71 | % | 75 | % | ||||||||||||||
Risk free rate | 0.2 | % | 0.23 | % | 0.25 | % | 0.25 | % | 0.23 | % | 0.33 | % | 0.44 | % | ||||||||||||||
Bond yield | 16.5 | % | 16.5 | % | 16.5 | % | 16.5 | % | 15 | % | 16 | % | 15 | % | ||||||||||||||
Recovery rate | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | ||||||||||||||
Redeemable | yes | yes | yes | yes | yes | yes | yes | |||||||||||||||||||||
Total time (years) | 1.51 | 1.76 | 1.79 | 1.79 | 2.01 | 2.28 | 2.5 | |||||||||||||||||||||
Dilution effect | yes | yes | yes | yes | yes | yes | yes | |||||||||||||||||||||
Fair value | $ 0.5 million | $ 1.0 million | $ 1.5 million | $ 0.9 million | $ 2.8 million | $ 4.5 million | $ 3.8 million | |||||||||||||||||||||
Fair value as a percent of par | 3.4 | % | 4.9 | % | 7.1 | % | 3.9 | % | 11.4 | % | 17.9 | % | 15.1 | % | ||||||||||||||
Securities Purchase Agreement | ' | |||||||||||||||||||||||||||
Schedule of Assumptions Used to Calculate the Fair Value of Warrants | ' | |||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the warrant: | ||||||||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | October 9, | October 9, | September 30, | June 30, | |||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.11 | % | 1.17 | % | 1.05 | % | 1.05 | % | 1.02 | % | 1.13 | % | ||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
Expected volatility | 81 | % | 75.6 | % | 71.5 | % | 71.5 | % | 72 | % | 71.9 | % | ||||||||||||||||
Term (years) | 3.51 | 3.76 | 3.99 | 3.99 | 4.01 | 4.27 | ||||||||||||||||||||||
Fair value | $ 2.2 million | $ 2.2 million | $ 3.2 million | $ 2.2 million | $ 2.5 million | $ 3.0 million | ||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | April 4, | ||||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.67 | % | 0.75 | % | 0.63 | % | 0.77 | % | 1.19 | % | ||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||
Expected volatility | 71.7 | % | 80.6 | % | 80.9 | % | 80.8 | % | 80 | % | ||||||||||||||||||
Term (years) | 4.51 | 4.76 | 5.01 | 5.28 | 5.5 | |||||||||||||||||||||||
Fair value | $ 3.4 million | $ 4.4 million | $ 7.1 million | $ 8.6 million | $ 7.0 million | |||||||||||||||||||||||
Loan and Security Agreement | ' | |||||||||||||||||||||||||||
Schedule of Assumptions Used to Calculate the Fair Value of Warrants | ' | |||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the warrant: | ||||||||||||||||||||||||||||
Post-modification | Pre-modification | |||||||||||||||||||||||||||
March 31, | December 31, | November 15, | November 15, | September 30, | June 30, | |||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.18 | % | 1.24 | % | 1 | % | 1 | % | 1.09 | % | 1.2 | % | ||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||
Expected volatility | 80.73 | % | 74.79 | % | 72.64 | % | 72.64 | % | 72.1 | % | 72.3 | % | ||||||||||||||||
Term (years) | 3.68 | 3.93 | 4.05 | 4.05 | 4.18 | 4.43 | ||||||||||||||||||||||
Fair value | $ 0.1 million | $ 0.1 million | $ 0.1 million | $ 0.1 million | $ 0.2 million | $ 0.2 million | ||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | June 5, | ||||||||||||||||||||||||
Fiscal Year 12 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||
Risk-free interest rate | 0.7 | % | 0.75 | % | 0.64 | % | 0.8 | % | 0.77 | % | ||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||
Expected volatility | 72.01 | % | 80.14 | % | 81.18 | % | 80.32 | % | 79.99 | % | ||||||||||||||||||
Term (years) | 4.68 | 4.93 | 5.18 | 5.44 | 5.5 | |||||||||||||||||||||||
Fair value | $ 0.2 million | $ 0.2 million | $ 0.4 million | $ 0.5 million | $ 0.4 million | |||||||||||||||||||||||
Senior Secured Term Loan b Second Warrant | ' | |||||||||||||||||||||||||||
Schedule of Assumptions Used to Calculate the Fair Value of Warrants | ' | |||||||||||||||||||||||||||
Following is a summary of the key assumptions used to calculate the fair value of the Second Warrant: | ||||||||||||||||||||||||||||
New Issuance | ||||||||||||||||||||||||||||
March 31, | December 31, | November 15, | ||||||||||||||||||||||||||
Fiscal Year 13 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||
Risk-free interest rate | 1.76 | % | 1.89 | % | 1.55 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | ||||||||||||||||||||||
Expected volatility | 79.73 | % | 80.37 | % | 76.97 | % | ||||||||||||||||||||||
Term (years) | 5.12 | 5.37 | 5.49 | |||||||||||||||||||||||||
Fair value | $ 0.3 million | $ 0.3 million | $ 0.3 million | |||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Schedule of Income (Loss) Before Income Taxes | ' | |||||||||||
Income (loss) before income taxes for the years ended March 31, 2014, 2013, and 2012 are provided in the table as follows (in thousands): | ||||||||||||
For the years ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income (loss) before income tax expense: | ||||||||||||
U.S. | $ | (91,558 | ) | $ | (66,975 | ) | $ | (107,301 | ) | |||
Foreign | 36,152 | 580 | (28,157 | ) | ||||||||
Total | $ | (55,406 | ) | $ | (66,395 | ) | $ | (135,458 | ) | |||
Schedule of Components of Income Tax Expense (Benefit) Attributable to Continuing Operations | ' | |||||||||||
The components of income tax expense (benefit) attributable to continuing operations consist of the following (in thousands): | ||||||||||||
For the years ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal | $ | 287 | $ | 94 | $ | - | ||||||
State | - | - | - | |||||||||
Foreign | 614 | (438 | ) | 1,369 | ||||||||
Total current | 901 | (344 | ) | 1,369 | ||||||||
Deferred | ||||||||||||
Federal | (49 | ) | 93 | - | ||||||||
State | - | - | - | |||||||||
Foreign | - | (13 | ) | - | ||||||||
Total deferred | (49 | ) | 80 | - | ||||||||
Income tax (benefit) expense | $ | 852 | $ | (264 | ) | $ | 1,369 | |||||
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate | ' | |||||||||||
The reconciliation between the statutory federal income tax rate and the Company’s effective income tax rate is shown below. | ||||||||||||
For the years ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | (34 | )% | (34 | )% | (34 | )% | ||||||
State income taxes, net of federal benefit | - | (3 | ) | (2 | ) | |||||||
Deemed dividend | 1 | 2 | 3 | |||||||||
Foreign income tax rate differential | (6 | ) | (2 | ) | 3 | |||||||
Stock options | 2 | (2 | ) | 1 | ||||||||
Nondeductible expenses | 1 | 1 | - | |||||||||
Research and development tax credit | - | (1 | ) | (1 | ) | |||||||
Deferred Warrants | -1 | - | - | |||||||||
Interest expense | 5 | 7 | - | |||||||||
Extinguishment of debt | 3 | - | - | |||||||||
Valuation allowance | 30 | 32 | 31 | |||||||||
Effective income tax rate | 1 | % | - | % | 1 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The following is a summary of the principal components of the Company’s deferred tax assets and liabilities (in thousands): | ||||||||||||
For the years ended March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 260,254 | $ | 239,040 | ||||||||
Research and development and other tax credit carryforwards | 10,613 | 10,112 | ||||||||||
Accruals and reserves | 36,214 | 35,490 | ||||||||||
Fixed assets and intangible assets | 2,855 | 4,101 | ||||||||||
Other | 19,594 | 18,292 | ||||||||||
Gross deferred tax assets | 329,530 | 307,035 | ||||||||||
Valuation allowance | (282,824 | ) | (261,961 | ) | ||||||||
Total deferred tax assets | 46,706 | 45,074 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intercompany debt | (36,102 | ) | (35,185 | ) | ||||||||
Other | (10,641 | ) | (9,979 | ) | ||||||||
Total deferred tax liabilities | (46,743 | ) | (45,164 | ) | ||||||||
Net deferred tax liabilities | $ | (37 | ) | $ | (90 | ) | ||||||
Schedule of Uncertainties in Income Tax Provision Liability | ' | |||||||||||
A tabular roll-forward of the Company’s uncertainties in income tax provision liability is presented below (in thousands): | ||||||||||||
Balance at March 31, 2012 | $ | 1,061 | ||||||||||
Increase for tax positions | - | |||||||||||
Balance at March 31, 2013 | $ | 1,061 | ||||||||||
Increase for tax positions | - | |||||||||||
Balance at March 31, 2014 | $ | 1,061 | ||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Components of Employee Stock-Based Compensation | ' | ||||||||||||||
The components of employee stock-based compensation for the years ended March 31, 2014, 2013 and 2012 were as follows (in thousands): | |||||||||||||||
For the Years Ended March 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Stock options | $ | 2,730 | $ | 3,389 | $ | 6,177 | |||||||||
Restricted stock and stock awards | 7,936 | 4,698 | 3,633 | ||||||||||||
Employee stock purchase plan | 30 | 51 | 54 | ||||||||||||
Total stock-based compensation expense | $ | 10,696 | $ | 8,138 | $ | 9,864 | |||||||||
Summary of Employee Stock-Based Compensation Expense by Financial Statement Line Item | ' | ||||||||||||||
The following table summarizes employee stock-based compensation expense by financial statement line item for the years ended March 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Cost of revenues | $ | 1,002 | $ | 726 | $ | 1,121 | |||||||||
Research and development | 2,751 | 2,456 | 2,562 | ||||||||||||
Selling, general and administrative | 6,943 | 4,956 | 6,181 | ||||||||||||
Total | $ | 10,696 | $ | 8,138 | $ | 9,864 | |||||||||
Summary of Employee and Non-Employee Stock Options Activity | ' | ||||||||||||||
The following table summarizes the information concerning currently outstanding and exercisable employee and non-employee options: | |||||||||||||||
Weighted- | |||||||||||||||
Weighted- | Average | ||||||||||||||
Average | Remaining | Aggregate | |||||||||||||
Options/ | Exercise | Contractual | Intrinsic Value | ||||||||||||
Shares | Price | Term | (thousands) | ||||||||||||
Outstanding at March 31, 2013 | 2,671,194 | $ | 13.77 | ||||||||||||
Granted at fair value | 830,765 | 2.48 | |||||||||||||
Exercised | - | - | |||||||||||||
Cancelled/forfeited | (560,121 | ) | 11.93 | ||||||||||||
Outstanding at March 31, 2014 | 2,941,838 | $ | 10.93 | 6.7 | $ | - | |||||||||
Exercisable at March 31, 2014 | 1,484,288 | $ | 15.22 | 5 | $ | - | |||||||||
Fully vested and expected to vest at March 31, 2014 | 2,836,755 | $ | 11.15 | 6.6 | $ | - | |||||||||
Schedule of Weighted Average Assumptions Used in the Black-Scholes Valuation Model for Stock Options Granted | ' | ||||||||||||||
The weighted average assumptions used in the Black-Scholes valuation model for stock options granted during the years ended March 31, 2014, 2013, and 2012 are as follows: | |||||||||||||||
For the Years Ended March 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Expected volatility | 75.1 | % | 72 | % | 70 | % | |||||||||
Risk-free interest rate | 1.7 | % | 0.9 | % | 1.8 | % | |||||||||
Expected life (years) | 5.9 | 5.9 | 5.9 | ||||||||||||
Dividend yield | None | None | None | ||||||||||||
Summary of the Employee and Non-Employee Restricted Stock Activity | ' | ||||||||||||||
The following table summarizes the employee and non-employee restricted stock activity for the year ended March 31, 2014: | |||||||||||||||
Weighted | Intrinsic | ||||||||||||||
Average | Aggregate | ||||||||||||||
Grant Date | Value | ||||||||||||||
Shares | Fair Value | (thousands) | |||||||||||||
Outstanding at March 31, 2013 | 2,404,825 | $ | 4.58 | ||||||||||||
Granted | 1,945,610 | 2.3 | |||||||||||||
Vested | (1,740,959 | ) | 3.91 | ||||||||||||
Forfeited | (194,112 | ) | 3.54 | ||||||||||||
Outstanding at March 31, 2014 | 2,415,364 | $ | 3.34 | $ | 3,889 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Schedule of Minimum Future Lease Commitments | ' | |||||||||||
Minimum future lease commitments at March 31, 2014 were as follows (in thousands): | ||||||||||||
For the years ended March 31, | Total | |||||||||||
2015 | $ | 1,764 | ||||||||||
2016 | 1,166 | |||||||||||
2017 | 674 | |||||||||||
2018 | 423 | |||||||||||
2019 | 211 | |||||||||||
Thereafter | 378 | |||||||||||
Total | $ | 4,616 | ||||||||||
Schedule of Rent Expense Under Operating Leases | ' | |||||||||||
Rent expense under the operating leases mentioned above was as follows (in thousands): | ||||||||||||
For the years ended | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Rent expense | $ | 2,152 | $ | 2,437 | $ | 3,336 | ||||||
Minority_Investments_Tables
Minority Investments (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Schedule of Net Investment in Tres Amigas LLC | ' | |||
The net investment activity for the year ended March 31, 2014 is as follows (in thousands): | ||||
Balance at April 1, 2013 | $ | 2,853 | ||
Minority interest in net losses | (1,008 | ) | ||
Balance at March 31, 2014 | $ | 1,845 | ||
Schedule of Net Investment in Blade Dynamics Ltd | ' | |||
The net investment activity for the year ended March 31, 2014 is as follows (in thousands): | ||||
Balance at April 1, 2013 | $ | 4,611 | ||
Net foreign exchange rate impact | 344 | |||
Impairment | (1,265 | ) | ||
Balance at March 31, 2014 | $ | 3,690 | ||
Restructuring_and_Impairments_
Restructuring and Impairments (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Schedule of Restructuring Charges and Cash Payments | ' | |||||||||||
The following table presents restructuring charges and cash payments (in thousands): | ||||||||||||
Severance pay | Facility | |||||||||||
and benefits | exit costs | Total | ||||||||||
Accrued restructuring balance at April 1, 2012 | $ | 680 | $ | 294 | $ | 974 | ||||||
Charges to operations | 2,501 | 436 | 2,937 | |||||||||
Cash payments | (3,036 | ) | (676 | ) | (3,712 | ) | ||||||
Accrued restructuring balance at March 31, 2013 | $ | 145 | $ | 54 | $ | 199 | ||||||
Charges to operations | 1,710 | 23 | 1,733 | |||||||||
Cash payments | (836 | ) | (37 | ) | (873 | ) | ||||||
Non-cash/miscellaneous reductions | (175 | ) | (39 | ) | (215 | ) | ||||||
Accrued restructuring balance at March 31, 2014 | $ | 844 | $ | 0 | $ | 844 | ||||||
Business_Segment_and_Geographi1
Business Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Operating Results for Two Business Segments | ' | |||||||||||
The operating results for the two business segments are as follows (in thousands): | ||||||||||||
For the Years Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Wind | $ | 55,608 | $ | 44,231 | $ | 44,642 | ||||||
Grid | 28,509 | 43,188 | 31,901 | |||||||||
Total | $ | 84,117 | $ | 87,419 | $ | 76,543 | ||||||
2014 | 2013 | 2012 | ||||||||||
Operating loss: | ||||||||||||
Wind | $ | (5,213 | ) | $ | (16,098 | ) | $ | (62,217 | ) | |||
Grid | (22,523 | ) | (23,815 | ) | (29,645 | ) | ||||||
Unallocated corporate expenses | (13,693 | ) | (17,828 | ) | (44,577 | ) | ||||||
Total | $ | (41,429 | ) | $ | (57,741 | ) | $ | (136,439 | ) | |||
Total Business Segments Assets | ' | |||||||||||
Total business segments assets are as follows (in thousands): | ||||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | |||||||||||
Wind | $ | 36,701 | $ | 67,111 | ||||||||
Grid | 54,342 | 72,800 | ||||||||||
Corporate assets | 77,466 | 76,843 | ||||||||||
Total | $ | 168,509 | $ | 216,754 | ||||||||
Geographic Information about Revenue, Based on Shipments to Customers by Region | ' | |||||||||||
Geographic information about revenue, based on shipments to customers by region, is as follows (in thousands): | ||||||||||||
For the Years Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | $ | 11,013 | $ | 13,197 | $ | 21,347 | ||||||
Canada | 3,312 | 1,663 | 1,219 | |||||||||
Europe | 7,453 | 14,709 | 2,868 | |||||||||
China | 24,748 | 17,906 | 16,929 | |||||||||
Korea | 6,429 | 10,945 | 12,486 | |||||||||
India | 26,384 | 17,062 | 14,212 | |||||||||
Australia | 4,779 | 11,937 | 7,482 | |||||||||
Total | $ | 84,117 | $ | 87,419 | $ | 76,543 | ||||||
Geographic Information about Property, Plant and Equipment Associated with Particular Regions | ' | |||||||||||
Geographic information about property, plant and equipment associated with particular regions is as follows (in thousands): | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
North America | $ | 62,426 | $ | 71,127 | ||||||||
Europe | 1,232 | 1,941 | ||||||||||
Asia Pacific | 916 | 1,558 | ||||||||||
Total | $ | 64,574 | $ | 74,626 | ||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Schedule Of Quarterly Financial Data | ' | |||||||||||||||
(In thousands, except per share amount) | For the year ended March 31, 2014: | |||||||||||||||
Three Months Ended | June 30, | September 30, | December 31, | March 31, | ||||||||||||
2013 | 2013 | 2013 | 2014 | |||||||||||||
Total revenue | $ | 23,086 | $ | 24,181 | $ | 20,563 | $ | 16,287 | ||||||||
Operating loss | (8,850 | ) | (11,028 | ) | (6,675 | ) | (14,876 | ) | ||||||||
Net loss | (10,513 | ) | (14,623 | ) | (8,417 | ) | (22,705 | ) | ||||||||
Net loss per common share—basic | (0.18 | ) | (0.24 | ) | (0.14 | ) | (0.33 | ) | ||||||||
Net loss per common share—diluted | (0.18 | ) | (0.24 | ) | (0.14 | ) | (0.33 | ) | ||||||||
(In thousands, except per share amount) | For the year ended March 31, 2013: | |||||||||||||||
Three Months Ended | June 30, | September 30, | December 31, | March 31, | ||||||||||||
2012 | 2012 | 2012 | 2013 | |||||||||||||
Total revenue | $ | 28,716 | $ | 20,867 | $ | 17,417 | $ | 20,419 | ||||||||
Operating loss | (6,128 | ) | (14,970 | ) | (20,616 | ) | (16,027 | ) | ||||||||
Net loss | (10,275 | ) | (15,949 | ) | (20,135 | ) | (19,773 | ) | ||||||||
Net loss per common share—basic | (0.20 | ) | (0.31 | ) | (0.38 | ) | (0.35 | ) | ||||||||
Net loss per common share—diluted | (0.20 | ) | (0.31 | ) | (0.38 | ) | (0.35 | ) | ||||||||
Nature_of_the_Business_and_Ope1
Nature of the Business and Operations and Liquidity - Additional Information (Detail) (USD $) | 12 Months Ended | 36 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 02, 2014 | Apr. 04, 2012 | Jun. 05, 2012 | Nov. 15, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 15, 2013 |
Employees | Employees | ATM Arrangement | Senior Convertible Debt | Senior Convertible Debt | Senior Secured Term Loan | New Term Loan | MLV & Co. LLC | MLV & Co. LLC | MLV & Co. LLC | MLV & Co. LLC | ||||
ATM Arrangement | ATM Arrangement | ATM Arrangement | ||||||||||||
Description Of Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ($856,389,000) | ($800,131,000) | ' | ($856,389,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 43,114,000 | 39,243,000 | 46,279,000 | 43,114,000 | 123,783,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in operating activities | -13,267,000 | -45,271,000 | -141,042,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in global workforce, percentage | ' | ' | ' | 68.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of workforce persons | 269 | ' | ' | 269 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, face amount | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 10,000,000 | 10,000,000 | ' | ' | ' | ' |
Interest rate percentage | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' |
Debt conversion, shares issued | ' | ' | ' | ' | ' | ' | 6.6 | ' | ' | ' | ' | ' | ' | ' |
Common stock | 789,000 | 603,000 | ' | 789,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 |
Net proceeds from sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 4,100,000 | 7,500,000 | ' |
Sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 4.9 | ' |
Average sale price of share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.74 | $1.62 | ' |
Availability of cash | ' | ' | ' | ' | ' | $22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Inventory reserve | $300,000 | $300,000 | $2,200,000 | ' |
Benefit to cost of revenues | ' | 4,300,000 | 2,100,000 | 800,000 |
Impairment charge | 1,300,000 | 1,265,000 | 5,000,000 | 1,700,000 |
Payments received from customers | ' | 3,700,000 | 3,400,000 | 5,200,000 |
Percentage of tax benefit likely to be realized upon ultimate settlement | ' | 50.00% | ' | ' |
Repatriated amount | ' | 1,500,000 | ' | ' |
Federal and state deferred tax liability | 7,761,000 | 7,761,000 | 5,444,000 | ' |
Common equivalent shares not included in the calculation of diluted EPS | ' | 6,431,584 | 10,725,840 | 2,290,416 |
Net foreign currency transaction and hedging gains (losses) | ' | -100,000 | 1,000,000 | 3,100,000 |
Loss contingency accrual | ' | ' | 1,800,000 | ' |
Foriegn Earnings Repatriated | ' | ' | ' | ' |
Federal and state deferred tax liability | 500,000 | 500,000 | ' | ' |
Minimum | ' | ' | ' | ' |
Warranty period | ' | '1 year | ' | ' |
Maximum | ' | ' | ' | ' |
Warranty period | ' | '3 years | ' | ' |
Blade Dynamics Ltd | ' | ' | ' | ' |
Impairment charge | ' | $1,265,000 | ' | ' |
Inox Wind Limited | ' | ' | ' | ' |
Risk percentage | ' | 31.00% | 19.00% | 18.00% |
Inox Wind Limited | Accounts Receivable | ' | ' | ' | ' |
Risk percentage | ' | 20.00% | 41.00% | ' |
CG Power Solutions UK Ltd | Accounts Receivable | ' | ' | ' | ' |
Risk percentage | ' | 14.00% | 17.00% | ' |
Hyundai Heavy Industries Co Ltd | Accounts Receivable | ' | ' | ' | ' |
Risk percentage | ' | 13.00% | 11.00% | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Life of Property, Plant and Equipment (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Buildings | ' |
Property Plant And Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life in years | '40 years |
Leasehold Improvements | ' |
Property Plant And Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life in years, description | 'Shorter of the estimated useful life or the remaining lease term |
Minimum | Process Upgrades to the Building | ' |
Property Plant And Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life in years | '10 years |
Minimum | Machinery and Equipment | ' |
Property Plant And Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life in years | '3 years |
Minimum | Furniture and Fixtures | ' |
Property Plant And Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life in years | '3 years |
Maximum | Process Upgrades to the Building | ' |
Property Plant And Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life in years | '40 years |
Maximum | Machinery and Equipment | ' |
Property Plant And Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life in years | '10 years |
Maximum | Furniture and Fixtures | ' |
Property Plant And Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life in years | '5 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Reconciliation of Numerators and Denominators of EPS Calculation (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ($22,705) | ($8,417) | ($14,623) | ($10,513) | ($19,773) | ($20,135) | ($15,949) | ($10,275) | ($56,258) | ($66,131) | ($136,827) |
Weighted-average shares of common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 64,111 | 53,537 | 51,144 |
Weighted-average shares subject to repurchase | ' | ' | ' | ' | ' | ' | ' | ' | -1,489 | -467 | -302 |
Shares used in per-share calculation basic | ' | ' | ' | ' | ' | ' | ' | ' | 62,622 | 53,070 | 50,842 |
Shares used in per-share calculation diluted | ' | ' | ' | ' | ' | ' | ' | ' | 62,622 | 53,070 | 50,842 |
Basic | ($0.33) | ($0.14) | ($0.24) | ($0.18) | ($0.35) | ($0.38) | ($0.31) | ($0.20) | ($0.90) | ($1.25) | ($2.69) |
Diluted | ($0.33) | ($0.14) | ($0.24) | ($0.18) | ($0.35) | ($0.38) | ($0.31) | ($0.20) | ($0.90) | ($1.25) | ($2.69) |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures - Schedule of Assets and Liabilities Carried at Fair Value (Detail) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Apr. 04, 2012 |
In Thousands, unless otherwise specified | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | $17,675 | ' | ' | $18,649 | ' | ' | ' | ' |
Warrants | 2,601 | ' | ' | 3,633 | ' | ' | ' | ' |
Derivative liability | ' | 200 | 5,444 | 529 | 1,000 | 2,800 | 4,500 | 3,800 |
Quoted Prices in Active Markets (Level 1) | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | 17,675 | ' | ' | 18,649 | ' | ' | ' | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants | 2,601 | ' | ' | 3,633 | ' | ' | ' | ' |
Derivative liability | ' | ' | ' | $529 | ' | ' | ' | ' |
Fair_Value_Disclosures_Schedul1
Fair Value Disclosures - Schedule of Liabilities Measured at Fair Value (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Derivative Liability | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Beginning balance | ' | $529 | ' |
Valuation of original derivative liability | ' | 3,779 | ' |
Valuation of derivative liability attributable to modification | ' | 542 | ' |
Mark to market adjustment | -525 | -3,792 | ' |
Extinguishment of derivative liability | -4 | ' | ' |
Ending balance | ' | 529 | ' |
Warrants | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Beginning balance | 2,601 | 3,633 | ' |
Warrant issuance with Senior Convertible Note | ' | 7,018 | ' |
Warrant issuance with Senior Secured Term Loan | 315 | 380 | ' |
Mark to market adjustment | -1,347 | -3,765 | ' |
Ending balance | $2,601 | $3,633 | ' |
Fair_Value_Disclosures_Schedul2
Fair Value Disclosures - Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Detail) (Investment in Unconsolidated Entity b Blade Dynamics, USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' |
Assets | $3,690 |
Significant Unobservable Inputs (Level 3) | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' |
Assets | $3,690 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Impairment charge | $1,300 | $1,265 | $5,000 | $1,700 |
Accounts_Receivable_Schedule_o
Accounts Receivable - Schedule of Accounts Receivable (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Accounts receivable (billed) | $6,113 | $17,222 |
Accounts receivable (unbilled) | 1,459 | 1,642 |
Less: Allowance for doubtful accounts | -16 | ' |
Accounts receivable, net | $7,556 | $18,864 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Inox Wind Limited | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Risk percentage | 31.00% | 19.00% | 18.00% |
Accounts Receivable | Inox Wind Limited | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Risk percentage | 20.00% | 41.00% | ' |
Accounts Receivable | CG Power Solutions UK Ltd | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Risk percentage | 14.00% | 17.00% | ' |
Accounts Receivable | Hyundai Heavy Industries Co Ltd | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Risk percentage | 13.00% | 11.00% | ' |
Accounts Receivable | JINGCHENG New Energy | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Risk percentage | 13.00% | ' | ' |
Inventory_Schedule_of_Inventor
Inventory - Schedule of Inventory (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $3,304 | $5,966 |
Work-in-process | 4,047 | 3,427 |
Finished goods | 10,275 | 21,655 |
Deferred program costs | 3,068 | 2,425 |
Net inventory | $20,694 | $33,473 |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Inventory [Line Items] | ' | ' | ' |
Inventory write-down | $316 | $2,230 | $4,357 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $128,526 | $130,844 |
Less accumulated depreciation | -63,952 | -56,218 |
Property, plant and equipment, net | 64,574 | 74,626 |
Land | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 3,643 | 3,643 |
Construction In Progress-Equipment | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 117 | 14,505 |
Buildings | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 34,341 | 34,398 |
Equipment And Software | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 83,861 | 71,116 |
Furniture and Fixtures | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,353 | 1,626 |
Leasehold Improvements | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $5,211 | $5,556 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $9.90 | $12.10 | $12.90 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | $11,459 | $11,967 |
Intangible assets, Accumulated Amortization | -9,464 | -9,218 |
Intangible assets, Net Book Value | 1,995 | 2,749 |
Licenses | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 4,473 | 5,349 |
Intangible assets, Accumulated Amortization | -2,962 | -3,366 |
Intangible assets, Net Book Value | 1,511 | 1,983 |
Intangible assets, Estimated Useful Life | '7 years | ' |
Trade Names And Trademarks | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 1,250 | 1,165 |
Intangible assets, Accumulated Amortization | -1,250 | -1,040 |
Intangible assets, Net Book Value | ' | 125 |
Intangible assets, Estimated Useful Life | '7 years | ' |
Core Technology And Know How | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 5,736 | 5,453 |
Intangible assets, Accumulated Amortization | -5,252 | -4,812 |
Intangible assets, Net Book Value | $484 | $641 |
Core Technology And Know How | Minimum | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Estimated Useful Life | '5 years | ' |
Core Technology And Know How | Maximum | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Estimated Useful Life | '10 years | ' |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible amortization expense | $800,000 | $900,000 | $2,600,000 |
Patent costs | ' | ' | $4,917,000 |
Intangible_Assets_Schedule_of_1
Intangible Assets - Schedule of Expected Future Amortization Expense (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite Lived Intangible Assets [Line Items] | ' | ' |
2015 | $573 | ' |
2016 | 568 | ' |
2017 | 553 | ' |
2018 | 301 | ' |
Total | $1,995 | $2,749 |
Intangible_Assets_Schedule_of_2
Intangible Assets - Schedule of Geographic Composition of Goodwill and Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible assets | $1,995 | $2,749 |
U.S | ' | ' |
Intangible assets | 1,995 | 2,624 |
Europe | ' | ' |
Intangible assets | ' | $125 |
Intangible_Assets_Schedule_of_3
Intangible Assets - Schedule of Business Segment Composition of Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangibles, net | $1,995 | $2,749 |
Wind | ' | ' |
Intangibles, net | ' | 152 |
Grid | ' | ' |
Intangibles, net | $1,995 | $2,597 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts payable | $1,749 | $7,146 |
Accrued inventories in-transit | 212 | 779 |
Accrued miscellaneous expenses | 6,076 | 9,172 |
Accrued outside services | 3,716 | 2,251 |
Accrued subcontractor program costs | 290 | 2,442 |
Accrued compensation | 5,939 | 5,506 |
Income taxes payable | 173 | 133 |
Accrued adverse purchase commitments | 402 | 1,440 |
Accrued warranty | 3,207 | 2,709 |
Total | $21,764 | $31,578 |
Accounts_Payable_and_Accrued_E3
Accounts Payable and Accrued Expenses - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Minimum | ' |
Product Warranty Accrual [Line Items] | ' |
Warranty period | '1 year |
Maximum | ' |
Product Warranty Accrual [Line Items] | ' |
Warranty period | '3 years |
Accounts_Payable_and_Accrued_E4
Accounts Payable and Accrued Expenses - Schedule of Product Warranty Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Balance at beginning of period | $2,709 | $5,896 |
Change in accruals for warranties during the period | 1,717 | 1,371 |
Settlements during the period | -1,219 | -4,558 |
Balance at end of period | $3,207 | $2,709 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Apr. 04, 2012 | Mar. 02, 2014 | Mar. 31, 2014 | Mar. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 04, 2012 | Oct. 09, 2013 | Dec. 31, 2012 | Apr. 04, 2012 | Mar. 31, 2014 | Mar. 02, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Apr. 04, 2012 | Dec. 31, 2012 | Dec. 03, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 15, 2013 | Nov. 15, 2013 | Jun. 05, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 05, 2012 | |
Capital Ventures International | Capital Ventures International | Senior Convertible Debt | Senior Convertible Debt | Senior Convertible Debt | Senior Convertible Debt | Senior Convertible Debt | Senior Convertible Debt | Senior Convertible Debt | Senior Convertible Debt | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | Senior Secured Term Loan | Senior Secured Term Loan | Senior Secured Term Loan | Senior Secured Term Loan | Senior Secured Term Loan | Senior Secured Term Loan | |||||||||||
Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Hercules Technology Growth Capital | Hercules Technology Growth Capital | Hercules Technology Growth Capital | Hercules Technology Growth Capital | Hercules Technology Growth Capital | ||||||||||||||||||||||
Minimum | Maximum | Minimum | |||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds after fees and expenses of purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.85 | ' | ' | $3.10 | $4.85 | $3.19 | ' | ' | ' | $3.19 | $4.85 | ' | ' | ' | ' | ' | ' |
Premium over closing price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period before first installment payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares registered for resale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,262,311 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liability of note | 2,601,000 | 4,162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares received from warrants received to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,094,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 256,410 | 256,410 | 139,276 | ' | ' | ' |
Strike price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.61 | ' | $5.45 | $2.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.95 | $1.95 | $3.59 | $1.95 | ' | ' |
Fair value of warrants at issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Legal and origination costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | 200,000 | 300,000 | ' |
Amendment covenant description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'o7 Allowed the Company to convert, subject to the satisfaction of certain conditions set forth in the Exchanged Note, (a) at least $2.5 million of the approximately $5.3 million installment amount payable with respect to the January 2013 installment date (including approximately $4.2 million of deferred installment amounts from the period September 4, 2012 to December 3, 2012) into shares of the Companybs common stock (on December 21, 2012 the Company converted $3.8 million in deferred installment amount principal and interest and issued 1,715,443 shares of common stock), and (b) the balance of the January 2013 installment amount in equal amounts on each of the February and March 2013 installment dates; o7 Reduced the price failure equity condition with respect to a particular date of determination from $2.50 to $1.00; o7 Reduced the aggregate daily dollar trading volume equity condition required for at least 25 of the 30 consecutive trading days immediately preceding a date of determination from $1,500,000 to $850,000 per trading day. In addition, if the aggregate daily dollar trading volume was between $50,000 and $850,000, the Company could have still converted into common stock a portion of an installment amount payable with respect to an installment date equal to the quotient of (x) the aggregate daily dollar trading volume, divided by (y) $850,000; o7 Increased CVIbs beneficial ownership limitation under the Exchanged Note from 4.99% to 9.99%; and o7 Reduced the conversion price, from $4.85 per share of the Companybs common stock to $3.19 per share of the Companybs common stock, subject to certain price-based and other anti-dilution adjustments. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of installment payment to be converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Installment amount of note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred installment payments of note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible amount of installment payment | 24,407,000 | 18,896,000 | 720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued for converted payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,715,443 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price failure equity condition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $2.50 | ' | ' | ' | ' | ' | ' |
Aggregate daily dollar trading volume | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | 850,000 | ' | ' | 50,000 | 850,000 | ' | ' | ' | ' | ' | ' |
Minimum number of consecutive trading days for reducing daily dollar trading | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days immediately preceding date of determination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial ownership limitation percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.99% | 9.99% | ' | ' | ' | ' | ' | ' |
Increase in derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt discount being amortized into interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | ' | ' | ' | ' | ' | 200,000 | ' | ' |
Non-cash interest expense amortization of debt discount | 7,700,000 | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 600,000 | ' |
Percentage of stock discount | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash interest expense issuing stock at discount | 2,900,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days for valuation of shares | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | -5,197,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' |
Proceeds from the issuance of debt, net of expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | 9,700,000 | ' | ' | ' |
Interest rate on loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' |
Prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% |
End of term fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | ' |
Interest expense | 9,700,000 | 14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,200,000 | ' |
Minimum amount of proceeds from specified asset dispositions for mandatory prepayment feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Covenant, unrestricted cash balance requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 12,500,000 | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Repayments of term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' |
Combined principal balances of the term loans | ' | $15,380,000 | ' | $10,411,000 | $10,411,000 | $14,389,000 | $20,944,000 | $24,074,000 | $25,000,000 | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,500,000 | ' | ' |
Warrants_and_Derivative_Liabil2
Warrants and Derivative Liabilities - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 15, 2013 | Jun. 05, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 02, 2014 | Mar. 02, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Apr. 04, 2012 | Nov. 15, 2013 | Dec. 31, 2013 | Mar. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 09, 2013 | Apr. 04, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 15, 2013 | Jun. 05, 2012 | Mar. 31, 2014 | |
Convertible Bond | Convertible Bond | Warrants And Derivative Liability | Warrants And Derivative Liability | Senior Convertible Debt | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | Senior Secured Term Loan | Senior Secured Term Loan | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Capital Ventures International | Hercules Technology Growth Capital | Hercules Technology Growth Capital | Hercules Technology Growth Capital | |||||
Maximum | Senior Convertible Debt | Senior Convertible Debt | Senior Convertible Debt | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | New Unsecured Senior Convertible Note | Senior Secured Term Loan | Senior Secured Term Loan | Senior Secured Term Loan | ||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares received from warrants received to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 256,410 | ' | ' | ' | ' | ' | 3,094,060 | ' | ' | ' | ' | 256,410 | 139,276 | ' |
Warrant exercise, waiting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.95 | ' | ' | ' | ' | $2.61 | $5.45 | $2.58 | ' | ' | ' | $1.95 | $3.59 | $1.95 |
Beneficial ownership limitation percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.99% | 9.99% | ' | ' | ' |
Required notification period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '61 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) in change of fair value of derivative instruments and warrants | ' | ' | $1,872,000 | $7,556,000 | $500,000 | $3,800,000 | $100,000 | $200,000 | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | $1,200,000 | $3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.10 | $4.85 | $3.19 | ' | ' | ' | ' | ' | ' | $4.85 | ' | ' | $3.19 | $4.85 | ' | ' | ' |
Increase in derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' |
Debt conversion, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | 6,600,000 | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt instrument redemption waiting period | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt instrument contractual term | ' | ' | '30 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants expiration date | 15-May-19 | 5-Dec-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants_and_Derivative_Liabil3
Warrants and Derivative Liabilities - Schedule of Assumptions Used to Calculate the Fair Value of Warrants (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||
In Millions, unless otherwise specified | Apr. 04, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 20, 2012 | Dec. 20, 2012 | Apr. 04, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Oct. 09, 2013 | Oct. 09, 2013 | Jun. 05, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Nov. 15, 2013 | Nov. 15, 2013 | Nov. 15, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Post Modification | Pre Modification | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Convertible Note Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan -b First Warrant | Senior Secured Term Loan b Second Warrant | Senior Secured Term Loan b Second Warrant | Senior Secured Term Loan b Second Warrant | |||||||||
Post Modification | Pre Modification | Post Modification | Pre Modification | ||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | 0.44% | 0.12% | 0.10% | 0.21% | 0.20% | 0.23% | 0.23% | 0.33% | 0.25% | 0.25% | 1.19% | 1.11% | 1.17% | 1.02% | 1.13% | 0.67% | 0.75% | 0.63% | 0.77% | 1.05% | 1.05% | 0.77% | 1.18% | 1.24% | 1.09% | 1.20% | 0.70% | 0.75% | 0.64% | 0.80% | 1.00% | 1.00% | 1.55% | 1.76% | 1.89% |
Expected annual dividend yield | 15.00% | 16.50% | 15.50% | 16.70% | 16.50% | 16.50% | 15.00% | 16.00% | 16.50% | 16.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility | 75.00% | 68.60% | 66.30% | 65.80% | 66.90% | 73.50% | 70.00% | 71.00% | 72.50% | 72.50% | 80.00% | 81.00% | 75.60% | 72.00% | 71.90% | 71.70% | 80.60% | 80.90% | 80.80% | 71.50% | 71.50% | 79.99% | 80.73% | 74.79% | 72.10% | 72.30% | 72.01% | 80.14% | 81.18% | 80.32% | 72.64% | 72.64% | 76.97% | 79.73% | 80.37% |
Term (years) | '2 years 6 months | '9 months | '1 year | '1 year 3 months 4 days | '1 year 6 months 4 days | '1 year 9 months 4 days | '2 years 4 days | '2 years 3 months 11 days | '1 year 9 months 15 days | '1 year 9 months 15 days | '5 years 6 months | '3 years 6 months 4 days | '3 years 9 months 4 days | '4 years 4 days | '4 years 3 months 7 days | '4 years 6 months 4 days | '4 years 9 months 4 days | '5 years 4 days | '5 years 3 months 11 days | '3 years 11 months 27 days | '3 years 11 months 27 days | '5 years 6 months | '3 years 8 months 5 days | '3 years 11 months 5 days | '4 years 2 months 5 days | '4 years 5 months 5 days | '4 years 8 months 5 days | '4 years 11 months 5 days | '5 years 2 months 5 days | '5 years 5 months 9 days | '4 years 18 days | '4 years 18 days | '5 years 5 months 27 days | '5 years 1 month 13 days | '5 years 4 months 13 days |
Fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7 | $2.20 | $2.20 | $2.50 | $3 | $3.40 | $4.40 | $7.10 | $8.60 | $3.20 | $2.20 | $0.40 | $0.10 | $0.10 | $0.20 | $0.20 | $0.20 | $0.20 | $0.40 | $0.50 | $0.10 | $0.10 | $0.30 | $0.30 | $0.30 |
Warrants_and_Derivative_Liabil4
Warrants and Derivative Liabilities - Schedule of Fair Value Assumptions Used to Calculate Value of Convertible Note Derivative Feature (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 04, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 20, 2012 | Dec. 20, 2012 |
Post Modification | Pre Modification | ||||||||||
Principal outstanding | $25,000 | ' | $10,411 | $10,411 | $14,389 | $15,380 | $20,944 | $24,074 | $25,000 | $20,944 | $24,074 |
Stock price | $3.97 | ' | $1.64 | $2.34 | $2.64 | $2.67 | $2.62 | $4.15 | $4.68 | $2.95 | $2.95 |
Percentage volume condition met | 85.90% | ' | 87.20% | 80.20% | 87.50% | 80.50% | 94.50% | 51.00% | 75.20% | 94.90% | 28.60% |
Expected volatility | 75.00% | ' | 68.60% | 66.30% | 65.80% | 66.90% | 73.50% | 70.00% | 71.00% | 72.50% | 72.50% |
Risk free rate | 0.44% | ' | 0.12% | 0.10% | 0.21% | 0.20% | 0.23% | 0.23% | 0.33% | 0.25% | 0.25% |
Bond yield | 15.00% | ' | 16.50% | 15.50% | 16.70% | 16.50% | 16.50% | 15.00% | 16.00% | 16.50% | 16.50% |
Recovery rate | 30.00% | ' | 35.00% | 35.00% | 37.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% |
Redeemable | 'yes | 'N/A | 'yes | 'yes | 'yes | 'yes | 'yes | 'yes | 'yes | 'yes | 'yes |
Total time (years) | '2 years 6 months | ' | '9 months | '1 year | '1 year 3 months 4 days | '1 year 6 months 4 days | '1 year 9 months 4 days | '2 years 4 days | '2 years 3 months 11 days | '1 year 9 months 15 days | '1 year 9 months 15 days |
Dilution effect | 'yes | 'N/A | 'yes | 'yes | 'yes | 'yes | 'yes | 'yes | 'yes | 'yes | 'yes |
Fair value | $3,800 | ' | ' | $200 | $5,444 | $529 | $1,000 | $2,800 | $4,500 | $1,500 | $900 |
Fair value as a percent of par | 15.10% | ' | 0.02% | 0.70% | 3.30% | 3.40% | 4.90% | 11.40% | 17.90% | 7.10% | 3.90% |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
U.S. | ($91,558) | ($66,975) | ($107,301) |
Foreign | 36,152 | 580 | -28,157 |
Loss before income tax (benefit) expense | ($55,406) | ($66,395) | ($135,458) |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) Attributable to Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Current, Federal | $287 | $94 | ' |
Current, State | ' | ' | ' |
Current, Foreign | 614 | -438 | 1,369 |
Total current | 901 | -344 | 1,369 |
Deferred, Federal | -49 | 93 | ' |
Deferred, State | ' | ' | ' |
Deferred, Foreign | ' | -13 | ' |
Total deferred | -49 | 80 | ' |
Income tax (benefit) expense | $852 | ($264) | $1,369 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Taxes [Abstract] | ' | ' | ' |
Statutory federal income tax rate | -34.00% | -34.00% | -34.00% |
State income taxes, net of federal benefit | ' | -3.00% | -2.00% |
Deemed dividend | 1.00% | 2.00% | 3.00% |
Foreign income tax rate differential | -6.00% | -2.00% | 3.00% |
Stock options | 2.00% | -2.00% | 1.00% |
Nondeductible expenses | 1.00% | 1.00% | ' |
Research and development tax credit | ' | -1.00% | -1.00% |
Deferred Warrants | -1.00% | ' | ' |
Interest expense | 5.00% | 7.00% | ' |
Extinguishment of debt | 3.00% | ' | ' |
Valuation allowance | 30.00% | 32.00% | 31.00% |
Effective income tax rate | 1.00% | ' | 1.00% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Net operating loss carryforwards | $260,254 | $239,040 |
Research and development and other tax credit carryforwards | 10,613 | 10,112 |
Accruals and reserves | 36,214 | 35,490 |
Fixed assets and intangible assets | 2,855 | 4,101 |
Other | 19,594 | 18,292 |
Gross deferred tax assets | 329,530 | 307,035 |
Valuation allowance | -282,824 | -261,961 |
Total deferred tax assets | 46,706 | 45,074 |
Intercompany debt | -36,102 | -35,185 |
Other | -10,641 | -9,979 |
Total deferred tax liabilities | -46,743 | -45,164 |
Net deferred tax liabilities | ($37) | ($90) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Deferred tax asset reflecting the benefit of deductions from the exercise of stock options | $13,900,000 | ' |
Excess tax deductions from stock option exercised | 52,400,000 | ' |
Stock options exercised dates | 'March 31, 2006 through 2014 | ' |
Repatriated amount | 1,500,000 | ' |
Deferred tax liabilities | 7,761,000 | 5,444,000 |
Minimum percentage of amount being realized upon ultimate settlement | 50.00% | ' |
Unrecognized tax benefits that, if recognized, would result in a reduction of the Company's effective tax rate | 1,100,000 | 1,100,000 |
Austria | ' | ' |
Net operating loss carryforwards | 70,000,000 | ' |
China | ' | ' |
Net operating loss carryforwards | 28,000,000 | ' |
Federal | ' | ' |
Net operating loss carryforwards | 718,000,000 | ' |
Research and development and other tax credit carryforwards | 8,200,000 | ' |
State | ' | ' |
Net operating loss carryforwards | 269,000,000 | ' |
Research and development and other tax credit carryforwards | 2,400,000 | ' |
Foriegn Earnings Repatriated | ' | ' |
Deferred tax liabilities | 500,000 | ' |
Power Quality Systems, Inc. | ' | ' |
Net operating loss carryforwards | $3,700,000 | ' |
Maximum | ' | ' |
Operating loss carryforwards expiration years | 31-Mar-34 | ' |
Expiration of other tax credit carryforwards | 31-Mar-34 | ' |
Maximum | Austria | ' | ' |
Income tax examination years | '2014 | ' |
Maximum | China | ' | ' |
Income tax examination years | '2013 | ' |
Maximum | U.S | ' | ' |
Income tax examination years | '2014 | ' |
Minimum | ' | ' |
Operating loss carryforwards expiration years | 31-Mar-15 | ' |
Expiration of other tax credit carryforwards | 31-Mar-15 | ' |
Minimum | Austria | ' | ' |
Income tax examination years | '2007 | ' |
Minimum | China | ' | ' |
Income tax examination years | '2008 | ' |
Minimum | U.S | ' | ' |
Income tax examination years | '1995 | ' |
Income_Taxes_Schedule_of_Uncer
Income Taxes - Schedule of Uncertainties in Income Tax Provision Liability (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Beginning Balance | $1,061 | $1,061 |
Increase for tax positions | ' | ' |
Ending Balance | $1,061 | $1,061 |
Stockholders_Equity_Components
Stockholders' Equity - Components of Employee Stock-Based Compensation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $10,696 | $8,138 | $9,864 |
Stock Options | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 2,730 | 3,389 | 6,177 |
Restricted Stock and Stock Awards | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 7,936 | 4,698 | 3,633 |
Employee Stock Purchase Plan | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $30 | $51 | $54 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | 31-May-11 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 15, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 15, 2013 | |
Stock Options | Stock Options | Stock Options | Stock Options | Restricted Stock and Stock Awards | Restricted Stock and Stock Awards | Restricted Stock and Stock Awards | Restricted Stock and Stock Awards | Restricted Stock and Stock Awards | U.S. Treasury Rates | U.S. Treasury Rates | Performance-Based Restricted Stock | Performance-Based Restricted Stock | Performance-Based Restricted Stock | Restricted Stock Units (RSUs) | 2007 Director Stock Option Plan | 2007 Stock Incentive Plan | Employee Stock Purchase Plan | MLV & Co. LLC | MLV & Co. LLC | MLV & Co. LLC | MLV & Co. LLC | MLV & Co. LLC | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ATM Arrangement | ATM Arrangement | ATM Arrangement | ATM Arrangement | |||||||||||||||||
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost for unvested employee stock-based compensation awards outstanding, net of forfeitures | ' | ' | ' | $2,000,000 | $3,500,000 | ' | ' | $1,800,000 | $5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period over which unrecognized compensation expense is expected to be recognized (years) | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | '7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant-date fair value of stock option awards granted | $1.62 | $2.56 | $6.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation plans expired terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock granted | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | 10,600,000 | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock granted for bonuses and severance | ' | ' | ' | ' | ' | ' | ' | 500,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock vested | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | 3,400,000 | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock granted for bonuses and severance | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted | 1,945,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 402,015 | 1,422,127 | 109,211 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares cancelled | 194,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation plans expired terms | 2-May-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual life of options, in years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period, in years | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' | ' | '2 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares awarded annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares granted by option upon election to the board | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' |
Grant date value of shares granted by option upon election to board | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' |
Vesting period of shares granted by option upon election to board | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 159,000 | 2,879,559 | 99,963 | ' | ' | ' | ' | ' |
Percentage of purchase discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' |
Compensation expense recognized | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 239,306 | ' | ' | ' | ' | ' |
Common stock | 789,000 | 603,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | 30,000,000 |
Commission on sale of common stock under the ATM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | 3.00% |
Net proceeds from sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,100,000 | ' | $4,100,000 | $7,500,000 | ' |
Common stock, shares issued | 78,929,903 | 60,300,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | 4,900,000 | 4,900,000 | ' |
Sale price of common stock per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.74 | ' | $1.62 | $1.62 | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Employee Stock-Based Compensation Expense by Financial Statement Line Item (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $10,696 | $8,138 | $9,864 |
Cost of Revenues | ' | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 1,002 | 726 | 1,121 |
Research and Development Expense | ' | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 2,751 | 2,456 | 2,562 |
Selling, General and Administrative Expenses | ' | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $6,943 | $4,956 | $6,181 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Employee and Non-Employee Stock Options Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Stockholders' Equity [Abstract] | ' |
Options/Shares, Outstanding at March 31, 2013 | 2,671,194 |
Options/Shares, Granted at fair value | 830,765 |
Options/Shares, Exercised | ' |
Options/Shares, Cancelled/Forfeited | -560,121 |
Options/Shares, Outstanding at March 31, 2014 | 2,941,838 |
Options/Shares, Exercisable at March 31, 2014 | 1,484,288 |
Options/Shares, Fully vested and expected to vest at March 31, 2014 | 2,836,755 |
Weighted-Average Exercise Price, Outstanding at March 31, 2013 | $13.77 |
Weighted-Average Exercise Price, Granted at fair value | $2.48 |
Weighted-Average Exercise Price, Exercised | ' |
Weighted-Average Exercise Price, Cancelled/Forfeited | $11.93 |
Weighted-Average Exercise Price, Outstanding at March 31, 2014 | $10.93 |
Weighted-Average Exercise Price, Exercisable at March 31, 2014 | $15.22 |
Weighted-Average Exercise Price, Fully vested and expected to vest at March 31, 2014 | $11.15 |
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2014 | '6 years 8 months 12 days |
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2014 | '5 years |
Weighted-Average Remaining Contractual Term, Fully vested and expected to vest at March 31, 2014 | '6 years 7 months 6 days |
Aggregate Intrinsic Value, Outstanding at March 31, 2014 | $0 |
Aggregate Intrinsic Value, Outstanding at March 31, 2014 | 0 |
Aggregate Intrinsic Value, Fully vested and expected to vest at March 31, 2014 | $0 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Weighted Average Assumptions Used in the Black-Scholes Valuation Model for Stock Options Granted (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Stockholders' Equity [Abstract] | ' | ' | ' |
Expected volatility | 75.10% | 72.00% | 70.00% |
Risk-free interest rate | 1.70% | 0.90% | 1.80% |
Expected life (years) | '5 years 10 months 24 days | '5 years 10 months 24 days | '5 years 10 months 24 days |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stockholders_Equity_Summary_of2
Stockholders' Equity - Summary of the Employee and Non-Employee Restricted Stock Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Stockholders' Equity [Abstract] | ' |
Shares, Outstanding at April 1, 2013 | 2,404,825 |
Shares, Granted | 1,945,610 |
Shares, Vested | -1,740,959 |
Shares, Forfeited | -194,112 |
Shares, Outstanding at March 31, 2014 | 2,415,364 |
Weighted Average Grant Date Fair Value, Outstanding at April 1, 2013 | $4.58 |
Weighted Average Grant Date Fair Value, Granted | $2.30 |
Weighted Average Grant Date Fair Value, Vested | $3.91 |
Weighted Average Grant Date Fair Value, Forfeited | $3.54 |
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2014 | $3.34 |
sic Aggregate Value, Outstanding at March 31, 2014 | $3,889 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||
Nov. 19, 2013 | Jul. 05, 2011 | 12-May-11 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 17, 2011 | Feb. 27, 2012 | Feb. 27, 2012 | Dec. 22, 2011 | Dec. 22, 2011 | Oct. 17, 2011 | Oct. 17, 2011 | Oct. 08, 2011 | Oct. 08, 2011 | Sep. 13, 2011 | Sep. 13, 2011 | Mar. 31, 2011 | Mar. 31, 2011 | Sep. 16, 2011 | Sep. 16, 2011 | 12-May-11 | 12-May-11 | |
USD ($) | Claim | Claim | USD ($) | USD ($) | EUR (€) | Bonds | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Sinovel Wind Group Co. Ltd. | Dalian Guotong Electric Co. Ltd. | Dalian Guotong Electric Co. Ltd. | Ghodawat Energy Pvt Ltd | Ghodawat Energy Pvt Ltd | |
Employees | sqft | USD ($) | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | EUR (€) | |||||
Claim | |||||||||||||||||||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adverse purchase commitments | ' | ' | ' | $402,000 | $1,440,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted accrual for adverse purchase commitments | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total space leased, square feet | ' | ' | ' | 316,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of putative securities complaints | ' | ' | 7 | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of officers putative securities filed against | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of complaints additionally asserted claims against the underwriters | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sought compensation amount | 10,000,000 | ' | ' | ' | ' | ' | ' | 17,000,000 | 105,000,000 | 190,000,000 | 1,200,000,000 | 157,000,000 | 1,000,000,000 | 58,000,000 | 370,000,000 | ' | ' | 76,000,000 | 485,000,000 | ' | ' | 24,000,000 | 18,000,000 |
Settlement amount expected to be funded by insurers | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement amount expected to be paid by issuance of common stock | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, capital shares reserved for future issuance | 944,882 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of claims consolidated | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees and expenses for plaintiffs' counsel | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of the undelivered components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 720,000,000 | 4,600,000,000 | ' | ' | ' | ' |
Damages claimed for unauthorized use of software | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 38,000,000 | ' | ' | ' | ' | ' | ' |
Monetary damages for trade secret infringement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 453,000,000 | 2,900,000,000 | ' | ' | ' | ' | ' | ' |
Monetary losses from copyright infringement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 1,200,000 | ' | ' |
Counterclaims under License Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | 6,000,000 |
Restricted cash included in current assets | ' | ' | ' | 2,913,000 | 6,136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | 3,394,000 | 4,820,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit outstanding | ' | ' | ' | $3,700,000 | ' | € 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Minimum Future Lease Commitments (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Line Items] | ' |
2015 | $1,764 |
2016 | 1,166 |
2017 | 674 |
2018 | 423 |
2019 | 211 |
Thereafter | 378 |
Total | $4,616 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule of Rent Expense Under Operating Leases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Rent expense | $2,152 | $2,437 | $3,336 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ' | ' | ' |
Percentage of common stock matched under deferred compensation plan | 50.00% | ' | ' |
First certain percentage of eligible contribution under deferred compensation plan | 6.00% | ' | ' |
Recorded expense under deferred compensation plan | $0.40 | $0.50 | $0.70 |
Minority_Investments_Additiona
Minority Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Impairment | ($1,300,000) | ($1,265,000) | ($5,000,000) | ($1,700,000) |
Tres Amigas | ' | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Number of commonly interconnected power grids | 3 | 3 | ' | ' |
Equity method investment, aggregate cost | 5,400,000 | 5,400,000 | ' | ' |
Equity method investment ownership percentage | 26.00% | 26.00% | ' | ' |
Blade Dynamics Ltd | ' | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity method investment in cash | 8,000,000 | 8,000,000 | ' | ' |
Cost method investment ownership percentage | 19.00% | 19.00% | ' | ' |
Impairment | ' | ($1,265,000) | ' | ' |
Minority_Investments_Schedule_
Minority Investments - Schedule of Net Investment Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' | ' |
Cumulative translation adjustment | ' | $727 | ($887) | ($1,790) |
Impairment | -1,300 | -1,265 | -5,000 | -1,700 |
Tres Amigas | ' | ' | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | 2,853 | ' | ' |
Minority interest in net losses | ' | -1,008 | ' | ' |
Ending balance | 1,845 | 1,845 | ' | ' |
Blade Dynamics Ltd. | ' | ' | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | 4,611 | ' | ' |
Cumulative translation adjustment | ' | 344 | ' | ' |
Impairment | ' | -1,265 | ' | ' |
Ending balance | $3,690 | $3,690 | ' | ' |
Restructuring_and_Impairments_1
Restructuring and Impairments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' | ' |
Reduction in global workforce, percentage | ' | ' | ' | ' | 68.00% |
Employee severance and benefit costs | ' | $1,700,000 | $2,500,000 | $5,300,000 | ' |
Fair value of remaining lease payments | ' | ' | 400,000 | ' | ' |
Facility exit costs | ' | ' | ' | 300,000 | ' |
Asset impairment charge | $1,300,000 | $1,265,000 | $5,000,000 | $1,700,000 | ' |
Beijing, China | ' | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' | ' |
Space to be vacated, square feet | ' | ' | 8,200 | ' | ' |
Klagenfurt, Austria | ' | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' | ' |
Space to be vacated, square feet | ' | ' | 4,000 | 8,937 | ' |
Middleton, WI | ' | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' | ' |
Space to be vacated, square feet | ' | ' | ' | 33,000 | ' |
Nuremburg, Germany | ' | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' | ' |
Space to be vacated, square feet | ' | ' | ' | 3,300 | ' |
Restructuring_and_Impairments_2
Restructuring and Impairments - Schedule of Restructuring Charges and Cash Payments (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost And Reserve [Line Items] | ' | ' |
Accrued restructuring balance | $199 | $974 |
Charges to operations | 1,733 | 2,937 |
Cash payments | -873 | -3,712 |
Non-cash/miscellaneous reductions | -215 | ' |
Accrued restructuring balance | 844 | 199 |
Severance Pay and Benefits | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' |
Accrued restructuring balance | 145 | 680 |
Charges to operations | 1,710 | 2,501 |
Cash payments | -836 | -3,036 |
Non-cash/miscellaneous reductions | -175 | ' |
Accrued restructuring balance | 844 | 145 |
Facility Exit Costs | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' |
Accrued restructuring balance | 54 | 294 |
Charges to operations | 23 | 436 |
Cash payments | -37 | -676 |
Non-cash/miscellaneous reductions | -39 | ' |
Accrued restructuring balance | $0 | $54 |
Business_Segment_and_Geographi2
Business Segment and Geographic Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
MW | |||
Segment | |||
Customer | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable business segments | 2 | ' | ' |
Megawatts of drive trains and power ratings | 2 | ' | ' |
Stock-based compensation expense | $10,696,000 | $8,138,000 | $9,864,000 |
Restructuring and impairment charges | 3,000,000 | 7,900,000 | 9,200,000 |
Loss contingency accrual | ' | 1,800,000 | ' |
Write-off of advanced payment to The Switch | ' | ' | $20,551,000 |
Number of customers | 2 | ' | ' |
Inox Wind Limited | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Risk percentage | 31.00% | 19.00% | 18.00% |
JCNE | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Risk percentage | 18.00% | 13.00% | ' |
Doosan Heavy Industries | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Risk percentage | ' | ' | 11.00% |
Outside The United States | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of total revenue, by geographical region | 87.00% | 85.00% | 72.00% |
Business_Segment_and_Geographi3
Business Segment and Geographic Information - Operating Results for Two Business Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $16,287 | $20,563 | $24,181 | $23,086 | $20,419 | $17,417 | $20,867 | $28,716 | $84,117 | $87,419 | $76,543 |
Operating loss | -14,876 | -6,675 | -11,028 | -8,850 | -16,027 | -20,616 | -14,970 | -6,128 | -41,429 | -57,741 | -136,439 |
Operating Segments | Wind | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 55,608 | 44,231 | 44,642 |
Operating loss | ' | ' | ' | ' | ' | ' | ' | ' | -5,213 | -16,098 | -62,217 |
Operating Segments | Grid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 28,509 | 43,188 | 31,901 |
Operating loss | ' | ' | ' | ' | ' | ' | ' | ' | -22,523 | -23,815 | -29,645 |
Unallocated corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss | ' | ' | ' | ' | ' | ' | ' | ' | ($13,693) | ($17,828) | ($44,577) |
Business_Segment_and_Geographi4
Business Segment and Geographic Information - Total Business Segments Assets (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $168,509 | $216,754 |
Operating Segments | Wind | ' | ' |
Segment Reporting Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 36,701 | 67,111 |
Operating Segments | Grid | ' | ' |
Segment Reporting Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 54,342 | 72,800 |
Corporate assets | ' | ' |
Segment Reporting Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $77,466 | $76,843 |
Business_Segment_and_Geographi5
Business Segment and Geographic Information - Geographic Information about Revenue, Based on Shipments to Customers by Region (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $16,287 | $20,563 | $24,181 | $23,086 | $20,419 | $17,417 | $20,867 | $28,716 | $84,117 | $87,419 | $76,543 |
U.S | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 11,013 | 13,197 | 21,347 |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,312 | 1,663 | 1,219 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,453 | 14,709 | 2,868 |
China | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 24,748 | 17,906 | 16,929 |
Korea | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,429 | 10,945 | 12,486 |
India | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 26,384 | 17,062 | 14,212 |
Australia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $4,779 | $11,937 | $7,482 |
Business_Segment_and_Geographi6
Business Segment and Geographic Information - Geographic Information about Property, Plant and Equipment Associated with Particular Regions (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | $64,574 | $74,626 |
North America | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 62,426 | 71,127 |
Europe | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 1,232 | 1,941 |
Asia Pacific | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | $916 | $1,558 |
Quarterly_Financial_Data_Sched
Quarterly Financial Data - Schedule of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $16,287 | $20,563 | $24,181 | $23,086 | $20,419 | $17,417 | $20,867 | $28,716 | $84,117 | $87,419 | $76,543 |
Operating loss | -14,876 | -6,675 | -11,028 | -8,850 | -16,027 | -20,616 | -14,970 | -6,128 | -41,429 | -57,741 | -136,439 |
Net loss | ($22,705) | ($8,417) | ($14,623) | ($10,513) | ($19,773) | ($20,135) | ($15,949) | ($10,275) | ($56,258) | ($66,131) | ($136,827) |
Net loss per common sharebbasic | ($0.33) | ($0.14) | ($0.24) | ($0.18) | ($0.35) | ($0.38) | ($0.31) | ($0.20) | ($0.90) | ($1.25) | ($2.69) |
Net loss per common sharebdiluted | ($0.33) | ($0.14) | ($0.24) | ($0.18) | ($0.35) | ($0.38) | ($0.31) | ($0.20) | ($0.90) | ($1.25) | ($2.69) |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Allowance for Doubtful Accounts Receivable | ' | ' | ' |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance, Beginning of Year | $0 | $52 | $683 |
Additions | 16 | ' | 6 |
Write-offs | 0 | -52 | -631 |
Recoveries and Other Adjustments | 0 | ' | -6 |
Balance, End of Year | 16 | 0 | 52 |
Deferred Tax Asset Valuation Allowance | ' | ' | ' |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance, Beginning of Year | 261,961 | 252,302 | 220,596 |
Additions | 26,649 | 21,333 | 41,709 |
Write-offs | -5,786 | -11,674 | -10,003 |
Recoveries and Other Adjustments | 0 | ' | ' |
Balance, End of Year | $282,824 | $261,961 | $252,302 |