AMSC - Earnings call transcript Q2 2018 | American Superconductor Corporation

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Operator

Good day, and welcome to AMSC's Second Quarter Fiscal 2018 Earnings Conference Call. This call is being recorded [Operator Instructions]. With us on the call this morning are AMSC Chairman, President and CEO, Daniel McGahn, Senior Vice President and CFO, John Kosiba; and partner at LHA and AMSC IR newly added member, John Heilshorn.

For opening remarks, I would like to turn the call over to John Heilshorn. Please go ahead, sir.

John Heilshorn

Todd. you, Thank and Earnings everyone, AMSC's Quarter Second Good Call. welcome XXXX Conference Fiscal morning, to I'm at Heilshorn, John partner IR of team. AMSC's LHA, and part President Kosiba, on CEO; Chief us today's are McGahn, With call Financial Officer. and Vice Senior Chairman, John President and Daniel and the earnings after closed. issued XXXX its quarter fiscal for release AMSC second the of yesterday market

filings Relations For you who prior a of together available is of website those have our release, at Investor of with releases press in the company's SEC at copy section not seen the all www.amsc.com. the

the other subsequent of I'd starting the any call statements be that to Before was relied ending of SEC year XX, for Form plans statements Harbor remarks as various which Private the the represent night, management future upon with XX-Q filed of report as under X, of AMSC's XX, make call, and the Risk differ conference with factors, the on and March last June Securities Litigation for like this quarter the purposes note and XX-K today. was forward-looking SEC constitute section reports by date not XXXX, should forward-looking have Safe which management on the result XXXX, for XXXX. that management's XXXX, These on and ended those filed the as SEC. prospects filed been indicated as expectations, may today with expectations quarterly only the to may forward-looking the representing views September important company's about of report various provisions Form Actual in from Factor results such discussed materially statements a on of annual those Reform including Act

will flow interest any on gain developments and to management anticipate and in non-GAAP may Non-GAAP before AMSC fees non-GAAP acquisition-related of other and of on cause and non-GAAP cash investments, fair to flow and or of sale loss disclaims operating or of flow cash GAAP loss to net flow loss cash warrants these release change to operating Form views stock-based operating in the on of non-GAAP settlement, net events or change, cash adjustments that The net loss items. the net before was income and issued flow Sinovel income can are today's loss be tax tax net update the Sinovel items or other forward-looking compensation, value management found cash non-cash charges call, specifically reconciliation intangibles, expenses, GAAP operating refer last unusual noncash Also to X-K. press to operating of adjustments, settlement, minority net or legal of and company's expense, statements. non-GAAP financial obligation consideration, subsequent While and effect metrics. flow amortization the unusual night non-GAAP contingent cash effect or SEC the and furnished

November inform will morning, I'd upcoming XX Dan is being I will Good Daniel. in President the the now everyone that Select CEO over Craig-Hallum on Conference, Chairman, York to to Daniel. AMSC's that, like participate McGahn held and Finally, With New call City. Alpha which turn in

Daniel McGahn

review providing quarter, the John, quarter, XX, will and everyone, will the which September welcome an join Thanks, for I'll the results third which and XX, second guidance our then businesses. fiscal for XXXX to today begin Kosiba on and, provide of morning, John XXXX. fiscal December team. John, good provide by Grid Wind end detailed financial our update ended a

our September that September operating Following believe quantities on of in at We of the guidance and came our than we're ECS settlement. Inox we fiscal top not June segments. quarter, analysts. year-to-year of $X both to revenues the The Revenue to XXXX questions our grew achieve we'll quarter than in growth our comments in more shipped track year-on-year. to objectives XXXX for million fiscal Grip litigation greater including up open quarter. from the flow, of the cash the were line the range. generated Wind In

September the SECI-X quarter, was During demand. manufacturing to Inox turbines wind satisfy

halfway project. continue of We execution the are on the Inox's bit monitor carefully to call, more delivery their they SECI-X a the project. for they turbines SECI-X own conference From show with than completed

by new to encouraged a new support Inox's turbine. lower India. and power sate We Inox to so. we wind Inox's requirements wind cost has their is way look by long-term are energy to strategy turbine an are a We levelized doing the deploy desire to forward part in believe of of indicated of positioned integral well

a into turbine on agreement with with entered we execute continue Inox. ECS new supply a Meanwhile, not have contract Wind. We definitive X-megawatt our for Inox to

Korea diversifying South of business. We are our a turbines. and X.X-megawatt Heavy Wind has manufacture Industries our Doosan to X-megawatt license

ECS X.X-megawatt delivered have the to We units initial Doosan. of

X.X-megawatt our deliver We units offshore wind. achieved ECS for to XXXX objective Doosan fiscal stated have to

We business are XXXX. our in growth anticipating fiscal from Wind

are the We Ship the announced through design In Protection diversifying baseline AMSC's XXXX, September we of for System Antonio class San growth ship business Amphibious our was grid. warfare and that by platform. chosen as

XX. the Fort long-lead announced We an deployed be as Ship Lauderdale, to for the USS also Protection on awarded LPD also known Navy a was materials contract AMSC System U.S. from HTS-based for

hope represent the revenue more date should the I vessel. to completes We the fiscal expected AMSC the per is Navy, long-lead integration between for and system the long-lead scope business. our Antonio of San of for for and $XX The approximately our soon. the materials believe excited couldn't is complete XX. delivery have something SPS truly which to include our We class system. success We our instruction This be SPS the delivered to XX. to U.S. Navy time on We objective LPD to million Navy. transformative these commissioning from LPD in about Navy XXXX balance order announce await with

is orders on we The more see And Navy. are horizon. of vessels pursuing to with classes Navy. additional see the employees the our class the starting design are Our We San with win Antonio this. first

U.S. by to operational Payload was the the of a During the second MCM Navy AMSC our product. quarter, contract enhance awarded capabilities

part announced Chicago's desire We is weather in between by to growth DHS. the first expanding cost-sharing solution uses the ongoing anticipate Navy's or our of by includes events which as structured our arrangement funded other to remain commercial initiatives catastrophic be the ComEd, among Homeland secure REG grid against and agreement subject AMSC link approval. electric Security terms The enhance to AMSC, its Department reliability. and system DHS U.S. and a extreme nation's strengthen terms is and are HTS-based Electric Navy's line will product a largest into system Grid MCM in the the electric our is and possibility product. part the project solution. in begin first to to project. payload that become our Chicago. Like potential MCM will this electric The city now of continue permanent Chicago. Company electric capacity, to within the ComEd AMSC's This us off-road REG XXXX infrastructure gives a a the REG of the Chicago's unit vehicle grid AMSC has power expected ComEd, of REG Chicago-based XXXX. and utilities, Commonwealth load-serving and Corporation Retrofittable expected technology, superconductor of week, high-temperature The existing the fiscal a or agreements objective Last resiliency system mission and And we is development of completes between AMSC's SPS Chicago's system system nation's fiscal ComEd payload power agreed encouraged applications. grid. product proprietary or that its from state-of-the-art Resilient Edison of one SPS, of install We REG the a of variety Exelon to to

Grid pipeline significant. is The believe of Our in projects REG many that opportunities funnel year. the $XX of this could United dozen million, of $XX that funnel excess about products for in Resilient executed across opportunities our million be in million utilities. States $XXX majority to are of projects of one a We consisting is Electric

attack line We XXXX. our in us believe pipeline. these We We fiscal after sheet anticipate our opportunities. are enables balance from going product REG aggressively growth to this

to XXXX, The industrial focus. comes segments. base was D-VAR supported REG has growth renewable power. reliable and of projects clean, of an from require catalyst the which seeing D-VAR fabs, strong expect drive D-VAR of In this fiscal focus to are the segment our year. This products, In our and our SPS our growth this by a in area recent first product benefits semiconductor fiscal we of addition and mines, industrial of we us, product half mills been and for the

We product D-VAR power addresses XXXX. new market. fiscal in to product, power distribution the expect drive growth is VVO our a D-VAR transmission-level REG Whereas

in growth VVO also fiscal XXXX. see grid We contributing to

the VVO We positive utilities' our by reaction solution. to are encouraged

year. to Alliant to And Iowa, with have in we additional number a order utilities, of Energy VVO shipped announced We have this Power United units and fiscal Colorado. in date,

nicely, is we Our for believe developing VVO objectives and all our lines. on Overall, our in seeing the we're pipeline product strength year. VVO are we delivering

quarter Now our December I'd as well ending for the John? third fiscal to our second financial results quarter of like financial provide for Kosiba guidance XXXX, John XX, as discuss fiscal XXXX.

John Kosiba

we Wind fiscal million business good million million XX% quarter of year revenues versus for system by and increased Grid of as quarter quarter revenues. as shipments year-ago the result $XX.X revenues to of the $X.X $XX during Daniel, Inox experienced morning, by AMSC second increased versus to XXXX Thanks, quarter. ECS the in year-ago XX% generated the million the ago a to $XX.X higher D-VAR revenues everyone. business compared to increased period.

the This headcount. by second in the primarily quarter revenues business payment quarter was required reflects XXXX. Gross lower and XX% a XX%. XXXX, Research to less expenses by second in in operating year-over-year million the $XX.X the XXXX XX% for fiscal we XX% reduced were our Approximately fiscal of the for Wind in of of Grid unit from while was factory Our accounted Sinovel and settlement compared and of SG&A and second margin as first quarter. the second to fiscal costs totaled total quarter was development business of the from improvement result expenses for compensation XXXX. X% of XXXX $X.X depreciation announced the quarter favorable direct last of legal in $X.X down other noncash. XXXX. quarter more R&D air margin reflecting quarter, of expenses gross gain, of in our revenues the January overhead of of product fiscal SG&A facility for receipt for The and in the decreased accounted fiscal due the second million net fixed the quarter our to and a XXXX, agreement expense Included second million higher mix, move driven second

recorded payment required agreement. not have Sinovel We with any the second the by associated gain from settlement

is to payment the the higher the The which in period operating lower combination million margin, income operating of the in expenses of the in received. gain and fiscal the an in quarter gain XXXX, Sinovel such compared record on of loss will for $X.X operating of million quarter. We gross resulted settlement second year-ago $XX.X

gain reasons year-ago to the For recorded settlement, the or million tax just million the of on adding share second $X.XX discussed net of quarter. $X.XX of to share the compared loss expense income the $XX.X Sinovel for same for or XXXX, per a related net and the $X.X a quarter per basic fiscal we

million the net Excluding $XX.X cash net Sinovel the second for XXXX. the share. second $X.XX loss with ended million been share We non-GAAP million have the $X non-GAAP in expense, $X.XX loss of XXXX of the compared quarter second $X.X $X.XX or on fiscal million XX, for corresponding recorded a of the XXXX. June to quarter cash, per equivalents fiscal with the of or compared second XXXX tax quarter loss fiscal quarter and the cash of XXXX per restricted and of of of We per fiscal million share gain the $XX.X $X.X would or settlement net

working These non-GAAP We quarter. received As which and result the business. receivable grid Dan cash working The our the partially within quarter. $X.X business for generated mentioned payments flow within the swing $X in settlement reductions we the reductions factors capital capital our of in really about, improved cash reflecting the operating result inventory excludes favorable as from increased Wind flow and non-GAAP approximately experience accounted a shipments within of ECS benefit taxes. in Sinovel operating was within of to million a the quarter, million payment first accounts our

the of of quarter on taxes guidance previous impact recorded Moving on million. we paid and the proceeds to than associated net cash expenses Sinovel $XX approximately today $XX This the with second is Sinovel settlement, million. higher after our settlement

the for be of quarter revenues million. guidance will the of expect $XX in end million $XX third our we to December XX, will fiscal on to range Turning financial XXXX, our which XXXX,

not $X to and our million million loss is $X.XX to loss expected share, is per to not share. net non-GAAP expected or Our exceed $X.XX per $X.X net or exceed

expect on of flow exclusive $X We third XXXX. settlement cash quarter associated basis, even cost be break a with to Sinovel a of of the operating burn fiscal million non-GAAP in the to

we fees in million of the the Sinovel the with further $X and for than quarter. settlement. legal Additionally, the $X to associated payments taxes Sinovel received payments fees related settlement and payment million expect other make third anticipate We do from not first any to to these legal fiscal taxes

over no less to million. cash cash than cash, that, $XX turn back equivalents Dan? Daniel. the I'll expect We and restricted call December With to XX, on be

Daniel McGahn

John. Thanks,

our for stated business year. We from the completed growth three fiscal objectives fiscal in have five XXXX. anticipate of Wind We our

Doosan, growth business from initial We growth quarter-to-quarter Grid delivered in have saw anticipate We we sets our fiscal XXXX. and Inox. from to

D-VAR strong Our revenue demonstrated is growth. has product and

We market. to VVO are delivering the

product Navy SPS line Our traction. And market product. significant penetrated point the we utility REG commercial with our is for gaining have U.S.

goals, against to as fiscal dedication. X and for the to commercial look quarter reporting from now solutions. The that of now I the forward In past our our hard reality our take we'll XXXX. to questions the Todd, We X of at years, a our you dawn superconductors completion of here. analysts. is of third is back and work commercialized system-level are employees credit we've their phased HTS executing

Operator

Instructions]. our take Thank from first you question of Craig-Hallum. Stine Eric We'll [Operator

Eric Stine

means, you tough So with is -- a in first of other put terms utilities? starting just curious, grid, answer, permanent as, based, this curious timing this how think is the up just just the de-risk the take maybe rate things approval. make just which that to Maybe some that the high-level since one part intention is with or opens of REG. on then this DHS just I a but to in thoughts what And the them

Daniel McGahn

the first on the So timing DHS. with

need execute that's We -- appears everything clear, from been It to it's the vehicle that So to anticipate to we We hope modification we've DHS. taking to existing that a be agreement very several be the several that counseled. straightforward with to weeks straightforward. really this on DHS, point have that we'll we'll and that we announce months. I we're go but months, does handicap, will months, can't definitive starting two to work certainly three and we a four months, market. from to announce it, At see, forward when the

the The is a question second part really of ComEd issue.

put and part this that, order the regulator. that's project their certainly going going in to help grid, I permanent think, deal with of to to the is So the And that with them experience have in next as of them from through subsequent us they're projects. a going something to

of the being needs permanent the of be the retried One risk to pieces -- enabled grid. us that a utility last part is really here able of to be to

our on. that something that's is their as that And I'm to on, team focused know I as is something becomes able that's partner far work keenly that comment. So about going to

Eric Stine

to just drive me. expecting The the if you last maybe growth maybe maybe or the can you're and about I in quarter just takes that things third for then mean, obviously, expecting there? the one talk just of And that some you're guide for win growth, guide? but trends grid puts quarter,

Daniel McGahn

showing I guidance high that I is think a level, mean, growth. from Eric, we're showing

with cash from a letter you'll terms Inox as able call, on to learn in Inox, where we structured as cautiously or advance a the to try them. the understand, be to To as we payment complete be think optimistic are way of can need shipments credit remind be. I in we as to to everybody specifically

if -- always there I'll of, John, executing the to I that, segments, creates kind to they So but add anything that want us with them turn should mean means we want typically color to say, hopefully add? don't general increase. and in we which keeps you directionally demand how which that go-forward coming don't will sense, to a quickly know, risk is some, in describe you numbers. SECI-X, SECI-X, see But, we can

John Kosiba

QX you between wind I at at I our major think looking the we're think and not results directionally, if look grid, changes into split and QX.

Operator

Colin take Oppenheimer. from of our question next Rusch We'll

Colin Rusch

the move in around of years. to prospects regulatory up Yes, with of discussions on and of couple the what terms the We are And announcement next in I number just project. ComEd. after you're more following for utilities forward of to queue know Eric's of the be conversation importance question this I'd projects guess, wanting a of early couple outside hear curious this in of these over folks

Daniel McGahn

I general are sense of that to need fit of market term. near or is, is now in most these the think very identified a the projects the in

queue pipeline Chicago have to a way of helpful the necessarily We be would necessary. where in tried not but

I utilities think REG on helps here that this move really ship and is now. a to should tailwind real announcing forward is Chicago our try going forward be it to with certainly realize faster. And this this even to

Colin Rusch

just think, Great. sense technology next evaluating as opportunity of give X be of may that know get you just -- potential And of X bit that how Can to gears us see And are targets substantial Certainly, changing of ongoing? amount terms a but information a love with of more a that is, and scope those over there years? of detail secondhand. some I I ships conversations or the the the the you Navy. in the then number

Daniel McGahn

ships it's the Goldwind They're said through Navy go We've building in of coming other the so We've the ship to on LPD. a a XX after. multiple going still year, there's year. and protection say can that to the already. opens a X against able calls, that in of they're that for the But minefields. can say people platforms combat order. X, all revenue an that of need qualification up needs to stronger frigates or build intention compelling And done media, from release not first in littoral going carriers have without some the more capabilities over destroyers detail that kind ships, if currently I tremendous Navy progress instruction platforms. Yes, or forward large part much been the they we've permanent some or information I the protection deal that minefield an definitively LPD other XX, things market we've with past can see made Getting seeing, there's possesses or one we I with I'll the say, have modern workfare. Navy we're If

issue important Navy. becoming our topical So the and U.S. is to

Colin Rusch

but Great. And that are. capital to need going we'd as pleased understanding working just sheet to balance to to what growth balance really I We're one your the the one. continue robust want this being you're from really final perspective? guys to point, you much how understand love Obviously, at needs quick to grow here, see cash support

Daniel McGahn

of us little yet of business. of John adjustments differential capital working for not kind went at set to growing the these have adjustments talk to detail, through for operating through see in the a people see remarks where business. kind the John sustain we've to of these cash to previously revenue need incrementally, flow we we're we working we are capital more the to went we're a bit But that grow is color want that us becomes specifically, kind is, John what I'll levels balance there to to -- the accelerate signaling that company, of we've but position operational to need that more you I And projects company levels with in sheet. an add? now the REG sheet to balance and growth to have be John, is larger really secure the where turned revenue hopefully there the said help support we an go. for valuable operational to

John Kosiba

plenty it's existing Dan comes really that where you have that the I project. can look the on When project comfortable When of X feel we complicated. of we that going the from. So that the growth with X, discussed business good to depends really cash it support feel existing we announced, pretty at to we have depend another to question I time. think and we into liquidity recently balance that at REG projects, project, type of is project. support that support the we very flows cash the get Because

the you're are it's to so I where in tough -- be and we manage. have we'll -- certainly model, with where it. in moving grid we business when the going for able tough to know this. forward sure and a is to It's in so we areas are and problem make the good projects Growth And wind. other that It's to which something we're know business position that

Operator

from of Philip Shen Capital We'll take our next Roth Partners. question

Philip Shen

First one is on Wind.

in there mentioned you works. that wind new prepared in a think turbine the remarks be your could I

that Is be considered? or could was to -- actually color a can just speed how Just with terms others be there, timing, X? that Inox. there any relates up there? then, factors Or -- of you of X in that slow What into a that wondering, Is finally, made? that, more there? what And specifically on the And things sense process? bidding as is are decision what's it when many give there the are then could things with timing a or some being the us competitive it kind of number opportunity could field down

Daniel McGahn

you referring So to? X I X X X, don't understand, were or what Phil, the or

Philip Shen

other X Inox's potentially, guys? -- other or vying many besides players are you business bidding, X how for

Daniel McGahn

group? To be R&D their design and

Philip Shen

I you wind considering that Inox is mentioned turbine. think potentially had So new

that? on are it of turbine? what is guys us be? to more that going into that And that might you definitely you be timing bidding the And Can give wind color so

Daniel McGahn

and good should We're have call days to we with forward occurred excited it. able weeks. something, those we you been Phil, if Inox's look it, working ago, position go look few we that until a and us seemed forward that a in conference order, but word, to they When to this announce support access their announce to the And to partner a can't them, Inox. whatever of for we'll about that to announce may order. in I had used they definitive we an needs wildly and They've agreement, be. be we get used

Philip Shen

Great.

say -- to they is I make the was that but weeks So X clear, X when announcement can you phone did an not you on turbine?

Daniel McGahn

you was if of anticipate without new going handful Inox's mentioned to think turbine No, a a listen that a times quote of they the matter And deal program conference they call, the in weeks with great number. direct excitement. this I forward with this of

Philip Shen

is then that if designed that new And conclusion -- it's designed are pursue wind new they you a there in turbine? a foregone for one that in guys

Daniel McGahn

order, get We an it. announce we'll Phil,

Philip Shen

as REG, to the to questions. follow-up some of prior Shifting a

new you as be of or opportunities do those us to near-term say able there you that the enough had to as take about as year in a you color average announced Do be? $XX not average would installed the the to made, within it inflation decision range, potential million a once and install. have that year that can be opportunity Or You they example? $XX color -- could calendar 'XX? do maybe sense Is expect anything is being in might have timing 'XX I'm to soon could being some do any opportunities actually could be then for guessing talked million some be that well, when -- that the to give year. --

Daniel McGahn

timetable. we're focused going point, prognosticate to with on work enough be know, At color going I from as to to to executing pipeline. the we're this possibly generate excellence. hard as I new we can have And business don't this extraordinary Chicago

Operator

Carter our B. from Driscoll question FBR. Riley We'll of take next

Carter Driscoll

long and generating positive around. time to being spend congratulated off, the First cash. certainly I on business comments, on a congratulations in don't turning

a what that -- such an also that? design. at was remaining, to might with move through, a First shipped a a that be signed you and against LCOE quantitatively you into the and discussed get extension what's Inox, that, that garnering forward of Inox what targeting, with? particular would least, question, may And a have if you or you X were with idea of that contract? reduction, trying And to I you the still I'm an you there type have agreement with customers could your there. just Is to have of X-megawatt opportunity know auction original a sense help morph design? assuming to agreement different do any were moving just follow-up new of quick be then type that -- you particular targeting pull

Daniel McGahn

-- general sense, me lot a a see asking guy You're the not to of, expand and the them share, be continue able increase maintain will do They've questions, of But kind market. expand the competitive. to already the to I which, product in It their I over Inox just long-term, been to right line potentially help them to market they and that. answer. is I'm what looking to

Given questions answer not Inox. once are but I them to will help are Inox start increase you're share, I'm they this market over questions. that's the think possible. to And them of demonstrate not turbine, lot able certainly asking But a Cater, seen, to the there, because environment I'm we me, specifically, really be

Carter Driscoll

of any a expansion. talking LPD Within Navy opportunities within could build other maybe the opportunity opportunities And classes, you Could Retrofittable other you've build kind -- I seems contrast over porting set we XX? market kind Dan, to within to lot the Just platform the for talk the then it Or near-term with a in but the related barely forefront? new made I understanding -- surface talking comment, know used of based pickup could better was always think the I some about within -- Or more solution you're to specific maybe you're the have haven't about be qualified platform. HTS of... new a mean more that lateral Navy? I do, you've a of potentially past, both? like in those the three the

Daniel McGahn

I'll hull going tip Navy. with whole the try we're the where to

technology Navy, our We Navy. dimensions So to of as fleet, it's able kind possible really the be -- ship. bring with And then to want to trying the per surface to of be we we're as just the two content want to but whole not many platforms build growth. to do able

the potential SPS platforms littoral ships and however, we've as in talked in expand further as midrange on content the case We to we've pricing with the over times. gone right that, we're see In through on near that past the this midship. a about Frigates, news we focused the lead these to many it can. SPS, new with that carriers, the find tried walk term, taking destroyers, of product. the deploying to potential potential combat, So fit, for the to XX the of in LPD, you bring through the it's to bunch product There MCM we There of second really of built. the ship current calls is most strategy. capability a which where Navy retrofit, for kind is a product, recently that way as potential almost they're fleet. trying a And virtually is for entire that payload surface we're

opens think new up of range these a content on we that So ships.

opens Navy, some for to demonstrated I just operation, to we that when but trying Navy, after much as much have the not up think beyond delivery history Going as we here market it a with think could, to go I the that, delivery market a us. even bigger Retrofittable

Carson Sippel

on and Fort acceleration product in it -- And you've there platforms? similar the mean this a it a suppliers? see lead on objective see the the parts? you was I year. really -- can you any be for do time can other time for such type Or to deliver long for material the reduction other dependent of deliver as Has to Lauderdale said, time the you delivered,

Daniel McGahn

ships revenue the see multiple calls we've we cycle. some be and inserting inserting into on earlier into At acceleration some future will ships. At a that the we late past time. And same from acceleration about see for XX the that mean in talked we in revenue No, point, production time, doing to full in coming believe once start get platform. you'll multiple because ships potential at some LPD the build the we'll we're

Carson Sippel

like ramping early in product you some characterize utilities? had there context? me. VVO, others you tweaks a wins. to or specifically, any see you've Are for talk Could see just how would that Maybe within you they about the Maybe XXXX in couple functionality? specs feedback could obviously either that from

Daniel McGahn

yesterday. mean thunder from and for it right. results that I us back it's from utilities we realize coming is are everything got of, great. think, see, to kind I we steal I Early widely helpful think that to

homes I with right broader the to solar and talked with problems voltage sense distribution -- between that think of specific and right dealing about features we that powered some solve a vehicles electric reduction. have conservation the the we've solution

blanket that operating that we're So are after we that right. certainly going story. recurring naturally because many that a a got at part we're to what get different really orders I and get it continue which of of these of is grid relatively number do recur to help is for what from utilities think history, business a But in units, do once, ultimately, will deployment limited builds kind -- and 'XX comfort us. VVO's of a That growth, drive

Carson Sippel

me. quick last ones Two for

why exceeded the from Just Sinovel, maybe, mechanics the expectations? it John, payment of

John Kosiba

then the this because pretty we're noted together, QX. QX, guidance, exceeded so for much we that payments Sinovel. were we two But So some expectations When able our that, in I add we included QX in delay we target. on quarter right you some to exceeded have cash payments you'll notice into

Carson Sippel

than practical ComEd deployments got to Security, characterize or And just Or long process the guess, whether I into was maybe between trying scope finish last aspect PUCs? application an one-to-one you going what as or will it as so recognizing the by -- trying the for the it the was deeper haul affect versus, REG, the project? education deferral will you other the relationship Would And in to utility. you was the customer changed just of Homeland to be. the me. that more understand avoidance of intended the ComEd the Within not ComEd maybe other PUC was some over rather of between complexity obviously, understand get and to as this using for one it of dynamics department PUC a line. REG of I'm CapEx

John Kosiba

go of in The permanent to something general to part ComEd I case, helping to Like DHS kind we're is of risks the don't what a of Inox but want those we're means mile answer have is, reduced. questions, going here, the the doing the reduction grid, risks. to all here as is get the question, which be last the which facilitate last

This for all we is this Exelon, we I to is need that think utilities. and say, watching not just this, opinion, this sure execute ComEd critical, this on excellence with U.S. my think project. I'll critical, it's make is I it's

and a a that lot And it's Carter. well, for a deliver customers, more them. be markets to We they're between business and really open grow. efficacy puts the have them our lot at partner deliver other I And They relationship sense our help very up. in to going more they product we leader, we fully in us And if delivers if good we this and understand like and it of to tremendous like and have a developed, And leader. comes, bring to a to they very for to my want what that of strong deep to we're companies. on we can in are our execute utilities strong be is technically, the position the all us to case the we technology be and do advanced think, if into good business, cases. understand And fold. enable a really If them. businesses, look

Carson Sippel

more, as in prove expected does with solution is this coming slightly frame? it way the a different Or you ask at the I time intend? don't this. to to on is you the need is it cost. But Or me Let in and it mean blabber

Just them? trying Which those, on of it which a of all get is most... to sense the is

Daniel McGahn

we're It's reduction. project. we're for almost That's is have set to This aside going Carter. none to on going time, that mean an part to deliver, this performance we I have to to deliver we're deliver going to them, of -- it. risk have have we operational execution

really strength in I to the done for now ComEd reality fully risk to are how already what say don't we're is for risk is and is going with about not that to company with other the and just if any us, to anymore. incredible, it's well. turn alone more science don't which or execute Now we've just here I we fiction, appreciates, because audience great that very talking science passion And This like business, know this Navy. know really we that deal get the across with the

Operator

questions, it I'll closing remarks. for to our turn back includes This you. Thank so management

Daniel McGahn

company. getting I through want over that with know transformative to transformative the our the thank over this. line with us with the things everybody for things I staying are the Navy are with goal for line I know all goal getting ,again, ComEd company.

said to And saying, we expect to product but the their in what excited Inox they're on focused looking about they're the coming from is As they more very we remarks, and execution, Navy. if listen that. line, seem also expand

between need. we'll that very continue very you, soon. have forward Thank We whatever to to with and we hopefully look and they a good talk you the everybody, Inox to working relationship companies, support

Operator

today's Thank conference. you, gentlemen. concludes and ladies This

may You disconnect. now

American Superconductor (AMSC) 8 Nov 182018 Q2 Earnings call transcript