SUNNYVALE, Calif.--(BUSINESS WIRE)--
Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ: AOSL), today
reported financial results for the fiscal fourth quarter and the fiscal
year ended June 30, 2018.
The results for the fiscal fourth quarter of 2018 ended June 30, 2018
were as follows:
|
GAAP Financial Comparison
|
Quarterly
|
(in millions except percentage and per share data)
|
(unaudited)
|
|
|
Three Months Ended
|
|
|
June 30, 2018
|
|
March 31, 2018
|
|
June 30, 2017
|
Revenue
|
|
$
|
109.9
|
|
|
$
|
102.9
|
|
|
$
|
98.0
|
|
Gross Margin
|
|
26.6
|
%
|
|
26.4
|
%
|
|
25.6
|
%
|
Operating Income (loss)
|
|
$
|
(0.1
|
)
|
|
$
|
0.7
|
|
|
$
|
3.6
|
|
Net Income attributable to AOS
|
|
$
|
1.0
|
|
|
$
|
1.7
|
|
|
$
|
4.1
|
|
Net Income Per Share attributable to AOS - Diluted
|
|
$
|
0.04
|
|
|
$
|
0.07
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Comparison
|
Quarterly
|
(in millions except percentage and per share data)
|
(unaudited)
|
|
|
Three Months Ended
|
|
|
June 30, 2018
|
|
March 31, 2018
|
|
June 30, 2017
|
Revenue
|
|
$
|
109.9
|
|
|
$
|
102.9
|
|
|
$
|
98.0
|
|
Non-GAAP Gross Margin
|
|
27.0
|
%
|
|
26.8
|
%
|
|
26.0
|
%
|
Non-GAAP Operating Income
|
|
$
|
7.8
|
|
|
$
|
5.9
|
|
|
$
|
5.6
|
|
Non-GAAP Net Income attributable to AOS
|
|
$
|
7.6
|
|
|
$
|
5.7
|
|
|
$
|
6.2
|
|
Non-GAAP Net Income Per Share attributable to AOS - Diluted
|
|
$
|
0.31
|
|
|
$
|
0.23
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The non-GAAP financial measures in the schedule above exclude the
effect of share-based compensation expenses in each of the periods
presented, and pre-production costs relating to the Chongqing joint
venture for the quarter ended June 30, 2018 and March 31, 2018. A
detailed reconciliation of GAAP and non-GAAP financial measures is
included at the end of this press release.
The results for the fiscal year ended June 30, 2018 were as follows:
|
GAAP Financial Comparison
|
Annually
|
(in millions except percentage and per share data)
|
(unaudited)
|
|
|
Year Ended June 30,
|
|
|
2018
|
|
2017
|
Revenue
|
|
$
|
421,553
|
|
|
$
|
383,337
|
|
Gross Margin
|
|
26.6
|
%
|
|
24.0
|
%
|
Operating Income
|
|
$
|
8,420
|
|
|
$
|
13,144
|
|
Net Income attributable to AOS
|
|
$
|
14,263
|
|
|
$
|
13,829
|
|
Net Income Per Share attributable to AOS - Diluted
|
|
$
|
0.57
|
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Comparison
|
Annually
|
(in millions except percentage and per share data)
|
(unaudited)
|
|
|
Year Ended June 30,
|
|
|
2018
|
|
2017
|
Revenue
|
|
$
|
421,553
|
|
|
$
|
383,337
|
|
Non-GAAP Gross Margin
|
|
26.9
|
%
|
|
24.2
|
%
|
Non-GAAP Operating Income
|
|
$
|
27,592
|
|
|
$
|
19,778
|
|
Non-GAAP Net Income attributable to AOS
|
|
$
|
28,243
|
|
|
$
|
20,463
|
|
Non-GAAP Net Income Per Share attributable to AOS - Diluted
|
|
$
|
1.14
|
|
|
$
|
0.83
|
|
|
|
|
|
|
|
|
|
|
The non-GAAP financial measures in the schedule above exclude the
effect of share-based compensation expenses in each of the periods
presented, as well as pre-production expenses relating to the Chongqing
joint venture and income tax benefit from tax reform for fiscal year
ended June 30, 2018.
A detailed reconciliation of GAAP and
non-GAAP financial measures is included at the end of this press release.
“AOS delivered another quarter of outstanding execution, breaking
revenue records both on a quarterly and annual basis. The solid June
quarter brought a strong finish to our fiscal year 2018: we achieved an
annual revenue growth of 10%, a non-GAAP gross margin expansion of 270
basis points, and non-GAAP earnings per share increase of 37%, as
compared to a year ago. During fiscal year 2018, we dedicated our
efforts to enhance demand creation and expand capacity. I am pleased to
announce that the critical investments and heavy lifting of our internal
capacity expansion are now largely behind us,” stated Dr. Mike Chang,
chairman and CEO of the company. “As we entered fiscal year 2019 with
stronger and more diverse product portfolio, increased capacity and
enhanced customer partnerships, we are optimistic that our investments
in the past year will enable us to capitalize on the next phase of
accelerated growth. We remain keenly focused on executing our longer
term strategies.”
Business Outlook for Fiscal Q1 Ending September 30, 2018
The following forward-looking statements are based on management's
current expectations and actual results may differ materially. AOS
undertakes no obligation to update these statements.
-
Revenue is expected to be between $113 million and $117 million.
-
Gross margin is expected to be approximately 26.5% plus or minus 1%.
Non-GAAP gross margin is expected to be approximately 28.5% plus or
minus 1%. Non-GAAP gross margin excludes $0.6 million of estimated
share-based compensation charge and $1.7 million of estimated
production ramp-up costs relating to the Chongqing joint venture.
-
Operating expenses are expected to be in the range of $32.0 million
plus or minus $1 million. Non-GAAP operating expenses are expected to
be in the range of $24.2 million plus or minus $1 million. Both GAAP
and non-GAAP operating expenses include $2.1 million to $2.3 million
of estimated expenses relating to the development of our digital power
team. Non-GAAP operating expenses exclude an estimated share-based
compensation charge of approximately $2.8 million and estimated
pre-production expenses relating to the Chongqing joint venture of
$5.0 million.
-
Tax expense is expected to be approximately $0.6 million to $0.8
million.
-
Loss attributable to noncontrolling interest is expected to be around
$4.2 million. On a non-GAAP basis, excluding estimated pre-production
expenses and production ramp-up costs relating to the Chongqing joint
venture of approximately $3.5 million, this item is expected to be
approximately $0.7 million.
Conference Call and Webcast
AOS plans to conduct an investor teleconference and live webcast to
discuss the financial results for the fiscal fourth quarter and the
fiscal year ended June 30, 2018 today, August 8, 2018 at 2:00 p.m. PT /
5:00 p.m. ET. To participate in the live call, analysts and investors
should dial 877-312-8797 (or 253-237-1194 if outside the U.S.). To
access the live webcast and the subsequent replay of the conference
call, which will be available for seven days after the live call, go to
the "Events & Presentations" section of the company's investor relations
website, http://investor.aosmd.com.
In addition, a copy of the script of prepared remarks by CEO and CFO at
the investor teleconference and webcast is available prior to the call
at the Company’s investor relations website.
Forward Looking Statements
This press release contains forward-looking statements that are based on
current expectations, estimates, forecasts and projections of future
performance based on management's judgment, beliefs, current trends, and
anticipated product performance. These forward-looking statements
include, without limitation, statements relating to expected growth
rate, our product portfolios, projected amount of revenue, gross margin,
operating income (loss), income tax expenses, net income (loss),
noncontrolling interest, and share-based compensation expenses, non-GAAP
gross margin, non-GAAP operating expenses, tax expenses, and non-GAAP
loss attributable to noncontrolling interest, our ability and strategy
to develop new products, including digital power controller products,
the ability to expand our sales, increase our capacity and achieve
sustained growth and profitability, the pre-production and production
phases of our Chongqing joint venture, the relationship with key
customers, and other information under the section entitled “Business
Outlook for Fiscal Q1 Ending September 30, 2018”. Forward-looking
statements involve risks and uncertainties that may cause actual results
to differ materially from those contained in the forward-looking
statements. These factors include, but are not limited to, difficulties
and challenges in executing our diversification strategy into different
market segments; ordering pattern from distributors and seasonality; our
ability to introduce or develop new and enhanced products that achieve
market acceptance, the actual product performance in volume production,
the quality and reliability of our product, our ability to achieve
design wins, the general business and economic conditions, the state of
semiconductor industry and seasonality of our markets, our ability to
maintain factory utilization at a desirable level, our ability to
successfully operate our joint venture in China, and other risks as
described in our SEC filings, including our Annual Report on Form 10-K
for the fiscal year ended June 30, 2018 to be filed by AOS. Other
unknown or unpredictable factors or underlying assumptions subsequently
proving to be incorrect could cause actual results to differ materially
from those in the forward-looking statements. Although we believe that
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, level of activity,
performance, or achievements. You should not place undue reliance on
these forward-looking statements. All information provided in this press
release is as of today's date, unless otherwise stated, and AOS
undertakes no duty to update such information, except as required under
applicable law.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented
on a basis consistent with U.S. GAAP, we disclose certain non-GAAP
financial measures for our historical performance, including non-GAAP
gross profit, gross margin, operating income (loss), net loss
attributable to noncontrolling interest, net income (loss) and diluted
earnings per share ("EPS"). These supplemental measures exclude
share-based compensation expenses for all periods presented,
pre-production expenses related to Chongqing joint venture for the
quarter of March 31, 2018 and June 30, 2018, and income tax benefit from
tax reform for the quarter of December 31, 2017 in this press release.
We also disclose certain non-GAAP financial measures in our guidance for
the next quarter, including non-GAAP gross margin, operating expenses
and loss attributable to noncontrolling interest. These forecast
supplemental measures exclude estimated pre-production expenses and
production ramp-up costs relating to our Chongqing joint venture and
estimated share-based compensation expenses. We believe that these
historical and forecast non-GAAP financial measures can provide useful
information to both management and investors by excluding certain items
and expenses that are not indicative of our core operating results or do
not reflect our normal business operations, such as the joint venture
pre-production expenses. In addition, our management uses non-GAAP
measures to compare our performance relative to forecasts and to
benchmark our performance externally against competitors. Our use of
non-GAAP financial measures has certain limitations in that the non-GAAP
financial measures we use may not be directly comparable to those
reported by other companies. For example, the terms used in this press
release, such as non-GAAP net income (loss) or non-GAAP operating
expenses, do not have a standardized meaning. Other companies may use
the same or similarly named measures, but exclude different items, which
may not provide investors with a comparable view of our performance in
relation to other companies. We seek to compensate for the limitation of
our non-GAAP presentation by providing a detailed reconciliation of the
non-GAAP financial measures to the most directly comparable U.S. GAAP
measures both in the text in this press release and in the tables
attached hereto. Investors are encouraged to review the related U.S.
GAAP financial measures and the reconciliation of these non-GAAP
financial measures to their most directly comparable U.S. GAAP financial
measures.
About Alpha and Omega Semiconductor
Alpha and Omega Semiconductor Limited, or AOS, is a designer, developer
and global supplier of a broad range of power semiconductors, including
a wide portfolio of Power MOSFET, IGBT, IPM, Power IC products and
Digital Power. AOS has developed extensive intellectual property and
technical knowledge that encompasses the latest advancements in the
power semiconductor industry, which enables us to introduce innovative
products to address the increasingly complex power requirements of
advanced electronics. AOS differentiates itself by integrating its
Discrete and IC semiconductor process technology, product design, and
advanced packaging know-how to develop high performance power management
solutions. AOS's portfolio of products targets high-volume applications,
including portable computers, flat panel TVs, LED lighting, smart
phones, battery packs, consumer and industrial motor controls and power
supplies for TVs, computers, servers and telecommunications equipment.
For more information, please visit www.aosmd.com.
The following unaudited consolidated financial statements are prepared
in accordance with U.S. GAAP.
|
Alpha and Omega Semiconductor Limited
|
Condensed Consolidated Statements of Operations
|
(in thousands, except percentages and per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
June 30, 2018
|
|
March 31, 2018
|
|
June 30, 2017
|
|
June 30, 2018
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
109,897
|
|
|
$
|
102,902
|
|
|
$
|
98,007
|
|
|
$
|
421,553
|
|
|
$
|
383,337
|
|
Cost of goods sold
|
|
80,714
|
|
|
75,769
|
|
|
72,921
|
|
|
309,625
|
|
|
291,516
|
|
Gross profit
|
|
29,183
|
|
|
27,133
|
|
|
25,086
|
|
|
111,928
|
|
|
91,821
|
|
Gross margin
|
|
26.6
|
%
|
|
26.4
|
%
|
|
25.6
|
%
|
|
26.6
|
%
|
|
24.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
9,951
|
|
|
9,966
|
|
|
7,907
|
|
|
37,344
|
|
|
29,835
|
|
Selling, general and administrative
|
|
19,307
|
|
|
16,486
|
|
|
13,618
|
|
|
66,164
|
|
|
48,842
|
|
Total operating expenses
|
|
29,258
|
|
|
26,452
|
|
|
21,525
|
|
|
103,508
|
|
|
78,677
|
|
Operating income (loss)
|
|
(75
|
)
|
|
681
|
|
|
3,561
|
|
|
8,420
|
|
|
13,144
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and other income (loss), net
|
|
(1,589
|
)
|
|
(234
|
)
|
|
52
|
|
|
(1,943
|
)
|
|
(141
|
)
|
Interest expense
|
|
(685
|
)
|
|
(105
|
)
|
|
(19
|
)
|
|
(821
|
)
|
|
(91
|
)
|
Income (loss) before income taxes
|
|
(2,349
|
)
|
|
342
|
|
|
3,594
|
|
|
5,656
|
|
|
12,912
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
676
|
|
|
830
|
|
|
807
|
|
|
708
|
|
|
3,652
|
|
Net income (loss) including noncontrolling interest
|
|
(3,025
|
)
|
|
(488
|
)
|
|
2,787
|
|
|
4,948
|
|
|
9,260
|
|
Net loss attributable to noncontrolling interest
|
|
(4,046
|
)
|
|
(2,139
|
)
|
|
(1,332
|
)
|
|
(9,315
|
)
|
|
(4,569
|
)
|
Net income attributable to Alpha and Omega Semiconductor Limited
|
|
$
|
1,021
|
|
|
$
|
1,651
|
|
|
$
|
4,119
|
|
|
$
|
14,263
|
|
|
$
|
13,829
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Alpha and Omega
Semiconductor Limited
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.04
|
|
|
$
|
0.07
|
|
|
$
|
0.17
|
|
|
$
|
0.60
|
|
|
$
|
0.59
|
|
Diluted
|
|
$
|
0.04
|
|
|
$
|
0.07
|
|
|
$
|
0.17
|
|
|
$
|
0.57
|
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common share attributable to Alpha and
Omega Semiconductor Limited used to compute net income per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
23,864
|
|
|
23,795
|
|
|
23,917
|
|
|
23,901
|
|
|
23,526
|
|
Diluted
|
|
24,628
|
|
|
24,755
|
|
|
24,960
|
|
|
24,844
|
|
|
24,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha and Omega Semiconductor Limited
|
Condensed Consolidated Balance Sheets
|
(in thousands, except par value per share)
|
(unaudited)
|
|
|
June 30, 2018
|
|
June 30, 2017
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
131,535
|
|
|
$
|
115,708
|
|
Restricted cash
|
|
189
|
|
|
221
|
|
Accounts receivable, net
|
|
33,755
|
|
|
28,410
|
|
Inventories
|
|
90,182
|
|
|
76,254
|
|
Other current assets
|
|
29,551
|
|
|
4,883
|
|
Total current assets
|
|
285,212
|
|
|
225,476
|
|
Property, plant and equipment, net
|
|
331,656
|
|
|
148,191
|
|
Intangible assets, net
|
|
16,591
|
|
|
282
|
|
Deferred income tax assets - long-term
|
|
4,892
|
|
|
4,594
|
|
Other long-term assets
|
|
28,698
|
|
|
19,865
|
|
Total assets
|
|
$
|
667,049
|
|
|
$
|
398,408
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
92,661
|
|
|
$
|
63,134
|
|
Accrued liabilities
|
|
49,841
|
|
|
28,386
|
|
Income taxes payable
|
|
2,211
|
|
|
1,748
|
|
Short-term debt
|
|
3,811
|
|
|
—
|
|
Deferred margin
|
|
1,665
|
|
|
814
|
|
Capital leases
|
|
4,491
|
|
|
828
|
|
Total current liabilities
|
|
154,680
|
|
|
94,910
|
|
Long-term debt
|
|
26,786
|
|
|
—
|
|
Income taxes payable - long-term
|
|
924
|
|
|
922
|
|
Deferred income tax liabilities
|
|
713
|
|
|
2,659
|
|
Capital leases - long-term
|
|
56,791
|
|
|
866
|
|
Other long-term liabilities
|
|
993
|
|
|
502
|
|
Total liabilities
|
|
240,887
|
|
|
99,859
|
|
Equity:
|
|
|
|
|
Preferred shares, par value $0.002 per share:
|
|
|
|
|
Authorized: 10,000 shares; Issued and outstanding: none at June 30,
2018 and 2017
|
|
—
|
|
|
—
|
|
Common shares, par value $0.002 per share:
|
|
|
|
|
Authorized: 100,000 shares; issued and outstanding: 30,400 shares
and 23,860 shares at June 30, 2018 and 29,600 shares and 23,992
shares at June 30, 2017
|
|
61
|
|
|
59
|
|
Treasury shares at cost; 6,540 shares at June 30, 2018 and 5,608
shares at June 30, 2017
|
|
(64,790
|
)
|
|
(49,836
|
)
|
Additional paid-in capital
|
|
220,244
|
|
|
206,332
|
|
Accumulated other comprehensive income
|
|
440
|
|
|
306
|
|
Retained earnings
|
|
122,639
|
|
|
113,909
|
|
Total Alpha and Omega Semiconductor Limited shareholders’ equity
|
|
278,594
|
|
|
270,770
|
|
Noncontrolling interest
|
|
147,568
|
|
|
27,779
|
|
Total equity
|
|
426,162
|
|
|
298,549
|
|
Total liabilities and equity
|
|
$
|
667,049
|
|
|
$
|
398,408
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of financial information:
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2018
|
|
As of June 30, 2017
|
|
|
AOS
|
|
CQJV
|
|
Consolidated
|
|
AOS
|
|
CQJV
|
|
Consolidated
|
Cash and cash equivalents
|
|
$
|
88,269
|
|
|
$
|
43,266
|
|
|
$
|
131,535
|
|
|
$
|
109,584
|
|
|
$
|
6,124
|
|
|
$
|
115,708
|
Bank borrowings liabilities
|
|
$
|
30,876
|
|
|
$
|
60,416
|
|
|
$
|
91,292
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
Property, plant and equipment, net
|
|
$
|
141,575
|
|
|
$
|
190,081
|
|
|
$
|
331,656
|
|
|
$
|
102,068
|
|
|
$
|
46,123
|
|
|
$
|
148,191
|
Total assets
|
|
$
|
384,380
|
|
|
$
|
282,669
|
|
|
$
|
667,049
|
|
|
$
|
333,163
|
|
|
$
|
65,245
|
|
|
$
|
398,408
|
Total equity
|
|
$
|
293,609
|
|
|
$
|
132,553
|
|
|
$
|
426,162
|
|
|
$
|
276,204
|
|
|
$
|
22,345
|
|
|
$
|
298,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2018
|
|
Three Months Ended March 31, 2018
|
|
Three Months Ended June 30, 2017
|
|
|
AOS
|
|
CQJV
|
|
Consolidated
|
|
AOS
|
|
CQJV
|
|
Consolidated
|
|
AOS
|
|
CQJV
|
|
Consolidated
|
Net cash provided by (used in) operating activities
|
|
$
|
8,722
|
|
|
$
|
(19,499
|
)
|
|
$
|
(10,777
|
)
|
|
$
|
704
|
|
|
$
|
(8,301
|
)
|
|
$
|
(7,597
|
)
|
|
$
|
14,485
|
|
|
$
|
(937
|
)
|
|
$
|
13,548
|
Purchase of property and equipment
|
|
$
|
13,805
|
|
|
$
|
41,271
|
|
|
$
|
55,076
|
|
|
$
|
12,393
|
|
|
$
|
45,512
|
|
|
$
|
57,905
|
|
|
$
|
14,636
|
|
|
$
|
195
|
|
|
$
|
14,831
|
|
|
|
|
|
|
|
|
Year Ended June 30, 2018
|
|
Year Ended June 30, 2017
|
|
|
AOS
|
|
CQJV
|
|
Consolidated
|
|
AOS
|
|
CQJV
|
|
Consolidated
|
Net cash provided by (used in) operating activities
|
|
$
|
36,885
|
|
|
$
|
(33,405
|
)
|
|
$
|
3,480
|
|
|
$
|
44,783
|
|
|
$
|
(2,135
|
)
|
|
$
|
42,648
|
Purchase of property and equipment
|
|
$
|
49,390
|
|
|
$
|
128,359
|
|
|
$
|
177,749
|
|
|
$
|
30,799
|
|
|
$
|
24,789
|
|
|
$
|
55,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpha and Omega Semiconductor Limited
|
Reconciliation of Condensed Consolidated GAAP Financial Measures
to Non-GAAP Financial Measures
|
(in thousands, except percentages and per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
29,183
|
|
|
$
|
27,133
|
|
|
$
|
25,086
|
|
|
$
|
111,928
|
|
|
$
|
91,821
|
|
Share-based compensation
|
|
461
|
|
|
449
|
|
|
420
|
|
|
1,641
|
|
|
1,041
|
|
Non-GAAP gross profit
|
|
$
|
29,644
|
|
|
$
|
27,582
|
|
|
$
|
25,506
|
|
|
$
|
113,569
|
|
|
$
|
92,862
|
|
Non-GAAP gross margin
|
|
27.0
|
%
|
|
26.8
|
%
|
|
26.0
|
%
|
|
26.9
|
%
|
|
24.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income (loss)
|
|
$
|
(75
|
)
|
|
$
|
681
|
|
|
$
|
3,561
|
|
|
$
|
8,420
|
|
|
$
|
13,144
|
|
Share-based compensation
|
|
2,935
|
|
|
2,460
|
|
|
2,049
|
|
|
11,412
|
|
|
6,634
|
|
Pre-production expenses related to joint venture
|
|
4,988
|
|
|
2,772
|
|
|
—
|
|
|
7,760
|
|
|
—
|
|
Non-GAAP operating income
|
|
$
|
7,848
|
|
|
$
|
5,913
|
|
|
$
|
5,610
|
|
|
$
|
27,592
|
|
|
$
|
19,778
|
|
Non-GAAP operating margin
|
|
7.1
|
%
|
|
5.7
|
%
|
|
5.7
|
%
|
|
6.5
|
%
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to AOS
|
|
$
|
1,021
|
|
|
$
|
1,651
|
|
|
$
|
4,119
|
|
|
$
|
14,263
|
|
|
$
|
13,829
|
|
Share-based compensation
|
|
2,935
|
|
|
2,460
|
|
|
2,049
|
|
|
11,412
|
|
|
6,634
|
|
Income tax benefit from tax reform
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,690
|
)
|
|
—
|
|
Pre-production expenses related to joint venture
|
|
3,643
|
|
|
1,615
|
|
|
—
|
|
|
5,258
|
|
|
—
|
|
Non-GAAP net income attributable to AOS
|
|
$
|
7,599
|
|
|
$
|
5,726
|
|
|
$
|
6,168
|
|
|
$
|
28,243
|
|
|
$
|
20,463
|
|
Non-GAAP net margin attributable to AOS
|
|
6.9
|
%
|
|
5.6
|
%
|
|
6.3
|
%
|
|
6.7
|
%
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to AOS
|
|
$
|
1,021
|
|
|
$
|
1,651
|
|
|
$
|
4,119
|
|
|
$
|
14,263
|
|
|
$
|
13,829
|
|
Share-based compensation
|
|
2,935
|
|
|
2,460
|
|
|
2,049
|
|
|
11,412
|
|
|
6,634
|
|
Amortization and depreciation
|
|
7,601
|
|
|
7,431
|
|
|
7,040
|
|
|
29,419
|
|
|
27,188
|
|
Interest expense (income), net
|
|
582
|
|
|
(34
|
)
|
|
(18
|
)
|
|
333
|
|
|
(140
|
)
|
Income tax expense
|
|
676
|
|
|
830
|
|
|
807
|
|
|
708
|
|
|
3,652
|
|
EBITDAS
|
|
$
|
12,815
|
|
|
$
|
12,338
|
|
|
$
|
13,997
|
|
|
$
|
56,135
|
|
|
$
|
51,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net income per share attributable to AOS
|
|
$
|
0.04
|
|
|
$
|
0.07
|
|
|
$
|
0.17
|
|
|
$
|
0.57
|
|
|
$
|
0.56
|
|
Share-based compensation
|
|
0.12
|
|
|
0.10
|
|
|
0.08
|
|
|
0.46
|
|
|
0.27
|
|
Income tax benefit from tax reform
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.10
|
)
|
|
—
|
|
Pre-production expenses related to joint venture
|
|
0.15
|
|
|
0.06
|
|
|
—
|
|
|
0.21
|
|
|
—
|
|
Non-GAAP diluted net income per share attributable to AOS
|
|
$
|
0.31
|
|
|
$
|
0.23
|
|
|
$
|
0.25
|
|
|
$
|
1.14
|
|
|
$
|
0.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to compute diluted per share
|
|
24,628
|
|
|
24,755
|
|
|
24,960
|
|
|
24,844
|
|
|
24,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180808005715/en/
Alpha and Omega Semiconductor Limited
Investor Relations
So-Yeon
Jeong
investors@aosmd.com
Source: Alpha and Omega Semiconductor Limited