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Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Second Quarter of 2021 Ended December 31, 2020

February 04, 2021

SUNNYVALE, Calif.--(BUSINESS WIRE)-- Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ: AOSL) today reported financial results for the fiscal second quarter of 2021 ended December 31, 2020.

The results for the fiscal second quarter of 2021 ended December 31, 2020 were as follows:

GAAP Financial Comparison

Quarterly

(in millions, except percentage and per share data)

(unaudited)

 

 

Three Months Ended

 

 

December 31,
2020

 

September 30,
2020

 

December 31,
2019

Revenue

 

$

158.8

 

 

$

151.6

 

 

$

117.9

 

Gross Margin

 

30.7

%

 

28.1

%

 

20.7

%

Operating Income (Loss)

 

$

13.6

 

 

$

10.3

 

 

$

(3.4)

 

Net Income (Loss) Attributable to AOS

 

$

12.9

 

 

$

9.6

 

 

$

(1.0)

 

Net Income (Loss) Per Share Attributable to AOS - Diluted

 

$

0.47

 

 

$

0.36

 

 

$

(0.04)

 

Non-GAAP Financial Comparison

Quarterly

(in millions, except percentage and per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December 31,
2020

 

September 30,
2020

 

December 31,
2019

Revenue

 

$

158.8

 

 

$

151.6

 

 

$

117.9

 

Non-GAAP Gross Margin

 

31.4

%

 

29.0

%

 

28.3

%

Non-GAAP Operating Income

 

$

18.5

 

 

$

15.4

 

 

$

7.6

 

Non-GAAP Net Income Attributable to AOS

 

$

17.8

 

 

$

14.5

 

 

$

5.8

 

Non-GAAP Net Income Per Share Attributable to AOS - Diluted

 

$

0.65

 

 

$

0.55

 

 

$

0.23

 

The non-GAAP financial measures in the schedule above and under the section “Financial Results for Fiscal Q2 Ended December 31, 2020” below exclude the effect of share-based compensation expenses in each of the periods presented, legal costs related to government investigation for the three months ended December 31, 2020 and September 30, 2020, production ramp up costs for the three months ended September 30, 2020 and December 31, 2019, as well as amortization of purchased intangible for the three months ended December 31, 2020 and September 30, 2020. A detailed reconciliation of GAAP and non-GAAP financial measures is included at the end of this press release.

Financial Results for Fiscal Q2 Ended December 31, 2020

  • Revenue was $158.8 million, an increase of 4.8% from the prior quarter and an increase of 34.8% from the same quarter last year.
  • GAAP gross margin was 30.7%, up from 28.1% in the prior quarter and up from 20.7% in the same quarter last year.
  • Non-GAAP gross margin was 31.4%, up from 29.0% in the prior quarter and up from 28.3% in the same quarter last year.
  • GAAP operating expenses were $35.2 million, up from $32.2 million in the prior quarter and up from $27.8 million in the same quarter last year.
  • Non-GAAP operating expenses were $31.5 million, an increase of $2.9 million from last quarter and an increase of $5.8 million from the same quarter last year.
  • GAAP operating income was $13.6 million, up from $10.3 million in the prior quarter and up from $3.4 million loss in the same quarter last year.
  • Non-GAAP operating income was $18.5 million as compared to $15.4 million for the prior quarter and $7.6 million for the same quarter last year.
  • GAAP net income per share attributable to AOS was $0.47, compared to $0.36 for the prior quarter and $0.04 net loss per share for the same quarter a year ago.
  • Non-GAAP net income per share attributable to AOS was $0.65 compared to $0.55 for the prior quarter and $0.23 for the same quarter a year ago.
  • Consolidated cash flow provided by operating activities was $36.1 million, compared to $9.8 million in the prior quarter. Operating cash flow provided by AOS alone (excluding the JV Company) was $35.7 million, compared to $12.7 million in the prior quarter.
  • The Company closed the quarter with $181.0 million of cash and cash equivalents, including $38.6 million cash balance at the JV Company.

AOS Chairman and Chief Executive Officer Dr. Mike Chang commented, “Our fiscal second quarter marked an impressive finish to calendar year 2020, as solid shipments across most of our product categories drove strong financial performance in the quarter. We grew revenue by 35% year-over-year, achieved higher utilization and operational efficiency at our manufacturing facilities, and continued to be disciplined with our spending. All of this led to records in non-GAAP gross margin of 31.4% and non-GAAP EPS of $0.65.”

Dr. Chang continued, “Our mission is to become a leading designer, developer, and global supplier of a broad portfolio of power semiconductors, and I am proud of what our team has accomplished and the groundwork we are laying for long-term and sustainable success. Obviously, we faced tremendous challenges in calendar year 2020, including the COVID-19 pandemic, trade conflicts, and political and social unrest in different parts of the world. Despite these challenges, we made significant progress toward our calendar year 2021 target of $600 million in annual revenue. We did this by focusing on disciplined execution and developing a healthy pipeline of new products, new design wins, and new customers.”

Business Outlook for Fiscal Q3 Ending March 31, 2021

The following statements are based on management's current expectations. These statements are forward-looking, and actual results may differ materially. AOS undertakes no obligation to update these statements.

Our expectations for the third quarter of fiscal year 2021 are as follows:

  • Revenue is expected to be approximately $157 million, plus or minus $3 million.
  • GAAP gross margin is expected to be approximately 28.7% plus or minus 1%. Non-GAAP gross margin is expected to be approximately 29.5% plus or minus 1%. Non-GAAP gross margin excludes $0.8 million amortization of acquired IP and $0.5 million of estimated share-based compensation charge.
  • GAAP operating expenses are expected to be in the range of $33.8 million plus or minus $1 million. Non-GAAP operating expenses are expected to be in the range of $29.5 million plus or minus $1 million. Non-GAAP operating expenses exclude $3.3 million of estimated share-based compensation charge and $1.0 million of estimated professional fees related to the government investigation.
  • Income tax expense is expected to be approximately $0.7 million to $1.0 million.
  • Loss attributable to noncontrolling interest is expected to be approximately $0.2 million.

Conference Call and Webcast

AOS plans to hold an investor teleconference and live webcast to discuss the financial results for the fiscal second quarter ended December 31, 2020 today, February 4, 2021 at 2:00 p.m. PT / 5:00 p.m. ET. To listen to the live conference call, please dial 877-683-1095 (or 647-689-5445 if dialing from outside the United States and Canada). The conference ID number is 5785406. A live webcast of the call will also be available in the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com/. The webcast replay will be available for seven days after the live call on the same website. In addition, a copy of the script of management's prepared remarks and a live webcast of the call will also be available in the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com.

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 objectives to achieve long-term success, our ability to gain new customers and design wins, and other information under the section entitled “Business Outlook for Fiscal Q3 Ending March 31, 2021”. 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, the impact of COVID-19 pandemic on our business; our ability to successfully operate our joint venture in China; our ability to develop and succeed in the digital power business; difficulties and challenges in executing our diversification strategy into different market segments; new tariffs on goods from China; ordering pattern from distributors and seasonality; changes in regulatory environment and government investigation; our ability to introduce or develop new and enhanced products that achieve market acceptance; decline of PC markets; 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; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed by AOS with the SEC and other periodic reports we filed with the SEC. 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), diluted earnings per share ("EPS") and EBITDAS. These supplemental measures exclude, among other items, share-based compensation expenses, production ramp up costs related to the JV Company, legal and profession fees related to government investigation, as well as amortization of purchased intangible. 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. We believe that these historical and forecast non-GAAP financial measures 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. 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 such non-GAAP financial measures 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. In addition, we included amount of income tax effect of non-GAAP adjustments in the non-GAAP net income of reconciliation table for all periods presented as the management believes that such non-GAAP presentation provides useful information to investors, even though the amounts are not significant. 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, TVS, HVIC, GaN/SiC, Power IC and Digital Power products. 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’ portfolio of products targets high-volume applications, including personal and portable computers, graphic cards, flat panel TVs, home appliances, smart phones, battery packs, quick chargers, home appliances, 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

 

Six Months Ended

 

 

December 31,
2020

 

September 30,
2020

 

December 31,
2019

 

December 31,
2020

 

December 31,
2019

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

158,830

 

 

$

151,551

 

 

$

117,860

 

 

$

310,381

 

 

$

235,662

 

Cost of goods sold

 

 

110,081

 

 

 

109,028

 

 

 

93,454

 

 

 

219,109

 

 

 

184,324

 

Gross profit

 

 

48,749

 

 

 

42,523

 

 

 

24,406

 

 

 

91,272

 

 

 

51,338

 

Gross margin

 

 

30.7

%

 

 

28.1

%

 

 

20.7

%

 

 

29.4

%

 

 

21.8

%

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

15,423

 

 

 

14,691

 

 

 

12,147

 

 

 

30,114

 

 

 

24,515

 

Selling, general and administrative

 

 

19,736

 

 

 

17,505

 

 

 

15,629

 

 

 

37,241

 

 

 

30,814

 

Total operating expenses

 

 

35,159

 

 

 

32,196

 

 

 

27,776

 

 

 

67,355

 

 

 

55,329

 

Operating income (loss)

 

 

13,590

 

 

 

10,327

 

 

 

(3,370

)

 

 

23,917

 

 

 

(3,991

)

 

 

 

 

 

 

 

 

 

 

 

Interest expense and other income (loss), net

 

 

(381

)

 

 

(549

)

 

 

(635

)

 

 

(930

)

 

 

(1,462

)

Income (loss) before income taxes

 

 

13,209

 

 

 

9,778

 

 

 

(4,005

)

 

 

22,987

 

 

 

(5,453

)

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

669

 

 

 

1,011

 

 

 

568

 

 

 

1,680

 

 

 

978

 

Net income (loss) including noncontrolling interest

 

 

12,540

 

 

 

8,767

 

 

 

(4,573

)

 

 

21,307

 

 

 

(6,431

)

Net loss attributable to noncontrolling interest

 

 

(363

)

 

 

(807

)

 

 

(3,568

)

 

 

(1,170

)

 

 

(6,435

)

Net income (loss) attributable to Alpha and Omega Semiconductor Limited

 

$

12,903

 

 

$

9,574

 

 

$

(1,005

)

 

$

22,477

 

 

$

4

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.50

 

 

$

0.38

 

 

$

(0.04

)

 

$

0.88

 

 

$

0.00

 

Diluted

 

$

0.47

 

 

$

0.36

 

 

$

(0.04

)

 

$

0.84

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,672

 

 

 

25,340

 

 

 

24,701

 

 

 

25,506

 

 

 

24,620

 

Diluted

 

 

27,353

 

 

 

26,314

 

 

 

24,701

 

 

 

26,834

 

 

 

25,362

 

 

 

 

 

 

 

 

 

 

 

 

Alpha and Omega Semiconductor Limited

Condensed Consolidated Balance Sheets

(in thousands, except par value per share)

(unaudited)

 

 

December 31, 2020

 

June 30, 2020

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

180,966

 

 

$

158,536

 

Restricted cash

 

 

230

 

 

 

2,190

 

Accounts receivable, net

 

 

24,934

 

 

 

13,272

 

Inventories

 

 

144,307

 

 

 

135,528

 

Other current assets

 

 

10,833

 

 

 

8,807

 

Total current assets

 

 

361,270

 

 

 

318,333

 

Property, plant and equipment, net

 

 

430,808

 

 

 

412,340

 

Operating lease right-of-use assets, net

 

 

34,395

 

 

 

32,948

 

Intangible assets, net

 

 

15,090

 

 

 

16,770

 

Deferred income tax assets

 

 

4,852

 

 

 

4,766

 

Restricted cash - long-term

 

 

2,143

 

 

 

1,978

 

Other long-term assets

 

 

4,607

 

 

 

5,804

 

Total assets

 

$

853,165

 

 

$

792,939

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

83,859

 

 

$

86,181

 

Accrued liabilities

 

 

60,483

 

 

 

54,986

 

Income taxes payable

 

 

2,166

 

 

 

1,360

 

Short-term debt

 

 

43,574

 

 

 

30,114

 

Finance lease liabilities

 

 

16,535

 

 

 

15,258

 

Operating lease liabilities

 

 

4,896

 

 

 

4,159

 

Total current liabilities

 

 

211,513

 

 

 

192,058

 

Long-term debt

 

 

93,096

 

 

 

99,775

 

Income taxes payable - long-term

 

 

921

 

 

 

903

 

Deferred income tax liabilities

 

 

860

 

 

 

496

 

Finance lease liabilities - long-term

 

 

20,821

 

 

 

26,842

 

Operating lease liabilities - long-term

 

 

31,102

 

 

 

30,254

 

Other long-term liabilities

 

 

20,196

 

 

 

10,723

 

Total liabilities

 

 

378,509

 

 

 

361,051

 

Equity:

 

 

 

 

Preferred shares, par value $0.002 per share:

 

 

 

 

Authorized: 10,000 shares; issued and outstanding: none at December 31, 2020 and June 30, 2020

 

 

 

 

 

 

Common shares, par value $0.002 per share:

 

 

 

 

Authorized: 100,000 shares; issued and outstanding: 32,394 shares and 25,765 shares, respectively at December 31, 2020 and 31,944 shares and 25,305 shares, respectively at June 30, 2020

 

 

65

 

 

 

64

 

Treasury shares at cost: 6,629 shares at December 31, 2020 and 6,639 shares at June 30, 2020

 

 

(66,097

)

 

 

(66,184

)

Additional paid-in capital

 

 

254,980

 

 

 

246,103

 

Accumulated other comprehensive income (loss)

 

 

1,481

 

 

 

(5,127

)

Retained earnings

 

 

141,289

 

 

 

118,833

 

Total Alpha and Omega Semiconductor Limited shareholder's equity

 

 

331,718

 

 

 

293,689

 

Noncontrolling interest

 

 

142,938

 

 

 

138,199

 

Total equity

 

 

474,656

 

 

 

431,888

 

Total liabilities and equity

 

$

853,165

 

 

$

792,939

 

Supplemental disclosures of financial information:

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2020

 

As of June 30, 2020

 

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Cash and cash equivalents

 

$

142,326

 

 

$

38,640

 

 

$

180,966

 

 

$

110,346

 

 

$

48,190

 

 

$

158,536

 

Bank borrowings liabilities

 

$

28,538

 

 

$

146,676

 

*

$

175,214

 

 

$

32,708

 

 

$

140,652

 

*

$

173,360

 

Inventory

 

$

97,795

 

 

$

46,512

 

 

$

144,307

 

 

$

97,593

 

 

$

37,935

 

 

$

135,528

 

Property, plant and equipment, net

 

$

168,120

 

 

$

262,688

 

 

$

430,808

 

 

$

162,833

 

 

$

249,507

 

 

$

412,340

 

* AOS is not a guarantor of CQJV's (Chongqing Joint Venture) debts.

 

 

Three Months Ended December 31,
2020

 

Three Months Ended September 30,
2020

 

Three Months Ended December 31,
2019

 

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Net cash provided by (used in) operating activities

 

$

35,678

 

 

$

407

 

 

$

36,085

 

 

$

12,701

 

 

$

(2,853

 

$

9,848

 

 

$

12,470

 

 

$

(3,532

 

$

8,938

 

Purchase of property and equipment, net of government grant

 

$

6,779

 

 

$

6,533

 

 

$

13,312

 

 

$

7,944

 

 

$

3,393

 

 

$

11,337

 

 

$

12,062

 

 

$

3,307

 

 

$

15,369

 

EBITDAS

 

$

25,332

 

 

$

5,950

 

**

$

31,645

 

 

$

22,156

 

 

$

4,609

 

**

$

27,572

 

 

$

12,538

 

 

$

(2,214

**

$

13,892

 

** CQJV EBITDAS includes amounts attributable to noncontrolling interest.

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

 

Six Months Ended

 

 

December 31,
2020

 

September 30,
2020

 

December 31,
2019

 

December 31,
2020

 

December 31,
2019

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

48,749

 

 

$

42,523

 

 

$

24,406

 

 

$

91,272

 

 

$

51,338

 

Share-based compensation

 

 

383

 

 

 

385

 

 

 

404

 

 

 

768

 

 

 

840

 

Amortization of purchased intangible

 

 

811

 

 

 

812

 

 

 

 

 

 

1,623

 

 

 

 

Production ramp up costs related to joint venture

 

 

 

 

 

275

 

 

 

8,486

 

 

 

275

 

 

 

14,477

 

Non-GAAP gross profit

 

$

49,943

 

 

$

43,995

 

 

$

33,296

 

 

$

93,938

 

 

$

66,655

 

Non-GAAP gross margin as a % of revenue

 

 

31.4

%

 

 

29.0

%

 

 

28.3

%

 

 

30.3

%

 

 

28.3

%

 

 

 

 

 

 

 

 

 

 

 

GAAP operating expense

 

$

35,159

 

 

$

32,196

 

 

$

27,776

 

 

$

67,355

 

 

$

55,329

 

Share-based compensation

 

 

2,841

 

 

 

2,491

 

 

 

2,083

 

 

 

5,332

 

 

 

4,016

 

Legal costs related to government investigation

 

 

843

 

 

 

1,107

 

 

 

 

 

 

1,950

 

 

 

 

Non-GAAP operating expense

 

$

31,475

 

 

$

28,598

 

 

$

25,693

 

 

$

60,073

 

 

$

51,313

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

13,590

 

 

$

10,327

 

 

$

(3,370

)

 

$

23,917

 

 

$

(3,991

)

Share-based compensation

 

 

3,224

 

 

 

2,876

 

 

 

2,487

 

 

 

6,100

 

 

 

4,856

 

Amortization of purchased intangible

 

 

811

 

 

 

812

 

 

 

 

 

 

1,623

 

 

 

 

Production ramp up costs related to joint venture

 

 

 

 

 

275

 

 

 

8,486

 

 

 

275

 

 

 

14,477

 

Legal costs related to government investigation

 

 

843

 

 

 

1,107

 

 

 

 

 

 

1,950

 

 

 

 

Non-GAAP operating income

 

$

18,468

 

 

$

15,397

 

 

$

7,603

 

 

$

33,865

 

 

$

15,342

 

Non-GAAP operating margin as a % of revenue

 

 

11.6

%

 

 

10.2

%

 

 

6.5

%

 

 

10.9

%

 

 

6.5

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) attributable to AOS

 

$

12,903

 

 

$

9,574

 

 

$

(1,005

)

 

$

22,477

 

 

$

4

 

Share-based compensation

 

 

3,224

 

 

 

2,876

 

 

 

2,487

 

 

 

6,100

 

 

 

4,856

 

Amortization of purchased intangible

 

 

811

 

 

 

812

 

 

 

 

 

 

1,623

 

 

 

 

Pre-production expenses related to joint venture

 

 

 

 

 

 

 

 

(25

)

 

 

 

 

 

24

 

Production ramp up costs related to joint venture

 

 

 

 

 

135

 

 

 

4,319

 

 

 

135

 

 

 

7,368

 

Legal costs related to government investigation

 

 

843

 

 

 

1,107

 

 

 

 

 

 

1,950

 

 

 

 

Income tax effect of non-GAAP adjustments

 

 

(1

)

 

 

(8

)

 

 

(2

)

 

 

(9

)

 

 

(7

)

Non-GAAP net income attributable to AOS

 

$

17,780

 

 

$

14,496

 

 

$

5,774

 

 

$

32,276

 

 

$

12,245

 

Non-GAAP net margin attributable to AOS as a % of revenue

 

 

11.2

%

 

 

9.6

%

 

 

4.9

%

 

 

10.4

%

 

 

5.2

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) attributable to AOS

 

$

12,903

 

 

$

9,574

 

 

$

(1,005

)

 

$

22,477

 

 

$

4

 

Share-based compensation

 

 

3,224

 

 

 

2,876

 

 

 

2,487

 

 

 

6,100

 

 

 

4,856

 

Amortization and depreciation

 

 

13,200

 

 

 

12,489

 

 

 

10,850

 

 

 

25,689

 

 

 

21,754

 

Interest expense (income), net

 

 

1,649

 

 

 

1,622

 

 

 

992

 

 

 

3,271

 

 

 

772

 

Income tax expense

 

 

669

 

 

 

1,011

 

 

 

568

 

 

 

1,680

 

 

 

978

 

EBITDAS

 

$

31,645

 

 

$

27,572

 

 

$

13,892

 

 

$

59,217

 

 

$

28,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share attributable to AOS

 

$

0.47

 

 

$

0.36

 

 

$

(0.04

)

 

$

0.84

 

 

$

0.00

 

Share-based compensation

 

 

0.12

 

 

 

0.11

 

 

 

0.10

 

 

 

0.23

 

 

 

0.19

 

Pre-production expenses related to joint venture

 

 

 

 

 

 

 

 

(0.00

)

 

 

 

 

 

0.00

 

Production ramp up costs related to joint venture

 

 

 

 

 

0.01

 

 

 

0.17

 

 

 

0.01

 

 

 

0.29

 

Legal costs related to government investigation

 

 

0.03

 

 

 

0.04

 

 

 

 

 

 

0.07

 

 

 

 

Amortization of purchased intangible

 

 

0.03

 

 

 

0.03

 

 

 

 

 

 

0.06

 

 

 

 

Income tax effect of non-GAAP adjustments

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.00

)

Non-GAAP diluted net income per share attributable to AOS

 

$

0.65

 

 

$

0.55

 

 

$

0.23

 

 

$

1.20

 

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

Shares used to compute GAAP diluted net income (loss) per share

 

 

27,353

 

 

 

26.314

 

 

 

24,701

 

 

 

26,834

 

 

 

25,362

 

Shares used to compute Non-GAAP diluted net income per share

 

 

27,353

 

 

 

26.314

 

 

 

25,594

 

 

 

26,834

 

 

 

25,362

 

 

Investor and media inquiries:
In the United States: The Blueshirt Group
Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com

In China: The Blueshirt Group Asia
Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com

Source: Alpha and Omega Semiconductor Limited

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