Alpha and Omega Semiconductor Reports Financial Results for the Fiscal First Quarter of 2020 Ended September 30, 2019

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 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

 

 

September 30,
2019

 

June 30,
2019

 

September 30,
2018

 

 

 

 

 

 

 

Revenue

 

$

117,802

 

 

$

111,856

 

 

$

115,072

 

Cost of goods sold

 

90,870

 

 

84,220

 

 

82,461

 

Gross profit

 

26,932

 

 

27,636

 

 

32,611

 

Gross margin

 

22.9

%

 

24.7

%

 

28.3

%

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

12,368

 

 

11,030

 

 

11,384

 

Selling, general and administrative

 

15,185

 

 

17,564

 

 

20,352

 

Total operating expenses

 

27,553

 

 

28,594

 

 

31,736

 

Operating income (loss)

 

(621

)

 

(958

)

 

875

 

 

 

 

 

 

 

 

Other income (loss), net

 

(998

)

 

83

 

 

262

 

Interest income (expenses)

 

171

 

 

(1,990

)

 

(1,490

)

Loss before income taxes

 

(1,448

)

 

(2,865

)

 

(353

)

 

 

 

 

 

 

 

Income tax expense (benefit)

 

410

 

 

(630

)

 

560

 

Net loss including noncontrolling interest

 

(1,858

)

 

(2,235

)

 

(913

)

Net loss attributable to noncontrolling interest

 

(2,867

)

 

(4,780

)

 

(3,329

)

Net income attributable to Alpha and Omega Semiconductor Limited

 

$

1,009

 

 

$

2,545

 

 

$

2,416

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.10

 

 

$

0.10

 

Diluted

 

$

0.04

 

 

$

0.10

 

 

$

0.10

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Basic

 

24,538

 

 

24,438

 

 

23,844

 

Diluted

 

25,130

 

 

24,996

 

 

24,594

 

Alpha and Omega Semiconductor Limited

Condensed Consolidated Balance Sheets

(in thousands, except par value per share)

(unaudited)

 

September 30, 2019

 

June 30, 2019

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

103,136

 

 

$

121,893

 

Restricted cash

281

 

 

364

 

Accounts receivable, net

39,329

 

 

24,296

 

Inventories

118,558

 

 

111,643

 

Other current assets

33,092

 

 

37,102

 

Total current assets

294,396

 

 

295,298

 

Property, plant and equipment, net

400,278

 

 

409,737

 

Operating lease right-of-use assets, net

19,362

 

 

 

Intangible assets, net

16,854

 

 

16,882

 

Deferred income tax assets

4,813

 

 

4,822

 

Restricted cash - long-term

1,966

 

 

2,038

 

Other long-term assets

10,149

 

 

10,617

 

Total assets

$

747,818

 

 

$

739,394

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

90,811

 

 

$

94,384

 

Accrued liabilities

49,397

 

 

44,075

 

Income taxes payable

1,574

 

 

1,541

 

Short-term debt

28,751

 

 

26,609

 

Finance lease liabilities

13,057

 

 

11,355

 

Operating lease liabilities

3,767

 

 

 

Total current liabilities

187,357

 

 

177,964

 

Long-term debt

56,357

 

 

59,380

 

Income taxes payable - long-term

1,006

 

 

993

 

Deferred income tax liabilities

425

 

 

466

 

Finance lease liabilities - long-term

38,047

 

 

43,381

 

Operating lease liabilities - long-term

15,815

 

 

 

Other long-term liabilities

11,258

 

 

13,921

 

Total liabilities

310,265

 

 

296,105

 

Equity:

 

 

 

Preferred shares, par value $0.002 per share:

 

 

 

Authorized: 10,000 shares; Issued and outstanding: none at September 30, 2019 and June 30, 2019

 

 

 

Common shares, par value $0.002 per share:

 

 

 

Authorized: 100,000 shares; Issued and outstanding: 31,194 shares and 24,550 shares, respectively at September 30, 2019 and 31,163 shares and 24,517 shares, respectively at June 30, 2019

62

 

 

62

 

Treasury shares at cost, 6,644 shares at September 30, 2019 and 6,646 shares at June 30, 2019

(66,227

)

 

(66,240

)

Additional paid-in capital

236,683

 

 

234,410

 

Accumulated other comprehensive loss

(5,876

)

 

(2,693

)

Retained earnings

126,481

 

 

125,485

 

Total Alpha and Omega Semiconductor Limited shareholder's equity

291,123

 

 

291,024

 

Noncontrolling interest

146,430

 

 

152,265

 

Total equity

437,553

 

 

443,289

 

Total liabilities and equity

$

747,818

 

 

$

739,394

 

Supplemental disclosures of financial information:

(in thousands)

 

 

As of September 30, 2019

 

As of June 30, 2019

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Cash and cash equivalents

$

88,086

 

 

$

15,050

 

 

$

103,136

 

 

$

100,733

 

 

$

21,160

 

 

$

121,893

 

Bank borrowings liabilities

$

40,963

 

 

$

95,416

 

*

$

136,379

 

 

$

41,048

 

 

$

99,865

 

*

$

140,913

 

Inventory

$

92,469

 

 

$

26,089

 

 

$

118,558

 

 

$

93,852

 

 

$

17,791

 

 

$

111,643

 

Property, plant and equipment, net

$

149,915

 

 

$

250,363

 

 

$

400,278

 

 

$

148,497

 

 

$

261,240

 

 

$

409,737

 

Total assets

$

374,862

 

 

$

372,956

 

 

$

747,818

 

 

$

375,004

 

 

$

364,390

 

 

$

739,394

 

Total equity

$

331,176

 

 

$

106,377

 

 

$

437,553

 

 

$

325,240

 

 

$

118,049

 

 

$

443,289

 

 

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

 

Three Months Ended September 30, 2019

 

Three Months Ended June 30, 2019

 

Three Months Ended September 30, 2018

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Net cash provided by (used in) operating activities

$

(4,225

)

 

$

1,569

 

 

$

(2,656

)

 

$

15,195

 

 

$

(6,930

)

 

$

8,265

 

 

$

18,403

 

 

$

(416

)

 

$

17,987

 

Purchase of property and equipment

$

8,292

 

 

$

6,077

 

 

$

14,369

 

 

$

4,600

 

 

$

17,540

 

 

$

22,140

 

 

$

15,216

 

 

$

34,272

 

 

$

49,488

 

EBITDAS

$

13,813

 

 

$

(2,421

)

**

$

14,259

 

 

$

15,076

 

 

$

(5,625

)

**

$

14,231

 

 

$

16,740

 

 

$

(4,670

)

**

$

15,399

 

 

** 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

 

 

September 30,
2019

 

June 30,
2019

 

September 30,
2018

 

 

 

 

 

 

 

GAAP gross profit

 

$

26,932

 

 

$

27,636

 

 

$

32,611

 

Share-based compensation

 

436

 

 

431

 

 

497

 

Production ramp up costs related to joint venture

 

5,991

 

 

2,587

 

 

1,117

 

Non-GAAP gross profit

 

$

33,359

 

 

$

30,654

 

 

$

34,225

 

Non-GAAP gross margin as a % of revenue

 

28.3

%

 

27.4

%

 

29.7

%

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

(621

)

 

$

(958

)

 

$

875

 

Share-based compensation

 

2,369

 

 

2,518

 

 

3,129

 

Pre-production expenses related to joint venture

 

 

 

3,902

 

 

4,627

 

Production ramp up costs related to joint venture

 

5,991

 

 

2,587

 

 

1,117

 

Non-GAAP operating income

 

$

7,739

 

 

$

8,049

 

 

$

9,748

 

Non-GAAP operating margin as a % of revenue

 

6.6

%

 

7.2

%

 

8.5

%

 

 

 

 

 

 

 

GAAP net income attributable to AOS

 

$

1,009

 

 

$

2,545

 

 

$

2,416

 

Share-based compensation

 

2,369

 

 

2,518

 

 

3,129

 

Pre-production expenses related to joint venture

 

49

 

 

2,413

 

 

2,662

 

Production ramp up costs related to joint venture

 

3,049

 

 

1,317

 

 

582

 

Non-GAAP net income attributable to AOS

 

$

6,476

 

 

$

8,793

 

 

$

8,789

 

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

 

5.5

%

 

7.9

%

 

7.6

%

 

 

 

 

 

 

 

GAAP net income attributable to AOS

 

$

1,009

 

 

$

2,545

 

 

$

2,416

 

Share-based compensation

 

2,369

 

 

2,518

 

 

3,129

 

Amortization and depreciation

 

10,691

 

 

7,879

 

 

7,870

 

Interest expense (income), net

 

(220

)

 

1,919

 

 

1,424

 

Income tax expense (benefit)

 

410

 

 

(630

)

 

560

 

EBITDAS

 

$

14,259

 

 

$

14,231

 

 

$

15,399

 

 

 

 

 

 

 

 

GAAP diluted net income per share attributable to AOS

 

$

0.04

 

 

$

0.10

 

 

$

0.10

 

Share-based compensation

 

0.10

 

 

0.10

 

 

0.13

 

Pre-production expenses related to joint venture

 

 

 

0.10

 

 

0.11

 

Production ramp up costs related to joint venture

 

0.12

 

 

0.05

 

 

0.02

 

Non-GAAP diluted net income per share attributable to AOS

 

$

0.26

 

 

$

0.35

 

 

$

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used to compute GAAP diluted net income per share

 

25,130

 

 

24,996

 

 

24,594

 

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

 

25,130

 

 

24,996

 

 

24,594

 


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