Alpha and Omega Semiconductor Reports Financial Results for the

Alpha and Omega Semiconductor Reports Financial Results for the Fiscal First Quarter of 2021 Ended September 30, 2020

** 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, 2020			June 30, 2020			September 30, 2019

GAAP gross profit	$	42,523		$	28,934		$	26,932
Share-based compensation	385			333			436
Amortization of purchased intangible	812			—			—
Production ramp up costs related to joint venture	275			4,432			5,991
Non-GAAP gross profit	$	43,995		$	33,699		$	33,359
Non-GAAP gross margin as a % of revenue	29.0		%	27.5		%	28.3		%

GAAP operating expense	$	32,196		$	30,261		$	27,553
Share-based compensation	2,491			2,389			1,933
Legal costs related to government investigation	1,107			2,551			—
Non-GAAP operating expense	$	28,598		$	25,321		$	25,620

GAAP operating income (loss)	$	10,327		$	(1,327	)	$	(621	)
Share-based compensation	2,876			2,722			2,369
Amortization of purchased intangible	812			—			—
Production ramp up costs related to joint venture	275			4,432			5,991
Legal costs related to government investigation	1,107			2,551			—
Non-GAAP operating income	$	15,397		$	8,378		$	7,739
Non-GAAP operating margin as a % of revenue	10.2		%	6.8		%	6.6		%

GAAP net income (loss) attributable to AOS	$	9,574		$	(105	)	$	1,009
Share-based compensation	2,876			2,722			2,369
Amortization of purchased intangible	812			—			—
Pre-production expenses related to joint venture	—			—			49
Production ramp up costs related to joint venture	135			2,224			3,049
Legal costs related to government investigation	1,107			2,551			—
Income tax effect of non-GAAP adjustments	(8		)	(4		)	(5		)
Non-GAAP net income attributable to AOS	$	14,496		$	7,388		$	6,471
Non-GAAP net margin attributable to AOS as a % of revenue	9.6		%	6.0		%	5.5		%

GAAP net income (loss) attributable to AOS	$	9,574		$	(105	)	$	1,009
Share-based compensation	2,876			2,722			2,369
Amortization and depreciation	12,489			11,552			10,904
Interest expense (income), net	1,622			338			(220		)
Income tax expense	1,011			385			410
EBITDAS	$	27,572		$	14,892		$	14,472

GAAP diluted net income (loss) per share attributable to AOS	$	0.36		$	(0.00	)	$	0.04
Share-based compensation	0.11			0.10			0.10
Pre-production expenses related to joint venture	—			—			0.00
Production ramp up costs related to joint venture	0.01			0.09			0.12
Legal costs related to government investigation	0.04			0.10			—
Amortization of purchased intangible	0.03			—			—
Income tax effect of non-GAAP adjustments	(0.00		)	(0.00		)	(0.00		)
Non-GAAP diluted net income per share attributable to AOS	$	0.55		$	0.29		$	0.26


Shares used to compute GAAP diluted net income (loss) per share	26,314			25,227			25,130
Shares used to compute Non-GAAP diluted net income per share	26,314			25,895			25,130

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