Alpha and Omega Semiconductor Reports Financial Results for the

Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Third Quarter of 2021 Ended March 31, 2021

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												Nine Months Ended
	March 31, 2021				December 31, 2020				March 31, 2020				March 31, 2021				March 31, 2020

Revenue	$	169,212			$	158,830			$	106,852			$	479,593			$	342,514
Cost of goods sold	116,521				110,081				84,393				335,630				268,717
Gross profit	52,691				48,749				22,459				143,963				73,797
Gross margin	31.1			%	30.7			%	21.0			%	30.0			%	21.5			%

Operating expenses:
Research and development	15,557				15,423				13,569				45,671				38,084
Selling, general and administrative	19,338				19,736				16,909				56,579				47,723
Impairment of privately-held investment	—				—				600				—				600
Total operating expenses	34,895				35,159				31,078				102,250				86,407
Operating income (loss)	17,796				13,590				(8,619		)		41,713				(12,610		)

Interest expense and other income (loss), net	(1,815		)		(381		)		(2,282		)		(2,745		)		(3,744		)
Income (loss) before income taxes	15,981				13,209				(10,901		)		38,968				(16,354		)

Income tax expense (benefit)	1,014				669				(1,015		)		2,694				(37		)
Net income (loss) including noncontrolling interest	14,967				12,540				(9,886		)		36,274				(16,317		)
Net loss attributable to noncontrolling interest	(1,133		)		(363		)		(3,391		)		(2,303		)		(9,826		)
Net income (loss) attributable to Alpha and Omega Semiconductor Limited	$	16,100			$	12,903			$	(6,495	)		$	38,577			$	(6,491	)

Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited
Basic	$	0.62			$	0.50			$	(0.26	)		$	1.51			$	(0.26	)
Diluted	$	0.58			$	0.47			$	(0.26	)		$	1.42			$	(0.26	)

Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share
Basic	25,882				25,672				24,894				25,631				24,711
Diluted	27,716				27,353				24,894				27,128				24,711

Alpha and Omega Semiconductor Limited
Condensed Consolidated Balance Sheets
(in thousands, except par value per share)
(unaudited)
	March 31, 2021			June 30, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	192,113		$	158,536
Restricted cash	229			2,190
Accounts receivable, net	33,721			13,272
Inventories	145,110			135,528
Other current assets	11,183			8,807
Total current assets	382,356			318,333
Property, plant and equipment, net	432,569			412,340
Operating lease right-of-use assets, net	33,036			32,948
Intangible assets, net	14,250			16,770
Deferred income tax assets	5,008			4,766
Restricted cash - long-term	2,133			1,978
Other long-term assets	5,039			5,804
Total assets	$	874,391		$	792,939
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	81,858		$	86,181
Accrued liabilities	62,683			54,986
Income taxes payable	2,431			1,360
Short-term debt	43,280			30,114
Finance lease liabilities	16,462			15,258
Operating lease liabilities	5,202			4,159
Total current liabilities	211,916			192,058
Long-term debt	90,868			99,775
Income taxes payable - long-term	930			903
Deferred income tax liabilities	1,470			496
Finance lease liabilities - long-term	16,615			26,842
Operating lease liabilities - long-term	29,758			30,254
Other long-term liabilities	36,056			10,723
Total liabilities	387,613			361,051
Equity:
Preferred shares, par value $0.002 per share:
Authorized: 10,000 shares; issued and outstanding: none at March 31, 2021 and June 30, 2020	—			—
Common shares, par value $0.002 per share:
Authorized: 100,000 shares; issued and outstanding: 32,710 shares and 26,085 shares, respectively at March 31, 2021 and 31,944 shares and 25,305 shares, respectively at June 30, 2020	65			64
Treasury shares at cost: 6,625 shares at March 31, 2021 and 6,639 shares at June 30, 2020	(66,064		)	(66,184		)
Additional paid-in capital	252,934			246,103
Accumulated other comprehensive income (loss)	996			(5,127		)
Retained earnings	157,356			118,833
Total Alpha and Omega Semiconductor Limited shareholder's equity	345,287			293,689
Noncontrolling interest	141,491			138,199
Total equity	486,778			431,888
Total liabilities and equity	$	874,391		$	792,939

Supplemental disclosures of financial information:
(in thousands)

	As of March 31, 2021							As of June 30, 2020
	AOS		CQJV			Consolidated		AOS		CQJV			Consolidated
Cash and cash equivalents	$	158,322	$	33,791		$	192,113	$	110,346	$	48,190		$	158,536
Bank borrowings liabilities	$	26,381	$	140,844	*	$	167,225	$	32,593	$	139,396	*	$	171,989
Inventory	$	97,479	$	47,631		$	145,110	$	97,593	$	37,935		$	135,528
Property, plant and equipment, net	$	173,506	$	259,063		$	432,569	$	162,833	$	249,507		$	412,340

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