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 technologies, 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, 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 condensed consolidated financial statements are prepared in accordance with U.S. GAAP.
Alpha and Omega Semiconductor Limited |
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Condensed Consolidated Statements of Operations |
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(in thousands, except percentages and per share amounts) |
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(unaudited) |
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Three Months Ended |
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September 30,
|
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June 30,
|
|
September 30,
|
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|
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Revenue |
$ |
180,633 |
|
|
$ |
161,525 |
|
|
$ |
208,476 |
|
Cost of goods sold |
|
129,708 |
|
|
|
116,944 |
|
|
|
137,348 |
|
Gross profit |
|
50,925 |
|
|
|
44,581 |
|
|
|
71,128 |
|
Gross margin |
|
28.2 |
% |
|
|
27.6 |
% |
|
|
34.1 |
% |
|
|
|
|
|
|
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Operating expenses: |
|
|
|
|
|
||||||
| Research and development |
|
22,113 |
|
|
|
22,711 |
|
|
|
21,389 |
|
| Selling, general and administrative |
|
19,431 |
|
|
|
19,258 |
|
|
|
24,205 |
|
| Total operating expenses |
|
41,544 |
|
|
|
41,969 |
|
|
|
45,594 |
|
| Operating income |
|
9,381 |
|
|
|
2,612 |
|
|
|
25,534 |
|
|
|
|
|
|
|
|
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| Other income (loss), net |
|
26 |
|
|
|
(298 |
) |
|
|
(16 |
) |
| Interest income (expense), net |
|
229 |
|
|
|
(87 |
) |
|
|
(608 |
) |
| Net income before income taxes |
|
9,636 |
|
|
|
2,227 |
|
|
|
24,910 |
|
|
|
|
|
|
|
|
||||||
| Income tax expense |
|
1,138 |
|
|
|
387 |
|
|
|
1,374 |
|
| Net income before income (loss) from equity method investment |
|
8,498 |
|
|
|
1,840 |
|
|
|
23,536 |
|
| Equity method investment income (loss) from equity investee |
|
(2,712 |
) |
|
|
(2,944 |
) |
|
|
2,502 |
|
| Net income (loss) |
$ |
5,786 |
|
|
$ |
(1,104 |
) |
|
$ |
26,038 |
|
|
|
|
|
|
|
|
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| Net income (loss) per common share |
|
|
|
|
|
||||||
| Basic |
$ |
0.21 |
|
|
$ |
(0.04 |
) |
|
$ |
0.95 |
|
| Diluted |
$ |
0.19 |
|
|
$ |
(0.04 |
) |
|
$ |
0.88 |
|
|
|
|
|
|
|
|
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| Weighted average number of common shares used to compute net income (loss) per share |
|
|
|
|
|
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| Basic |
|
27,693 |
|
|
|
27,598 |
|
|
|
27,391 |
|
| Diluted |
|
29,786 |
|
|
|
27,598 |
|
|
|
29,423 |
|
|
|
|
|
|
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| Alpha and Omega Semiconductor Limited |
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| Condensed Consolidated Balance Sheets |
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| (in thousands, except par value per share) |
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| (unaudited) |
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|
September 30, 2023 |
|
June 30, 2023 |
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| ASSETS |
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|
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| Current assets: |
|
|
|
||||
| Cash and cash equivalents |
$ |
193,576 |
|
|
$ |
195,188 |
|
| Restricted cash |
|
206 |
|
|
|
415 |
|
| Accounts receivable, net |
|
34,403 |
|
|
|
22,420 |
|
| Inventories |
|
187,751 |
|
|
|
183,247 |
|
| Other current assets |
|
23,993 |
|
|
|
22,666 |
|
| Total current assets |
|
439,929 |
|
|
|
423,936 |
|
| Property, plant and equipment, net |
|
354,229 |
|
|
|
357,831 |
|
| Operating lease right-of-use assets |
|
26,582 |
|
|
|
24,349 |
|
| Intangible assets, net |
|
5,953 |
|
|
|
6,765 |
|
| Equity method investment |
|
357,878 |
|
|
|
366,617 |
|
| Deferred income tax assets |
|
518 |
|
|
|
536 |
|
| Other long-term assets |
|
21,278 |
|
|
|
19,703 |
|
| Total assets |
$ |
1,206,367 |
|
|
$ |
1,199,737 |
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
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| Current liabilities: |
|
|
|
||||
| Accounts payable |
$ |
52,268 |
|
|
$ |
50,775 |
|
| Accrued liabilities |
|
83,948 |
|
|
|
79,533 |
|
| Payable related to equity investee, net |
|
20,115 |
|
|
|
11,950 |
|
| Income taxes payable |
|
4,691 |
|
|
|
5,546 |
|
| Short-term debt |
|
11,483 |
|
|
|
11,434 |
|
| Deferred revenue |
|
9,181 |
|
|
|
8,073 |
|
| Finance lease liabilities |
|
884 |
|
|
|
867 |
|
| Operating lease liabilities |
|
4,977 |
|
|
|
4,383 |
|
| Total current liabilities |
|
187,547 |
|
|
|
172,561 |
|
| Long-term debt |
|
35,470 |
|
|
|
38,360 |
|
| Income taxes payable - long-term |
|
2,871 |
|
|
|
2,817 |
|
| Deferred income tax liabilities |
|
26,083 |
|
|
|
27,283 |
|
| Finance lease liabilities - long-term |
|
2,989 |
|
|
|
3,216 |
|
| Operating lease liabilities - long-term |
|
22,155 |
|
|
|
20,544 |
|
| Other long-term liabilities |
|
43,973 |
|
|
|
51,037 |
|
| Total liabilities |
|
321,088 |
|
|
|
315,818 |
|
| Shareholders' Equity: |
|
|
|
||||
| Preferred shares, par value $0.002 per share: |
|
|
|
||||
| Authorized: 10,000 shares; issued and outstanding: none at September 30, 2023 and June 30, 2023 |
|
— |
|
|
|
— |
|
| Common shares, par value $0.002 per share: |
|
|
|
||||
| Authorized: 100,000 shares; issued and outstanding: 34,903 shares and 27,746 shares, respectively at September 30, 2023 and 34,811 shares and 27,654 shares, respectively at June 30, 2023 |
|
70 |
|
|
|
70 |
|
| Treasury shares at cost: 7,157 shares at September 30, 2023 and 7,157 shares at June 30, 2023 |
|
(79,365 |
) |
|
|
(79,365 |
) |
| Additional paid-in capital |
|
330,015 |
|
|
|
329,034 |
|
| Accumulated other comprehensive income |
|
(13,518 |
) |
|
|
(8,111 |
) |
| Retained earnings |
|
648,077 |
|
|
|
642,291 |
|
| Total shareholders' equity |
|
885,279 |
|
|
|
883,919 |
|
| Total liabilities and shareholders' equity |
$ |
1,206,367 |
|
|
$ |
1,199,737 |
|
| Alpha and Omega Semiconductor Limited |
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| Selected Cash Flow Information |
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| ( in thousands, unaudited) |
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|
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|
Three Months Ended September 30, |
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|
|
|
2023 |
|
|
|
2022 |
|
| Net cash provided by operating activities |
$ |
13,823 |
|
|
$ |
36,675 |
|
| Net cash used in investing activities |
|
(12,510 |
) |
|
|
(39,974 |
) |
| Net cash provided by (used in) financing activities |
|
(2,999 |
) |
|
|
5,462 |
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(135 |
) |
|
|
(417 |
) |
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(1,821 |
) |
|
|
1,746 |
|
| Cash, cash equivalents and restricted cash at beginning of period |
|
195,603 |
|
|
|
314,651 |
|
| Cash, cash equivalents and restricted cash at end of period |
$ |
193,782 |
|
|
$ |
316,397 |
|
|
|
|
|
|
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| Alpha and Omega Semiconductor Limited |
||||||||||||
| Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures |
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| (in thousands, except percentages and per share data) |
||||||||||||
| (unaudited) |
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|
|
|
|
|
|
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|
||||||
|
|
|
Three Months Ended |
||||||||||
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
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|
|
|
|
|
|
|
|
||||||
| GAAP gross profit |
|
$ |
50,925 |
|
|
$ |
44,581 |
|
|
$ |
71,128 |
|
| Share-based compensation |
|
|
212 |
|
|
|
592 |
|
|
|
1,788 |
|
| Amortization of purchased intangible |
|
|
812 |
|
|
|
812 |
|
|
|
812 |
|
| Non-GAAP gross profit |
|
$ |
51,949 |
|
|
$ |
45,985 |
|
|
$ |
73,728 |
|
| Non-GAAP gross margin as a % of revenue |
|
|
28.8 |
% |
|
|
28.5 |
% |
|
|
35.4 |
% |
|
|
|
|
|
|
|
|
||||||
| GAAP operating expense |
|
$ |
41,544 |
|
|
$ |
41,969 |
|
|
$ |
45,594 |
|
| Share-based compensation |
|
|
706 |
|
|
|
2,777 |
|
|
|
8,808 |
|
| Legal costs related to government investigation |
|
|
52 |
|
|
|
99 |
|
|
|
142 |
|
| Non-GAAP operating expense |
|
$ |
40,786 |
|
|
$ |
39,093 |
|
|
$ |
36,644 |
|
|
|
|
|
|
|
|
|
||||||
| GAAP operating income |
|
$ |
9,381 |
|
|
$ |
2,612 |
|
|
$ |
25,534 |
|
| Share-based compensation |
|
|
918 |
|
|
|
3,369 |
|
|
|
10,596 |
|
| Amortization of purchased intangible |
|
|
812 |
|
|
|
812 |
|
|
|
812 |
|
| Legal costs related to government investigation |
|
|
52 |
|
|
|
99 |
|
|
|
142 |
|
| Non-GAAP operating income |
|
$ |
11,163 |
|
|
$ |
6,892 |
|
|
$ |
37,084 |
|
| Non-GAAP operating margin as a % of revenue |
|
|
6.2 |
% |
|
|
4.3 |
% |
|
|
17.8 |
% |
|
|
|
|
|
|
|
|
||||||
| GAAP net income (loss) |
|
$ |
5,786 |
|
|
$ |
(1,104 |
) |
|
$ |
26,038 |
|
| Share-based compensation |
|
|
918 |
|
|
|
3,369 |
|
|
|
10,596 |
|
| Amortization of purchased intangible |
|
|
812 |
|
|
|
812 |
|
|
|
812 |
|
| Equity method investment (income) loss from equity investee |
|
|
2,712 |
|
|
|
2,944 |
|
|
|
(2,502 |
) |
| Legal costs related to government investigation |
|
|
52 |
|
|
|
99 |
|
|
|
142 |
|
| Income tax effect of non-GAAP adjustments |
|
|
(406 |
) |
|
|
(397 |
) |
|
|
119 |
|
| Non-GAAP net income |
|
$ |
9,874 |
|
|
$ |
5,723 |
|
|
$ |
35,205 |
|
| Non-GAAP net margin as a % of revenue |
|
|
5.5 |
% |
|
|
3.5 |
% |
|
|
16.9 |
% |
|
|
|
|
|
|
|
|
||||||
| GAAP net income (loss) |
|
$ |
5,786 |
|
|
$ |
(1,104 |
) |
|
$ |
26,038 |
|
| Share-based compensation |
|
|
918 |
|
|
|
3,369 |
|
|
|
10,596 |
|
| Amortization and depreciation |
|
|
12,951 |
|
|
|
12,045 |
|
|
|
9,352 |
|
| Equity method investment (income) loss from equity investee |
|
|
2,712 |
|
|
|
2,944 |
|
|
|
(2,502 |
) |
| Interest expense (income), net |
|
|
(229 |
) |
|
|
87 |
|
|
|
608 |
|
| Income tax expense |
|
|
1,138 |
|
|
|
387 |
|
|
|
1,374 |
|
| EBITDAS |
|
$ |
23,276 |
|
|
$ |
17,728 |
|
|
$ |
45,466 |
|
| GAAP diluted net income (loss) per share |
|
$ |
0.19 |
|
|
$ |
(0.04 |
) |
|
$ |
0.88 |
|
| Share-based compensation |
|
|
0.03 |
|
|
|
0.11 |
|
|
|
0.36 |
|
| Amortization of purchased intangible |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
| Equity method investment (income) loss from equity investee |
|
|
0.09 |
|
|
|
0.10 |
|
|
|
(0.09 |
) |
| Legal costs related to government investigation |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.01 |
|
| Income tax effect of non-GAAP adjustments |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.01 |
|
| Non-GAAP diluted net income per share |
|
$ |
0.33 |
|
|
$ |
0.19 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
||||||
| Shares used to compute GAAP diluted net income (loss) per share |
|
|
29,786 |
|
|
|
27,598 |
|
|
|
29,423 |
|
| Shares used to compute Non-GAAP diluted net income (loss) per share |
|
|
29,786 |
|
|
|
29,382 |
|
|
|
29,423 |
|
|
|
|
|
|
|
|
|
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