Alpha and Omega Semiconductor Reports Financial Results for Fiscal Fourth Quarter and Fiscal Year Ended June 30, 2024

About Alpha and Omega Semiconductor

Alpha and Omega Semiconductor Limited, or AOS, is a designer, developer, and global supplier of a broad range of discrete power devices, wide band gap power devices, power management ICs, and modules, including a wide portfolio of Power MOSFET, SiC, IGBT, IPM, TVS, HV Gate Drivers, 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, smartphones, battery packs, consumer and industrial motor controls, automotive electronics, 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

 

Fiscal Year Ended

 

 

June 30,
2024

 

March 31,
2024

 

June 30,
2023

 

June 30,
2024

 

June 30,
2023

 

 

 

 

 

 

Revenue

$

161,296

 

$

150,060

 

$

161,525

 

$

657,274

 

$

691,321

 

Cost of goods sold

 

119,859

 

 

114,505

 

 

116,944

 

 

485,356

 

 

491,785

 

Gross profit

 

41,437

 

 

35,555

 

 

44,581

 

 

171,918

 

 

199,536

 

Gross margin

 

25.7

%

 

23.7

%

 

27.6

%

 

26.2

%

 

28.9

%

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Research and development

 

21,813

 

 

23,095

 

 

22,711

 

 

89,940

 

 

88,146

 

Selling, general and administrative

 

21,123

 

 

22,964

 

 

19,258

 

 

85,734

 

 

88,861

 

Total operating expenses

 

42,936

 

 

46,059

 

 

41,969

 

 

175,674

 

 

177,007

 

Operating income (loss)

 

(1,499

)

 

(10,504

)

 

2,612

 

 

(3,756

)

 

22,529

 

 

 

 

 

 

 

Other income (loss), net

 

65

 

 

308

 

 

(298

)

 

(73

)

 

(1,730

)

Interest income (expense), net

 

412

 

 

271

 

 

(87

)

 

1,186

 

 

(1,087

)

Net income (loss) before income taxes

 

(1,022

)

 

(9,925

)

 

2,227

 

 

(2,643

)

 

19,712

 

 

 

 

 

 

 

Income tax expense

 

1,006

 

 

611

 

 

387

 

 

3,649

 

 

5,937

 

Net income (loss) before loss from equity method investment

 

(2,028

)

 

(10,536

)

 

1,840

 

 

(6,292

)

 

13,775

 

Equity method investment loss from equity investee

 

(704

)

 

(676

)

 

(2,944

)

 

(4,789

)

 

(1,411

)

Net income (loss)

 

(2,732

)

 

(11,212

)

 

(1,104

)

 

(11,081

)

 

12,364

 

 

 

 

 

 

 

Net income (loss) per common share

 

 

 

 

 

Basic

$

(0.09

)

$

(0.39

)

$

(0.04

)

$

(0.39

)

$

0.45

 

Diluted

$

(0.09

)

$

(0.39

)

$

(0.04

)

$

(0.39

)

$

0.42

 

 

 

 

 

 

 

Weighted average number of common shares used to compute net income (loss) per share:

 

 

 

 

 

Basic

 

28,879

 

 

28,433

 

 

27,598

 

 

28,236

 

 

27,522

 

Diluted

 

28,879

 

 

28,433

 

 

27,598

 

 

28,236

 

 

29,528

 

 

Alpha and Omega Semiconductor Limited

Condensed Consolidated Balance Sheets

(in thousands, except par value per share)

(unaudited)

 

 

June 30, 2024

June 30, 2023

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents

$

175,127

 

$

195,188

 

Restricted cash

 

413

 

 

415

 

Accounts receivable, net

 

12,546

 

 

22,420

 

Inventories

 

195,750

 

 

183,247

 

Other current assets

 

10,506

 

 

22,666

 

Total current assets

 

394,342

 

 

423,936

 

Property, plant and equipment, net

 

336,619

 

 

357,831

 

Operating lease right-of-use assets, net

 

25,050

 

 

24,349

 

Intangible assets, net

 

3,516

 

 

6,765

 

Equity method investment

 

356,039

 

 

366,617

 

Deferred income tax assets

 

549

 

 

536

 

Other long-term assets

 

28,898

 

 

19,703

 

Total assets

$

1,145,013

 

$

1,199,737

 

LIABILITIES AND EQUITY

 

 

Current liabilities:

 

 

Accounts payable

$

45,084

 

$

50,775

 

Accrued liabilities

 

72,371

 

 

79,533

 

Payable related to equity investee, net

 

13,682

 

 

11,950

 

Income taxes payable

 

2,798

 

 

5,546

 

Short-term debt

 

11,635

 

 

11,434

 

Deferred revenue

 

2,591

 

 

8,073

 

Finance lease liabilities

 

935

 

 

867

 

Operating lease liabilities

 

5,137

 

 

4,383

 

Total current liabilities

 

154,233

 

 

172,561

 

Long-term debt

 

26,724

 

 

38,360

 

Income taxes payable - long-term

 

3,591

 

 

2,817

 

Deferred income tax liabilities

 

26,416

 

 

27,283

 

Finance lease liabilities - long-term

 

2,282

 

 

3,216

 

Operating lease liabilities - long-term

 

20,499

 

 

20,544

 

Other long-term liabilities

 

19,661

 

 

51,037

 

Total liabilities

 

253,406

 

 

315,818

 

Commitments and contingencies (Note 14)

 

 

Equity:

 

 

Preferred shares, par value $0.002 per share:

 

 

Authorized: 10,000 shares; issued and outstanding: none at June 30, 2024 and 2023

 

 

 

 

Common shares, par value $0.002 per share:

 

 

Authorized: 100,000 shares; issued and outstanding: 36,107 shares and 28,969 shares, respectively at June 30, 2024 and 34,811 shares and 27,654 shares, respectively at June 30, 2023

 

72

 

 

70

 

Treasury shares at cost; 7,138 shares at June 30, 2024 and 7,157 shares at June 30, 2023

 

(79,213

)

 

(79,365

)

Additional paid-in capital

 

353,109

 

 

329,034

 

Accumulated other comprehensive loss

 

(13,419

)

 

(8,111

)

Retained earnings

 

631,058

 

 

642,291

 

Total equity

 

891,607

 

 

883,919

 

Total liabilities and equity

$

1,145,013

 

$

1,199,737

 

 

Alpha and Omega Semiconductor Limited

Selected Cash Flow Information

( in thousands)

(unaudited)

 

 

 

 

 

 

 

Fiscal Year Ended June 30,

 

 

2024

 

2023

Net cash provided by operating activities

$

25,710

 

 

$

20,473

 

Net cash used in investing activities

 

(35,744

)

 

 

(109,630

)

Net cash used in financing activities

 

(9,903

)

 

 

(29,611

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(126

)

 

 

(280

)

Net decrease in cash, cash equivalents and restricted cash

 

(20,063

)

 

 

(119,048

)

Cash, cash equivalents and restricted cash at beginning of year

 

195,603

 

 

 

314,651

 

Cash, cash equivalents and restricted cash at end of year

$

175,540

 

 

$

195,603

 

 

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

 

Fiscal Year Ended

 

June 30,
2024

 

March 31,
2024

 

June 30,
2023

 

June 30,
2024

 

June 30,
2023

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

41,437

 

 

$

35,555

 

 

$

44,581

 

 

$

171,918

 

 

$

199,536

 

Share-based compensation

 

294

 

 

 

1,424

 

 

 

592

 

 

 

3,434

 

 

 

5,851

 

Amortization of purchased intangible

 

812

 

 

 

812

 

 

 

812

 

 

 

3,247

 

 

 

3,247

 

Non-GAAP gross profit

$

42,543

 

 

$

37,791

 

 

$

45,985

 

 

$

178,599

 

 

$

208,634

 

Non-GAAP gross margin as a % of revenue

 

26.4

%

 

 

25.2

%

 

 

28.5

%

 

 

27.2

%

 

 

30.2

%

 

 

 

 

 

 

 

 

 

 

GAAP operating expense

$

42,936

 

 

$

46,059

 

 

$

41,969

 

 

$

175,674

 

 

$

177,007

 

Share-based compensation

 

3,273

 

 

 

7,041

 

 

 

2,777

 

 

 

18,207

 

 

 

31,637

 

Legal costs related to government investigation

 

352

 

 

 

103

 

 

 

99

 

 

 

524

 

 

 

656

 

Non-GAAP operating expense

$

39,311

 

 

$

38,915

 

 

$

39,093

 

 

$

156,943

 

 

$

144,714

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

$

(1,499

)

 

$

(10,504

)

 

$

2,612

 

 

$

(3,756

)

 

$

22,529

 

Share-based compensation

 

3,567

 

 

 

8,465

 

 

 

3,369

 

 

 

21,641

 

 

 

37,488

 

Amortization of purchased intangible

 

812

 

 

 

812

 

 

 

812

 

 

 

3,247

 

 

 

3,247

 

Legal costs related to government investigation

 

352

 

 

 

103

 

 

 

99

 

 

 

524

 

 

 

656

 

Non-GAAP operating income (loss)

$

3,232

 

 

$

(1,124

)

 

$

6,892

 

 

$

21,656

 

 

$

63,920

 

Non-GAAP operating margin as a % of revenue

 

2.0

%

 

 

(0.7

)%

 

 

4.3

%

 

 

3.3

%

 

 

9.2

%

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

(2,732

)

 

$

(11,212

)

 

$

(1,104

)

 

$

(11,081

)

 

$

12,364

 

Share-based compensation

 

3,567

 

 

 

8,465

 

 

 

3,369

 

 

 

21,641

 

 

 

37,488

 

Amortization of purchased intangible

 

812

 

 

 

812

 

 

 

812

 

 

 

3,247

 

 

 

3,247

 

Equity method investment loss from equity investee

 

704

 

 

 

676

 

 

 

2,944

 

 

 

4,789

 

 

 

1,411

 

Legal costs related to government investigation

 

352

 

 

 

103

 

 

 

99

 

 

 

524

 

 

 

656

 

Income tax effect of non-GAAP adjustments

 

(78

)

 

 

(47

)

 

 

(397

)

 

 

(627

)

 

 

(153

)

Non-GAAP net income (loss)

$

2,625

 

 

$

(1,203

)

 

$

5,723

 

 

$

18,493

 

 

$

55,013

 

Non-GAAP net margin as a % of revenue

 

1.6

%

 

 

(0.8

)%

 

 

3.5

%

 

 

2.8

%

 

 

8.0

%

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

(2,732

)

 

$

(11,212

)

 

$

(1,104

)

 

$

(11,081

)

 

$

12,364

 

Share-based compensation

 

3,567

 

 

 

8,465

 

 

 

3,369

 

 

 

21,641

 

 

 

37,488

 

Amortization and depreciation

 

13,908

 

 

 

13,325

 

 

 

12,045

 

 

 

53,757

 

 

 

43,207

 

Equity method investment loss from equity investee

 

704

 

 

 

676

 

 

 

2,944

 

 

 

4,789

 

 

 

1,411

 

Interest expense (income), net

 

(412

)

 

 

(271

)

 

 

86

 

 

 

(1,186

)

 

 

1,087

 

Income tax expense

 

1,006

 

 

 

611

 

 

 

387

 

 

 

3,649

 

 

 

5,937

 

EBITDAS

$

16,041

 

 

$

11,594

 

 

$

17,727

 

 

$

71,569

 

 

$

101,494

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share

$

(0.09

)

 

$

(0.39

)

 

$

(0.04

)

 

$

(0.37

)

 

$

0.42

 

Share-based compensation

 

0.12

 

 

 

0.30

 

 

 

0.11

 

 

 

0.72

 

 

 

1.27

 

Amortization of purchased intangible

 

0.03

 

 

 

0.03

 

 

 

0.03

 

 

 

0.11

 

 

 

0.11

 

Equity method investment loss from equity investee

 

0.02

 

 

 

0.02

 

 

 

0.10

 

 

 

0.16

 

 

 

0.05

 

Legal costs related to government investigation

 

0.01

 

 

 

0.00

 

 

 

0.00

 

 

 

0.02

 

 

 

0.02

 

Income tax effect of non-GAAP adjustments

 

(0.00

)

 

 

(0.00

)

 

 

(0.01

)

 

 

(0.02

)

 

 

(0.01

)

Non-GAAP diluted net income (loss) per share

$

0.09

 

 

$

(0.04

)

 

$

0.19

 

 

$

0.62

 

 

$

1.86

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares used to compute GAAP diluted net income (loss) per share

 

28,879

 

 

 

28,433

 

 

 

27,598

 

 

 

28,236

 

 

 

29,528

 

Weighed average number of common shares used to compute Non-GAAP diluted net income (loss) per share

 

30,463

 

 

 

28,433

 

 

 

29,382

 

 

 

30,052

 

 

 

29,528

 


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