Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Third Quarter of 2018 Ended March 31, 2018

 
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 Nine Months Ended
March 31,
2018
December 31,
2017
March 31,
2017
March 31,
2018
March 31,
2017
 
GAAP gross profit $ 27,133 $ 28,082 $ 22,697 $ 82,745 $ 66,735
Share-based compensation 449   415   222   1,180   622  
Non-GAAP gross profit $ 27,582   $ 28,497   $ 22,919   $ 83,925   $ 67,357  
Non-GAAP gross margin as a % of revenue 26.8 % 27.4 % 24.6 % 26.9 % 23.6 %
 
GAAP operating income $ 681 $ 3,224 $ 3,005 $ 8,495 $ 9,583
Share-based compensation 2,460 4,009 1,715 8,477 4,585
Pre-production costs related to joint venture 2,772       2,772    
Non-GAAP operating income $ 5,913   $ 7,233   $ 4,720   $ 19,744   $ 14,168  
Non-GAAP operating income as a % of revenue 5.7 % 7.0 % 5.1 % 6.3 % 5.0 %
 
GAAP net income attributable to AOS $ 1,651 $ 6,791 $ 3,556 $ 13,242 $ 9,710
Share-based compensation 2,460 4,009 1,715 8,477 4,585
Income tax benefit from tax reform (2,690 ) (2,690 )
Pre-production costs related to joint venture 1,615       1,615    
Non-GAAP net income attributable to AOS $ 5,726   $ 8,110   $ 5,271   $ 20,644   $ 14,295  
Non-GAAP net income attributable to AOS as a % of revenue 5.6 % 7.8 % 5.7 % 6.6 % 5.0 %
 
GAAP net income attributable to AOS $ 1,651 $ 6,791 $ 3,556 $ 13,242 $ 9,710
Share-based compensation 2,460 4,009 1,715 8,477 4,585
Amortization and depreciation 7,431 7,408 6,885 21,818 20,148
Interest income (34 ) (174 ) (54 ) (249 ) (121 )
Income tax expense (benefit) 830   (2,072 ) 523   32   2,845  
EBITDAS $ 12,338   $ 15,962   $ 12,625   $ 43,320   $ 37,167  
 
 
GAAP diluted net income per share attributable to AOS $ 0.07 $ 0.27 $ 0.14 $ 0.53 $ 0.39
Share-based compensation 0.10 0.16 0.07 0.35 0.19
Income tax benefit from tax reform (0.11 ) (0.11 )
Pre-production costs related to joint venture 0.06       0.06    
Non-GAAP diluted net income per share attributable to AOS $ 0.23   $ 0.32   $ 0.21   $ 0.83   $ 0.58  
 
 
Shares used to compute basic per share 23,795 23,925 23,675 23,914 23,396
Shares used to compute dilute per share 24,755 25,033 24,951 24,916 24,781

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