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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