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

 

Six Months Ended

 

 

December 31,
2020

 

September 30,
2020

 

December 31,
2019

 

December 31,
2020

 

December 31,
2019

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

48,749

 

 

$

42,523

 

 

$

24,406

 

 

$

91,272

 

 

$

51,338

 

Share-based compensation

 

 

383

 

 

 

385

 

 

 

404

 

 

 

768

 

 

 

840

 

Amortization of purchased intangible

 

 

811

 

 

 

812

 

 

 

 

 

 

1,623

 

 

 

 

Production ramp up costs related to joint venture

 

 

 

 

 

275

 

 

 

8,486

 

 

 

275

 

 

 

14,477

 

Non-GAAP gross profit

 

$

49,943

 

 

$

43,995

 

 

$

33,296

 

 

$

93,938

 

 

$

66,655

 

Non-GAAP gross margin as a % of revenue

 

 

31.4

%

 

 

29.0

%

 

 

28.3

%

 

 

30.3

%

 

 

28.3

%

 

 

 

 

 

 

 

 

 

 

 

GAAP operating expense

 

$

35,159

 

 

$

32,196

 

 

$

27,776

 

 

$

67,355

 

 

$

55,329

 

Share-based compensation

 

 

2,841

 

 

 

2,491

 

 

 

2,083

 

 

 

5,332

 

 

 

4,016

 

Legal costs related to government investigation

 

 

843

 

 

 

1,107

 

 

 

 

 

 

1,950

 

 

 

 

Non-GAAP operating expense

 

$

31,475

 

 

$

28,598

 

 

$

25,693

 

 

$

60,073

 

 

$

51,313

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

13,590

 

 

$

10,327

 

 

$

(3,370

)

 

$

23,917

 

 

$

(3,991

)

Share-based compensation

 

 

3,224

 

 

 

2,876

 

 

 

2,487

 

 

 

6,100

 

 

 

4,856

 

Amortization of purchased intangible

 

 

811

 

 

 

812

 

 

 

 

 

 

1,623

 

 

 

 

Production ramp up costs related to joint venture

 

 

 

 

 

275

 

 

 

8,486

 

 

 

275

 

 

 

14,477

 

Legal costs related to government investigation

 

 

843

 

 

 

1,107

 

 

 

 

 

 

1,950

 

 

 

 

Non-GAAP operating income

 

$

18,468

 

 

$

15,397

 

 

$

7,603

 

 

$

33,865

 

 

$

15,342

 

Non-GAAP operating margin as a % of revenue

 

 

11.6

%

 

 

10.2

%

 

 

6.5

%

 

 

10.9

%

 

 

6.5

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) attributable to AOS

 

$

12,903

 

 

$

9,574

 

 

$

(1,005

)

 

$

22,477

 

 

$

4

 

Share-based compensation

 

 

3,224

 

 

 

2,876

 

 

 

2,487

 

 

 

6,100

 

 

 

4,856

 

Amortization of purchased intangible

 

 

811

 

 

 

812

 

 

 

 

 

 

1,623

 

 

 

 

Pre-production expenses related to joint venture

 

 

 

 

 

 

 

 

(25

)

 

 

 

 

 

24

 

Production ramp up costs related to joint venture

 

 

 

 

 

135

 

 

 

4,319

 

 

 

135

 

 

 

7,368

 

Legal costs related to government investigation

 

 

843

 

 

 

1,107

 

 

 

 

 

 

1,950

 

 

 

 

Income tax effect of non-GAAP adjustments

 

 

(1

)

 

 

(8

)

 

 

(2

)

 

 

(9

)

 

 

(7

)

Non-GAAP net income attributable to AOS

 

$

17,780

 

 

$

14,496

 

 

$

5,774

 

 

$

32,276

 

 

$

12,245

 

Non-GAAP net margin attributable to AOS as a % of revenue

 

 

11.2

%

 

 

9.6

%

 

 

4.9

%

 

 

10.4

%

 

 

5.2

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) attributable to AOS

 

$

12,903

 

 

$

9,574

 

 

$

(1,005

)

 

$

22,477

 

 

$

4

 

Share-based compensation

 

 

3,224

 

 

 

2,876

 

 

 

2,487

 

 

 

6,100

 

 

 

4,856

 

Amortization and depreciation

 

 

13,200

 

 

 

12,489

 

 

 

10,850

 

 

 

25,689

 

 

 

21,754

 

Interest expense (income), net

 

 

1,649

 

 

 

1,622

 

 

 

992

 

 

 

3,271

 

 

 

772

 

Income tax expense

 

 

669

 

 

 

1,011

 

 

 

568

 

 

 

1,680

 

 

 

978

 

EBITDAS

 

$

31,645

 

 

$

27,572

 

 

$

13,892

 

 

$

59,217

 

 

$

28,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share attributable to AOS

 

$

0.47

 

 

$

0.36

 

 

$

(0.04

)

 

$

0.84

 

 

$

0.00

 

Share-based compensation

 

 

0.12

 

 

 

0.11

 

 

 

0.10

 

 

 

0.23

 

 

 

0.19

 

Pre-production expenses related to joint venture

 

 

 

 

 

 

 

 

(0.00

)

 

 

 

 

 

0.00

 

Production ramp up costs related to joint venture

 

 

 

 

 

0.01

 

 

 

0.17

 

 

 

0.01

 

 

 

0.29

 

Legal costs related to government investigation

 

 

0.03

 

 

 

0.04

 

 

 

 

 

 

0.07

 

 

 

 

Amortization of purchased intangible

 

 

0.03

 

 

 

0.03

 

 

 

 

 

 

0.06

 

 

 

 

Income tax effect of non-GAAP adjustments

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.00

)

Non-GAAP diluted net income per share attributable to AOS

 

$

0.65

 

 

$

0.55

 

 

$

0.23

 

 

$

1.20

 

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

Shares used to compute GAAP diluted net income (loss) per share

 

 

27,353

 

 

 

26.314

 

 

 

24,701

 

 

 

26,834

 

 

 

25,362

 

Shares used to compute Non-GAAP diluted net income per share

 

 

27,353

 

 

 

26.314

 

 

 

25,594

 

 

 

26,834

 

 

 

25,362

 


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