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

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 technology, product design, and advanced packaging know-how to develop high performance power management solutions. AOS’ portfolio of products targets high-volume applications, including personal and 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 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

 

Nine Months Ended

 

March 31,
2021

 

December 31,
2020

 

March 31,
2020

 

March 31,
2021

 

March 31,
2020

 

 

 

 

 

 

 

 

 

 

Revenue

$

169,212

 

 

 

$

158,830

 

 

 

$

106,852

 

 

 

$

479,593

 

 

 

$

342,514

 

 

Cost of goods sold

116,521

 

 

 

110,081

 

 

 

84,393

 

 

 

335,630

 

 

 

268,717

 

 

Gross profit

52,691

 

 

 

48,749

 

 

 

22,459

 

 

 

143,963

 

 

 

73,797

 

 

Gross margin

31.1

 

%

 

30.7

 

%

 

21.0

 

%

 

30.0

 

%

 

21.5

 

%

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

15,557

 

 

 

15,423

 

 

 

13,569

 

 

 

45,671

 

 

 

38,084

 

 

Selling, general and administrative

19,338

 

 

 

19,736

 

 

 

16,909

 

 

 

56,579

 

 

 

47,723

 

 

Impairment of privately-held investment

 

 

 

 

 

 

600

 

 

 

 

 

 

600

 

 

Total operating expenses

34,895

 

 

 

35,159

 

 

 

31,078

 

 

 

102,250

 

 

 

86,407

 

 

Operating income (loss)

17,796

 

 

 

13,590

 

 

 

(8,619

)

 

 

41,713

 

 

 

(12,610

)

 

 

 

 

 

 

 

 

 

 

 

Interest expense and other income (loss), net

(1,815

)

 

 

(381

)

 

 

(2,282

)

 

 

(2,745

)

 

 

(3,744

)

 

Income (loss) before income taxes

15,981

 

 

 

13,209

 

 

 

(10,901

)

 

 

38,968

 

 

 

(16,354

)

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

1,014

 

 

 

669

 

 

 

(1,015

)

 

 

2,694

 

 

 

(37

)

 

Net income (loss) including noncontrolling interest

14,967

 

 

 

12,540

 

 

 

(9,886

)

 

 

36,274

 

 

 

(16,317

)

 

Net loss attributable to noncontrolling interest

(1,133

)

 

 

(363

)

 

 

(3,391

)

 

 

(2,303

)

 

 

(9,826

)

 

Net income (loss) attributable to Alpha and Omega Semiconductor Limited

$

16,100

 

 

 

$

12,903

 

 

 

$

(6,495

)

 

 

$

38,577

 

 

 

$

(6,491

)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited

 

 

 

 

 

 

 

 

 

Basic

$

0.62

 

 

 

$

0.50

 

 

 

$

(0.26

)

 

 

$

1.51

 

 

 

$

(0.26

)

 

Diluted

$

0.58

 

 

 

$

0.47

 

 

 

$

(0.26

)

 

 

$

1.42

 

 

 

$

(0.26

)

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share

 

 

 

 

 

 

 

 

 

Basic

25,882

 

 

 

25,672

 

 

 

24,894

 

 

 

25,631

 

 

 

24,711

 

 

Diluted

27,716

 

 

 

27,353

 

 

 

24,894

 

 

 

27,128

 

 

 

24,711

 

 

Alpha and Omega Semiconductor Limited

Condensed Consolidated Balance Sheets

(in thousands, except par value per share)

(unaudited)

 

March 31, 2021

 

June 30, 2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

192,113

 

 

$

158,536

 

Restricted cash

229

 

 

2,190

 

Accounts receivable, net

33,721

 

 

13,272

 

Inventories

145,110

 

 

135,528

 

Other current assets

11,183

 

 

8,807

 

Total current assets

382,356

 

 

318,333

 

Property, plant and equipment, net

432,569

 

 

412,340

 

Operating lease right-of-use assets, net

33,036

 

 

32,948

 

Intangible assets, net

14,250

 

 

16,770

 

Deferred income tax assets

5,008

 

 

4,766

 

Restricted cash - long-term

2,133

 

 

1,978

 

Other long-term assets

5,039

 

 

5,804

 

Total assets

$

874,391

 

 

$

792,939

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

81,858

 

 

$

86,181

 

Accrued liabilities

62,683

 

 

54,986

 

Income taxes payable

2,431

 

 

1,360

 

Short-term debt

43,280

 

 

30,114

 

Finance lease liabilities

16,462

 

 

15,258

 

Operating lease liabilities

5,202

 

 

4,159

 

Total current liabilities

211,916

 

 

192,058

 

Long-term debt

90,868

 

 

99,775

 

Income taxes payable - long-term

930

 

 

903

 

Deferred income tax liabilities

1,470

 

 

496

 

Finance lease liabilities - long-term

16,615

 

 

26,842

 

Operating lease liabilities - long-term

29,758

 

 

30,254

 

Other long-term liabilities

36,056

 

 

10,723

 

Total liabilities

387,613

 

 

361,051

 

Equity:

 

 

 

Preferred shares, par value $0.002 per share:

 

 

 

Authorized: 10,000 shares; issued and outstanding: none at March 31, 2021 and June 30, 2020

 

 

 

Common shares, par value $0.002 per share:

 

 

 

Authorized: 100,000 shares; issued and outstanding: 32,710 shares and 26,085 shares, respectively at March 31, 2021 and 31,944 shares and 25,305 shares, respectively at June 30, 2020

65

 

 

64

 

Treasury shares at cost: 6,625 shares at March 31, 2021 and 6,639 shares at June 30, 2020

(66,064

)

 

(66,184

)

Additional paid-in capital

252,934

 

 

246,103

 

Accumulated other comprehensive income (loss)

996

 

 

(5,127

)

Retained earnings

157,356

 

 

118,833

 

Total Alpha and Omega Semiconductor Limited shareholder's equity

345,287

 

 

293,689

 

Noncontrolling interest

141,491

 

 

138,199

 

Total equity

486,778

 

 

431,888

 

Total liabilities and equity

$

874,391

 

 

$

792,939

 

Supplemental disclosures of financial information:

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2021

 

As of June 30, 2020

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Cash and cash equivalents

$

158,322

 

$

33,791

 

$

192,113

 

$

110,346

 

$

48,190

 

$

158,536

Bank borrowings liabilities

$

26,381

 

$

140,844

*

$

167,225

 

$

32,593

 

$

139,396

*

$

171,989

Inventory

$

97,479

 

$

47,631

 

$

145,110

 

$

97,593

 

$

37,935

 

$

135,528

Property, plant and equipment, net

$

173,506

 

$

259,063

 

$

432,569

 

$

162,833

 

$

249,507

 

$

412,340


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