|
Three Months Ended March 31, 2021 |
|
Three Months Ended December 31, 2020 |
|
Three Months Ended March 31, 2020 |
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|
AOS |
|
CQJV |
|
Consolidated |
|
AOS |
|
CQJV |
|
Consolidated |
|
AOS |
|
CQJV |
|
Consolidated |
||||||||||
Net cash provided by (used in) operating activities |
$ |
33,313 |
|
$ |
5,278 |
|
$ |
38,591 |
|
$ |
35,678 |
|
$ |
407 |
|
$ |
36,085 |
|
$ |
29,545 |
|
$ |
(15,233 |
) |
|
$ |
14,312 |
Purchase of property and equipment, net of government grant |
$ |
10,071 |
|
$ |
5,702 |
|
$ |
15,773 |
|
$ |
6,779 |
|
$ |
6,533 |
|
$ |
13,312 |
|
$ |
13,063 |
|
$ |
3,720 |
|
|
$ |
16,783 |
EBITDAS |
$ |
30,610 |
|
$ |
4,503 |
** |
$ |
36,246 |
|
$ |
25,332 |
|
$ |
5,950 |
** |
$ |
31,645 |
|
$ |
6,487 |
|
$ |
(1,095 |
) |
** |
$ |
8,783 |
** 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 |
|
Nine Months Ended |
|||||||||||||||||||
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| GAAP gross profit |
|
$ |
52,691 |
|
|
$ |
48,749 |
|
|
|
$ |
22,459 |
|
|
|
$ |
143,963 |
|
|
$ |
73,797 |
|
|
| Share-based compensation |
|
427 |
|
|
383 |
|
|
|
357 |
|
|
|
1,195 |
|
|
1,197 |
|
|
|||||
| Amortization of purchased intangible |
|
812 |
|
|
811 |
|
|
|
— |
|
|
|
2,435 |
|
|
— |
|
|
|||||
| Production ramp up costs related to joint venture |
|
— |
|
|
— |
|
|
|
6,552 |
|
|
|
275 |
|
|
21,029 |
|
|
|||||
| Non-GAAP gross profit |
|
$ |
53,930 |
|
|
$ |
49,943 |
|
|
|
$ |
29,368 |
|
|
|
$ |
147,868 |
|
|
$ |
96,023 |
|
|
| Non-GAAP gross margin as a % of revenue |
|
31.9 |
% |
|
31.4 |
|
% |
|
27.5 |
|
% |
|
30.8 |
% |
|
28.0 |
|
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| GAAP operating expense |
|
$ |
34,895 |
|
|
$ |
35,159 |
|
|
|
$ |
31,078 |
|
|
|
$ |
102,250 |
|
|
$ |
86,407 |
|
|
| Share-based compensation |
|
3,398 |
|
|
2,841 |
|
|
|
2,519 |
|
|
|
8,730 |
|
|
6,535 |
|
|
|||||
| Legal costs related to government investigation |
|
563 |
|
|
843 |
|
|
|
2,133 |
|
|
|
2,513 |
|
|
2,133 |
|
|
|||||
| Impairment of privately-held investment |
|
— |
|
|
— |
|
|
|
600 |
|
|
|
— |
|
|
600 |
|
|
|||||
| Non-GAAP operating expense |
|
$ |
30,934 |
|
|
$ |
31,475 |
|
|
|
$ |
25,826 |
|
|
|
$ |
91,007 |
|
|
$ |
77,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| GAAP operating income (loss) |
|
$ |
17,796 |
|
|
$ |
13,590 |
|
|
|
$ |
(8,619 |
) |
|
|
$ |
41,713 |
|
|
$ |
(12,610 |
) |
|
| Share-based compensation |
|
3,825 |
|
|
3,224 |
|
|
|
2,876 |
|
|
|
9,925 |
|
|
7,732 |
|
|
|||||
| Amortization of purchased intangible |
|
812 |
|
|
811 |
|
|
|
— |
|
|
|
2,435 |
|
|
— |
|
|
|||||
| Production ramp up costs related to joint venture |
|
— |
|
|
— |
|
|
|
6,552 |
|
|
|
275 |
|
|
21,029 |
|
|
|||||
| Legal costs related to government investigation |
|
563 |
|
|
843 |
|
|
|
2,133 |
|
|
|
2,513 |
|
|
2,133 |
|
|
|||||
| Impairment of privately-held investment |
|
— |
|
|
— |
|
|
|
600 |
|
|
|
— |
|
|
600 |
|
|
|||||
| Non-GAAP operating income |
|
$ |
22,996 |
|
|
$ |
18,468 |
|
|
|
$ |
3,542 |
|
|
|
$ |
56,861 |
|
|
$ |
18,884 |
|
|
| Non-GAAP operating margin as a % of revenue |
|
13.6 |
% |
|
11.6 |
|
% |
|
3.3 |
|
% |
|
11.9 |
% |
|
5.5 |
|
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| GAAP net income (loss) attributable to AOS |
|
$ |
16,100 |
|
|
$ |
12,903 |
|
|
|
$ |
(6,495 |
) |
|
|
$ |
38,577 |
|
|
$ |
(6,491 |
) |
|
| Share-based compensation |
|
3,825 |
|
|
3,224 |
|
|
|
2,876 |
|
|
|
9,925 |
|
|
7,732 |
|
|
|||||
| Amortization of purchased intangible |
|
812 |
|
|
811 |
|
|
|
— |
|
|
|
2,435 |
|
|
— |
|
|
|||||
| Production ramp up costs related to joint venture |
|
— |
|
|
— |
|
|
|
3,764 |
|
|
|
135 |
|
|
11,156 |
|
|
|||||
| Legal costs related to government investigation |
|
563 |
|
|
843 |
|
|
|
2,133 |
|
|
|
2,513 |
|
|
2,133 |
|
|
|||||
| Impairment of privately-held investment |
|
— |
|
|
— |
|
|
|
600 |
|
|
|
— |
|
|
600 |
|
|
|||||
| Income tax effect of non-GAAP adjustments |
|
64 |
|
|
(1 |
) |
|
|
0 |
|
|
|
55 |
|
|
(7 |
) |
|
|||||
| Non-GAAP net income attributable to AOS |
|
$ |
21,364 |
|
|
$ |
17,780 |
|
|
|
$ |
2,878 |
|
|
|
$ |
53,640 |
|
|
$ |
15,123 |
|
|
| Non-GAAP net margin attributable to AOS as a % of revenue |
|
12.6 |
% |
|
11.2 |
|
% |
|
2.7 |
|
% |
|
11.2 |
% |
|
4.4 |
|
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| GAAP net income (loss) attributable to AOS |
|
$ |
16,100 |
|
|
$ |
12,903 |
|
|
|
$ |
(6,495 |
) |
|
|
$ |
38,577 |
|
|
$ |
(6,491 |
) |
|
| Share-based compensation |
|
3,825 |
|
|
3,224 |
|
|
|
2,876 |
|
|
|
9,925 |
|
|
7,732 |
|
|
|||||
| Amortization and depreciation |
|
13,745 |
|
|
13,200 |
|
|
|
11,784 |
|
|
|
39,434 |
|
|
33,538 |
|
|
|||||
| Interest expense (income), net |
|
1,562 |
|
|
1,649 |
|
|
|
1,633 |
|
|
|
4,832 |
|
|
2,405 |
|
|
|||||
| Income tax expense (income) |
|
1,014 |
|
|
669 |
|
|
|
(1,015 |
) |
|
|
2,694 |
|
|
(37 |
) |
|
|||||
| EBITDAS |
|
$ |
36,246 |
|
|
$ |
31,645 |
|
|
|
$ |
8,783 |
|
|
|
$ |
95,462 |
|
|
$ |
37,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| GAAP diluted net income (loss) per share attributable to AOS |
|
$ |
0.58 |
|
|
$ |
0.47 |
|
|
|
$ |
(0.26 |
) |
|
|
$ |
1.42 |
|
|
$ |
(0.26 |
) |
|
| Share-based compensation |
|
0.14 |
|
|
0.12 |
|
|
|
0.11 |
|
|
|
0.37 |
|
|
0.30 |
|
|
|||||
| Production ramp up costs related to joint venture |
|
— |
|
|
— |
|
|
|
0.15 |
|
|
|
0.01 |
|
|
0.44 |
|
|
|||||
| Legal costs related to government investigation |
|
0.02 |
|
|
0.03 |
|
|
|
0.09 |
|
|
|
0.09 |
|
|
0.09 |
|
|
|||||
| Amortization of purchased intangible |
|
0.03 |
|
|
0.03 |
|
|
|
— |
|
|
|
0.09 |
|
|
— |
|
|
|||||
| Impairment of privately-held investment |
|
— |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
0.02 |
|
|
|||||
| 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 |
|
$ |
0.77 |
|
|
$ |
0.65 |
|
|
|
$ |
0.11 |
|
|
|
$ |
1.98 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Shares used to compute GAAP diluted net income (loss) per share |
|
27,716 |
|
|
27,353 |
|
|
|
24,894 |
|
|
|
27,128 |
|
|
24,711 |
|
|
|||||
| Shares used to compute Non-GAAP diluted net income per share |
|
27,716 |
|
|
27,353 |
|
|
|
25,889 |
|
|
|
27,128 |
|
|
25.538 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
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