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

* AOS is not a guarantor of CQJV's (Chongqing Joint Venture) debts.

 

Three Months Ended March 31, 2021

 

Three Months Ended December 31, 2020

 

Three Months Ended March 31, 2020

 

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,
2021

 

December 31,
2020

 

March 31,
2020

 

March 31,
2021

 

March 31,
2020

 

 

 

 

 

 

 

 

 

 

 

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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