Alpha and Omega Semiconductor Reports Financial Results for Fiscal Fourth Quarter and Fiscal Year Ended June 30, 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

 

Fiscal Year Ended

 

June 30,
2021

 

March 31,
2021

 

June 30,
2020

 

June 30,
2021

 

June 30,
2020

 

 

 

 

 

 

 

 

 

 

Revenue

$

177,309

 

 

 

$

169,212

 

 

 

$

122,395

 

 

 

$

656,902

 

 

 

$

464,909

 

 

Cost of goods sold

116,729

 

 

 

116,521

 

 

 

93,461

 

 

 

452,359

 

 

 

362,178

 

 

Gross profit

60,580

 

 

 

52,691

 

 

 

28,934

 

 

 

204,543

 

 

 

102,731

 

 

Gross margin

34.2

%

 

31.1

%

 

23.6

%

 

31.1

%

 

22.1

%

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

17,282

 

 

 

15,557

 

 

 

13,168

 

 

 

62,953

 

 

 

51,252

 

 

Selling, general and administrative

20,935

 

 

 

19,338

 

 

 

17,093

 

 

 

77,514

 

 

 

64,816

 

 

Impairment of privately-held investment

 

 

 

 

 

 

 

 

 

 

 

 

600

 

 

Total operating expenses

38,217

 

 

 

34,895

 

 

 

30,261

 

 

 

140,467

 

 

 

116,668

 

 

Operating income (loss)

22,363

 

 

 

17,796

 

 

 

(1,327

)

 

 

64,076

 

 

 

(13,937

)

 

 

 

 

 

 

 

 

 

 

 

Interest expense and other income (loss), net

(1,107

)

 

 

(1,815

)

 

 

(228

)

 

 

(3,852

)

 

 

(3,972

)

 

Income (loss) before income taxes

21,256

 

 

 

15,981

 

 

 

(1,555

)

 

 

60,224

 

 

 

(17,909

)

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

1,241

 

 

 

1,014

 

 

 

385

 

 

 

3,935

 

 

 

348

 

 

Net income (loss) including noncontrolling interest

20,015

 

 

 

14,967

 

 

 

(1,940

)

 

 

56,289

 

 

 

(18,257

)

 

Net income (loss) attributable to noncontrolling interest

476

 

 

 

(1,133

)

 

 

(1,835

)

 

 

(1,827

)

 

 

(11,661

)

 

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

$

19,539

 

 

 

$

16,100

 

 

 

$

(105

)

 

 

$

58,116

 

 

 

$

(6,596

)

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Basic

$

0.74

 

 

 

$

0.62

 

 

 

$ (0.00

 

)

 

$

2.25

 

 

 

$

(0.27

)

 

Diluted

$

0.71

 

 

 

$

0.58

 

 

 

$ (0.00

 

)

 

$

2.13

 

 

 

$

(0.27

)

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Basic

26,251

 

 

 

25,882

 

 

 

25,227

 

 

 

25,786

 

 

 

24,840

 

 

Diluted

27,705

 

 

 

27,716

 

 

 

25,227

 

 

 

27,272

 

 

 

24,840

 

 

Alpha and Omega Semiconductor Limited

Condensed Consolidated Balance Sheets

(in thousands, except par value per share)

(unaudited)

 

June 30,
2021

 

June 30,
2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

202,412

 

 

 

$

158,536

 

 

Restricted cash

233

 

 

 

2,190

 

 

Accounts receivable, net

35,789

 

 

 

13,272

 

 

Inventories

154,293

 

 

 

135,528

 

 

Other current assets

14,595

 

 

 

8,807

 

 

Total current assets

407,322

 

 

 

318,333

 

 

Property, plant and equipment, net

436,977

 

 

 

412,340

 

 

Operating lease right-of-use assets, net

34,660

 

 

 

32,948

 

 

Intangible assets, net

13,410

 

 

 

16,770

 

 

Deferred income tax assets

5,167

 

 

 

4,766

 

 

Restricted cash - long-term

2,168

 

 

 

1,978

 

 

Other long-term assets

18,869

 

 

 

5,804

 

 

Total assets

$

918,573

 

 

 

$

792,939

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

80,699

 

 

 

$

86,181

 

 

Accrued liabilities

69,494

 

 

 

54,986

 

 

Income taxes payable

2,604

 

 

 

1,360

 

 

Short-term debt

58,030

 

 

 

30,114

 

 

Finance lease liabilities

16,724

 

 

 

15,258

 

 

Operating lease liabilities

5,679

 

 

 

4,159

 

 

Total current liabilities

233,230

 

 

 

192,058

 

 

Long-term debt

77,990

 

 

 

99,775

 

 

Income taxes payable - long-term

1,319

 

 

 

903

 

 

Deferred income tax liabilities

2,448

 

 

 

496

 

 

Finance lease liabilities - long-term

12,698

 

 

 

26,842

 

 

Operating lease liabilities - long-term

30,440

 

 

 

30,254

 

 

Other long-term liabilities

44,123

 

 

 

10,723

 

 

Total liabilities

402,248

 

 

 

361,051

 

 

Equity:

 

 

 

Preferred shares, par value $0.002 per share:

 

 

 

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

 

 

 

 

 

Common shares, par value $0.002 per share:

 

 

 

Authorized: 100,000 shares; issued and outstanding: 32,975 shares and 26,350 shares, respectively at June 30, 2021 and 31,944 shares and 25,305 shares, respectively at June 30, 2020

66

 

 

 

64

 

 

Treasury shares at cost; 6,625 shares at June 30, 2021 and 6,639 shares at June 30, 2020

(66,064

)

 

 

(66,184

)

 

Additional paid-in capital

259,993

 

 

 

246,103

 

 

Accumulated other comprehensive income (loss)

2,315

 

 

 

(5,127

)

 

Retained earnings

176,895

 

 

 

118,833

 

 

Total Alpha and Omega Semiconductor Limited shareholders’ equity

373,205

 

 

 

293,689

 

 

Noncontrolling interest

143,120

 

 

 

138,199

 

 

Total equity

516,325

 

 

 

431,888

 

 

Total liabilities and equity

$

918,573

 

 

 

$

792,939

 

 

Supplemental disclosures of financial information:

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2021

 

As of June 30, 2020

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Cash and cash equivalents

$

164,933

 

 

$

37,479

 

 

$

202,412

 

 

$

110,346

 

 

$

48,190

 

 

$

158,536

 

Bank borrowings liabilities

$

24,307

 

 

$

141,135

 

*

$

165,442

 

 

$

32,594

 

 

$

139,395

 

*

$

171,989

 

Inventory

$

100,246

 

 

$

54,047

 

 

$

154,293

 

 

$

97,593

 

 

$

37,935

 

 

$

135,528

 

Property, plant and equipment, net

$

174,507

 

 

$

262,470

 

 

$

436,977

 

 

$

162,833

 

 

$

249,507

 

 

$

412,340

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Three Months Ended June 30, 2021

 

Three Months Ended March 31, 2021

 

Three Months Ended June 30, 2020

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Net cash provided by operating activities

$

32,646

 

 

$

11,574

 

 

$

44,220

 

 

$

33,313

 

 

$

5,278

 

 

$

38,591

 

 

$

20,167

 

 

$

20,125

 

 

$

40,292

 

Purchase of property and equipment, net of government grant

$

25,072

 

 

$

7,087

 

 

$

32,159

 

 

$

10,071

 

 

$

5,702

 

 

$

15,773

 

 

$

8,972

 

 

$

4,222

 

 

$

13,194

 

EBITDAS

$

33,602

 

 

$

7,780

 

**

$

40,906

 

 

$

30,610

 

 

$

4,503

 

**

$

36,246

 

 

$

11,979

 

 

$

1,078

 

**

$

14,892

 

 

 

 

 

 

 

 

 

 

 

Year Ended June 30, 2021

 

Year Ended June 30, 2020

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Net cash provided by operating activities

$

114,338

 

 

$

14,406

 

 

$

128,744

 

 

$

57,957

 

 

$

4,358

 

 

 

$

62,315

 

Purchase of property and equipment, net of government grant

$

49,985

 

 

$

22,715

 

 

$

72,700

 

 

$

42,389

 

 

$

20,009

 

 

 

$

62,398

 

EBITDAS

$

111,698

 

 

$

22,843

 

**

$

136,368

 

 

$

44,817

 

 

$

(4,439

)

 

**

$

52,039

 

 

 

 

 

 

 

 

 

 

 

 

 


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