Alpha and Omega Semiconductor Reports Financial Results for Fiscal Fourth Quarter and Fiscal Year Ended June 30, 2021

** 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

 

Fiscal Year Ended

 

June 30,
2021

 

March 31,
2021

 

June 30,
2020

 

June 30,
2021

 

June 30,
2020

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

60,580

 

 

$

52,691

 

 

$

28,934

 

 

$

204,543

 

 

$

102,731

 

Share-based compensation

561

 

 

427

 

 

333

 

 

1,756

 

 

1,530

 

Amortization of purchased intangible

812

 

 

812

 

 

 

 

3,247

 

 

 

Production ramp up costs related to joint venture

 

 

 

 

4,432

 

 

275

 

 

25,461

 

Non-GAAP gross profit

$

61,953

 

 

$

53,930

 

 

$

33,699

 

 

$

209,821

 

 

$

129,722

 

Non-GAAP gross margin as a % of revenue

34.9

%

 

31.9

%

 

27.5

%

 

31.9

%

 

27.9

%

 

 

 

 

 

 

 

 

 

 

GAAP operating expense

$

38,217

 

 

$

34,895

 

 

$

30,261

 

 

$

140,467

 

 

$

116,668

 

Share-based compensation

4,838

 

 

3,398

 

 

2,389

 

 

13,568

 

 

8,924

 

Legal costs related to government investigation

553

 

 

563

 

 

2,551

 

 

3,066

 

 

4,684

 

Impairment of privately-held investment

 

 

 

 

 

 

 

 

600

 

Non-GAAP operating expense

$

32,826

 

 

$

30,934

 

 

$

25,321

 

 

$

123,833

 

 

$

102,460

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

$

22,363

 

 

$

17,796

 

 

$

(1,327

)

 

$

64,076

 

 

$

(13,937

)

Share-based compensation

5,399

 

 

3,825

 

 

2,722

 

 

15,324

 

 

10,454

 

Amortization of purchased intangible

812

 

 

812

 

 

 

 

3,247

 

 

 

Production ramp up costs related to joint venture

 

 

 

 

4,432

 

 

275

 

 

25,461

 

Legal costs related to government investigation

553

 

 

563

 

 

2,551

 

 

3,066

 

 

4,684

 

Impairment of privately-held investment

 

 

 

 

 

 

 

 

600

 

Non-GAAP operating income

$

29,127

 

 

$

22,996

 

 

$

8,378

 

 

$

85,988

 

 

$

27,262

 

Non-GAAP operating margin as a % of revenue

16.4

%

 

13.6

%

 

6.8

%

 

13.1

%

 

5.9

%

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) attributable to AOS

$

19,539

 

 

$

16,100

 

 

$

(105

)

 

$

58,116

 

 

$

(6,596

)

Share-based compensation

5,399

 

 

3,825

 

 

2,722

 

 

15,324

 

 

10,454

 

Amortization of purchased intangible

812

 

 

812

 

 

 

 

3,247

 

 

 

Pre-production expenses related to joint venture

 

 

 

 

 

 

 

 

24

 

Production ramp up costs related to joint venture

 

 

 

 

2,224

 

 

135

 

 

13,356

 

Legal costs related to government investigation

553

 

 

563

 

 

2,551

 

 

3,066

 

 

4,684

 

Impairment of privately-held investment

 

 

 

 

 

 

 

 

600

 

Income tax effect of non-GAAP adjustments

(2

)

 

64

 

 

(4

)

 

53

 

 

(11

)

Non-GAAP net income attributable to AOS

$

26,301

 

 

$

21,364

 

 

$

7,388

 

 

$

79,941

 

 

$

22,511

 

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

14.8

%

 

12.6

%

 

6.0

%

 

12.2

%

 

4.8

%

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) attributable to AOS

$

19,539

 

 

$

16,100

 

 

$

(105

)

 

$

58,116

 

 

$

(6,596

)

Share-based compensation

5,399

 

 

3,825

 

 

2,722

 

 

15,324

 

 

10,454

 

Amortization and depreciation

13,251

 

 

13,745

 

 

11,552

 

 

52,685

 

 

45,090

 

Interest expense (income), net

1,476

 

 

1,562

 

 

338

 

 

6,308

 

 

2,743

 

Income tax expense (income)

1,241

 

 

1,014

 

 

385

 

 

3,935

 

 

348

 

EBITDAS

$

40,906

 

 

$

36,246

 

 

$

14,892

 

 

$

136,368

 

 

$

52,039

 

 

 

 

 

 

 

 

 

 

 

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

$

0.71

 

 

$

0.58

 

 

$

(0.00

 

$

2.13

 

 

$

(0.27

)

Share-based compensation

0.19

 

 

0.14

 

 

0.10

 

 

0.56

 

 

0.41

 

Pre-production expenses related to joint venture

 

 

 

 

 

 

 

 

0.00

 

Production ramp up costs related to joint venture

 

 

 

 

0.09

 

 

0.01

 

 

0.54

 

Legal costs related to government investigation

0.02

 

 

0.02

 

 

0.10

 

 

0.11

 

 

0.18

 

Amortization of purchased intangible

0.03

 

 

0.03

 

 

 

 

0.12

 

 

 

Impairment of privately-held investment

 

 

 

 

 

 

 

 

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

$

0.95

 

 

$

0.77

 

 

$

0.29

 

 

$

2.93

 

 

$

0.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

27,705

 

 

27,716

 

 

25,227

 

 

27,272

 

 

24,840

 

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

27,705

 

 

27,716

 

 

25,895

 

 

27,272

 

 

25,627

 

 

 

 

 

 

 

 

 

 

 


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