Alpha and Omega Semiconductor Reports Financial Results for the Fiscal First Quarter of 2022 Ended September 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.

Condensed Consolidated Statements of Operations

(in thousands, except percentages and per share amounts)

(unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

September 30,
2021

 

June 30,
2021

 

September 30,
2020

 

 

 

 

 

 

Revenue

$

187,035

 

 

$

177,309

 

 

$

151,551

 

Cost of goods sold

 

122,468

 

 

 

116,729

 

 

 

109,028

 

Gross profit

 

64,567

 

 

 

60,580

 

 

 

42,523

 

Gross margin

 

34.5

%

 

 

34.2

%

 

 

28.1

%

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Research and development

 

17,812

 

 

 

17,282

 

 

 

14,691

 

Selling, general and administrative

 

21,806

 

 

 

20,935

 

 

 

17,505

 

Total operating expenses

 

39,618

 

 

 

38,217

 

 

 

32,196

 

Operating income

 

24,949

 

 

 

22,363

 

 

 

10,327

 

 

 

 

 

 

 

Interest expense and other income (loss), net

 

(2,192

)

 

 

(1,107

)

 

 

(549

)

Income before income taxes

 

22,757

 

 

 

21,256

 

 

 

9,778

 

 

 

 

 

 

 

Income tax expense

 

1,320

 

 

 

1,241

 

 

 

1,011

 

Net income including noncontrolling interest

 

21,437

 

 

 

20,015

 

 

 

8,767

 

Net income (loss) attributable to noncontrolling interest

 

(1,987

)

 

 

476

 

 

 

(807

)

Net income attributable to Alpha and Omega Semiconductor Limited

$

23,424

 

 

$

19,539

 

 

$

9,574

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

$

0.89

 

 

$

0.74

 

 

$

0.38

 

Diluted

$

0.85

 

 

$

0.71

 

 

$

0.36

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

 

26,365

 

 

 

26,251

 

 

 

25,340

 

Diluted

 

27,638

 

 

 

27,705

 

 

 

26,314

 

Alpha and Omega Semiconductor Limited

Condensed Consolidated Balance Sheets

(in thousands, except par value per share)

(unaudited)

 

September 30, 2021

June 30, 2021

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents

$

252,453

 

$

202,412

 

Restricted cash

 

342

 

 

233

 

Accounts receivable, net

 

39,317

 

 

35,789

 

Inventories

 

163,437

 

 

154,293

 

Other current assets

 

17,518

 

 

14,595

 

Total current assets

 

473,067

 

 

407,322

 

Property, plant and equipment, net

 

441,279

 

 

436,977

 

Operating lease right-of-use assets, net

 

33,437

 

 

34,660

 

Intangible assets, net

 

12,570

 

 

13,410

 

Deferred income tax assets

 

5,216

 

 

5,167

 

Restricted cash - long-term

 

2,168

 

 

2,168

 

Other long-term assets

 

23,941

 

 

18,869

 

Total assets

$

991,678

 

$

918,573

 

LIABILITIES AND EQUITY

 

 

Current liabilities:

 

 

Accounts payable

$

81,681

 

$

80,699

 

Accrued liabilities

 

92,207

 

 

69,494

 

Income taxes payable

 

3,004

 

 

2,604

 

Short-term debt

 

57,955

 

 

58,030

 

Finance lease liabilities

 

16,722

 

 

16,724

 

Operating lease liabilities

 

5,537

 

 

5,679

 

Total current liabilities

 

257,106

 

 

233,230

 

Long-term debt

 

75,991

 

 

77,990

 

Income taxes payable - long-term

 

1,332

 

 

1,319

 

Deferred income tax liabilities

 

3,136

 

 

2,448

 

Finance lease liabilities - long-term

 

8,516

 

 

12,698

 

Operating lease liabilities - long-term

 

29,342

 

 

30,440

 

Other long-term liabilities

 

74,265

 

 

44,123

 

Total liabilities

 

449,688

 

 

402,248

 

Equity:

 

 

Preferred shares, par value $0.002 per share:

 

 

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

 

 

 

 

Common shares, par value $0.002 per share:

 

 

Authorized: 100,000 shares; issued and outstanding: 32,996 shares and 26,373 shares, respectively at September 31, 2021 and 32,975 shares and 26,350 shares, respectively at June 30, 2021

 

66

 

 

66

 

Treasury shares at cost: 6,623 shares at September 30, 2021 and 6,625 shares at June 30, 2021

 

(66,052

)

 

(66,064

)

Additional paid-in capital

 

264,321

 

 

259,993

 

Accumulated other comprehensive income

 

2,229

 

 

2,315

 

Retained earnings

 

200,307

 

 

176,895

 

Total Alpha and Omega Semiconductor Limited shareholder's equity

 

400,871

 

 

373,205

 

Noncontrolling interest

 

141,119

 

 

143,120

 

Total equity

 

541,990

 

 

516,325

 

Total liabilities and equity

$

991,678

 

$

918,573

 

Supplemental disclosures of financial information:

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2021

 

As of June 30, 2021

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Cash and cash equivalents

$

231,508

 

 

$

20,945

 

 

$

252,453

 

 

$

164,933

 

 

$

37,479

 

 

$

202,412

 

Bank borrowings liabilities

$

22,233

 

 

$

136,951

 

*

$

159,184

 

 

$

24,307

 

 

$

141,135

 

*

$

165,442

 

Inventory

$

109,471

 

 

$

53,966

 

 

$

163,437

 

 

$

100,246

 

 

$

54,047

 

 

$

154,293

 

Property, plant and equipment, net

$

175,068

 

 

$

266,211

 

 

$

441,279

 

 

$

174,507

 

 

$

262,470

 

 

$

436,977

 

 

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

 

Three Months Ended September 30, 2021

 

Three Months Ended June 30, 2021

 

Three Months Ended September 30, 2020

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Net cash provided by (used in) operating activities

$

84,384

 

 

$

(3,777

)

 

$

80,607

 

 

$

32,646

 

 

$

11,574

 

 

$

44,220

 

 

$

12,701

 

 

$

(2,853

)

 

$

9,848

 

Purchase of property and equipment, net of government grant

$

15,560

 

 

$

8,351

 

 

$

23,911

 

 

$

25,072

 

 

$

7,087

 

 

$

32,159

 

 

$

7,944

 

 

$

3,393

 

 

$

11,337

 

EBITDAS

$

39,866

 

 

$

3,424

 

**

$

45,277

 

 

$

33,602

 

 

$

7,780

 

**

$

40,906

 

 

$

22,156

 

 

$

4,609

 

**

$

27,572

 

 

** 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

 

September 30,
2021

June 30,
2021

September 30,
2020

 

 

 

 

GAAP gross profit

$

64,567

 

$

60,580

 

$

42,523

 

Share-based compensation

 

569

 

 

561

 

 

385

 

Amortization of purchased intangible

 

812

 

 

812

 

 

812

 

Production ramp up costs related to joint venture

 

 

 

 

 

275

 

Non-GAAP gross profit

$

65,948

 

$

61,953

 

$

43,995

 

Non-GAAP gross margin as a % of revenue

 

35.3

%

 

34.9

%

 

29.0

%

 

 

 

 

GAAP operating expense

$

39,618

 

$

38,217

 

$

32,196

 

Share-based compensation

 

4,066

 

 

4,838

 

 

2,491

 

Legal costs related to government investigation

 

431

 

 

553

 

 

1,107

 

Non-GAAP operating expense

$

35,121

 

$

32,826

 

$

28,598

 

 

 

 

 

GAAP operating income

$

24,949

 

$

22,363

 

$

10,327

 

Share-based compensation

 

4,635

 

 

5,399

 

 

2,876

 

Amortization of purchased intangible

 

812

 

 

812

 

 

812

 

Production ramp up costs related to joint venture

 

 

 

 

 

275

 

Legal costs related to government investigation

 

431

 

 

553

 

 

1,107

 

Non-GAAP operating income

$

30,827

 

$

29,127

 

$

15,397

 

Non-GAAP operating margin as a % of revenue

 

16.5

%

 

16.4

%

 

10.2

%

 

 

 

 

GAAP net income attributable to AOS

$

23,424

 

$

19,539

 

$

9,574

 

Share-based compensation

 

4,635

 

 

5,399

 

 

2,876

 

Amortization of purchased intangible

 

812

 

 

812

 

 

812

 

Production ramp up costs related to joint venture

 

 

 

 

 

135

 

Legal costs related to government investigation

 

431

 

 

553

 

 

1,107

 

Income tax effect of non-GAAP adjustments

 

1

 

 

(2

)

 

(8

)

Non-GAAP net income attributable to AOS

$

29,303

 

$

26,301

 

$

14,496

 

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

 

15.7

%

 

14.8

%

 

9.6

%

 

 

 

 

GAAP net income attributable to AOS

$

23,424

 

$

19,539

 

$

9,574

 

Share-based compensation

 

4,635

 

 

5,399

 

 

2,876

 

Amortization and depreciation

 

13,722

 

 

13,251

 

 

12,489

 

Interest expense (income), net

 

2,176

 

 

1,476

 

 

1,622

 

Income tax expense

 

1,320

 

 

1,241

 

 

1,011

 

EBITDAS

$

45,277

 

$

40,906

 

$

27,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income per share attributable to AOS

$

0.85

 

$

0.71

 

$

0.36

 

Share-based compensation

 

0.16

 

 

0.19

 

 

0.11

 

Production ramp up costs related to joint venture

 

 

 

 

 

0.01

 

Legal costs related to government investigation

 

0.02

 

 

0.02

 

 

0.04

 

Amortization of purchased intangible

 

0.03

 

 

0.03

 

 

0.03

 

Income tax effect of non-GAAP adjustments

 

0.00

 

 

(0.00

)

 

(0.00

)

Non-GAAP diluted net income per share attributable to AOS

$

1.06

 

$

0.95

 

$

0.55

 

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

 

27,638

 

 

27,705

 

 

26,314

 

 

 

 

 


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