Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Second Quarter of 2022 Ended December 31, 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

 

Six Months Ended

 

 

December 31,
2021

 

September 30,
2021

 

December 31,
2020

 

December 31,
2021

 

December 31,
2020

 

 

 

 

 

 

Revenue

$

193,319

 

$

187,035

 

$

158,830

 

$

380,354

 

$

310,381

 

Cost of goods sold

 

124,954

 

 

122,468

 

 

110,081

 

 

247,422

 

 

219,109

 

Gross profit

 

68,365

 

 

64,567

 

 

48,749

 

 

132,932

 

 

91,272

 

Gross margin

 

35.4

%

 

34.5

%

 

30.7

%

 

34.9

%

 

29.4

%

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Research and development

 

16,516

 

 

17,812

 

 

15,423

 

 

34,328

 

 

30,114

 

Selling, general and administrative

 

24,132

 

 

21,806

 

 

19,736

 

 

45,938

 

 

37,241

 

Total operating expenses

 

40,648

 

 

39,618

 

 

35,159

 

 

80,266

 

 

67,355

 

Operating income

 

27,717

 

 

24,949

 

 

13,590

 

 

52,666

 

 

23,917

 

 

 

 

 

 

 

Interest expense and other income (loss), net

 

(68

)

 

(2,192

)

 

(381

)

 

(2,260

)

 

(930

)

Gain on deconsolidation of the JV Company

 

399,093

 

 

 

 

 

 

399,093

 

 

 

Loss on changes of equity interest in the JV Company, net

(7,641

)

(7,641

)

Net income before income taxes

 

419,101

 

 

22,757

 

 

13,209

 

 

441,858

 

 

22,987

 

 

 

 

 

 

 

 

Income tax expense

 

34,096

 

 

1,320

 

 

669

 

 

35,416

 

 

1,680

 

Net income

 

385,005

 

 

21,437

 

 

12,540

 

 

406,442

 

 

21,307

 

Net gain (loss) attributable to noncontrolling interest

 

2,007

 

 

(1,987

)

 

(363

)

 

20

 

 

(1,170

)

Net income attributable to Alpha and Omega Semiconductor Limited

$

382,998

 

$

23,424

 

$

12,903

 

$

406,422

 

$

22,477

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

$

14.40

 

$

0.89

 

$

0.50

 

$

15.35

 

$

0.88

 

Diluted

$

13.54

 

$

0.85

 

$

0.47

 

$

14.53

 

$

0.84

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

 

26,593

 

 

26,365

 

 

25,672

 

 

26,479

 

 

25,506

 

Diluted

 

28,287

 

 

27,638

 

 

27,353

 

 

27,963

 

 

26,834

 

 

 

 

 

 

 

Alpha and Omega Semiconductor Limited

Condensed Consolidated Balance Sheets

(in thousands, except par value per share)

(unaudited)

 

 

 

 

 

 

 

December 31, 2021

 

June 30, 2021

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents

$

269,306

 

$

202,412

 

Restricted cash

 

314

 

 

233

 

Accounts receivable, net

 

31,661

 

 

35,789

 

Other receivable, equity investee

 

25,030

 

 

 

Inventories

 

129,084

 

 

154,293

 

Other current assets

 

11,312

 

 

14,595

 

Total current assets

 

466,707

 

 

407,322

 

Property, plant and equipment, net

 

196,743

 

 

436,977

 

Operating lease right-of-use assets, net

 

22,263

 

 

34,660

 

Intangible assets, net

 

11,730

 

 

13,410

 

Equity method investment

 

376,061

 

 

 

Deferred income tax assets

 

440

 

 

5,167

 

Restricted cash - long-term

 

 

 

2,168

 

Other long-term assets

 

37,931

 

 

18,869

 

Total assets

$

1,111,875

 

$

918,573

 

LIABILITIES AND EQUITY

 

 

Current liabilities:

 

 

Accounts payable

$

62,175

 

$

80,699

 

Accrued liabilities

 

95,212

 

 

69,494

 

Income taxes payable

 

7,337

 

 

2,604

 

Short-term debt

 

8,960

 

 

58,030

 

Finance lease liabilities

 

 

 

16,724

 

Operating lease liabilities

 

4,293

 

 

5,679

 

Total current liabilities

 

177,977

 

 

233,230

 

Long-term debt

 

13,707

 

 

77,990

 

Income taxes payable - long-term

 

1,345

 

 

1,319

 

Deferred income tax liabilities

 

27,742

 

 

2,448

 

Finance lease liabilities - long-term

 

 

 

12,698

 

Operating lease liabilities - long-term

 

19,430

 

 

30,440

 

Other long-term liabilities

 

77,684

 

 

44,123

 

Total liabilities

 

317,885

 

 

402,248

 

Equity:

 

 

Preferred shares, par value $0.002 per share:

 

 

Authorized: 10,000 shares; issued and outstanding: none at December 31, 2021 and June 30, 2021

 

 

 

 

Common shares, par value $0.002 per share:

 

 

Authorized: 100,000 shares; issued and outstanding: 33,329 shares and 26,706 shares, respectively at December 31, 2021 and 32,975 shares and 26,350 shares, respectively at June 30, 2021

 

67

 

 

66

 

Treasury shares at cost: 6,623 shares at December 31, 2021 and 6,625 shares at June 30, 2021

 

(66,046

)

 

(66,064

)

Additional paid-in capital

 

275,410

 

 

259,993

 

Accumulated other comprehensive income

 

1,260

 

 

2,315

 

Retained earnings

 

583,299

 

 

176,895

 

Total Alpha and Omega Semiconductor Limited shareholder's equity

 

793,990

 

 

373,205

 

Noncontrolling interest

 

 

 

143,120

 

Total equity

 

793,990

 

 

516,325

 

Total liabilities and equity

$

1,111,875

 

$

918,573

 

 
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

 

Six Months Ended

 

 

December 31,
2021

 

September 30,
2021

 

December 31,
2020

 

December 31,
2021

 

December 31,
2020

 

 

 

 

 

 

GAAP gross profit

$

68,365

 

$

64,567

 

$

48,749

 

$

132,932

 

$

91,272

 

Share-based compensation

 

1,709

 

 

569

 

 

383

 

 

2,278

 

 

768

 

Amortization of purchased intangible

 

811

 

 

812

 

 

811

 

 

1,623

 

 

1,623

 

Production ramp up costs related to joint venture

 

 

 

 

 

 

 

 

 

275

 

Non-GAAP gross profit

$

70,885

 

$

65,948

 

$

49,943

 

$

136,833

 

$

92,315

 

Non-GAAP gross margin as a % of revenue

 

36.7

%

 

35.3

%

 

31.4

%

 

36.0

%

 

30.3

%

 

 

 

 

 

 

GAAP operating expense

$

40,648

 

$

39,618

 

$

35,159

 

$

80,266

 

$

67,355

 

Share-based compensation

 

6,838

 

 

4,066

 

 

2,841

 

 

10,904

 

 

5,332

 

Legal costs related to government investigation

 

293

 

 

431

 

 

843

 

 

724

 

 

1,950

 

Non-GAAP operating expense

$

33,517

 

$

35,121

 

$

31,475

 

$

68,638

 

$

60,073

 

 

 

 

 

 

 

GAAP operating income

$

27,717

 

$

24,949

 

$

13,590

 

$

52,666

 

$

23,917

 

Share-based compensation

 

8,547

 

 

4,635

 

 

3,224

 

 

13,182

 

 

6,100

 

Amortization of purchased intangible

 

811

 

 

812

 

 

811

 

 

1,623

 

 

1,623

 

Production ramp up costs related to joint venture

 

 

 

 

 

 

 

 

 

275

 

Legal costs related to government investigation

 

293

 

 

431

 

 

843

 

 

724

 

 

1,950

 

Non-GAAP operating income

$

37,368

 

$

30,827

 

$

18,468

 

$

68,195

 

$

33,865

 

Non-GAAP operating margin as a % of revenue

 

19.3

%

 

16.5

%

 

11.6

%

 

17.9

%

 

10.9

%

 

 

 

 

 

 

GAAP net income attributable to AOS

$

382,998

 

$

23,424

 

$

12,903

 

$

406,422

 

$

22,477

 

Share-based compensation

 

8,547

 

 

4,635

 

 

3,224

 

 

13,182

 

 

6,100

 

Amortization of purchased intangible

 

811

 

 

812

 

 

811

 

 

1,623

 

 

1,623

 

Gain on deconsolidation and changes of the equity interest in the JV Company

 

(391,452

)

 

 

 

 

 

(391,452

)

 

 

Production ramp up costs related to joint venture

 

 

 

 

 

 

 

 

 

135

 

Legal costs related to government investigation

 

293

 

 

431

 

 

843

 

 

724

 

 

1,950

 

Income tax effect of non-GAAP adjustments

 

32,800

 

 

1

 

 

(1

)

 

32,801

 

 

(9

)

Non-GAAP net income attributable to AOS

$

33,997

 

$

29,303

 

$

17,780

 

$

63,300

 

$

32,276

 

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

 

17.6

%

 

15.7

%

 

11.2

%

 

16.6

%

 

10.4

%

 

 

 

 

 

 

GAAP net income attributable to AOS

$

382,998

 

$

23,424

 

$

12,903

 

$

406,422

 

$

22,477

 

Share-based compensation

 

8,547

 

 

4,635

 

 

3,224

 

 

13,182

 

 

6,100

 

Gain on deconsolidation and changes of the equity interest in the JV Company

 

(391,452

)

 

 

 

 

 

(391,452

)

 

 

Amortization and depreciation

 

11,938

 

 

13,722

 

 

13,200

 

 

25,660

 

 

25,689

 

Interest expense (income), net

 

541

 

 

2,176

 

 

1,649

 

 

2,717

 

 

3,271

 

Income tax expense

 

34,096

 

 

1,320

 

 

669

 

 

35,416

 

 

1,680

 

EBITDAS

$

46,668

 

$

45,277

 

$

31,645

 

$

91,945

 

$

59,217

 

 

 

 

 

 

 

GAAP diluted net income per share attributable to AOS

$

13.54

 

$

0.85

 

$

0.47

 

$

14.53

 

$

0.84

 

Share-based compensation

 

0.30

 

 

0.16

 

 

0.12

 

 

0.47

 

 

0.23

 

Gain on deconsolidation and changes of the equity interest in the JV Company

 

(13.84

)

 

 

 

 

 

(14.00

)

 

 

Production ramp up costs related to joint venture

 

 

 

 

 

 

 

 

 

0.01

 

Legal costs related to government investigation

 

0.01

 

 

0.02

 

 

0.03

 

 

0.03

 

 

0.07

 

Amortization of purchased intangible

 

0.03

 

 

0.03

 

 

0.03

 

 

0.06

 

 

0.06

 

Income tax effect of non-GAAP adjustments

 

1.16

 

 

0.00

 

 

(0.00

)

 

1.17

 

 

(0.00

)

Non-GAAP diluted net income per share attributable to AOS

$

1.20

 

$

1.06

 

$

0.65

 

$

2.26

 

$

1.20

 

 

 

 

 

 

 

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

 

28,287

 

 

27,638

 

 

27,353

 

 

27,963

 

 

26,834

 

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

 

28,287

 

 

27,638

 

 

27,353

 

 

27,963

 

 

26.834

 

 

 

 

 

 

 


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