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

Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ: AOSL) today reported financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2021.

The results for the fiscal fourth quarter ended June 30, 2021 were as follows:

GAAP Financial Comparison

Quarterly

(in millions, except percentage and per share data)

(unaudited)

 

 

Three Months Ended

 

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

Revenue

 

$

177.3

 

 

$

169.2

 

 

$

122.4

 

 

Gross Margin

 

34.2

%

 

31.1

%

 

23.6

%

Operating Income (Loss)

 

$

22.4

 

 

$

17.8

 

 

$

(1.3

)

 

Net Income (Loss) Attributable to AOS

 

$

19.5

 

 

$

16.1

 

 

$

(0.1

)

 

Net Income (Loss) Per Share Attributable to AOS - Diluted

 

$

0.71

 

 

$

0.58

 

 

$

(0.00

)

 

Non-GAAP Financial Comparison

Quarterly

(in millions, except percentage and per share data)

(unaudited)

 

 

Three Months Ended

 

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

Revenue

 

$

177.3

 

 

$

169.2

 

 

$

122.4

 

Non-GAAP Gross Margin

 

34.9

%

 

31.9

%

 

27.5

%

Non-GAAP Operating Income

 

$

29.1

 

 

$

23.0

 

 

$

8.4

 

Non-GAAP Net Income Attributable to AOS

 

$

26.3

 

 

$

21.4

 

 

$

7.4

 

Non-GAAP Net Income Per Share Attributable to AOS - Diluted

 

$

0.95

 

 

$

0.77

 

 

$

0.29

 

The non-GAAP financial measures in the schedule above exclude the effect of share-based compensation expenses, legal costs related to government investigation and income tax effect of non-GAAP adjustments in each of the periods presented, production ramp up costs for the quarter ended June 30, 2020, as well as amortization of purchased intangible for the quarters ended June 30, 2021 and March 31, 2021. A detailed reconciliation of GAAP and non-GAAP financial measures is included at the end of this press release.

The results for the fiscal year ended June 30, 2021 were as follows:

GAAP Financial Comparison

Annually

(in millions, except percentage and per share data)

(unaudited)

 

 

Year Ended June 30,

 

 

 

 

2021

 

2020

 

 

 

Revenue

 

$

656.9

 

 

$

464.9

 

 

 

 

Gross Margin

 

31.1

%

 

22.1

%

 

 

Operating Income (Loss)

 

$

64.1

 

 

$

(13.9

)

 

 

 

Net Income (Loss) Attributable to AOS

 

$

58.1

 

 

$

(6.6

)

 

 

 

Net Income (Loss) Per Share attributable to AOS - Diluted

 

$

2.13

 

 

$

(0.27

)

 

 

 

Non-GAAP Financial Comparison

Annually

(in millions, except percentage and per share data)

(unaudited)

 

 

Year Ended June 30,

 

 

 

 

2021

 

2020

 

 

Revenue

 

$

656.9

 

 

$

464.9

 

 

 

Non-GAAP Gross Margin

 

31.9

%

 

27.9

%

 

 

Non-GAAP Operating Income

 

$

86.0

 

 

$

27.3

 

 

 

Non-GAAP Net Income Attributable to AOS

 

$

79.9

 

 

$

22.5

 

 

 

Non-GAAP Net Income Per Share Attributable to AOS - Diluted

 

$

2.93

 

 

$

0.88

 

 

 

The non-GAAP financial measures in the schedule above exclude the effect of share-based compensation expenses, legal costs related to government investigation, production ramp up costs related to joint venture, and income tax effect of non-GAAP adjustments for fiscal years ended June 30, 2021 and 2020, as well as amortization of purchased intangible for fiscal year ended June 30, 2021 and pre-production expenses and impairment of privately-held investment for fiscal year ended June 30, 2020. A detailed reconciliation of GAAP and non-GAAP financial measures is included at the end of this press release.

Financial Results for Fiscal Q4 Ended June 30, 2021

  • Revenue was $177.3 million, an increase of 4.8% quarter-over-quarter and an increase of 44.9% from the same quarter last year.
  • GAAP gross margin was 34.2%, up from 31.1% in the prior quarter and 23.6% year-over-year.
  • Non-GAAP gross margin was 34.9%, up from 31.9% in the prior quarter and up from 27.5% from the same quarter last year.
  • GAAP operating expenses were $38.2 million, up from $34.9 million in the prior quarter and up from $30.3 million from the same quarter last year.
  • Non-GAAP operating expenses were $32.8 million, an increase of $1.9 million from last quarter and an increase of $7.5 million from the same quarter last year.
  • GAAP operating income was $22.4 million, as compared to $17.8 million in the prior quarter and a loss of $1.3 million from the same quarter last year.
  • Non-GAAP operating income was $29.1 million as compared to $23.0 million for the prior quarter and $8.4 million for the same quarter last year.
  • GAAP net income per share attributable to AOS was $0.71, compared to $0.58 for the prior quarter and $0.00 earnings per share for the same quarter last year.
  • Non-GAAP earnings per share attributable to AOS was $0.95, compared to $0.77 for the prior quarter and $0.29 for the same quarter last year.
  • Consolidated cash flow provided by operating activities was $44.2 million, compared to $38.6 million in prior quarter. Operating cash flow provided by AOS alone (excluding the JV Company) was $32.6 million, compared to $33.3 million in the prior quarter.
  • The Company closed the quarter with $202.4 million of cash and cash equivalents, including $37.5 million cash balance at the JV Company.

AOS Chairman and Chief Executive Officer Dr. Mike Chang commented, "Our fourth fiscal quarter continued the momentum we saw throughout the year. We delivered strong year-over-year performance in each of our market segments with record revenue and significantly improved profitability. We also benefited from solid end market demand, enabling us to optimize our product mix. Our fourth quarter results demonstrated the strength of our market diversification strategy, expanding product portfolio, deepening customer relationships and growing production scale. Our strong fourth quarter performance capped an outstanding fiscal year 2021, where we delivered 41% revenue growth year-over-year, expanded both gross margins and operating margins, and increased net income substantially. Importantly, we had previously set a target of $600 million in annual revenue for calendar year 2021, and I am pleased to report that we achieved $657 million in fiscal year 2021 and successfully surpassed that target ahead of plan."

Dr. Chang continued, "As we enter fiscal year 2022, there are plenty of opportunities and much work to be done to continue to grow and scale our business. I am confident that we have the right leadership and the right products in place to capitalize on these opportunities. Our mission to be a trusted technology partner and a global supplier of a broad portfolio of power semiconductors remains on track. Looking ahead, our goal is to grow our annual revenue to $1 billion in the next few years.”

Business Outlook for Fiscal Q1 Ending September 30, 2021

The following statements are based on management's current expectations. These statements are forward-looking, and actual results may differ materially. AOS undertakes no obligation to update these statements.

  • Revenue is expected to be $180 million plus or minus $3 million.
  • Gross margin is expected to be 33.7% plus or minus 1%. Non-GAAP gross margin is expected to be 34.5% plus or minus 1%. Note that non-GAAP gross margin excludes $0.6 million of estimated share-based compensation charges and $0.8 million of amortization of purchased intangible.
  • GAAP operating expenses are expected to be in the range of $37.7 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be in the range of $33.5 million plus or minus $1 million. Non-GAAP operating expenses exclude $0.5 million of estimated legal expenses related to the government investigation and $3.9 million of estimated share-based compensation charges.
  • Tax expense is expected to be $1.0 million to $1.4 million.
  • Loss attributable to noncontrolling interest is expected to be around $0.5 million.

Conference Call and Webcast

AOS plans to hold an investor teleconference and live webcast to discuss the financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2021 today, August 11, 2021 at 2:00 p.m. PT / 5:00 p.m. ET. To listen to the live conference call, please dial 877-683-1095 (or 647-689-5445 if dialing from outside the United States and Canada). The conference ID number is 8255364. A live webcast of the call will also be available in the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com/. The webcast replay will be available for seven days after the live call on the same website. In addition, a copy of the script of management's prepared remarks and a live webcast of the call will also be available in the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com.

Forward Looking Statements

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, statements relating to growth opportunities and new markets, targeted annual revenue in future years, opportunities for growth and sales and our ability to capitalize on these opportunities, projected amount of revenue, gross margin, operating income (loss), income tax expenses, net income (loss), noncontrolling interest, and share-based compensation expenses, non-GAAP gross margin, non-GAAP operating expenses, tax expenses, and non-GAAP loss attributable to noncontrolling interest, our objectives to achieve long-term success, and other information under the section entitled “Business Outlook for Fiscal Q1 Ending September 30, 2021”. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, the impact of COVID-19 pandemic on our business; our ability to successfully operate our joint venture in China; our ability to develop and succeed in the digital power business; difficulties and challenges in executing our diversification strategy into different market segments; new tariffs on goods from China; ordering pattern from distributors and seasonality; changes in regulatory environment and government investigation; our ability to introduce or develop new and enhanced products that achieve market acceptance; decline of PC markets; the actual product performance in volume production; the quality and reliability of our product, our ability to achieve design wins; the general business and economic conditions; the state of semiconductor industry and seasonality of our markets; our ability to maintain factory utilization at a desirable level; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2021 to be filed by AOS with the SEC and other periodic reports we filed with the SEC. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and AOS undertakes no duty to update such information, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with U.S. GAAP, we disclose certain non-GAAP financial measures for our historical performance, including non-GAAP gross profit, gross margin, operating expenses, operating income, earnings per share attributable to AOS, diluted earnings per share ("EPS") and EBITDAS. These supplemental measures exclude, among other items, share-based compensation expenses, legal and profession fees related to government investigation, amortization of purchased intangible, and impairment of privately-held investment, as well as production ramp up costs related to the JV Company. We also disclose certain non-GAAP financial measures in our guidance for the next quarter, including non-GAAP gross margin, operating expenses and loss attributable to noncontrolling interest. We believe that these historical and forecast non-GAAP financial measures provide useful information to both management and investors by excluding certain items and expenses that are not indicative of our core operating results or do not reflect our normal business operations. In addition, our management uses non-GAAP measures to compare our performance relative to forecasts and to benchmark our performance externally against competitors. Our use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as non-GAAP net income (loss) or non-GAAP operating expenses, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. In addition, we included amount of income tax effect of non-GAAP adjustments in the non-GAAP net income of reconciliation table for all periods presented as the management believes that such non-GAAP presentation provides useful information to investors, even though the amounts are not significant. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures both in the text in this press release and in the tables attached hereto. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

** 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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