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Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Fourth Quarter and the Fiscal Year Ended June 30, 2017

SUNNYVALE, Calif., Aug. 09, 2017 (GLOBE NEWSWIRE) -- Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ:AOSL), today reported financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2017.

The results for the fiscal fourth quarter of 2017 ended June 30, 2017 were as follows:

GAAP Financial Comparison
Quarterly
(in millions except percentage and per share data)
(unaudited)
    Three Months Ended
    June 30, 2017   March 31, 2017   June 30, 2016
Revenue   $ 98.0     $ 93.3     $ 91.4  
Gross Margin   25.6 %   24.3 %   21.3 %
Operating Income   $ 3.6     $ 3.0     $ 2.6  
Net Income attributable to AOS   $ 4.1     $ 3.6     $ 1.9  
Income Per Share attributable to AOS - Diluted   $ 0.17     $ 0.14     $ 0.08  
                         

Our non-GAAP measures exclude the effect of share-based compensation expenses in each of the periods presented, the results were as set forth below (see detailed reconciliation included at the end of this press release).

Non-GAAP Financial Comparison
Quarterly
(in millions except percentage and per share data)
(unaudited)
    Three Months Ended
    June 30, 2017   March 31, 2017   June 30, 2016
Revenue   $ 98.0     $ 93.3     $ 91.4  
Gross Margin   26.0 %   24.6 %   21.5 %
Operating Income   $ 5.6     $ 4.7     $ 3.8  
Net Income attributable to AOS   $ 6.2     $ 5.3     $ 3.2  
Income Per Share attributable to AOS - Diluted   $ 0.25     $ 0.21     $ 0.13  

/EIN News/ --                                                                
                                                                GAAP and Non-GAAP Annual Financial Results

The results for the fiscal year ended June 30, 2017 were as follows:

  • Revenue was $383.3 million, an increase of 14.2% from $335.7 million for the prior year.

  • GAAP gross margin was 24.0%, compared to 19.6% for the prior year.  Non-GAAP gross margin was 24.2%, compared to 19.8% for the prior year.

  • GAAP operating income was $13.1 million, compared to operating income of $1.5 million for the prior year.  Non-GAAP operating income was $19.8 million, compared to $6.3 million for the prior year.

  • GAAP net income attributable to AOS was $13.8 million, compared to net loss attributable to AOS of $2.9 million for the prior year.  Non-GAAP net income attributable to AOS was $20.5 million, compared to non-GAAP net income attributable to AOS of $1.8 million for the prior year.

  • GAAP diluted income per share attributable to AOS was $0.56, compared to diluted loss per share attributable to AOS of $0.13 for the prior year.  Non-GAAP diluted income per share attributable to AOS was $0.83, compared to non-GAAP diluted income attributable to AOS of $0.08 for the prior year.

    On a non-GAAP basis excluding the effect of share-based compensation expenses in each of the periods presented, and impairment of long-lived assets in the quarter ended December 31, 2015, the results were as set forth in the attached schedules (see detailed reconciliation included at the end of this press release).

“AOS delivered another strong quarter with record quarterly revenue of $98 million and the ninth consecutive quarter of gross margin expansion, driven by healthy demand for our diversified new products. We closed fiscal year 2017 with record annual revenue of $383 million and a significant increase in earnings per share from a year ago,” said Dr. Mike Chang, the chairman and CEO of the company. “In response to current environment of tight supply, we are taking active measures to meet customer demand, including expanding our manufacturing capacity starting from the September quarter. Looking ahead, we are confident that we can continue to expand our business and improve profitability as we are seeing more sustainable growth opportunities.”

Business Outlook for Fiscal Q1 Ending September 30, 2017

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

  • Revenue is expected to be between $101 million and $105 million.

  • GAAP gross margin is expected to be in the range of 25.5% plus or minus 1%. 

  • GAAP operating expenses are expected to be in the range of $22 million plus or minus $1 million.

  • Tax expense is expected to be approximately $1.1 million to $1.3 million.

  • Loss attributable to non-controlling interest is expected to be approximately $1.6 million.

The above projections on GAAP gross margin and GAAP operating expenses include estimated share-based compensation expense of $2.0 million to $2.3 million.

Conference Call and Webcast

AOS plans to conduct an investor teleconference and live webcast to discuss the financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2017 today, August 9, 2017 at 2:00 p.m. PT / 5:00 p.m. ET.  To participate in the live call, analysts and investors should dial 877-312-8797 (or 253-237-1194 if outside the U.S.). To access the live webcast and the subsequent replay of the conference call, which will be available for seven days after the live call, go to the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com.  In addition, a copy of the script of prepared remarks by CEO and CFO at the investor teleconference and webcast is available prior to the call at the Company’s investor relations website.

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 projected amount of revenue, gross margin, operating income (loss), income tax expenses, net income (loss), noncontrolling interest, and share-based compensation expenses, our ability and strategy to develop new products, increase manufacturing capacity, expand our sales, maintain optimal capacity and achieve sustained growth and profitability, and other information under the section entitled “Business Outlook for Fiscal Q1 Ending September 30, 2017”.  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 decline of the PC industry and our ability to respond to such decline, our ability to introduce or develop new and enhanced products that achieve market acceptance, 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, our ability to successfully operate our joint venture in China, and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2017 to be filed by AOS.  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, including non-GAAP gross profit, gross margin, operating income (loss), net income (loss) and diluted earnings per share ("EPS").  These supplemental measures exclude share-based compensation expenses and impairment of long-lived assets.  We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain expenses that are not indicative of our core operating results.  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 the non-GAAP financial measures we use may not be directly comparable to those reported by other companies.  For example, the term used in this press release, non-GAAP net income (loss), does 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, different items may be excluded in non-GAAP measures presented in different periods.  For example, we have previously presented non-GAAP measures that excluded joint venture related costs for the quarter ended and the fiscal year ended June 30, 2016, while exclusion of such costs for the period is not presented in this press release as the management no longer believes that such non-GAAP presentation provides useful information to investors.  We believe that the change in such presentation is not significant as the excluded joint venture related costs were $137,000 and $241,000 in non-GAAP net income and non-GAAP operating income for the quarterly period ended June 30, 2016, respectively, and $317,000 and $421,000 in non-GAAP net income and non-GAAP operating income for the fiscal year ended June 30, 2016, respectively.  We seek to compensate for this limitation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures in the tables attached to this press release.  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 and Power IC products.  AOS has developed extensive intellectual property and technical knowledge that encompasses the latest advancements in the power semiconductor industry, which enables it 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's portfolio of products targets high-volume applications, including portable computers, flat panel TVs, LED lighting, smart phones, battery packs, consumer and industrial motor controls and power supplies for TVs, computers, servers and telecommunications equipment.  For more information, please visit http://www.aosmd.com.  For investor relations, please contact So-Yeon Jeong at investors@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,
2017
  March 31,
2017
  June 30,
2016
  June 30,
2017
  June 30,
2016
                   
Revenue $ 98,007     $ 93,281     $ 91,410     $ 383,337     $ 335,661  
Cost of goods sold 72,921     70,584     71,940     291,516     269,839  
Gross profit 25,086     22,697     19,470     91,821     65,822  
Gross margin 25.6 %   24.3 %   21.3 %   24.0 %   19.6 %
                   
Operating expenses:                  
Research and development 7,907     7,625     6,977     29,835     26,006  
Selling, general and administrative 13,618     12,067     9,939     48,842     37,874  
Impairment of long-lived assets                 432  
Total operating expenses 21,525     19,692     16,916     78,677     64,312  
Operating income 3,561     3,005     2,554     13,144     1,510  
                   
Interest income and other income (loss), net 52     (74 )   (163 )   (141 )   (498 )
Interest expense (19 )   (22 )   (1 )   (91 )   (23 )
Income before income taxes 3,594     2,909     2,390     12,912     989  
                   
Income tax expense 807     523     573     3,652     4,021  
Net income (loss) including noncontrolling interest 2,787     2,386     1,817     9,260     (3,032 )
Net loss attributable to noncontrolling interest (1,332 )   (1,170 )   (104 )   (4,569 )   (104 )
Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ 4,119     $ 3,556     $ 1,921     $ 13,829     $ (2,928 )
                   
Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited                  
Basic $ 0.17     $ 0.15     $ 0.08     $ 0.59     $ (0.13 )
Diluted $ 0.17     $ 0.14     $ 0.08     $ 0.56     $ (0.13 )
                   
Weighted average number of common share attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share:                  
Basic 23,917     23,675     22,608     23,526     22,452  
Diluted 24,960     24,951     23,630     24,826     22,452  


Alpha and Omega Semiconductor Limited
Condensed Consolidated Balance Sheets
(in thousands, except par value per share)
(unaudited)
  June 30, 2017   June 30, 2016
ASSETS      
Current assets:      
Cash and cash equivalents $ 115,708     $ 87,774  
Restricted cash 221     188  
Accounts receivable, net 28,410     26,594  
Inventories 76,254     68,848  
Other current assets 4,883     4,526  
Total current assets 225,476     187,930  
Property, plant and equipment, net 139,387     116,084  
Land use rights, net 8,804      
Deferred income tax assets - long term 4,594     12,132  
Other long-term assets 20,147     2,359  
Total assets $ 398,408     $ 318,505  
LIABILITIES AND EQUITY      
Current liabilities:      
Accounts payable $ 63,134     $ 42,718  
Accrued liabilities 28,386     22,590  
Income taxes payable 1,748     2,356  
Deferred margin 814     997  
Capital leases 828     819  
Total current liabilities 94,910     69,480  
Income taxes payable - long term 922     1,577  
Deferred income tax liabilities 2,659     2,973  
Capital leases - long term 866     1,695  
Other long term liabilities 502     741  
Total liabilities 99,859     76,466  
Equity:      
Preferred shares, par value $0.002 per share:      
Authorized: 10,000 shares; Issued and outstanding: none at June 30, 2017 and 2016      
Common shares, par value $0.002 per share:      
Authorized: 50,000 shares; Issued and outstanding: 29,600 shares and 23,992 shares at June 30, 2017 and 28,405 shares and 22,754 shares at June 30, 2016 59     57  
Treasury shares at cost; 5,608 shares at June 30, 2017 and 5,651 shares at June 30, 2016 (49,836 )   (50,199 )
Additional paid-in capital 206,332     191,444  
Accumulated other comprehensive income 306     769  
Retained earnings 113,909     100,071  
Total Alpha and Omega Semiconductor Limited shareholders’ equity 270,770     242,142  
Noncontrolling interest 27,779     (103 )
Total equity 298,549     242,039  
Total liabilities and equity $ 398,408     $ 318,505  


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,
2017
  March 31,
2017
  June 30,
2016
  June 30,
2017
  June 30,
2016
                   
GAAP gross profit $ 25,086     $ 22,697     $ 19,470     $ 91,821     $ 65,822  
Share-based compensation 420     222     161     1,041     636  
Non-GAAP gross profit $ 25,506     $ 22,919     $ 19,631     $ 92,862     $ 66,458  
Non-GAAP gross margin as a % of revenue 26.0 %   24.6 %   21.5 %   24.2 %   19.8 %
                   
GAAP operating income $ 3,561     $ 3,005     $ 2,554     $ 13,144     $ 1,510  
Share-based compensation 2,049     1,715     1,266     6,634     4,313  
Impairment of long-lived assets                 432  
Non-GAAP operating income $ 5,610     $ 4,720     $ 3,820     $ 19,778     $ 6,255  
Non-GAAP operating income as a % of revenue 5.7 %   5.1 %   4.2 %   5.2 %   1.9 %
                   
GAAP net income (loss) attributable to AOS $ 4,119     $ 3,556     $ 1,921     $ 13,829     $ (2,928 )
Share-based compensation 2,049     1,715     1,266     6,634     4,313  
Impairment of long-lived assets                 432  
Non-GAAP net income attributable to AOS $ 6,168     $ 5,271     $ 3,187     $ 20,463     $ 1,817  
Non-GAAP net income attributable to AOS as a % of revenue 6.3 %   5.7 %   3.5 %   5.3 %   0.5 %
                   
GAAP net income (loss) attributable to AOS $ 4,119     $ 3,556     $ 1,921     $ 13,829     $ (2,928 )
Share-based compensation 2,049     1,715     1,266     6,634     4,313  
Impairment of long-lived assets                 432  
Amortization and depreciation 7,040     6,885     6,599     27,188     27,303  
Interest expense (income), net (18 )   (54 )   (13 )   (140 )   (21 )
Income tax expense 807     523     573     3,652     4,021  
EBITDA $ 13,997     $ 12,625     $ 10,346     $ 51,163     $ 33,120  
                   
                   
GAAP diluted net income(loss) per share attributable to AOS $ 0.17     $ 0.14     $ 0.08     $ 0.56     $ (0.13 )
Share-based compensation 0.08     0.07     0.05     0.27     0.19  
Impairment of long-lived assets                 0.02  
Non-GAAP diluted net income per share attributable to AOS $ 0.25     $ 0.21     $ 0.13     $ 0.83     $ 0.08  
                   
Shares used to compute basic per share 23,917     23,675     22,608     23,526     22,452  
Shares used to compute dilute per share 24,960     24,951     23,630     24,826     23,114  
                   
                   
                   
CONTACT: Alpha and Omega Semiconductor Limited
Investor Relations
So-Yeon Jeong
408-789-3172
investors@aosmd.com

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