Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Third Quarter of 2018 Ended March 31, 2018

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 income (loss), loss attributable to noncontrolling interest, net income (loss) and diluted earnings per share ("EPS"). These supplemental measures exclude share-based compensation expenses for all periods presented, income tax benefit from tax reform for the quarter of December 31, 2017, and pre-production expenses related to Chongqing joint venture during the current quarter in this press release. 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. These forecast supplemental measures exclude estimated pre-production expenses relating to our Chongqing joint venture and estimated share-based compensation expenses. We believe that these historical and forecast non-GAAP financial measures can 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, such as the joint venture pre-production expenses. 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 terms used in this press release, such as non-GAAP net income (loss) or adjusted 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. 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 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 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'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  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 Nine Months Ended

March 31,
2018

December 31,
2017
March 31,
2017
March 31,
2018
March 31,
2017
 
Revenue $ 102,902 $ 103,896 $ 93,281 $ 311,656 $ 285,330
Cost of goods sold 75,769   75,814   70,584   228,911   218,595  
Gross profit 27,133 28,082 22,697 82,745 66,735
Gross margin 26.4 % 27.0 % 24.3 % 26.6 % 23.4 %
 
Operating expenses:
Research and development 9,966 9,102 7,625 27,393 21,928
Selling, general and administrative 16,486   15,756   12,067   46,857   35,224  
Total operating expenses 26,452   24,858   19,692   74,250   57,152  
Operating income 681 3,224 3,005 8,495 9,583
 
Interest income and other loss, net (234 ) (160 ) (74 ) (354 ) (193 )
Interest expense (105 ) (14 ) (22 ) (136 ) (72 )
Income before income taxes 342 3,050 2,909 8,005 9,318
 
Income tax expense (income) 830   (2,072 ) 523   32   2,845  
Net income (loss) including noncontrolling interest (488 ) 5,122 2,386 7,973 6,473
Net loss attributable to noncontrolling interest (2,139 ) (1,669 ) (1,170 ) (5,269 ) (3,237 )
Net income attributable to Alpha and Omega Semiconductor Limited $ 1,651   $ 6,791   $ 3,556   $ 13,242   $ 9,710  
 
Net income per common share attributable to Alpha and Omega Semiconductor Limited
Basic $ 0.07 $ 0.28 $ 0.15 $ 0.55 $ 0.42
Diluted $ 0.07 $ 0.27 $ 0.14 $ 0.53 $ 0.39
 
Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income per share
Basic 23,795 23,925 23,675 23,914 23,396
Diluted 24,755 25,033 24,951 24,916 24,781
 

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