Alpha and Omega Semiconductor Reports Financial Results for

Alpha and Omega Semiconductor Reports Financial Results for Fiscal Fourth Quarter and Fiscal Year Ended June 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.

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

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