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

** 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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