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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alpha and Omega Semiconductor Limited | NASDAQ:AOSL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.31 | -1.39% | 22.05 | 22.02 | 22.05 | 22.67 | 22.05 | 22.49 | 115,650 | 19:39:08 |
Bermuda
|
77-0553536
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification Number)
|
Large accelerated filer
o
|
Accelerated filer
x
|
Non-accelerated filer
o
|
|
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
|
|
|
Page
|
Part I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
|
||
Item 4.
|
||
Part II.
|
OTHER INFORMATION
|
|
Item 1.
|
||
Item 1A.
|
Risk Factors
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Item 3.
|
Defaults Upon Senior Securities
|
|
Item 4.
|
Mine Safety Disclosures
|
|
Item 5.
|
Other Information
|
|
Item 6.
|
Exhibits
|
|
|
ALPHA AND OMEGA SEMICONDUCTOR LIMITED
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||
(Unaudited, in thousands except par value per share)
|
|||||||
|
March 31,
2017 |
|
June 30,
2016 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
116,150
|
|
|
$
|
87,774
|
|
Restricted cash
|
181
|
|
|
188
|
|
||
Accounts receivable, net
|
22,452
|
|
|
26,594
|
|
||
Inventories
|
73,349
|
|
|
68,848
|
|
||
Other current assets
|
4,948
|
|
|
4,526
|
|
||
Total current assets
|
217,080
|
|
|
187,930
|
|
||
Property, plant and equipment, net
|
117,335
|
|
|
116,084
|
|
||
Land use rights, net
|
8,737
|
|
|
—
|
|
||
Deferred income tax assets - long term
|
5,539
|
|
|
12,132
|
|
||
Other long term assets
|
21,522
|
|
|
2,359
|
|
||
Total assets
|
$
|
370,213
|
|
|
$
|
318,505
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
44,990
|
|
|
$
|
42,718
|
|
Accrued liabilities
|
23,673
|
|
|
22,590
|
|
||
Income taxes payable
|
2,879
|
|
|
2,356
|
|
||
Deferred margin
|
713
|
|
|
997
|
|
||
Capital leases
|
820
|
|
|
819
|
|
||
Total current liabilities
|
73,075
|
|
|
69,480
|
|
||
Income taxes payable - long term
|
985
|
|
|
1,577
|
|
||
Deferred income tax liabilities
|
2,938
|
|
|
2,973
|
|
||
Capital leases - long term
|
1,071
|
|
|
1,695
|
|
||
Other long term liabilities
|
567
|
|
|
741
|
|
||
Total liabilities
|
78,636
|
|
|
76,466
|
|
||
Commitments and contingencies (Note 9)
|
|
|
|
||||
Equity:
|
|
|
|
||||
Preferred shares, par value $0.002 per share:
|
|
|
|
||||
Authorized: 10,000 shares, issued and outstanding: none at March 31, 2017 and June 30, 2016
|
—
|
|
|
—
|
|
||
Common shares, par value $0.002 per share:
|
|
|
|
||||
Authorized: 50,000 shares, issued and outstanding: 29,391 shares and 23,778 shares, respectively at March 31, 2017 and 28,405 shares and 22,754 shares, respectively at June 30, 2016
|
59
|
|
|
57
|
|
||
Treasury shares at cost, 5,613 shares at March 31, 2017 and 5,651 shares at June 30, 2016
|
(49,876
|
)
|
|
(50,199
|
)
|
||
Additional paid-in capital
|
202,739
|
|
|
191,444
|
|
||
Accumulated other comprehensive income
|
39
|
|
|
769
|
|
||
Retained earnings
|
109,788
|
|
|
100,071
|
|
||
Total Alpha and Omega Semiconductor Limited shareholder's equity
|
262,749
|
|
|
242,142
|
|
||
Noncontrolling interest
|
28,828
|
|
|
(103
|
)
|
||
Total equity
|
291,577
|
|
|
242,039
|
|
||
Total liabilities and equity
|
$
|
370,213
|
|
|
$
|
318,505
|
|
|
|||||||||||||||
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
$
|
93,281
|
|
|
$
|
82,987
|
|
|
$
|
285,330
|
|
|
$
|
244,251
|
|
Cost of goods sold
|
70,584
|
|
|
66,668
|
|
|
218,595
|
|
|
197,899
|
|
||||
Gross profit
|
22,697
|
|
|
16,319
|
|
|
66,735
|
|
|
46,352
|
|
||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Research and development
|
7,625
|
|
|
6,924
|
|
|
21,928
|
|
|
19,029
|
|
||||
Selling, general and administrative
|
12,067
|
|
|
9,566
|
|
|
35,224
|
|
|
27,935
|
|
||||
Impairment of long-lived assets
|
—
|
|
|
—
|
|
|
—
|
|
|
432
|
|
||||
Total operating expenses
|
19,692
|
|
|
16,490
|
|
|
57,152
|
|
|
47,396
|
|
||||
Operating income (loss)
|
3,005
|
|
|
(171
|
)
|
|
9,583
|
|
|
(1,044
|
)
|
||||
Interest income and other income (loss), net
|
(74
|
)
|
|
132
|
|
|
(193
|
)
|
|
(335
|
)
|
||||
Interest expense
|
(22
|
)
|
|
(5
|
)
|
|
(72
|
)
|
|
(22
|
)
|
||||
Net income (loss) before income taxes
|
2,909
|
|
|
(44
|
)
|
|
9,318
|
|
|
(1,401
|
)
|
||||
Income tax expense
|
523
|
|
|
1,219
|
|
|
2,845
|
|
|
3,448
|
|
||||
Net income (loss) including noncontrolling interest
|
2,386
|
|
|
(1,263
|
)
|
|
6,473
|
|
|
(4,849
|
)
|
||||
Net loss attributable to noncontrolling interest
|
(1,170
|
)
|
|
—
|
|
|
(3,237
|
)
|
|
—
|
|
||||
Net income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
3,556
|
|
|
$
|
(1,263
|
)
|
|
$
|
9,710
|
|
|
$
|
(4,849
|
)
|
Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.15
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.42
|
|
|
$
|
(0.22
|
)
|
Diluted
|
$
|
0.14
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.39
|
|
|
$
|
(0.22
|
)
|
Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
23,675
|
|
|
22,232
|
|
|
23,396
|
|
|
22,400
|
|
||||
Diluted
|
24,951
|
|
|
22,232
|
|
|
24,781
|
|
|
22,400
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income (loss) including noncontrolling interest
|
$
|
2,386
|
|
|
$
|
(1,263
|
)
|
|
$
|
6,473
|
|
|
$
|
(4,849
|
)
|
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
693
|
|
|
22
|
|
|
(1,563
|
)
|
|
(133
|
)
|
||||
Comprehensive income (loss)
|
3,079
|
|
|
(1,241
|
)
|
|
4,910
|
|
|
(4,982
|
)
|
||||
Noncontrolling interest
|
(937
|
)
|
|
—
|
|
|
(4,069
|
)
|
|
—
|
|
||||
Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
4,016
|
|
|
$
|
(1,241
|
)
|
|
$
|
8,979
|
|
|
$
|
(4,982
|
)
|
|
Nine Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income (loss)
|
$
|
6,473
|
|
|
$
|
(4,849
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
20,148
|
|
|
20,705
|
|
||
Share-based compensation expense
|
4,585
|
|
|
3,047
|
|
||
Deferred income taxes, net
|
6,558
|
|
|
791
|
|
||
Gain on disposal of property and equipment
|
(444
|
)
|
|
—
|
|
||
Impairment of long-lived assets
|
—
|
|
|
432
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
4,142
|
|
|
6,745
|
|
||
Inventories
|
(4,501
|
)
|
|
(3,736
|
)
|
||
Other current and long-term assets
|
(6,134
|
)
|
|
(2,453
|
)
|
||
Accounts payable
|
(1,711
|
)
|
|
2,285
|
|
||
Income taxes payable
|
(68
|
)
|
|
327
|
|
||
Accrued and other liabilities
|
52
|
|
|
3,067
|
|
||
Net cash provided by operating activities
|
29,100
|
|
|
26,361
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchases of property and equipment excluding JV Company
|
(16,163
|
)
|
|
(13,777
|
)
|
||
Purchases of property and equipment in JV Company
|
(15,857
|
)
|
|
—
|
|
||
Purchases of land use rights in JV Company
|
(8,737
|
)
|
|
—
|
|
||
Proceeds from sale of property and equipment
|
602
|
|
|
—
|
|
||
Decrease in restricted cash
|
7
|
|
|
22
|
|
||
Net cash used in investing activities
|
(40,148
|
)
|
|
(13,755
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from investment by noncontrolling interest
|
33,000
|
|
|
—
|
|
||
Withholding tax on restricted stock units
|
(1,915
|
)
|
|
(948
|
)
|
||
Proceeds from exercise of stock options and ESPP
|
8,958
|
|
|
4,050
|
|
||
Payment for repurchases of common shares
|
—
|
|
|
(42,080
|
)
|
||
Principal payments on capital leases
|
(622
|
)
|
|
(706
|
)
|
||
Net cash provided by (used in) financing activities
|
39,421
|
|
|
(39,684
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
3
|
|
|
(84
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
28,376
|
|
|
(27,162
|
)
|
||
Cash and cash equivalents at beginning of period
|
87,774
|
|
|
106,085
|
|
||
Cash and cash equivalents at end of period
|
$
|
116,150
|
|
|
$
|
78,923
|
|
|
|
|
|
||||
Supplemental disclosures of non-cash investing and financing information:
|
|
|
|
||||
Property and equipment purchased but not yet paid
|
$
|
9,620
|
|
|
$
|
5,326
|
|
Re-issuance of treasury stock
|
$
|
7
|
|
|
$
|
164
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands, except per share data)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
3,556
|
|
|
$
|
(1,263
|
)
|
|
$
|
9,710
|
|
|
$
|
(4,849
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares used to compute basic net income (loss) per share
|
23,675
|
|
|
22,232
|
|
|
23,396
|
|
|
22,400
|
|
||||
Diluted:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares used to compute basic net income (loss) per share
|
23,675
|
|
|
22,232
|
|
|
23,396
|
|
|
22,400
|
|
||||
Effect of potentially dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options, RSUs and ESPP shares
|
1,276
|
|
|
—
|
|
|
1,385
|
|
|
—
|
|
||||
Weighted average number of common shares used to compute diluted net income (loss) per share
|
24,951
|
|
|
22,232
|
|
|
24,781
|
|
|
22,400
|
|
||||
Net income (loss) per share attributable to Alpha and Omega Semiconductor Limited:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.15
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.42
|
|
|
$
|
(0.22
|
)
|
Diluted
|
$
|
0.14
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.39
|
|
|
$
|
(0.22
|
)
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
(in thousands)
|
|
(in thousands)
|
||||||||
Employee stock options and RSUs
|
3
|
|
|
3,003
|
|
|
83
|
|
|
3,307
|
|
ESPP
|
20
|
|
|
416
|
|
|
12
|
|
|
385
|
|
Total potential dilutive securities
|
23
|
|
|
3,419
|
|
|
95
|
|
|
3,692
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||
Percentage of revenue
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Customer A
|
27.3
|
%
|
|
24.8
|
%
|
|
26.2
|
%
|
|
24.0
|
%
|
Customer B
|
36.6
|
%
|
|
36.0
|
%
|
|
36.3
|
%
|
|
37.2
|
%
|
Customer C
|
10.5
|
%
|
|
12.9
|
%
|
|
11.7
|
%
|
|
12.7
|
%
|
|
March 31,
2017 |
|
June 30,
2016 |
||
Percentage of accounts receivable
|
|
||||
Customer A
|
28.5
|
%
|
|
21.3
|
%
|
Customer B
|
10.1
|
%
|
|
16.7
|
%
|
Customer C
|
27.0
|
%
|
|
27.2
|
%
|
|
March 31,
2017 |
|
June 30,
2016 |
||||
|
(in thousands)
|
||||||
Accounts receivable
|
$
|
41,163
|
|
|
$
|
43,324
|
|
Less: Allowance for price adjustments
|
(18,681
|
)
|
|
(16,700
|
)
|
||
Less: Allowance for doubtful accounts
|
(30
|
)
|
|
(30
|
)
|
||
Accounts receivable, net
|
$
|
22,452
|
|
|
$
|
26,594
|
|
|
March 31,
2017 |
|
June 30,
2016 |
||||
|
(in thousands)
|
||||||
Raw materials
|
$
|
29,022
|
|
|
$
|
23,982
|
|
Work in-process
|
35,699
|
|
|
32,446
|
|
||
Finished goods
|
8,628
|
|
|
12,420
|
|
||
|
$
|
73,349
|
|
|
$
|
68,848
|
|
|
March 31,
2017 |
|
June 30,
2016 |
||||
|
(in thousands)
|
||||||
Land
|
$
|
4,877
|
|
|
$
|
4,877
|
|
Building
|
4,325
|
|
|
4,323
|
|
||
Manufacturing machinery and equipment
|
207,745
|
|
|
193,164
|
|
||
Equipment and tooling
|
13,364
|
|
|
12,289
|
|
||
Computer equipment and software
|
24,113
|
|
|
23,448
|
|
||
Office furniture and equipment
|
1,979
|
|
|
1,822
|
|
||
Leasehold improvements
|
29,043
|
|
|
28,660
|
|
||
|
285,446
|
|
|
268,583
|
|
||
Less: Accumulated depreciation
|
(187,144
|
)
|
|
(168,687
|
)
|
||
|
98,302
|
|
|
99,896
|
|
||
Equipment and construction in progress
|
19,033
|
|
|
16,188
|
|
||
Property, plant and equipment, net
|
$
|
117,335
|
|
|
$
|
116,084
|
|
|
March 31,
2017 |
|
June 30,
2016 |
||||
|
(in thousands)
|
||||||
Land use rights
|
$
|
8,737
|
|
|
$
|
—
|
|
Less: Accumulated depreciation
|
—
|
|
|
—
|
|
||
Land use rights, net
|
$
|
8,737
|
|
|
$
|
—
|
|
|
March 31,
2017 |
|
June 30,
2016 |
||||
|
(in thousands)
|
||||||
Prepayments for property and equipment
|
$
|
13,453
|
|
|
$
|
506
|
|
Prepayment for others
|
216
|
|
|
42
|
|
||
Prepaid income tax
|
4,687
|
|
|
—
|
|
||
Investment in a privately held company
|
100
|
|
|
100
|
|
||
Office leases deposits
|
527
|
|
|
388
|
|
||
Custom deposits
|
2,256
|
|
|
1,039
|
|
||
Intangible assets
|
14
|
|
|
15
|
|
||
Goodwill
|
269
|
|
|
269
|
|
||
|
$
|
21,522
|
|
|
$
|
2,359
|
|
|
March 31,
2017 |
|
June 30,
2016 |
||||
|
(in thousands)
|
||||||
Accrued compensation and benefit
|
$
|
9,940
|
|
|
$
|
10,211
|
|
Warranty accrual
|
1,872
|
|
|
1,495
|
|
||
Stock rotation accrual
|
1,712
|
|
|
1,988
|
|
||
Accrued professional fees
|
1,783
|
|
|
1,867
|
|
||
Accrued inventory
|
716
|
|
|
918
|
|
||
Accrued facilities related expenses
|
1,598
|
|
|
1,544
|
|
||
Other accrued expenses
|
6,052
|
|
|
4,567
|
|
||
|
$
|
23,673
|
|
|
$
|
22,590
|
|
|
Nine Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Beginning balance
|
$
|
1,988
|
|
|
$
|
1,894
|
|
Additions
|
3,986
|
|
|
4,643
|
|
||
Utilization
|
(4,262
|
)
|
|
(4,481
|
)
|
||
Ending balance
|
$
|
1,712
|
|
|
$
|
2,056
|
|
|
March 31,
2017 |
|
June 30,
2016 |
||||
|
(in thousands)
|
||||||
Deferred rent
|
$
|
567
|
|
|
$
|
741
|
|
|
|
Total AOS Stockholders' Equity
|
|
Noncontrolling Interest
|
|
Total Equity
|
||||||
Balance, June 30, 2016
|
|
$
|
242,142
|
|
|
$
|
(103
|
)
|
|
$
|
242,039
|
|
Contributions from noncontrolling interest
|
|
—
|
|
|
33,000
|
|
|
33,000
|
|
|||
Exercise of common stock options and release of RSUs
|
|
7,462
|
|
|
—
|
|
|
7,462
|
|
|||
Issuance of shares under ESPP
|
|
1,166
|
|
|
—
|
|
|
1,166
|
|
|||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs
|
|
330
|
|
|
—
|
|
|
330
|
|
|||
Withholding tax on restricted stock units
|
|
(1,915
|
)
|
|
—
|
|
|
(1,915
|
)
|
|||
Stock-based compensation expense
|
|
4,585
|
|
|
—
|
|
|
4,585
|
|
|||
Net income (loss)
|
|
9,710
|
|
|
(3,237
|
)
|
|
6,473
|
|
|||
Cumulative translation adjustment
|
|
(731
|
)
|
|
(832
|
)
|
|
(1,563
|
)
|
|||
Balance, March 31, 2017
|
|
$
|
262,749
|
|
|
$
|
28,828
|
|
|
$
|
291,577
|
|
|
|
|
|
|
Weighted
|
|
|
|||||
|
|
|
Weighted
|
|
Average
|
|
|
|||||
|
|
|
Average
|
|
Remaining
|
|
|
|||||
|
Number of
|
|
Exercise Price
|
|
Contractual
|
|
Aggregate
|
|||||
|
Shares
|
|
Per Share
|
|
Term (in years)
|
|
Intrinsic Value
|
|||||
Outstanding at June 30, 2016
|
1,859,260
|
|
|
$
|
11.37
|
|
|
4.71
|
|
$
|
5,959,720
|
|
Granted
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Exercised
|
(657,469
|
)
|
|
$
|
11.85
|
|
|
|
|
$
|
5,382,647
|
|
Canceled or forfeited
|
(112,500
|
)
|
|
$
|
12.72
|
|
|
|
|
|
||
Outstanding at March 31, 2017
|
1,089,291
|
|
|
$
|
10.95
|
|
|
4.63
|
|
$
|
6,932,190
|
|
Options vested and expected to vest
|
1,082,604
|
|
|
$
|
10.97
|
|
|
4.62
|
|
$
|
6,868,038
|
|
Exercisable at March 31, 2017
|
948,874
|
|
|
$
|
11.45
|
|
|
4.33
|
|
$
|
5,580,467
|
|
|
Number of Restricted Stock
Units
|
|
Weighted Average
Grant Date Fair
Value Per Share
|
|
Weighted Average
Remaining
Recognition
Period (Years)
|
|
Aggregate Intrinsic Value
|
|||||
Nonvested at June 30, 2016
|
933,063
|
|
|
$
|
9.18
|
|
|
1.73
|
|
$
|
12,997,568
|
|
Granted
|
605,043
|
|
|
$
|
18.10
|
|
|
|
|
|
||
Vested
|
(328,226
|
)
|
|
$
|
7.84
|
|
|
|
|
|
||
Forfeited
|
(21,725
|
)
|
|
$
|
12.38
|
|
|
|
|
|
||
Nonvested at March 31, 2017
|
1,188,155
|
|
|
$
|
14.04
|
|
|
1.95
|
|
$
|
20,424,384
|
|
RSUs vested and expected to vest
|
988,787
|
|
|
|
|
1.84
|
|
$
|
16,997,248
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Cost of goods sold
|
$
|
222
|
|
|
$
|
187
|
|
|
$
|
622
|
|
|
$
|
475
|
|
Research and development
|
395
|
|
|
309
|
|
|
1,138
|
|
|
766
|
|
||||
Selling, general and administrative
|
1,098
|
|
|
677
|
|
|
2,825
|
|
|
1,806
|
|
||||
|
$
|
1,715
|
|
|
$
|
1,173
|
|
|
$
|
4,585
|
|
|
$
|
3,047
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Hong Kong
|
$
|
75,785
|
|
|
$
|
71,684
|
|
|
$
|
236,873
|
|
|
$
|
212,041
|
|
China
|
15,334
|
|
|
9,520
|
|
|
42,159
|
|
|
26,458
|
|
||||
South Korea
|
294
|
|
|
504
|
|
|
1,053
|
|
|
1,604
|
|
||||
United States
|
1,075
|
|
|
726
|
|
|
2,767
|
|
|
2,227
|
|
||||
Other Countries
|
793
|
|
|
553
|
|
|
2,478
|
|
|
1,921
|
|
||||
|
$
|
93,281
|
|
|
$
|
82,987
|
|
|
$
|
285,330
|
|
|
$
|
244,251
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Power discrete
|
$
|
70,794
|
|
|
$
|
63,464
|
|
|
$
|
212,044
|
|
|
$
|
182,769
|
|
Power IC
|
19,309
|
|
|
16,251
|
|
|
64,166
|
|
|
50,164
|
|
||||
Packaging and testing services
|
3,178
|
|
|
3,272
|
|
|
9,120
|
|
|
11,318
|
|
||||
|
$
|
93,281
|
|
|
$
|
82,987
|
|
|
$
|
285,330
|
|
|
$
|
244,251
|
|
|
March 31,
2017 |
|
June 30,
2016 |
||||
|
(in thousands)
|
||||||
China
|
$
|
68,528
|
|
|
$
|
64,272
|
|
United States
|
56,875
|
|
|
51,214
|
|
||
Other Countries
|
669
|
|
|
598
|
|
||
|
$
|
126,072
|
|
|
$
|
116,084
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
|
(in thousands)
|
|
(% of revenue)
|
|
(in thousands)
|
|
(% of revenue)
|
||||||||||||||||||||
Cost of goods sold
|
$
|
222
|
|
|
$
|
187
|
|
|
0.2
|
%
|
|
0.2
|
%
|
|
$
|
622
|
|
|
$
|
475
|
|
|
0.2
|
%
|
|
0.2
|
%
|
Research and development
|
395
|
|
|
309
|
|
|
0.4
|
%
|
|
0.4
|
%
|
|
1,138
|
|
|
766
|
|
|
0.4
|
%
|
|
0.3
|
%
|
||||
Selling, general and administrative
|
1,098
|
|
|
677
|
|
|
1.2
|
%
|
|
0.8
|
%
|
|
2,825
|
|
|
1,806
|
|
|
1.0
|
%
|
|
0.7
|
%
|
||||
Total
|
$
|
1,715
|
|
|
$
|
1,173
|
|
|
1.8
|
%
|
|
1.4
|
%
|
|
$
|
4,585
|
|
|
$
|
3,047
|
|
|
1.6
|
%
|
|
1.2
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Power discrete
|
$
|
70,794
|
|
|
$
|
63,464
|
|
|
$
|
7,330
|
|
|
11.5
|
%
|
|
$
|
212,044
|
|
|
$
|
182,769
|
|
|
$
|
29,275
|
|
|
16.0
|
%
|
Power IC
|
19,309
|
|
|
16,251
|
|
|
3,058
|
|
|
18.8
|
%
|
|
64,166
|
|
|
50,164
|
|
|
14,002
|
|
|
27.9
|
%
|
||||||
Packaging and testing services
|
3,178
|
|
|
3,272
|
|
|
(94
|
)
|
|
(2.9
|
)%
|
|
9,120
|
|
|
11,318
|
|
|
(2,198
|
)
|
|
(19.4
|
)%
|
||||||
|
$
|
93,281
|
|
|
$
|
82,987
|
|
|
$
|
10,294
|
|
|
12.4
|
%
|
|
$
|
285,330
|
|
|
$
|
244,251
|
|
|
$
|
41,079
|
|
|
16.8
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Cost of goods sold
|
$
|
70,584
|
|
|
$
|
66,668
|
|
|
$
|
3,916
|
|
|
5.9
|
%
|
|
$
|
218,595
|
|
|
$
|
197,899
|
|
|
$
|
20,696
|
|
|
10.5
|
%
|
Percentage of revenue
|
75.7
|
%
|
|
80.3
|
%
|
|
|
|
|
|
|
76.6
|
%
|
|
81.0
|
%
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross profit
|
$
|
22,697
|
|
|
$
|
16,319
|
|
|
$
|
6,378
|
|
|
39.1
|
%
|
|
$
|
66,735
|
|
|
$
|
46,352
|
|
|
$
|
20,383
|
|
|
44.0
|
%
|
Percentage of revenue
|
24.3
|
%
|
|
19.7
|
%
|
|
|
|
|
|
|
23.4
|
%
|
|
19.0
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Research and development
|
$
|
7,625
|
|
|
$
|
6,924
|
|
|
$
|
701
|
|
|
10.1
|
%
|
|
$
|
21,928
|
|
|
$
|
19,029
|
|
|
$
|
2,899
|
|
|
15.2
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Selling, general and administrative
|
$
|
12,067
|
|
|
$
|
9,566
|
|
|
$
|
2,501
|
|
|
26.1
|
%
|
|
$
|
35,224
|
|
|
$
|
27,935
|
|
|
$
|
7,289
|
|
|
26.1
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Impairment of long-lived assets
|
$
|
—
|
|
|
$
|
432
|
|
|
$
|
(432
|
)
|
|
(100.0
|
)%
|
|
$
|
—
|
|
|
$
|
432
|
|
|
$
|
(432
|
)
|
|
(100.0
|
)%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Interest income and other income (loss), net
|
$
|
(74
|
)
|
|
$
|
132
|
|
|
$
|
(206
|
)
|
|
(156.1
|
)%
|
|
$
|
(193
|
)
|
|
$
|
(335
|
)
|
|
$
|
142
|
|
|
(42.4
|
)%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Income tax expense
|
$
|
523
|
|
|
$
|
1,219
|
|
|
$
|
(696
|
)
|
|
(57.1
|
)%
|
|
$
|
2,845
|
|
|
$
|
3,448
|
|
|
$
|
(603
|
)
|
|
(17.5
|
)%
|
|
Nine Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Net cash provided by operating activities
|
$
|
29,100
|
|
|
$
|
26,361
|
|
Net cash used in investing activities
|
(40,148
|
)
|
|
(13,755
|
)
|
||
Net cash provided by (used in) financing activities
|
39,421
|
|
|
(39,684
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
3
|
|
|
(84
|
)
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
$
|
28,376
|
|
|
$
|
(27,162
|
)
|
|
|
|
|
•
|
Inability to gain or sustain sufficient new customers and market shares to offset the additional costs of building and operating a new facility;
|
•
|
Lack of sufficient control over the operation and finances of the joint venture;
|
•
|
Insufficient personnel with requisite expertise and experiences to operate a 12-in fabrication facility;
|
•
|
Inability to fully integrate the joint venture with our existing fabrication facility in Oregon, and inability to fully utilize both fabrication facilities;
|
•
|
Failure of Chongqing Funds to meet its obligations under the JV Agreement;
|
•
|
Difficulties in protecting and enforcing our intellectual property rights;
|
•
|
Difficulties in maintaining international communications and coordination between our locations in the U.S. and China;
|
•
|
Inability to take advantage of the expected tax savings;
|
•
|
Changes or uncertainties in economic, legal, regulatory, social and political conditions in China, and lack of transparency and certainty in the Chinese regulatory process;
|
•
|
Labor disputes and difficulties in recruiting new employees; and
|
•
|
Additional costs and complexity with compliance of local and state regulations of Chongqing.
|
10.1 +
|
Alpha and Omega Semiconductor Limited 2017 Executive Incentive Cash Bonus Plan
|
10.2 †
|
Engineering, Procurement and Construction Contract effective as of January 10, 2017 between Chongqing Alpha and Omega Semiconductor Limited and IT Electronics Eleventh Design & Research Institute Scientific and Technological Engineering Corporation Limited (English Translation) (EPC Contract)
|
10.3 †
|
Amendment No. 1 to EPC Contract effective as of January 10, 2017 (English Translation)
|
31.1
|
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Taxonomy Extension Calculation
|
101.DEF
|
XBRL Taxonomy Extension Definition
|
101.LAB
|
XBRL Taxonomy Extension Labels
|
101.PRE
|
XBRL Taxonomy Extension Presentation
|
|
|
†
|
Confidential treatment has been requested for certain information contained in this document. Such information has been omitted and filed separately with the Securities and Exchange Commission.
|
+
|
Indicates management contract or compensatory plan or arrangement.
|
ALPHA AND OMEGA SEMICONDUCTOR LIMITED
|
|
|
|
By:
|
/s/ YIFAN LIANG
|
|
Yifan Liang
|
|
Chief Financial Officer and Corporate Secretary
|
|
(Principal Financial Officer)
|
1 Year Alpha and Omega Semicond... Chart |
1 Month Alpha and Omega Semicond... Chart |
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