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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.80 | -3.66% | 21.07 | 20.50 | 21.80 | 21.7678 | 21.00 | 21.64 | 123,160 | 23:00:05 |
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
x
|
Emerging growth company
o
|
|
|
|
|
|
|
Page
|
Part I.
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
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Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Part II.
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
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Item 3.
|
||
Item 4.
|
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Item 5.
|
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Item 6.
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||
|
ALPHA AND OMEGA SEMICONDUCTOR LIMITED
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||
(Unaudited, in thousands except par value per share)
|
|||||||
|
December 31,
2018 |
|
June 30,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
146,632
|
|
|
$
|
131,535
|
|
Restricted cash
|
255
|
|
|
189
|
|
||
Accounts receivable, net
|
33,858
|
|
|
33,755
|
|
||
Inventories
|
102,962
|
|
|
90,182
|
|
||
Other current assets
|
34,271
|
|
|
29,551
|
|
||
Total current assets
|
317,978
|
|
|
285,212
|
|
||
Property, plant and equipment, net
|
380,783
|
|
|
331,656
|
|
||
Intangible assets, net
|
16,939
|
|
|
16,591
|
|
||
Deferred income tax assets
|
4,944
|
|
|
4,892
|
|
||
Other long-term assets
|
13,544
|
|
|
28,698
|
|
||
Total assets
|
$
|
734,188
|
|
|
$
|
667,049
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
102,617
|
|
|
$
|
92,661
|
|
Accrued liabilities
|
59,013
|
|
|
49,841
|
|
||
Income taxes payable
|
1,769
|
|
|
2,211
|
|
||
Short-term debt
|
22,797
|
|
|
3,811
|
|
||
Deferred margin
|
—
|
|
|
1,665
|
|
||
Capital leases
|
7,429
|
|
|
4,491
|
|
||
Total current liabilities
|
193,625
|
|
|
154,680
|
|
||
Long-term debt
|
36,729
|
|
|
26,786
|
|
||
Income taxes payable - long-term
|
951
|
|
|
924
|
|
||
Deferred income tax liabilities
|
1,134
|
|
|
713
|
|
||
Capital leases - long-term
|
51,185
|
|
|
56,791
|
|
||
Other long-term liabilities
|
6,036
|
|
|
993
|
|
||
Total liabilities
|
289,660
|
|
|
240,887
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
||||
Equity:
|
|
|
|
||||
Preferred shares, par value $0.002 per share:
|
|
|
|
||||
Authorized: 10,000 shares, issued and outstanding: none at December 31, 2018 and June 30, 2018
|
—
|
|
|
—
|
|
||
Common shares, par value $0.002 per share:
|
|
|
|
||||
Authorized: 100,000 shares, issued and outstanding: 30,590 shares and 23,939 shares, respectively at December 31, 2018 and 30,400 shares and 23,860 shares, respectively at June 30, 2018
|
61
|
|
|
61
|
|
||
Treasury shares at cost, 6,651 shares at December 31, 2018 and 6,540 shares at June 30, 2018
|
(66,283
|
)
|
|
(64,790
|
)
|
||
Additional paid-in capital
|
227,818
|
|
|
220,244
|
|
||
Accumulated other comprehensive income (loss)
|
(2,842
|
)
|
|
440
|
|
||
Retained earnings
|
124,538
|
|
|
122,639
|
|
||
Total Alpha and Omega Semiconductor Limited shareholder's equity
|
283,292
|
|
|
278,594
|
|
||
Noncontrolling interest
|
161,236
|
|
|
147,568
|
|
||
Total equity
|
444,528
|
|
|
426,162
|
|
||
Total liabilities and equity
|
$
|
734,188
|
|
|
$
|
667,049
|
|
|
|||||||||||||||
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
$
|
114,925
|
|
|
$
|
103,896
|
|
|
$
|
229,997
|
|
|
$
|
208,754
|
|
Cost of goods sold
|
85,423
|
|
|
75,814
|
|
|
167,884
|
|
|
153,142
|
|
||||
Gross profit
|
29,502
|
|
|
28,082
|
|
|
62,113
|
|
|
55,612
|
|
||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Research and development
|
12,600
|
|
|
9,102
|
|
|
23,984
|
|
|
17,427
|
|
||||
Selling, general and administrative
|
20,104
|
|
|
15,756
|
|
|
40,456
|
|
|
30,371
|
|
||||
Total operating expenses
|
32,704
|
|
|
24,858
|
|
|
64,440
|
|
|
47,798
|
|
||||
Operating income (loss)
|
(3,202
|
)
|
|
3,224
|
|
|
(2,327
|
)
|
|
7,814
|
|
||||
Interest income and other income (loss), net
|
74
|
|
|
(160
|
)
|
|
336
|
|
|
(120
|
)
|
||||
Interest expense
|
(1,706
|
)
|
|
(14
|
)
|
|
(3,196
|
)
|
|
(31
|
)
|
||||
Net income (loss) before income taxes
|
(4,834
|
)
|
|
3,050
|
|
|
(5,187
|
)
|
|
7,663
|
|
||||
Income tax expense (benefit)
|
701
|
|
|
(2,072
|
)
|
|
1,261
|
|
|
(798
|
)
|
||||
Net income (loss) including noncontrolling interest
|
(5,535
|
)
|
|
5,122
|
|
|
(6,448
|
)
|
|
8,461
|
|
||||
Net loss attributable to noncontrolling interest
|
(3,990
|
)
|
|
(1,669
|
)
|
|
(7,319
|
)
|
|
(3,130
|
)
|
||||
Net income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
(1,545
|
)
|
|
$
|
6,791
|
|
|
$
|
871
|
|
|
$
|
11,591
|
|
Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.06
|
)
|
|
$
|
0.28
|
|
|
$
|
0.04
|
|
|
$
|
0.48
|
|
Diluted
|
$
|
(0.06
|
)
|
|
$
|
0.27
|
|
|
$
|
0.04
|
|
|
$
|
0.46
|
|
Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
23,887
|
|
|
23,925
|
|
|
23,865
|
|
|
23,973
|
|
||||
Diluted
|
23,887
|
|
|
25,033
|
|
|
24,513
|
|
|
24,997
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income (loss) including noncontrolling interest
|
$
|
(5,535
|
)
|
|
$
|
5,122
|
|
|
$
|
(6,448
|
)
|
|
$
|
8,461
|
|
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
(58
|
)
|
|
3,347
|
|
|
(6,295
|
)
|
|
4,048
|
|
||||
Comprehensive income (loss)
|
(5,593
|
)
|
|
8,469
|
|
|
(12,743
|
)
|
|
12,509
|
|
||||
Noncontrolling interest
|
(4,014
|
)
|
|
(104
|
)
|
|
(10,332
|
)
|
|
(1,231
|
)
|
||||
Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
(1,579
|
)
|
|
$
|
8,573
|
|
|
$
|
(2,411
|
)
|
|
$
|
13,740
|
|
|
Six Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income (loss) including noncontrolling interest
|
$
|
(6,448
|
)
|
|
$
|
8,461
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
16,149
|
|
|
14,386
|
|
||
Share-based compensation expense
|
7,547
|
|
|
6,017
|
|
||
Deferred income taxes, net
|
94
|
|
|
(2,224
|
)
|
||
Loss (gain) on disposal of property and equipment
|
(6
|
)
|
|
55
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
(326
|
)
|
|
4,127
|
|
||
Inventories
|
(12,780
|
)
|
|
(9,418
|
)
|
||
Other current and long-term assets
|
(696
|
)
|
|
(9,081
|
)
|
||
Accounts payable
|
9,927
|
|
|
1,877
|
|
||
Income taxes payable
|
(415
|
)
|
|
(448
|
)
|
||
Accrued and other liabilities
|
18,035
|
|
|
8,102
|
|
||
Net cash provided by operating activities
|
31,081
|
|
|
21,854
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchases of property and equipment excluding JV Company
|
(23,218
|
)
|
|
(23,192
|
)
|
||
Purchases of property and equipment in JV Company
|
(42,723
|
)
|
|
(41,576
|
)
|
||
Purchase of intangible assets
|
(405
|
)
|
|
(10,384
|
)
|
||
Proceeds from sale of property and equipment
|
19
|
|
|
—
|
|
||
Net cash used in investing activities
|
(66,327
|
)
|
|
(75,152
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from investment by noncontrolling interest
|
24,000
|
|
|
86,994
|
|
||
Withholding tax on restricted stock units
|
(203
|
)
|
|
(249
|
)
|
||
Proceeds from exercise of stock options and ESPP
|
1,278
|
|
|
2,205
|
|
||
Payment for repurchases of common shares
|
(1,501
|
)
|
|
(6,022
|
)
|
||
Proceeds from borrowings
|
36,191
|
|
|
—
|
|
||
Repayments of borrowings
|
(7,308
|
)
|
|
—
|
|
||
Principal payments on capital leases
|
(417
|
)
|
|
(399
|
)
|
||
Net cash provided by financing activities
|
52,040
|
|
|
82,529
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(1,631
|
)
|
|
1,241
|
|
||
Net increase in cash, cash equivalents and restricted cash
|
15,163
|
|
|
30,472
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
131,724
|
|
|
115,929
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
146,887
|
|
|
$
|
146,401
|
|
|
|
|
|
||||
Supplemental disclosures of non-cash investing and financing information:
|
|
|
|
||||
Property and equipment purchased but not yet paid
|
$
|
61,573
|
|
|
$
|
43,235
|
|
Re-issuance of treasury stock
|
$
|
8
|
|
|
$
|
3
|
|
|
As of December 31, 2018
|
||||||||||
|
As Reported
|
|
Adjustment
|
|
Balances Without Adoption
|
||||||
|
(in thousands)
|
||||||||||
Accounts receivable, net
|
$
|
33,858
|
|
|
$
|
193
|
|
|
$
|
34,051
|
|
Accrued liabilities
|
$
|
59,013
|
|
|
$
|
(84
|
)
|
|
$
|
58,929
|
|
Deferred margin
|
$
|
—
|
|
|
$
|
1,782
|
|
|
$
|
1,782
|
|
Income taxes payable
|
$
|
1,769
|
|
|
$
|
(45
|
)
|
|
$
|
1,724
|
|
Deferred income tax liabilities
|
$
|
1,134
|
|
|
$
|
(313
|
)
|
|
$
|
821
|
|
Retained earnings
|
$
|
124,538
|
|
|
$
|
(1,183
|
)
|
|
$
|
123,355
|
|
|
Three Months Ended December 31, 2018
|
|
Six Months Ended December 31, 2018
|
||||||||||||||||||||
|
As Reported
|
|
Adjustment
|
|
Balances Without Adoption
|
|
As Reported
|
|
Adjustment
|
|
Balances Without Adoption
|
||||||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||||||||||
Revenue
|
$
|
114,925
|
|
|
$
|
(349
|
)
|
|
$
|
114,576
|
|
|
$
|
229,997
|
|
|
$
|
(308
|
)
|
|
$
|
229,689
|
|
Cost of goods sold
|
$
|
85,423
|
|
|
$
|
(134
|
)
|
|
$
|
85,289
|
|
|
$
|
167,884
|
|
|
$
|
(114
|
)
|
|
$
|
167,770
|
|
Gross profit
|
$
|
29,502
|
|
|
$
|
(215
|
)
|
|
$
|
29,287
|
|
|
$
|
62,113
|
|
|
$
|
(194
|
)
|
|
$
|
61,919
|
|
Income tax expense (benefit)
|
$
|
701
|
|
|
$
|
(37
|
)
|
|
$
|
664
|
|
|
$
|
1,261
|
|
|
$
|
(45
|
)
|
|
$
|
1,216
|
|
Net loss including noncontrolling interest
|
$
|
(5,535
|
)
|
|
$
|
(178
|
)
|
|
$
|
(5,713
|
)
|
|
(6,448
|
)
|
|
$
|
(149
|
)
|
|
$
|
(6,597
|
)
|
|
Three Months Ended December 31,
|
|
|
Six Months Ended December 31,
|
|
||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Hong Kong
|
$
|
87,180
|
|
|
$
|
82,440
|
|
|
$
|
178,771
|
|
|
$
|
167,670
|
|
China
|
24,760
|
|
|
19,153
|
|
|
45,157
|
|
|
36,273
|
|
||||
South Korea
|
139
|
|
|
301
|
|
|
308
|
|
|
588
|
|
||||
United States
|
1,967
|
|
|
1,314
|
|
|
3,940
|
|
|
2,692
|
|
||||
Other countries
|
879
|
|
|
688
|
|
|
1,821
|
|
|
1,531
|
|
||||
|
$
|
114,925
|
|
|
$
|
103,896
|
|
|
$
|
229,997
|
|
|
$
|
208,754
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
|
|||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Power discrete
|
$
|
93,294
|
|
|
$
|
85,094
|
|
|
$
|
185,549
|
|
|
$
|
168,772
|
|
Power IC
|
19,384
|
|
|
15,758
|
|
|
38,799
|
|
|
33,855
|
|
||||
Packaging and testing services
|
2,247
|
|
|
3,044
|
|
|
5,649
|
|
|
6,127
|
|
||||
|
$
|
114,925
|
|
|
$
|
103,896
|
|
|
$
|
229,997
|
|
|
$
|
208,754
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands, except per share data)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
(1,545
|
)
|
|
$
|
6,791
|
|
|
$
|
871
|
|
|
$
|
11,591
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares used to compute basic net income (loss) per share
|
23,887
|
|
|
23,925
|
|
|
23,865
|
|
|
23,973
|
|
||||
Diluted:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares used to compute basic net income per share
|
23,887
|
|
|
23,925
|
|
|
23,865
|
|
|
23,973
|
|
||||
Effect of potentially dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options, RSUs and ESPP shares
|
—
|
|
|
1,108
|
|
|
648
|
|
|
1,024
|
|
||||
Weighted average number of common shares used to compute diluted net income per share
|
23,887
|
|
|
25,033
|
|
|
24,513
|
|
|
24,997
|
|
||||
Net income (loss) per share attributable to Alpha and Omega Semiconductor Limited:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.06
|
)
|
|
$
|
0.28
|
|
|
$
|
0.04
|
|
|
$
|
0.48
|
|
Diluted
|
$
|
(0.06
|
)
|
|
$
|
0.27
|
|
|
$
|
0.04
|
|
|
$
|
0.46
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
(in thousands)
|
|
(in thousands)
|
||||||||
Employee stock options and RSUs
|
2,225
|
|
|
165
|
|
|
646
|
|
|
169
|
|
ESPP
|
1,240
|
|
|
—
|
|
|
508
|
|
|
45
|
|
Total potential dilutive securities
|
3,465
|
|
|
165
|
|
|
1,154
|
|
|
214
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||
Percentage of revenue
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Customer A
|
30.6
|
%
|
|
30.8
|
%
|
|
29.1
|
%
|
|
29.2
|
%
|
Customer B
|
37.6
|
%
|
|
33.7
|
%
|
|
37.8
|
%
|
|
33.8
|
%
|
|
December 31,
2018 |
|
June 30,
2018 |
||
Percentage of accounts receivable
|
|
||||
Customer A
|
25.0
|
%
|
|
17.1
|
%
|
Customer B
|
35.1
|
%
|
|
35.5
|
%
|
Customer C
|
*
|
|
|
10.6
|
%
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Accounts receivable
|
$
|
52,465
|
|
|
$
|
52,687
|
|
Less: Allowance for price adjustments
|
(18,577
|
)
|
|
(18,902
|
)
|
||
Less: Allowance for doubtful accounts
|
(30
|
)
|
|
(30
|
)
|
||
Accounts receivable, net
|
$
|
33,858
|
|
|
$
|
33,755
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Raw materials
|
$
|
54,188
|
|
|
$
|
47,097
|
|
Work in-process
|
39,307
|
|
|
35,243
|
|
||
Finished goods
|
9,467
|
|
|
7,842
|
|
||
|
$
|
102,962
|
|
|
$
|
90,182
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
VAT receivable
|
$
|
28,305
|
|
|
$
|
17,601
|
|
Other prepaid expenses
|
2,603
|
|
|
2,121
|
|
||
Prepaid insurance
|
538
|
|
|
906
|
|
||
Prepaid maintenance
|
693
|
|
|
556
|
|
||
Prepayment to supplier
|
535
|
|
|
227
|
|
||
Prepaid income tax
|
747
|
|
|
761
|
|
||
Custom deposit
|
55
|
|
|
5,749
|
|
||
Lease financing cost
|
655
|
|
|
960
|
|
||
Other receivable
|
140
|
|
|
670
|
|
||
|
$
|
34,271
|
|
|
$
|
29,551
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Land
|
$
|
4,877
|
|
|
$
|
4,877
|
|
Building
|
33,884
|
|
|
4,325
|
|
||
Manufacturing machinery and equipment
|
285,078
|
|
|
265,192
|
|
||
Equipment and tooling
|
19,334
|
|
|
16,605
|
|
||
Computer equipment and software
|
28,062
|
|
|
25,686
|
|
||
Office furniture and equipment
|
2,794
|
|
|
2,314
|
|
||
Leasehold improvements
|
30,920
|
|
|
29,900
|
|
||
Land use rights
|
8,751
|
|
|
9,089
|
|
||
|
413,700
|
|
|
357,988
|
|
||
Less: accumulated depreciation
|
(237,620
|
)
|
|
(225,184
|
)
|
||
|
176,080
|
|
|
132,804
|
|
||
Equipment and construction in progress
|
204,703
|
|
|
198,852
|
|
||
Property, plant and equipment, net
|
$
|
380,783
|
|
|
$
|
331,656
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Patents and technology rights
|
$
|
18,037
|
|
|
$
|
17,633
|
|
Trade name
|
268
|
|
|
268
|
|
||
Customer relationships
|
1,150
|
|
|
1,150
|
|
||
|
19,455
|
|
|
19,051
|
|
||
Less: accumulated amortization
|
(2,785
|
)
|
|
(2,729
|
)
|
||
|
16,670
|
|
|
16,322
|
|
||
Goodwill
|
269
|
|
|
269
|
|
||
Intangible assets, net
|
$
|
16,939
|
|
|
$
|
16,591
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Prepayments for property and equipment
|
$
|
6,222
|
|
|
$
|
17,599
|
|
Investment in a privately held company
|
700
|
|
|
700
|
|
||
Lease financing costs
|
1,650
|
|
|
1,922
|
|
||
VAT long-term receivable
|
4
|
|
|
3,396
|
|
||
Custom deposit
|
1,701
|
|
|
1,589
|
|
||
Other long-term deposits
|
1,812
|
|
|
2,252
|
|
||
Office leases deposits
|
989
|
|
|
853
|
|
||
Other
|
466
|
|
|
387
|
|
||
|
$
|
13,544
|
|
|
$
|
28,698
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Accrued compensation and benefits
|
$
|
29,694
|
|
|
$
|
18,484
|
|
Warranty accrual
|
655
|
|
|
535
|
|
||
Stock rotation accrual
|
1,847
|
|
|
1,750
|
|
||
Accrued professional fees
|
1,738
|
|
|
1,922
|
|
||
Accrued inventory
|
1,340
|
|
|
667
|
|
||
Accrued facilities related expenses
|
1,879
|
|
|
2,163
|
|
||
Accrued financing lease costs
|
727
|
|
|
1,510
|
|
||
Accrued property, plant and equipment
|
13,090
|
|
|
18,145
|
|
||
Other accrued expenses
|
8,043
|
|
|
4,665
|
|
||
|
$
|
59,013
|
|
|
$
|
49,841
|
|
|
Six Months Ended December 31,
|
|
||||||
|
2018
|
|
2017
|
|
||||
|
(in thousands)
|
|
||||||
Beginning balance
|
$
|
535
|
|
|
$
|
1,866
|
|
|
Additions (reductions)
|
189
|
|
|
(1,063
|
)
|
*
|
||
Utilization
|
(69
|
)
|
|
(36
|
)
|
|
||
Ending balance
|
$
|
655
|
|
|
$
|
767
|
|
|
|
Six Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Beginning balance
|
$
|
1,750
|
|
|
$
|
1,871
|
|
Additions
|
2,229
|
|
|
992
|
|
||
Utilization
|
(2,132
|
)
|
|
(1,252
|
)
|
||
Ending balance
|
$
|
1,847
|
|
|
$
|
1,611
|
|
Year ending June 30,
|
|
|
|
||
2019 (Remaining)
|
|
|
$
|
5,530
|
|
2020
|
|
|
14,203
|
|
|
2021
|
|
|
17,778
|
|
|
2022
|
|
|
16,909
|
|
|
2023
|
|
|
12,255
|
|
|
Total minimum lease payments
|
|
|
66,675
|
|
|
Less amount representing interest
|
|
|
(8,061
|
)
|
|
Total capital lease liabilities
|
|
|
$
|
58,614
|
|
Year ending June 30,
|
|
|
|
||
2019 (Remaining)
|
|
|
$
|
4,170
|
|
2020
|
|
|
8,340
|
|
|
2021
|
|
|
8,340
|
|
|
2022
|
|
|
8,340
|
|
|
2023
|
|
|
16,028
|
|
|
Total principal of debt
|
|
|
45,218
|
|
|
Less: debt issuance costs
|
|
|
(233
|
)
|
|
Total principal of debt, less debt issuance costs
|
|
|
$
|
44,985
|
|
|
|
Total AOS Shareholders' Equity
|
|
Noncontrolling Interest
|
|
Total Equity
|
||||||
Balance, June 30, 2018
|
|
$
|
278,594
|
|
|
$
|
147,568
|
|
|
$
|
426,162
|
|
Exercise of common stock options and release of RSUs
|
|
110
|
|
|
—
|
|
|
110
|
|
|||
Withholding tax on restricted stock units
|
|
(203
|
)
|
|
—
|
|
|
(203
|
)
|
|||
Issuance of shares under ESPP
|
|
1,168
|
|
|
—
|
|
|
1,168
|
|
|||
Repurchase of common shares under shares repurchase program
|
|
(1,501
|
)
|
|
—
|
|
|
(1,501
|
)
|
|||
Share-based compensation expense
|
|
6,499
|
|
|
—
|
|
|
6,499
|
|
|||
Net income (loss)
|
|
871
|
|
|
(7,319
|
)
|
|
(6,448
|
)
|
|||
Impact on retained earnings related to ASC 606 adoption
|
|
1,036
|
|
|
—
|
|
|
1,036
|
|
|||
Cumulative translation adjustment
|
|
(3,282
|
)
|
|
(3,013
|
)
|
|
(6,295
|
)
|
|||
Contributions from noncontrolling interest
|
|
—
|
|
|
24,000
|
|
|
24,000
|
|
|||
Balance, December 31, 2018
|
|
$
|
283,292
|
|
|
$
|
161,236
|
|
|
$
|
444,528
|
|
|
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, 2018
|
919,023
|
|
|
$
|
15.14
|
|
|
1.62
|
|
$
|
13,086,888
|
|
Granted
|
103,222
|
|
|
$
|
11.96
|
|
|
|
|
|
||
Vested
|
(68,182
|
)
|
|
$
|
14.97
|
|
|
|
|
|
||
Forfeited
|
(11,250
|
)
|
|
$
|
13.63
|
|
|
|
|
|
||
Nonvested at December 31, 2018
|
942,813
|
|
|
$
|
14.82
|
|
|
1.24
|
|
$
|
9,607,264
|
|
TRSUs vested and expected to vest
|
874,061
|
|
|
|
|
1.18
|
|
$
|
8,906,681
|
|
|
Number of Performance-based Restricted Stock
Units
|
|
Weighted Average
Grant Date Fair
Value Per Share
|
|
Weighted Average
Remaining
Recognition
Period (Years)
|
||||
Nonvested at June 30, 2018
|
—
|
|
|
$
|
—
|
|
|
—
|
|
Granted
|
1,310,000
|
|
|
$
|
5.17
|
|
|
|
|
Vested
|
—
|
|
|
$
|
—
|
|
|
|
|
Forfeited
|
(20,000
|
)
|
|
$
|
5.17
|
|
|
|
|
Nonvested at December 31, 2018
|
1,290,000
|
|
|
$
|
5.17
|
|
|
5.46
|
|
MSUs vested and expected to vest
|
920,290
|
|
|
|
|
5.38
|
|
|
Number of Performance-based Restricted Stock
Units
|
|
Weighted Average
Grant Date Fair
Value Per Share
|
|
Weighted Average
Remaining
Recognition
Period (Years)
|
|
Aggregate Intrinsic Value
|
|||||
Nonvested at June 30, 2018
|
422,300
|
|
|
$
|
16.63
|
|
|
2.06
|
|
$
|
6,013,552
|
|
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Vested
|
—
|
|
|
—
|
|
|
|
|
|
|||
Forfeited
|
(1,000
|
)
|
|
$
|
16.22
|
|
|
|
|
|
||
Nonvested at December 31, 2018
|
421,300
|
|
|
$
|
16.63
|
|
|
1.55
|
|
$
|
4,293,047
|
|
PRSUs vested and expected to vest
|
383,347
|
|
|
|
|
1.48
|
|
$
|
3,906,307
|
|
|
|
|
|
|
Weighted
|
|
|
|||||
|
|
|
Weighted
|
|
Average
|
|
|
|||||
|
|
|
Average
|
|
Remaining
|
|
|
|||||
|
Number of
|
|
Exercise Price
|
|
Contractual
|
|
Aggregate
|
|||||
|
Shares
|
|
Per Share
|
|
Term (in years)
|
|
Intrinsic Value
|
|||||
Outstanding at June 30, 2018
|
886,978
|
|
|
$
|
10.97
|
|
|
4.03
|
|
$
|
3,557,248
|
|
Exercised
|
(10,500
|
)
|
|
$
|
10.50
|
|
|
|
|
$
|
43,415
|
|
Outstanding at December 31, 2018
|
876,478
|
|
|
$
|
10.98
|
|
|
3.56
|
|
$
|
1,176,781
|
|
Options vested and expected to vest
|
876,478
|
|
|
$
|
10.98
|
|
|
3.56
|
|
$
|
1,176,781
|
|
Exercisable at December 31, 2018
|
876,478
|
|
|
$
|
10.98
|
|
|
3.56
|
|
$
|
1,176,781
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Cost of goods sold
|
$
|
541
|
|
|
$
|
415
|
|
|
$
|
1,038
|
|
|
$
|
731
|
|
Research and development
|
742
|
|
|
617
|
|
|
1,374
|
|
|
979
|
|
||||
Selling, general and administrative
|
3,135
|
|
|
2,977
|
|
|
5,135
|
|
|
4,307
|
|
||||
|
$
|
4,418
|
|
|
$
|
4,009
|
|
|
$
|
7,547
|
|
|
$
|
6,017
|
|
|
December 31,
2018 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
China
|
$
|
294,437
|
|
|
$
|
248,003
|
|
United States
|
85,678
|
|
|
83,040
|
|
||
Other Countries
|
668
|
|
|
613
|
|
||
|
$
|
380,783
|
|
|
$
|
331,656
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
|
(in thousands)
|
|
(% of revenue)
|
|
(in thousands)
|
|
(% of revenue)
|
||||||||||||||||||||
Revenue
|
$
|
114,925
|
|
|
$
|
103,896
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
229,997
|
|
|
$
|
208,754
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
85,423
|
|
|
75,814
|
|
|
74.3
|
%
|
|
73.0
|
%
|
|
167,884
|
|
|
153,142
|
|
|
73.0
|
%
|
|
73.4
|
%
|
||||
Gross profit
|
29,502
|
|
|
28,082
|
|
|
25.7
|
%
|
|
27.0
|
%
|
|
62,113
|
|
|
55,612
|
|
|
27.0
|
%
|
|
26.6
|
%
|
||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development
|
12,600
|
|
|
9,102
|
|
|
11.0
|
%
|
|
8.8
|
%
|
|
23,984
|
|
|
17,427
|
|
|
10.4
|
%
|
|
8.3
|
%
|
||||
Selling, general and administrative
|
20,104
|
|
|
15,756
|
|
|
17.5
|
%
|
|
15.2
|
%
|
|
40,456
|
|
|
30,371
|
|
|
17.6
|
%
|
|
14.5
|
%
|
||||
Total operating expenses
|
32,704
|
|
|
24,858
|
|
|
28.5
|
%
|
|
24.0
|
%
|
|
64,440
|
|
|
47,798
|
|
|
28.0
|
%
|
|
22.8
|
%
|
||||
Operating income (loss)
|
(3,202
|
)
|
|
3,224
|
|
|
(2.8
|
)%
|
|
3.0
|
%
|
|
(2,327
|
)
|
|
7,814
|
|
|
(1.0
|
)%
|
|
3.8
|
%
|
||||
Interest income and other income (loss), net
|
74
|
|
|
(160
|
)
|
|
0.1
|
%
|
|
(0.2
|
)%
|
|
336
|
|
|
(120
|
)
|
|
0.1
|
%
|
|
(0.1
|
)%
|
||||
Interest expense
|
(1,706
|
)
|
|
(14
|
)
|
|
(1.5
|
)%
|
|
—
|
%
|
|
(3,196
|
)
|
|
(31
|
)
|
|
(1.4
|
)%
|
|
—
|
%
|
||||
Net income (loss) before income taxes
|
(4,834
|
)
|
|
3,050
|
|
|
(4.2
|
)%
|
|
2.8
|
%
|
|
(5,187
|
)
|
|
7,663
|
|
|
(2.3
|
)%
|
|
3.7
|
%
|
||||
Income tax expense (benefit)
|
701
|
|
|
(2,072
|
)
|
|
0.6
|
%
|
|
(2.0
|
)%
|
|
1,261
|
|
|
(798
|
)
|
|
0.5
|
%
|
|
(0.4
|
)%
|
||||
Net income (loss) including noncontrolling interest
|
(5,535
|
)
|
|
5,122
|
|
|
(4.8
|
)%
|
|
4.8
|
%
|
|
(6,448
|
)
|
|
8,461
|
|
|
(2.8
|
)%
|
|
4.1
|
%
|
||||
Net loss attributable to noncontrolling interest
|
(3,990
|
)
|
|
(1,669
|
)
|
|
(3.5
|
)%
|
|
(1.6
|
)%
|
|
(7,319
|
)
|
|
(3,130
|
)
|
|
(3.2
|
)%
|
|
(1.5
|
)%
|
||||
Net income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
(1,545
|
)
|
|
$
|
6,791
|
|
|
(1.3
|
)%
|
|
6.4
|
%
|
|
$
|
871
|
|
|
$
|
11,591
|
|
|
0.4
|
%
|
|
5.6
|
%
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
|
(in thousands)
|
|
(% of revenue)
|
|
(in thousands)
|
|
(% of revenue)
|
||||||||||||||||||||
Cost of goods sold
|
$
|
541
|
|
|
$
|
415
|
|
|
0.5
|
%
|
|
0.4
|
%
|
|
$
|
1,038
|
|
|
$
|
731
|
|
|
0.5
|
%
|
|
0.4
|
%
|
Research and development
|
742
|
|
|
617
|
|
|
0.6
|
%
|
|
0.6
|
%
|
|
1,374
|
|
|
979
|
|
|
0.6
|
%
|
|
0.5
|
%
|
||||
Selling, general and administrative
|
3,135
|
|
|
2,977
|
|
|
2.7
|
%
|
|
2.9
|
%
|
|
5,135
|
|
|
4,307
|
|
|
2.2
|
%
|
|
2.1
|
%
|
||||
Total
|
$
|
4,418
|
|
|
$
|
4,009
|
|
|
3.8
|
%
|
|
3.9
|
%
|
|
$
|
7,547
|
|
|
$
|
6,017
|
|
|
3.3
|
%
|
|
3.0
|
%
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Power discrete
|
$
|
93,294
|
|
|
$
|
85,094
|
|
|
$
|
8,200
|
|
|
9.6
|
%
|
|
$
|
185,549
|
|
|
$
|
168,772
|
|
|
$
|
16,777
|
|
|
9.9
|
%
|
Power IC
|
19,384
|
|
|
15,758
|
|
|
3,626
|
|
|
23.0
|
%
|
|
38,799
|
|
|
33,855
|
|
|
4,944
|
|
|
14.6
|
%
|
||||||
Packaging and testing services
|
2,247
|
|
|
$
|
3,044
|
|
|
(797
|
)
|
|
(26.2
|
)%
|
|
5,649
|
|
|
6,127
|
|
|
(478
|
)
|
|
(7.8
|
)%
|
|||||
|
$
|
114,925
|
|
|
$
|
103,896
|
|
|
$
|
11,029
|
|
|
10.6
|
%
|
|
$
|
229,997
|
|
|
$
|
208,754
|
|
|
$
|
21,243
|
|
|
10.2
|
%
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Cost of goods sold
|
$
|
85,423
|
|
|
$
|
75,814
|
|
|
$
|
9,609
|
|
|
12.7
|
%
|
|
$
|
167,884
|
|
|
$
|
153,142
|
|
|
$
|
14,742
|
|
|
9.6
|
%
|
Percentage of revenue
|
74.3
|
%
|
|
73.0
|
%
|
|
|
|
|
|
|
73.0
|
%
|
|
73.4
|
%
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross profit
|
$
|
29,502
|
|
|
$
|
28,082
|
|
|
$
|
1,420
|
|
|
5.1
|
%
|
|
$
|
62,113
|
|
|
$
|
55,612
|
|
|
$
|
6,501
|
|
|
11.7
|
%
|
Percentage of revenue
|
25.7
|
%
|
|
27.0
|
%
|
|
|
|
|
|
|
27.0
|
%
|
|
26.6
|
%
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Research and development
|
$
|
12,600
|
|
|
$
|
9,102
|
|
|
$
|
3,498
|
|
|
38.4
|
%
|
|
$
|
23,984
|
|
|
$
|
17,427
|
|
|
$
|
6,557
|
|
|
37.6
|
%
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Selling, general and administrative
|
$
|
20,104
|
|
|
$
|
15,756
|
|
|
$
|
4,348
|
|
|
27.6
|
%
|
|
$
|
40,456
|
|
|
$
|
30,371
|
|
|
$
|
10,085
|
|
|
33.2
|
%
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Interest income and other income (loss), net
|
$
|
74
|
|
|
$
|
(160
|
)
|
|
$
|
234
|
|
|
(146.3
|
)%
|
|
$
|
336
|
|
|
$
|
(120
|
)
|
|
$
|
456
|
|
|
(380.0
|
)%
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Interest expense
|
$
|
(1,706
|
)
|
|
$
|
(14
|
)
|
|
$
|
(1,692
|
)
|
|
12,085.7
|
%
|
|
$
|
(3,196
|
)
|
|
$
|
(31
|
)
|
|
$
|
(3,165
|
)
|
|
10,209.7
|
%
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Income tax expense (benefit)
|
$
|
701
|
|
|
$
|
(2,072
|
)
|
|
$
|
2,773
|
|
|
(133.8
|
)%
|
|
$
|
1,261
|
|
|
$
|
(798
|
)
|
|
$
|
2,059
|
|
|
(258.0
|
)%
|
|
Six Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Net cash provided by operating activities
|
$
|
31,081
|
|
|
$
|
21,854
|
|
Net cash used in investing activities
|
(66,327
|
)
|
|
(75,152
|
)
|
||
Net cash provided by financing activities
|
52,040
|
|
|
82,529
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(1,631
|
)
|
|
1,241
|
|
||
|
|
|
|
||||
Net increase in cash, cash equivalents and restricted cash
|
$
|
15,163
|
|
|
$
|
30,472
|
|
|
|
|
|
Period
|
|
Total Number of Shares (or Units) Purchased
|
|
Average Price Paid per Share (or Unit)
|
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (2)
|
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Be Purchased Under the Plans or Programs (3)
|
||||||||||||||
October 1, 2018 to October 31, 2018
|
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
November 1, 2018 to November 30, 2018
|
|
18,395
|
|
|
|
|
$
|
10.29
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
December 1, 2018 to December 31, 2018
|
|
146,446
|
|
|
|
|
$
|
9.91
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
Total repurchase during the three months ended December 31, 2018
|
|
164,841
|
|
|
(1)
|
|
$
|
9.95
|
|
|
|
|
—
|
|
|
|
|
$
|
13,400,000
|
|
|
|
31.1
|
|
31.2
|
|
32.1
|
|
32.2
|
|
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
|
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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