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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.24 | 1.10% | 22.14 | 22.10 | 22.17 | 22.6965 | 22.0758 | 22.58 | 25,891 | 18:12:08 |
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
x
|
Emerging growth company
o
|
|
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Shares
|
AOSL
|
The NASDAQ Global Select Market
|
|
|
Page
|
Part I.
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Part II.
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
ALPHA AND OMEGA SEMICONDUCTOR LIMITED
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||
(Unaudited, in thousands except par value per share)
|
|||||||
|
March 31,
2019 |
|
June 30,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
139,144
|
|
|
$
|
131,535
|
|
Restricted cash
|
261
|
|
|
189
|
|
||
Accounts receivable, net
|
28,410
|
|
|
33,755
|
|
||
Inventories
|
107,930
|
|
|
90,182
|
|
||
Other current assets
|
37,104
|
|
|
29,551
|
|
||
Total current assets
|
312,849
|
|
|
285,212
|
|
||
Property, plant and equipment, net
|
391,638
|
|
|
331,656
|
|
||
Intangible assets, net
|
16,911
|
|
|
16,591
|
|
||
Deferred income tax assets
|
4,977
|
|
|
4,892
|
|
||
Restricted cash - long-term
|
2,084
|
|
|
—
|
|
||
Other long-term assets
|
12,259
|
|
|
28,698
|
|
||
Total assets
|
$
|
740,718
|
|
|
$
|
667,049
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
92,246
|
|
|
$
|
92,661
|
|
Accrued liabilities
|
40,736
|
|
|
49,841
|
|
||
Income taxes payable
|
2,100
|
|
|
2,211
|
|
||
Short-term debt
|
26,571
|
|
|
3,811
|
|
||
Deferred margin
|
—
|
|
|
1,665
|
|
||
Capital leases
|
9,593
|
|
|
4,491
|
|
||
Total current liabilities
|
171,246
|
|
|
154,680
|
|
||
Long-term debt
|
62,499
|
|
|
26,786
|
|
||
Income taxes payable - long-term
|
790
|
|
|
924
|
|
||
Deferred income tax liabilities
|
1,325
|
|
|
713
|
|
||
Capital leases - long-term
|
48,380
|
|
|
56,791
|
|
||
Other long-term liabilities
|
10,993
|
|
|
993
|
|
||
Total liabilities
|
295,233
|
|
|
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 March 31, 2019 and June 30, 2018
|
—
|
|
|
—
|
|
||
Common shares, par value $0.002 per share:
|
|
|
|
||||
Authorized: 100,000 shares, issued and outstanding: 30,935 shares and 24,289 shares, respectively at March 31, 2019 and 30,400 shares and 23,860 shares, respectively at June 30, 2018
|
62
|
|
|
61
|
|
||
Treasury shares at cost, 6,646 shares at March 31, 2019 and 6,540 shares at June 30, 2018
|
(66,240
|
)
|
|
(64,790
|
)
|
||
Additional paid-in capital
|
230,234
|
|
|
220,244
|
|
||
Accumulated other comprehensive income (loss)
|
(563
|
)
|
|
440
|
|
||
Retained earnings
|
122,940
|
|
|
122,639
|
|
||
Total Alpha and Omega Semiconductor Limited shareholder's equity
|
286,433
|
|
|
278,594
|
|
||
Noncontrolling interest
|
159,052
|
|
|
147,568
|
|
||
Total equity
|
445,485
|
|
|
426,162
|
|
||
Total liabilities and equity
|
$
|
740,718
|
|
|
$
|
667,049
|
|
|
|||||||||||||||
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
$
|
109,067
|
|
|
$
|
102,902
|
|
|
$
|
339,064
|
|
|
$
|
311,656
|
|
Cost of goods sold
|
83,438
|
|
|
75,769
|
|
|
251,322
|
|
|
228,911
|
|
||||
Gross profit
|
25,629
|
|
|
27,133
|
|
|
87,742
|
|
|
82,745
|
|
||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Research and development
|
11,417
|
|
|
9,966
|
|
|
35,401
|
|
|
27,393
|
|
||||
Selling, general and administrative
|
17,947
|
|
|
16,486
|
|
|
58,403
|
|
|
46,857
|
|
||||
Total operating expenses
|
29,364
|
|
|
26,452
|
|
|
93,804
|
|
|
74,250
|
|
||||
Operating income (loss)
|
(3,735
|
)
|
|
681
|
|
|
(6,062
|
)
|
|
8,495
|
|
||||
Interest income and other income (loss), net
|
124
|
|
|
(234
|
)
|
|
460
|
|
|
(354
|
)
|
||||
Interest expense
|
(1,719
|
)
|
|
(105
|
)
|
|
(4,915
|
)
|
|
(136
|
)
|
||||
Net income (loss) before income taxes
|
(5,330
|
)
|
|
342
|
|
|
(10,517
|
)
|
|
8,005
|
|
||||
Income tax expense
|
625
|
|
|
830
|
|
|
1,886
|
|
|
32
|
|
||||
Net income (loss) including noncontrolling interest
|
(5,955
|
)
|
|
(488
|
)
|
|
(12,403
|
)
|
|
7,973
|
|
||||
Net loss attributable to noncontrolling interest
|
(4,400
|
)
|
|
(2,139
|
)
|
|
(11,719
|
)
|
|
(5,269
|
)
|
||||
Net income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
(1,555
|
)
|
|
$
|
1,651
|
|
|
$
|
(684
|
)
|
|
$
|
13,242
|
|
Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.06
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.55
|
|
Diluted
|
$
|
(0.06
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.53
|
|
Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
24,084
|
|
|
23,795
|
|
|
23,938
|
|
|
23,914
|
|
||||
Diluted
|
24,084
|
|
|
24,755
|
|
|
23,938
|
|
|
24,916
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss) including noncontrolling interest
|
$
|
(5,955
|
)
|
|
$
|
(488
|
)
|
|
$
|
(12,403
|
)
|
|
$
|
7,973
|
|
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
4,495
|
|
|
5,198
|
|
|
(1,800
|
)
|
|
9,246
|
|
||||
Comprehensive income (loss)
|
(1,460
|
)
|
|
4,710
|
|
|
(14,203
|
)
|
|
17,219
|
|
||||
Noncontrolling interest
|
(2,184
|
)
|
|
360
|
|
|
(12,516
|
)
|
|
(871
|
)
|
||||
Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
724
|
|
|
$
|
4,350
|
|
|
$
|
(1,687
|
)
|
|
$
|
18,090
|
|
|
|
Common Shares
|
|
Treasury Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Income
|
|
Retained Earnings
|
|
Total AOS Shareholders' Equity
|
|
Noncontrolling Interest
|
|
Total Equity
|
||||||||||||||||
Balance, December 31, 2018
|
|
$
|
61
|
|
|
$
|
(66,283
|
)
|
|
$
|
227,818
|
|
|
$
|
(2,842
|
)
|
|
$
|
124,538
|
|
|
$
|
283,292
|
|
|
$
|
161,236
|
|
|
$
|
444,528
|
|
Exercise of common stock options and release of RSUs
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs
|
|
—
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Withholding tax on restricted stock units
|
|
—
|
|
|
—
|
|
|
(1,743
|
)
|
|
—
|
|
|
—
|
|
|
(1,743
|
)
|
|
—
|
|
|
(1,743
|
)
|
||||||||
Issuance of shares under ESPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Repurchase of common shares under shares repurchase program
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
4,160
|
|
|
—
|
|
|
—
|
|
|
4,160
|
|
|
—
|
|
|
4,160
|
|
||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,555
|
)
|
|
(1,555
|
)
|
|
(4,400
|
)
|
|
(5,955
|
)
|
||||||||
Impact on retained earnings related to ASC 606 adoption
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cumulative translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,279
|
|
|
—
|
|
|
2,279
|
|
|
2,216
|
|
|
4,495
|
|
||||||||
Contributions from noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Balance, March 31, 2019
|
|
$
|
62
|
|
|
$
|
(66,240
|
)
|
|
$
|
230,234
|
|
|
$
|
(563
|
)
|
|
$
|
122,940
|
|
|
$
|
286,433
|
|
|
$
|
159,052
|
|
|
$
|
445,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Common Shares
|
|
Treasury Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Income
|
|
Retained Earnings
|
|
Total AOS Shareholders' Equity
|
|
Noncontrolling Interest
|
|
Total Equity
|
||||||||||||||||
Balance, June 30, 2018
|
|
$
|
61
|
|
|
$
|
(64,790
|
)
|
|
$
|
220,244
|
|
|
$
|
440
|
|
|
$
|
122,639
|
|
|
$
|
278,594
|
|
|
$
|
147,568
|
|
|
$
|
426,162
|
|
Exercise of common stock options and release of RSUs
|
|
1
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
—
|
|
|
110
|
|
||||||||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs
|
|
—
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Withholding tax on restricted stock units
|
|
—
|
|
|
—
|
|
|
(1,946
|
)
|
|
—
|
|
|
—
|
|
|
(1,946
|
)
|
|
—
|
|
|
(1,946
|
)
|
||||||||
Issuance of shares under ESPP
|
|
—
|
|
|
—
|
|
|
1,168
|
|
|
—
|
|
|
—
|
|
|
1,168
|
|
|
—
|
|
|
1,168
|
|
||||||||
Repurchase of common shares under shares repurchase program
|
|
—
|
|
|
(1,501
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,501
|
)
|
|
—
|
|
|
(1,501
|
)
|
||||||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
10,659
|
|
|
—
|
|
|
—
|
|
|
10,659
|
|
|
—
|
|
|
10,659
|
|
||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(684
|
)
|
|
(684
|
)
|
|
(11,719
|
)
|
|
(12,403
|
)
|
||||||||
Impact on retained earnings related to ASC 606 adoption
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,036
|
|
|
1,036
|
|
|
—
|
|
|
1,036
|
|
||||||||
Cumulative translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,003
|
)
|
|
—
|
|
|
(1,003
|
)
|
|
(797
|
)
|
|
(1,800
|
)
|
||||||||
Contributions from noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,000
|
|
|
24,000
|
|
||||||||
Balance, March 31, 2019
|
|
$
|
62
|
|
|
$
|
(66,240
|
)
|
|
$
|
230,234
|
|
|
$
|
(563
|
)
|
|
$
|
122,940
|
|
|
$
|
286,433
|
|
|
$
|
159,052
|
|
|
$
|
445,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
|
|
Treasury Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Income
|
|
Retained Earnings
|
|
Total AOS Shareholders' Equity
|
|
Noncontrolling Interest
|
|
Total Equity
|
||||||||||||||||
Balance, December 31, 2017
|
|
$
|
60
|
|
|
$
|
(55,799
|
)
|
|
$
|
212,771
|
|
|
$
|
2,455
|
|
|
$
|
120,023
|
|
|
$
|
279,510
|
|
|
$
|
113,542
|
|
|
$
|
393,052
|
|
Exercise of common stock options and release of RSUs
|
|
—
|
|
|
—
|
|
|
465
|
|
|
—
|
|
|
—
|
|
|
465
|
|
|
—
|
|
|
465
|
|
||||||||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs
|
|
—
|
|
|
83
|
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
30
|
|
|
—
|
|
|
30
|
|
||||||||
Withholding tax on restricted stock units
|
|
—
|
|
|
—
|
|
|
(1,999
|
)
|
|
—
|
|
|
—
|
|
|
(1,999
|
)
|
|
—
|
|
|
(1,999
|
)
|
||||||||
Issuance of shares under ESPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Repurchase of common shares under shares repurchase program
|
|
—
|
|
|
(5,994
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,994
|
)
|
|
—
|
|
|
(5,994
|
)
|
||||||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
3,931
|
|
|
—
|
|
|
—
|
|
|
3,931
|
|
|
—
|
|
|
3,931
|
|
||||||||
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,651
|
|
|
1,651
|
|
|
(2,139
|
)
|
|
(488
|
)
|
||||||||
Impact on retained earnings related to ASC 606 adoption
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cumulative translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,699
|
|
|
—
|
|
|
2,699
|
|
|
2,499
|
|
|
5,198
|
|
||||||||
Contributions from noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,000
|
|
|
42,000
|
|
||||||||
Balance, March 31, 2018
|
|
$
|
60
|
|
|
$
|
(61,710
|
)
|
|
$
|
215,168
|
|
|
$
|
5,154
|
|
|
$
|
121,621
|
|
|
$
|
280,293
|
|
|
$
|
155,902
|
|
|
$
|
436,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Common Shares
|
|
Treasury Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Income
|
|
Retained Earnings
|
|
Total AOS Shareholders' Equity
|
|
Noncontrolling Interest
|
|
Total Equity
|
||||||||||||||||
Balance, June 30, 2017
|
|
$
|
59
|
|
|
$
|
(49,836
|
)
|
|
$
|
206,332
|
|
|
$
|
306
|
|
|
$
|
113,909
|
|
|
$
|
270,770
|
|
|
$
|
27,779
|
|
|
$
|
298,549
|
|
Exercise of common stock options and release of RSUs
|
|
1
|
|
|
—
|
|
|
1,168
|
|
|
—
|
|
|
—
|
|
|
1,169
|
|
|
—
|
|
|
1,169
|
|
||||||||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs
|
|
—
|
|
|
142
|
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
|
92
|
|
|
—
|
|
|
92
|
|
||||||||
Withholding tax on restricted stock units
|
|
—
|
|
|
—
|
|
|
(2,248
|
)
|
|
—
|
|
|
—
|
|
|
(2,248
|
)
|
|
—
|
|
|
(2,248
|
)
|
||||||||
Issuance of shares under ESPP
|
|
—
|
|
|
—
|
|
|
1,439
|
|
|
—
|
|
|
—
|
|
|
1,439
|
|
|
—
|
|
|
1,439
|
|
||||||||
Repurchase of common shares under shares repurchase program
|
|
—
|
|
|
(12,016
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,016
|
)
|
|
—
|
|
|
(12,016
|
)
|
||||||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
8,477
|
|
|
—
|
|
|
—
|
|
|
8,477
|
|
|
—
|
|
|
8,477
|
|
||||||||
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,242
|
|
|
13,242
|
|
|
(5,269
|
)
|
|
7,973
|
|
||||||||
Impact on retained earnings related to ASC 606 adoption
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,480
|
)
|
|
(5,480
|
)
|
|
—
|
|
|
(5,480
|
)
|
||||||||
Cumulative translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,848
|
|
|
—
|
|
|
4,848
|
|
|
4,398
|
|
|
9,246
|
|
||||||||
Contributions from noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
128,994
|
|
|
128,994
|
|
||||||||
Balance, March 31, 2018
|
|
$
|
60
|
|
|
$
|
(61,710
|
)
|
|
$
|
215,168
|
|
|
$
|
5,154
|
|
|
$
|
121,621
|
|
|
$
|
280,293
|
|
|
$
|
155,902
|
|
|
$
|
436,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income (loss) including noncontrolling interest
|
$
|
(12,403
|
)
|
|
$
|
7,973
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
24,159
|
|
|
21,818
|
|
||
Share-based compensation expense
|
10,659
|
|
|
8,477
|
|
||
Deferred income taxes, net
|
252
|
|
|
(638
|
)
|
||
Loss (gain) on disposal of property and equipment
|
(8
|
)
|
|
26
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
5,122
|
|
|
(517
|
)
|
||
Inventories
|
(17,748
|
)
|
|
(14,218
|
)
|
||
Other current and long-term assets
|
(2,399
|
)
|
|
(16,255
|
)
|
||
Accounts payable
|
6,039
|
|
|
6,492
|
|
||
Income taxes payable
|
(245
|
)
|
|
(1,731
|
)
|
||
Accrued and other liabilities
|
9,728
|
|
|
2,830
|
|
||
Net cash provided by operating activities
|
23,156
|
|
|
14,257
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchases of property and equipment excluding JV Company
|
(31,402
|
)
|
|
(35,585
|
)
|
||
Purchases of property and equipment in JV Company
|
(58,509
|
)
|
|
(87,088
|
)
|
||
Purchase of intangible assets
|
(405
|
)
|
|
(14,034
|
)
|
||
Proceeds from sale of property and equipment
|
21
|
|
|
6
|
|
||
Net cash used in investing activities
|
(90,295
|
)
|
|
(136,701
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from investment by noncontrolling interest
|
24,000
|
|
|
128,994
|
|
||
Withholding tax on restricted stock units
|
(1,946
|
)
|
|
(2,248
|
)
|
||
Proceeds from exercise of stock options and ESPP
|
1,278
|
|
|
2,700
|
|
||
Payment for repurchases of common shares
|
(1,501
|
)
|
|
(12,016
|
)
|
||
Proceeds from borrowings
|
67,479
|
|
|
13,150
|
|
||
Repayments of borrowings
|
(9,393
|
)
|
|
—
|
|
||
Principal payments on capital leases
|
(2,440
|
)
|
|
(623
|
)
|
||
Net cash provided by financing activities
|
77,477
|
|
|
129,957
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(573
|
)
|
|
2,004
|
|
||
Net increase in cash, cash equivalents and restricted cash
|
9,765
|
|
|
9,517
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
131,724
|
|
|
115,929
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
141,489
|
|
|
$
|
125,446
|
|
|
|
|
|
||||
Supplemental disclosures of non-cash investing and financing information:
|
|
|
|
||||
Property and equipment purchased but not yet paid
|
$
|
50,767
|
|
|
$
|
66,563
|
|
Re-issuance of treasury stock
|
$
|
51
|
|
|
$
|
50
|
|
|
As of March 31, 2019
|
||||||||||
|
As Reported
|
|
Adjustment
|
|
Balances Without Adoption
|
||||||
|
(in thousands)
|
||||||||||
Accounts receivable, net
|
$
|
28,410
|
|
|
$
|
134
|
|
|
$
|
28,544
|
|
Accrued liabilities
|
$
|
40,736
|
|
|
$
|
(101
|
)
|
|
$
|
40,635
|
|
Deferred margin
|
$
|
—
|
|
|
$
|
1,670
|
|
|
$
|
1,670
|
|
Income taxes payable
|
$
|
2,100
|
|
|
$
|
(39
|
)
|
|
$
|
2,061
|
|
Deferred income tax liabilities
|
$
|
1,325
|
|
|
$
|
(291
|
)
|
|
$
|
1,034
|
|
Retained earnings
|
$
|
122,940
|
|
|
$
|
(1,105
|
)
|
|
$
|
121,835
|
|
|
Three Months Ended March 31, 2019
|
|
Nine Months Ended March 31, 2019
|
||||||||||||||||||||
|
As Reported
|
|
Adjustment
|
|
Balances Without Adoption
|
|
As Reported
|
|
Adjustment
|
|
Balances Without Adoption
|
||||||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||||||||||
Revenue
|
$
|
109,067
|
|
|
$
|
(21
|
)
|
|
$
|
109,046
|
|
|
$
|
339,064
|
|
|
$
|
(329
|
)
|
|
$
|
338,735
|
|
Cost of goods sold
|
$
|
83,438
|
|
|
$
|
(91
|
)
|
|
$
|
83,347
|
|
|
$
|
251,322
|
|
|
$
|
(205
|
)
|
|
$
|
251,117
|
|
Gross profit
|
$
|
25,629
|
|
|
$
|
70
|
|
|
$
|
25,699
|
|
|
$
|
87,742
|
|
|
$
|
(124
|
)
|
|
$
|
87,618
|
|
Income tax expense
|
$
|
625
|
|
|
$
|
6
|
|
|
$
|
631
|
|
|
$
|
1,886
|
|
|
$
|
(39
|
)
|
|
$
|
1,847
|
|
Net loss including noncontrolling interest
|
$
|
(5,955
|
)
|
|
$
|
64
|
|
|
$
|
(5,891
|
)
|
|
(12,403
|
)
|
|
$
|
(85
|
)
|
|
$
|
(12,488
|
)
|
|
Three Months Ended March 31,
|
|
|
Nine Months Ended March 31,
|
|
||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Hong Kong
|
$
|
87,143
|
|
|
$
|
84,632
|
|
|
$
|
265,914
|
|
|
$
|
252,302
|
|
China
|
18,834
|
|
|
15,849
|
|
|
63,991
|
|
|
52,122
|
|
||||
South Korea
|
260
|
|
|
243
|
|
|
568
|
|
|
831
|
|
||||
United States
|
1,684
|
|
|
1,358
|
|
|
5,624
|
|
|
4,050
|
|
||||
Other countries
|
1,146
|
|
|
820
|
|
|
2,967
|
|
|
2,351
|
|
||||
|
$
|
109,067
|
|
|
$
|
102,902
|
|
|
$
|
339,064
|
|
|
$
|
311,656
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
|
|||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Power discrete
|
$
|
89,936
|
|
|
$
|
83,982
|
|
|
$
|
275,485
|
|
|
$
|
252,754
|
|
Power IC
|
17,631
|
|
|
15,685
|
|
|
56,430
|
|
|
49,540
|
|
||||
Packaging and testing services
|
1,500
|
|
|
3,235
|
|
|
7,149
|
|
|
9,362
|
|
||||
|
$
|
109,067
|
|
|
$
|
102,902
|
|
|
$
|
339,064
|
|
|
$
|
311,656
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands, except per share data)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
(1,555
|
)
|
|
$
|
1,651
|
|
|
$
|
(684
|
)
|
|
$
|
13,242
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares used to compute basic net income (loss) per share
|
24,084
|
|
|
23,795
|
|
|
23,938
|
|
|
23,914
|
|
||||
Diluted:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares used to compute basic net income per share
|
24,084
|
|
|
23,795
|
|
|
23,938
|
|
|
23,914
|
|
||||
Effect of potentially dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options, RSUs and ESPP shares
|
—
|
|
|
960
|
|
|
—
|
|
|
1,002
|
|
||||
Weighted average number of common shares used to compute diluted net income per share
|
24,084
|
|
|
24,755
|
|
|
23,938
|
|
|
24,916
|
|
||||
Net income (loss) per share attributable to Alpha and Omega Semiconductor Limited:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.06
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.55
|
|
Diluted
|
$
|
(0.06
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.53
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
(in thousands)
|
|
(in thousands)
|
||||||||
Employee stock options and RSUs
|
2,225
|
|
|
165
|
|
|
2,220
|
|
|
167
|
|
ESPP
|
891
|
|
|
381
|
|
|
988
|
|
|
157
|
|
Total potential dilutive securities
|
3,116
|
|
|
546
|
|
|
3,208
|
|
|
324
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||
Percentage of revenue
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Customer A
|
26.8
|
%
|
|
25.9
|
%
|
|
28.4
|
%
|
|
28.1
|
%
|
Customer B
|
36.2
|
%
|
|
37.0
|
%
|
|
37.3
|
%
|
|
34.8
|
%
|
|
March 31,
2019 |
|
June 30,
2018 |
||
Percentage of accounts receivable
|
|
||||
Customer A
|
19.4
|
%
|
|
17.1
|
%
|
Customer B
|
18.1
|
%
|
|
35.5
|
%
|
Customer C
|
14.1
|
%
|
|
10.6
|
%
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Accounts receivable
|
$
|
51,260
|
|
|
$
|
52,687
|
|
Less: Allowance for price adjustments
|
(22,820
|
)
|
|
(18,902
|
)
|
||
Less: Allowance for doubtful accounts
|
(30
|
)
|
|
(30
|
)
|
||
Accounts receivable, net
|
$
|
28,410
|
|
|
$
|
33,755
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Raw materials
|
$
|
57,094
|
|
|
$
|
47,097
|
|
Work in-process
|
38,954
|
|
|
35,243
|
|
||
Finished goods
|
11,882
|
|
|
7,842
|
|
||
|
$
|
107,930
|
|
|
$
|
90,182
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
VAT receivable
|
$
|
30,277
|
|
|
$
|
17,601
|
|
Other prepaid expenses
|
2,940
|
|
|
2,121
|
|
||
Prepaid insurance
|
227
|
|
|
906
|
|
||
Prepaid maintenance
|
665
|
|
|
556
|
|
||
Prepayment to supplier
|
1,057
|
|
|
227
|
|
||
Prepaid income tax
|
745
|
|
|
761
|
|
||
Custom deposit
|
161
|
|
|
5,749
|
|
||
Lease financing cost
|
994
|
|
|
960
|
|
||
Other receivable
|
38
|
|
|
670
|
|
||
|
$
|
37,104
|
|
|
$
|
29,551
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Land
|
$
|
4,877
|
|
|
$
|
4,877
|
|
Building
|
34,263
|
|
|
4,325
|
|
||
Manufacturing machinery and facility equipment
|
330,212
|
|
|
273,737
|
|
||
Equipment and tooling
|
19,800
|
|
|
16,605
|
|
||
Computer equipment and software
|
28,510
|
|
|
25,686
|
|
||
Office furniture and equipment
|
3,037
|
|
|
2,314
|
|
||
Leasehold improvements
|
22,570
|
|
|
21,355
|
|
||
Land use rights
|
8,958
|
|
|
9,089
|
|
||
|
452,227
|
|
|
357,988
|
|
||
Less: accumulated depreciation
|
(247,709
|
)
|
|
(225,184
|
)
|
||
|
204,518
|
|
|
132,804
|
|
||
Equipment and construction in progress
|
187,120
|
|
|
198,852
|
|
||
Property, plant and equipment, net
|
$
|
391,638
|
|
|
$
|
331,656
|
|
|
March 31,
2019 |
|
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
|
(2,813
|
)
|
|
(2,729
|
)
|
||
|
16,642
|
|
|
16,322
|
|
||
Goodwill
|
269
|
|
|
269
|
|
||
Intangible assets, net
|
$
|
16,911
|
|
|
$
|
16,591
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Prepayments for property and equipment
|
$
|
6,040
|
|
|
$
|
17,599
|
|
Investment in a privately held company
|
700
|
|
|
700
|
|
||
Lease financing costs
|
1,987
|
|
|
1,922
|
|
||
VAT long-term receivable
|
—
|
|
|
3,396
|
|
||
Customs deposit
|
1,220
|
|
|
1,589
|
|
||
Other long-term deposits
|
909
|
|
|
2,252
|
|
||
Office leases deposits
|
991
|
|
|
853
|
|
||
Other
|
412
|
|
|
387
|
|
||
|
$
|
12,259
|
|
|
$
|
28,698
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Accrued compensation and benefits
|
$
|
14,525
|
|
|
$
|
18,484
|
|
Warranty accrual
|
653
|
|
|
535
|
|
||
Stock rotation accrual
|
1,723
|
|
|
1,750
|
|
||
Accrued professional fees
|
1,660
|
|
|
1,922
|
|
||
Accrued inventory
|
1,094
|
|
|
667
|
|
||
Accrued facilities related expenses
|
3,934
|
|
|
2,163
|
|
||
Accrued financing lease costs
|
744
|
|
|
1,510
|
|
||
Accrued property, plant and equipment
|
8,874
|
|
|
18,145
|
|
||
Other accrued expenses
|
7,529
|
|
|
4,665
|
|
||
|
$
|
40,736
|
|
|
$
|
49,841
|
|
|
Nine Months Ended March 31,
|
|
||||||
|
2019
|
|
2018
|
|
||||
|
(in thousands)
|
|
||||||
Beginning balance
|
$
|
535
|
|
|
$
|
1,866
|
|
|
Additions (reductions)
|
229
|
|
|
(1,203
|
)
|
*
|
||
Utilization
|
(111
|
)
|
|
(52
|
)
|
|
||
Ending balance
|
$
|
653
|
|
|
$
|
611
|
|
|
|
Nine Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||
Beginning balance
|
$
|
1,750
|
|
|
$
|
1,871
|
|
Additions
|
3,589
|
|
|
2,147
|
|
||
Utilization
|
(3,616
|
)
|
|
(2,244
|
)
|
||
Ending balance
|
$
|
1,723
|
|
|
$
|
1,774
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
Deferred rent
|
$
|
85
|
|
|
$
|
238
|
|
Customer deposits
|
10,000
|
|
|
—
|
|
||
Other
|
908
|
|
|
755
|
|
||
Other long-term liabilities
|
$
|
10,993
|
|
|
$
|
993
|
|
Year ending June 30,
|
|
|
|
||
2019 (Remaining)
|
|
|
$
|
2,809
|
|
2020
|
|
|
14,540
|
|
|
2021
|
|
|
18,200
|
|
|
2022
|
|
|
17,310
|
|
|
2023
|
|
|
12,547
|
|
|
Total minimum lease payments
|
|
|
65,406
|
|
|
Less amount representing interest
|
|
|
(7,433
|
)
|
|
Total capital lease liabilities
|
|
|
$
|
57,973
|
|
|
|
|
|
||
Reported as:
|
|
|
March 31,
2019 |
||
Capital lease - short-term
|
|
|
$
|
9,593
|
|
Capital lease - long-term
|
|
|
48,380
|
|
|
|
|
|
$
|
57,973
|
|
Year ending June 30,
|
|
|
|
||
2019 (Remaining)
|
|
|
$
|
2,085
|
|
2020
|
|
|
27,096
|
|
|
2021
|
|
|
9,829
|
|
|
2022
|
|
|
15,188
|
|
|
2023
|
|
|
22,876
|
|
|
Thereafter
|
|
|
12,206
|
|
|
Total principal of debt
|
|
|
89,280
|
|
|
Less: debt issuance costs
|
|
|
(210
|
)
|
|
Total principal of debt, less debt issuance costs
|
|
|
$
|
89,070
|
|
|
|
|
|
||
Reported as:
|
|
|
March 31,
2019 |
||
Short-term debt
|
|
|
$
|
26,571
|
|
Long-term debt
|
|
|
62,499
|
|
|
|
|
|
$
|
89,070
|
|
|
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
|
479,346
|
|
|
$
|
11.30
|
|
|
|
|
|
||
Vested
|
(463,633
|
)
|
|
$
|
13.15
|
|
|
|
|
|
||
Forfeited
|
(31,750
|
)
|
|
$
|
13.34
|
|
|
|
|
|
||
Nonvested at March 31, 2019
|
902,986
|
|
|
$
|
14.19
|
|
|
1.77
|
|
$
|
13,644,118
|
|
TRSUs vested and expected to vest
|
809,820
|
|
|
|
|
1.71
|
|
$
|
12,236,385
|
|
|
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 March 31, 2019
|
1,290,000
|
|
|
$
|
5.17
|
|
|
5.22
|
|
MSUs vested and expected to vest
|
934,352
|
|
|
|
|
5.14
|
|
|
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
|
291,750
|
|
|
$
|
11.18
|
|
|
|
|
|
||
Vested
|
(111,623
|
)
|
|
$
|
16.68
|
|
|
|
|
|
||
Forfeited
|
(5,203
|
)
|
|
$
|
17.32
|
|
|
|
|
|
||
Nonvested at March 31, 2019
|
597,224
|
|
|
$
|
13.95
|
|
|
2.13
|
|
$
|
9,024,055
|
|
PRSUs vested and expected to vest
|
523,909
|
|
|
|
|
2.07
|
|
$
|
7,916,271
|
|
|
|
|
|
|
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 March 31, 2019
|
876,478
|
|
|
$
|
10.98
|
|
|
3.32
|
|
$
|
4,095,163
|
|
Options vested and expected to vest
|
876,478
|
|
|
$
|
10.98
|
|
|
3.32
|
|
$
|
4,095,163
|
|
Exercisable at March 31, 2019
|
876,478
|
|
|
$
|
10.98
|
|
|
3.32
|
|
$
|
4,095,163
|
|
|
|
|
Nine Months Ended March 31,
|
|
2019
|
Volatility rate
|
40.1%
|
Risk-free interest rate
|
2.5% - 2.9%
|
Expected term
|
1.3 years
|
Dividend yield
|
0%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Cost of goods sold
|
$
|
494
|
|
|
$
|
449
|
|
|
$
|
1,532
|
|
|
$
|
1,180
|
|
Research and development
|
555
|
|
|
361
|
|
|
1,929
|
|
|
1,340
|
|
||||
Selling, general and administrative
|
2,063
|
|
|
1,650
|
|
|
7,198
|
|
|
5,957
|
|
||||
|
$
|
3,112
|
|
|
$
|
2,460
|
|
|
$
|
10,659
|
|
|
$
|
8,477
|
|
|
March 31,
2019 |
|
June 30,
2018 |
||||
|
(in thousands)
|
||||||
China
|
$
|
306,331
|
|
|
$
|
248,003
|
|
United States
|
84,608
|
|
|
83,040
|
|
||
Other Countries
|
699
|
|
|
613
|
|
||
|
$
|
391,638
|
|
|
$
|
331,656
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
|
(in thousands)
|
|
(% of revenue)
|
|
(in thousands)
|
|
(% of revenue)
|
||||||||||||||||||||
Revenue
|
$
|
109,067
|
|
|
$
|
102,902
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
339,064
|
|
|
$
|
311,656
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
83,438
|
|
|
75,769
|
|
|
76.5
|
%
|
|
73.6
|
%
|
|
251,322
|
|
|
228,911
|
|
|
74.1
|
%
|
|
73.4
|
%
|
||||
Gross profit
|
25,629
|
|
|
27,133
|
|
|
23.5
|
%
|
|
26.4
|
%
|
|
87,742
|
|
|
82,745
|
|
|
25.9
|
%
|
|
26.6
|
%
|
||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development
|
11,417
|
|
|
9,966
|
|
|
10.5
|
%
|
|
9.7
|
%
|
|
35,401
|
|
|
27,393
|
|
|
10.4
|
%
|
|
8.8
|
%
|
||||
Selling, general and administrative
|
17,947
|
|
|
16,486
|
|
|
16.5
|
%
|
|
16.0
|
%
|
|
58,403
|
|
|
46,857
|
|
|
17.2
|
%
|
|
15.0
|
%
|
||||
Total operating expenses
|
29,364
|
|
|
26,452
|
|
|
27.0
|
%
|
|
25.7
|
%
|
|
93,804
|
|
|
74,250
|
|
|
27.6
|
%
|
|
23.8
|
%
|
||||
Operating income (loss)
|
(3,735
|
)
|
|
681
|
|
|
(3.5
|
)%
|
|
0.7
|
%
|
|
(6,062
|
)
|
|
8,495
|
|
|
(1.7
|
)%
|
|
2.8
|
%
|
||||
Interest income and other income (loss), net
|
124
|
|
|
(234
|
)
|
|
0.1
|
%
|
|
(0.2
|
)%
|
|
460
|
|
|
(354
|
)
|
|
0.1
|
%
|
|
(0.1
|
)%
|
||||
Interest expense
|
(1,719
|
)
|
|
(105
|
)
|
|
(1.6
|
)%
|
|
—
|
%
|
|
(4,915
|
)
|
|
(136
|
)
|
|
(1.4
|
)%
|
|
—
|
%
|
||||
Net income (loss) before income taxes
|
(5,330
|
)
|
|
342
|
|
|
(5.0
|
)%
|
|
0.5
|
%
|
|
(10,517
|
)
|
|
8,005
|
|
|
(3.0
|
)%
|
|
2.7
|
%
|
||||
Income tax expense
|
625
|
|
|
830
|
|
|
0.6
|
%
|
|
0.8
|
%
|
|
1,886
|
|
|
32
|
|
|
0.6
|
%
|
|
—
|
%
|
||||
Net income (loss) including noncontrolling interest
|
(5,955
|
)
|
|
(488
|
)
|
|
(5.6
|
)%
|
|
(0.3
|
)%
|
|
(12,403
|
)
|
|
7,973
|
|
|
(3.6
|
)%
|
|
2.7
|
%
|
||||
Net loss attributable to noncontrolling interest
|
(4,400
|
)
|
|
(2,139
|
)
|
|
(4.0
|
)%
|
|
(2.1
|
)%
|
|
(11,719
|
)
|
|
(5,269
|
)
|
|
(3.5
|
)%
|
|
(1.7
|
)%
|
||||
Net income (loss) attributable to Alpha and Omega Semiconductor Limited
|
$
|
(1,555
|
)
|
|
$
|
1,651
|
|
|
(1.6
|
)%
|
|
1.8
|
%
|
|
$
|
(684
|
)
|
|
$
|
13,242
|
|
|
(0.1
|
)%
|
|
4.4
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
|
(in thousands)
|
|
(% of revenue)
|
|
(in thousands)
|
|
(% of revenue)
|
||||||||||||||||||||
Cost of goods sold
|
$
|
494
|
|
|
$
|
449
|
|
|
0.5
|
%
|
|
0.4
|
%
|
|
$
|
1,532
|
|
|
$
|
1,180
|
|
|
0.5
|
%
|
|
0.4
|
%
|
Research and development
|
555
|
|
|
361
|
|
|
0.5
|
%
|
|
0.4
|
%
|
|
1,929
|
|
|
1,340
|
|
|
0.6
|
%
|
|
0.4
|
%
|
||||
Selling, general and administrative
|
2,063
|
|
|
1,650
|
|
|
1.9
|
%
|
|
1.6
|
%
|
|
7,198
|
|
|
5,957
|
|
|
2.1
|
%
|
|
1.9
|
%
|
||||
Total
|
$
|
3,112
|
|
|
$
|
2,460
|
|
|
2.9
|
%
|
|
2.4
|
%
|
|
$
|
10,659
|
|
|
$
|
8,477
|
|
|
3.2
|
%
|
|
2.7
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Power discrete
|
$
|
89,936
|
|
|
$
|
83,982
|
|
|
$
|
5,954
|
|
|
7.1
|
%
|
|
$
|
275,485
|
|
|
$
|
252,754
|
|
|
$
|
22,731
|
|
|
9.0
|
%
|
Power IC
|
17,631
|
|
|
15,685
|
|
|
1,946
|
|
|
12.4
|
%
|
|
56,430
|
|
|
49,540
|
|
|
6,890
|
|
|
13.9
|
%
|
||||||
Packaging and testing services
|
1,500
|
|
|
$
|
3,235
|
|
|
(1,735
|
)
|
|
(53.6
|
)%
|
|
7,149
|
|
|
9,362
|
|
|
(2,213
|
)
|
|
(23.6
|
)%
|
|||||
|
$
|
109,067
|
|
|
$
|
102,902
|
|
|
$
|
6,165
|
|
|
6.0
|
%
|
|
$
|
339,064
|
|
|
$
|
311,656
|
|
|
$
|
27,408
|
|
|
8.8
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Cost of goods sold
|
$
|
83,438
|
|
|
$
|
75,769
|
|
|
$
|
7,669
|
|
|
10.1
|
%
|
|
$
|
251,322
|
|
|
$
|
228,911
|
|
|
$
|
22,411
|
|
|
9.8
|
%
|
Percentage of revenue
|
76.5
|
%
|
|
73.6
|
%
|
|
|
|
|
|
|
74.1
|
%
|
|
73.4
|
%
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross profit
|
$
|
25,629
|
|
|
$
|
27,133
|
|
|
$
|
(1,504
|
)
|
|
(5.5
|
)%
|
|
$
|
87,742
|
|
|
$
|
82,745
|
|
|
$
|
4,997
|
|
|
6.0
|
%
|
Percentage of revenue
|
23.5
|
%
|
|
26.4
|
%
|
|
|
|
|
|
|
25.9
|
%
|
|
26.6
|
%
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Research and development
|
$
|
11,417
|
|
|
$
|
9,966
|
|
|
$
|
1,451
|
|
|
14.6
|
%
|
|
$
|
35,401
|
|
|
$
|
27,393
|
|
|
$
|
8,008
|
|
|
29.2
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Selling, general and administrative
|
$
|
17,947
|
|
|
$
|
16,486
|
|
|
$
|
1,461
|
|
|
8.9
|
%
|
|
$
|
58,403
|
|
|
$
|
46,857
|
|
|
$
|
11,546
|
|
|
24.6
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Interest income and other income (loss), net
|
$
|
124
|
|
|
$
|
(234
|
)
|
|
$
|
358
|
|
|
(153.0
|
)%
|
|
$
|
460
|
|
|
$
|
(354
|
)
|
|
$
|
814
|
|
|
(229.9
|
)%
|
|
Three Months Ended December 31,
|
|
Nine Months Ended December 31,
|
||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Interest expense
|
$
|
(1,719
|
)
|
|
$
|
(105
|
)
|
|
$
|
(1,614
|
)
|
|
1,537.1
|
%
|
|
$
|
(4,915
|
)
|
|
$
|
(136
|
)
|
|
$
|
(4,779
|
)
|
|
3,514.0
|
%
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||||||||||
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in percentage)
|
||||||||||||||||||
Income tax expense
|
$
|
625
|
|
|
$
|
830
|
|
|
$
|
(205
|
)
|
|
(24.7
|
)%
|
|
$
|
1,886
|
|
|
$
|
32
|
|
|
$
|
1,854
|
|
|
5,793.8
|
%
|
|
Nine Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||
Net cash provided by operating activities
|
$
|
23,156
|
|
|
$
|
14,257
|
|
Net cash used in investing activities
|
(90,295
|
)
|
|
(136,701
|
)
|
||
Net cash provided by financing activities
|
77,477
|
|
|
129,957
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(573
|
)
|
|
2,004
|
|
||
|
|
|
|
||||
Net increase in cash, cash equivalents and restricted cash
|
$
|
9,765
|
|
|
$
|
9,517
|
|
|
|
|
|
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 |
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