Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ: AOSL)
today reported financial results for the fiscal fourth quarter and
the fiscal year ended June 30, 2024.
The results for the fiscal fourth quarter ended June 30, 2024
were as follows:
GAAP Financial
Comparison
Quarterly
(in millions, except percentage
and per share data)
(unaudited)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Revenue
$
161.3
$
150.1
$
161.5
Gross Margin
25.7
%
23.7
%
27.6
%
Operating Income (Loss)
$
(1.5
)
$
(10.5
)
$
2.6
Net Loss
$
(2.7
)
$
(11.2
)
$
(1.1
)
Net Loss Per Share - Diluted
$
(0.09
)
$
(0.39
)
$
(0.04
)
Non-GAAP Financial
Comparison
Quarterly
(in millions, except percentage
and per share data)
(unaudited)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Revenue
$
161.3
$
150.1
$
161.5
Non-GAAP Gross Margin
26.4
%
25.2
%
28.5
%
Non-GAAP Operating Income (Loss)
$
3.2
$
(1.1
)
$
6.9
Non-GAAP Net Income (Loss)
$
2.6
$
(1.2
)
$
5.7
Non-GAAP Net Income (Loss) Per Share -
Diluted
$
0.09
$
(0.04
)
$
0.19
The non-GAAP financial measures in the schedule above and under
the section "Financial Results for Fiscal Q4 Ended June 30, 2024"
below exclude the effect of share-based compensation expenses,
amortization of purchased intangible, legal costs related to
government investigation, equity method investment loss from equity
investee, and income tax effect of non-GAAP adjustments in each of
the periods presented. A detailed reconciliation of GAAP and
non-GAAP financial measures is included at the end of this press
release.
The results for the fiscal year ended June 30, 2024 and 2023
were as follows:
GAAP Financial
Comparison
Annually
(in millions, except percentage
and per share data)
(unaudited)
Year Ended June 30,
2024
2023
Revenue
$
657.3
$
691.3
Gross Margin
26.2
%
28.9
%
Operating Income (Loss)
$
(3.8
)
$
22.5
Net Income (Loss)
$
(11.1
)
$
12.4
Net Income (Loss) Per Share - Diluted
$
(0.39
)
$
0.42
Non-GAAP Financial
Comparison
Annually
(in millions, except percentage
and per share data)
(unaudited)
Year Ended June 30,
2024
2023
Revenue
$
657.3
$
691.3
Non-GAAP Gross Margin
27.2
%
30.2
%
Non-GAAP Operating Income
$
21.7
$
63.9
Non-GAAP Net Income
$
18.5
$
55.0
Non-GAAP Net Income Per Share -
Diluted
$
0.62
$
1.86
The non-GAAP financial measures in the schedule above exclude
the effect of share-based compensation expenses, amortization of
purchased intangible, legal costs related to government
investigation, equity method investment loss from equity investee,
and income tax effect of non-GAAP adjustments for fiscal years
ended June 30, 2024 and 2023. A detailed reconciliation of GAAP and
non-GAAP financial measures is included at the end of this press
release.
Financial Results for Fiscal Q4 Ended June 30, 2024
- Revenue was $161.3 million, flat from the same quarter last
year and an increase of 7.5% quarter-over-quarter.
- GAAP gross margin was 25.7%, down from 27.6% year-over-year and
up from 23.7% in the prior quarter.
- Non-GAAP gross margin was 26.4%, down from 28.5% from the same
quarter last year and up from 25.2% in the prior quarter.
- GAAP operating expenses were $42.9 million, down from $46.1
million in the prior quarter and up from $42.0 million from the
same quarter last year.
- Non-GAAP operating expenses were $39.3 million, an increase of
$0.4 million from last quarter and an increase of $0.2 million from
the same quarter last year.
- GAAP operating loss was $1.5 million, as compared to an
operating income of $2.6 million from the same quarter last year
and an operating loss of $10.5 million in the prior quarter.
- Non-GAAP operating income was $3.2 million as compared to $6.9
million for the same quarter last year and an operating loss of
$1.1 million from last quarter.
- GAAP net loss per share was $0.09, compared to $0.39 for the
prior quarter and $0.04 per share for the same quarter last
year.
- Non-GAAP earnings per share was $0.09, compared to $0.04 net
loss per share for the prior quarter and $0.19 net earnings per
share for the same quarter last year.
- Consolidated cash flow provided by operating activities was
$7.1 million, as compared to $28.2 million in prior quarter.
- The Company closed the quarter with $175.1 million of cash and
cash equivalents.
AOS Chief Executive Officer Stephen Chang commented, “Our fiscal
Q4 results were in-line with our guidance driven by sequential
growth in each of our major segments. We saw relative strength
coming from gaming, tablets, e-mobility, A.I., and home appliances,
while the PC segment is taking longer to recover. Inventory
corrections across the majority of our end markets are now largely
behind us and seasonality is returning.”
Mr. Chang concluded, “Looking into the rest of calendar year
2024, we anticipate further recovery in our seasonally strongest
September quarter driven by fall smartphone launches, PCs, gaming,
and wearables. We are excited about opportunities in A.I. and we
are working on multiple prospects. Looking to the next cycle, we
are poised for growth, bolstered by advanced technology, a
diversified product portfolio addressing a broadening array of end
markets, and a premier customer base across all business
lines.”
Business Outlook for Fiscal Q1 Ending September 30,
2024
The following statements are based on management's current
expectations. These statements are forward-looking, and actual
results may differ materially. AOS undertakes no obligation to
update these statements.
- Revenue is expected to be $180 million plus or minus $10
million.
- Gross margin is expected to be 25.0% plus or minus 1%. Non-GAAP
gross margin is expected to be 26.4% plus or minus 1%.
- GAAP operating expenses are expected to be in the range of
$47.0 million, plus or minus $1 million. Non-GAAP operating
expenses are expected to be in the range of $40.0 million plus or
minus $1 million.
- Interest expense to be approximately equal to interest income,
and
- Tax expense is expected to be in the range of $0.9 million to
$1.1 million.
Conference Call and Webcast
AOS plans to hold an investor teleconference and live webcast to
discuss the financial results for the fiscal fourth quarter and the
fiscal year ended June 30, 2024 today, August 7, 2024 at 2:00 p.m.
PT / 5:00 p.m. ET. To listen to the live conference call, please
dial +1 (844) 200-6205 or +1 (929) 526-1599 if dialing from outside
the United States and Canada. The access code is 376246. A live
webcast of the call will also be available in the "Events &
Presentations" section of the Company's investor relations website,
http://investor.aosmd.com. The webcast replay will be available for
seven days after the live call on the same website. In addition, a
copy of the script of management's prepared remarks and a live
webcast of the call will also be available in the "Events &
Presentations" section of the Company's investor relations website,
http://investor.aosmd.com.
Forward Looking Statements
This press release contains forward-looking statements that are
based on current expectations, estimates, forecasts and projections
of future performance based on management's judgment, beliefs,
current trends, and anticipated product performance. These
forward-looking statements include, without limitation, market
trends in the semiconductor industry, our ability to mitigate
economic downturns and current cycles, seasonality of our business,
our ability to pursue new opportunities, including A.I. markets,
our projected amount of revenue, gross margin, operating income
(loss), income tax expenses, net income (loss), and share-based
compensation expenses, non-GAAP gross margin, non-GAAP operating
expenses, income tax expenses, our ability to grow our sales and
market share, and other information under the section entitled
“Business Outlook for Fiscal Q1 Ending September 30, 2024.”
Forward-looking statements involve risks and uncertainties that may
cause actual results to differ materially from those contained in
the forward-looking statements. These factors include, but are not
limited to, the state of semiconductor industry and seasonality of
our markets; decline of PC markets; our lack of control over the
joint venture in China; difficulties and challenges in executing
our diversification strategy into different market segments;
ordering pattern from distributors and seasonality; changes in
regulatory environment and government investigation; our ability to
introduce or develop new and enhanced products that achieve market
acceptance; government policies on our business operations in
China; the actual product performance in volume production; the
quality and reliability of our product; our ability to achieve
design wins; the general business and economic conditions; our
ability to maintain factory utilization at a desirable level; and
other risks as described in our SEC filings, including our Annual
Report on Form 10-K for the fiscal year ended June 30, 2024 to be
filed by AOS with the SEC and other periodic reports we filed with
the SEC. Other unknown or unpredictable factors or underlying
assumptions subsequently proving to be incorrect could cause actual
results to differ materially from those in the forward-looking
statements. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
future results, level of activity, performance, or achievements.
You should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and AOS undertakes no duty
to update such information, except as required under applicable
law.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements
presented on a basis consistent with U.S. GAAP, we disclose certain
non-GAAP financial measures for our historical performance,
including non-GAAP gross profit, gross margin, operating expenses,
operating income (loss), net income (loss), diluted earnings per
share ("EPS") and EBITDAS. These supplemental measures exclude,
among other items, share-based compensation expenses, legal costs
related to government investigation, amortization of purchased
intangible, income tax effect of non-GAAP adjustments and equity
method investment loss from equity investee. We also disclose
certain non-GAAP financial measures in our guidance for the next
quarter, including non-GAAP gross margin and operating expenses. We
believe that these historical and forecast non-GAAP financial
measures provide useful information to both management and
investors by excluding certain items and expenses that are not
indicative of our core operating results or do not reflect our
normal business operations. In addition, our management uses
non-GAAP measures to compare our performance relative to forecasts
and to benchmark our performance externally against competitors.
Our use of non-GAAP financial measures has certain limitations in
that such non-GAAP financial measures may not be directly
comparable to those reported by other companies. For example, the
terms used in this press release, such as non-GAAP net income
(loss) or non-GAAP operating expenses, do not have a standardized
meaning. Other companies may use the same or similarly named
measures, but exclude different items, which may not provide
investors with a comparable view of our performance in relation to
other companies. In addition, we included the amount of income tax
effect of non-GAAP adjustments in the non-GAAP net income (loss) of
reconciliation table for all periods presented as the management
believes that such non-GAAP presentation provides useful
information to investors, even though the amounts are not
significant. We seek to compensate for the limitation of our
non-GAAP presentation by providing a detailed reconciliation of the
non-GAAP financial measures to the most directly comparable U.S.
GAAP measures both in the text in this press release and in the
tables attached hereto. Investors are encouraged to review the
related U.S. GAAP financial measures and the reconciliation of
these non-GAAP financial measures to their most directly comparable
U.S. GAAP financial measures.
About Alpha and Omega Semiconductor
Alpha and Omega Semiconductor Limited, or AOS, is a designer,
developer, and global supplier of a broad range of discrete power
devices, wide band gap power devices, power management ICs, and
modules, including a wide portfolio of Power MOSFET, SiC, IGBT,
IPM, TVS, HV Gate Drivers, Power IC, and Digital Power products.
AOS has developed extensive intellectual property and technical
knowledge that encompasses the latest advancements in the power
semiconductor industry, which enables us to introduce innovative
products to address the increasingly complex power requirements of
advanced electronics. AOS differentiates itself by integrating its
Discrete and IC semiconductor process technology, product design,
and advanced packaging know-how to develop high-performance power
management solutions. AOS’ portfolio of products targets
high-volume applications, including portable computers, flat-panel
TVs, LED lighting, smartphones, battery packs, consumer and
industrial motor controls, automotive electronics, and power
supplies for TVs, computers, servers, and telecommunications
equipment. For more information, please visit www.aosmd.com.
The following unaudited consolidated financial statements are
prepared in accordance with U.S. GAAP.
Alpha and Omega Semiconductor
Limited
Condensed Consolidated
Statements of Operations
(in thousands, except
percentages and per share amounts)
(unaudited)
Three Months Ended
Fiscal Year Ended
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Revenue
$
161,296
$
150,060
$
161,525
$
657,274
$
691,321
Cost of goods sold
119,859
114,505
116,944
485,356
491,785
Gross profit
41,437
35,555
44,581
171,918
199,536
Gross margin
25.7
%
23.7
%
27.6
%
26.2
%
28.9
%
Operating expenses:
Research and development
21,813
23,095
22,711
89,940
88,146
Selling, general and administrative
21,123
22,964
19,258
85,734
88,861
Total operating expenses
42,936
46,059
41,969
175,674
177,007
Operating income (loss)
(1,499
)
(10,504
)
2,612
(3,756
)
22,529
Other income (loss), net
65
308
(298
)
(73
)
(1,730
)
Interest income (expense), net
412
271
(87
)
1,186
(1,087
)
Net income (loss) before income taxes
(1,022
)
(9,925
)
2,227
(2,643
)
19,712
Income tax expense
1,006
611
387
3,649
5,937
Net income (loss) before loss from equity
method investment
(2,028
)
(10,536
)
1,840
(6,292
)
13,775
Equity method investment loss from equity
investee
(704
)
(676
)
(2,944
)
(4,789
)
(1,411
)
Net income (loss)
(2,732
)
(11,212
)
(1,104
)
(11,081
)
12,364
Net income (loss) per common share
Basic
$
(0.09
)
$
(0.39
)
$
(0.04
)
$
(0.39
)
$
0.45
Diluted
$
(0.09
)
$
(0.39
)
$
(0.04
)
$
(0.39
)
$
0.42
Weighted average number of common shares
used to compute net income (loss) per share:
Basic
28,879
28,433
27,598
28,236
27,522
Diluted
28,879
28,433
27,598
28,236
29,528
Alpha and Omega Semiconductor
Limited
Condensed Consolidated Balance
Sheets
(in thousands, except par
value per share)
(unaudited)
June 30, 2024
June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
175,127
$
195,188
Restricted cash
413
415
Accounts receivable, net
12,546
22,420
Inventories
195,750
183,247
Other current assets
10,506
22,666
Total current assets
394,342
423,936
Property, plant and equipment, net
336,619
357,831
Operating lease right-of-use assets,
net
25,050
24,349
Intangible assets, net
3,516
6,765
Equity method investment
356,039
366,617
Deferred income tax assets
549
536
Other long-term assets
28,898
19,703
Total assets
$
1,145,013
$
1,199,737
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
45,084
$
50,775
Accrued liabilities
72,371
79,533
Payable related to equity investee,
net
13,682
11,950
Income taxes payable
2,798
5,546
Short-term debt
11,635
11,434
Deferred revenue
2,591
8,073
Finance lease liabilities
935
867
Operating lease liabilities
5,137
4,383
Total current liabilities
154,233
172,561
Long-term debt
26,724
38,360
Income taxes payable - long-term
3,591
2,817
Deferred income tax liabilities
26,416
27,283
Finance lease liabilities - long-term
2,282
3,216
Operating lease liabilities -
long-term
20,499
20,544
Other long-term liabilities
19,661
51,037
Total liabilities
253,406
315,818
Commitments and contingencies (Note
14)
Equity:
Preferred shares, par value $0.002 per
share:
Authorized: 10,000 shares; issued and
outstanding: none at June 30, 2024 and 2023
—
—
Common shares, par value $0.002 per
share:
Authorized: 100,000 shares; issued and
outstanding: 36,107 shares and 28,969 shares, respectively at June
30, 2024 and 34,811 shares and 27,654 shares, respectively at June
30, 2023
72
70
Treasury shares at cost; 7,138 shares at
June 30, 2024 and 7,157 shares at June 30, 2023
(79,213
)
(79,365
)
Additional paid-in capital
353,109
329,034
Accumulated other comprehensive loss
(13,419
)
(8,111
)
Retained earnings
631,058
642,291
Total equity
891,607
883,919
Total liabilities and equity
$
1,145,013
$
1,199,737
Alpha and Omega Semiconductor
Limited
Selected Cash Flow
Information
( in thousands)
(unaudited)
Fiscal Year Ended June
30,
2024
2023
Net cash provided by operating
activities
$
25,710
$
20,473
Net cash used in investing activities
(35,744
)
(109,630
)
Net cash used in financing activities
(9,903
)
(29,611
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(126
)
(280
)
Net decrease in cash, cash equivalents and
restricted cash
(20,063
)
(119,048
)
Cash, cash equivalents and restricted cash
at beginning of year
195,603
314,651
Cash, cash equivalents and restricted cash
at end of year
$
175,540
$
195,603
Alpha and Omega Semiconductor
Limited
Reconciliation of Condensed
Consolidated GAAP Financial Measures to Non-GAAP Financial
Measures
(in thousands, except
percentages and per share data)
(unaudited)
Three Months Ended
Fiscal Year Ended
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
GAAP gross profit
$
41,437
$
35,555
$
44,581
$
171,918
$
199,536
Share-based compensation
294
1,424
592
3,434
5,851
Amortization of purchased intangible
812
812
812
3,247
3,247
Non-GAAP gross profit
$
42,543
$
37,791
$
45,985
$
178,599
$
208,634
Non-GAAP gross margin as a % of
revenue
26.4
%
25.2
%
28.5
%
27.2
%
30.2
%
GAAP operating expense
$
42,936
$
46,059
$
41,969
$
175,674
$
177,007
Share-based compensation
3,273
7,041
2,777
18,207
31,637
Legal costs related to government
investigation
352
103
99
524
656
Non-GAAP operating expense
$
39,311
$
38,915
$
39,093
$
156,943
$
144,714
GAAP operating income (loss)
$
(1,499
)
$
(10,504
)
$
2,612
$
(3,756
)
$
22,529
Share-based compensation
3,567
8,465
3,369
21,641
37,488
Amortization of purchased intangible
812
812
812
3,247
3,247
Legal costs related to government
investigation
352
103
99
524
656
Non-GAAP operating income (loss)
$
3,232
$
(1,124
)
$
6,892
$
21,656
$
63,920
Non-GAAP operating margin as a % of
revenue
2.0
%
(0.7
)%
4.3
%
3.3
%
9.2
%
GAAP net income (loss)
$
(2,732
)
$
(11,212
)
$
(1,104
)
$
(11,081
)
$
12,364
Share-based compensation
3,567
8,465
3,369
21,641
37,488
Amortization of purchased intangible
812
812
812
3,247
3,247
Equity method investment loss from equity
investee
704
676
2,944
4,789
1,411
Legal costs related to government
investigation
352
103
99
524
656
Income tax effect of non-GAAP
adjustments
(78
)
(47
)
(397
)
(627
)
(153
)
Non-GAAP net income (loss)
$
2,625
$
(1,203
)
$
5,723
$
18,493
$
55,013
Non-GAAP net margin as a % of revenue
1.6
%
(0.8
)%
3.5
%
2.8
%
8.0
%
GAAP net income (loss)
$
(2,732
)
$
(11,212
)
$
(1,104
)
$
(11,081
)
$
12,364
Share-based compensation
3,567
8,465
3,369
21,641
37,488
Amortization and depreciation
13,908
13,325
12,045
53,757
43,207
Equity method investment loss from equity
investee
704
676
2,944
4,789
1,411
Interest expense (income), net
(412
)
(271
)
86
(1,186
)
1,087
Income tax expense
1,006
611
387
3,649
5,937
EBITDAS
$
16,041
$
11,594
$
17,727
$
71,569
$
101,494
GAAP diluted net income (loss) per
share
$
(0.09
)
$
(0.39
)
$
(0.04
)
$
(0.37
)
$
0.42
Share-based compensation
0.12
0.30
0.11
0.72
1.27
Amortization of purchased intangible
0.03
0.03
0.03
0.11
0.11
Equity method investment loss from equity
investee
0.02
0.02
0.10
0.16
0.05
Legal costs related to government
investigation
0.01
0.00
0.00
0.02
0.02
Income tax effect of non-GAAP
adjustments
(0.00
)
(0.00
)
(0.01
)
(0.02
)
(0.01
)
Non-GAAP diluted net income (loss) per
share
$
0.09
$
(0.04
)
$
0.19
$
0.62
$
1.86
Weighted average number of common shares
used to compute GAAP diluted net income (loss) per share
28,879
28,433
27,598
28,236
29,528
Weighed average number of common shares
used to compute Non-GAAP diluted net income (loss) per share
30,463
28,433
29,382
30,052
29,528
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version on businesswire.com: https://www.businesswire.com/news/home/20240806079058/en/
Investor and media inquiries: The Blueshirt Group Gary Dvorchak,
CFA In US +1 323 240 5796 In China +86 (138) 1079-1480
gary@blueshirtgroup.co Steven Pelayo The Blueshirt Group
steven@blueshirtgroup.co +1 (360) 808-5154
Alpha and Omega Semicond... (NASDAQ:AOSL)
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