Company Quick10K Filing
Alpha & Omega Semiconductor
Price12.18 EPS0
Shares25 P/E674
MCap306 P/FCF-345
Net Debt-20 EBIT7
TEV286 TEV/EBIT41
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-08
10-Q 2020-09-30 Filed 2020-11-06
10-K 2020-06-30 Filed 2020-09-02
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-10
10-Q 2019-09-30 Filed 2019-11-12
10-K 2019-06-30 Filed 2019-08-23
10-Q 2019-03-31 Filed 2019-05-03
10-Q 2018-12-31 Filed 2019-02-07
10-Q 2018-09-30 Filed 2018-11-05
10-K 2018-06-30 Filed 2018-08-23
10-Q 2018-03-31 Filed 2018-05-03
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-11-09
10-K 2017-06-30 Filed 2017-09-05
10-Q 2017-03-31 Filed 2017-05-04
10-Q 2016-12-31 Filed 2017-02-09
10-Q 2016-09-30 Filed 2016-11-07
10-K 2016-06-30 Filed 2016-08-26
10-Q 2016-03-31 Filed 2016-05-10
10-Q 2015-12-31 Filed 2016-02-04
10-Q 2015-09-30 Filed 2015-11-06
10-K 2015-06-30 Filed 2015-08-27
10-Q 2015-03-31 Filed 2015-05-07
10-Q 2014-12-31 Filed 2015-02-06
10-Q 2014-09-30 Filed 2014-11-07
10-K 2014-06-30 Filed 2014-08-29
10-Q 2014-03-31 Filed 2014-05-09
10-Q 2013-12-31 Filed 2014-02-07
10-Q 2013-09-30 Filed 2013-11-06
10-K 2013-06-30 Filed 2013-08-30
10-Q 2013-03-31 Filed 2013-05-06
10-Q 2012-09-30 Filed 2012-11-06
10-K 2012-06-30 Filed 2012-08-31
10-Q 2012-03-31 Filed 2012-05-08
10-Q 2011-12-31 Filed 2012-02-08
10-Q 2011-09-30 Filed 2011-11-08
10-K 2011-06-30 Filed 2011-09-09
20-F 2010-06-30 Filed 2010-09-02
8-K 2021-02-04 Earnings, Exhibits
8-K 2021-02-03 Officers
8-K 2020-11-12
8-K 2020-11-05
8-K 2020-10-05
8-K 2020-08-12
8-K 2020-08-11
8-K 2020-05-05
8-K 2020-02-05
8-K 2019-11-07
8-K 2019-11-04
8-K 2019-08-07
8-K 2019-05-06
8-K 2019-05-02
8-K 2019-02-06
8-K 2018-11-08
8-K 2018-11-01
8-K 2018-09-11
8-K 2018-08-08
8-K 2018-05-09
8-K 2018-05-02
8-K 2018-02-07

AOSL 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
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
EX-10.1 a101yifanliang.htm
EX-10.2 a102yueh-seho.htm
EX-31.1 ex311-aosl12312020q2202110q.htm
EX-31.2 ex312-aosl12312020q2202110q.htm
EX-32.1 ex321-aosl12312020q2202110q.htm
EX-32.2 ex322-aosl12312020q2202110q.htm

Alpha & Omega Semiconductor Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
75060045030015002012201420172020
Assets, Equity
12093663912-152012201420172020
Rev, G Profit, Net Income
905928-3-34-652012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
FORM 10-Q
_________________________________
(MARK ONE)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
        For the quarterly period ended December 31, 2020

OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM              TO             
Commission file number 001-34717
__________________________
Alpha and Omega Semiconductor Limited

(Exact name of Registrant as Specified in its Charter)
Bermuda77-0553536
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
Clarendon House, 2 Church Street
Hamilton HM 11, Bermuda
(Address of Principal Registered
Offices including Zip Code)
(408830-9742
(Registrant's Telephone Number, Including Area Code)
__________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filerAccelerated filerNon-accelerated filer
  (Do not check if a smaller reporting company)
Smaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common SharesAOSLThe NASDAQ Global Select Market


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Number of common shares outstanding as of January 25, 2021: 25,770,99825,770,998




Alpha and Omega Semiconductor Limited
Form 10-Q
Fiscal Second Quarter Ended December 31, 2020
TABLE OF CONTENTS
 
  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.




PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ALPHA AND OMEGA SEMICONDUCTOR LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except par value per share)
 December 31,
2020
June 30,
2020
ASSETS
Current assets:
Cash and cash equivalents$180,966 $158,536 
Restricted cash230 2,190 
Accounts receivable, net24,934 13,272 
Inventories144,307 135,528 
Other current assets10,833 8,807 
Total current assets361,270 318,333 
Property, plant and equipment, net430,808 412,340 
Operating lease right-of-use assets, net34,395 32,948 
Intangible assets, net15,090 16,770 
Deferred income tax assets 4,852 4,766 
Restricted cash - long-term2,143 1,978 
Other long-term assets4,607 5,804 
Total assets$853,165 $792,939 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$83,859 $86,181 
Accrued liabilities60,483 54,986 
Income taxes payable2,166 1,360 
Short-term debt43,574 30,114 
Finance lease liabilities16,535 15,258 
Operating lease liabilities4,896 4,159 
Total current liabilities211,513 192,058 
Long-term debt93,096 99,775 
Income taxes payable - long-term921 903 
Deferred income tax liabilities860 496 
Finance lease liabilities - long-term20,821 26,842 
Operating lease liabilities - long-term31,102 30,254 
Other long-term liabilities20,196 10,723 
Total liabilities378,509 361,051 
Commitments and contingencies (Note 10)
Equity:
Preferred shares, par value $0.002 per share:
Authorized: 10,000 shares; issued and outstanding: none at December 31, 2020 and June 30, 2020
  
Common shares, par value $0.002 per share:
Authorized: 100,000 shares; issued and outstanding: 32,394 shares and 25,765 shares, respectively at December 31, 2020 and 31,944 shares and 25,305 shares, respectively at June 30, 2020
65 64 
Treasury shares at cost: 6,629 shares at December 31, 2020 and 6,639 shares at June 30, 2020
(66,097)(66,184)
Additional paid-in capital254,980 246,103 
Accumulated other comprehensive income (loss)1,481 (5,127)
Retained earnings141,289 118,833 
Total Alpha and Omega Semiconductor Limited shareholder's equity331,718 293,689 
Noncontrolling interest142,938 138,199 
Total equity474,656 431,888 
Total liabilities and equity$853,165 $792,939 

See accompanying notes to these condensed consolidated financial statements.
1

Table of Contents
ALPHA AND OMEGA SEMICONDUCTOR LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except per share data)
Three Months Ended December 31,Six Months Ended December 31,
 2020201920202019
Revenue$158,830 $117,860 $310,381 $235,662 
Cost of goods sold110,081 93,454 219,109 184,324 
Gross profit48,749 24,406 91,272 51,338 
Operating expenses
Research and development15,423 12,147 30,114 24,515 
Selling, general and administrative19,736 15,629 37,241 30,814 
Total operating expenses35,159 27,776 67,355 55,329 
Operating income (loss)13,590 (3,370)23,917 (3,991)
Interest expense and other income (loss), net(381)(635)(930)(1,462)
Income (loss) before income taxes13,209 (4,005)22,987 (5,453)
Income tax expense 669 568 1,680 978 
Net income (loss) including noncontrolling interest12,540 (4,573)21,307 (6,431)
Net loss attributable to noncontrolling interest(363)(3,568)(1,170)(6,435)
Net income (loss) attributable to Alpha and Omega Semiconductor Limited$12,903 $(1,005)$22,477 $4 
Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited
Basic$0.50 $(0.04)$0.88 $0.00 
Diluted$0.47 $(0.04)$0.84 $0.00 
Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share
Basic25,672 24,701 25,506 24,620 
Diluted27,353 24,701 26,834 25,362 

See accompanying notes to these condensed consolidated financial statements.

2

Table of Contents
ALPHA AND OMEGA SEMICONDUCTOR LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited, in thousands)

Three Months Ended December 31,Six Months Ended December 31,
2020201920202019
Net income (loss) including noncontrolling interest$12,540 $(4,573)$21,307 $(6,431)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment6,814 3,055 12,517 (3,096)
Comprehensive income (loss)19,354 (1,518)33,824 (9,527)
Less: Noncontrolling interest2,824 (2,150)4,739 (7,985)
Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited$16,530 $632 $29,085 $(1,542)

See accompanying notes to these condensed consolidated financial statements.

3

ALPHA AND OMEGA SEMICONDUCTOR LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited, in thousands)

Common Shares
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)Retained Earnings
Total AOS Shareholders' EquityNoncontrolling InterestTotal Equity
Balance, September 30, 2020$64 $(66,171)$248,967 $(2,146)$128,394 $309,108 $140,114 $449,222 
Exercise of common stock options and release of restricted stock units — 1,495 — — 1,495 — 1,495 
Reissuance of treasury stock upon exercise of common stock options and release of restricted stock units— 74 — — (8)66 — 66 
Withholding tax on restricted stock units— — (541)— — (541)— (541)
Issuance of shares under ESPP1 — 1,635 — — 1,636 — 1,636 
Share-based compensation— — 2,424 — — 2,424 — 2,424 
Restricted stock units settlement in connection with service— — 1,000 — — 1,000 — 1,000 
Net income (loss)— — — — 12,903 12,903 (363)12,540 
Cumulative translation adjustment— — — 3,627 — 3,627 3,187 6,814 
Balance, December 31, 2020$65 $(66,097)$254,980 $1,481 $141,289 $331,718 $142,938 $474,656 
Common SharesTreasury StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal AOS Shareholders' EquityNoncontrolling InterestTotal Equity
Balance, June 30, 2020$64 $(66,184)$246,103 $(5,127)$118,833 $293,689 $138,199 $431,888 
Exercise of common stock options and release of restricted stock units — 1,495 — — 1,495 — 1,495 
Reissuance of treasury stock upon exercise of common stock options and release of restricted stock units— 87 — — (21)66 — 66 
Withholding tax on restricted stock units— — (953)— — (953)— (953)
Issuance of shares under ESPP1 — 1,635 — — 1,636 — 1,636 
Share-based compensation— — 4,700 — — 4,700 — 4,700 
Restricted stock units settlement in connection with service— — 2,000 — — 2,000 — 2,000 
Net income (loss)— — — — 22,477 22,477 (1,170)21,307 
Cumulative translation adjustment— — — 6,608 — 6,608 5,909 12,517 
Balance, December 31, 2020$65 $(66,097)$254,980 $1,481 $141,289 $331,718 $142,938 $474,656 
4

ALPHA AND OMEGA SEMICONDUCTOR LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited, in thousands)
Common Shares
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)Retained Earnings
Total AOS Shareholders' EquityNoncontrolling InterestTotal Equity
Balance, September 30, 2019$62 $(66,227)$236,683 $(5,876)$126,481 $291,123 $146,430 $437,553 
Exercise of common stock options and release of restricted stock units — 26 — — 26 — 26 
Withholding tax on restricted stock units— — (99)— — (99)— (99)
Issuance of shares under ESPP1 — 1,700 — — 1,701 — 1,701 
Share-based compensation— — 2,487 — — 2,487 — 2,487 
Net loss— — — — (1,005)(1,005)(3,568)(4,573)
Cumulative translation adjustment— — — 1,637 — 1,637 1,418 3,055 
Balance, December 31, 2019$63 $(66,227)$240,797 $(4,239)$125,476 $295,870 $144,280 $440,150 
Common SharesTreasury StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal AOS Shareholders' EquityNoncontrolling InterestTotal Equity
Balance, June 30, 2019$62 $(66,240)$234,410 $(2,693)$125,485 $291,024 $152,265 $443,289 
Exercise of common stock options and release of restricted stock units — 26 — — 26 — 26 
Reissuance of treasury stock upon exercise of common stock options and release of restricted stock units— 13 — — (13) —  
Withholding tax on restricted stock units— — (195)— — (195)— (195)
Issuance of shares under ESPP1 — 1,700 — — 1,701 — 1,701 
Share-based compensation— — 4,856 — — 4,856 — 4,856 
Net income (loss)— — — — 4 4 (6,435)(6,431)
Cumulative translation adjustment— — — (1,546)— (1,546)(1,550)(3,096)
Balance, December 31, 2019$63 $(66,227)$240,797 $(4,239)$125,476 $295,870 $144,280 $440,150 


See accompanying notes to these condensed consolidated financial statements.

5

Table of Contents
ALPHA AND OMEGA SEMICONDUCTOR LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Six Months Ended December 31,
20202019
Cash flows from operating activities
Net income (loss) including noncontrolling interest$21,307 $(6,431)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization25,689 21,754 
Share-based compensation expense6,100 4,856 
Deferred income taxes, net278 (148)
Loss on disposal of property and equipment40 89 
Changes in assets and liabilities:
Accounts receivable, net(11,662)(9,576)
Inventories(8,779)(4,856)
Other current and long-term assets(1,793)940 
Accounts payable(370)(5,676)
Income taxes payable824 453 
Accrued and other liabilities14,299 6,306 
Net cash provided by operating activities45,933 7,711 
Cash flows from investing activities
Purchases of property and equipment excluding JV Company(14,842)(20,354)
Purchases of property and equipment in JV Company(9,926)(12,067)
Proceeds from sale of property and equipment10  
Government grant related to equipment119 1,254 
Net cash used in investing activities(24,639)(31,167)
Cash flows from financing activities
Withholding tax on restricted stock units(953)(195)
Proceeds from exercise of stock options and ESPP3,197 1,727 
Proceeds from borrowings31,008 33,708 
Repayments of borrowings(29,912)(20,863)
Principal payments on finance leases(8,119)(3,403)
Net cash provided by (used in) financing activities(4,779)10,974 
Effect of exchange rate changes on cash, cash equivalents and restricted cash4,120 (347)
Net increase (decrease) in cash, cash equivalents and restricted cash20,635 (12,829)
Cash, cash equivalents and rest