Alpha and Omega Semiconductor Reports Financial Results for the

Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Second Quarter of 2021 Ended December 31, 2020

About Alpha and Omega Semiconductor

Alpha and Omega Semiconductor Limited, or AOS, is a designer, developer and global supplier of a broad range of power semiconductors, including a wide portfolio of Power MOSFET, IGBT, IPM, TVS, HVIC, GaN/SiC, 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 personal and portable computers, graphic cards, flat panel TVs, home appliances, smart phones, battery packs, quick chargers, home appliances, consumer and industrial motor controls 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									Six Months Ended
	December 31, 2020			September 30, 2020			December 31, 2019			December 31, 2020			December 31, 2019

Revenue	$	158,830		$	151,551		$	117,860		$	310,381		$	235,662
Cost of goods sold		110,081			109,028			93,454			219,109			184,324
Gross profit		48,749			42,523			24,406			91,272			51,338
Gross margin		30.7	%		28.1	%		20.7	%		29.4	%		21.8	%

Operating expenses:
Research and development		15,423			14,691			12,147			30,114			24,515
Selling, general and administrative		19,736			17,505			15,629			37,241			30,814
Total operating expenses		35,159			32,196			27,776			67,355			55,329
Operating income (loss)		13,590			10,327			(3,370	)		23,917			(3,991	)

Interest expense and other income (loss), net		(381	)		(549	)		(635	)		(930	)		(1,462	)
Income (loss) before income taxes		13,209			9,778			(4,005	)		22,987			(5,453	)

Income tax expense		669			1,011			568			1,680			978
Net income (loss) including noncontrolling interest		12,540			8,767			(4,573	)		21,307			(6,431	)
Net loss attributable to noncontrolling interest		(363	)		(807	)		(3,568	)		(1,170	)		(6,435	)
Net income (loss) attributable to Alpha and Omega Semiconductor Limited	$	12,903		$	9,574		$	(1,005	)	$	22,477		$	4

Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited
Basic	$	0.50		$	0.38		$	(0.04	)	$	0.88		$	0.00
Diluted	$	0.47		$	0.36		$	(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
Basic		25,672			25,340			24,701			25,506			24,620
Diluted		27,353			26,314			24,701			26,834			25,362

Alpha and Omega Semiconductor Limited
Condensed Consolidated Balance Sheets
(in thousands, except par value per share)
(unaudited)
	December 31, 2020			June 30, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	180,966		$	158,536
Restricted cash		230			2,190
Accounts receivable, net		24,934			13,272
Inventories		144,307			135,528
Other current assets		10,833			8,807
Total current assets		361,270			318,333
Property, plant and equipment, net		430,808			412,340
Operating lease right-of-use assets, net		34,395			32,948
Intangible assets, net		15,090			16,770
Deferred income tax assets		4,852			4,766
Restricted cash - long-term		2,143			1,978
Other long-term assets		4,607			5,804
Total assets	$	853,165		$	792,939
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	83,859		$	86,181
Accrued liabilities		60,483			54,986
Income taxes payable		2,166			1,360
Short-term debt		43,574			30,114
Finance lease liabilities		16,535			15,258
Operating lease liabilities		4,896			4,159
Total current liabilities		211,513			192,058
Long-term debt		93,096			99,775
Income taxes payable - long-term		921			903
Deferred income tax liabilities		860			496
Finance lease liabilities - long-term		20,821			26,842
Operating lease liabilities - long-term		31,102			30,254
Other long-term liabilities		20,196			10,723
Total liabilities		378,509			361,051
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 capital		254,980			246,103
Accumulated other comprehensive income (loss)		1,481			(5,127	)
Retained earnings		141,289			118,833
Total Alpha and Omega Semiconductor Limited shareholder's equity		331,718			293,689
Noncontrolling interest		142,938			138,199
Total equity		474,656			431,888
Total liabilities and equity	$	853,165		$	792,939

Supplemental disclosures of financial information:
(in thousands)

	As of December 31, 2020							As of June 30, 2020
	AOS		CQJV			Consolidated		AOS		CQJV			Consolidated
Cash and cash equivalents	$	142,326	$	38,640		$	180,966	$	110,346	$	48,190		$	158,536
Bank borrowings liabilities	$	28,538	$	146,676	*	$	175,214	$	32,708	$	140,652	*	$	173,360
Inventory	$	97,795	$	46,512		$	144,307	$	97,593	$	37,935		$	135,528
Property, plant and equipment, net	$	168,120	$	262,688		$	430,808	$	162,833	$	249,507		$	412,340

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