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

** CQJV EBITDAS includes amounts attributable to noncontrolling interest.

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									Six Months Ended
	December 31, 2020			September 30, 2020			December 31, 2019			December 31, 2020			December 31, 2019

GAAP gross profit	$	48,749		$	42,523		$	24,406		$	91,272		$	51,338
Share-based compensation		383			385			404			768			840
Amortization of purchased intangible		811			812			—			1,623			—
Production ramp up costs related to joint venture		—			275			8,486			275			14,477
Non-GAAP gross profit	$	49,943		$	43,995		$	33,296		$	93,938		$	66,655
Non-GAAP gross margin as a % of revenue		31.4	%		29.0	%		28.3	%		30.3	%		28.3	%

GAAP operating expense	$	35,159		$	32,196		$	27,776		$	67,355		$	55,329
Share-based compensation		2,841			2,491			2,083			5,332			4,016
Legal costs related to government investigation		843			1,107			—			1,950			—
Non-GAAP operating expense	$	31,475		$	28,598		$	25,693		$	60,073		$	51,313

GAAP operating income (loss)	$	13,590		$	10,327		$	(3,370	)	$	23,917		$	(3,991	)
Share-based compensation		3,224			2,876			2,487			6,100			4,856
Amortization of purchased intangible		811			812			—			1,623			—
Production ramp up costs related to joint venture		—			275			8,486			275			14,477
Legal costs related to government investigation		843			1,107			—			1,950			—
Non-GAAP operating income	$	18,468		$	15,397		$	7,603		$	33,865		$	15,342
Non-GAAP operating margin as a % of revenue		11.6	%		10.2	%		6.5	%		10.9	%		6.5	%

GAAP net income (loss) attributable to AOS	$	12,903		$	9,574		$	(1,005	)	$	22,477		$	4
Share-based compensation		3,224			2,876			2,487			6,100			4,856
Amortization of purchased intangible		811			812			—			1,623			—
Pre-production expenses related to joint venture		—			—			(25	)		—			24
Production ramp up costs related to joint venture		—			135			4,319			135			7,368
Legal costs related to government investigation		843			1,107			—			1,950			—
Income tax effect of non-GAAP adjustments		(1	)		(8	)		(2	)		(9	)		(7	)
Non-GAAP net income attributable to AOS	$	17,780		$	14,496		$	5,774		$	32,276		$	12,245
Non-GAAP net margin attributable to AOS as a % of revenue		11.2	%		9.6	%		4.9	%		10.4	%		5.2	%

GAAP net income (loss) attributable to AOS	$	12,903		$	9,574		$	(1,005	)	$	22,477		$	4
Share-based compensation		3,224			2,876			2,487			6,100			4,856
Amortization and depreciation		13,200			12,489			10,850			25,689			21,754
Interest expense (income), net		1,649			1,622			992			3,271			772
Income tax expense		669			1,011			568			1,680			978
EBITDAS	$	31,645		$	27,572		$	13,892		$	59,217		$	28,364


GAAP diluted net income (loss) per share attributable to AOS	$	0.47		$	0.36		$	(0.04	)	$	0.84		$	0.00
Share-based compensation		0.12			0.11			0.10			0.23			0.19
Pre-production expenses related to joint venture		—			—			(0.00	)		—			0.00
Production ramp up costs related to joint venture		—			0.01			0.17			0.01			0.29
Legal costs related to government investigation		0.03			0.04			—			0.07			—
Amortization of purchased intangible		0.03			0.03			—			0.06			—
Income tax effect of non-GAAP adjustments		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Non-GAAP diluted net income per share attributable to AOS	$	0.65		$	0.55		$	0.23		$	1.20		$	0.48

Shares used to compute GAAP diluted net income (loss) per share		27,353			26.314			24,701			26,834			25,362
Shares used to compute Non-GAAP diluted net income per share		27,353			26.314			25,594			26,834			25,362

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