Alpha and Omega Semiconductor Reports Financial Results for the

Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Third Quarter of 2021 Ended March 31, 2021

* AOS is not a guarantor of CQJV's (Chongqing Joint Venture) debts.

	Three Months Ended March 31, 2021							Three Months Ended December 31, 2020							Three Months Ended March 31, 2020
	AOS		CQJV			Consolidated		AOS		CQJV			Consolidated		AOS		CQJV				Consolidated
Net cash provided by (used in) operating activities	$	33,313	$	5,278		$	38,591	$	35,678	$	407		$	36,085	$	29,545	$	(15,233	)		$	14,312
Purchase of property and equipment, net of government grant	$	10,071	$	5,702		$	15,773	$	6,779	$	6,533		$	13,312	$	13,063	$	3,720			$	16,783
EBITDAS	$	30,610	$	4,503	**	$	36,246	$	25,332	$	5,950	**	$	31,645	$	6,487	$	(1,095	)	**	$	8,783

** 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											Nine Months Ended
	March 31, 2021			December 31, 2020				March 31, 2020				March 31, 2021			March 31, 2020

GAAP gross profit	$	52,691		$	48,749			$	22,459			$	143,963		$	73,797
Share-based compensation	427			383				357				1,195			1,197
Amortization of purchased intangible	812			811				—				2,435			—
Production ramp up costs related to joint venture	—			—				6,552				275			21,029
Non-GAAP gross profit	$	53,930		$	49,943			$	29,368			$	147,868		$	96,023
Non-GAAP gross margin as a % of revenue	31.9		%	31.4			%	27.5			%	30.8		%	28.0			%

GAAP operating expense	$	34,895		$	35,159			$	31,078			$	102,250		$	86,407
Share-based compensation	3,398			2,841				2,519				8,730			6,535
Legal costs related to government investigation	563			843				2,133				2,513			2,133
Impairment of privately-held investment	—			—				600				—			600
Non-GAAP operating expense	$	30,934		$	31,475			$	25,826			$	91,007		$	77,139

GAAP operating income (loss)	$	17,796		$	13,590			$	(8,619	)		$	41,713		$	(12,610	)
Share-based compensation	3,825			3,224				2,876				9,925			7,732
Amortization of purchased intangible	812			811				—				2,435			—
Production ramp up costs related to joint venture	—			—				6,552				275			21,029
Legal costs related to government investigation	563			843				2,133				2,513			2,133
Impairment of privately-held investment	—			—				600				—			600
Non-GAAP operating income	$	22,996		$	18,468			$	3,542			$	56,861		$	18,884
Non-GAAP operating margin as a % of revenue	13.6		%	11.6			%	3.3			%	11.9		%	5.5			%

GAAP net income (loss) attributable to AOS	$	16,100		$	12,903			$	(6,495	)		$	38,577		$	(6,491	)
Share-based compensation	3,825			3,224				2,876				9,925			7,732
Amortization of purchased intangible	812			811				—				2,435			—
Production ramp up costs related to joint venture	—			—				3,764				135			11,156
Legal costs related to government investigation	563			843				2,133				2,513			2,133
Impairment of privately-held investment	—			—				600				—			600
Income tax effect of non-GAAP adjustments	64			(1		)		0				55			(7		)
Non-GAAP net income attributable to AOS	$	21,364		$	17,780			$	2,878			$	53,640		$	15,123
Non-GAAP net margin attributable to AOS as a % of revenue	12.6		%	11.2			%	2.7			%	11.2		%	4.4			%


GAAP net income (loss) attributable to AOS	$	16,100		$	12,903			$	(6,495	)		$	38,577		$	(6,491	)
Share-based compensation	3,825			3,224				2,876				9,925			7,732
Amortization and depreciation	13,745			13,200				11,784				39,434			33,538
Interest expense (income), net	1,562			1,649				1,633				4,832			2,405
Income tax expense (income)	1,014			669				(1,015		)		2,694			(37		)
EBITDAS	$	36,246		$	31,645			$	8,783			$	95,462		$	37,147


GAAP diluted net income (loss) per share attributable to AOS	$	0.58		$	0.47			$	(0.26	)		$	1.42		$	(0.26	)
Share-based compensation	0.14			0.12				0.11				0.37			0.30
Production ramp up costs related to joint venture	—			—				0.15				0.01			0.44
Legal costs related to government investigation	0.02			0.03				0.09				0.09			0.09
Amortization of purchased intangible	0.03			0.03				—				0.09			—
Impairment of privately-held investment	—			—				0.02				—			0.02
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	$	0.77		$	0.65			$	0.11			$	1.98		$	0.59

Shares used to compute GAAP diluted net income (loss) per share	27,716			27,353				24,894				27,128			24,711
Shares used to compute Non-GAAP diluted net income per share	27,716			27,353				25,889				27,128			25.538

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