Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Second Quarter of 2019 Ended December 31, 2018

 
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,
2018

September 30,
2018

December 31,
2017
December 31,
2018
December 31,
2017
 
GAAP gross profit $ 29,502 $ 32,611 $ 28,082 $ 62,113 $ 55,612
Share-based compensation 541 497 415 1,038 731
Production ramp up costs related to joint venture 3,516   1,117     4,633    
Non-GAAP gross profit $ 33,559   $ 34,225   $ 28,497   $ 67,784   $ 56,343  
Non-GAAP gross margin as a % of revenue 29.2 % 29.7 % 27.4 % 29.5 % 27.0 %
 
GAAP operating income (loss) $ (3,202 ) $ 875 $ 3,224 $ (2,327 ) $ 7,814
Share-based compensation 4,418 3,129 4,009 7,547 6,017
Pre-production expenses related to joint venture 3,734 4,627 8,361
Production ramp up costs related to joint venture 3,516   1,117     4,633    
Non-GAAP operating income $ 8,466   $ 9,748   $ 7,233   $ 18,214   $ 13,831  
Non-GAAP operating margin as a % of revenue 7.4 % 8.5 % 7.0 % 7.9 % 6.6 %
 
GAAP net income (loss) attributable to AOS $ (1,545 ) $ 2,416 $ 6,791 $ 871 $ 11,591
Share-based compensation 4,418 3,129 4,009 7,547 6,017
Pre-production expenses related to joint venture 2,458 2,662 5,120
Production ramp up costs related to joint venture 1,912 582 2,494
Income tax benefit from tax reform     (2,690 )   (2,690 )
Non-GAAP net income attributable to AOS $ 7,243   $ 8,789   $ 8,110   $ 16,032   $ 14,918  
Non-GAAP net margin attributable to AOS as a % of revenue 6.3 % 7.6 % 7.8 % 7.0 % 7.1 %
 
GAAP net income (loss) attributable to AOS $ (1,545 ) $ 2,416 $ 6,791 $ 871 $ 11,591
Share-based compensation 4,418 3,129 4,009 7,547 6,017
Amortization and depreciation 8,279 7,870 7,408 16,149 14,386
Interest expense (income), net 1,664 1,424 (174 ) 3,088 (215 )
Income tax expense (benefit) 701   560   (2,072 ) 1,261   (798 )
EBITDAS $ 13,517   $ 15,399   $ 15,962   $ 28,916   $ 30,981  
 
 
GAAP diluted net income (loss) per share attributable to AOS $ (0.06 ) $ 0.10 $ 0.27 $ 0.04 $ 0.46
Share-based compensation 0.18 0.13 0.16 0.31 0.25
Pre-production expenses related to joint venture 0.10 0.11 0.21
Production ramp up costs related to joint venture 0.08 0.02 0.09
Income tax benefit from tax reform     (0.11 )   (0.11 )
Non-GAAP diluted net income per share attributable to AOS $ 0.30   $ 0.36   $ 0.32   $ 0.65   $ 0.60  
 
Shares used to compute GAAP diluted net income (loss) per share 23,887 24,594 25,033 24,513 24,997
Shares used to compute Non-GAAP diluted net income per share 24,432 24,594 25,033 24,513 24,997

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