Alpha and Omega Semiconductor Reports Financial Results for Fiscal Fourth Quarter and Fiscal Year Ended June 30, 2024
The results for the fiscal fourth quarter ended
GAAP Financial Comparison |
||||||||||||
Quarterly |
||||||||||||
(in millions, except percentage and per share data) |
||||||||||||
(unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
|
||||||
Revenue |
|
$ |
161.3 |
|
|
$ |
150.1 |
|
|
$ |
161.5 |
|
Gross Margin |
|
|
25.7 |
% |
|
|
23.7 |
% |
|
|
27.6 |
% |
Operating Income (Loss) |
|
$ |
(1.5 |
) |
|
$ |
(10.5 |
) |
|
$ |
2.6 |
|
Net Loss |
|
$ |
(2.7 |
) |
|
$ |
(11.2 |
) |
|
$ |
(1.1 |
) |
Net Loss Per Share - Diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.04 |
) |
Non-GAAP Financial Comparison |
||||||||||||
Quarterly |
||||||||||||
(in millions, except percentage and per share data) |
||||||||||||
(unaudited) |
||||||||||||
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
|
||||||
Revenue |
|
$ |
161.3 |
|
|
$ |
150.1 |
|
|
$ |
161.5 |
|
Non-GAAP Gross Margin |
|
|
26.4 |
% |
|
|
25.2 |
% |
|
|
28.5 |
% |
Non-GAAP Operating Income (Loss) |
|
$ |
3.2 |
|
|
$ |
(1.1 |
) |
|
$ |
6.9 |
|
Non-GAAP Net Income (Loss) |
|
$ |
2.6 |
|
|
$ |
(1.2 |
) |
|
$ |
5.7 |
|
Non-GAAP Net Income (Loss) Per Share - Diluted |
|
$ |
0.09 |
|
|
$ |
(0.04 |
) |
|
$ |
0.19 |
|
The non-GAAP financial measures in the schedule above and under the section "Financial Results for Fiscal Q4 Ended
The results for the fiscal year ended
GAAP Financial Comparison |
||||||||
Annually |
||||||||
(in millions, except percentage and per share data) |
||||||||
(unaudited) |
||||||||
|
|
Year Ended |
||||||
|
|
2024 |
|
2023 |
||||
Revenue |
$ |
657.3 |
|
$ |
691.3 |
|
||
Gross Margin |
|
26.2 |
% |
|
28.9 |
% |
||
Operating Income (Loss) |
$ |
(3.8 |
) |
$ |
22.5 |
|
||
Net Income (Loss) |
$ |
(11.1 |
) |
$ |
12.4 |
|
||
Net Income (Loss) Per Share - Diluted |
$ |
(0.39 |
) |
$ |
0.42 |
|
||
Non-GAAP Financial Comparison |
||||||||
Annually |
||||||||
(in millions, except percentage and per share data) |
||||||||
(unaudited) |
||||||||
|
|
|
||||||
|
|
Year Ended |
||||||
|
|
2024 |
|
2023 |
||||
Revenue |
$ |
657.3 |
|
$ |
691.3 |
|
||
Non-GAAP Gross Margin |
|
27.2 |
% |
|
30.2 |
% |
||
Non-GAAP Operating Income |
$ |
21.7 |
|
$ |
63.9 |
|
||
Non-GAAP Net Income |
$ |
18.5 |
|
$ |
55.0 |
|
||
Non-GAAP Net Income Per Share - Diluted |
$ |
0.62 |
|
$ |
1.86 |
|
The non-GAAP financial measures in the schedule above exclude the effect of share-based compensation expenses, amortization of purchased intangible, legal costs related to government investigation, equity method investment loss from equity investee, and income tax effect of non-GAAP adjustments for fiscal years ended
Financial Results for Fiscal Q4 Ended
-
Revenue was
$161.3 million , flat from the same quarter last year and an increase of 7.5% quarter-over-quarter. - GAAP gross margin was 25.7%, down from 27.6% year-over-year and up from 23.7% in the prior quarter.
- Non-GAAP gross margin was 26.4%, down from 28.5% from the same quarter last year and up from 25.2% in the prior quarter.
-
GAAP operating expenses were
$42.9 million , down from$46.1 million in the prior quarter and up from$42.0 million from the same quarter last year. -
Non-GAAP operating expenses were
$39.3 million , an increase of$0.4 million from last quarter and an increase of$0.2 million from the same quarter last year. -
GAAP operating loss was
$1.5 million , as compared to an operating income of$2.6 million from the same quarter last year and an operating loss of$10.5 million in the prior quarter. -
Non-GAAP operating income was
$3.2 million as compared to$6.9 million for the same quarter last year and an operating loss of$1.1 million from last quarter. -
GAAP net loss per share was
$0.09 , compared to$0.39 for the prior quarter and$0.04 per share for the same quarter last year. -
Non-GAAP earnings per share was
$0.09 , compared to$0.04 net loss per share for the prior quarter and$0.19 net earnings per share for the same quarter last year. -
Consolidated cash flow provided by operating activities was
$7.1 million , as compared to$28.2 million in prior quarter. -
The Company closed the quarter with
$175.1 million of cash and cash equivalents.
AOS Chief Executive Officer
Business Outlook for Fiscal Q1 Ending
The following statements are based on management's current expectations. These statements are forward-looking, and actual results may differ materially. AOS undertakes no obligation to update these statements.
-
Revenue is expected to be
$180 million plus or minus$10 million . - Gross margin is expected to be 25.0% plus or minus 1%. Non-GAAP gross margin is expected to be 26.4% plus or minus 1%.
-
GAAP operating expenses are expected to be in the range of
$47.0 million , plus or minus$1 million . Non-GAAP operating expenses are expected to be in the range of$40.0 million plus or minus$1 million . - Interest expense to be approximately equal to interest income, and
-
Tax expense is expected to be in the range of
$0.9 million to$1.1 million .
Conference Call and Webcast
AOS plans to hold an investor teleconference and live webcast to discuss the financial results for the fiscal fourth quarter and the fiscal year ended
Forward Looking Statements
This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, market trends in the semiconductor industry, our ability to mitigate economic downturns and current cycles, seasonality of our business, our ability to pursue new opportunities, including A.I. markets, our projected amount of revenue, gross margin, operating income (loss), income tax expenses, net income (loss), and share-based compensation expenses, non-GAAP gross margin, non-GAAP operating expenses, income tax expenses, our ability to grow our sales and market share, and other information under the section entitled “Business Outlook for Fiscal Q1 Ending
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a basis consistent with
About
The following unaudited consolidated financial statements are prepared in accordance with
|
||||||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||||||
(in thousands, except percentages and per share amounts) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|||||||||||||||
Revenue |
$ |
161,296 |
|
$ |
150,060 |
|
$ |
161,525 |
|
$ |
657,274 |
|
$ |
691,321 |
|
|||||
Cost of goods sold |
|
119,859 |
|
|
114,505 |
|
|
116,944 |
|
|
485,356 |
|
|
491,785 |
|
|||||
Gross profit |
|
41,437 |
|
|
35,555 |
|
|
44,581 |
|
|
171,918 |
|
|
199,536 |
|
|||||
Gross margin |
|
25.7 |
% |
|
23.7 |
% |
|
27.6 |
% |
|
26.2 |
% |
|
28.9 |
% |
|||||
|
|
|
|
|
|
|||||||||||||||
Operating expenses: |
|
|
|
|
|
|||||||||||||||
Research and development |
|
21,813 |
|
|
23,095 |
|
|
22,711 |
|
|
89,940 |
|
|
88,146 |
|
|||||
Selling, general and administrative |
|
21,123 |
|
|
22,964 |
|
|
19,258 |
|
|
85,734 |
|
|
88,861 |
|
|||||
Total operating expenses |
|
42,936 |
|
|
46,059 |
|
|
41,969 |
|
|
175,674 |
|
|
177,007 |
|
|||||
Operating income (loss) |
|
(1,499 |
) |
|
(10,504 |
) |
|
2,612 |
|
|
(3,756 |
) |
|
22,529 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Other income (loss), net |
|
65 |
|
|
308 |
|
|
(298 |
) |
|
(73 |
) |
|
(1,730 |
) |
|||||
Interest income (expense), net |
|
412 |
|
|
271 |
|
|
(87 |
) |
|
1,186 |
|
|
(1,087 |
) |
|||||
Net income (loss) before income taxes |
|
(1,022 |
) |
|
(9,925 |
) |
|
2,227 |
|
|
(2,643 |
) |
|
19,712 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Income tax expense |
|
1,006 |
|
|
611 |
|
|
387 |
|
|
3,649 |
|
|
5,937 |
|
|||||
Net income (loss) before loss from equity method investment |
|
(2,028 |
) |
|
(10,536 |
) |
|
1,840 |
|
|
(6,292 |
) |
|
13,775 |
|
|||||
Equity method investment loss from equity investee |
|
(704 |
) |
|
(676 |
) |
|
(2,944 |
) |
|
(4,789 |
) |
|
(1,411 |
) |
|||||
Net income (loss) |
|
(2,732 |
) |
|
(11,212 |
) |
|
(1,104 |
) |
|
(11,081 |
) |
|
12,364 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Net income (loss) per common share |
|
|
|
|
|
|||||||||||||||
Basic |
$ |
(0.09 |
) |
$ |
(0.39 |
) |
$ |
(0.04 |
) |
$ |
(0.39 |
) |
$ |
0.45 |
|
|||||
Diluted |
$ |
(0.09 |
) |
$ |
(0.39 |
) |
$ |
(0.04 |
) |
$ |
(0.39 |
) |
$ |
0.42 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Weighted average number of common shares used to compute net income (loss) per share: |
|
|
|
|
|
|||||||||||||||
Basic |
|
28,879 |
|
|
28,433 |
|
|
27,598 |
|
|
28,236 |
|
|
27,522 |
|
|||||
Diluted |
|
28,879 |
|
|
28,433 |
|
|
27,598 |
|
|
28,236 |
|
|
29,528 |
|
|||||
|
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands, except par value per share) |
||||||||
(unaudited) |
||||||||
|
|
|
||||||
ASSETS |
|
|
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
175,127 |
|
$ |
195,188 |
|
||
Restricted cash |
|
413 |
|
|
415 |
|
||
Accounts receivable, net |
|
12,546 |
|
|
22,420 |
|
||
Inventories |
|
195,750 |
|
|
183,247 |
|
||
Other current assets |
|
10,506 |
|
|
22,666 |
|
||
Total current assets |
|
394,342 |
|
|
423,936 |
|
||
Property, plant and equipment, net |
|
336,619 |
|
|
357,831 |
|
||
Operating lease right-of-use assets, net |
|
25,050 |
|
|
24,349 |
|
||
Intangible assets, net |
|
3,516 |
|
|
6,765 |
|
||
Equity method investment |
|
356,039 |
|
|
366,617 |
|
||
Deferred income tax assets |
|
549 |
|
|
536 |
|
||
Other long-term assets |
|
28,898 |
|
|
19,703 |
|
||
Total assets |
$ |
1,145,013 |
|
$ |
1,199,737 |
|
||
LIABILITIES AND EQUITY |
|
|
||||||
Current liabilities: |
|
|
||||||
Accounts payable |
$ |
45,084 |
|
$ |
50,775 |
|
||
Accrued liabilities |
|
72,371 |
|
|
79,533 |
|
||
Payable related to equity investee, net |
|
13,682 |
|
|
11,950 |
|
||
Income taxes payable |
|
2,798 |
|
|
5,546 |
|
||
Short-term debt |
|
11,635 |
|
|
11,434 |
|
||
Deferred revenue |
|
2,591 |
|
|
8,073 |
|
||
Finance lease liabilities |
|
935 |
|
|
867 |
|
||
Operating lease liabilities |
|
5,137 |
|
|
4,383 |
|
||
Total current liabilities |
|
154,233 |
|
|
172,561 |
|
||
Long-term debt |
|
26,724 |
|
|
38,360 |
|
||
Income taxes payable - long-term |
|
3,591 |
|
|
2,817 |
|
||
Deferred income tax liabilities |
|
26,416 |
|
|
27,283 |
|
||
Finance lease liabilities - long-term |
|
2,282 |
|
|
3,216 |
|
||
Operating lease liabilities - long-term |
|
20,499 |
|
|
20,544 |
|
||
Other long-term liabilities |
|
19,661 |
|
|
51,037 |
|
||
Total liabilities |
|
253,406 |
|
|
315,818 |
|
||
Commitments and contingencies (Note 14) |
|
|
||||||
Equity: |
|
|
||||||
Preferred shares, par value |
|
|
||||||
Authorized: 10,000 shares; issued and outstanding: none at |
|
— |
|
|
— |
|
||
Common shares, par value |
|
|
||||||
Authorized: 100,000 shares; issued and outstanding: 36,107 shares and 28,969 shares, respectively at |
|
72 |
|
|
70 |
|
||
|
|
(79,213 |
) |
|
(79,365 |
) |
||
Additional paid-in capital |
|
353,109 |
|
|
329,034 |
|
||
Accumulated other comprehensive loss |
|
(13,419 |
) |
|
(8,111 |
) |
||
Retained earnings |
|
631,058 |
|
|
642,291 |
|
||
Total equity |
|
891,607 |
|
|
883,919 |
|
||
Total liabilities and equity |
$ |
1,145,013 |
|
$ |
1,199,737 |
|
||
|
||||||||
Selected Cash Flow Information |
||||||||
( in thousands) |
||||||||
(unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Fiscal Year Ended |
||||||
|
|
2024 |
|
2023 |
||||
Net cash provided by operating activities |
$ |
25,710 |
|
|
$ |
20,473 |
|
|
Net cash used in investing activities |
|
(35,744 |
) |
|
|
(109,630 |
) |
|
Net cash used in financing activities |
|
(9,903 |
) |
|
|
(29,611 |
) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(126 |
) |
|
|
(280 |
) |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(20,063 |
) |
|
|
(119,048 |
) |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
195,603 |
|
|
|
314,651 |
|
|
Cash, cash equivalents and restricted cash at end of year |
$ |
175,540 |
|
|
$ |
195,603 |
|
|
|
||||||||||||||||||||
Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures |
||||||||||||||||||||
(in thousands, except percentages and per share data) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
GAAP gross profit |
$ |
41,437 |
|
|
$ |
35,555 |
|
|
$ |
44,581 |
|
|
$ |
171,918 |
|
|
$ |
199,536 |
|
|
Share-based compensation |
|
294 |
|
|
|
1,424 |
|
|
|
592 |
|
|
|
3,434 |
|
|
|
5,851 |
|
|
Amortization of purchased intangible |
|
812 |
|
|
|
812 |
|
|
|
812 |
|
|
|
3,247 |
|
|
|
3,247 |
|
|
Non-GAAP gross profit |
$ |
42,543 |
|
|
$ |
37,791 |
|
|
$ |
45,985 |
|
|
$ |
178,599 |
|
|
$ |
208,634 |
|
|
Non-GAAP gross margin as a % of revenue |
|
26.4 |
% |
|
|
25.2 |
% |
|
|
28.5 |
% |
|
|
27.2 |
% |
|
|
30.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
GAAP operating expense |
$ |
42,936 |
|
|
$ |
46,059 |
|
|
$ |
41,969 |
|
|
$ |
175,674 |
|
|
$ |
177,007 |
|
|
Share-based compensation |
|
3,273 |
|
|
|
7,041 |
|
|
|
2,777 |
|
|
|
18,207 |
|
|
|
31,637 |
|
|
Legal costs related to government investigation |
|
352 |
|
|
|
103 |
|
|
|
99 |
|
|
|
524 |
|
|
|
656 |
|
|
Non-GAAP operating expense |
$ |
39,311 |
|
|
$ |
38,915 |
|
|
$ |
39,093 |
|
|
$ |
156,943 |
|
|
$ |
144,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
GAAP operating income (loss) |
$ |
(1,499 |
) |
|
$ |
(10,504 |
) |
|
$ |
2,612 |
|
|
$ |
(3,756 |
) |
|
$ |
22,529 |
|
|
Share-based compensation |
|
3,567 |
|
|
|
8,465 |
|
|
|
3,369 |
|
|
|
21,641 |
|
|
|
37,488 |
|
|
Amortization of purchased intangible |
|
812 |
|
|
|
812 |
|
|
|
812 |
|
|
|
3,247 |
|
|
|
3,247 |
|
|
Legal costs related to government investigation |
|
352 |
|
|
|
103 |
|
|
|
99 |
|
|
|
524 |
|
|
|
656 |
|
|
Non-GAAP operating income (loss) |
$ |
3,232 |
|
|
$ |
(1,124 |
) |
|
$ |
6,892 |
|
|
$ |
21,656 |
|
|
$ |
63,920 |
|
|
Non-GAAP operating margin as a % of revenue |
|
2.0 |
% |
|
|
(0.7 |
)% |
|
|
4.3 |
% |
|
|
3.3 |
% |
|
|
9.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
GAAP net income (loss) |
$ |
(2,732 |
) |
|
$ |
(11,212 |
) |
|
$ |
(1,104 |
) |
|
$ |
(11,081 |
) |
|
$ |
12,364 |
|
|
Share-based compensation |
|
3,567 |
|
|
|
8,465 |
|
|
|
3,369 |
|
|
|
21,641 |
|
|
|
37,488 |
|
|
Amortization of purchased intangible |
|
812 |
|
|
|
812 |
|
|
|
812 |
|
|
|
3,247 |
|
|
|
3,247 |
|
|
Equity method investment loss from equity investee |
|
704 |
|
|
|
676 |
|
|
|
2,944 |
|
|
|
4,789 |
|
|
|
1,411 |
|
|
Legal costs related to government investigation |
|
352 |
|
|
|
103 |
|
|
|
99 |
|
|
|
524 |
|
|
|
656 |
|
|
Income tax effect of non-GAAP adjustments |
|
(78 |
) |
|
|
(47 |
) |
|
|
(397 |
) |
|
|
(627 |
) |
|
|
(153 |
) |
|
Non-GAAP net income (loss) |
$ |
2,625 |
|
|
$ |
(1,203 |
) |
|
$ |
5,723 |
|
|
$ |
18,493 |
|
|
$ |
55,013 |
|
|
Non-GAAP net margin as a % of revenue |
|
1.6 |
% |
|
|
(0.8 |
)% |
|
|
3.5 |
% |
|
|
2.8 |
% |
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
GAAP net income (loss) |
$ |
(2,732 |
) |
|
$ |
(11,212 |
) |
|
$ |
(1,104 |
) |
|
$ |
(11,081 |
) |
|
$ |
12,364 |
|
|
Share-based compensation |
|
3,567 |
|
|
|
8,465 |
|
|
|
3,369 |
|
|
|
21,641 |
|
|
|
37,488 |
|
|
Amortization and depreciation |
|
13,908 |
|
|
|
13,325 |
|
|
|
12,045 |
|
|
|
53,757 |
|
|
|
43,207 |
|
|
Equity method investment loss from equity investee |
|
704 |
|
|
|
676 |
|
|
|
2,944 |
|
|
|
4,789 |
|
|
|
1,411 |
|
|
Interest expense (income), net |
|
(412 |
) |
|
|
(271 |
) |
|
|
86 |
|
|
|
(1,186 |
) |
|
|
1,087 |
|
|
Income tax expense |
|
1,006 |
|
|
|
611 |
|
|
|
387 |
|
|
|
3,649 |
|
|
|
5,937 |
|
|
EBITDAS |
$ |
16,041 |
|
|
$ |
11,594 |
|
|
$ |
17,727 |
|
|
$ |
71,569 |
|
|
$ |
101,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
GAAP diluted net income (loss) per share |
$ |
(0.09 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.37 |
) |
|
$ |
0.42 |
|
|
Share-based compensation |
|
0.12 |
|
|
|
0.30 |
|
|
|
0.11 |
|
|
|
0.72 |
|
|
|
1.27 |
|
|
Amortization of purchased intangible |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.11 |
|
|
|
0.11 |
|
|
Equity method investment loss from equity investee |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.10 |
|
|
|
0.16 |
|
|
|
0.05 |
|
|
Legal costs related to government investigation |
|
0.01 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
Income tax effect of non-GAAP adjustments |
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
Non-GAAP diluted net income (loss) per share |
$ |
0.09 |
|
|
$ |
(0.04 |
) |
|
$ |
0.19 |
|
|
$ |
0.62 |
|
|
$ |
1.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted average number of common shares used to compute GAAP diluted net income (loss) per share |
|
28,879 |
|
|
|
28,433 |
|
|
|
27,598 |
|
|
|
28,236 |
|
|
|
29,528 |
|
|
Weighed average number of common shares used to compute Non-GAAP diluted net income (loss) per share |
|
30,463 |
|
|
|
28,433 |
|
|
|
29,382 |
|
|
|
30,052 |
|
|
|
29,528 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806079058/en/
Investor and media inquiries:
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In
gary@blueshirtgroup.co
steven@blueshirtgroup.co
+1 (360) 808-5154
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