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Alpha and Omega Semiconductor Reports Financial Results for Fiscal Fourth Quarter and Fiscal Year Ended June 30, 2019

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Alpha and Omega Semiconductor Limited ("AOS") (NASDAQ:AOSL), today reported financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2019.

The results for the fiscal fourth quarter of 2019 ended June 30, 2019 were as follows:

GAAP Financial Comparison

Quarterly

(in millions, except percentage and per share data)

(unaudited)

 

 

Three Months Ended

 

 

June 30, 2019

 

March 31, 2019

 

June 30, 2018

Revenue

 

$

111.9

 

 

$

109.1

 

 

$

109.9

 

Gross Margin

 

24.7

%

 

23.5

%

 

26.6

%

Operating Loss

 

$

(1.0

)

 

$

(3.7

)

 

$

(0.1

)

Net Income (Loss) Attributable to AOS

 

$

2.5

 

 

$

(1.6

)

 

$

1.0

 

Net Income (Loss) Per Share Attributable to AOS - Diluted

 

$

0.10

 

 

$

(0.06

)

 

$

0.04

 

Non-GAAP Financial Comparison

Quarterly

(in millions, except percentage and per share data)

(unaudited)

 

 

Three Months Ended

 

 

June 30, 2019

 

March 31, 2019

 

June 30, 2018

Revenue

 

$

111.9

 

 

$

109.1

 

 

$

109.9

 

Non-GAAP Gross Margin

 

27.4

%

 

27.0

%

 

27.0

%

Non-GAAP Operating Income

 

$

8.0

 

 

$

6.3

 

 

$

7.8

 

Non-GAAP Net Income Attributable to AOS

 

$

8.8

 

 

$

5.5

 

 

$

7.6

 

Non-GAAP Net Income Per Share Attributable to AOS - Diluted

 

$

0.35

 

 

$

0.22

 

 

$

0.31

 

The non-GAAP financial measures in the schedule above exclude the effect of share-based compensation expenses and pre-production costs relating to the Chongqing Joint Venture in each of the periods presented, as well as production ramp up costs for the quarter ended June 30, 2019 and March 31, 2019. A detailed reconciliation of GAAP and non-GAAP financial measures is included at the end of this press release.

The results for the fiscal year ended June 30, 2019 were as follows:

GAAP Financial Comparison

Annually

(in millions, except percentage and per share data)

(unaudited)

 

Year Ended June 30,

 

2019

2018

Revenue

$

450.9

 

$

421.6

 

Gross Margin

25.6

%

26.6

%

Operating Income (Loss)

$

(7.0

)

$

8.4

 

Net Income Attributable to AOS

$

1.9

 

$

14.3

 

Net Income Per Share attributable to AOS - Diluted

$

0.08

 

$

0.57

 

Non-GAAP Financial Comparison

Annually

(in millions, except percentage and per share data)

(unaudited)

 

Year Ended June 30,

 

2019

2018

Revenue

$

450.9

 

$

421.6

 

Non-GAAP Gross Margin

28.4

%

26.9

%

Non-GAAP Operating Income

$

32.6

 

$

27.6

 

Non-GAAP Net Income Attributable to AOS

$

30.3

 

$

28.2

 

Non-GAAP Net Income Per Share Attributable to AOS - Diluted

$

1.23

 

$

1.14

 

The non-GAAP financial measures in the schedule above exclude the effect of share-based compensation expenses and pre-production costs relating to the Chongqing Joint Venture in each of the periods presented, as well as production ramp up costs for fiscal year ended June 30, 2019 and income tax benefit from tax reform for fiscal year ended June 30, 2018. A detailed reconciliation of GAAP and non-GAAP financial measures is included at the end of this press release.

Financial Results for fiscal Q4 Ended June 30, 2019

  • Revenue was $111.9 million, an increase of 2.6% quarter-over-quarter and an increase of 1.8% from the same quarter last year. The quarter-over-quarter increase was mainly due to increased sales in smart phone related applications.
  • GAAP gross margin was 24.7%. Non-GAAP gross margin was 27.4%, an increase of 40 basis points quarter-over-quarter and from the same quarter last year. The quarter-over-quarter increase was primarily due to the improved product mix.
  • GAAP operating expenses were $28.6 million. Non-GAAP operating expenses were $22.6 million, a decrease of $0.6 million quarter-over-quarter and an increase of $0.8 million from the same quarter last year. The quarter-over-quarter decrease was primarily due to the fluctuation of research and development engineering expenses.
  • GAAP operating loss was $1.0 million. Non-GAAP operating income was $8.0 million as compared to $6.3 million for the prior quarter and $7.8 million for the same quarter last year.
  • GAAP earnings per share attributable to AOS was $0.10. Non-GAAP earnings per share attributable to AOS was $0.35 compared to $0.22 for the prior quarter and $0.31 for the same quarter a year ago.
  • Consolidated cash flow provided by operating activities was $8.3 million, compared to consolidated cash flow used in operating activities of $10.8 million in the same quarter a year ago. Operating cash flow generated by AOS alone was $15.2 million, compared to $9.5 million for the prior quarter and $8.7 million for the same quarter a year ago.
  • The Company closed the quarter with $121.9 million of cash and cash equivalents, including $100.7 million at AOS alone and $21.2 million at the Chongqing Joint Venture.

"Our solid fourth quarter results marked a strong finish to fiscal year 2019, another record year on top of a very strong 2018. This clearly demonstrates the strength of our business strategy, operating excellence, as well as our diversified product portfolio and growing customer base," stated Dr. Mike Chang, chairman and CEO of the company.

"Looking ahead, despite the ongoing challenges of current market conditions and the geopolitical environment, we are consistently making progress toward our calendar 2021 annual revenue target of $600 million. The demand for our products, especially for mobile and home appliance applications, remains strong. The ramp up of Chongqing Joint Venture is well timed, as we are in the process of increasing volume production for multiple global brand OEM customers. We believe the success of our new product initiatives, diversification in product portfolio and customer base, as well as disciplined and timely investment in capacity expansion over the past several years will further propel our long-term growth."

Business Outlook for Fiscal Q1 Ending September 30, 2019

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 in the range of $115 million to $119 million.
  • Gross margin is expected to be approximately 20.0% plus or minus 1%. Non-GAAP gross margin is expected to be approximately 27.3% plus or minus 1%. Non-GAAP gross margin excludes $0.5 million of estimated share-based compensation charge and $8.1 million of estimated production ramp-up costs relating to the Chongqing Joint Venture as the 12" fab initiates production in the September quarter.
  • Operating expenses are expected to be in the range of $27.0 million plus or minus $1 million. Non-GAAP operating expenses are expected to be in the range of $24.6 million plus or minus $1 million. Both GAAP and non-GAAP operating expenses include $2.9 million to $3.1 million of estimated expenses relating to the development of our digital power controller business. Non-GAAP operating expenses exclude $2.4 million of estimated share-based compensation charge.
  • Tax expenses are expected to be in the range of $0.5 million to $0.7 million.
  • Chongqing Joint Venture's loss attributable to noncontrolling interest is expected to be approximately $5.4 million. On a non-GAAP basis, excluding estimated production ramp-up costs, this item is expected to be approximately $0.9 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 June 30, 2019 today, August 7, 2019 at 2:00 p.m. PT / 5:00 p.m. ET. To participate in the live call, analysts and investors should dial 866-393-4306 (or 734-385-2616 if outside the U.S.). To access the live webcast and the subsequent replay of the conference call, which will be available for seven days after the live call, go to the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com. In addition, a copy of the script of management's prepared remarks at the investor teleconference and webcast is available prior to the call at the Company's investor relations website.

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, statements relating to expected growth rate, our product portfolios, projected amount of revenue, gross margin, operating income (loss), income tax expenses, net income (loss), noncontrolling interest, and share-based compensation expenses, non-GAAP gross margin, non-GAAP operating expenses, tax expenses, and non-GAAP loss attributable to noncontrolling interest, the market trend of Computing business in 2019, anticipated annual revenue target, our ability and strategy to develop new products including digital power controller products, the ability to expand our sales and market share, increase our capacity and achieve sustained growth and profitability, the pre-production and production phases of our Chongqing Joint Venture, the development of digital power business, the relationship with key customers including global brand OEM customers, trends in geopolitical environment, business pipeline from design wins, and other information under the section entitled "Business Outlook for Fiscal Q1 Ending September 30, 2019". Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, our ability to successfully operate our joint venture in China; our ability to develop and succeed in the digital power business; difficulties and challenges in executing our diversification strategy into different market segments; new tariffs on goods from China; ordering pattern from distributors and seasonality; our ability to introduce or develop new and enhanced products that achieve market acceptance; decline of PC markets; the actual product performance in volume production; the quality and reliability of our product, our ability to achieve design wins; the general business and economic conditions; the state of semiconductor industry and seasonality of our markets; our ability to maintain factory utilization at a desirable level; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2019 to be filed by AOS. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and AOS undertakes no duty to update such information, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with U.S. GAAP, we disclose certain non-GAAP financial measures for our historical performance, including non-GAAP gross profit, gross margin, operating income (loss), net loss attributable to noncontrolling interest, net income (loss) and diluted earnings per share ("EPS"). These supplemental measures exclude share-based compensation expenses, pre-production expenses related to Chongqing Joint Venture for all periods presented, and production ramp up costs for all quarters of the fiscal year ended of June 30, 2019, as well as income tax benefit from tax reform for the fiscal year ended June 30, 2018 in this press release. We also disclose certain non-GAAP financial measures in our guidance for the next quarter, including non-GAAP gross margin, operating expenses and loss attributable to noncontrolling interest. These forecast supplemental measures exclude estimated pre-production expenses and production ramp-up costs relating to our Chongqing Joint Venture and estimated share-based compensation expenses. We believe that these historical and forecast non-GAAP financial measures can provide useful information to both management and investors by excluding certain items and expenses that are not indicative of our core operating results or do not reflect our normal business operations, such as the joint venture pre-production expenses. In addition, our management uses non-GAAP measures to compare our performance relative to forecasts and to benchmark our performance externally against competitors. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as non-GAAP net income (loss) or non-GAAP operating expenses, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures both in the text in this press release and in the tables attached hereto. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.

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 portable computers, flat-panel TVs, LED lighting, smart phones, battery packs, 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

 

Fiscal Year Ended

 

June 30,

2019

 

March 31,

2019

 

June 30,

2018

 

June 30,

2019

 

June 30,

2018

 

 

 

 

 

 

 

 

 

 

Revenue

$

111,856

 

 

$

109,067

 

 

$

109,897

 

 

$

450,920

 

 

$

421,553

 

Cost of goods sold

84,220

 

 

83,438

 

 

80,714

 

 

335,542

 

 

309,625

 

Gross profit

27,636

 

 

25,629

 

 

29,183

 

 

115,378

 

 

111,928

 

Gross margin

24.7

%

 

23.5

%

 

26.6

%

 

25.6

%

 

26.6

%

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

11,030

 

 

11,417

 

 

9,951

 

 

46,431

 

 

37,344

 

Selling, general and administrative

17,564

 

 

17,947

 

 

19,307

 

 

75,967

 

 

66,164

 

Total operating expenses

28,594

 

 

29,364

 

 

29,258

 

 

122,398

 

 

103,508

 

Operating income (loss)

(958

)

 

(3,735

)

 

(75

)

 

(7,020

)

 

8,420

 

 

 

 

 

 

 

 

 

 

 

Interest income and other income (loss), net

83

 

 

124

 

 

(1,589

)

 

543

 

 

(1,943

)

Interest expense

(1,990

)

 

(1,719

)

 

(685

)

 

(6,905

)

 

(821

)

Income (loss) before income taxes

(2,865

)

 

(5,330

)

 

(2,349

)

 

(13,382

)

 

5,656

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (income)

(630

)

 

625

 

 

676

 

 

1,256

 

 

708

 

 

Net income (loss) including noncontrolling interest

(2,235

)

 

(5,955

)

 

(3,025

)

 

(14,638

)

 

4,948

 

Net loss attributable to noncontrolling interest

(4,780

)

 

(4,400

)

 

(4,046

)

 

(16,499

)

 

(9,315

)

Net income (loss) attributable to Alpha and Omega Semiconductor Limited

$

2,545

 

 

$

(1,555

)

 

$

1,021

 

 

$

1,861

 

 

$

14,263

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited

 

 

 

 

 

 

 

 

 

Basic

$

0.10

 

 

$

(0.06

)

 

$

0.04

 

 

$

0.08

 

 

$

0.60

 

Diluted

$

0.10

 

 

$

(0.06

)

 

$

0.04

 

 

$

0.08

 

 

$

0.57

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common share attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

24,438

 

 

24,084

 

 

23,864

 

 

24,063

 

 

23,901

 

Diluted

24,996

 

 

24,084

 

 

24,628

 

 

24,698

 

 

24,844

 

Alpha and Omega Semiconductor Limited

Condensed Consolidated Balance Sheets

(in thousands, except par value per share)

(unaudited)

 

June 30, 2019

 

June 30, 2018

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

121,893

 

 

$

131,535

 

Restricted cash

364

 

 

189

 

Accounts receivable, net

24,296

 

 

33,755

 

Inventories

111,643

 

 

90,182

 

Other current assets

37,102

 

 

29,551

 

Total current assets

295,298

 

 

285,212

 

Property, plant and equipment, net

409,737

 

 

331,656

 

Intangible assets, net

16,882

 

 

16,591

 

Deferred income tax assets

4,822

 

 

4,892

 

Restricted cash - long-term

2,038

 

 

 

Other long-term assets

10,617

 

 

28,698

 

Total assets

$

739,394

 

 

$

667,049

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

94,384

 

 

$

92,661

 

Accrued liabilities

42,292

 

 

49,841

 

Income taxes payable

1,541

 

 

2,211

 

Short-term debt

26,609

 

 

3,811

 

Deferred margin

 

 

1,665

 

Capital leases

13,138

 

 

4,491

 

Total current liabilities

177,964

 

 

154,680

 

Long-term debt

59,380

 

 

26,786

 

Income taxes payable - long-term

993

 

 

924

 

Deferred income tax liabilities

466

 

 

713

 

Capital leases - long-term

47,082

 

 

56,791

 

Other long-term liabilities

10,220

 

 

993

 

Total liabilities

296,105

 

 

240,887

 

Equity:

 

 

 

Preferred shares, par value $0.002 per share:

 

 

 

Authorized: 10,000 shares; issued and outstanding: none at June 30, 2019 and 2018

 

 

 

Common shares, par value $0.002 per share:

 

 

 

Authorized: 100,000 shares; issued and outstanding: 31,163 shares and 24,517 shares, respectively at June 30, 2019 and 30,400 shares and 23,860 shares, respectively at June 30, 2018

62

 

 

61

 

Treasury shares at cost; 6,646 shares at June 30, 2019 and 6,540 shares at June 30, 2018

(66,240

)

 

(64,790

)

Additional paid-in capital

234,410

 

 

220,244

 

Accumulated other comprehensive income (loss)

(2,693

)

 

440

 

Retained earnings

125,485

 

 

122,639

 

Total Alpha and Omega Semiconductor Limited shareholders' equity

291,024

 

 

278,594

 

Noncontrolling interest

152,265

 

 

147,568

 

Total equity

443,289

 

 

426,162

 

Total liabilities and equity

$

739,394

 

 

$

667,049

 

Supplemental disclosures of financial information:

(in thousands)

 

 

 

 

 

 

 

 

 

 

As of June 30, 2019

As of June 30, 2018

 

AOS

CQJV

 

Consolidated

AOS

CQJV

 

Consolidated

Cash and cash equivalents

$

100,733

$

21,160

 

$

121,893

$

88,269

$

43,266

 

$

131,535

Bank borrowings liabilities

$

41,048

$

99,865

*

$

140,913

$

30,876

$

60,416

*

$

91,292

Inventory

$

93,852

$

17,791

 

111,643

$

88,168

$

2,014

 

$

90,182

Property, plant and equipment, net

$

148,497

$

261,240

 

$

409,737

$

141,575

$

190,081

 

$

331,656

Total assets

$

375,004

$

364,390

 

$

739,394

$

384,380

$

282,669

 

$

667,049

Total equity

$

325,240

$

118,049

 

$

443,289

$

293,609

$

132,553

 

$

426,162

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

Three Months Ended March 31, 2019

 

Three Months Ended June 30, 2018

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Net cash provided by (used in) operating activities

$

15,195

 

 

$

(6,930

)

 

$

8,265

 

 

$

9,540

 

 

$

(17,465

)

 

$

(7,925

)

 

$

8,722

 

 

$

(19,499

)

 

$

(10,777

)

Purchase of property and equipment

$

4,600

 

 

$

17,540

 

 

$

22,140

 

 

$

8,184

 

 

$

15,786

 

 

$

23,970

 

 

$

13,805

 

 

$

41,271

 

 

$

55,076

 

EBITDAS

$

15,076

 

 

$

(5,625

)

**

$

14,231

 

 

$

13,535

 

 

$

(6,093

)

**

$

11,842

 

 

$

15,292

 

 

$

(6,523

)

**

$

12,815

 

 

Year Ended June 30, 2019

 

Year Ended June 30, 2018

 

AOS

 

CQJV

 

Consolidated

 

AOS

 

CQJV

 

Consolidated

Net cash provided by (used in) operating activities

$

65,287

 

 

$

(33,866

)

 

$

31,421

 

 

$

36,885

 

 

$

(33,405

)

 

$

3,480

 

Purchase of property and equipment

$

36,002

 

 

$

76,049

 

 

$

112,051

 

 

$

49,390

 

 

$

128,359

 

 

$

177,749

 

EBITDAS

$

61,012

 

 

$

(22,522

)

**

$

54,989

 

 

$

58,418

 

 

$

(11,598

)

**

$

56,135

 

 

 

 

 

 

 

 

 

 

 

 

 

** 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

 

Fiscal Year Ended

 

June 30,

2019

 

March 31,

2019

 

June 30,

2018

 

June 30,

2019

 

June 30,

2018

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

27,636

 

 

$

25,629

 

 

$

29,183

 

 

$

115,378

 

 

$

111,928

 

Share-based compensation

431

 

 

494

 

 

461

 

 

1,963

 

 

1,641

 

Production ramp up costs related to joint venture

2,587

 

 

3,350

 

 

 

 

10,570

 

 

 

Non-GAAP gross profit

$

30,654

 

 

$

29,473

 

 

$

29,644

 

 

$

127,911

 

 

$

113,569

 

Non-GAAP gross margin as a % of revenue

27.4

%

 

27.0

%

 

27.0

%

 

28.4

%

 

26.9

%

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

$

(958

)

 

$

(3,735

)

 

$

(75

)

 

$

(7,020

)

 

$

8,420

 

Share-based compensation

2,518

 

 

3,112

 

 

2,935

 

 

13,177

 

 

11,412

 

Pre-production expenses related to joint venture

3,902

 

 

3,584

 

 

4,988

 

 

15,847

 

 

7,760

 

Production ramp up costs related to joint venture

2,587

 

 

3,350

 

 

 

 

10,570

 

 

 

Non-GAAP operating income

$

8,049

 

 

$

6,311

 

 

$

7,848

 

 

$

32,574

 

 

$

27,592

 

Non-GAAP operating margin as a % of revenue

7.2

%

 

5.8

%

 

7.1

%

 

7.2

%

 

6.5

%

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) attributable to AOS

$

2,545

 

 

$

(1,555

)

 

$

1,021

 

 

$

1,861

 

 

$

14,263

 

Share-based compensation

2,518

 

 

3,112

 

 

2,935

 

 

13,177

 

 

11,412

 

Pre-production expenses related to joint venture

2,413

 

 

2,215

 

 

3,643

 

 

9,748

 

 

5,258

 

Production ramp up costs related to joint venture

1,317

 

 

1,705

 

 

 

 

5,516

 

 

 

Income tax benefit from tax reform

 

 

 

 

 

 

 

 

(2,690

)

Non-GAAP net income attributable to AOS

$

8,793

 

 

$

5,477

 

 

$

7,599

 

 

$

30,302

 

 

$

28,243

 

Non-GAAP net margin attributable to AOS as a % of revenue

7.9

%

 

5.0

%

 

6.9

%

 

6.7

%

 

6.7

%

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) attributable to AOS

$

2,545

 

 

$

(1,555

)

 

$

1,021

 

 

$

1,861

 

 

$

14,263

 

Share-based compensation

2,518

 

 

3,112

 

 

2,935

 

 

13,177

 

 

11,412

 

Amortization and depreciation

7,879

 

 

8,010

 

 

7,601

 

 

32,038

 

 

29,419

 

Interest expense (income), net

1,919

 

 

1,650

 

 

582

 

 

6,657

 

 

333

 

Income tax expense

(630

)

 

625

 

 

676

 

 

1,256

 

 

708

 

EBITDAS

$

14,231

 

 

$

11,842

 

 

$

12,815

 

 

$

54,989

 

 

$

56,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share attributable to AOS

$

0.10

 

 

$

(0.06

)

 

$

0.04

 

 

$

0.08

 

 

$

0.57

 

Share-based compensation

0.10

 

 

0.12

 

 

0.12

 

 

0.53

 

 

0.46

 

Pre-production expenses related to joint venture

0.10

 

 

0.09

 

 

0.15

 

 

0.40

 

 

0.21

 

Production ramp up costs related to joint venture

0.05

 

 

0.07

 

 

 

 

0.22

 

 

 

Income tax benefit from tax reform

 

 

 

 

 

 

 

 

(0.10

)

Non-GAAP diluted net income per share attributable to AOS

$

0.35

 

 

$

0.22

 

 

$

0.31

 

 

$

1.23

 

 

$

1.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used to compute GAAP diluted net income (loss) per share

24,996

 

 

24,084

 

 

24,628

 

 

24,698

 

 

24,844

 

Shares used to compute Non-GAAP diluted net income per share

24,996

 

 

24,769

 

 

24,628

 

 

24,698

 

 

24,844

 

 

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