<SEC-DOCUMENT>0001171843-17-000757.txt : 20170208
<SEC-HEADER>0001171843-17-000757.hdr.sgml : 20170208
<ACCEPTANCE-DATETIME>20170208160524
ACCESSION NUMBER:		0001171843-17-000757
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170208
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170208
DATE AS OF CHANGE:		20170208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPHA & OMEGA SEMICONDUCTOR Ltd
		CENTRAL INDEX KEY:			0001387467
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34717
		FILM NUMBER:		17582556

	BUSINESS ADDRESS:	
		STREET 1:		475 OAKMEAD PARKWAY
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94085
		BUSINESS PHONE:		408-830-9742

	MAIL ADDRESS:	
		STREET 1:		475 OAKMEAD PARKWAY
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94085

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPHA & OMEGA SEMICONDUCTOR LTD
		DATE OF NAME CHANGE:	20070123
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_020817.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong><br>_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br>_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--February 8, 2017-->February 8, 2017 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Alpha and Omega Semiconductor Limited</strong></font><br><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Bermuda</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>001-34717</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>77-0553536</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;"><p>&#160; &#160; &#160;The information in Item 2.02 of this Current Report, including the accompanying exhibits, is being furnished and shall not be deemed &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of Section 18. The&#160;information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.</p><p>&#160; &#160; &#160;On February&#160;8, 2017, Alpha and Omega Semiconductor Limited (the &#8220;Company&#8221;) issued a press release regarding its financial results for the fiscal second quarter of 2017 ended December&#160;31, 2016.&#160; A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. 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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Second Quarter of 2017 Ended December&#160;31, 2016</strong></p><p style="text-align: center;"><p> <p align="justify">SUNNYVALE, California, Feb.  08, 2017  (GLOBE NEWSWIRE) -- Alpha and Omega Semiconductor Limited (&#8220;AOS&#8221;) (NASDAQ:AOSL), today reported financial results for the fiscal second quarter of 2017 ended December&#160;31, 2016.<br></p>  <p>The results for the fiscal second quarter of 2017 ended December&#160;31, 2016 were as follows:</p> <table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; 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The gross margin and the bottom line exceeded expectations by virtue of a favorable product mix of higher margin products.&#160; The solid December performance also marked a successful conclusion of AOS recovery plan. In calendar 2016, we improved our financial performance significantly as compared to the prior year, including revenue increase of 14.6%, margin expansion of 390 basis points and return to profitability. As we enter the next chapter of our rejuvenated growth, we are optimistic that the continued execution of our business strategies will create a firm foundation for sustainable growth in the years ahead."</p>  <p><strong>Business Outlook for Fiscal Q3 Ending March&#160;31, 2017 </strong></p>  <p><em>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.</em></p>  <ul><li>Revenue is expected to be between $90 million and $94 million.<br></li><li>GAAP gross margin is expected to be 22% plus or minus 1%.&#160;<br></li><li>GAAP operating expenses are expected to be in the range of $19 million plus or minus $1 million.&#160;<br></li><li>Tax expense is expected to be approximately $1.0 million to $1.2 million.&#160;<br></li><li>Loss attributable to noncontrolling interest is expected to be between $1.2 million and $1.3 million.</li></ul>  <p>The above projections on GAAP gross margin and GAAP operating expenses include estimated share-based compensation expense of $1.6 million to $1.8 million.</p>  <p><strong>Conference Call and Webcast</strong></p>  <p>AOS plans to hold an investor teleconference and live webcast to discuss the financial results for the fiscal second quarter of 2017 ended December&#160;31, 2016 today, February&#160;8, 2017 at 2:00 p.m. PT / 5:00 p.m. ET.&#160; To participate in the live call, analysts and investors should dial 877-312-8797 (or 253-237-1194 if outside the U.S.).&#160; 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 &amp; Presentations" section of the company's investor relations website, http://investor.aosmd.com.&#160; In addition, a copy of the script of prepared remarks by CEO and CFO at the investor teleconference and webcast is available prior to the call at the Company&#8217;s investor relations website.</p>  <p><strong>Forward-Looking Statements</strong></p>  <p>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.&#160; These forward-looking statements include, without limitation, statements relating to the expected new product cycle, projected amount of revenue, gross margin, operating income (loss), income tax expenses, net income (loss), noncontrolling interest, and share-based compensation expenses, our ability and strategy to develop new products, expand our sales, and achieve sustained growth&#160;and other information under the section entitled &#8220;Business Outlook for Fiscal Q3 Ending March&#160;31, 2017&#8221;.&#160; Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements.&#160; These factors include, but are not limited to, the decline of the PC industry and our ability to respond to such decline, our ability to introduce or develop new and enhanced products that achieve market acceptance, 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, our ability to successfully establish and operate our joint venture in China, and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June&#160;30, 2016 filed on August&#160;26, 2016.&#160; 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.&#160; 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.&#160; You should not place undue reliance on these forward-looking statements.&#160; 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.</p>  <p><strong>Use of Non-GAAP Financial Measures</strong></p>  <p>To supplement our unaudited consolidated financial statements presented on a basis consistent with U.S. GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross profit, gross margin, operating income (loss), net income (loss) and diluted earnings per share ("EPS").&#160;These supplemental measures exclude share-based compensation expenses for all periods presented in this press release and impairment of long-lived assets for the three and six months ended December 31, 2015.&#160; We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain expenses that are not indicative of our core operating results.&#160; In addition, our management uses non-GAAP measures to compare our performance relative to forecasts and to benchmark our performance externally against competitors.&#160; 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.&#160; For example, the term used in this press release, non-GAAP net income (loss), does not have a standardized meaning.&#160; 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.&#160; 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 in the tables attached to this press release.&#160; 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.</p>  <p><strong>About Alpha and Omega Semiconductor</strong></p>  <p>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 and Power IC products.&#160; AOS has developed extensive intellectual property and technical knowledge that encompasses the latest advancements in the power semiconductor industry, which enables it to introduce innovative products to address the increasingly complex power requirements of advanced electronics.&#160; 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.&#160; AOS's 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.&#160; 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">$</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(0.16</td><td style="vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share</td><td colspan="3" style="vertical-align: bottom ; 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vertical-align: bottom ; ">&#8212;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.02</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Non-GAAP diluted net income (loss) per share attributable to AOS</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.18</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.19</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#8212;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.37</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(0.06</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Shares used to compute basic per share</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">23,481</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">23,031</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">22,269</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">23,256</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">22,483</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Shares used to compute dilute per share</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">24,977</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">24,413</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">22,269</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">24,695</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">22,483</td><td style="vertical-align: bottom ; ">&#160;</td></tr></table> <p>&#160;<br></p></p><p>CONTACT:<br>Alpha and Omega Semiconductor Limited<br>Investor Relations<br>So-Yeon Jeong<br>408-789-3172<br>investors@aosmd.com</p></body></html>
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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.25in; text-align: right"><B>EXHIBIT 99.2</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.25in; text-align: right">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><U>Alpha and Omega Semiconductor
Limited</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><U>Prepared Remarks of Investor
Conference Call</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><U>for the Quarter Ended December
31, 2016</U></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in"><U>February 8, 2017</U></P>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in"><U>So-Yeon Jeong (Moderator):</U></P>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Good afternoon, everyone, and welcome to the Alpha and Omega Semiconductor&rsquo;s conference
call for fiscal 2017 second quarter financial results. This is So-Yeon Jeong, Investor Relations representative for the company.
With me today are Dr. Mike Chang, our CEO, and Yifan Liang, our CFO. This call is being recorded and broadcasted live over the
Web and can be accessed for seven days following the call via the link in the Investor Relations section of our website at www.aosmd.com.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-variant: small-caps; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">The
earnings release was distributed by globe newswire today, February 8, 2017, after the market closed. The release is also posted
on the company's website. Our earnings release and this presentation include certain non-GAAP financial measures. We use non-GAAP
measures because we believe they provide useful information about our operating performance that should be considered by investors
in conjunction with the GAAP measures that we provide. A reconciliation of these non-GAAP measures to comparable GAAP measures
is included in our earnings release.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We would like to remind you that during the course of this conference call, we will make
forward-looking statements, including discussions of business outlook and financial projections. These forward-looking statements
are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ
materially from such expectations. For a more detailed description of these risks and uncertainties, please refer to our recent
and subsequent filings with the SEC. We assume no obligations to update the information provided in today's call.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-variant: small-caps; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">Now,
I&rsquo;ll turn the discussion over to our CFO to provide an overview of the second fiscal quarter financial results.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-variant: small-caps; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-variant: small-caps; text-align: justify"><FONT STYLE="font-weight: normal; font-variant: normal"></FONT></P>

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<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in"><U>Yifan Liang (Chief Financial Officer):</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Thank you, So-Yeon. Good afternoon and thank you for joining us. To begin, I will discuss
financial results for the quarter. Then I&rsquo;ll turn it over to Mike, our CEO, who will review the company&rsquo;s business
highlights and I will follow up with our guidance for the next quarter. Finally, we&rsquo;ll reserve time for questions-and-answers.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Revenue for the December quarter was $94.7 million, down 2.7% sequentially and up 18.6%
year-over-year even under the supply constraint challenge that we started to experience during the December quarter. Our new products
continue to show strong momentum during our typically lower season.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In terms of product mix, MOSFET revenue was $69.8 million, a decrease of 2.2% from the
prior quarter and an increase of 17.6% from the same quarter last year. Power IC revenue was $21.9 million, down 5.0% from the
prior quarter and up 33.3% from the same quarter last year. Service revenue was $3.0 million, as compared to $2.9 million for the
prior quarter and $4.0 million from the same quarter last year.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In terms of segment mix, this quarter&rsquo;s Computing segment represented 38.4% of
the total revenue, Consumer 25.4%, Power Supply and Industrial 20.9%, Communications 11.9%, Service 3.2% and others 0.2%.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Gross margin was 23.3% for the December quarter, as compared to 22.5% in the prior quarter
and 18.8% for the same quarter last year. The increase in gross margin quarter-over-quarter was mainly driven by the improved product
mix.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Operating expenses for the quarter were $19.3 million, compared to $18.2 million for
the prior quarter and $15.2 million for the same quarter last year. The higher operating expenses quarter-over-quarter were primarily
due to the increased variable compensations resulted from the better than expected company&rsquo;s performance in calendar year
2016.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Income tax expense was $1.1 million for the quarter, compared to $1.2 million for the
prior quarter and $1.0 million for the same quarter last year.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Net income attributable to AOS for the quarter was approximately $2.8 million or 11 cents
earnings per share, as compared to 14 cents earnings per share for the prior quarter and 7 cents loss per share for the same quarter
last year.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Non-GAAP EPS attributable to AOS for the quarter was 18 cents earnings per share as compared
to 19 cents earnings per share for the prior quarter and break even for the same quarter last year. Non-GAAP EPS excluded the effect
of share based compensation expenses of $1.6 million for the December quarter as compared to $1.3 million in the prior quarter
and $1.1 million in the same quarter last year.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We continue to generate positive cash flow. Cash flow from operations was $8.8 million
for the December quarter compared to $9.3 million for the prior quarter and $16.8 million for the same quarter last year.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">EBITDAS for the December quarter was $12.2 million compared to $12.3 million for the
prior quarter and $7.8 million for the same quarter last year.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Moving on to the balance sheet.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We completed the December quarter with cash and cash equivalents balance of $122.8 million
including $19.1 million balance at our Chongqing Joint Venture, as compared to $118.8 million at the end of last quarter and $81.9
million a year ago.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Net trade receivables were $24.5 million, as compared to $27.1 million at the end of
last quarter and $26.1 million for the same quarter last year. Day Sales Outstanding was 35 days for the quarter, flat as compared
to the prior quarter.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Net inventory was $70.2 million at the quarter-end, compared to $70.0 million for last
quarter and $61.1 million for the prior year. Average days in inventory were 87 days for the quarter compared to 83 days in the
prior quarter.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Net Property, Plant and Equipment balance was $122.7 million, as compared to $123.0 million
for last quarter and $112.1 million for the prior year. Capital expenditures were $6.4 million for the quarter.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In January 2017, our Chongqing Joint Venture entered into a turn-key design and construction
contract to build a manufacturing facility for assembly, test and 12&rdquo; wafer fabrication for a total price of approximately
$78.0 million, which will be paid in accordance with the payment schedule based on the achievement of certain milestones. We expect
the construction work will start in mid February and finish in a year to a year and a half.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">With that, now I would like to turn the call over to our CEO, Dr. Mike Chang, who will
provide the business highlights for the quarter.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in"><U>Mike Chang (Chief Executive Officer):</U></P>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">Thank you, Yifan!</P>

<P STYLE="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Our turnaround efforts continue to produce positive results. For the December quarter,
typically a low season for us, our gross margin exceeded the top end of the guidance range while the <FONT STYLE="color: #101111">revenue
of $94.7 million came in near the high end of our expectations. </FONT>This time last year, I said that we hit an inflection point
as our new products were gaining traction at design-in and design-win levels, and since then our relentless efforts to execute
AOS product roadmap enabled us to achieve an 18.6% growth in revenue compared to the same quarter a year ago. Also, we continued
to expand our gross margin by virtue of a favorable product mix of higher margin products. As a result, we posted non-GAAP earnings
per share of $0.18 for the quarter. I am pleased with our strong execution in the December quarter despite supply constraints at
our third party foundries.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The solid December performance marked a successful conclusion of the recovery plan that
our Board had commenced a few years ago. During the course of calendar year 2016, which was the last phase of our recovery plan,
we have been putting all our efforts and focus to deliver meaningful revenue growth and profitability. Our results speak to the
substantial progress we have made: The revenue grew 14.6% to $366.4 million in calendar year 2016 from $319.7 million in 2015,
and the gross margin expanded about 390 basis points to 21.8% in 2016. The bottom line swung to 50 cents earnings per share on
a non-GAAP basis in 2016 from a loss of 28 cents per share in 2015. I am encouraged by the confidence and capability of our team
to steer further improvement and growth in the coming years.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">While on the subject, let me take a few moments to share my near- to mid-term vision
for AOS. Consistent with our ultimate goal of becoming a total power semiconductor solution provider, AOS has been evolving from
a relatively small MOSFET provider for a single market to a diversified and reliable supplier addressing four different target
markets. The next step in our journey is to steadily grow to be a more sizable force in the power semiconductor market. It will
serve as a firm foundation upon which our business model can fully demonstrate its scalability and leverage. Our business strategies
are well aligned to reach the goal in 3-5 years, and the entire team at AOS remains committed to drive the objectives we have identified.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Now, I will review our performance and initiatives in each business segment. First, Computing
segment: It represented 38.4% of the total revenue in the December quarter. The Skylake ramp and the shipment of graphics card
continued to improve, and contributed to a counter seasonal strength. We posted a 3.9% sequential increase and 24.7% growth year-over-year.
Our products designed in for Skylake are compatible for Kabylake platform with similar BOM content, which brings a smooth and seamless
transition to the next platform. Furthermore, our recent strides in graphics card application continued to make good progress as
we have benefited from the GPU market expansion. We continue to strive to broaden our BOM content and customer engagement. With
the slowing decline in the Computing market, we expect to see our devotion coming to fruition in the next year or so.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Second, Consumer: The revenue was 25.4% of the total. It decreased 12.1% sequentially
due to anticipated seasonality but grew by 16.1% compared to the prior year as we expanded revenue from ultra high definition TVs
and other diversified applications. Our shipments to key TV customers were pulled into the September quarter to prepare for the
holiday season and China Golden Week holidays, resulting in a seasonal decline in the December quarter. This segment is more exposed
to the wafer shortage from third-party foundries that are operating at full capacity. However, we expect that the progressive shipments
of the new products from our own fab will help us maintain the Consumer segment&rsquo;s revenue level in current calendar year.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Third, Power Supply and Industrial segment: It was 20.9% of the total revenue, which
was down 3.2% sequentially, but up 16.3% from last year, as our products for the quick charger applications were well adopted by
top-tier Chinese and Korean smart phone customers. Under the tight supply environment, we will continue to take a two-pronged approach
in managing this segment. With regard to growing applications, we will continue to expand the footprint and BOM content with our
new products. For legacy products, we will manage the mix to optimize our margin. All in all, we expect to maintain the revenue
level in this segment for 2017.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Last, Communications segment: The revenue was 11.9% of the total revenue, representing
a decrease of 1.3% quarter-over-quarter. Compared to the same quarter a year ago, however, it grew 29.6%. A majority of the growth
was propelled by the increased shipments of our AlphaDFN products supporting smartphone battery management applications. In addition,
we penetrated into new sockets and gained market shares with our surge protection products during the quarter. As the demand for
AlphaDFN product line increases, we expect the Communication segment to continue to grow.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In calendar year 2017, while our main challenge is to manage our mix to ease the supply
constraints and improve gross margin, we still expect a healthy growth. As we are entering the next chapter of AOS journey, we
are optimistic that the continued execution of our business strategies will accelerate our expansion. We believe that these efforts
will create a firm foundation for sustainable growth in the years ahead.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>Yifan Liang: Guidance for the next quarter</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">As we look forward to the third quarter of fiscal year 2017, we expect:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our March quarter&rsquo;s revenue to be in the range of $90 million to $94 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>GAAP gross margin to be approximately 22% plus or minus 1%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>GAAP operating expenses to be in the range of $18 million to $20 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Tax expenses to be about $1.0 million to $1.2 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Loss attributable to non-controlling interest to be around $1.2 million to $1.3 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our share-based compensation to be in the range of $1.6 million to $1.8 million.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">As per our regular practice, we are not assuming any obligations to update this information.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">With that, we will open up the floor for questioning.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Closing:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">This concludes our earnings call today. Thank you for your interest in AOS and we look
forward to talking to you again next quarter.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I></I></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Forward Looking Statements</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>This script 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 projected amount of revenues, gross margin, operating expenses, operating income (loss), tax expenses,
net income (loss), noncontrolling interest and share-based compensation expenses, statements regarding market segments,
diversification of products and new customers; the expected trend on revenue and sales for each segment of our serviceable
market; the progress of construction of manufacturing facility in our joint venture with Chongqing funds; our ability and
strategy to develop new products, expand our sales, revenue and profitability, growth in revenue and market share, including
adoption of low-voltage and power IC products and ramp up of Skylake/Kabylake platform; seasonality fluctuation in customer
demand; our ability to manage supply constraints; the execution of our business plan, and other information regarding the
future development of our business. 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,
the decline of the PC industry and our ability to respond to such decline, our ability to introduce or develop new and
enhanced products that achieve market acceptance, 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, our
ability to execute the joint venture successfully, and other risks as described in our SEC filings, including our Annual
Report on Form 10-K for the fiscal year ended June 30, 2016 filed by AOS on August 26, 2016. 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.</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: right">Page 7</P>

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