<SEC-DOCUMENT>0001171843-17-006566.txt : 20171102
<SEC-HEADER>0001171843-17-006566.hdr.sgml : 20171102
<ACCEPTANCE-DATETIME>20171102160552
ACCESSION NUMBER:		0001171843-17-006566
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171102
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171102
DATE AS OF CHANGE:		20171102

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:		171172253

	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_110217.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): <!--November 2, 2017-->November 2, 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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[ &#160; &#160;]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">
 <p>&#160; &#160; &#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; &#160; On November&#160;2, 2017, Alpha and Omega Semiconductor Limited (the &#8220;Company&#8221;) issued a press release regarding its financial results for the fiscal first quarter of 2018 ended September&#160;30, 2017.&#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. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p>(d) Exhibits.</p> <table style="border-collapse: collapse; "><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; "><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">Press Release dated November 2, 2017 </font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; "><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_992.htm" rel="nofollow">99.2</a></font></font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">Script for Earnings Call </font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Alpha and Omega Semiconductor Limited</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: November 2, 2017</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Yifan Liang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Yifan Liang</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Chief Financial Officer and Corporate Secretary</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p></body></html>
</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 First Quarter of 2018 Ended September&#160;30, 2017</strong></p><p style="text-align: center;"><p>
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Reflecting increased confidence in AOS&#8217;s profitability and cash generation capability, our Board recently approved a $30 million share repurchase program, which underscores our commitment to enhance shareholder value.&#160; As we are consistently meeting near-term objectives, we are also investing in long-term initiatives, including the Chongqing joint venture formed in 2016 and our recently signed digital power controller license agreement with STMicroelectronics.&#160; We believe AOS is well positioned to capture great opportunities today and for many years to come.&#8221;<br></p>  <p><strong>Business Outlook for Fiscal Q2 Ending December&#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. 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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 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, including digital power controller products,&#160; the ability to expand our sales, maintain optimal capacity and achieve sustained growth and profitability, the ability of our repurchase program to enhance shareholder value, the success of Chongqing joint venture and other information under the section entitled &#8220;Business Outlook for Fiscal Q2 Ending December&#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; difficulties and challenges in executing our diversification strategy into different market segments; ordering pattern from distributors and seasonality; 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 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, 2017 filed on September&#160;5, 2017.&#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.&#160;</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.&#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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<DOCUMENT>
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<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<p style="margin: 0; text-align: right"><b>EXHIBIT 99.2</b></p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">

<p style="font-size: 10pt; text-align: center; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in"><u>Alpha and Omega Semiconductor
Limited</u></p>

<p style="font-size: 10pt; text-align: center; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in"><u>Prepared Remarks of Investor
Conference Call</u></p>

<p style="font-size: 10pt; text-align: center; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in"><u>for the Quarter Ended September
30, 2017</u></p>

<p style="font-size: 10pt; text-align: center; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&#160;</p>

<p style="font-size: 10pt; text-align: center; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in"><u>November 2, 2017</u></p>

<p style="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&#160;</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">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Good afternoon, everyone, and welcome to the Alpha and Omega Semiconductor&rsquo;s
conference call for fiscal 2018 first quarter 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">&#160;</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, November 2, 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">&#160;</p>

<p style="font-size: 10pt; text-align: justify; 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">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Now, I&rsquo;ll turn the discussion over to Yifan, our CFO, to provide
an overview of the first fiscal quarter financial results.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">

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<p style="font-size: 10pt; text-indent: -1.25in; margin: 0pt 0 0pt 1.25in">&#160;</p>

<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">&#160;</p>

<p style="font-size: 10pt; text-align: justify; 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 the call over to Mike, our CEO, who will review
the company&rsquo;s business highlights. After that 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">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Revenue for the September quarter was $104.9 million, an increase
of 7.0% from the prior quarter and an increase of 7.7% from the same quarter last year. Our diversified new products across all
segments continued to show growing momentum.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In terms of product mix, MOSFET revenue was $83.7 million, up 9.0%
sequentially and up 17.1% year-over-year. Power IC revenue was $18.1 million, flat from the prior quarter and down 21.3% from a
year ago. Service revenue was approximately $3.1 million as compared to $3.0 million for the prior quarter and $2.9 million for
the same quarter last year.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Regarding the segment mix, this quarter&rsquo;s Computing segment
represented 38.8% of the total revenue, Consumer 24.6%, Power Supply and Industrial 19.1%, Communications 14.5%, Service 2.9%,
and others 0.1%.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">Gross margin for the September quarter was 26.3%, as compared to 25.6% in the prior quarter
and 22.5% for the same quarter last year. The increase in gross margin quarter-over-quarter was mainly driven by the improved product
mix and higher utilization, partially offset by the cost increase in raw materials and foundry services as we had mentioned in
our previous earnings call.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Operating expenses for the quarter were $22.9 million, compared
to $21.5 million for the prior quarter and $18.2 million for the same quarter last year. The increase in operating expenses quarter-over-quarter
was mainly due to an increase of annual merit-based compensation adjustments that started in July, more variable compensation accrual
because of the higher profitability, the growing startup expenses associated with our Chongqing joint venture, and increased R&amp;D
engineering expenses to support our growth.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Income tax expense was $1.3 million for the quarter as compared
to $0.8 million for the prior quarter, and $1.2 million for the same quarter last year.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Net income attributable to AOS for the quarter was approximately
$4.8 million or 19 cents earnings per share, as compared to 17 cents earnings per share for the prior quarter and 14 cents earnings
per share for the same quarter last year.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Non-GAAP EPS attributable to AOS for the quarter was 27 cents earnings
per share as compared to 25 cents earning per share for the prior quarter and 19 cents earnings per share for the same quarter
last year. Non-GAAP EPS excluded the effect of share-based compensation expenses of $2.0 million. The diluted earnings per share
calculation was based on approximately 25.0 million weighted average shares.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">We continued to generate positive cash flow. Cash flow from operations
was $12.3 million for the September quarter compared to $13.5 million for the prior quarter and $9.3 million for the same quarter
last year.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">EBITDAS for the September quarter was $15.0 million compared to
$14.0 million for the prior quarter and $12.3 million for the same quarter last year.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

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

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">We completed the September quarter with cash and cash equivalents
balance of $180.2 million, as compared to $115.7 million at the end of last quarter and $118.8 million a year ago. The $180.2 million
cash balance at September 30, 2017 consisted of $79.1 million from our Chongqing Joint Venture and $101.1 million from AOS. During
the quarter, the joint venture received $97.0 million capital contribution, including $87.0 million from the Chongqing funds, and
$10.0 million from AOS. As of the September quarter-end, the joint venture had received a total of $120.0 million capital contribution
from the Chongqing funds, and AOS&rsquo;s capital contribution had been completed.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">

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<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Net trade receivables were $25.4 million, as compared to $28.4 million
at the end of last quarter and $27.1 million during the same quarter last year. Day Sales Outstanding for the quarter was 32 days,
same as the prior quarter.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Net inventory was $79.2 million at the quarter-end, up from $76.3
million for last quarter and from $70.0 million for the prior year. Average days in inventory were 90 days for the quarter compared
to 92 days in the prior quarter.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Net Property, Plant and Equipment balance was $159.0 million, as
compared to $139.4 million last quarter and $123.0 million for the prior year. Capital expenditures were $28.3 million for the
quarter, including $7.1 million from AOS and $21.2 million from our Chongqing Joint Venture for building construction and purchase
of equipment. We have made significant progress in the construction of the joint venture&rsquo;s building infrastructure, which
is close to completion. We have included a picture of the building in our prepared remarks document, which can be found on
our IR website under the &lsquo;Events and Presentations&rsquo; page. The next major step is to construct the clean rooms, which
is expected to be completed by the first half of next calendar year. The overall project is progressing well according to our plan.
We expect to start trial production in mid next calendar year.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">Net intangible asset balance was $13.0 million for the quarter, including $12.6 million
license fee capitalized under the license agreement with STMicroelectronics that we entered in September 2017. During the quarter
we paid $5.6 million toward the license fee. The remaining balance is expected to be paid in the next few quarters based on a payment
schedule set forth in the license agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">Also in September, reflecting increased confidence in AOS&rsquo;s profitability and cash
generation capability, our Board approved a $30.0 million share repurchase program, which underscores our commitment to enhance
our shareholder value.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; 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">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">

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<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Mike Chang (Chief Executive Officer):</u></p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">AOS achieved another outstanding quarter and reached several important milestones. For
the September quarter, we have surpassed the $100 million quarterly revenue mark for the first time. Driven by the new products
across all market segments, the quarterly revenue came in at the top of our guidance ranges at $104.9 million, establishing an
all-time record. The favorable product mix contributed to the 10<sup>th</sup> consecutive quarter of gross margin expansion. Our
gross margin improved 380 basis points year over year, which resulted in  a healthy bottom line.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">Earlier this year, I shared our strategic vision of how we can achieve the ultimate
goal of becoming a total power semiconductor solution provider. The first step was to develop and introduce differentiated
products in four targeted markets. The next step was to grow the business on the strength of our new product cycle and keen
product executions to turn into a larger, more sizable force in the market place. The strong product momentum and healthy
business pipeline presented us with the exciting opportunities that will further expand the addressable markets and diversify
our product offering. In support of such growth trajectory, we signed the Joint Venture (JV) agreement with Chongqing
government in 2016. The JV project is moving well according to our plan as Yifan mentioned earlier. We expect the JV to improve
and enhance our manufacturing capability and allow us to expand and diversify our markets in China.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">I am very pleased to report that we recently took yet another critical step towards executing
our strategic plan during the September quarter. We entered into a license agreement with STMicroelectronics, which will lead us
to expand into new markets with digital multiphase controllers, primarily for applications in computer servers. By adding a multiphase
controller product line to our power IC and MOSFET products, we can offer a complete solution to customers in the server market.
The digital capability is one of the fundamental building blocks of AOS strategic plan that will elevate us to become a total solution
provider of power semiconductor. We plan to introduce new products addressing the server market in 2-3 years, and the entire team
at AOS remains committed to deliver fine executions for our near- and long-term plans.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">

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<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="color: #191919">Now, let's move to a detailed review of our business beginning
with </font>Computing segment. It represented 38.8% of total revenue in the September quarter. We posted a 1.4% sequential increase
and 16.2% growth year-over-year. The increase from a year ago was driven by the continuous gains of market shares in notebook applications.
<font style="color: #262626">Considering the strong demand for our products partially offset by </font>supply constraint,
we expect the Computing segment to maintain or slightly improve in the December quarter.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">Second, Consumer: It was 24.6% of the total revenue. It grew 6.7% sequentially and decreased
5.9% compared to the prior year. The wafer shortage at third party foundries continued to affect our Consumer business, however,
the rising shipments of our new products for home appliances that were developed and shipped from our fab resulted in a sequential
growth. As we look into the low seasonality for our Consumer business, we anticipate this segment to decrease in the coming quarter.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">Third, Power Supply and Industrial Segment: It was 19.1% of the total
revenue, which was up 14.6% sequentially, and down 1.9% from the same quarter last year. We are encouraged by customer
excitement for the recently introduced high performance &alpha;MOS5<sup>TM</sup> High Voltage (HV) MOSFET platform that
offers higher power density in smaller and more efficient packages. The solid sequential growth was attributable to the
revenue contribution from the &alpha;MOS5<sup>TM</sup> product line and the low voltage products for various power tool
applications. While we continue to be more selective in High Voltage allocation, we expect to see demand for the medium
voltage products in industrial power supply applications to grow in the next quarter. We anticipate that this
segment's revenue will maintain or slightly improve in the December quarter.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">Lastly, the Communication segment: It represented 14.5% of the total revenue. It increased
16.8% sequentially and 32.6% year over year. The increasing shipment of our AlphaDFN products for smartphone battery management
applications and surge protection products drove the significant growth during the September quarter. As we see healthy design
ins and wins with AlphaDFN products, we expect to maintain the revenue level next quarter.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">In closing, I am pleased with our sustainable growth and continued momentum. As we are
consistently delivering near-term objectives, we are also investing in long-term initiatives that will ultimately transform AOS
to a total power semiconductor solution provider. As we secure the right balance in near-term commitments and long-term investments,
I believe we are well positioned to capture great opportunities today and many years to come.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>&#160;</i></p>

<p style="font-size: 10pt; margin: 0pt 0">

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<p style="font-size: 10pt; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">As we look forward to the second quarter of fiscal year 2018, we expect:</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 December quarter&rsquo;s revenue to be in the range of $100 million to $104 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 is expected to be approximately 26% 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; font-size: 10pt">&middot;</font></td><td>GAAP operating expenses are expected to be in the range of $23.5 million plus or minus $1 million as we expect the Chongqing
joint venture related expenses continue to increase to support our joint venture&rsquo;s development plan.</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 are expected to be about $0.9 million to $1.1 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 is expected to be approximately $1.8 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 should range from $2.0 million to $2.1 million.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">As part of our normal practice, we are not assuming any obligations to update this information.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">Closing:</p>

<p style="font-size: 10pt; text-align: justify; 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>&#160;</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>&#160;</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>&#160;</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, tax expenses, net income, noncontrolling interest
and share-based compensation expenses, statements regarding market segments, diversification of products and new customers; expectation
with respect to improvement in profit,; 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; expectation with respect to our license agreement with STMicroelectronics; seasonality fluctuation in customer
demand; our ability to manage supply constraints and the expectation with respect to capacity limitation; the execution of our
business plan; the benefit of our share repurchase program; 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; difficulties and challenges in executing our diversification strategy into different market segments;
ordering pattern and seasonality; 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 develop and operate the 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 30, 2017
filed by AOS on September 5, 2017. 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>

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