<SEC-DOCUMENT>0000929638-25-001622.txt : 20250820
<SEC-HEADER>0000929638-25-001622.hdr.sgml : 20250820
<ACCEPTANCE-DATETIME>20250425162713
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000929638-25-001622
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPHA & OMEGA SEMICONDUCTOR Ltd
		CENTRAL INDEX KEY:			0001387467
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	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
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    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">April 25, 2025</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">VIA EDGAR</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>CONFIDENTIAL</u></div>
    <div style="font-family: 'Times New Roman', serif;">U.S. Securities and Exchange Commission<br>
      Division of Corporation Finance</div>
    <div style="font-family: 'Times New Roman', serif;">Office of Manufacturing<br>
      100 F. Street, N.E.</div>
    <div style="font-family: 'Times New Roman', serif;">Washington, D.C. 20549</div>
    <div style="font-family: 'Times New Roman', serif;">Attn: Dale Welcome and Kevin Stertzel</div>
    <div><br>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Re:</div>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Alpha &amp; Omega Semiconductor Limited</div>
          </td>
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          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">&#160;</td>
          <td style="width: 85.13%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Form 10-K for the Fiscal Year Ended June 30, 2024</div>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Filed August 23, 2024</div>
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          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Form 8-K filed November 25, 2024</div>
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          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Form 8-K filed February 5, 2025</div>
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          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">File No. 001-34717</div>
          </td>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Dear Mr. Welcome and Mr. Stertzel:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On behalf of Alpha &amp; Omega Semiconductor Limited (the &#8220;Company&#8221;), this letter sets forth the Company&#8217;s responses to the comments of the
      staff (the &#8220;Staff&#8221;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;Commission&#8221;) as set forth in the Staff&#8217;s letter dated April 11, 2025, regarding the Company&#8217;s Annual Report on Form 10-K for the fiscal year
      ended June 30, 2024 (the &#8220;Form 10-K&#8221;) and the Company&#8217;s Current Reports on Form 8-K filed on November 25, 2024, and February 5, 2025 (the &#8220;Form 8-Ks&#8221;).</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">For the Staff&#8217;s convenience, we have reproduced the comments below in bolded and italicized text, followed by the Company&#8217;s response.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;"><u>Form 10-K for the Fiscal Year Ended June 30, 2024</u></div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;"><u>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</u></div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-style: italic;"><u>Income Tax Expense - Fiscal 2024 vs 2023, page 52</u></div>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', serif; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Based upon your effective tax rate reconciliation in Note 12, there appears to be material factors impacting your net tax benefit for
              the year ended June 30, 2024, including, but not limited to, foreign taxes, tax credits, and non-deductible executive compensation. Please tell us, and revise your narrative in future filings to address, the underlying reasons these items
              impacted your effective tax rate during fiscal 2024 so that readers</div>
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              <div style="font-family: Tahoma, sans-serif; font-size: 9pt; font-weight: bold;"><a name="z_mps049039660000000000000005489000000000"></a>Morgan, Lewis &amp; Bockius <font style="font-variant: small-caps;">llp</font></div>
              &#160;</td>
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              <div style="font-family: Tahoma, sans-serif; font-size: 7.5pt;"><a name="z_mpv683043950000000000000000000000000000"></a>1400 Page Mill Road</div>
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              <div style="font-family: Tahoma, sans-serif; font-size: 7.5pt;">Palo Alto, CA&#160; 94304</div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="font-family: Tahoma, sans-serif; font-size: 7.5pt;"><img src="image0.jpg" height="10" width="10">&#160;<a name="z_mpv344816500000000000000000000000000000"></a>+1.650.843.4000</div>
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              <div style="font-family: Tahoma, sans-serif; font-size: 7.5pt;">United States</div>
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            <td style="width: 47.18%; vertical-align: top;">
              <div style="font-family: Tahoma, sans-serif; font-size: 7.5pt;"><img src="image1.jpg" height="10" width="10">&#160;<a name="z_mpv533211610000000000000000000000000000"></a>+1.650.843.4001<a name="z_mpd268703370000090000000000000000000000"></a></div>
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      <font style="font-family: Tahoma,sans-serif; font-size: 7.5pt; clear: both;"><a name="z_mpd268703370000090000000000000000000000"></a></font></div>
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      <div style="margin-left: 1pt; font-family: 'Times New Roman', serif; font-size: 9pt;">Securities and Exchange Commission</div>
      <div style="margin-left: 1pt; font-family: 'Times New Roman', serif; font-size: 9pt;">April 25, 2025</div>
      <div style="margin-left: 1pt; font-family: 'Times New Roman', serif; font-size: 9pt;">Page 2</div>
      <div><br>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><font style="font-style: italic;">can fully
        understand the variances and assess the continuing impact on your company. Refer to Item 303(b)(2) of Regulation S-K</font>.</div>
    <div style="text-align: justify; margin-right: 31.7pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">Response: The Company acknowledges the Staff&#8217;s comment and respectively advises the Staff that the Company incurred tax
      expense of $3.6 million for fiscal 2024 as compared to $5.9 million tax expense for 2023. The primary reason for the $2.3 million change in tax expense during fiscal 2024 as compared to 2023 was due to the $2.3 million difference in foreign tax
      differentials, which was what the Company explained and disclosed in the MD&amp;A on Page 52 of the Form 10-K.&#160; The dollar amount differences in tax credits and non-deductible executive compensation for both fiscal years were immaterial.&#160; The reason
      for the large percentage differences in the effective tax rate reconciliation in Note 12 was primarily due to the smaller amount of pretax book loss of $2.6 million as the denominator in the calculation of effective tax rate reconciliation in fiscal
      2024, as compared to the larger amount of pretax book income of $19.7 million in fiscal 2023, which net value is approximately 7.6 times higher than the pretax book loss in fiscal 2024. Therefore, the percentage impact on the effective tax rate in
      fiscal 2024 is approximately 7.6 times higher than in fiscal 2023, simply due to the large variance in pretax book income/loss between the two years. The Company has already disclosed this factor in the current disclosures on Page 52 and does not
      believe additional clarification or explanation is needed in the MD&amp;A.&#160; Similarly, the Company does not believe it is necessary to expand its disclosures in the MD&amp;A to discuss the reconciliation in Note 12 to the Consolidated Financial
      Statements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 31.7pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">The Company will continue to provide narrative in future filings in accordance with Item 303(b)(2) of Regulation S-K.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 31.7pt; font-family: 'Times New Roman', serif; font-style: italic;"><u>Form 8-K filed November 25, 2024</u></div>
    <div style="text-align: justify; margin-right: 31.7pt; font-family: 'Times New Roman', serif; font-style: italic;"><u>Appointment of New Independent Registered Public Accounting Firm</u></div>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', serif; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">We note from your disclosure that you consulted with Deloitte, on technical accounting and internal control matters, prior to engaging
              them to be the principal accountant to audit your financial statements. In this regard, please amend your Item 4.01 Form 8-K to provide the disclosures required by Item 304(a)(2)(ii)(A)-(D) of Regulation S-K, or tell us why these disclosures
              are not required.</div>
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    <div style="text-align: justify; margin-right: 31.5pt; margin-left: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Response: The Company acknowledges the Staff&#8217;s comment and respectfully advises the Staff that,
      during the Company&#8217;s two most recent fiscal years or any subsequent interim period through the date of appointment, the services provided by Deloitte &amp; Touche LLP (&#8220;Deloitte&#8221;) did not constitute consultations that would be required to be
      disclosed under Item&#160;304 (a)(2) of Regulation&#160;S-K. The matters on which the Company engaged with Deloitte were routine in nature and included oral advice and comments on the accounting treatment prepared by the Company for various</div>
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    <div style="margin-bottom: 10pt;">
      <div style="margin-left: 1pt; font-family: 'Times New Roman', serif; font-size: 9pt;">Securities and Exchange Commission</div>
      <div style="margin-left: 1pt; font-family: 'Times New Roman', serif; font-size: 9pt;">April 25, 2025</div>
      <div style="margin-left: 1pt; font-family: 'Times New Roman', serif; font-size: 9pt;">Page 3<font class="BRPFPageNumber">3</font></div>
      <div><br>
      </div>
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    <div style="text-align: justify; margin-right: 31.5pt; margin-left: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">transactions including the accounting for (i) a customer revenue contract, (ii) an equipment lease
      agreement, and (iii) the issuance of certain equity awards. No written accounting memorandums were prepared by Deloitte, and the Company took responsibility for all accounting positions. For the sake of completeness, the Company provided additional
      disclosures in the Form 8-K to describe such engagement with Deloitte. The Company did not engage or consult with Deloitte regarding any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and
      related instructions) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K and related instructions). Accordingly, the Company believes that the current disclosure in the Form 8-K complies with Item 304(a)(2)(ii)(A)-(D) of
      Regulation S-K and no amendment to the Form 8-K is required.</div>
    <div style="text-align: justify; margin-right: 31.7pt; font-family: 'Times New Roman', serif; font-style: italic;"><a name="z_Hlk195704721"></a><u>Form 8-K filed
          February 5, 2025</u></div>
    <div style="text-align: justify; margin-right: 31.7pt; font-family: 'Times New Roman', serif; font-style: italic;"><u>Exhibit 99.1</u></div>
    <div style="text-align: justify; margin-right: 31.7pt; font-family: 'Times New Roman', serif; font-style: italic;"><u>Business Outlook for Fiscal Q3 Ending March 31, 2025</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0345eb6caa694bdf8f2e0c091e908bb6" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', serif; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Your earnings release discloses forward looking guidance including non-GAAP gross margin and non-GAAP operating expenses. Please revise
              future filings to provide the reconciliations required by Item 10(e)(1)(i)(B) of Regulation S-K or revise your disclosure to state that a reconciliation cannot be provided without unreasonable effort, if appropriate.</div>
          </td>
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    <div style="text-align: justify; margin-right: 31.5pt; margin-left: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Response: The Company respectfully acknowledges the Staff&#8217;s comment and note that in its future
      earnings releases and filings, it intends to include a reconciliation of any non-GAAP forward-looking financial guidance or&#160; to disclose that such reconciliation cannot be provided without unreasonable effort pursuant to Item 10(e)(1)(i)(B) of
      Regulation S-K.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Please do not hesitate to contact the undersigned at +1.650.843.7263 with any questions you may have regarding this confidential submission.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Very truly yours,</div>
    <div style="font-family: 'Times New Roman', serif;"><u>/s/ Albert Lung</u></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', serif;">cc:</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Yifan Liang, Chief Financial Officer and Corporate Secretary, Alpha &amp; Omega Semiconductor Limited</div>
          </td>
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