AOSL - Earnings call transcript Q1 2021 | Alpha and Omega Semiconductor Limited

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to Alpha and Omega Semiconductor Financial Results for the Fiscal First Quarter of 2021 Conference Call [Operator Instructions]. I will now turn the call over to Mr. Gary Dvorchak. Sir, the floor is yours.

Gary Dvorchak

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2021 quarter financial results. Relations AOS. Investor Dvorchak, Gary representative for I'm With are Dr. me today CEO; Mike CFO; Yifan and our Stephen President. our Vice Liang, Chang, Executive Chang, our web. being live is and the call This recorded over broadcast days replay following in A Investor of section website. Relations available be for the the via the will call link our seven

Our and will provide with segment a review call report; follows, provide review business; of after begin proceed will as Yifan the detailed results financial then guidance. will that, Mike a Stephen will

earnings The the session. was question-and-answer market. the have will November on after we wire over XXXX, The posted today, close release services company's also Finally, distributed the website. the release X, is of

earnings information release non-GAAP that performance non-GAAP GAAP that about our release. measures. forward-looking Our statements, in expectations risks this investors certain measures differ that during and business management's certain with includes should the We be based and considered comparable statements included measures non-GAAP call, conjunction measures believe use we of GAAP discussions by with the financial from reconciliation financial to these cause to on and make useful is We our earnings outlook conference expectations. involve are that the could current These will including actual forward-looking because we in we remind operating results presentation provide A and you provide. projections. measures materially they uncertainties this such

call. assume and obligation today's description risks filings our of uncertainties, detailed information the and more these the provided to with no refer a We please subsequent For recent update SEC. in to

of CEO, to Mike, turn will to the provide over I Now overview an call Mike? business. our the

Mike Chang

today's everyone, call. Welcome, Gary. you, to Thank

the a most momentum the revenue across end gross drove start at we growth updated Better year-over-year off excellent delivered XXXX. and year Shipments quarter our the uncertainty profitability. control particularly XX%. of and Revenue We with was XX% accelerated to a earlier of up October. despite high applications. to categories, strong fiscal We the non-GAAP global ongoing were issued product are in margin solid consumer of in COVID-XX. and September great utilization guidance expense computing and tight range Business

On the posted year-over-year. $X.XX, doubled more of line, which than we EPS non-GAAP bottom

demonstrate strategy, results expertise, to diversified strengths of customer our fiscal expanded First the portfolio and quarter competitive continue technical business product base.

business business While other by our computing market start power we including communications, have diversified our consumer, in successfully expanding we into the and segments, supply market, industrial.

become global to is mission the a and of of broad Our developer supplier portfolio designer, a power semiconductors. leading

to enables discrete develop variety technology solutions and expand platforms. target complete power power more offerings our IC and Our technical broader a enables deliver of for us Power This expertise us applications. to product

to we Over the a solution provider. component a have evolved from years, supplier

partner. have their have strategic our the We customers, and trusted relationships deeply become engaged strengthening more with

gaming and Our have continuing modern in structure our applications, OEM X recently the we design launched Tier strategic home how PC new wins, growth high graphics as customers. system are car platforms, with examples of with as some partnerships deepened appliance well

expanding an new to by customer with products. and drive will continue winning of pipeline OEM We engagement growth new ODM

to with rate geographic demand for us engaged Our renewed provides fab joint venture next target and trend approach chain, continued strengthen diversification second and in the multiyear by made The its the our the business for for conservative business capacity specifically helped employees for customers in macro this, to our our environment. management little capturing venture am year. an pleased direction which execution, the in positive focused it I years support their job growth this Because to possible outstanding faster. surging come. confidence our effort even and was quarter, we I growth challenging business Chongqing, September run Phase partners be and our company. EBITDA thank many fab our and of our joint to achieved of a shareholders also expect could staying quarter. though and Chongqing to support our I X of supply supply and chain our and our customers, flexible acknowledge we the wish I solid fab with want in with the will for and while want navigated

a growth We we believe products, of design new of are current now. the growth on we million strategy annual new target keep and see revenue. executing excited focused And XXXX we about customers, year new and our momentum strong trajectory. our wins building With we can healthy of our are on $XXX pipeline

caution is optimism still our highly While is environment investors justified, to the we that want uncertain.

prepared working We Stephen for COVID-XX, detailed to are due I the or quickly drive respond other to turn With to that, to be change call conditions diligently report. trade now but economy, issues. growth, over will tensions Stephen? should will segment

Stephen Chang

Thank and afternoon. you, Mike, good

our XX.X% year-over-year. supply quarter. revenue demand up the products. PC-related expected, total was high Let than September fulfilled and ramping we demand It stronger the computing. of XX.X% our with for The JV up fab. drove sequentially me in trend Revenue was start which with from XX.X% And represented work-from-home

of card graphics business digital power graphic customers' the remain high-performance in launch driver about We demand Our in key excited exceptionally gaming ramping was the by solutions MOS driven strong platforms. application. card of sales and

the in to this expect December continue quarter. We

card ahead, down as revenue expected to by we computing digits offset growth usual the graphics to seasonal the next be sequential PC. be the mid-single in the business in expect overall is in declines quarter, Looking

win sequentially sales of Revenue Now started consumer pandemic-driven revenue and increased growth. grew and game to It a September stay-at-home new was the gaming, Gaming significantly TVs as quarter. major further gaming effect XX.X% the and total home up PCs, of started the Preproduction ramped appliances, turning the to console in ramp. Similar boosted quarter, represented the for segment. XX.X% to June in year-over-year. propelling strong the September XX% the quarter. in console

gaming across appliances Home expand our by driven continued power intelligent several primarily of designed and sockets product multiple console lines, into system. IC have to September Power to quarter in modules. thrilled are of including We this sales the MOSFET,

our drive for ease with safety built-in customers and motor features performance. solution offer modules Our robust co-packaged co-package and IGBT of design a MOSFET-based

expanding room We designed business we are have been conditioners series customer. modules see new air for offering, pleased of to IPM with ramping module at our and product a a Japanese

Looking production to by the of the is with anticipate in appliances system decline mid-single-digit by gaming be decline offset components. a seasonal a in console push consumer December systems quarter, Growth coupled out of a we home the ramp TV, shortage other in caused likely segment. to

revenue, sequentially and the Supply X.X% down It discuss segment. let's of year-over-year. accounted X.X% Industrial Power and Now total for XX.X% up

to the to for couple to down PC we quick segment this Going surprise quarter, somewhat September expected upside and into due factors. was due chargers be The of softer a bands. demand

chargers COVID. than expected. were quarter-over-quarter, peak quick was flat This season due year's to smartphone First, for better global delayed OEMs

smartphone chargers in quarter, quick September again to our began shipping back. the come As started customers

response. Second, as in AC/DC designed in stronger industrial to agriculture, emergency PC band application for the power delivery in than DC the demand. drones map sales, the the are offset was Furthermore, to demand power for the use tracking such high-performance decline our supply which applications and expected, closely MOSFETs surge drone as started

we as by charger expect the in ahead, December be quick offset will to growth supply. flat quarter decline the AC/DC Looking be overall a in segment power

This quarter, segment, down revenue the in largely as played year-over-year. the was season. given up X.X% delay in peak total the XX.X% Communications Finally, let's which smartphone and sequentially X.X% to the out segment expected, move of

smartphone battery major peak our strong customers. ahead, season global in to expected Looking tracking quarter, protection of is our the business be the December

I Communications outlook. will expect up over We digits segment the quarter to to turn With now the call our fiscal in first revenue a Yifan of sequentially for quarter. Yifan? and be results that, discussion double financial December our

Yifan Liang

same everyone, December Thank from us. quarter prior up for you Revenue $XXX.X XX.X% thank and and Good was up the afternoon, XX.X% quarter last joining quarter from Stephen. year. you, million, the the for

product was sequentially mix, million, $XXX.X up revenue In terms of up XX.X% MOSFET year-over-year. XX.X% and

Our revenue up the from from million, XX.X% ago. $XX.X a XX.X% year IC was quarter prior up and

same year. last Non-GAAP revenue Non-GAAP of product for amortization gross XX%, quarter and margin million for $X.X mix for XX.X% last in as September the to utilization. of margin the higher gross was quarter the year. up Assembly and quarter million $X.X prior the was $X.X the service up million digital purchased IP-related same driven quarter. margin quarter compared factory in million from The quarter, was by increase and last $X.X favorable in excluded mainly power gross non-GAAP XX.X% to from

expenses for to to In million the the million expenses for $X.X million and the Non-GAAP charges power quarter In legal of compensation prior excluded the million of last we Non-GAAP This million prior $X.X increase JV Digital non-GAAP and and quarter as same R&D last digital accruals. quarter it compensation the same million quarter complementary GAAP variable the the make the the gross million and respectively. the $X.X million for last were year. more quarter for million related million $X expenses operating compared of well expenses same September compared charges for quarter prior compared last addition, the year. for and compares for run-off Company and $X.X of and for million non-GAAP the of costs related and the quarter million expenses investigation engineering as $X.X quarter-over-quarter is shipment government quarter to $X.X Power team included for gross compared digital power share-based $XX.X margin the to quarter to related compensation $XX.X $X.X $X.X related quarter primarily compensation $X.X also margin million to million quarter, production started million and the investigation. of quarter of the The for the $X expenses to the compensation of charges and for share-based quarter prior year. to as as power September prior charges excluded quarter same legal operation year. to quarter quarter million same Non-GAAP $X.X and share-based $X.X complete expenses to as of products. million excluded compelling. IC last Both share-based the for higher September for $XX.X operating operating year, for for $X.X

Company in Company September year. million the in prior for our million in power last $X.X compared As quarter AOS prior prior quarter quarter prior the and cash expenses AOS compared expense same JV the to going team for longer digital us, to million Company we prior million $X.X quarter million million was was $X.XX last quarter break to EPS quarter per same is compared flow. same year. for $XX.X quarter quarter the $X as as by the of million for was $X.X integration and million quarter September by for operating AOS the was million to continued Income in quarter forward. the quarter $X.X flow same on share in million no JV $X.X for $X.XX $X.XX September positive and cash quarter the cash for $XX $XX.X in for of the the compared million the same EBITDAs the stand-alone $X.X out the flow EBITDAS million $X.X provided JV year. behind to and the for $XX.X million as quarter internal last basis, will the the quarter cash tax same quarter $XX.X attributable cash the Non-GAAP Company to a quarter generate the EBITDAS flow provided $XX.X for September quarter quarter for and by year. the million AOS year. negative for last same year. attributable for $XX.X for million quarter Consolidated as of quarter the to now million $XX.X of used the year. generated to the operating million and for generated million in to and Operating cash to last compared in used quarter JV was last last the prior compared operating cash operating flow prior $XX.X the $X flow the compared was flow

million Company. We Now at AOS a let's $XXX.X which to completed the This of the Company. the quarter September quarter, $XXX.X compares at last million balance at balance look and sheet. $XXX.X end included JV million million, $XX million JV AOS cash of the and $XX.X $XXX.X million at including at with at

$XX.X the and and a JV cash at million, including $XXX.X ago at balance Our million AOS at $XX borrowing $XXX.X AOS bank was million the of JV Company. including year end balance at September Company. the at was $XXX.X $XX.X million The million million,

equipment million repaid $XX.X at Company for end, the Net million were end last discuss now quarter. With JV million and September up quarter, in at Capital were end million Net the $XX.X prior $X.X Days XX million existing and inventory guidance AOS inventory were AOS from receivables the quarter next expenditures the quarter, $XXX.X compared of the million prior the last quarter for outstanding the prior the $X.X During Average up same respectively. would $XXX.X and million to the and $XXX.X at to at year. the like and quarter, million JV of property the $X.X the from million of year. was that, loans, sales to $XXX.X million, quarter million XXX and Company. $XXX the prior days quarter quarter in plant $XX.X quarter days. including as from from the year. $X quarter in quarter, XXX last compared and $XX.X was million up and the were the for at up and for million I $XXX.X both days quarter. Net September for for from million days last trade the

the approximately X%. to share-based $XX.X to $X.X million, to Company; that range to million. excludes gross net minus of amortization gross item $X.X is non-controlling the of minus XX% expect million $X expenses million JV production to X%. in in million, million; plus investigation. to non-GAAP million plus minus of operating operating $X interest expenses legal are Note ramp-up We $X.X approximately to non-GAAP or million margin Income costs ramp-up to plus and of plus $X.X this estimated and charges $X.X XX% basis, margin be to to compensation Loss government Non-GAAP approximately revenue approximately be share-based expense of acquired and plus operating minus JV We $X.X attributable production $X expenses the expenses estimated estimated to or gross $X be million be minus be million, the excluding estimated anticipate $XXX a $X.X to relating $X.X margin range non-GAAP On or be million of $XX.X of relating IP, be GAAP or estimated compensation expected Non-GAAP tax million. to costs Company, expected million. relating charges the million. exclude million. be or

we With update the practice, information. open that, call start normal are we our of Operator, to for part please will Q&A As not questions. obligated this the session.

Operator

of first You Instructions] Williams. [Operator David question comes from the line

David Williams

the guide. solid on Congrats quarter the and

look revenue out nice As kind a of so of you're about run it rate. we think targeting $XXX year, million this kind obviously, and stream, the like very sounds

terms demand versus a is previously wins maybe like in with But you it that sticky. you're this fairly capacity? feels from lack coming little most you about bit couldn't backfilling of So of demand talk seeing the can products new just of where and design just

Stephen Chang

Sure.

growth the year are definitely off year. to And this to that. quarters. the we results of definitely And take couple see uncertain, past bit pleased unpredictable started and a the but see excited me Let in we're this

we've the growth In getting the that traction the area. especially terms has in PC of in the market, seen we're further current the grown, past in that

a our September module Smartphones started business, going and into starting has been of peak quarter We've our a the for position and module expand. and We continue rocky still bond And that couple discrete happened bit to with in of quarter. opened home start, at have our the graphics saw we've this with to layering the that's talked also we of December business, especially continues AOS, with quarter. like launching And next business, card And major the additionally, continue also global our of markets. that, and the gaming see placement business also overall going expanded we for on one to results, broken on many and this push the expand the into - we've IGBT smartphone out we've a about, our good the market business business to of And we're we consoles launch to the of as key quarter. and content. just appliance strong, top our this makers. gaming into the there a season But is spreading quarters.

So some the to as that we're well expanded of as applications of into. see existing pretty new growth happy growth areas just recently our the we've

David Williams

solution. quarter? excuse contribute Great. kind you that then targets that or about think And next then to thinking How kind What - think the digital expected of are what much just digital contribution What contribution power you be? ramps for and you of the of kind do could the the And as year, did about do controller me, or year? year? this that of think the

Stephen Chang

Sure.

We going So the revenue card, multiphase - to is [ph] where initiative. more is September smaller the part high-end vendor. for our already into quarter. power is at ramp a very graphic our high-end ramp that in came of a starting compared early right - digital ramp other into being and to card started doing card going This is our SBS is This we're card a that now. graphics in the

after our like card - this quarter. graphics that within and we they expecting that into also So part with set to XXXX, business business. - out the that, time, will out December more increase frame over In heart we maker. to expect more type seeing will little but and production in going gradually as roll card is for the quarter. and we're a XXXX, time we meanwhile, core server models more of hopefully our their proliferate some a be to It And market. into small this little the ramp out that see still telecom business to still And go further continue

David Williams

more, you don't if give factory a where one even And looking gross mind. us little in little a your the stands But bit you bit. can a about JV? that's maybe particularly really around color what and like the you are utilization helping maybe Okay. rates talked there. then your of loadings And But margin bit capacity

kind direction of contribution the that You maybe talk from you really of to margin, see kind gross If maybe next just in you qualify here? expect all of in terms you pieces terms about and you that that the that right those year. moving when getting of to combine moving that that together. are just rate expect run in in the Can of

could just So be any color helpful. you provide would

Yifan Liang

Okay. Sure, David.

September In of yes, XXX to margin the better to by June the was combination product primarily gross margin, terms factory points utilization. quarter's of basis gross and our mix due increased quarter. compared That

percent So I carries you product factory higher see mix mean will like mix side. for line utilization, and XX-some the a margin slightly and as half can maybe product improved. Power and XX% grow definitely factory higher product say, us. Product And I then product Power the quarter-over-quarter half, IC Example, utilization year-over-year. would on IC a line

our September a organ at its our there, are pretty terms factory growth. are the full scale - some back-end JV much and factories continued quarter, operate utilization, contributed own We facilities an to during Shanghai of Company fab revenue In out can ramp squeeze the and like right here the now.

mean, this X do I yet. right run to - rate now, Phase - not run fully ramped this up its So

to targeting they up we revenue actually at place. ramp to Company, in, growth. can quarter, outcome a our further quarterly said, that some support year, And then us room the me, JV mentioned million we're have as fully September level. that $XXX for us it's still actually, better Mike for as So next But

actually also, improved positive that Company quarter, the JV its during a The I view mean, performance. I So is factor. September

in also. was June the can And that September the this, production it from remember, now You cost million $X.X quarter, also. million like in the it's quarter, ramp-up I see $X.X

we're up on venture joint this So further rounding XX-inch fab.

Operator

line next from B. from of Riley FBR. Your the Ellis question comes Craig

Craig Ellis

see strong the in and the strong Congratulations and revenues on margins earnings Great the team. to quarter. real execution

XQ, margin question. margin So increase I'll thanks mix bit the higher, Yifan, looks But little you're to in XQ. in gross in fiscal is fiscal David's and utilization as guiding a revenues for it significant color on but start with lower. follow-up like a that in gross the the midpoint

higher for So lower margin what on the gross volume? accounts

Yifan Liang

would about the the of We in for guided revenue. quarter, that utilizations. factories mean margin gross flattish lot slightly things. actually increased not change I it's whole December Right a the now,

pretty so is product factories mix level. same, similar product margin own Our a full about running at are profile. Then the

margin at I would we this are this think gross So point. December quarter, in expecting similar

Craig Ellis

of of in And Okay. moving Got trends product business. dynamics some to then the it. the some and seasonal on the

then great wins investors there gaming execution program the that digital the - all strength see of the system in the and to profile types should and fiscal XQ about seasonal So how the XQ gaming seasonally those X seasonal of and on those what's think the XQ? card, in dynamics design power applications? stronger of weaker they Or businesses? Are XQ your and and

Stephen Chang

Sure.

cycles. All have these that. product of of, also new businesses lifetimes lifetimes' they business for us. are And guess, life a about excited pretty I different We're or great types

On platform the the refresh is typically another come a years. other whether it's years, want is for main systems seven with throughout or the some seven two year models, game graphics And offer. the every they two is card, down gaming new around and up And guys. years. typically, to And released cycle life refreshed combination the new cost also, system, new what they they for that also this of

that also So is And still especially Seasonality a too. unpredictable period. launch. beginning because of the as kind as read production unpredictable difficult probably little at it's right new reception for a builds the throughout there's little into, bit has we're sold far we as us, at it's good. well, of But quarter, little see, been side But bit year. seven-year usually a on continuously going each even is been to the

calendar to right still few and reception is for year, too still to a production, in production the customers' some strong. first we're production. So is just into sees match that - quarters. our once they there it's see at and hard overall, early tracking correction And And a But production. guess, QX inventory surge a December there Generally, adjust what kind tell. the our tends now, right going little the is this then customer quarter tell our we next moment, - to we calendar it's Q still, of pretty to I in be little our then once -

Craig Ellis

Okay. That's Stephen. appreciate really helpful. I it,

Moving on and just landscape. looking at supply the broader

just like all some constraint, we've So like be can would if double was ordering given good the things to fab JV execution talk the with demand? you're fab versus that Yifan, about to seems and issues that you the able your seen And quarter. again orders? seems out can it between there manufacturing activity meet getting It confirm regards of there very in over Oregon the in there aren't the But that supply end that outlook. you're inflating you comfort

Yifan Liang

Sure.

supply Our throughout is backlog overall December and the tight. market the has quarter. reflected healthy now, steady been Right quarter, in guidance for the which our

I customer. would look least backlogs field, it in at our orders orders. we wins with and rule we out each triangulate and at our double not at Internally, So some design also,

are to much And overall, December how off quarter high September ship customer. we So mean, it's quarter. think a achievable. base I that guidance we from the we The our is monitoring pretty each

not happy dropping. So to quarter increase, to continue we're see December

Craig Ellis

couple would of June a period year, quarter, which the September business growth strength typically in $XXX the exit or the maybe you, and the of about June see saw September quarter, would the if the into of of be are which seasonally Mike, of quarters Phase thinking something The nice supply, it million, million increase Yifan. given to design the 'XX in external that stronger of Yes. here seasonal X calendar seem well? the a, performing perhaps, profile like strong, occurs and you're could and and is talk for million range, that fab. very ramp of think out your for moving velocity Indeed, the look to level the next you ahead But business where $XXX if revenue maybe up so question, into I Can a either, about believe you X really which about demand fab JV potentially so you'd external how the is have Phase the or versus I just strong wins the accelerate to move supply $XXX well given of there.

Yifan Liang

as for take That's in. maybe first, add million mean Overall, mentioned, the was mean, year, I XXXX and Mike it our calendar revenue. $XXX year I'll Mike, I goal. targeting next annual can you

In points. at terms the hard of some to kind point. growth have overall, and areas altered quarter, I this those it's mentioned, each the COVID we Stephen maybe mean, - now, seasonality mean, some typical fluctuations see do and growth quarters, mean right we'll and between of year, this I But is I are as tell company-specific

So opportunities. pretty about next we were excited year's

we are phase for fab. on the other In terms yes, opportunities. And planning mean of - ramp JV the next at business on supply side, yes, and hand, our and I we growth are looking to continuing then

on out. agenda consider it another And year so is our now to right

is right business relatively So overall and want market development we Mike, I in you to add will see. now, momentum the the mean the some? strong.

Mike Chang

Yifan. Thank you,

there. the about the here, you, side okay. honest because be course, - And next tight about prepare CQ predict question, okay that, used think we so efficiency what's Of Whatever or Okay, business price with all you not don't much of that. equipment for can. that analysts out, could crystal capacity in even you ball, have say economy, I on cost, pretty your all some have covered the they, so planned - can clear nobody have to Talk years I not few the will whatever of it's to was ago, there, side, of a okay? I about you the just rate? time prepared pretty macro loading because at a right now is

respond because the adjustment to of we're adjust there to mix, So current the going demand. mine the of to kind

go So first phase there be to some to room will fulfill our next year.

course, question answer Of definitely there. I to for a whether the Phase be wonder X, which going follow-up your or we're looking there, this was from not.

Craig Ellis

Mike. think it I does, Yes,

there is points you some can debottlenecking Phase should out your of one efficiency to extra of get X. capacity think squeeze I gains and

that, time got yes. you've some So do to

Mike Chang

Move to with open around yes. up a bit just the tier,

Operator

line Stifel Nicholas. Your Jeremy the Instructions] question next [Operator Kwan from of from

Jeremy Kwan

consumer the add And and Stephen, ahead I side Is on formal - that on do congratulations plan. don't guys you of let revenue expectations caught I maybe, the of terms business? question strong outlook think me I have - of in results a that there $XXX a had my and the the the end million markets. hitting quarterly guidance. for

Stephen Chang

Yes.

sorry, was and growth and lot new gaming very was consumer in things And up tied as as due TV home seasonally. preproduction on of us quarter So September appliances. going well the strong console, the the the to the for - the in continued a was in to QX state-at-home.

because our to is see out issues. expect little QX, resume a part the the of starts And into home shipments see we've with market. Looking outlook, that been bit we have the pretty home of to a expected going And expecting especially following quarter. this overall that seasonality our quarter growing, done back the already also But quarter. play, of having some continued holiday because we're they're and been, the do IPM in TV drop some because most appliances coming script September December is into We supply in a again, the gaming in market like This mainly push expect refrigerators has in small a to to been in typically of mentioned that washing machines. slight growth we an appliances. production and modules to customer, in drop the area

quarter. a So overall, we're drop slight going into December predicting the

Jeremy Kwan

Great.

of is that? does Is just this Can off sound there ramp behind Communications the losing going it December, what's segment strong through else give So in December? better-than-seasonal that's on smartphone September. outlook just the walk for me kind us confidence delay is you Or - like especially something again driving what's there continuing business? the into of that's it the

Stephen Chang

Yes.

still big Normally, they be in doing of that to small us happened. sell-in it. outs few regards our the because And and at makers therefore, side. the some assets. phone up will the got outs, a for launches launches, far push is peak a though there's there some news for December By time. protection This and September seen we is push quarter smartphone quarter even expected the we've biggest You year, battery jump the with see to

the PCM QX, the for we've Communications be calendar strong led because so - for a quarter for of the guidance to battery - that in quarter. is So QX, peaked December going main that

Jeremy Kwan

turning it. the JV. to And guess I Got

Phase are Phase Originally, maybe level already combined to if this to and the now. give hit was help new the there for the So you a the at can I like get you another the Can - full was what would going way. that at JV try X to venue us guys you to JV's $XXX company? million us X plan suggest

Yifan Liang

Sure. Yes, million is $XXX revenue level. right at now, our quarterly

the XX-inch point, So bit fully at run not this fab then JV is ramped, a quite already. but

of portion to So supported ramp, our in quarter, - a here. the elements of here, there couple continued factors One thing the JV a growth. yes, are is, is, in revenue September and

our mix product On hand, couple quarters. improved last of the other in the

So revenue this per wafer some. actually increased now

foundry foundries our and So in - for revenue also supported more that then us. actually, organ own way, fab

So that's there. the dynamic in

I actually, better a actually, said, I So as us. for and this view outcome as

our can growth. still the support means JV that Company So further

expect So that's and from current can in the support, high estimate. [ph] how terms so it that's tunneling another I of wouldn't durable then also there,

Jeremy Kwan

and already. - helpful. that? like the have you of any give That's timing the you there can Is options out start terms magnitude of Great. of has indication the us shell very might I maybe you built the Phase understand that different the in been X

So CapEx of a already is lot spent. the

you of plans incremental type for X? capacity can Phase have adding terms of might us in what yes, you give So

Yifan Liang

not are for phase. Sure. incremental some next Whether or the or another full phase expansion, we it's actually, planning Right see. now, we'll

as so guarded As still mentioned, room And our as some [ph] bottleneck rooms Mike organ the just areas clean give and clean the output. not the us X, resolve X fab there room. is are also some adjust, can Phase to Phase that still clean to equipment, room and more the

So some by equipment some up that incrementally, help can install capacity. lift also

more next of in phase do planning. that we'll expansion. adjusted yes, JV terms see overall, of So We'll the the

Mike Chang

we still This year, planning, okay, a in comfortable. are should be report hurry we we one, as next because not

- take planning plan to will crucial. because is this it we time So do very

money. If you to going plan up aggressively, wind losing you're

enough not there, plan you're you the miss If to going opportunity.

calculation in to to our So we best out and carefully do time want come whatever to that. or spend do effort

this planning not So the detail mean yet. it's and stage, still we're I moment, in a yet, firm

Operator

I And Instructions] [Operator show management would to now no at further for remarks. closing I this call time. questions turn the any back

Mike Chang

to our Thank you in call to forward earnings and today. look concludes This AOS, interest for you. again. talking you we your Thank

Yifan Liang

you. Thank

Stephen Chang

you. Thank

Mike Chang

bless you. Bye. God

Operator

for gentlemen, thank conclude We you and does today's participation. Ladies this conference. your

all now may disconnect. You

Alpha and Omega Semiconductor Limited (AOSL) 8 Nov 202021 Q1 Earnings call transcript