What changed in this filing

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Item 1. Business

2020-09-02 compared with 2019-08-23 · 95 added, 78 removed, 312 unchanged (36% of the section changed)

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We are a designer, developer and global supplier of a broad portfolio of power semiconductors.

Our portfolio of power semiconductors includes approximately 2,100 products, and has grown significantly with the introduction of over 200 new products in each of the fiscal year ended June 30, 2019 and 2018, respectively, and over 80 new products in the fiscal year ended June 30, 2017 .

Our portfolio of power semiconductors includes approximately 2,300 products, and has grown significantly with the introduction of over 160 new products in the fiscal year ended June 30, 2020 , and over 200 new products in each of the fiscal year ended June 30, 2019 and 2018 , respectively.

Our teams of scientists and engineers have developed extensive intellectual properties and technical knowledge that encompass major aspects of power semiconductors, which we believe enables us to introduce and develop innovative products to address the increasingly complex power requirements of advanced electronics.

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We differentiate ourselves by integrating our expertise in technology, design, and advanced packaging to optimize product performance and cost.

Our portfolio of products targets high-volume applications, including personal computers, flat panel TVs, LED lighting, smart phones, battery packs, quick chargers, home appliances, consumer and industrial motor controls and power supplies for TVs, computers, servers and telecommunications equipment.

Our portfolio of products targets high-volume applications, including portable computers, graphics cards, flat panel TVs, home appliances, smart phones, battery packs, consumer and industrial motor controls and power supplies for TVs, computers, servers and telecommunications equipment.

During the fiscal year ended June 30, 2020 , we continued our diversification strategy by developing new silicon and packaging platforms to expand our serviceable available market, or SAM and offer higher performance products.

Our metal-oxide-semiconductor field-effect transistors, or MOSFET, portfolio expanded significantly across a full range of voltage applications.

We also developed new technologies and products designed to penetrate into markets beyond our MOSFET computing base, including the consumer, communications and industrial markets as well as power IC for the next generation computing applications.

We also developed new technologies and products designed to penetrate into markets beyond our MOSFET computing base, including the consumer, communications and industrial markets, IGBTs for the home appliance market, as well as power ICs for the next generation computing applications.

Our business model leverages global resources, including research and development and manufacturing in the United States and Asia.

Our sales and technical support teams are localized in several growing markets.

We operate an 8-inch wafer fabrication facility located in Hillsboro, Oregon (the "Oregon fab"), which enables us to accelerate proprietary technology development, new product introduction and improve our financial performance.

We operate an 8-inch wafer fabrication facility located in Hillsboro, Oregon (the "Oregon fab"), which is critical for us to accelerate proprietary technology development, new product introduction and improve our financial performance.

To meet the market demand for the more mature high volume products, we also utilize the wafer manufacturing capacity of selected third party foundries.

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We believe our in-house packaging and testing capability provides us with a competitive advantage in proprietary packaging technology, product quality, costs and sales cycle time.

On March 29, 2016, we entered into a joint venture contract (the “JV Agreement”) with two investment funds affiliated with the municipalities of Chongqing (the “Chongqing Funds”), pursuant to which we and Chongqing Funds form a joint venture, (the “JV Company”), for the purpose of constructing a power semiconductor packaging, testing and a 12-inch wafer fabrication facility in the Liangjiang New Area of Chongqing, China (the “JV Transaction”).

On March 29, 2016, we entered into a joint venture contract (the “JV Agreement”) with two investment funds affiliated with the municipalities of Chongqing (the “Chongqing Funds”), pursuant to which we and Chongqing Funds formed a joint venture, (the “JV Company”), for the purpose of constructing a power semiconductor assembly and test facility and a 12-inch wafer fabrication facility in the Liangjiang New Area of Chongqing, China (the “JV Transaction”).

As of June 30, 2020 , we own 51%, and the Chongqing Funds own 49%, of the equity interest in the JV Company.

The JV Company started its assembly

and testing production in the September quarter of 2018 and continued its ramp up during the fiscal year 2019.

We also completed installation of equipment and trial production at the 12-inch wafer fabrication facility in fiscal year 2019.

In July 2019, we commenced limited mass production at the 12-inch wafer fabrication facility.

The JV Company had been ramping

up its production of assembly and testing during the fiscal year 2020.

The 12-inch wafer fabrication facility commenced its limited mass production in the quarter ended September 30, 2019 and continued its ramp in the year ended June 30, 2020.

While the JV Company is our consolidated subsidiary for purpose of financial reporting, it operates as an independent and separate legal entity.

As a result, the JV Company’s assets and liabilities are generally segregated from our company's assets and liabilities.

For example, the JV Company incurs debt through its own financing and bank loan agreements, and we are not parties to these agreements and do not provide any guarantee or security for the JV Company’s debt, nor do we have direct access to any cash proceeds borrowed from such loan agreements.

In September 2017, we entered into a license agreement with STMicroelectronics International N.V.

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We have been in the process of developing this new digital power business.

Our digital power controller team continues to work with customers in product designs and is making steady progress toward our product roadmap.

Our digital power team continues to work with customers in their product designs and is making steady progress on our product roadmap.

In July 2020, we shipped our first digital power product.

We were incorporated in Bermuda on September 27, 2000 as an exempted limited liability company.

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Power semiconductors

Power semiconductors are a subset of the analog semiconductor sector with their own set of characteristics unique to power architecture and function.

Power semiconductors are a subset of the analog semiconductor sector with their own set of characteristics unique to system power architecture and function.

Power semiconductors transfer, manage and switch electricity to deliver the appropriate amount of voltage or current to a broad range of electronic systems and also protect electronic systems from damage resulting from excessive or inadvertent electrical charges.

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Our Power IC and low voltage (5V-40V) MOSFET products address this market.

In the area of AC-DC power supplies for electronic equipment, data centers

and servers, the market is characterized by a continuous demand for energy conservation through higher efficiency, which is driving the need for our medium voltage (40V-400V) and high voltage (500V-1000V) MOSFET products.

In the area of AC-DC power supplies for electronic equipment, data centers and servers, the market is characterized by a continuous demand for energy conservation through higher efficiency, which is driving the need for our medium voltage (40V-400V) and high voltage (500V-1000V) MOSFET products.

The increased application of power semiconductors to control motors in white goods and industrial applications, is driving demand for Insulated Gate Bipolar Transistors, or IGBTs.

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Our strategies

Our strategy is to advance our position as a designer, developer and global supplier of a broad portfolio of power semiconductors.

Our strategy is to advance our position as a leading designer, developer and global supplier of a broad portfolio of power semiconductors.

To accomplish this, we have adopted a strategy that allows us to accelerate the development of our proprietary technology at our in-house fabrication facilities, bring new products to market faster, and improve our financial performance in the long run.

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We also expect to increase our manufacturing capacity through the JV Transaction, which we believe will also allow us to expand and diversify our markets in China, as well as to accelerate the development of our proprietary process technology and new product offerings.

In addition to our products targeting the PC market, we execute our strategies of diversifying our portfolio of products and expanding into other market segments, including the consumer, communications, power supplies and industrial market segments, and improving gross margin and profit by implementing cost control measures.

Although our largest end-market segment is the personal computing ("PC") market, we have successfully diversified our business by expanding into other market segments, including the consumer, communications, power supply and industrial market segments.

While we have made progress in our diversification and expansion into additional applications, we continue to support and grow our PC business by expanding bill-of-material content, gaining market share, and acquiring new customers.

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We will continue to leverage our expertise to further increase our product lines, including higher performance power ICs, IGBTs and high, medium and low voltage MOSFETs, in order to broaden our addressable market and improve our margin profile.

We are also in the process of developing a digital power controller product line based on the technology that we licensed from STMicro.

We believe that our increased product offerings will allow us to penetrate new end-market applications and provide us with an important competitive advantage.

We are also in the process of developing a digital power controller and smart power stage product lines based on the technology that we licensed from STMicro.

We believe that our increased product offerings will allow us to penetrate new end-market applications and

provide us with an important competitive advantage.

OEMs and ODMs generally prefer to limit their supplier base to a smaller set of vendors capable of providing a comprehensive menu of products across multiple electronic platforms.

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We intend to strengthen our existing relationships and form new ones with both OEMs and ODMs by aligning our product development efforts with their product requirements, increasing the number of our products used within their systems, and leveraging our relationships to penetrate their other products.

In addition, we are refocusing our research and development efforts to respond more directly to the market demand by designing and developing new products based on feedback from our customers, which also allows us to reduce time-to-market and sales cycles.

In addition, we are refocusing our research and development efforts to respond more directly to market demand by designing and developing new products based on feedback from our customers, which also allows us to reduce time-to-market and sales cycles.

Leverage global business model for cost-effective growth

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We have precisely defined technology platforms to address different requirements from various applications.

Our medium voltage MOSFETs provide best optimized performance with high efficiency, high robustness and high reliability, and are widely used in applications such as TV backlighting, telecom power supplies, and industrial applications.

We expanded our high voltage MOSFET portfolio by releasing our newest aMOS5 technology platform targeted to address robust consumer and industrial applications.

Our high-voltage portfolio includes our proprietary insulated-gate bipolar transistor ("IGBT") technology, which we developed highly robust and easy-to-use solutions designed for industrial motor control and white goods applications.

Our medium voltage MOSFETs provide optimized performance with high efficiency, high robustness and high reliability, and are widely used in applications such as TV backlighting, telecom power supplies, and industrial applications.

We expanded our high voltage 600V and 700V MOSFET portfolio based on our aMOS5 technology platform to address robust consumer and industrial applications.

Our high-voltage portfolio includes our proprietary insulated-gate bipolar transistor ("IGBT") technology, which we provide highly robust and easy-to-use solutions for industrial motor control and white goods applications.

We have also released our first 1200V SiC (Silicon carbide) product based on our new AlphaSiC platform, designed to address high efficiency, high density industrial applications such as solar inverters, UPS, and battery management systems.

Our power ICs deliver power as well as control and regulate the power management variables, such as the flow of current and level of voltage.

We continued to expand our EZBuck power IC family with products that feature lower on-resistance, less power consumption, small footprint and thermally enhanced packages.

While we derive the majority of our revenue from the sales of power discretes products, sales of power ICs continue to gain traction during the past years.

We have expanded our power IC product family to include smart load switches with reverse blocking capability, designed to protect applications against high voltage exposure.

Our DrMOS family of products continued to grow as we paired our latest high performance MOSFET

silicon with our latest Driver IC technologies.

We continued to expand our EZBuck power IC family with products that feature lower on-resistance, less power consumption, smaller footprint and thermally enhanced packages.

While we derive the majority of our revenue from the sales of power discretes products, sales of power ICs continued to gain traction during the past years.

Our Type C smart load switch product line has also expanded as it offers reverse blocking capability, designed to protect applications against high voltage exposure.

The following table lists our product families and the principal end uses of our products:

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We introduced several new products based on our proprietary technology platform and continue to expand our product families.

During the fourth quarter of fiscal year of 2019, we released the new αMOS5 family, which is our latest generation of high voltage MOSFET, designed to meet the high efficiency and high-density needs for Quick Charger, Adapter, PC Power, Server, Industrial Power, Telecom, and Hyperscale Datacenter applications.

In addition, we released Super Low Capacitance TVS for high-speed line protection using the latest Super Low Cap TVS platform.

This new device is ideal for USB Type-C

applications such as notebooks and mobile devices.

During the third quarter of fiscal year of 2019, we introduced a new family of EZBuck™ regulators.

The new devices provide a compact, efficient power converter solution for next-generation chipsets used in high-end TVs, servers, data storage systems, networking and other compact PC systems.

We also introduced a high SOA MOSFET for hot swap applications.

This new device delivers low Rdson with a high Safe Operating Area (SOA) capabilities ideally suited for demanding applications such as hot swap and efuse.

High SOA is essential in server hot swap applications where the MOSFET needs to be robust to manage the high in-rush current effectively.

Moreover, we launched a new 650V áGaN™ product family.

These high voltage MOSFETs ideally suited for high efficiency and high-density power supplies in the telecom, server, and consumer adapter markets.

High-efficiency server power supplies are needed to reduce cooling requirements, maximize rack area, and minimize the associated energy cost.

In addition, we announced latest XSPairFET™ buck-boost MOSFET for type-c applications such as notebook, USB hubs, and power banks.

During the first quarter of fiscal year of 2019, we announced a new Type-C Power Delivery compliant input protection switch with up to 28V over-voltage protection.

This new device offers low RDS(ON) (20mohm) in a thermally enhanced 3x3mm DFN package, made possible by our advanced co-packaging technology, combining a high performance IC with protection features and our latest high SOA MOSFET.

We also announced new TO-Leadless (TOLL) packaging technology for high current 400A applications.

The TOLL packaging technology offers very low package resistance and inductance due to the clip technology in comparison to other TO-Leadless packages using standard wire-bonding technology which enables improved EMI performance.

During the fourth quarter of fiscal year of 2020, we announced a new Type-C Power Delivery 2-in-1 combo protection switch capable up to 28V absolute maximum voltage.

This new device provides true reverse current blocking intended for applications where protection from exposure to high voltages is required.

We also announced the release of the new 1200V silicon carbide (SiC) αSiC MOSFET technology platform.

Specifically targeting the industrial and automotive market, this next-generation technology enables customers to achieve higher levels of efficiency and power density compared to existing silicon solutions.

In addition, we released several 18V Input 1.25MHz EZBuck™ Regulators.

These devices offer a low on-resistance power stage and are packaged in a 3mm x 3mm DFN 8-lead package with an exposed thermal pad, allowing cooler power conversion for a variety of consumer and networking equipment such as wireless AP/routers, set-top boxes, cable modems, audio equipment, and LCD TVs.

During the third quarter of fiscal year of 2020, we released a new intelligent power module, AIM702H50B, specialized for low-power BLDC motor drives system such as fan motors in home appliances and air-

conditioners that require highly compact size with reliable and efficient design allowance.

The new IPM7 series consists of advanced super junction MOSFETs designed for motor drive and high voltage gate driving ICs with an integrated bootstrap circuit in a new ultra-compact surface mountable package.

Also, we released 700V and 600V αMOS5™ Super Junction MOSFET families in SMD-type DFN5x6 and DFN8x8 packages.

αMOS5 is our latest generation of high voltage MOSFET, designed to meet the high efficiency and high-density needs for Quick Charger, Adapter, PC Power, Server, Industrial Power, Telecom, and Datacenter applications.

During the second quarter of fiscal year of 2020, we introduced the AOZ8621UNI, a series of Transient Voltage Suppressor (TVS) for VBUS protection using the latest high-surge TVS platform.

This new series is ideal for USB Type-C Power Delivery, including but not limited to laptops and smartphones.

In addition, we introduced AOZ6682CI and AOZ6683CI which offer high efficiency over the full load range, allowing greener power conversion for a variety of consumer electronics applications such as LCD TVs, set-top boxes, high definition Blu-ray TM Disc Players and Networking terminals.

During the first quarter of fiscal year of 2020, we introduced the “Source Down” in a DFN 5x6 package in combination with a 40V Shield-Gate Technology (AlphaSGT™).

Our innovative flip-chip know-how achieves the Source Down capability and this packaging technology offers a very low package resistance and inductance.

The AOE66410 is ideally suited to telecommunications applications for secondary rectification, in half bridge configuration for BLDC motor applications, and battery management where paralleling is important.

In addition, we introduced the TO-Leadless (TOLL) package in combination with a 60V and 100V Shield-Gate Technology providing the highest current capability in its voltage class.

The TOLL package has high current capacity due to our innovative technology, which utilizes a clip to accommodate the in-rush current.

The TOLL packaging technology offers a very low package resistance and inductance due to the clip technology when compared to other TO-Leadless packages.

This packaging technology uses a standard wire-bonding technology which enables improved EMI performance.

Distributors and customers

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and Samsung Group, most of whom we serve through our distributors and ODMs.

We sell to Samsung Group directly which accounted for 5.2%, 5.1% and 10.6% of our revenue for the fiscal years ended June 30, 2019 , 2018 and 2017 , respectively.

In addition, based on our historical design win activities, our power semiconductors are also incorporated into products sold to certain OEMs.

In addition, based on our historical design win activities, our power semiconductors are also incorporated into products sold to many other leading OEMs.

Through our distributors, we provide products to ODMs who traditionally are contract manufacturers for OEMs.

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Our ODM customers include Compal Electronics, Inc., Foxconn, Quanta Computer Incorporated, Pegatron, Wistron Corporation and AOC International.

In order to take advantage of the expertise of end-customer fulfillment logistics and shorter payment cycles, we sell most of our products to distributors.

In order to take advantage of the expertise of end-customer fulfillment logistics and shorter payment cycles, we sell most of our products through distributors.

In general, under the agreements with our distributors, they have limited rights to return unsold merchandise, subject to time and volume limitations.

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We believe that the technical background of our marketing team, including application engineers, helps us better define new products and identify potential end customers and geographic and product market opportunities.

For example, as part of our market diversification strategy, we have deployed and plan to recruit more for our new market segments, field application engineers, or FAEs, who provide real-time and on-the-ground responses to our end customer needs.

FAEs work with our end customers to understand their requirements, resolve technical problems, strive to anticipate future customer needs and facilitate the design-in of our products into the end products of our customers.

FAEs work with our end customers to understand their requirements and resolve technical problems.

FAEs also strive to anticipate future customer needs and facilitate the design-in of our products into the end products of our customers.

We believe this strategy increases our share of revenue opportunities within the applications we currently serve, as well as in new end-market applications.

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We strategically position our team near our end customers through our offices in Taipei, Hong Kong, Shenzhen, Shanghai, Qingdao, Tokyo, Seoul, Heilbronn, and Sunnyvale, California, complemented by our applications centers in Sunnyvale and Shanghai.

In addition, our distributors and sales representatives assist us in our sales and marketing efforts by identifying potential customers, sourcing additional demand and promoting our products, in which case we may pay a sales commission to these distributors.

In addition, our distributors and sales representatives assist us in our sales and marketing efforts by identifying potential customers, creating additional demand and promoting our products, in which case we may pay a sales commission.

Our sales cycle varies depending on the types of products and can range from six to eighteen months.

In general, our traditional power discrete products in the PC and TV applications are progressing more rapidly through the design and

marketing processes, therefore they generally have shorter sales cycle.

In contrast, our newer Power IC and IGBT products, mostly in the power supply, home appliance and industrial applications, require a more extended design and marketing timeline and thus have longer sales cycle.

In general, our traditional power discrete products in PC and TV applications progress are progressing more rapidly through the design and marketing processes, therefore they generally have shorter sales cycle.

Typically, our sales cycle for all products comprises of the following steps:

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We compete with different power semiconductor suppliers, depending on the type of product lines and geographical area.

Our key competitors in power discretes and power ICs are primarily headquartered in the United States, Japan, Europe and Taiwan.

Our key competitors in power discretes and power ICs are primarily headquartered in the United States, Japan, Europe, China and Taiwan.

Our major competitors in power discretes include Infineon Technologies AG, MagnaChip Semiconductor Corporation, ON Semiconductor Corp., STMicroelectronics N.V., Toshiba Corporation, Diodes Incorporated and Vishay Intertechnology, Inc.

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our success in expanding and diversifying our serviceable markets, and our ability to develop technologies and product solutions for these markets;

our capability in quickly developing and introducing proprietary technology and best-in-class products;

our capability to quickly develop and introduce proprietary technology and best-in-class products;

the performance and cost-effectiveness of our products relative to that of our competitors;

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Our sales seasonality is affected by a number of factors, including global and regional economic conditions as well as the PC market conditions, revenue generated from new products, changes in distributor ordering patterns in response to channel inventory adjustments and end customer demand for our products and fluctuations in consumer purchase patterns prior to major holiday seasons.

Our normal seasonality may be affected by the COVID-19 pandemic and given the uncertainty of the global economic conditions resulting from the pandemic, it is difficult for us to predict to what extent our sales seasonality may change.

Our sales are made primarily pursuant to standard purchase orders from distributors and direct customers.

The amount of backlog to be shipped during any period depends on various factors, and all orders are subject to cancellation or modification,

usually with no penalty to customers.

The amount of backlog to be shipped during any period depends on various factors, and all orders are subject to cancellation or modification, usually with no penalty to customers.

The quantities actually purchased by customers, as well as shipment schedules, are frequently revised to reflect changes in both the customers' requirements and in manufacturing availability.

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Consumer demand for smaller and more compact electronic devices with higher power density is driving the need for advanced packaging technology.

Our group of dedicated packaging engineers focuses on smaller form factor, higher power output with efficient heat dissipation and cost-effectiveness.

Our group of dedicated packaging engineers focuses on smaller form factors, higher power output with efficient heat dissipation and cost-effectiveness.

We have invested resources to develop and enhance our proprietary packaging technologies, including the establishment of our in-house packaging and testing facilities.

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Wafer fabrication

Our Oregon fab allows us to accelerate the development of our technology and products, as well as to provide better services to our customers.

Our Oregon fab allows us to accelerate the development of our technology and products, as well as to provide better service to our customers.

We allocate our wafer production between our in-house facility and third-party foundries, although in the past three years, we have gradually reduced our reliance on third-party foundries and increased allocation of capacity to our Oregon fab.

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HHGrace has been manufacturing wafers for us since 2002.

HHGrace manufactured 14.1%, 15.4% and 18.6% of the wafers used in our products for the fiscal years ended June 30, 2019 , 2018 and 2017 , respectively.

manufactured 12.7%, 14.1% and 15.4% of the wafers used in our products for the fiscal years ended June 30, 2020 , 2019 and 2018 , respectively.

On March 29, 2016, we entered into the JV agreement with two investment funds affiliated with the municipalities of Chongqing for the purpose of constructing a power semiconductor packaging, testing and 12-inch wafer fabrication facility in the Liangjiang New Area of Chongqing.

The JV Company started its assembly and testing production in the September quarter of 2018 and continued to ramp up its capacity during the fiscal year 2019.

We also completed installation of equipment and trial production at the 12-inch wafer fabrication facility in fiscal year 2019.

In July 2019, we commenced limited mass production at the 12-inch wafer fabrication facility.

The JV Company had been ramping up its production of assembly and testing during the fiscal year 2020.

The 12-inch wafer fabrication facility commenced its limited mass production in the quarter ended September 30, 2019 and continued its ramp in the year ended June 30, 2020.

We believe the JV Company will increase and diversify our customer base, particularly in China, and accelerate the development of proprietary process technology.

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In addition, the JV Company handles a portion of our packaging and testing requirement.

We continuously increase the outsourcing portion of our packaging and testing requirements to other contract manufacturers to minimize the effect of market fluctuation.

We continuously increase the outsourcing portion of our packaging and testing requirements to other contract manufacturers to improve our ability to respond to changes in market demand.

Our facilities have the combined capacity to package and test over 600 million parts per month and have available floor space for new package introductions.

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Intellectual property is a critical component of our business strategy, and we intend to continue to invest in the growth, maintenance and protection of our intellectual property portfolio.

We own significant intellectual property in many aspects of power semiconductor technology, including device physics and structure, wafer processes, circuit designs, packaging, modules and subassemblies.

We own significant intellectual property in many aspects of

power semiconductor technology, including device physics and structure, wafer processes, circuit designs, packaging, modules and subassemblies.

We have also entered into intellectual property licensing agreements with other companies, including On Semiconductor Corp.

and Giant Semiconductor Corporation, to use selected third-party technology for the development of our

products, although we do not believe our business is dependent to any significant degree on any individual third-party license agreement.

On September 5, 2017, we entered into a license agreement with STMicroelectronics International N.V.

and Giant Semiconductor Corporation, to use selected third-party technology for the development of our products, although we do not believe our business is dependent to any significant degree on any individual third-party license agreement.

We have a license agreement with STMicroelectronics International N.V.

(“STMicro”), pursuant to which STMicro granted us a world-wide, royalty-free and fully-paid license to use its technologies to develop, market and distribute certain digital multi-phase controller products, which have been offered previously by STMicro.

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As of June 30, 2020 , we had 823 patents issued in the United States, of which 816 were based on our research and development efforts and 7 were acquired, and these patents are set to expire between 2022 and 2039 .

We also had a total of 816 foreign patents, including 385 Chinese patents, 400 Taiwanese patents, 21 Korean patents, 4 Hong Kong patents and 6 Japanese patents as of June 30, 2019 .

We also had a total of 851 foreign patents, including 400 Chinese patents, 415 Taiwanese patents, 21 Korean patents, 4 Hong Kong patents, 2 Philippine patents, and 9 Japanese patents as of June 30, 2020 .

Substantially all of our foreign patents were based on our research and development efforts.

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As of June 30, 2020 , 2019 and 2018 , we were in compliance with the related conflict minerals rule.

As of June 30, 2019 , we had approximately 4,338 employees, of whom approximately 655 were located in the United States, 3,548 were located in China, 3 were located in Europe, and 132 were located in other parts of Asia.

As of June 30, 2020 , we had 3,978 employees, of whom 671 were located in the United States, 3,169 were located in China, 2 were located in Europe, and 136 were located in other parts of Asia.

None of our employees is represented by a collective bargaining agreement.

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The following table lists the names, ages and positions of our executive officers as of July 31, 2020 .

There are no family relationships between any executive officer.

There are no family relationships between any executive officer, except that Mr.

Chang is a son of Dr.

Chairman of the Board and Chief Executive Officer

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Chief Financial Officer and Corporate Secretary

Daniel Kuang Ming Chang

Senior Vice President of Strategic Business and World-wide Applications Engineering

Executive Vice President of Product Line

Bing Xue, Ph.D.

Senior Vice President of Global Sales

Chang, Ph.D ., is the founder of our company and has served as our Chairman of the Board and Chief Executive Officer since the incorporation of our company.

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in finance and accounting from the University of Alabama.

D aniel Kuang Ming Chang has been serving as our Senior Vice President of Business Development and World-wide Applications Engineering since November 13, 2017.

Chang served as our Senior Vice President of Marketing from August 3, 2015 to November 12, 2017, our Vice President of Power IC Product Line and Applications Engineering from October 2011 to August 2, 2015, our Vice President of Strategic Marketing and Applications Engineering from May 2010 to October 2011, and our Director of Strategic Marketing and Applications Engineering from February 2009 to April 2010.

Prior to joining our company, Mr.

Chang served as Vice President of new product line at Richtek Inc, a power management company in Taiwan, from 2005 to 2009.

He also served as Vice President of System Engineering at Lovoltech Inc, a startup semiconductor company in Sunnyvale, California from 2001 to 2005.

Chang received his M.S.

in physics from National Tsing Hua University of Taiwan, and a B.S.

in electrical engineering from Taiwan National University.

Chang has been serving as our Executive Vice President of Product Line Management since October 2019.

Prior to that, he served in various management positions in our product line and marketing divisions, including Senior Vice President of Marketing, Vice President of the MOSFET Product Line and Senior Director of Product Marketing.

Chang has over 20 years of industry experience and leads our Product Line Marketing with various managerial responsibilities, including new product introduction, product lifecycle management, business development, and business strategy.

He received his B.S.

in Electrical Engineering from University of California, Berkeley and M.B.A.

from Santa Clara University.

Bing Xue, Ph.D., has been serving as our Senior Vice President of Global Sales since November 2017 and Vice President of Global Sales since May 2015.

Prior to that, Dr.

Xue held various managerial positions in our company since 2003, including the Vice President of Worldwide Manufacturing from 2008 to 2012 and General Manager of China Operation from May 2005

to December 2007.

Prior to joining us, Dr.

Xue served as the Director of Engineering in Dowslake microsystem from 2001 to 2003.

Xue received his B.S.

in Physics from Xiamen University, and Ph.D.

in Physical Chemistry from University of Pennsylvania.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business