Item 5. Market for Registrant’s Common Equity
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common shares have traded on the NASDAQ Global Select Market since April 29, 2010 under the symbol AOSL. As of July 31, 2020 , there were approximately 106 holders of record of our common shares, not including those shares held in a street or nominee name.
Dividend Policy
We have never declared or paid cash dividends on our common shares. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our common share in the foreseeable future. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant.
Securities Authorized for Issuance Under Equity Compensation Plans
See Item 12 of Part III of this report regarding information about securities authorized for issuance under our equity compensation plans.
Share Performance Graph
The following graph compares the total cumulative shareholder return on our common shares with the total cumulative return of the NASDAQ Composite Index and the Philadelphia Semiconductor Index for the last five fiscal year ended June 30, 2020 , assuming an investment of $100 at the beginning of such period and the reinvestment of any dividends.
The comparisons in the graph below are required by the SEC and are not intended to forecast or be indicative of possible future performance of our common shares.
The above Stock Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates it by reference into such filing.
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Purchases of Equity Securities by the Issuer and Affiliated Purchasers
In September 2017, the Board of Directors approved a repurchase program (the “Repurchase Program”) that allowed the Company to repurchase its common shares from the open market pursuant to a pre-established Rule 10b5-1 trading plan or through privately negotiated transactions up to an aggregate of $30.0 million . The amount and timing of any repurchases under the Repurchase Program depend on a number of factors, including but not limited to, the trading price, volume and availability of the Company's common shares. There is no guarantee that such repurchases under the Repurchase Program will enhance the value of our shares. Shares repurchased under this program are accounted for as treasury shares and the total cost of shares repurchased is recorded as a reduction of shareholders' equity. During the fourth quarter of fiscal year 2020 , the Company did not repurchase any shares under the Repurchase Program. As of June 30, 2020 , we had $13.4 million available under this repurchase program.
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Item 6. Selected Financial Data
We have derived the selected consolidated statements of operations data for the fiscal years ended June 30, 2020 , 2019 and 2018 and selected consolidated balance sheet data as of June 30, 2020 and 2019 from our audited consolidated financial statements and related notes included elsewhere in this report. We have derived the selected consolidated statements of operations data for the fiscal years ended June 30, 2017 and 2016 and selected consolidated balance sheets as of June 30, 2018 , 2017 and 2016 from consolidated financial statements not included in this report. The information set forth below is not necessarily indicative of results of future operations, and should be read in conjunction with Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K.
Year Ended June 30,
2020
2019
2018
2017
2016
(in thousands, except per share data)
Consolidated Statements of Operations:
Revenue
$
464,909
$
450,920
$
421,553
$
383,337
$
335,661
Cost of goods sold
362,178
335,542
309,625
291,516
269,839
Gross profit
102,731
115,378
111,928
91,821
65,822
Operating expenses:
Research and development
51,252
46,431
37,344
29,835
26,006
Selling, general and administrative
64,816
75,967
66,164
48,842
37,874
Impairment of privately-held investment
600
—
—
—
432
Total operating expenses
116,668
122,398
103,508
78,677
64,312
Operating income (loss)
(13,937
)
(7,020
)
8,420
13,144
1,510
Interest expense and other income (loss), net
(3,972
)
(6,362
)
(2,764
)
(232
)
(521
)
Income (loss) before income taxes
(17,909
)
(13,382
)
5,656
12,912
989
Income tax expense
348
1,256
708
3,652
4,021
Net income (loss) including noncontrolling interest
(18,257
)
(14,638
)
4,948
9,260
(3,032
)
Net loss attributable to noncontrolling interest
(11,661
)
(16,499
)
(9,315
)
(4,569
)
(104
)
Net income (loss) attributable to Alpha and Omega Semiconductor Limited
$
(6,596
)
$
1,861
$
14,263
$
13,829
$
(2,928
)
Basic
$
(0.27
)
$
0.08
$
0.60
$
0.59
$
(0.13
)
Diluted
$
(0.27
)
$
0.08
$
0.57
$
0.56
$
(0.13
)
Weighted average number of common share attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share:
Basic
24,840
24,063
23,901
23,526
22,452
Diluted
24,840
24,698
24,844
24,826
22,452
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As of June 30,
2020
2019
2018
2017
2016
(in thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents
$
158,536
$
121,893
$
131,535
$
115,708
$
87,774
Working capital
$
126,275
$
117,334
$
130,532
$
130,566
$
118,450
Total assets
$
792,939
$
739,394
$
667,049
$
398,408
$
318,505
Current portion of bank borrowings
$
30,114
$
26,609
$
3,811
$
—
$
—
Current portion of finance leases
$
15,258
$
11,355
$
4,491
$
828
$
819
Bank borrowings - long term
$
99,775
$
59,380
$
26,786
$
—
$
—
Finance leases - long term
$
26,842
$
43,381
$
56,791
$
866
$
1,695
Total Alpha and Omega Semiconductor Limited shareholders’ equity
$
293,689
$
291,024
$
278,594
$
270,770
$
242,142
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