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, 2021, there were approximately 145 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, 2021, 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 2021, the Company did not repurchase any shares under the Repurchase Program. As of June 30, 2021, 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, 2021, 2020 and 2019 and selected consolidated balance sheet data as of June 30, 2021 and 2020 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, 2018 and 2017 and selected consolidated balance sheets as of June 30, 2019, 2018 and 2017 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,
2021 2020 2019 2018 2017
(in thousands, except per share data)
Consolidated Statements of Operations:
Revenue $ 656,902 $ 464,909 $ 450,920 $ 421,553 $ 383,337
Cost of goods sold 452,359 362,178 335,542 309,625 291,516
Gross profit 204,543 102,731 115,378 111,928 91,821
Operating expenses:
Research and development 62,953 51,252 46,431 37,344 29,835
Selling, general and administrative 77,514 64,816 75,967 66,164 48,842
Impairment of privately-held investment — 600 — — —
Total operating expenses 140,467 116,668 122,398 103,508 78,677
Operating income (loss) 64,076 (13,937) (7,020) 8,420 13,144
Interest expense and other income (loss), net (3,852) (3,972) (6,362) (2,764) (232)
Income (loss) before income taxes 60,224 (17,909) (13,382) 5,656 12,912
Income tax expense 3,935 348 1,256 708 3,652
Net income (loss) including noncontrolling interest 56,289 (18,257) (14,638) 4,948 9,260
Net loss attributable to noncontrolling interest (1,827) (11,661) (16,499) (9,315) (4,569)
Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ 58,116 $ (6,596) $ 1,861 $ 14,263 $ 13,829
Basic $ 2.25 $ (0.27) $ 0.08 $ 0.60 $ 0.59
Diluted $ 2.13 $ (0.27) $ 0.08 $ 0.57 $ 0.56
Weighted average number of common share attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share:
Basic 25,786 24,840 24,063 23,901 23,526
Diluted 27,272 24,840 24,698 24,844 24,826
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As of June 30,
2021 2020 2019 2018 2017
(in thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents $ 202,412 $ 158,536 $ 121,893 $ 131,535 $ 115,708
Working capital $ 174,092 $ 126,275 $ 117,334 $ 130,532 $ 130,566
Total assets $ 918,573 $ 792,939 $ 739,394 $ 667,049 $ 398,408
Current portion of bank borrowings $ 58,030 $ 30,114 $ 26,609 $ 3,811 $ —
Current portion of finance leases $ 16,724 $ 15,258 $ 11,355 $ 4,491 $ 828
Current portion of operating leases $ 5,679 $ 4,159 $ — $ — $ —
Bank borrowings - long term $ 77,990 $ 99,775 $ 59,380 $ 26,786 $ —
Finance leases - long term $ 12,698 $ 26,842 $ 43,381 $ 56,791 $ 866
Operating leases - long term $ 30,440 $ 30,254 $ — $ — $ —
Total Alpha and Omega Semiconductor Limited shareholders’ equity $ 373,205 $ 293,689 $ 291,024 $ 278,594 $ 270,770
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