Alpha and Omega Semiconductor Limited

Ladies and gentlemen, thank you for standing by and welcome to the Alpha and Omega Semiconductor Report's financial results for the fiscal fourth quarter of 2020 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Gary Dvorak, investor relations representative. Thank you. Please go ahead, sir.

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2020 fourth quarter and year-end financial results. I'm Gary Dvorak, investor relations representative for the company. With me today are Dr. Mike Chang, our CEO, our CFO, and Stephen Chang, our Executive Vice President. This call is being recorded and broadcasted live over the web and can be accessed for seven days following the call via the link in the investor relations section of our website at www.aosmd.com. Mike will begin with a review of the business overview for the quarter. Then Stephen will provide a detailed segment report. After that, Yifan will continue with a review of financial results for the quarter and fiscal year and provide guidance for the next quarter. Then we'll have the question and answer session. The earnings release was distributed by Business Wire today, August 11, 2020, after the close of market. The release is also posted on the company's website. Our earnings release and this presentation include certain non-GAAP financial measures. We use the non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the gap measures that we provide. A reconciliation of these non-gap measures to comparable gap measures is included in our earnings release. We remind you that during the course of this conference call, we will make certain forward-looking statements, including discussions of the business outlook and financial projections. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ materially from such expectations. For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC. We assume no obligation to update the information provided in today's call. Now I'll turn the call over to our CEO, Mike, to provide an overview of the business. Mike?

Thanks, Gary. Welcome, everyone. Before we discuss our fourth quarter results, I want to briefly address the COVID-19 situation which continues to impact families, businesses, and the market across the globe. I want to thank our employees for staying resilient and being flexible as we navigate this new working environment. Our primary focus is to ensure the safety and well-being of all our employees and their families. Meanwhile, we continue to work closely with customers to support them in every way we can during this challenging time. Now, some key highlights of the June quarter. Solid execution enabled us to deliver results ahead of expectations. Fueled by our product strength and growing customer penetration, revenue of $122 million was up 9% year-over-year and above the high end of our guidance range. Coupled with tightly controlled operating expenses, this resulted in non-GAAP earnings per share that exceeded the consensus. Our core business generates solid operating cash flow of $20 million and free cash flow of $11 million. Yifan will provide the details of our two-quarter results later on the call. The favorable financial results were driven by high demand in certain segments and solid operating execution. Shiftments rebounded for our products in computing and gaming applications, driven by the recent shift to work, learn, and Entertainment from Home Environment. We also focused on our cost structure and prudently managed our expenses. We reduced non-essential spending and benefited from tribal banks while still pursuing strategic and critical R&D projects to expand our customer reach. The strong fourth quarter kept a solid fiscal year. This is very encouraging given the backdrop of COVID-19 pandemic heightened trade tension between US and China and global economic uncertainty. Our results demonstrate the strength of our business strategy, diversified product portfolio, and expanded customer base. Next, I will discuss our strategic plan. to further strengthen the foundation to achieve our longer-term objectives. First, our joint venture FAB in Chongqing. As part of our strategic plan, we built this FAB to fulfill growing customer demand. Indeed, during this quarter, the GFE FAB made a major contribution to capture surging demand. Even though the COVID-19 pandemic has slowed ramp-up production, we were able to make persistent progress. Importantly, this effort allowed the GAV to achieve positive epidemic for the June quarter. We expect to approach our target run rate by this time next year. Second, our focused R&D is driving broader and better product innovation. As a solution provider, we are able to deepen our relationships with customers, becoming their trusted strategic partners. As such, our new products are driving growth primarily by expanding our BOM content in core applications. The design of our products, especially our PowerIC solutions, into an upcoming gaming system and a new PC graphics card demonstrates the opportunity created when we secure trust and confidence from our customers. In looking back in the fiscal year, we are pleased with our accomplishments. The power semiconductor industry is a large market and we are making significant progress the temperature opportunities and the increased market share. We also recognize that conditions are still fragile. Economic conditions could change at any moment due to factors beyond our control, including the COVID-19 pandemic resurgence. Because of this, we continue to operate cautiously and take prudent actions even as we identify and see new opportunities. I would like to thank our customers, business partners, and shareholders for their continued support and competence in AOS. I especially want to acknowledge our employees as our success could not have been possible without their hard work, dedication, and sacrifice in the past year. I will turn the call over to Stephen for a detailed segment report. Stephen.