Alpha and Omega Semiconductor Limited

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. 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, you will need to press star 1 on your telephone keypad. Please be advised that today's conference is being recorded. If you require any assistance, please press star zero for the operator. I will now turn the call over to Mr. Gary Dvorak. Sir, the floor is yours.

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductors conference call to discuss fiscal 2021 first quarter financial results. I'm Gary Dvorak, investor relations representative for AOS. With me today are Dr. Mike Chang, our CEO, Yifan Liang, our CFO, and Stephen Chang, our executive vice president. This call is being recorded and broadcast live over the web. A replay will be available for seven days following the call via the link in the investor relations section of our website. Our call will proceed as follows. Mike will begin with a review of business. Then Stephen will provide a detailed segment report. After that, Yifan will review the financial results and provide guidance. Finally, we will have the question and answer session. The earnings release is distributed over wire services today, November 5th, 2020, after the close of the 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 non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the GAAP measures that we provide. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release. We remind you that during 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 involved risks and uncertainties that could cause our actual results to differ materially from such expectations. For more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the FCC. We assume no obligation to update the information provided in today's call. Now, I will turn the call over to our CEO, Mike, to provide an overview of the business. Mike?

Thank you, Gary. Welcome, everyone, to today's call. We are off to a great start to fiscal year 2021. Business momentum accelerated in the September quarter despite the ongoing global uncertainty with COVID-19. We delivered solid revenue growth and excellent profitability. Shipments were strong across most of our product categories, particularly computing and consumer applications. Revenue was up 29% year over year. and at the high end of the updated guidance range we issued in earlier October. Better utilization and disciplined expense control drove non-GAAP growth margin of 29%. On the bottom line, we posted non-GAAP EPS of 55 cents, which more than doubled year over year. First physical quarter results continue to demonstrate the competitive strength of our business strategy, technical expertise, diversified product portfolio, and expanded customer base. While we start our business in the computing market, we have successfully diversified our business by expanding into other market segments, including consumer, communications, power supply, and industrial. Our mission is to become a leading designer, developer, and a global supplier of a broad portfolio of power semiconductors. Our technical expertise enables us to develop a broader variety of power discrete and power IC technology platforms. This enables us to expand our product offerings and deliver complete power solutions for more target applications. Over the years, we have evolved from a component supplier to a solution provider. We have engaged more deeply with our customers, strengthened relationships, and have become their trusted strategic partner. Our multi-subject design wins With the recently launched gaming system and new PC graphics card platforms, as well as our continuing high growth in home appliance applications, are some examples of how we have deepened strategic partnerships with Tier 1 OEM customers. We will continue to drive growth by winning new ODM and OEM customer engagements with an expanding pipeline of new products. Our renewed business growth was made possible by our multi-year effort to strengthen our supply chain, specifically our joint venture FAB in Chongqing, which continued to trend and helped in capturing the surging of demand in September quarter. Because of this, The Chongqing FAB achieved a positive impetus for the second conservative quarter, and we expect to approach its phase one target run rate next year. The joint venture FAB provides us with flexible capacity management and the geographic diversification of our supply chain, and will support our business growth for many years to come. I am pleased with our direction and our solid execution, even though it could be a little faster. I want to thank our customers, business partners, and shareholders for their support and confidence in the company. I also want to acknowledge our employees for an outstanding job and for staying focused and engaged with our customers. customers while we navigate this challenging market environment. We are excited about our growth trajectory, and we believe we can achieve our calendar year 2021 target of $600 million of annual revenue. With a healthy pipeline of new products, new design wins, and new customers, we are focused on executing our growth strategy. and building on the strong momentum we see now. While our optimism is justified, we want to caution investors that the environment is still highly uncertain. We will be working diligently to drive growth, but are prepared to respond quickly should conditions change due to COVID-19 the economy, trade tensions, or other issues. With that, now, I will turn the call over to Stephen for a detailed segment report. Stephen?