Alpha and Omega Semiconductor Limited (NASDAQ:AOSL) Q4 2023 Earnings Conference Call August 9, 2023 5:00 PM ET

Company Participants

Yujia Zhai - The Blueshirt Group, Investor Relations

Stephen Chang - Chief Executive Officer

Yifan Liang - Chief Financial Officer

Conference Call Participants

David Williams - Benchmark

Craig Ellis - B. Riley Securities

Kyle Smith - Stifel Nicolaus

Yujia Zhai

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's Conference Call to discuss Fiscal 2023 Fourth Quarter and Fiscal Year-End Financial Results. I am Yujia Zhai, Investor Relations representative for AOS.

With me today are Stephen Chang, our CEO; and Yifan Liang, our CFO. 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 Web site.

Our call will proceed as follows today. Stephen will begin business updates, followed by a detailed segment report. After that, Yifan will review the financial results and provide guidance for the September quarter. Finally, we will have the Q&A session.

The earnings release was distributed over the wire today, August 9, 2023, after the market close. The release is also posted on the company's Web site. Our earnings release and this presentation include 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. A reconciliation of these non-GAAP measures to the 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 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 obligations to update the information provided in today's call.

Now, I will turn the call over to our CEO, Stephen Chang. Stephen?

Stephen Chang

Thank you, Yujia, and good afternoon, everyone. I will begin today with a high-level overview of our results and then jump into segment details.

Our team executed well and delivered an excellent quarter. Our fiscal Q4 revenue was above the mid-point of our guidance, and gross margin was above the high-end of our guidance, which resulted in a solid bottom line. Revenue was $161.5 million, down 16.7% year-over-year, and up 21.9% sequentially. Non-GAAP gross margin was 28.5%, and non-GAAP EPS was $0.19. These results were driven by solid recovery across notebook and desktop computing applications and strength of our diversified customer base and product portfolio in Power Supply and Industrial end markets.