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Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Third Quarter of 2024 Ended March 31, 2024

Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ: AOSL) today reported financial results for the fiscal third quarter of 2024 ended March 31, 2024.

The results for the fiscal third quarter of 2024 ended March 31, 2024 were as follows:

GAAP Financial Comparison

Quarterly

(in millions, except percentage and per share data)

(unaudited)

 

 

Three Months Ended

 

 

March 31,

2024

 

December 31,

2023

 

March 31,

2023

Revenue

 

$

150.1

 

 

$

165.3

 

 

$

132.6

 

Gross Margin

 

 

23.7

%

 

 

26.6

%

 

 

23.2

%

Operating Loss

 

$

(10.5

)

 

$

(1.1

)

 

$

(14.4

)

Net Loss

 

$

(11.2

)

 

$

(2.9

)

 

$

(18.9

)

Net Loss Per Share - Diluted

 

$

(0.39

)

 

$

(0.10

)

 

$

(0.68

)

Non-GAAP Financial Comparison

Quarterly

(in millions, except percentage and per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

Revenue

 

$

150.1

 

 

$

165.3

 

 

$

132.6

 

Non-GAAP Gross Margin

 

 

25.2

%

 

 

28.0

%

 

 

25.1

%

Non-GAAP Operating Income (Loss)

 

$

(1.1

)

 

$

8.4

 

 

$

(2.9

)

Non-GAAP Net Income (Loss)

 

$

(1.2

)

 

$

7.2

 

 

$

(5.9

)

Non-GAAP Net Income (Loss) Per Share - Diluted

 

$

(0.04

)

 

$

0.24

 

 

$

(0.21

)

The non-GAAP financial measures in the schedule above and under the section “Financial Results for Fiscal Q3 Ended March 31, 2024” below exclude the effect of share-based compensation expenses, amortization of purchased intangible, legal costs related to government investigation, equity method investment loss from equity investee, and income tax effect of non-GAAP adjustments in each of the periods presented. A detailed reconciliation of GAAP and non-GAAP financial measures is included at the end of this press release.

Financial Results for Fiscal Q3 Ended March 31, 2024

  • Revenue was $150.1 million, a decrease of 9.2% from the prior quarter and an increase of 13.2% from the same quarter last year.
  • GAAP gross margin was 23.7%, down from 26.6% in the prior quarter and up from 23.2% in the same quarter last year.
  • Non-GAAP gross margin was 25.2%, down from 28.0% in the prior quarter and up from 25.1% in the same quarter last year.
  • GAAP operating expenses were $46.1 million, up from $45.1 million in the prior quarter and up from $45.2 million in the same quarter last year.
  • Non-GAAP operating expenses were $38.9 million, up from $37.9 million from last quarter and up from $36.2 million in the same quarter last year.
  • GAAP operating loss was $10.5 million, up from $1.1 million of operating loss in the prior quarter and down from $14.4 million of operating loss in the same quarter last year.
  • Non-GAAP operating loss was $1.1 million as compared to $8.4 million of operating income for the prior quarter and $2.9 million of operating loss for the same quarter last year.
  • GAAP net loss per diluted share was $0.39, compared to $0.10 net loss per share for the prior quarter, and $0.68 net loss per share for the same quarter a year ago.
  • Non-GAAP net loss per share was $0.04 compared to $0.24 net income per share for the prior quarter and 0.21 net loss per share for the same quarter a year ago.
  • Consolidated cash flow provided by operating activities was $28.2 million, as compared to $23.5 million of cash flow used in operating activities in the prior quarter.
  • The Company closed the quarter with $174.4 million of cash and cash equivalents.

AOS Chief Executive Officer Stephen Chang commented, “Our fiscal Q3 results were in-line with our guidance driven by seasonal declines in computing, smartphones, and quick chargers. We saw initial indications that inventory corrections across certain markets are nearing completion, setting the stage for a gradual recovery. Seasonality is starting to return as we prepare for PC and smartphone launches in the Fall.”

Mr. Chang continued, "Looking beyond calendar 2024, AOS is transitioning from a component supplier to become a comprehensive solution provider, enabling us to 'go deeper' with increasing BOM content while penetrating new products and verticals. We are confident that our leading technology, extensive product portfolio, and Tier 1 customer base strategically position us well to outperform the broader markets we serve. We are optimistic about the future and look forward to executing on the opportunities ahead of us."

Business Outlook for Fiscal Q4 Ending June 30, 2024

The following statements are based on management's current expectations. These statements are forward-looking, and actual results may differ materially. AOS undertakes no obligation to update these statements.

Our expectations for the fiscal fourth quarter of year 2024 are as follows:

  • Revenue to be approximately $160 million, plus or minus $10 million.
  • GAAP gross margin to be 24.7%, plus or minus 1%. We anticipate non-GAAP gross margin to be 26.3%, plus or minus 1%.
  • GAAP operating expenses to be in the range of $47.9 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be in the range of $39.5 million, plus or minus $1 million.
  • Net interest expense to be approximately $0.5 million, and
  • Income tax expense to be approximately $0.9 million.

Conference Call and Webcast

AOS plans to hold an investor teleconference and live webcast to discuss the financial results for the fiscal third quarter ended March 31, 2024 today, May 7, 2024 at 2:00 p.m. PT / 5:00 p.m. ET. To listen to the live conference call, please dial +1 (833) 470-1428 or +1 (404) 975-4839 if dialing from outside the United States and Canada. The access code is 819299. A live webcast of the call will also be available in the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com. The webcast replay will be available for seven days after the live call on the same website. In addition, a copy of the script of management's prepared remarks and a live webcast of the call will also be available in the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com.

Forward-Looking Statements

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, market trends in the semiconductor industry, our ability to mitigate economic downturns and current cycles, seasonality of our business, our ability to penetrate new markets and achieve long-term growth, our ability to improve our financial performance in 2024, our ability to increase BOM content, our projected amount of revenue, gross margin, operating income (loss), income tax expenses, net income (loss), and share-based compensation expenses, non-GAAP gross margin, non-GAAP operating expenses, income tax expenses, our ability to continue to win and acquire market share and other information under the section entitled “Business Outlook for Fiscal Q4 Ending June 30, 2024”. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, the state of semiconductor industry and seasonality of our markets; government policies on our business operations in China; our lack of control over the joint venture in China; difficulties and challenges in executing our diversification strategy into different market segments; ordering pattern from distributors and seasonality; changes in regulatory environment and government investigation; our ability to introduce or develop new and enhanced products that achieve market acceptance; decline of PC markets; the actual product performance in volume production; the quality and reliability of our product, our ability to achieve design wins; the general business and economic conditions; our ability to maintain factory utilization at a desirable level; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 filed by AOS with the SEC and other periodic reports we filed with the SEC. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and AOS undertakes no duty to update such information, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with U.S. GAAP, we disclose certain non-GAAP financial measures for our historical performance, including non-GAAP gross profit, gross margin, operating expenses, operating income (loss), net income (loss), diluted earnings per share ("EPS") and EBITDAS. These supplemental measures exclude, among other items, share-based compensation expenses, legal and profession fees related to government investigation, amortization of purchased intangible, income tax effect of non-GAAP adjustments and equity method investment (income) loss from equity investee. We also disclose certain non-GAAP financial measures in our guidance for the next quarter, including non-GAAP gross margin and operating expenses. We believe that these historical and forecast non-GAAP financial measures provide useful information to both management and investors by excluding certain items and expenses that are not indicative of our core operating results or do not reflect our normal business operations. In addition, our management uses non-GAAP measures to compare our performance relative to forecasts and to benchmark our performance externally against competitors. Our use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as non-GAAP net income (loss) or non-GAAP operating expenses, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. In addition, we included the amount of income tax effect of non-GAAP adjustments in the non-GAAP net income (loss) of reconciliation table for all periods presented as the management believes that such non-GAAP presentation provides useful information to investors, even though the amounts are not significant. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures both in the text in this press release and in the tables attached hereto. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.

About Alpha and Omega Semiconductor

Alpha and Omega Semiconductor Limited, or AOS, is a designer, developer, and global supplier of a broad range of discrete power devices, wide band gap power devices, power management ICs, and modules, including a wide portfolio of Power MOSFET, SiC, IGBT, IPM, TVS, HV Gate Drivers, Power IC, and Digital Power products. AOS has developed extensive intellectual property and technical knowledge that encompasses the latest advancements in the power semiconductor industry, which enables us to introduce innovative products to address the increasingly complex power requirements of advanced electronics. AOS differentiates itself by integrating its Discrete and IC semiconductor process technology, product design, and advanced packaging know-how to develop high-performance power management solutions. AOS’ portfolio of products targets high-volume applications, including portable computers, flat-panel TVs, LED lighting, smartphones, battery packs, consumer and industrial motor controls, automotive electronics, and power supplies for TVs, computers, servers, and telecommunications equipment. For more information, please visit www.aosmd.com.

The following unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP.

Alpha and Omega Semiconductor Limited

Condensed Consolidated Statements of Operations

(in thousands, except percentages and per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

March 31,

2024

 

December 31,

2023

 

March 31,

2023

 

March 31,

2024

 

March 31,

2023

 

 

 

 

 

 

 

 

 

 

Revenue

$

150,060

 

 

$

165,285

 

 

$

132,560

 

 

$

495,978

 

 

$

529,796

 

Cost of goods sold

 

114,505

 

 

 

121,284

 

 

 

101,774

 

 

 

365,497

 

 

 

374,841

 

Gross profit

 

35,555

 

 

 

44,001

 

 

 

30,786

 

 

 

130,481

 

 

 

154,955

 

Gross margin

 

23.7

%

 

 

26.6

%

 

 

23.2

%

 

 

26.3

%

 

 

29.2

%

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

23,095

 

 

 

22,919

 

 

 

22,578

 

 

 

68,127

 

 

 

65,435

 

Selling, general and administrative

 

22,964

 

 

 

22,216

 

 

 

22,610

 

 

 

64,611

 

 

 

69,603

 

Total operating expenses

 

46,059

 

 

 

45,135

 

 

 

45,188

 

 

 

132,738

 

 

 

135,038

 

Operating income (loss)

 

(10,504

)

 

 

(1,134

)

 

 

(14,402

)

 

 

(2,257

)

 

 

19,917

 

 

 

 

 

 

 

 

 

 

 

Other income (loss), net

 

308

 

 

 

(472

)

 

 

(513

)

 

 

(138

)

 

 

(1,432

)

Interest income (expense), net

 

271

 

 

 

274

 

 

 

5

 

 

 

774

 

 

 

(1,000

)

Net income (loss) before income taxes

 

(9,925

)

 

 

(1,332

)

 

 

(14,910

)

 

 

(1,621

)

 

 

17,485

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

611

 

 

 

894

 

 

 

2,517

 

 

 

2,643

 

 

 

5,550

 

Net income (loss) before income (loss) from equity method investment

 

(10,536

)

 

 

(2,226

)

 

 

(17,427

)

 

 

(4,264

)

 

 

11,935

 

Equity method investment income (loss) from equity investee

 

(676

)

 

 

(697

)

 

 

(1,480

)

 

 

(4,085

)

 

 

1,533

 

Net income (loss)

$

(11,212

)

 

$

(2,923

)

 

$

(18,907

)

 

$

(8,349

)

 

$

13,468

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

Basic

$

(0.39

)

 

$

(0.10

)

 

$

(0.68

)

 

$

(0.30

)

 

$

0.49

 

Diluted

$

(0.39

)

 

$

(0.10

)

 

$

(0.68

)

 

$

(0.30

)

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares used to compute net income (loss) per share

 

 

 

 

 

 

 

 

 

Basic

 

28,433

 

 

 

27,939

 

 

 

27,710

 

 

 

28,022

 

 

 

27,537

 

Diluted

 

28,433

 

 

 

27,939

 

 

 

27,710

 

 

 

28,022

 

 

 

29,576

 

 

 

 

 

 

 

 

 

 

 

Alpha and Omega Semiconductor Limited

Condensed Consolidated Balance Sheets

(in thousands, except par value per share)

(unaudited)

 

March 31, 2024

 

June 30, 2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

174,387

 

 

$

195,188

 

Restricted cash

 

208

 

 

 

415

 

Accounts receivable, net

 

13,254

 

 

 

22,420

 

Inventories

 

198,098

 

 

 

183,247

 

Other current assets

 

8,604

 

 

 

22,666

 

Total current assets

 

394,551

 

 

 

423,936

 

Property, plant and equipment, net

 

339,515

 

 

 

357,831

 

Operating lease right-of-use assets

 

24,421

 

 

 

24,349

 

Intangible assets, net

 

4,328

 

 

 

6,765

 

Equity method investment

 

359,244

 

 

 

366,617

 

Deferred income tax assets

 

499

 

 

 

536

 

Other long-term assets

 

31,491

 

 

 

19,703

 

Total assets

$

1,154,049

 

 

$

1,199,737

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

42,513

 

 

$

50,775

 

Accrued liabilities

 

73,587

 

 

 

79,533

 

Payable related to equity investee, net

 

14,275

 

 

 

11,950

 

Income taxes payable

 

4,490

 

 

 

5,546

 

Short-term debt

 

11,584

 

 

 

11,434

 

Deferred revenue

 

7,664

 

 

 

8,073

 

Finance lease liabilities

 

917

 

 

 

867

 

Operating lease liabilities

 

4,909

 

 

 

4,383

 

Total current liabilities

 

159,939

 

 

 

172,561

 

Long-term debt

 

29,653

 

 

 

38,360

 

Income taxes payable - long-term

 

2,978

 

 

 

2,817

 

Deferred income tax liabilities

 

26,337

 

 

 

27,283

 

Finance lease liabilities - long-term

 

2,522

 

 

 

3,216

 

Operating lease liabilities - long-term

 

20,099

 

 

 

20,544

 

Other long-term liabilities

 

23,584

 

 

 

51,037

 

Total liabilities

 

265,112

 

 

 

315,818

 

Shareholders' Equity:

 

 

 

Preferred shares, par value $0.002 per share:

 

 

 

Authorized: 10,000 shares; issued and outstanding: none at March 31, 2024 and June 30, 2023

 

 

 

 

 

Common shares, par value $0.002 per share:

 

 

 

Authorized: 100,000 shares; issued and outstanding: 35,836 shares and 28,697 shares, respectively at March 31, 2024 and 34,811 shares and 27,654 shares, respectively at June 30, 2023

 

72

 

 

 

70

 

Treasury shares at cost: 7,139 shares at March 31, 2024 and 7,157 shares at June 30, 2023

 

(79,220

)

 

 

(79,365

)

Additional paid-in capital

 

345,413

 

 

 

329,034

 

Accumulated other comprehensive loss

 

(11,125

)

 

 

(8,111

)

Retained earnings

 

633,797

 

 

 

642,291

 

Total shareholders' equity

 

888,937

 

 

 

883,919

 

Total liabilities and shareholders' equity

$

1,154,049

 

 

$

1,199,737

 

Alpha and Omega Semiconductor Limited

Selected Cash Flow Information

( in thousands, unaudited)

 

 

 

 

 

Nine Months Ended March 31,

 

 

2024

 

 

 

2023

 

Net cash provided by operating activities

$

18,591

 

 

$

48,654

 

Net cash used in investing activities

 

(28,593

)

 

 

(90,603

)

Net cash used in financing activities

 

(10,923

)

 

 

(6,417

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(83

)

 

 

(121

)

Net decrease in cash, cash equivalents and restricted cash

 

(21,008

)

 

 

(48,487

)

Cash, cash equivalents and restricted cash at beginning of period

 

195,603

 

 

 

314,651

 

Cash, cash equivalents and restricted cash at end of period

$

174,595

 

 

$

266,164

 

 

 

 

 

Alpha and Omega Semiconductor Limited

Reconciliation of Condensed Consolidated GAAP Financial Measures to Non-GAAP Financial Measures

(in thousands, except percentages and per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

March 31,

2024

 

December 31,

2023

 

March 31,

2023

 

March 31,

2024

 

March 31,

2023

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

35,555

 

 

$

44,001

 

 

$

30,786

 

 

 

130,481

 

 

$

154,955

 

Share-based compensation

 

 

1,424

 

 

 

1,504

 

 

 

1,723

 

 

 

3,140

 

 

 

5,259

 

Amortization of purchased intangible

 

 

812

 

 

 

812

 

 

 

812

 

 

 

2,435

 

 

 

2,435

 

Non-GAAP gross profit

 

$

37,791

 

 

$

46,317

 

 

$

33,321

 

 

$

136,056

 

 

$

162,649

 

Non-GAAP gross margin as a % of revenue

 

 

25.2

%

 

 

28.0

%

 

 

25.1

%

 

 

27.4

%

 

 

30.7

%

 

 

 

 

 

 

 

 

 

 

 

GAAP operating expense

 

$

46,059

 

 

$

45,135

 

 

$

45,188

 

 

$

132,738

 

 

$

135,038

 

Share-based compensation

 

 

7,041

 

 

 

7,187

 

 

 

8,709

 

 

 

14,934

 

 

 

28,860

 

Legal costs related to government investigation

 

 

103

 

 

 

16

 

 

 

304

 

 

 

172

 

 

 

556

 

Non-GAAP operating expense

 

$

38,915

 

 

$

37,932

 

 

$

36,175

 

 

$

117,632

 

 

$

105,622

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

(10,504

)

 

$

(1,134

)

 

$

(14,402

)

 

$

(2,257

)

 

$

19,917

 

Share-based compensation

 

 

8,465

 

 

 

8,691

 

 

 

10,432

 

 

 

18,074

 

 

 

34,119

 

Amortization of purchased intangible

 

 

812

 

 

 

812

 

 

 

812

 

 

 

2,435

 

 

 

2,435

 

Legal costs related to government investigation

 

 

103

 

 

 

16

 

 

 

304

 

 

 

172

 

 

 

556

 

Non-GAAP operating income (loss)

 

$

(1,124

)

 

$

8,385

 

 

$

(2,854

)

 

$

18,424

 

 

$

57,027

 

Non-GAAP operating margin as a % of revenue

 

 

(0.7

)%

 

 

5.1

%

 

 

(2.2

)%

 

 

3.7

%

 

 

10.8

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

(11,212

)

 

$

(2,923

)

 

$

(18,907

)

 

$

(8,349

)

 

$

13,468

 

Share-based compensation

 

 

8,465

 

 

 

8,691

 

 

 

10,432

 

 

 

18,074

 

 

 

34,119

 

Amortization of purchased intangible

 

 

812

 

 

 

812

 

 

 

812

 

 

 

2,435

 

 

 

2,435

 

Equity method investment (income) loss from equity investee

 

 

676

 

 

 

697

 

 

 

1,480

 

 

 

4,085

 

 

 

(1,533

)

Legal costs related to government investigation

 

 

103

 

 

 

16

 

 

 

304

 

 

 

172

 

 

 

556

 

Income tax effect of non-GAAP adjustments

 

 

(47

)

 

 

(96

)

 

 

3

 

 

 

(549

)

 

 

244

 

Non-GAAP net income (loss)

 

$

(1,203

)

 

$

7,197

 

 

$

(5,876

)

 

$

15,868

 

 

$

49,289

 

Non-GAAP net margin as a % of revenue

 

 

(0.8

)%

 

 

4.4

%

 

 

(4.4

)%

 

 

3.2

%

 

 

9.3

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

(11,212

)

 

$

(2,923

)

 

$

(18,907

)

 

$

(8,349

)

 

$

13,468

 

Share-based compensation

 

 

8,465

 

 

 

8,691

 

 

 

10,432

 

 

 

18,074

 

 

 

34,119

 

Amortization and depreciation

 

 

13,325

 

 

 

13,573

 

 

 

11,006

 

 

 

39,849

 

 

 

31,162

 

Equity method investment (income) loss from equity investee

 

 

676

 

 

 

697

 

 

 

1,480

 

 

 

4,085

 

 

 

(1,533

)

Interest expense (income), net

 

 

(271

)

 

 

(274

)

 

 

(5

)

 

 

(774

)

 

 

1,000

 

Income tax expense

 

 

611

 

 

 

894

 

 

 

2,517

 

 

 

2,643

 

 

 

5,550

 

EBITDAS

 

$

11,594

 

 

$

20,658

 

 

$

6,523

 

 

$

55,528

 

 

$

83,766

 

GAAP diluted net income (loss) per share

 

$

(0.39

)

 

$

(0.10

)

 

$

(0.68

)

 

$

(0.28

)

 

$

0.46

 

Share-based compensation

 

 

0.30

 

 

 

0.29

 

 

 

0.38

 

 

 

0.60

 

 

 

1.15

 

Amortization of purchased intangible

 

 

0.03

 

 

 

0.03

 

 

 

0.03

 

 

 

0.08

 

 

 

0.08

 

Equity method investment (income) loss from equity investee

 

 

0.02

 

 

 

0.02

 

 

 

0.05

 

 

 

0.14

 

 

 

(0.05

)

Legal costs related to government investigation

 

 

0.00

 

 

 

0.00

 

 

 

0.01

 

 

 

0.01

 

 

 

0.02

 

Income tax effect of non-GAAP adjustments

 

 

(0.00

)

 

 

(0.00

)

 

 

0.00

 

 

 

(0.02

)

 

 

0.01

 

Non-GAAP diluted net income (loss) per share

 

$

(0.04

)

 

$

0.24

 

 

$

(0.21

)

 

$

0.53

 

 

$

1.67

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares used to compute GAAP diluted net income (loss) per share

 

 

28,433

 

 

 

27,939

 

 

 

27,710

 

 

 

28,022

 

 

 

29,576

 

Weighted average number of common shares used to compute Non-GAAP diluted net income (loss) per share

 

 

28,433

 

 

 

29,874

 

 

 

27,710

 

 

 

29,915

 

 

 

29,576

 

 

 

 

 

 

 

 

 

 

 

 

 

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