展示99.1
アレグロマイクロシステムズは2025年第2四半期の業績を発表しました
売り上げは前期比12%増の1億8700万ドルに上昇しました
2024年10月31日、ニューハンプシャー州マンチェスター- アレグロ・マイクロシステムズ社(「アレグロ」または「当社」)(ナスダック:ALGM)、モーションコントロールとエネルギー効率システム向けの電力およびセンシング半導体ソリューションのグローバルリーダーであるアレグロ・マイクロシステムズ社は、本日2024年9月27日に終了した第2四半期の財務結果を発表しました。
「私たちはコミットメントに応じた結果を届けました。第2四半期の売上高は1億8700万ドルで、自動車および産業向け、その他のエンドマーケットの両方で前期比成長しました。非GAAPのEPSは0.08ドルで、我々の見通しの上限にあります。」と Allegro の社長兼CEOである Vineet Nargolwala は述べています。「差別化されたソリューションへの継続的な需要と、お客様やパートナーが在庫を再均衡するために達成した進歩に励まされています。私たちは市場リーダーシップを拡大するために成長に投資し続けています。最新の製品リリースによって証明されるように、新製品導入のペースが加速しており、近い将来に著しい成長勢いの舞台を準備しています。」
第2四半期の財務ハイライト:
千の単位を使用し、一株当たりのデータを除く |
|
終了した3か月間 |
|
|
6か月間の期間中 |
|
||||||||||||||
|
|
2024年9月27日 |
|
|
6月28日、 |
|
|
2023年9月29日 |
|
|
2024年9月27日 |
|
|
2023年9月29日 |
|
|||||
|
|
(未確定) |
|
|
(未確定) |
|
|
(未確定) |
|
|
(未確定) |
|
|
(未確定) |
|
|||||
ネット売上高 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
自動車 |
|
$ |
141,893 |
|
|
$ |
131,184 |
|
|
$ |
197,321 |
|
|
$ |
273,077 |
|
|
$ |
382,751 |
|
産業およびその他 |
|
|
45,498 |
|
|
|
35,735 |
|
|
|
78,188 |
|
|
|
81,233 |
|
|
|
171,051 |
|
合計純売上高 |
|
$ |
187,391 |
|
|
$ |
166,919 |
|
|
$ |
275,509 |
|
|
$ |
354,310 |
|
|
$ |
553,802 |
|
財務諸表(GAAP財務指標) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
粗利率 % |
|
|
45.7 |
% |
|
|
44.8 |
% |
|
|
57.9 |
% |
|
|
45.3 |
% |
|
|
57.3 |
% |
営業利益率 % |
|
|
2.2 |
% |
|
|
(6.4 |
)% |
|
|
26.5 |
% |
|
|
(1.9 |
)% |
|
|
25.9 |
% |
希薄化後eps |
|
$ |
(0.18 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.34 |
|
|
$ |
(0.27 |
) |
|
$ |
0.65 |
|
非GAAP財務指標 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
粗利率 % |
|
|
48.8 |
% |
|
|
48.8 |
% |
|
|
58.3 |
% |
|
|
48.8 |
% |
|
|
58.1 |
% |
営業利益率 % |
|
|
11.7 |
% |
|
|
6.0 |
% |
|
|
31.3 |
% |
|
|
9.0 |
% |
|
|
31.0 |
% |
希薄化後eps |
|
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.40 |
|
|
$ |
0.11 |
|
|
$ |
0.79 |
|
ビジネス展望
2024年12月27日までの2025会計年度第3四半期に、会社は売上高が$1,700 to $1,800 millionの範囲内であると予想しています。この見通しには、車両の電化への継続的な進展と、最新の第三者の見積もりに反映されている在庫の再調整、および典型的な12月四半期の季節性が含まれています。また、会社は次の結果を非GAAPベースで見積もっています。
アレグロは、希薄化後粗利率、希薄化後利払い費用、および希薄化後1株当たり利益に関する第3四半期の見通しの非GAAP調整精査について説明していません。全ての調整項目の見積もりを合理的な努力なしに提供することはできないためです。このような将来見通しの非GAAP数値と比較可能な将来見通しの米国一般会計原則(GAAP)数値との間の合理的な見積もりを提供するのが困難です。これらの項目を見積もる上で重要な要因の一部は、アレグロが把握できず、または合理的に予測できないものがあります。
収益ウェブキャスト
木曜日の2024年10月31日、午前8時30分(東部時間)にウェブキャストが行われます。ビジネスのプレゼントおよびチーフ エグゼクティブ オフィサー、ヴィニート・ナルゴルワラ氏、そしてチーフ ファイナンシャル オフィサー、デレック・P・ダンティリオ氏が、アレグロのビジネスと財務結果について話します。
ウェブキャストは会社のウェブサイトの投資家向けセクションでご覧いただけます。 investors.allegromicro.com。ウェブキャストの録画は通話終了後すぐに同じ場所に投稿され、少なくとも90日間ご覧いただけます。
アレグロマイクロシステムズについて Allegro MicroSystemsは、自動車および産業市場での新興技術を可能にするセンサー集積回路(「IC」)およびアプリケーション専用アナログ電力ICのグローバルな設計、開発、ファブレス製造、販売促進、マーケティングリーダーです。アレグロの多様な製品ポートフォリオは、自動車の電動化、自動車のADAS安全機能、Industry 4.0の自動化、およびデータセンターやクリーンエネルギーの省エネ技術に対する効率的で信頼性の高いソリューションを提供します。
アレグロマイクロシステムズは、センサー集積回路(IC)および特定のアナログ電力ICの先進的なグローバルな設計者、開発者、ファブレスメーカー、マーケターであり、自動車および産業市場での新興技術を可能にします。アレグロの多様な製品ポートフォリオは、車両の電動化、自動車のADAS安全機能、産業4.0向けの自動化、データセンターやクリーンエネルギーアプリケーション向けの省エネ技術に効率的かつ信頼性の高いソリューションを提供しています。
将来を見据えた記述
本プレスリリースには、Private Securities Litigation Reform Act of 1995の意味において前向きな見通しに関する記述が含まれています。私たちは、前進を見込む述べるにあたり、修正された1933年証券法第27A条および修正された1934年証券取引法第21E条に含まれる前向きな見通しに対する安全な避難条項によってカバーされることを意図しています。証券法のその他規定又は修正された1933年証券取引法第21E条を含む、このプレスリリースに含まれる一切の記述(過去の事実に関する記述を除く)は、我々の運営結果、財務状態、ビジネス戦略、将来の製品、および将来の運営における経営陣の計画と目的に関する記述を含みます。具体的には、流動性、成長、収益性の戦略、および我々のビジネスに影響を与える要因に関する記述を含みます。これらの記述には、我々の実際の結果、業績、または成果が前向きな記述によって示唆、明示される任意の将来の結果、業績、または成果と著しく異なる要素である既知または未知のリスク、不確実性、およびその他の重要な要因が関わっています。
Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.
Forward-looking statements are based on our management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 29, 2024, as any such factors may be updated from time to time in our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the "SEC"). These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; any failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix, customer mix or channel mix, which could negatively impact our gross margin; the cyclical nature of the semiconductor industry, including the analog segment in which we compete; any downturn or disruption in the automotive market or industry; our ability to successfully integrate the acquisition of other companies or technologies and products into our business; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results and meet the expectations of investors; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; events beyond our control impacting us, our key suppliers or our manufacturing partners; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to manage growth; any slowdown in the growth of our end markets; the loss of one or more significant customers; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulations and other legal obligations, including export/trade control, privacy, data protection, information security, cybersecurity, consumer protection, environmental and occupational health and safety, antitrust, anti-corruption and anti-bribery, product safety, environmental protection, employment matters and tax; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to effectively manage our growth and to retain key and highly skilled personnel; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property
rights; disruptions or breaches of our information technology systems or confidential information or those of our third-party service providers; our principal stockholders has substantial control over us; anti-takeover provisions in our organizational documents and under the General Corporation Law of the State of Delaware; any failure to design, implement or maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; the physical, transition and litigation risks presented by climate change; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.
You should read this press release and the documents that we reference completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
This press release includes certain non-GAAP financial measures as defined by the SEC rules. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to measures of, financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the presented non-GAAP financial measures as tools for comparison.
This press release may not be reproduced, forwarded to any person or published, in whole or in part.
ALLEGRO MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
||||
Net sales |
|
$ |
187,391 |
|
|
$ |
275,509 |
|
|
$ |
354,310 |
|
|
$ |
553,802 |
|
Cost of goods sold |
|
|
101,729 |
|
|
|
116,006 |
|
|
|
193,877 |
|
|
|
236,349 |
|
Gross profit |
|
|
85,662 |
|
|
|
159,503 |
|
|
|
160,433 |
|
|
|
317,453 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
43,510 |
|
|
|
43,428 |
|
|
|
88,714 |
|
|
|
86,403 |
|
Selling, general and administrative |
|
|
38,085 |
|
|
|
43,160 |
|
|
|
78,282 |
|
|
|
87,389 |
|
Total operating expenses |
|
|
81,595 |
|
|
|
86,588 |
|
|
|
166,996 |
|
|
|
173,792 |
|
Operating income (loss) |
|
|
4,067 |
|
|
|
72,915 |
|
|
|
(6,563 |
) |
|
|
143,661 |
|
Interest and other (expense) income |
|
|
(12,398 |
) |
|
|
156 |
|
|
|
(18,341 |
) |
|
|
(2,486 |
) |
Loss on change in fair value of forward repurchase contract |
|
|
(34,752 |
) |
|
|
— |
|
|
|
(34,752 |
) |
|
|
— |
|
(Loss) income before income taxes |
|
|
(43,083 |
) |
|
|
73,071 |
|
|
|
(59,656 |
) |
|
|
141,175 |
|
Income tax (benefit) provision |
|
|
(9,470 |
) |
|
|
7,400 |
|
|
|
(8,430 |
) |
|
|
14,615 |
|
Net (loss) income |
|
|
(33,613 |
) |
|
|
65,671 |
|
|
|
(51,226 |
) |
|
|
126,560 |
|
Net income attributable to non-controlling interests |
|
|
62 |
|
|
|
54 |
|
|
|
124 |
|
|
|
93 |
|
Net (loss) income attributable to Allegro MicroSystems, Inc. |
|
$ |
(33,675 |
) |
|
$ |
65,617 |
|
|
$ |
(51,350 |
) |
|
$ |
126,467 |
|
Net (loss) income per common share attributable to Allegro MicroSystems, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.18 |
) |
|
$ |
0.34 |
|
|
$ |
(0.27 |
) |
|
$ |
0.66 |
|
Diluted |
|
$ |
(0.18 |
) |
|
$ |
0.34 |
|
|
$ |
(0.27 |
) |
|
$ |
0.65 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
189,182,850 |
|
|
|
192,431,094 |
|
|
|
191,324,281 |
|
|
|
192,214,210 |
|
Diluted |
|
|
189,182,850 |
|
|
|
195,100,855 |
|
|
|
191,324,281 |
|
|
|
195,055,495 |
|
Supplemental Schedule of Total Net Sales
The following table summarizes total net sales by market within the Company’s unaudited condensed consolidated statements of operations:
|
|
Three-Month Period Ended |
|
|
Change |
|
|
Six-Month Period Ended |
|
|
Change |
|
||||||||||||||||||||
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|
Amount |
|
|
% |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|
Amount |
|
|
% |
|
||||||||
|
|
(Dollars in thousands) |
|
|
(Dollars in thousands) |
|
||||||||||||||||||||||||||
Automotive |
|
$ |
141,893 |
|
|
$ |
197,321 |
|
|
$ |
(55,428 |
) |
|
|
(28 |
)% |
|
$ |
273,077 |
|
|
$ |
382,751 |
|
|
$ |
(109,674 |
) |
|
|
(29 |
)% |
Industrial and other |
|
|
45,498 |
|
|
|
78,188 |
|
|
|
(32,690 |
) |
|
|
(42 |
)% |
|
|
81,233 |
|
|
|
171,051 |
|
|
|
(89,818 |
) |
|
|
(53 |
)% |
Total net sales |
|
$ |
187,391 |
|
|
$ |
275,509 |
|
|
$ |
(88,118 |
) |
|
|
(32 |
)% |
|
$ |
354,310 |
|
|
$ |
553,802 |
|
|
$ |
(199,492 |
) |
|
|
(36 |
)% |
ALLEGRO MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
|
|
September 27, |
|
|
March 29, |
|
||
|
|
2024 |
|
|
2024 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
188,751 |
|
|
$ |
212,143 |
|
Restricted cash |
|
|
10,287 |
|
|
|
10,018 |
|
Trade accounts receivable, net |
|
|
76,985 |
|
|
|
118,508 |
|
Inventories |
|
|
176,648 |
|
|
|
162,302 |
|
Prepaid income taxes |
|
|
38,636 |
|
|
|
31,908 |
|
Prepaid expenses and other current assets |
|
|
32,253 |
|
|
|
33,584 |
|
Current portion of related party notes receivable |
|
|
— |
|
|
|
3,750 |
|
Total current assets |
|
|
523,560 |
|
|
|
572,213 |
|
Property, plant and equipment, net |
|
|
325,051 |
|
|
|
321,175 |
|
Deferred income tax assets |
|
|
61,839 |
|
|
|
54,496 |
|
Goodwill |
|
|
203,151 |
|
|
|
202,425 |
|
Intangible assets, net |
|
|
266,753 |
|
|
|
276,854 |
|
Related party notes receivable, less current portion |
|
|
— |
|
|
|
4,688 |
|
Equity investment in related party |
|
|
30,186 |
|
|
|
26,727 |
|
Other assets |
|
|
81,577 |
|
|
|
72,025 |
|
Total assets |
|
$ |
1,492,117 |
|
|
$ |
1,530,603 |
|
Liabilities, Non-Controlling Interests and Stockholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Trade accounts payable |
|
$ |
50,245 |
|
|
$ |
35,964 |
|
Amounts due to related party |
|
|
5,546 |
|
|
|
1,626 |
|
Accrued expenses and other current liabilities |
|
|
62,742 |
|
|
|
76,389 |
|
Current portion of long-term debt |
|
|
5,475 |
|
|
|
3,929 |
|
Total current liabilities |
|
|
124,008 |
|
|
|
117,908 |
|
Long-term debt |
|
|
396,056 |
|
|
|
249,611 |
|
Other long-term liabilities |
|
|
33,345 |
|
|
|
31,368 |
|
Total liabilities |
|
|
553,409 |
|
|
|
398,887 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders’ Equity: |
|
|
|
|
|
|
||
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
1,840 |
|
|
|
1,932 |
|
Additional paid-in capital |
|
|
993,988 |
|
|
|
694,332 |
|
(Accumulated deficit) retained earnings |
|
|
(31,931 |
) |
|
|
463,012 |
|
Accumulated other comprehensive loss |
|
|
(26,583 |
) |
|
|
(28,841 |
) |
Equity attributable to Allegro MicroSystems, Inc. |
|
|
937,314 |
|
|
|
1,130,435 |
|
Non-controlling interests |
|
|
1,394 |
|
|
|
1,281 |
|
Total stockholders’ equity |
|
|
938,708 |
|
|
|
1,131,716 |
|
Total liabilities, non-controlling interests and stockholders’ equity |
|
$ |
1,492,117 |
|
|
$ |
1,530,603 |
|
ALLEGRO MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income |
|
$ |
(33,613 |
) |
|
$ |
65,671 |
|
|
$ |
(51,226 |
) |
|
$ |
126,560 |
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
15,997 |
|
|
|
15,080 |
|
|
|
32,455 |
|
|
|
29,353 |
|
Amortization of deferred financing costs |
|
|
306 |
|
|
|
73 |
|
|
|
1,087 |
|
|
|
107 |
|
Deferred income taxes |
|
|
(2,796 |
) |
|
|
(9,772 |
) |
|
|
(7,795 |
) |
|
|
(18,134 |
) |
Stock-based compensation |
|
|
11,545 |
|
|
|
10,877 |
|
|
|
21,663 |
|
|
|
21,919 |
|
Loss on change in fair value of forward repurchase contract |
|
|
34,752 |
|
|
|
— |
|
|
|
34,752 |
|
|
|
— |
|
Provisions for inventory and expected credit losses |
|
|
2,111 |
|
|
|
4,239 |
|
|
|
4,488 |
|
|
|
9,422 |
|
Change in fair value of marketable securities |
|
|
— |
|
|
|
(72 |
) |
|
|
— |
|
|
|
3,579 |
|
Other non-cash reconciling items |
|
|
6,563 |
|
|
|
43 |
|
|
|
6,577 |
|
|
|
43 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trade accounts receivable |
|
|
(13,717 |
) |
|
|
2,676 |
|
|
|
41,417 |
|
|
|
(7,645 |
) |
Inventories |
|
|
(2,845 |
) |
|
|
(3,274 |
) |
|
|
(18,831 |
) |
|
|
(31,221 |
) |
Prepaid expenses and other assets |
|
|
(14,093 |
) |
|
|
(6,253 |
) |
|
|
(15,808 |
) |
|
|
(16,453 |
) |
Trade accounts payable |
|
|
13,470 |
|
|
|
(15,736 |
) |
|
|
13,670 |
|
|
|
2,695 |
|
Due to and from related parties |
|
|
695 |
|
|
|
(3,990 |
) |
|
|
4,132 |
|
|
|
6,112 |
|
Accrued expenses and other current and long-term liabilities |
|
|
(2,828 |
) |
|
|
(12,832 |
) |
|
|
(16,838 |
) |
|
|
(29,944 |
) |
Net cash provided by operating activities |
|
|
15,547 |
|
|
|
46,730 |
|
|
|
49,743 |
|
|
|
96,393 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(9,972 |
) |
|
|
(31,191 |
) |
|
|
(20,949 |
) |
|
|
(76,101 |
) |
Sales of marketable securities |
|
|
— |
|
|
|
6,204 |
|
|
|
— |
|
|
|
16,175 |
|
Net cash used in investing activities |
|
|
(9,972 |
) |
|
|
(24,987 |
) |
|
|
(20,949 |
) |
|
|
(59,926 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loan made to affiliate |
|
|
— |
|
|
|
(4,000 |
) |
|
|
— |
|
|
|
(4,000 |
) |
Net proceeds from Refinanced 2023 Term Loan Facility |
|
|
193,483 |
|
|
|
— |
|
|
|
193,483 |
|
|
|
— |
|
Payment of borrowings under 2023 Term Loan Facility |
|
|
— |
|
|
|
— |
|
|
|
(50,000 |
) |
|
|
— |
|
Finance lease payments |
|
|
(240 |
) |
|
|
— |
|
|
|
(385 |
) |
|
|
— |
|
Receipts on related party notes receivable |
|
|
937 |
|
|
|
937 |
|
|
|
1,875 |
|
|
|
1,875 |
|
Payments for taxes related to net share settlement of equity awards |
|
|
(1,126 |
) |
|
|
(1,669 |
) |
|
|
(12,297 |
) |
|
|
(14,091 |
) |
Proceeds from issuance of common stock under employee stock purchase plan |
|
|
1,987 |
|
|
|
— |
|
|
|
1,987 |
|
|
|
1,899 |
|
Repurchases of common stock |
|
|
(853,805 |
) |
|
|
— |
|
|
|
(853,805 |
) |
|
|
— |
|
Net proceeds from issuance of common stock |
|
|
665,850 |
|
|
|
— |
|
|
|
665,850 |
|
|
|
— |
|
Payment of debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,450 |
) |
Net cash provided by (used in) financing activities |
|
|
7,086 |
|
|
|
(4,732 |
) |
|
|
(53,292 |
) |
|
|
(15,767 |
) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
|
|
2,200 |
|
|
|
(901 |
) |
|
|
1,375 |
|
|
|
(974 |
) |
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
14,861 |
|
|
|
16,110 |
|
|
|
(23,123 |
) |
|
|
19,726 |
|
Cash and cash equivalents and restricted cash at beginning of period |
|
|
184,177 |
|
|
|
362,321 |
|
|
|
222,161 |
|
|
|
358,705 |
|
Cash and cash equivalents and restricted cash at end of period: |
|
$ |
199,038 |
|
|
$ |
378,431 |
|
|
$ |
199,038 |
|
|
$ |
378,431 |
|
Non-GAAP Financial Measures
In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures, defined as non-GAAP Financial Measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Income, non-GAAP Operating Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Profit before Tax, non-GAAP Income Tax Provision, non-GAAP Effective Tax Rate, non-GAAP Net Income Attributable to Allegro MicroSystems, Inc, non-GAAP Basic and Diluted Earnings per Share, non-GAAP Free Cash Flow, and non-GAAP Free Cash Flow as percentage of net sales (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Income Tax Provision, management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Income Tax Provision across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities.
The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP Financial Measures, such as gross profit, gross margin, net income or any other performance measures derived in accordance with GAAP. Also, in the future we may incur expenses or charges, such as those being adjusted in the calculation of these Non-GAAP Financial Measures. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. These Non-GAAP Financial Measures exclude costs related to acquisition and related integration expenses, amortization of acquired intangible assets, stock-based compensation, restructuring actions, related party activities and other non-operational costs.
Non-GAAP Income Tax Provision
In calculating non-GAAP Income Tax Provision, we have added back the following to GAAP Income Tax Provision:
Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||||||
|
|
September 27, 2024 |
|
|
June 28, |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|||||
|
|
(Dollars in thousands) |
|
|
(Dollars in thousands) |
|
||||||||||||||
GAAP Gross Profit |
|
$ |
85,662 |
|
|
$ |
74,771 |
|
|
$ |
159,503 |
|
|
$ |
160,433 |
|
|
$ |
317,453 |
|
GAAP Gross Margin (% of net sales) |
|
|
45.7 |
% |
|
|
44.8 |
% |
|
|
57.9 |
% |
|
|
45.3 |
% |
|
|
57.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transaction-related costs |
|
|
10 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
Purchased intangible amortization |
|
|
4,875 |
|
|
|
4,875 |
|
|
|
273 |
|
|
|
9,750 |
|
|
|
675 |
|
Restructuring costs |
|
|
16 |
|
|
|
1,200 |
|
|
|
— |
|
|
|
1,216 |
|
|
|
— |
|
Stock-based compensation |
|
|
817 |
|
|
|
561 |
|
|
|
946 |
|
|
|
1,378 |
|
|
|
3,552 |
|
Total Non-GAAP Adjustments |
|
$ |
5,718 |
|
|
$ |
6,635 |
|
|
$ |
1,219 |
|
|
$ |
12,353 |
|
|
$ |
4,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP Gross Profit |
|
$ |
91,380 |
|
|
$ |
81,406 |
|
|
$ |
160,722 |
|
|
$ |
172,786 |
|
|
$ |
321,680 |
|
Non-GAAP Gross Margin (% of net sales) |
|
|
48.8 |
% |
|
|
48.8 |
% |
|
|
58.3 |
% |
|
|
48.8 |
% |
|
|
58.1 |
% |
Reconciliation of Non-GAAP Operating Expenses |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||||||
|
|
September 27, 2024 |
|
|
June 28, 2024 |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|||||
|
|
(Dollars in thousands) |
|
|
(Dollars in thousands) |
|
||||||||||||||
GAAP Operating Expenses |
|
$ |
81,595 |
|
|
$ |
85,401 |
|
|
$ |
86,588 |
|
|
$ |
166,996 |
|
|
$ |
173,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Research and Development Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP Research and Development Expenses |
|
|
43,510 |
|
|
|
45,204 |
|
|
|
43,428 |
|
|
|
88,714 |
|
|
|
86,403 |
|
Non-GAAP adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transaction-related costs |
|
|
206 |
|
|
|
1,029 |
|
|
|
2 |
|
|
|
1,235 |
|
|
|
9 |
|
Restructuring costs |
|
|
260 |
|
|
|
169 |
|
|
|
— |
|
|
|
429 |
|
|
|
— |
|
Stock-based compensation |
|
|
3,523 |
|
|
|
3,735 |
|
|
|
3,602 |
|
|
|
7,258 |
|
|
|
6,470 |
|
Other costs(1) |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
Non-GAAP Research and Development Expenses |
|
|
39,518 |
|
|
|
40,271 |
|
|
|
39,824 |
|
|
|
79,789 |
|
|
|
79,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling, General and Administrative Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GAAP Selling, General and Administrative Expenses |
|
|
38,085 |
|
|
|
40,197 |
|
|
|
43,160 |
|
|
|
78,282 |
|
|
|
87,389 |
|
Non-GAAP adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transaction-related costs |
|
|
275 |
|
|
|
814 |
|
|
|
1,804 |
|
|
|
1,089 |
|
|
|
4,876 |
|
Purchased intangible amortization |
|
|
535 |
|
|
|
535 |
|
|
|
357 |
|
|
|
1,070 |
|
|
|
715 |
|
Restructuring costs |
|
|
2,046 |
|
|
|
1,045 |
|
|
|
— |
|
|
|
3,091 |
|
|
|
— |
|
Stock-based compensation |
|
|
7,205 |
|
|
|
5,822 |
|
|
|
6,329 |
|
|
|
13,027 |
|
|
|
11,897 |
|
Other costs(1) |
|
|
(1,820 |
) |
|
|
811 |
|
|
|
100 |
|
|
|
(1,009 |
) |
|
|
100 |
|
Non-GAAP Selling, General and Administrative Expenses |
|
|
29,844 |
|
|
|
31,170 |
|
|
|
34,570 |
|
|
|
61,014 |
|
|
|
69,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Non-GAAP Adjustments |
|
|
12,233 |
|
|
|
13,960 |
|
|
|
12,194 |
|
|
|
26,193 |
|
|
|
24,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP Operating Expenses |
|
$ |
69,362 |
|
|
$ |
71,441 |
|
|
$ |
74,394 |
|
|
$ |
140,803 |
|
|
$ |
149,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions. |
|
Reconciliation of Non-GAAP Operating Income and Non-GAAP Operating Margin |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||||||
|
|
September 27, 2024 |
|
|
June 28, |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|||||
|
|
(Dollars in thousands) |
|
|
(Dollars in thousands) |
|
||||||||||||||
GAAP Operating Income (Loss) |
|
$ |
4,067 |
|
|
$ |
(10,630 |
) |
|
$ |
72,915 |
|
|
$ |
(6,563 |
) |
|
$ |
143,661 |
|
GAAP Operating Margin (% of net sales) |
|
|
2.2 |
% |
|
|
(6.4 |
)% |
|
|
26.5 |
% |
|
|
(1.9 |
)% |
|
|
25.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transaction-related costs |
|
|
491 |
|
|
|
1,842 |
|
|
|
1,806 |
|
|
|
2,333 |
|
|
|
4,885 |
|
Purchased intangible amortization |
|
|
5,410 |
|
|
|
5,410 |
|
|
|
630 |
|
|
|
10,820 |
|
|
|
1,390 |
|
Restructuring costs |
|
|
2,322 |
|
|
|
2,414 |
|
|
|
— |
|
|
|
4,736 |
|
|
|
— |
|
Stock-based compensation |
|
|
11,545 |
|
|
|
10,118 |
|
|
|
10,877 |
|
|
|
21,663 |
|
|
|
21,919 |
|
Other costs(1) |
|
|
(1,817 |
) |
|
|
811 |
|
|
|
100 |
|
|
|
(1,006 |
) |
|
|
100 |
|
Total Non-GAAP Adjustments |
|
$ |
17,951 |
|
|
$ |
20,595 |
|
|
$ |
13,413 |
|
|
$ |
38,546 |
|
|
$ |
28,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP Operating Income |
|
$ |
22,018 |
|
|
$ |
9,965 |
|
|
$ |
86,328 |
|
|
$ |
31,983 |
|
|
$ |
171,955 |
|
Non-GAAP Operating Margin (% of net sales) |
|
|
11.7 |
% |
|
|
6.0 |
% |
|
|
31.3 |
% |
|
|
9.0 |
% |
|
|
31.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions. |
|
Reconciliation of EBITDA and Adjusted EBITDA |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||||||
|
|
September 27, 2024 |
|
|
June 28, |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|||||
|
|
(Dollars in thousands) |
|
|
(Dollars in thousands) |
|
||||||||||||||
GAAP Net (Loss) Income |
|
$ |
(33,613 |
) |
|
$ |
(17,613 |
) |
|
$ |
65,671 |
|
|
$ |
(51,226 |
) |
|
$ |
126,560 |
|
GAAP Net (Loss) Income Margin (% of net sales) |
|
|
(17.9 |
)% |
|
|
(10.6 |
)% |
|
|
23.8 |
% |
|
|
(14.5 |
)% |
|
|
22.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense |
|
|
10,353 |
|
|
|
5,377 |
|
|
|
758 |
|
|
|
15,730 |
|
|
|
1,527 |
|
Interest income |
|
|
(420 |
) |
|
|
(494 |
) |
|
|
(850 |
) |
|
|
(914 |
) |
|
|
(1,693 |
) |
Income tax (benefit) provision |
|
|
(9,470 |
) |
|
|
1,040 |
|
|
|
7,400 |
|
|
|
(8,430 |
) |
|
|
14,615 |
|
Depreciation & amortization |
|
|
15,997 |
|
|
|
16,458 |
|
|
|
15,145 |
|
|
|
32,455 |
|
|
|
29,418 |
|
EBITDA |
|
$ |
(17,153 |
) |
|
$ |
4,768 |
|
|
$ |
88,124 |
|
|
$ |
(12,385 |
) |
|
$ |
170,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transaction-related costs |
|
|
3,295 |
|
|
|
1,842 |
|
|
|
1,806 |
|
|
|
5,137 |
|
|
|
4,885 |
|
Restructuring costs |
|
|
2,067 |
|
|
|
2,414 |
|
|
|
— |
|
|
|
4,481 |
|
|
|
— |
|
Stock-based compensation |
|
|
11,545 |
|
|
|
10,118 |
|
|
|
10,877 |
|
|
|
21,663 |
|
|
|
21,919 |
|
Loss on change in fair value of forward repurchase contract |
|
|
34,752 |
|
|
|
— |
|
|
|
— |
|
|
|
34,752 |
|
|
|
— |
|
Other costs(1) |
|
|
(2,195 |
) |
|
|
2,807 |
|
|
|
1,301 |
|
|
|
612 |
|
|
|
5,890 |
|
Adjusted EBITDA |
|
$ |
32,311 |
|
|
$ |
21,949 |
|
|
$ |
102,108 |
|
|
$ |
54,260 |
|
|
$ |
203,121 |
|
Adjusted EBITDA Margin (% of net sales) |
|
|
17.2 |
% |
|
|
13.1 |
% |
|
|
37.1 |
% |
|
|
15.3 |
% |
|
|
36.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments. |
|
Reconciliation of Non-GAAP Profit before Tax |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||||||
|
|
September 27, 2024 |
|
|
June 28, |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|||||
|
|
(Dollars in thousands) |
|
|
(Dollars in thousands) |
|
||||||||||||||
GAAP (Loss) Income before Income Taxes |
|
$ |
(43,083 |
) |
|
$ |
(16,573 |
) |
|
$ |
73,071 |
|
|
$ |
(59,656 |
) |
|
$ |
141,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transaction-related costs |
|
|
3,295 |
|
|
|
1,842 |
|
|
|
1,806 |
|
|
|
5,137 |
|
|
|
4,885 |
|
Transaction-related interest |
|
|
141 |
|
|
|
709 |
|
|
|
— |
|
|
|
850 |
|
|
|
— |
|
Purchased intangible amortization |
|
|
5,410 |
|
|
|
5,410 |
|
|
|
630 |
|
|
|
10,820 |
|
|
|
1,390 |
|
Restructuring costs |
|
|
2,067 |
|
|
|
2,414 |
|
|
|
— |
|
|
|
4,481 |
|
|
|
— |
|
Stock-based compensation |
|
|
11,545 |
|
|
|
10,118 |
|
|
|
10,877 |
|
|
|
21,663 |
|
|
|
21,919 |
|
Loss on change in fair value of forward repurchase contract |
|
|
34,752 |
|
|
|
— |
|
|
|
— |
|
|
|
34,752 |
|
|
|
— |
|
Other costs(1) |
|
|
1,428 |
|
|
|
2,807 |
|
|
|
1,301 |
|
|
|
4,235 |
|
|
|
5,890 |
|
Total Non-GAAP Adjustments |
|
$ |
58,638 |
|
|
$ |
23,300 |
|
|
$ |
14,614 |
|
|
$ |
81,938 |
|
|
$ |
34,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP Profit before Tax |
|
$ |
15,555 |
|
|
$ |
6,727 |
|
|
$ |
87,685 |
|
|
$ |
22,282 |
|
|
$ |
175,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments. |
|
Reconciliation of Non-GAAP Income Tax Provision and Non-GAAP Effective Tax Rate |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||||||
|
|
September 27, 2024 |
|
|
June 28, |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|||||
|
|
(Dollars in thousands) |
|
|
(Dollars in thousands) |
|
||||||||||||||
GAAP Income Tax (Benefit) Provision |
|
$ |
(9,470 |
) |
|
$ |
1,040 |
|
|
$ |
7,400 |
|
|
$ |
(8,430 |
) |
|
$ |
14,615 |
|
GAAP effective tax rate |
|
|
22.0 |
% |
|
|
(6.3 |
)% |
|
|
10.1 |
% |
|
|
14.1 |
% |
|
|
10.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tax effect of adjustments to GAAP results |
|
|
10,071 |
|
|
|
(395 |
) |
|
|
2,554 |
|
|
|
9,676 |
|
|
|
6,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP Income Tax Provision |
|
$ |
601 |
|
|
$ |
645 |
|
|
$ |
9,954 |
|
|
$ |
1,246 |
|
|
$ |
20,995 |
|
Non-GAAP effective tax rate |
|
|
3.9 |
% |
|
|
9.6 |
% |
|
|
11.4 |
% |
|
|
5.6 |
% |
|
|
12.0 |
% |
Reconciliation of Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. and Non-GAAP Earnings per Share |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||||||
|
|
September 27, 2024 |
|
|
June 28, |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|||||
|
|
(Dollars in thousands) |
|
|
(Dollars in thousands) |
|
||||||||||||||
GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc.(1) |
|
$ |
(33,675 |
) |
|
$ |
(17,675 |
) |
|
$ |
65,617 |
|
|
$ |
(51,350 |
) |
|
$ |
126,467 |
|
GAAP Basic weighted average common shares |
|
|
189,182,850 |
|
|
|
193,465,708 |
|
|
|
192,431,094 |
|
|
|
191,324,281 |
|
|
|
192,214,210 |
|
GAAP Diluted weighted average common shares |
|
|
189,182,850 |
|
|
|
193,465,708 |
|
|
|
195,100,855 |
|
|
|
191,324,281 |
|
|
|
195,055,495 |
|
GAAP Basic (Loss) Earnings per Share |
|
$ |
(0.18 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.34 |
|
|
$ |
(0.27 |
) |
|
$ |
0.66 |
|
GAAP Diluted (Loss) Earnings per Share |
|
$ |
(0.18 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.34 |
|
|
$ |
(0.27 |
) |
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transaction-related costs |
|
|
3,295 |
|
|
|
1,842 |
|
|
|
1,806 |
|
|
|
5,137 |
|
|
|
4,885 |
|
Transaction-related interest |
|
|
141 |
|
|
|
709 |
|
|
|
— |
|
|
|
850 |
|
|
|
— |
|
Purchased intangible amortization |
|
|
5,410 |
|
|
|
5,410 |
|
|
|
630 |
|
|
|
10,820 |
|
|
|
1,390 |
|
Restructuring costs |
|
|
2,067 |
|
|
|
2,414 |
|
|
|
— |
|
|
|
4,481 |
|
|
|
— |
|
Stock-based compensation |
|
|
11,545 |
|
|
|
10,118 |
|
|
|
10,877 |
|
|
|
21,663 |
|
|
|
21,919 |
|
Loss on change in fair value of forward repurchase contract |
|
|
34,752 |
|
|
|
— |
|
|
|
— |
|
|
|
34,752 |
|
|
|
— |
|
Other costs(2) |
|
|
1,428 |
|
|
|
2,807 |
|
|
|
1,301 |
|
|
|
4,235 |
|
|
|
5,890 |
|
Total Non-GAAP Adjustments |
|
|
58,638 |
|
|
|
23,300 |
|
|
|
14,614 |
|
|
|
81,938 |
|
|
|
34,084 |
|
Tax effect of adjustments to GAAP results(3) |
|
|
(10,071 |
) |
|
|
395 |
|
|
|
(2,554 |
) |
|
|
(9,676 |
) |
|
|
(6,380 |
) |
Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. |
|
$ |
14,892 |
|
|
$ |
6,020 |
|
|
$ |
77,677 |
|
|
$ |
20,912 |
|
|
$ |
154,171 |
|
Basic weighted average common shares |
|
|
189,182,850 |
|
|
|
193,465,708 |
|
|
|
192,431,094 |
|
|
|
191,324,281 |
|
|
|
192,214,210 |
|
Diluted weighted average common shares |
|
|
189,710,595 |
|
|
|
194,705,716 |
|
|
|
195,100,855 |
|
|
|
192,154,185 |
|
|
|
195,055,495 |
|
Non-GAAP Basic Earnings per Share |
|
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.40 |
|
|
$ |
0.11 |
|
|
$ |
0.80 |
|
Non-GAAP Diluted Earnings per Share |
|
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.40 |
|
|
$ |
0.11 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc. represents GAAP Net (Loss) Income adjusted for Net Income Attributable to non-controlling interests. |
|
|||||||||||||||||||
(2) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consists of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, income (loss) in earnings of equity investments, and unrealized losses (gains) on investments. |
|
|||||||||||||||||||
(3) To calculate the tax effect of adjustments to GAAP results, the Company considers each Non-GAAP adjustment by tax jurisdiction and reverses all discrete items to calculate an annual Non-GAAP effective tax rate (“NG ETR”). This NG ETR is then applied to Non-GAAP Profit Before Tax to arrive at the tax effect of adjustments to GAAP results. |
|
Reconciliation of Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow as Percentage of Net Sales |
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three-Month Period Ended |
|
|
Six-Month Period Ended |
|
||||||||||||||
|
|
September 27, 2024 |
|
|
June 28, |
|
|
September 29, 2023 |
|
|
September 27, 2024 |
|
|
September 29, 2023 |
|
|||||
|
|
(Dollars in thousands) |
|
|
(Dollars in thousands) |
|
||||||||||||||
GAAP Operating Cash Flow |
|
$ |
15,547 |
|
|
$ |
34,196 |
|
|
$ |
46,730 |
|
|
$ |
49,743 |
|
|
$ |
96,393 |
|
GAAP Operating Cash Flow (% of net sales) |
|
|
8.3 |
% |
|
|
20.5 |
% |
|
|
17.0 |
% |
|
|
14.0 |
% |
|
|
17.4 |
% |
Non-GAAP adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchases of property, plant and equipment |
|
|
(9,972 |
) |
|
|
(10,977 |
) |
|
|
(31,191 |
) |
|
|
(20,949 |
) |
|
|
(76,101 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP Free Cash Flow |
|
$ |
5,575 |
|
|
$ |
23,219 |
|
|
$ |
15,539 |
|
|
$ |
28,794 |
|
|
$ |
20,292 |
|
Non-GAAP Free Cash Flow (% of net sales) |
|
|
3.0 |
% |
|
|
13.9 |
% |
|
|
5.6 |
% |
|
|
8.1 |
% |
|
|
3.7 |
% |
Investor Contact:
Jalene Hoover
VP of Investor Relations & Corporate Communications
+1 (512) 751-6526
jhoover@allegromicro.com