Allegro MicroSystems Reports Fourth Quarter Record Revenue and Accelerating Profits


*Adjusted EBITDA and the corresponding calculation of Adjusted EBITDA Margin do not include adjustments for the following components of our net income: (i) additional AMTC related costs of $—, $1,217, and $4,911 for the three months ended March 26, 2021, December 25, 2020, and March 27, 2020, respectively, and labor savings costs of $—, $109, and $289 for the three months ended March 26, 2021, December 25, 2020, and March 27, 2020, respectively and (ii) AMTC additional costs of $7,276 and $11,224 for the fiscal years ended March 26, 2021 and March 27, 2020, respectively, and labor savings costs of $218 and $6,173 for the fiscal years ended March 26, 2021 and March 27, 2020, respectively.
  


   Three-Month Period Ended  Fiscal Year Ended
   March 26,
2021
  December 25,
2020
  March 27,
2020
  March 26,
2021
  March 27,
2020
   
   (Dollars in thousands)
Reconciliation of Profit (Loss) before Tax           
           
GAAP Profit (Loss) before Tax   $ 17,050    $ (35,583 )  $ 17,792    $ (1,451 )  $ 53,278  
           
Non-core loss (gain) on sale of equipment 156   (7) 193   442   1,284  
Miscellaneous legal judgment charge —   574      —      574      —   
Loss on debt extinguishment   —      9,055      —      9,055      —   
Foreign currency translation loss (gain)   1,558      145      1,409      2,889      (1,391 )
Income in earnings of equity investment   (6 )   (949 )   —      (1,413 )   —   
PSL and Sanken distribution agreement   930      1,500      —      8,628      —   
Stock-based compensation   2,969      45,876      384      49,870      1,435   
Interest on repaid portion of Term Loan Facility   —      2,163      —      2,163      —   
AMTC facility consolidation one-time costs   2,113      2,228      106      7,812      106   
Amortization of acquisition-related intangible assets   310      344      —      768      —   
COVID-19 related expenses   322      435      581      5,228      581   
Impairment of long-lived assets   7,119      —      —      7,119      —   
Change in fair value of contingent consideration   (2,500 )   —      —      (2,500 )   —   
Transaction fees   3,727      1,729      2,553      7,444      6,335   
Severance   —      (181 )   3,263      156      6,415   
Total Non-GAAP Adjustments   $ 16,698      $ 62,912      $ 8,489      $ 98,235      $ 14,765   
                     
Non-GAAP Profit before tax*   $ 33,748      $ 27,329      $ 26,281      $ 96,784      $ 68,043   

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