Allegro MicroSystems Reports Fourth Quarter Record Revenue and Accelerating Profits


*Non-GAAP Provision for Income Taxes does not include tax adjustments for the following components of our net income: additional AMTC related costs, labor savings costs, and out of period adjustment for depreciation expense of GMR assets. The related tax effect of those adjustments to GAAP results were $—, $297 and $652 for the three months ended March 26, 2021, December 25, 2020, and March 27, 2020, respectively, and $1,851 and $3,897 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 Net Income                
                
GAAP Net Income (Loss)  $ 8,689   $ (5,060 )  $ 13,329   $ 18,101   $ 37,105 
                 
Non-core loss (gain) on sale of equipment   156     (7 )   193     442     1,284  
Miscellaneous legal judgement charge       574         574      
Loss on debt extinguishment       9,055         9,055      
Foreign currency translation loss   1,558     145     2,800     2,889      
Income in earnings of equity investment   (6 )   (949 )   (1,391 )   (1,413 )   (1,391 )
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  
Tax effect of adjustments to GAAP results   3,053     (34,872 )   (1,896 )   (34,486 )   2,601  
                               
Non-GAAP Net Income   $ 28,440     $ 22,980     $ 19,922     $ 81,850     $ 54,471  
Basic weighted average common shares   189,429,893     124,363,078     10,000,000     83,448,055     10,000,000  
Diluted weighted average common shares   190,860,556     181,916,360     10,000,000     176,416,645     10,000,000  
Non-GAAP Basic Earnings per Share   $ 0.15     $ 0.18     $ 1.99     $ 0.98     $ 5.45  
Non-GAAP Diluted Earnings per Share   $ 0.15     $ 0.13     $ 1.99     $ 0.46     $ 5.45  

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