Allegro MicroSystems Reports Fourth Quarter Record Revenue and Accelerating Profits

Consolidated Statements of Cash Flows
(in thousands)

  Fiscal Year Ended
  (Unaudited)  
  March 26,
2021
  March 27,
2020
CASH FLOWS FROM OPERATING ACTIVITIES:   
Net income$18,101  $37,105 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization48,307  64,048 
Amortization of debt issuance costs226   
Deferred income taxes(18,930) (4,909)
Stock-based compensation49,870  1,435 
Loss on disposal of assets269  698 
Loss on debt extinguishment9,055   
Gain on contingent consideration change in fair value(2,500)  
Impairment on assets held for sale7,119   
Provisions for inventory and bad debt5,019  3,891 
Changes in operating assets and liabilities:   
Trade accounts receivable(9,303) 16,441 
Accounts receivable - other(28)  346  
Inventories 7,641     346  
Prepaid expenses and other assets (29,048 )   2,629  
Trade accounts payable 15,099     (3,122 )
Due from/to related parties 4,878     (23,946 )
Accrued expenses and other current and long-term liabilities 14,795     (13,543 )
Net cash provided by operating activities 120,570     81,419  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property, plant and equipment (40,673 )   (45,615 )
Acquisition of business, net of cash acquired (11,555 )    
Proceeds from sales of property, plant and equipment 318     3,936  
Disposal of cash balances of subsidiary (16,335 )    
Net cash used in investing activities (68,245 )   (41,679 )
CASH FLOWS FROM FINANCING ACTIVITIES:      
Related party note receivable 51,377     30,000  
Proceeds from initial public offering, net of underwriting discounts and other offering costs 321,425      
Payments for taxes related to net share settlement of equity awards (27,707 )    
Dividends paid (400,000 )    
Borrowings of senior secured debt, net of deferred financing costs 315,719     43,000  
Repayment of senior secured debt (300,000 )    
Repayment of unsecured credit facilities (33,000 )    
Capital contribution     9,500  
Net cash (used) provided by financing activities (72,186 )   82,500  
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash 3,860     (5,621 )
Net (decrease) increase in Cash and cash equivalents and Restricted cash (16,001 )   116,619  
Cash and cash equivalents and Restricted cash at beginning of period 219,876     103,257  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 203,875     $ 219,876  
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:      
Cash and cash equivalents at beginning of period $ 214,491     $ 99,743  
Restricted cash at beginning of period 5,385     3,514  
Cash and cash equivalents and Restricted cash at beginning of period $ 219,876     $ 103,257  
Cash and cash equivalents at end of period 197,214     214,491  
Restricted cash at end of period 6,661     5,385  
Cash and cash equivalents and Restricted cash at end of period $ 203,875     $ 219,876  
               

Consolidated Statements of Cash Flows (cont.)

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