Allegro MicroSystems Reports Fourth Quarter Record Revenue and Accelerating Profits


*Non-GAAP Operating Expenses do not include adjustments for the following components of our net income: (i) additional AMTC related costs of $—, $19, and $2,621 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) additional AMTC related  costs of $723 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 Operating Income                
                
GAAP Operating Income (Loss)  $ 19,448   $ (24,224 )  $ 18,905   $ 12,158   $ 52,828 
                
PSL and Sanken distribution agreement   930     1,500         8,628      
Stock-based compensation   2,969     45,876     384     49,870     1,435  
AMTC facility consolidation one-time costs   2,113     2,228         7,812      
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   $ 14,990     $ 51,931     $ 6,781     $ 84,525     $ 14,766  
                               
Non-GAAP Operating Income *   $ 34,438     $ 27,707     $ 25,686     $ 96,683     $ 67,594  
% of net sales   19.7 %   16.8 %   14.7 %   16.4 %   10.4 %

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