Allegro MicroSystems Reports Fourth Quarter Record Revenue and Accelerating Profits


*Non-GAAP Operating Income and the corresponding calculation of non-GAAP Operating 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) additional AMTC related costs of $7,276 and $11,224 for the fiscal years ended March 26, 2021 and March 27, 2020, respectively, labor savings costs of $218 and $6,173 for the fiscal years ended March 26, 2021 and March 27, 2020, respectively, and out of period adjustment for depreciation expense of GMR assets of $768 and $— 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 EBITDA and Adjusted EBITDA               
                
GAAP Net Income (Loss)  $ 8,689   $ (5,060 )  $ 13,329   $ 18,101   $ 37,105 
                
Interest expense, net  668     2,598     50     2,603     110  
Income tax provision (benefit)   8,361     (30,523 )   4,463     (19,552 )   16,173  
Depreciation & amortization   12,082     12,199     16,440     48,307     64,048  
EBITDA   $ 29,800     $ (20,786 )   $ 34,282     $ 49,459     $ 117,436  
                               
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 (gain)   1,558     145     1,409     2,889     (1,391 )
Income in earnings of equity method investment   (6 )   (949 )       (1,413 )    
Stock-based compensation   2,969     45,876     384     49,870     1,435  
AMTC facility consolidation one-time costs   2,113     2,228     106     7,812     106  
COVID-19 related costs   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  
PSL and Sanken distribution agreement   930     1,500         8,628      
Adjusted EBITDA   $ 46,188     $ 39,619     $ 42,771     $ 144,763     $ 132,201  
% of sales   26.4 %   24.1 %   24.5 %   24.5 %   20.3 %

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