Allegro MicroSystems Reports Fourth Quarter Record Revenue and Accelerating Profits

CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

  (Unaudited)  
  March 26, 2021   March 27, 2020
Assets   
Current assets:   
Cash and cash equivalents$197,214  $214,491 
Restricted cash6,661  5,385 
Trade accounts receivable, net of allowances of doubtful accounts of $138 and $288 at March 26, 2021 and March 27, 2020, respectively69,500  59,457 
Trade and other accounts receivable due from related party23,832  30,851 
Accounts receivable - other1,516  1,796 
Inventories87,498  127,227 
Prepaid expenses and other current assets18,374  9,014 
Assets held for sale25,969   
Total current assets430,564  448,221 
Property, plant and equipment, net192,393  332,330 
Deferred income tax assets26,972  7,217 
Goodwill20,106  1,285 
Intangible assets, net36,366  19,958  
Equity investment in related party 26,664      
Other assets, net 14,613     8,810  
Total assets $ 747,678     $ 817,821  
Liabilities, Non-Controlling Interest and Stockholders' Equity      
Current liabilities:      
Trade accounts payable $ 35,389     $ 20,762  
Amounts due to related party 2,353     4,494  
Accrued expenses and other current liabilities 78,932     56,855  
Current portion of related party debt     25,000  
Bank lines-of-credit     43,000  
Total current liabilities 116,674     150,111  
Obligations due under Senior Secured Credit Facilities, less current portion 25,000      
Related party notes payable, less current portion     17,700  
Other long-term liabilities 19,133     15,878  
Total liabilities 160,807     183,689  
Commitments and contingencies      
Stockholders' Equity:      
Preferred Stock, $0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding at March 26, 2021 and March 27, 2020      
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 189,588,161 shares issued and outstanding at March 26, 2021; no shares authorized, issued or outstanding at March 27, 2020 1,896      
Class A, $0.01 par value; No shares authorized, issued or outstanding at March 26, 2021; 12,500,000 shares authorized; 10,000,000 shares issued and outstanding at March 27, 2020     100  
Class L, $0.01 par value; No shares authorized, issued or outstanding at March 26, 2021; 1,000,000 shares authorized; 622,470 shares issued and outstanding at March 27, 2020     6  
Additional paid-in capital 592,170     458,697  
Retained earnings 3,551     194,355  
Accumulated other comprehensive loss (11,865 )   (19,976 )
Equity attributable to Allegro MicroSystems, Inc. 585,752     633,182  
Non-controlling interests 1,119     950  
Total stockholders' equity 586,871     634,132  
Total liabilities, non-controlling interest and stockholders' equity $ 747,678     $ 817,821  
               

ALLEGRO MICROSYSTEMS, INC.

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