Allegro MicroSystems Reports Fourth Quarter Record Revenue and Accelerating Profits


*Non-GAAP Gross Profit and the corresponding calculation of  non-GAAP Gross Margin do not include adjustments for the following components of our net income: (i) additional AMTC related costs of $—, $1,198, and $2,290 for the three months ended March 26, 2021, December 25, 2020, and March 27, 2020, respectively, and (ii) additional AMTC related costs of $6,553 and $9,361 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 Operating Expenses           
           
GAAP Operating Expenses   $ 67,558   $ 98,649   $ 52,853   $ 266,744   $ 208,448 
           
Research and Development Expenses          
GAAP Research and Development Expenses 28,140  30,999  24,487   108,649     102,052  
Stock-based compensation   536     2,984     22     3,573     87  
AMTC facility consolidation one-time costs       1         2      
COVID-19 related expenses   8     32         100      
Transaction fees               18      
Non-GAAP Research and Development Expenses   27,596     27,982     24,465     104,956     101,965  
                     
Selling, General and Administrative Expenses                    
GAAP Selling, General and Administrative Expenses   34,799     67,650     28,366     153,476     106,396  
Stock-based compensation   2,119     38,198     316     41,139     1,165  
AMTC facility consolidation one-time costs   1,488     1,620         5,626      
Amortization of acquisition-related intangible assets   37     71         117      
COVID-19 related expenses   250     338     581     4,926     581  
Transaction fees   3,727     1,729     2,553     7,426     6,335  
Severance       (181 )   3,263     156     6,415  
Non-GAAP Selling, General and Administrative  Expenses   27,178     25,875     21,653     94,086     91,900  
                     
Impairment of long-lived assets   7,119             7,119      
Change in fair value of contingent consideration   (2,500 )           (2,500 )    
                     
Total Non-GAAP Adjustments   12,784     44,792     6,735     67,702     14,583  
                     
Non-GAAP operating expenses *   $ 54,774     $ 53,857     $ 46,118     $ 199,042     $ 193,865  

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