Allegro MicroSystems Reports First Quarter 2025 Results

 
ALLEGRO MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 
   Three-Month Period Ended 
   June 28, 2024   June 30, 2023 
Cash flows from operating activities:      
Net (loss) income $(17,613) $60,889 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization  16,458   14,273 
Amortization of deferred financing costs  781   34 
Deferred income taxes  (4,999)  (8,362)
Stock-based compensation  10,118   11,042 
Loss on disposal of assets  14    
Provisions for inventory and expected credit losses  2,377   5,183 
Change in fair value of marketable securities     3,651 
Changes in operating assets and liabilities:      
Trade accounts receivable  55,134   (10,321)
Inventories  (15,986)  (27,947 )
Prepaid expenses and other assets     (1,715 )     (10,200 )
Trade accounts payable     200       18,431  
Due to and from related parties     3,437       10,102  
Accrued expenses and other current and long-term liabilities     (14,010 )     (17,112 )
Net cash provided by operating activities     34,196       49,663  
Cash flows from investing activities:            
Purchases of property, plant and equipment     (10,977 )     (44,910 )
Sales of marketable securities           9,971  
Net cash used in investing activities     (10,977 )     (34,939 )
Cash flows from financing activities:            
Payment of borrowings under 2023 term loan facility     (50,000 )      
Finance lease payments     (145 )      
Receipts on related party notes receivable     938       938  
Payments for taxes related to net share settlement of equity awards     (11,171 )     (12,422 )
Proceeds from issuance of common stock under employee stock purchase plan awards           1,899  
Payment of debt issuance costs           (1,450 )
Net cash used in financing activities     (60,378 )     (11,035 )
Effect of exchange rate changes on cash and cash equivalents and restricted cash     (825 )     (73 )
Net (decrease) increase in cash and cash equivalents and restricted cash     (37,984 )     3,616  
Cash and cash equivalents and restricted cash at beginning of period     222,161       358,705  
Cash and cash equivalents and restricted cash at end of period:   $ 184,177     $ 362,321  
 

Non-GAAP Financial Measures

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