Allegro MicroSystems, Inc. (“Allegro” or the “Company”)
(Nasdaq:ALGM), a global leader in power and sensing
semiconductor solutions for motion control and energy efficient
systems, today announced financial results for its first quarter
which ended June 30, 2023.
“We delivered a strong start to fiscal year 2024, including
record sales of $278 million, up 28% year-over-year, achieving $1
billion in sales on a trailing twelve-month basis, marking a new
milestone. We also achieved record non-GAAP Diluted Earnings per
Share of $0.39, an increase of 63% year-over-year,” said Vineet
Nargolwala, President and CEO of Allegro MicroSystems. “Our
financial performance demonstrates the progress we are making
toward executing on the strategy that we laid out at our recent
Analyst Day event. We continue to sharpen our market focus on
e-Mobility, and select Industrial markets, including Clean Energy
and Automation, with sales in these strategic areas growing 63%
year-over-year to $159 million, or 57% of total first quarter
sales. The results further underscore our strategy focused on the
mega trends of electrification and automation which are expected to
transform Automotive and Industrial markets through the next
decade.”
First Quarter Financial Highlights:
In thousands, except per share
data |
Quarter |
|
Q1 FY24 (Unaudited) |
|
Q4 FY23 (Unaudited) |
|
Q1 FY23 (Unaudited) |
Net
Sales |
|
|
|
|
|
Automotive |
$ |
189,698 |
|
|
$ |
182,376 |
|
|
$ |
149,649 |
|
Industrial |
|
68,184 |
|
|
|
57,990 |
|
|
|
40,140 |
|
Other |
|
20,411 |
|
|
|
29,079 |
|
|
|
27,964 |
|
Total net sales |
$ |
278,293 |
|
|
$ |
269,445 |
|
|
$ |
217,753 |
|
GAAP Financial
Measures |
|
|
|
|
|
Gross margin % |
|
56.8 |
% |
|
|
56.8 |
% |
|
|
54.4 |
% |
Operating margin % |
|
25.4 |
% |
|
|
23.4 |
% |
|
|
6.8 |
% |
Diluted EPS |
$ |
0.31 |
|
|
$ |
0.32 |
|
|
$ |
0.05 |
|
Non-GAAP Financial
Measures |
|
|
|
|
|
Gross margin % |
|
57.8 |
% |
|
|
57.8 |
% |
|
|
54.9 |
% |
Operating margin % |
|
30.8 |
% |
|
|
30.2 |
% |
|
|
25.3 |
% |
Diluted EPS |
$ |
0.39 |
|
|
$ |
0.37 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Outlook
For the second quarter ending September 29,
2023, the Company expects total sales to be in the range of $270
million to $280 million. The Company also estimates the following
results on a non-GAAP basis:
-
Gross Margin is expected to be between 56% and 57%
-
Operating Expenses are anticipated to be between 26% and 27% of
sales
-
Diluted Earnings per Share are expected to be in the range of $0.35
to $0.39
Allegro has not provided a reconciliation of its
second fiscal quarter outlook for non-GAAP Gross Margin, non-GAAP
Operating Expenses and non-GAAP Diluted Earnings per Share because
estimates of all of the reconciling items cannot be provided
without unreasonable efforts. It is difficult to reasonably provide
a forward-looking estimate between such forward-looking non-GAAP
measures and the comparable forward-looking U.S. generally accepted
accounting principles (“GAAP”) measures. Certain factors that are
materially significant to Allegro’s ability to estimate these items
are out of its control and/or cannot be reasonably predicted.
Earnings Webcast
A webcast will be held on Tuesday, August 1,
2023 at 8:30 a.m. Eastern Time. Vineet Nargolwala, President and
Chief Executive Officer, and Derek D’Antilio, Chief Financial
Officer, will discuss Allegro’s business and financial results.
The webcast will be available on the Investor
Relations section of the Company’s website at
investors.allegromicro.com. A recording of the webcast will be
posted in the same location shortly after the call concludes and
will be available for at least 90 days.
About Allegro MicroSystems
Allegro MicroSystems is a leading global
designer, developer, fabless manufacturer and marketer of sensor
integrated circuits (“ICs”) and application-specific analog power
ICs enabling emerging technologies in the automotive and industrial
markets. Allegro’s diverse product portfolio provides efficient and
reliable solutions for the electrification of vehicles, automotive
ADAS safety features, automation for Industry 4.0 and power saving
technologies for data centers and green energy applications.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. We intend such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. All statements other than statements of historical
facts contained in this press release including statements
regarding our future results of operations and financial position,
business strategy, prospective products and the plans and
objectives of management for future operations, including, among
others, statements regarding the liquidity, growth and
profitability strategies and factors affecting our business are
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other important factors that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements.
Without limiting the foregoing, in some cases,
you can identify forward-looking statements by terms such as “aim,”
“may,” “will,” “should,” “expect,” “exploring,” “plan,”
“anticipate,” “could,” “intend,” “target,” “project,” “would,”
“contemplate,” “believe,” “estimate,” “predict,” “potential,”
“seek,” or “continue” or the negative of these terms or other
similar expressions, although not all forward-looking statements
contain these words. No forward-looking statement is a guarantee of
future results, performance, or achievements, and one should avoid
placing undue reliance on such statements.
Forward-looking statements are based on our
management’s current expectations, beliefs and assumptions and on
information currently available to us. Such beliefs and assumptions
may or may not prove to be correct. Additionally, such
forward-looking statements are subject to a number of known and
unknown risks, uncertainties and assumptions, and actual results
may differ materially from those expressed or implied in the
forward-looking statements due to various factors, including, but
not limited to, those identified in Part II, Item 7. “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations,” and Part I, Item 1A. “Risk Factors” in our Annual
Report on Form 10-K for the year ended March 31, 2023. These risks
and uncertainties include, but are not limited to: downturns or
volatility in general economic conditions; our ability to compete
effectively, expand our market share and increase our net sales and
profitability; our reliance on a limited number of third-party
semiconductor wafer fabrication facilities and suppliers of other
materials; our failure to adjust purchase commitments and inventory
management based on changing market conditions or customer demand;
shifts in our product mix or customer mix, which could negatively
impact our gross margin; the cyclical nature of the analog
semiconductor industry; any downturn or disruption in the
automotive market; our ability to compensate for decreases in
average selling prices of our products and increases in input
costs; our ability to manage any sustained yield problems or other
delays at our third-party wafer fabrication facilities or in the
final assembly and test of our products; our ability to accurately
predict our quarterly net sales and operating results; our ability
to adjust our supply chain volume to account for changing market
conditions and customer demand; our dependence on manufacturing
operations in the Philippines; our reliance on distributors to
generate sales; the effects of COVID-19 on our supply chain and
customer demand; our ability to develop new product features or new
products in a timely and cost-effective manner; our ability to
manage growth; any slowdown in the growth of our end markets; the
loss of one or more significant customers; our ability to meet
customers’ quality requirements; uncertainties related to the
design win process and our ability to recover design and
development expenses and to generate timely or sufficient net sales
or margins; changes in government trade policies, including the
imposition of export restrictions and tariffs; our exposures to
warranty claims, product liability claims and product recalls; our
dependence on international customers and operations; the
availability of rebates, tax credits and other financial incentives
on end-user demands for certain products; risks, liabilities, costs
and obligations related to governmental regulation and other legal
obligations, including export control, privacy, data protection,
information security, consumer protection, environmental and
occupational health and safety, anti-corruption and anti-bribery,
and trade controls; the volatility of currency exchange rates; our
ability to raise capital to support our growth strategy; our
indebtedness may limit our flexibility to operate our business; our
ability to effectively manage our growth and to retain key and
highly skilled personnel; our ability to protect our proprietary
technology and inventions through patents or trade secrets; our
ability to commercialize our products without infringing
third-party intellectual property rights; disruptions or breaches
of our information technology systems or those of our third-party
service providers; our principal stockholders have substantial
control over us; the inapplicability of the “corporate opportunity”
doctrine to any director or stockholder who is not employed by us;
anti-takeover provisions in our organizational documents and under
the General Corporation Law of the State of Delaware; our inability
to design, implement or maintain effective internal control over
financial reporting; changes in tax rates or the adoption of new
tax legislation; the negative impacts of sustained inflation on our
business; disruptions in the banking and financial sector that
limit our or our partners’ ability to access capital and
borrowings; the physical, transition and litigation risks presented
by climate change; and other events beyond our control. Moreover,
we operate in an evolving environment. New risk factors and
uncertainties may emerge from time to time, and it is not possible
for management to predict all risk factors and uncertainties.
You should read this press release and the documents that we
reference completely and with the understanding that our actual
future results may be materially different from what we expect. We
qualify all of our forward-looking statements by these cautionary
statements. All forward-looking statements speak only as of the
date of this press release, and except as required by applicable
law, we do not plan to publicly update or revise any
forward-looking statements, whether as a result of any new
information, future events, changed circumstances or otherwise.
This press release includes certain non-GAAP
financial measures as defined by the Securities and Exchange
Commission (“SEC”) rules. These non-GAAP financial measures are
provided in addition to, and not as a substitute for or superior to
measures of, financial performance prepared in accordance with
GAAP. There are a number of limitations related to the use of these
non-GAAP financial measures versus their nearest GAAP equivalents.
For example, other companies may calculate non-GAAP financial
measures differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of the
presented non-GAAP financial measures as tools for comparison.
This press release may not be reproduced,
forwarded to any person or published, in whole or in part.
ALLEGRO MICROSYSTEMS, INC. |
CONSOLIDATED STATEMENT OF OPERATIONS |
(in thousands, except share and per share
amounts) |
|
|
Three-Month Period Ended |
|
June 30,2023 |
|
June 24,2022 |
|
(Unaudited) |
|
(Unaudited) |
Net sales |
$ |
278,293 |
|
|
$ |
217,753 |
|
Cost of goods sold |
|
120,343 |
|
|
|
99,379 |
|
Gross profit |
|
157,950 |
|
|
|
118,374 |
|
Operating expenses: |
|
|
|
Research and development |
|
42,975 |
|
|
|
33,857 |
|
Selling, general and administrative |
|
44,229 |
|
|
|
69,780 |
|
Total operating expenses |
|
87,204 |
|
|
|
103,637 |
|
Operating income |
|
70,746 |
|
|
|
14,737 |
|
Interest and other income
(expense) |
|
(2,642 |
) |
|
|
(2,489 |
) |
Income before income
taxes |
|
68,104 |
|
|
|
12,248 |
|
Income tax provision |
|
7,215 |
|
|
|
1,965 |
|
Net income |
|
60,889 |
|
|
|
10,283 |
|
Net income attributable to
non-controlling interests |
|
39 |
|
|
|
36 |
|
Net income attributable to
Allegro MicroSystems, Inc. |
$ |
60,850 |
|
|
$ |
10,247 |
|
Net income attributable to
Allegro MicroSystems, Inc. per share: |
|
|
|
Basic |
$ |
0.32 |
|
|
$ |
0.05 |
|
Diluted |
$ |
0.31 |
|
|
$ |
0.05 |
|
Weighted average shares
outstanding: |
|
|
|
Basic |
|
191,997,330 |
|
|
|
190,638,135 |
|
Diluted |
|
194,991,906 |
|
|
|
192,406,276 |
|
|
|
|
|
|
|
|
|
Supplemental Schedule of Total Net
Sales
The following table summarizes total net sales
by market within the Company’s unaudited consolidated statements of
operations:
|
Three-Month Period Ended |
|
Change |
|
June 30,2023 |
|
June 24,2022 |
|
Amount |
|
% |
|
(Dollars in thousands) |
Automotive |
$ |
189,698 |
|
$ |
149,649 |
|
$ |
40,049 |
|
|
26.8 |
|
% |
Industrial |
|
68,184 |
|
|
40,140 |
|
|
28,044 |
|
|
69.9 |
|
% |
Other |
|
20,411 |
|
|
27,964 |
|
|
(7,553 |
) |
|
(27.0 |
) |
% |
Total net sales |
$ |
278,293 |
|
$ |
217,753 |
|
$ |
60,540 |
|
|
27.8 |
|
% |
ALLEGRO MICROSYSTEMS, INC. |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except share and per share
amounts) |
|
|
June 30, 2023 |
|
March 31,2023 |
|
(Unaudited) |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
353,408 |
|
|
$ |
351,576 |
|
Restricted cash |
|
8,913 |
|
|
|
7,129 |
|
Trade accounts receivable, net |
|
121,506 |
|
|
|
111,290 |
|
Trade and other accounts receivable due from related party |
|
175 |
|
|
|
13,494 |
|
Inventories |
|
174,170 |
|
|
|
151,301 |
|
Prepaid expenses and other current assets |
|
38,382 |
|
|
|
27,289 |
|
Current portion of related party notes receivable |
|
3,750 |
|
|
|
3,750 |
|
Total current assets |
|
700,304 |
|
|
|
665,829 |
|
Property, plant and equipment, net |
|
285,200 |
|
|
|
263,099 |
|
Deferred income tax assets |
|
58,684 |
|
|
|
50,359 |
|
Goodwill |
|
28,048 |
|
|
|
27,691 |
|
Intangible assets, net |
|
51,969 |
|
|
|
52,378 |
|
Related party notes receivable, less current portion |
|
7,500 |
|
|
|
8,438 |
|
Equity investment in related party |
|
26,980 |
|
|
|
27,265 |
|
Other assets, net |
|
75,405 |
|
|
|
86,096 |
|
Total assets |
$ |
1,234,090 |
|
|
$ |
1,181,155 |
|
Liabilities,
Non-Controlling Interests and Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
65,382 |
|
|
$ |
56,256 |
|
Amounts due to related parties |
|
6,465 |
|
|
|
9,682 |
|
Accrued expenses and other current liabilities |
|
81,698 |
|
|
|
99,387 |
|
Total current liabilities |
|
153,545 |
|
|
|
165,325 |
|
Obligations due under Senior Secured Credit Facilities |
|
25,000 |
|
|
|
25,000 |
|
Other long-term liabilities |
|
27,780 |
|
|
|
24,015 |
|
Total liabilities |
|
206,325 |
|
|
|
214,340 |
|
Commitments and
contingencies |
|
|
|
Stockholders' Equity: |
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
1,924 |
|
|
|
1,918 |
|
Additional paid-in capital |
|
674,692 |
|
|
|
674,179 |
|
Retained earnings |
|
371,165 |
|
|
|
310,315 |
|
Accumulated other comprehensive loss |
|
(21,198 |
) |
|
|
(20,784 |
) |
Equity attributable to Allegro MicroSystems, Inc. |
|
1,026,583 |
|
|
|
965,628 |
|
Non-controlling interests |
|
1,182 |
|
|
|
1,187 |
|
Total stockholders' equity |
|
1,027,765 |
|
|
|
966,815 |
|
Total liabilities, non-controlling interests and stockholders'
equity |
$ |
1,234,090 |
|
|
$ |
1,181,155 |
|
ALLEGRO MICROSYSTEMS, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in thousands) |
|
|
Three Months Ended |
|
June 30,2023 |
|
June 24,2022 |
|
(Unaudited) |
|
(Unaudited) |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
Net income |
$ |
60,889 |
|
|
$ |
10,283 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
14,273 |
|
|
|
11,918 |
|
Amortization of deferred financing costs |
|
34 |
|
|
|
24 |
|
Deferred income taxes |
|
(8,362 |
) |
|
|
(7,784 |
) |
Stock-based compensation |
|
11,042 |
|
|
|
34,136 |
|
Gain on disposal of assets |
|
— |
|
|
|
(3 |
) |
Change in fair value of contingent consideration |
|
— |
|
|
|
(200 |
) |
Provisions for inventory writedowns and receivables reserves |
|
5,183 |
|
|
|
2,640 |
|
Unrealized Losses on marketable securities |
|
8,582 |
|
|
|
3,486 |
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivable |
|
(10,321 |
) |
|
|
(4,718 |
) |
Accounts payable (receivable) - other |
|
(1,421 |
) |
|
|
2,714 |
|
Inventories |
|
(27,947 |
) |
|
|
(4,888 |
) |
Prepaid expenses and other assets |
|
(13,710 |
) |
|
|
(13,102 |
) |
Trade accounts payable |
|
18,431 |
|
|
|
4,075 |
|
Due to/from related parties |
|
10,102 |
|
|
|
(3,267 |
) |
Accrued expenses and other current and long-term liabilities |
|
(17,729 |
) |
|
|
1,239 |
|
Net cash provided by operating activities |
|
49,046 |
|
|
|
36,553 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
Purchases of property, plant
and equipment |
|
(44,910 |
) |
|
|
(14,389 |
) |
Proceeds from sale of
marketable securities |
|
9,971 |
|
|
|
— |
|
Net cash used in investing activities |
|
(34,939 |
) |
|
|
(14,389 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
Receipts on related party
notes receivable |
|
938 |
|
|
|
469 |
|
Payments for taxes related to
net share settlement of equity awards |
|
(12,422 |
) |
|
|
(9,606 |
) |
Proceeds from issuance of
common stock under employee stock purchase plan |
|
1,899 |
|
|
|
— |
|
Payment for debt issuance
costs |
|
(1,450 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(11,035 |
) |
|
|
(9,137 |
) |
Effect of exchange rate
changes on cash and cash equivalents and restricted cash |
|
544 |
|
|
|
(6,554 |
) |
Net increase in cash and cash
equivalents and restricted cash |
|
3,616 |
|
|
|
6,473 |
|
Cash and cash equivalents and
restricted cash at beginning of period |
|
358,705 |
|
|
|
289,799 |
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD: |
$ |
362,321 |
|
|
$ |
296,272 |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
In addition to the measures presented in our
consolidated financial statements, we regularly review other
measures, defined as non-GAAP financial measures by the SEC, to
evaluate our business, measure our performance, identify trends,
prepare financial forecasts and make strategic decisions. The key
measures we consider are non-GAAP Gross Profit, non-GAAP Gross
Margin, non-GAAP Operating Expenses, non-GAAP Operating Income,
non-GAAP Operating Margin, non-GAAP Profit before Tax, non-GAAP
Provision for Income Tax, non-GAAP Net Income, non-GAAP Net Income
and non-GAAP Basic and Diluted Earnings per Share, EBITDA, Adjusted
EBITDA and Adjusted EBITDA margin (collectively, the “Non-GAAP
Financial Measures”). These Non-GAAP Financial Measures provide
supplemental information regarding our operating performance on a
non-GAAP basis that excludes certain gains, losses and charges of a
non-cash nature or that occur relatively infrequently and/or that
management considers to be unrelated to our core operations, and in
the case of non-GAAP Provision for Income Tax, management believes
that this non-GAAP measure of income taxes provides it with the
ability to evaluate the non-GAAP Provision for Income Taxes across
different reporting periods on a consistent basis, independent of
special items and discrete items, which may vary in size and
frequency. These Non-GAAP Financial Measures are used by both
management and our board of directors, together with the comparable
GAAP information, in evaluating our current performance and
planning our future business activities.
The Non-GAAP Financial Measures are supplemental
measures of our performance that are neither required by, nor
presented in accordance with GAAP. These Non-GAAP Financial
Measures should not be considered as substitutes for GAAP financial
measures such as gross profit, gross margin, net income or any
other performance measures derived in accordance with GAAP. Also,
in the future we may incur expenses or charges such as those being
adjusted in the calculation of these Non-GAAP Financial Measures.
Our presentation of these Non-GAAP Financial Measures should not be
construed as an inference that future results will be unaffected by
unusual or nonrecurring items. These non-GAAP Financial Measures
exclude costs related to acquisition and related integration
expenses, amortization of acquired intangible assets, stock-based
compensation, restructuring actions, related party activities and
other non-operational costs.
Non-GAAP Provision for Income
Tax
In calculating non-GAAP Provision for Income
Tax, we have added back the following to GAAP Income Tax
Provision:
-
Tax effect of adjustments to GAAP results—Represents the estimated
income tax effect of the adjustments to non-GAAP Profit before Tax
described above and elimination of discrete tax adjustments.
|
|
Three-Month Period Ended |
|
|
June 30,2023 |
|
March 31,2023 |
|
June 24,2022 |
|
|
(Dollars in thousands) |
Reconciliation of
Non-GAAP Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Profit |
|
$ |
157,950 |
|
|
$ |
153,089 |
|
|
$ |
118,374 |
|
Non-GAAP adjustments |
|
|
|
|
|
|
Purchased intangible amortization |
|
|
402 |
|
|
|
627 |
|
|
|
273 |
|
Stock-based compensation |
|
|
2,606 |
|
|
|
1,978 |
|
|
|
832 |
|
Total Non-GAAP
Adjustments |
|
$ |
3,008 |
|
|
$ |
2,605 |
|
|
$ |
1,105 |
|
|
|
|
|
|
|
|
Non-GAAP Gross Profit |
|
$ |
160,958 |
|
|
$ |
155,694 |
|
|
$ |
119,479 |
|
Non-GAAP Gross Margin |
|
|
57.8 |
% |
|
|
57.8 |
% |
|
|
54.9 |
% |
|
|
Three-Month Period Ended |
|
|
June 30,2023 |
|
March 31,2023 |
|
June 24,2022 |
|
|
(Dollars in thousands) |
Reconciliation of
Non-GAAP Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Expenses |
|
$ |
87,204 |
|
$ |
89,985 |
|
|
$ |
103,637 |
|
|
|
|
|
|
|
|
Research and
Development Expenses |
|
|
|
|
|
|
GAAP Research and Development
Expenses |
|
|
42,975 |
|
|
41,833 |
|
|
|
33,857 |
|
Non-GAAP adjustments |
|
|
|
|
|
|
Transaction-related costs |
|
|
7 |
|
|
— |
|
|
|
202 |
|
Restructuring costs |
|
|
— |
|
|
72 |
|
|
|
— |
|
Stock-based compensation |
|
|
2,868 |
|
|
3,483 |
|
|
|
1,128 |
|
Non-GAAP Research and
Development Expenses |
|
|
40,100 |
|
|
38,278 |
|
|
|
32,527 |
|
|
|
|
|
|
|
|
Selling, General and
Administrative Expenses |
|
|
|
|
|
|
GAAP Selling, General and
Administrative Expenses |
|
|
44,229 |
|
|
48,252 |
|
|
|
69,980 |
|
Non-GAAP adjustments |
|
|
|
|
|
|
Transaction-related costs |
|
|
3,072 |
|
|
644 |
|
|
|
1,597 |
|
Purchased intangible amortization |
|
|
358 |
|
|
22 |
|
|
|
22 |
|
Restructuring costs |
|
|
— |
|
|
492 |
|
|
|
4,282 |
|
Stock-based compensation |
|
|
5,568 |
|
|
5,095 |
|
|
|
32,176 |
|
Other costs |
|
|
— |
|
|
5,944 |
|
|
|
— |
|
Non-GAAP Selling, General and
Administrative Expenses |
|
|
35,231 |
|
|
36,055 |
|
|
|
31,903 |
|
|
|
|
|
|
|
|
Change in fair value of
contingent consideration |
|
|
— |
|
|
(100 |
) |
|
|
(200 |
) |
|
|
|
|
|
|
|
Total Non-GAAP
Adjustments |
|
|
11,873 |
|
|
15,652 |
|
|
|
39,207 |
|
|
|
|
|
|
|
|
Non-GAAP Operating Expenses |
|
$ |
75,331 |
|
$ |
74,333 |
|
|
$ |
64,430 |
|
|
|
Three-Month Period Ended |
|
|
June 30,2023 |
|
March 31,2023 |
|
June 24,2022 |
|
|
(Dollars in thousands) |
Reconciliation of
Non-GAAP Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income |
|
$ |
70,746 |
|
|
$ |
63,104 |
|
|
$ |
14,737 |
|
|
|
|
|
|
|
|
Transaction-related costs |
|
|
3,079 |
|
|
|
544 |
|
|
|
1,599 |
|
Purchased intangible amortization |
|
|
760 |
|
|
|
649 |
|
|
|
295 |
|
Restructuring costs |
|
|
— |
|
|
|
564 |
|
|
|
4,282 |
|
Stock-based compensation |
|
|
11,042 |
|
|
|
10,556 |
|
|
|
34,136 |
|
Other costs |
|
|
— |
|
|
|
5,944 |
|
|
|
— |
|
Total Non-GAAP
Adjustments |
|
$ |
14,881 |
|
|
$ |
18,257 |
|
|
$ |
40,312 |
|
|
|
|
|
|
|
|
Non-GAAP Operating Income |
|
$ |
85,627 |
|
|
$ |
81,361 |
|
|
$ |
55,049 |
|
Non-GAAP Operating Margin (% of net sales) |
|
|
30.8 |
% |
|
|
30.2 |
% |
|
|
25.3 |
% |
|
|
Three-Month Period Ended |
|
|
June 30,2023 |
|
March 31,2023 |
|
June 24,2022 |
|
|
(Dollars in thousands) |
Reconciliation of
EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
$ |
60,889 |
|
|
$ |
62,012 |
|
|
$ |
10,283 |
|
|
|
|
|
|
|
|
Interest expense |
|
|
769 |
|
|
|
755 |
|
|
|
437 |
|
Interest income |
|
|
(843 |
) |
|
|
(580 |
) |
|
|
(317 |
) |
Income tax provision |
|
|
7,215 |
|
|
|
5,909 |
|
|
|
1,965 |
|
Depreciation & amortization |
|
|
14,273 |
|
|
|
14,103 |
|
|
|
11,918 |
|
EBITDA |
|
$ |
82,303 |
|
|
$ |
82,199 |
|
|
$ |
24,286 |
|
|
|
|
|
|
|
|
Transaction-related costs |
|
|
3,079 |
|
|
|
544 |
|
|
|
1,599 |
|
Restructuring costs |
|
|
— |
|
|
|
564 |
|
|
|
4,282 |
|
Stock-based compensation |
|
|
11,042 |
|
|
|
10,556 |
|
|
|
34,136 |
|
Other costs |
|
|
4,589 |
|
|
|
786 |
|
|
|
2,423 |
|
Adjusted EBITDA |
|
$ |
101,013 |
|
|
$ |
94,649 |
|
|
$ |
66,726 |
|
Adjusted EBITDA Margin (% of net sales) |
|
|
36.3 |
% |
|
|
35.1 |
% |
|
|
30.6 |
% |
|
|
Three-Month Period Ended |
|
|
June 30,2023 |
|
March 31,2023 |
|
June 24,2022 |
|
|
(Dollars in thousands) |
Reconciliation of
Non-GAAP Profit before Tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Income before Income Taxes |
|
$ |
68,104 |
|
$ |
67,921 |
|
$ |
12,248 |
|
|
|
|
|
|
|
Transaction-related costs |
|
|
3,079 |
|
|
544 |
|
|
1,599 |
Purchased intangible amortization |
|
|
760 |
|
|
649 |
|
|
295 |
Restructuring costs |
|
|
— |
|
|
564 |
|
|
4,282 |
Stock-based compensation |
|
|
11,042 |
|
|
10,556 |
|
|
34,136 |
Other costs |
|
|
4,589 |
|
|
786 |
|
|
2,423 |
Total Non-GAAP
Adjustments |
|
$ |
19,470 |
|
$ |
13,099 |
|
$ |
42,735 |
|
|
|
|
|
|
|
Non-GAAP Profit before Tax |
|
$ |
87,574 |
|
$ |
81,020 |
|
$ |
54,983 |
|
|
Three-Month Period Ended |
|
|
June 30,2023 |
|
March 31,2023 |
|
June 24,2022 |
|
|
(Dollars in thousands) |
Reconciliation of
Non-GAAP Provision for Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Income Tax Provision |
|
$ |
7,215 |
|
|
$ |
5,909 |
|
|
$ |
1,965 |
|
GAAP effective tax rate |
|
|
10.6 |
% |
|
|
8.7 |
% |
|
|
16.0 |
% |
|
|
|
|
|
|
|
Tax effect of adjustments to GAAP results |
|
|
3,826 |
|
|
|
3,509 |
|
|
|
5,900 |
|
|
|
|
|
|
|
|
Non-GAAP Provision for Income Taxes |
|
$ |
11,041 |
|
|
$ |
9,418 |
|
|
$ |
7,865 |
|
Non-GAAP effective tax rate |
|
|
12.6 |
% |
|
|
11.6 |
% |
|
|
14.3 |
% |
|
|
Three-Month Period Ended |
|
|
June 30,2023 |
|
March 31,2023 |
|
June 24,2022 |
|
|
(Dollars in thousands) |
Reconciliation of
Non-GAAP Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
$ |
60,889 |
|
|
$ |
62,012 |
|
|
$ |
10,283 |
|
GAAP Basic Earnings per Share |
|
$ |
0.32 |
|
|
$ |
0.32 |
|
|
$ |
0.05 |
|
GAAP Diluted Earnings per Share |
|
$ |
0.31 |
|
|
$ |
0.32 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
Transaction-related costs |
|
|
3,079 |
|
|
|
544 |
|
|
|
1,599 |
|
Purchased intangible amortization |
|
|
760 |
|
|
|
649 |
|
|
|
295 |
|
Restructuring costs |
|
|
— |
|
|
|
564 |
|
|
|
4,282 |
|
Stock-based compensation |
|
|
11,042 |
|
|
|
10,556 |
|
|
|
34,136 |
|
Other costs |
|
|
4,589 |
|
|
|
786 |
|
|
|
2,423 |
|
Total Non-GAAP Adjustments |
|
|
19,470 |
|
|
|
13,099 |
|
|
|
42,735 |
|
Tax
effect of adjustments to GAAP results |
|
$ |
(3,826 |
) |
|
|
(3,509 |
) |
|
|
(5,900 |
) |
Non-GAAP Net Income |
|
$ |
76,533 |
|
|
$ |
71,602 |
|
|
$ |
47,118 |
|
Basic weighted average common shares |
|
|
191,997,330 |
|
|
|
191,519,850 |
|
|
|
190,638,135 |
|
Diluted
weighted average common shares |
|
|
194,991,906 |
|
|
|
194,993,241 |
|
|
|
192,406,276 |
|
Non-GAAP Basic Earnings per Share |
|
$ |
0.40 |
|
|
$ |
0.37 |
|
|
$ |
0.25 |
|
Non-GAAP Diluted Earnings per Share |
|
$ |
0.39 |
|
|
$ |
0.37 |
|
|
$ |
0.24 |
|
Investor Contact:Jalene
HooverVP of Investor Relations & Corporate Communications+1
(512) 751-6526jhoover@allegromicro.com
Grafico Azioni Allegro MicroSystems (NASDAQ:ALGM)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Allegro MicroSystems (NASDAQ:ALGM)
Storico
Da Giu 2023 a Giu 2024