Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Allegro MicroSystems Reports Second Quarter 2024 Results

– Net Sales Increased by 16% Year-over-Year –
– GAAP & Non-GAAP EPS Increased 31% and 29% Respectively, Year-over-Year –
– Automotive Sales Increased by 31% Year-over-Year Led by E-Mobility –

MANCHESTER, N.H., Nov. 02, 2023 (GLOBE NEWSWIRE) -- 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 second quarter which ended September 29, 2023.

“We delivered second quarter net sales of $276 million dollars, up 16% year-over-year, driven by continued strength in Automotive, which grew 31% year-over-year. We also achieved record non-GAAP Diluted Earnings per Share of $0.40, an increase of 29% year-over-year,” said Vineet Nargolwala, President and CEO of Allegro MicroSystems. “E-Mobility (which is the electrification of vehicles and adoption of ADAS feature sets) continues to fuel Allegro’s growth. Sales into e-Mobility applications increased by nearly 60% year-over-year to 50% of second quarter Automotive sales, establishing a new milestone.”

Second Quarter Financial Highlights:

In thousands, except per share data Three-Month Period Ended  Six-Month Period Ended 
  September 29,
2023
  June 30,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited) 
Net Sales               
Automotive $205,936  $189,698  $157,398  $395,634  $307,047 
Industrial  51,114   68,184   48,176   119,298   88,316 
Other  18,459   20,411   32,092   38,870   60,056 
Total net sales $275,509  $278,293  $237,666  $553,802  $455,419 
GAAP Financial Measures               
Gross margin %  57.9%  56.8%  55.5%  57.3%  55.0%
Operating margin %  26.5%  25.4%  25.2%  25.9%  16.4%
Diluted EPS $0.34  $0.31  $0.26  $0.65  $0.32 
Non-GAAP Financial Measures               
Gross margin %  58.3%  57.8%  56.2%  58.1%  55.6%
Operating margin %  31.3%  30.8%  27.9%  31.0%  26.6%
Diluted EPS $0.40  $0.39  $0.31  $0.79  $0.55 
                     

Business Outlook

For the third quarter ending December 29, 2023, and including two months of activity from the Crocus Technologies, Inc. acquisition which closed on October 31, 2023, the Company expects net sales to be in the range of $250 million to $260 million. The Company also estimates the following results on a non-GAAP basis:

  • Gross Margin is expected to be approximately 54%, reflecting lower distribution sales and the initial impact of Crocus
  • Operating Expenses are expected to decline 4% sequentially, and are anticipated to be approximately 28% of sales
  • Diluted Earnings per Share are expected to be in the range of $0.27 to $0.31

For the two-month period for which Crocus is included in the Company’s third quarter results, it is expected to add approximately $5 million to net sales, $3.5 million to interest expense, and be $0.03 dilutive to EPS.

Commenting on the outlook, Vineet Nargolwala said, “Our backlog remains robust. Our sales forecast reflects normal third quarter seasonality, lingering impacts from the UAW strike, heightened macroeconomic trends and elevated inventory levels in Industrial and Consumer markets. Over the mid and the long term, continued strong momentum in design wins (especially in our strategic focus areas of e-Mobility, Clean Energy and Automation) and deepening and expanding partnerships with leading OEMs reinforce our conviction in the target model of low double-digit sales growth and above 32% operating margin.”

Allegro has not provided a reconciliation of its third fiscal quarter outlook for non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Interest Expense 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 Thursday, November 2, 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 risk that the expected benefits of acquisitions may not be realized or that integration of acquired businesses may not continue as rapidly as we anticipate; 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  Six-Month Period Ended 
  September 29,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited) 
Net sales $275,509  $237,666  $553,802  $455,419 
Cost of goods sold  116,006   105,644   236,349   205,023 
Gross profit  159,503   132,022   317,453   250,396 
Operating expenses:            
Research and development  43,428   35,567   86,403   69,424 
Selling, general and administrative  43,160   36,617   87,389   106,397 
Total operating expenses  86,588   72,184   173,792   175,821 
Operating income  72,915   59,838   143,661   74,575 
Interest and other income (expense)  156   (752)  (2,486)  (3,241)
Income before income taxes  73,071   59,086   141,175   71,334 
Income tax provision  7,400   8,438   14,615   10,403 
Net income  65,671   50,648   126,560   60,931 
Net income attributable to non-controlling interests  54   34   93   70 
Net income attributable to Allegro MicroSystems, Inc. $65,617  $50,614  $126,467  $60,861 
Net income per common share attributable to Allegro MicroSystems, Inc.:            
Basic $0.34  $0.26  $0.66  $0.32 
Diluted $0.34  $0.26  $0.65  $0.32 
Weighted average shares outstanding:            
Basic  192,431,094   191,284,631   192,214,210   190,959,616 
Diluted  195,100,855   192,639,576   195,055,495   192,654,097 
                 

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  Six-Month Period Ended Change 
  September 29,
2023
 September 23,
2022
 Amount  %  September 29,
2023
 September 23,
2022
 Amount  % 
  (Dollars in thousands)  (Dollars in thousands) 
Automotive $205,936 $157,398 $48,538  31% $395,634 $307,047 $88,587  29%
Industrial  51,114  48,176  2,938  6%  119,298  88,316  30,982  35%
Other  18,459  32,092  (13,633) (42)%  38,870  60,056  (21,186) (35)%
Total net sales $275,509 $237,666 $37,843  16% $553,802 $455,419 $98,383  22%
                           

ALLEGRO MICROSYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

  September 29,  March 31, 
  2023
(Unaudited)
  2023 
Assets      
Current assets:      
Cash and cash equivalents $370,013  $351,576 
Restricted cash  8,418   7,129 
Trade accounts receivable, net  118,947   111,290 
Trade and other accounts receivable due from related party  741   13,494 
Inventories  173,089   151,301 
Prepaid expenses and other current assets  39,938   27,289 
Current portion of related party note receivable  3,750   3,750 
Total current assets  714,896   665,829 
Property, plant and equipment, net  312,047   263,099 
Deferred income tax assets  68,385   50,359 
Goodwill  27,707   27,691 
Intangible assets, net  51,677   52,378 
Related party note receivable, less current portion  6,563   8,438 
Equity investment in related party  25,474   27,265 
Other assets  78,188   86,096 
Total assets $1,284,937  $1,181,155 
Liabilities, Non-Controlling Interests and Stockholders' Equity      
Current liabilities:      
Trade accounts payable $62,603  $56,256 
Amount due to related party  3,041   9,682 
Accrued expenses and other current liabilities  68,597   99,387 
Total current liabilities  134,241   165,325 
Obligations due under Senior Secured Credit Facilities  25,000   25,000 
Other long-term liabilities  27,408   24,015 
Total liabilities  186,649   214,340 
Commitments and contingencies      
Stockholders' Equity:      
Preferred stock      
Common stock  1,925   1,918 
Additional paid-in capital  683,891   674,179 
Retained earnings  436,782   310,315 
Accumulated other comprehensive loss  (25,509)  (20,784)
Equity attributable to Allegro MicroSystems, Inc.  1,097,089   965,628 
Non-controlling interests  1,199   1,187 
Total stockholders' equity  1,098,288   966,815 
Total liabilities, non-controlling interests and stockholders' equity $1,284,937  $1,181,155 
         

ALLEGRO MICROSYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

  Three Months Ended  Six Months Ended 
  September 29,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited) 
Cash flows from operating activities:            
Net income $65,671  $50,648  $126,560  $60,931 
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization  15,080   12,207   29,353   24,125 
Amortization of deferred financing costs  73   25   107   49 
Deferred income taxes  (9,772)  (8,647)  (18,134)  (16,431)
Stock-based compensation  10,877   8,204   21,919   42,340 
Loss on disposal of assets  43   253   43   250 
Change in fair value of contingent consideration     (2,500)     (2,700)
Provisions for inventory and receivables reserves  4,239   (2,408)  9,422   232 
Change in fair value of marketable securities  (72)  (28)  3,579   3,458 
Changes in operating assets and liabilities:            
Trade accounts receivable  2,676   10,238   (7,645)  5,520 
Accounts receivable - other  1,052   (168)  (369)  2,546 
Inventories  (3,274)  (12,440)  (31,221)  (17,328)
Prepaid expenses and other assets  (7,305)  3,632   (16,084)  (9,470)
Trade accounts payable  (15,736)  4,853   2,695   8,928 
Due (from) to related party  (3,990)  (2,414)  6,112   (5,681)
Accrued expenses and other current and long-term liabilities  (12,832)  (6,204)  (29,944)  (4,965)
Net cash provided by operating activities  46,730   55,251   96,393   91,804 
Cash flows from investing activities:            
Purchases of property, plant and equipment  (31,191)  (20,831)  (76,101)  (35,220)
Acquisition of business, net of cash acquired     (19,728)     (19,728)
Proceeds from sale of marketable securities  6,204      16,175    
Net cash used in investing activities  (24,987)  (40,559)  (59,926)  (54,948)
Cash flows from financing activities:            
Loans made to related party     (7,500)     (7,500)
Loan made to affiliate  (4,000)     (4,000)   
Receipts on related party note receivable  937   468   1,875   937 
Payments for taxes related to net share settlement of equity awards  (1,669)     (14,091)  (9,606)
Proceeds from issuance of common stock under employee stock purchase plan     1,573   1,899   1,573 
Payment for debt issuance costs        (1,450)   
Net cash used in by financing activities  (4,732)  (5,459)  (15,767)  (14,596)
Effect of exchange rate changes on cash and cash equivalents and restricted cash  (901)  (2,223)  (974)  (8,777)
Net increase in cash and cash equivalents and restricted cash  16,110   7,010   19,726   13,483 
Cash and cash equivalents and Restricted cash at beginning of period  362,321   296,272   358,705   289,799 
Cash and cash equivalents and restricted cash at end of period: $378,431  $303,282  $378,431  $303,282 
                 

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 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  Six-Month Period Ended 
  September 29,
2023
  June 30,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Dollars in thousands)  (Dollars in thousands) 
Reconciliation of Non-GAAP Gross Profit               
                
GAAP Gross Profit $159,503  $157,950  $132,022  $317,453  $250,396 
Non-GAAP adjustments               
Purchased intangible amortization  273   402   378   675   651 
Stock-based compensation  946   2,606   1,124   3,552   1,956 
Total Non-GAAP Adjustments $1,219  $3,008  $1,502  $4,227  $2,607 
                
Non-GAAP Gross Profit $160,722  $160,958  $133,524  $321,680  $253,003 
Non-GAAP Gross Margin (% of net sales)  58.3%  57.8%  56.2%  58.1%  55.6%
                     


  Three-Month Period Ended  Six-Month Period Ended 
  September 29,
2023
  June 30,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Dollars in thousands)  (Dollars in thousands) 
Reconciliation of Non-GAAP Operating Expenses               
                
GAAP Operating Expenses $86,588  $87,204  $72,184  $173,792  $175,821 
                
Research and Development Expenses               
GAAP Research and Development Expenses  43,428   42,975   35,567   86,403   69,424 
Non-GAAP adjustments               
Transaction-related costs  2   7   201   9   403 
Stock-based compensation  3,602   2,868   1,711   6,470   2,839 
Non-GAAP Research and Development Expenses  39,824   40,100   33,655   79,924   66,182 
                
Selling, General and Administrative Expenses               
GAAP Selling, General and Administrative Expenses  43,160   44,229   39,117   87,389   109,097 
Non-GAAP adjustments               
Transaction-related costs  1,804   3,072   63   4,876   1,660 
Purchased intangible amortization  357   358   23   715   45 
Restructuring costs        90      4,372 
Stock-based compensation  6,329   5,568   5,369   11,897   37,545 
Other costs  100         100    
Non-GAAP Selling, General and Administrative Expenses  34,570   35,231   33,572   69,801   65,475 
                
Change in fair value of contingent consideration        (2,500)     (2,700)
                
Total Non-GAAP Adjustments  12,194   11,873   4,957   24,067   44,164 
                
Non-GAAP Operating Expenses $74,394  $75,331  $67,227  $149,725  $131,657 
                     


  Three-Month Period Ended  Six-Month Period Ended 
  September 29,
2023
  June 30,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Dollars in thousands)  (Dollars in thousands) 
Reconciliation of Non-GAAP Operating Income               
                
GAAP Operating Income $72,915  $70,746  $59,838  $143,661  $74,575 
                
Transaction-related costs  1,806   3,079   (2,236)  4,885   (637)
Purchased intangible amortization  630   760   401   1,390   696 
Restructuring costs        90      4,372 
Stock-based compensation  10,877   11,042   8,204   21,919   42,340 
Other costs  100         100    
Total Non-GAAP Adjustments $13,413  $14,881  $6,459  $28,294  $46,771 
                
Non-GAAP Operating Income $86,328  $85,627  $66,297  $171,955  $121,346 
Non-GAAP Operating Margin (% of net sales)  31.3%  30.8%  27.9%  31.0%  26.6%
                     


  Three-Month Period Ended  Six-Month Period Ended 
  September 29,
2023
  June 30,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Dollars in thousands)  (Dollars in thousands) 
Reconciliation of EBITDA and Adjusted EBITDA               
                
GAAP Net Income $65,671  $60,889  $50,648  $126,560  $60,931 
                
Interest expense  978   769   531   1,747   968 
Interest income  (1,070)  (843)  (467)  (1,913)  (784)
Income tax provision  7,400   7,215   8,438   14,615   10,403 
Depreciation & amortization  15,145   14,273   12,207   29,418   24,125 
EBITDA $88,124  $82,303  $71,357  $170,427  $95,643 
                
Transaction-related costs  1,806   3,079   (2,236)  4,885   (637)
Restructuring costs        90      4,372 
Stock-based compensation  10,877   11,042   8,204   21,919   42,340 
Other costs  1,301   4,589   988   5,890   3,411 
Adjusted EBITDA $102,108  $101,013  $78,403  $203,121  $145,129 
Adjusted EBITDA Margin (% of net sales)  37.1%  36.3%  33.0%  36.7%  31.9%
                     


  Three-Month Period Ended  Six-Month Period Ended 
  September 29,
2023
  June 30,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Dollars in thousands)  (Dollars in thousands) 
Reconciliation of Non-GAAP Profit before Tax               
                
GAAP Income before Income Taxes $73,071  $68,104  $59,086  $141,175  $71,334 
                
Transaction-related costs  1,806   3,079   (2,236)  4,885   (637)
Purchased intangible amortization  630   760   401   1,390   696 
Restructuring costs        90      4,372 
Stock-based compensation  10,877   11,042   8,204   21,919   42,340 
Other costs  1,301   4,589   988   5,890   3,411 
Total Non-GAAP Adjustments $14,614  $19,470  $7,447  $34,084  $50,182 
                
Non-GAAP Profit before Tax $87,685  $87,574  $66,533  $175,259  $121,516 
                     


  Three-Month Period Ended  Six-Month Period Ended 
  September 29,
2023
  June 30,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Dollars in thousands)  (Dollars in thousands) 
Reconciliation of Non-GAAP Provision for Income Taxes               
                
GAAP Income Tax Provision $7,400  $7,215  $8,438  $14,615  $10,403 
GAAP effective tax rate  10.1%  10.6%  14.3%  10.4%  14.6%
                
Tax effect of adjustments to GAAP results  2,554   3,826   (1,663)  6,380   4,237 
                
Non-GAAP Provision for Income Taxes $9,954  $11,041  $6,775  $20,995  $14,640 
Non-GAAP effective tax rate  11.4%  12.6%  10.2%  12.0%  12.0%
                     


  Three-Month Period Ended  Six-Month Period Ended 
  September 29,
2023
  June 30,
2023
  September 23,
2022
  September 29,
2023
  September 23,
2022
 
  (Dollars in thousands)  (Dollars in thousands) 
Reconciliation of Non-GAAP Net Income               
                
GAAP Net Income $65,671  $60,889  $50,648  $126,560  $60,931 
GAAP Basic Earnings per Share $0.34  $0.32  $0.26  $0.66  $0.32 
GAAP Diluted Earnings per Share $0.34  $0.31  $0.26  $0.65  $0.32 
                
Transaction-related costs  1,806   3,079   (2,236)  4,885   (637)
Purchased intangible amortization  630   760   401   1,390   696 
Restructuring costs        90      4,372 
Stock-based compensation  10,877   11,042   8,204   21,919   42,340 
Other costs  1,301   4,589   988   5,890   3,411 
Total Non-GAAP Adjustments  14,614   19,470   7,447   34,084   50,182 
Tax effect of adjustments to GAAP results $(2,554) $(3,826) $1,663  $(6,380) $(4,237)
Non-GAAP Net Income $77,731  $76,533  $59,758  $154,264  $106,876 
Basic weighted average common shares  192,431,094   191,997,330   191,284,631   192,214,210   190,959,616 
Diluted weighted average common shares  195,100,855   194,991,906   192,639,576   195,055,495   192,654,097 
Non-GAAP Basic Earnings per Share $0.40  $0.40  $0.31  $0.80  $0.56 
Non-GAAP Diluted Earnings per Share $0.40  $0.39  $0.31  $0.79  $0.55 

Investor Contact:
Jalene Hoover
VP of Investor Relations & Corporate Communications
+1 (512) 751-6526
jhoover@allegromicro.com 


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.