| Three-Month Period Ended | Nine-Month Period Ended | |||||||||||||||||||
|
December 25,
2020 |
September 25,
2020 |
December 27,
2019 |
December 25,
2020 |
December 27,
2019 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Reconciliation of EBITDA and Adjusted EBITDA | ||||||||||||||||||||
| GAAP Net (Loss) Income | $ | (5,060 | ) | $ | 9,618 | $ | 8,958 | $ | 9,412 | $ | 23,776 | |||||||||
| Interest expense (income), net | 2,598 | (350 | ) | (10 | ) | 1,935 | 60 | |||||||||||||
| Income tax (benefit) provision | (30,523 | ) | 2,082 | 1,542 | (27,913 | ) | 11,710 | |||||||||||||
| Depreciation & amortization | 12,199 | 12,487 | 16,131 | 36,225 | 47,608 | |||||||||||||||
| EBITDA | $ | (20,786 | ) | $ | 23,837 | $ | 26,621 | $ | 19,659 | $ | 83,154 | |||||||||
| Non-core (gain) loss on sale of equipment | (7 | ) | 331 | 532 | 286 | 1,091 | ||||||||||||||
| Miscellaneous legal judgement charge | 574 | — | — | 574 | — | |||||||||||||||
| Loss on debt extinguishment | 9,055 | — | — | 9,055 | — | |||||||||||||||
| Foreign currency translation loss (gain) | 145 | 1,318 | 560 | 1,331 | (2,800 | ) | ||||||||||||||
| Income in earnings of equity investment | (949 | ) | (246 | ) | — | (1,407 | ) | — | ||||||||||||
| Stock-based compensation | 45,876 | 580 | 303 | 46,901 | 1,051 | |||||||||||||||
| AMTC Facility consolidation one-time costs | 2,228 | 1,766 | — | 5,699 | — | |||||||||||||||
| COVID-19 related expenses | 435 | 471 | — | 4,906 | — | |||||||||||||||
| Transaction fees | 1,729 | 1,871 | 2,335 | 3,717 | 3,782 | |||||||||||||||
| Severance | (181 | ) | — | 454 | 156 | 3,152 | ||||||||||||||
| PSL and Sanken Distribution Agreement | 1,500 | 2,815 | — | 7,698 | — | |||||||||||||||
| Adjusted EBITDA* | $ | 39,619 | $ | 32,743 | $ | 30,805 | $ | 98,575 | $ | 89,430 | ||||||||||
| Adjusted EBITDA Margin* | 24.1 | % | 24.0 | % | 19.3 | % | 23.7 | % | 18.8 | % | ||||||||||
|
Allegro MicroSystems Announces Results for the Third Fiscal Quarter Ended December 25, 2020
* Non-GAAP Operating Income and the corresponding calculation of non-GAAP Operating Margin do not include adjustments for the following components of our net income: (i) additional AMTC related costs of $1,217, $2,661, and $2,939 for the three months ended December 25, 2020, September 25, 2020, and December 27, 2019, respectively, labor savings costs of $109, $—, and $1,072 for the three months ended December 25, 2020, September 25, 2020, and December 27, 2019, respectively, and out of period adjustment for depreciation expense of GMR assets of $—, $768, and $— for the three months ended December 25, 2020, September 25, 2020, and December 27, 2019, respectively, and (ii) additional AMTC related costs of $7,276 and $8,603 for the nine months ended December 25, 2020 and December 27, 2019, respectively, labor savings costs of $218 and $5,884 for the nine months ended December 25, 2020 and December 27, 2019, respectively, and out of period adjustment for depreciation expense of GMR assets of $768 and $— for the nine months ended December 25, 2020 and December 27, 2019, respectively.
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