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.

   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 %
                               

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