Allegro MicroSystems Announces Results for the Third Fiscal Quarter Ended December 25, 2020

* Non-GAAP Profit before Tax does 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 (Benefit) Provision for Income Taxes           
           
GAAP (Benefit) Provision for Income Taxes   $ (30,523 )  $ 2,082    $ 1,542    $ (27,913 )  $ 11,710  
GAAP effective tax rate 85.8% 17.8% 14.7% 150.9% 33.0%
           
Tax effect of adjustments to GAAP results 34,872  859  992    37,539     (4,497 )
                     
Non-GAAP Provision for Income Taxes *   $ 4,349      $ 2,941      $ 2,534      $ 9,626      $ 7,213   
Non-GAAP effective tax rate   15.9 %   14.2 %   17.3 %   15.3 %   17.3 %
                               

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