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

* Non-GAAP Provision for Income Taxes does not include tax adjustments for the following components of our net income: additional AMTC related costs, labor savings costs, and out of period adjustment for depreciation expense of GMR assets. The related tax effect of those adjustments to GAAP results were $297, $768 and $898 for the three months ended December 25, 2020, September 25, 2020, and December 27, 2019, respectively, and $1,851 and $3,245 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 Net (Loss) Income           
           
GAAP Net (Loss) Income   $ (5,060 )  $ 9,618   $ 8,958   $ 9,412   $ 23,776 
           
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 transaction loss (gain)   145     1,318     560     1,331     (2,800 )
Income in earnings of equity investment   (949 )   (246 )       (1,407 )    
PSL and Sanken Distribution Agreement   1,500     2,815         7,698      
Stock-based compensation   45,876     580     303     46,901     1,051  
Interest on repaid portion of Term Loan Facility   2,163             2,163      
AMTC Facility consolidation one-time costs   2,228     1,766         5,699      
Amortization of acquisition-related intangible assets   344     114         458      
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  
Tax effect of adjustments to GAAP results   (34,872 )   (859 )   (992 )   (37,539 )   4,497  
                     
Non-GAAP Net Income*   $ 22,980     $ 17,779     $ 12,150     $ 53,410     $ 34,549  
Basic weighted average common shares   124,363,078     164,431,726     164,431,726     48,121,026     164,431,726  
Diluted weighted average common shares   181,916,360     164,431,726     164,431,726     171,638,787     164,431,726  
Non-GAAP Basic Earnings per Share   0.18     0.11     0.07     1.11     0.21  
Non-GAAP Diluted Earnings per Share   0.13     0.11     0.07     0.31     0.21  

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