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

Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

  Nine-Month Period Ended
  December 25,
2020
  December 27,
2019
CASH FLOWS FROM OPERATING ACTIVITIES:   
Net income$9,412  $23,776 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization36,225  47,608 
Amortization of deferred financing costs226   
Deferred income taxes(17,526) (288)
Stock-based compensation46,901  1,051 
Loss on disposal of assets272  718 
Loss on debt extinguishment9,055   
Provisions for inventory and bad debt3,857  3,353 
Changes in operating assets and liabilities:   
Trade accounts receivable(5,975) 15,540 
Accounts receivable - other115  657 
Inventories1,118  (341)
Prepaid expenses and other assets(29,655) (6,165)
Trade accounts payable 2,411     1,100  
Due to/from related parties 8,283     (20,969 )
Accrued expenses and other current and long-term liabilities (1,185 )   (17,270 )
Net cash provided by operating activities 63,534     48,770  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property, plant and equipment (25,880 )   (34,997 )
Acquisition of business, net of cash acquired (8,500 )    
Proceeds from sales of property, plant and equipment 314     3,936  
Contribution of cash balances due to divestiture of subsidiary (16,335 )    
Net cash used in investing activities (50,401 )   (31,061 )
CASH FLOWS FROM FINANCING ACTIVITIES:      
Related party note receivable 51,377     30,000  
Proceeds from initial public offering, net of underwriting discounts and other offering costs 321,425      
Payments for taxes related to net share settlement of equity awards (27,707 )    
Dividends paid (400,000 )    
Borrowings of senior secured debt, net of deferred financing costs 315,719      
Repayment of senior secured debt (300,000 )    
Repayment of unsecured credit facilities (33,000 )    
Net cash (used in) provided by financing activities (72,186 )   30,000  
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash 3,350     (6,452 )
Net (decrease) increase in Cash and cash equivalents and Restricted cash (55,703 )   41,257  
Cash and cash equivalents and Restricted cash at beginning of period 219,876     103,257  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD: $ 164,173     $ 144,514  
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:      
Cash and cash equivalents at beginning of period $ 214,491     $ 99,743  
Restricted cash at beginning of period 5,385     3,514  
Cash and cash equivalents and Restricted cash at beginning of period $ 219,876     $ 103,257  
Cash and cash equivalents at end of period 157,653     139,306  
Restricted cash at end of period 6,520     5,208  
Cash and cash equivalents and Restricted cash at end of period $ 164,173     $ 144,514  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid for interest $ 2,559     $ 872  
Cash paid for income taxes $ 7,568     $ 12,937  
Noncash transactions:      
Changes in Trade accounts payable related to Property, plant and equipment, net $ (786 )   $ (2,663 )
Loans to cover purchase of common stock under employee stock plan $ 171     $ 232  
               

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