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

* Non-GAAP Gross Profit and the corresponding calculation of non-GAAP Gross Margin do not include adjustments for the following components of our net income: (i) additional AMTC related costs of $1,198, $2,281, and $— 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 $6,553 and $— 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 September 25, 2020 and September 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 Operating Expenses           
           
GAAP Operating Expenses   $ 98,649   $ 49,368   $ 50,394   $ 199,186   $ 155,595 
           
Research and Development Expenses          
GAAP Research and Development Expenses 30,999  25,130  25,485  80,509     77,565  
Stock-based compensation   2,984     32     20     3,037     65  
AMTC Facility consolidation one-time costs   1             2      
COVID-19 related expenses   32             92      
Transaction fees               18      
Non-GAAP Research and Development Expenses   27,982     25,098     25,465     77,360     77,500  
                     
Selling, General and Administrative Expenses                    
GAAP Selling, General and Administrative Expenses   67,650     24,238     24,909     118,677     78,030  
Stock-based compensation   38,198     495     236     39,020     849  
AMTC Facility consolidation one-time costs   1,620     1,358         4,138      
Amortization of acquisition-related intangible assets   71     9         80      
COVID-19 related expenses   338     398         4,676      
Transaction fees   1,729     1,871     2,335     3,699     3,782  
Severance   (181 )       454     156     3,152  
Non-GAAP Selling, General and Administrative Expenses   25,875     20,107     21,884     66,908     70,247  
                     
Total Non-GAAP Adjustments   44,792     4,163     3,045     54,918     7,848  
                     
Non-GAAP operating expenses *   $ 53,857     $ 45,205     $ 47,349     $ 144,268     $ 147,747  
                                         

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