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

* Non-GAAP Operating Expenses do not include adjustments for the following components of our net income: (i) additional AMTC related costs of $19, $380, and $2,939 for the three months ended December 25, 2020, September 25, 2020, and December 27, 2019, respectively, and 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 (ii) additional AMTC related costs of $723 and $8,603 for the nine months ended December 25, 2020 and December 27, 2019, respectively, and labor savings costs of $218 and $5,884 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 Operating (Loss) Income           
           
GAAP Operating (Loss) Income   $ (24,224 )  $ 12,402   $ 11,131   $ (7,290 )  $ 33,923 
           
PSL and Sanken Distribution Agreement 1,500  2,815    7,698   
Stock-based compensation 45,876  580  303     46,901     1,051  
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  
Total   $ 51,931     $ 7,617     $ 3,092     $ 69,535     $ 7,985  
                     
Non-GAAP Operating Income*   $ 27,707     $ 20,019     $ 14,223     $ 62,245     $ 41,908  
Non-GAAP Operating Margin* (% of net sales)   16.8 %   14.6 %   8.9 %   15.0 %   8.8 %
                               

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