{"id":384934,"date":"2020-11-19T08:03:26","date_gmt":"2020-11-19T13:03:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=384934"},"modified":"2020-11-19T08:03:26","modified_gmt":"2020-11-19T13:03:26","slug":"allegro-microsystems-announces-results-for-the-second-fiscal-quarter-ended-september-25-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/allegro-microsystems-announces-results-for-the-second-fiscal-quarter-ended-september-25-2020\/","title":{"rendered":"Allegro MicroSystems Announces Results for the Second Fiscal Quarter Ended\u00a0September\u00a025, 2020"},"content":{"rendered":"
\n

\n –Strong Growth and Solid Operating Results–<\/em>
\n \n <\/p>\n

\n
\n MANCHESTER, N.H., Nov. 19, 2020 (GLOBE NEWSWIRE) — <\/strong>
\n <\/em>Allegro MicroSystems, Inc. (\u201cAllegro\u201d or the \u201cCompany\u201d) (Nasdaq:ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its second fiscal quarter ended September\u00a025, 2020. Total net sales for the three-month period ended September\u00a025, 2020 was $136.6 million, an increase of 18.8% from the prior quarter, demonstrating strong revenue recovery.<\/p>\n

\u201cOur business turned a corner in the second fiscal quarter, rebounding off the lows related to the pandemic and showing a quick recovery in our key markets in automotive and industrial where we believe we continue to gain market share,\u201d said Ravi Vig, President and CEO of Allegro MicroSystems. \u201cWhile uncertainty remains, we have our eye on our long-term opportunities and believe we are in the sweet spot of the convergence of growth trends in automotive, Industry 4.0, data center and green energy, positioning us to take full advantage of a market recovery.\u201d<\/p>\n

\n Business Summary<\/strong>\n <\/p>\n

Automotive revenue was up 17.2% sequentially during the second quarter driven by global auto production growth and also strength in\u00a0the Company’s xEV business, which nearly doubled from the three-month period ended September 27, 2019. During the second fiscal quarter, the Company completed its strategic acquisition of Voxtel, a privately held company specializing in advanced photonics and 3D imaging technology including components for long-range, eye-safe Light Detection and Ranging (LiDAR). This acquisition brings together Voxtel\u2019s laser and imaging expertise with Allegro\u2019s automotive leadership and scale to enable what the Company believes will be the next generation of Advanced Driver Assistance Systems (ADAS).<\/p>\n

Industrial revenue in the second quarter was up 19.7% year-over-year compared to the same prior year fiscal period and 6.1% sequentially due to continued strength in demand for the Company\u2019s three-phase drivers in data centers. The Company\u2019s \u201cOther\u201d business, which represents non-strategic markets, including white goods, desktop computing, printers and peripherals, benefited in part from COVID-related demand for these products.<\/p>\n

\n Business Outlook<\/strong>\n <\/p>\n

For the third fiscal quarter ending December 25, 2020, the Company expects total net sales to be in the range of $147 million to $151 million, with both the Automotive and Industrial businesses growing from the second fiscal quarter. Non-GAAP gross margin is expected to be in the range of 50% – 51%, and non-GAAP earnings per fully-diluted share for the same period is expected to be in the range of $0.11 to $0.12. This guidance is based on an estimated approximate 189.4 million fully-diluted shares outstanding.<\/p>\n

Allegro has not provided a reconciliation of its third fiscal quarter outlook for non-GAAP gross margin and non-GAAP earning per fully-diluted share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking GAAP measures. Certain factors that are materially significant to Allegro\u2019s ability to estimate these items are out of its control and\/or cannot be reasonably predicted, including with respect to transaction fees, stock compensation charges, facility closing and consolidation costs, deferred financing costs associated with the repayment of at least 75% of\u00a0the Company’s $325 million term loan, a pre-IPO $400 million dividend; and the tax consequences of each of these events.<\/p>\n

\n Earnings Webcast<\/strong>\n <\/p>\n

A webcast will be held on Thursday, November 19, at 8:30 a.m. Eastern time. Ravi Vig, Chief Executive Officer and Paul Walsh, Chief Financial Officer, will discuss Allegro\u2019s financial results.<\/p>\n

The webcast will be available on the Investor Relations section of the Company\u2019s website at investors.allegromicro.com. A recording of the webcast will be posted in the same location and will be available shortly after the call concludes and will be available for at least 30 days.<\/p>\n

\n About Allegro MicroSystems<\/strong>\n <\/p>\n

Allegro MicroSystems is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (\u201cICs\u201d) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. Allegro\u2019s diverse product portfolio provides efficient and reliable solutions for the electrification of vehicles, automotive ADAS safety features, automation for Industry 4.0 and power saving technologies for data centers and green energy applications.<\/p>\n

\n Forward-Looking Statements<\/strong>\n <\/p>\n

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the expected benefits resulting from our acquisition of Voxtel and our expected financial performance for our third fiscal quarter ending December 25, 2020. In some cases, you can identify forward-looking statements by terms such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cshould,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201ctarget,\u201d \u201cmission,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201ctarget,\u201d \u201cpotential,\u201d \u201cproject,\u201d \u201cpredict,\u201d \u201ccontemplate,\u201d \u201cpotential,\u201d or the negative thereof and similar words and expressions.<\/p>\n

Forward-looking statements are based on management\u2019s current expectations, beliefs and assumptions and on information currently available to us. Such statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to: downturns or volatility in general economic conditions, including as a result of the COVID-19 pandemic, particularly in the automotive market; our ability to compete effectively with intense competition, expand our market share and increase our profitability; our ability to compensate for decreases in average selling prices of our products; the cyclical nature of the analog semiconductor industry; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to fully realize the benefits of past and potential future initiatives designed to improve our competitiveness, growth and profitability; our ability to accurately predict our quarterly net sales and operating results; our ability to adjust our supply chain volume to account for changing market conditions and customer demand; our dependence on manufacturing operations in the Philippines; changes in government trade policies, including the imposition of tariffs and export restrictions; and our ability to protect our proprietary technology and inventions through patents or trade secrets; and other important factors discussed under the caption \u201cRisk Factors\u201d in our final prospectus on Form 424(b) filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) on October 30, 2020, as any such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC\u2019s website at www.sec.gov<\/em> and the Investors & Media page of our website at investors.allegromicro.com.<\/p>\n

All forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.<\/p>\n

\n ALLEGRO MICROSYSTEMS, INC.<\/strong>
\n
\n Consolidated Statements of Income<\/strong>
\n
\n (in thousands, except share and per share amounts)<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three-Month Period Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six-Month Period Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n September 25,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 27,<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 25,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 27,<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n$<\/td>\n114,138<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n146,615<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n205,519<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n282,891<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales to related party<\/td>\n\u00a0<\/td>\n22,511<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,625<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n46,131<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,792<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total net sales<\/td>\n\u00a0<\/td>\n136,649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n163,240<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n251,650<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n315,683<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of goods sold<\/td>\n\u00a0<\/td>\n74,879<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n94,634<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,179<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n187,690<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n61,770<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n68,606<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n117,471<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n127,993<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research and development<\/td>\n\u00a0<\/td>\n25,130<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,952<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,510<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n52,080<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative<\/td>\n\u00a0<\/td>\n24,238<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,593<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51,027<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53,121<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n49,368<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53,545<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100,537<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105,201<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating income<\/td>\n\u00a0<\/td>\n12,402<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,061<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,934<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,792<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other income (expense):<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income (expense), net<\/td>\n\u00a0<\/td>\n350<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(65<\/td>\n)<\/td>\n\u00a0<\/td>\n663<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(70<\/td>\n)<\/td>\n<\/tr>\n
Foreign currency transaction (loss) gain<\/td>\n\u00a0<\/td>\n(1,318<\/td>\n)<\/td>\n\u00a0<\/td>\n609<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,186<\/td>\n)<\/td>\n\u00a0<\/td>\n3,360<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income in earnings of equity investment<\/td>\n\u00a0<\/td>\n246<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n458<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other, net<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,189<\/td>\n)<\/td>\n\u00a0<\/td>\n213<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,096<\/td>\n)<\/td>\n<\/tr>\n
Income before income taxes<\/td>\n\u00a0<\/td>\n11,700<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,416<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,082<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,986<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax provision<\/td>\n\u00a0<\/td>\n2,082<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,833<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,610<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,168<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n9,618<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,583<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,472<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,818<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income attributable to non-controlling interests<\/td>\n\u00a0<\/td>\n34<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n68<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n69<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income attributable to Allegro MicroSystems, Inc.<\/td>\n\u00a0<\/td>\n$<\/td>\n9,584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n11,565<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,404<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,749<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income attributable to Allegro MicroSystems, Inc. per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n0.96<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.16<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.44<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.47<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted average shares outstanding:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and diluted<\/td>\n\u00a0<\/td>\n10,000,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,000,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,000,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,000,000<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
Supplemental Schedule of Total Net Sales<\/strong>\n <\/p>\n

The following table summarizes net sales by core end market and other applications. Other applications include sales of wafer foundry products and from the distribution of Sanken products unrelated to and no longer part of the Company\u2019s business in fiscal year 2021.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three-Month Period Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six-Month Period Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n September 25,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 27,<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September 25,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 27,<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (Dollars in thousands)<\/strong>\n <\/td>\n<\/tr>\n
Core end markets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Automotive<\/td>\n\u00a0<\/td>\n$<\/td>\n89,479<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n98,209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(8,730<\/td>\n)<\/td>\n\u00a0<\/td>\n(8.9<\/td>\n)%<\/td>\n\u00a0<\/td>\n$<\/td>\n165,857<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n190,607<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(24,750<\/td>\n)<\/td>\n\u00a0<\/td>\n(13.0<\/td>\n)%<\/td>\n<\/tr>\n
Industrial<\/td>\n\u00a0<\/td>\n21,650<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,092<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,558<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19.7<\/td>\n%<\/td>\n\u00a0<\/td>\n42,056<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34,737<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,319<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21.1<\/td>\n%<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n25,520<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,542<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,978<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24.2<\/td>\n%<\/td>\n\u00a0<\/td>\n43,737<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,329<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,408<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14.1<\/td>\n%<\/td>\n<\/tr>\n
Total core end markets<\/td>\n\u00a0<\/td>\n136,649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n136,843<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(194<\/td>\n)<\/td>\n\u00a0<\/td>\n(0.1<\/td>\n)%<\/td>\n\u00a0<\/td>\n251,650<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n263,673<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,023<\/td>\n)<\/td>\n\u00a0<\/td>\n(4.6<\/td>\n)%<\/td>\n<\/tr>\n
Other applications:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Wafer foundry products<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,698<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(16,698<\/td>\n)<\/td>\n\u00a0<\/td>\n(100.0<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,988<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(32,988<\/td>\n)<\/td>\n\u00a0<\/td>\n(100.0<\/td>\n)%<\/td>\n<\/tr>\n
Distribution of Sanken products<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,699<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,699<\/td>\n)<\/td>\n\u00a0<\/td>\n(100.0<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,022<\/td>\n)<\/td>\n\u00a0<\/td>\n(100.0<\/td>\n)%<\/td>\n<\/tr>\n
\n Total net sales<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n136,649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n163,240<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(26,591<\/td>\n)<\/td>\n\u00a0<\/td>\n(16.3<\/td>\n)%<\/td>\n\u00a0<\/td>\n$<\/td>\n251,650<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n315,683<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(64,033<\/td>\n)<\/td>\n\u00a0<\/td>\n(20.3<\/td>\n)%<\/td>\n<\/tr>\n<\/table>\n

\n
\n
Supplemental Schedule of Stock-Based Compensation<\/strong>\n <\/p>\n

The Company recorded stock-based compensation expense in the following expense categories of its unaudited consolidated statements of income:<\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three-Month Period Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six-Month Period Ended<\/strong>\n <\/td>\n<\/tr>\n
(In thousands)<\/td>\n\u00a0<\/td>\n\n September 25,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 27,<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 25,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 27,<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n$<\/td>\n53<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n45<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n150<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n90<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research and development<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative<\/td>\n\u00a0<\/td>\n495<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n303<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n822<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n613<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total stock-based compensation<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n580<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n374<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n748<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
Supplemental Schedule of Acquisition Related Intangible Amortization Costs<\/strong>\n <\/p>\n

The Company recorded intangible amortization expense related to its acquisition of Voxtel in the following expense categories of its unaudited consolidated statements of income:<\/p>\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three-Month Period Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Six-Month Period Ended<\/strong>\n <\/td>\n<\/tr>\n
(In thousands)<\/td>\n\u00a0<\/td>\n\n September 25,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 27,<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 25,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 27,<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n$<\/td>\n105<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative<\/td>\n\u00a0<\/td>\n9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total intangible amortization<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n114<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n114<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
ALLEGRO MICROSYSTEMS, INC.<\/strong>
\n
\n CONSOLIDATED BALANCE SHEETS<\/strong>
\n
\n (in thousands, except share and per share amounts)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n September 25, 2020
(Unaudited)<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n March\u00a027, 2020<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n201,998<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n214,491<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\u00a0<\/td>\n6,354<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,385<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade accounts receivable, net of allowances of doubtful accounts of $338 and $288 at September\u00a025, 2020 and March\u00a027, 2020, respectively<\/td>\n\u00a0<\/td>\n57,926<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59,457<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade and other accounts receivable due from related party<\/td>\n\u00a0<\/td>\n16,783<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,851<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable – other<\/td>\n\u00a0<\/td>\n2,780<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,796<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n104,796<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n127,227<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n16,585<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n407,222<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n448,221<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n217,901<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n332,330<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax assets<\/td>\n\u00a0<\/td>\n6,861<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,217<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n20,257<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,285<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets, net<\/td>\n\u00a0<\/td>\n36,274<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,958<\/td>\n\u00a0<\/td>\n<\/tr>\n
Related party note receivable<\/td>\n\u00a0<\/td>\n51,377<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity investment in related party<\/td>\n\u00a0<\/td>\n25,028<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets, net<\/td>\n\u00a0<\/td>\n14,779<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,810<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/td>\n\u00a0<\/td>\n$<\/td>\n779,699<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n817,821<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities, Non-Controlling Interest and Stockholders’ Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade accounts payable<\/td>\n\u00a0<\/td>\n$<\/td>\n23,856<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n20,762<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amounts due to related party<\/td>\n\u00a0<\/td>\n1,157<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,494<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued expenses and other current liabilities<\/td>\n\u00a0<\/td>\n64,929<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n56,855<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current portion of related party debt<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Bank lines-of-credit<\/td>\n\u00a0<\/td>\n33,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n$<\/td>\n214,491<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n99,743<\/td>\n\u00a0<\/td>\n<\/tr>\n
Related party notes payable, less current portion<\/td>\n\u00a0<\/td>\n5,385<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,514<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term liabilities<\/td>\n\u00a0<\/td>\n$<\/td>\n219,876<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n103,257<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities<\/td>\n\u00a0<\/td>\n439,752<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n206,514<\/td>\n\u00a0<\/td>\n<\/tr>\n
Commitments and contingencies<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stockholders’ Equity:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Class A, $.01 par value; 12,500,000 shares authorized; 10,000,000 shares issued and outstanding at September\u00a025, 2020 and March\u00a027, 2020<\/td>\n\u00a0<\/td>\n100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100<\/td>\n\u00a0<\/td>\n<\/tr>\n
Class L, $.01 par value; 1,000,000 shares authorized; 638,298 shares issued and outstanding September\u00a025, 2020; 622,470 shares issued and outstanding at March\u00a027, 2020<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n439,732<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n458,697<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n\u00a0<\/td>\n208,759<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n194,355<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n(14,133<\/td>\n)<\/td>\n\u00a0<\/td>\n(19,976<\/td>\n)<\/td>\n<\/tr>\n
Equity attributable to Allegro MicroSystems, Inc.<\/td>\n\u00a0<\/td>\n634,464<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n633,182<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-controlling interests<\/td>\n\u00a0<\/td>\n1,042<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n950<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\u00a0<\/td>\n635,506<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n634,132<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities, non-controlling interest and stockholders’ equity<\/td>\n\u00a0<\/td>\n$<\/td>\n779,699<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n817,821<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0<\/p>\n

\n
\n
ALLEGRO MICROSYSTEMS, INC.<\/strong>
\n
\n Consolidated Statements of Cash Flows<\/strong>
\n
\n (in thousands)<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Six-Month Period Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n September 25,<\/strong>
\n
\n 2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September 27,<\/strong>
\n
\n 2019<\/strong>\n <\/td>\n<\/tr>\n
\n CASH FLOWS FROM OPERATING ACTIVITIES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n$<\/td>\n14,472<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,818<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n24,026<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31,477<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n1,307<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(320<\/td>\n)<\/td>\n<\/tr>\n
Stock-based compensation<\/td>\n\u00a0<\/td>\n1,025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n748<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on disposal of assets<\/td>\n\u00a0<\/td>\n293<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n559<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provisions for inventory and bad debt<\/td>\n\u00a0<\/td>\n209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,941<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in operating assets and liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade accounts receivable<\/td>\n\u00a0<\/td>\n6,196<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,294<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable – other<\/td>\n\u00a0<\/td>\n(1,292<\/td>\n)<\/td>\n\u00a0<\/td>\n1,148<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n(8,772<\/td>\n)<\/td>\n\u00a0<\/td>\n3,043<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid expenses and other assets<\/td>\n\u00a0<\/td>\n(16,725<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,863<\/td>\n)<\/td>\n<\/tr>\n
Trade accounts payable<\/td>\n\u00a0<\/td>\n2,793<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(759<\/td>\n)<\/td>\n<\/tr>\n
Due to\/from related parties<\/td>\n\u00a0<\/td>\n10,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,601<\/td>\n)<\/td>\n<\/tr>\n
Accrued expenses and other current and long-term liabilities<\/td>\n\u00a0<\/td>\n(5,623<\/td>\n)<\/td>\n\u00a0<\/td>\n(11,769<\/td>\n)<\/td>\n<\/tr>\n
Net cash provided by operating activities<\/td>\n\u00a0<\/td>\n28,640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,716<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n CASH FLOWS FROM INVESTING ACTIVITIES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchases of property, plant and equipment<\/td>\n\u00a0<\/td>\n(18,091<\/td>\n)<\/td>\n\u00a0<\/td>\n(18,199<\/td>\n)<\/td>\n<\/tr>\n
Acquisition of business, net of cash acquired<\/td>\n\u00a0<\/td>\n(8,500<\/td>\n)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from sales of property, plant and equipment<\/td>\n\u00a0<\/td>\n282<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,920<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contribution of cash balances due to divestiture of subsidiary<\/td>\n\u00a0<\/td>\n(16,335<\/td>\n)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash used in investing activities<\/td>\n\u00a0<\/td>\n(42,644<\/td>\n)<\/td>\n\u00a0<\/td>\n(14,279<\/td>\n)<\/td>\n<\/tr>\n
\n CASH FLOWS FROM FINANCING ACTIVITIES:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Related party note receivable<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash provided by financing activities<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash<\/td>\n\u00a0<\/td>\n2,480<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,157<\/td>\n)<\/td>\n<\/tr>\n
Net (decrease) increase in Cash and cash equivalents and Restricted cash<\/td>\n\u00a0<\/td>\n(11,524<\/td>\n)<\/td>\n\u00a0<\/td>\n36,280<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents and Restricted cash at beginning of period<\/td>\n\u00a0<\/td>\n219,876<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n103,257<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD:<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n208,352<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n139,537<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents at beginning of period<\/td>\n\u00a0<\/td>\n$<\/td>\n214,491<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n99,743<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted cash at beginning of period<\/td>\n\u00a0<\/td>\n5,385<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,514<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents and Restricted cash at beginning of period<\/td>\n\u00a0<\/td>\n$<\/td>\n219,876<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n103,257<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents at end of period<\/td>\n\u00a0<\/td>\n201,998<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,349<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted cash at end of period<\/td>\n\u00a0<\/td>\n6,354<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,188<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents and Restricted cash at end of period<\/td>\n\u00a0<\/td>\n$<\/td>\n208,352<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n139,537<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash paid for interest<\/td>\n\u00a0<\/td>\n$<\/td>\n107<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n763<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash paid for income taxes<\/td>\n\u00a0<\/td>\n$<\/td>\n6,385<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,582<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-cash transactions:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in Trade accounts payable related to Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n$<\/td>\n(4,000<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,659<\/td>\n)<\/td>\n<\/tr>\n
Loans to cover purchase of common stock under employee stock plan<\/td>\n\u00a0<\/td>\n$<\/td>\n171<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
Non-GAAP Financial Measures<\/strong>\n <\/p>\n

In addition to the measures presented in our consolidated financial statements, we regularly review other metrics, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key metrics we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Expenses, non-GAAP Profit before Tax, non-GAAP Provision for Income Tax, non-GAAP Net Income, non-GAAP Net Income per Share, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin (collectively, the \u201cNon-GAAP Financial Measures\u201d). These non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and\/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Provision for Income Tax, management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Provision for Income Taxes across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. By presenting these Non-GAAP Financial Measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance, and we believe that investors\u2019 understanding of our performance is enhanced by our presenting these Non-GAAP Financial Measures, as they provide a reasonable basis for comparing our ongoing results of operations. Management believes that tracking and presenting these Non-GAAP Financial Measures provides management and the investment community with valuable insight into matters such as: our ongoing core operations, our ability to generate cash to service our debt and fund our operations; and the underlying business trends that are affecting our performance and evaluating companies in our industry. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities. In particular, management finds it useful to exclude non-cash charges in order to better correlate our operating activities with our ability to generate cash from operations and to exclude certain cash charges as a means of more accurately predicting our liquidity requirements. We believe that these Non-GAAP Financial Measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry.<\/p>\n

These Non-GAAP Financial Measures have significant limitations as analytical tools. Some of these limitations are that:<\/p>\n