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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________
FORM 10-Q
_________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 25, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                             to                            
Commission File Number: 001-39675
_________________
ALLEGRO MICROSYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
_________________
Delaware46-2405937
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
955 Perimeter Road03103
Manchester,New Hampshire(Zip Code)
(Address of principal executive offices)
(603626-2300
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
_________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per shareALGMThe Nasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  
As of February 1, 2021, the registrant had 189,433,744 shares of common stock, $0.01 par value per share, outstanding.
1


TABLE OF CONTENTS
Page




FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, the impact of the ongoing and global COVID-19 pandemic on our business, prospective products and the plans and objectives of management for future operations, may be forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding liquidity, growth and profitability strategies and factors and trends affecting our business are forward-looking statements. Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance, or achievements, and one should avoid placing undue reliance on such statements.
Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking 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 factors, including, but not limited to, those identified in Part I., Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A “Risk Factors” in this Quarterly Report. These risks and uncertainties include, but are 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, expand our market share and increase our net sales and profitability;
our ability to compensate for decreases in average selling prices of our products;
the cyclical nature of the analog semiconductor industry;
shifts in our product mix or customer mix, which could negatively impact our gross margin;
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;
any disruptions at our primary third-party wafer fabrication facilities;
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 reliance on a limited number of third-party wafer fabrication facilities and suppliers of other materials;
our dependence on manufacturing operations in the Philippines;
our reliance on distributors to generate sales;
our indebtedness may limit our flexibility to operate our business;
the loss of one or more significant end customers;
our ability to develop new product features or new products in a timely and cost-effective manner;
our ability to meet customers’ quality requirements;
2


uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of tariffs and export restrictions;
our exposures to warranty claims, product liability claims and product recalls;
our ability to protect our proprietary technology and inventions through patents or trade secrets;
our ability to commercialize our products without infringing third-party intellectual property rights;
disruptions or breaches of our information technology systems;
risks related to governmental regulation and other legal obligations, including privacy, data protection, information security, consumer protection, environmental and occupational health and safety, anti-corruption and anti-bribery, and trade controls;
our dependence on international customers and operations;
the availability of rebates, tax credits and other financial incentives on end-user demands for certain products;
the volatility of currency exchange rates;
risks related to acquisitions of and investments in new businesses, products or technologies, joint ventures and other strategic transactions;
our ability to raise capital to support our growth strategy;
our ability to effectively manage our growth and to retain key and highly skilled personnel;
changes in tax rates or the adoption of new tax legislation;
risks related to litigation, including securities class action litigation; and
our ability to accurately estimate market opportunity and growth forecasts.
Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.
You should read this Quarterly Report and the documents that we reference in this Quarterly Report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report, whether as a result of any new information, future events or otherwise.
Unless the context otherwise requires, references to “we,” “us,” “our,” the “Company” and “Allegro” refer to the operations of Allegro MicroSystems, Inc. and its consolidated subsidiaries.
3


PART I – FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
ALLEGRO MICROSYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share amounts)
December 25, 2020 (Unaudited)
March 27,
2020
Assets
Current assets:
Cash and cash equivalents$157,653 $214,491 
Restricted cash6,520 5,385 
Trade accounts receivable, net of allowances for doubtful accounts of $138 and $288 at December 25, 2020 and March 27, 2020, respectively
67,334 59,457 
Trade and other accounts receivable due from related party20,153 30,851 
Accounts receivable - other1,373 1,796 
Inventories94,021 127,227 
Prepaid expenses and other current assets31,476 9,014 
Total current assets378,530 448,221 
Property, plant and equipment, net214,372 332,330 
Deferred income tax assets23,188 7,217 
Goodwill20,249 1,285 
Intangible assets, net36,420 19,958 
Equity investment in related party26,657  
Other assets, net12,482 8,810 
Total assets$711,898 $817,821 
Liabilities, Non-Controlling Interest and Stockholders' Equity
Current liabilities:
Trade accounts payable$20,262 $20,762 
Amounts due to related party2,078 4,494 
Accrued expenses and other current liabilities66,779 56,855 
Current portion of related party debt 25,000 
Bank lines-of-credit 43,000 
Total current liabilities89,119 150,111 
Obligations due under Senior Secured Credit Facilities25,000  
Related party notes payable, less current portion 17,700 
Other long-term liabilities20,861 15,878 
Total liabilities134,980 183,689 
Commitments and contingencies (Note 16)
Stockholders' Equity:
Preferred Stock, $0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding at December 25, 2020 and March 27, 2020
  
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 189,431,726 shares issued and outstanding at December 25, 2020; No shares authorized, issued or outstanding at March 27, 2020
1,894  
Class A, $0.01 par value; No shares authorized, issued or outstanding at December 25, 2020; 12,500,000 shares authorized; 10,000,000 shares issued and outstanding at March 27, 2020
 100 
Class L, $0.01 par value; No shares authorized, issued or outstanding at December 25, 2020; 1,000,000 shares authorized; 622,470 shares issued and outstanding at March 27, 2020
 6 
Additional paid-in capital589,202 458,697 
(Accumulated deficit) / retained earnings(5,094)194,355 
Accumulated other comprehensive loss(10,171)(19,976)
Equity attributable to Allegro MicroSystems, Inc.575,831 633,182 
Non-controlling interests1,087 950 
Total stockholders' equity576,918 634,132 
Total liabilities, non-controlling interest and stockholders' equity$711,898 $817,821 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

ALLEGRO MICROSYSTEMS, INC.

Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
Three-Month Period EndedNine-Month Period Ended
December 25,
2020
December 27,
2019
December 25,
2020
December 27,
2019
Net sales$138,010 $143,267 $343,529 $426,158 
Net sales to related party26,439 16,535 72,570 49,327 
Total net sales164,449 159,802 416,099 475,485 
Cost of goods sold90,024 98,277 224,203 285,967 
Gross profit74,425 61,525 191,896 189,518 
Operating expenses:
Research and development30,999 25,485 80,509 77,565 
Selling, general and administrative67,650 24,909 118,677 78,030 
Total operating expenses98,649 50,394 199,186 155,595 
Operating (loss) income (24,224)11,131 (7,290)33,923 
Other (expense) income:
Loss on debt extinguishment(9,055) (9,055) 
Interest (expense) income, net(2,598)10 (1,935)(60)
Foreign currency transaction (loss) gain(145)(560)(1,331)2,800 
Income in earnings of equity investment949  1,407  
Other, net(510)(81)(297)(1,177)
(Loss) income before income tax (benefit) provision(35,583)10,500 (18,501)35,486 
Income tax (benefit) provision(30,523)1,542 (27,913)11,710 
Net (loss) income(5,060)8,958 9,412 23,776 
Net income attributable to non-controlling interests35 32 103 101 
Net (loss) income attributable to Allegro MicroSystems, Inc.$(5,095)$8,926 $9,309 $23,675 
Net (loss) income attributable to Allegro MicroSystems, Inc. per share (Note 17):
Basic$(0.04)$0.89 $0.19 $2.37 
Diluted$(0.04)$0.89 $0.05 $2.37 
Weighted average shares outstanding:
Basic124,363,078 10,000,000 48,121,026 10,000,000 
Diluted124,363,078 10,000,000 171,638,787 10,000,000 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

ALLEGRO MICROSYSTEMS, INC.

Consolidated Statements of Comprehensive (Loss) Income
(in thousands)
(Unaudited)
Three-Month Period EndedNine-Month Period Ended
December 25,
2020
December 27,
2019
December 25,
2020
December 27,
2019
Net (loss) income$(5,060)$8,958 $9,412 $23,776 
Foreign currency translation adjustment3,972 2,886 10,152 1,869 
Net actuarial loss amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax  (313) 
Comprehensive (loss) income$(1,088)$11,844 $19,251 $25,645 
Comprehensive expense attributable to non-controlling interest(10)(23)(34)(5)
Comprehensive (loss) income attributable to Allegro MicroSystems, Inc.$(1,098)$11,821 $19,217 $25,640 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

ALLEGRO MICROSYSTEMS, INC.

Consolidated Statements of Changes in Equity
(in thousands, except share amounts)
(Unaudited)
Common Stock, Class ACommon Stock, Class LPreferred StockCommon Stock
Additional
Paid-In Capital
Retained Earnings / Accum. Deficit
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at
September 25, 2020
10,000,000 $100 638,298 $6 — $—  $ $439,732 $208,759 $(14,133)$1,042 $635,506 
Net income— — — — — — — — — (5,095)— 35 (5,060)
Capitalization changes related to organizational structure of affiliates and direct and indirect interests in subsidiaries— — — — — — — — 527 — — — 527 
Reclassification of certain class L shares— — — — — — — — 298 — — — 298 
Stock-based compensation— — — — — — — — 45,876 — — — 45,876 
Issuance of common stock in connection with IPO, net of underwriting discounts and other offering costs— — — — — — 25,000,000 250 321,175 — — — 321,425 
Conversion of Class A and Class L common stock into common stock in connection with the IPO(10,000,000)(100)(636,301)(6)— — 166,500,000 1,665 (1,559)— — —  
Repurchase of Class A and Class L common stock to cover related taxes— — (1,997)— — — (2,068,274)(21)(27,686)— — — (27,707)
Conversion of LTCIP/TRIP awards into restricted stock units in connection with the IPO— — — — — — — — 2,081 — — — 2,081 
Cash dividend paid to holders of Class A common stock— — — — — — — — (191,242)(208,758)— — (400,000)
Foreign currency translation adjustment— — — — — — — — — — 3,962 10 3,972 
Balance at
December 25, 2020
 $  $ — $— 189,431,726 $1,894 $589,202 $(5,094)$(10,171)$1,087 $576,918 


7

ALLEGRO MICROSYSTEMS, INC.

Consolidated Statements of Changes in Equity
(in thousands, except share amounts)
(Unaudited)

Common Stock, Class ACommon Stock, Class LPreferred StockCommon Stock
Additional
Paid-In Capital
Retained Earnings
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at
September 27, 2019
10,000,000 $100 607,620 $6 — $— — $— $448,510 $172,134 $(17,277)$865 $604,338 
Net income— — — — — — — — — 8,926 — 32 8,958 
Stock-based compensation— — — — — — — — 303 — — — 303 
Foreign currency translation adjustment— — — — — — — — — — 2,863 23 2,886 
Balance at
December 27, 2019
10,000,000 $100 607,620 $6 — $— — $— $448,813 $181,060 $(14,414)$920 $616,485 














8

ALLEGRO MICROSYSTEMS, INC.

Consolidated Statements of Changes in Equity
(in thousands, except share amounts)
(Unaudited)
Common Stock, Class ACommon Stock, Class LPreferred StockCommon Stock
Additional
Paid-In Capital
Retained Earnings / Accum. Deficit
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at
March 27, 2020
10,000,000 $100 622,470 $6 — $—  $ $458,697 $194,355 $(19,976)$950 $634,132 
Net income— — — — — — — — — 9,309 — 103 9,412 
Issuance of Class L shares, net of forfeitures— — 15,828 — — — — — — — — — — 
Capitalization changes related to organizational structure of affiliates and direct and indirect interests in subsidiaries— — — — — — — — (19,165)— — — (19,165)
Stock-based compensation— — — — — — — — 46,901 — — — 46,901 
Issuance of common stock in connection with IPO, net of underwriting discounts and other offering costs— — — — — — 25,000,000 250 321,175 — — — 321,425 
Conversion of Class A and Class L common stock into common stock in connection with the IPO(10,000,000)(100)(636,301)(6)— — 166,500,000 1,665 (1,559)— — —  
Repurchase of Class A and Class L common stock to cover related taxes— — (1,997)— — — (2,068,274)(21)(27,686)— — — (27,707)
Conversion of LTCIP/TRIP awards into restricted stock units in connection with the IPO— — — — — — — — 2,081 — — — 2,081 
Cash dividend paid to holders of Class A common stock— — — — — — — — (191,242)(208,758)— — (400,000)
Foreign currency translation adjustment— — — — — — — — — — 10,118 34 10,152 
Net actuarial loss and amortization of net transition obligation and prior service costs related to defined benefit plans, net of tax— — — — — — — — — — (313)— (313)
Balance at
December 25, 2020
 $  $ — $— 189,431,726 $1,894 $589,202 $(5,094)$(10,171)$1,087 $576,918 
9

ALLEGRO MICROSYSTEMS, INC.
Consolidated Statements of Changes in Equity
(in thousands, except share amounts)
(Unaudited)

Common Stock, Class ACommon Stock, Class LPreferred StockCommon Stock
Additional
Paid-In Capital
Retained Earnings
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestsTotal Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at
March 29, 2019
10,000,000 $100 607,620 $6 — $— — $— $447,762 $157,385 $(16,278)$814 $589,789 
Net income— — — — — — — — — 23,675 — 101 23,776 
Stock-based compensation— — — — — — — — 1,051 — — — 1,051 
Foreign currency translation adjustment— — — — — — — — — — 1,864 5 1,869 
Balance at
December 27, 2019
10,000,000 $100 607,620 $6 — $— — $— $448,813 $181,060 $(14,414)$920 $616,485 

The accompanying notes are an integral part of these condensed consolidated financial statements.
10

ALLEGRO MICROSYSTEMS, INC.

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 payable2,411 1,100 
Due to/from related parties8,283 (20,969)
Accrued expenses and other current and long-term liabilities(1,185)(17,270)
Net cash provided by operating activities63,534 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 equipment314 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 receivable51,377 30,000 
Proceeds from initial public offering, net of underwriting discounts and other offering costs321,425  
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 costs315,719  
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 cash3,350 (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 period219,876 103,257 
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 period5,385 3,514 
Cash and cash equivalents and Restricted cash at beginning of period$219,876