0000950170-24-089610 | 10-Q | XBRL Viewer

Trade Accounts Receivable, net (Tables)

3 Months Ended

Jun. 28, 2024

Schedule of Trade Accounts Receivable, Net

Trade accounts receivable, net, consisted of the following:


	June 28, 2024			March 29, 2024
Trade accounts receivable	$	102,604		$	163,450
Less:
Provision for expected credit losses		(72	)		(145	)
Returns and sales allowances		(39,174	)		(44,797	)
Total	$	63,358		$	118,508

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Jun. 28, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, assumptions and judgments, including those related to the valuation of acquired intangible assets, impairment assessment and valuation of goodwill, intangible assets and tangible long-lived assets, the net realizable value of inventory, income taxes, stock-based compensation, and sales allowances. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. Concentrations of Credit Risk As of June 28, 2024, one distributor customer accounted for 10.4% of the Company’s outstanding trade accounts receivable, net. As of March 29, 2024, no distributors or customers accounted for 10% or more of the Company’s outstanding trade accounts receivable, net. For the three-month period ended June 28, 2024, no distributor or customer accounted for 10% or more of total net sales. For the three-month period ended June 30, 2023, one distributor customer accounted for 12.2% of total net sales. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to provide additional information of the Company’s tax rate reconciliation, as well as additional disclosures about income taxes paid by jurisdictions. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied prospectively, but entities have the option to apply it retrospectively for each period presented. The Company does not anticipate this guidance will have an adverse impact on the results of operations, cash flows, or financial condition, but it will result in expanded disclosure within the financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires incremental disclosures in annual and interim periods related to a public entity’s reportable segments (particularly on segment expenses) but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The Company is evaluating the impact this update will have on its disclosures. All other recent accounting pronouncements were determined to not have a material impact on the Company’s financial position, results of operations, cash flows, or related disclosures.

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 29, 2024	Jul. 26, 2024	Jul. 23, 2024	Jun. 21, 2023
Revolving Credit Facility \| Morgan Stanley Senior Funding, Inc
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 224,000
Amend 2023 Revolving Credit Agreement \| Morgan Stanley Senior Funding, Inc
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 32,000
Subsequent Event \| Share Repurchase Agreement
Subsequent Event [Line Items]
Facilitation fee included in transaction expenses			$ 35,000
Subsequent Event \| Share Repurchase Agreement \| Common Stock
Subsequent Event [Line Items]
Repurchase of common stock	28,750,000		38,767,315
Repurchase of common stock, value	$ 621,456
Subsequent Event \| Equity Offering \| Common Stock
Subsequent Event [Line Items]
Issuance of common stock		28,750,000
Share price		$ 24
Net proceeds from issuance of common stock		$ 665,850
underwriting discount		$ 24,150
Subsequent Event \| Underwriters Option \| Common Stock
Subsequent Event [Line Items]
Issuance of common stock		3,750,000

Cover Page - shares	3 Months Ended
Cover Page - shares	Jun. 28, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
Document Transition Report	false
Entity File Number	001-39675
Entity Registrant Name	ALLEGRO MICROSYSTEMS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2405937
Entity Address, Address Line One	955 Perimeter Road
Entity Address, City or Town	Manchester,
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03103
City Area Code	603
Local Phone Number	626-2300
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ALGM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		193,920,480
Entity Central Index Key	0000866291
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-28

Fair Value Measurements - Additional Information (Details)	Jun. 28, 2024 USD ($)
Fair Value Disclosures [Abstract]
Fair value of long-term debt	$ 197,880

Related Party Transactions (Details) - USD ($)			3 Months Ended
Related Party Transactions (Details) - USD ($)	Apr. 25, 2024	Dec. 02, 2021	Jun. 28, 2024	Jun. 30, 2023	Mar. 29, 2024	Jul. 01, 2022
Related Party Transaction [Line Items]
Trade accounts receivable, net			$ 63,358,000		$ 118,508,000
Outstanding balance			195,811,000		245,102,000
Periodic payment			984,000
Interest income			46,000
Polar Semiconductor, LLC
Related Party Transaction [Line Items]
Exchange for equity interests amounts of transaction	$ 175,000
Additional direct funding and tax credits amount	$ 310,700
PSL
Related Party Transaction [Line Items]
Purchases from related party			14,956,000	$ 16,102,000
Amounts due to related party			4,892,000		1,621,000
PSL \| Initial PSL Loan \| Loans Payable
Related Party Transaction [Line Items]
Principal amount		$ 7,500,000				$ 7,500,000
Interest rate		1.26%
Term		4 years
Outstanding balance			7,500,000
PSL \| Secondary PSL Loan \| Loans Payable
Related Party Transaction [Line Items]
Interest rate		2.99%
Sanken
Related Party Transaction [Line Items]
Other accounts receivable from related party			0		160,000
Sanken \| Sanken Distribution Agreement, One-Time Sales Return
Related Party Transaction [Line Items]
Trade accounts receivable, net			$ 0		0
Sanken
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder			50.80%
Amounts due to related party			$ 3,000		$ 0
Sanken \| Polar Semiconductor, LLC
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder			70.00%
Allegro Microsystems, Inc. \| Polar Semiconductor, LLC
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder	10.20%		30.00%

Fair Value Measurements - Assets And Liabilities Measured At Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 28, 2024	Mar. 29, 2024
Assets:
Total assets	$ 47,704	$ 46,210
Level 1
Assets:
Total assets	47,704	46,210
Money market fund deposits
Assets:
Money market fund deposits	36,663	36,192
Money market fund deposits	11,041	10,018
Money market fund deposits \| Level 1
Assets:
Money market fund deposits	36,663	36,192
Money market fund deposits	$ 11,041	$ 10,018

Fair Value Measurements

3 Months Ended

Jun. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities as of June 28, 2024 and March 29, 2024, measured at fair value on a recurring basis:


	Fair Value Measurement at June 28, 2024:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	36,663	$	—	$	—	$	36,663
Restricted cash:
Money market fund deposits		11,041		—		—		11,041
Total assets	$	47,704	$	—	$	—	$	47,704


	Fair Value Measurement at March 29, 2024:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	36,192	$	—	$	—	$	36,192
Restricted cash:
Money market fund deposits		10,018		—		—		10,018
Total assets	$	46,210	$	—	$	—	$	46,210

Assets and liabilities measured at fair value on a recurring basis also consist of marketable securities, unit investment trust funds, loans, bonds, stock and other investments, which constitute the Company’s defined benefit plan assets. Fair value information for those assets and liabilities, including their classification in the fair value hierarchy, is included in Note 15, “Retirement Plans” within the Company’s Annual Report on Form 10-K for the year ended March 29, 2024.

During the three-month periods ended June 28, 2024 and June 30, 2023, there were no transfers among Level 1, Level 2 and Level 3 assets or liabilities.

The fair value of the Company’s long-term debt was $197,880 as of June 28, 2024. The fair value was determined based on the quoted price of the debt in an inactive market on the last trading date of the reporting period and has been classified as Level 2 within the fair value hierarchy.

Common Stock and Stock-Based Compensation - Schedule of RSU,PSU And Restricted Common Stock (Details)	3 Months Ended
	Jun. 28, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Shares
Beginning balance (in shares) \| shares	2,215,621
Granted (in shares) \| shares	1,278,203
Issued (in shares) \| shares	(762,311)
Forfeited (in shares) \| shares	(51,109)
Ending balance (in shares) \| shares	2,680,404
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 29.82
Granted (in dollars per share) \| $ / shares	28.87
Issued (in dollars per share) \| $ / shares	28.47
Frofieted (in dollars per share) \| $ / shares	29.9
Ending balance (in dollars per share) \| $ / shares	$ 29.76
Performance Stock Units (PSUs)
Shares
Beginning balance (in shares) \| shares	2,429,393
Granted (in shares) \| shares	527,474
Excess shares issued due to achievement of performance conditions (in shares) \| shares	12,358
Issued (in shares) \| shares	(301,716)
Forfeited (in shares) \| shares	(34,731)
Ending balance (in shares) \| shares	2,632,778
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 25.64
Granted (in dollars per share) \| $ / shares	31.07
Excess shares issued due to achievement of performance conditions (in dollars per share) \| $ / shares	13.94
Issued (in dollars per share) \| $ / shares	28.51
Frofieted (in dollars per share) \| $ / shares	34.39
Ending balance (in dollars per share) \| $ / shares	$ 26.21

Revenue from Contracts with Customers - Net Sales by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 166,919	$ 278,293
United States
Disaggregation of Revenue [Line Items]
Total net sales	22,267	48,824
Other Americas
Disaggregation of Revenue [Line Items]
Total net sales	5,224	8,508
Europe
Disaggregation of Revenue [Line Items]
Total net sales	26,906	55,388
Japan
Disaggregation of Revenue [Line Items]
Total net sales	40,643	41,580
Greater China
Disaggregation of Revenue [Line Items]
Total net sales	31,860	62,216
South Korea
Disaggregation of Revenue [Line Items]
Total net sales	21,773	29,513
Other Asia
Disaggregation of Revenue [Line Items]
Total net sales	$ 18,246	$ 32,264

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (17,613)	$ 60,889
Net income attributable to non-controlling interests	62	39
Net (loss) income attributable to Allegro MicroSystems, Inc.	(17,675)	60,850
Other comprehensive loss:
Foreign currency translation adjustment, net of tax	(3,188)	(458)
Comprehensive (loss) income	(20,863)	60,392
Other comprehensive gain attributable to non-controlling interests	83	44
Comprehensive (loss) income attributable to Allegro MicroSystems,Inc.	$ (20,780)	$ 60,436

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Mar. 29, 2024
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, returns, credits issued, and price protection adjustments, current	$ 39,174	$ 44,797

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Jun. 28, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 202,425
Foreign currency translation	(133)
Ending balance	$ 202,292

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,675)	$ 60,850

Net (Loss) Income per Share - Schedule of Issuable Weighted Average Dilutive Share Information (Details) - shares	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	0	2,994,576
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	754,975	0
Dilutive effect of common stock equivalents (in shares)	0	1,163,894
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	214,527	65,943
Dilutive effect of common stock equivalents (in shares)	0	1,809,200
Employee Stock Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	0	21,482

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Net sales	$ 166,919	$ 278,293
Cost of goods sold	92,148	120,343
Gross profit	74,771	157,950
Operating expenses:
Research and development	45,204	42,975
Selling, general and administrative	40,197	44,229
Total operating expenses	85,401	87,204
Operating (loss) income	(10,630)	70,746
Other income (expense):
Interest expense	(5,377)	(769)
Interest income	494	843
Other income (expense), net	(1,060)	(2,716)
(Loss) income before income taxes	(16,573)	68,104
Income tax provision	1,040	7,215
Net (loss) income	(17,613)	60,889
Net income attributable to non-controlling interests	62	39
Net (loss) income attributable to Allegro MicroSystems, Inc.	$ (17,675)	$ 60,850
Net (loss) income per common share attributable to Allegro MicroSystems, Inc.:
Basic (in dollars per share)	$ (0.09)	$ 0.32
Diluted (in dollars per share)	$ (0.09)	$ 0.31
Weighted average shares outstanding:
Basic (in shares)	193,465,708	191,997,330
Diluted (in shares)	193,465,708	194,991,906

Debt and Other Borrowings - Additional Information (Details)				3 Months Ended
	Apr. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)	Jun. 21, 2023 USD ($)	Jun. 28, 2024 USD ($)
Letter of Credit \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.50%
Letter of Credit \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.75%
2023 Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 250,000,000
2020 Term Loan Facility \| Credit Suisse AG, Cayman Islands Branch
Line of Credit Facility [Line Items]
Outstanding balance		$ 25,000,000
Term Loan Facility
Line of Credit Facility [Line Items]
Payments to Term Loan	$ 50,000,000
Amortization rate per quarter		0.25%
Term Loan Facility \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.75%
Term Loan Facility \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.75%
Senior Secured Revolving Credit Facility
Line of Credit Facility [Line Items]
Leverage ratio,				0.045
Senior Secured Revolving Credit Facility \| Morgan Stanley Senior Funding, Inc
Line of Credit Facility [Line Items]
Outstanding balance				$ 0
Maximum borrowing capacity			$ 224,000,000
Maturity date			Jun. 21, 2028
Senior Secured Revolving Credit Facility \| Letter of Credit
Line of Credit Facility [Line Items]
Leverage ratio,				0.04
Preliminary purchase price				$ 500,000,000
Terminate percentage				0.50
Senior Secured Revolving Credit Facility \| Letter of Credit \| Fed Fund Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.50%
Senior Secured Revolving Credit Facility \| Letter of Credit \| One- Month SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.00%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage				0.20%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Minimum \| One- Month SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.50%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage				0.25%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Maximum \| One- Month SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.75%
Senior Secured Revolving Credit Facility \| Letter of Credit \| Morgan Stanley Senior Funding, Inc
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 20,000,000

Trade Accounts Receivable, net - Summary of Trade Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Mar. 29, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable	$ 102,604	$ 163,450
Less:
Provision for expected credit losses	(72)	(145)
Returns and sales allowances	(39,174)	(44,797)
Trade accounts receivable, net	$ 63,358	$ 118,508

Debt and Other Borrowings - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Mar. 29, 2024
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (3,564)	$ (4,273)
Total loans outstanding	195,811	245,102
Finance lease liabilities	8,189	8,438
Total debt	204,000	253,540
Current portion of long-term debt and finance lease obligations	(1,411)	(3,929)
Total long-term debt and finance lease liabilities, less current portion	202,589	249,611
2023 Term Loan Facility
Debt Instrument [Line Items]
Total loans outstanding	$ 199,375	$ 249,375

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Mar. 29, 2024
Finite-Lived Intangible Assets [Line Items]
Gross	$ 313,135	$ 311,991
Accumulated Amortization	(41,412)	(35,137)
Net Carrying Amount	271,723	276,854
Patents
Finite-Lived Intangible Assets [Line Items]
Gross	46,409	44,894
Accumulated Amortization	(22,918)	(22,016)
Net Carrying Amount	23,491	22,878
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	14,940	14,977
Accumulated Amortization	(3,402)	(3,315)
Net Carrying Amount	11,538	11,662
Completed technologies
Finite-Lived Intangible Assets [Line Items]
Gross	249,408	249,758
Accumulated Amortization	(15,006)	(9,719)
Net Carrying Amount	234,402	240,039
Indefinite-lived process technology and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross	2,292	2,275
Net Carrying Amount	2,292	2,275
Trademarks and other
Finite-Lived Intangible Assets [Line Items]
Gross	86	87
Accumulated Amortization	$ (86)	$ (87)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests
Preferred stock, beginning balance (in shares) at Mar. 31, 2023		0
Beginning balance (in shares) at Mar. 31, 2023			191,754,292
Beginning balance at Mar. 31, 2023	$ 966,815	$ 0	$ 1,918	$ 674,179	$ 310,315	$ (20,784)	$ 1,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	60,889				60,850		39
Employee stock purchase plan issuances (in shares)			76,204
Employee stock purchase plan issuances	1,899		$ 1	1,898
Stock-based compensation, net of forfeitures and restricted stock vested (in shares)			541,288
Stock-based compensation, net of forfeitures and restricted stock vested	11,042		$ 5	11,037
Payments of taxes withheld on net settlement of equity awards	(12,422)			(12,422)
Foreign currency translation adjustment	(458)					(414)	(44)
Preferred stock, ending balance (in shares) at Jun. 30, 2023		0
Ending balance (in shares) at Jun. 30, 2023			192,371,784
Ending balance at Jun. 30, 2023	$ 1,027,765	$ 0	$ 1,924	674,692	371,165	(21,198)	1,182
Preferred stock, beginning balance (in shares) at Mar. 29, 2024	0	0
Beginning balance (in shares) at Mar. 29, 2024	193,164,609		193,164,609
Beginning balance at Mar. 29, 2024	$ 1,131,716	$ 0	$ 1,932	694,332	463,012	(28,841)	1,281
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(17,613)				(17,675)		62
Stock-based compensation, net of forfeitures and restricted stock vested (in shares)			671,969
Stock-based compensation, net of forfeitures and restricted stock vested	10,098		$ 6	10,092
Payments of taxes withheld on net settlement of equity awards	(11,171)			(11,171)
Foreign currency translation adjustment	$ (3,188)					(3,105)	(83)
Preferred stock, ending balance (in shares) at Jun. 28, 2024	0	0
Ending balance (in shares) at Jun. 28, 2024	193,836,578		193,836,578
Ending balance at Jun. 28, 2024	$ 1,109,842	$ 0	$ 1,938	$ 693,253	$ 445,337	$ (31,946)	$ 1,260

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 28, 2024	Mar. 29, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	193,836,578	193,164,609
Common stock, shares outstanding (in shares)	193,836,578	193,164,609

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2024	Mar. 29, 2024
Current assets:
Cash and cash equivalents	$ 173,136	$ 212,143
Restricted cash	11,041	10,018
Trade accounts receivable, net	63,358	118,508
Inventories	175,901	162,302
Prepaid income taxes	29,411	31,908
Prepaid expenses and other current assets	33,647	33,377
Total current assets	490,283	572,213
Property, plant and equipment, net	319,763	321,175
Operating lease right-of-use assets, net	20,423	20,374
Deferred income tax assets	59,589	54,496
Goodwill	202,292	202,425
Intangible assets, net	271,723	276,854
Equity investment in related party	26,270	26,727
Other assets	54,797	51,651
Total assets	1,448,890	1,530,603
Current liabilities:
Trade accounts payable	35,346	35,964
Accrued expenses and other current liabilities	58,702	71,126
Current portion of operating lease liabilities	5,183	5,263
Current portion of long-term debt	1,411	3,929
Total current liabilities	105,537	117,908
Long-term debt	202,589	249,611
Operating lease liabilities, less current portion	16,045	16,404
Other long-term liabilities	14,877	14,964
Total liabilities	339,048	398,887
Commitments and contingencies (Note 10)
Stockholders' Equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 193,836,578 shares issued and outstanding at June 28, 2024; 1,000,000,000 shares authorized, 193,164,609 issued and outstanding at March 29, 2024	1,938	1,932
Additional paid-in capital	693,253	694,332
Retained earnings	445,337	463,012
Accumulated other comprehensive loss	(31,946)	(28,841)
Equity attributable to Allegro MicroSystems, Inc.	1,108,582	1,130,435
Non-controlling interests	1,260	1,281
Total stockholders’ equity	1,109,842	1,131,716
Total liabilities, non-controlling interests and stockholders’ equity	1,448,890	1,530,603
Related Party
Current assets:
Accounts receivable due from related party	39	207
Current portion of related party notes receivable	3,750	3,750
Related party notes receivable, less current portion	3,750	4,688
Current liabilities:
Amounts due to related party	$ 4,895	$ 1,626

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets amortization expense	$ 6,312	$ 1,506

Property, Plant and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Mar. 29, 2024
Property, Plant and Equipment [Line Items]
Total	$ 825,807	$ 819,689
Less accumulated depreciation	(506,044)	(498,514)
Total	319,763	321,175
Land
Property, Plant and Equipment [Line Items]
Total	24,770	25,595
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total	63,824	65,626
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	679,938	674,220
Office equipment
Property, Plant and Equipment [Line Items]
Total	6,812	6,978
Right-of-use asset
Property, Plant and Equipment [Line Items]
Total	8,116	8,218
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 42,347	$ 39,052

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Mar. 29, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 8,704	$ 9,549
Work in process	116,918	110,236
Finished goods	50,279	42,517
Total	$ 175,901	$ 162,302

Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Mar. 30, 2024	Mar. 29, 2024
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 9,797	$ 12,767
Amortization of right-of-use assets	349
Decrease in depreciation expense	4,455
Increase in net income	$ 8,063
Increase in net income per share	$ 0.04
Decrease in interim income tax expense	$ 3,608
Maximum
Property, Plant and Equipment [Line Items]
Average useful life of machinery and equipment			10 years	7 years

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (17,613)	$ 60,889
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	16,458	14,273
Amortization of deferred financing costs	781	34
Deferred income taxes	(4,999)	(8,362)
Stock-based compensation	10,118	11,042
Loss on disposal of assets	14	0
Provisions for inventory and expected credit losses	2,377	5,183
Change in fair value of marketable securities	0	3,651
Changes in operating assets and liabilities:
Trade accounts receivable	55,134	(10,321)
Inventories	(15,986)	(27,947)
Prepaid expenses and other assets	(1,715)	(10,200)
Trade accounts payable	200	18,431
Due to and from related parties	3,437	10,102
Accrued expenses and other current and long-term liabilities	(14,010)	(17,112)
Net cash provided by operating activities	34,196	49,663
Cash flows from investing activities:
Purchases of property, plant and equipment	(10,977)	(44,910)
Sales of marketable securities	0	9,971
Net cash used in investing activities	(10,977)	(34,939)
Cash flow from financing activities:
Finance lease payments	(145)	0
Receipts on related party notes receivable	938	938
Payments for taxes related to net share settlement of equity awards	(11,171)	(12,422)
Proceeds from issuance of common stock under employee stock purchase plan	0	1,899
Payments of debt issuance costs	0	(1,450)
Net cash used in financing activities	(60,378)	(11,035)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(825)	(73)
Net (decrease) increase in cash and cash equivalents and restricted cash	(37,984)	3,616
Cash and cash equivalents and restricted cash at beginning of period	222,161	358,705
Cash and cash equivalents and restricted cash at end of period:	184,177	362,321
2023 Term Loan Facility
Cash flow from financing activities:
Payment of borrowings under 2023 term loan facility	$ (50,000)	$ 0

Income Taxes - Schedule of Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,040	$ 7,215
Effective tax rate	(6.30%)	10.60%

Common Stock and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 10,118	$ 11,042
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	561	2,606
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	3,735	2,868
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 5,822	$ 5,568

Net (Loss) Income per Share - Schedule of Computation of Net (Loss) Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (17,675)	$ 60,850
Basic weighted average shares of common stock (in shares)	193,465,708	191,997,330
Dilutive effect of common stock equivalents (in shares)	0	2,994,576
Diluted weighted average common shares (in shares)	193,465,708	194,991,906
Basic net (loss) income per common share attributable to Allegro MicroSystems, Inc. stockholders	$ (0.09)	$ 0.32
Diluted net (loss) income per common share attributable to Allegro MicroSystems, Inc. stockholders	$ (0.09)	$ 0.31

Inventories - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Recorded inventory provisions	$ 2,377	$ 5,076