0000950170-24-119808 | 10-Q | XBRL Viewer

Inventories

6 Months Ended

Sep. 27, 2024

6. Inventories

Inventories include materials, labor and overhead and consisted of the following:


	September 27, 2024		March 29, 2024
Raw materials and supplies	$	8,505	$	9,549
Work in process		118,161		110,236
Finished goods		49,982		42,517
Total	$	176,648	$	162,302

The Company recorded inventory provisions totaling $2,110 and $4,487 for the three- and six-month periods ended September 27, 2024, respectively, and $4,360 and $9,436 for the three- and six-month periods ended September 29, 2023, respectively.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 27, 2024
Accounting Policies [Abstract]
Use of Estimates	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	Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications.
Concentrations of Credit Risk	Concentrations of Credit Risk As of both September 27, 2024 and March 29, 2024, no distributor or customer accounted for 10% or more of the Company’s outstanding trade accounts receivable, net. For the three- and six-month periods ended September 27, 2024, no distributor or customer accounted for 10% or more of total net sales. For the three- and six-month periods ended September 29, 2023, one distributor customer accounted for 11.6% and 12.0% of total net sales, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 jurisdiction. 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 its 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 in the process of evaluating the significant expenses of its single segment and determining the appropriate enhanced 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.

Common Stock and Stock-Based Compensation - Schedule of RSU,PSU And Restricted Common Stock (Details)	6 Months Ended
	Sep. 27, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Shares
Beginning balance (in shares) \| shares	2,215,621
Granted (in shares) \| shares	1,362,512
Issued (in shares) \| shares	(866,762)
Forfeited (in shares) \| shares	(124,702)
Ending balance (in shares) \| shares	2,586,669
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 29.82
Granted (in dollars per share) \| $ / shares	28.47
Issued (in dollars per share) \| $ / shares	28.98
Frofieted (in dollars per share) \| $ / shares	29.49
Ending balance (in dollars per share) \| $ / shares	$ 29.42
Performance Stock Units (PSUs)
Shares
Beginning balance (in shares) \| shares	2,429,393
Granted (in shares) \| shares	528,213
Excess shares issued due to achievement of performance conditions (in shares) \| shares	12,358
Issued (in shares) \| shares	(310,917)
Forfeited (in shares) \| shares	(65,078)
Ending balance (in shares) \| shares	2,593,969
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 25.64
Granted (in dollars per share) \| $ / shares	31.06
Excess shares issued due to achievement of performance conditions (in dollars per share) \| $ / shares	13.94
Issued (in dollars per share) \| $ / shares	28.81
Frofieted (in dollars per share) \| $ / shares	34.06
Ending balance (in dollars per share) \| $ / shares	$ 26.07

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	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	126,560				126,467		93
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)			639,235
Stock-based compensation, net of forfeitures and restricted stock vested	21,911		$ 6	21,905
Payments of taxes withheld on net settlement of equity awards	(14,091)			(14,091)
Foreign currency translation adjustment	(4,806)					(4,725)	(81)
Preferred stock, ending balance (in shares) at Sep. 29, 2023		0
Ending balance (in shares) at Sep. 29, 2023		0	192,469,731
Ending balance at Sep. 29, 2023	1,098,288	$ 0	$ 1,925	683,891	436,782	(25,509)	1,199
Preferred stock, beginning balance (in shares) at Jun. 30, 2023		0
Beginning balance (in shares) at Jun. 30, 2023			192,371,784
Beginning balance at Jun. 30, 2023	1,027,765	$ 0	$ 1,924	674,692	371,165	(21,198)	1,182
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	65,671				65,617		54
Stock-based compensation, net of forfeitures and restricted stock vested (in shares)			97,947
Stock-based compensation, net of forfeitures and restricted stock vested	10,869		$ 1	10,868
Payments of taxes withheld on net settlement of equity awards	(1,669)			(1,669)
Foreign currency translation adjustment	(4,348)					(4,311)	(37)
Preferred stock, ending balance (in shares) at Sep. 29, 2023		0
Ending balance (in shares) at Sep. 29, 2023		0	192,469,731
Ending balance at Sep. 29, 2023	$ 1,098,288	$ 0	$ 1,925	683,891	436,782	(25,509)	1,199
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	(51,226)				(51,350)		124
Employee stock purchase plan issuances (in shares)			82,774
Employee stock purchase plan issuances	1,987		$ 1	1,986
Stock-based compensation, net of forfeitures and restricted stock vested (in shares)			753,172
Stock-based compensation, net of forfeitures and restricted stock vested	21,630		$ 7	21,623
Issuance of common stock, net of underwriting discounts	665,850		$ 288	665,562
Issuance of common stock, net of underwriting discounts (in shares)			28,750,000
Repurchase of common stock, value	(821,199)		$ (388)	(377,218)	(443,593)
Repurchases of common stock			(38,767,315)
Payments of taxes withheld on net settlement of equity awards	(12,297)			(12,297)
Foreign currency translation adjustment	$ 2,247					2,258	(11)
Preferred stock, ending balance (in shares) at Sep. 27, 2024	0	0
Ending balance (in shares) at Sep. 27, 2024	183,983,240	0	183,983,240
Ending balance at Sep. 27, 2024	$ 938,708	$ 0	$ 1,840	993,988	(31,931)	(26,583)	1,394
Preferred stock, beginning balance (in shares) at Jun. 28, 2024		0
Beginning balance (in shares) at Jun. 28, 2024			193,836,578
Beginning balance at Jun. 28, 2024	1,109,842	$ 0	$ 1,938	693,253	445,337	(31,946)	1,260
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(33,613)				(33,675)		62
Employee stock purchase plan issuances (in shares)			82,774
Employee stock purchase plan issuances	1,987		$ 1	1,986
Stock-based compensation, net of forfeitures and restricted stock vested (in shares)			81,203
Stock-based compensation, net of forfeitures and restricted stock vested	11,532		$ 1	11,531
Issuance of common stock, net of underwriting discounts	665,850		$ 288	665,562
Issuance of common stock, net of underwriting discounts (in shares)			28,750,000
Repurchase of common stock, value	(821,199)		$ (388)	(377,218)	(443,593)
Repurchases of common stock			(38,767,315)
Payments of taxes withheld on net settlement of equity awards	(1,126)			(1,126)
Foreign currency translation adjustment	$ 5,435					5,363	72
Preferred stock, ending balance (in shares) at Sep. 27, 2024	0	0
Ending balance (in shares) at Sep. 27, 2024	183,983,240	0	183,983,240
Ending balance at Sep. 27, 2024	$ 938,708	$ 0	$ 1,840	$ 993,988	$ (31,931)	$ (26,583)	$ 1,394

Common Stock and Stock-Based Compensation

6 Months Ended

Sep. 27, 2024

Share-Based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

12. Common Stock and Stock-Based Compensation

Restricted Stock Units

The following table summarizes the Company’s RSU activity for the six-month period ended September 27, 2024:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 29, 2024		2,215,621		$	29.82
Granted		1,362,512			28.47
Issued		(866,762	)		28.98
Forfeited		(124,702	)		29.49
Outstanding at September 27, 2024		2,586,669		$	29.42

As of September 27, 2024, total unrecognized compensation expense for awards issued was $62,896, which is expected to be recognized over a weighted-average period of 2.15 years. The total grant date fair value of RSUs vested was $25,106 for the six-month period ended September 27, 2024.

Performance Stock Units

The following table summarizes the Company’s PSU activity for the six-month period ended September 27, 2024:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 29, 2024		2,429,393		$	25.64
Granted		528,213			31.06
Excess shares issued due to achievement of performance conditions		12,358			13.94
Issued		(310,917	)		28.81
Forfeited		(65,078	)		34.06
Outstanding at September 27, 2024		2,593,969		$	26.07

Included in the outstanding shares are 76,306 shares as of March 29, 2024, which have vested but were issued during six-month period ended September 27, 2024. PSUs are included at 0% - 200% of target goals. The total compensation cost related to unvested awards not yet recorded at September 27, 2024 was $22,489, which is expected to be recognized over a weighted average period of 2.16 years. The total grant date fair value of PSUs vested was $8,958 for the six-month period ended September 27, 2024.

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations:


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Cost of goods sold	$	817	$	946	$	1,378	$	3,552
Research and development		3,523		3,602		7,258		6,470
Selling, general and administrative		7,205		6,329		13,027		11,897
Total stock-based compensation	$	11,545	$	10,877	$	21,663	$	21,919

Common Stock and Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 27, 2024	Mar. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	183,983,240	193,164,609
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense not yet recorded	$ 62,896
Weighted average useful life	2 years 1 month 24 days
Fair value vested	$ 25,106
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense not yet recorded	$ 22,489
Weighted average useful life	2 years 1 month 28 days
Fair value vested	$ 8,958
Common stock, shares outstanding (in shares)		76,306
Performance Stock Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Inclusion percentage of target goals	0.00%
Performance Stock Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Inclusion percentage of target goals	200.00%

Income Taxes (Tables)

6 Months Ended

Sep. 27, 2024

Income Tax Disclosure [Abstract]

Schedule of Tax (Benefit) Provision

The Company recorded the following tax (benefit) provision in its condensed consolidated statements of operations:


	Three-Month Period Ended						Six-Month Period Ended
	September 27, 2024			September 29, 2023			September 27, 2024			September 29, 2023
(Benefit) provision for income taxes	$	(9,470	)	$	7,400		$	(8,430	)	$	14,615
Effective tax rate		22.0	%		10.1	%		14.1	%		10.4	%

Debt and Other Borrowings

6 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

Debt and Other Borrowings

9. Debt and Other Borrowings

The Company’s debt obligations consisted of the following:


	September 27, 2024			March 29, 2024

2023 Term Loan Facility	$	400,000		$	249,375
Unamortized debt issuance costs		(6,951	)		(4,273	)
Total loans outstanding		393,049			245,102
Finance lease liabilities		8,482			8,438
Total debt		401,531			253,540
Current portion of long-term debt and finance lease liabilities		(5,475	)		(3,929	)
Total long-term debt and finance lease liabilities, less current portion	$	396,056		$	249,611

2023 Revolving Credit Facility

On June 21, 2023, the Company entered into a revolving credit facility credit agreement (as amended, the “2023 Revolving Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent, collateral agent, a letter of credit issuer and a lender, and the other agents, lenders and letter of credit issuers parties. The 2023 Revolving Credit Agreement provided for a $224,000 secured revolving credit facility (the “2023 Revolving Credit Facility”), which includes a $20,000 letter of credit subfacility. Upon entry into Amendment No. 2 to the 2023 Revolving Credit Agreement (the “Second Amendment”) with Allegro MicroSystems, LLC (“AML”), Morgan Stanley Senior Funding, Inc., as the administrative agent and the collateral agent, and each lender from time to time party thereto, on August 6, 2024 the total capacity of the 2023 Revolving Credit Facility was increased to $256,000. The 2023 Revolving Credit Facility is available until, and loans made thereunder will mature on, June 21, 2028. Under the terms of the 2023 Revolving Credit Agreement, interest is calculated at a rate equal to (i) Term SOFR (as defined in the 2023 Revolving Credit Agreement) in effect, plus the applicable spread (ranging from 1.50% to 1.75%) or (ii) the highest of (x) the Federal funds rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (y) the prime lending rate, or (z) the one-month Term SOFR plus 1.0% in effect, plus the applicable spread (ranging from 0.50% to 0.75%). The applicable spreads are based on the Company’s Total Net Leverage Ratio (as defined in the 2023 Revolving Credit Agreement) at the time of the applicable borrowing. Issuance costs related to the 2023 Revolving Credit Facility were not significant. As of September 27, 2024, there were no outstanding borrowings under the 2023 Revolving Credit Facility.

The Company will also pay a quarterly commitment fee of 0.20% to 0.25% on the daily amount by which the commitments under the 2023 Revolving Credit Facility exceed the outstanding loans and letters of credit under the 2023 Revolving Credit Facility. The 2023 Revolving Credit Agreement contains certain covenants applicable to the Company and its subsidiaries, including limitations on additional indebtedness, liens, various fundamental changes, dividends and distributions, investments (including acquisitions), transactions with affiliates, asset sales, prepayment of junior financing, changes in business and other limitations customary in senior secured credit facilities. In addition, the Company is required to maintain a Total Net Leverage Ratio of no more than 4.00 to 1.00 at the end of each fiscal quarter, which may, subject to certain limitations, be increased to 4.50 to 1.00 for four fiscal quarters subsequent to the Company completing an acquisition for consideration in excess of $500,000.

The 2023 Revolving Credit Agreement provides for customary events of default. Upon an event of default, the administrative agent with the consent of, or at the request of, the holders of more than 50% in principal amount of the loans and commitments, may terminate the commitments and accelerate the maturity of the loans and enforce certain other remedies.

2023 Term Loan Facility

On October 31, 2023, the Company entered into a $250,000 term loan maturing in 2030 (the “2023 Term Loan Facility”), the proceeds of which were used to refinance the $25,000 outstanding balance under the term loan credit agreement that the Company entered into on September 30, 2020 with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, and to finance, in part, the acquisition of Crocus. The 2023 Term Loan Facility was executed as an incremental amendment (the “First Amendment”) to the 2023 Revolving Credit Agreement. The 2023 Term Loan Facility amortizes at a rate of 0.25% per quarter and the initial margin applicable to the 2023 Term Loan Facility was 2.75% for SOFR-based loans and 1.75% for base rate loans. On August 6, 2024, the 2023 Term Loan Facility was paid in full in connection with the entry into the Second Amendment.

A payment of $50,000 was applied to the term loan balance on April 30, 2024.

Refinanced 2023 Term Loan Facility

On August 6, 2024, the Company entered into the Second Amendment, which increased the total capacity of the 2023 Revolving Credit Facility to $256,000. As of September 27, 2024, there were no outstanding borrowings under the 2023 Revolving Credit Facility.

The Second Amendment also provided for a new $400,000 tranche of term loans maturing in 2030 (the “Refinanced 2023 Term Loan Facility”), the proceeds of which were primarily used, to repurchase a portion of the Company’s common stock, pursuant to the certain Share Repurchase Agreement discussed in Note 14, as well as repay the 2023 Term Loan Facility. The Refinanced 2023 Term Loan Facility amortizes at a rate of 1.00% per annum. The Refinanced 2023 Term Loan Facility bears interest, at the Company’s option, at a rate equal to (i) Term SOFR in effect from time to time plus 2.25% or (ii) the highest of (x) the Federal funds rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (y) the prime lending rate or (z) the one-month Term SOFR plus 1.0% in effect from time to time plus 1.25%. The Refinanced 2023 Term Loan Facility will mature on October 31, 2030. The Refinanced 2023 Term Loan Facility is subject to covenants consistent with the 2023 Revolving Credit Agreement covenants. As the terms of the refinancing were not substantially different than the terms of the Second Amendment, the refinancing was accounted for as a debt modification. In conjunction with the refinancing, the Company recognized $3,619 as a debt discount which will be amortized to interest expense over the remaining term using the effective interest method. Borrowings under the Second Amendment are collateralized by substantially all of the Company’s assets.

The Company was in compliance with its debt covenants as of September 27, 2024 and March 29, 2024.

A payment of $25,000 was applied to the term loan balance on October 31, 2024, which has eliminated future required minimum quarterly payments. The balance of the loan is required to be paid upon the expected maturity date of October 31, 2030.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements - Additional Information (Details) $ in Thousands	Sep. 27, 2024 USD ($)
Fair Value Disclosures [Abstract]
Fair value of debt	$ 399,500

Trade Accounts Receivable, net

6 Months Ended

Sep. 27, 2024

Receivables [Abstract]

Trade Accounts Receivable, net

5. Trade Accounts Receivable, net

Trade accounts receivable, net, consisted of the following:


	September 27, 2024			March 29, 2024
Trade accounts receivable	$	118,353		$	163,450
Less:
Provision for expected credit losses		(22	)		(145	)
Returns and sales allowances		(41,346	)		(44,797	)
Total	$	76,985		$	118,508

The changes in the provision for expected credit losses were not material for any of the periods presented.

Net (Loss) Income per Share - Schedule of Issuable Weighted Average Dilutive Share Information (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of common stock equivalents (in shares)	0	2,669,761	0	2,841,285
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)	1,644,248	22,706	1,177,126	11,353
Dilutive effect of common stock equivalents (in shares)	0	906,992	0	1,050,205
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)	607,984	3,695	416,869	98,658
Dilutive effect of common stock equivalents (in shares)	0	1,749,345	0	1,773,627
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	13,424	0	17,453

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Goodwill and Intangible Assets (Tables)

6 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The table below summarizes the changes in the carrying amount of goodwill as follows:


	Total
Balance at March 29, 2024	$	202,425
Measurement period adjustments		378
Foreign currency translation		348
Balance at September 27, 2024	$	203,151

During the six-month period ended September 27, 2024, the Company recognized a $378 increase to goodwill related to the finalization of certain income tax matters in connection with the acquisition of Crocus. As of September 27, 2024, the purchase price allocation related to the acquisition is preliminary, pending finalization of the net working capital adjustment.

Schedule of Intangible Assets, Net

Intangible assets, net, were as follows:


	September 27, 2024
Description	Gross		Accumulated Amortization			Net Carrying Amount
Patents	$	47,749	$	(23,918	)	$	23,831
Customer relationships		15,072		(3,810	)		11,262
Completed technologies		249,508		(20,139	)		229,369
Indefinite-lived process technology and trademarks		2,291		—			2,291
Trademarks and other		90		(90	)		—
Total	$	314,710	$	(47,957	)	$	266,753


	March 29, 2024
Description	Gross		Accumulated Amortization			Net Carrying Amount
Patents	$	44,894	$	(22,016	)	$	22,878
Customer relationships		14,977		(3,315	)		11,662
Completed technologies		249,758		(9,719	)		240,039
Indefinite-lived process technology and trademarks		2,275		—			2,275
Trademarks and other		87		(87	)		—
Total	$	311,991	$	(35,137	)	$	276,854

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Trade Accounts Receivable, net (Tables)

6 Months Ended

Sep. 27, 2024

Receivables [Abstract]

Schedule of Trade Accounts Receivable, Net

Trade accounts receivable, net, consisted of the following:


	September 27, 2024			March 29, 2024
Trade accounts receivable	$	118,353		$	163,450
Less:
Provision for expected credit losses		(22	)		(145	)
Returns and sales allowances		(41,346	)		(44,797	)
Total	$	76,985		$	118,508

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 27, 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 - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Inventory Disclosure [Abstract]
Recorded inventory provisions	$ 2,110	$ 4,360	$ 4,487	$ 9,436

Summary of Significant Accounting Policies - Concentrations of Credit Risk and Significant Customers (Details)	3 Months Ended	6 Months Ended
	Sep. 29, 2023	Sep. 29, 2023
One Distributor Customer \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	11.60%	12.00%

Trade Accounts Receivable, net - Summary of Trade Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Mar. 29, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade accounts receivable	$ 118,353	$ 163,450
Less:
Provision for expected credit losses	(22)	(145)
Returns and sales allowances	(41,346)	(44,797)
Trade accounts receivable, net	$ 76,985	$ 118,508

Inventories (Tables)

6 Months Ended

Sep. 27, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories include materials, labor and overhead and consisted of the following:


	September 27, 2024		March 29, 2024
Raw materials and supplies	$	8,505	$	9,549
Work in process		118,161		110,236
Finished goods		49,982		42,517
Total	$	176,648	$	162,302

Revenue from Contracts with Customers

6 Months Ended

Sep. 27, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

The following tables summarize net sales disaggregated by market, by product and by geography for the three- and six-month periods ended September 27, 2024 and September 29, 2023. The categorization of net sales by market is determined using various characteristics of the product and the application into which the Company’s product will be incorporated. The categorization of net sales by geography is determined based on the location to which the products are shipped.

Net sales by market:

During the preparation of the third quarter fiscal year 2024 interim condensed consolidated financial statements, the Company identified an immaterial error in the classification of net sales by market, whereby customer returns and sales allowances were incorrectly classified by market between Automotive, Industrial and Other in prior periods. There was no impact to previously reported total net sales or net (loss) income in any of the periods.

The Company assessed the materiality of the revision qualitatively and quantitatively and determined the revisions to be immaterial to the prior period interim fiscal year 2024, annual fiscal year 2023, and annual fiscal year 2022 consolidated financial statements. All prior period amounts have been revised in the table below.


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Automotive	$	141,893	$	197,321	$	273,077	$	382,751
Industrial and other		45,498		78,188		81,233		171,051
Total net sales	$	187,391	$	275,509	$	354,310	$	553,802

Net sales by product:


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Power integrated circuits	$	58,691	$	99,737	$	110,501	$	203,725
Magnetic sensors		128,700		175,772		243,809		350,077
Total net sales	$	187,391	$	275,509	$	354,310	$	553,802

Net sales by geography:


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Americas:
United States	$	27,739	$	47,724	$	50,006	$	96,548
Other Americas		6,426		9,539		11,650		18,047
EMEA:
Europe		27,280		46,951		54,186		102,339
Asia:
Greater China		48,995		69,463		80,855		131,679
Japan		37,716		47,275		78,359		88,855
South Korea		18,171		29,054		39,944		58,567
Other Asia		21,064		25,503		39,310		57,767
Total net sales	$	187,391	$	275,509	$	354,310	$	553,802

The Company recognizes sales net of returns and sales allowances, which comprises credits issued, price protection adjustments and stock rotation rights. At September 27, 2024 and March 29, 2024, the liabilities associated with returns and sales allowances were $41,346 and $44,797, respectively, and were netted against trade accounts receivable in the condensed consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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+ Details

Debt and Other Borrowings (Tables)

6 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The Company’s debt obligations consisted of the following:


	September 27, 2024			March 29, 2024

2023 Term Loan Facility	$	400,000		$	249,375
Unamortized debt issuance costs		(6,951	)		(4,273	)
Total loans outstanding		393,049			245,102
Finance lease liabilities		8,482			8,438
Total debt		401,531			253,540
Current portion of long-term debt and finance lease liabilities		(5,475	)		(3,929	)
Total long-term debt and finance lease liabilities, less current portion	$	396,056		$	249,611

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Mar. 29, 2024
Finite-Lived Intangible Assets [Line Items]
Gross	$ 314,710	$ 311,991
Accumulated Amortization	(47,957)	(35,137)
Net Carrying Amount	266,753	276,854
Patents
Finite-Lived Intangible Assets [Line Items]
Gross	47,749	44,894
Accumulated Amortization	(23,918)	(22,016)
Net Carrying Amount	23,831	22,878
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	15,072	14,977
Accumulated Amortization	(3,810)	(3,315)
Net Carrying Amount	11,262	11,662
Completed technologies
Finite-Lived Intangible Assets [Line Items]
Gross	249,508	249,758
Accumulated Amortization	(20,139)	(9,719)
Net Carrying Amount	229,369	240,039
Indefinite-lived process technology and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross	2,291	2,275
Net Carrying Amount	2,291	2,275
Trademarks and other
Finite-Lived Intangible Assets [Line Items]
Gross	90	87
Accumulated Amortization	$ (90)	$ (87)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes

6 Months Ended

Sep. 27, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company recorded the following tax (benefit) provision in its condensed consolidated statements of operations:


	Three-Month Period Ended						Six-Month Period Ended
	September 27, 2024			September 29, 2023			September 27, 2024			September 29, 2023
(Benefit) provision for income taxes	$	(9,470	)	$	7,400		$	(8,430	)	$	14,615
Effective tax rate		22.0	%		10.1	%		14.1	%		10.4	%

The Company’s (benefit) provision for income taxes is comprised of the year-to-date taxes based on an estimate of the annual effective tax rate plus the tax impact of discrete items.

The Company is subject to tax in the U.S. and various foreign jurisdictions. The Company’s effective income tax rate fluctuates primarily because of the change in the mix of its U.S. and foreign income, the impact of discrete transactions and law changes, tax benefits generated by the foreign derived intangible income deduction including the permanent impacts of Internal Revenue Code Section 174 Capitalization, and research credits; offset by non-deductible stock-based compensation and other charges.

The increase in the effective tax rate for the three- and six-month periods results mainly from a decrease in forecasted US GAAP income before taxes, less tax deductions for share-based compensation, and an increase in nondeductible expenses primarily related to the Sanken Electric Co., Ltd. (“Sanken”) and Polar Semiconductor, LLC (“PSL”) transactions discussed in Note 14.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 27, 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)	183,983,240	193,164,609
Common stock, shares outstanding (in shares)	183,983,240	193,164,609

Debt and Other Borrowings - Additional Information (Details)						6 Months Ended
	Oct. 31, 2024 USD ($)	Aug. 06, 2024 USD ($)	Apr. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)	Jun. 21, 2023 USD ($)	Sep. 27, 2024 USD ($)
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]
Payment applied to the term loan balance			$ 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		$ 256,000,000			$ 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
Refinanced 2023 Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 400,000,000
Maturity date		Oct. 31, 2030
Debt issuance costs recognized		$ 3,619,000
Payment applied to the term loan balance	$ 25,000,000
Amortization rate per quarter		1.00%
Refinanced 2023 Term Loan Facility \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.25%
Refinanced 2023 Term Loan Facility \| Fed Fund Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Refinanced 2023 Term Loan Facility \| One- Month SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Refinanced 2023 Term Loan Facility \| Maximum \| One- Month SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Refinanced 2023 Term Loan Facility \| Morgan Stanley Senior Funding, Inc
Line of Credit Facility [Line Items]
Outstanding balance						$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Net sales	$ 187,391	$ 275,509	$ 354,310	$ 553,802
Cost of goods sold	101,729	114,095	193,877	234,438
Cost of goods sold to related party	0	1,911	0	1,911
Gross profit	85,662	159,503	160,433	317,453
Operating expenses:
Research and development	43,510	43,428	88,714	86,403
Selling, general and administrative	38,085	43,160	78,282	87,389
Total operating expenses	81,595	86,588	166,996	173,792
Operating income (loss)	4,067	72,915	(6,563)	143,661
Other (expense) income:
Interest expense	(10,353)	(758)	(15,730)	(1,527)
Interest income	420	850	914	1,693
Loss on change in fair value of forward repurchase contract	(34,752)	0	(34,752)	0
Other (expense) income, net	(2,465)	64	(3,525)	(2,652)
(Loss) income before income taxes	(43,083)	73,071	(59,656)	141,175
Income tax (benefit) provision	(9,470)	7,400	(8,430)	14,615
Net (loss) income	(33,613)	65,671	(51,226)	126,560
Net income attributable to non-controlling interests	62	54	124	93
Net (loss) income attributable to Allegro MicroSystems, Inc.	$ (33,675)	$ 65,617	$ (51,350)	$ 126,467
Net (loss) income per common share attributable to Allegro MicroSystems, Inc.:
Basic (in dollars per share)	$ (0.18)	$ 0.34	$ (0.27)	$ 0.66
Diluted (in dollars per share)	$ (0.18)	$ 0.34	$ (0.27)	$ 0.65
Weighted average shares outstanding:
Basic (in shares)	189,182,850	192,431,094	191,324,281	192,214,210
Diluted (in shares)	189,182,850	195,100,855	191,324,281	195,055,495
Non-Related Party Revenue
Net sales	$ 187,391	$ 271,930	$ 354,310	$ 550,223
Related Party Revenue
Net sales	$ 0	$ 3,579	$ 0	$ 3,579

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Sep. 27, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 202,425
Measurement period adjustments	378
Foreign currency translation	348
Ending balance	$ 203,151

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Net (Loss) Income per Share (Tables)

6 Months Ended

Sep. 27, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share

The following table sets forth the basic and diluted net (loss) income attributable to Allegro MicroSystems, Inc. per share:


	Three-Month Period Ended					Six-Month Period Ended
	September 27, 2024			September 29, 2023		September 27, 2024			September 29, 2023
Net (loss) income attributable to Allegro MicroSystems, Inc.	$	(33,675	)	$	65,617	$	(51,350	)	$	126,467

Basic weighted average shares of common stock		189,182,850			192,431,094		191,324,281			192,214,210
Dilutive effect of common stock equivalents		—			2,669,761		—			2,841,285
Diluted weighted average shares of common stock		189,182,850			195,100,855		191,324,281			195,055,495

Basic net (loss) income per common share attributable to Allegro MicroSystems, Inc. stockholders	$	(0.18	)	$	0.34	$	(0.27	)	$	0.66
Diluted net (loss) income per common share attributable to Allegro MicroSystems, Inc. stockholders	$	(0.18	)	$	0.34	$	(0.27	)	$	0.65

Schedule Of Anti Dilutive Securities Excluded

The computed net (loss) income per share for the three- and six-month periods ended September 27, 2024 and September 29, 2023 does not assume conversion of securities that would have an antidilutive effect on (loss) income per share. The following represents contingently issuable shares under the restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) excluded from the computation of net (loss) income per share, as such securities would have an antidilutive effect on net (loss) income per share if the Company had reported net income for those periods:


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
RSUs		1,644,248		22,706		1,177,126		11,353
PSUs		607,984		3,695		416,869		98,658

Schedule of Issuable Weighted Average Dilutive Share Information

The following table represents issued and issuable weighted average dilutive share information underlying our outstanding RSUs, PSUs and participation in our employee stock purchase plan (“ESPP”) for the respective periods:


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
RSUs		—		906,992		—		1,050,205
PSUs		—		1,749,345		—		1,773,627
ESPP		—		13,424		—		17,453
Total		—		2,669,761		—		2,841,285

Revenue from Contracts with Customers - Net Sales by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 187,391	$ 275,509	$ 354,310	$ 553,802
Power integrated circuits
Disaggregation of Revenue [Line Items]
Total net sales	58,691	99,737	110,501	203,725
Magnetic sensors
Disaggregation of Revenue [Line Items]
Total net sales	$ 128,700	$ 175,772	$ 243,809	$ 350,077

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Debt and Other Borrowings - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Mar. 29, 2024
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (6,951)	$ (4,273)
Total loans outstanding	393,049	245,102
Finance lease liabilities	8,482	8,438
Total debt	401,531	253,540
Current portion of long-term debt and finance lease obligations	(5,475)	(3,929)
Total long-term debt and finance lease liabilities, less current portion	396,056	249,611
2023 Term Loan Facility
Debt Instrument [Line Items]
Total loans outstanding	$ 400,000	$ 249,375

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Sep. 27, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 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)		183,983,854
Entity Central Index Key	0000866291
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--03-28

Net (Loss) Income per Share

6 Months Ended

Sep. 27, 2024

Earnings Per Share [Abstract]

Net (Loss) Income per Share

11. Net (Loss) Income per Share

The following table sets forth the basic and diluted net (loss) income attributable to Allegro MicroSystems, Inc. per share:


	Three-Month Period Ended					Six-Month Period Ended
	September 27, 2024			September 29, 2023		September 27, 2024			September 29, 2023
Net (loss) income attributable to Allegro MicroSystems, Inc.	$	(33,675	)	$	65,617	$	(51,350	)	$	126,467

Basic weighted average shares of common stock		189,182,850			192,431,094		191,324,281			192,214,210
Dilutive effect of common stock equivalents		—			2,669,761		—			2,841,285
Diluted weighted average shares of common stock		189,182,850			195,100,855		191,324,281			195,055,495

Basic net (loss) income per common share attributable to Allegro MicroSystems, Inc. stockholders	$	(0.18	)	$	0.34	$	(0.27	)	$	0.66
Diluted net (loss) income per common share attributable to Allegro MicroSystems, Inc. stockholders	$	(0.18	)	$	0.34	$	(0.27	)	$	0.65


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
RSUs		1,644,248		22,706		1,177,126		11,353
PSUs		607,984		3,695		416,869		98,658


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
RSUs		—		906,992		—		1,050,205
PSUs		—		1,749,345		—		1,773,627
ESPP		—		13,424		—		17,453
Total		—		2,669,761		—		2,841,285

Property, Plant and Equipment, net

6 Months Ended

Sep. 27, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

7. Property, Plant and Equipment, net

Property, plant and equipment, net, is stated at cost and consisted of the following:


	September 27, 2024			March 29, 2024
Land	$	25,795		$	25,595
Buildings, building improvements and leasehold improvements		66,240			65,626
Machinery and equipment		683,940			674,220
Office equipment		6,717			6,978
Right-of-use asset		8,480			8,218
Construction in progress		51,433			39,052
Total		842,605			819,689
Less accumulated depreciation		(517,554	)		(498,514	)
Total	$	325,051		$	321,175

Total depreciation expense amounted to $9,237 and $19,034 for the three- and six-month periods ended September 27, 2024, respectively, and $13,591 and $26,348 for the three- and six-month periods ended September 29, 2023, respectively. Total amortization expense for the right-of-use asset amounted to $349 and $698 for the three- and six-month periods ended September 27, 2024, respectively.

Property, plant and equipment, net, including improvements that significantly add to productive capacity or extend useful life, are stated at historical cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The Company periodically reviews the estimated useful lives of property, plant and equipment. Changes to estimated useful lives are recorded prospectively from the date of the change. Maintenance and repairs expenditures are charged to expense as incurred.

The Company continues to expand and optimize its global manufacturing capacities, such as by its recent expansion of operations at its Philippines location, as well as its recent acquisition of Crocus Technology International Corp. (“Crocus”). Through its expansion efforts, newly acquired machinery and equipment and continuous maintenance and evaluation of on-hand equipment, the Company recognized advancements in equipment quality indicating increased estimated useful lives. During its first quarter, periodic review of the estimated useful lives of long-lived assets, the Company determined that the useful lives of its machinery and equipment should be increased. Effective March 30, 2024, the Company increased the useful lives of a significant portion of its machinery and equipment from seven years to ten years. For the three-month period ended September 27, 2024, these changes decreased depreciation expense by $4,463, decreased interim income tax benefit by $5,084 and increased net loss by $621, and there was no change per share. For the six-month period ended September 27, 2024, these changes decreased depreciation expense by $8,918, decreased interim income tax benefit by $1,476 and decreased net loss by $7,442, or $0.04 per share.

Related Party Transactions

6 Months Ended

Sep. 27, 2024

Related Party Transactions

14. Related Party Transactions

Share repurchase transactions with Sanken

On July 23, 2024, the Company entered into a share repurchase agreement with Sanken (the “Share Repurchase Agreement”) pursuant to which the Company agreed to repurchase 38,767,315 shares of the Company’s common stock from Sanken in a privately negotiated transaction at a price per share equal to the price per share at which the underwriters in a public underwritten equity offering of shares of our common stock would purchase the shares (the “Equity Offering”). The repurchase of shares of common stock occurred in two separate closings, with the first closing taking place after the closing of the Equity Offering (the “First Closing”) and the second closing occurring after the receipt of the proceeds from borrowings under the Refinanced 2023 Term Loan Facility (the “Second Closing”). The First Closing of the share repurchase was conditioned upon the closing of the Equity Offering and certain other conditions, and the Second Closing of the share repurchase was conditioned upon the receipt of net proceeds of no less than $300,000 from incremental term loans under the Refinanced 2023 Term Loan Facility. Pursuant to the terms of the Share Repurchase Agreement, Sanken reimbursed the Company for the expenses incurred by the Company in connection with the transactions contemplated by the Share Repurchase Agreement, and paid a facilitation fee of $35,000, which were recorded within additional paid-in-capital within the condensed consolidated statements of changes in equity.

To fund the First Closing, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Barclays Capital Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters (the “Underwriters”), on July 24, 2024, pursuant to which the Company agreed to sell 25,000,000 shares of the Company’s common stock, to the Underwriters at a price of $23.16 per share. Under the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Common Stock at the same purchase price, which option was exercised in full prior to the closing of the Equity Offering.

On July 26, 2024, the Company completed the Equity Offering pursuant to the Underwriting Agreement of 28,750,000 shares of its common stock at a public offering price of $24.00 per share resulting in net proceeds to the Company of approximately $665,850, after deducting $24,150 of underwriting discounts. As described above, the Company used the net proceeds of the Equity Offering to complete the First Closing under the Share Repurchase Agreement.

On July 29, 2024, the Company completed the First Closing under the Share Repurchase Agreement, repurchasing 28,750,000 shares of the Company’s common stock for aggregate consideration of $628,256, which was the Equity Offering price, less the facilitation fee of $35,000, underwriting discounts, and reimbursable transaction expenses. The shares repurchased in the First Closing were retired.

On August 7, 2024, the Company completed the Second Closing under the Share Repurchase Agreement, repurchasing 10,017,315 shares of the Company’s common stock for aggregate cash consideration of $225,549, which was the Equity Offering price, less underwriting discounts and reimbursable transaction expenses. As described above, the Company used a portion of the proceeds from the Refinanced 2023 Term Loan Facility and existing cash on hand to complete the Second Closing. The shares repurchased in the Second Closing were retired.

The Share Repurchase Agreement was accounted for as a forward repurchase contract as there were certain terms that could have caused the obligation not to be fulfilled. Accordingly, the contract was initially recorded as a liability at its fair value with subsequent remeasurements recognized in loss on change in fair value of forward repurchase contract until the completion of the First Closing and Second Closing. The Company recognized a loss of $34,752 as a result of the fair value forward repurchase contract in the condensed consolidated statements of operations.

In connection with the Share Repurchase Agreement, the Company entered into a Second Amended and Restated Stockholders Agreement with Sanken (the “Second Amended and Restated Stockholders Agreement”), which amended and restated the Amended and Restated Stockholders Agreement, dated as of June 16, 2022, by and among the Company, Sanken and OEP SKNA, L.P. (“OEP”). The Second Amended and Restated Stockholders Agreement, which became effective in accordance with its terms on July 29, 2024, removed OEP as a party and amended certain rights and obligations of the Company and Sanken.

Other transactions involving Sanken

Although certain costs are shared or allocated, cost of goods sold and gross margins attributable to related party sales are consistent with those of third-party customers. There were no trade accounts receivables, net, from Sanken as of September 27, 2024 or March 29, 2024. Other accounts receivable from Sanken totaled $160 as of March 29, 2024. There were no other accounts receivable from Sanken as of September 27, 2024. As of both September 27, 2024 and March 29, 2024, accounts payable to Sanken was not significant.

As of September 27, 2024, Sanken held approximately 32.5% of the Company’s outstanding common stock.

Transactions involving Polar Semiconductor, LLC (“PSL”)

On April 25, 2024, the Company, Sanken, PSL and PS Investment Aggregator, L.P. (“Subscriber”) entered into a Sale and Subscription Agreement (the “PSL Agreement”), pursuant to which Subscriber and certain of its affiliates agreed to make capital contributions to PSL of $175,000 in exchange for an equity interest in PSL, which closed on September 20, 2024 (the “PSL Closing”). As contemplated by the PSL Agreement, the Company agreed to discharge all outstanding PSL Promissory Notes (as defined below) held by the Company for a value of $10,350 in exchange for PSL equity interests. Following the PSL Closing, the Company owned approximately 10.2% of PSL. As a result of PSL’s share issuance to Subscriber, the Company recognized a net loss of $2,804 primarily related to the difference between the selling price per share and its carrying amount per share and after a gain from the conversion of the PSL Promissory Notes. The loss is included in Other (expense) income, net in the condensed consolidated statements of operations.

At the PSL Closing, the Company, Sanken and Subscriber entered into an amended and restated limited partnership agreement (the “Limited Partnership Agreement”) with Polar Semiconductor GP I, LLC. The Limited Partnership Agreement contains representations, warranties and covenants of the parties customary for a transaction of this type, the reimbursement of expenses and costs, and restrictions on transfers.

The Company purchases in-process products from PSL. Purchases of various products from PSL totaled $14,378 and $29,334 for the three- and six-month periods ended September 27, 2024, respectively, and $14,630 and $30,732 for the three- and six-month periods ended September 29, 2023, respectively. Accounts payable to PSL included in amounts due to related party totaled $5,542 and $1,621 as of September 27, 2024 and March 29, 2024, respectively.

Notes Receivable from PSL

On December 2, 2021, AML entered into a loan agreement with PSL wherein PSL provided an initial promissory note to AML for a principal amount of $7,500 (the “Initial PSL Loan”). The Initial PSL Loan was to be repaid in equal installments, comprised of principal and interest accrued at 1.26% per annum, over a term of four years, with payments due on the first day of each calendar year quarter (April 1, July 1, October 1, and January 1). On July 1, 2022, PSL borrowed an additional $7,500 under the same terms of the Initial PSL Loan (the “Secondary PSL Loan” and, together with the Initial PSL Loan, the “PSL Promissory Notes”). The Secondary PSL Loan was to be repaid in equal installments, comprised of principal and interest accrued at 2.99% per annum, over a term of four years, with payments due on the first day of each calendar year quarter (April 1, July 1, October 1, and January 1). The PSL Promissory Notes were discharged in full in connection with the PSL Closing.

Prior to discharge, during the six-month period ended September 27, 2024, PSL made required quarterly payments to AML totaling $1,964, which included $89 of interest. The remaining outstanding principal balance and accrued interest on the PSL Promissory Notes of $6,596 was discharged in full in connection with the PSL Agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Common Stock and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 11,545	$ 10,877	$ 21,663	$ 21,919
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	817	946	1,378	3,552
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	3,523	3,602	7,258	6,470
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 7,205	$ 6,329	$ 13,027	$ 11,897

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Cash flows from operating activities:
Net (loss) income	$ (51,226)	$ 126,560
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	32,455	29,353
Amortization of deferred financing costs	1,087	107
Deferred income taxes	(7,795)	(18,134)
Stock-based compensation	21,663	21,919
Loss on change in fair value of forward repurchase contract	34,752	0
Provisions for inventory and expected credit losses	4,488	9,422
Change in fair value of marketable securities	0	3,579
Other non-cash reconciling items	6,577	43
Changes in operating assets and liabilities:
Trade accounts receivable	41,417	(7,645)
Inventories	(18,831)	(31,221)
Prepaid expenses and other assets	(15,808)	(16,453)
Trade accounts payable	13,670	2,695
Due to and from related parties	4,132	6,112
Accrued expenses and other current and long-term liabilities	(16,838)	(29,944)
Net cash provided by operating activities	49,743	96,393
Cash flows from investing activities:
Purchases of property, plant and equipment	(20,949)	(76,101)
Sales of marketable securities	0	16,175
Net cash used in investing activities	(20,949)	(59,926)
Cash flow from financing activities:
Loan made to affiliate	0	(4,000)
Finance lease payments	(385)	0
Receipts on related party notes receivable	1,875	1,875
Payments for taxes related to net share settlement of equity awards	(12,297)	(14,091)
Proceeds from issuance of common stock under employee stock purchase plan	1,987	1,899
Repurchases of common stock	(853,805)	0
Net proceeds from issuance of common stock	665,850	0
Payments of debt issuance costs	0	(1,450)
Net cash used in financing activities	(53,292)	(15,767)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	1,375	(974)
Net (decrease) increase in cash and cash equivalents and restricted cash	(23,123)	19,726
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:	199,038	378,431
2023 Term Loan Facility
Cash flow from financing activities:
Net proceeds from Refinanced 2023 Term Loan Facility	193,483	0
Payment of borrowings under 2023 Term Loan Facility	$ (50,000)	$ 0

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Increase in goodwill			$ 378
Intangible assets amortization expense	$ 6,411	$ 1,510	$ 12,723	$ 3,005

Income Taxes - Schedule of Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Income Tax Disclosure [Abstract]
(Benefit) provision for income taxes	$ (9,470)	$ 7,400	$ (8,430)	$ 14,615
Effective tax rate	22.00%	10.10%	14.10%	10.40%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Mar. 29, 2024
Property, Plant and Equipment [Line Items]
Total	$ 842,605	$ 819,689
Less accumulated depreciation	(517,554)	(498,514)
Total	325,051	321,175
Land
Property, Plant and Equipment [Line Items]
Total	25,795	25,595
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total	66,240	65,626
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	683,940	674,220
Office equipment
Property, Plant and Equipment [Line Items]
Total	6,717	6,978
Right-of-use asset
Property, Plant and Equipment [Line Items]
Total	8,480	8,218
Construction in progress
Property, Plant and Equipment [Line Items]
Total	$ 51,433	$ 39,052

Revenue from Contracts with Customers - Net Sales by Core End Market and Application (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 187,391	$ 275,509	$ 354,310	$ 553,802
Automotive
Disaggregation of Revenue [Line Items]
Total net sales	141,893	197,321	273,077	382,751
Industrial and other
Disaggregation of Revenue [Line Items]
Total net sales	$ 45,498	$ 78,188	$ 81,233	$ 171,051

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Common Stock and Stock-Based Compensation (Tables)

6 Months Ended

Sep. 27, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Units Activity

The following table summarizes the Company’s RSU activity for the six-month period ended September 27, 2024:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 29, 2024		2,215,621		$	29.82
Granted		1,362,512			28.47
Issued		(866,762	)		28.98
Forfeited		(124,702	)		29.49
Outstanding at September 27, 2024		2,586,669		$	29.42

Schedule of Performance Stock Units Activity

The following table summarizes the Company’s PSU activity for the six-month period ended September 27, 2024:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 29, 2024		2,429,393		$	25.64
Granted		528,213			31.06
Excess shares issued due to achievement of performance conditions		12,358			13.94
Issued		(310,917	)		28.81
Forfeited		(65,078	)		34.06
Outstanding at September 27, 2024		2,593,969		$	26.07

Schedule of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations:


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Cost of goods sold	$	817	$	946	$	1,378	$	3,552
Research and development		3,523		3,602		7,258		6,470
Selling, general and administrative		7,205		6,329		13,027		11,897
Total stock-based compensation	$	11,545	$	10,877	$	21,663	$	21,919

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 27, 2024	Mar. 29, 2024
Current assets:
Cash and cash equivalents	$ 188,751	$ 212,143
Restricted cash	10,287	10,018
Trade accounts receivable, net	76,985	118,508
Inventories	176,648	162,302
Prepaid income taxes	38,636	31,908
Prepaid expenses and other current assets	32,253	33,584
Total current assets	523,560	572,213
Property, plant and equipment, net	325,051	321,175
Operating lease right-of-use assets, net	22,343	20,374
Deferred income tax assets	61,839	54,496
Goodwill	203,151	202,425
Intangible assets, net	266,753	276,854
Equity investment in related party	30,186	26,727
Other assets	59,234	51,651
Total assets	1,492,117	1,530,603
Current liabilities:
Trade accounts payable	50,245	35,964
Accrued expenses and other current liabilities	57,203	71,126
Current portion of operating lease liabilities	5,539	5,263
Current portion of long-term debt	5,475	3,929
Total current liabilities	124,008	117,908
Long-term debt	396,056	249,611
Operating lease liabilities, less current portion	17,674	16,404
Other long-term liabilities	15,671	14,964
Total liabilities	553,409	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, 183,983,240 shares issued and outstanding at September 27, 2024; 1,000,000,000 shares authorized, 193,164,609 issued and outstanding at March 29, 2024	1,840	1,932
Additional paid-in capital	993,988	694,332
(Accumulated deficit) retained earnings	(31,931)	463,012
Accumulated other comprehensive loss	(26,583)	(28,841)
Equity attributable to Allegro MicroSystems, Inc.	937,314	1,130,435
Non-controlling interests	1,394	1,281
Total stockholders’ equity	938,708	1,131,716
Total liabilities, non-controlling interests and stockholders’ equity	1,492,117	1,530,603
Related Party
Current assets:
Current portion of related party notes receivable	0	3,750
Related party notes receivable, less current portion	0	4,688
Current liabilities:
Amounts due to related party	$ 5,546	$ 1,626

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Mar. 29, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 8,505	$ 9,549
Work in process	118,161	110,236
Finished goods	49,982	42,517
Total	$ 176,648	$ 162,302

Revenue from Contracts with Customers - Net Sales by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 187,391	$ 275,509	$ 354,310	$ 553,802
United States
Disaggregation of Revenue [Line Items]
Total net sales	27,739	47,724	50,006	96,548
Other Americas
Disaggregation of Revenue [Line Items]
Total net sales	6,426	9,539	11,650	18,047
Europe
Disaggregation of Revenue [Line Items]
Total net sales	27,280	46,951	54,186	102,339
Greater China
Disaggregation of Revenue [Line Items]
Total net sales	48,995	69,463	80,855	131,679
Japan
Disaggregation of Revenue [Line Items]
Total net sales	37,716	47,275	78,359	88,855
South Korea
Disaggregation of Revenue [Line Items]
Total net sales	18,171	29,054	39,944	58,567
Other Asia
Disaggregation of Revenue [Line Items]
Total net sales	$ 21,064	$ 25,503	$ 39,310	$ 57,767

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Mar. 30, 2024
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 9,237	$ 13,591	$ 19,034	$ 26,348
Amortization of right-of-use assets	349		698
Decrease in depreciation expense	4,463		8,918
Increase (decrease) in net income (loss)	621		$ (7,442)
Increase (decrease) in net income (loss) per share			$ (0.04)
Decrease in interim income tax benefit	$ 5,084		$ 1,476
Maximum
Property, Plant and Equipment [Line Items]
Average useful life of machinery and equipment					10 years
Minimum
Property, Plant and Equipment [Line Items]
Average useful life of machinery and equipment					7 years

Fair Value Measurements

6 Months Ended

Sep. 27, 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 September 27, 2024 and March 29, 2024, measured at fair value on a recurring basis:


	Fair Value Measurement at September 27, 2024:
	Level 1		Total Fair Value
Assets:
Cash equivalents:
Money market fund	$	36,986	$	36,986
Restricted cash:
Money market fund		10,287		10,287
Total assets	$	47,273	$	47,273


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

Assets and liabilities measured at fair value on a recurring basis also consist of government 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. The changes in the Company’s defined benefit plan assets were not material for the six-month period ended September 27, 2024.

During the six-month periods ended September 27, 2024 and September 29, 2023, there were no transfers among Level 1, Level 2 and Level 3 assets or liabilities.

The fair value of the Company’s debt was $399,500 as of September 27, 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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+ Details

Net (Loss) Income per Share - Schedule of Computation of Net (Loss) Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (33,675)	$ 65,617	$ (51,350)	$ 126,467
Basic weighted average shares of common stock (in shares)	189,182,850	192,431,094	191,324,281	192,214,210
Dilutive effect of common stock equivalents (in shares)	0	2,669,761	0	2,841,285
Diluted weighted average common shares (in shares)	189,182,850	195,100,855	191,324,281	195,055,495
Basic net (loss) income per common share attributable to Allegro MicroSystems, Inc. stockholders	$ (0.18)	$ 0.34	$ (0.27)	$ 0.66
Diluted net (loss) income per common share attributable to Allegro MicroSystems, Inc. stockholders	$ (0.18)	$ 0.34	$ (0.27)	$ 0.65

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Details) - USD ($)										3 Months Ended		6 Months Ended
Related Party Transactions (Details) - USD ($)	Sep. 20, 2024	Aug. 07, 2024	Jul. 29, 2024	Jul. 26, 2024	Jul. 24, 2024	Jul. 23, 2024	Apr. 25, 2024	Jul. 01, 2022	Dec. 02, 2021	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Mar. 29, 2024
Related Party Transaction [Line Items]
Net proceeds from issuance of common stock												$ 665,850,000	$ 0
Repurchase of common stock aggregate consideration , value										$ 821,199,000		821,199,000
Recognized loss of fair value forward repurchase contract										34,752,000	$ 0	34,752,000	0
Trade accounts receivable, net										76,985,000		76,985,000		$ 118,508,000
Outstanding balance										$ 393,049,000		393,049,000		245,102,000
Periodic payment												1,964,000
Interest income												$ 89,000
Share Repurchase Agreement
Related Party Transaction [Line Items]
Facilitation fee included in transaction expenses						$ 35,000,000
Facilitation fee			$ 35,000,000
Common Stock
Related Party Transaction [Line Items]
Repurchase of common stock										38,767,315		38,767,315
Issuance of common stock										28,750,000		28,750,000
Repurchase of common stock aggregate consideration , value										$ 388,000		$ 388,000
Common Stock \| Share Repurchase Agreement
Related Party Transaction [Line Items]
Repurchase of common stock		10,017,315	28,750,000			38,767,315
Repurchase of common stock aggregate consideration , value		$ 225,549,000	$ 628,256,000
Common Stock \| Equity Offering
Related Party Transaction [Line Items]
Issuance of common stock				28,750,000	25,000,000
Share price				$ 24	$ 23.16
Net proceeds from issuance of common stock				$ 665,850,000
Underwriting discount				$ 24,150,000
Common Stock \| Equity Offering \| Minimum
Related Party Transaction [Line Items]
Net proceeds from issuance of common stock						$ 300,000,000
Common Stock \| Underwriters Option
Related Party Transaction [Line Items]
Issuance of common stock					3,750,000
Polar Semiconductor, LLC
Related Party Transaction [Line Items]
Loss on extinguishment of debt	$ 2,804,000
Extinguishment of Debt, Amount	10,350,000
Exchange for equity interests amounts of transaction							$ 175,000,000
PSL
Related Party Transaction [Line Items]
Purchases from related party										14,378,000	$ 14,630,000	29,334,000	$ 30,732,000
Amounts due to related party										5,542,000		5,542,000		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
PSL \| Secondary PSL Loan \| Loans Payable
Related Party Transaction [Line Items]
Interest rate								2.99%
Term								4 years
PSL \| PSL Promissory Notes
Related Party Transaction [Line Items]
Extinguishment of Debt, Amount	$ 6,596,000
Sanken
Related Party Transaction [Line Items]
Other accounts receivable from related party										0		0		160,000
Sanken \| Sanken Distribution Agreement, One-Time Sales Return
Related Party Transaction [Line Items]
Trade accounts receivable, net										$ 0		$ 0		$ 0
Sanken
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder										32.50%		32.50%
Allegro Microsystems, Inc. \| Polar Semiconductor, LLC
Related Party Transaction [Line Items]
Ownership percentage by majority shareholder							10.20%

Fair Value Measurements (Tables)

6 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following tables present information about the Company’s financial assets and liabilities as of September 27, 2024 and March 29, 2024, measured at fair value on a recurring basis:


	Fair Value Measurement at September 27, 2024:
	Level 1		Total Fair Value
Assets:
Cash equivalents:
Money market fund	$	36,986	$	36,986
Restricted cash:
Money market fund		10,287		10,287
Total assets	$	47,273	$	47,273


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

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Mar. 29, 2024
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, returns, credits issued, and price protection adjustments, current	$ 41,346	$ 44,797

Fair Value Measurements - Assets And Liabilities Measured At Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 27, 2024	Mar. 29, 2024
Assets:
Total assets	$ 47,273	$ 46,210
Level 1
Assets:
Total assets	47,273	46,210
Money market fund
Assets:
Money market fund	36,986	36,192
Money market fund	10,287	10,018
Money market fund \| Level 1
Assets:
Money market fund	10,287	36,192
Money market fund	$ 36,986	$ 10,018

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (33,675)	$ 65,617	$ (51,350)	$ 126,467

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue from Contracts with Customers (Tables)

6 Months Ended

Sep. 27, 2024

Revenue from Contract with Customer [Abstract]

Net Sales by Core End Market and Application

All prior period amounts have been revised in the table below.


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Automotive	$	141,893	$	197,321	$	273,077	$	382,751
Industrial and other		45,498		78,188		81,233		171,051
Total net sales	$	187,391	$	275,509	$	354,310	$	553,802

Revenue from External Customers by Products and Services

Net sales by product:


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Power integrated circuits	$	58,691	$	99,737	$	110,501	$	203,725
Magnetic sensors		128,700		175,772		243,809		350,077
Total net sales	$	187,391	$	275,509	$	354,310	$	553,802

Revenue from External Customers by Geographic Areas

Net sales by geography:


	Three-Month Period Ended				Six-Month Period Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Americas:
United States	$	27,739	$	47,724	$	50,006	$	96,548
Other Americas		6,426		9,539		11,650		18,047
EMEA:
Europe		27,280		46,951		54,186		102,339
Asia:
Greater China		48,995		69,463		80,855		131,679
Japan		37,716		47,275		78,359		88,855
South Korea		18,171		29,054		39,944		58,567
Other Asia		21,064		25,503		39,310		57,767
Total net sales	$	187,391	$	275,509	$	354,310	$	553,802

Commitments and Contingencies

6 Months Ended

Sep. 27, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Legal proceedings

The Company is subject to various legal proceedings, claims, and regulatory examinations or investigations arising in the normal course of business, the outcomes of which are subject to significant uncertainty, and the Company’s ultimate liability, if any, is difficult to predict. The Company records an accrual for legal contingencies when it is determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable and estimable, the Company will disclose the nature of the contingency and, if estimable, will provide the likely amount of such loss or range of loss. The Company is not aware of any pending or threatened legal proceeding against the Company that it believes could have a material adverse effect on the Company’s business, operating results, cash flows or financial condition.

Property, Plant and Equipment, net (Tables)

6 Months Ended

Sep. 27, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment

Property, plant and equipment, net, is stated at cost and consisted of the following:


	September 27, 2024			March 29, 2024
Land	$	25,795		$	25,595
Buildings, building improvements and leasehold improvements		66,240			65,626
Machinery and equipment		683,940			674,220
Office equipment		6,717			6,978
Right-of-use asset		8,480			8,218
Construction in progress		51,433			39,052
Total		842,605			819,689
Less accumulated depreciation		(517,554	)		(498,514	)
Total	$	325,051		$	321,175

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (33,613)	$ 65,671	$ (51,226)	$ 126,560
Net income attributable to non-controlling interests	62	54	124	93
Net (loss) income attributable to Allegro MicroSystems, Inc.	(33,675)	65,617	(51,350)	126,467
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax	5,435	(4,348)	2,247	(4,806)
Comprehensive (loss) income	(28,240)	61,269	(49,103)	121,661
Other comprehensive (loss) gain attributable to non-controlling interests	(72)	37	11	81
Comprehensive (loss) income attributable to Allegro MicroSystems,Inc.	$ (28,312)	$ 61,306	$ (49,092)	$ 121,742

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Nature of the Business and Basis of Presentation

6 Months Ended

Sep. 27, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Allegro MicroSystems, Inc., together with its consolidated subsidiaries (the “Company”), is a global leader in designing, developing and manufacturing sensing and power solutions for motion control and energy-efficient systems in automotive and industrial markets. The Company is headquartered in Manchester, New Hampshire and has a global footprint across multiple continents.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain information and footnote disclosures normally included in the Company’s annual audited consolidated financial statements and accompanying notes have been condensed in, or omitted from, these interim financial statements. These unaudited condensed consolidated financial statements include the Company’s accounts and those of its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 29, 2024. The March 29, 2024 condensed consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements. In the opinion of the Company’s management, the financial statements for the interim periods presented reflect all adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year.

Financial Periods

The Company’s second quarter three-month period is a 13-week period. The Company’s second quarter of fiscal year 2025 ended September 27, 2024, and the Company’s second quarter of fiscal year 2024 ended September 29, 2023.

Goodwill and Intangible Assets

6 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

The table below summarizes the changes in the carrying amount of goodwill as follows:


	Total
Balance at March 29, 2024	$	202,425
Measurement period adjustments		378
Foreign currency translation		348
Balance at September 27, 2024	$	203,151

Intangible assets, net, were as follows:


	September 27, 2024
Description	Gross		Accumulated Amortization			Net Carrying Amount
Patents	$	47,749	$	(23,918	)	$	23,831
Customer relationships		15,072		(3,810	)		11,262
Completed technologies		249,508		(20,139	)		229,369
Indefinite-lived process technology and trademarks		2,291		—			2,291
Trademarks and other		90		(90	)		—
Total	$	314,710	$	(47,957	)	$	266,753


	March 29, 2024
Description	Gross		Accumulated Amortization			Net Carrying Amount
Patents	$	44,894	$	(22,016	)	$	22,878
Customer relationships		14,977		(3,315	)		11,662
Completed technologies		249,758		(9,719	)		240,039
Indefinite-lived process technology and trademarks		2,275		—			2,275
Trademarks and other		87		(87	)		—
Total	$	311,991	$	(35,137	)	$	276,854

Intangible assets amortization expense was $6,411 and $12,723 for the three- and six-month periods ended September 27, 2024, respectively, and $1,510 and $3,005 for the three- and six-month periods ended September 29, 2023, respectively.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Sep. 27, 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 both September 27, 2024 and March 29, 2024, no distributor or customer accounted for 10% or more of the Company’s outstanding trade accounts receivable, net. For the three- and six-month periods ended September 27, 2024, no distributor or customer accounted for 10% or more of total net sales. For the three- and six-month periods ended September 29, 2023, one distributor customer accounted for 11.6% and 12.0% of total net sales, respectively. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 jurisdiction. 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 its 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 in the process of evaluating the significant expenses of its single segment and determining the appropriate enhanced 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.