MANCHESTER, N.H., Feb. 01, 2024 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq:ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its third quarter ended December 29, 2023.
“We achieved net sales of $255 million in the third quarter, up 2% year-over-year, driven by continued strength in the automotive sector, which grew 18% year-over-year. from one year to the next. Non-GAAP EPS was $0. 32, up 10% from the midpoint. Forecasts for online sales and loose cash increased to $27 million, or more than 170% sequentially,” said Vineet Nargolwala, president and chief executive officer of Allegro. “Sales of e-mobility programs increased 45% year-on-year to reach 54% of car sales in the third quarter, setting a new milestone. Although we anticipate continued digestion of equities in the end markets in the near term, our design is gaining momentum. It continues at record levels and reinforces our confidence in our ability to grow above the market in the medium and long term, in line with our target monetary model. »
Third Quarter Financial Highlights:
*In preparing the interim condensed consolidated monetary statements for the third quarter of fiscal year 2024, the Company detected a non-material error in the classification of net sales by application in the table above, in which visitor returns and sales refunds were incorrectly classified by the application. between Automotive, Industrial and Other in the previous periods presented above. There was no effect on overall net sales reported in the past or on the net source of revenue in the periods mentioned above.
Business information
For the fourth quarter ending March 29, 2024, the Company expects sales to be in a range of $230 million to $240 million. The Company also estimates the following effects on a non-GAAP basis:
“Allegro is well-positioned for the megatrends of electrification and automation, and we are taking the right steps to address the near-term effects of stock digestion,” said Derek D’Antilio, Allegro’s chief financial officer. “We are prudently managing our pricing and, in particular, improving our cash flow as we proceed to invest strategically for growth. “
Allegro did not provide a reconciliation of its fiscal fourth quarter outlook for non-GAAP gross margin, consistent non-GAAP accounting expenses, and non-GAAP diluted earnings consistent with consistent percentage because estimates of all reconciliation pieces cannot be provided without unreasonable effort. It is complicated to provide a forward-looking estimate between those forward-looking measures that are not GAAP and comparable forward-looking measures in accordance with accounting principles sometimes accepted in the U. S. (“GAAP”). Certain points that are drastic with Allegro’s strategy The ability to estimate those pieces is beyond his reach and/or cannot be predicted.
Results Webcast
A webcast will be held on Thursday, February 1, 2024 at 8:30 a. m. M. , Eastern Time. Vineet Nargolwala, President and CEO, and Derek D’Antilio, Chief Financial Officer, will discuss Allegro’s business and monetary results.
The webcast will be held in the Investor Relations segment of the Company’s online website in investisseurs. allegromicro. com. A recording of the webcast will be posted at the same location some time after the call ends and posted on the webcast for at least 90 days.
About Allegro MicroSystems
Allegro MicroSystems is a leading factory-specific designer, developer, manufacturer, and distributor of application-specific analog sensors (“ICs”) and force integrated circuits that enable emerging technologies in the automotive and commercial markets. Allegro’s diverse product portfolio provides effective and reliable answers for vehicles. electrification, automotive ADAS protection functions, automation for Industry 4. 0 and power-saving technologies for knowledge centers and force-in-white applications.
Forward-Looking Statements
This press release comprises forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend that such forward-looking statements be covered by the port provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of past fact contained in this press release, adding statements relating to our long-term effects of operations and monetary condition, business strategy, forward-looking products and management’s plans and objectives for long-term operations, adding, but not limited to, statements relating to liquidity, Methods of expansion and profitability and items affecting our business are forward-looking statements. These statements involve known and unknown risks, uncertainties and other vital points that would possibly cause our actual effects, functionality or achievements to be materially different from any long-term effects, functionality or achievements expressed or implied by the forward-looking statements.
Without restricting the above, in some cases, it is possible to identify prospective ads by words such as “target”, “possibly”, “will deserve”, “expect”, “explore”, “plan”. ” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek” or “continue” or the negative portion of those terms or other similar expressions, although not all forward-looking statements involve those words. No forward-looking view guarantees long-term results, functionality, or achievements, and undue reliance does not deserve to be placed on such.
Forward-looking statements are based on existing expectations, ideals and assumptions within our control and on data available to us. Such ideals and assumptions may or may not turn out to be accurate. In addition, such forward-looking statements are subject to a number of known and unknown threats, uncertainties and assumptions, and actual effects would likely differ materially from those expressed or implied in the forward-looking statements as a result of various points, including but not limited to. . Sort the known ones in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, updated in Part II, Item 1A “Risk Factors” of our Quarterly Report on Form 10-Q for the quarterly era ended September 29. Array 2023, filed with the SEC on November 6, 2023. These threats and insecurities include, but are not limited to: recessions or volatility in general economic situations; our ability to compete well, increase our market share and increase our net sales and profit abilities; our dependence on a limited number of third-party semiconductor wafer production services and other materials suppliers; our inability to adjust purchasing commitments and stock control based on changing market conditions or visitor demand; changes in our product group or visitor group, which may also have a negative effect on our gross margin; the threat that the expected benefits of acquisitions will not be known or that the integration of acquired businesses will not continue as temporarily as we expect; the cyclical nature of the analog semiconductor industry; any slowdown or disruption in the automobile market; our ability to offset declines in the average promotion costs of our products and increases in input costs; our ability to manage any sustained performance issues or other delays at our third-party wafer production facilities or during final meetings and testing of our products; our ability to expect, as expected, our quarterly net sales and operating effects; our ability to adjust the volume of our source chain to reflect market conversion situations and visitor demand; our dependence on manufacturing operations in the Philippines; our dependence on distributors to generate sales; the effects of COVID-19 on our supply chain and visitor demand; our ability to expand new features or products in a timely and cost-effective manner; our ability to manage expansion; any slowdown in the expansion of our end markets; the loss of one or more vital customers; our ability to meet visitor quality requirements; uncertainties similar to the design procurement process and our ability to recover design and development expenses and generate timely or sufficient sales or net margins; adjustments in government industrial policies, adding the imposition of restrictions and tariffs on exports; our exposure to warranty claims, product failure claims and product recalls; our dependence on foreign customers and operations; the availability of rebates, tax credits and other monetary incentives for end-user programs for certain products; threats, responsibilities, costs and obligations related to government regulation and other legal obligations, including export control, privacy, knowledge protection, data security, customer protection, environmental and office suitability and security, anti-corruption and bribery, and industry controls; exchange rate volatility; our ability to raise capital to assist in our expansion strategy; our indebtedness would likely restrict our flexibility to operate our business; our ability to well manage our expansion and retain key, highly qualified personnel; our ability to protect our proprietary generation and inventions through patents or trade secrets; our ability to market our products without infringing the intellectual asset rights of third parties; interruptions or breaches of our data generation systems or those of our third-party service providers; our main shareholders exercise really extensive control over us; the inapplicability of the “corporate expediency” doctrine to any director or shareholder not recruited through us; anti-takeover provisions in our organizational documents and under the Delaware General Corporation Law; our inability to design, implement or maintain effective internal control over monetary reporting; adjustments in tax rates or the adoption of new tax legislation; the negative ones have sustained inflation effects on our business; disruptions in the banking and monetary sector that restrict our or our partners’ ability to access capital and debt; physical, transition and litigation threats presented through climate change; and other occasions beyond our control. Additionally, we operate in a conversion environment. New risks and insecurities may arise from time to time, and it is not imaginable that control is waiting for all risks and insecurities.
You should read this press release and the documents that we reference completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
This press release includes certain non-GAAP monetary measures as explained through regulations of the Securities and Exchange Commission (“SEC”). These non-GAAP monetary measures are provided in addition to, and not as a replacement for, or in excess of, ready monetary functionality measures in accordance with GAAP. There are a number of similar limitations to the use of such non-GAAP monetary measures relative to their closest GAAP equivalents. For example, other corporations would likely calculate non-GAAP monetary measures or use other measures to compare their functionality, possibly diminishing the usefulness of non-GAAP monetary measures presented as comparison tools.
This press release may not be reproduced, transmitted or published, in whole or in part.
ALLEGRO MICROSYSTEMS, INC. CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS (in thousands, consistent with consistent percentages and amounts consistent with percentages) (Unaudited)
Supplemental Schedule of Total Net Sales
The following table summarizes overall sales across the market in the Company’s unaudited consolidated statements of operations:
ALLEGRO MICROSYSTEMS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts)
ALLEGRO MICROSYSTEMS, INC. CONSOLIDATED CONDENSED CASH FLOW STATEMENTS (in thousands) (Unaudited)
Non-GAAP Financial Measures
In addition to the measures presented in our consolidated monetary statements, we review other measures, explained as non-GAAP monetary measures through the SEC, to compare our business, measure our functionality, identify trends, prepare monetary forecasts and make strategic decisions. The main metrics we take into consideration are Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Expenses, Non-GAAP Profit, Non-GAAP Margin, Non-GAAP Profit Before Tax under GAAP, GAAP Provision for Source of Income Taxes. Assemble non-GAAP net revenue stream and non-GAAP fundamental and diluted earnings consistent with equity, EBITDA, adjusted EBITDA and adjusted EBITDA margin (collectively, the “Non-GAAP Financial Measures”). These non-GAAP monetary measures provide additional information related to our consistent contracting functionality on a non-GAAP basis that excludes certain gains, losses and fees that are non-monetary in nature or that occur relatively occasionally and/or that control takes into account. account. considerations unrelated to our main activities. oconsistent with the provisions, and in the case of the non-GAAP source of income tax provision, the control believes that this non-GAAP source of income tax provision allows it to compare the non-GAAP source of income tax provision income constantly with other reports consistent with the periods. , regardless of special parts and discrete parts, which would possibly vary in length and frequency. These non-GAAP monetary measures are used by control and our board of directors, along with comparable GAAP data, to compare our existing functionality and plan our long-term business activities.
Non-GAAP monetary measures are measures supplemental to our functionality that are not required or presented in accordance with GAAP. These non-GAAP monetary measures do not deserve to be considered as a replacement for GAAP monetary measures, such as gross profit, gross margin. , net source of revenue, or any other measure of functionality derived in accordance with GAAP. In addition, over the long term, we could potentially incur expenses or expenses such as those adjusted for the calculation of those non-GAAP monetary measures. Our presentation of these non-GAAP monetary measures does not deserve to be interpreted as an inference that long-term effects will not be affected through non-recurring items. These non-GAAP monetary measures exclude prices similar to acquisition and integration prices, amortization of acquired intangible assets, stock-based compensation, restructuring actions, like-for-like party activities and other non-operating prices.
Non-GAAP Provision for Income Tax
When calculating the non-GAAP income tax provision source, we have added the following pieces to the GAAP income tax provision source:
Investor Contact: Jalene HooverVice President of Investor Relations and Corporate Communications 1 (512) 751-6526jhoover@allegromicro. com