Allegro MicroSystems, Inc. Files 10-Q for Q3 2024

TL;DR

<b>Allegro MicroSystems, Inc. filed its Q3 2024 10-Q report, detailing financial positions and fair value measurements.</b>

AI Summary

ALLEGRO MICROSYSTEMS, INC. (ALGM) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Filing is a 10-Q for the period ending December 29, 2023. The company's fiscal year ends March 31. Mentions of 'Performance Shares' in relation to compensation. Details on fair value measurements for money market funds and other assets. References to credit facilities, including a revolving credit facility with Morgan Stanley Senior Funding, Inc.

Why It Matters

For investors and stakeholders tracking ALLEGRO MICROSYSTEMS, INC., this filing contains several important signals. This 10-Q filing provides the latest quarterly financial snapshot for Allegro MicroSystems, crucial for investors to assess performance and financial health. Specific disclosures on fair value measurements and credit facilities offer insights into the company's asset management and financing strategies.

Risk Assessment

Risk Level: low — ALLEGRO MICROSYSTEMS, INC. shows low risk based on this filing. The filing is a routine 10-Q, providing standard financial disclosures without immediate red flags.

Analyst Insight

Review the detailed financial statements and notes within the 10-Q to understand the company's current performance and any significant changes from previous periods.

Key Numbers

• 2023-12-29 — Period End Date (Conformed period of report)
• 2024-02-06 — Filing Date (Date the report was filed)
• Q3 2024 — Fiscal Quarter (Indicates the reporting period)
• 0331 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• ALLEGRO MICROSYSTEMS, INC. (company) — Filer name
• ALGM (company) — Ticker symbol
• 20231229 (date) — Conformed period of report
• 20240206 (date) — Filing date
• Morgan Stanley Senior Funding, Inc. (company) — Revolving credit facility provider
• Sanken (company) — Customer mentioned in context of trade accounts receivable
• CN (country) — Country code mentioned in context of equity method investee

FAQ

Industry Context

Allegro MicroSystems operates in the semiconductors and related devices industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the company's revenue segments and growth rates.
2. Examine the details of fair value measurements for financial instruments.
3. Review any disclosures related to debt and credit facilities.

Year-Over-Year Comparison

This is the Q3 2024 10-Q filing, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share ALGM The Nasdaq Global Se

Filing Documents

• algm-20231229.htm (10-Q) — 2324KB
• algm-ex31_1.htm (EX-31.1) — 14KB
• algm-ex31_2.htm (EX-31.2) — 14KB
• algm-ex32_1.htm (EX-32.1) — 8KB
• algm-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-011712.txt (&nbsp;) — 9122KB
• algm-20231229.xsd (EX-101.SCH) — 1117KB
• algm-20231229_htm.xml (XML) — 1799KB

Forward-Looking Statements

Forward-Looking Statements 2 PART I. Financial Information 3 Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of December 29, 2023 and March 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Operations for the three- and nine-month periods ended December 29, 2023 and December 23, 2022 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income for the three- and nine-month periods ended December 29, 2023 and December 23, 2022 (Unaudited) 5 Condensed Consolidated Statements of Changes in Equity for the three- and nine-month periods ended December 29, 2023 and December 23, 2022 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the nine-month periods ended December 29, 2023 and December 23, 2022 (Unaudited) 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II. Other Information 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 FORWARD-LO OKING STATEMENTS This Quarterly Report on Form 10-Q (the "Quarterly Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, prospective products and the plans and objectives of management for future operations, may be forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

– FINAN CIAL INFORMATION

PART I – FINAN CIAL INFORMATION

Condensed Con solidated Financial Statements (Unaudited)

Item 1. Condensed Con solidated Financial Statements (Unaudited) ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLI DATED BALANCE SHEETS (in thousands, except par value and share amounts) (Unaudited) December 29, 2023 March 31, 2023 Assets Current assets: Cash and cash equivalents $ 214,308 $ 351,576 Restricted cash 9,427 7,129 Trade accounts receivable, net 114,324 111,290 Trade and other accounts receivable due from related party 154 13,494 Inventories 165,553 151,301 Prepaid expenses and other current assets 41,980 27,289 Current portion of related party note receivable 3,750 3,750 Total current assets 549,496 665,829 Property, plant and equipment, net 325,822 263,099 Operating lease right-of-use assets 21,620 16,866 Deferred income tax assets 79,420 50,359 Goodwill 214,709 27,691 Intangible assets, net 293,699 52,378 Related party note receivable, less current portion 5,625 8,438 Equity investment in related party 25,974 27,265 Other assets 48,936 69,230 Total assets $ 1,565,301 $ 1,181,155 Liabilities, Non-Controlling Interests and Stockholders' Equity Current liabilities: Trade accounts payable $ 37,633 $ 56,256 Amounts due to related party 3,158 9,682 Accrued expenses and other current liabilities 69,951 94,894 Current portion of operating lease liabilities 5,486 4,493 Current portion of long-term debt 3,959 — Total current liabilities 120,187 165,325 Long-term debt 250,464 25,000 Operating lease liabilities, less current portion 16,321 13,048 Deferred income tax liabilities 27,740 — Other long-term liabilities 15,103 10,967 Total liabilities 429,815 214,340 Commitments and contingencies (Note 11) Stockholders' Equity: Preferred stock, $ 0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding — — Common stock, $ 0.01 par value; 1,000,0

View Full Filing

View this 10-Q filing on SEC EDGAR