QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
September 23, 2022 | March 25, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Trade accounts receivable, net of provision for expected credit losses of $ | |||||||||||
Trade and other accounts receivable due from related party | |||||||||||
Accounts receivable – other | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Current portion of related party note receivable | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Deferred income tax assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Related party note receivable, less current portion | |||||||||||
Equity investment in related party | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities, Non-Controlling Interest and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Trade accounts payable | $ | $ | |||||||||
Amounts due to related party | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Total current liabilities | |||||||||||
Obligations due under Senior Secured Credit Facilities | |||||||||||
Operating lease liabilities, less current portion | |||||||||||
Deferred income tax liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 14) | |||||||||||
Stockholders' Equity: | |||||||||||
Preferred Stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Equity attributable to Allegro MicroSystems, Inc. | |||||||||||
Non-controlling interests | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities, non-controlling interest and stockholders' equity | $ | $ |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Net sales to related party | |||||||||||||||||||||||
Total net sales | |||||||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Cost of goods sold to related party | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Change in fair value of contingent consideration | ( | ( | |||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Foreign currency transaction gain (loss) | ( | ||||||||||||||||||||||
(Loss) income in earnings of equity investment | ( | ( | |||||||||||||||||||||
Other, net | ( | ||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax provision | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to non-controlling interests | |||||||||||||||||||||||
Net income attributable to Allegro MicroSystems, Inc. | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to Allegro MicroSystems, Inc. per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to non-controlling interest | |||||||||||||||||||||||
Net income attributable to Allegro MicroSystems, Inc. | |||||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income | $ | $ | |||||||||||||||||||||
Other comprehensive loss attributable to non-controlling interest | |||||||||||||||||||||||
Comprehensive income attributable to Allegro MicroSystems, Inc. | $ | $ | $ | $ |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 25, 2021 | — | $ | — | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 24, 2021 | — | $ | — | $ | $ | $ | $ | ( | $ | $ |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 24, 2022 | — | $ | — | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 23, 2022 | — | $ | — | $ | $ | $ | $ | ( | $ | $ |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 26, 2021 | — | $ | — | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 24, 2021 | — | $ | — | $ | $ | $ | $ | ( | $ | $ |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 25, 2022 | — | $ | — | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Payments of taxes withheld on net settlement of equity awards | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 23, 2022 | — | $ | — | $ | $ | $ | $ | ( | $ | $ |
Six-Month Period Ended | |||||||||||
September 23, 2022 | September 24, 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of deferred financing costs | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Stock-based compensation | |||||||||||
Loss (gain) on disposal of assets | ( | ||||||||||
Change in fair value of contingent consideration | ( | ||||||||||
Provisions for inventory and receivables reserves | |||||||||||
Unrealized loss (gain) on marketable securities | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade accounts receivable | ( | ||||||||||
Accounts receivable - other | |||||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Trade accounts payable | ( | ||||||||||
Due to/from related parties | ( | ||||||||||
Accrued expenses and other current and long-term liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Acquisition of business, net of cash acquired | ( | ( | |||||||||
Proceeds from sales of property, plant and equipment | |||||||||||
Investments in marketable securities | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Loans made to related party | ( | ||||||||||
Receipts on related party notes receivable | |||||||||||
Payments for taxes related to net share settlement of equity awards | ( | ||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | |||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash | ( | ||||||||||
Net increase in Cash and cash equivalents and Restricted cash | |||||||||||
Cash and cash equivalents and Restricted cash at beginning of period | |||||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD: | $ | $ | |||||||||
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: | |||||||||||
Cash and cash equivalents at beginning of period | $ | $ | |||||||||
Restricted cash at beginning of period | |||||||||||
Cash and cash equivalents and Restricted cash at beginning of period | $ | $ | |||||||||
Cash and cash equivalents at end of period | |||||||||||
Restricted cash at end of period | |||||||||||
Cash and cash equivalents and Restricted cash at end of period | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||
Noncash transactions: | |||||||||||
Property, plant and equipment purchases included in trade accounts payable | $ | ( | $ | ( | |||||||
Noncash lease liabilities arising from obtaining right-of-use assets | |||||||||||
Cash | $ | ||||
Property and equipment | |||||
Completed technology | |||||
In-process research and development | |||||
Assets acquired | $ | ||||
Current liabilities assumed | ( | ||||
Deferred tax liability | ( | ||||
Net assets acquired | $ | ||||
Total estimated fair value of consideration | ( | ||||
Goodwill | $ | ||||
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Automotive | $ | $ | $ | $ | |||||||||||||||||||
Industrial | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total net sales | $ | $ | $ | $ |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Power integrated circuits | $ | $ | $ | $ | |||||||||||||||||||
Magnetic sensors and other | |||||||||||||||||||||||
Total net sales | $ | $ | $ | $ |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Americas: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Other Americas | |||||||||||||||||||||||
EMEA: | |||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Asia: | |||||||||||||||||||||||
Japan | |||||||||||||||||||||||
Greater China | |||||||||||||||||||||||
South Korea | |||||||||||||||||||||||
Other Asia | |||||||||||||||||||||||
Total net sales | $ | $ | $ | $ |
Fair Value Measurement at September 23, 2022 Using: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market fund deposits | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash: | |||||||||||||||||||||||
Money market fund deposits | |||||||||||||||||||||||
Other assets, net (long-term): | |||||||||||||||||||||||
Investments in marketable securities | $ | $ | $ | $ | |||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Fair Value Measurement at March 25, 2022 Using: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market fund deposits | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash: | |||||||||||||||||||||||
Money market fund deposits | |||||||||||||||||||||||
Other assets, net (long-term): | |||||||||||||||||||||||
Investments in marketable securities | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Other long-term liabilities: | |||||||||||||||||||||||
Contingent consideration | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Six-Month Period Ended | |||||||||||
September 23, 2022 | September 24, 2021 | ||||||||||
Net gains and losses recognized during the period on equity securities | $ | ( | $ | ||||||||
Less: Net gains and losses recognized during the period on equity securities sold during the period | |||||||||||
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date | $ | ( | $ |
Level 3 Contingent Consideration | |||||
Balance at March 25, 2022 | $ | ||||
Change in fair value of contingent consideration | ( | ||||
Balance at September 23, 2022 | $ | ||||
Balance at March 26, 2021 | $ | ||||
Change in fair value of contingent consideration | |||||
Balance at September 24, 2021 | $ |
September 23, 2022 | March 25, 2022 | ||||||||||
Trade accounts receivable | $ | $ | |||||||||
Less: | |||||||||||
Provision for expected credit losses | ( | ( | |||||||||
Returns and sales allowances | ( | ( | |||||||||
Related party trade accounts receivable | ( | ( | |||||||||
Total | $ | $ |
Description | Allowance for Doubtful Accounts | Returns and Sales Allowances | Total | |||||||||||||||||
Balance at March 25, 2022 | $ | $ | $ | |||||||||||||||||
Charged to costs and expenses or revenue | ||||||||||||||||||||
Write-offs, net of recoveries | ( | ( | ||||||||||||||||||
Balance at September 23, 2022 | $ | $ | $ | |||||||||||||||||
Balance at March 26, 2021 | $ | $ | $ | |||||||||||||||||
Charged to costs and expenses or revenue | ||||||||||||||||||||
Write-offs, net of recoveries | ( | ( | ||||||||||||||||||
Balance at September 24, 2021 | $ | $ | $ |
September 23, 2022 | March 25, 2022 | ||||||||||
Raw materials and supplies | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Total | $ | $ |
September 23, 2022 | March 25, 2022 | ||||||||||
Land | $ | $ | |||||||||
Buildings, building improvements and leasehold improvements | |||||||||||
Machinery and equipment | |||||||||||
Office equipment | |||||||||||
Construction in progress | |||||||||||
Total | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Total | $ | $ |
September 23, 2022 | March 25, 2022 | ||||||||||
United States | $ | $ | |||||||||
Philippines | |||||||||||
Other | |||||||||||
Total | $ | $ |
Total | |||||
Balance at March 25, 2022 | $ | ||||
Goodwill arising from acquisitions | |||||
Currency translation | ( | ||||
Balance at September 23, 2022 | $ | ||||
Balance at March 26, 2021 | $ | ||||
Foreign currency translation | ( | ||||
Balance at September 24, 2021 | $ |
September 23, 2022 | ||||||||||||||||||||||||||
Description | Gross | Accumulated Amortization | Net Carrying Amount | Weighted- Average Lives | ||||||||||||||||||||||
Patents | $ | $ | $ | |||||||||||||||||||||||
Customer relationships | ||||||||||||||||||||||||||
Process technology | ||||||||||||||||||||||||||
Indefinite-lived and legacy process technology | ||||||||||||||||||||||||||
Trademarks | ||||||||||||||||||||||||||
Legacy trademarks | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total | $ | $ | $ |
March 25, 2022 | ||||||||||||||||||||||||||
Description | Gross | Accumulated Amortization | Net Carrying Amount | Weighted- Average Lives | ||||||||||||||||||||||
Patents | $ | $ | $ | |||||||||||||||||||||||
Customer relationships | ||||||||||||||||||||||||||
Process technology | ||||||||||||||||||||||||||
Indefinite-lived and legacy process technology | ||||||||||||||||||||||||||
Trademarks | ||||||||||||||||||||||||||
Legacy trademarks | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total | $ | $ | $ |
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
September 23, 2022 | March 25, 2022 | ||||||||||
Accrued management incentives | $ | $ | |||||||||
Accrued salaries and wages | |||||||||||
Accrued warranty costs | |||||||||||
Accrued vacation | |||||||||||
Accrued severance | |||||||||||
Accrued professional fees | |||||||||||
Accrued income taxes | |||||||||||
Accrued utilities | |||||||||||
Other current liabilities | |||||||||||
Total | $ | $ |
September 23, 2022 | March 25, 2022 | ||||||||||
Accrued management incentives | $ | $ | |||||||||
Accrued retirement | |||||||||||
Accrued contingent consideration | |||||||||||
Provision for uncertain tax positions | |||||||||||
Total | $ | $ |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service cost | ( | ( | |||||||||||||||||||||
Actuarial loss | |||||||||||||||||||||||
Net periodic pension expense | $ | $ | $ | $ |
Fair Value at September 23, 2022 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets of non-U.S. defined benefit plan: | |||||||||||||||||||||||
Government securities | $ | $ | $ | $ | |||||||||||||||||||
Unit investment trust fund | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||
Bonds | |||||||||||||||||||||||
Stocks and other investments | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value at March 25, 2022 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets of non-U.S. defined benefit plan: | |||||||||||||||||||||||
Government securities | $ | $ | $ | $ | |||||||||||||||||||
Unit investment trust fund | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||
Bonds | |||||||||||||||||||||||
Stocks and other investments | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Level 3 Non-U.S. Defined Benefit Plan Assets | |||||||||||
Loans | Stocks | ||||||||||
Balance at March 25, 2022 | $ | $ | |||||||||
Additions during the year | |||||||||||
Redemptions during the year | ( | ||||||||||
Revaluation of equity securities | |||||||||||
Change in foreign currency exchange rates | ( | ( | |||||||||
Balance at September 23, 2022 | $ | $ | |||||||||
Balance at March 26, 2021 | $ | $ | |||||||||
Additions during the year | |||||||||||
Redemptions during the year | ( | ||||||||||
Revaluation of equity securities | ( | ||||||||||
Change in foreign currency exchange rates | ( | ( | |||||||||
Balance at September 24, 2021 | $ | $ |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Net income attributable to Allegro MicroSystems, Inc. | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to common stockholders | |||||||||||||||||||||||
Basic weighted average shares of common stock | |||||||||||||||||||||||
Dilutive effect of common stock equivalents | |||||||||||||||||||||||
Diluted weighted average shares of common stock | |||||||||||||||||||||||
Basic net income attributable to Allegro MicroSystems, Inc. per share | $ | $ | $ | $ | |||||||||||||||||||
Basic net income attributable to common stockholders per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income attributable to Allegro MicroSystems, Inc. per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income attributable to common stockholders per share | $ | $ | $ | $ |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Performance stock units | |||||||||||||||||||||||
Employee stock purchase plan | |||||||||||||||||||||||
Total |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Performance stock units | |||||||||||||||||||||||
Employee stock purchase plan | |||||||||||||||||||||||
Total |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Cost of sales | $ | $ | $ | $ | |||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Total stock-based compensation | $ | $ | $ | $ |
Three-Month Period Ended | Six-Month Period Ended | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | September 23, 2022 | September 24, 2021 | ||||||||||||||||||||
Provision for income taxes | $ | $ | $ | $ | |||||||||||||||||||
Effective tax rate |
Three-Month Period Ended | Change | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | $ | % | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Total net sales (1) | $ | 237,666 | $ | 193,610 | $ | 44,056 | 22.8 | % | |||||||||||||||
Cost of goods sold (1) | 105,644 | 91,078 | 14,566 | 16.0 | % | ||||||||||||||||||
Gross profit | 132,022 | 102,532 | 29,490 | 28.8 | % | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 35,567 | 29,590 | 5,977 | 20.2 | % | ||||||||||||||||||
Selling, general and administrative | 39,117 | 34,088 | 5,029 | 14.8 | % | ||||||||||||||||||
Change in fair value of contingent consideration | (2,500) | 300 | (2,800) | (933.3) | % | ||||||||||||||||||
Total operating expenses | 72,184 | 63,978 | 8,206 | 12.8 | % | ||||||||||||||||||
Operating income | 59,838 | 38,554 | 21,284 | 55.2 | % | ||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest expense | (531) | (1,228) | 697 | (56.8) | % | ||||||||||||||||||
Interest income | 467 | 78 | 389 | 498.7 | % | ||||||||||||||||||
Foreign currency transaction gain | 266 | 202 | 64 | 31.7 | % | ||||||||||||||||||
(Loss) income in earnings of equity investment | (1,029) | 226 | (1,255) | (555.3) | % | ||||||||||||||||||
Other, net | 75 | 1,534 | (1,459) | (95.1) | % | ||||||||||||||||||
Total other expense, net | (752) | 812 | (1,564) | (192.6) | % | ||||||||||||||||||
Income before income tax provision | 59,086 | 39,366 | 19,720 | 50.1 | % | ||||||||||||||||||
Income tax provision | 8,438 | 6,143 | 2,295 | 37.4 | % | ||||||||||||||||||
Net income | 50,648 | 33,223 | 17,425 | 52.4 | % | ||||||||||||||||||
Net income attributable to non-controlling interests | 34 | 37 | (3) | (8.1) | % | ||||||||||||||||||
Net income attributable to Allegro MicroSystems, Inc. | $ | 50,614 | $ | 33,186 | $ | 17,428 | 52.5 | % |
Three-Month Period Ended | |||||||||||
September 23, 2022 | September 24, 2021 | ||||||||||
Total net sales | 100.0 | % | 100.0 | % | |||||||
Cost of goods sold | 44.5 | % | 47.0 | % | |||||||
Gross profit | 55.5 | % | 53.0 | % | |||||||
Operating expenses: | |||||||||||
Research and development | 15.0 | % | 15.3 | % | |||||||
Selling, general and administrative | 16.5 | % | 17.6 | % | |||||||
Change in fair value of contingent consideration | (1.1) | % | 0.2 | % | |||||||
Total operating expenses | 30.4 | % | 33.1 | % | |||||||
Operating income | 25.1 | % | 19.9 | % | |||||||
Other income (expense), net: | |||||||||||
Interest expense | (0.2) | % | (0.6) | % | |||||||
Interest income | 0.2 | % | — | % | |||||||
Foreign currency transaction gain | 0.1 | % | 0.1 | % | |||||||
(Loss) income in earnings of equity investment | (0.3) | % | 0.1 | % | |||||||
Other, net | — | % | 0.8 | % | |||||||
Total other expense, net | (0.2) | % | 0.4 | % | |||||||
Income before income tax provision | 24.9 | % | 20.3 | % | |||||||
Income tax provision | 3.6 | % | 3.2 | % | |||||||
Net income | 21.3 | % | 17.1 | % | |||||||
Net income attributable to non-controlling interests | — | % | — | % | |||||||
Net income attributable to Allegro MicroSystems, Inc. | 21.3 | % | 17.1 | % |
Three-Month Period Ended | Change | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | Amount | % | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Automotive | $ | 157,398 | $ | 126,031 | $ | 31,367 | 24.9 | % | |||||||||||||||
Industrial | 48,176 | 36,321 | 11,855 | 32.6 | % | ||||||||||||||||||
Other | 32,092 | 31,258 | 834 | 2.7 | % | ||||||||||||||||||
Total net sales | $ | 237,666 | $ | 193,610 | $ | 44,056 | 22.8 | % |
Three-Month Period Ended | Change | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | Amount | % | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Power integrated circuits (“PIC”) | $ | 97,327 | $ | 65,523 | $ | 31,804 | 48.5 | % | |||||||||||||||
Magnetic sensors (“MS”) and other | 140,339 | 128,087 | 12,252 | 9.6 | % | ||||||||||||||||||
Total net sales | $ | 237,666 | $ | 193,610 | $ | 44,056 | 22.8 | % |
Three-Month Period Ended | Change | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | Amount | % | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Americas: | |||||||||||||||||||||||
United States | $ | 25,131 | $ | 27,785 | $ | (2,654) | (9.6) | % | |||||||||||||||
Other Americas | 7,244 | 5,427 | 1,817 | 33.5 | % | ||||||||||||||||||
EMEA: | |||||||||||||||||||||||
Europe | 40,710 | 32,466 | 8,244 | 25.4 | % | ||||||||||||||||||
Asia: | |||||||||||||||||||||||
Greater China | 63,203 | 50,683 | 12,520 | 24.7 | % | ||||||||||||||||||
Japan | 45,026 | 37,165 | 7,861 | 21.2 | % | ||||||||||||||||||
South Korea | 20,931 | 19,746 | 1,185 | 6.0 | % | ||||||||||||||||||
Other Asia | 35,421 | 20,338 | 15,083 | 74.2 | % | ||||||||||||||||||
Total net sales | $ | 237,666 | $ | 193,610 | $ | 44,056 | 22.8 | % |
Six-Month Period Ended | Change | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | $ | % | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Total net sales (1) | $ | 455,419 | $ | 381,752 | $ | 73,667 | 19.3 | % | |||||||||||||||
Cost of goods sold (1) | 205,023 | 185,060 | 19,963 | 10.8 | % | ||||||||||||||||||
Gross profit | 250,396 | 196,692 | 53,704 | 27.3 | % | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 69,424 | 59,144 | 10,280 | 17.4 | % | ||||||||||||||||||
Selling, general and administrative | 109,097 | 66,152 | 42,945 | 64.9 | % | ||||||||||||||||||
Change in fair value of contingent consideration | (2,700) | 600 | (3,300) | (550.0) | % | ||||||||||||||||||
Total operating expenses | 175,821 | 125,896 | 49,925 | 39.7 | % | ||||||||||||||||||
Operating income | 74,575 | 70,796 | 3,779 | 5.3 | % | ||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest expense | (968) | (1,654) | 686 | (41.5) | % | ||||||||||||||||||
Interest income | 784 | 159 | 625 | 393.1 | % | ||||||||||||||||||
Foreign currency transaction gain (loss) | 2,190 | (52) | 2,242 | (4311.5) | % | ||||||||||||||||||
(Loss) income in earnings of equity investment | (1,893) | 505 | (2,398) | (474.9) | % | ||||||||||||||||||
Other, net | (3,354) | 1,582 | (4,936) | (312.0) | % | ||||||||||||||||||
Total other expense, net | (3,241) | 540 | (3,781) | (700.2) | % | ||||||||||||||||||
Income before income tax provision | 71,334 | 71,336 | (2) | — | % | ||||||||||||||||||
Income tax provision | 10,403 | 10,406 | (3) | — | % | ||||||||||||||||||
Net income | 60,931 | 60,930 | 1 | — | % | ||||||||||||||||||
Net income attributable to non-controlling interests | 70 | 75 | (5) | (6.7) | % | ||||||||||||||||||
Net income attributable to Allegro MicroSystems, Inc. | $ | 60,861 | $ | 60,855 | $ | 6 | — | % |
Six-Month Period Ended | |||||||||||
September 23, 2022 | September 24, 2021 | ||||||||||
Total net sales | 100.0 | % | 100.0 | % | |||||||
Cost of goods sold | 45.0 | % | 48.5 | % | |||||||
Gross profit | 55.0 | % | 51.5 | % | |||||||
Operating expenses: | |||||||||||
Research and development | 15.2 | % | 15.5 | % | |||||||
Selling, general and administrative | 24.0 | % | 17.3 | % | |||||||
Change in fair value of contingent consideration | (0.6) | % | 0.2 | % | |||||||
Total operating expenses | 38.6 | % | 33.0 | % | |||||||
Operating income | 16.4 | % | 18.5 | % | |||||||
Other income (expense), net: | |||||||||||
Interest expense | (0.2) | % | (0.4) | % | |||||||
Interest income | 0.2 | % | — | % | |||||||
Foreign currency transaction gain (loss) | 0.5 | % | — | % | |||||||
(Loss) income in earnings of equity investment | (0.4) | % | 0.1 | % | |||||||
Other, net | (0.8) | % | 0.5 | % | |||||||
Total other expense, net | (0.7) | % | 0.2 | % | |||||||
Income before income tax provision | 15.7 | % | 18.7 | % | |||||||
Income tax provision | 2.3 | % | 2.8 | % | |||||||
Net income | 13.4 | % | 15.9 | % | |||||||
Net income attributable to non-controlling interests | — | % | — | % | |||||||
Net income attributable to Allegro MicroSystems, Inc. | 13.4 | % | 15.9 | % |
Six-Month Period Ended | Change | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | Amount | % | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Automotive | $ | 307,047 | $ | 259,554 | $ | 47,493 | 18.3 | % | |||||||||||||||
Industrial | 88,316 | 66,630 | 21,686 | 32.5 | % | ||||||||||||||||||
Other | 60,056 | 55,568 | 4,488 | 8.1 | % | ||||||||||||||||||
Total net sales | $ | 455,419 | $ | 381,752 | $ | 73,667 | 19.3 | % |
Six-Month Period Ended | Change | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | Amount | % | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
PIC | $ | 177,987 | $ | 132,195 | $ | 45,792 | 34.6 | % | |||||||||||||||
MS and other | 277,432 | 249,557 | 27,875 | 11.2 | % | ||||||||||||||||||
Total net sales | $ | 455,419 | $ | 381,752 | $ | 73,667 | 19.3 | % |
Six-Month Period Ended | Change | ||||||||||||||||||||||
September 23, 2022 | September 24, 2021 | Amount | % | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Americas: | |||||||||||||||||||||||
United States | $ | 53,522 | $ | 54,626 | $ | (1,104) | (2.0) | % | |||||||||||||||
Other Americas | 13,731 | 11,776 | 1,955 | 16.6 | % | ||||||||||||||||||
EMEA: | |||||||||||||||||||||||
Europe | 76,043 | 67,217 | 8,826 | 13.1 | % | ||||||||||||||||||
Asia: | |||||||||||||||||||||||
Greater China | 118,319 | 93,462 | 24,857 | 26.6 | % | ||||||||||||||||||
Japan | 86,735 | 72,618 | 14,117 | 19.4 | % | ||||||||||||||||||
South Korea | 41,910 | 41,679 | 231 | 0.6 | % | ||||||||||||||||||
Other Asia | 65,159 | 40,374 | 24,785 | 61.4 | % | ||||||||||||||||||
Total net sales | $ | 455,419 | $ | 381,752 | $ | 73,667 | 19.3 | % |
Six-Month Period Ended | |||||||||||
September 23, 2022 | September 24, 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Net cash provided by operating activities | $ | 91,804 | $ | 69,876 | |||||||
Net cash used in investing activities | (54,948) | (23,297) | |||||||||
Net cash (used in) provided by financing activities | (14,596) | 1,291 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (8,777) | 3,939 | |||||||||
Net increase in cash and cash equivalents and restricted cash | $ | 13,483 | $ | 51,809 |
Exhibit No. | Description of Exhibit | |||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101 filed herewith). |
ALLEGRO MICROSYSTEMS, INC. | |||||||||||
Date: October 31, 2022 | By: | /s/ Vineet Nargolwala | |||||||||
Vineet Nargolwala | |||||||||||
President and Chief Executive Officer (principal executive officer) | |||||||||||
Date: October 31, 2022 | By: | /s/ Derek P. D’Antilio | |||||||||
Derek P. D’Antilio | |||||||||||
Senior Vice President, Chief Financial Officer and Treasurer (principal financial and accounting officer) |
Date: October 31, 2022 | By: | /s/ Vineet Nargolwala | |||||||||
Vineet Nargolwala President and Chief Executive Officer (principal executive officer) |
Date: October 31, 2022 | By: | /s/ Derek P. D’Antilio | |||||||||
Derek P. D’Antilio Chief Financial Officer (principal financial officer) |
Date: October 31, 2022 | By: | /s/ Vineet Nargolwala | |||||||||
Vineet Nargolwala President and Chief Executive Officer (principal executive officer) |
Date: October 31, 2022 | By: | /s/ Derek P. D’Antilio | |||||||||
Derek P. D’Antilio Chief Financial Officer (principal financial officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 23, 2022 |
Mar. 25, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 189 | $ 105 |
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, shares 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) | 191,308,141 | 190,473,595 |
Common stock, shares outstanding (in shares) | 191,308,141 | 190,473,595 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Net sales | $ 237,666 | $ 193,610 | $ 455,419 | $ 381,752 |
Cost of goods sold | 83,962 | 72,254 | 163,029 | 148,136 |
Cost of goods sold to related party | 21,682 | 18,824 | 41,994 | 36,924 |
Gross profit | 132,022 | 102,532 | 250,396 | 196,692 |
Operating expenses: | ||||
Research and development | 35,567 | 29,590 | 69,424 | 59,144 |
Selling, general and administrative | 39,117 | 34,088 | 109,097 | 66,152 |
Change in fair value of contingent consideration | (2,500) | 300 | (2,700) | 600 |
Total operating expenses | 72,184 | 63,978 | 175,821 | 125,896 |
Operating income | 59,838 | 38,554 | 74,575 | 70,796 |
Other income (expense): | ||||
Interest expense | (531) | (1,228) | (968) | (1,654) |
Interest income | 467 | 78 | 784 | 159 |
Foreign currency transaction gain (loss) | 266 | 202 | 2,190 | (52) |
(Loss) income in earnings of equity investment | (1,029) | 226 | (1,893) | 505 |
Other, net | 75 | 1,534 | (3,354) | 1,582 |
Income before income taxes | 59,086 | 39,366 | 71,334 | 71,336 |
Income tax provision | 8,438 | 6,143 | 10,403 | 10,406 |
Net income | 50,648 | 33,223 | 60,931 | 60,930 |
Net income attributable to non-controlling interests | 34 | 37 | 70 | 75 |
Net income attributable to Allegro MicroSystems, Inc. | $ 50,614 | $ 33,186 | $ 60,861 | $ 60,855 |
Net income attributable to Allegro MicroSystems, Inc. per share: | ||||
Basic (in dollars per share) | $ 0.26 | $ 0.17 | $ 0.32 | $ 0.32 |
Diluted (in dollars per share) | $ 0.26 | $ 0.17 | $ 0.32 | $ 0.32 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 191,284,631 | 189,673,788 | 190,959,616 | 189,629,535 |
Diluted (in shares) | 192,639,576 | 191,676,422 | 192,654,097 | 191,416,250 |
Net sales | ||||
Net sales | $ 192,640 | $ 156,445 | $ 368,684 | $ 309,134 |
Net sales to related party | ||||
Net sales | $ 45,026 | $ 37,165 | $ 86,735 | $ 72,618 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 50,648 | $ 33,223 | $ 60,931 | $ 60,930 |
Net income attributable to non-controlling interests | 34 | 37 | 70 | 75 |
Net income attributable to Allegro MicroSystems, Inc. | 50,614 | 33,186 | 60,861 | 60,855 |
Other comprehensive loss: | ||||
Foreign currency translation adjustment | (7,899) | (3,537) | (14,717) | (3,567) |
Comprehensive income | 42,715 | 29,649 | 46,144 | 57,288 |
Other comprehensive loss attributable to non-controlling interest | 69 | 34 | 137 | 64 |
Comprehensive income attributable to Allegro MicroSystems, Inc. | $ 42,784 | $ 29,683 | $ 46,281 | $ 57,352 |
Nature of the Business and Basis of Presentation |
6 Months Ended |
---|---|
Sep. 23, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | 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 by the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the Company’s accounts and those of its subsidiaries. All intercompany 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 25, 2022 filed with the SEC on May 18, 2022, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on August 29, 2022 (as amended, the “2022 Annual Report”). In the opinion of the Company’s management, the financial information for the interim periods presented reflects 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 ending on the Friday closest to the last day in September. The Company’s second quarter of fiscal 2023 ended September 23, 2022, and the Company’s second quarter of fiscal 2022 ended September 24, 2021.
|
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Sep. 23, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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 unaudited condensed consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Such estimates relate to useful lives of fixed and intangible assets, allowances for expected credit losses and customer returns and sales allowances. Such estimates could also relate to the fair value of acquired assets and liabilities, including goodwill and intangible assets, net realizable value of inventory, accrued liabilities, the valuation of stock-based awards, deferred tax valuation allowances, and other reserves. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated financial statements. Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with financial institutions, which management believes to be of a high credit quality. To manage credit risk related to accounts receivables, the Company evaluates the creditworthiness of its customers and maintains allowances, to the extent necessary, for potential credit losses based upon the aging of its accounts receivable balances and known collection issues. The Company has not experienced any significant credit losses during the prior two years. As of September 23, 2022 and March 25, 2022, Sanken Electric Co., Ltd. (“Sanken”) accounted for 27.2% and 23.8% of the Company’s outstanding trade accounts receivable, net, respectively, including related party trade accounts receivable. No other customers accounted for 10% or more of outstanding trade accounts receivable, net during those periods. For the three- and six-month periods ended September 23, 2022, Sanken accounted for 18.9% and 19.0% of total net sales, respectively. For the three- and six-month periods ended September 24, 2021, Sanken accounted for 19.2% and 19.0% of total net sales, respectively. No other customers accounted for 10% or more of total net sales for the three- and six-month periods ended September 23, 2022 and September 24, 2021. See Note 18, “Related Party Transactions” for a discussion of the transition agreement between Sanken and the Company to transition the marketing and sale of the Company’s products in Japan from Sanken to the Company during the twelve-month transition period beginning on September 29, 2022. During the three-month period ended September 23, 2022, sales to customers located outside of the United States accounted for, in the aggregate, 89.4% of the Company’s total net sales, with Greater China accounting for 26.6% and Japan accounting for 18.9%. During the six-month period ended September 23, 2022, sales to customers located outside of the United States accounted for, in the aggregate, 88.2% of the Company’s total net sales, with Greater China accounting for 26.0% and Japan accounting for 19.0%. No other countries accounted for greater than 10% of total net sales for the three- and six-month periods ended September 23, 2022. During the three-month period ended September 24, 2021, sales to customers located outside of the United States, in the aggregate, accounted for 85.6% of the Company’s total net sales, with Greater China accounting for 26.2%, Japan accounting for 19.2% and South Korea accounting for 10.2%. During the six-month period ended September 24, 2021, sales to customers located outside of the United States, in the aggregate, accounted for 85.7% of the Company’s total net sales, with Greater China accounting for 24.5%, Japan accounting for 19.0% and South Korea accounting for 10.9%. No other countries accounted for greater than 10% of total net sales for the three- and six-month periods ended September 24, 2021. Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which eliminates the diversity in practice and inconsistency related to the accounting for acquired revenue contracts with customers in a business combination. The amendments in ASU 2021-08 require an acquiring entity to apply ASC Topic 606, Contracts with Customers (“ASC 606”), to recognize and measure contract assets and contract liabilities in a business combination as if the acquired contracts with customers were originated by the acquiring entity at the acquisition date. An acquirer may assess how the acquiree applied ASC 606 and generally should recognize and measure the acquired contract assets and contract liabilities consistent with the recognition and measurement in the acquiree’s financial statements, as prepared in accordance with U.S. GAAP. If unable to rely on the acquiree’s accounting due to errors, noncompliance with U.S. GAAP, or differences in accounting policies, the acquirer should consider the terms of the acquired contracts, such as timing of payment, identify each performance obligation in the contracts, and allocate the total transaction price to each identified performance obligation on a relative standalone selling price basis as of contract inception (that is, the date the acquiree entered into the contracts) or contract modification to determine what should be recorded at the acquisition date. The Company early adopted ASU 2021-08, effective March 26, 2022 and concluded that adoption of this ASU did not have a material impact on its financial position, results of operations, cash flows, or related disclosures. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2021-04”). ASU 2021-04 outlines how an entity should account for modifications made to equity-classified written call options, including stock options and warrants to purchase the entity’s own common stock. The guidance in the ASU requires an entity to treat a modification of an equity-classified written call option that does not cause the option to become liability-classified as an exchange of the original option for a new option. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the equity-classified written call option or as termination of the original option and issuance of a new option. The Company adopted ASU 2021-04, effective March 26, 2022, and concluded that it did not have a material impact on its financial position, results of operations, cash flows, or related disclosures. Recently Issued Accounting Standards Not Yet Adopted None applicable.
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Heyday Acquisition |
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heyday Acquisition | Heyday Acquisition On September 1, 2022, the Company completed its purchase of all of the equity interests in Heyday Integrated Circuits (“Heyday”), a privately held company specializing in compact, fully integrated isolated gate drivers that enable energy conversion in high-voltage gallium nitride and silicon carbide wide-bandgap semiconductor designs (the “Heyday Acquisition”). The Heyday Acquisition brings together Heyday’s isolated gate drivers and the Company’s isolated current sensors to enable potential development of some of the smallest high-voltage and high-efficiency power systems available on the market today. Additionally, this acquisition is expected to increase the Company’s addressable market for electric vehicles (“xEV”), solar inverters, data center and 5G power supplies, and broad-market industrial applications. The total preliminary purchase price was $20,754, consisting of cash consideration paid directly to the owners of Heyday and paid on their behalf for the settlement of certain outstanding debts and other obligations. The Heyday Acquisition was accounted for as a business combination, and the Company recorded the assets acquired and liabilities assumed at their respective fair values as of the date of acquisition. The allocation of purchase consideration to assets and liabilities is not yet finalized. The preliminary allocation of the purchase price was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). The primary areas of the preliminary purchase price allocation that are not yet finalized are the working capital settlement, finalization of our review of the estimates and assumptions included in the valuation reports, determination of the tax basis of certain assets and liabilities and certain tax carry forwards, and residual goodwill. The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
The significant intangible assets identified in the preliminary purchase price allocation consisted of completed technology and in-process research and development. Completed technology assets will be amortized over an estimated useful life of 12 years. An estimated fair value of $1,600 was assigned to acquired in-process research and development costs with an indefinite life. Amortization of completed technology is included within cost of goods sold and consists of unique PowerThru technology that accomplishes gate driver power and signal transmission through an integrated transformer, reducing the size and complexity of the gate drive solution. The in-process research and development assets represent efforts to expand the power capability of these gate drivers for wide-bandgap semiconductor technology. To value the completed technology and the in-process research and development assets, the Company utilized the income approach, specifically a discounted cash-flow method known as the multi-period excess earnings method. Goodwill was recognized for the excess purchase price over the fair value of the net assets acquired. The goodwill reflects the value of the synergies the Company expects to realize and the assembled workforce. Goodwill from the Heyday Acquisition is included within the Company’s one reporting unit and will be included in the Company’s enterprise-level annual review for impairment. Goodwill resulting from the Heyday Acquisition is not deductible for tax purposes. The purchase price has been allocated to the tangible and intangible assets acquired and liabilities assumed based upon the respective estimates of fair value as of the date of the acquisition and using assumptions that the Company’s management believes are reasonable given the information available as of the date of the Heyday Acquisition. The final allocation of the purchase price may differ materially from the information presented in these condensed consolidated financial statements. Any changes to the preliminary estimates of the fair value of the assets acquired and liabilities assumed will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill. The revenues and income before income taxes from the Heyday Acquisition were immaterial to the Company’s consolidated results for the three- and six-month periods ended September 23, 2022. The Company has not presented pro forma results of operations for the Heyday Acquisition, because it is not material to the Company’s consolidated results of operations, financial position, or cash flows.
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Revenue from Contract with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company generates revenue from the sale of magnetic sensor integrated circuits (“ICs”) and application-specific analog power semiconductors. The following tables summarize net sales disaggregated by application, by product and by geography for the three- and six-month periods ended September 23, 2022 and September 24, 2021. The categorization of net sales by application 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 application:
Net sales by product:
Net sales by geography:
The Company recognizes sales net of returns, credits issued, price protection adjustments and stock rotation rights. At September 23, 2022 and March 25, 2022, these adjustments were $19,754 and $14,924, respectively, and were netted against trade accounts receivable in the unaudited condensed consolidated balance sheets. These amounts represent charges of $4,830 and $2,171 for the six-month periods ended September 23, 2022 and September 24, 2021, respectively. Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. The Company elected not to disclose the amount of unsatisfied performance obligations as these contracts have original expected durations of less than one year.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities as of September 23, 2022 and March 25, 2022 measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:
The following table represents the unrealized gains and losses on investments in marketable securities held with a readily determinable fair value for the six-month periods ended September 23, 2022 and September 24, 2021:
In addition to the unrealized gains in the table above, the change in fair value of the equity securities was impacted by unrealized foreign currency exchange losses of $822 and $25 for the six-month periods ended September 23, 2022 and September 24, 2021, respectively. The following table shows the change in fair value of Level 3 contingent consideration in connection with the fiscal year 2021 purchase of Voxtel, Inc. (“Voxtel”), a privately-held technology company located in Beaverton, Oregon that develops, manufactures and supplies photonic and advanced 3D imaging technologies (the “Voxtel Acquisition”), for the six-month periods ended September 23, 2022 and September 24, 2021:
Assets and liabilities measured at fair value on a recurring basis also consist of marketable securities, unit investment trust funds, loans, bonds, stock and other investments which are 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 13, “Retirement Plans.” During the six-month periods ended September 23, 2022 and September 24, 2021, there were no transfers among Level 1, Level 2 and Level 3 assets or liabilities.
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Trade Accounts Receivable, net |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Accounts Receivable, net | Trade Accounts Receivable, net Trade accounts receivable, net (including related party trade accounts receivable) consisted of the following:
The Company is exposed to credit losses primarily through trade and other financing receivables arising from revenue transactions. The Company uses an aging schedule method to estimate current expected credit losses (“CECL”) based on days of delinquency, including information about past events and current economic conditions. The Company’s accounts receivable are separated into two categories using a portfolio methodology to evaluate the allowance under the CECL impairment model based on sales categorization and similar credit quality and worthiness of the customers: original equipment manufacturers (“OEMs”) and distributors. The receivables in each category share similar risk characteristics. The Company increases the provision for expected credits losses when the Company determines all or a portion of a receivable is uncollectible, and the Company recognizes recoveries as a decrease to the provision for expected credit losses. Changes in the Company’s expected credit losses and returns and sales allowances were as follows:
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Inventories |
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Inventories | Inventories Inventories include material, labor and overhead and consisted of the following:
The Company recorded inventory write-offs totaling $2,947 and $5,062 for the three- and six-month periods ended September 23, 2022, respectively, and $1,852 and $5,041 for the three- and six-month periods ended September 24, 2021, respectively.
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Property, Plant and Equipment, net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, net | Property, Plant and Equipment, net Property, plant and equipment, net is stated at cost, and consisted of the following:
Total depreciation expense amounted to $10,980 and $21,830 for the three- and six-month periods ended September 23, 2022, respectively, and $11,222 and $22,342 for the three- and six-month periods ended September 24, 2021, respectively. Long-lived assets include property, plant and equipment and related deposits on such assets, and capitalized tooling costs. The geographic locations of the Company’s long-lived assets, net, based on physical location of the assets, as of September 23, 2022 and March 25, 2022 are as follows:
Amortization of prepaid tooling costs amounted to $33 and $65 for the three- and six-month periods ended September 23, 2022, respectively, and $33 and $66 for the three- and six-month periods ended September 24, 2021, respectively.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The table below summarizes the changes in the carrying amount of goodwill as follows:
Intangible assets, net is as follows:
Intangible assets amortization expense was $1,194 and $2,230 for the three- and six-month periods ended September 23, 2022, respectively, and $1,084 and $2,103 for the three- and six-month periods ended September 24, 2021, respectively. As of September 23, 2022, annual amortization expense of intangible assets for the next five fiscal years is expected to be as follows:
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Accrued Expenses and Other Current Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities The composition of accrued expenses and other current liabilities is as follows:
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Debt and Other Borrowings |
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Sep. 23, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Other Borrowings | Debt and Other Borrowings On September 30, 2020, the Company entered into a term loan credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $325,000 senior secured term loan facility due in fiscal 2028 (the “Term Loan Facility”). On September 30, 2020, the Company also entered into a revolving facility credit agreement with Mizuho Bank, Ltd., as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $50,000 senior secured revolving credit facility expiring in 2023 (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facilities”). The Company’s outstanding borrowings bore an interest rate of 6.27% at September 23, 2022. As of both September 23, 2022 and March 25, 2022, the Company had $25,000 outstanding under the Term Loan Facility and had not borrowed on the Revolving Credit Facility. As of September 23, 2022 and March 25, 2022, the unamortized portion of the deferred financing costs associated with the Revolving Credit Facility was $99 and $149, respectively, and the related short-term and long-term portions were classified within “Prepaid expenses and other current assets” and “Other assets, net” on its unaudited condensed consolidated balance sheets. On November 26, 2019, the Company, through its subsidiaries, entered into a line of credit agreement with a financial institution that provides for a maximum borrowing capacity of 60,000 Philippine pesos (approximately $1,036 at September 23, 2022) at the bank’s prevailing interest rate. The line of credit is due to expire on August 31, 2023. There were no borrowings outstanding under this line of credit as of September 23, 2022 and March 25, 2022. On November 20, 2019, the Company, through its subsidiaries, entered into a line of credit agreement with a financial institution that provides for a maximum capacity of 75,000 Philippine pesos (approximately $1,295 at September 23, 2022) at the bank’s prevailing interest rate. The line of credit is due to expire on June 30, 2023. There were no borrowings outstanding under this line of credit as of September 23, 2022 and March 25, 2022.
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Other Long-Term Liabilities |
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Liabilities | Other Long-Term Liabilities The composition of other long-term liabilities is as follows:
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Retirement Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans | Retirement Plans The Company recognizes the funded status (i.e., the difference between the fair value of plan assets and the benefit obligations) of its defined benefit pension plans in its unaudited condensed consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive income, net of tax. These amounts will continue to be recognized as a component of future net periodic benefit costs consistent with the Company’s past practice. Further, actuarial gains and losses and prior service costs that arise in future periods and are not recognized as net periodic benefit costs in the same periods will be recognized as a component of other comprehensive income. Those amounts will also be recognized as a component of future net periodic benefit costs consistent with the Company’s past practice. The Company uses a measurement date for its defined benefit pension plans and other postretirement benefit plans that is equivalent to its fiscal year-end. Plan Descriptions Non-U.S. Defined Benefit Plan The Company, through its wholly owned subsidiary, Allegro MicroSystems Philippines, Inc. (“AMPI”), has a defined benefit pension plan, which is a noncontributory plan that covers substantially all employees of the respective subsidiary. The plan’s assets are invested in common trust funds, bonds and other debt instruments and stocks. Effect on the unaudited statements of operations Expense related to the non-United States (“U.S.”) defined benefit plan was as follows:
Information on Plan Assets The table below sets forth the fair value of the entity’s non-U.S. defined benefit plan’s plan assets as of September 23, 2022 and March 25, 2022, using the same three-level hierarchy of fair value inputs described in the significant accounting policies included in the Company’s 2022 Annual Report.
The following table shows the change in fair value of Level 3 plan assets for the six-month periods ended September 23, 2022 and September 24, 2021:
The investments in the Company’s major benefit plans largely consist of low-cost, broad-market index funds to mitigate risks of concentration within the market sectors. In recent years, the Company’s investment policy has shifted toward a closer matching of the interest-rate sensitivity of the plan assets and liabilities. The appropriate mix of equity and bond investments is determined primarily through the use of detailed asset-liability modeling studies that look to balance the impact of changes in the discount rate against the need to provide asset growth to cover future service cost. The Company, through its wholly owned subsidiary, Allegro MicroSystems, LLC’s (“AML”), non-U.S. defined benefit plan, has added a greater proportion of fixed income securities with return characteristics that are more closely aligned with changes in liabilities caused by discount rate volatility. There are no significant restrictions on the amount or nature of the investments that may be acquired or held by the plans. During the three- and six-month periods ended September 23, 2022, the Company contributed approximately $327 and $699 to its non-U.S. pension plan, respectively. During the three- and six-month periods ended September 24, 2021, the Company contributed approximately $343 and $696 to its non-U.S. pension plan, respectively. The Company expects to contribute approximately $1,546 to its non-U.S. pension plan in fiscal year 2023. Defined Contribution Plan The Company has a 401(k) plan that covers all employees meeting certain service and age requirements. Employees are eligible to participate in the plan upon hire when the service and age requirements are met. Employees may contribute up to 35% of their compensation, subject to the maximum contribution allowed by the Internal Revenue Service. All employees are 100% vested in their contributions at the time of plan entry. Eligible AML U.S. employees may contribute up to 50% of their pretax compensation to a defined contribution plan, subject to certain limitations, and AML may match, at its discretion, 100% of the participants’ pretax contributions, up to a maximum of 5% of their eligible compensation. Matching contributions by AML totaled approximately $1,052 and $2,482 for the three- and six-month periods ended September 23, 2022, respectively, and approximately $1,089 and $2,345 for the three- and six-month periods ended September 24, 2021, respectively.
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Commitment and Contingencies |
6 Months Ended |
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Sep. 23, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Insurance The Company, through its subsidiaries, utilizes self-insured employee health programs for employees in the United States. The Company records estimated liabilities for its self-insured health programs based on information provided by the third-party plan administrators, historical claims experience and expected costs of claims incurred but not reported. The Company monitors its estimated liabilities on a quarterly basis. As facts change, it may become necessary to make adjustments that could be material to the Company’s unaudited condensed consolidated financial position and results of operations. 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, 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 does not believe there are any current matters that could have a material adverse effect on its financial position, results of operations or cash flows. Indemnification From time to time, the Company has agreed to indemnify and hold harmless certain customers for potential allegations of infringement of intellectual property rights and patents arising from the use of its products. To date, the Company has not recognized or incurred any costs in connection with such indemnification arrangements; therefore, there was no accrual of such amounts at September 23, 2022 or March 25, 2022. Environmental Matters The Company establishes accrued liabilities for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If the contingency is resolved for an amount greater or less than the accrual, or the Company’s share of the contingency increases or decreases or other assumptions relevant to the development of the estimate were to change, the Company would recognize an additional expense or benefit in the unaudited condensed consolidated statements of operations during the period such determination was made. No significant environmental accruals were established at September 23, 2022 or March 25, 2022.
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Net Income per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Share | Net Income per Share The following table sets forth the basic and diluted net income attributable to Allegro MicroSystems, Inc. per share.
The computed net income per share for the three- and six-month periods ended September 23, 2022 and September 24, 2021 does not assume conversion of securities that would have an antidilutive effect on income per share. The following table represents the securities excluded as conversion of such securities would have an antidilutive effect on income per share:
The following table represents issuable weighted average share information for the respective periods:
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Common Stock and Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Stock-Based Compensation | Common Stock and Stock-Based Compensation The Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees over the related requisite service period, including PSUs, RSUs and restricted shares (all part of our equity incentive plan). During the six-month periods ended September 23, 2022 and September 24, 2021, the Company granted RSUs to employees of 2,144,417 and 960,031, respectively, with an estimated grant date fair value of $22.96 and $24.96, respectively. During the six-month periods ended September 23, 2022 and September 24, 2021, 1,070,849 and 64,583 shares vested, respectively, and 152,126 and 61,039 shares were cancelled, respectively. Stock-based compensation expense related to non-vested awards not yet recorded at September 23, 2022 was $46,164, which is expected to be recognized over a weighted-average of 1.53 years. PSUs are included at 100% - 200% of target goals. The intrinsic value of the PSUs that were unvested during the six-month period ended September 23, 2022 was $63,476. A total of 855,916 and no shares vested during the six-month periods ended September 23, 2022 and September 24, 2021, respectively. The total compensation cost related to unvested awards not yet recorded at September 23, 2022 was $25,750, which is expected to be recognized over a weighted average of 2.88 years. During the six-month periods ended September 23, 2022 and September 24, 2021, 23,425 and 59,201, respectively, shares of the Company’s restricted common stock vested. No shares and 9,757 shares, respectively, were forfeited, which reduced common stock outstanding during the same periods. The Company had 117,101 unvested shares of restricted common stock at September 23, 2022 with a weighted average grant date fair value of $14.00 and remaining vesting period of 0.58 years. The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations:
During the first fiscal quarter of 2023, the Company’s (former) President and Chief Executive Officer, Ravi Vig, provided notice of his retirement from the Company and its board of directors (the “Board”), effective June 13, 2022. Additionally, the Company entered into a second amended and restated severance agreement (the “Second A&R Severance Agreement”) with Mr. Vig that amended and restated the amended agreement from September 30, 2020. As provided for in the Second A&R Severance Agreement, the Company agreed, in addition to other cash-settled and health insurance-related compensation, to modifications to Mr. Vig’s stock-based compensation, including: (i) acceleration of the vesting of all unvested RSUs, (ii) modification of certain PSUs with performance conditions that had been achieved as of the retirement date to permit these awards to remain outstanding and eligible to vest in accordance with their terms, and (iii) the forfeiture of certain unvested PSUs with performance conditions that had not been achieved as of the retirement date and replacement thereof with new immediately vesting RSUs. The impact of these modifications on stock-based compensation expense was $26,349 for the six-month period ended September 23, 2022, which was recorded in selling, general and administrative expense in the Company’s unaudited condensed consolidated statements of operations.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company recorded the following tax provision in its unaudited condensed consolidated statements of operations:
The Company’s 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 tax rate can fluctuate primarily based on: the mix of its U.S. and foreign income; the impact of discrete transactions; and the difference between the amount of tax benefit generated by the foreign derived intangible income deduction (“FDII”) and research credits offset by the additional tax from the global intangible low-tax income (“GILTI”). The effective tax rate (“ETR”) was primarily impacted by Internal Revenue Code (“IRC”) Section 174 Capitalization (“174 Capitalization”), a reduction in state taxes and an increase in current year non-deductible executive compensation expense. 174 Capitalization increased U.S. taxable income, cash taxes, FDII deductions, and Subpart F and GILTI inclusions. The net tax impact from 174 Capitalization is favorable because the increased FDII deductions of $9,000 exceed the additional inclusion for Subpart F and GILTI income inclusions of $3,280 (“Net 174 Benefit”). The Net 174 Benefit is offset in the current year by increased non-deductible executive compensation of $6,826, state tax benefits and discrete tax impacts. The Company regularly assesses the likelihood of outcomes that could result from the examination of its tax returns by the IRS and other tax authorities to determine the adequacy of its income tax reserves and expense. Should actual events or results differ from the Company’s then-current expectations, charges or credits to the Company’s provision for income taxes may become necessary. Any such adjustments could have a significant effect on the results of operations.
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Related Party Transactions |
6 Months Ended |
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Sep. 23, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Transactions involving Sanken The Company sells products to, and purchases in-process products from, Sanken. As of September 23, 2022, Sanken held approximately 51.5% of the Company’s outstanding common stock. Net sales of the Company’s products to Sanken totaled $45,026 and $86,735 during the three- and six-month periods ended September 23, 2022, respectively, and $37,165 and $72,618 during the three- and six-month periods ended September 24, 2021, respectively. Trade accounts receivables, net of allowances from Sanken, totaled $32,411 and $27,256 as of September 23, 2022 and March 25, 2022, respectively. Other accounts receivable from Sanken totaled $117 and $104 as of September 23, 2022 and March 25, 2022, respectively. Termination of Sanken Distribution Agreement On September 29, 2022, the Company entered into a transition agreement with Sanken that provides for the termination of the distribution agreement dated as of July 5, 2007, by and between the Company and Sanken (the “Distribution Agreement”) and sets forth the terms governing the collaboration between the parties to transition the marketing and sale of the Company’s products in Japan from Sanken to the Company during the 12-month transition period beginning on September 29, 2022 (the “Transition Agreement”). Following the 12-month transition period, both the Transition Agreement and the Distribution Agreement will terminate. Under the terms of the Transition Agreement, Sanken will cease to place new orders for the Company’s products and will begin to transition existing orders to the Company. All orders are expected to be transferred by June 30, 2023. Sanken also will continue to provide support to the Company’s customers and logistical support to the Company during the transition period. In addition, in the Transition Agreement, the Company and Sanken agreed to enter into a separate agreement regarding the transfer of inventory to the Company and a one-time payment to Sanken based on Sanken’s analysis of its inventory position as of December 23, 2022. The Transition Agreement had no impact on the Company’s results during the second quarter of fiscal 2023. The Transition Agreement and termination of the Distribution Agreement are expected to transfer related party distributor sales to third party distributors and direct customers, as well as eliminate the distributor discount historically provided to Sanken. Transactions involving Polar Semiconductor, LLC (“PSL”) The Company purchases in-process products from PSL. PSL is a subsidiary of Sanken, 70% owned by Sanken and 30% owned by the Company. Purchases of various products from PSL totaled $14,479 and $29,150 for the three- and six-month periods ended September 23, 2022, respectively, and $13,129 and $26,509 for the three- and six-month periods ended September 24, 2021, respectively. Accounts payable to PSL included in amounts due to a related party totaled $4,709 and $5,222 as of September 23, 2022 and March 25, 2022, respectively. 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 will be repaid in equal installments, comprising 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). In addition, on July 1, 2022, PSL borrowed an additional $7,500 under the same terms of the PSL Loan (the “Secondary PSL Loan” and, together with the Initial PSL Loan, the “PSL Promissory Notes”). The loan funds were used by PSL to procure a deep ultraviolet scanner and other associated manufacturing tools necessary to increase wafer fabrication capacity in support of the Company’s increasing wafer demand. As of September 23, 2022, the outstanding balance of the PSL Promissory Notes was $14,063. During the six months ended September 23, 2022, PSL made required quarterly payments to AML totaling $991, which included $53 of interest income. On October 1, 2022, PSL made a quarterly payment to AML of $938, which included $77 of interest income.
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Sep. 23, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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 unaudited condensed consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Such estimates relate to useful lives of fixed and intangible assets, allowances for expected credit losses and customer returns and sales allowances. Such estimates could also relate to the fair value of acquired assets and liabilities, including goodwill and intangible assets, net realizable value of inventory, accrued liabilities, the valuation of stock-based awards, deferred tax valuation allowances, and other reserves. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated financial statements. Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications.
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Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with financial institutions, which management believes to be of a high credit quality. To manage credit risk related to accounts receivables, the Company evaluates the creditworthiness of its customers and maintains allowances, to the extent necessary, for potential credit losses based upon the aging of its accounts receivable balances and known collection issues. The Company has not experienced any significant credit losses during the prior two years.
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Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which eliminates the diversity in practice and inconsistency related to the accounting for acquired revenue contracts with customers in a business combination. The amendments in ASU 2021-08 require an acquiring entity to apply ASC Topic 606, Contracts with Customers (“ASC 606”), to recognize and measure contract assets and contract liabilities in a business combination as if the acquired contracts with customers were originated by the acquiring entity at the acquisition date. An acquirer may assess how the acquiree applied ASC 606 and generally should recognize and measure the acquired contract assets and contract liabilities consistent with the recognition and measurement in the acquiree’s financial statements, as prepared in accordance with U.S. GAAP. If unable to rely on the acquiree’s accounting due to errors, noncompliance with U.S. GAAP, or differences in accounting policies, the acquirer should consider the terms of the acquired contracts, such as timing of payment, identify each performance obligation in the contracts, and allocate the total transaction price to each identified performance obligation on a relative standalone selling price basis as of contract inception (that is, the date the acquiree entered into the contracts) or contract modification to determine what should be recorded at the acquisition date. The Company early adopted ASU 2021-08, effective March 26, 2022 and concluded that adoption of this ASU did not have a material impact on its financial position, results of operations, cash flows, or related disclosures. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2021-04”). ASU 2021-04 outlines how an entity should account for modifications made to equity-classified written call options, including stock options and warrants to purchase the entity’s own common stock. The guidance in the ASU requires an entity to treat a modification of an equity-classified written call option that does not cause the option to become liability-classified as an exchange of the original option for a new option. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the equity-classified written call option or as termination of the original option and issuance of a new option. The Company adopted ASU 2021-04, effective March 26, 2022, and concluded that it did not have a material impact on its financial position, results of operations, cash flows, or related disclosures. Recently Issued Accounting Standards Not Yet Adopted None applicable.
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Heyday Acquisition (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Preliminary Purchase Price Allocation | The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
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Revenue from Contract with Customers (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales by Core End Market and Application | Net sales by application:
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Net Sales by Product | Net sales by product:
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Net Sales by Geography | Net sales by geography:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 23, 2022 and March 25, 2022 measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:
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Unrealized Gains and Losses on Marketable Securities with a Readily Determinable Fair Value | The following table represents the unrealized gains and losses on investments in marketable securities held with a readily determinable fair value for the six-month periods ended September 23, 2022 and September 24, 2021:
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table shows the change in fair value of Level 3 contingent consideration in connection with the fiscal year 2021 purchase of Voxtel, Inc. (“Voxtel”), a privately-held technology company located in Beaverton, Oregon that develops, manufactures and supplies photonic and advanced 3D imaging technologies (the “Voxtel Acquisition”), for the six-month periods ended September 23, 2022 and September 24, 2021:
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Trade Accounts Receivable, net (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trade Accounts Receivable, Net | Trade accounts receivable, net (including related party trade accounts receivable) consisted of the following:
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Schedule of Changes in Allowance for Doubtful Accounts and Returns and Sales Allowances | Changes in the Company’s expected credit losses and returns and sales allowances were as follows:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories include material, labor and overhead and consisted of the following:
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Property, Plant and Equipment, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Schedule of Long-lived Assets | September 23, 2022 and March 25, 2022 are as follows:
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Carrying Amount of Goodwill | The table below summarizes the changes in the carrying amount of goodwill as follows:
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Schedule of Intangible Assets, Net | Intangible assets, net is as follows:
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Schedule of Annual Amortization Expense | As of September 23, 2022, annual amortization expense of intangible assets for the next five fiscal years is expected to be as follows:
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Accrued Expenses and Other Current Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses and Other Current Liabilities | The composition of accrued expenses and other current liabilities is as follows:
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Other Long-Term Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Long-Term Liabilities | The composition of other long-term liabilities is as follows:
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Retirement Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expense Related to Defined Benefit Plan |
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Fair Value of Entity's Plan Assets | The table below sets forth the fair value of the entity’s non-U.S. defined benefit plan’s plan assets as of September 23, 2022 and March 25, 2022, using the same three-level hierarchy of fair value inputs described in the significant accounting policies included in the Company’s 2022 Annual Report.
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Schedule of Changes in Fair Value of Level 3 Plan Assets | The following table shows the change in fair value of Level 3 plan assets for the six-month periods ended September 23, 2022 and September 24, 2021:
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Net Income per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share |
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Schedule Of Anti Dilutive Securities Excluded | The following table represents the securities excluded as conversion of such securities would have an antidilutive effect on income per share:
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Schedule of Issuable Weighted Average Share Information |
|
Common Stock and Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-Based Compensation Expense |
|
Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 23, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax (Benefit) Provision | The Company recorded the following tax provision in its unaudited condensed consolidated statements of operations:
|
Heyday Acquisition - Additional Information (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Aug. 28, 2020
USD ($)
|
Sep. 23, 2022
reportingUnit
|
|
Business Acquisition [Line Items] | ||
Number of reporting units | reportingUnit | 1 | |
Heyday | ||
Business Acquisition [Line Items] | ||
Preliminary purchase price | $ 20,754 | |
In-process research and development | $ 1,600 | |
Heyday | Process technology | ||
Business Acquisition [Line Items] | ||
Weighted average useful life | 12 years |
Heyday Acquisition - Summary of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands |
Aug. 28, 2020 |
Sep. 23, 2022 |
Mar. 25, 2022 |
Sep. 24, 2021 |
Mar. 26, 2021 |
---|---|---|---|---|---|
Estimated fair value of assets acquired and liabilities assumed: | |||||
Goodwill | $ 28,037 | $ 20,009 | $ 20,093 | $ 20,106 | |
Heyday | |||||
Estimated fair value of assets acquired and liabilities assumed: | |||||
Cash | $ 325 | ||||
Property and equipment | 22 | ||||
Completed technology | 15,100 | ||||
In-process research and development | 1,600 | ||||
Assets acquired | 17,047 | ||||
Net working capital | (347) | ||||
Deferred tax liability | (4,175) | ||||
Net assets acquired | 12,525 | ||||
Total estimated fair value of consideration | (20,754) | ||||
Goodwill | $ 8,229 |
Revenue from Contract with Customers - Net Sales by Application (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 237,666 | $ 193,610 | $ 455,419 | $ 381,752 |
Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 157,398 | 126,031 | 307,047 | 259,554 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 48,176 | 36,321 | 88,316 | 66,630 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 32,092 | $ 31,258 | $ 60,056 | $ 55,568 |
Revenue from Contract with Customers - Net Sales by Product (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 237,666 | $ 193,610 | $ 455,419 | $ 381,752 |
Power integrated circuits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 97,327 | 65,523 | 177,987 | 132,195 |
Magnetic sensors and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 140,339 | $ 128,087 | $ 277,432 | $ 249,557 |
Revenue from Contract with Customers - Net Sales by Geography (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 237,666 | $ 193,610 | $ 455,419 | $ 381,752 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 25,131 | 27,785 | 53,522 | 54,626 |
Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 7,244 | 5,427 | 13,731 | 11,776 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 40,710 | 32,466 | 76,043 | 67,217 |
Japan | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 45,026 | 37,165 | 86,735 | 72,618 |
Greater China | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 63,203 | 50,683 | 118,319 | 93,462 |
South Korea | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 20,931 | 19,746 | 41,910 | 41,679 |
Other Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 35,421 | $ 20,338 | $ 65,159 | $ 40,374 |
Revenue from Contract with Customers - Additional Information (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Mar. 25, 2022 |
|
Revenue from Contract with Customer [Abstract] | |||
Trade accounts receivable, returns, credits issued, and price protection adjustments, current | $ 19,754 | $ 14,924 | |
Trade accounts receivable, returns, credits issued, and price protection adjustments expense (credit) | $ 4,830 | $ 2,171 |
Fair Value Measurements - Unrealized Gains and Losses on Marketable Securities with a Readily Determinable Fair Value (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Fair Value Disclosures [Abstract] | ||
Net gains and losses recognized during the period on equity securities | $ (3,458) | $ 978 |
Less: Net gains and losses recognized during the period on equity securities sold during the period | 0 | 0 |
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date | $ (3,458) | $ 978 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Fair Value Disclosures [Abstract] | ||
Unrealized foreign currency exchange losses on equity securities | $ 822 | $ 25 |
Fair Value Measurements - Change in Fair Value of Level 3 Contingent Consideration (Details) - Fair Value, Recurring - Level 3 - Contingent Consideration Liability - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 2,800 | $ 4,800 |
Change in fair value of contingent consideration | (2,700) | 600 |
Ending balance | $ 100 | $ 5,400 |
Trade Accounts Receivable, net - Summary of Trade Accounts Receivable, net (Details) - USD ($) $ in Thousands |
Sep. 23, 2022 |
Mar. 25, 2022 |
Sep. 24, 2021 |
Mar. 26, 2021 |
---|---|---|---|---|
Receivables [Abstract] | ||||
Trade accounts receivable | $ 138,834 | $ 129,539 | ||
Less: | ||||
Provision for expected credit losses | (189) | (105) | $ (176) | $ (138) |
Returns and sales allowances | (19,565) | (14,819) | $ (17,407) | $ (15,274) |
Related party trade accounts receivable | (32,411) | (27,256) | ||
Trade accounts receivable, net | $ 86,669 | $ 87,359 |
Trade Accounts Receivable, net - Schedule of Changes in Allowance For Doubtful Accounts and Sales Returns and Sales Allowances (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Allowance for Doubtful Accounts | ||
Balance at the beginning of the period | $ 105 | $ 138 |
Charged to costs and expenses or revenue | 84 | 38 |
Write-offs, net of recoveries | 0 | 0 |
Balance at the end of the period | 189 | 176 |
Returns and Sales Allowances | ||
Balance at the beginning of the period | 14,819 | 15,274 |
Charged to costs and expenses or revenue | 52,630 | 82,365 |
Write-offs, net of recoveries | (47,884) | (80,232) |
Balance at the end of the period | 19,565 | 17,407 |
Total | ||
Balance at the beginning of the period | 14,924 | 15,412 |
Charged to costs and expenses or revenue | 52,714 | 82,403 |
Write-offs, net of recoveries | (47,884) | (80,232) |
Balance at the end of the period | $ 19,754 | $ 17,583 |
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Sep. 23, 2022 |
Mar. 25, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 13,010 | $ 11,941 |
Work in process | 61,520 | 55,855 |
Finished goods | 23,896 | 18,364 |
Total | $ 98,426 | $ 86,160 |
Inventories - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Inventory Disclosure [Abstract] | ||||
Recorded inventory provisions | $ 2,947 | $ 1,852 | $ 5,062 | $ 5,041 |
Property, Plant and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands |
Sep. 23, 2022 |
Mar. 25, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total | $ 672,673 | $ 647,011 |
Less accumulated depreciation | (453,433) | (436,983) |
Total | 219,240 | 210,028 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 14,748 | 15,775 |
Buildings, building improvements and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 56,413 | 59,816 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 563,645 | 542,745 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 5,927 | 6,247 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 31,940 | $ 22,428 |
Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 10,980 | $ 11,222 | $ 21,830 | $ 22,342 |
Prepaid tooling costs | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization expense | $ 33 | $ 33 | $ 65 | $ 66 |
Property, Plant and Equipment, net - Schedule of Long Lived Assets (Details) - USD ($) $ in Thousands |
Sep. 23, 2022 |
Mar. 25, 2022 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 220,976 | $ 210,455 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | 36,539 | 35,221 |
Philippines | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | 174,835 | 167,488 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $ 9,602 | $ 7,746 |
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Goodwill [Roll Forward] | ||
Beginning balance | $ 20,009 | $ 20,106 |
Currency translation | (201) | (13) |
Ending balance | 28,037 | $ 20,093 |
Goodwill arising from acquisitions | $ 8,229 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
Mar. 25, 2022 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets amortization expense | $ 1,194 | $ 1,084 | $ 2,230 | $ 2,103 | |
Patents | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 10 years | 10 years |
Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands |
Sep. 23, 2022
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 2,027 |
2024 | 3,859 |
2025 | 3,591 |
2026 | 3,318 |
2027 | 2,999 |
Thereafter | 31,916 |
Net Carrying Amount | $ 47,710 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 23, 2022 |
Mar. 25, 2022 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued management incentives | $ 19,031 | $ 33,607 |
Accrued salaries and wages | 18,261 | 14,699 |
Accrued warranty costs | 3,745 | 541 |
Accrued vacation | 7,404 | 5,715 |
Accrued severance | 2,500 | 839 |
Accrued professional fees | 3,014 | 1,252 |
Accrued income taxes | 2,467 | 1,831 |
Accrued utilities | 1,246 | 607 |
Other current liabilities | 6,273 | 6,368 |
Total | $ 63,941 | $ 65,459 |
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands |
Sep. 23, 2022 |
Mar. 25, 2022 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Accrued management incentives | $ 51 | $ 826 |
Accrued retirement | 8,204 | 8,903 |
Accrued contingent consideration | 100 | 2,800 |
Provision for uncertain tax positions | 2,808 | 2,757 |
Total | $ 11,163 | $ 15,286 |
Retirement Plans - Schedule of Expense Related to Defined Benefit Plan (Details) - Pension Plan - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 307 | $ 371 | $ 635 | $ 754 |
Interest cost | 185 | 161 | 382 | 327 |
Expected return on plan assets | (73) | (76) | (151) | (155) |
Amortization of prior service cost | (2) | 0 | (4) | 0 |
Actuarial loss | 19 | 52 | 40 | 105 |
Net periodic pension expense | $ 436 | $ 508 | $ 902 | $ 1,031 |
Retirement Plans - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contributions | $ 327 | $ 343 | $ 699 | $ 696 |
Expected contributions in current fiscal year | 1,546 | $ 1,546 | ||
Defined Contribution Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum employee contribution | 50.00% | |||
Employer matching contribution | 100.00% | |||
Maximum employer contribution | 5.00% | |||
Total contributions | $ 1,052 | $ 1,089 | $ 2,482 | $ 2,345 |
Defined Contribution Plan | 401(K) Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum employee contribution | 35.00% | |||
Vesting percentage | 100.00% |
Commitment and Contingencies (Details) - USD ($) |
Sep. 23, 2022 |
Mar. 25, 2022 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Indemnification accruals | $ 0 | $ 0 |
Environmental accruals | $ 0 | $ 0 |
Net Income per Share - Narrative (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Diluted weighted average shares of common stock (in shares) | 192,639,576 | 191,676,422 | 192,654,097 | 191,416,250 |
Antidilutive securities excluded from computation of net income per share (in shares) | 246,982 | 1,567 | 156,115 | 6,012 |
Common Stock and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | $ 8,204 | $ 6,196 | $ 42,340 | $ 11,027 |
Cost of sales | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 1,124 | 722 | 1,956 | 1,250 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 1,711 | 1,043 | 2,839 | 1,795 |
Selling, general and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | $ 5,369 | $ 4,431 | $ 37,545 | $ 7,982 |
Income Taxes - Schedule of Tax Provision (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 23, 2022 |
Sep. 24, 2021 |
Sep. 23, 2022 |
Sep. 24, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 8,438 | $ 6,143 | $ 10,403 | $ 10,406 |
Effective tax rate | 14.30% | 15.60% | 14.60% | 14.60% |
Income Taxes - Narrative (Details) $ in Thousands |
6 Months Ended |
---|---|
Sep. 23, 2022
USD ($)
| |
Income Tax Disclosure [Abstract] | |
FDII, tax amount | $ 9,000 |
Subpart F and GILTI, offsetting amount | 3,280 |
Nondeductible expense, amount | $ 6,826 |
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