Allegro MicroSystems Reports Fourth Quarter Record Revenue and Accelerating Profits


*Non-GAAP Profit before Tax does not include adjustments for the following components of our net income: (i) additional AMTC related costs of $—, $1,217, and $4,911 for the three months ended March 26, 2021, December 25, 2020, and March 27, 2020, respectively,  and labor savings costs of $—, $109, and $289 for the three months ended March 26, 2021, December 25, 2020, and March 27, 2020, respectively, and (ii) additional AMTC related costs of $7,276 and $11,224 for the fiscal years ended March 26, 2021 and March 27, 2020, respectively, labor savings costs of $218 and $6,173 for the fiscal years ended March 26, 2021 and March 27, 2020, respectively, and out of period adjustment for depreciation expense of GMR assets of $768 and $— for the fiscal years ended March 26, 2021 and March 27, 2020, respectively.
  


   Three-Month Period Ended
  Fiscal Year Ended
   March 26,
2021
  December 25,
2020
  March 27,
2020
  March 26,
2021
  March 27,
2020
   
   (Dollars in thousands)
Reconciliation of Provision for Income Taxes                
                
GAAP Provision (Benefit) for Income Taxes  $ 8,361   $ (30,523 )  $ 4,463   $ (19,552 )  $ 16,173 
GAAP effective tax rate 32.0% 85.8% 25.1 %   1347.5 %   30.4 %
                               
Tax effect of adjustments to GAAP results   (3,053 )   34,872     1,896     34,486     (2,601 )
                               
Non-GAAP Provision for Income Taxes   $ 5,308     $ 4,349     $ 6,359     $ 14,934     $ 13,572  
Non-GAAP effective tax rate   15.7 %   15.9 %   24.2 %   15.4 %   20.0 %

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