$ALGM
ALLEGRO MICROSYSTEMS, INC.

2023 Q3 Form 10-Q Financial Statement

#000086629123000054 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $275.5M $278.3M
YoY Change 15.92% 27.8%
Cost Of Revenue $114.1M $120.3M
YoY Change 8.0% 21.09%
Gross Profit $159.5M $158.0M
YoY Change 20.82% 33.43%
Gross Profit Margin 57.89% 56.76%
Selling, General & Admin $43.16M $44.23M
YoY Change 10.4% -36.8%
% of Gross Profit 27.06% 28.0%
Research & Development $43.43M $42.98M
YoY Change 22.1% 26.93%
% of Gross Profit 27.23% 27.21%
Depreciation & Amortization $13.59M $14.27M
YoY Change 11.34% 19.76%
% of Gross Profit 8.52% 9.04%
Operating Expenses $86.59M $87.20M
YoY Change 19.95% -15.86%
Operating Profit $72.92M $70.75M
YoY Change 21.85% 380.06%
Interest Expense $758.0K -$2.642M
YoY Change -191.66% 2101.67%
% of Operating Profit 1.04% -3.73%
Other Income/Expense, Net $64.00K -$2.716M
YoY Change -14.67% -20.79%
Pretax Income $73.07M $68.10M
YoY Change 23.67% 456.04%
Income Tax $7.400M $7.215M
% Of Pretax Income 10.13% 10.59%
Net Earnings $65.62M $60.85M
YoY Change 29.64% 493.83%
Net Earnings / Revenue 23.82% 21.87%
Basic Earnings Per Share $0.34 $0.32
Diluted Earnings Per Share $0.34 $0.31
COMMON SHARES
Basic Shares Outstanding 192.4M shares 191.8M shares
Diluted Shares Outstanding 195.1M 195.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.0M $353.4M
YoY Change 26.03% 23.33%
Cash & Equivalents $370.0M $353.4M
Short-Term Investments
Other Short-Term Assets $48.36M $47.30M
YoY Change 67.17% 65.49%
Inventory $173.1M $174.2M
Prepaid Expenses
Receivables $118.9M $121.7M
Other Receivables $3.750M $3.750M
Total Short-Term Assets $714.9M $700.3M
YoY Change 31.06% 32.37%
LONG-TERM ASSETS
Property, Plant & Equipment $312.0M $285.2M
YoY Change 33.79% 32.77%
Goodwill $27.71M $28.05M
YoY Change -1.18% 40.57%
Intangibles $51.68M $51.97M
YoY Change -1.13% 43.79%
Long-Term Investments $25.47M $26.98M
YoY Change -1.18% 0.65%
Other Assets $57.38M $134.1M
YoY Change -32.23% 150.4%
Total Long-Term Assets $570.0M $533.8M
YoY Change 31.25% 34.43%
TOTAL ASSETS
Total Short-Term Assets $714.9M $700.3M
Total Long-Term Assets $570.0M $533.8M
Total Assets $1.285B $1.234B
YoY Change 31.14% 33.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.64M $71.85M
YoY Change 44.82% 83.3%
Accrued Expenses $68.60M $81.70M
YoY Change 1.74% 12.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $134.2M $153.5M
YoY Change 19.06% 37.33%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $25.00M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $11.40M $27.78M
YoY Change -48.24% 97.64%
Total Long-Term Liabilities $11.40M $52.78M
YoY Change -75.75% 275.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.2M $153.5M
Total Long-Term Liabilities $11.40M $52.78M
Total Liabilities $186.6M $207.5M
YoY Change 13.11% 27.5%
SHAREHOLDERS EQUITY
Retained Earnings $436.8M $371.2M
YoY Change 137.62% 178.64%
Common Stock $1.925M $1.924M
YoY Change 0.63% 0.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.097B $1.027B
YoY Change
Total Liabilities & Shareholders Equity $1.285B $1.234B
YoY Change 31.14% 33.25%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $65.62M $60.85M
YoY Change 29.64% 493.83%
Depreciation, Depletion And Amortization $13.59M $14.27M
YoY Change 11.34% 19.76%
Cash From Operating Activities $46.69M $49.05M
YoY Change -16.55% 34.18%
INVESTING ACTIVITIES
Capital Expenditures $31.20M $44.91M
YoY Change -249.78% 212.11%
Acquisitions
YoY Change
Other Investing Activities $6.175M $9.971M
YoY Change -130.23%
Cash From Investing Activities -$25.03M -$34.94M
YoY Change -39.35% 142.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.767M -11.04M
YoY Change -12.68% 20.77%
NET CHANGE
Cash From Operating Activities 46.69M 49.05M
Cash From Investing Activities -25.03M -34.94M
Cash From Financing Activities -4.767M -11.04M
Net Change In Cash 16.90M 3.072M
YoY Change 83.04% -52.54%
FREE CASH FLOW
Cash From Operating Activities $46.69M $49.05M
Capital Expenditures $31.20M $44.91M
Free Cash Flow $15.49M $4.136M
YoY Change -79.82% -81.34%

Facts In Submission

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CY2023Q2 us-gaap Use Of Estimates
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited condensed 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, provisions for expected credit losses and customer returns and sales allowances. Such estimates also relate to accrued liabilities, the valuation of stock-based awards, deferred tax valuation allowances, the net realizable value of inventory, 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.</span></div>
CY2023Q2 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications.</span></div>
CY2023Q2 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2023, one customer accounted for 14.8% of the Company’s outstanding trade accounts receivable, net. As of March 31, 2023, Sanken Electric Co., Ltd. (“Sanken”) and another customer accounted for 10.6% and 17.3%, respectively, of the Company’s outstanding trade accounts receivable, net, including related party trade accounts receivable. No other customers accounted for 10% or more of outstanding trade accounts receivable, net as of such dates.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three months ended June 30, 2023, one customer accounted for 12.2% of total net sales. For the three months ended June 24, 2022, Sanken accounted for 19.2% of total net sales. No other customers accounted for 10% or more of total net sales for either of the three months ended June 30, 2023 or June 24, 2022.</span></div>
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Goodwill
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0.32
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0.05
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CY2023Q2 algm Weighted Average Number Issuable Shares Outstanding Adjustment
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Income Tax Expense Benefit
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.106
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.160
CY2023Q2 us-gaap Debt Instrument Periodic Payment
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1005000 usd
CY2023Q2 us-gaap Interest Income Other
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67000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
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