$ALGM
ALLEGRO MICROSYSTEMS, INC.

2023 Q4 Form 10-Q Financial Statement

#000095017023059019 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $255.0M $275.5M
YoY Change 2.49% 15.92%
Cost Of Revenue $121.2M $114.1M
YoY Change 42.91% 8.0%
Gross Profit $133.8M $159.5M
YoY Change -6.15% 20.82%
Gross Profit Margin 52.48% 57.89%
Selling, General & Admin $52.75M $43.16M
YoY Change 41.13% 10.4%
% of Gross Profit 39.41% 27.06%
Research & Development $44.40M $43.43M
YoY Change 12.13% 22.1%
% of Gross Profit 33.17% 27.23%
Depreciation & Amortization $15.12M $13.59M
YoY Change 35.91% 11.34%
% of Gross Profit 11.3% 8.52%
Operating Expenses $97.14M $86.59M
YoY Change 26.21% 19.95%
Operating Profit $36.69M $72.92M
YoY Change -44.1% 21.85%
Interest Expense $3.854M $758.0K
YoY Change 528.71% -191.66%
% of Operating Profit 10.51% 1.04%
Other Income/Expense, Net $2.682M $64.00K
YoY Change -34.89% -14.67%
Pretax Income $36.37M $73.07M
YoY Change -49.55% 23.67%
Income Tax $2.969M $7.400M
% Of Pretax Income 8.16% 10.13%
Net Earnings $33.35M $65.62M
YoY Change -48.32% 29.64%
Net Earnings / Revenue 13.08% 23.82%
Basic Earnings Per Share $0.17 $0.34
Diluted Earnings Per Share $0.17 $0.34
COMMON SHARES
Basic Shares Outstanding 192.5M 192.4M shares
Diluted Shares Outstanding 194.6M 195.1M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $214.3M $370.0M
YoY Change -35.89% 26.03%
Cash & Equivalents $214.3M $370.0M
Short-Term Investments
Other Short-Term Assets $51.41M $48.36M
YoY Change 61.39% 67.17%
Inventory $165.6M $173.1M
Prepaid Expenses
Receivables $114.3M $118.9M
Other Receivables $3.750M $3.750M
Total Short-Term Assets $549.5M $714.9M
YoY Change -11.36% 31.06%
LONG-TERM ASSETS
Property, Plant & Equipment $325.8M $312.0M
YoY Change 40.39% 33.79%
Goodwill $214.7M $27.71M
YoY Change 660.57% -1.18%
Intangibles $293.7M $51.68M
YoY Change 452.79% -1.13%
Long-Term Investments $25.97M $25.47M
YoY Change -7.13% -1.18%
Other Assets $48.94M $57.38M
YoY Change -6.49% -32.23%
Total Long-Term Assets $1.016B $570.0M
YoY Change 118.87% 31.25%
TOTAL ASSETS
Total Short-Term Assets $549.5M $714.9M
Total Long-Term Assets $1.016B $570.0M
Total Assets $1.565B $1.285B
YoY Change 44.39% 31.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.79M $65.64M
YoY Change -26.64% 44.82%
Accrued Expenses $75.44M $68.60M
YoY Change -7.58% 1.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.959M
YoY Change
Total Short-Term Liabilities $120.2M $134.2M
YoY Change -12.42% 19.06%
LONG-TERM LIABILITIES
Long-Term Debt $250.5M $25.00M
YoY Change 901.86% 0.0%
Other Long-Term Liabilities $15.10M $11.40M
YoY Change 31.5% -48.24%
Total Long-Term Liabilities $265.6M $11.40M
YoY Change 2212.29% -75.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $120.2M $134.2M
Total Long-Term Liabilities $265.6M $11.40M
Total Liabilities $429.8M $186.6M
YoY Change 126.8% 13.11%
SHAREHOLDERS EQUITY
Retained Earnings $470.1M $436.8M
YoY Change 89.31% 137.62%
Common Stock $1.931M $1.925M
YoY Change 0.89% 0.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.134B $1.097B
YoY Change
Total Liabilities & Shareholders Equity $1.565B $1.285B
YoY Change 44.39% 31.14%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $33.35M $65.62M
YoY Change -48.32% 29.64%
Depreciation, Depletion And Amortization $15.12M $13.59M
YoY Change 35.91% 11.34%
Cash From Operating Activities $72.56M $46.69M
YoY Change 34.73% -16.55%
INVESTING ACTIVITIES
Capital Expenditures $34.40M $31.20M
YoY Change 139.83% -249.78%
Acquisitions
YoY Change
Other Investing Activities -$408.1M $6.175M
YoY Change -130.23%
Cash From Investing Activities -$442.5M -$25.03M
YoY Change 2985.25% -39.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 213.9M -4.767M
YoY Change -10296.14% -12.68%
NET CHANGE
Cash From Operating Activities 72.56M 46.69M
Cash From Investing Activities -442.5M -25.03M
Cash From Financing Activities 213.9M -4.767M
Net Change In Cash -156.0M 16.90M
YoY Change -517.09% 83.04%
FREE CASH FLOW
Cash From Operating Activities $72.56M $46.69M
Capital Expenditures $34.40M $31.20M
Free Cash Flow $38.16M $15.49M
YoY Change -3.42% -79.82%

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CY2023Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-37000
CY2022Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-69000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-81000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-137000
CY2023Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
61306000
CY2022Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
42784000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
121742000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
46281000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
763360000
CY2022Q3 us-gaap Profit Loss
ProfitLoss
50648000
CY2022Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1573000
CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
8193000
CY2022Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-7899000
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
815875000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1027765000
CY2023Q3 us-gaap Profit Loss
ProfitLoss
65671000
CY2023Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
10869000
CY2023Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1669000
CY2023Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4348000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1098288000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
735363000
us-gaap Profit Loss
ProfitLoss
60931000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1573000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
42331000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
9606000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-14717000
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
815875000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
966815000
us-gaap Profit Loss
ProfitLoss
126560000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
21911000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1899000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
14091000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4806000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1098288000
us-gaap Profit Loss
ProfitLoss
126560000
us-gaap Profit Loss
ProfitLoss
60931000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
29353000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
24125000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
107000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
49000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-18134000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-16431000
us-gaap Share Based Compensation
ShareBasedCompensation
21919000
us-gaap Share Based Compensation
ShareBasedCompensation
42340000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-43000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-250000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2700000
algm Inventory Write Down And Accounts Receivable Credit Loss Expense Reversal
InventoryWriteDownAndAccountsReceivableCreditLossExpenseReversal
9422000
algm Inventory Write Down And Accounts Receivable Credit Loss Expense Reversal
InventoryWriteDownAndAccountsReceivableCreditLossExpenseReversal
232000
algm Marketable Securities Changes In Fair Value
MarketableSecuritiesChangesInFairValue
-3579000
algm Marketable Securities Changes In Fair Value
MarketableSecuritiesChangesInFairValue
-3458000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7645000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5520000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
369000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-2546000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
31221000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
17328000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
16084000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
9470000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2695000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
8928000
algm Increase Decrease In Due To From Related Party
IncreaseDecreaseInDueToFromRelatedParty
6112000
algm Increase Decrease In Due To From Related Party
IncreaseDecreaseInDueToFromRelatedParty
-5681000
algm Increase Decrease In Accrued Liabilities And Other Current And Long Term Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherCurrentAndLongTermLiabilities
-29944000
algm Increase Decrease In Accrued Liabilities And Other Current And Long Term Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherCurrentAndLongTermLiabilities
-4965000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
96393000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
91804000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
76101000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35220000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
19728000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
16175000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-59926000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-54948000
algm Payments To Fund Loans To Related Party Financing Activities
PaymentsToFundLoansToRelatedPartyFinancingActivities
0
algm Payments To Fund Loans To Related Party Financing Activities
PaymentsToFundLoansToRelatedPartyFinancingActivities
7500000
algm Payments Of Loan To Affiliate
PaymentsOfLoanToAffiliate
4000000
algm Payments Of Loan To Affiliate
PaymentsOfLoanToAffiliate
0
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1875000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
937000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
14091000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
9606000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1899000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1573000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
1450000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-15767000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14596000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-974000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-8777000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
19726000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
13483000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
358705000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
289799000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
378431000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
303282000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reclassifications</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of September 29, 2023, two customers accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">26.2</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the Company’s outstanding trade accounts receivable, net. No other customers accounted for 10% or more of outstanding trade accounts receivable, net as of such dates. As of March 31, 2023, Sanken Electric Co., Ltd. (“Sanken”) and another customer accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">10.6</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">17.3</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively, of the Company’s outstanding trade accounts receivable, net, including related party trade accounts receivable.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the three- and six-month periods ended September 29, 2023, one customer accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">11.6</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">12.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of total net sales, respectively. For the three- and six-month period ended September 23, 2022, Sanken accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">18.9</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">19.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of total net sales, respectively. No other customers accounted for 10% or more of total net sales for either of the three- or six-month periods ended September 29, 2023 or September 23, 2022.</span></p>
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
479741000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
275509000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
237666000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
553802000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
455419000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
275509000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
237666000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
553802000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
455419000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
275509000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
237666000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
553802000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
455419000
CY2023Q3 algm Accounts Receivable Returns Credits Issued And Price Protection Adjustments Current
AccountsReceivableReturnsCreditsIssuedAndPriceProtectionAdjustmentsCurrent
37288000
CY2023Q1 algm Accounts Receivable Returns Credits Issued And Price Protection Adjustments Current
AccountsReceivableReturnsCreditsIssuedAndPriceProtectionAdjustmentsCurrent
30571000
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
312047000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
263099000
CY2023Q3 us-gaap Depreciation
Depreciation
13591000
us-gaap Depreciation
Depreciation
26348000
CY2022Q3 us-gaap Depreciation
Depreciation
10980000
us-gaap Depreciation
Depreciation
21830000
CY2023Q3 algm Accounts Receivable Before Allowance For Credit Loss And Due From Related Parties Current
AccountsReceivableBeforeAllowanceForCreditLossAndDueFromRelatedPartiesCurrent
154867000
CY2023Q1 algm Accounts Receivable Before Allowance For Credit Loss And Due From Related Parties Current
AccountsReceivableBeforeAllowanceForCreditLossAndDueFromRelatedPartiesCurrent
150914000
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
88000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
102000
CY2023Q3 algm Accounts Receivable Allowance For Returns And Sales Current
AccountsReceivableAllowanceForReturnsAndSalesCurrent
35257000
CY2023Q1 algm Accounts Receivable Allowance For Returns And Sales Current
AccountsReceivableAllowanceForReturnsAndSalesCurrent
26269000
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
118947000
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
111290000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
102000
CY2023Q1 algm Accounts Receivable Allowance For Returns And Sales Current
AccountsReceivableAllowanceForReturnsAndSalesCurrent
26269000
CY2023Q1 algm Accounts Receivable Allowance For Credit Loss Returns And Sales Current
AccountsReceivableAllowanceForCreditLossReturnsAndSalesCurrent
26371000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-14000
algm Accounts Receivable Returns And Sales Allowances Expense Reversal
AccountsReceivableReturnsAndSalesAllowancesExpenseReversal
90373000
algm Accounts Receivable Credit Loss And Returns And Sales Allowances Expense Reversal
AccountsReceivableCreditLossAndReturnsAndSalesAllowancesExpenseReversal
90359000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
algm Accounts Receivable Allowance For Returns And Sales Writeoff
AccountsReceivableAllowanceForReturnsAndSalesWriteoff
81385000
algm Accounts Receivable Allowance For Credit Loss And Returns And Sales Writeoff
AccountsReceivableAllowanceForCreditLossAndReturnsAndSalesWriteoff
81385000
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
88000
CY2023Q3 algm Accounts Receivable Allowance For Returns And Sales Current
AccountsReceivableAllowanceForReturnsAndSalesCurrent
35257000
CY2023Q3 algm Accounts Receivable Allowance For Credit Loss Returns And Sales Current
AccountsReceivableAllowanceForCreditLossReturnsAndSalesCurrent
35345000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
105000
CY2022Q1 algm Accounts Receivable Allowance For Returns And Sales Current
AccountsReceivableAllowanceForReturnsAndSalesCurrent
14819000
CY2022Q1 algm Accounts Receivable Allowance For Credit Loss Returns And Sales Current
AccountsReceivableAllowanceForCreditLossReturnsAndSalesCurrent
14924000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
84000
algm Accounts Receivable Returns And Sales Allowances Expense Reversal
AccountsReceivableReturnsAndSalesAllowancesExpenseReversal
52630000
algm Accounts Receivable Credit Loss And Returns And Sales Allowances Expense Reversal
AccountsReceivableCreditLossAndReturnsAndSalesAllowancesExpenseReversal
52714000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
algm Accounts Receivable Allowance For Returns And Sales Writeoff
AccountsReceivableAllowanceForReturnsAndSalesWriteoff
47884000
algm Accounts Receivable Allowance For Credit Loss And Returns And Sales Writeoff
AccountsReceivableAllowanceForCreditLossAndReturnsAndSalesWriteoff
47884000
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
189000
CY2022Q3 algm Accounts Receivable Allowance For Returns And Sales Current
AccountsReceivableAllowanceForReturnsAndSalesCurrent
19565000
CY2022Q3 algm Accounts Receivable Allowance For Credit Loss Returns And Sales Current
AccountsReceivableAllowanceForCreditLossReturnsAndSalesCurrent
19754000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2841285
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1694481
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195100855
CY2023Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
12276000
CY2023Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
15049000
CY2023Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
114766000
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
98836000
CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
46047000
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
37416000
CY2023Q3 us-gaap Inventory Net
InventoryNet
173089000
CY2023Q1 us-gaap Inventory Net
InventoryNet
151301000
CY2023Q3 us-gaap Inventory Write Down
InventoryWriteDown
4360000
us-gaap Inventory Write Down
InventoryWriteDown
9436000
CY2022Q3 us-gaap Inventory Write Down
InventoryWriteDown
2947000
us-gaap Inventory Write Down
InventoryWriteDown
5062000
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
800604000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
742840000
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
488557000
CY2023Q1 us-gaap Goodwill
Goodwill
27691000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
280000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-264000
CY2023Q3 us-gaap Goodwill
Goodwill
27707000
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
79202000
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
27525000
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
51677000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
76985000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
24607000
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
52378000
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1510000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3005000
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1194000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2230000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65671000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
65671000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
50648000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
50648000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
126560000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
126560000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
60931000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
60931000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
192431094
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
191284631
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
192214210
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
190959616
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2669761
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1354945
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
192639576
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195055495
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
192654097
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.34
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.26
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.66
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.32
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.34
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.26
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.65
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.32
CY2023Q3 algm Weighted Average Number Issuable Shares Outstanding Adjustment
WeightedAverageNumberIssuableSharesOutstandingAdjustment
2669761
CY2022Q3 algm Weighted Average Number Issuable Shares Outstanding Adjustment
WeightedAverageNumberIssuableSharesOutstandingAdjustment
1354945
algm Weighted Average Number Issuable Shares Outstanding Adjustment
WeightedAverageNumberIssuableSharesOutstandingAdjustment
2841285
algm Weighted Average Number Issuable Shares Outstanding Adjustment
WeightedAverageNumberIssuableSharesOutstandingAdjustment
1694481
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10877000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8204000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21919000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42340000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7400000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8438000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14615000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10403000
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.101
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.143
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.104
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.146
us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
2004000
us-gaap Interest Income Other
InterestIncomeOther
129000
ecd Trd Arr Ind Name
TrdArrIndName
Mr. Michael Doogue
ecd Trd Arr Ind Title
TrdArrIndTitle
Senior Vice President and Chief Technology Officer
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true
ecd Trd Arr Termination Date
TrdArrTerminationDate
December 31, 2024
ecd Trd Arr Duration
TrdArrDuration
P382D
CY2023Q3 ecd Trd Arr Securities Agg Avail Amt
TrdArrSecuritiesAggAvailAmt
57500

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