| * | Non-GAAP Operating Income and the corresponding calculation of non-GAAP Operating Margin do 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. |
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Three-Month Period Ended
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Fiscal Year Ended
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March 26,
2021 |
December 25,
2020 |
March 27,
2020 |
March 26,
2021 |
March 27,
2020 | ||||||||||||||||
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(Dollars in thousands)
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| Reconciliation of EBITDA and Adjusted EBITDA | ||||||||||||||||||||
| GAAP Net Income (Loss) | $ | 8,689 | $ | (5,060 | ) | $ | 13,329 | $ | 18,101 | $ | 37,105 | |||||||||
| Interest expense, net | 668 | 2,598 | 50 | 2,603 | 110 | |||||||||||||||
| Income tax provision (benefit) | 8,361 | (30,523 | ) | 4,463 | (19,552 | ) | 16,173 | |||||||||||||
| Depreciation & amortization | 12,082 | 12,199 | 16,440 | 48,307 | 64,048 | |||||||||||||||
| EBITDA | $ | 29,800 | $ | (20,786 | ) | $ | 34,282 | $ | 49,459 | $ | 117,436 | |||||||||
| Non-core loss (gain) on sale of equipment | 156 | (7 | ) | 193 | 442 | 1,284 | ||||||||||||||
| Miscellaneous legal judgement charge | — | 574 | — | 574 | — | |||||||||||||||
| Loss on debt extinguishment | — | 9,055 | — | 9,055 | — | |||||||||||||||
| Foreign currency translation loss (gain) | 1,558 | 145 | 1,409 | 2,889 | (1,391 | ) | ||||||||||||||
| Income in earnings of equity method investment | (6 | ) | (949 | ) | — | (1,413 | ) | — | ||||||||||||
| Stock-based compensation | 2,969 | 45,876 | 384 | 49,870 | 1,435 | |||||||||||||||
| AMTC facility consolidation one-time costs | 2,113 | 2,228 | 106 | 7,812 | 106 | |||||||||||||||
| COVID-19 related costs | 322 | 435 | 581 | 5,228 | 581 | |||||||||||||||
| Impairment of long-lived assets | 7,119 | — | — | 7,119 | — | |||||||||||||||
| Change in fair value of contingent consideration | (2,500 | ) | — | — | (2,500 | ) | — | |||||||||||||
| Transaction fees | 3,727 | 1,729 | 2,553 | 7,444 | 6,335 | |||||||||||||||
| Severance | — | (181 | ) | 3,263 | 156 | 6,415 | ||||||||||||||
| PSL and Sanken distribution agreement | 930 | 1,500 | — | 8,628 | — | |||||||||||||||
| Adjusted EBITDA | $ | 46,188 | $ | 39,619 | $ | 42,771 | $ | 144,763 | $ | 132,201 | ||||||||||
| % of sales | 26.4 | % | 24.1 | % | 24.5 | % | 24.5 | % | 20.3 | % | ||||||||||
