| * | Non-GAAP Provision for Income Taxes does not include tax adjustments for the following components of our net income: additional AMTC related costs, labor savings costs, and out of period adjustment for depreciation expense of GMR assets. The related tax effect of those adjustments to GAAP results were $—, $297 and $652 for the three months ended March 26, 2021, December 25, 2020, and March 27, 2020, respectively, and $1,851 and $3,897 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 Net Income | ||||||||||||||||||||
| GAAP Net Income (Loss) | $ | 8,689 | $ | (5,060 | ) | $ | 13,329 | $ | 18,101 | $ | 37,105 | |||||||||
| 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 | 1,558 | 145 | 2,800 | 2,889 | — | |||||||||||||||
| Income in earnings of equity investment | (6 | ) | (949 | ) | (1,391 | ) | (1,413 | ) | (1,391 | ) | ||||||||||
| PSL and Sanken distribution agreement | 930 | 1,500 | — | 8,628 | — | |||||||||||||||
| Stock-based compensation | 2,969 | 45,876 | 384 | 49,870 | 1,435 | |||||||||||||||
| Interest on repaid portion of Term Loan Facility | — | 2,163 | — | 2,163 | — | |||||||||||||||
| AMTC facility consolidation one-time costs | 2,113 | 2,228 | 106 | 7,812 | 106 | |||||||||||||||
| Amortization of acquisition-related intangible assets | 310 | 344 | — | 768 | — | |||||||||||||||
| COVID-19 related expenses | 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 | ||||||||||||||
| Tax effect of adjustments to GAAP results | 3,053 | (34,872 | ) | (1,896 | ) | (34,486 | ) | 2,601 | ||||||||||||
| Non-GAAP Net Income | $ | 28,440 | $ | 22,980 | $ | 19,922 | $ | 81,850 | $ | 54,471 | ||||||||||
| Basic weighted average common shares | 189,429,893 | 124,363,078 | 10,000,000 | 83,448,055 | 10,000,000 | |||||||||||||||
| Diluted weighted average common shares | 190,860,556 | 181,916,360 | 10,000,000 | 176,416,645 | 10,000,000 | |||||||||||||||
| Non-GAAP Basic Earnings per Share | $ | 0.15 | $ | 0.18 | $ | 1.99 | $ | 0.98 | $ | 5.45 | ||||||||||
| Non-GAAP Diluted Earnings per Share | $ | 0.15 | $ | 0.13 | $ | 1.99 | $ | 0.46 | $ | 5.45 | ||||||||||
