ALLEGRO MICROSYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
| Six-Month Period Ended | |||||||
|
September 24,
2021 |
September 25,
2020 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income | $ | 60,930 | $ | 14,472 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 24,511 | 24,026 | |||||
| Amortization of deferred financing costs | 25 | — | |||||
| Deferred income taxes | (2,246 | ) | 1,307 | ||||
| Stock-based compensation | 11,027 | 1,025 | |||||
| (Gain) loss on disposal of assets | (330 | ) | 293 | ||||
| Loss on contingent consideration change in fair value | 600 | — | |||||
| Provisions for inventory and bad debt | 2,869 | 209 | |||||
| Changes in operating assets and liabilities: | |||||||
| Trade accounts receivable | (2,299 | ) | 6,196 | ||||
| Accounts receivable - other | 181 | (1,292 | ) | ||||
| Inventories | 4,415 | (8,772 | ) | ||||
| Prepaid expenses and other assets | (6,761 | ) | (16,725 | ) | |||
| Trade accounts payable | (6,188 | ) | 2,793 | ||||
| Due to/from related parties | 1,312 | 10,731 | |||||
| Accrued expenses and other current and long-term liabilities | (17,192 | ) | (5,623 | ) | |||
| Net cash provided by operating activities | 69,876 | 28,640 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property, plant and equipment | (33,821 | ) | (18,091 | ) | |||
| Acquisition of business, net of cash acquired | (12,549 | ) | (8,500 | ) | |||
| Proceeds from sales of property, plant and equipment | 27,407 | 282 | |||||
| Investments | (4,334 | ) | — | ||||
| Contribution of cash balances due to divestiture of subsidiary | — | (16,335 | ) | ||||
| Net cash used in investing activities | (23,297 | ) | (42,644 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from issuance of common stock under employee stock purchase plan | 1,291 | — | |||||
| Net cash provided by financing activities | 1,291 | — | |||||
| Effect of exchange rate changes on Cash and cash equivalents and Restricted cash | 3,939 | 2,480 | |||||
| Net increase in Cash and cash equivalents and Restricted cash | 51,809 | (11,524 | ) | ||||
| Cash and cash equivalents and Restricted cash at beginning of period | 203,875 | 219,876 | |||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD: | $ | 255,684 | $ | 208,352 | |||
| RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: | |||||||
| Cash and cash equivalents at beginning of period | $ | 197,214 | $ | 214,491 | |||
| Restricted cash at beginning of period | 6,661 | 5,385 | |||||
| Cash and cash equivalents and Restricted cash at beginning of period | $ | 203,875 | $ | 219,876 | |||
| Cash and cash equivalents at end of period | 248,579 | 201,998 | |||||
| Restricted cash at end of period | 7,105 | 6,354 | |||||
| Cash and cash equivalents and Restricted cash at end of period | $ | 255,684 | $ | 208,352 | |||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||
| Cash paid for interest | $ | 269 | $ | 107 | |||
| Cash paid for income taxes | $ | 7,993 | $ | 6,385 | |||
| Noncash transactions: | |||||||
| Changes in Trade accounts payable related to Property, plant and equipment, net | $ | (3,183 | ) | $ | (4,000 | ) | |
| Loans to cover purchase of common stock under employee stock plan | — | 171 | |||||
| Recognition of right of use assets and lease liability upon adoption of new accounting standard | 356 | — | |||||
Non-GAAP Financial Measures
