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ALLEGRO MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) | ||||||||
| Three-Month Period Ended | ||||||||
| June 28, 2024 | June 30, 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | (17,613 | ) | $ | 60,889 | |||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 16,458 | 14,273 | ||||||
| Amortization of deferred financing costs | 781 | 34 | ||||||
| Deferred income taxes | (4,999 | ) | (8,362 | ) | ||||
| Stock-based compensation | 10,118 | 11,042 | ||||||
| Loss on disposal of assets | 14 | — | ||||||
| Provisions for inventory and expected credit losses | 2,377 | 5,183 | ||||||
| Change in fair value of marketable securities | — | 3,651 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Trade accounts receivable | 55,134 | (10,321 | ) | |||||
| Inventories | (15,986 | ) | (27,947 | ) | ||||
| Prepaid expenses and other assets | (1,715 | ) | (10,200 | ) | ||||
| Trade accounts payable | 200 | 18,431 | ||||||
| Due to and from related parties | 3,437 | 10,102 | ||||||
| Accrued expenses and other current and long-term liabilities | (14,010 | ) | (17,112 | ) | ||||
| Net cash provided by operating activities | 34,196 | 49,663 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (10,977 | ) | (44,910 | ) | ||||
| Sales of marketable securities | — | 9,971 | ||||||
| Net cash used in investing activities | (10,977 | ) | (34,939 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Payment of borrowings under 2023 term loan facility | (50,000 | ) | — | |||||
| Finance lease payments | (145 | ) | — | |||||
| Receipts on related party notes receivable | 938 | 938 | ||||||
| Payments for taxes related to net share settlement of equity awards | (11,171 | ) | (12,422 | ) | ||||
| Proceeds from issuance of common stock under employee stock purchase plan awards | — | 1,899 | ||||||
| Payment of debt issuance costs | — | (1,450 | ) | |||||
| Net cash used in financing activities | (60,378 | ) | (11,035 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (825 | ) | (73 | ) | ||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | (37,984 | ) | 3,616 | |||||
| Cash and cash equivalents and restricted cash at beginning of period | 222,161 | 358,705 | ||||||
| Cash and cash equivalents and restricted cash at end of period: | $ | 184,177 | $ | 362,321 | ||||
Non-GAAP Financial Measures
