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Allegro MicroSystems(ALGM) - 2024 Q4 - Annual Results
ALGMAllegro MicroSystems(ALGM)2024-05-09 11:06

Financial Performance - Full Year 2024 sales increased by 8% to a record 1.05billion[2]−Non−GAAPdilutedearningspershareforthefullyearreachedarecord1.05 billion[2] - Non-GAAP diluted earnings per share for the full year reached a record 1.35[3] - Q4 2024 net sales were 240.581million,withautomotivesalescontributing240.581 million, with automotive sales contributing 181.939 million[5] - Full year 2024 gross margin was 54.8% on a GAAP basis and 56.3% on a non-GAAP basis[5] - Q1 2025 net sales are expected to be between 160millionand160 million and 170 million[6] - Q1 2025 non-GAAP diluted earnings per share are projected to be in the range of 0.01to0.01 to 0.03[6] - Net sales for the three-month period ending March 29, 2024, were 240.581million,adecreaseof11240.581 million, a decrease of 11% compared to 269.445 million in the same period last year[13][15] - Gross profit for the three-month period ending March 29, 2024, was 123.248million,downfrom123.248 million, down from 153.089 million in the same period last year[13] - Operating income for the three-month period ending March 29, 2024, was 15.897million,asignificantdecreasefrom15.897 million, a significant decrease from 63.104 million in the same period last year[13] - Net loss for the three-month period ending March 29, 2024, was 7.115million,comparedtoanetincomeof7.115 million, compared to a net income of 61.977 million in the same period last year[13] - Total net sales for the twelve-month period ending March 29, 2024, were 1.049367billion,an81.049367 billion, an 8% increase compared to 973.653 million in the same period last year[13][15] - Non-GAAP Gross Profit for the three months ended March 31, 2024, was 129.508million,withaNon−GAAPGrossMarginof53.8129.508 million, with a Non-GAAP Gross Margin of 53.8%[23] - Non-GAAP Gross Profit for the twelve months ended March 31, 2024, was 590.426 million, with a Non-GAAP Gross Margin of 56.3%[23] - Non-GAAP Operating Income for the twelve-month period ended March 29, 2024, was 298,598thousand,upfrom298,598 thousand, up from 278,176 thousand in the previous year[25] - Non-GAAP Operating Margin for the twelve-month period ended March 29, 2024, was 28.5%, slightly down from 28.6% in the previous year[26] - Adjusted EBITDA for the three-month period ended March 29, 2024, was 73,878thousand,comparedto73,878 thousand, compared to 87,242 thousand for the same period in 2023[27] - Adjusted EBITDA Margin for the twelve-month period ended March 29, 2024, was 34.7%, up from 33.7% in the previous year[27] - Non-GAAP Profit before Tax for the twelve-month period ended March 29, 2024, was 296,599thousand,comparedto296,599 thousand, compared to 278,455 thousand in the previous year[28] - GAAP Operating Income for the three-month period ended March 29, 2024, was 15,897thousand,downfrom15,897 thousand, down from 36,686 thousand in the same period in 2023[25] - GAAP Net Loss for Q1 2024 was 7.115million,comparedtoanetincomeof7.115 million, compared to a net income of 33.345 million in Q4 2023 and 61.977millioninQ12023[30]−Non−GAAPNetIncomeforQ12024was61.977 million in Q1 2023[30] - Non-GAAP Net Income for Q1 2024 was 47.914 million, compared to 61.549millioninQ42023and61.549 million in Q4 2023 and 71.567 million in Q1 2023[30] - Non-GAAP Diluted Earnings per Share for Q1 2024 was 0.25,comparedto0.25, compared to 0.32 in Q4 2023 and 0.37inQ12023[30]AutomotiveSales−Automotivesalesgrewby170.37 in Q1 2023[30] Automotive Sales - Automotive sales grew by 17% year-over-year, driven by a 38% increase in e-Mobility[2] - Automotive market sales increased by 2% to 181.939 million for the three-month period ending March 29, 2024, compared to 178.802millioninthesameperiodlastyear[15]IndustrialSales−Industrialmarketsalesdecreasedby29178.802 million in the same period last year[15] Industrial Sales - Industrial market sales decreased by 29% to 43.789 million for the three-month period ending March 29, 2024, compared to 61.807millioninthesameperiodlastyear[15]CashFlowandDebt−Thecompanymadea61.807 million in the same period last year[15] Cash Flow and Debt - The company made a 50 million voluntary payment on its term loan, reducing annualized interest expense by approximately 4million[6]−NetcashprovidedbyoperatingactivitiesforthethreemonthsendedMarch31,2024,was4 million[6] - Net cash provided by operating activities for the three months ended March 31, 2024, was 12.764 million, compared to 47.548millionforthesameperiodin2023[19]−NetcashusedininvestingactivitiesforthethreemonthsendedMarch31,2024,was47.548 million for the same period in 2023[19] - Net cash used in investing activities for the three months ended March 31, 2024, was 14.272 million, compared to 30.405millionforthesameperiodin2023[19]−NetcashprovidedbyfinancingactivitiesforthethreemonthsendedMarch31,2024,was30.405 million for the same period in 2023[19] - Net cash provided by financing activities for the three months ended March 31, 2024, was 730,000, compared to a net cash used of 3.304millionforthesameperiodin2023[19]−Thecompany′scashandcashequivalentsandrestrictedcashattheendoftheperiodwere3.304 million for the same period in 2023[19] - The company's cash and cash equivalents and restricted cash at the end of the period were 222.161 million, compared to 358.705millionattheendofthesameperiodin2023[19]−Thecompany′snet(decrease)increaseincashandcashequivalentsandrestrictedcashforthethreemonthsendedMarch31,2024,wasadecreaseof358.705 million at the end of the same period in 2023[19] - The company's net (decrease) increase in cash and cash equivalents and restricted cash for the three months ended March 31, 2024, was a decrease of 1.574 million, compared to an increase of 14.577millionforthesameperiodin2023[19]−Thecompany′snet(decrease)increaseincashandcashequivalentsandrestrictedcashforthetwelvemonthsendedMarch31,2024,wasadecreaseof14.577 million for the same period in 2023[19] - The company's net (decrease) increase in cash and cash equivalents and restricted cash for the twelve months ended March 31, 2024, was a decrease of 136.544 million, compared to an increase of 68.906millionforthesameperiodin2023[19]−Non−GAAPFreeCashFlowforQ12024was68.906 million for the same period in 2023[19] - Non-GAAP Free Cash Flow for Q1 2024 was 17.336 million, representing 6.4% of net sales, compared to 56.943million(5.456.943 million (5.4% of net sales) for the twelve-month period ending March 29, 2024[31] - Purchases of property, plant and equipment for Q1 2024 were 30.212 million, contributing to the Non-GAAP Free Cash Flow calculation[31] Research and Development - Research and development expenses for the three-month period ending March 29, 2024, were 45.839million,anincreasefrom45.839 million, an increase from 41.833 million in the same period last year[13] - Research and Development Expenses (Non-GAAP) for the twelve-month period ended March 29, 2024, were 159,934thousand,upfrom159,934 thousand, up from 140,878 thousand in the previous year[24] Non-GAAP Adjustments - Total Non-GAAP Adjustments for the three months ended March 31, 2024, were 6.260million,including6.260 million, including 4.959 million for purchased intangible amortization and 734,000forstock−basedcompensation[23]−TotalNon−GAAPAdjustmentsforthetwelvemonthsendedMarch31,2024,were734,000 for stock-based compensation[23] - Total Non-GAAP Adjustments for the twelve months ended March 31, 2024, were 15.897 million, including 9.282millionforpurchasedintangibleamortizationand9.282 million for purchased intangible amortization and 5.359 million for stock-based compensation[23] - Total Non-GAAP Adjustments for the twelve-month period ended March 29, 2024, were 101,802thousand,comparedto101,802 thousand, compared to 67,109 thousand in the previous year[28] - Total Non-GAAP Adjustments for Q1 2024 were 35.766million,including35.766 million, including 13.218 million for impairment of long-lived assets and 9.618millionforstock−basedcompensation[30]TaxRates−GAAPeffectivetaxrateforQ12024was141.09.618 million for stock-based compensation[30] Tax Rates - GAAP effective tax rate for Q1 2024 was 141.0%, significantly higher than 8.2% in Q4 2023 and 8.7% in Q1 2023[29] - Non-GAAP effective tax rate for Q1 2024 was 9.5%, compared to 9.8% in Q4 2023 and 11.6% in Q1 2023[29] Assets and Liabilities - Total assets as of March 29, 2024, were 1.530603 billion, an increase from 1.181155billionasofMarch31,2023[17]−Long−termdebtasofMarch29,2024,was1.181155 billion as of March 31, 2023[17] - Long-term debt as of March 29, 2024, was 249.611 million, up from 25millionasofMarch31,2023[17]OperationalExpenses−Non−GAAPOperatingExpensesforthethree−monthperiodendedMarch29,2024,were25 million as of March 31, 2023[17] Operational Expenses - Non-GAAP Operating Expenses for the three-month period ended March 29, 2024, were 72,175 thousand, compared to 69,928thousandforthesameperiodin2023[24]−Selling,GeneralandAdministrativeExpenses(Non−GAAP)forthetwelve−monthperiodendedMarch29,2024,were69,928 thousand for the same period in 2023[24] - Selling, General and Administrative Expenses (Non-GAAP) for the twelve-month period ended March 29, 2024, were 131,894 thousand, down from 133,982thousandinthepreviousyear[24]TransactionCosts−Transaction−relatedcostsforQ12024were133,982 thousand in the previous year[24] Transaction Costs - Transaction-related costs for Q1 2024 were 7.144 million, compared to 10.409millioninQ42023and10.409 million in Q4 2023 and 544,000 in Q1 2023[30] Share Information - Basic weighted average common shares outstanding for Q1 2024 were 193,139,519, slightly higher than 192,724,541 in Q4 2023[30] Product and Technology - Record design wins exceeded $1 billion in fiscal year 2024[3] - The company introduced high voltage isolated gate drivers and added TMR technology to its portfolio during fiscal year 2024[3]