Cover Page
Cover Page - shares | 3 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39675 | |
Entity Registrant Name | ALLEGRO MICROSYSTEMS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-2405937 | |
Entity Address, Address Line One | 955 Perimeter Road | |
Entity Address, City or Town | Manchester, | |
Entity Address, State or Province | NH | |
Entity Address, Postal Zip Code | 03103 | |
City Area Code | 603 | |
Local Phone Number | 626-2300 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | ALGM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 192,376,420 | |
Entity Central Index Key | 0000866291 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --03-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 353,408 | $ 351,576 |
Restricted cash | 8,913 | 7,129 |
Trade accounts receivable, net | 121,506 | 111,290 |
Inventories | 174,170 | 151,301 |
Prepaid expenses and other current assets | 38,382 | 27,289 |
Total current assets | 700,304 | 665,829 |
Property, plant and equipment, net | 285,200 | 263,099 |
Operating lease right-of-use assets | 20,693 | 16,866 |
Deferred income tax assets | 58,684 | 50,359 |
Goodwill | 28,048 | 27,691 |
Intangible assets, net | 51,969 | 52,378 |
Equity investment in related party | 26,980 | 27,265 |
Other assets | 54,712 | 69,230 |
Total assets | 1,234,090 | 1,181,155 |
Current liabilities: | ||
Trade accounts payable | 65,382 | 56,256 |
Accrued expenses and other current liabilities | 76,691 | 94,894 |
Current portion of operating lease liabilities | 5,007 | 4,493 |
Total current liabilities | 153,545 | 165,325 |
Obligations due under Senior Secured Credit Facilities | 25,000 | 25,000 |
Operating lease liabilities, less current portion | 16,383 | 13,048 |
Other long-term liabilities | 11,397 | 10,967 |
Total liabilities | 206,325 | 214,340 |
Commitments and contingencies (Note 10) | ||
Stockholders' Equity: | ||
Preferred Stock, $0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 192,371,784 shares issued and outstanding at June 30, 2023; 1,000,000,000 shares authorized, 191,754,292 issued and outstanding at March 31, 2023 | 1,924 | 1,918 |
Additional paid-in capital | 674,692 | 674,179 |
Retained earnings | 371,165 | 310,315 |
Accumulated other comprehensive loss | (21,198) | (20,784) |
Equity attributable to Allegro MicroSystems, Inc. | 1,026,583 | 965,628 |
Non-controlling interests | 1,182 | 1,187 |
Total stockholders’ equity | 1,027,765 | 966,815 |
Total liabilities, non-controlling interests and stockholders’ equity | 1,234,090 | 1,181,155 |
Related Party | ||
Current assets: | ||
Trade and other accounts receivable due from related party | 175 | 13,494 |
Current portion of related party note receivable | 3,750 | 3,750 |
Related party note receivable, less current portion | 7,500 | 8,438 |
Current liabilities: | ||
Amounts due to related party | $ 6,465 | $ 9,682 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 192,371,784 | 191,754,292 |
Common stock, shares outstanding (in shares) | 192,371,784 | 191,754,292 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Net sales | $ 278,293 | $ 217,753 |
Cost of goods sold | 120,343 | 79,067 |
Cost of goods sold to related party | 0 | 20,312 |
Gross profit | 157,950 | 118,374 |
Operating expenses: | ||
Research and development | 42,975 | 33,857 |
Selling, general and administrative | 44,229 | 69,780 |
Total operating expenses | 87,204 | 103,637 |
Operating income | 70,746 | 14,737 |
Other (expense) income: | ||
Interest expense | (769) | (278) |
Interest income | 843 | 158 |
Other expense, net | (2,716) | (2,369) |
Income before income taxes | 68,104 | 12,248 |
Income tax provision | 7,215 | 1,965 |
Net income | 60,889 | 10,283 |
Net income attributable to non-controlling interests | 39 | 36 |
Net income attributable to Allegro MicroSystems, Inc. | $ 60,850 | $ 10,247 |
Net income per common share attributable to Allegro MicroSystems, Inc.: | ||
Basic (in dollars per share) | $ 0.32 | $ 0.05 |
Diluted (in dollars per share) | $ 0.31 | $ 0.05 |
Weighted average shares outstanding: | ||
Basic (in shares) | 191,997,330 | 190,638,135 |
Diluted (in shares) | 194,991,906 | 192,406,276 |
Net sales | ||
Net sales | $ 278,293 | $ 176,044 |
Net sales to related party | ||
Net sales | $ 0 | $ 41,709 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 60,889 | $ 10,283 |
Net income attributable to non-controlling interests | 39 | 36 |
Net income attributable to Allegro MicroSystems, Inc. | 60,850 | 10,247 |
Other comprehensive loss: | ||
Foreign currency translation adjustment, net of tax | (458) | (6,818) |
Comprehensive income | 60,392 | 3,429 |
Other comprehensive gain attributable to non-controlling interests | 44 | 68 |
Comprehensive income attributable to Allegro MicroSystems, Inc. | $ 60,436 | $ 3,497 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Non-Controlling Interests |
Preferred stock, beginning balance (in shares) at Mar. 25, 2022 | 0 | ||||||
Beginning balance at Mar. 25, 2022 | $ 735,363 | $ 0 | $ 1,905 | $ 627,792 | $ 122,958 | $ (18,448) | $ 1,156 |
Beginning balance (in shares) at Mar. 25, 2022 | 190,473,595 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 10,283 | 10,247 | 36 | ||||
Stock-based compensation, net of forfeitures (in shares) | 706,584 | ||||||
Stock-based compensation, net of forfeitures | 34,138 | $ 7 | 34,131 | ||||
Payments of taxes withheld on net settlement of equity awards | (9,606) | (9,606) | |||||
Foreign currency translation adjustment, net of tax | (6,818) | (6,750) | (68) | ||||
Preferred stock, ending balance (in shares) at Jun. 24, 2022 | 0 | ||||||
Ending balance at Jun. 24, 2022 | $ 763,360 | $ 0 | $ 1,912 | 652,317 | 133,205 | (25,198) | 1,124 |
Ending balance (in shares) at Jun. 24, 2022 | 191,180,179 | ||||||
Preferred stock, beginning balance (in shares) at Mar. 31, 2023 | 0 | 0 | |||||
Beginning balance at Mar. 31, 2023 | $ 966,815 | $ 0 | $ 1,918 | 674,179 | 310,315 | (20,784) | 1,187 |
Beginning balance (in shares) at Mar. 31, 2023 | 191,754,292 | 191,754,292 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 60,889 | 60,850 | 39 | ||||
Stock-based compensation, net of forfeitures (in shares) | 541,288 | ||||||
Stock-based compensation, net of forfeitures | 11,042 | $ 5 | 11,037 | ||||
Employee stock purchase plan issuances (in shares) | 76,204 | ||||||
Employee stock purchase plan issuances | 1,899 | $ 1 | 1,898 | ||||
Payments of taxes withheld on net settlement of equity awards | (12,422) | (12,422) | |||||
Foreign currency translation adjustment, net of tax | $ (458) | (414) | (44) | ||||
Preferred stock, ending balance (in shares) at Jun. 30, 2023 | 0 | 0 | |||||
Ending balance at Jun. 30, 2023 | $ 1,027,765 | $ 0 | $ 1,924 | $ 674,692 | $ 371,165 | $ (21,198) | $ 1,182 |
Ending balance (in shares) at Jun. 30, 2023 | 192,371,784 | 192,371,784 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 60,889 | $ 10,283 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,273 | 11,918 |
Amortization of deferred financing costs | 34 | 24 |
Deferred income taxes | (8,362) | (7,784) |
Stock-based compensation | 11,042 | 34,136 |
Gain on disposal of assets | 0 | (3) |
Change in fair value of contingent consideration | 0 | (200) |
Provisions for inventory and expected credit losses | 5,183 | 2,640 |
Change in fair value of marketable securities | 3,651 | 3,486 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (10,321) | (4,718) |
Accounts receivable - other | (1,421) | 2,714 |
Inventories | (27,947) | (4,888) |
Prepaid expenses and other assets | (8,779) | (13,102) |
Trade accounts payable | 18,431 | 4,075 |
Due to/from related parties | 10,102 | (3,267) |
Accrued expenses and other current and long-term liabilities | (17,112) | 1,239 |
Net cash provided by operating activities | 49,663 | 36,553 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (44,910) | (14,389) |
Proceeds from sales of marketable securities | 9,971 | 0 |
Net cash used in investing activities | (34,939) | (14,389) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Receipts on related party notes receivable | 938 | 469 |
Payments for taxes related to net share settlement of equity awards | (12,422) | (9,606) |
Proceeds from issuance of common stock under employee stock purchase plan | 1,899 | 0 |
Payments for debt issuance costs | (1,450) | 0 |
Net cash used in financing activities | (11,035) | (9,137) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (73) | (6,554) |
Net increase in cash and cash equivalents and restricted cash | 3,616 | 6,473 |
Cash and cash equivalents and restricted cash at beginning of period | 358,705 | 289,799 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD: | $ 362,321 | $ 296,272 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 3 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | Nature of the Business and Basis of Presentation Allegro MicroSystems, Inc., together with its consolidated subsidiaries (the “Company”), is a leading global designer, developer, fabless manufacturer and marketer of sensing and power solutions for motion control and energy-efficient systems in the automotive and industrial markets. The Company is headquartered in Manchester, New Hampshire and has a global footprint across multiple continents. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the Company’s accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023. In the opinion of the Company’s management, the financial statements for the interim periods presented reflect all adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. Financial Periods The Company’s first quarter three-month period is a 13-week period. The Company’s first quarter of fiscal 2024 ended June 30, 2023, and the Company’s first quarter of fiscal 2023 ended June 24, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingencies at the date of the unaudited condensed consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Such estimates relate to useful lives of fixed and intangible assets, provisions for expected credit losses and customer returns and sales allowances. Such estimates also relate to accrued liabilities, the valuation of stock-based awards, deferred tax valuation allowances, the net realizable value of inventory, and other reserves. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated financial statements. Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. Concentrations of Credit Risk As of June 30, 2023, one customer accounted for 14.8% of the Company’s outstanding trade accounts receivable, net. As of March 31, 2023, Sanken Electric Co., Ltd. (“Sanken”) and another customer accounted for 10.6% and 17.3%, respectively, of the Company’s outstanding trade accounts receivable, net, including related party trade accounts receivable. No other customers accounted for 10% or more of outstanding trade accounts receivable, net as of such dates. For the three months ended June 30, 2023, one customer accounted for 12.2% of total net sales. For the three months ended June 24, 2022, Sanken accounted for 19.2% of total net sales. No other customers accounted for 10% or more of total net sales for either of the three months ended June 30, 2023 or June 24, 2022. Recent Accounting Pronouncements In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided temporary relief when transitioning from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) or another applicable rate during the original transition period ending on December 31, 2022. In March 2021, the UK Financial Conduct Authority announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of U.S. dollar LIBOR would be June 30, 2023, which is beyond the |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following tables summarize net sales disaggregated by application, by product and by geography for the three months ended June 30, 2023 and June 24, 2022. The categorization of net sales by application is determined using various characteristics of the product and the application into which the Company’s product will be incorporated. The categorization of net sales by geography is determined based on the location to which the products are shipped. Net sales by application: Three-Month Period Ended June 30, June 24, Automotive $ 189,698 $ 149,649 Industrial 68,184 40,140 Other 20,411 27,964 Total net sales $ 278,293 $ 217,753 Net sales by product: Three-Month Period Ended June 30, June 24, Power integrated circuits $ 103,988 $ 80,660 Magnetic sensors 174,305 137,093 Total net sales $ 278,293 $ 217,753 Net sales by geography: Three-Month Period Ended June 30, June 24, Americas: United States $ 48,824 $ 28,391 Other Americas 8,508 6,487 EMEA: Europe 55,388 35,333 Asia: Japan 41,580 41,709 Greater China 62,216 55,116 South Korea 29,513 20,979 Other Asia 32,264 29,738 Total net sales $ 278,293 $ 217,753 The Company recognizes sales net of returns and sales allowances, which are comprised of credits issued, price protection adjustments and stock rotation rights. At June 30, 2023 and March 31, 2023, the liability associated with returns and sales allowances, inclusive of related party adjustments, was $37,300 and $30,571, respectively, and were netted against trade accounts receivable in the unaudited condensed consolidated balance sheets. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities as of June 30, 2023 and March 31, 2023, measured at fair value on a recurring basis: Fair Value Measurement at June 30, 2023: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market fund deposits $ 103,661 $ — $ — $ 103,661 Restricted cash: Money market fund deposits 8,913 — — 8,913 Other current assets: Investments in marketable securities 5,222 — — 5,222 Total assets $ 117,796 $ — $ — $ 117,796 Fair Value Measurement at March 31, 2023: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market fund deposits $ 102,019 $ — $ — $ 102,019 Restricted cash: Money market fund deposits 7,129 — — 7,129 Other assets: Investments in marketable securities 19,929 — — 19,929 Total assets $ 129,077 $ — $ — $ 129,077 As of July 2023, the Company has sold all investments in marketable securities. Assets and liabilities measured at fair value on a recurring basis also consist of marketable securities, unit investment trust funds, loans, bonds, stock and other investments which constitute to the Company’s defined benefit plan assets. During the three months ended June 30, 2023 and June 24, 2022, there were no transfers among Level 1, Level 2 and Level 3 assets or liabilities. |
Trade Accounts Receivable, net
Trade Accounts Receivable, net | 3 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Trade Accounts Receivable, net | Trade Accounts Receivable, net Trade accounts receivable, net (including related party trade accounts receivable) consisted of the following: June 30, March 31, Trade accounts receivable $ 158,806 $ 150,914 Less: Provision for expected credit losses (206) (102) Returns and sales allowances (37,094) (26,269) Related party trade accounts receivable, net of returns and sales allowances — (13,253) Total $ 121,506 $ 111,290 Changes in the Company’s expected credit losses and returns and sales allowances, exclusive of related party adjustments, were as follows: Description Provision for Expected Credit Losses Returns Total Balance at March 31, 2023 $ 102 $ 26,269 $ 26,371 Provisions 104 41,811 41,915 Deductions — (30,986) (30,986) Balance at June 30, 2023 $ 206 $ 37,094 $ 37,300 Balance at March 25, 2022 $ 105 $ 14,819 $ 14,924 Provisions 44 27,753 27,797 Deductions — (28,322) (28,322) Balance at June 24, 2022 $ 149 $ 14,250 $ 14,399 |
Inventories
Inventories | 3 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories include material, labor and overhead and consisted of the following: June 30, March 31, Raw materials and supplies $ 13,690 $ 15,049 Work in process 119,630 98,836 Finished goods 40,850 37,416 Total $ 174,170 $ 151,301 The Company recorded inventory reserves totaling $5,076 and $2,115 for the three months ended June 30, 2023 and June 24, 2022, respectively. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 3 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, Plant and Equipment, net Property, plant and equipment, net is stated at cost, and consisted of the following: June 30, March 31, Land $ 19,522 $ 15,384 Buildings, building improvements and leasehold improvements 60,991 61,500 Machinery and equipment 641,453 611,459 Office equipment 6,109 6,119 Construction in progress 46,087 48,378 Total 774,162 742,840 Less accumulated depreciation (488,962) (479,741) Total $ 285,200 $ 263,099 Total depreciation expense amounted to $12,767 and $10,850 for the three months ended June 30, 2023 and June 24, 2022, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The table below summarizes the changes in the carrying amount of goodwill as follows: Total Balance at March 31, 2023 $ 27,691 Adjustments 280 Foreign currency translation 77 Balance at June 30, 2023 $ 28,048 Intangible assets, net were as follows: June 30, 2023 Description Gross Accumulated Net Carrying Weighted- Average Lives Patents $ 41,305 $ 19,200 $ 22,105 10 years Customer relationships 3,307 3,154 153 3 years Process technology 28,508 3,571 24,937 10 years Indefinite-lived and legacy process technology 4,690 — 4,690 Trademarks and other 287 203 84 2 years Total $ 78,097 $ 26,128 $ 51,969 March 31, 2023 Description Gross Accumulated Net Carrying Weighted- Average Lives Patents $ 40,213 $ 18,335 $ 21,878 10 years Customer relationships 3,281 3,115 166 9 years Process technology 28,508 2,963 25,545 12 years Indefinite-lived and legacy process technology 4,696 — 4,696 Trademarks and other 287 194 93 5 years Total $ 76,985 $ 24,607 $ 52,378 Intangible assets amortization expense was $1,506 and $1,036 for the three months ended June 30, 2023 and June 24, 2022, respectively. |
Debt and Other Borrowings
Debt and Other Borrowings | 3 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Other Borrowings | Debt and Other Borrowings Term Loan Facility As of June 30, 2023, the principal maturities of debt obligations outstanding of $25,000 will be due for repayment in fiscal year 2028 under our Term Loan Facility (as defined below). On September 30, 2020, the Company entered into a term loan credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $325,000 senior secured term loan facility due in fiscal 2028 (the “Term Loan Facility”). On June 28, 2023, the Company entered into a First Amendment of the Term Loan Facility, which replaces the LIBOR rate with a Term SOFR-based rate as the applicable interest rate benchmark. 2023 Revolving Credit Facility On June 21, 2023, the Company entered into a revolving facility credit agreement (the “2023 Revolving Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent (in such capacity, the “Agent”), collateral agent, a letter of credit issuer and a lender, and the other agents, lenders and letter of credit issuers parties thereto (the “Lenders”). The 2023 Revolving Credit Agreement provides for a $224 million secured revolving credit facility (the “2023 Revolving Credit Facility”), which includes a $20 million letter of credit subfacility. The 2023 Revolving Credit Facility is available until, and loans made thereunder will mature on, June 21, 2028. Interest on the 2023 Revolving Credit Agreement is calculated at a rate equal to (i) Term SOFR (as defined in the 2023 Revolving Credit Agreement) in effect from time to time, plus the applicable spread (ranging from 1.50% to 1.75%) or (ii) the highest of (x) the Federal funds rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (y) the prime lending rate or (z) the one-month Term SOFR plus 1.0% in effect from time to time, plus the applicable spread (ranging from 0.50% to 0.75%). The applicable spreads are based on the Company’s Total Net Leverage Ratio (as defined in the 2023 Revolving Credit Agreement) at the time of the applicable borrowing. As of June 30, 2023, there were no outstanding borrowings. The Company will also pay a quarterly commitment fee of 0.20% to 0.25% on the daily amount by which the commitments under the 2023 Revolving Credit Facility exceed the outstanding loans and letters of credit under the 2023 Revolving Credit Facility. The 2023 Revolving Credit Agreement contains certain covenants applicable to the Company and its Restricted Subsidiaries (as defined in the 2023 Revolving Credit Agreement), including, without limitation, limitations on additional indebtedness, liens, various fundamental changes, dividends and distributions, investments (including acquisitions), transactions with affiliates, asset sales, prepayment of junior financing, changes in business and other limitations customary in senior secured credit facilities. In addition, the Company is required to maintain a Total Net Leverage Ratio of no more than 4.00 to 1.00 at the end of each fiscal quarter, which may, subject to certain limitations, be increased to 4.50 to 1.00 for four fiscal quarters subsequent to the Company completing an acquisition for consideration in excess of $500 million. The 2023 Revolving Credit Agreement provides for customary events of default. Upon an event of default, the Agent with the consent of, or at the request of, the holders of more than 50% in principal amount of the loans and commitments, may terminate the commitments and accelerate the maturity of the loans and enforce certain other remedies under the 2023 Revolving Credit Agreement and the other loan documents. In the ordinary course of their respective businesses, one or more of the Lenders under the 2023 Revolving Credit Agreement, or their affiliates, have or may have various relationships with the Company and the Company’s subsidiaries involving the provision of a variety of financial services, including cash management, commercial banking, investment banking, advisory or other financial services, for which they received, or will receive, customary fees and expenses. 2020 Revolving Credit Facility On September 30, 2020, the Company entered into a revolving facility credit agreement with Mizuho Bank, Ltd., as administrative agent and collateral agent, and the other agents, arrangers and lenders party thereto, providing for a $50,000 senior secured revolving credit facility expiring in 2023 (the “2020 Revolving Credit Facility”). The 2020 Revolving Credit Facility was secured by a lien on the same collateral and on the same basis as the Term Loan Facility. Interest on the Term Loan Facility was calculated at LIBOR plus 3.75% to 4.00% based on the Company’s net leverage ratio, and LIBOR is subject to a 0.5% floor. Following entry into the 2023 Revolving Credit Agreement on June 21, 2023, the Company repaid any outstanding loans and terminated all commitments and obligations under the 2020 Revolving Credit Facility, and the 2020 Revolving Credit Facility was replaced by the 2023 Revolving Credit Facility. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal proceedings The Company is subject to various legal proceedings, and claims, and regulatory examinations or investigations arising in the normal course of business, the outcomes of which are subject to significant uncertainty, and the Company’s ultimate liability, if any, is difficult to predict. The Company records an accrual for legal contingencies when it is determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable and estimable, the Company will disclose the nature of the contingency and, if estimable, will provide the likely amount of such loss or range of loss. The Company does not believe there are any current matters that could have a material adverse effect on its financial position, results of operations or cash flows. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Net Income per Share The following table sets forth the basic and diluted net income per common share attributable to Allegro MicroSystems, Inc. Three-Month Period Ended June 30, June 24, Net income attributable to common stockholders $ 60,889 $ 10,283 Basic weighted average shares of common stock 191,997,330 190,638,135 Dilutive effect of common stock equivalents 2,994,576 1,768,141 Diluted weighted average shares of common stock 194,991,906 192,406,276 Basic net income attributable to common stockholders per share $ 0.32 $ 0.05 Diluted net income attributable to common stockholders per share $ 0.31 $ 0.05 The computed net income per share for the three months ended June 30, 2023 and June 24, 2022 does not assume conversion of securities that would have an antidilutive effect on income per share. The following represents contingently issuable shares under the restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) excluded from the computation of net income per share, as such securities would have an antidilutive effect on net income per share: Three-Month Period Ended June 30, June 24, Restricted stock units (RSUs) — 19,272 Performance stock units (PSUs) 65,943 46,991 The following table represents issued and issuable weighted average share information underlying our outstanding RSUs, PSUs and participation in our employee stock purchase plan for the respective periods: Three-Month Period Ended June 30, June 24, Restricted stock units 1,163,894 668,259 Performance stock units 1,809,200 1,080,201 Employee stock purchase plan 21,482 19,681 Total 2,994,576 1,768,141 |
Common Stock and Stock-Based Co
Common Stock and Stock-Based Compensation | 3 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Common Stock and Stock-Based Compensation | Common Stock and Stock-Based Compensation Restricted Stock Units The following table summarizes the Company’s RSU activity for the three months ended June 30, 2023: Shares Weighted-Average Outstanding at March 31, 2023 2,251,224 $ 23.85 Granted 848,711 37.99 Issued (684,245) 24.27 Forfeited (24,100) 23.68 Outstanding at June 30, 2023 2,391,590 $ 28.78 As of June 30, 2023, total unrecognized compensation expense for awards issued was $61,087, which is expected to be recognized over a weighted-average period of 2.63 years. The total grant date fair value of RSUs vested was $16.5 million for the three months ended June 30, 2023. Performance Stock Units The following table summarizes the Company’s PSU activity for the three months ended June 30, 2023: Shares Weighted-Average Outstanding at March 31, 2023 2,748,347 $ 23.47 Granted 292,985 40.50 Excess shares issued due to achievement of performance condition 454,947 25.00 Issued (181,050) 25.76 Forfeited (36,985) 22.89 Outstanding at June 30, 2023 3,278,244 $ 24.23 Included in the outstanding shares are 396,171 and 486,299 shares as of March 31, 2023 and June 30, 2023, respectively, that have vested but have not been issued. PSUs are includ ed at 0% - 200% of target goals. The total compensation cost related to unvested awards not yet recorded at June 30, 2023 was $25,613, which is expected to be recognized over a weighted average period of 2.45 years. The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations: Three-Month Period Ended June 30, June 24, Cost of sales $ 2,606 $ 832 Research and development 2,868 1,128 Selling, general and administrative 5,568 32,176 Total stock-based compensation $ 11,042 $ 34,136 |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded the following tax provision in its unaudited condensed consolidated statements of operations: Three-Month Period Ended June 30, June 24, Provision for income taxes $ 7,215 $ 1,965 Effective tax rate 10.6% 16.0% The Company’s provision for income taxes is comprised of the year-to-date taxes based on an estimate of the annual effective tax rate plus the tax impact of discrete items. The Company is subject to tax in the U.S. and various foreign jurisdictions. The Company’s effective income tax rate fluctuates primarily because of: the change in the mix of our U.S. and foreign income; the impact of discrete transactions and law changes; state tax impacts and tax benefits generated by the foreign derived intangible income deduction (“FDII”), including permanent impacts of Internal Revenue Code (“IRC”) Section 174 Capitalization (“174 Capitalization”), and research credits; offset by non-deductible stock-based compensation charges. The effective tax rate (“ETR”) year-over-year was primarily impacted by discrete tax benefits related to stock-compensation windfalls, a decrease in FDII deductions offset by reductions in state taxes, global intangible low-tax income (“GILTI”), Subpart F, and non-deductible stock-based compensation charges. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Transactions involving Sanken The Company sells products to, and purchases in-process products from, Sanken. As of June 30, 2023, Sanken held approximately 51.2% of the Company’s outstanding common stock. Net sales of the Company’s products to Sanken totaled $0 and $41,709 during the three months ended June 30, 2023 and June 24, 2022, respectively. Although certain costs are shared or allocated, cost of goods sold and gross margins attributable to related party sales are consistent with those of third-party customers. Trade accounts receivables, net of allowances from Sanken, totaled $0 and $13,253 as of June 30, 2023 and March 31, 2023, respectively. Other accounts receivable from Sanken totaled $113 and $241 as of June 30, 2023 and March 31, 2023, respectively. Accounts payable to Sanken totaled $1,373 and $0 as of June 30, 2023 and March 31, 2023, respectively. On March 30, 2023, the Company entered into a termination of the distribution agreement with Sanken (the “Termination Agreement”). The Termination Agreement formally terminated the distribution agreement dated as of July 5, 2007, by and between the Company and Sanken (the “Distribution Agreement”), effective March 31, 2023. The Distribution Agreement provided Sanken the exclusive right to distribute the Company’s products in Japan. In connection with the termination of the Distribution Agreement, and, as provided for in the Termination Agreement, the Company made a one-time payment of $5,000 to Sanken in exchange for the cancellation of Sanken’s exclusive distribution rights in Japan, which was recorded in selling, general and administrative expenses in the consolidated statements of operations. Concurrent with the Termination Agreement, AML and Sanken also entered into a short-term, nonexclusive distribution agreement (the “Short-Term Distribution Agreement”) and a consulting agreement (the “Consulting Agreement”), each of which were effective April 1, 2023. In addition, the Company allowed a one-time sales return from Sanken of resalable inventory of $4,200. The Short-Term Distribution Agreement provides for the management and sale of Company product inventory for a period of twenty-four months. Under the terms of the Consulting Agreement, Sanken agreed to continue to provide transition services for a period of six months to a strategic customer as orders for the customer are transitioned from Sanken to the Company, and the Company agreed to pay Sanken for providing these transition services. Transactions involving Polar Semiconductor, LLC (“PSL”) The Company purchases in-process products from PSL. PSL is a subsidiary of Sanken, 70% owned by Sanken and 30% owned by the Company. Purchases of various products from PSL totaled $16,102 and $14,671 for the three months ended June 30, 2023 and June 24, 2022, respectively. Accounts payable to PSL included in amounts due to a related party totaled $5,091 and $4,682 as of June 30, 2023 and March 31, 2023, respectively. Effective January 26, 2023, the Company and PSL entered into a new Wafer Foundry Agreement (“WFA”) for the fabrication of wafers. The WFA replaces the previous Wafer Foundry Agreement with PSL, dated April 12, 2013, which was due to expire on March 31, 2023. The WFA has a three-year term, and auto renews for subsequent one-year terms, unless terminated by either party providing two years notice. Pursuant to the WFA, the Company will provide a rolling annual forecast for three years, the first two years of which will be binding. The Company plans to purchase the forecast volume of wafers; however, if the Company fails to purchase the forecasted number of wafers for either of the first two years, it will pay a penalty for any shortfall for the given year. The parties also agreed upon production lead-times, as well as wafer, alignment, and mask pricing for the first two years of the term. Any changes to such pricing are subject to mutual agreement. Notes Receivable from PSL On December 2, 2021, AML entered into a loan agreement with PSL wherein PSL provided an initial promissory note to AML for a principal amount of $7,500 (the “Initial PSL Loan”). The Initial PSL Loan will be repaid in equal installments, comprising principal and interest accrued at 1.26% per annum, over a term of four years, with payments due on the first day of each calendar year quarter (April 1, July 1, October 1, and January 1). On July 1, 2022, PSL borrowed an additional $7,500 under the same terms of the PSL Loan (the “Secondary PSL Loan” and, together with the Initial PSL Loan, the “PSL Promissory Notes”). The Secondary PSL Loan will be repaid in equal installments, comprising of principal and interest accrued at 2.99% per annum, over a term of four years, with payments due on the first day of each calendar year quarter (April 1, July 1, October 1, and January 1). The loan funds were used by PSL to procure a deep ultraviolet scanner and other associated manufacturing tools necessary to increase wafer fabrication capacity in support of the Company’s increasing wafer demand. As of June 30, 2023, the outstanding balance of the PSL Promissory Notes was $11,250. During the three months ended June 30, 2023, PSL made required quarterly payments to AML totaling $1,005, which included $67 of interest. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Pay vs Performance Disclosure | ||
Net income attributable to Allegro MicroSystems, Inc. | $ 60,850 | $ 10,247 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingencies at the date of the unaudited condensed consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Such estimates relate to useful lives of fixed and intangible assets, provisions for expected credit losses and customer returns and sales allowances. Such estimates also relate to accrued liabilities, the valuation of stock-based awards, deferred tax valuation allowances, the net realizable value of inventory, and other reserves. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated financial statements. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. |
Concentrations of Credit Risk | Concentrations of Credit Risk As of June 30, 2023, one customer accounted for 14.8% of the Company’s outstanding trade accounts receivable, net. As of March 31, 2023, Sanken Electric Co., Ltd. (“Sanken”) and another customer accounted for 10.6% and 17.3%, respectively, of the Company’s outstanding trade accounts receivable, net, including related party trade accounts receivable. No other customers accounted for 10% or more of outstanding trade accounts receivable, net as of such dates. For the three months ended June 30, 2023, one customer accounted for 12.2% of total net sales. For the three months ended June 24, 2022, Sanken accounted for 19.2% of total net sales. No other customers accounted for 10% or more of total net sales for either of the three months ended June 30, 2023 or June 24, 2022. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided temporary relief when transitioning from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) or another applicable rate during the original transition period ending on December 31, 2022. In March 2021, the UK Financial Conduct Authority announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of U.S. dollar LIBOR would be June 30, 2023, which is beyond the |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales by Core End Market and Application | Net sales by application: Three-Month Period Ended June 30, June 24, Automotive $ 189,698 $ 149,649 Industrial 68,184 40,140 Other 20,411 27,964 Total net sales $ 278,293 $ 217,753 |
Net Sales by Product | Net sales by product: Three-Month Period Ended June 30, June 24, Power integrated circuits $ 103,988 $ 80,660 Magnetic sensors 174,305 137,093 Total net sales $ 278,293 $ 217,753 |
Net Sales by Geography | Net sales by geography: Three-Month Period Ended June 30, June 24, Americas: United States $ 48,824 $ 28,391 Other Americas 8,508 6,487 EMEA: Europe 55,388 35,333 Asia: Japan 41,580 41,709 Greater China 62,216 55,116 South Korea 29,513 20,979 Other Asia 32,264 29,738 Total net sales $ 278,293 $ 217,753 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | The following tables present information about the Company’s financial assets and liabilities as of June 30, 2023 and March 31, 2023, measured at fair value on a recurring basis: Fair Value Measurement at June 30, 2023: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market fund deposits $ 103,661 $ — $ — $ 103,661 Restricted cash: Money market fund deposits 8,913 — — 8,913 Other current assets: Investments in marketable securities 5,222 — — 5,222 Total assets $ 117,796 $ — $ — $ 117,796 Fair Value Measurement at March 31, 2023: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market fund deposits $ 102,019 $ — $ — $ 102,019 Restricted cash: Money market fund deposits 7,129 — — 7,129 Other assets: Investments in marketable securities 19,929 — — 19,929 Total assets $ 129,077 $ — $ — $ 129,077 |
Trade Accounts Receivable, net
Trade Accounts Receivable, net (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Trade Accounts Receivable, Net | Trade accounts receivable, net (including related party trade accounts receivable) consisted of the following: June 30, March 31, Trade accounts receivable $ 158,806 $ 150,914 Less: Provision for expected credit losses (206) (102) Returns and sales allowances (37,094) (26,269) Related party trade accounts receivable, net of returns and sales allowances — (13,253) Total $ 121,506 $ 111,290 |
Schedule of Changes in Allowance for Doubtful Accounts and Returns and Sales Allowances | : Description Provision for Expected Credit Losses Returns Total Balance at March 31, 2023 $ 102 $ 26,269 $ 26,371 Provisions 104 41,811 41,915 Deductions — (30,986) (30,986) Balance at June 30, 2023 $ 206 $ 37,094 $ 37,300 Balance at March 25, 2022 $ 105 $ 14,819 $ 14,924 Provisions 44 27,753 27,797 Deductions — (28,322) (28,322) Balance at June 24, 2022 $ 149 $ 14,250 $ 14,399 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories include material, labor and overhead and consisted of the following: June 30, March 31, Raw materials and supplies $ 13,690 $ 15,049 Work in process 119,630 98,836 Finished goods 40,850 37,416 Total $ 174,170 $ 151,301 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | Property, plant and equipment, net is stated at cost, and consisted of the following: June 30, March 31, Land $ 19,522 $ 15,384 Buildings, building improvements and leasehold improvements 60,991 61,500 Machinery and equipment 641,453 611,459 Office equipment 6,109 6,119 Construction in progress 46,087 48,378 Total 774,162 742,840 Less accumulated depreciation (488,962) (479,741) Total $ 285,200 $ 263,099 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The table below summarizes the changes in the carrying amount of goodwill as follows: Total Balance at March 31, 2023 $ 27,691 Adjustments 280 Foreign currency translation 77 Balance at June 30, 2023 $ 28,048 |
Schedule of Intangible Assets, Net | Intangible assets, net were as follows: June 30, 2023 Description Gross Accumulated Net Carrying Weighted- Average Lives Patents $ 41,305 $ 19,200 $ 22,105 10 years Customer relationships 3,307 3,154 153 3 years Process technology 28,508 3,571 24,937 10 years Indefinite-lived and legacy process technology 4,690 — 4,690 Trademarks and other 287 203 84 2 years Total $ 78,097 $ 26,128 $ 51,969 March 31, 2023 Description Gross Accumulated Net Carrying Weighted- Average Lives Patents $ 40,213 $ 18,335 $ 21,878 10 years Customer relationships 3,281 3,115 166 9 years Process technology 28,508 2,963 25,545 12 years Indefinite-lived and legacy process technology 4,696 — 4,696 Trademarks and other 287 194 93 5 years Total $ 76,985 $ 24,607 $ 52,378 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Net (Loss) Income per Share and Unaudited Pro Forma Net Income per Share | The following table sets forth the basic and diluted net income per common share attributable to Allegro MicroSystems, Inc. Three-Month Period Ended June 30, June 24, Net income attributable to common stockholders $ 60,889 $ 10,283 Basic weighted average shares of common stock 191,997,330 190,638,135 Dilutive effect of common stock equivalents 2,994,576 1,768,141 Diluted weighted average shares of common stock 194,991,906 192,406,276 Basic net income attributable to common stockholders per share $ 0.32 $ 0.05 Diluted net income attributable to common stockholders per share $ 0.31 $ 0.05 |
Schedule Of Anti Dilutive Securities Excluded | : Three-Month Period Ended June 30, June 24, Restricted stock units (RSUs) — 19,272 Performance stock units (PSUs) 65,943 46,991 |
Schedule of Issuable Weighted Average Share Information | The following table represents issued and issuable weighted average share information underlying our outstanding RSUs, PSUs and participation in our employee stock purchase plan for the respective periods: Three-Month Period Ended June 30, June 24, Restricted stock units 1,163,894 668,259 Performance stock units 1,809,200 1,080,201 Employee stock purchase plan 21,482 19,681 Total 2,994,576 1,768,141 |
Common Stock and Stock-Based _2
Common Stock and Stock-Based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations: Three-Month Period Ended June 30, June 24, Cost of sales $ 2,606 $ 832 Research and development 2,868 1,128 Selling, general and administrative 5,568 32,176 Total stock-based compensation $ 11,042 $ 34,136 |
Schedule of Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity for the three months ended June 30, 2023: Shares Weighted-Average Outstanding at March 31, 2023 2,251,224 $ 23.85 Granted 848,711 37.99 Issued (684,245) 24.27 Forfeited (24,100) 23.68 Outstanding at June 30, 2023 2,391,590 $ 28.78 |
Schedule of Performance Stock Units Activity | The following table summarizes the Company’s PSU activity for the three months ended June 30, 2023: Shares Weighted-Average Outstanding at March 31, 2023 2,748,347 $ 23.47 Granted 292,985 40.50 Excess shares issued due to achievement of performance condition 454,947 25.00 Issued (181,050) 25.76 Forfeited (36,985) 22.89 Outstanding at June 30, 2023 3,278,244 $ 24.23 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax (Benefit) Provision | The Company recorded the following tax provision in its unaudited condensed consolidated statements of operations: Three-Month Period Ended June 30, June 24, Provision for income taxes $ 7,215 $ 1,965 Effective tax rate 10.6% 16.0% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Concentrations of Credit Risk and Significant Customers (Details) - Trade Accounts Receivable - Customer Concentration Risk | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | Mar. 31, 2023 | |
One Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 14.80% | ||
Sanken | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.20% | 19.20% | 10.60% |
Other Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 17.30% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Net Sales by Application (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 278,293 | $ 217,753 |
Automotive | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 189,698 | 149,649 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 68,184 | 40,140 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 20,411 | $ 27,964 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Net Sales by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 278,293 | $ 217,753 |
Power integrated circuits | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 103,988 | 80,660 |
Magnetic sensors | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 174,305 | $ 137,093 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Net Sales by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 278,293 | $ 217,753 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 48,824 | 28,391 |
Other Americas | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 8,508 | 6,487 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 55,388 | 35,333 |
Japan | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 41,580 | 41,709 |
Greater China | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 62,216 | 55,116 |
South Korea | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | 29,513 | 20,979 |
Other Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net sales | $ 32,264 | $ 29,738 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Trade accounts receivable, returns, credits issued, and price protection adjustments, current | $ 37,300 | $ 30,571 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets And Liabilities Measured At Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Assets: | ||
Total assets | $ 117,796 | $ 129,077 |
Level 1 | ||
Assets: | ||
Total assets | 117,796 | 129,077 |
Level 2 | ||
Assets: | ||
Total assets | 0 | 0 |
Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Money market fund deposits | ||
Assets: | ||
Money market fund deposits | 103,661 | 102,019 |
Money market fund deposits | 8,913 | 7,129 |
Investments in marketable securities | 5,222 | 19,929 |
Money market fund deposits | Level 1 | ||
Assets: | ||
Money market fund deposits | 103,661 | 102,019 |
Money market fund deposits | 8,913 | 7,129 |
Investments in marketable securities | 5,222 | 19,929 |
Money market fund deposits | Level 2 | ||
Assets: | ||
Money market fund deposits | 0 | 0 |
Money market fund deposits | 0 | 0 |
Investments in marketable securities | 0 | 0 |
Money market fund deposits | Level 3 | ||
Assets: | ||
Money market fund deposits | 0 | 0 |
Money market fund deposits | 0 | 0 |
Investments in marketable securities | $ 0 | $ 0 |
Trade Accounts Receivable, ne_2
Trade Accounts Receivable, net - Summary of Trade Accounts Receivable, net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 24, 2022 | Mar. 25, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Trade accounts receivable | $ 158,806 | $ 150,914 | ||
Less: | ||||
Provision for expected credit losses | (206) | (102) | $ (149) | $ (105) |
Returns and sales allowances | (37,094) | (26,269) | $ (14,250) | $ (14,819) |
Trade accounts receivable, net | 121,506 | 111,290 | ||
Related Party | ||||
Less: | ||||
Related party trade accounts receivable, net of returns and sales allowances | $ 0 | $ (13,253) |
Trade Accounts Receivable, ne_3
Trade Accounts Receivable, net - Schedule of Changes in Allowance For Doubtful Accounts and Sales Returns and Sales Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Provision for Expected Credit Losses | ||
Balance at the beginning of the period | $ 102 | $ 105 |
Provisions | 104 | 44 |
Deductions | 0 | 0 |
Balance at the end of the period | 206 | 149 |
Returns and Sales Allowances | ||
Balance at the beginning of the period | 26,269 | 14,819 |
Provisions | 41,811 | 27,753 |
Deductions | (30,986) | (28,322) |
Balance at the end of the period | 37,094 | 14,250 |
Total | ||
Balance at the beginning of the period | 26,371 | 14,924 |
Provisions | 41,915 | 27,797 |
Deductions | (30,986) | (28,322) |
Balance at the end of the period | $ 37,300 | $ 14,399 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 13,690 | $ 15,049 |
Work in process | 119,630 | 98,836 |
Finished goods | 40,850 | 37,416 |
Total | $ 174,170 | $ 151,301 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Inventory Disclosure [Abstract] | ||
Recorded inventory provisions | $ 5,076 | $ 2,115 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 774,162 | $ 742,840 |
Less accumulated depreciation | (488,962) | (479,741) |
Total | 285,200 | 263,099 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 19,522 | 15,384 |
Buildings, building improvements and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 60,991 | 61,500 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 641,453 | 611,459 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 6,109 | 6,119 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 46,087 | $ 48,378 |
Property, Plant and Equipment_4
Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 12,767 | $ 10,850 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 27,691 |
Adjustments | 280 |
Foreign currency translation | 77 |
Ending balance | $ 28,048 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 78,097 | $ 76,985 |
Accumulated Amortization | 26,128 | 24,607 |
Net Carrying Amount | 51,969 | 52,378 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 41,305 | 40,213 |
Accumulated Amortization | 19,200 | 18,335 |
Net Carrying Amount | $ 22,105 | $ 21,878 |
Weighted- Average Lives | 10 years | 10 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 3,307 | $ 3,281 |
Accumulated Amortization | 3,154 | 3,115 |
Net Carrying Amount | $ 153 | $ 166 |
Weighted- Average Lives | 3 years | 9 years |
Process technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 28,508 | $ 28,508 |
Accumulated Amortization | 3,571 | 2,963 |
Net Carrying Amount | $ 24,937 | $ 25,545 |
Weighted- Average Lives | 10 years | 12 years |
Indefinite-lived and legacy process technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 4,690 | $ 4,696 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | 4,690 | 4,696 |
Trademarks and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 287 | 287 |
Accumulated Amortization | 203 | 194 |
Net Carrying Amount | $ 84 | $ 93 |
Weighted- Average Lives | 2 years | 5 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets amortization expense | $ 1,506 | $ 1,036 |
Debt and Other Borrowings (Deta
Debt and Other Borrowings (Details) | 3 Months Ended | ||
Sep. 30, 2020 USD ($) | Jun. 30, 2023 USD ($) | Jun. 21, 2023 USD ($) | |
Letter of Credit | Minimum | SOFR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Letter of Credit | Maximum | SOFR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Term Loan Facility | Credit Suisse AG, Cayman Islands Branch | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 325,000,000 | ||
Term Loan Facility | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Outstanding balance | $ 25,000,000 | ||
Senior Secured Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Leverage ratio, | 4,500 | ||
Senior Secured Revolving Credit Facility | Morgan Stanley Senior Funding, Inc | |||
Line of Credit Facility [Line Items] | |||
Outstanding balance | $ 0 | ||
Maximum borrowing capacity | $ 224,000,000 | ||
Senior Secured Revolving Credit Facility | Mizuho Bank, Ltd | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 50,000,000 | ||
Senior Secured Revolving Credit Facility | Mizuho Bank, Ltd | Minimum | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 3.75% | ||
Floor rate | 0.005 | ||
Senior Secured Revolving Credit Facility | Mizuho Bank, Ltd | Maximum | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 4% | ||
Senior Secured Revolving Credit Facility | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Leverage ratio, | 4,000 | ||
Preliminary purchase price | $ 500,000,000 | ||
Terminate percentage | 0.50 | ||
Senior Secured Revolving Credit Facility | Letter of Credit | Fed Fund Rate | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Senior Secured Revolving Credit Facility | Letter of Credit | One- Month SOFR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1% | ||
Senior Secured Revolving Credit Facility | Letter of Credit | Minimum | |||
Line of Credit Facility [Line Items] | |||
Commitment fee percentage | 0.20% | ||
Senior Secured Revolving Credit Facility | Letter of Credit | Minimum | One- Month SOFR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Senior Secured Revolving Credit Facility | Letter of Credit | Maximum | |||
Line of Credit Facility [Line Items] | |||
Commitment fee percentage | 0.25% | ||
Senior Secured Revolving Credit Facility | Letter of Credit | Maximum | One- Month SOFR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.75% | ||
Senior Secured Revolving Credit Facility | Letter of Credit | Morgan Stanley Senior Funding, Inc | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 20,000,000 |
Net Income per Share - Schedule
Net Income per Share - Schedule of Computation of Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Earnings Per Share [Abstract] | ||
Net income attributable to common stockholders, basic | $ 60,889 | $ 10,283 |
Net income attributable to common stockholders, diluted | $ 60,889 | $ 10,283 |
Basic weighted average shares of common stock (in shares) | 191,997,330 | 190,638,135 |
Dilutive effect of common stock equivalents (in shares) | 2,994,576 | 1,768,141 |
Diluted weighted average common shares (in shares) | 194,991,906 | 192,406,276 |
Basic net income attributable to common stockholders per share (in dollars per share) | $ 0.32 | $ 0.05 |
Diluted net income attributable to common stockholders per share (in dollars per share) | $ 0.31 | $ 0.05 |
Net Income per Share - Schedu_2
Net Income per Share - Schedule of Issuable Weighted Average Share Information (Details) - shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dilutive effect of common stock equivalents (in shares) | 2,994,576 | 1,768,141 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Antidilutive securities excluded from computation of net income per share (in shares) | 0 | 19,272 |
Dilutive effect of common stock equivalents (in shares) | 1,163,894 | 668,259 |
Performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Antidilutive securities excluded from computation of net income per share (in shares) | 65,943 | 46,991 |
Dilutive effect of common stock equivalents (in shares) | 1,809,200 | 1,080,201 |
Employee stock purchase plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dilutive effect of common stock equivalents (in shares) | 21,482 | 19,681 |
Common Stock and Stock-Based _3
Common Stock and Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, shares outstanding (in shares) | 192,371,784 | 191,754,292 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense not yet recorded | $ 61,087,000 | |
Weighted average useful life | 2 years 7 months 17 days | |
Fair value of RSU's vested | $ 16,500,000 | |
Performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense not yet recorded | $ 25,613,000 | |
Weighted average useful life | 2 years 5 months 12 days | |
Common stock, shares outstanding (in shares) | 486,299 | 396,171 |
Performance stock units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Inclusion percentage of target goals | 0% | |
Performance stock units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Inclusion percentage of target goals | 200% |
Common Stock and Stock-Based _4
Common Stock and Stock-Based Compensation - Schedule of RSU,PSU And Restricted Common Stock (Details) | 3 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Restricted stock units | |
Shares | |
Beginning balance (in shares) | shares | 2,251,224 |
Granted (in shares) | shares | 848,711 |
Issued (in shares) | shares | (684,245) |
Forfeited (in shares) | shares | (24,100) |
Ending balance (in shares) | shares | 2,391,590 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 23.85 |
Granted (in dollars per share) | $ / shares | 37.99 |
Issued (in dollars per share) | $ / shares | 24.27 |
Frofieted (in dollars per share) | $ / shares | 23.68 |
Ending balance (in dollars per share) | $ / shares | $ 28.78 |
Performance stock units | |
Shares | |
Beginning balance (in shares) | shares | 2,748,347 |
Granted (in shares) | shares | 292,985 |
Excess shares issued due to achievement of performance condition (in shares) | shares | 454,947 |
Issued (in shares) | shares | (181,050) |
Forfeited (in shares) | shares | (36,985) |
Ending balance (in shares) | shares | 3,278,244 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 23.47 |
Granted (in dollars per share) | $ / shares | 40.50 |
Excess shares issued due to achievement of performance condition (in dollars per share) | $ / shares | 25 |
Issued (in dollars per share) | $ / shares | 25.76 |
Frofieted (in dollars per share) | $ / shares | 22.89 |
Ending balance (in dollars per share) | $ / shares | $ 24.23 |
Common Stock and Stock-Based _5
Common Stock and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 11,042 | $ 34,136 |
Cost of sales | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 2,606 | 832 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 2,868 | 1,128 |
Selling, general and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 5,568 | $ 32,176 |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 24, 2022 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 7,215 | $ 1,965 |
Effective tax rate | 10.60% | 16% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2023 | Jan. 26, 2023 | Dec. 02, 2021 | Jun. 30, 2023 | Jun. 24, 2022 | Jul. 01, 2022 | |
Related Party Transaction [Line Items] | ||||||
Total net sales | $ 278,293 | $ 217,753 | ||||
Trade accounts receivable, net | $ 111,290 | 121,506 | ||||
Periodic payment | 1,005 | |||||
Interest income | 67 | |||||
PSL | ||||||
Related Party Transaction [Line Items] | ||||||
Purchases from related party | 16,102 | 14,671 | ||||
Amounts due to related party | 4,682 | 5,091 | ||||
PSL | Initial PSL Loan | Loans Payable | ||||||
Related Party Transaction [Line Items] | ||||||
Principal amount | $ 7,500 | $ 7,500 | ||||
Interest rate | 1.26% | |||||
Term | 4 years | |||||
Outstanding balance | 11,250 | |||||
PSL | Secondary PSL Loan | Loans Payable | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate | 2.99% | |||||
PSL | Wafer Foundry Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Purchase commitment period | 3 years | |||||
PSL | Wafer Foundry Agreement, Renewal Term | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, term | 1 year | |||||
PSL | Wafer Foundry Agreement, Termination Notice Period | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, term | 2 years | |||||
PSL | Wafer Foundry Agreement, Forecast Term | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, term | 3 years | |||||
PSL | Wafer Foundry Agreement, Binding Years | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, term | 2 years | |||||
PSL | Wafer Foundry Agreement, Mask Pricing Term | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, term | 2 years | |||||
Sanken | ||||||
Related Party Transaction [Line Items] | ||||||
Trade accounts receivable, net | 13,253 | 0 | ||||
Other accounts receivable from related party | 241 | 113 | ||||
Amounts due to related party | 0 | 1,373 | ||||
Majority Shareholder | Sanken Distribution Agreement, One-Time Sales Return | ||||||
Related Party Transaction [Line Items] | ||||||
General and administrative expense | 5 | |||||
Related party transaction amounts | $ 4,200 | |||||
Distribution agreement period | 24 months | |||||
Related Party Revenue | Sanken | ||||||
Related Party Transaction [Line Items] | ||||||
Total net sales | $ 0 | $ 41,709 | ||||
Sanken | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage by majority shareholder | 51.20% | |||||
Sanken | Polar Semiconductor, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage by majority shareholder | 70% | |||||
Allegro Microsystems, Inc. | Polar Semiconductor, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage by majority shareholder | 30% |