Document

“We delivered a strong finish to fiscal year 2023, including record fourth quarter sales of $269 million, up 35% year-over-year. We also achieved record non-GAAP diluted earnings per share of $0.37, an increase of more than 75% year-over-year,” said Vineet Nargolwala, President and CEO of Allegro MicroSystems. “Solid fourth quarter results contributed to record fiscal year 2023 sales of $974 million, up 27% year-over-year. We saw significantly increased design win momentum in fiscal year 2023 with approximately two-thirds of our wins coming from strategic growth areas including e-Mobility and Industrial. E-Mobility increased to 43% of fiscal year 2023 Automotive sales, up from 36% in fiscal year 2022. The results in the fourth quarter and throughout the past year demonstrate further execution of our strategy.”


In thousands, except per share data	Quarter									Year
	Q4 FY23			Q3 FY23			Q4 FY22			FY23			FY22
Net Sales
Automotive	$	182,376		$	168,056		$	141,213		$	657,479		$	531,564
Industrial	57,990			50,399			34,654			196,705			133,187
Other	29,079			30,334			24,426			119,469			103,923
Total net sales	$	269,445		$	248,789		$	200,293		$	973,653		$	768,674
GAAP Financial Measures
Gross margin %	56.8		%	57.3		%	54.7		%	56.1		%	53.0		%
Operating margin %	23.4		%	26.4		%	15.1		%	20.8		%	17.8		%
Diluted EPS	$	0.32		$	0.33		$	0.13		$	0.97		$	0.62
Non-GAAP Financial Measures
Gross margin %	57.8		%	58.0		%	55.6		%	56.8		%	54.1		%
Operating margin %	30.2		%	30.3		%	23.2		%	28.6		%	23.2		%
Diluted EPS	$	0.37		$	0.35		$	0.21		$	1.28		$	0.78

Allegro has not provided a reconciliation of its first fiscal quarter outlook for non-GAAP gross margin, non-GAAP operating expenses and non-GAAP earnings per diluted share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking GAAP measures. Certain factors that are materially significant to Allegro’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance for our first fiscal quarter ending June 30, 2023. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate,” “target,” “mission,” “may,” “will,” “would,” “project,” “predict,” “contemplate,” “potential,” or the negative thereof and similar words and expressions.

Forward-looking statements are based on management’s current expectations, beliefs and assumptions and on information currently available to us. Such statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to: downturns or volatility in general economic conditions, including as a result of the COVID-19 pandemic, particularly in the automotive market; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party wafer fabrication facilities and suppliers of other materials; our failure to adjust purchase commitments, supply chain volume and inventory management based on changing market conditions or customer demand; shifts in our product mix or customer mix, which could negatively impact our gross margin; the cyclical nature of the analog semiconductor industry; our ability to compensate for decreases in average selling prices of our products and increases in input costs; increases in inflation rates or sustained periods of inflation in the markets in which we operate; any disruptions at our primary third-party wafer fabrication facilities; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication semiconductor facilities or in the final assembly and test of our products; our ability to fully realize the benefits of past and potential future initiatives designed to improve our competitiveness, growth and profitability; our ability to accurately predict our quarterly net sales and operating results; our dependence on manufacturing operations in the Philippines; our reliance on distributors to

generate sales; COVID-19 induced lock-downs and suppression on our supply chain and customer demand; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to manage growth; any slowdown in the growth of our end markets; the loss of one or more significant customers; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of tariffs and export restrictions; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks related to governmental regulation and other legal obligations, including privacy, data protection, information security, consumer protection, environmental and occupational health and safety, anti-corruption and anti-bribery, and trade controls; the volatility of currency exchange rates; our indebtedness may limit our flexibility to operate our business; our ability to retain key and highly skilled personnel; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or those of our third-party service providers; our principal stockholders have substantial control over us; the inapplicability of the “corporate opportunity” doctrine to any director or stockholder who is not employed by us; the dilutive impact on the price of our shares upon future issuance by us or future sales by our stockholders; our lack of intent to declare or pay dividends for the foreseeable future; anti-takeover provisions in our organizational documents and under the General Corporation Law of the State of Delaware; the exclusive forum provision in our Certificate of Incorporation for disputes with stockholders; our inability to design, implement or maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on May 18, 2022, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on August 29, 2022, as any such factors may be updated or supplemented from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors Relations page of our website at investors.allegromicro.com.


	Three-Month Period Ended				Fiscal Year Ended
	March 31, 2023		March 25, 2022		March 31, 2023		March 25, 2022
	(Unaudited)		(Unaudited)		(Unaudited)
Net sales	$	240,534	$	163,559	$	812,890	$	619,861
Net sales to related party	28,911		36,734		160,763		148,813
Total net sales	269,445		200,293		973,653		768,674
Cost of goods sold	100,585		72,044		348,390		286,855
Cost of goods sold to related party	15,771		18,646		79,184		74,359
Gross profit	153,089		109,603		546,079		407,460
Operating expenses:
Research and development	41,833		32,432		150,850		121,873
Selling, general and administrative	48,252		46,822		194,722		150,937

Change in fair value of contingent consideration	(100)		100		(2,800)		(2,000)
Total operating expenses	89,985		79,354		342,772		270,810
Operating income	63,104		30,249		203,307		136,650
Other income (expense):

Interest expense	(755)		(418)		(2,336)		(2,499)
Interest income	580		1,125		1,724		1,442
Foreign currency transaction gain (loss)	(1,617)		(513)		980		(568)
(Loss) income in earnings of equity investment	(703)		215		(406)		1,007
Unrealized gains (losses) on marketable securities	7,476		(760)		7,471		3,722
Other, net	(164)		258		606		992
Income before income taxes	67,921		30,156		211,346		140,746
Income tax provision	5,909		4,504		23,852		21,191
Net income	62,012		25,652		187,494		119,555
Net income attributable to non-controlling interests	35		36		137		148
Net income attributable to Allegro MicroSystems, Inc.	$	61,977	$	25,616	$	187,357	$	119,407
Net income attributable to Allegro MicroSystems, Inc. per share:
Basic	$	0.32	$	0.13	$	0.98	$	0.63
Diluted	$	0.32	$	0.13	$	0.97	$	0.62
Weighted average shares outstanding:
Basic	191,519,850		189,997,738		191,197,452		189,748,427
Diluted	194,993,241		192,125,252		193,688,102		191,811,205


	March 31, 2023		March 25, 2022
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	351,576	$	282,383
Restricted cash	7,129		7,416
Trade accounts receivable, net of provision for expected credit losses	111,290		87,359
Trade and other accounts receivable due from related party	13,494		27,360
Accounts receivable - other	1,943		4,144
Inventories	151,301		86,160
Prepaid expenses and other current assets	25,346		14,995
Current portion of related party note receivable	3,750		1,875

Total current assets	665,829		511,692
Property, plant and equipment, net	263,099		210,028
Operating lease right-of-use assets	16,866		16,049
Deferred income tax assets	50,359		17,967
Goodwill	27,691		20,009
Intangible assets, net	52,378		35,970
Related party note receivable, less current portion	8,438		5,625
Equity investment in related party	27,265		27,671
Other assets, net	69,230		47,609
Total assets	$	1,181,155	$	892,620
Liabilities, Non-Controlling Interests and Stockholders' Equity
Current liabilities:
Trade accounts payable	$	56,256	$	29,836
Amounts due to related parties	9,682		5,222
Accrued expenses and other current liabilities	94,894		65,459
Current portion of operating lease liabilities	4,493		3,706



Total current liabilities	165,325		104,223
Obligations due under Senior Secured Credit Facilities	25,000		25,000
Operating lease liabilities, less current portion	13,048		12,748


Other long-term liabilities	10,967		15,286
Total liabilities	214,340		157,257
Commitments and contingencies
Stockholders' Equity:

Preferred Stock, $0.01 par value; 20,000,000 shares authorized, no shares issued or outstanding at March 31, 2023 and March 25, 2022	—		—
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 191,754,292 shares issued and outstanding at March 31, 2023; 1,000,000,000 shares authorized, 190,473,595 issued and outstanding at March 25, 2022	1,918		1,905
Additional paid-in capital	674,179		627,792
Retained earnings	310,315		122,958
Accumulated other comprehensive loss	(20,784)		(18,448)
Equity attributable to Allegro MicroSystems, Inc.	965,628		734,207
Non-controlling interests	1,187		1,156
Total stockholders' equity	966,815		735,363
Total liabilities, non-controlling interests and stockholders' equity	$	1,181,155	$	892,620


	Fiscal Year Ended
	March 31, 2023		March 25, 2022
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	187,494	$	119,555
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,808		48,527
Amortization of deferred financing costs	99		101
Deferred income taxes	(40,116)		7,498
Stock-based compensation	61,798		33,548
Loss (gain) on disposal of assets	285		(349)

Change in fair value of contingent consideration	(2,800)		(2,000)

Provisions for inventory and receivables reserves	(1,438)		6,297
Unrealized gains on marketable securities	(7,471)		(3,722)
Changes in operating assets and liabilities:
Trade accounts receivable	(12,484)		(18,347)
Accounts payable (receivable) - other	2,226		(2,668)
Inventories	(75,150)		(4,471)
Prepaid expenses and other assets	(23,263)		(19,450)
Trade accounts payable	11,958		(4,348)
Due to/from related parties	18,326		(659)
Accrued expenses and other current and long-term liabilities	22,934		(3,383)

Net cash provided by operating activities	193,206		156,129
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(79,775)		(69,941)
Acquisition of business, net of cash acquired	(19,921)		(14,549)
Proceeds from sales of property, plant and equipment	—		27,408
Investments in marketable securities	—		(9,189)

Net cash used in investing activities	(99,696)		(66,271)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loans made to related party	(7,500)		(7,500)
Receipts on related party notes receivable	2,812		—


Proceeds from issuance of common stock under equity award and purchase plans less payments for taxes related to net share settlement of equity awards	(15,268)		2,193
Dividends paid to non-controlling interest	(42)		—




Net cash used in by financing activities	(19,998)		(5,307)
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash	(4,606)		1,373
Net increase in Cash and cash equivalents and Restricted cash	68,906		85,924
Cash and cash equivalents and Restricted cash at beginning of period	289,799		203,875
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD:	$	358,705	$	289,799
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents at beginning of period	$	282,383	$	197,214
Restricted cash at beginning of period	7,416		6,661
Cash and cash equivalents and Restricted cash at beginning of period	$	289,799	$	203,875
Cash and cash equivalents at end of period	351,576		282,383
Restricted cash at end of period	7,129		7,416
Cash and cash equivalents and Restricted cash at end of period	$	358,705	$	289,799

In addition to the measures presented in our consolidated financial statements, we regularly review other measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Income, non-GAAP Operating Margin, non-GAAP Profit before Tax, non-GAAP Provision for Income Tax, non-GAAP Net Income, non-GAAP Net Income per Share, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Provision for Income Tax, management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Provision for Income Taxes across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities.

The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP financial measures such as gross profit, gross margin, net income or any other performance measures derived in accordance with GAAP. Also, in the future we may incur expenses or charges such as those being adjusted in the calculation of these Non-GAAP Financial Measures. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. These non-GAAP measures exclude costs related to acquisition and related integration expenses, amortization of acquired intangible assets, stock-based compensation, restructuring actions, related party activities and other non-operational costs such as the impact of COVID 19.


	Three-Month Period Ended						Fiscal Year Ended
	March 31, 2023		December 23, 2022		March 25, 2022		March 31, 2023		March 25, 2022
	(Dollars in thousands)
Reconciliation of Non-GAAP Gross Profit

GAAP Gross Profit	$	153,089	$	142,594	$	109,603	$	546,079	$	407,460

Voxtel inventory impairment	—		—		—		—		3,106


Stock-based compensation	1,978		1,156		1,184		5,090		3,176
AMTC Facility consolidation one-time costs	—		—		—		—		144
Amortization of acquisition-related intangible assets	627		589		273		1,867		1,092
COVID-19 related expenses	—		—		296		—		1,092
Total Non-GAAP Adjustments	$	2,605	$	1,745	$	1,753	$	6,957	$	8,610

Non-GAAP Gross Profit	$	155,694	$	144,339	$	111,356	$	553,036	$	416,070
Non-GAAP Gross Margin	57.8%		58.0%		55.6%		56.8%		54.1%


	Three-Month Period Ended						Fiscal Year Ended
	March 31, 2023		December 23, 2022		March 25, 2022		March 31, 2023		March 25, 2022
	(Dollars in thousands)
Reconciliation of Non-GAAP Operating Expenses

GAAP Operating Expenses	$	89,985	$	76,966	$	79,354	$	342,772	$	270,810

Research and Development Expenses
GAAP Research and Development Expenses	41,833		39,593		32,432		150,850		121,873
Stock-based compensation	3,483		3,174		1,119		9,496		3,933
AMTC Facility consolidation one-time costs	—		—		—		—		2

COVID-19 related expenses	—		—		3		—		23
Transaction fees	—		1		5		404		5
Severance	72		—		—		72		—
Non-GAAP Research and Development Expenses	38,278		36,418		31,305		140,878		117,910

Selling, General and Administrative Expenses
GAAP Selling, General and Administrative Expenses	48,252		37,373		46,822		194,722		150,937
Stock-based compensation	5,095		4,572		12,598		47,212		26,439
AMTC Facility consolidation one-time costs	124		291		74		601		657
Amortization of acquisition-related intangible assets	22		23		22		90		90
COVID-19 related expenses	—		—		215		—		1,503
Indirect transaction tax	944		—		—		944		—
Transaction fees	644		35		384		2,339		1,498
Sanken agreement termination fee	5,000		—		—		5,000		—
Severance	368		—		—		4,554		746
Non-GAAP Selling, General and Administrative Expenses	36,055		32,452		33,529		133,982		120,004


Change in fair value of contingent consideration	(100)		—		100		(2,800)		(2,000)

Total Non-GAAP Adjustments	15,652		8,096		14,520		67,912		32,896

Non-GAAP Operating Expenses	$	74,333	$	68,870	$	64,834	$	274,860	$	237,914


	Three-Month Period Ended						Fiscal Year Ended
	March 31, 2023		December 23, 2022		March 25, 2022		March 31, 2023		March 25, 2022
	(Dollars in thousands)
Reconciliation of Non-GAAP Operating Income

GAAP Operating Income	$	63,104	$	65,628	$	30,249	$	203,307	$	136,650

Voxtel inventory impairment	—		—		—		—		3,106


Stock-based compensation	10,556		8,902		14,901		61,798		33,548
AMTC Facility consolidation one-time costs	124		291		74		601		803
Amortization of acquisition-related intangible assets	649		612		295		1,957		1,182
COVID-19 related expenses	—		—		514		—		2,618

Change in fair value of contingent consideration	(100)		—		100		(2,800)		(2,000)
Indirect transaction tax	944		—		—		944		—
Transaction fees	644		36		389		2,743		1,503
Sanken agreement termination fee	5,000		—		—		5,000		—
Severance	440		—		—		4,626		746
Total Non-GAAP Adjustments	$	18,257	$	9,841	$	16,273	$	74,869	$	41,506

Non-GAAP Operating Income	$	81,361	$	75,469	$	46,522	$	278,176	$	178,156
Non-GAAP Operating Margin (% of net sales)	30.2%		30.3%		23.2%		28.6%		23.2%


	Three-Month Period Ended						Fiscal Year Ended
	March 31, 2023		December 23, 2022		March 25, 2022		March 31, 2023		March 25, 2022
	(Dollars in thousands)
Reconciliation of EBITDA and Adjusted EBITDA

GAAP Net Income	$	62,012	$	64,551	$	25,652	$	187,494	$	119,555

Interest expense	755		613		418		2,336		2,499
Interest income	(580)		(360)		(1,125)		(1,724)		(1,442)
Income tax provision	5,909		7,540		4,504		23,852		21,191
Depreciation & amortization	14,103		12,580		12,006		50,808		48,527
EBITDA	$	82,199	$	84,924	$	41,455	$	262,766	$	190,330


Non-core (gain) loss on sale of equipment	(2)		37		1		285		(349)
Voxtel inventory impairment	—		—		—		—		3,106


Foreign currency translation loss (gain)	1,617		(407)		513		(980)		568
(Loss) income in earnings of equity investment	703		(2,190)		(215)		406		(1,007)
Unrealized (gains) losses on investments	(7,476)		(3,453)		760		(7,471)		(3,722)
Stock-based compensation	10,556		8,902		14,901		61,798		33,548
AMTC Facility consolidation one-time costs	124		291		74		601		803
COVID-19 related expenses	—		—		514		—		2,618

Change in fair value of contingent consideration	(100)		—		100		(2,800)		(2,000)
Indirect transaction tax	944		—		—		944		—
Transaction fees	644		36		389		2,743		1,503
Sanken agreement termination fee	5,000		—		—		5,000		—
Severance	440		—		—		4,626		746


Adjusted EBITDA	$	94,649	$	88,140	$	58,492	$	327,918	$	226,144
Adjusted EBITDA Margin (% of net sales)	35.1%		35.4%		29.2%		33.7%		29.4%


	Three-Month Period Ended						Fiscal Year Ended
	March 31, 2023		December 23, 2022		March 25, 2022		March 31, 2023		March 25, 2022
	(Dollars in thousands)
Reconciliation of Non-GAAP Profit before Tax

GAAP Income before Income Taxes	$	67,921	$	72,091	$	30,156	$	211,346	$	140,746

Non-core (gain) loss on sale of equipment	(2)		37		1		285		(349)
Voxtel inventory impairment	—		—		—		—		3,106


Foreign currency translation loss (gain)	1,617		(407)		513		(980)		568
(Loss) income in earnings of equity investment	703		(2,190)		(215)		406		(1,007)
Unrealized (gains) losses on investments	(7,476)		(3,453)		760		(7,471)		(3,722)


Stock-based compensation	10,556		8,902		14,901		61,798		33,548

AMTC Facility consolidation one-time costs	124		291		74		601		803
Amortization of acquisition-related intangible assets	649		612		295		1,957		1,182
COVID-19 related expenses	—		—		514		—		2,618

Change in fair value of contingent consideration	(100)		—		100		(2,800)		(2,000)
Indirect transaction tax	944		—		—		944		—
Transaction fees	644		36		389		2,743		1,503
Sanken agreement termination fee	5,000		—		—		5,000		—
Severance	440		—		—		4,626		746
Total Non-GAAP Adjustments	$	13,099	$	3,828	$	17,332	$	67,109	$	36,996

Non-GAAP Profit before Tax	$	81,020	$	75,919	$	47,488	$	278,455	$	177,742


	Three-Month Period Ended						Fiscal Year Ended
	March 31, 2023		December 23, 2022		March 25, 2022		March 31, 2023		March 25, 2022
	(Dollars in thousands)
Reconciliation of Non-GAAP Net Income

GAAP Net Income	$	62,012	$	64,551	$	25,652	$	187,494	$	119,555
GAAP Basic Earnings per Share	$	0.32	$	0.34	$	0.14	$	0.98	$	0.63
GAAP Diluted Earnings per Share	$	0.32	$	0.33	$	0.13	$	0.97	$	0.62

Non-core (gain) loss on sale of equipment	(2)		37		1		285		(349)
Voxtel inventory impairment	—		—		—		—		3,106


Foreign currency translation loss (gain)	1,617		(407)		513		(980)		568
(Loss) income in earnings of equity investment	703		(2,190)		(215)		406		(1,007)
Unrealized (gains) losses on investments	(7,476)		(3,453)		760		(7,471)		(3,722)


Stock-based compensation	10,556		8,902		14,901		61,798		33,548

AMTC Facility consolidation one-time costs	124		291		74		601		803
Amortization of acquisition-related intangible assets	649		612		295		1,957		1,182
COVID-19 related expenses	—		—		514		—		2,618

Change in fair value of contingent consideration	(100)		—		100		(2,800)		(2,000)
Indirect transaction tax	944		—		—		944		—
Transaction fees	644		36		389		2,743		1,503
Sanken agreement termination fee	5,000		—		—		5,000		—
Severance	440		—		—		4,626		746
Tax effect of adjustments to GAAP results	(3,509)		461		(2,817)		(7,285)		(6,415)

Non-GAAP Net Income	$	71,602	$	68,840	$	40,167	$	247,318	$	150,136
Basic weighted average common shares	191,519,850		191,328,538		189,997,738		191,197,452		189,748,427
Diluted weighted average common shares	194,993,241		193,935,908		192,125,252		193,688,102		191,811,205
Non-GAAP Basic Earnings per Share	$	0.37	$	0.36	$	0.21	$	1.29	$	0.79
Non-GAAP Diluted Earnings per Share	$	0.37	$	0.35	$	0.21	$	1.28	$	0.78


	Three-Month Period Ended						Fiscal Year Ended
	March 31, 2023		December 23, 2022		March 25, 2022		March 31, 2023		March 25, 2022
	(Dollars in thousands)
Reconciliation of Non-GAAP Provision for Income Taxes

GAAP Income Tax Provision	$	5,909	$	7,540	$	4,504	$	23,852	$	21,191
GAAP effective tax rate	8.7%		10.5%		14.9%		11.3%		15.1%

Tax effect of adjustments to GAAP results	3,509		(461)		2,817		7,285		6,415

Non-GAAP Provision for Income Taxes	$	9,418	$	7,079	$	7,321	$	31,137	$	27,606
Non-GAAP effective tax rate	11.6%		9.3%		15.4%		11.2%		15.5%


	Three-Month Period Ended				Change				Fiscal Year Ended				Change
	March 31, 2023		March 25, 2022		Amount		%		March 31, 2023		March 25, 2022		Amount		%
	(Dollars in thousands)
Automotive	$	182,376	$	141,213	$	41,163	29.1	%	$	657,479	$	531,564	$	125,915	23.7	%
Industrial	57,990		34,654		23,336		67.3	%	196,705		133,187		63,518		47.7	%
Other	29,079		24,426		4,653		19.0	%	119,469		103,923		15,546		15.0	%
Total net sales	269,445		200,293		69,152		34.5	%	973,653		768,674		204,979		26.7	%