Allegro Microsystems (ALGM) Q3 FY2024 earnings: revenue $255 million, up 2.5% on the year

Allegro Microsystems, Inc. (ALGM) reported revenue of $255 million for Q3 FY2024, the quarter ended 29 December 2023, up 2.5% on the same quarter a year earlier. Net income was $33 million, down 48.3% on the year, and diluted earnings per share $0.17. The figures are the company's own, from the 10-Q it filed with the SEC on 6 February 2024.

Revenue$255 millionup 2.5%

Net income$33 milliondown 48.3%

Diluted EPS$0.17

QuarterQ3 FY2024ended 29 December 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	255	276	n/a	n/a
Cost of revenue	121	114	n/a	n/a
Gross profit	134	160	n/a	n/a
Gross margin	52.5%	57.9%	n/a
Research and development	44.4	43.4	n/a	n/a
Selling, general and administrative	52.7	43.2	n/a	n/a
Operating income	36.7	72.9	n/a	n/a
Operating margin	14.4%	26.5%	n/a
Interest expense	3.9	0.8	n/a	n/a
Pre-tax income	36.4	73.1	n/a	n/a
Income tax	3.0	7.4	n/a	n/a
Effective tax rate	8.2%	10.1%	n/a
Net income	33.3	65.6	n/a	n/a
Net margin	13.1%	23.8%	n/a
Diluted EPS	$0.17	$0.34	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	72.6	46.7	n/a	n/a
Capital expenditure	34.4	31.2	n/a	n/a
Free cash flow	38.2	15.5	n/a	n/a
Free cash flow margin	15.0%	5.6%	n/a
Cash from investing	-443	-25.0	n/a	n/a
Cash from financing	214	-4.7	n/a	n/a
Depreciation and amortisation	20.2	15.1	n/a	n/a
Share-based compensation	10.9	10.9	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	195m	195m	n/a	n/a
Shares outstanding at period end	193m	192m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,134	1,097	n/a	n/a
Non-controlling interest	1.3	1.2	n/a	n/a
Debt	250	n/a	n/a	n/a
Operating lease liabilities	16.3	16.0	n/a	n/a
Other liabilities	163	171	n/a	n/a
Total liabilities and equity	1,565	1,285	n/a	n/a
Fixed assets	326	312	n/a	n/a
Goodwill	215	27.7	n/a	n/a
Intangible assets	294	51.7	n/a	n/a
Cash and equivalents	214	370	n/a	n/a
Receivables	114	119	n/a	n/a
Inventory	166	173	n/a	n/a
Other assets	237	231	n/a	n/a
Total assets	1,565	1,285	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	276	255	241	167	187	178	193	203	214	229	243	259
Cost of revenue	114	121	116	92.1	102	96.7	113	112	115	122	129	134
Gross profit	160	134	123	74.8	85.7	81.2	79.9	91.3	99.3	107	114	126
Gross margin	58%	52%	51%	45%	46%	46%	41%	45%	46%	47%	47%	48%
R&D	43.4	44.4	45.8	45.2	43.5	43.3	47.6	46.5	50.9	52.9	55.5	55.2
SG&A	43.2	52.7	48.3	40.2	38.1	37.9	45.5	47.5	42.2	44.6	46.7	45.0
Operating income	72.9	36.7	15.9	-10.6	4.1	-0.0	-13.2	-2.7	6.2	9.6	5.4	25.5
Operating margin	26%	14%	7%	-6%	2%	-0%	-7%	-1%	3%	4%	2%	10%
Interest expense	0.8	3.9	5.4	5.4	10.4	7.8	6.9	6.4	5.7	4.9	5.1	4.4
Pre-tax income	73.1	36.4	17.3	-16.6	-43.1	-7.6	-18.4	-10.0	-2.7	0.5	-2.7	17.4
Tax rate	10%	8%	141%	n/a	n/a	n/a	n/a	n/a	n/a	-1593%	n/a	9%
Net income	65.6	33.3	-7.1	-17.7	-33.7	-6.9	-14.8	-13.2	6.5	8.3	-16.5	15.9
Net margin	24%	13%	-3%	-11%	-18%	-4%	-8%	-7%	3%	4%	-7%	6%
Diluted EPS	$0.34	$0.17	-$0.04	-$0.09	-$0.18	-$0.04	-$0.08	-$0.07	$0.03	$0.04	-$0.09	$0.08
Operating cash flow	46.7	72.6	12.8	34.2	15.5	-8.2	20.4	61.6	20.4	45.4	35.7	22.0
Capital expenditure	31.2	34.4	14.3	11.0	10.0	13.6	5.4	10.6	6.4	4.1	17.0	8.0
Free cash flow	15.5	38.2	-1.5	23.2	5.6	-21.8	15.0	51.0	13.9	41.3	18.7	14.0
Buybacks	n/a	0.0	n/a	n/a	n/a	0.1	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	192m	193m	193m	194m	184m	184m	184m	185m	185m	185m	185m	186m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 December 2023, filed 6 February 2024, accession 0000950170-24-011712: the filing on EDGAR. All of Allegro Microsystems, Inc.'s filings: EDGAR company page.

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