0001193125-26-030636
SEC filingNotes show a single operating segment, $287.7M debt, $163.4M cash, and $48.5M in sales return liabilities.
As of December 26, 2025, the Company held $155.2M in cash and cash equivalents and $8.2M in restricted cash, totaling $163.4M. Total assets were $1.42B, relatively flat compared to March 28, 2025. Total debt decreased to $287.7M from $346.1M, primarily due to $60M in term loan repayments during the nine-month period. The Company had no outstanding borrowings under its $256M revolving credit facility as of December 26, 2025. Shareholders' equity increased to $964.4M from $931.1M, driven by net income and stock-based compensation, partially offset by foreign currency translation adjustments.
The Notes disclose liabilities for returns and sales allowances of $48.5M, netted against trade accounts receivable. The Company is subject to various legal proceedings but does not believe any pending or threatened litigation will have a material adverse effect. Restructuring commitments include an accrual of $1.1M for severance and employee-related benefits, with estimated future charges of approximately $4.2M related to workforce repositioning and facility consolidation. No other material purchase commitments or contractual obligations were disclosed in the Notes.
During the nine-month period ended December 26, 2025, the Company did not repurchase any common stock. Dividends paid to non-controlling interest totaled $23,000. Capital expenditures were $21.2M, representing 3.3% of net sales. The Company made $60M in term loan repayments and had no new debt issuance. Subsequent to quarter end, on January 21, 2026, the Company entered into a new $285M tranche of term loans to refinance existing debt, with interest at Term SOFR plus 1.75%.
The Company operates as a single reportable segment. Net sales by market: Automotive $464.7M (71.8%) and Industrial and Other $182.3M (28.2%) for the nine-month period. By product: Magnetic sensors $397.7M (61.5%) and Power integrated circuits $249.3M (38.5%). Geographically, Asia accounted for $460.5M (71.2%), EMEA $84.6M (13.1%), and Americas $101.8M (15.7%). The Company notes that one distributor customer accounted for 10.3% of trade accounts receivable as of December 26, 2025.
Operating cash flow (CFO) of $127.4M significantly exceeded net income of $1.8M, reflecting strong cash conversion driven by non-cash charges (depreciation & amortization $49.8M, stock-based compensation $37.3M) and favorable working capital movements. The primary working capital tailwinds came from a $17.7M decrease in prepaid expenses and other assets, a $13.7M increase in trade accounts payable, and a $23.9M net inflow from other operating assets and liabilities. Trade receivables increased $15.6M, partially offsetting these gains.
Capital expenditures of $21.2M were 16.6% of CFO, indicating moderate reinvestment intensity. Free cash flow (CFO minus capex) was approximately $106.2M, providing ample coverage for financing outflows of $75.0M, which included $60.0M in term loan repayments and $10.4M in tax payments related to equity award settlements. No share repurchases were executed during the period, and dividends paid to non-controlling interest were negligible ($23K).
Compared to the prior-year period, CFO improved dramatically from $41.6M, driven by a swing from net loss to net income and a $34.8M loss on change in fair value of forward repurchase contract that did not recur. The company ended the period with $163.4M in cash and restricted cash, up from $131.1M at the start of the period.