Littelfuse Reports Fourth Quarter and Full Year Results for 2021

February 1, 2022 at 5:00 PM EST

Record annual sales and earnings driven by strong business execution

CHICAGO--(BUSINESS WIRE)--Feb. 1, 2022-- Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the fourth quarter and full year ended January 1, 2022:

Fourth Quarter 2021 Results

  • Net sales of $553.1 million were up 38% in total and 23% organically versus the prior year, driven by stronger than expected demand across all segments
  • GAAP operating margin was 16.8%; adjusted operating margin was 17.0%
  • GAAP diluted EPS was $2.08 and adjusted diluted EPS was $3.16, benefiting from a lower effective tax rate driven by the receipt of a tax holiday, versus the forecasted rate, equating to approximately $0.21 in EPS
  • Cash flow from operations was $133 million and free cash flow was $100 million
  • On November 30, the company completed its acquisition of Carling Technologies, Inc., a leader in switching, circuit protection, and power distribution technologies with a strong global presence in commercial transportation, communications infrastructure and marine markets

Full Year 2021 Results

  • Net sales of $2.1 billion were up 44% in total and 33% organically versus the prior year
  • GAAP operating margin was 18.5%; adjusted operating margin was 19.1%
  • GAAP diluted EPS was $11.38, up 115% versus the prior year; adjusted diluted EPS of $13.19 increased 106% versus the prior year
  • Cash flow from operations was $373 million and free cash flow was $283 million, representing approximately 100% conversion from net income

“We finished the year with remarkable revenue and earnings growth, with more than 30% sales growth across all of our segments,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “I want to thank our global teams for their tremendous efforts. Their commitment to execution during these challenging times has been outstanding. We achieved these record results while advancing our strategic initiatives, driving content and share gains in high-growth markets, both organically and through acquisition. I am confident our ongoing execution, coupled with our investments in product development, digital presence and eMobility, position us to achieve our long-term growth strategy.”

First Quarter of 2022*

For the first quarter, the company expects net sales in the range of $563 to $577 million, adjusted diluted EPS in the range of $3.14 to $3.30 and an adjusted effective tax rate of approximately 17%.

*Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

Dividend

  • The company will pay a cash dividend on its common stock of $0.53 per share on March 10, 2022 to shareholders of record as of February 24, 2022

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, February 2, 2022, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast and available for replay at Littelfuse.com. A slide presentation is available in the Investor Relations section of the company’s website at Littelfuse.com.

About Littelfuse

Littelfuse (NASDAQ: LFUS) is an industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 15 countries, and with approximately 17,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. Learn more at Littelfuse.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

The statements in this press release that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. These statements may involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to general economic conditions; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; product demand and market acceptance; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity and other raw material price fluctuations; the effect of Littelfuse, Inc.'s ("Littelfuse" or the "Company") accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; integration of acquisitions; uncertainties related to political or regulatory changes; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This release should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended December 26, 2020.

Further discussion of the risk factors of the company can be found under the caption "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 26, 2020, and in other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investor.littelfuse.com and on the SEC’s website at sec.gov. These forward-looking statements are made as of the date hereof. The company does not undertake any obligation to update, amend or clarify these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the availability of new information.

Non-GAAP Financial Measures

The information included in this press release includes the non-GAAP financial measures of organic net sales growth (decline), adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, adjusted effective tax rate, free cash flow, consolidated total gross debt, consolidated EBITDA (as defined in the private placement senior notes), and ratio of consolidated total gross debt to consolidated EBITDA. Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations.

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules.

The company believes that organic net sales growth (decline), adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our business operations during a comparable period. The company believes that free cash flow is a useful measure of its ability to generate cash. The company believes that consolidated total gross debt, consolidated EBITDA, and ratio of consolidated total gross debt to consolidated EBITDA are useful measures of its credit position. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.

LFUS-F

       

LITTELFUSE, INC.

CONSOLIDATED BALANCE SHEETS

       

(in thousands)

January 1,
2022

 

December 26,
2020

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

478,473

 

$

687,525

Short-term investments

 

28

 

 

54

Trade receivables, less allowances of $59,232 and $45,237, respectively

 

275,192

 

 

232,760

Inventories

 

445,671

 

 

258,002

Prepaid income taxes and income taxes receivable

 

2,035

 

 

3,029

Prepaid expenses and other current assets

 

68,812

 

 

35,939

Total current assets

 

1,270,211

 

 

1,217,309

Net property, plant, and equipment

 

437,889

 

 

344,178

Intangible assets, net of amortization

 

407,126

 

 

291,887

Goodwill

 

929,790

 

 

816,812

Investments

 

39,211

 

 

30,547

Deferred income taxes

 

13,127

 

 

11,224

Right of use assets, net

 

29,616

 

 

17,615

Other assets

 

24,734

 

 

18,021

Total assets

$

3,151,704

 

$

2,747,593

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

222,039

 

$

145,984

Accrued liabilities

 

159,689

 

 

110,478

Accrued income taxes

 

27,905

 

 

19,186

Current portion of long-term debt

 

25,000

 

 

Total current liabilities

 

434,633

 

 

275,648

Long-term debt, less current portion

 

611,897

 

 

687,034

Deferred income taxes

 

81,289

 

 

50,134

Accrued post-retirement benefits

 

37,037

 

 

45,802

Non-current operating lease liabilities

 

22,305

 

 

12,950

Other long-term liabilities

 

71,023

 

 

67,252

Total equity

 

1,893,520

 

 

1,608,773

Total liabilities and equity

$

3,151,704

 

$

2,747,593

         

LITTELFUSE, INC.

CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

         

 

 

Three Months Ended

 

Fiscal Year Ended

(in thousands, except per share data)

 

January 1,
2022

 

December 26,
2020

 

January 1,
2022

 

December 26,
2020

Net sales

 

$

553,065

 

$

400,696

 

 

$

2,079,928

 

$

1,445,695

 

Cost of sales

 

 

353,573

 

 

262,613

 

 

 

1,308,002

 

 

944,523

 

Gross profit

 

 

199,492

 

 

138,083

 

 

 

771,926

 

 

501,172

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

75,667

 

 

50,179

 

 

 

275,457

 

 

204,507

 

Research and development expenses

 

 

19,747

 

 

11,951

 

 

 

65,940

 

 

52,538

 

Amortization of intangibles

 

 

11,121

 

 

10,127

 

 

 

42,729

 

 

40,039

 

Restructuring, impairment, and other charges

 

 

160

 

 

812

 

 

 

2,158

 

 

41,716

 

Total operating expenses

 

 

106,695

 

 

73,069

 

 

 

386,284

 

 

338,800

 

Operating income

 

 

92,797

 

 

65,014

 

 

 

385,642

 

 

162,372

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,626

 

 

4,816

 

 

 

18,527

 

 

21,077

 

Foreign exchange loss (gain)

 

 

8,843

 

 

(5,275

)

 

 

17,158

 

 

(14,875

)

Other expense (income), net

 

 

19,799

 

 

(3,440

)

 

 

8,932

 

 

(5,083

)

Income before income taxes

 

 

59,529

 

 

68,913

 

 

 

341,025

 

 

161,253

 

Income taxes

 

 

7,585

 

 

9,936

 

 

 

57,219

 

 

31,267

 

Net income

 

$

51,944

 

$

58,977

 

 

$

283,806

 

$

129,986

 

 

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

 

 

Basic

 

$

2.11

 

$

2.41

 

 

$

11.54

 

$

5.33

 

Diluted

 

$

2.08

 

$

2.39

 

 

$

11.38

 

$

5.29

 

 

 

 

 

 

 

 

 

 

Weighted-average shares and equivalent shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

24,660

 

 

24,423

 

 

 

24,603

 

 

24,371

 

Diluted

 

 

25,001

 

 

24,726

 

 

 

24,932

 

 

24,592

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

74,009

 

 

75,058

 

 

 

301,500

 

 

145,652

 

   

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

   

 

Year Ended

(in thousands)

January 1,
2022

 

December 26,
2020

OPERATING ACTIVITIES

 

 

 

Net income

$

283,806

 

 

$

129,986

 

Adjustments to reconcile net income to net cash provided by operating activities

 

147,276

 

 

 

123,685

 

Changes in operating assets and liabilities:

 

 

 

Trade receivables

 

(10,234

)

 

 

(25,588

)

Inventories

 

(104,555

)

 

 

(12,425

)

Accounts payable

 

40,481

 

 

 

28,820

 

Accrued liabilities and income taxes

 

30,793

 

 

 

6,765

 

Prepaid expenses and other assets

 

(14,223

)

 

 

6,788

 

Net cash provided by operating activities

 

373,344

 

 

 

258,031

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

Acquisitions of businesses, net of cash acquired

 

(423,633

)

 

 

 

Purchases of property, plant, and equipment

 

(90,562

)

 

 

(56,191

)

Net proceeds from sale of property, plant, and equipment, and other

 

15,425

 

 

 

4,758

 

Other

 

(390

)

 

 

 

Net cash used in investing activities

 

(499,160

)

 

 

(51,433

)

 

 

 

 

FINANCING ACTIVITIES

 

 

 

Net payments of credit facility and other loan

 

(32,619

)

 

 

(15,000

)

Cash dividends paid

 

(49,730

)

 

 

(46,839

)

Purchases of common stock

 

 

 

 

(22,927

)

All other cash provided by financing activities

 

13,365

 

 

 

16,958

 

Net cash used in financing activities

 

(68,984

)

 

 

(67,808

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(9,889

)

 

 

17,596

 

(Decrease) Increase in cash, cash equivalents, and restricted cash

 

(204,689

)

 

 

156,386

 

Cash, cash equivalents, and restricted cash at beginning of period

 

687,525

 

 

 

531,139

 

Cash, cash equivalents, and restricted cash at end of period

$

482,836

 

 

$

687,525

 

         

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

         

 

 

Fourth Quarter

 

Year-to-Date

(in thousands)

 

2021

 

2020

 

%
Growth
/(Decline)

 

2021

 

2020

 

%
Growth
/(Decline)

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

341,622

 

 

$

244,953

 

 

39.5

%

 

$

1,300,744

 

 

$

937,762

 

 

38.7

%

Transportation (1)

 

 

141,796

 

 

 

124,271

 

 

14.1

%

 

 

528,058

 

 

 

395,764

 

 

33.4

%

Industrial

 

 

69,647

 

 

 

31,472

 

 

121.3

%

 

 

251,126

 

 

 

112,169

 

 

123.9

%

Total net sales

 

$

553,065

 

 

$

400,696

 

 

38.0

%

 

$

2,079,928

 

 

$

1,445,695

 

 

43.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

79,350

 

 

$

41,912

 

 

89.3

%

 

$

309,633

 

 

$

152,695

 

 

102.8

%

Transportation (1)

 

 

10,599

 

 

 

21,013

 

 

(49.6

)%

 

 

65,979

 

 

 

41,655

 

 

58.4

%

Industrial

 

 

4,169

 

 

 

3,587

 

 

16.2

%

 

 

22,621

 

 

 

11,996

 

 

88.6

%

Other (a)

 

 

(1,321

)

 

 

(1,498

)

 

N.M.

 

 

 

(12,591

)

 

 

(43,974

)

 

N.M.

 

Total operating income

 

$

92,797

 

 

$

65,014

 

 

42.7

%

 

$

385,642

 

 

$

162,372

 

 

137.5

%

Operating Margin

 

 

16.8

%

 

 

16.2

%

 

 

 

 

18.5

%

 

 

11.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,626

 

 

 

4,816

 

 

 

 

 

18,527

 

 

 

21,077

 

 

 

Foreign exchange loss (gain)

 

 

8,843

 

 

 

(5,275

)

 

 

 

 

17,158

 

 

 

(14,875

)

 

 

Other expense (income), net

 

 

19,799

 

 

 

(3,440

)

 

 

 

 

8,932

 

 

 

(5,083

)

 

 

Income before income taxes

 

$

59,529

 

 

$

68,913

 

 

(13.6

) %

 

$

341,025

 

 

$

161,253

 

 

111.5

%

(a) "other" typically includes non-GAAP adjustments such as acquisition-related and integration costs, purchase accounting inventory adjustments and restructuring and impairment charges. (See Supplemental Financial Information for details.)

 

N.M. - Not meaningful

 

 

Fourth Quarter

 

Year-to-Date

(in thousands)

 

2021

 

2020

 

%
Growth
/(Decline)

 

2021

 

2020

 

%
Growth
/(Decline)

Operating Margin

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

23.2

%

 

17.1

%

 

6.1

%

 

23.8

%

 

16.3

%

 

7.5

%

Transportation (1)

 

7.5

%

 

16.9

%

 

(9.4

)%

 

12.5

%

 

10.5

%

 

2.0

%

Industrial

 

6.0

%

 

11.4

%

 

(5.4

)%

 

9.0

%

 

10.7

%

 

(1.7

)%

                                     

(1) Formerly known as Automotive segment.

                 

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(In millions of USD except per share amounts unaudited)

                 

Non-GAAP EPS reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-21

 

Q4-20

 

YTD-21

 

YTD-20

GAAP diluted EPS

 

$

2.08

 

$

2.39

 

 

$

11.38

 

$

5.29

EPS impact of Non-GAAP adjustments (below)

 

 

1.08

 

 

(0.16

)

 

 

1.81

 

 

1.11

Adjusted diluted EPS

 

$

3.16

 

$

2.23

 

 

$

13.19

 

$

6.40

Non-GAAP adjustments - (income)/expense

 

 

 

 

 

 

 

 

 

 

Q4-21

 

Q4-20

 

YTD-21

 

YTD-20

Acquisition-related and integration costs (a)

 

$

3.6

 

 

$

0.7

 

 

$

7.0

 

 

$

2.3

 

Purchase accounting inventory adjustments (b)

 

 

1.6

 

 

 

 

 

 

8.4

 

 

 

 

Restructuring, impairment and other charges (c)

 

 

0.2

 

 

 

0.8

 

 

 

2.2

 

 

 

41.7

 

Gain on sale of fixed assets (d)

 

 

(4.1

)

 

 

 

 

(5.0

)

 

 

Non-GAAP adjustments to operating income

 

 

1.3

 

 

 

1.5

 

 

 

12.6

 

 

 

44.0

 

Other expense, net (e)

 

 

20.8

 

 

 

 

 

 

21.4

 

 

 

2.1

 

Non-operating foreign exchange loss (gain)

 

 

8.9

 

 

 

(5.3

)

 

 

17.2

 

 

 

(14.9

)

Non-GAAP adjustments to income before income taxes

 

 

31.0

 

 

 

(3.8

)

 

 

51.2

 

 

 

31.2

 

Income taxes (f)

 

 

3.9

 

 

 

 

 

 

6.0

 

 

 

3.9

 

Non-GAAP adjustments to net income

 

$

27.1

 

 

$

(3.8

)

 

$

45.2

 

 

$

27.3

 

 

 

 

 

 

 

 

 

 

Total EPS impact

 

$

1.08

 

 

$

(0.16

)

 

$

1.81

 

 

$

1.11

 

Adjusted operating margin /Adjusted EBITDA reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-21

 

Q4-20

 

YTD-21

 

YTD-20

Net sales

 

$

553.1

 

 

$

400.7

 

 

$

2,079.9

 

 

$

1,445.7

 

GAAP operating income

 

 

92.8

 

 

 

65.0

 

 

 

385.6

 

 

 

162.4

 

Add back non-GAAP adjustments

 

 

1.3

 

 

 

1.5

 

 

 

12.6

 

 

 

44.0

 

Adjusted operating income

 

$

94.1

 

 

$

66.5

 

 

$

398.2

 

 

$

206.4

 

Adjusted operating margin

 

 

17.0

%

 

 

16.6

%

 

 

19.1

%

 

 

14.3

%

Add back amortization

 

 

11.1

 

 

 

10.1

 

 

 

42.7

 

 

 

40.0

 

Add back depreciation

 

 

14.5

 

 

 

14.2

 

 

 

55.9

 

 

 

56.1

 

Adjusted EBITDA

 

$

119.7

 

 

$

90.8

 

 

$

496.8

 

 

$

302.5

 

Adjusted EBITDA margin

 

 

21.6

%

 

 

22.7

%

 

 

23.9

%

 

 

20.9

%

Net sales reconciliation

 

Q4-21 vs. Q4-20

 

 

Electronics

 

Transportation (1)

 

Industrial

 

Total

Net sales growth

 

39

%

 

14

%

 

121

%

 

38

%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

%

 

13

%

 

89

%

 

11

%

53rd week of extra sales in fiscal year 2021

 

4

%

 

4

%

 

9

%

 

5

%

FX impact

 

(1

)%

 

(1

)%

 

%

 

(1

)%

Organic net sales growth (decline)

 

36

%

 

(2

)%

 

23

%

 

23

%

Net sales reconciliation

 

YTD-21 vs. YTD-20

 

 

Electronics

 

Transportation (1)

 

Industrial

 

Total

Net sales growth

 

39

%

 

33

%

 

124

%

 

44

%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

%

 

4

%

 

90

%

 

8

%

53rd week of extra sales in fiscal year 2021

 

1

%

 

1

%

 

2

%

 

1

%

Transfer a product line between segments

 

(1

)%

 

 

 

4

%

 

%

FX impact

 

2

%

 

3

%

 

1

%

 

2

%

Organic net sales growth

 

37

%

 

25

%

 

27

%

 

33

%

Income tax reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-21

 

Q4-20

 

YTD-21

 

YTD-20

Income taxes

 

$

7.6

 

 

$

9.9

 

 

$

57.2

 

 

$

31.3

 

Effective rate

 

 

12.7

%

 

 

14.4

%

 

 

16.8

%

 

 

19.4

%

Non-GAAP adjustments - income taxes

 

 

3.9

 

 

 

 

 

 

6.0

 

 

 

3.9

 

Adjusted income taxes

 

$

11.5

 

 

$

9.9

 

 

$

63.2

 

 

$

35.2

 

Adjusted effective rate

 

 

12.7

%

 

 

15.3

%

 

 

16.1

%

 

 

18.3

%

Free cash flow reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-21

 

Q4-20

 

YTD-21

 

YTD-20

Net cash provided by operating activities

 

$

132.6

 

 

$

93.7

 

 

$

373.3

 

 

$

258.0

 

Less: Purchases of property, plant and equipment

 

 

(33.0

)

 

 

(14.6

)

 

 

(90.6

)

 

 

(56.2

)

Free cash flow

 

$

99.6

 

 

$

79.1

 

 

$

282.7

 

 

$

201.8

 

Consolidated Total Debt

 

As of January 1, 2022

Consolidated total gross debt

 

$

615.0

 

Unamortized debt issuance costs

 

 

(3.1

)

Consolidated Total Debt

 

$

611.9

 

 

 

 

Consolidated EBITDA (as defined in the Private Placement Senior Notes) (2)

 

Twelve Months Ended

January 1, 2022

Net Income

 

$

283.8

 

Interest expense

 

 

18.5

 

Income taxes

 

 

57.2

 

Depreciation

 

 

55.9

 

Amortization

 

 

42.7

 

Non-cash additions (reductions):

 

 

Non-cash pension settlement charge

 

 

19.9

 

Stock-based compensation expense

 

 

19.6

 

Purchase accounting inventory step-up charge

 

 

8.4

 

Unrealized gain on investments

 

 

(8.9

)

Impairment charges

 

 

 

Other

 

 

26.7

 

Consolidated EBITDA (as defined in the Private Placement Senior Notes) (2)

 

$

523.8

 

 

 

 

Ratio of Consolidated total gross debt to Consolidated EBITDA (as defined in Private Placement Senior Notes)*

 

1.2x

 

* Our Private Placement Senior Notes, with maturities ranging from 2022 to 2030, contain a financial ratio covenant providing that if, as of the last day of each fiscal quarter, the ratio of Consolidated total gross debt at such time to Consolidated EBITDA for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Private Placement Senior Notes) is triggered

 

(1) Formerly known as Automotive segment.

 

(2) Represents Consolidated EBITDA as defined in our Private Placement Senior Notes and is calculated using the most recently concluded period of four consecutive quarters.

 

Note: Total will not always foot due to rounding.

 

(a) reflected in selling, general and administrative expenses ("SG&A").

 

(b) reflected in cost of sales.

 

(c) reflected in restructuring, impairment and other charges.

 

(d) reflected a gain of $4.1 million recorded in SG&A during the fourth quarter of 2021 for a total year-to-date gain of $5.0 million from the sale of two buildings within the Electronics segment during 2021.

 

(e) Q4 2021 included a $19.9 million non-cash pension settlement charge, a $0.7 million charge for an asset retirement obligation related to the disposal of a business in 2019 and a $0.2 million increase in coal mining reserves. 2021 year-to-date amount also included $0.5 million of impairment charges on certain other investments and a $0.8 million charge for an asset retirement obligation related to the disposal of a business in 2019. 2020 year-to-date amount included a $1.8 million increase in coal mining reserves, a $0.2 million charge for an asset retirement obligation related to the disposal of a business in 2019 and $0.1 million of impairment charges on certain other investments.

 

(f) reflected the tax impact associated with the non-GAAP adjustments.

 

Trisha Tuntland
Head of Investor Relations
(773) 628-2163

Source: Littelfuse, Inc.

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