Littelfuse Reports Second Quarter Results For 2020

July 29, 2020 at 6:00 AM EDT

Company performance exceeds expectations

CHICAGO--(BUSINESS WIRE)--Jul. 29, 2020-- Littelfuse, Inc. (NASDAQ: LFUS), a global manufacturer of leading technologies in circuit protection, power control and sensing, today reported financial results for the second quarter ended June 27, 2020:

  • Net sales of $307.3 million were down 23% versus the prior year period, and down 22% organically, primarily due to production and demand impacts related to the COVID-19 pandemic
  • Segment performance versus the prior year period:
    • Electronics sales decreased 14% (down 13% organically)
    • Automotive sales decreased 43% (down 42% organically)
    • Industrial sales decreased 26% (down 25% organically)
  • GAAP diluted loss per share was $0.37 which includes a $33.8 million non-cash goodwill impairment charge; adjusted diluted EPS was $0.71
  • GAAP effective tax rate was 15.1% and the adjusted effective tax rate was 18.2%
  • Cash flow from operations was $56.0 million and free cash flow was $43.1 million, ending the quarter with $652 million of cash
  • The company’s Board of Directors approved keeping the quarterly cash dividend flat, at $0.48 per share, equating to an annualized dividend of $1.92 per share. The dividend will be paid on September 3, 2020 to shareholders of record as of August 20, 2020

“The perseverance and hard work of our highly skilled global associates, along with our strong operational execution, enabled us to achieve performance exceeding our expectations within an ongoing challenging environment,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “During these uncertain times, we remain highly focused and collaborative with our customers and suppliers, enabling us to manage through pandemic related disruptions and come out stronger on the other side of this challenge. New product introduction and design-in activity remains strong and we continue to capture a wide range of new business wins across the industrial, electronics and transportation end markets we serve. Looking ahead, we are proactively preparing for multiple potential scenarios while continuing to prioritize our associates, customers and long-term financial health.”

Third Quarter of 2020 Outlook*

  • The company expects sequential sales growth of 12% – 15%, with a sequential adjusted operating income drop through of approximately 40%. The forecast assumes all of its production facilities continue operations to meet demand levels

*Littelfuse provides an estimate regarding operating income on a non-GAAP (adjusted) basis. GAAP items excluded 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 estimate the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, July 29, 2020, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast live and available for replay at Littelfuse.com.

About Littelfuse

Littelfuse (NASDAQ: LFUS) is a global manufacturer of leading technologies in circuit protection, power control and sensing. Serving over 100,000 end customers, our products are found in automotive and commercial vehicles, industrial applications, data and telecommunications, medical devices, consumer electronics, and appliances. Our 11,000 worldwide associates partner with customers to design, manufacture and deliver innovative, high-quality solutions, for a safer, greener and increasingly connected world - 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; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity 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 28, 2019. 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 28, 2019, under the caption "Risk Factors" in its Quarterly Report on Form 10-Q for the quarter ended March 28, 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 www.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 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 debt, consolidated EBITDA (as defined in the private placement senior notes), and ratio of consolidated total 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 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 debt, consolidated EBITDA, and ratio of consolidated total 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.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

(Unaudited)

 

 

(in thousands)

 

June 27,
2020

 

December 28,
2019

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

651,867

 

$

531,139

Short-term investments

 

 

44

 

 

44

Trade receivables, less allowances of $39,970 and $42,043 at June 27, 2020 and December 28, 2019, respectively

 

 

185,806

 

 

202,309

Inventories

 

 

248,020

 

 

237,507

Prepaid income taxes and income taxes receivable

 

 

1,529

 

 

4,831

Prepaid expenses and other current assets

 

 

31,899

 

 

28,564

Total current assets

 

 

1,119,165

 

 

1,004,394

Net property, plant, and equipment

 

 

334,677

 

 

344,617

Intangible assets, net of amortization

 

 

301,661

 

 

321,247

Goodwill

 

 

787,601

 

 

820,589

Investments

 

 

23,678

 

 

24,099

Deferred income taxes

 

 

7,555

 

 

8,069

Right of use lease assets, net

 

 

19,621

 

 

21,918

Other assets

 

 

17,100

 

 

14,965

Total assets

 

$

2,611,058

 

$

2,559,898

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

113,767

 

$

117,320

Accrued liabilities

 

 

85,356

 

 

84,120

Accrued income taxes

 

 

10,034

 

 

14,122

Current portion of long-term debt

 

 

 

10,000

Total current liabilities

 

 

209,157

 

 

225,562

Long-term debt, less current portion

 

 

776,205

 

 

669,158

Deferred income taxes

 

 

46,562

 

 

49,763

Accrued post-retirement benefits

 

 

39,653

 

 

38,198

Non-current operating lease liabilities

 

 

15,155

 

 

17,166

Other long-term liabilities

 

 

61,892

 

 

64,037

Total equity

 

 

1,462,434

 

 

1,496,014

Total liabilities and equity

 

$

2,611,058

 

$

2,559,898

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands, except per share data)

 

June 27,
2020

 

June 29,
2019

 

June 27,
2020

 

June 29,
2019

Net sales

 

$

307,337

 

 

$

397,879

 

 

$

653,433

 

 

$

803,379

Cost of sales

 

 

208,238

 

 

 

256,071

 

 

 

430,622

 

 

 

506,343

Gross profit

 

 

99,099

 

 

 

141,808

 

 

 

222,811

 

 

 

297,036

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

53,981

 

 

 

57,666

 

 

 

108,367

 

 

 

120,621

Goodwill impairment charge

 

 

33,841

 

 

 

 

 

33,841

 

 

Research and development expenses

 

 

13,400

 

 

 

21,458

 

 

 

27,995

 

 

 

42,867

Amortization of intangibles

 

 

9,827

 

 

 

10,050

 

 

 

19,808

 

 

 

20,241

Total operating expenses

 

 

111,049

 

 

 

89,174

 

 

 

190,011

 

 

 

183,729

Operating (loss) income

 

 

(11,950

)

 

 

52,634

 

 

 

32,800

 

 

 

113,307

 

 

 

 

 

 

 

 

 

Interest expense

 

 

5,855

 

 

 

5,589

 

 

 

11,273

 

 

 

11,275

Foreign exchange (gain) loss

 

 

(6,010

)

 

 

(3,575

)

 

 

(3,426

)

 

 

668

Other (income) expense, net

 

 

(1,210

)

 

 

(2,947

)

 

 

39

 

 

 

1,358

(Loss) income before income taxes

 

 

(10,585

)

 

 

53,567

 

 

 

24,914

 

 

 

100,006

Income taxes

 

 

(1,594

)

 

 

9,775

 

 

 

9,261

 

 

 

19,225

Net (loss) income

 

$

(8,991

)

 

$

43,792

 

 

$

15,653

 

 

$

80,781

 

 

 

 

 

 

 

 

 

(Loss) income per share:

 

 

 

 

 

 

 

 

Basic

 

$

(0.37

)

 

$

1.77

 

 

$

0.64

 

 

$

3.27

Diluted

 

$

(0.37

)

 

$

1.75

 

 

$

0.64

 

 

$

3.23

 

 

 

 

 

 

 

 

 

Weighted-average shares and equivalent shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

24,312

 

 

 

24,740

 

 

 

24,353

 

 

 

24,729

Diluted

 

 

24,312

 

 

 

24,983

 

 

 

24,520

 

 

 

24,998

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

$

(11,408

)

 

$

38,061

 

 

$

(1,743

)

 

$

83,123

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended

(in thousands)

 

June 27, 2020

 

June 29, 2019

OPERATING ACTIVITIES

 

 

 

 

Net income

 

$

15,653

 

 

$

80,781

 

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

 

 

96,009

 

 

 

62,053

 

Changes in operating assets and liabilities:

 

 

 

 

Trade receivables

 

 

13,914

 

 

 

(13,242

)

Inventories

 

 

(10,761

)

 

 

6,230

 

Accounts payable

 

 

3,439

 

 

 

(17,927

)

Accrued liabilities and income taxes

 

 

(19,144

)

 

 

(36,713

)

Prepaid expenses and other assets

 

 

2,176

 

 

 

(1,090

)

Net cash provided by operating activities

 

 

101,286

 

 

 

80,092

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

 

 

 

(775

)

Purchases of property, plant, and equipment

 

 

(29,479

)

 

 

(25,249

)

Proceeds from sale of property, plant, and equipment

 

 

89

 

 

 

6,212

 

Net cash used in investing activities

 

 

(29,390

)

 

 

(19,812

)

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Net proceeds (payments) from credit facility

 

 

95,000

 

 

 

(7,500

)

Purchases of common stock

 

 

(22,927

)

 

 

(49,861

)

Cash dividends paid

 

 

(23,403

)

 

 

(21,274

)

All other cash provided by financing activities

 

 

1,856

 

 

 

3,011

 

Net cash provided by (used in) financing activities

 

 

50,526

 

 

 

(75,624

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(1,694

)

 

 

392

 

Increase (decrease) in cash and cash equivalents

 

 

120,728

 

 

 

(14,952

)

Cash and cash equivalents at beginning of period

 

 

531,139

 

 

 

489,733

 

Cash and cash equivalents at end of period

 

$

651,867

 

 

$

474,781

 

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

 

 

 

Second Quarter

 

Year-to-Date

(in thousands)

 

2020

 

2019

 

%
Growth
/(Decline)

 

2020

 

2019

 

%
Growth
/(Decline)

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

223,271

 

 

$

259,553

 

 

(14.0

)%

 

$

437,460

 

 

$

524,947

 

 

(16.7

)%

Automotive

 

 

61,999

 

 

 

108,650

 

 

(42.9

)%

 

 

166,769

 

 

 

222,133

 

 

(24.9

)%

Industrial

 

 

22,067

 

 

 

29,676

 

 

(25.6

)%

 

 

49,204

 

 

 

56,299

 

 

(12.6

)%

Total net sales

 

$

307,337

 

 

$

397,879

 

 

(22.8

)%

 

$

653,433

 

 

$

803,379

 

 

(18.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

32,651

 

 

$

43,630

 

 

(25.2

)%

 

$

64,923

 

 

$

92,666

 

 

(29.9

)%

Automotive

 

 

(8,857

)

 

 

10,349

 

 

(185.6

)%

 

 

5,259

 

 

 

23,550

 

 

(77.7

)%

Industrial

 

 

(23

)

 

 

5,831

 

 

(100.4

)%

 

 

3,511

 

 

 

9,336

 

 

(62.4

)%

Other(a)

 

 

(35,721

)

 

 

(7,176

)

 

N.M.

 

 

 

(40,893

)

 

 

(12,245

)

 

N.M.

 

 

Total operating (loss) income

 

$

(11,950

)

 

$

52,634

 

 

(122.7

)%

 

$

32,800

 

 

$

113,307

 

 

(71.1

)%

Operating Margin

 

 

(3.9

)%

 

 

13.2

%

 

 

 

 

5.0

%

 

 

14.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

5,855

 

 

 

5,589

 

 

 

 

 

11,273

 

 

 

11,275

 

 

 

Foreign exchange (gain) loss

 

 

(6,010

)

 

 

(3,575

)

 

 

 

 

(3,426

)

 

 

668

 

 

 

Other (income) expense, net

 

 

(1,210

)

 

 

(2,947

)

 

 

 

 

39

 

 

 

1,358

 

 

 

(Loss) income before income taxes

 

$

(10,585

)

 

$

53,567

 

 

(119.8

)%

 

$

24,914

 

 

$

100,006

 

 

(75.1

)%

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

N.M. - Not meaningful

 

 

Second Quarter

 

Year-to-Date

(in thousands)

 

2020

 

2019

 

%
Growth
/(Decline)

 

2020

 

2019

 

%
Growth
/(Decline)

Operating Margin

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

14.6

%

 

16.8

%

 

(2.2

)%

 

14.8

%

 

17.7

%

 

(2.9

)%

Automotive

 

(14.3

)%

 

9.5

%

 

(23.8

)%

 

3.2

%

 

10.6

%

 

(7.4

)%

Industrial

 

(0.1

)%

 

19.6

%

 

(19.7

)%

 

7.1

%

 

16.6

%

 

(9.5

)%

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(In millions of USD except per share amounts - unaudited)

 

Non-GAAP EPS reconciliation

 

 

 

 

Q2-20

Q2-19

YTD-20

YTD-19

GAAP diluted EPS

$

(0.37

)

$

1.75

 

$

0.64

 

$

3.23

 

EPS impact of Non-GAAP adjustments (below)

 

1.08

 

 

0.16

 

 

1.36

 

 

0.64

 

Adjusted diluted EPS

$

0.71

 

$

1.91

 

$

2.00

 

$

3.87

 

 

Non-GAAP adjustments - (income)/expense

 

 

 

 

 

 

 

Q2-20

Q2-19

YTD-20

YTD-19

Acquisition-related and integration costs (a)

 

$

0.1

 

$

1.5

 

$

1.3

 

$

3.8

 

Goodwill impairment charge

 

 

33.8

 

 

 

33.8

 

 

Restructuring, impairment and other charges (b)

 

 

1.8

 

 

5.7

 

 

5.8

 

 

8.4

 

Non-GAAP adjustments to operating (loss) income

 

 

35.7

 

 

7.2

 

 

40.9

 

 

12.2

 

Other expense, net (c)

 

 

2.0

 

 

0.6

 

 

2.0

 

 

5.8

 

Non-operating foreign exchange (gain) loss

 

 

(6.0

)

 

(3.6

)

 

(3.4

)

 

0.7

 

Non-GAAP adjustments to (loss) income before income taxes

 

 

31.7

 

 

4.2

 

 

39.5

 

 

18.7

 

Income taxes (d)

 

 

5.4

 

 

0.2

 

 

6.1

 

 

2.8

 

Non-GAAP adjustments to net (loss) income

 

$

26.3

 

$

4.0

 

$

33.4

 

$

15.9

 

 

 

 

 

 

 

Total EPS impact

 

$

1.08

 

$

0.16

 

$

1.36

 

$

0.64

 

 

Adjusted operating margin / Adjusted EBITDA reconciliation

 

 

 

 

 

Q2-20

Q2-19

YTD-20

YTD-19

Net sales

$

307.3

 

$

397.9

 

$

653.4

 

$

803.4

 

GAAP operating (loss) income

 

(12.0

)

$

52.6

 

 

32.8

 

$

113.3

 

Add back non-GAAP adjustments

 

35.7

 

 

7.2

 

 

40.9

 

 

12.2

 

Adjusted operating income

$

23.7

 

$

59.8

 

$

73.7

 

$

125.5

 

Adjusted operating margin

 

7.7

%

 

15.0

%

 

11.3

%

 

15.6

%

Add back amortization

 

9.8

 

 

10.1

 

 

19.8

 

 

20.2

 

Add back depreciation

 

13.9

 

 

12.6

 

 

27.7

 

 

25.7

 

Adjusted EBITDA

$

47.4

 

$

82.5

 

$

121.2

 

$

171.4

 

Adjusted EBITDA margin

 

15.4

%

 

20.7

%

 

18.5

%

 

21.3

%

 

Net sales reconciliation

Q2-20 vs. Q2-19

 

Electronics

Automotive

Industrial

Total

Net sales decline

 

(14

)%

 

(43

)%

 

(26

)%

 

(23

)%

Less:

 

 

 

 

FX impact

 

(1

)%

 

(1

)%

 

(1

)%

 

(1

)%

Organic net sales decline

 

(13

)%

 

(42

)%

 

(25

)%

 

(22

)%

 

Net sales reconciliation

YTD-20 vs. YTD-19

 

Electronics

Automotive

Industrial

Total

Net sales decline

 

(17

)%

 

(25

)%

 

(13

)%

 

(19

)%

Less:

 

 

 

 

FX impact

 

(1

)%

 

(1

)%

 

(1

)%

 

(1

)%

Organic net sales decline

 

(16

)%

 

(24

)%

 

(12

)%

 

(18

)%

Income tax reconciliation

 

 

 

 

 

 

 

 

 

 

Q2-20

 

Q2-19

 

YTD-20

 

YTD-19

Income taxes

 

$

(1.6

)

 

$

9.8

 

 

$

9.3

 

 

$

19.2

 

Effective rate

 

 

15.1

%

 

 

18.2

%

 

 

37.2

%

 

 

19.2

%

Non-GAAP adjustments - income taxes

 

 

5.4

 

 

 

0.2

 

 

 

6.1

 

 

 

2.8

 

Adjusted income taxes

 

$

3.8

 

 

$

10.0

 

 

$

15.4

 

 

$

22.0

 

Adjusted effective rate

 

 

18.2

%

 

 

17.3

%

 

 

23.8

%

 

 

18.5

%

 

Free cash flow reconciliation

 

 

 

 

 

 

 

 

 

 

Q2-20

 

Q2-19

 

YTD-20

 

YTD-19

Net cash provided by operating activities

 

$

56.0

 

 

$

49.2

 

 

$

101.3

 

 

$

80.1

 

Less: Purchases of property, plant and equipment

 

 

(12.9

)

 

 

(11.2

)

 

 

(29.5

)

 

 

(25.2

)

Free cash flow

 

$

43.1

 

 

$

38.0

 

 

$

71.8

 

 

$

54.8

 

Consolidated Total Debt

 

As of June 27, 2020

Consolidated Total Debt

 

$

776.2

 

 

 

Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1)

 

Twelve Months Ended
June 27, 2020

Net Income

 

$

74.0

Interest expense

 

 

22.3

Income taxes

 

 

16.8

Depreciation

 

 

54.5

Amortization

 

 

39.6

Non-cash reductions:

 

 

Stock-based compensation expense

 

 

17.6

Unrealized loss on investments

 

 

2.9

Impairment charges

 

 

36.4

Other

 

 

1.4

Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1)

 

$

265.5

 

 

 

Ratio of Consolidated Total Debt to Consolidated EBITDA (as defined in Private Placement Senior Notes)*

 

2.9x

* 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 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) 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) $0.7 million and $1.1 million and $2.5 million and $3.2 million reflected in cost of sales and SG&A, respectively for the three months ended June 27, 2020 and June 29, 2019, and $1.4 million and $4.4 million and $3.1 million and $5.3 million reflected in cost of sales and SG&A, respectively for the six months ended June 27, 2020 and June 29, 2019.

(c) included $1.8 million increase in coal mining reserves and $0.2 million charge for an asset retirement obligation related to the disposal of a business in 2019 for the three and six months ended June 27, 2020, and $0.6 million costs primarily related to a sale of building for the three months ended June 29, 2019. 2019 year-to-date amounts included $2.8 million of impairment charges on certain other investments, $2.6 million loss on the disposal of a business, and $0.4 million gain primarily related to the final payments for the acquisition of Monolith.

(d) 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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