Littelfuse Reports Second Quarter Results For 2021
Record sales and earnings driven by strong business fundamentals
- Net sales of
$523.5 million driven by strong demand across a number of electronics, automotive and industrial end markets, and operational execution - GAAP operating margin was 18.4%; adjusted operating margin was 19.5%
- GAAP diluted EPS of
$3.30 and adjusted diluted EPS of$3.41 - Cash flow from operations was
$76.2 million and free cash flow was$58.2 million - The company’s Board of Directors approved a 10% increase in the quarterly cash dividend from
$0.48 to$0.53 ; this equates to an annualized dividend of$2.12 per share
“Through exceptional teamwork and strong business fundamentals, we delivered record revenue and earnings within a challenging operating environment,” said
Third Quarter of 2021*
For the third quarter, the company expects net sales in the range of
*
Dividend
- The company will pay a cash dividend on its common stock of
$0.53 per share onSeptember 2, 2021 to shareholders of record as ofAugust 19, 2021
Conference Call and Webcast Information
About
“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 and other raw material price fluctuations; the effect of
Non-GAAP Financial Measures
The information included in this press release includes the non-GAAP financial measures of organic net sales growth, 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, 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
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
(Unaudited) |
|
|
||||
(in thousands) |
|
|
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
616,330 |
|
|
$ |
687,525 |
|
Short-term investments |
|
18 |
|
|
54 |
|
||
Trade receivables, less allowances of |
|
313,332 |
|
|
232,760 |
|
||
Inventories |
|
325,774 |
|
|
258,002 |
|
||
Prepaid income taxes and income taxes receivable |
|
3,961 |
|
|
3,029 |
|
||
Prepaid expenses and other current assets |
|
59,503 |
|
|
35,939 |
|
||
Total current assets |
|
1,318,918 |
|
|
1,217,309 |
|
||
Net property, plant, and equipment |
|
352,826 |
|
|
344,178 |
|
||
Intangible assets, net of amortization |
|
307,771 |
|
|
291,887 |
|
||
|
|
851,070 |
|
|
816,812 |
|
||
Investments |
|
39,255 |
|
|
30,547 |
|
||
Deferred income taxes |
|
9,837 |
|
|
11,224 |
|
||
Right of use lease assets, net |
|
28,465 |
|
|
17,615 |
|
||
Other assets |
|
19,356 |
|
|
18,021 |
|
||
Total assets |
|
$ |
2,927,498 |
|
|
$ |
2,747,593 |
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
205,138 |
|
|
$ |
145,984 |
|
Accrued liabilities |
|
126,445 |
|
|
110,478 |
|
||
Accrued income taxes |
|
25,109 |
|
|
19,186 |
|
||
Current portion of long-term debt |
|
25,000 |
|
|
— |
|
||
Total current liabilities |
|
381,692 |
|
|
275,648 |
|
||
Long-term debt, less current portion |
|
626,917 |
|
|
687,034 |
|
||
Deferred income taxes |
|
47,518 |
|
|
50,134 |
|
||
Accrued post-retirement benefits |
|
43,176 |
|
|
45,802 |
|
||
Non-current operating lease liabilities |
|
19,241 |
|
|
12,950 |
|
||
Other long-term liabilities |
|
66,734 |
|
|
67,252 |
|
||
Total equity |
|
1,742,220 |
|
|
1,608,773 |
|
||
Total liabilities and equity |
|
$ |
2,927,498 |
|
|
$ |
2,747,593 |
|
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
523,488 |
|
|
$ |
307,337 |
|
|
$ |
987,282 |
|
|
$ |
653,433 |
|
Cost of sales |
|
326,092 |
|
|
207,435 |
|
|
629,420 |
|
|
429,175 |
|
||||
Gross profit |
|
197,396 |
|
|
99,902 |
|
|
357,862 |
|
|
224,258 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Selling, general, and administrative expenses |
|
73,315 |
|
|
53,199 |
|
|
131,603 |
|
|
104,399 |
|
||||
Research and development expenses |
|
16,394 |
|
|
13,161 |
|
|
31,133 |
|
|
27,624 |
|
||||
Amortization of intangibles |
|
10,641 |
|
|
9,827 |
|
|
21,162 |
|
|
19,808 |
|
||||
Restructuring, impairment, and other charges |
|
789 |
|
|
35,665 |
|
|
1,226 |
|
|
39,627 |
|
||||
Total operating expenses |
|
101,139 |
|
|
111,852 |
|
|
185,124 |
|
|
191,458 |
|
||||
Operating income (loss) |
|
96,257 |
|
|
(11,950) |
|
|
172,738 |
|
|
32,800 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
4,626 |
|
|
5,855 |
|
|
9,299 |
|
|
11,273 |
|
||||
Foreign exchange (gain) loss |
|
(1,676) |
|
|
(6,010) |
|
|
5,161 |
|
|
(3,426) |
|
||||
Other (income) expense, net |
|
(1,890) |
|
|
(1,210) |
|
|
(9,627) |
|
|
39 |
|
||||
Income (loss) before income taxes |
|
95,197 |
|
|
(10,585) |
|
|
167,905 |
|
|
24,914 |
|
||||
Income taxes |
|
13,102 |
|
|
(1,594) |
|
|
28,097 |
|
|
9,261 |
|
||||
Net income (loss) |
|
$ |
82,095 |
|
|
$ |
(8,991) |
|
|
$ |
139,808 |
|
|
$ |
15,653 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
3.34 |
|
|
$ |
(0.37) |
|
|
$ |
5.69 |
|
|
$ |
0.64 |
|
Diluted |
|
$ |
3.30 |
|
|
$ |
(0.37) |
|
|
$ |
5.62 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares and equivalent shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
24,592 |
|
|
24,312 |
|
|
24,562 |
|
|
24,353 |
|
||||
Diluted |
|
24,900 |
|
|
24,312 |
|
|
24,894 |
|
|
24,520 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive income (loss) |
|
$ |
87,549 |
|
|
$ |
(11,408) |
|
|
$ |
140,391 |
|
|
$ |
(1,743) |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
|
|
Six Months Ended |
||||||
(in thousands) |
|
|
|
|
||||
OPERATING ACTIVITIES |
|
|
|
|
||||
Net income |
|
$ |
139,808 |
|
|
$ |
15,653 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
63,947 |
|
|
96,009 |
|
||
Changes in operating assets and liabilities: |
|
|
|
|
||||
Trade receivables |
|
(69,881) |
|
|
13,914 |
|
||
Inventories |
|
(38,205) |
|
|
(10,761) |
|
||
Accounts payable |
|
38,955 |
|
|
3,439 |
|
||
Accrued liabilities and income taxes |
|
4,488 |
|
|
(19,144) |
|
||
Prepaid expenses and other assets |
|
(12,766) |
|
|
2,176 |
|
||
Net cash provided by operating activities |
|
126,346 |
|
|
101,286 |
|
||
|
|
|
|
|
||||
INVESTING ACTIVITIES |
|
|
|
|
||||
Acquisitions of businesses, net of cash acquired |
|
(109,852) |
|
|
— |
|
||
Purchases of property, plant, and equipment |
|
(32,657) |
|
|
(29,479) |
|
||
Net proceeds from sale of property, plant, and equipment, and other |
|
2,569 |
|
|
89 |
|
||
Net cash used in investing activities |
|
(139,940) |
|
|
(29,390) |
|
||
|
|
|
|
|
||||
FINANCING ACTIVITIES |
|
|
|
|
||||
Net (payments) proceeds from credit facility |
|
(30,000) |
|
|
95,000 |
|
||
Purchases of common stock |
|
— |
|
|
(22,927) |
|
||
Cash dividends paid |
|
(23,596) |
|
|
(23,403) |
|
||
All other cash provided by financing activities |
|
4,413 |
|
|
1,856 |
|
||
Net cash (used in) provided by financing activities |
|
(49,183) |
|
|
50,526 |
|
||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(2,894) |
|
|
(1,694) |
|
||
(Decrease) increase in cash, cash equivalents, and restricted cash |
|
(65,671) |
|
|
120,728 |
|
||
Cash, cash equivalents, and restricted cash at beginning of period |
|
687,525 |
|
|
531,139 |
|
||
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
621,854 |
|
|
$ |
651,867 |
|
NET SALES AND OPERATING INCOME (LOSS) BY SEGMENT (Unaudited) |
||||||||||||||||||||||
|
|
Second Quarter |
|
Year-to-Date |
||||||||||||||||||
(in thousands) |
|
2021 |
|
2020 |
|
% |
|
2021 |
|
2020 |
|
% |
||||||||||
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electronics |
|
$ |
325,347 |
|
|
$ |
223,271 |
|
|
45.7 |
% |
|
$ |
611,882 |
|
|
$ |
437,460 |
|
|
39.9 |
% |
Automotive |
|
133,318 |
|
|
61,999 |
|
|
115.0 |
% |
|
261,847 |
|
|
166,769 |
|
|
57.0 |
% |
||||
Industrial |
|
64,823 |
|
|
22,067 |
|
|
193.8 |
% |
|
113,553 |
|
|
49,204 |
|
|
130.8 |
% |
||||
Total net sales |
|
$ |
523,488 |
|
|
$ |
307,337 |
|
|
70.3 |
% |
|
$ |
987,282 |
|
|
$ |
653,433 |
|
|
51.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electronics |
|
$ |
74,236 |
|
|
$ |
32,651 |
|
|
127.4 |
% |
|
$ |
129,759 |
|
|
$ |
64,923 |
|
|
99.9 |
% |
Automotive |
|
19,258 |
|
|
(8,857) |
|
|
317.4 |
% |
|
39,574 |
|
|
5,259 |
|
|
652.5 |
% |
||||
Industrial |
|
8,375 |
|
|
(23) |
|
|
36,513.0 |
% |
|
11,881 |
|
|
3,511 |
|
|
238.4 |
% |
||||
Other(a) |
|
(5,612) |
|
|
(35,721) |
|
|
N.M. |
|
|
(8,476) |
|
|
(40,893) |
|
|
N.M. |
|
||||
Total operating income (loss) |
|
$ |
96,257 |
|
|
$ |
(11,950) |
|
|
905.5 |
% |
|
$ |
172,738 |
|
|
$ |
32,800 |
|
|
426.6 |
% |
Operating Margin |
|
18.4 |
% |
|
(3.9) |
% |
|
|
|
17.5 |
% |
|
5.0 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
4,626 |
|
|
5,855 |
|
|
|
|
9,299 |
|
|
11,273 |
|
|
|
||||||
Foreign exchange (gain) loss |
|
(1,676) |
|
|
(6,010) |
|
|
|
|
5,161 |
|
|
(3,426) |
|
|
|
||||||
Other (income) expense, net |
|
(1,890) |
|
|
(1,210) |
|
|
|
|
(9,627) |
|
|
39 |
|
|
|
||||||
Income (loss) before income taxes |
|
$ |
95,197 |
|
|
$ |
(10,585) |
|
|
999.4 |
% |
|
$ |
167,905 |
|
|
$ |
24,914 |
|
|
573.9 |
% |
(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 |
|
|
Second Quarter |
|
Year-to-Date |
||||||||||||||
(in thousands) |
|
2021 |
|
2020 |
|
% |
|
2021 |
|
2020 |
|
% |
||||||
Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Electronics |
|
22.8 |
% |
|
14.6 |
% |
|
8.2 |
% |
|
21.2 |
% |
|
14.8 |
% |
|
6.4 |
% |
Automotive |
|
14.4 |
% |
|
(14.3) |
% |
|
28.7 |
% |
|
15.1 |
% |
|
3.2 |
% |
|
11.9 |
% |
Industrial |
|
12.9 |
% |
|
(0.1) |
% |
|
13.0 |
% |
|
10.5 |
% |
|
7.1 |
% |
|
3.4 |
% |
SUPPLEMENTAL FINANCIAL INFORMATION (In millions of USD except per share amounts - unaudited) |
||||||||||||||||
Non-GAAP EPS reconciliation |
|
|
|
|
|
|
|
|
||||||||
|
|
Q2-21 |
|
Q2-20 |
|
YTD-21 |
|
YTD-20 |
||||||||
GAAP diluted EPS |
|
$ |
3.30 |
|
|
$ |
(0.37) |
|
|
$ |
5.62 |
|
|
$ |
0.64 |
|
EPS impact of Non-GAAP adjustments (below) |
|
0.11 |
|
|
1.08 |
|
|
0.46 |
|
|
1.36 |
|
||||
Adjusted diluted EPS |
|
$ |
3.41 |
|
|
$ |
0.71 |
|
|
$ |
6.08 |
|
|
$ |
2.00 |
|
Non-GAAP adjustments - (income)/expense |
|
|
|
|
|
|
|
|
||||||||
|
|
Q2-21 |
|
Q2-20 |
|
YTD-21 |
|
YTD-20 |
||||||||
Acquisition-related and integration costs (a) |
|
$ |
0.5 |
|
|
$ |
0.1 |
|
|
$ |
1.3 |
|
|
$ |
1.3 |
|
Purchase accounting inventory adjustments (b) |
|
3.3 |
|
|
— |
|
|
6.8 |
|
|
|
|||||
Restructuring, impairment and other charges (c) |
|
0.8 |
|
|
35.6 |
|
|
1.3 |
|
|
39.6 |
|
||||
Loss (gain) on sale of fixed assets (d) |
|
1.0 |
|
|
— |
|
|
(0.9) |
|
|
— |
|
||||
Non-GAAP adjustments to operating income |
|
5.6 |
|
|
35.7 |
|
|
8.5 |
|
|
40.9 |
|
||||
Other expense, net (e) |
|
0.5 |
|
|
2.0 |
|
|
0.5 |
|
|
2.0 |
|
||||
Non-operating foreign exchange (gain) loss |
|
(1.7) |
|
|
(6.0) |
|
|
5.2 |
|
|
(3.4) |
|
||||
Non-GAAP adjustments to income before income taxes |
|
4.4 |
|
|
31.7 |
|
|
14.2 |
|
|
39.5 |
|
||||
Income taxes (f) |
|
1.7 |
|
|
5.4 |
|
|
2.5 |
|
|
6.1 |
|
||||
Non-GAAP adjustments to net income |
|
$ |
2.7 |
|
|
$ |
26.3 |
|
|
$ |
11.7 |
|
|
$ |
33.4 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total EPS impact |
|
$ |
0.11 |
|
|
$ |
1.08 |
|
|
$ |
0.46 |
|
|
$ |
1.36 |
|
Adjusted operating margin / Adjusted EBITDA reconciliation |
|
|
|
|
|
|
|
|
||||||||
|
|
Q2-21 |
|
Q2-20 |
|
YTD-21 |
|
YTD-20 |
||||||||
Net sales |
|
$ |
523.5 |
|
|
$ |
307.3 |
|
|
$ |
987.3 |
|
|
$ |
653.4 |
|
GAAP operating income (loss) |
|
96.3 |
|
|
$ |
(12.0) |
|
|
172.7 |
|
|
$ |
32.8 |
|
||
Add back non-GAAP adjustments |
|
5.6 |
|
|
35.7 |
|
|
8.5 |
|
|
40.9 |
|
||||
Adjusted operating income |
|
$ |
101.9 |
|
|
$ |
23.7 |
|
|
$ |
181.2 |
|
|
$ |
73.7 |
|
Adjusted operating margin |
|
19.5 |
% |
|
7.7 |
% |
|
18.4 |
% |
|
11.3 |
% |
||||
Add back amortization |
|
10.6 |
|
|
9.8 |
|
|
21.2 |
|
|
19.8 |
|
||||
Add back depreciation |
|
13.6 |
|
|
13.9 |
|
|
27.3 |
|
|
27.7 |
|
||||
Adjusted EBITDA |
|
$ |
126.1 |
|
|
$ |
47.4 |
|
|
$ |
229.7 |
|
|
$ |
121.2 |
|
Adjusted EBITDA margin |
|
24.1 |
% |
|
15.4 |
% |
|
23.3 |
% |
|
18.5 |
% |
Net sales reconciliation |
|
Q2-21 vs. Q2-20 |
||||||||||
|
|
Electronics |
|
Automotive |
|
Industrial |
|
Total |
||||
Net sales growth |
|
46 |
% |
|
115 |
% |
|
194 |
% |
|
70 |
% |
Less: |
|
|
|
|
|
|
|
|
||||
Acquisitions |
|
— |
|
|
— |
|
|
120 |
% |
|
9 |
% |
Transfer a product line between segments |
|
(1) |
% |
|
— |
% |
|
12 |
% |
|
— |
% |
FX impact |
|
3 |
% |
|
9 |
% |
|
2 |
% |
|
4 |
% |
Organic net sales growth |
|
44 |
% |
|
106 |
% |
|
60 |
% |
|
57 |
% |
Net sales reconciliation |
|
YTD-21 vs. YTD-20 |
||||||||||
|
|
Electronics |
|
Automotive |
|
Industrial |
|
Total |
||||
Net sales growth |
|
40 |
% |
|
57 |
% |
|
131 |
% |
|
51 |
% |
Less: |
|
|
|
|
|
|
|
|
||||
Acquisitions |
|
— |
|
|
— |
|
|
88 |
% |
|
6 |
% |
Transfer a product line between segments |
|
(1) |
% |
|
— |
% |
|
9 |
% |
|
— |
% |
FX impact |
|
3 |
% |
|
7 |
% |
|
2 |
% |
|
4 |
% |
Organic net sales growth |
|
38 |
% |
|
50 |
% |
|
32 |
% |
|
41 |
% |
Income tax reconciliation |
|
|
|
|
|
|
|
|
||||||||
|
|
Q2-21 |
|
Q2-20 |
|
YTD-21 |
|
YTD-20 |
||||||||
Income taxes |
|
$ |
13.1 |
|
|
$ |
(1.6) |
|
|
$ |
28.1 |
|
|
$ |
9.3 |
|
Effective rate |
|
13.8 |
% |
|
15.1 |
% |
|
16.7 |
% |
|
37.2 |
% |
||||
Non-GAAP adjustments - income taxes |
|
1.7 |
|
|
5.4 |
|
|
2.5 |
|
|
6.1 |
|
||||
Adjusted income taxes |
|
$ |
14.8 |
|
|
$ |
3.8 |
|
|
$ |
30.6 |
|
|
$ |
15.4 |
|
Adjusted effective rate |
|
14.8 |
% |
|
18.2 |
% |
|
16.8 |
% |
|
23.8 |
% |
||||
Free cash flow reconciliation |
|
|
|
|
|
|
|
|
||||||||
|
|
Q2-21 |
|
Q2-20 |
|
YTD-21 |
|
YTD-20 |
||||||||
Net cash provided by operating activities |
|
$ |
76.2 |
|
|
$ |
56.0 |
|
|
$ |
126.3 |
|
|
$ |
101.3 |
|
Less: Purchases of property, plant and equipment |
|
(17.9) |
|
|
(12.9) |
|
|
(32.6) |
|
|
(29.5) |
|
||||
Free cash flow |
|
$ |
58.2 |
|
|
$ |
43.1 |
|
|
$ |
93.7 |
|
|
$ |
71.8 |
|
Consolidated Total Debt |
|
As of |
||
Consolidated total gross debt |
|
$ |
655.6 |
|
Unamortized debt issuance costs |
|
(3.7) |
|
|
Consolidated Total Debt |
|
$ |
651.9 |
|
|
|
|
||
Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1) |
|
Twelve Months Ended |
||
Net Income |
|
$ |
254.1 |
|
Interest expense |
|
19.1 |
|
|
Income taxes |
|
50.1 |
|
|
Depreciation |
|
55.7 |
|
|
Amortization |
|
41.4 |
|
|
Non-cash additions (reductions): |
|
|
||
Stock-based compensation expense |
|
19.5 |
|
|
Purchase accounting inventory step-up charge |
|
6.8 |
|
|
Unrealized gain on investments |
|
(14.1) |
|
|
Impairment charges |
|
— |
|
|
Other |
|
(4.5) |
|
|
Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1) |
|
$ |
428.1 |
|
|
|
|
||
Ratio of Consolidated total gross debt to Consolidated EBITDA (as defined in Private Placement Senior Notes)* |
|
1.5x |
* 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) 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) For the fiscal year ended |
(d) reflected in SG&A, a loss of |
(e) 2021 amount included |
(f) reflected the tax impact associated with the non-GAAP adjustments. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005088/en/
Head of Investor Relations
(773) 628-2163
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