Littelfuse Reports Second Quarter Results For 2022

August 2, 2022 at 5:00 PM EDT

Global business execution delivers strong financial performance

CHICAGO--(BUSINESS WIRE)--Aug. 2, 2022-- Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the second quarter ended July 2, 2022:

  • Net sales of $618.4 million were up 18% versus the prior year period, and up 10% organically
  • GAAP diluted EPS was $3.48; adjusted diluted EPS was $4.26, up 25% versus the prior year period
  • Cash flow from operations was $113.6 million and free cash flow was $87.2 million
  • On July 19, the company completed its acquisition of C&K Switches
  • The company’s Board of Directors approved a 13% increase in the quarterly cash dividend from $0.53 to $0.60; this equates to an annualized dividend of $2.40 per share

“We delivered very strong second quarter results above our expectations while continuing to advance our strategic initiatives,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our record performance to date in 2022 is a testament to our global teams’ execution across the breadth of our end markets. I am also excited to welcome C&K to our organization which significantly expands our ability to serve customers with market leading technologies, capabilities and talent. Looking ahead, we remain focused on effectively managing our business through market volatility while securing growth opportunities driven by sustainability, connectivity, and safety, which will deliver long-term value to our stakeholders.”

Third Quarter of 2022*

Based on current market conditions, for the third quarter the company expects,

  • Net sales in the range of $630 to $644 million; adjusted diluted EPS in the range of $3.71 to $3.87

*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 $0.60 per share on September 8, 2022, to shareholders of record as of August 25, 2022

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, August 3, 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. Such statements are based on Littelfuse, Inc.’s (“Littelfuse” or the “Company”) current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties, include, but are 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's 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 January 1, 2022.

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 January 1, 2022, its Quarterly Report on Form 10-Q for the quarter ended April 2, 2022, 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 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, net debt, consolidated EBITDA, and consolidated net leverage ratio (as defined in the credit agreement). 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 net debt, consolidated EBITDA, and consolidated net leverage ratio 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)

 

July 2,
2022

 

January 1,
2022

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

809,122

 

$

478,473

Short-term investments

 

 

20

 

 

28

Trade receivables, less allowances of $68,933 and $59,232 at July 2, 2022 and January 1, 2022, respectively

 

 

343,321

 

 

275,192

Inventories

 

 

496,207

 

 

445,671

Prepaid income taxes and income taxes receivable

 

 

4,861

 

 

2,035

Prepaid expenses and other current assets

 

 

65,294

 

 

68,812

Total current assets

 

 

1,718,825

 

 

1,270,211

Net property, plant, and equipment

 

 

435,683

 

 

437,889

Intangible assets, net of amortization

 

 

374,593

 

 

407,126

Goodwill

 

 

914,358

 

 

929,790

Investments

 

 

25,626

 

 

39,211

Deferred income taxes

 

 

12,476

 

 

13,127

Right of use lease assets, net

 

 

39,724

 

 

29,616

Other long-term assets

 

 

23,184

 

 

24,734

Total assets

 

$

3,544,469

 

$

3,151,704

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

219,764

 

$

222,039

Accrued liabilities

 

 

137,377

 

 

159,689

Accrued income taxes

 

 

34,128

 

 

27,905

Current portion of long-term debt

 

 

7,500

 

 

25,000

Total current liabilities

 

 

398,769

 

 

434,633

Long-term debt, less current portion

 

 

884,569

 

 

611,897

Deferred income taxes

 

 

74,286

 

 

81,289

Accrued post-retirement benefits

 

 

35,090

 

 

37,037

Non-current operating lease liabilities

 

 

32,334

 

 

22,305

Other long-term liabilities

 

 

67,478

 

 

71,023

Total equity

 

 

2,051,943

 

 

1,893,520

Total liabilities and equity

 

$

3,544,469

 

$

3,151,704

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands, except per share data)

 

July 2,
2022

 

June 26,
2021

 

July 2,
2022

 

June 26,
2021

Net sales

 

$

618,436

 

$

523,488

 

 

$

1,241,766

 

$

987,282

 

Cost of sales

 

 

355,465

 

 

326,092

 

 

 

720,199

 

 

629,420

 

Gross profit

 

 

262,971

 

 

197,396

 

 

 

521,567

 

 

357,862

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

93,093

 

 

73,315

 

 

 

168,601

 

 

131,603

 

Research and development expenses

 

 

23,488

 

 

16,394

 

 

 

43,044

 

 

31,133

 

Amortization of intangibles

 

 

11,592

 

 

10,641

 

 

 

24,316

 

 

21,162

 

Restructuring, impairment, and other charges

 

 

634

 

 

789

 

 

 

852

 

 

1,226

 

Total operating expenses

 

 

128,807

 

 

101,139

 

 

 

236,813

 

 

185,124

 

Operating income

 

 

134,164

 

 

96,257

 

 

 

284,754

 

 

172,738

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,368

 

 

4,626

 

 

 

8,670

 

 

9,299

 

Foreign exchange loss (gain)

 

 

14,124

 

 

(1,676

)

 

 

21,860

 

 

5,161

 

Other expense (income), net

 

 

6,060

 

 

(1,890

)

 

 

10,487

 

 

(9,627

)

Income before income taxes

 

 

109,612

 

 

95,197

 

 

 

243,737

 

 

167,905

 

Income taxes

 

 

22,596

 

 

13,102

 

 

 

39,203

 

 

28,097

 

Net income

 

$

87,016

 

$

82,095

 

 

$

204,534

 

$

139,808

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

3.52

 

$

3.34

 

 

$

8.28

 

$

5.69

 

Diluted

 

$

3.48

 

$

3.30

 

 

$

8.19

 

$

5.62

 

 

 

 

 

 

 

 

 

 

Weighted-average shares and equivalent shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

24,734

 

 

24,592

 

 

 

24,712

 

 

24,562

 

Diluted

 

 

24,985

 

 

24,900

 

 

 

24,986

 

 

24,894

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

55,667

 

$

87,549

 

 

$

170,982

 

$

140,391

 

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended

(in thousands)

 

July 2, 2022

 

June 26, 2021

OPERATING ACTIVITIES

 

 

 

 

Net income

 

$

204,534

 

 

$

139,808

 

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

 

 

114,659

 

 

 

63,947

 

Changes in operating assets and liabilities:

 

 

 

 

Trade receivables

 

 

(76,807

)

 

 

(69,881

)

Inventories

 

 

(70,285

)

 

 

(38,205

)

Accounts payable

 

 

9,153

 

 

 

38,955

 

Accrued liabilities and income taxes

 

 

(23,107

)

 

 

4,488

 

Prepaid expenses and other assets

 

 

7,175

 

 

 

(12,766

)

Net cash provided by operating activities

 

 

165,322

 

 

 

126,346

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

 

(9,758

)

 

 

(109,852

)

Purchases of property, plant, and equipment

 

 

(56,151

)

 

 

(32,657

)

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

 

 

542

 

 

 

2,569

 

Net cash used in investing activities

 

 

(65,367

)

 

 

(139,940

)

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Net proceeds (payments) from credit facility

 

 

275,000

 

 

 

(30,000

)

Cash dividends paid

 

 

(26,201

)

 

 

(23,596

)

All other cash provided by financing activities

 

 

(3,782

)

 

 

4,413

 

Net cash provided by (used in) financing activities

 

 

245,017

 

 

 

(49,183

)

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

 

 

(15,511

)

 

 

(2,894

)

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

 

 

329,461

 

 

 

(65,671

)

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

 

 

482,836

 

 

 

687,525

 

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

 

$

812,297

 

 

$

621,854

 

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

 

 

 

Second Quarter

 

Year-to-Date

(in thousands)

 

2022

 

2021

 

%
Growth/
(Decline)

 

2022

 

2021

 

%
Growth

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

358,176

 

 

$

325,347

 

 

10.1

%

 

$

723,997

 

 

$

611,882

 

 

18.3

%

Transportation

 

 

182,027

 

 

 

133,318

 

 

36.5

%

 

 

366,531

 

 

 

261,847

 

 

40.0

%

Industrial

 

 

78,233

 

 

 

64,823

 

 

20.7

%

 

 

151,238

 

 

 

113,553

 

 

33.2

%

Total net sales

 

$

618,436

 

 

$

523,488

 

 

18.1

%

 

$

1,241,766

 

 

$

987,282

 

 

25.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

105,958

 

 

$

74,236

 

 

42.7

%

 

$

226,535

 

 

$

129,759

 

 

74.6

%

Transportation

 

 

18,309

 

 

 

19,258

 

 

(4.9

)%

 

 

44,617

 

 

 

39,574

 

 

12.7

%

Industrial

 

 

15,285

 

 

 

8,375

 

 

82.5

%

 

 

27,790

 

 

 

11,881

 

 

133.9

%

Other(a)

 

 

(5,388

)

 

 

(5,612

)

 

N.M.

 

 

 

(14,188

)

 

 

(8,476

)

 

N.M.

 

Total operating income

 

$

134,164

 

 

$

96,257

 

 

39.4

%

 

$

284,754

 

 

$

172,738

 

 

64.8

%

Operating Margin

 

 

21.7

%

 

 

18.4

%

 

 

 

 

22.9

%

 

 

17.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,368

 

 

 

4,626

 

 

 

 

 

8,670

 

 

 

9,299

 

 

 

Foreign exchange loss (gain)

 

 

14,124

 

 

 

(1,676

)

 

 

 

 

21,860

 

 

 

5,161

 

 

 

Other expense (income), net

 

 

6,060

 

 

 

(1,890

)

 

 

 

 

10,487

 

 

 

(9,627

)

 

 

Income before income taxes

 

$

109,612

 

 

$

95,197

 

 

15.1

%

 

$

243,737

 

 

$

167,905

 

 

45.2

%

(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)

 

2022

 

2021

 

%
Growth
/(Decline)

 

2022

 

2021

 

%
Growth/
(Decline)

Operating Margin

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

29.6

%

 

22.8

%

 

6.8

%

 

31.3

%

 

21.2

%

 

10.1

%

Transportation

 

10.1

%

 

14.4

%

 

(4.3

)%

 

12.2

%

 

15.1

%

 

(2.9

)%

Industrial

 

19.5

%

 

12.9

%

 

6.6

%

 

18.4

%

 

10.5

%

 

7.9

%

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

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

 
         

Non-GAAP EPS reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q2-22

 

Q2-21

 

YTD-22

 

YTD-21

GAAP diluted EPS

 

$

3.48

 

 

$

3.30

 

 

$

8.19

 

 

$

5.62

 

EPS impact of Non-GAAP adjustments (below)

 

 

0.78

 

 

 

0.11

 

 

 

1.06

 

 

 

0.46

 

Adjusted diluted EPS

 

$

4.26

 

 

$

3.41

 

 

$

9.25

 

 

$

6.08

 

Non-GAAP adjustments - (income) / expense

 

 

 

 

 

 

 

 

 

 

Q2-22

 

Q2-21

 

YTD-22

 

YTD-21

Acquisition-related and integration costs (a)

 

$

4.8

 

 

$

0.5

 

 

$

8.6

 

 

$

1.3

 

Purchase accounting inventory adjustments (b)

 

 

 

 

 

3.3

 

 

 

4.8

 

 

 

6.8

 

Restructuring, impairment and other charges (c)

 

 

0.6

 

 

 

0.8

 

 

 

0.8

 

 

 

1.3

 

Loss (gain) on sale of fixed assets (d)

 

 

 

 

 

1.0

 

 

 

 

 

 

(0.9

)

Non-GAAP adjustments to operating income

 

 

5.4

 

 

 

5.6

 

 

 

14.2

 

 

 

8.5

 

Other (income) expense, net (e)

 

 

(0.5

)

 

 

0.5

 

 

 

(0.5

)

 

 

0.5

 

Non-operating foreign exchange loss (gain)

 

 

14.1

 

 

 

(1.7

)

 

 

21.9

 

 

 

5.2

 

Non-GAAP adjustments to income before income taxes

 

 

19.0

 

 

 

4.4

 

 

 

35.6

 

 

 

14.2

 

Income taxes (f)

 

 

(0.4

)

 

 

1.7

 

 

 

9.1

 

 

 

2.5

 

Non-GAAP adjustments to net income

 

$

19.4

 

 

$

2.7

 

 

$

26.5

 

 

$

11.7

 

 

 

 

 

 

 

 

 

 

Total EPS impact

 

$

0.78

 

 

$

0.11

 

 

$

1.06

 

 

$

0.46

 

Adjusted operating margin / Adjusted EBITDA reconciliation

 

 

 

 

 

 

 

 

 

 

Q2-22

 

Q2-21

 

YTD-22

 

YTD-21

Net sales

 

$

618.4

 

 

$

523.5

 

 

$

1,241.8

 

 

$

987.3

 

GAAP operating income

 

$

134.2

 

 

$

96.3

 

 

$

284.8

 

 

$

172.7

 

Add back non-GAAP adjustments

 

 

5.4

 

 

 

5.6

 

 

 

14.2

 

 

 

8.5

 

Adjusted operating income

 

$

139.6

 

 

$

101.9

 

 

$

299.0

 

 

$

181.2

 

Adjusted operating margin

 

 

22.6

%

 

 

19.5

%

 

 

24.1

%

 

 

18.4

%

Add back amortization

 

 

11.6

 

 

 

10.6

 

 

 

24.3

 

 

 

21.2

 

Add back depreciation

 

 

15.7

 

 

 

13.6

 

 

 

31.3

 

 

 

27.3

 

Adjusted EBITDA

 

$

166.9

 

 

$

126.1

 

 

$

354.6

 

 

$

229.7

 

Adjusted EBITDA margin

 

 

27.0

%

 

 

24.1

%

 

 

28.6

%

 

 

23.3

%

Adjusted EBITDA by Segment

 

Q2-22

 

Q2-21

 

 

Electronics

 

Transportation

 

Industrial

 

Electronics

 

Transportation

 

Industrial

GAAP operating income

 

$

106.0

 

 

$

18.3

 

 

$

15.3

 

 

$

74.2

 

 

$

19.3

 

 

$

8.4

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Add back amortization

 

 

6.1

 

 

 

4.3

 

 

 

1.2

 

 

 

7.0

 

 

 

2.3

 

 

 

1.3

 

Add back depreciation

 

 

8.4

 

 

 

6.3

 

 

 

1.0

 

 

 

8.1

 

 

 

4.6

 

 

 

0.9

 

Adjusted EBITDA

 

$

120.5

 

 

$

28.9

 

 

$

17.5

 

 

$

89.3

 

 

$

26.2

 

 

$

10.6

 

Adjusted EBITDA Margin

 

 

33.6

%

 

 

15.9

%

 

 

22.3

%

 

 

27.5

%

 

 

19.7

%

 

 

16.2

%

Adjusted EBITDA by Segment

 

YTD-22

 

YTD-21

 

 

Electronics

 

Transportation

 

Industrial

 

Electronics

 

Transportation

 

Industrial

GAAP operating income

 

$

226.5

 

 

$

44.6

 

 

$

27.8

 

 

$

129.8

 

 

$

39.6

 

 

$

11.9

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Add back amortization

 

 

12.8

 

 

 

9.0

 

 

 

2.5

 

 

$

14.2

 

 

$

4.7

 

 

$

2.3

 

Add back depreciation

 

 

17.1

 

 

 

12.3

 

 

 

1.9

 

 

$

16.3

 

 

$

9.3

 

 

$

1.6

 

Adjusted EBITDA

 

$

256.4

 

 

$

65.9

 

 

$

32.2

 

 

$

160.3

 

 

$

53.6

 

 

$

15.8

 

Adjusted EBITDA Margin

 

 

35.4

%

 

 

18.0

%

 

 

21.3

%

 

 

26.2

%

 

 

20.5

%

 

 

13.9

%

Net sales reconciliation

 

Q2-22 vs. Q2-21

 

 

Electronics

 

Transportation

 

Industrial

 

Total

Net sales growth

 

10

%

 

37

%

 

21

%

 

18

%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

%

 

45

%

 

%

 

11

%

FX impact

 

(3

)%

 

(4

)%

 

(1

)%

 

(3

)%

Organic net sales growth (decline)

 

13

%

 

(4

)%

 

22

%

 

10

%

Net sales reconciliation

 

YTD-22 vs. YTD-21

 

 

Electronics

 

Transportation

 

Industrial

 

Total

Net sales growth

 

18

%

 

40

%

 

33

%

 

26

%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

%

 

44

%

 

8

%

 

13

%

FX impact

 

(3

)%

 

(4

)%

 

(1

)%

 

(3

)%

Organic net sales growth

 

21

%

 

%

 

26

%

 

16

%

Income tax reconciliation

 

 

 

 

 

 

 

 

 

 

Q2-22

 

Q2-21

 

YTD-22

 

YTD-21

Income taxes

 

$

22.6

 

 

$

13.1

 

 

$

39.2

 

 

$

28.1

 

Effective rate

 

 

20.6

%

 

 

13.8

%

 

 

16.1

%

 

 

16.7

%

Non-GAAP adjustments - income taxes

 

 

(0.4

)

 

 

1.7

 

 

 

9.1

 

 

 

2.5

 

Adjusted income taxes

 

$

22.2

 

 

$

14.8

 

 

$

48.3

 

 

$

30.6

 

Adjusted effective rate

 

 

17.3

%

 

 

14.8

%

 

 

17.3

%

 

 

16.8

%

Free cash flow reconciliation

 

 

 

 

 

 

 

 

 

 

Q2-22

 

Q2-21

 

YTD-22

 

YTD-21

Net cash provided by operating activities

 

$

113.6

 

 

$

76.2

 

 

$

165.3

 

 

$

126.3

 

Less: Purchases of property, plant and equipment

 

 

(26.4

)

 

 

(17.9

)

 

 

(56.2

)

 

 

(32.6

)

Free cash flow

 

$

87.2

 

 

$

58.2

 

 

$

109.1

 

 

$

93.7

 

Consolidated Total Debt

 

As of July 2, 2022

Consolidated Total Debt

 

$

892.1

Unamortized debt issuance costs

 

 

5.0

Consolidated funded indebtedness

 

 

897.1

Cash held in U.S. (up to $400 million)

 

 

400.0

Net debt

 

$

497.1

 

 

 

Consolidated EBITDA

 

Twelve Months Ended
July 2, 2022

Net Income

 

$

348.5

Interest expense

 

 

17.9

Income taxes

 

 

68.3

Depreciation

 

 

60.0

Amortization

 

 

45.9

Non-cash additions (reductions):

 

 

Stock-based compensation expense

 

 

22.6

Non-cash pension settlement charge

 

 

19.9

Purchase accounting inventory step-up charge

 

 

6.4

Unrealized loss on investments

 

 

12.5

Impairment charges

 

 

Other

 

 

62.4

Consolidated EBITDA (1)

 

$

664.4

 

 

 

Consolidated Net Leverage Ratio (as defined in the Credit Agreement) *

 

0.7x

* Our Credit Agreement and Private Placement Note with maturities ranging from 2023 to 2032, contain financial ratio covenants providing that if, as of the last day of each fiscal quarter, the Consolidated Net Leverage ratio at such time 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 Credit Agreement and Private Placement Senior Notes) is triggered.

 

The Credit Agreement and Private Placement Senior Notes were amended in Q2 2022 and now allow for the addition of acquisition and integration costs up to 15% of Consolidated EBITDA and the Netting of up to $400M of Available Cash (Cash held by US Subsidiaries).

 

(1) Represents Consolidated EBITDA as defined in our Credit Agreement and 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 in SG&A, a loss of $1.0 million recorded during the second quarter of 2021 for a total year-to-date gain of $0.9 million from the sale of a building within the Electronics segment 2021.

(e) 2022 amount included $0.5 million gain from the sale of a building within Transportation segment. 2021 amount included $0.5 million of impairment charges on certain other investments.

(f) reflected the tax impact associated with the non-GAAP adjustments and the one-time net benefit of $7.2 million that resulted from the dissolution of one of the Company’s affiliates.

 

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

Source: Littelfuse, Inc.

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