Littelfuse Reports Third Quarter Results for 2020

October 28, 2020 at 6:00 AM EDT

Company performance exceeds expectations

CHICAGO--(BUSINESS WIRE)--Oct. 28, 2020-- Littelfuse, Inc. (NASDAQ: LFUS), a global manufacturer of leading technologies in circuit protection, power control and sensing, today reported financial results for the third quarter ended September 26, 2020:

  • Net sales of $391.6 million were up 8% versus the prior year period, and up 7% organically; sequentially, net sales were up 27% largely due to higher than expected demand in automotive end markets, and strength in several electronics and industrial end markets
  • Segment performance versus the prior year period:
    • Electronics sales grew 12% (up 13% organically)
    • Automotive sales were flat (down 2% organically)
    • Industrial sales grew 5% (down 3% organically)
  • GAAP diluted EPS was $2.25; adjusted diluted EPS was $2.16, which benefited from a lower effective tax rate versus the forecasted rate equating to approximately $0.22 in EPS
  • GAAP effective tax rate was 17.9% and the adjusted effective tax rate was 15.7%
  • Year-to-date, cash flow from operations was $164.3 million and free cash flow was $122.7 million

“I am extremely proud of the extraordinary leadership demonstrated by our global associates and business partners amidst these challenging times,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our commitment to operational execution enabled us to meet stronger than expected demand from our customers, driving year-over-year growth. We continued to capitalize on robust design activity with several strategic wins in high-growth industrial, electronics and transportation applications. As we near the end of 2020, we are confident the actions we have taken this year position us well for sustained profitable growth.”

Fourth Quarter of 2020 Outlook*

  • The company expects year-over-year sales growth of 7% to 10%, with an adjusted operating income flow-through of approximately 40%. The forecast assumes no new material disruptions from the pandemic

*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.

Dividend

  • The company will pay a cash dividend on its common stock of $0.48 per share on December 3, 2020 to shareholders of record as of November 19, 2020

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, October 28, 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 June 27, 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 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 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 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 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)

 

September 26,
2020

 

December 28,
2019

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

641,890

 

 

$

531,139

 

Short-term investments

 

52

 

 

44

 

Trade receivables, less allowances of $42,737 and $42,043 at September 26, 2020 and December 28, 2019, respectively

 

231,930

 

 

202,309

 

Inventories

 

243,832

 

 

237,507

 

Prepaid income taxes and income taxes receivable

 

1,218

 

 

4,831

 

Prepaid expenses and other current assets

 

30,012

 

 

28,564

 

Total current assets

 

1,148,934

 

 

1,004,394

 

Net property, plant, and equipment

 

339,870

 

 

344,617

 

Intangible assets, net of amortization

 

296,159

 

 

321,247

 

Goodwill

 

799,791

 

 

820,589

 

Investments

 

26,066

 

 

24,099

 

Deferred income taxes

 

7,173

 

 

8,069

 

Right of use lease assets, net

 

18,811

 

 

21,918

 

Other assets

 

17,566

 

 

14,965

 

Total assets

 

$

2,654,370

 

 

$

2,559,898

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

120,938

 

 

$

117,320

 

Accrued liabilities

 

98,437

 

 

84,120

 

Accrued income taxes

 

15,231

 

 

14,122

 

Current portion of long-term debt

 

 

 

10,000

 

Total current liabilities

 

234,606

 

 

225,562

 

Long-term debt, less current portion

 

725,507

 

 

669,158

 

Deferred income taxes

 

46,584

 

 

49,763

 

Accrued post-retirement benefits

 

40,279

 

 

38,198

 

Non-current operating lease liabilities

 

14,193

 

 

17,166

 

Other long-term liabilities

 

63,639

 

 

64,037

 

Total equity

 

1,529,562

 

 

1,496,014

 

Total liabilities and equity

 

$

2,654,370

 

 

$

2,559,898

 

 

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

(in thousands, except per share data)

 

September 26,
2020

 

September 28,
2019

 

September 26,
2020

 

September 28,
2019

Net sales

 

$

391,566

 

 

 

$

361,971

 

 

 

$

1,044,999

 

 

 

$

1,165,350

 

 

Cost of sales

 

253,390

 

 

 

231,025

 

 

 

684,012

 

 

 

737,368

 

 

Gross profit

 

138,176

 

 

 

130,946

 

 

 

360,987

 

 

 

427,982

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

50,465

 

 

 

54,224

 

 

 

158,832

 

 

 

174,845

 

 

Goodwill impairment charge

 

 

 

 

 

 

 

33,841

 

 

 

 

 

Research and development expenses

 

13,049

 

 

 

19,728

 

 

 

41,044

 

 

 

62,595

 

 

Amortization of intangibles

 

10,104

 

 

 

9,827

 

 

 

29,912

 

 

 

30,068

 

 

Total operating expenses

 

73,618

 

 

 

83,779

 

 

 

263,629

 

 

 

267,508

 

 

Operating income

 

64,558

 

 

 

47,167

 

 

 

97,358

 

 

 

160,474

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

4,988

 

 

 

5,559

 

 

 

16,261

 

 

 

16,834

 

 

Foreign exchange (gain) loss

 

(6,174

)

 

 

4,968

 

 

 

(9,600

)

 

 

5,636

 

 

Other income, net

 

(1,682

)

 

 

(4,764

)

 

 

(1,643

)

 

 

(3,406

)

 

Income before income taxes

 

67,426

 

 

 

41,404

 

 

 

92,340

 

 

 

141,410

 

 

Income taxes

 

12,070

 

 

 

5,757

 

 

 

21,331

 

 

 

24,982

 

 

Net income

 

$

55,356

 

 

 

$

35,647

 

 

 

$

71,009

 

 

 

$

116,428

 

 

 

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

 

 

Basic

 

$

2.27

 

 

 

$

1.46

 

 

 

$

2.92

 

 

 

$

4.72

 

 

Diluted

 

$

2.25

 

 

 

$

1.44

 

 

 

$

2.89

 

 

 

$

4.68

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares and equivalent shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

24,357

 

 

 

24,482

 

 

 

24,354

 

 

 

24,646

 

 

Diluted

 

24,573

 

 

 

24,684

 

 

 

24,535

 

 

 

24,894

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

72,337

 

 

 

$

18,621

 

 

 

$

70,594

 

 

 

$

101,744

 

 

 

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Nine Months Ended

(in thousands)

 

September 26,
2020

 

September 28,
2019

OPERATING ACTIVITIES

 

 

 

 

Net income

 

$

71,009

 

 

 

$

116,428

 

 

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

 

113,867

 

 

 

93,511

 

 

Changes in operating assets and liabilities:

 

 

 

 

Trade receivables

 

(29,362

)

 

 

2,781

 

 

Inventories

 

(1,611

)

 

 

18,102

 

 

Accounts payable

 

6,661

 

 

 

(29,453

)

 

Accrued liabilities and income taxes

 

(2,095

)

 

 

(44,241

)

 

Prepaid expenses and other assets

 

5,787

 

 

 

3,735

 

 

Net cash provided by operating activities

 

164,256

 

 

 

160,863

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

 

 

 

(775

)

 

Purchases of property, plant, and equipment

 

(41,536

)

 

 

(38,397

)

 

Net proceeds from sale of property, plant, and equipment

 

148

 

 

 

6,212

 

 

Net cash used in investing activities

 

(41,388

)

 

 

(32,960

)

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Net proceeds (payments) from credit facility

 

35,000

 

 

 

(7,500

)

 

Purchases of common stock

 

(22,927

)

 

 

(99,387

)

 

Cash dividends paid

 

(35,100

)

 

 

(32,990

)

 

All other cash provided by financing activities

 

4,651

 

 

 

4,412

 

 

Net cash used in financing activities

 

(18,376

)

 

 

(135,465

)

 

Effect of exchange rate changes on cash and cash equivalents

 

6,259

 

 

 

(6,114

)

 

Increase (decrease) in cash and cash equivalents

 

110,751

 

 

 

(13,676

)

 

Cash and cash equivalents at beginning of period

 

531,139

 

 

 

489,733

 

 

Cash and cash equivalents at end of period

 

$

641,890

 

 

 

$

476,057

 

 

 

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

 

 

 

Third Quarter

 

Year-to-Date

(in thousands)

 

2020

 

2019

 

%
Growth
/(Decline)

 

2020

 

2019

 

%
Growth
/(Decline)

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

255,349

 

 

 

$

227,252

 

 

 

12.4

 

%

 

$

692,809

 

 

 

$

752,199

 

 

 

(7.9

)

%

Automotive

 

104,724

 

 

 

104,681

 

 

 

 

%

 

271,493

 

 

 

326,814

 

 

 

(16.9

)

%

Industrial

 

31,493

 

 

 

30,038

 

 

 

4.8

 

%

 

80,697

 

 

 

86,337

 

 

 

(6.5

)

%

Total net sales

 

$

391,566

 

 

 

$

361,971

 

 

 

8.2

 

%

 

$

1,044,999

 

 

 

$

1,165,350

 

 

 

(10.3

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

45,860

 

 

 

$

34,567

 

 

 

32.7

 

%

 

$

110,783

 

 

 

$

127,233

 

 

 

(12.9

)

%

Automotive

 

15,383

 

 

 

11,437

 

 

 

34.5

 

%

 

20,642

 

 

 

34,987

 

 

 

(41.0

)

%

Industrial

 

4,898

 

 

 

6,822

 

 

 

(28.2

)

%

 

8,409

 

 

 

16,158

 

 

 

(48.0

)

%

Other(a)

 

(1,583

)

 

 

(5,659

)

 

 

N.M.

 

(42,476

)

 

 

(17,904

)

 

 

N.M.

Total operating income

 

$

64,558

 

 

 

$

47,167

 

 

 

36.9

 

%

 

$

97,358

 

 

 

$

160,474

 

 

 

(39.3

)

%

Operating Margin

 

16.5

 

%

 

13.0

 

%

 

 

 

9.3

 

%

 

13.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

4,988

 

 

 

5,559

 

 

 

 

 

16,261

 

 

 

16,834

 

 

 

 

Foreign exchange (gain) loss

 

(6,174

)

 

 

4,968

 

 

 

 

 

(9,600

)

 

 

5,636

 

 

 

 

Other income, net

 

(1,682

)

 

 

(4,764

)

 

 

 

 

(1,643

)

 

 

(3,406

)

 

 

 

Income before income taxes

 

$

67,426

 

 

 

$

41,404

 

 

 

62.8

 

%

 

$

92,340

 

 

 

$

141,410

 

 

 

(34.7

)

%

(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

 

 

Third Quarter

 

Year-to-Date

(in thousands)

 

2020

 

2019

 

%
Growth
/(Decline)

 

2020

 

2019

 

%
Growth
/(Decline)

Operating Margin

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

18.0

%

 

15.2

%

 

2.8

%

 

16.0

%

 

16.9

%

 

(0.9

)%

Automotive

 

14.7

%

 

10.9

%

 

3.8

%

 

7.6

%

 

10.7

%

 

(3.1

)%

Industrial

 

15.6

%

 

22.7

%

 

(7.1

)%

 

10.4

%

 

18.7

%

 

(8.3

)%

 
LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

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

 

Non-GAAP EPS reconciliation

 

Q3-20

 

Q3-19

 

YTD-20

 

YTD-19

GAAP diluted EPS

$

2.25

 

 

$

1.44

 

 

$

2.89

 

 

$

4.68

 

EPS impact of Non-GAAP adjustments (below)

 

(0.09

)

 

 

0.34

 

 

 

1.27

 

 

 

0.97

 

Adjusted diluted EPS

$

2.16

 

 

$

1.78

 

 

$

4.16

 

 

$

5.65

 

 

Non-GAAP adjustments - (income)/expense

 

 

 

 

 

 

 

 

Q3-20

 

Q3-19

 

YTD-20

 

YTD-19

Acquisition-related and integration costs (a)

$

0.3

 

 

$

3.2

 

 

$

1.6

 

 

$

6.9

 

Goodwill impairment charge

 

 

 

 

 

 

 

33.8

 

 

 

 

Restructuring, impairment and other charges (b)

 

1.3

 

 

 

2.5

 

 

 

7.1

 

 

 

11.0

 

Non-GAAP adjustments to operating (loss) income

 

1.6

 

 

 

5.7

 

 

 

42.5

 

 

 

17.9

 

Other expense, net (c)

 

0.1

 

 

 

 

 

 

2.1

 

 

 

5.8

 

Non-operating foreign exchange (gain) loss

 

(6.2

)

 

 

5.0

 

 

 

(9.6

)

 

 

5.6

 

Non-GAAP adjustments to income before income taxes

 

(4.5

)

 

 

10.7

 

 

 

35.0

 

 

 

29.3

 

Income taxes (d)

 

(2.2

)

 

 

2.3

 

 

 

3.9

 

 

 

5.1

 

Non-GAAP adjustments to net income

$

(2.3

)

 

$

8.4

 

 

$

31.1

 

 

$

24.2

 

 

 

 

 

 

 

 

 

Total EPS impact

$

(0.09

)

 

$

0.34

 

 

$

1.27

 

 

$

0.97

 

 

Adjusted operating margin / Adjusted EBITDA reconciliation

 

 

 

 

 

 

 

 

Q3-20

 

Q3-19

 

YTD-20

 

YTD-19

Net sales

$

391.6

 

 

$

362.0

 

 

$

1,045.0

 

 

$

1,165.4

 

GAAP operating income

 

64.6

 

 

$

47.2

 

 

 

97.4

 

 

$

160.5

 

Add back non-GAAP adjustments

 

1.6

 

 

 

5.7

 

 

 

42.5

 

 

 

17.9

 

Adjusted operating income

$

66.2

 

 

$

52.9

 

 

$

139.9

 

 

$

178.4

 

Adjusted operating margin

 

16.9

%

 

 

14.6

%

 

 

13.4

%

 

 

15.3

%

Add back amortization

 

10.1

 

 

 

9.8

 

 

 

29.9

 

 

 

30.1

 

Add back depreciation

 

14.2

 

 

 

13.3

 

 

 

42.0

 

 

 

39.0

 

Adjusted EBITDA

$

90.5

 

 

$

76.0

 

 

$

211.8

 

 

$

247.5

 

Adjusted EBITDA margin

 

23.1

%

 

 

21.0

%

 

 

20.3

%

 

 

21.2

%

 
Net sales reconciliation

Q3-20 vs. Q3-19

 

Electronics

 

Automotive

 

Industrial

 

Total

Net sales growth

 

12

%

 

 

%

 

 

5

%

 

 

8

%

Less:

 

 

 

 

 

 

 

Transfer a product line between segments

 

(1

)%

 

 

%

 

 

8

%

 

 

%

FX impact

 

%

 

 

2

%

 

 

%

 

 

1

%

Organic net sales growth (decline)

 

13

%

 

 

(2

)%

 

 

(3

)%

 

 

7

%

 

 

 

 

 

 

 

Net sales reconciliation

YTD-20 vs. YTD-19

 

Electronics

 

Automotive

 

Industrial

 

Total

Net sales decline

 

(8

)%

 

 

(17

)%

 

 

(7

)%

 

 

(10

)%

Less:

 

 

 

 

 

 

 

Transfer a product line between segments

 

(1

)%

 

 

%

 

 

3

%

 

 

%

FX impact

 

%

 

 

%

 

 

(1

)%

 

 

%

Organic net sales decline

 

(7

)%

 

 

(17

)%

 

 

(9

)%

 

 

(10

)%

 

 

 

 

 

 

 

Income tax reconciliation

 

 

 

 

 

 

 

 

 

 

Q3-20

 

Q3-19

 

YTD-20

 

YTD-19

Income taxes

 

$

12.1

 

 

$

5.8

 

 

$

21.3

 

 

$

25.0

 

Effective rate

 

 

17.9

%

 

 

13.9

%

 

 

23.1

%

 

 

17.7

%

Non-GAAP adjustments - income taxes

 

 

(2.2

)

 

 

2.3

 

 

 

3.9

 

 

 

5.1

 

Adjusted income taxes

 

$

9.9

 

 

$

8.1

 

 

$

25.2

 

 

$

30.1

 

Adjusted effective rate

 

 

15.7

%

 

 

15.5

%

 

 

19.8

%

 

 

17.6

%

 

 

 

 

 

 

 

Free cash flow reconciliation

 

 

 

 

 

 

 

 

 

 

Q3-20

 

Q3-19

 

YTD-20

 

YTD-19

Net cash provided by operating activities

 

$

63.0

 

 

$

80.8

 

 

$

164.3

 

 

$

160.9

 

Less: Purchases of property, plant and equipment

 

 

(12.1

)

 

 

(13.1

)

 

 

(41.6

)

 

 

(38.4

)

Free cash flow

 

$

50.9

 

 

$

67.7

 

 

$

122.7

 

 

$

122.5

 

Consolidated Total Debt

 

As of September 26,
2020

Consolidated Total Debt

 

$

725.5

 

 

 

 

 

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

 

Twelve Months Ended
September 26, 2020

Net Income

 

$

93.7

 

 

Interest expense

 

21.7

 

 

Income taxes

 

23.1

 

 

Depreciation

 

55.4

 

 

Amortization

 

39.9

 

 

Non-cash reductions:

 

 

Stock-based compensation expense

 

17.8

 

 

Unrealized loss on investments

 

3.1

 

 

Impairment charges

 

36.1

 

 

Other

 

(12.3

)

 

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

 

$

278.5

 

 

 

 

 

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

 

2.6

x

* 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 $0.6 million and $1.8 million and $0.7 million reflected in cost of sales and SG&A, respectively for the three months ended September 26, 2020 and September 28, 2019, and $2.1 million and $5.0 million and $4.6 million and $6.4 million reflected in cost of sales and SG&A, respectively for the nine months ended September 26, 2020 and September 28, 2019.

(c) 2020 quarter-to date amount included $0.1 million of impairment charges on certain other investments. 2020 year-to-date amount also included a $1.8 million increase in coal mining reserves and a $0.2 million charge for an asset retirement obligation related to the disposal of a business in 2019. 2019 year-to-date amounts included $2.8 million of impairment charges on certain other investments, a $2.6 million loss on the disposal of a business, and a $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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