Littelfuse Reports Third Quarter Results For 2022

November 1, 2022 at 5:00 PM EDT

Year-to-date record performance driven by global business execution

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

  • Net sales of $658.9 million were up 22% versus the prior year period, and up 8% organically
  • GAAP diluted EPS was $3.02; adjusted diluted EPS was $4.28, up 8% versus the prior year period
  • Cash flow from operations was $148.1 million; free cash flow was $126.5 million, 41% higher than the prior year period
  • On September 29, the company released its 2021 Sustainability Report

"In the third quarter, we continued the outstanding performance we achieved during the first half of this year, once again exceeding our expectations," said Dave Heinzmann, Littelfuse President and Chief Executive Officer. "Our strong results were driven by growth from global business wins, additions from acquisitions, and progress on our operational excellence initiatives. Our significant achievements to date position us for ongoing long-term profitable growth within the mega themes of sustainability, connectivity, and safety."

Fourth Quarter of 2022*

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

  • Net sales in the range of $603 to $623 million, the midpoint of which represents 11% growth over the prior year and 4% organic growth; includes an approximately 700 basis point year-over-year sales headwind from foreign exchange and last year’s extra "14th week"
  • Adjusted diluted EPS in the range of $3.14 to $3.34; the midpoint of which represents 11% growth over the prior year when excluding last year’s combined $0.25 benefit from a tax holiday and "14th week"

*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 December 8, 2022, to shareholders of record as of November 24, 2022

Conference Call and Webcast Information

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

About Littelfuse

Littelfuse (NASDAQ: LFUS) is an industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 15 countries, and with approximately 19,000 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 July 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, 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, 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)

 

October 1,
2022

 

January 1,
2022

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

474,003

 

$

478,473

Short-term investments

 

 

79

 

 

28

Trade receivables, less allowances of $83,872 and $59,232 at October 1, 2022 and January 1, 2022, respectively

 

 

339,729

 

 

275,192

Inventories

 

 

536,026

 

 

445,671

Prepaid income taxes and income taxes receivable

 

 

5,833

 

 

2,035

Prepaid expenses and other current assets

 

 

75,643

 

 

68,812

Total current assets

 

 

1,431,313

 

 

1,270,211

Net property, plant, and equipment

 

 

458,234

 

 

437,889

Intangible assets, net of amortization

 

 

605,310

 

 

407,126

Goodwill

 

 

1,168,458

 

 

929,790

Investments

 

 

23,770

 

 

39,211

Deferred income taxes

 

 

10,461

 

 

13,127

Right of use lease assets, net

 

 

46,175

 

 

29,616

Other long-term assets

 

 

34,207

 

 

24,734

Total assets

 

$

3,777,928

 

$

3,151,704

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

219,447

 

$

222,039

Accrued liabilities

 

 

177,127

 

 

159,689

Accrued income taxes

 

 

42,016

 

 

27,905

Current portion of long-term debt

 

 

10,220

 

 

25,000

Total current liabilities

 

 

448,810

 

 

434,633

Long-term debt, less current portion

 

 

975,610

 

 

611,897

Deferred income taxes

 

 

116,595

 

 

81,289

Accrued post-retirement benefits

 

 

36,842

 

 

37,037

Non-current operating lease liabilities

 

 

35,778

 

 

22,305

Other long-term liabilities

 

 

75,402

 

 

71,023

Total equity

 

 

2,088,891

 

 

1,893,520

Total liabilities and equity

 

$

3,777,928

 

$

3,151,704

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

(in thousands, except per share data)

 

October 1,
2022

 

September 25,
2021

 

October 1,
2022

September 25,
2021

Net sales

 

$

658,880

 

 

$

539,581

 

 

$

1,900,646

 

$

1,526,863

 

Cost of sales

 

 

402,059

 

 

 

325,009

 

 

 

1,122,258

 

 

954,429

 

Gross profit

 

 

256,821

 

 

 

214,572

 

 

 

778,388

 

 

572,434

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

90,219

 

 

 

67,468

 

 

 

258,820

 

 

199,071

 

Research and development expenses

 

 

25,752

 

 

 

15,779

 

 

 

68,796

 

 

46,912

 

Amortization of intangibles

 

 

15,567

 

 

 

10,446

 

 

 

39,883

 

 

31,608

 

Restructuring, impairment, and other charges

 

 

3,413

 

 

 

772

 

 

 

4,265

 

 

1,998

 

Total operating expenses

 

 

134,951

 

 

 

94,465

 

 

 

371,764

 

 

279,589

 

Operating income

 

 

121,870

 

 

 

120,107

 

 

 

406,624

 

 

292,845

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

8,399

 

 

 

4,602

 

 

 

17,069

 

 

13,901

 

Foreign exchange loss

 

 

18,191

 

 

 

3,154

 

 

 

40,051

 

 

8,315

 

Other (income) expense, net

 

 

(698

)

 

 

(1,240

)

 

 

9,789

 

 

(10,867

)

Income before income taxes

 

 

95,978

 

 

 

113,591

 

 

 

339,715

 

 

281,496

 

Income taxes

 

 

20,510

 

 

 

21,537

 

 

 

59,713

 

 

49,634

 

Net income

 

$

75,468

 

 

$

92,054

 

 

$

280,002

 

$

231,862

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

3.05

 

 

$

3.74

 

 

$

11.32

 

$

9.43

 

Diluted

 

$

3.02

 

 

$

3.69

 

 

$

11.21

 

$

9.31

 

 

 

 

 

 

 

 

 

 

Weighted-average shares and equivalent shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

24,755

 

 

 

24,622

 

 

 

24,726

 

 

24,582

 

Diluted

 

 

24,988

 

 

 

24,926

 

 

 

24,986

 

 

24,904

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

47,280

 

 

$

87,100

 

 

$

218,262

 

$

227,491

 

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Nine Months Ended

(in thousands)

 

October 1,
2022

 

September 25,
2021

OPERATING ACTIVITIES

 

 

 

 

Net income

 

$

280,002

 

 

$

231,862

 

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

 

 

183,942

 

 

 

96,824

 

Changes in operating assets and liabilities:

 

 

 

 

Trade receivables

 

 

(56,431

)

 

 

(83,793

)

Inventories

 

 

(83,803

)

 

 

(71,232

)

Accounts payable

 

 

(3,838

)

 

 

53,945

 

Accrued liabilities and income taxes

 

 

(4,399

)

 

 

23,294

 

Prepaid expenses and other assets

 

 

(2,034

)

 

 

(10,236

)

Net cash provided by operating activities

 

 

313,439

 

 

 

240,664

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

 

(532,772

)

 

 

(110,646

)

Purchases of property, plant, and equipment

 

 

(77,773

)

 

 

(57,526

)

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

 

 

565

 

 

 

2,561

 

Net cash used in investing activities

 

 

(609,980

)

 

 

(165,611

)

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Net proceeds (payments) of credit facility

 

 

373,125

 

 

 

(30,000

)

Cash dividends paid

 

 

(41,055

)

 

 

(36,648

)

All other cash provided by financing activities

 

 

(10,147

)

 

 

5,771

 

Net cash provided by (used in) financing activities

 

 

321,923

 

 

 

(60,877

)

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

 

 

(31,963

)

 

 

(5,832

)

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

 

 

(6,581

)

 

 

8,344

 

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

 

 

482,836

 

 

 

687,525

 

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

 

$

476,255

 

 

$

695,869

 

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

 

 

Third Quarter

 

Year-to-Date

(in thousands)

 

2022

 

2021

 

%
Growth /
(Decline)

 

2022

 

2021

 

%
Growth

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

397,629

 

 

$

347,240

 

 

14.5

%

 

$

1,121,626

 

 

$

959,122

 

 

16.9

%

Transportation

 

 

181,735

 

 

 

124,415

 

 

46.1

%

 

 

548,266

 

 

 

386,262

 

 

41.9

%

Industrial

 

 

79,516

 

 

 

67,926

 

 

17.1

%

 

 

230,754

 

 

 

181,479

 

 

27.2

%

Total net sales

 

$

658,880

 

 

$

539,581

 

 

22.1

%

 

$

1,900,646

 

 

$

1,526,863

 

 

24.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

113,140

 

 

$

100,524

 

 

12.6

%

 

$

339,675

 

 

$

230,283

 

 

47.5

%

Transportation

 

 

12,987

 

 

 

15,806

 

 

(17.8

) %

 

 

57,604

 

 

 

55,380

 

 

4.0

%

Industrial

 

 

12,178

 

 

 

6,571

 

 

85.3

%

 

 

39,968

 

 

 

18,452

 

 

116.6

%

Other(a)

 

 

(16,435

)

 

 

(2,794

)

 

N.M.

 

 

(30,623

)

 

 

(11,270

)

 

N.M.

Total operating income

 

$

121,870

 

 

$

120,107

 

 

1.5

%

 

$

406,624

 

 

$

292,845

 

 

38.9

%

Operating Margin

 

 

18.5

%

 

 

22.3

%

 

 

 

 

21.4

%

 

 

19.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

8,399

 

 

 

4,602

 

 

 

 

 

17,069

 

 

 

13,901

 

 

 

Foreign exchange loss

 

 

18,191

 

 

 

3,154

 

 

 

 

 

40,051

 

 

 

8,315

 

 

 

Other (income) expense, net

 

 

(698

)

 

 

(1,240

)

 

 

 

 

9,789

 

 

 

(10,867

)

 

 

Income before income taxes

 

$

95,978

 

 

$

113,591

 

 

(15.5

) %

 

$

339,715

 

 

$

281,496

 

 

20.7

%

(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

 

 

Third Quarter

 

Year-to-Date

(in thousands)

 

2022

 

 

2021

 

 

%
Growth /(Decline)

 

2022

 

 

2021

 

 

%
Growth /(Decline)

Operating Margin

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

28.5

%

 

28.9

%

 

(0.4

) %

 

30.3

%

 

24.0

%

 

6.3

%

Transportation

 

7.1

%

 

12.7

%

 

(5.6

) %

 

10.5

%

 

14.3

%

 

(3.8

) %

Industrial

 

15.3

%

 

9.7

%

 

5.6

%

 

17.3

%

 

10.2

%

 

7.1

%

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

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

 

Non-GAAP EPS reconciliation

 

 

 

 

 

 

 

 

 

 

Q3-22

Q3-21

 

YTD-22

 

YTD-21

GAAP diluted EPS

 

$

3.02

 

$

3.69

 

$

11.21

 

$

9.31

EPS impact of Non-GAAP adjustments (below)

 

 

1.26

 

 

0.26

 

 

2.32

 

 

0.73

Adjusted diluted EPS

 

$

4.28

 

$

3.95

 

$

13.53

 

$

10.04

Non-GAAP adjustments - (income) / expense

 

 

 

 

 

 

 

 

 

 

Q3-22

 

Q3-21

 

YTD-22

 

YTD-21

Acquisition-related and integration costs (a)

 

$

6.2

 

$

2.0

 

 

$

14.8

 

 

$

3.4

 

Purchase accounting inventory adjustments (b)

 

 

6.8

 

 

 

 

 

11.6

 

 

 

6.8

 

Restructuring, impairment and other charges (c)

 

 

3.4

 

 

0.8

 

 

 

4.3

 

 

 

2.0

 

Gain on sale of fixed assets (d)

 

 

 

 

 

 

 

 

 

 

(0.9

)

Non-GAAP adjustments to operating income

 

 

16.4

 

 

2.8

 

 

 

30.7

 

 

 

11.3

 

Other expense (income), net (e)

 

 

 

 

0.1

 

 

 

(0.5

)

 

 

0.6

 

Non-operating foreign exchange loss

 

 

18.2

 

 

3.2

 

 

 

40.1

 

 

 

8.3

 

Non-GAAP adjustments to income before income taxes

 

 

34.6

 

 

6.1

 

 

 

70.3

 

 

 

20.2

 

Income taxes (f)

 

 

3.0

 

 

(0.4

)

 

 

12.2

 

 

 

2.1

 

Non-GAAP adjustments to net income

 

$

31.6

 

$

6.5

 

 

$

58.1

 

 

$

18.1

 

 

 

 

 

 

 

 

 

 

Total EPS impact

 

$

1.26

 

$

0.26

 

 

$

2.32

 

 

$

0.73

 

Adjusted operating margin / Adjusted EBITDA reconciliation

 

 

 

 

 

 

 

 

 

 

Q3-22

 

Q3-21

 

YTD-22

 

YTD-21

Net sales

 

$

658.9

 

 

$

539.6

 

 

$

1,900.6

 

 

$

1,526.9

 

GAAP operating income

 

$

121.9

 

 

$

120.1

 

 

$

406.6

 

 

$

292.8

 

Add back non-GAAP adjustments

 

 

16.4

 

 

 

2.8

 

 

 

30.7

 

 

 

11.3

 

Adjusted operating income

 

$

138.3

 

 

$

122.9

 

 

$

437.3

 

 

$

304.1

 

Adjusted operating margin

 

 

21.0

%

 

 

22.8

%

 

 

23.0

%

 

 

19.9

%

Add back amortization

 

 

15.6

 

 

 

10.4

 

 

 

39.9

 

 

 

31.6

 

Add back depreciation

 

 

17.0

 

 

 

14.2

 

 

 

48.3

 

 

 

41.4

 

Adjusted EBITDA

 

$

170.9

 

 

$

147.5

 

 

$

525.5

 

 

$

377.1

 

Adjusted EBITDA margin

 

 

25.9

%

 

 

27.3

%

 

 

27.6

%

 

 

24.7

%

Adjusted EBITDA by Segment

 

Q3-22

 

Q3-21

 

 

Electronics

 

Transportation

 

Industrial

 

Electronics

 

Transportation

 

Industrial

GAAP operating income

 

$

113.1

 

 

$

13.0

 

 

$

12.2

 

 

$

100.5

 

 

$

15.8

 

 

$

6.6

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Add back amortization

 

 

9.7

 

 

 

4.7

 

 

 

1.2

 

 

 

6.8

 

 

 

2.4

 

 

 

1.2

 

Add back depreciation

 

 

9.4

 

 

 

6.7

 

 

 

1.0

 

 

 

8.7

 

 

 

4.6

 

 

 

0.8

 

Adjusted EBITDA

 

$

132.2

 

 

$

24.4

 

 

$

14.4

 

 

$

116.0

 

 

$

22.9

 

 

$

8.6

 

Adjusted EBITDA Margin

 

 

33.3

%

 

 

13.4

%

 

 

18.1

%

 

 

33.4

%

 

 

18.4

%

 

 

12.7

%

Adjusted EBITDA by Segment

 

YTD-22

 

YTD-21

 

 

Electronics

 

Transportation

 

Industrial

 

Electronics

 

Transportation

 

Industrial

GAAP operating income

 

$

339.7

 

 

$

57.6

 

 

$

40.0

 

 

$

230.3

 

 

$

55.4

 

 

$

18.5

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Add back amortization

 

 

22.5

 

 

 

13.7

 

 

 

3.7

 

 

$

21.0

 

 

$

7.1

 

 

$

3.5

 

Add back depreciation

 

 

26.5

 

 

 

19.0

 

 

 

2.9

 

 

$

25.0

 

 

$

14.0

 

 

$

2.5

 

Adjusted EBITDA

 

$

388.7

 

 

$

90.3

 

 

$

46.5

 

 

$

276.3

 

 

$

76.5

 

 

$

24.5

 

Adjusted EBITDA Margin

 

 

34.7

%

 

 

16.5

%

 

 

20.1

%

 

 

28.8

%

 

 

19.8

%

 

 

13.5

%

Net sales reconciliation

 

Q3-22 vs. Q3-21

 

 

Electronics

 

Transportation

 

Industrial

 

Total

Net sales growth

 

15

%

 

46

%

 

17

%

 

22

%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

11

%

 

49

%

 

%

 

18

%

FX impact

 

(3

) %

 

(7

) %

 

(1

) %

 

(4

) %

Organic net sales growth

 

7

%

 

4

%

 

18

%

 

8

%

Net sales reconciliation

 

YTD-22 vs. YTD-21

 

 

Electronics

 

Transportation

 

Industrial

 

Total

Net sales growth

 

17

%

 

42

%

 

27

%

 

24

%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

4

%

 

46

%

 

5

%

 

14

%

FX impact

 

(3

) %

 

(5

) %

 

(1

) %

 

(3

) %

Organic net sales growth

 

16

%

 

1

%

 

23

%

 

13

%

Income tax reconciliation

 

 

 

 

 

 

 

 

 

 

Q3-22

 

Q3-21

 

YTD-22

 

YTD-21

Income taxes

 

$

20.5

 

 

$

21.5

 

 

$

59.7

 

 

$

49.6

 

Effective rate

 

 

21.4

%

 

 

19.0

%

 

 

17.6

%

 

 

17.6

%

Non-GAAP adjustments - income taxes

 

 

3.0

 

 

 

(0.4

)

 

 

12.2

 

 

 

2.1

 

Adjusted income taxes

 

$

23.4

 

 

$

21.1

 

 

$

71.9

 

 

$

51.7

 

Adjusted effective rate

 

 

18.0

%

 

 

17.6

%

 

 

17.5

%

 

 

17.1

%

Free cash flow reconciliation

 

 

 

 

 

 

 

 

 

 

Q3-22

 

Q3-21

 

YTD-22

 

YTD-21

Net cash provided by operating activities

 

$

148.1

 

 

$

114.3

 

 

$

313.4

 

 

$

240.7

 

Less: Purchases of property, plant and equipment

 

 

(21.7

)

 

 

(24.9

)

 

 

(77.8

)

 

 

(57.5

)

Free cash flow

 

$

126.5

 

 

$

89.4

 

 

$

235.7

 

 

$

183.2

 

Consolidated Total Debt

 

As of October 1, 2022

Consolidated Total Debt

 

$

985.8

Unamortized debt issuance costs

 

 

5.0

Consolidated funded indebtedness

 

 

990.8

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

 

 

115.9

Net debt

 

$

874.9

 

 

 

Consolidated EBITDA

 

Twelve Months Ended October 1, 2022

Net Income

 

$

331.9

Interest expense

 

 

21.7

Income taxes

 

 

67.3

Depreciation

 

 

62.8

Amortization

 

 

51.0

Non-cash additions:

 

 

Stock-based compensation expense

 

 

23.3

Non-cash pension settlement charge

 

 

19.9

Purchase accounting inventory step-up charge

 

 

13.1

Unrealized loss on investments

 

 

14.6

Other

 

 

126.4

Consolidated EBITDA (1)

 

$

732.0

 

 

 

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

 

1.2x

* 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 total year-to-date gain of $0.9 million from the sale of a building within the Electronics segment 2021.

(e) 2022 year-to-date amount included $0.5 million gain from the sale of a building within Transportation segment. Q3 2021 included a $0.1 million charge for an asset retirement obligation related to the disposal of a business in 2019. 2021 year-to-date amount included $0.5 million of impairment charges on certain other investments.

(f) reflected the tax impact associated with the non-GAAP adjustments, and 2022 year-to-date amount include 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.

Print Page
Email Page
RSS Feeds
Contact IR
Email Alerts
Financial Tearsheet