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United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 27, 2020
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___ to ___
Commission file number 0-20388
LITTELFUSE, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 36-3795742 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
8755 West Higgins Road | | |
Suite 500 | | |
Chicago | Illinois | 60631 |
(Address of principal executive offices) | | (ZIP Code) |
Registrant’s telephone number, including area code: 773-628-1000
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol | | Name of exchange on which registered | |
Common Stock, $0.01 par value | | LFUS | | NASDAQ | Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one): Large accelerated filer [X] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes [ ] No [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No [X]
As of July 24, 2020, the registrant had outstanding 24,341,584 shares of Common Stock, net of Treasury Shares.
TABLE OF CONTENTS
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PART I | | |
Item 1. | | |
| Condensed Consolidated Balance Sheets as of June 27, 2020 (unaudited) and December 28, 2019 | |
| Condensed Consolidated Statements of Net (Loss) Income for the three and six months ended June 27, 2020 (unaudited) and June 29, 2019 (unaudited) | |
| Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 27, 2020 (unaudited) and June 29, 2019 (unaudited) | |
| Condensed Consolidated Statements of Cash Flows for the six months ended June 27, 2020 (unaudited) and June 29, 2019 (unaudited) | |
| Condensed Consolidated Statements of Stockholders' Equity for the six months ended June 27, 2020 (unaudited) and June 29, 2019 (unaudited) | |
| | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
PART II | | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
| | |
LITTELFUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | | | | |
| | (Unaudited) | | |
(in thousands) | | June 27, 2020 | | December 28, 2019 |
ASSETS | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 651,867 | | | $ | 531,139 | |
Short-term investments | | 44 | | | 44 | |
Trade receivables, less allowances of $39,970 and $42,043 at June 27, 2020 and December 28, 2019, respectively | | 185,806 | | | 202,309 | |
Inventories | | 248,020 | | | 237,507 | |
Prepaid income taxes and income taxes receivable | | 1,529 | | | 4,831 | |
Prepaid expenses and other current assets | | 31,899 | | | 28,564 | |
Total current assets | | 1,119,165 | | | 1,004,394 | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net property, plant, and equipment | | 334,677 | | | 344,617 | |
Intangible assets, net of amortization | | 301,661 | | | 321,247 | |
Goodwill | | 787,601 | | | 820,589 | |
Investments | | 23,678 | | | 24,099 | |
Deferred income taxes | | 7,555 | | | 8,069 | |
Right of use lease assets, net | | 19,621 | | | 21,918 | |
Other assets | | 17,100 | | | 14,965 | |
Total assets | | $ | 2,611,058 | | | $ | 2,559,898 | |
LIABILITIES AND EQUITY | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 113,767 | | | $ | 117,320 | |
| | | | |
| | | | |
| | | | |
Accrued liabilities | | 85,356 | | | 84,120 | |
Accrued income taxes | | 10,034 | | | 14,122 | |
Current portion of long-term debt | | — | | | 10,000 | |
Total current liabilities | | 209,157 | | | 225,562 | |
Long-term debt, less current portion | | 776,205 | | | 669,158 | |
Deferred income taxes | | 46,562 | | | 49,763 | |
Accrued post-retirement benefits | | 39,653 | | | 38,198 | |
Non-current operating lease liabilities | | 15,155 | | | 17,166 | |
Other long-term liabilities | | 61,892 | | | 64,037 | |
Shareholders’ equity: | | | | |
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, June 27, 2020–25,983,147; December 28, 2019–25,855,203 | | 257 | | | 256 | |
Treasury stock, at cost: 1,643,369 and 1,473,901 shares, respectively | | (242,192) | | | (216,447) | |
Additional paid-in capital | | 885,306 | | | 867,996 | |
Accumulated other comprehensive loss | | (124,219) | | | (106,823) | |
Retained earnings | | 943,151 | | | 950,901 | |
Littelfuse, Inc. shareholders’ equity | | 1,462,303 | | | 1,495,883 | |
Non-controlling interest | | 131 | | | 131 | |
Total equity | | 1,462,434 | | | 1,496,014 | |
Total liabilities and equity | | $ | 2,611,058 | | | $ | 2,559,898 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | Six Months Ended | | |
(in thousands, except per share data) | | June 27, 2020 | | June 29, 2019 | | June 27, 2020 | | June 29, 2019 |
Net sales | | $ | 307,337 | | | $ | 397,879 | | | $ | 653,433 | | | $ | 803,379 | |
Cost of sales | | 208,238 | | | 256,071 | | | 430,622 | | | 506,343 | |
Gross profit | | 99,099 | | | 141,808 | | | 222,811 | | | 297,036 | |
| | | | | | | | |
Selling, general, and administrative expenses | | 53,981 | | | 57,666 | | | 108,367 | | | 120,621 | |
Goodwill impairment charge | | 33,841 | | | — | | | 33,841 | | | — | |
Research and development expenses | | 13,400 | | | 21,458 | | | 27,995 | | | 42,867 | |
Amortization of intangibles | | 9,827 | | | 10,050 | | | 19,808 | | | 20,241 | |
Total operating expenses | | 111,049 | | | 89,174 | | | 190,011 | | | 183,729 | |
Operating (loss) income | | (11,950) | | | 52,634 | | | 32,800 | | | 113,307 | |
| | | | | | | | |
Interest expense | | 5,855 | | | 5,589 | | | 11,273 | | | 11,275 | |
Foreign exchange (gain) loss | | (6,010) | | | (3,575) | | | (3,426) | | | 668 | |
Other (income) expense, net | | (1,210) | | | (2,947) | | | 39 | | | 1,358 | |
(Loss) income before income taxes | | (10,585) | | | 53,567 | | | 24,914 | | | 100,006 | |
Income taxes | | (1,594) | | | 9,775 | | | 9,261 | | | 19,225 | |
Net (loss) income | | $ | (8,991) | | | $ | 43,792 | | | $ | 15,653 | | | $ | 80,781 | |
| | | | | | | | |
(Loss) income per share: | | | | | | | | |
Basic | | $ | (0.37) | | | $ | 1.77 | | | $ | 0.64 | | | $ | 3.27 | |
Diluted | | $ | (0.37) | | | $ | 1.75 | | | $ | 0.64 | | | $ | 3.23 | |
| | | | | | | | |
Weighted-average shares and equivalent shares outstanding: | | | | | | | | |
Basic | | 24,312 | | | 24,740 | | | 24,353 | | | 24,729 | |
Diluted | | 24,312 | | | 24,983 | | | 24,520 | | | 24,998 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | Six Months Ended | | |
(in thousands) | | June 27, 2020 | | June 29, 2019 | | June 27, 2020 | | June 29, 2019 |
Net (loss) income | | $ | (8,991) | | | $ | 43,792 | | | $ | 15,653 | | | $ | 80,781 | |
Other comprehensive (loss) income: | | | | | | | | |
Pension and postemployment adjustment, net of tax | | (10,839) | | | 161 | | | (10,278) | | | 112 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Foreign currency translation adjustments | | 8,422 | | | (5,892) | | | (7,118) | | | 2,230 | |
Comprehensive (loss) income | | $ | (11,408) | | | $ | 38,061 | | | $ | (1,743) | | | $ | 83,123 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | | |
| | Six Months Ended | | |
(in thousands) | | June 27, 2020 | | June 29, 2019 |
OPERATING ACTIVITIES | | | | |
Net income | | $ | 15,653 | | | $ | 80,781 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation | | 27,728 | | | 25,727 | |
Amortization of intangibles | | 19,808 | | | 20,241 | |
| | | | |
Deferred revenue | | (289) | | | — | |
| | | | |
Impairment charges | | 36,078 | | | — | |
| | | | |
Stock-based compensation | | 10,852 | | | 12,250 | |
Loss on investments and other assets | | 542 | | | 2,458 | |
Deferred income taxes | | 2,512 | | | (632) | |
Other | | (1,222) | | | 2,009 | |
Changes in operating assets and liabilities: | | | | |
Trade receivables | | 13,914 | | | (13,242) | |
Inventories | | (10,761) | | | 6,230 | |
Accounts payable | | 3,439 | | | (17,927) | |
| | | | |
| | | | |
| | | | |
Accrued liabilities and income taxes | | (19,144) | | | (36,713) | |
Prepaid expenses and other assets | | 2,176 | | | (1,090) | |
Net cash provided by operating activities | | 101,286 | | | 80,092 | |
| | | | |
INVESTING ACTIVITIES | | | | |
Acquisitions of businesses, net of cash acquired | | — | | | (775) | |
| | | | |
| | | | |
Purchases of property, plant, and equipment | | (29,479) | | | (25,249) | |
Net proceeds from sale of property, plant and equipment | | 89 | | | 6,212 | |
Net cash used in investing activities | | (29,390) | | | (19,812) | |
| | | | |
FINANCING ACTIVITIES | | | | |
Proceeds of revolving credit facility | | 240,000 | | | — | |
| | | | |
| | | | |
Payments of term loan | | (145,000) | | | (7,500) | |
| | | | |
Net proceeds related to stock-based award activities | | 3,642 | | | 3,011 | |
Purchases of common stock | | (22,927) | | | (49,861) | |
Debt issuance costs | | (1,786) | | | — | |
Cash dividends paid | | (23,403) | | | (21,274) | |
Net cash provided by (used in) financing activities | | 50,526 | | | (75,624) | |
Effect of exchange rate changes on cash and cash equivalents | | (1,694) | | | 392 | |
Increase (decrease) in cash and cash equivalents | | 120,728 | | | (14,952) | |
Cash and cash equivalents at beginning of period | | 531,139 | | | 489,733 | |
Cash and cash equivalents at end of period | | $ | 651,867 | | | $ | 474,781 | |
Supplementary Cash Flow Information | | | | |
Cash paid during the period for interest | | $ | 10,799 | | | $ | 11,478 | |
| | | | |
Capital expenditures, not yet paid | | $ | 4,665 | | | $ | — | |
| | | | |
| | | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Littelfuse, Inc. Shareholders’ Equity | | | | | | | | | | | | |
(in thousands, except share and per share data) | Common Stock | | Addl. Paid in Capital | | Treasury Stock | | Accum. Other Comp. (Loss) Income | | Retained Earnings | | Non-controlling Interest | | Total |
Balance at December 28, 2019 | $ | 256 | | | $ | 867,996 | | | $ | (216,447) | | | $ | (106,823) | | | $ | 950,901 | | | $ | 131 | | | $ | 1,496,014 | |
Net income | — | | | — | | | — | | | — | | | 24,644 | | | — | | | 24,644 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | (14,979) | | | — | | | — | | | (14,979) | |
Stock-based compensation | — | | | 2,965 | | | — | | | — | | | — | | | — | | | 2,965 | |
| | | | | | | | | | | | | |
Withheld shares on restricted share units for withholding taxes | — | | | — | | | (443) | | | — | | | — | | | — | | | (443) | |
Stock options exercised | — | | | 3,399 | | | — | | | — | | | — | | | — | | | 3,399 | |
Repurchases of common stock | — | | | — | | | (22,927) | | | — | | | — | | | — | | | (22,927) | |
Cash dividends paid ($0.48 per share) | — | | | — | | | — | | | — | | | (11,725) | | | — | | | (11,725) | |
Balance at March 28, 2020 | $ | 256 | | | $ | 874,360 | | | $ | (239,817) | | | $ | (121,802) | | | $ | 963,820 | | | $ | 131 | | | $ | 1,476,948 | |
Net loss | — | | | — | | | — | | | — | | | (8,991) | | | — | | | (8,991) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | (2,417) | | | — | | | — | | | (2,417) | |
Stock-based compensation | — | | | 7,887 | | | — | | | — | | | — | | | — | | | 7,887 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Withheld shares on restricted share units for withholding taxes | — | | | — | | | (2,375) | | | — | | | — | | | — | | | (2,375) | |
Stock options exercised | 1 | | | 3,059 | | | — | | | — | | | — | | | — | | | 3,060 | |
| | | | | | | | | | | | | |
Cash dividends paid ($0.48 per share) | — | | | — | | | — | | | — | | | (11,678) | | | — | | | (11,678) | |
Balance at June 27, 2020 | $ | 257 | | | $ | 885,306 | | | $ | (242,192) | | | $ | (124,219) | | | $ | 943,151 | | | $ | 131 | | | $ | 1,462,434 | |
| | | | | | | | | | | | | |
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See accompanying Notes to Condensed Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Littelfuse, Inc. Shareholders’ Equity | | | | | | | | | | | | |
(in thousands, except share and per share data) | Common Stock | | Addl. Paid in Capital | | Treasury Stock | | Accum. Other Comp. (Loss) Income | | Retained Earnings | | Non-controlling Interest | | Total |
Balance at December 29, 2018 | $ | 254 | | | $ | 835,828 | | | $ | (116,454) | | | $ | (97,924) | | | $ | 856,507 | | | $ | 131 | | | $ | 1,478,342 | |
Net income | — | | | — | | | — | | | — | | | 36,989 | | | — | | | 36,989 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | 8,073 | | | — | | | — | | | 8,073 | |
Stock-based compensation | — | | | 3,966 | | | — | | | — | | | — | | | — | | | 3,966 | |
| | | | | | | | | | | | | |
Withheld shares on restricted share units for withholding taxes | — | | | — | | | (94) | | | — | | | — | | | — | | | (94) | |
Stock options exercised | — | | | 2,292 | | | — | | | — | | | — | | | — | | | 2,292 | |
Repurchases of common stock | — | | | — | | | (13,555) | | | — | | | — | | | — | | | (13,555) | |
| | | | | | | | | | | | | |
Cash dividends paid ($0.43 per share) | — | | | — | | | — | | | — | | | (10,625) | | | — | | | (10,625) | |
Balance at March 30, 2019 | $ | 254 | | | $ | 842,086 | | | $ | (130,103) | | | $ | (89,851) | | | $ | 882,871 | | | $ | 131 | | | $ | 1,505,388 | |
Net income | — | | | — | | | — | | | — | | | 43,792 | | | — | | | 43,792 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | (5,731) | | | — | | | — | | | (5,731) | |
Stock-based compensation | — | | | 8,284 | | | — | | | — | | | — | | | — | | | 8,284 | |
| | | | | | | | | | | | | |
Withheld shares on restricted share units for withholding taxes | — | | | — | | | (4,010) | | | — | | | — | | | — | | | (4,010) | |
Stock options exercised | 1 | | | 4,822 | | | — | | | — | | | — | | | — | | | 4,823 | |
Repurchases of common stock | — | | | — | | | (31,955) | | | — | | | — | | | — | | | (31,955) | |
| | | | | | | | | | | | | |
Cash dividends paid ($0.43 per share) | — | | | — | | | — | | | — | | | (10,649) | | | — | | | (10,649) | |
Balance at June 29, 2019 | $ | 255 | | | $ | 855,192 | | | $ | (166,068) | | | $ | (95,582) | | | $ | 916,014 | | | $ | 131 | | | $ | 1,509,942 | |
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See accompanying Notes to Condensed Consolidated Financial Statements.
Notes to Condensed Consolidated Financial Statements
1. Summary of Significant Accounting Policies and Other Information
Nature of Operations
Littelfuse, Inc. and subsidiaries (the “Company”) is a global manufacturer of leading technologies in circuit protection, power control and sensing. Serving over 100,000 end customers, the Company’s products are found in automotive and commercial vehicles, industrial applications, data and telecommunications, medical devices, consumer electronics and appliances. With its broad product portfolio of fuses, semiconductors, polymers, ceramics, relays and sensors, and extensive global infrastructure, the Company’s worldwide associates partner with its customers to design, manufacture and deliver innovative, high-quality solutions for a safer, greener and increasingly connected world.
Basis of Presentation
The Company’s accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in the consolidated balance sheets, statements of net (loss) income and comprehensive (loss) income, statements of cash flows, and statement of stockholders' equity prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. They have been prepared in accordance with accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019 which should be read in conjunction with the disclosures therein. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for interim periods are not necessarily indicative of annual operating results.
Revenue Recognition
Revenue Disaggregation
The following tables disaggregate the Company’s revenue by primary business units for the three and six months ended June 27, 2020 and June 29, 2019:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 27, 2020 | | | | | | | | Six Months Ended June 27, 2020 | | | | | | |
(in thousands) | | Electronics Segment | | Automotive Segment | | Industrial Segment | | Total | | Electronics Segment | | Automotive Segment | | Industrial Segment | | Total |
Electronics – Passive Products and Sensors | | $ | 92,846 | | | $ | — | | | $ | — | | | $ | 92,846 | | | $ | 177,444 | | | $ | — | | | $ | — | | | $ | 177,444 | |
Electronics – Semiconductor | | 130,425 | | | — | | | — | | | 130,425 | | | 260,016 | | | — | | | — | | | 260,016 | |
Passenger Car Products | | — | | | 30,309 | | | — | | | 30,309 | | | — | | | 82,954 | | | — | | | 82,954 | |
Automotive Sensors | | — | | | 13,899 | |