lfus-20210428
0000889331falseLITTELFUSE INC /DE00008893312021-04-282021-04-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20579
 
FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report: April 28, 2021
(Date of earliest event reported)
 
LITTELFUSE, INC.
(Exact name of registrant as specified in its charter)
Delaware0-2038836-3795742
(State of other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
8755 W. Higgins Road, Suite 500, Chicago, IL 60631
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (773) 628-1000
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of exchange on which registered
Common Stock, par value $0.01 per shareLFUSNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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.









Item 2.02Results of Operations and Financial Condition
 
The information contained within Item 2.02 of this Form 8-K and the Exhibits attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 
On April 28, 2021, Littelfuse, Inc. (the “Company”) issued a press release announcing the results of its operations for the quarter ended March 27, 2021. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated by reference to this Item 2.02 as if fully set forth herein. A copy of the press release will also be available on the Company’s website.

Item 7.01Regulation FD Disclosure

To supplement the information in the attached press release, the Company has also prepared a presentation, which will be available on the Company’s website at https://investor.littelfuse.com/events-and-presentations and is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K.

The information contained in the press release and investor presentation attached to this Form 8-K includes forward-looking statements that are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to comments with respect to the objectives and strategies, financial condition, results of operations and business of the Company. These forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not be achieved. The Company cautions you not to place undue reliance on these forward-looking statements as a number of important factors could cause actual future results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.
 


Item 9.01Financial Statements and Exhibits.
(d)Exhibits
The following exhibit is furnished with this Form 8-K:


 
 







Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 Littelfuse, Inc.
  
  
Date: April 28, 2021
By: /s/ Meenal A. Sethna
 Meenal A. Sethna
Executive Vice President and Chief Financial Officer




EXHIBIT INDEX
Exhibit No.Description
99.1
99.2
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.


Document

Exhibit 99.1
https://cdn.kscope.io/435d35e9a5528cf6affe0bacd1ba7c89-lfuslogo21a.jpg
https://cdn.kscope.io/435d35e9a5528cf6affe0bacd1ba7c89-lfuselogo11a.jpg
NEWS RELEASE
Littelfuse Inc.
8755 West Higgins Road, Suite 500
Chicago, Illinois 60631
p: (773) 628-1000 f: (773) 628-0802
www.littelfuse.com
LITTELFUSE REPORTS FIRST QUARTER RESULTS FOR 2021
Record sales driven by strong worldwide execution
CHICAGO, April 28, 2021 - Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the first quarter ended March 27, 2021:

Net sales of $463.8 million were up 34% versus the prior year period, and up 26% organically, due to strong demand across a number of electronics, automotive and industrial end markets
Growth by segment versus the prior year period:
Electronics sales grew 34% (up 32% organically)
Automotive sales grew 23% (up 17% organically)
Industrial sales grew 80% (up 10% organically)
GAAP diluted EPS was $2.32; adjusted diluted EPS was $2.67, a growth of 107% and includes $0.54 of benefits related to a non-operating mark-to-market gain and lower effective tax rate compared to the prior year period
GAAP effective tax rate was 20.6% and the adjusted effective tax rate was 19.2%
Cash flow from operations was $50.2 million and free cash flow was $35.4 million

We are off to a strong start this year, delivering double-digit revenue and EPS growth well ahead of expectations,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our agile teams around the world continue to navigate through this dynamic market environment while meeting commitments to our customers. Looking ahead, we are seeing healthy demand across a number of our end markets aligned to the strategic, structural growth themes of a sustainable, connected, and safer world. We remain confident we are well-positioned for long-term profitable growth.”

Second Quarter of 2021*
For the second quarter, the company expects net sales in the range of $463 to $477 million, adjusted diluted EPS in the range of $2.12 to $2.28 and an adjusted effective tax rate of approximately 17%.



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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 and Share Repurchase Authorization
The company’s Board of Directors approved a new stock repurchase authorization to replace its previous 2020 program. The company may repurchase up to $300 million in the aggregate of shares of the company’s common stock for the period May 1, 2021 to April 30, 2024.
The company will pay a cash dividend on its common stock of $0.48 per share on June 3, 2021 to shareholders of record as of May 20, 2021

Conference Call and Webcast Information
Littelfuse will host a conference call today, Wednesday, April 28, 2021, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast live and available for replay at Littelfuse.com. A slide presentation will be 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 12,000 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. These statements may involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to general economic conditions; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; product demand and market acceptance; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity and other raw material price fluctuations; the effect of 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.



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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 26, 2020. 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 26, 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, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, adjusted effective tax rate, free cash flow, consolidated total gross debt, consolidated EBITDA (as defined in the private placement senior notes), and ratio of consolidated total gross debt to consolidated EBITDA. Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations.

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules.

The company believes that organic net sales growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our business operations during a comparable period. The company believes that free cash flow is a useful measure of its ability to generate cash. The company believes that consolidated total gross debt, consolidated EBITDA, and ratio of consolidated total gross debt to consolidated EBITDA are useful measures of its credit position. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.

CONTACT: Trisha Tuntland
Head of Investor Relations
(773) 628-2163
###
LFUS-F


Page 4
LITTELFUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)March 27,
2021
December 26,
2020
ASSETS  
Current assets:  
Cash and cash equivalents$572,771 $687,525 
Short-term investments53 54 
Trade receivables, less allowances of $42,624 and $45,237 at March 27, 2021 and December 26, 2020, respectively276,687 232,760 
Inventories295,057 258,002 
Prepaid income taxes and income taxes receivable4,146 3,029 
Prepaid expenses and other current assets43,698 35,939 
Total current assets1,192,412 1,217,309 
Net property, plant, and equipment344,914 344,178 
Intangible assets, net of amortization317,294 291,887 
Goodwill845,586 816,812 
Investments37,285 30,547 
Deferred income taxes9,854 11,224 
Right of use lease assets, net19,560 17,615 
Other assets19,965 18,021 
Total assets$2,786,870 $2,747,593 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$179,723 $145,984 
Accrued liabilities98,354 110,478 
Accrued income taxes23,468 19,186 
Current portion of long-term debt25,000 — 
Total current liabilities326,545 275,648 
Long-term debt, less current portion623,865 687,034 
Deferred income taxes51,229 50,134 
Accrued post-retirement benefits42,894 45,802 
Non-current operating lease liabilities14,190 12,950 
Other long-term liabilities67,410 67,252 
Total equity1,660,737 1,608,773 
Total liabilities and equity$2,786,870 $2,747,593 



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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
 Three Months Ended
(in thousands, except per share data)March 27,
2021
March 28,
2020
Net sales$463,794 $346,096 
Cost of sales303,328 221,740 
Gross profit160,466 124,356 
Selling, general, and administrative expenses58,288 51,200 
Research and development expenses14,739 14,463 
Amortization of intangibles10,521 9,981 
Restructuring, impairment, and other charges437 3,962 
Total operating expenses83,985 79,606 
Operating income76,481 44,750 
Interest expense4,673 5,418 
Foreign exchange loss6,837 2,584 
Other (income) expense, net(7,737)1,249 
Income before income taxes72,708 35,499 
Income taxes14,995 10,855 
Net income$57,713 $24,644 
Earnings per share:  
Basic$2.35 $1.01 
Diluted$2.32 $1.00 
Weighted-average shares and equivalent shares outstanding:
Basic24,532 24,393 
Diluted24,892 24,578 
Comprehensive income$52,842 $9,665 




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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended
(in thousands)March 27, 2021March 28, 2020
OPERATING ACTIVITIES  
Net income$57,713 $24,644 
Adjustments to reconcile net income to net cash provided by operating activities:32,165 35,626 
Changes in operating assets and liabilities:
Trade receivables(32,973)(9,457)
Inventories(6,152)6,667 
Accounts payable17,070 (3,964)
Accrued liabilities and income taxes(15,427)(7,012)
Prepaid expenses and other assets(2,230)(1,225)
Net cash provided by operating activities50,166 45,279 
INVESTING ACTIVITIES  
Acquisitions of businesses, net of cash acquired(109,852)— 
Purchases of property, plant, and equipment(14,721)(16,586)
Net proceeds from sale of property, plant, and equipment2,553 50 
Net cash used in investing activities(122,020)(16,536)
FINANCING ACTIVITIES  
Net (payments) proceeds from credit facility(30,000)97,500 
Purchases of common stock— (22,927)
Cash dividends paid(11,782)(11,725)
All other cash provided by financing activities7,509 2,956 
Net cash (used in) provided by financing activities(34,273)65,804 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(4,101)(5,111)
(Decrease) increase in cash, cash equivalents, and restricted cash(110,228)89,436 
Cash, cash equivalents, and restricted cash at beginning of period687,525 531,139 
Cash, cash equivalents, and restricted cash at end of period$577,297 $620,575 



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LITTELFUSE, INC.
NET SALES AND OPERATING INCOME BY SEGMENT
(Unaudited)
 First Quarter
(in thousands)20212020%
Growth /(Decline)
Net sales
Electronics$286,535 $214,189 33.8 %
Automotive128,529 104,770 22.7 %
Industrial48,730 27,137 79.6 %
Total net sales$463,794 $346,096 34.0 %
Operating income
Electronics$55,523 $32,272 72.0 %
Automotive20,316 14,116 43.9 %
Industrial3,506 3,534 (0.8)%
Other(a)
(2,864)(5,172)N.M.
Total operating income$76,481 $44,750 70.9 %
Operating Margin16.5 %12.9 %
Interest expense4,673 5,418 
Foreign exchange loss6,837 2,584 
Other (income) expense, net(7,737)1,249 
Income before income taxes$72,708 $35,499 104.8 %

(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
 First Quarter
(in thousands)20212020%
Growth /(Decline)
Operating Margin
Electronics19.4 %15.1 %4.3 %
Automotive15.8 %13.5 %2.3 %
Industrial7.2 %13.0 %(5.8)%



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LITTELFUSE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(In millions of USD except per share amounts - unaudited)
Non-GAAP EPS reconciliation
Q1-21Q1-20
GAAP diluted EPS$2.32 $1.00 
EPS impact of Non-GAAP adjustments (below)0.35 0.29 
Adjusted diluted EPS$2.67 $1.29 
Non-GAAP adjustments - (income)/expense
Q1-21Q1-20
Acquisition-related and integration costs (a)$0.8 $1.2 
Purchase accounting inventory adjustments (b)3.5 — 
Restructuring, impairment and other charges (c)0.4 4.0 
Gain on sale of fixed assets (d)(1.9)— 
Non-GAAP adjustments to operating income2.8 5.2 
Non-operating foreign exchange loss6.8 2.6 
Non-GAAP adjustments to income before income taxes9.6 7.8 
Income taxes (e)0.8 0.6 
Non-GAAP adjustments to net income$8.8 $7.2 
Total EPS impact$0.35 $0.29 
Adjusted operating margin / Adjusted EBITDA reconciliation
Q1-21Q1-20
Net sales$463.8 $346.1 
GAAP operating income76.5 $44.8 
Add back non-GAAP adjustments2.8 5.2 
Adjusted operating income$79.3 $50.0 
Adjusted operating margin17.1 %14.4 %
Add back amortization10.5 10.0 
Add back depreciation13.7 13.8 
Adjusted EBITDA$103.5 $73.8 
Adjusted EBITDA margin22.3 %21.3 %
Net sales reconciliationQ1-21 vs. Q1-20
ElectronicsAutomotiveIndustrialTotal
Net sales growth34 %23 %80 %34 %
Less:
Acquisitions— — 62 %%
Transfer a product line between segments(1)%— %%— %
FX impact%%%%
Organic net sales growth32 %17 %10 %26 %


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Income tax reconciliation
Q1-21Q1-20
Income taxes$15.0 $10.9 
Effective rate20.6 %30.6 %
Non-GAAP adjustments - income taxes0.8 0.6 
Adjusted income taxes$15.8 $11.5 
Adjusted effective rate19.2 %26.5 %
Free cash flow reconciliation
Q1-21Q1-20
Net cash provided by operating activities$50.2 $45.3 
Less: Purchases of property, plant and equipment(14.7)(16.6)
Free cash flow$35.4 $28.7 

Consolidated Total Debt
As of March 27, 2021
Consolidated total gross debt$652.8 
Unamortized debt issuance costs(3.9)
Consolidated Total Debt$648.9 
Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1)
Twelve Months Ended March 27, 2021
Net Income$163.1 
Interest expense20.3 
Income taxes35.4 
Depreciation56.0 
Amortization40.6 
Non-cash additions (reductions):
Stock-based compensation expense18.5 
Purchase accounting inventory step-up charge3.5 
Unrealized gain on investments(14.9)
Impairment charges33.8 
Other(6.6)
Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1)$349.7 
Ratio of Consolidated total gross debt to Consolidated EBITDA (as defined in Private Placement Senior Notes)*1.9x
* Our Private Placement Senior Notes, with maturities ranging from 2022 to 2030, contain a financial ratio covenant providing that if, as of the last day of each fiscal quarter, the ratio of Consolidated total gross debt at such time to Consolidated EBITDA for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Private Placement Senior Notes) is triggered
(1) Represents Consolidated EBITDA as defined in our Private Placement Senior Notes and is calculated using the most recently concluded period of four consecutive quarters

Note: Total will not always foot due to rounding.

(a) reflected in selling, general and administrative expenses ("SG&A").
(b) reflected in cost of sales.
(c) For the fiscal year ended December 26, 2020, the Company presented restructuring, impairment and other charges as a separate caption in the Consolidated Statements of Net Income. Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements.
(d) reflected in SG&A. 2021 quarter-to-date included a $1.9 million gain from the sale of a building in the Electronics segment.
(e) reflected the tax impact associated with the non-GAAP adjustments.

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a992q1-21earningsrelease
1 Q1 2021 EARNINGS RELEASE April 28, 2021


 
2Littelfuse, Inc. © 2021 DISCLAIMERS Important Information About Interfuse, Inc. This presentation does not constitute or form part of, and should not be construed as, an offer or solicitation to purchase or sell securities of Interfuse, Inc. and no investment decision should be made based upon the information provided herein. Interfuse strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at investor.littelfuse.com/sec.cfm. This website also provides additional information about Interfuse. “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995. The statements in this presentation that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. These statements may involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to general economic conditions; the severity and duration of the COVID- 19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; product demand and market acceptance; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity and other raw material price fluctuations; the effect of Interfuse, Inc.'s ("Interfuse" 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 presentation 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 26, 2020. 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 26, 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 presentation includes the non-GAAP financial measures of organic net sales growth, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the appendix. The company believes that these non-GAAP financial measures provide useful information to investors regarding its operational performance and ability to generate cash enhancing an investor’s overall understanding of its core financial performance. The company believes that these non-GAAP financial measures are commonly used by financial analysts and provide useful information to analysts. Management uses these measures when assessing the performance of the business and for business planning purposes. Note that the definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.


 
BUSINESS UPDATE Dave Heinzmann, President & CEO


 
4Littelfuse, Inc. © 2021 Structural Growth Themes Sustainability Connectivity Safety 2021 – 2025 GROWTH STRATEGY EMPOWERING A SUSTAINABLE, CONNECTED, & SAFER WORLD Our Growth Drivers Content & Share Gains Strategic Acquisitions High-Growth Markets & Geographies Outcomes Double-Digit Revenue Growth Best-in-Class Profitability Deliver Top Tier Shareholder Returns


 
5Littelfuse, Inc. © 2021 Q1-21 KEY THEMES  Strong start this year, building on strength in prior two quarters – Consistent global execution – Leveraging structural growth themes…sustainability, connectivity, safety – Continued strength across number of end markets – Solid management of supply chain challenges  Double-digit Q1 revenue & earnings growth – Achieved record level of revenue – Strong profitability, operating margins in targeted range


 
6Littelfuse, Inc. © 2021 INDUSTRIAL END MARKETS POSITIONED FOR CONTINUED GROWTH  Enhanced capabilities & growth across HVAC market  Addition of Hartland Controls acquisition  Ongoing strength in renewables, energy storage, power conversion & industrial automation  Expanding technology offerings to create greater value for customers Q1-21 Highlights Q1-21 Key Design Wins  HVAC  Industrial Motor Drives  Industrial Automation


 
7Littelfuse, Inc. © 2021 TRANSPORTATION END MARKETS EXTENDING OUR LEADERSHIP POSITION Q1-21 Key Design WinsQ1-21 Highlights  xEV & EV Charging Infrastructure  High-End Passenger Cars & SUVs  Telematics, Network & Connectivity  EV Commercial Truck & Bus Platforms  Successful EV design wins  On-board  Off-board charging  Commercial vehicles  Higher content gains for luxury vehicles, SUVs and pick-up trucks  Robust design activity for commercial vehicles


 
8Littelfuse, Inc. © 2021 ELECTRONICS END MARKETS LEVERAGING OUR LEADERSHIP Q1-21 Highlights Q1-21 Key Design Wins  Battery Protection  Telecom, Data Center & Cloud Infrastructure  Building & Home Automation  Electronification Beyond Consumer Electronics  Leveraging broad global access  Strategic distribution partnerships  Deep OEM relationships  Number of design wins across electronics ecosystem  Ongoing proliferation of electronification  Key business wins across wide spectrum of innovative consumer electronics


 
FINANCIAL UPDATE Meenal Sethna, EVP & CFO


 
10Littelfuse, Inc. © 2021 See appendix for GAAP to non-GAAP reconciliation Highlights • Net sales +34% versus prior year, +26% organically • +16% sequentially • GAAP operating margin 16.5%; adjusted operating margin 17.1% • Cash flow from operations $50.2 million & free cash flow $35.4 million • Q1 quarterly cash dividend of $0.48 • New stock buyback authorization: up to $300 million of share repurchases over 3 years GAAP EPS $1.00 $2.32 Adj. EPS $1.29 $2.67 $346.1 $463.8 Q1-20 Q1-21 Revenue & EPS (in millions) Q1-21 FINANCIAL PERFORMANCE


 
11Littelfuse, Inc. © 2021 $27.1 $48.7 Q1-20 Q1-21 Revenue $104.8 $128.5 Q1-20 Q1-21 Revenue Q1-21 SEGMENT PERFORMANCE Electronics Segment Automotive Segment Industrial Segment  Total revenue +34%, organic +32%  Content growth from electronification & electrification trends (in millions) Op Margin 15.1% 19.4% $214.2 $286.5 Q1-20 Q1-21 Revenue  Total revenue +23%, organic +17%  Content growth from higher end/larger vehicles & electrification trends  Total revenue +80%, organic +10%  Continued weakness in certain end markets; mfg. transfer transition Op Margin 13.5% 15.8% Op Margin 13.0% 7.2% Supply chain challenges & input cost headwinds across all segments See appendix for GAAP to non-GAAP reconciliation


 
12Littelfuse, Inc. © 2021 Q2-21 GUIDANCE See appendix for GAAP to non-GAAP reconciliation Highlights • Net sales midpoint +53% vs. prior year • Adjusted EPS midpoint +210% vs. prior year • Assumptions • Adjusted effective tax rate of 17% • 25 million diluted shares outstanding Adj. EPS $0.71 $2.12 - $2.28 $307.3 $477 - $463 Q2-20 Q2-21 Revenue & EPS (in millions)


 
13Littelfuse, Inc. © 2021  Strong performance within dynamic market environment  Demand remains healthy, despite ongoing supply chain & COVID challenges  Delivering growth above market through content gains – Capitalizing on sustainability, connectivity, safety themes – Breadth of portfolio solutions  Well-positioned for continued long-term profitable growth KEY TAKEAWAYS


 
14Littelfuse, Inc. © 2021 Q&A


 
15Littelfuse, Inc. © 2021 APPENDIX


 
16Littelfuse, Inc. © 2021 SUPPLEMENTAL FINANCIAL INFORMATION


 
17Littelfuse, Inc. © 2021 SUPPLEMENTAL FINANCIAL INFORMATION CONT’D