Littelfuse Inc 8-K, filed Jan 28, 2025
Littelfuse Inc /De (LFUS)
8-K
2025-01-28
For: 2025-01-28
View Original
Added on
April 10, 2026
About this 8-K
Littelfuse Inc filed this 8-K on January 28, 2025.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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: January 28, 2025
(Date of earliest event reported)
LITTELFUSE, INC.
(Exact name of registrant as specified in its charter)
| (State of other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(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 Class | Trading Symbol | Name of exchange on which registered | ||||||||||||
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 2.02 | Results 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 January 28, 2025, Littelfuse, Inc. (the “Company”) issued a press release announcing the results of its operations for the quarter and full year ended December 28, 2024. 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 7.01 | Regulation 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.
A copy of the press release is also posted on the Company’s website.
| Item 9.01 | Financial Statements and Exhibits. | ||||
| (d) | Exhibits | ||||
| The following exhibits are furnished with this Form 8-K: | |||||
| 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||
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: January 28, 2025 | By: /s/ Meenal A. Sethna | ||||
| Meenal A. Sethna Executive Vice President and Chief Financial Officer | |||||
Exhibit 99.1
 |  | ||||
FOR IMMEDIATE RELEASE David Kelley 224-727-2535 dkelley@littelfuse.com | |||||
LITTELFUSE REPORTS FOURTH QUARTER AND FULL YEAR RESULTS FOR 2024
Consistent Execution Drives Fourth Quarter Results In-line with Prior Guidance
CHICAGO, January 28, 2025 - Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the fourth quarter and full year ended December 28, 2024:
Fourth Quarter 2024 Results
•Net sales of $530 million were down 1% versus the prior year period and flat organically
•GAAP diluted loss per share was $1.57, which includes $93m in non-cash goodwill and intangible impairment charges
•Adjusted diluted EPS was $2.04
•Cash flow from operations was $161 million and free cash flow was $135 million
Full Year 2024 Results
•Net sales of $2.2 billion were down 7% versus the prior year period and organically
•GAAP diluted EPS was $4.51 adjusted diluted EPS was $8.48
•Cash flow from operations was $368 million and free cash flow was $292 million
“Our fourth quarter performance, which was in-line with our expectations, reflects ongoing operational execution and our steadfast commitment to our diverse and global customer base,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “For the full year 2024, we delivered strong cash conversion while our focused profitability enhancements drove solid second half margin expansion amid difficult end market conditions. Our continued design win momentum, meaningful content opportunities, broad end market exposures and operational improvements position us well as we expect to deliver solid earnings expansion in 2025.”
First Quarter of 2025*
Based on current market conditions, for the first quarter the company expects,
•Net sales in the range of $520 - $550 million, adjusted diluted EPS in the range of $1.70 - $1.90 and an adjusted effective tax rate of approximately 26%
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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
•The company will pay a cash dividend on its common stock of $0.70 per share on March 6, 2025, to shareholders of record as of February 20, 2025
Conference Call and Webcast Information
Littelfuse will host a conference call on Wednesday, January 29, 2025, 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, Inc. (NASDAQ: LFUS) is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 16,000 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, uncertainties and other factors include, but are not limited to, risks and uncertainties relating to general economic conditions; 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 accounting policies; labor disputes and shortages; restructuring costs in excess of expectations; pension plan asset returns less than assumed; integration of acquisitions; uncertainties related to political or regulatory changes; limited realization of the expected benefits from investment and strategic plans; 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 30, 2023.
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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 30, 2023, 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 (decline) 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 (decline) 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. 6133 North River Road, Suite 500 Rosemont, Illinois 60018 p: (773) 628-1000 www.littelfuse.com | |||||
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LITTELFUSE, INC.
CONSOLIDATED BALANCE SHEETS
| (in thousands) | December 28, 2024 | December 30, 2023 | |||||||||
| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 724,924 | $ | 555,513 | |||||||
| Short-term investments | 976 | 235 | |||||||||
| Trade receivables, less allowances of $69,990 and $84,696, respectively | 294,371 | 287,018 | |||||||||
| Inventories | 429,754 | 474,607 | |||||||||
| Prepaid income taxes and income taxes receivable | 11,749 | 8,701 | |||||||||
| Prepaid expenses and other current assets | 105,659 | 82,526 | |||||||||
| Total current assets | 1,567,433 | 1,408,600 | |||||||||
| Net property, plant, and equipment | 477,068 | 493,153 | |||||||||
| Intangible assets, net of amortization | 482,118 | 606,136 | |||||||||
| Goodwill | 1,228,502 | 1,309,998 | |||||||||
| Investments | 23,245 | 24,821 | |||||||||
| Deferred income taxes | 4,899 | 10,486 | |||||||||
| Right of use lease assets | 72,211 | 62,370 | |||||||||
| Other long-term assets | 48,168 | 79,711 | |||||||||
| Total assets | $ | 3,903,644 | $ | 3,995,275 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 188,359 | $ | 173,535 | |||||||
| Accrued liabilities | 148,944 | 149,214 | |||||||||
| Accrued income taxes | 29,658 | 38,725 | |||||||||
| Current portion of long-term debt | 67,612 | 14,020 | |||||||||
| Total current liabilities | 434,573 | 375,494 | |||||||||
| Long-term debt, less current portion | 788,502 | 857,915 | |||||||||
| Deferred income taxes | 95,532 | 110,820 | |||||||||
| Accrued post-retirement benefits | 29,836 | 34,422 | |||||||||
| Non-current lease liabilities | 60,559 | 49,472 | |||||||||
| Other long-term liabilities | 68,217 | 86,671 | |||||||||
| Total equity | 2,426,425 | 2,480,481 | |||||||||
| Total liabilities and equity | $ | 3,903,644 | $ | 3,995,275 | |||||||
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LITTELFUSE, INC.
CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME
(Unaudited)
| Three Months Ended | Fiscal Year Ended | |||||||||||||||||||||||||
| (in thousands, except per share data) | December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023 | ||||||||||||||||||||||
| Net sales | $ | 529,505 | $ | 533,807 | $ | 2,190,768 | $ | 2,362,657 | ||||||||||||||||||
| Cost of sales | 339,186 | 340,226 | 1,389,745 | 1,462,416 | ||||||||||||||||||||||
| Gross profit | 190,319 | 193,581 | 801,023 | 900,241 | ||||||||||||||||||||||
| Selling, general, and administrative expenses | 87,694 | 84,598 | 351,089 | 354,655 | ||||||||||||||||||||||
| Research and development expenses | 26,490 | 25,159 | 107,773 | 102,429 | ||||||||||||||||||||||
| Amortization of intangibles | 14,709 | 16,021 | 62,127 | 65,794 | ||||||||||||||||||||||
| Restructuring, impairment, and other charges | 98,112 | 3,280 | 108,441 | 16,501 | ||||||||||||||||||||||
| Total operating expenses | 227,005 | 129,058 | 629,430 | 539,379 | ||||||||||||||||||||||
| Operating (loss) income | (36,686) | 64,523 | 171,593 | 360,862 | ||||||||||||||||||||||
| Interest expense | 9,359 | 10,063 | 38,717 | 39,866 | ||||||||||||||||||||||
| Foreign exchange (gain) loss | (13,503) | 3,602 | (9,230) | 12,299 | ||||||||||||||||||||||
| Other income, net | (2,654) | (8,091) | (22,570) | (19,901) | ||||||||||||||||||||||
| (Loss) income before income taxes | (29,888) | 58,949 | 164,676 | 328,598 | ||||||||||||||||||||||
| Income taxes | 9,085 | 16,068 | 51,673 | 69,113 | ||||||||||||||||||||||
| Net (loss) income | $ | (38,973) | $ | 42,881 | $ | 113,003 | $ | 259,485 | ||||||||||||||||||
| (Loss) income per share: | ||||||||||||||||||||||||||
| Basic | $ | (1.57) | $ | 1.72 | $ | 4.55 | $ | 10.44 | ||||||||||||||||||
| Diluted | $ | (1.57) | $ | 1.71 | $ | 4.51 | $ | 10.34 | ||||||||||||||||||
| Weighted-average shares and equivalent shares outstanding: | ||||||||||||||||||||||||||
| Basic | 24,818 | 24,905 | 24,821 | 24,854 | ||||||||||||||||||||||
| Diluted | 24,818 | 25,111 | 25,039 | 25,102 | ||||||||||||||||||||||
| Comprehensive (loss) income | $ | (134,552) | $ | 86,590 | $ | 22,459 | $ | 299,432 | ||||||||||||||||||
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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended | |||||||||||
| (in thousands) | December 28, 2024 | December 30, 2023 | |||||||||
| OPERATING ACTIVITIES | |||||||||||
| Net income | $ | 113,003 | $ | 259,485 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | 245,835 | 173,776 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Trade receivables | (15,347) | 24,517 | |||||||||
| Inventories | 33,662 | 82,471 | |||||||||
| Accounts payable | 16,260 | (36,277) | |||||||||
| Accrued liabilities and income taxes | (44,200) | (61,022) | |||||||||
| Prepaid expenses and other assets | 18,408 | 14,437 | |||||||||
| Net cash provided by operating activities | 367,621 | 457,387 | |||||||||
| INVESTING ACTIVITIES | |||||||||||
| Acquisitions of businesses, net of cash acquired | — | (198,810) | |||||||||
| Purchases of property, plant, and equipment | (75,877) | (86,188) | |||||||||
| Net proceeds from sale of property, plant, and equipment | 10,836 | 832 | |||||||||
| Other | (741) | (151) | |||||||||
| Net cash used in investing activities | (65,782) | (284,317) | |||||||||
| FINANCING ACTIVITIES | |||||||||||
| Net payments of credit facility and senior notes | (7,500) | (128,802) | |||||||||
| Cash dividends paid | (67,061) | (62,161) | |||||||||
| Purchases of common stock | (40,862) | — | |||||||||
| All other cash provided by financing activities | 2,987 | 5,237 | |||||||||
| Net cash used in financing activities | (112,436) | (185,726) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (20,089) | 4,840 | |||||||||
| Increase (decrease) in cash, cash equivalents, and restricted cash | 169,314 | (7,816) | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 557,123 | 564,939 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 726,437 | $ | 557,123 | |||||||
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LITTELFUSE, INC.
NET SALES AND OPERATING INCOME BY SEGMENT
(Unaudited)
| Fourth Quarter | Year-to-Date | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | 2024 | 2023 | % (Decline) / Growth | 2024 | 2023 | % (Decline) / Growth | ||||||||||||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Electronics | $ | 285,841 | $ | 297,753 | (4.0) | % | $ | 1,186,773 | $ | 1,350,426 | (12.1) | % | ||||||||||||||||||||||||||||||||||||||
| Transportation | 161,723 | 162,570 | (0.5) | % | 672,434 | 678,278 | (0.9) | % | ||||||||||||||||||||||||||||||||||||||||||
| Industrial | 81,941 | 73,484 | 11.5 | % | 331,561 | 333,953 | (0.7) | % | ||||||||||||||||||||||||||||||||||||||||||
| Total net sales | $ | 529,505 | $ | 533,807 | (0.8) | % | $ | 2,190,768 | $ | 2,362,657 | (7.3) | % | ||||||||||||||||||||||||||||||||||||||
| Operating (loss) income | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Electronics | $ | 35,186 | $ | 53,553 | (34.3) | % | $ | 168,045 | $ | 300,581 | (44.1) | % | ||||||||||||||||||||||||||||||||||||||
| Transportation | 14,614 | 7,619 | 91.8 | % | 69,539 | 33,634 | 106.8 | % | ||||||||||||||||||||||||||||||||||||||||||
| Industrial | 13,977 | 9,350 | 49.5 | % | 46,031 | 54,800 | (16.0) | % | ||||||||||||||||||||||||||||||||||||||||||
| Other (a) | (100,463) | (5,999) | N.M. | (112,022) | (28,153) | N.M. | ||||||||||||||||||||||||||||||||||||||||||||
| Total operating (loss) income | $ | (36,686) | $ | 64,523 | (156.9) | % | $ | 171,593 | $ | 360,862 | (52.4) | % | ||||||||||||||||||||||||||||||||||||||
| Operating Margin | (6.9) | % | 12.1 | % | 7.8 | % | 15.3 | % | ||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 9,359 | 10,063 | 38,717 | 39,866 | ||||||||||||||||||||||||||||||||||||||||||||||
| Foreign exchange (gain) loss | (13,503) | 3,602 | (9,230) | 12,299 | ||||||||||||||||||||||||||||||||||||||||||||||
| Other income, net | (2,654) | (8,091) | (22,570) | (19,901) | ||||||||||||||||||||||||||||||||||||||||||||||
| (Loss) income before income taxes | $ | (29,888) | $ | 58,949 | (150.7) | % | $ | 164,676 | $ | 328,598 | (49.9) | % | ||||||||||||||||||||||||||||||||||||||
(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
| Fourth Quarter | Year-to-Date | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | 2024 | 2023 | % (Decline) / Growth | 2024 | 2023 | % (Decline) / Growth | ||||||||||||||||||||||||||||||||||||||||||||
| Operating Margin | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Electronics | 12.3 | % | 18.0 | % | (5.7) | % | 14.2 | % | 22.3 | % | (8.1) | % | ||||||||||||||||||||||||||||||||||||||
| Transportation | 9.0 | % | 4.7 | % | 4.3 | % | 10.3 | % | 5.0 | % | 5.3 | % | ||||||||||||||||||||||||||||||||||||||
| Industrial | 17.1 | % | 12.7 | % | 4.4 | % | 13.9 | % | 16.4 | % | (2.5) | % | ||||||||||||||||||||||||||||||||||||||
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LITTELFUSE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(In millions of USD except per share amounts - unaudited)
| Non-GAAP EPS reconciliation | ||||||||||||||||||||||||||
| Q4-24 | Q4-23 | YTD-24 | YTD-23 | |||||||||||||||||||||||
| GAAP diluted EPS | $ | (1.57) | $ | 1.71 | $ | 4.51 | $ | 10.34 | ||||||||||||||||||
| EPS impact of Non-GAAP adjustments (below) | 3.61 | 0.31 | 3.97 | 1.40 | ||||||||||||||||||||||
| Adjusted diluted EPS | $ | 2.04 | $ | 2.02 | $ | 8.48 | $ | 11.74 | ||||||||||||||||||
| Non-GAAP adjustments - (income) / expense | ||||||||||||||||||||||||||
| Q4-24 | Q4-23 | YTD-24 | YTD-23 | |||||||||||||||||||||||
| Acquisition-related and integration costs (a) | $ | 2.3 | $ | 2.7 | $ | 5.1 | $ | 11.7 | ||||||||||||||||||
| Restructuring, impairment and other charges (b) | 98.1 | 3.3 | 108.4 | 16.5 | ||||||||||||||||||||||
| Gain on sale of fixed assets (c) | — | — | (1.5) | — | ||||||||||||||||||||||
| Non-GAAP adjustments to operating income | 100.4 | 6.0 | 112.0 | 28.2 | ||||||||||||||||||||||
| Other expense (income), net (d) | 1.6 | — | 1.3 | (0.2) | ||||||||||||||||||||||
| Non-operating foreign exchange (gain) loss | (13.5) | 3.6 | (9.2) | 12.3 | ||||||||||||||||||||||
| Non-GAAP adjustments to income before income taxes | 88.5 | 9.6 | 104.1 | 40.3 | ||||||||||||||||||||||
| Income taxes (e) | (1.5) | 1.8 | 4.7 | 5.0 | ||||||||||||||||||||||
| Non-GAAP adjustments to net income | $ | 90.0 | $ | 7.8 | $ | 99.4 | $ | 35.3 | ||||||||||||||||||
| Total EPS impact | $ | 3.61 | $ | 0.31 | $ | 3.97 | $ | 1.40 | ||||||||||||||||||
| Adjusted operating margin / Adjusted EBITDA reconciliation | ||||||||||||||||||||||||||
| Q4-24 | Q4-23 | YTD-24 | YTD-23 | |||||||||||||||||||||||
| Net (loss) income | $ | (39.0) | $ | 42.9 | $ | 113.0 | $ | 259.5 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Income taxes | 9.1 | 16.1 | 51.7 | 69.1 | ||||||||||||||||||||||
| Interest expense | 9.4 | 10.1 | 38.7 | 39.9 | ||||||||||||||||||||||
| Foreign exchange (gain) loss | (13.5) | 3.6 | (9.2) | 12.3 | ||||||||||||||||||||||
| Other income, net | (2.7) | (8.1) | (22.6) | (19.9) | ||||||||||||||||||||||
| GAAP operating (loss) income | $ | (36.7) | $ | 64.5 | $ | 171.6 | $ | 360.9 | ||||||||||||||||||
| Non-GAAP adjustments to operating (loss) income | 100.4 | 6.0 | 112.0 | 28.2 | ||||||||||||||||||||||
| Adjusted operating income | $ | 63.8 | $ | 70.5 | $ | 283.6 | $ | 389.0 | ||||||||||||||||||
| Amortization of intangibles | 14.7 | 16.0 | 62.1 | 65.8 | ||||||||||||||||||||||
| Depreciation expenses | 17.3 | 18.1 | 68.3 | 71.6 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 95.8 | $ | 104.6 | $ | 414.1 | $ | 526.4 | ||||||||||||||||||
| Net sales | $ | 529.5 | $ | 533.8 | $ | 2,190.8 | $ | 2,362.7 | ||||||||||||||||||
| Net (loss) income as a percentage of net sales | (7.4) | % | 8.0 | % | 5.2 | % | 11.0 | % | ||||||||||||||||||
| Operating margin | (6.9) | % | 12.1 | % | 7.8 | % | 15.3 | % | ||||||||||||||||||
| Adjusted operating margin | 12.0 | % | 13.2 | % | 12.9 | % | 16.5 | % | ||||||||||||||||||
| Adjusted EBITDA margin | 18.1 | % | 19.6 | % | 18.9 | % | 22.3 | % | ||||||||||||||||||
Page 9
| Adjusted EBITDA by Segment | Q4-24 | Q4-23 | ||||||||||||||||||||||||||||||||||||
| Electronics | Transportation | Industrial | Electronics | Transportation | Industrial | |||||||||||||||||||||||||||||||||
| GAAP operating income | $ | 35.2 | $ | 14.6 | $ | 14.0 | $ | 53.6 | $ | 7.6 | $ | 9.4 | ||||||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||||||||||||||||
| Add back amortization | 9.8 | 3.4 | 1.5 | 9.8 | 3.6 | 2.6 | ||||||||||||||||||||||||||||||||
| Add back depreciation | 10.4 | 5.4 | 1.5 | 10.3 | 6.4 | 1.4 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 55.3 | $ | 23.4 | $ | 17.0 | $ | 73.7 | $ | 17.6 | $ | 13.4 | ||||||||||||||||||||||||||
| Adjusted EBITDA Margin | 19.3 | % | 14.5 | % | 20.8 | % | 24.7 | % | 10.8 | % | 18.2 | % | ||||||||||||||||||||||||||
| Adjusted EBITDA by Segment | YTD-24 | YTD-23 | ||||||||||||||||||||||||||||||||||||
| Electronics | Transportation | Industrial | Electronics | Transportation | Industrial | |||||||||||||||||||||||||||||||||
| GAAP operating income | $ | 168.0 | $ | 69.5 | $ | 46.0 | $ | 300.6 | $ | 33.6 | $ | 54.8 | ||||||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||||||||||||||||
| Add back amortization | 39.4 | 13.5 | 9.2 | 39.9 | 15.8 | 10.1 | ||||||||||||||||||||||||||||||||
| Add back depreciation | 40.4 | 22.1 | 5.8 | 39.5 | 26.7 | 5.4 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 247.9 | $ | 105.2 | $ | 61.0 | $ | 379.9 | $ | 76.1 | $ | 70.4 | ||||||||||||||||||||||||||
| Adjusted EBITDA Margin | 20.9 | % | 15.6 | % | 18.4 | % | 28.1 | % | 11.2 | % | 21.1 | % | ||||||||||||||||||||||||||
| Net sales reconciliation | Q4-24 vs. Q4-23 | |||||||||||||||||||||||||
| Electronics | Transportation | Industrial | Total | |||||||||||||||||||||||
| Net sales (decline) growth | (4) | % | (1) | % | 12 | % | (1) | % | ||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| FX impact | — | % | — | % | — | % | — | % | ||||||||||||||||||
| Organic net sales (decline) growth | (4) | % | (1) | % | 12 | % | — | % | ||||||||||||||||||
| Net sales reconciliation | YTD-24 vs. YTD-23 | |||||||||||||||||||||||||
| Electronics | Transportation | Industrial | Total | |||||||||||||||||||||||
| Net sales decline | (12) | % | (1) | % | (1) | % | (7) | % | ||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| FX impact | — | % | — | % | — | % | — | % | ||||||||||||||||||
| Organic net sales decline | (12) | % | (1) | % | (1) | % | (7) | % | ||||||||||||||||||
| Income tax reconciliation | ||||||||||||||||||||||||||
| Q4-24 | Q4-23 | YTD-24 | YTD-23 | |||||||||||||||||||||||
| Income taxes | $ | 9.1 | $ | 16.1 | $ | 51.7 | $ | 69.1 | ||||||||||||||||||
| Effective rate | (30.4) | % | 27.3 | % | 31.4 | % | 21.0 | % | ||||||||||||||||||
| Non-GAAP adjustments - income taxes | (1.5) | 1.8 | 4.7 | 5.0 | ||||||||||||||||||||||
| Adjusted income taxes | $ | 7.6 | $ | 17.9 | $ | 56.4 | $ | 74.1 | ||||||||||||||||||
| Adjusted effective rate | 12.9 | % | 26.1 | % | 21.0 | % | 20.1 | % | ||||||||||||||||||
| Free cash flow reconciliation | ||||||||||||||||||||||||||
| Q4-24 | Q4-23 | YTD-24 | YTD-23 | |||||||||||||||||||||||
| Net cash provided by operating activities | $ | 160.6 | $ | 144.2 | $ | 367.6 | $ | 457.4 | ||||||||||||||||||
| Less: Purchases of property, plant and equipment | (25.8) | (23.0) | (75.9) | (86.2) | ||||||||||||||||||||||
| Free cash flow | $ | 134.8 | $ | 121.2 | $ | 291.7 | $ | 371.2 | ||||||||||||||||||
Page 10
| Consolidated Total Debt | As of December 28, 2024 | |||||||
| Consolidated Total Debt | $ | 856.1 | ||||||
| Unamortized debt issuance costs | 2.8 | |||||||
| Finance lease liability | 0.3 | |||||||
| Consolidated funded indebtedness | $ | 859.2 | ||||||
| Cash held in U.S. (up to $400 million) | 302.2 | |||||||
| Net debt | $ | 557.0 | ||||||
| Consolidated EBITDA | Twelve Months Ended December 28, 2024 | |||||||
| Net Income | $ | 112.8 | ||||||
| Interest expense | 38.7 | |||||||
| Income taxes | 51.7 | |||||||
| Depreciation | 68.3 | |||||||
| Amortization | 62.1 | |||||||
| Non-cash additions: | ||||||||
| Stock-based compensation expense | 26.0 | |||||||
| Unrealized loss on investments | (0.1) | |||||||
| Impairment charges | 93.5 | |||||||
| Other | 3.7 | |||||||
| Consolidated EBITDA (1) | $ | 456.7 | ||||||
| Consolidated Net Leverage Ratio (as defined in the Credit Agreement) * | 1.2x | |||||||
* Our Credit Agreement and Private Placement Note with maturities ranging from 2024 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 restructuring, impairment and other charges. In the fourth quarter 2024, the Company recorded $92.6 million of non-cash impairment charges, which included $47.8 million for the impairment of intangible assets primarily related to certain acquired customer relationships, developed technology, and tradename in the Industrial controls and sensors reporting unit within the Industrial segment, and $36.1 million and $8.6 million non-cash goodwill impairment charge associated with the Industrial controls and sensors reporting unit within the Industrial segment and the Automotive sensors reporting unit within the Transportation segment, respectively. In addition, during the first quarter of 2024, the Company recognized a $0.9 million impairment related to certain machinery and equipment in the commercial vehicle business within the Transportation segment.
(c) 2024 amount reflected a gain of $0.5 million recorded for the sale of a land use right within the Electronics segment and a gain of $1.0 million for the sale of two buildings within the Transportation segment.
(d) 2024 included $1.8 million increase in coal mining reserves, partially offset by a reversal of $0.5 million for an asset retirement obligation charge related the disposal of a business in 2019. 2023 amount included $0.2 million gain from the sale of a building within the Electronics segment.
(e) reflected the tax impact associated with the non-GAAP adjustments.
###
1 Q4 2024 EARNINGS RELEASE JANUARY 28, 2025
2Littelfuse, Inc. © 2025 Important Information About Littelfuse, 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 Littelfuse, Inc. and no investment decision should be made based upon the information provided herein. Littelfuse strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at investor.littelfuse.com. This website also provides additional information about Littelfuse. “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. 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; 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 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 30, 2023. 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 30, 2023, 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 http://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 (decline) growth, adjusted operating margin, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted effective tax rate, free cash flow, net debt and consolidated net leverage ratio (as defined in the credit agreement). 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 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 net leverage ratio is a useful measure of its credit position. 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. DISCLAIMERS
BUSINESS UPDATE Dave Heinzmann, President & CEO
4Littelfuse, Inc. © 2025 EXECUTIVE SUMMARY Solid end of year execution, well positioned into 2025 Operational execution, diverse business model drive Q4 results within prior guided range Flat organic sales amid mixed environment across end markets FY 2024 progression reflects unwavering customer focus, profitability enhancements Continued focus on customer driven innovations; maintaining design win momentum Solid second half margin improvement Strong FY cash generation Well positioned into 2025 reflecting balanced end market exposures, broad technology capabilities & cost scaling actions Expecting a return to growth & solid full year earnings expansion Cash generation, strong balance sheet continue to enable long-term growth strategy
5Littelfuse, Inc. © 2025 2021 – 2025 GROWTH STRATEGY EMPOWERING A SUSTAINABLE, CONNECTED, AND SAFER WORLD Our capabilities, investments & diversification deliver significant value
6Littelfuse, Inc. © 2025 ELECTRONICS END MARKETS GLOBAL CUSTOMER REACH, BROAD CAPABILITIES Strong data center & solid medical performance, offset by subdued consumer products, appliance & building technology application demand Continued solid global design-in activity, traction with broad customers Ongoing innovations across diverse application exposures Strong Q4 design win rate with our global customer base Multiple data center, server & compute application wins Global momentum across appliance & building technology applications Continued traction with European & NA medical customers 2024 Highlights
7Littelfuse, Inc. © 2025 TRANSPORTATION END MARKETS BALANCED TECHNOLOGIES, GLOBAL SCALE Leveraging global positioning to drive content opportunities amid declining underlying global car build Solid FY China auto growth Strong commercial vehicle execution & actions offset by continued soft end demand conditions Delivered volume growth while leveraging pricing actions & operational execution driving H2 momentum Meaningful 4Q design win cadence demonstrates balanced capabilities Secular growth momentum driven by continued high voltage & ADAS auto wins Global low voltage wins showcase balanced offering Broad commercial vehicle wins reflect diverse exposure 2024 Highlights
8Littelfuse, Inc. © 2025 INDUSTRIAL END MARKETS INNOVATIVE SOLUTIONS, DIVERSE SECTOR EXPOSURE Innovating amid mixed 2024 industrial demand Solid HVAC, industrial safety & renewable performance Ongoing weak conditions in Europe, led by soft industrial equipment & factory automation demand More pronounced impact on power semiconductor business Signs of industrial demand stabilization into 2025 Stabilizing order trends, ongoing secular growth drivers Strong content positioning Secured meaningful design win opportunities in Q4 Multiple renewable energy application wins Continued commercial HVAC momentum Wins across construction, mining, oil & gas show diverse application exposures 2024 Highlights
FINANCIAL UPDATE Meenal Sethna, EVP & CFO
10Littelfuse, Inc. © 2025 Q4 2024 TOTAL COMPANY FINANCIAL PERFORMANCE ($1.57)$1.71GAAP EPS $2.04$2.02Adj. EPS 18.1%19.6%Adj. EBITDA% $534 $530 Q4-23 Q4-24 Revenue (in millions) See appendix for GAAP to non-GAAP reconciliation Highlights Revenue (-1%) reported & flat organically vs PY Includes ~2% portfolio pruning headwind GAAP op margin (-6.9%); Adjusted op margin 12.0% Soft Electronics sales & related deleverage offset operational execution Includes $93m of non-cash goodwill & intangible impairment charges Effective tax rate: GAAP (-30.4%); Adj.12.9% Q4 Op cash flow $161m; Free cash flow $135m
11Littelfuse, Inc. © 2025 FY 2024 TOTAL COMPANY FINANCIAL PERFORMANCE $4.51$10.34GAAP EPS $8.48$11.74Adj. EPS 18.9%22.3%Adj. EBITDA% $2,363 $2,191 FY-23 FY-24 Revenue (in millions) See appendix for GAAP to non-GAAP reconciliation Highlights Revenue (-7%) vs PY (reported & organic) Includes ~2% portfolio pruning headwind GAAP op margin 7.8%; Adjusted op margin 12.9% Lower sales & related deleverage offset operational execution 30bps unfavorable impact from FX & commodities Effective tax rate: GAAP 31.4%; Adj. 21.0% FY Op cash flow $368m; Free cash flow $292m Well above +100% conversion rate target
12Littelfuse, Inc. © 2025 CASH GENERATION & CAPITAL DEPLOYMENT Well-positioned business model & execution drive robust long- term cash generation Disciplined approach to working capital management Strong balance sheet supports capital deployment strategy Net leverage ratio ~1.2x Prioritizing growth investments 2024 capital deployment - returned $108m to shareholders $41m via share repurchase $67m dividend payout Consistent prioritization of capital deployment Organic investments Strategic acquisitions Dividends & share repurchases See appendix for GAAP to non-GAAP reconciliation Driving long-term shareholder value
13Littelfuse, Inc. © 2025 14.2%22.3%Op Margin 20.9%28.1%Adj. EBITDA% $1,350 $1,187 FY-23 FY-24 FY 2024 Revenue 12.3%18.0%Op Margin 19.3%24.7%Adj. EBITDA% $298 $286 Q4-23 Q4-24 Q4 2024 Revenue Q4 & FY 2024 ELECTRONICS SEGMENT FINANCIAL PERFORMANCE (in millions) Revenue (-12%) / Organic Passives products (-1%) organic vs. PY; Semiconductors (-20%) Broad soft demand trends & inventory destocking Profitability impacted by volume deleverage, more than offsetting operational improvements Revenue (-4%) / Organic Passives products +9% organic vs. PY; Semiconductors (-13%) Normalized passive channel inventories & improving orders Portfolio diversification efforts, execution offset by lower semiconductor sales See appendix for GAAP to non-GAAP reconciliation
14Littelfuse, Inc. © 2025 9.0%4.7%Op Margin 14.5%10.8%Adj. EBITDA% Q4 & FY 2024 TRANSPORTATION SEGMENT FINANCIAL PERFORMANCE (in millions) See appendix for GAAP to non-GAAP reconciliation $163 $162 Q4-23 Q4-24 Q4 2024 Revenue $678 $672 FY-23 FY-24 FY 2024 Revenue 10.3%5.0%Op Margin 15.6%11.2%Adj. EBITDA% Revenue (-1%) / Organic Passenger vehicle (-5%) / Organic (-4%) Pruning actions, global car build declines more than offset growth in China Commercial vehicle +4% / Organic Growth & pricing offset end market weakness & pruning actions Revenue (-1%) / Organic Passenger vehicle flat organic; Commercial Vehicles -1% Auto outgrowth offset global car build decline, pruning impact Commercial vehicle sales impacted by end market softness, pruning actions Operational execution, pricing, cost actions & pruning drove +530 bps margin expansion
15Littelfuse, Inc. © 2025 Q4 & FY 2024 INDUSTRIAL SEGMENT FINANCIAL PERFORMANCE (in millions) See appendix for GAAP to non-GAAP reconciliation $73 $82 Q4-23 Q4-24 Q4 2024 Revenue $334 $332 FY-23 FY-24 FY 2024 Revenue 17.1%12.7%Op Margin 20.8%18.2%Adj. EBITDA% 13.9%16.4%Op Margin 18.4%21.1%Adj. EBITDA% Revenue +12% / Organic Solid HVAC demand, continued data center & industrial safety growth Strong volume leverage & solid operational execution Revenue (-1%) / Organic Soft end market conditions offset content expansion Improved margin trajectory through 2024 reflects operational execution & solid leverage
16Littelfuse, Inc. © 2025 Q1 2025 GUIDANCE Macro view…Into 2025, seeing mixed underlying conditions but improving order trends Continued passives product recovery, soft Q1 semiconductor demand Transportation: projected low single-digit global car build declines, CV recovery expected later in 2025 Early signs of select industrial recovery Sales $520m - $550m +1% sequential, Flat vs PY +2% growth from Elmos capacity sharing agreement (Dortmund fab acquisition) (-2%) FX headwind vs. PY Adj. EPS $1.70 - $1.90 Expected adj. effective tax rate ~26% (in millions) See appendix for GAAP to non-GAAP reconciliation $535 $530 $520 - $550 Q1-24 Q4-24 Q1-25 Revenue $1.70 - $1.90$1.76 $2.04Adj. EPS -$1.93 ($1.57)GAAP EPS Highlights
17Littelfuse, Inc. © 2025 FULL YEAR 2025 CONSIDERATIONS / EXPECTATIONS Expecting a return to growth & solid FY margin expansion FY Elmos capacity sharing agreement impact…+2% growth to Company sales, Neutral EPS impact (Dortmund fab acquisition) F/X & Commodities: (1%) headwind to sales; ~+$0.22 benefit to EPS, +30 bps margin benefit at current rates Other Assumptions $59m amortization expense $35m interest expense; expect to offset ~2/3 with interest income from cash investment strategies Adj. effective tax rate 23-25% Expect ~100% free cash flow conversion Projecting ~$90-95m investment in capital expenditures
18Littelfuse, Inc. © 2024 Appendix
19Littelfuse, Inc. © 2025 SUPPLEMENTAL FINANCIAL INFORMATION Non-GAAP EPS reconciliation YTD-23YTD-24Q4-23Q4-24 $ 10.34$ 4.51$ 1.71$ (1.57)GAAP diluted EPS 1.403.970.313.61EPS impact of Non-GAAP adjustments (below) $ 11.74$ 8.48$ 2.02$ 2.04Adjusted diluted EPS Non-GAAP adjustments - (income) / expense ( in millions) YTD-23YTD-24Q4-23Q4-24 $ 11.7$ 5.1$ 2.7$ 2.3Acquisition-related and integration costs (a) 16.5108.43.398.1Restructuring, impairment and other charges (b) —(1.5)——Gain on sale of fixed assets (c) 28.2112.06.0100.4Non-GAAP adjustments to operating income (0.2)1.3—1.6Other expense (income), net (d) 12.3(9.2)3.6(13.5)Non-operating foreign exchange (gain) loss 40.3104.19.688.5Non-GAAP adjustments to income before income taxes 5.04.71.8(1.5)Income taxes (e) 35.399.47.890.0Non-GAAP adjustments to net income $ 1.40$ 3.97$ 0.31$ 3.61Total EPS impact Note: Total will not always foot due to rounding. a) reflected in selling, general and administrative expenses ("SG&A"). (b) reflected in restructuring, impairment and other charges. In the fourth quarter 2024, the Company recorded $92.6 million of non-cash impairment charges, which included $47.8 million for the impairment of intangible assets primarily related to certain acquired customer relationships, developed technology, and tradename in the Industrial controls and sensors reporting unit within the Industrial segment, and a $36.1 million and $8.6 million non-cash goodwill impairment charge associated with the Industrial controls and sensors reporting unit within the Industrial segment and the Automotive sensors reporting unit within the Transportation segment, respectively. In addition, during the first quarter of 2024, the Company recognized a $0.9 million impairment related to certain machinery and equipment in the commercial vehicle business within the Transportation segment. (c) 2024 amount reflected a gain of $0.5 million recorded for the sale of a land use right within the Electronics segment and a gain of $1.0 million for the sale of two buildings within the Transportation segment. (d) 2024 included $1.8 million increase in coal mining reserves, partially offset by a reversal of $0.5 million for an asset retirement obligation charge related the disposal of a business in 2019. 2023 amount included $0.2 million gain from the sale of a building within the Electronics segment. (e) reflected the tax impact associated with the non-GAAP adjustments.
20Littelfuse, Inc. © 2025 SUPPLEMENTAL FINANCIAL INFORMATION CONT'D Adjusted operating margin / Adjusted EBITDA reconciliation (in millions) YTD-23YTD-24Q4-23Q4-24 $ 259.5$ 113.0$ 42.9$ (39.0)Net (loss) income Add: 69.151.716.19.1Income taxes 39.938.710.19.4Interest expense 12.3(9.2)3.6(13.5)Foreign exchange (gain) loss (19.9)(22.6)(8.1)(2.7)Other income, net $ 360.9$ 171.6$ 64.5$ (36.7)GAAP operating (loss) income 28.2112.06.0100.4Non-GAAP adjustments to operating (loss) income $ 389.0$ 283.6$ 70.5$ 63.8Adjusted operating income 65.862.116.014.7Amortization of intangibles 71.668.318.117.3Depreciation expenses $ 526.4$ 414.1$ 104.6$ 95.8Adjusted EBITDA $ 2,362.7$ 2,190.8$ 533.8$ 529.5Net sales 11.0 %5.2 %8.0 %(7.4)%Net (loss) income as a percentage of net sales 15.3 %7.8 %12.1 %(6.9)%Operating margin 16.5 %12.9 %13.2 %12.0 %Adjusted operating margin 22.3 %18.9 %19.6 %18.1 %Adjusted EBITDA margin
21Littelfuse, Inc. © 2025 SUPPLEMENTAL FINANCIAL INFORMATION CONT'D Q4-23Q4-24 Adjusted EBITDA by Segment ( in millions) IndustrialTransportationElectronicsIndustrialTransportationElectronics $ 9.4$ 7.6$ 53.6$ 14.0$ 14.6$ 35.2GAAP operating income Add: 2.63.69.81.53.49.8Add back amortization 1.46.410.31.55.410.4Add back depreciation $ 13.4$ 17.6$ 73.7$ 17.0$ 23.4$ 55.3Adjusted EBITDA 18.2 %10.8 %24.7 %20.8 %14.5 %19.3 %Adjusted EBITDA Margin Q4-23Q4-24 IndustrialTransportationElectronicsIndustrialTransportationElectronicsNet sales (in thousands) $ —$ —$ 168,580$ —$ —$ 145,983Electronics – Semiconductor ——129,173——139,858 Electronics – Passive Products and Sensors —74,993——78,199—Commercial Vehicle Products —65,900——67,735—Passenger Car Products —21,677——15,789—Automotive Sensors 73,484——81,941——Industrial Products $ 73,484$ 162,570$ 297,753$ 81,941$ 161,723$ 285,841Total
22Littelfuse, Inc. © 2025 SUPPLEMENTAL FINANCIAL INFORMATION CONT'D YTD-23YTD-24 Adjusted EBITDA by Segment ( in millions) IndustrialTransportationElectronicsIndustrialTransportationElectronics $ 54.8$ 33.6$ 300.6$ 46.0$ 69.5$ 168.0GAAP operating income Add: 10.115.839.99.213.539.4Add back amortization 5.426.739.55.822.140.5Add back depreciation $ 70.4$ 76.1$ 379.9$ 61.0$ 105.2$ 247.9Adjusted EBITDA 21.1 %11.2 %28.1 %18.4 %15.6 %20.9 %Adjusted EBITDA Margin YTD-23YTD-24 IndustrialTransportationElectronicsIndustrialTransportationElectronicsNet sales (in thousands) $ —$ —$ 767,393$ —$ —$ 615,372Electronics – Semiconductor ——583,033——571,401 Electronics – Passive Products and Sensors —323,758——320,549—Commercial Vehicle Products —266,004——278,332—Passenger Car Products —88,516——73,553—Automotive Sensors 333,953——331,561——Industrial Products $ 333,953$ 678,278$ 1,350,426$ 331,561$ 672,434$ 1,186,773Total
23Littelfuse, Inc. © 2025 SUPPLEMENTAL FINANCIAL INFORMATION CONT'D Q4-24 vs. Q4-23Net sales reconciliation TotalIndustrialTransportationElectronics (1)%12 %(1)%(4)%Net sales (decline) growth Less: — %— %— %— %FX impact — %12 %(1)%(4)%Organic net sales (decline) growth Q4-24 vs. Q4-23Electronics segment net sales reconciliation Total Electronics Electronics – Passive Products and Sensors Electronics – Semiconductor (4)%8 %(13)%Net sales (decline) growth Less: — %(1)%— %FX impact (4)%9 %(13)%Organic net sales (decline) growth Q4-24 vs. Q4-23Transportation segment net sales reconciliation Total Transportation Auto Sensor Products (1) Passenger Car Products (1) Commercial Vehicle Products (1)%(27)%3 %4 %Net sales growth (decline) Less: — %— %— %— %FX impact (1)%(27)%3 %4 %Organic net sales growth(decline) (1) Passenger vehicle business (PVB) includes passenger car and auto sensor products.
24Littelfuse, Inc. © 2025 SUPPLEMENTAL FINANCIAL INFORMATION CONT'D YTD-24 vs. YTD-23Net sales reconciliation TotalIndustrialTransportationElectronics (7)%(1)%(1)%(12)%Net sales decline Less: — %— %— %— %FX impact (7)%(1)%(1)%(12)%Organic net sales decline YTD-24 vs. YTD-23Electronics segment net sales reconciliation Total Electronics Electronics – Passive Products and Sensors Electronics – Semiconductor (12)%(2)%(20)%Net sales decline Less: — %(1)%— %FX impact (12)%(1)%(20)%Organic net sales decline YTD-24 vs. YTD-23Transportation segment net sales reconciliation Total Transportation Auto Sensor Products (1) Passenger Car Products (1) Commercial Vehicle Products (1)%(17)%5 %(1)%Net sales growth (decline) Less: — %— %(1)%— %FX impact (1)%(17)%6 %(1)%Organic net sales growth(decline) (1) Passenger vehicle business (PVB) includes passenger car and auto sensor products.
25Littelfuse, Inc. © 2025 SUPPLEMENTAL FINANCIAL INFORMATION CONT'D Income tax reconciliation YTD-23YTD-24Q4-23Q4-24 $ 69.1$ 51.7$ 16.1$ 9.1Income taxes 21.0 %31.4 %27.3 %(30.4)%Effective rate 5.04.71.8(1.5)Non-GAAP adjustments - income taxes $ 74.1$ 56.4$ 17.9$ 7.6Adjusted income taxes 20.1 %21.0 %26.1 %12.9 %Adjusted effective rate Free cash flow reconciliation YTD-23YTD-24Q4-23Q4-24 $ 457.4$ 367.6$ 144.2$ 160.6Net cash provided by operating activities (86.2)(75.9)(23.0)(25.8)Less: Purchases of property, plant and equipment $ 371.2$ 291.7$ 121.2$ 134.8Free cash flow
26Littelfuse, Inc. © 2025 SUPPLEMENTAL FINANCIAL INFORMATION CONT'D ( in millions) As of December 28, 2024Consolidated Total Debt $ 856.1Consolidated Total Debt 2.8Unamortized debt issuance costs 0.3Finance lease liability 859.2Consolidated funded indebtedness 302.2Cash held in U.S. (up to $400 million) $ 557.0Net debt Twelve Months Ended December 28, 2024Consolidated EBITDA $ 112.8Net Income 38.7Interest expense 51.7Income taxes 68.3Depreciation 62.1Amortization Non-cash additions: 26.0Stock-based compensation expense (0.1)Unrealized loss on investments 93.5Impairment charges 3.7Other $ 456.7Consolidated EBITDA (1) 1.2xConsolidated Net Leverage Ratio (as defined in the Credit Agreement) * * Our Credit Agreement and Private Placement Note with maturities ranging from 2024 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.
27Littelfuse, Inc. © 2025 SUPPLEMENTAL FINANCIAL INFORMATION CONT'D Non-GAAP EPS reconciliation Q1-24 $ 1.93GAAP diluted EPS (0.17)EPS impact of Non-GAAP adjustments (below) $ 1.76Adjusted diluted EPS Non-GAAP adjustments - (income) / expense ( in millions) Q1-24 $ 0.9Acquisition-related and integration costs (a) 3.2Restructuring, impairment and other charges (b) (0.3)Gain on sale of fixed assets (c) 3.8Non-GAAP adjustments to operating income 0.2Other loss, net (d) (5.0)Non-operating foreign exchange loss (1.0)Non-GAAP adjustments to income before income taxes 3.3Income taxes (e) $ (4.3)Non-GAAP adjustments to net income (0.17)Total EPS impact Note: Total will not always foot due to rounding. (a) reflected in selling, general and administrative expenses ("SG&A"). (b) reflected in restructuring, impairment and other charges. (c) 2024 amount included $0.3 million gain from the sale of a building within the Transportation segment. (d) 2024 amount reflected $0.2 million increase in coal mining reserves. (e) reflected the tax impact associated with the non-GAAP adjustments.