lfus-20210728

SECURITIES AND EXCHANGE COMMISSION


WASHINGTON, D.C. 20579

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: July 28, 2021

(Date of earliest event reported)

(Exact name of registrant as specified in its charter)


Delaware	0-20388	36-3795742
(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 Class

Trading Symbol

Name of exchange on which registered

Common Stock, par value $0.01 per share

LFUS

NASDAQ 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 2.02			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 July 28, 2021, Littelfuse, Inc. (the “Company”) issued a press release announcing the results of its operations for the quarter ended June 26, 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 7.01			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.


Item 9.01			Financial Statements and Exhibits.


(d)			Exhibits
			The following exhibit is furnished with this Form 8-K:
			99.1 Press Release, dated July 28, 2021
			99.2 Littelfuse Presentation dated July 28, 2021

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: July 28, 2021			By: /s/ Meenal A. Sethna
			Meenal A. Sethna Executive Vice President and Chief Financial Officer


Exhibit No.						Description
99.1						Press release, dated July 28, 2021
99.2						Littelfuse Presentation dated July 28, 2021
101						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104						The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.



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 SECOND QUARTER RESULTS FOR 2021

Record sales and earnings driven by strong business fundamentals

CHICAGO, July 28, 2021 - Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the second quarter ended June 26, 2021:

•Net sales of $523.5 million driven by strong demand across a number of electronics, automotive and industrial end markets, and operational execution

•GAAP operating margin was 18.4%; adjusted operating margin was 19.5%

•GAAP diluted EPS of $3.30 and adjusted diluted EPS of $3.41

•Cash flow from operations was $76.2 million and free cash flow was $58.2 million

•The company’s Board of Directors approved a 10% increase in the quarterly cash dividend from $0.48 to $0.53; this equates to an annualized dividend of $2.12 per share

“Through exceptional teamwork and strong business fundamentals, we delivered record revenue and earnings within a challenging operating environment,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “I am extremely proud of our day-to-day execution over the past several quarters, while continuing to execute on our strategic initiatives to deliver our five-year strategy. Across our end markets, we expect strong demand through the year, with content growth led by increased electrification and more sophisticated protection.”

Third Quarter of 2021*

For the third quarter, the company expects net sales in the range of $510 to $524 million and adjusted diluted EPS in the range of $3.07 to $3.23.

*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.

•The company will pay a cash dividend on its common stock of $0.53 per share on September 2, 2021 to shareholders of record as of August 19, 2021

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, July 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.

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. 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

CONDENSED CONSOLIDATED BALANCE SHEETS


	(Unaudited)
(in thousands)	June 26, 2021		December 26, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	616,330	$	687,525
Short-term investments	18		54
Trade receivables, less allowances of $46,328 and $45,237 at June 26, 2021 and December 26, 2020, respectively	313,332		232,760
Inventories	325,774		258,002
Prepaid income taxes and income taxes receivable	3,961		3,029
Prepaid expenses and other current assets	59,503		35,939
Total current assets	1,318,918		1,217,309





Net property, plant, and equipment	352,826		344,178
Intangible assets, net of amortization	307,771		291,887
Goodwill	851,070		816,812
Investments	39,255		30,547
Deferred income taxes	9,837		11,224
Right of use lease assets, net	28,465		17,615
Other assets	19,356		18,021
Total assets	$	2,927,498	$	2,747,593
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	205,138	$	145,984



Accrued liabilities	126,445		110,478
Accrued income taxes	25,109		19,186
Current portion of long-term debt	25,000		—
Total current liabilities	381,692		275,648
Long-term debt, less current portion	626,917		687,034
Deferred income taxes	47,518		50,134
Accrued post-retirement benefits	43,176		45,802
Non-current operating lease liabilities	19,241		12,950
Other long-term liabilities	66,734		67,252








Total equity	1,742,220		1,608,773
Total liabilities and equity	$	2,927,498	$	2,747,593

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)


	Three Months Ended				Six Months Ended
(in thousands, except per share data)	June 26, 2021		June 27, 2020		June 26, 2021		June 27, 2020
Net sales	$	523,488	$	307,337	$	987,282	$	653,433
Cost of sales	326,092		207,435		629,420		429,175
Gross profit	197,396		99,902		357,862		224,258

Selling, general, and administrative expenses	73,315		53,199		131,603		104,399

Research and development expenses	16,394		13,161		31,133		27,624
Amortization of intangibles	10,641		9,827		21,162		19,808
Restructuring, impairment, and other charges	789		35,665		1,226		39,627
Total operating expenses	101,139		111,852		185,124		191,458
Operating income (loss)	96,257		(11,950)		172,738		32,800

Interest expense	4,626		5,855		9,299		11,273
Foreign exchange (gain) loss	(1,676)		(6,010)		5,161		(3,426)
Other (income) expense, net	(1,890)		(1,210)		(9,627)		39
Income (loss) before income taxes	95,197		(10,585)		167,905		24,914
Income taxes	13,102		(1,594)		28,097		9,261
Net income (loss)	$	82,095	$	(8,991)	$	139,808	$	15,653

Earnings (loss) per share:
Basic	$	3.34	$	(0.37)	$	5.69	$	0.64
Diluted	$	3.30	$	(0.37)	$	5.62	$	0.64

Weighted-average shares and equivalent shares outstanding:
Basic	24,592		24,312		24,562		24,353
Diluted	24,900		24,312		24,894		24,520

Comprehensive income (loss)	$	87,549	$	(11,408)	$	140,391	$	(1,743)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Six Months Ended
(in thousands)	June 26, 2021		June 27, 2020
OPERATING ACTIVITIES
Net income	$	139,808	$	15,653
Adjustments to reconcile net income to net cash provided by operating activities:	63,947		96,009











Changes in operating assets and liabilities:
Trade receivables	(69,881)		13,914
Inventories	(38,205)		(10,761)
Accounts payable	38,955		3,439



Accrued liabilities and income taxes	4,488		(19,144)
Prepaid expenses and other assets	(12,766)		2,176
Net cash provided by operating activities	126,346		101,286

INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(109,852)		—


Purchases of property, plant, and equipment	(32,657)		(29,479)
Net proceeds from sale of property, plant, and equipment, and other	2,569		89
Net cash used in investing activities	(139,940)		(29,390)

FINANCING ACTIVITIES



Net (payments) proceeds from credit facility	(30,000)		95,000



Purchases of common stock	—		(22,927)

Cash dividends paid	(23,596)		(23,403)
All other cash provided by financing activities	4,413		1,856
Net cash (used in) provided by financing activities	(49,183)		50,526
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(2,894)		(1,694)
(Decrease) increase in cash, cash equivalents, and restricted cash	(65,671)		120,728
Cash, cash equivalents, and restricted cash at beginning of period	687,525		531,139
Cash, cash equivalents, and restricted cash at end of period	$	621,854	$	651,867

NET SALES AND OPERATING INCOME (LOSS) BY SEGMENT


	Second Quarter						Year-to-Date
(in thousands)	2021			2020			% Growth /(Decline)		2021			2020			% Growth /(Decline)
Net sales
Electronics	$	325,347		$	223,271		45.7	%	$	611,882		$	437,460		39.9	%
Automotive	133,318			61,999			115.0	%	261,847			166,769			57.0	%
Industrial	64,823			22,067			193.8	%	113,553			49,204			130.8	%
Total net sales	$	523,488		$	307,337		70.3	%	$	987,282		$	653,433		51.1	%

Operating income (loss)
Electronics	$	74,236		$	32,651		127.4	%	$	129,759		$	64,923		99.9	%
Automotive	19,258			(8,857)			317.4	%	39,574			5,259			652.5	%
Industrial	8,375			(23)			36,513.0	%	11,881			3,511			238.4	%
Other(a)	(5,612)			(35,721)			N.M.		(8,476)			(40,893)			N.M.
Total operating income (loss)	$	96,257		$	(11,950)		905.5	%	$	172,738		$	32,800		426.6	%
Operating Margin	18.4		%	(3.9)		%			17.5		%	5.0		%

Interest expense	4,626			5,855					9,299			11,273
Foreign exchange (gain) loss	(1,676)			(6,010)					5,161			(3,426)
Other (income) expense, net	(1,890)			(1,210)					(9,627)			39
Income (loss) before income taxes	$	95,197		$	(10,585)		999.4	%	$	167,905		$	24,914		573.9	%

(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


	Second Quarter						Year-to-Date
(in thousands)	2021		2020		% Growth /(Decline)		2021		2020		% Growth /(Decline)
Operating Margin
Electronics	22.8	%	14.6	%	8.2	%	21.2	%	14.8	%	6.4	%
Automotive	14.4	%	(14.3)	%	28.7	%	15.1	%	3.2	%	11.9	%
Industrial	12.9	%	(0.1)	%	13.0	%	10.5	%	7.1	%	3.4	%

SUPPLEMENTAL FINANCIAL INFORMATION

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


Non-GAAP EPS reconciliation
	Q2-21		Q2-20		YTD-21		YTD-20
GAAP diluted EPS	$	3.30	$	(0.37)	$	5.62	$	0.64
EPS impact of Non-GAAP adjustments (below)	0.11		1.08		0.46		1.36
Adjusted diluted EPS	$	3.41	$	0.71	$	6.08	$	2.00


Non-GAAP adjustments - (income)/expense
	Q2-21		Q2-20		YTD-21		YTD-20
Acquisition-related and integration costs (a)	$	0.5	$	0.1	$	1.3	$	1.3

Purchase accounting inventory adjustments (b)	3.3		—		6.8
Restructuring, impairment and other charges (c)	0.8		35.6		1.3		39.6
Loss (gain) on sale of fixed assets (d)	1.0		—		(0.9)		—


Non-GAAP adjustments to operating income	5.6		35.7		8.5		40.9
Other expense, net (e)	0.5		2.0		0.5		2.0
Non-operating foreign exchange (gain) loss	(1.7)		(6.0)		5.2		(3.4)
Non-GAAP adjustments to income before income taxes	4.4		31.7		14.2		39.5
Income taxes (f)	1.7		5.4		2.5		6.1
Non-GAAP adjustments to net income	$	2.7	$	26.3	$	11.7	$	33.4

Total EPS impact	$	0.11	$	1.08	$	0.46	$	1.36


Adjusted operating margin / Adjusted EBITDA reconciliation
	Q2-21			Q2-20			YTD-21			YTD-20
Net sales	$	523.5		$	307.3		$	987.3		$	653.4
GAAP operating income (loss)	96.3			$	(12.0)		172.7			$	32.8
Add back non-GAAP adjustments	5.6			35.7			8.5			40.9
Adjusted operating income	$	101.9		$	23.7		$	181.2		$	73.7
Adjusted operating margin	19.5		%	7.7		%	18.4		%	11.3		%
Add back amortization	10.6			9.8			21.2			19.8
Add back depreciation	13.6			13.9			27.3			27.7
Adjusted EBITDA	$	126.1		$	47.4		$	229.7		$	121.2
Adjusted EBITDA margin	24.1		%	15.4		%	23.3		%	18.5		%


Net sales reconciliation	Q2-21 vs. Q2-20
	Electronics		Automotive		Industrial		Total
Net sales growth	46	%	115	%	194	%	70	%
Less:
Acquisitions	—		—		120	%	9	%

Transfer a product line between segments	(1)	%	—	%	12	%	—	%
FX impact	3	%	9	%	2	%	4	%
Organic net sales growth	44	%	106	%	60	%	57	%


Net sales reconciliation	YTD-21 vs. YTD-20
	Electronics		Automotive		Industrial		Total
Net sales growth	40	%	57	%	131	%	51	%
Less:
Acquisitions	—		—		88	%	6	%

Transfer a product line between segments	(1)	%	—	%	9	%	—	%
FX impact	3	%	7	%	2	%	4	%
Organic net sales growth	38	%	50	%	32	%	41	%


Income tax reconciliation
	Q2-21			Q2-20			YTD-21			YTD-20
Income taxes	$	13.1		$	(1.6)		$	28.1		$	9.3
Effective rate	13.8		%	15.1		%	16.7		%	37.2		%
Non-GAAP adjustments - income taxes	1.7			5.4			2.5			6.1
Adjusted income taxes	$	14.8		$	3.8		$	30.6		$	15.4
Adjusted effective rate	14.8		%	18.2		%	16.8		%	23.8		%
Free cash flow reconciliation
	Q2-21			Q2-20			YTD-21			YTD-20
Net cash provided by operating activities	$	76.2		$	56.0		$	126.3		$	101.3
Less: Purchases of property, plant and equipment	(17.9)			(12.9)			(32.6)			(29.5)
Free cash flow	$	58.2		$	43.1		$	93.7		$	71.8


Consolidated Total Debt	As of June 26, 2021


Consolidated total gross debt	$	655.6
Unamortized debt issuance costs	(3.7)
Consolidated Total Debt	$	651.9

Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1)	Twelve Months Ended June 26, 2021
Net Income	$	254.1
Interest expense	19.1
Income taxes	50.1
Depreciation	55.7
Amortization	41.4
Non-cash additions (reductions):
Stock-based compensation expense	19.5
Purchase accounting inventory step-up charge	6.8
Unrealized gain on investments	(14.1)
Impairment charges	—
Other	(4.5)
Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1)	$	428.1

Ratio of Consolidated total gross debt to Consolidated EBITDA (as defined in Private Placement Senior Notes)*	1.5x

* 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, a loss of $1.0 million recorded during the second quarter of 2021 for a total year-to-date gain of $0.9 million from the sale of a building within the Electronics segment 2021.

(e) 2021 amount included $0.5 million of impairment charges on certain other investments. 2020 amount included $1.8 million increase in coal mining reserves and $0.2 million charge for an asset retirement obligation related to the disposal of a business in 2019.

(f) reflected the tax impact associated with the non-GAAP adjustments.

1 Q2 2021 EARNINGS RELEASE July 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, adjusted income taxes, adjusted effective tax rate, 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 Q2-21 KEY THEMES  Ongoing strong execution within an unprecedented environment  Supporting customers while navigating complex operating environment  Working to mitigate impact of higher input costs  Exceptional teamwork & strong business fundamentals  Continued strength across broad range of electronics, transportation & industrial end markets  Record quarter of performance  Delivered record revenue & adjusted EPS  Strong operating margins & operating leverage

5Littelfuse, Inc. © 2021 INDUSTRIAL END MARKETS POSITIONED FOR CONTINUED GROWTH  Ongoing strength across HVAC, industrial automation, renewable energy & energy storage systems  Captured several new design wins  Integration of Hartland Controls going very well  Capitalizing on strong HVAC demands  Confident combined businesses will unlock other opportunities across industrial applications Q2-21 Highlights Q2-21 Key Design Wins  Industrial Automation  Renewable Energy  HVAC

6Littelfuse, Inc. © 2021 TRANSPORTATION END MARKETS EXTENDING OUR LEADERSHIP POSITION Q2-21 Key Design WinsQ2-21 Highlights  xEV & EV Charging Infrastructure  High-End Passenger Cars & SUVs  EV Commercial Truck  Material Handling  Strong demand, content growth from EVs & well-equipped passenger vehicles  Design activity continues at a robust pace  Leveraging technical expertise & close customer relationships  Continued momentum in commercial & passenger EVs  Broad design wins  Ongoing investments across eMobility strategies

7Littelfuse, Inc. © 2021 ELECTRONICS END MARKETS LEVERAGING OUR LEADERSHIP Q2-21 Highlights Q2-21 Key Design Wins  Battery Protection, Notebook PCs  Telecom, Data Center & Cloud Infrastructure  Electric Bicycles  Volume & content growth from favorable end market trends  Data center & communications infrastructure  Building & home automation  Consumer electronics  Robust design activity  Secured a broad range of business wins  Ongoing electronification  Expanded opportunity pipeline

FINANCIAL UPDATE Meenal Sethna, EVP & CFO

9Littelfuse, Inc. © 2021 See appendix for GAAP to non-GAAP reconciliation Highlights  Net sales +13% sequential, +11% excl. Hartland acquisition  +70% vs prior year, +57% organic  GAAP operating margin 18.4%; adjusted operating margin 19.5%, +240bps sequential  Seq. incremental margins 38%  Effective tax rate: GAAP 13.8%; adjusted 14.8%  Free cash flow $58m; $94m YTD  10% increase in quarterly cash dividend: $0.53  12% CAGR since inceptionGAAP EPS ($0.37) $2.32 $3.30 Adj. EPS $0.71 $2.67 $3.41 $307 $464 $523 Q2-20 Q1-21 Q2-21 (in millions) Q2-21 FINANCIAL PERFORMANCE Revenue & EPS

10Littelfuse, Inc. © 2021 $22 $49 $65 Q2-20 Q1-21 Q2-21 Revenue $62 $129 $133 Q2-20 Q1-21 Q2-21 Revenue Q2-21 SEGMENT PERFORMANCE Electronics Segment Automotive Segment Industrial Segment  Revenue +14% sequential  Benefitting from volume & content growth across broad range of end markets, as well as solid price realization (in millions) Op Margin 14.6% 19.4% 22.8% $223 $287 $325 Q2-20 Q1-21 Q2-21 Revenue  Revenue +4% sequential  Impacted most by higher commodity prices & lower price realization due to customer structures  Revenue +33% sequential  Improvement from manufacturing footprint optimization & solid acquisition performance Op Margin (14.3%) 15.8% 14.4% Op Margin (0.1%) 7.2% 12.9% Productivity improvements driving elevated capacity to meet customer requirements

11Littelfuse, Inc. © 2021 Q3-21 GUIDANCE Highlights  Key assumptions  Incorporates known customer/supplier supply chain impacts  No new material COVID disruptions  Total Q3 revenue down 1% sequentially at midpoint  Q3 adjusted EPS at midpoint down 8% sequentially  15 cents unfavorable non-operating comps  Increasing input cost headwinds  16% tax rate assumed  Q4 / Full year 2021  Q4 revenue seasonally down, but better than typical seasonality  Full year:  Adjusted operating margins 17-19%  Adjusted effective tax rate 16-17% Adj. EPS $2.16 $3.41 $3.07 - $3.23 $392 $523 $510 - $524 Q3-20 Q2-21 Q3-21 Revenue & EPS (in millions) See appendix for GAAP to non-GAAP reconciliation

12Littelfuse, Inc. © 2021  Strong first half performance within an ongoing dynamic market environment  H2 demand remains strong, supported by order backlog & bookings  Sound business fundamentals  Well-positioned for continued profitable growth consistent with long-term strategy KEY TAKEAWAYS

18Littelfuse, Inc. © 2021 SUPPLEMENTAL FINANCIAL INFORMATION CONT’D Non-GAAP EPS reconciliation Q3-20 GAAP diluted EPS $ 2.25 EPS impact of Non-GAAP adjustments (below) (0.09) Adjusted diluted EPS $ 2.16 Non-GAAP adjustments - (income)/expense Q3-20 Acquisition-related and integration costs (a) $ 0.3 Goodwill impairment charge — Restructuring, impairment and other charges (b) 1.3 Non-GAAP adjustments to operating (loss) income 1.6 Other expense, net (c) 0.1 Non-operating foreign exchange (gain) loss (6.2) Non-GAAP adjustments to income before income taxes (4.5) Income taxes (d) (2.2) Non-GAAP adjustments to net income $ (2.3) Total EPS impact $ (0.09)

Document and Entity Information	Jul. 28, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 28, 2021
Entity Registrant Name	LITTELFUSE INC /DE
Entity Central Index Key	0000889331
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	0-20388
Entity Tax Identification Number	36-3795742
Entity Address, Address Line One	8755 W. Higgins Road
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60631
City Area Code	773
Local Phone Number	628-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LFUS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

Document and Entity Information


CURRENT REPORT