Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - LITTELFUSE INC /DE | ex_119409.htm |
| 8-K - FORM 8-K - LITTELFUSE INC /DE | lfus20180730_8k.htm |
Exhibit 99.2
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LITTELFUSE, INC. |
|
Condensed Consolidated Statement of Comprehensive Income |
|
Supplemental GAAP to Non-GAAP Reconciliation |
|
(In thousands of USD, except per share data, unaudited) |
|
GAAP As Reported |
Non-GAAP Adjustments |
Non-GAAP |
|||||||||||
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April 1, 2017 QTD |
April 1, 2017 QTD |
April 1, 2017 QTD |
|||||||||||
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Net sales |
$ | 285,441 | $ | - | $ | 285,441 | |||||||
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Cost of sales |
171,791 | (22 | ) | 171,770 | |||||||||
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Gross profit |
113,650 | 22 | 113,672 | ||||||||||
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Selling, general and administrative expenses |
46,703 | (1,504 | ) |
(a) |
45,199 | ||||||||
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Research and development expenses |
12,151 | - | 12,151 | ||||||||||
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Amortization of intangibles |
5,944 | - | 5,944 | ||||||||||
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Total operating expenses |
64,798 | (1,504 | ) | 63,294 | |||||||||
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Operating income |
48,852 | 1,525 | 50,377 | ||||||||||
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Interest expense |
3,120 | - | 3,120 | ||||||||||
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Foreign exchange loss (gain) |
(1,557 | ) | 1,557 | - | |||||||||
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Other (income) expense, net |
(139 | ) | - | (139 | ) | ||||||||
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Income before income taxes |
47,428 | (32 | ) | 47,396 | |||||||||
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Income taxes |
8,537 | (6 | ) | 8,531 | |||||||||
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Net income |
$ | 38,891 | $ | (26 | ) | $ | 38,865 | ||||||
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Net income per share: |
|||||||||||||
|
Basic |
$ | 1.71 | $ | (0.00 | ) | $ | 1.71 | ||||||
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Diluted |
$ | 1.69 | $ | (0.00 | ) | $ | 1.69 | ||||||
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Weighted average shares outstanding: |
|||||||||||||
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Basic |
22,748 | 22,748 | |||||||||||
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Diluted |
22,989 | 22,989 | |||||||||||
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Comprehensive income |
$ | 44,518 | $ | 44,492 | |||||||||
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(a) Selling, general and administrative included $1.5 million for acquisition related and integration costs |
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The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. |
|
LITTELFUSE, INC. |
|
Condensed Consolidated Statement of Comprehensive Income |
|
Supplemental GAAP to Non-GAAP Reconciliation |
|
(In thousands of USD, except per share data, unaudited) |
|
GAAP As Reported |
Non-GAAP Adjustments |
Non-GAAP |
||||||||||
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July 1, 2017 QTD |
July 1, 2017 QTD |
July 1, 2017 QTD |
||||||||||
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Net sales |
$ | 313,355 | $ | - | $ | 313,355 | ||||||
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Cost of sales |
180,747 | - | 180,747 | |||||||||
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Gross profit |
132,608 | - | 132,608 | |||||||||
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Selling, general and administrative expenses |
53,438 | (315 | ) | (a) | 53,123 | |||||||
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Research and development expenses |
12,729 | - | 12,729 | |||||||||
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Amortization of intangibles |
6,171 | - | 6,171 | |||||||||
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Total operating expenses |
72,338 | (315 | ) | 72,023 | ||||||||
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Operating income |
60,270 | 315 | 60,585 | |||||||||
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Interest expense |
3,281 | - | 3,281 | |||||||||
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Foreign exchange loss (gain) |
(558 | ) | 558 | - | ||||||||
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Other (income) expense, net |
190 | - | 190 | |||||||||
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Income before income taxes |
57,357 | (243 | ) | 57,114 | ||||||||
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Income taxes |
8,719 | (38 | ) | 8,681 | ||||||||
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Net income |
$ | 48,638 | $ | (205 | ) | $ | 48,433 | |||||
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Net income per share: |
||||||||||||
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Basic |
$ | 2.13 | $ | (0.01 | ) | $ | 2.12 | |||||
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Diluted |
$ | 2.11 | $ | (0.01 | ) | $ | 2.10 | |||||
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Weighted average shares outstanding: |
||||||||||||
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Basic |
22,822 | 22,822 | ||||||||||
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Diluted |
23,023 | 23,023 | ||||||||||
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Comprehensive income |
$ | 44,486 | $ | 44,281 | ||||||||
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(a) Selling, general and administrative included $0.3 million for acquisition related costs |
|
The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. |
|
LITTELFUSE, INC. |
|
Condensed Consolidated Statement of Comprehensive Income |
|
Supplemental GAAP to Non-GAAP Reconciliation |
|
(In thousands of USD, except per share data, unaudited) |
|
GAAP As Reported |
Non-GAAP Adjustments |
Non-GAAP |
|||||||||||
|
Sept 30, 2017 QTD |
Sept 30, 2017 QTD |
Sept 30, 2017 QTD |
|||||||||||
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Net sales |
$ | 317,889 | $ | - | $ | 317,889 | |||||||
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Cost of sales |
184,238 | (1,607 | ) |
(a) |
182,631 | ||||||||
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Gross profit |
133,651 | 1,607 | 135,258 | ||||||||||
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Selling, general and administrative expenses |
56,759 | (4,684 | ) |
(b) |
52,075 | ||||||||
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Research and development expenses |
11,991 | (23 | ) | 11,968 | |||||||||
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Amortization of intangibles |
6,292 | - | 6,292 | ||||||||||
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Total operating expenses |
75,042 | (4,707 | ) | 70,335 | |||||||||
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Operating income |
58,609 | 6,314 | 64,923 | ||||||||||
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Interest expense |
3,468 | - | 3,468 | ||||||||||
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Foreign exchange loss (gain) |
632 | (632 | ) | - | |||||||||
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Other (income) expense, net |
1,014 | - | 1,014 | ||||||||||
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Income before income taxes |
55,523 | 6,946 | 60,441 | ||||||||||
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Income taxes |
12,715 | 1,278 | 13,993 | ||||||||||
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Net income |
$ | 42,808 | $ | 5,668 | $ | 48,476 | |||||||
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Net income per share: |
|||||||||||||
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Basic |
$ | 1.88 | $ | 0.25 | $ | 2.13 | |||||||
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Diluted |
$ | 1.87 | $ | 0.25 | $ | 2.11 | |||||||
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Weighted average shares outstanding: |
|||||||||||||
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Basic |
22,713 | 22,713 | |||||||||||
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Diluted |
22,953 | 22,953 | |||||||||||
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Comprehensive income |
$ | 42,568 | $ | 48,236 | |||||||||
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(a) Cost of sales included $1.6 million for purchase accounting inventory adjustments |
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(b) Selling, general and administrative included $3.2 million for acquisition related and integration costs and $1.5 million of restructuring charges |
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The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. |
|
LITTELFUSE, INC. |
|
Condensed Consolidated Statement of Comprehensive Income |
|
Supplemental GAAP to Non-GAAP Reconciliation |
|
(In thousands of USD, except per share data, unaudited) |
|
GAAP As Reported |
Non-GAAP Adjustments |
Non-GAAP |
|||||||||||
|
Dec 30, 2017 QTD |
Dec 30, 2017 QTD |
Dec 30, 2017 QTD |
|||||||||||
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Net sales |
$ | 304,848 | $ | - | $ | 304,848 | |||||||
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Cost of sales |
178,224 | (50 | ) | 178,174 | |||||||||
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Gross profit |
126,624 | 50 | 126,674 | ||||||||||
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Selling, general and administrative expenses |
55,934 | (1,955 | ) |
(a) |
53,979 | ||||||||
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Research and development expenses |
13,618 | (114 | ) |
(b) |
13,504 | ||||||||
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Amortization of intangibles |
6,293 | - | 6,293 | ||||||||||
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Total operating expenses |
75,845 | (2,069 | ) | 73,776 | |||||||||
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Operating income |
50,779 | 2,119 | 52,898 | ||||||||||
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Interest expense |
3,512 | - | 3,512 | ||||||||||
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Foreign exchange loss (gain) |
3,859 | (3,859 | ) | - | |||||||||
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Other (income) expense, net |
(321 | ) | - | (321 | ) | ||||||||
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Income before income taxes |
43,729 | 5,978 | 49,707 | ||||||||||
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Income taxes |
54,548 | (46,516 | ) |
(c) |
8,032 | ||||||||
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Net income (loss) |
$ | (10,819 | ) | $ | 52,494 | $ | 41,675 | ||||||
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Net income (loss) per share: |
|||||||||||||
|
Basic |
$ | (0.48 | ) | $ | 2.30 | $ | 1.83 | ||||||
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Diluted |
$ | (0.48 | ) | $ | 2.27 | $ | 1.81 | ||||||
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Weighted average shares outstanding: |
|||||||||||||
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Basic |
22,714 | 22,714 | |||||||||||
|
Diluted |
22,714 | 23,006 | |||||||||||
|
Comprehensive income (loss) |
$ | (1,143 | ) | $ | 51,351 | ||||||||
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(a) Selling, general and administrative included $1.3 million for acquisition related and integration costs and $0.7 million of restructuring charges |
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(b) Research & development included $0.1 million of acquistion charges |
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(c) Income taxes included an estimated one-time tax charge of $49 million for the enactment of the Tax Cuts and Jobs Act for deemed repatriation of unremitted earnings of foreign subsidiaries net of $2 million for other net tax benefits |
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The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. |
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LITTELFUSE, INC. |
||||
|
Condensed Consolidated Statement of Comprehensive Income |
||||
|
Supplemental GAAP to Non-GAAP Reconciliation |
||||
|
(In thousands of USD, except per share data, unaudited) |
|
GAAP As Reported |
Non-GAAP Adjustments |
Non-GAAP |
|||||||||||
|
Dec 30, 2017 YTD |
Dec 30, 2017 YTD |
Dec 30, 2017 YTD |
|||||||||||
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Net sales |
$ | 1,221,534 | $ | - | $ | 1,221,534 | |||||||
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Cost of sales |
715,001 | (1,679 | ) |
(a) |
713,322 | ||||||||
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Gross profit |
506,533 | 1,679 | 508,212 | ||||||||||
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Selling, general and administrative expenses |
212,833 | (8,459 | ) |
(b) |
204,374 | ||||||||
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Research and development expenses |
50,489 | (136 | ) |
(c) |
50,353 | ||||||||
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Amortization of intangibles |
24,700 | - | 24,700 | ||||||||||
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Total operating expenses |
288,022 | (8,595 | ) | 279,427 | |||||||||
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Operating income |
218,511 | 10,274 | 228,785 | ||||||||||
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Interest expense |
13,380 | - | 13,380 | ||||||||||
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Foreign exchange loss (gain) |
2,376 | (2,376 | ) | - | |||||||||
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Other (income) expense, net |
(1,282 | ) | - | (1,282 | ) | ||||||||
|
Income before income taxes |
204,037 | 12,650 | 216,687 | ||||||||||
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Income taxes |
84,518 | (45,280 | ) |
(d) |
39,238 | ||||||||
|
Net income |
$ | 119,519 | $ | 57,930 | $ | 177,449 | |||||||
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Net income per share: |
|||||||||||||
|
Basic |
$ | 5.27 | $ | 2.55 | $ | 7.82 | |||||||
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Diluted |
$ | 5.21 | $ | 2.53 | $ | 7.74 | |||||||
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Weighted average shares outstanding: |
|||||||||||||
|
Basic |
22,687 | 22,687 | |||||||||||
|
Diluted |
22,931 | 22,931 | |||||||||||
|
Comprehensive income |
$ | 130,431 | $ | 188,361 | |||||||||
|
(a) Cost of sales included $1.6 million for purchase accounting inventory adjustments and $0.1 million of restructuring charges |
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(b) Selling, general and administrative included $6.3 million for acquisition related and integration costs and $2.2 million of restructuring charges |
|
(c) Research & development included $0.1 million of acquistion charges |
|
(d) Income taxes included an estimated one-time tax charge of $49 million for the enactment of the Tax Cuts and Jobs Act for deemed repatriation of unremitted earnings of foreign subsidiaries net of $2 million for other net tax benefits |
|
The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. |