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Littelfuse Reports Fourth Quarter and Full Year Results for 2023

Record annual free cash flow driven by a diversified and resilient business model

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 30, 2023:

Fourth Quarter 2023 Results

  • Net sales of $533.8 million were down 13% versus the prior year period, and down 14.5% organically
  • GAAP diluted EPS was $1.71; adjusted diluted EPS was $2.02
  • Cash flow from operations was $144 million and free cash flow was $121 million

Full Year 2023 Results

  • Net sales of $2.4 billion were down 6% versus the prior year period, and down 10.3% organically
  • GAAP diluted EPS was $10.34; adjusted diluted EPS was $11.74
  • Cash flow from operations was $457 million and free cash flow was $371 million, both records for the company

“Our fourth quarter results tracked within our guidance range as we continued to execute on our long-term strategy,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “In 2023, our global teams focused on driving sustainable growth and profitability while delivering record free cash flow and resilient margins despite continued inventory destocking and variable end market demand. Looking forward, we expect a return to growth during 2024 and believe our portfolio diversification and optimization efforts, strong technology offering across end markets and well positioned cost structure, will drive continued and long-term top-tier value for our stakeholders.”

First Quarter of 2024*

Based on current market conditions, for the first quarter the company expects,

  • Net sales in the range of $505 to $530 million, adjusted diluted EPS in the range of $1.65 to $1.85 and an adjusted effective tax rate of approximately 20.5%

*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 $0.65 per share on March 7, 2024, to shareholders of record as of February 22, 2024

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, January 31, 2024, 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 17,000 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 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's 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 31, 2022.

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 31, 2022, 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.

CONSOLIDATED BALANCE SHEETS

 

(in thousands)

December 30,

2023

 

December 31,

2022

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

555,513

 

$

562,588

Short-term investments

 

235

 

 

84

Trade receivables, less allowances of $84,696 and $83,562, respectively

 

287,018

 

 

306,578

Inventories

 

474,607

 

 

547,690

Prepaid income taxes and income taxes receivable

 

8,701

 

 

7,215

Prepaid expenses and other current assets

 

82,526

 

 

87,641

Total current assets

 

1,408,600

 

 

1,511,796

Net property, plant, and equipment

 

493,153

 

 

481,110

Intangible assets, net of amortization

 

606,136

 

 

593,970

Goodwill

 

1,309,998

 

 

1,186,922

Investments

 

24,821

 

 

24,121

Deferred income taxes

 

10,486

 

 

14,367

Right of use lease assets, net

 

62,370

 

 

57,382

Other assets

 

79,711

 

 

34,066

Total assets

$

3,995,275

 

$

3,903,734

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

173,535

 

$

208,571

Accrued liabilities

 

149,214

 

 

187,057

Accrued income taxes

 

38,725

 

 

41,793

Current portion of long-term debt

 

14,020

 

 

134,874

Total current liabilities

 

375,494

 

 

572,295

Long-term debt, less current portion

 

857,915

 

 

866,623

Deferred income taxes

 

110,820

 

 

100,230

Accrued post-retirement benefits

 

34,422

 

 

28,037

Non-current lease liabilities

 

49,472

 

 

45,661

Other long-term liabilities

 

86,671

 

 

79,510

Total equity

 

2,480,481

 

 

2,211,378

Total liabilities and equity

$

3,995,275

 

$

3,903,734

 

LITTELFUSE, INC.

CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

 

 

 

Three Months Ended

 

Fiscal Year Ended

(in thousands, except per share data)

 

December 30,

2023

 

December 31,

2022

 

December 30,

2023

 

December 31,

2022

Net sales

 

$

533,807

 

 

$

613,251

 

 

$

2,362,657

 

 

$

2,513,897

Cost of sales

 

 

340,226

 

 

 

384,726

 

 

 

1,462,416

 

 

 

1,506,984

Gross profit

 

 

193,581

 

 

 

228,525

 

 

 

900,241

 

 

 

1,006,913

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

84,598

 

 

 

85,993

 

 

 

354,655

 

 

 

344,813

Research and development expenses

 

 

25,159

 

 

 

26,806

 

 

 

102,429

 

 

 

95,602

Amortization of intangibles

 

 

16,021

 

 

 

15,812

 

 

 

65,794

 

 

 

55,695

Restructuring, impairment, and other charges

 

 

3,280

 

 

 

5,712

 

 

 

16,501

 

 

 

9,977

Total operating expenses

 

 

129,058

 

 

 

134,323

 

 

 

539,379

 

 

 

506,087

Operating income

 

 

64,523

 

 

 

94,202

 

 

 

360,862

 

 

 

500,826

 

 

 

 

 

 

 

 

 

Interest expense

 

 

10,063

 

 

 

9,147

 

 

 

39,866

 

 

 

26,216

Foreign exchange loss (gain)

 

 

3,602

 

 

 

(15,692

)

 

 

12,299

 

 

 

24,359

Other (income) expense, net

 

 

(8,091

)

 

 

(2,582

)

 

 

(19,901

)

 

 

7,207

Income before income taxes

 

 

58,949

 

 

 

103,329

 

 

 

328,598

 

 

 

443,044

Income taxes

 

 

16,068

 

 

 

10,025

 

 

 

69,113

 

 

 

69,738

Net income

 

$

42,881

 

 

$

93,304

 

 

$

259,485

 

 

$

373,306

 

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

 

 

Basic

 

$

1.72

 

 

$

3.77

 

 

$

10.44

 

 

$

15.09

Diluted

 

$

1.71

 

 

$

3.74

 

 

$

10.34

 

 

$

14.94

 

 

 

 

 

 

 

 

 

Weighted-average shares and equivalent shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

24,905

 

 

 

24,758

 

 

 

24,854

 

 

 

24,734

Diluted

 

 

25,111

 

 

 

24,978

 

 

 

25,102

 

 

 

24,986

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

86,590

 

 

$

139,811

 

 

$

299,432

 

 

$

351,005

 

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Year Ended

(in thousands)

December 30,

2023

 

December 31,

2022

OPERATING ACTIVITIES

 

 

 

Net income

$

259,485

 

 

$

373,306

 

Adjustments to reconcile net income to net cash provided by operating activities

 

173,776

 

 

 

188,871

 

Changes in operating assets and liabilities:

 

 

 

Trade receivables

 

24,517

 

 

 

(19,334

)

Inventories

 

82,471

 

 

 

(89,235

)

Accounts payable

 

(36,277

)

 

 

(22,403

)

Accrued liabilities and income taxes

 

(61,022

)

 

 

(9,495

)

Prepaid expenses and other assets

 

14,437

 

 

 

(1,992

)

Net cash provided by operating activities

 

457,387

 

 

 

419,718

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

Acquisitions of businesses, net of cash acquired

 

(198,810

)

 

 

(532,670

)

Purchases of property, plant, and equipment

 

(86,188

)

 

 

(104,341

)

Net proceeds from sale of property, plant, and equipment

 

832

 

 

 

676

 

Other

 

(151

)

 

 

(62

)

Net cash used in investing activities

 

(284,317

)

 

 

(636,397

)

 

 

 

 

FINANCING ACTIVITIES

 

 

 

Net (payments) proceeds of credit facility and senior notes

 

(128,802

)

 

 

371,250

 

Cash dividends paid

 

(62,161

)

 

 

(55,911

)

All other cash provided by (used in) financing activities

 

5,237

 

 

 

(5,137

)

Net cash (used in) provided by financing activities

 

(185,726

)

 

 

310,202

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

4,840

 

 

 

(11,420

)

(Decrease) increase in cash, cash equivalents, and restricted cash

 

(7,816

)

 

 

82,103

 

Cash, cash equivalents, and restricted cash at beginning of period

 

564,939

 

 

 

482,836

 

Cash, cash equivalents, and restricted cash at end of period

$

557,123

 

 

$

564,939

 

 

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

 

 

 

 

 

 

 

Fourth Quarter

 

Year-to-Date

(in thousands)

 

2023

 

2022

 

%

(Decline)

/ Growth

 

2023

 

2022

 

%

(Decline) /

Growth

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

297,753

 

 

$

371,193

 

 

(19.8

)%

 

$

1,350,426

 

 

$

1,492,819

 

 

(9.5

)%

Transportation

 

 

162,570

 

 

 

167,874

 

 

(3.2

)%

 

 

678,278

 

 

 

716,140

 

 

(5.3

)%

Industrial

 

 

73,484

 

 

 

74,184

 

 

(0.9

)%

 

 

333,953

 

 

 

304,938

 

 

9.5

%

Total net sales

 

$

533,807

 

 

$

613,251

 

 

(13.0

)%

 

$

2,362,657

 

 

$

2,513,897

 

 

(6.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

53,553

 

 

$

91,941

 

 

(41.8

)%

 

$

300,581

 

 

$

431,616

 

 

(30.4

)%

Transportation

 

 

7,619

 

 

 

5,935

 

 

28.4

%

 

 

33,634

 

 

 

63,539

 

 

(47.1

)%

Industrial

 

 

9,350

 

 

 

8,885

 

 

5.2

%

 

 

54,800

 

 

 

48,853

 

 

12.2

%

Other (a)

 

 

(5,999

)

 

 

(12,559

)

 

N.M.

 

 

(28,153

)

 

 

(43,182

)

 

N.M.

Total operating income

 

$

64,523

 

 

$

94,202

 

 

(31.5

)%

 

$

360,862

 

 

$

500,826

 

 

(27.9

)%

Operating Margin

 

 

12.1

%

 

 

15.4

%

 

 

 

 

15.3

%

 

 

19.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

10,063

 

 

 

9,147

 

 

 

 

 

39,866

 

 

 

26,216

 

 

 

Foreign exchange loss (gain)

 

 

3,602

 

 

 

(15,692

)

 

 

 

 

12,299

 

 

 

24,359

 

 

 

Other (income) expense, net

 

 

(8,091

)

 

 

(2,582

)

 

 

 

 

(19,901

)

 

 

7,207

 

 

 

Income before income taxes

 

$

58,949

 

 

$

103,329

 

 

(43.0

)%

 

$

328,598

 

 

$

443,044

 

 

(25.8

)%

 

(a) "other" typically includes non-GAAP adjustments such as acquisition-related and integration costs, purchase accounting inventory adjustments and restructuring and impairment charges. (See Supplemental Financial Information for details.)

N.M. - Not meaningful

 

 

 

Fourth Quarter

 

Year-to-Date

(in thousands)

 

2023

 

2022

 

%

(Decline) /

Growth

 

2023

 

2022

 

%

(Decline) /

Growth

Operating Margin

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

18.0

%

 

24.8

%

 

(6.8

)%

 

22.3

%

 

28.9

%

 

(6.6

)%

Transportation

 

4.7

%

 

3.5

%

 

1.2

%

 

5.0

%

 

8.9

%

 

(3.9

)%

Industrial

 

12.7

%

 

12.0

%

 

0.7

%

 

16.4

%

 

16.0

%

 

0.4

%

 

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

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

 

Non-GAAP EPS reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-23

 

Q4-22

 

YTD-23

 

YTD-22

GAAP diluted EPS

 

$

1.71

 

$

3.74

 

 

$

10.34

 

$

14.94

EPS impact of Non-GAAP adjustments (below)

 

 

0.31

 

 

(0.40

)

 

 

1.40

 

 

1.93

Adjusted diluted EPS

 

$

2.02

 

$

3.34

 

 

$

11.74

 

$

16.87

Non-GAAP adjustments - (income) / expense

 

 

 

 

 

 

 

 

 

 

Q4-23

 

Q4-22

 

YTD-23

 

YTD-22

Acquisition-related and integration costs (a)

 

$

2.7

 

$

2.8

 

 

$

11.7

 

 

$

17.6

 

Purchase accounting inventory adjustments (b)

 

 

 

 

4.0

 

 

 

 

 

 

15.6

 

Restructuring, impairment and other charges (c)

 

 

3.3

 

 

5.7

 

 

 

16.5

 

 

 

10.0

 

Non-GAAP adjustments to operating income

 

 

6.0

 

 

12.5

 

 

 

28.2

 

 

 

43.2

 

Other income, net (d)

 

 

 

 

 

 

 

(0.2

)

 

 

(0.5

)

Non-operating foreign exchange loss (gain)

 

 

3.6

 

 

(15.7

)

 

 

12.3

 

 

 

24.4

 

Non-GAAP adjustments to income before income taxes

 

 

9.6

 

 

(3.2

)

 

 

40.3

 

 

 

67.1

 

Income taxes (e)

 

 

1.8

 

 

6.8

 

 

 

5.0

 

 

 

19.0

 

Non-GAAP adjustments to net income

 

$

7.8

 

$

(10.0

)

 

$

35.3

 

 

$

48.1

 

 

 

 

 

 

 

 

 

 

Total EPS impact

 

$

0.31

 

$

(0.40

)

 

$

1.40

 

 

$

1.93

 

 

Adjusted operating margin / Adjusted EBITDA reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-23

 

Q4-22

 

YTD-23

 

YTD-22

Net income

 

$

42.9

 

 

$

93.3

 

 

$

259.5

 

 

$

373.3

 

Add:

 

 

 

 

 

 

 

 

Income taxes

 

 

16.1

 

 

 

10.0

 

 

 

69.1

 

 

 

69.7

 

Interest expense

 

 

10.1

 

 

 

9.1

 

 

 

39.9

 

 

 

26.2

 

Foreign exchange loss (gain)

 

 

3.6

 

 

 

(15.7

)

 

 

12.3

 

 

 

24.4

 

Other (income) expense, net

 

 

(8.1

)

 

 

(2.6

)

 

 

(19.9

)

 

 

7.2

 

GAAP operating income

 

$

64.5

 

 

$

94.2

 

 

$

360.9

 

 

$

500.8

 

Non-GAAP adjustments to operating income

 

 

6.0

 

 

 

12.5

 

 

 

28.2

 

 

 

43.2

 

Adjusted operating income

 

$

70.5

 

 

$

106.7

 

 

$

389.0

 

 

$

544.0

 

Amortization of intangibles

 

 

16.0

 

 

 

15.8

 

 

 

65.8

 

 

 

55.7

 

Depreciation expenses

 

 

18.1

 

 

 

16.7

 

 

 

71.6

 

 

 

65.0

 

Adjusted EBITDA

 

$

104.6

 

 

$

139.2

 

 

$

526.4

 

 

$

664.7

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

533.8

 

 

$

613.3

 

 

$

2,362.7

 

 

$

2,513.9

 

Net income as a percentage of net sales

 

 

8.0

%

 

 

15.2

%

 

 

11.0

%

 

 

14.8

%

Operating margin

 

 

12.1

%

 

 

15.4

%

 

 

15.3

%

 

 

19.9

%

Adjusted operating margin

 

 

13.2

%

 

 

17.4

%

 

 

16.5

%

 

 

21.6

%

Adjusted EBITDA margin

 

 

19.6

%

 

 

22.7

%

 

 

22.3

%

 

 

26.4

%

 
 

Adjusted EBITDA by Segment

 

Q4-23

 

Q4-22

 

 

Electronics

 

Transportation

 

Industrial

 

Electronics

 

Transportation

 

Industrial

GAAP operating income

 

$

53.6

 

 

$

7.6

 

 

$

9.4

 

 

$

91.9

 

 

$

5.9

 

 

$

8.9

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Add back amortization

 

 

9.8

 

 

 

3.6

 

 

 

2.6

 

 

 

10.2

 

 

 

4.4

 

 

 

1.2

 

Add back depreciation

 

 

10.3

 

 

 

6.4

 

 

 

1.4

 

 

 

9.0

 

 

 

6.7

 

 

 

1.0

 

Adjusted EBITDA

 

$

73.7

 

 

$

17.6

 

 

$

13.4

 

 

$

111.1

 

 

$

17.0

 

 

$

11.1

 

Adjusted EBITDA Margin

 

 

24.7

%

 

 

10.8

%

 

 

18.2

%

 

 

29.9

%

 

 

10.1

%

 

 

14.9

%

Adjusted EBITDA by Segment

 

YTD-23

 

YTD-22

 

 

Electronics

 

Transportation

 

Industrial

 

Electronics

 

Transportation

 

Industrial

GAAP operating income

 

$

300.6

 

 

$

33.6

 

 

$

54.8

 

 

$

431.6

 

 

$

63.5

 

 

$

48.9

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Add back amortization

 

 

39.9

 

 

 

15.8

 

 

 

10.1

 

 

$

32.7

 

 

$

18.1

 

 

$

4.9

 

Add back depreciation

 

 

39.5

 

 

 

26.7

 

 

 

5.4

 

 

$

35.5

 

 

$

25.6

 

 

$

3.9

 

Adjusted EBITDA

 

$

379.9

 

 

$

76.1

 

 

$

70.4

 

 

$

499.8

 

 

$

107.2

 

 

$

57.7

 

Adjusted EBITDA Margin

 

 

28.1

%

 

 

11.2

%

 

 

21.1

%

 

 

33.5

%

 

 

15.0

%

 

 

18.9

%

 
 

Net sales reconciliation

 

Q4-23 vs. Q4-22

 

 

Electronics

 

Transportation

 

Industrial

 

Total

Net sales decline

 

(20

)%

 

(3

)%

 

(1

 

 

(13

)%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

%

 

%

 

4

%

 

%

FX impact

 

1

%

 

2

%

 

%

 

1

%

Organic net sales growth

 

(21

)%

 

(5

)%

 

(5

 

 

(14

)%

 
 

Net sales reconciliation

 

YTD-23 vs. YTD-22

 

 

Electronics

 

Transportation

 

Industrial

 

Total

Net sales (decline) growth

 

(10

)%

 

(5

)%

 

10

%

 

(6

)%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

6

%

 

%

 

4

%

 

4

%

FX impact

 

%

 

%

 

1

%

 

%

Organic net sales (decline) growth

 

(16

)%

 

(5

)%

 

5

%

 

(10

)%

 
 

Income tax reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-23

 

Q4-22

 

YTD-23

 

YTD-22

Income taxes

 

$

16.1

 

 

$

10.0

 

 

$

69.1

 

 

$

69.7

 

Effective rate

 

 

27.3

%

 

 

9.7

%

 

 

21.0

%

 

 

15.7

%

Non-GAAP adjustments - income taxes

 

 

1.8

 

 

 

6.8

 

 

 

5.0

 

 

 

19.0

 

Adjusted income taxes

 

$

17.9

 

 

$

16.8

 

 

$

74.1

 

 

$

88.7

 

Adjusted effective rate

 

 

26.1

%

 

 

16.8

%

 

 

20.1

%

 

 

17.4

%

 
 

Free cash flow reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-23

 

Q4-22

 

YTD-23

 

YTD-22

Net cash provided by operating activities

 

$

144.2

 

 

$

106.3

 

 

$

457.4

 

 

$

419.7

 

Less: Purchases of property, plant and equipment

 

 

(23.0

)

 

 

(26.5

)

 

 

(86.2

)

 

 

(104.3

)

Free cash flow

 

$

121.2

 

 

$

79.8

 

 

$

371.2

 

 

$

315.4

 

 
 

Consolidated Total Debt

 

As of December 30,

2023

Consolidated Total Debt

 

$

871.9

Unamortized debt issuance costs

 

 

3.8

Finance lease liability

 

$

0.7

Consolidated funded indebtedness

 

$

876.4

Cash held in U.S. (up to $400 million)

 

$

178.6

Net debt

 

$

697.8

 

 

 

Consolidated EBITDA

 

Twelve Months Ended

December 30, 2023

Net Income

 

$

259.4

Interest expense

 

 

39.9

Income taxes

 

 

69.1

Depreciation

 

 

71.6

Amortization

 

 

65.8

Non-cash additions:

 

 

Stock-based compensation expense

 

 

23.9

Unrealized loss on investments

 

 

0.3

Impairment charges

 

 

4.9

Other

 

 

13.4

Consolidated EBITDA (1)

 

$

548.3

 

 

 

Consolidated Net Leverage Ratio (as defined in the Credit Agreement) *

 

1.3x

* Our Credit Agreement and Private Placement Note with maturities ranging from 2023 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 cost of sales.

(c) reflected in restructuring, impairment and other charges.

(d) 2023 year-to-date amount included $0.2 million gain from the sale of a building within the Electronics segment. 2022 year-to-date amount included $0.5 million gain from the sale of a building within the Transportation segment.

(e) reflected the tax impact associated with the non-GAAP adjustments, and 2022 year-to-date amount includes the one-time net benefit of $11 million that resulted from losses on investments in the stock of two of the Company’s affiliates.

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