8-K

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: May 2, 2023

(Date of earliest event reported)

LITTELFUSE, INC.

(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 May 2, 2023, Littelfuse, Inc. (the “Company”) issued a press release announcing the results of its operations for the quarter ended April 1, 2023. 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 exhibit is furnished with this Form 8-K:
	99.1 Press Release, dated May 2, 2023
	99.2 Littelfuse Presentation dated May 2, 2023
	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: May 2, 2023	By: /s/ Meenal A. Sethna
	Meenal A. Sethna Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

NEWS RELEASE	Littelfuse Inc. 8755 West Higgins Road, Suite 500 Chicago, Illinois 60631 p: (773) 628-1000 f: (773) 628-0802 www.littelfuse.com

LITTELFUSE REPORTS FIRST QUARTER RESULTS FOR 2023

Strong company performance above guidance

CHICAGO, May 2, 2023 - Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the first quarter ended April 1, 2023:

•Net sales of $609.8 million were down 2% versus the prior year period, and down 8% organically

•GAAP diluted EPS was $3.54; adjusted diluted EPS was $3.64

•Cash flow from operations was $53.4 million, up 3% from the prior year period, and free cash flow was $27.7 million, up 26% from the prior year period

•On February 3, the company completed the acquisition of Western Automation Research and Development Limited, a designer and manufacturer of electrical shock protection devices used across a broad range of high-growth end markets, including e-Mobility off-board charging infrastructure, industrial safety and renewables

“Our global teams delivered strong first quarter results, above our sales and adjusted EPS guidance, within a tougher electronics environment,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “The continued resiliency of our business model and the strength of our execution drove strong overall profitability. During the quarter, we made significant progress integrating our strategy-led acquisitions and securing meaningful new business wins within the global structural themes of sustainability, connectivity, and safety. As we continue to manage through some near-term market challenges, our execution, diversification and strategic investments for growth will deliver sustained long-term value for all of our stakeholders.”

Second Quarter of 2023*

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

•Net sales in the range of $607 to $633 million, adjusted diluted EPS in the range of $3.20 to $3.45 and an adjusted effective tax rate of approximately 16%

*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.

-more-

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Dividend

•The company will pay a cash dividend on its common stock of $0.60 per share on June 8, 2023, to shareholders of record as of May 25, 2023

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, May 3, 2023, 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 18,000 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; 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; 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.

-more

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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.

CONTACT: Trisha Tuntland

Head of Investor Relations

(773) 628-2163

LFUS-F

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LITTELFUSE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
(in thousands)	April 1, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	425,127	$	562,588
Short-term investments	85		84
Trade receivables, less allowances of $88,923 and $83,562 at April 1, 2023 and December 31, 2022, respectively	324,583		306,578
Inventories	559,828		547,690
Prepaid income taxes and income taxes receivable	5,857		7,215
Prepaid expenses and other current assets	86,124		87,641
Total current assets	1,401,604		1,511,796
Net property, plant, and equipment	492,368		481,110
Intangible assets, net of amortization	646,963		593,970
Goodwill	1,289,229		1,186,922
Investments	26,581		24,121
Deferred income taxes	13,780		14,367
Right of use lease assets, net	56,583		57,382
Other long-term assets	34,628		34,066
Total assets	$	3,961,736	$	3,903,734
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	191,346	$	208,571
Accrued liabilities	147,776		187,057
Accrued income taxes	42,587		41,793
Current portion of long-term debt	137,929		134,874
Total current liabilities	519,638		572,295
Long-term debt, less current portion	866,925		866,623
Deferred income taxes	109,453		100,230
Accrued post-retirement benefits	29,557		28,037
Non-current operating lease liabilities	43,919		45,661
Other long-term liabilities	84,768		79,510
Total equity	2,307,476		2,211,378
Total liabilities and equity	$	3,961,736	$	3,903,734

Page 5

LITTELFUSE, INC.

CONDENSEDCONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

	Three Months Ended
(in thousands, except per share data)	April 1, 2023		April 2, 2022
Net sales	$	609,782	$	623,330
Cost of sales	364,825		364,734
Gross profit	244,957		258,596
Selling, general, and administrative expenses	88,310		75,508
Research and development expenses	27,290		19,556
Amortization of intangibles	16,866		12,724
Restructuring, impairment, and other charges	1,850		218
Total operating expenses	134,316		108,006
Operating income	110,641		150,590
Interest expense	9,646		4,302
Foreign exchange (gain) loss	(1,675)		7,736
Other (income) expense, net	(6,233)		4,427
Income before income taxes	108,903		134,125
Income taxes	20,158		16,607
Net income	$	88,745	$	117,518
Earnings per share:
Basic	$	3.58	$	4.76
Diluted	$	3.54	$	4.70
Weighted-average shares and equivalent shares outstanding:
Basic	24,782		24,689
Diluted	25,062		24,981
Comprehensive income	$	102,028	$	115,315

Page 6

LITTELFUSE, INC.

CONDENSEDCONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
(in thousands)	April 1, 2023		April 2, 2022
OPERATING ACTIVITIES
Net income	$	88,745	$	117,518
Adjustments to reconcile net income to net cash provided by operating activities:	32,558		47,966
Changes in operating assets and liabilities:
Trade receivables	(13,176)		(45,945)
Inventories	(1,535)		(30,879)
Accounts payable	(16,246)		(6,611)
Accrued liabilities and income taxes	(43,578)		(36,287)
Prepaid expenses and other assets	6,639		5,969
Net cash provided by operating activities	53,407		51,731
INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(158,260)		—
Purchases of property, plant, and equipment	(25,665)		(29,809)
Net proceeds from sale of property, plant and equipment, and other	737		21
Net cash used in investing activities	(183,188)		(29,788)
FINANCING ACTIVITIES
Net payments of credit facility	(1,875)		(25,000)
Cash dividends paid	(14,880)		(13,086)
All other cash provided by financing activities	4,551		1,016
Net cash used in financing activities	(12,204)		(37,070)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	4,571		(2,738)
Decrease in cash, cash equivalents, and restricted cash	(137,414)		(17,865)
Cash, cash equivalents, and restricted cash at beginning of period	564,939		482,836
Cash, cash equivalents, and restricted cash at end of period	$	427,525	$	464,971

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LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

	First Quarter
(in thousands)	2023			2022			% Growth /(Decline)
Net sales
Electronics	$	358,593		$	365,821		(2.0)	%
Transportation	166,641			184,504			(9.7)	%
Industrial	84,548			73,005			15.8	%
Total net sales	$	609,782		$	623,330		(2.2)	%
Operating income
Electronics	$	90,162		$	120,577		(25.2)	%
Transportation	8,532			26,308			(67.6)	%
Industrial	17,141			12,505			37.1	%
Other(a)	(5,194)			(8,800)			N.M.
Total operating income	$	110,641		$	150,590		(26.5)	%
Operating Margin	18.1		%	24.2		%
Interest expense	9,646			4,302
Foreign exchange (gain) loss	(1,675)			7,736
Other (income) expense, net	(6,233)			4,427
Income before income taxes	$	108,903		$	134,125		(18.8)	%

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

N.M. - Not meaningful

	First Quarter
(in thousands)	2023		2022		% Growth /(Decline)
Operating Margin
Electronics	25.1	%	33.0	%	(7.9)	%
Transportation	5.1	%	14.3	%	(9.2)	%
Industrial	20.3	%	17.1	%	3.2	%

Page 8

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

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

Non-GAAP EPS reconciliation
	Q1-23		Q1-22
GAAP diluted EPS	$	3.54	$	4.70
EPS impact of Non-GAAP adjustments (below)	0.10		0.29
Adjusted diluted EPS	$	3.64	$	4.99

Non-GAAP adjustments - (income) / expense
	Q1-23		Q1-22
Acquisition-related and integration costs (a)	$	3.3	$	3.8
Purchase accounting inventory adjustments (b)	—		4.8
Restructuring, impairment and other charges (c)	1.9		0.2
Non-GAAP adjustments to operating income	5.2		8.8
Other income, net (d)	(0.2)		—
Non-operating foreign exchange (gain) loss	(1.7)		7.7
Non-GAAP adjustments to income before income taxes	3.3		16.5
Income taxes (e)	0.9		9.5
Non-GAAP adjustments to net income	$	2.4	$	7.0
Total EPS impact	$	0.10	$	0.29

Adjusted operating margin / Adjusted EBITDA reconciliation
	Q1-23			Q1-22
Net sales	$	609.8		$	623.3
GAAP operating income	$	110.6		$	150.6
Add back non-GAAP adjustments	5.2			8.8
Adjusted operating income	$	115.8		$	159.4
Adjusted operating margin	19.0		%	25.6		%
Add back amortization	16.9			12.7
Add back depreciation	17.6			15.6
Adjusted EBITDA	$	150.3		$	187.7
Adjusted EBITDA margin	24.6		%	30.1		%

Adjusted EBITDA by Segment	Q1-23									Q1-22
	Electronics			Transportation			Industrial			Electronics			Transportation			Industrial
GAAP operating income	$	90.2		$	8.5		$	17.1		$	120.6		$	26.3		$	12.5
Add:
Add back amortization	10.2			4.5			2.2			6.8			4.7			1.2
Add back depreciation	9.6			6.8			1.2			8.6			6.0			1.0
Adjusted EBITDA	$	110.0		$	19.8		$	20.5		$	136.0		$	37.0		$	14.7
Adjusted EBITDA Margin	30.7		%	11.9		%	24.3		%	37.2		%	20.1		%	20.1		%

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Net sales reconciliation	Q1-23 vs. Q1-22
	Electronics		Transportation		Industrial		Total
Net sales (decline) growth	(2)	%	(10)	%	16	%	(2)	%
Less:
Acquisitions	12	%	1	%	4	%	7	%
FX impact	(2)	%	(3)	%	(1)	%	(1)	%
Organic net sales (decline) growth	(12)	%	(8)	%	13	%	(8)	%

Income tax reconciliation
	Q1-23			Q1-22
Income taxes	$	20.2		$	16.6
Effective rate	18.5		%	12.4		%
Non-GAAP adjustments - income taxes	0.9			9.5
Adjusted income taxes	$	21.1		$	26.1
Adjusted effective rate	18.8		%	17.3		%
Free cash flow reconciliation
	Q1-23			Q1-22
Net cash provided by operating activities	$	53.4		$	51.7
Less: Purchases of property, plant and equipment	(25.7)			(29.8)
Free cash flow	$	27.7		$	21.9

Page 10

Consolidated Total Debt	As of April 1, 2023
Consolidated Total Debt	$	1,004.9
Unamortized debt issuance costs	4.6
Consolidated funded indebtedness	1,009.5
Cash held in U.S. (up to $400 million)	79.9
Net debt	$	929.6
Consolidated EBITDA	Twelve Months Ended April 1, 2023
Net Income	$	344.4
Interest expense	31.6
Income taxes	73.3
Depreciation	67.1
Amortization	59.8
Non-cash additions:
Stock-based compensation expense	23.5
Purchase accounting inventory step-up charge	10.8
Unrealized loss on investments	7.5
Impairment charges	4.5
Other	56.9
Consolidated EBITDA (1)	$	679.4
Consolidated Net Leverage Ratio (as defined in the Credit Agreement) *	1.4x

* 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) reflected gain of $0.2 million from the sale of a building within the Electronics segment in the first quarter of 2023.

(e) reflected the tax impact associated with the non-GAAP adjustments, and 2022 amount includes the one-time net benefit of $7.2 million that resulted from the dissolution of one of the Company’s affiliates.

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EX-99.2

1 Q1 2023 EARNINGS RELEASE May 2, 2023

2Littelfuse, Inc. © 2023 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; 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; 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 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 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, 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, ability to generate cash and its credit position 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. DISCLAIMERS

BUSINESS UPDATE Dave Heinzmann, President & CEO

4Littelfuse, Inc. © 2023 Q1 2023 HIGHLIGHTS ▪ Strong financial performance above guidance ▪ Revenue $610m ▪ Adj. Operating Margin 19% ▪ Adj. Diluted EPS $3.64 ▪ Adj. EBITDA 25% ▪ Resiliency of business model & strength of execution deliver strong profitability ▪ Strategy-led acquisitions drive long-term profitable growth ▪ Western Automation acquired Feb 2023 ▪ Significant progress on multiple integrations - Driving value creation through expanded capabilities & solutions ▪ New business wins within the global structural themes of sustainability, connectivity & safety

5Littelfuse, Inc. © 2023 Expanded technologies for eMobility off-board charging infrastructure, industrial safety & renewables; Access to high-growth opportunities x WESTERN AUTOMATION ACQUISITION HEAVY FOCUS ON ELECTRIFICATION x EV Charger Fault Detection x x RCD Protection x x Arc Fault Detection x

6Littelfuse, Inc. © 2023 2021 – 2025 GROWTH STRATEGY EMPOWERING A SUSTAINABLE, CONNECTED, AND SAFER WORLD Our capabilities, investments & diversification deliver significant value

7Littelfuse, Inc. © 2023 INDUSTRIAL END MARKETS POSITIONED FOR ACCELERATED GROWTH ▪ Breadth of portfolio & capabilities for high- power applications driving new business wins ▪ Sustainability & efficiency: renewables, energy storage, HVAC ▪ Safety: power supplies, industrial automation ▪ Expanding product content & rate of new business wins accelerating ▪ Industrial safety...within major restaurant & retail chains ▪ Manufacturing infrastructure ▪ Global engineering capabilities empowering customers’ next generation innovation Q1 2023 Highlights

8Littelfuse, Inc. © 2023 TRANSPORTATION END MARKETS EXTENDING OUR LEADERSHIP POSITION ▪ Passenger vehicle design win trajectory supports continued long-term double-digit content outgrowth ▪ Electrification: battery management systems, on- board chargers ▪ Electronification: telematics, comfort & convenience applications ▪ Broad global commercial vehicle design wins will drive long-term growth ▪ Electrification & electronification ▪ Trucks, delivery vehicles, two-wheelers, construction equipment, material handling, trains: battery management systems, body control modules, rail traction, GPS ▪ Off-board charging infrastructure Q1 2023 Highlights

9Littelfuse, Inc. © 2023 ELECTRONICS END MARKETS EXPANDING OUR LEADERSHIP ▪ Close customer collaboration drives product innovation & design-in activity; robust wins ▪ Sustainability & efficiency: water meters, LED lighting ▪ Connectivity: communications infrastructure, home technologies ▪ Safety: critical lifesaving medical devices ▪ Accelerating product content in high-growth applications with C&K Switches portfolio ▪ Industry awards for top supplier of best-in-class innovative solutions Q1 2023 Highlights

FINANCIAL UPDATE Meenal Sethna, EVP & CFO

11Littelfuse, Inc. © 2023 ▪ Revenue (-2%) vs PY, (-8%) organic ▪ Acquisitions +7%, F/X (-1%) ▪ GAAP operating margin 18.1%; adj. operating margin 19.0% ▪ Strong profitability led by operational execution ▪ Effective tax rate: GAAP 18.5%; adj. 18.8% ▪ Operating cash flow $53m; free cash flow $28m, +26% vs PY ▪ Strong capital structure; net debt to EBITDA leverage 1.4x Q1 2023 TOTAL COMPANY FINANCIAL PERFORMANCE GAAP EPS $4.70 $3.54 Adj. EPS $4.99 $3.64 Adj. EBITDA% 30.1% 24.6% $623 $610 Q1-22 Q1-23 Revenue (in millions) See appendix for GAAP to non-GAAP reconciliation Highlights

12Littelfuse, Inc. © 2023 $366 $359 Q1-22 Q1-23 Q1 2023 ELECTRONICS SEGMENT FINANCIAL PERFORMANCE Revenue ▪ Revenue growth (-2%) / organic (-12%) ▪ C&K Switches acq. main difference ▪ Continued strength of industrial & automotive markets & content growth, offset by softness across certain electronics end markets & channel inventory reductions ▪ Margins continue above historical target levels ▪ Content growth, pricing & operational execution (in millions) Op Margin 33.0% 25.1% Adj. EBITDA% 37.2% 30.7% Highlights See appendix for GAAP to non-GAAP reconciliation

13Littelfuse, Inc. © 2023 $185 $167 Q1-22 Q1-23 Q1 2023 TRANSPORTATION SEGMENT FINANCIAL PERFORMANCE Revenue ▪ Revenue growth (-10%) / organic (-8%) ▪ Continued segment wide customer & distributor inventory rebalancing ▪ Sequential margin improvements ▪ Operating margin +160bps ▪ Adj. EBITDA margin +180bps ▪ Expect continued positive margin trajectory ▪ Continued price realization ▪ Ongoing cost reductions & operational footprint adjustments (in millions) Op Margin 14.3% 5.1% Adj. EBITDA% 20.1% 11.9% See appendix for GAAP to non-GAAP reconciliation Highlights

14Littelfuse, Inc. © 2023 $73 $85 Q1-22 Q1-23 Q1 2023 INDUSTRIAL SEGMENT FINANCIAL PERFORMANCE Revenue ▪ Revenue growth +16% / organic +13% ▪ Continued strong demand across numerous end markets combined with focus on high growth niches ▪ Renewables, energy storage & industrial automation & safety ▪ Strong margin expansion vs PY & sequential (in millions) Op Margin 17.1% 20.3% Adj. EBITDA% 20.1% 24.3% See appendix for GAAP to non-GAAP reconciliation Highlights

15Littelfuse, Inc. © 2023 Q2 2023 GUIDANCE ▪ Macro view…similar to 90 days ago ▪ Continued growth in industrial, electrification themes ▪ Modest passenger & comm. vehicle market growth ▪ Softness across certain electronics markets ▪ Ongoing inventory rebalancing across Electronics & Transportation segments ▪ Q2 Sales $607 - $633m ▪ Flat vs PY, (-7%) organic ▪ Sequentially +2% ▪ By segment…growth in Industrial & Transportation, decline in Electronics ▪ Q2 EPS $3.20 - $3.45 ▪ (-$0.25) stock compensation retirement provisions ▪ Tax rate ~16% (in millions) See appendix for GAAP to non-GAAP reconciliation $618 $610 $633 - $607 Q2-22 Q1-23 Q2-23 Revenue Adj. EPS $4.26 $3.64 $3.20 - $3.45 GAAP EPS $3.48 $3.54 - Highlights

16Littelfuse, Inc. © 2023 FULL YEAR 2023 CONSIDERATIONS / EXPECTATIONS ▪ F/X (-$0.35) EPS impact, neutral to sales at current F/X rates ▪ Expect to maintain company adjusted operating margins of 17 – 19%...long- term target range ▪ Other Assumptions ▪ $67m amortization expense ▪ $40m interest expense at current rates ▪ Tax rate ~18% ▪ Investing $110 - $120m in capital expenditures

17Littelfuse, Inc. © 2023 DIVERSIFICATION OF TECHNOLOGIES, END MARKETS & GEOGRAPHIES DELIVERS DOUBLE-DIGIT REVENUE & EARNINGS CAGR $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 $2,500 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 E P S S a le s Revenue (M$) Adjusted EPS Resilient business model & strong growth strategy ▪ Expanded market leadership & profitability ▪ Playbook to successfully manage through dynamic environments ▪ Prioritizing long-term strategic investments & managing cost structure ▪ Experienced global teams *15-yr: 2007 - 2022; 10-yr: 2012 - 2022; 5-yr: 2017 - 2022 15-, 10-, 5-yr CAGRs* Sales +11% to +16% Adj EPS +17%

18Littelfuse, Inc. © 2023 APPENDIX

19Littelfuse, Inc. © 2023 SUPPLEMENTAL FINANCIAL INFORMATION

20Littelfuse, Inc. © 2023 SUPPLEMENTAL FINANCIAL INFORMATION CONT’D

21Littelfuse, Inc. © 2023 SUPPLEMENTAL FINANCIAL INFORMATION CONT’D

22Littelfuse, Inc. © 2023 SUPPLEMENTAL FINANCIAL INFORMATION CONT’D

23Littelfuse, Inc. © 2023 SUPPLEMENTAL FINANCIAL INFORMATION CONT’D

24Littelfuse, Inc. © 2023 SUPPLEMENTAL FINANCIAL INFORMATION CONT’D

XML

Document and Entity Information	May 02, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	May 02, 2023
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