EX-99.2 3 ex_119410.htm EXHIBIT 99.2 ex_119410.htm

Exhibit 99.2

 

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

  
   

April 1, 2017 QTD

    

April 1, 2017 QTD

      

April 1, 2017 QTD

  
                           

Net sales

   $ 285,441     $ -       $ 285,441  
                           

Cost of sales

     171,791       (22 )       171,770  
                           

Gross profit

     113,650       22         113,672  
                           
                           

Selling, general and administrative expenses

     46,703       (1,504 )

(a) 

     45,199  

Research and development expenses

     12,151       -         12,151  

Amortization of intangibles

     5,944       -         5,944  

Total operating expenses

     64,798       (1,504 )       63,294  
                           

Operating income

     48,852       1,525         50,377  
                           

Interest expense

     3,120       -         3,120  

Foreign exchange loss (gain)

     (1,557 )     1,557         -  

Other (income) expense, net

     (139 )     -         (139 )
                           

Income before income taxes

     47,428       (32 )       47,396  

Income taxes

     8,537       (6 )       8,531  
                           

Net income

   $ 38,891     $ (26 )     $ 38,865  
                           

Net income per share:

                          

Basic

   $ 1.71     $ (0.00 )     $ 1.71  

Diluted

   $ 1.69     $ (0.00 )     $ 1.69  
                           

Weighted average shares outstanding:

                          

Basic

     22,748                 22,748  

Diluted

     22,989                 22,989  
                           
                           

Comprehensive income

   $ 44,518               $ 44,492  

 

(a) Selling, general and administrative included $1.5 million for acquisition related and integration 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

  
   

July 1, 2017 QTD

    

July 1, 2017 QTD

    

July 1, 2017 QTD

  
                         

Net sales

   $ 313,355     $ -     $ 313,355  
                         

Cost of sales

     180,747       -       180,747  
                         

Gross profit

     132,608       -       132,608  
                         
                         

Selling, general and administrative expenses

     53,438       (315 ) (a)    53,123  

Research and development expenses

     12,729       -       12,729  

Amortization of intangibles

     6,171       -       6,171  

Total operating expenses

     72,338       (315 )     72,023  
                         

Operating income

     60,270       315       60,585  
                         

Interest expense

     3,281       -       3,281  

Foreign exchange loss (gain)

     (558 )     558       -  

Other (income) expense, net

     190       -       190  
                         

Income before income taxes

     57,357       (243 )     57,114  

Income taxes

     8,719       (38 )     8,681  
                         

Net income

   $ 48,638     $ (205 )   $ 48,433  
                         

Net income per share:

                        

Basic

   $ 2.13     $ (0.01 )   $ 2.12  

Diluted

   $ 2.11     $ (0.01 )   $ 2.10  
                         

Weighted average shares outstanding:

                        

Basic

     22,822               22,822  

Diluted

     23,023               23,023  
                         
                         

Comprehensive income

   $ 44,486             $ 44,281  

 

(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

  
                           

Net sales

   $ 317,889     $ -       $ 317,889  
                           

Cost of sales

     184,238       (1,607 )

(a) 

     182,631  
                           

Gross profit

     133,651       1,607         135,258  
                           
                           

Selling, general and administrative expenses

     56,759       (4,684 )

(b) 

     52,075  

Research and development expenses

     11,991       (23 )       11,968  

Amortization of intangibles

     6,292       -         6,292  

Total operating expenses

     75,042       (4,707 )       70,335  
                           

Operating income

     58,609       6,314         64,923  
                           

Interest expense

     3,468       -         3,468  

Foreign exchange loss (gain)

     632       (632 )       -  

Other (income) expense, net

     1,014       -         1,014  
                           

Income before income taxes

     55,523       6,946         60,441  

Income taxes

     12,715       1,278         13,993  
                           

Net income

   $ 42,808     $ 5,668       $ 48,476  
                           

Net income per share:

                          

Basic

   $ 1.88     $ 0.25       $ 2.13  

Diluted

   $ 1.87     $ 0.25       $ 2.11  
                           

Weighted average shares outstanding:

                          

Basic

     22,713                 22,713  

Diluted

     22,953                 22,953  
                           
                           

Comprehensive income

   $ 42,568               $ 48,236  

 

(a) Cost of sales included $1.6 million for purchase accounting inventory adjustments
 

(b) Selling, general and administrative included $3.2 million for acquisition related and integration costs and $1.5 million of restructuring charges
 

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

  
                           

Net sales

   $ 304,848     $ -       $ 304,848  
                           

Cost of sales

     178,224       (50 )       178,174  
                           

Gross profit

     126,624       50         126,674  
                           

Selling, general and administrative expenses

     55,934       (1,955 )

(a) 

     53,979  

Research and development expenses

     13,618       (114 )

(b) 

     13,504  

Amortization of intangibles

     6,293       -         6,293  

Total operating expenses

     75,845       (2,069 )       73,776  
                           

Operating income

     50,779       2,119         52,898  
                           

Interest expense

     3,512       -         3,512  

Foreign exchange loss (gain)

     3,859       (3,859 )       -  

Other (income) expense, net

     (321 )     -         (321 )
                           

Income before income taxes

     43,729       5,978         49,707  

Income taxes

     54,548       (46,516 )

(c) 

     8,032  
                           

Net income (loss)

   $ (10,819 )   $ 52,494       $ 41,675  
                           

Net income (loss) per share:

                          

Basic

   $ (0.48 )   $ 2.30       $ 1.83  

Diluted

   $ (0.48 )   $ 2.27       $ 1.81  
                           

Weighted average shares outstanding:

                          

Basic

     22,714                 22,714  

Diluted

     22,714                 23,006  
                           
                           

Comprehensive income (loss)

   $ (1,143 )             $ 51,351  

 

(a) Selling, general and administrative included $1.3 million for acquisition related and integration costs and $0.7 million of restructuring charges

(b) Research & development included $0.1 million of acquistion charges

(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
 

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 YTD

    

Dec 30, 2017 YTD

      

Dec 30, 2017 YTD

  
                           

Net sales

   $ 1,221,534     $ -       $ 1,221,534  
                           

Cost of sales

     715,001       (1,679 )

(a) 

     713,322  
                           

Gross profit

     506,533       1,679         508,212  
                           
                           

Selling, general and administrative expenses

     212,833       (8,459 )

(b) 

     204,374  

Research and development expenses

     50,489       (136 )

(c) 

     50,353  

Amortization of intangibles

     24,700       -         24,700  

Total operating expenses

     288,022       (8,595 )       279,427  
                           

Operating income

     218,511       10,274         228,785  
                           

Interest expense

     13,380       -         13,380  

Foreign exchange loss (gain)

     2,376       (2,376 )       -  

Other (income) expense, net

     (1,282 )     -         (1,282 )
                           

Income before income taxes

     204,037       12,650         216,687  

Income taxes

     84,518       (45,280 )

(d) 

     39,238  
                           

Net income

   $ 119,519     $ 57,930       $ 177,449  
                           

Net income per share:

                          

Basic

   $ 5.27     $ 2.55       $ 7.82  

Diluted

   $ 5.21     $ 2.53       $ 7.74  
                           

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
 

(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.