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Littelfuse Reports Fourth Quarter and Full Year Results For 2022

Record annual sales, earnings and cash generation driven by resilient business model and growth strategy

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 31, 2022:

Fourth Quarter 2022 Results

  • Net sales of $613.3 million were up 11% versus the prior year period, and up 4% organically
  • GAAP diluted EPS was $3.74, an increase of 80% from the prior year period; adjusted diluted EPS was $3.34, up 6% versus the prior year period

Full Year 2022 Results

  • Net sales of $2.5 billion were up 21% in total versus the prior year, and up 11% organically
  • GAAP diluted EPS was $14.94, up 31% versus the prior year; adjusted diluted EPS of $16.87 increased 28% versus the prior year
  • Cash flow from operations was $419.7 million and free cash flow was $315.4 million, both 12% higher than the prior year

“In 2022 we achieved record levels of sales, earnings and cash generation, including double-digit sales growth in each of our business segments,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “We achieved these outstanding results by continuing to expand our leadership in high-growth markets with significant new business wins and adding over $200 million in sales from two acquisitions. I want to thank our global teams for their hard work and persistent commitment to serve our customers. Our demonstrated ability to drive double-digit growth over the past five-, ten-, and fifteen-year periods speaks to the resiliency of our business model and the strength of our growth strategy. Though we may see some near-term market challenges, I am confident our ongoing execution, investments and diversification position us to deliver continued, substantial value to all of our stakeholders.”

First Quarter of 2023*

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

  • Net sales in the range of $575 to $605 million, adjusted diluted EPS in the range of $2.73 to $2.97 and an adjusted effective tax rate of approximately 19%

*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 $0.60 per share on March 9, 2023, to shareholders of record as of February 23, 2023

Conference Call and Webcast Information

Littelfuse will host a conference call on Thursday, February 2, 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 January 1, 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 January 1, 2022, its Quarterly Report on Form 10-Q for the quarter ended October 1, 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 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 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 31, 2022

 

January 1, 2022

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

562,588

 

$

478,473

Short-term investments

 

84

 

 

28

Trade receivables, less allowances of $83,562 and $59,232, respectively

 

306,578

 

 

275,192

Inventories

 

547,690

 

 

445,671

Prepaid income taxes and income taxes receivable

 

7,215

 

 

2,035

Prepaid expenses and other current assets

 

87,641

 

 

68,812

Total current assets

 

1,511,796

 

 

1,270,211

Net property, plant, and equipment

 

481,110

 

 

437,889

Intangible assets, net of amortization

 

593,970

 

 

407,126

Goodwill

 

1,186,922

 

 

929,790

Investments

 

24,121

 

 

39,211

Deferred income taxes

 

14,367

 

 

13,127

Right of use lease assets, net

 

57,382

 

 

29,616

Other assets

 

34,066

 

 

24,734

Total assets

$

3,903,734

 

$

3,151,704

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

208,571

 

$

222,039

Accrued liabilities

 

187,057

 

 

159,689

Accrued income taxes

 

41,793

 

 

27,905

Current portion of long-term debt

 

134,874

 

 

25,000

Total current liabilities

 

572,295

 

 

434,633

Long-term debt, less current portion

 

866,623

 

 

611,897

Deferred income taxes

 

100,230

 

 

81,289

Accrued post-retirement benefits

 

28,037

 

 

37,037

Non-current lease liabilities

 

45,661

 

 

22,305

Other long-term liabilities

 

79,510

 

 

71,023

Total equity

 

2,211,378

 

 

1,893,520

Total liabilities and equity

$

3,903,734

 

$

3,151,704

LITTELFUSE, INC.

CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

 

 

 

Three Months Ended

 

Fiscal Year Ended

(in thousands, except per share data)

 

December 31, 2022

 

January 1, 2022

 

December 31, 2022

 

January 1, 2022

Net sales

 

$

613,251

 

 

$

553,065

 

$

2,513,897

 

$

2,079,928

Cost of sales

 

 

384,726

 

 

 

353,573

 

 

1,506,984

 

 

1,308,002

Gross profit

 

 

228,525

 

 

 

199,492

 

 

1,006,913

 

 

771,926

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

85,993

 

 

 

75,667

 

 

344,813

 

 

275,457

Research and development expenses

 

 

26,806

 

 

 

19,747

 

 

95,602

 

 

65,940

Amortization of intangibles

 

 

15,812

 

 

 

11,121

 

 

55,695

 

 

42,729

Restructuring, impairment, and other charges

 

 

5,712

 

 

 

160

 

 

9,977

 

 

2,158

Total operating expenses

 

 

134,323

 

 

 

106,695

 

 

506,087

 

 

386,284

Operating income

 

 

94,202

 

 

 

92,797

 

 

500,826

 

 

385,642

 

 

 

 

 

 

 

 

 

Interest expense

 

 

9,147

 

 

 

4,626

 

 

26,216

 

 

18,527

Foreign exchange (gain) loss

 

 

(15,692

)

 

 

8,843

 

 

24,359

 

 

17,158

Other (income) expense, net

 

 

(2,582

)

 

 

19,799

 

 

7,207

 

 

8,932

Income before income taxes

 

 

103,329

 

 

 

59,529

 

 

443,044

 

 

341,025

Income taxes

 

 

10,025

 

 

 

7,585

 

 

69,738

 

 

57,219

Net income

 

$

93,304

 

 

$

51,944

 

$

373,306

 

$

283,806

 

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

 

 

Basic

 

$

3.77

 

 

$

2.11

 

$

15.09

 

$

11.54

Diluted

 

$

3.74

 

 

$

2.08

 

$

14.94

 

$

11.38

 

 

 

 

 

 

 

 

 

Weighted-average shares and equivalent shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

24,758

 

 

 

24,660

 

 

24,734

 

 

24,603

Diluted

 

 

24,978

 

 

 

25,001

 

 

24,986

 

 

24,932

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

139,811

 

 

 

74,009

 

 

351,005

 

 

301,500

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Year Ended

(in thousands)

December 31, 2022

 

January 1, 2022

OPERATING ACTIVITIES

 

 

 

Net income

$

373,306

 

 

$

283,806

 

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

 

188,871

 

 

 

147,276

 

Changes in operating assets and liabilities:

 

 

 

Trade receivables

 

(19,334

)

 

 

(10,234

)

Inventories

 

(89,235

)

 

 

(104,555

)

Accounts payable

 

(22,403

)

 

 

40,481

 

Accrued liabilities and income taxes

 

(9,756

)

 

 

30,793

 

Prepaid expenses and other assets

 

(1,731

)

 

 

(14,223

)

Net cash provided by operating activities

 

419,718

 

 

 

373,344

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

Acquisitions of businesses, net of cash acquired

 

(532,670

)

 

 

(423,633

)

Purchases of property, plant, and equipment

 

(104,341

)

 

 

(90,562

)

Net proceeds from sale of property, plant, and equipment, and other

 

676

 

 

 

15,425

 

Other

 

(62

)

 

 

(390

)

Net cash used in investing activities

 

(636,397

)

 

 

(499,160

)

 

 

 

 

FINANCING ACTIVITIES

 

 

 

Net proceeds (payments) of credit facility and senior notes

 

371,250

 

 

 

(32,619

)

Cash dividends paid

 

(55,911

)

 

 

(49,730

)

All other cash (used in) provided by financing activities

 

(5,137

)

 

 

13,365

 

Net cash provided by (used in) financing activities

 

310,202

 

 

 

(68,984

)

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

 

(11,420

)

 

 

(9,889

)

Increase (decrease) in cash, cash equivalents, and restricted cash

 

82,103

 

 

 

(204,689

)

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

 

482,836

 

 

 

687,525

 

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

$

564,939

 

 

$

482,836

 

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

 

 

 

Fourth Quarter

 

Year-to-Date

(in thousands)

 

2022

 

2021

 

%

Growth /(Decline)

 

2022

 

2021

 

%

Growth /(Decline)

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

371,193

 

 

$

341,622

 

 

8.7

%

 

$

1,492,819

 

 

$

1,300,744

 

 

14.8

%

Transportation

 

 

167,874

 

 

 

141,796

 

 

18.4

%

 

 

716,140

 

 

 

528,058

 

 

35.6

%

Industrial

 

 

74,184

 

 

 

69,647

 

 

6.5

%

 

 

304,938

 

 

 

251,126

 

 

21.4

%

Total net sales

 

$

613,251

 

 

$

553,065

 

 

10.9

%

 

$

2,513,897

 

 

$

2,079,928

 

 

20.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

91,941

 

 

$

79,350

 

 

15.9

%

 

$

431,616

 

 

$

309,633

 

 

39.4

%

Transportation

 

 

5,935

 

 

 

10,599

 

 

(44.0

) %

 

 

63,539

 

 

 

65,979

 

 

(3.7

) %

Industrial

 

 

8,885

 

 

 

4,169

 

 

113.1

%

 

 

48,853

 

 

 

22,621

 

 

116.0

%

Other (a)

 

 

(12,559

)

 

 

(1,321

)

 

N.M.

 

 

 

(43,182

)

 

 

(12,591

)

 

N.M.

 

Total operating income

 

$

94,202

 

 

$

92,797

 

 

1.5

%

 

$

500,826

 

 

$

385,642

 

 

29.9

%

Operating Margin

 

 

15.4

%

 

 

16.8

%

 

 

 

 

19.9

%

 

 

18.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

9,147

 

 

 

4,626

 

 

 

 

 

26,216

 

 

 

18,527

 

 

 

Foreign exchange (gain) loss

 

 

(15,692

)

 

 

8,843

 

 

 

 

 

24,359

 

 

 

17,158

 

 

 

Other (income) expense, net

 

 

(2,582

)

 

 

19,799

 

 

 

 

 

7,207

 

 

 

8,932

 

 

 

Income before income taxes

 

$

103,329

 

 

$

59,529

 

 

73.6

%

 

$

443,044

 

 

$

341,025

 

 

29.9

%

 

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

N.M. - Not meaningful

 

 

Fourth Quarter

 

Year-to-Date

(in thousands)

 

2022

 

 

2021

 

 

%

Growth /(Decline)

 

2022

 

 

2021

 

 

%

Growth /(Decline)

Operating Margin

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

24.8

%

 

23.2

%

 

1.6

%

 

28.9

%

 

23.8

%

 

5.1

%

Transportation

 

3.5

%

 

7.5

%

 

(4.0

) %

 

8.9

%

 

12.5

%

 

(3.6

) %

Industrial

 

12.0

%

 

6.0

%

 

6.0

%

 

16.0

%

 

9.0

%

 

7.0

%

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

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

 

Non-GAAP EPS reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-22

 

Q4-21

 

YTD-22

 

YTD-21

GAAP diluted EPS

 

$

3.74

 

 

$

2.08

 

$

14.94

 

$

11.38

EPS impact of Non-GAAP adjustments (below)

 

 

(0.40

)

 

 

1.08

 

 

1.93

 

 

1.81

Adjusted diluted EPS

 

$

3.34

 

 

$

3.16

 

$

16.87

 

$

13.19

Non-GAAP adjustments - (income) / expense

 

 

 

 

 

 

 

 

 

 

Q4-22

 

Q4-21

 

YTD-22

 

YTD-21

Acquisition-related and integration costs (a)

 

$

2.8

 

 

$

3.6

 

 

$

17.6

 

 

$

7.0

 

Purchase accounting inventory adjustments (b)

 

 

4.0

 

 

 

1.6

 

 

 

15.6

 

 

 

8.4

 

Restructuring, impairment and other charges (c)

 

 

5.7

 

 

 

0.2

 

 

 

10.0

 

 

 

2.2

 

Gain on sale of fixed assets (d)

 

 

 

 

 

(4.1

)

 

 

 

 

 

(5.0

)

Non-GAAP adjustments to operating income

 

 

12.5

 

 

 

1.3

 

 

 

43.2

 

 

 

12.6

 

Other expense (income), net (e)

 

 

 

 

 

20.8

 

 

 

(0.5

)

 

 

21.4

 

Non-operating foreign exchange (gain) loss

 

 

(15.7

)

 

 

8.9

 

 

 

24.4

 

 

 

17.2

 

Non-GAAP adjustments to income before income taxes

 

 

(3.2

)

 

 

31.0

 

 

 

67.1

 

 

 

51.2

 

Income taxes (f)

 

 

6.8

 

 

 

3.9

 

 

 

19.0

 

 

 

6.0

 

Non-GAAP adjustments to net income

 

$

(10.0

)

 

$

27.1

 

 

$

48.1

 

 

$

45.2

 

 

 

 

 

 

 

 

 

 

Total EPS impact

 

$

(0.40

)

 

$

1.08

 

 

$

1.93

 

 

$

1.81

 

Adjusted operating margin / Adjusted EBITDA reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-22

 

Q4-21

 

YTD-22

 

YTD-21

Net sales

 

$

613.3

 

 

$

553.1

 

 

$

2,513.9

 

 

$

2,079.9

 

GAAP operating income

 

$

94.2

 

 

$

92.8

 

 

$

500.8

 

 

$

385.6

 

Add back non-GAAP adjustments

 

 

12.5

 

 

 

1.3

 

 

 

43.2

 

 

 

12.6

 

Adjusted operating income

 

$

106.7

 

 

$

94.1

 

 

$

544.0

 

 

$

398.2

 

Adjusted operating margin

 

 

17.4

%

 

 

17.0

%

 

 

21.6

%

 

 

19.1

%

Add back amortization

 

 

15.8

 

 

 

11.1

 

 

 

55.7

 

 

 

42.7

 

Add back depreciation

 

 

16.7

 

 

 

14.5

 

 

 

65.0

 

 

 

55.9

 

Adjusted EBITDA

 

$

139.2

 

 

$

119.7

 

 

$

664.7

 

 

$

496.8

 

Adjusted EBITDA margin

 

 

22.7

%

 

 

21.6

%

 

 

26.4

%

 

 

23.9

%

Adjusted EBITDA by Segment

 

Q4-22

 

Q4-21

 

 

Electronics

 

Transportation

 

Industrial

 

Electronics

 

Transportation

 

Industrial

GAAP operating income

 

$

91.9

 

 

$

5.9

 

 

$

8.9

 

 

$

79.4

 

 

$

10.6

 

 

$

4.2

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Add back amortization

 

 

10.2

 

 

 

4.4

 

 

 

1.2

 

 

 

6.9

 

 

 

3.0

 

 

 

1.2

 

Add back depreciation

 

 

9.0

 

 

 

6.7

 

 

 

1.0

 

 

 

8.6

 

 

 

4.9

 

 

 

1.0

 

Adjusted EBITDA

 

$

111.1

 

 

$

17.0

 

 

$

11.1

 

 

$

94.9

 

 

$

18.5

 

 

$

6.4

 

Adjusted EBITDA Margin

 

 

29.9

%

 

 

10.1

%

 

 

14.9

%

 

 

27.8

%

 

 

13.0

%

 

 

9.1

%

Adjusted EBITDA by Segment

 

YTD-22

 

YTD-21

 

 

Electronics

 

Transportation

 

Industrial

 

Electronics

 

Transportation

 

Industrial

GAAP operating income

 

$

431.6

 

 

$

63.5

 

 

$

48.9

 

 

$

309.6

 

 

$

66.0

 

 

$

22.6

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Add back amortization

 

 

32.7

 

 

 

18.1

 

 

 

4.9

 

 

$

27.9

 

 

$

10.1

 

 

$

4.7

 

Add back depreciation

 

 

35.5

 

 

 

25.6

 

 

 

3.9

 

 

$

33.6

 

 

$

18.9

 

 

$

3.4

 

Adjusted EBITDA

 

$

499.8

 

 

$

107.2

 

 

$

57.7

 

 

$

371.1

 

 

$

95.0

 

 

$

30.7

 

Adjusted EBITDA Margin

 

 

33.5

%

 

 

15.0

%

 

 

18.9

%

 

 

28.5

%

 

 

18.0

%

 

 

12.2

%

Net sales reconciliation

 

Q4-22 vs. Q4-21

 

 

Electronics

 

Transportation

 

Industrial

 

Total

Net sales growth

 

9

%

 

18

%

 

7

%

 

11

%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

13

%

 

22

%

 

%

 

14

%

53rd week of extra sales in fiscal year 2021

 

(3

) %

 

(4

) %

 

(5

) %

 

(3

) %

FX impact

 

(3

) %

 

(6

) %

 

(1

) %

 

(4

) %

Organic net sales growth

 

2

%

 

6

%

 

13

%

 

4

%

Net sales reconciliation

 

YTD-22 vs. YTD-21

 

 

Electronics

 

Transportation

 

Industrial

 

Total

Net sales growth

 

15

%

 

36

%

 

21

%

 

21

%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

7

%

 

40

%

 

4

%

 

14

%

53rd week of extra sales in fiscal year 2021

 

(1

) %

 

(1

) %

 

(2

) %

 

(1

) %

FX impact

 

(3

) %

 

(5

) %

 

(1

) %

 

(3

) %

Organic net sales growth

 

12

%

 

2

%

 

20

%

 

11

%

Income tax reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-22

 

Q4-21

 

YTD-22

 

YTD-21

Income taxes

 

$

10.0

 

 

$

7.6

 

 

$

69.7

 

 

$

57.2

 

Effective rate

 

 

9.7

%

 

 

12.7

%

 

 

15.7

%

 

 

16.8

%

Non-GAAP adjustments - income taxes

 

 

6.8

 

 

 

3.9

 

 

 

19.0

 

 

 

6.0

 

Adjusted income taxes

 

$

16.8

 

 

$

11.5

 

 

$

88.7

 

 

$

63.2

 

Adjusted effective rate

 

 

16.8

%

 

 

12.7

%

 

 

17.4

%

 

 

16.1

%

Free cash flow reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-22

 

Q4-21

 

YTD-22

 

YTD-21

Net cash provided by operating activities

 

$

106.3

 

 

$

132.6

 

 

$

419.7

 

 

$

373.3

 

Less: Purchases of property, plant and equipment

 

 

(26.5

)

 

 

(33.0

)

 

 

(104.3

)

 

 

(90.6

)

Free cash flow

 

$

79.8

 

 

$

99.6

 

 

$

315.4

 

 

$

282.7

 

Consolidated Total Debt

 

As of December 31, 2022

Consolidated Total Debt

 

$

1,001.5

Unamortized debt issuance costs

 

 

4.8

Finance lease liability

 

$

1.8

Consolidated funded indebtedness

 

$

1,008.1

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

 

$

110.6

Net debt

 

$

897.5

 

 

 

Consolidated EBITDA

 

Twelve Months Ended

December 31, 2022

Net Income

 

$

373.3

Interest expense

 

 

26.2

Income taxes

 

 

69.7

Depreciation

 

 

65.0

Amortization

 

 

55.7

Non-cash additions:

 

 

Stock-based compensation expense

 

 

23.6

Purchase accounting inventory step-up charge

 

 

15.6

Unrealized loss on investments

 

 

14.0

Impairment charges

 

 

4.5

Other

 

 

81.9

Consolidated EBITDA (1)

 

$

729.5

 

 

 

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

 

1.2x

* 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 a gain of $4.1 million recorded in SG&A during the fourth quarter of 2021 for a total year-to-date gain of $5.0 million from the sale of two buildings within the Electronics segment during 2021.

 

(e) 2022 year-to-date amount included $0.5 million gain from the sale of a building within the Transportation segment. Q4 2021 included a $19.9 million non-cash pension settlement charge, a $0.7 million charge for an asset retirement obligation related to the disposal of a business in 2019 and a $0.2 million increase in coal mining reserves. 2021 year-to-date amount also included $0.5 million of impairment charges on certain other investments.

 

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

 

Contacts

Trisha Tuntland

Head of Investor Relations

(773) 628-2163

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