Jefferies 2016
Industrial Conference
August 9, 2016
1
Forward Looking Statements
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/sec.cfm. This website also provides
additional information about Littelfuse.
SAFE HARBOR STATEMENT
Certain statements in this presentation may constitute "forward-looking statements" within the meaning of the federal securities laws and are
entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the
company’s future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future.
Such statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "estimates," "will," "should,"
"plans" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy, although not
all forward-looking statements contain such terms. The company cautions that forward-looking statements, which speak only as of the date they
are made, are subject to risks, uncertainties and other factors, and actual results and outcomes may differ materially from those indicated or
implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, risks relating to product
demand and market acceptance, economic conditions, the impact of competitive products and pricing, product quality problems or product
recalls, capacity and supply difficulties or constraints, failure of an indemnification for environmental liability, exchange rate fluctuations,
commodity price fluctuations, the effect of the company's accounting policies, labor disputes, restructuring costs in excess of expectations,
pension plan asset returns less than assumed, integration of acquisitions and other risks which may be detailed in the company's Securities and
Exchange Commission filings, including those set forth under Item 1A. "Risk Factors" of the company's Annual Report on Form 10-K for the year
ended January 2, 2016. The company does not undertake any obligation to update or revise any forward-looking statements to reflect future
events or circumstances, new information or otherwise.
This presentation should be reviewed in conjunction with information provided in the financial statements and the related Notes thereto appearing
in the company's Annual Report on Form 10-K for the year ended January 2, 2016.
USE OF NON-GAAP FINANCIAL MEASURES
The information provided in this presentation includes certain non-GAAP financial measures, including “Adjusted Operating Margin” and “Adjusted
Earnings per Share.” These non-GAAP financial measures should not be considered in isolation or a substitute for the comparable GAAP
financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is
included in the appendix of this presentation.
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
2
Littelfuse: PROTECT | CONTROL | SENSE
 Designer, manufacturer, and seller of
components and modules for circuit
protection, power control, and sensing
 Focused on improving the safety, reliability
and performance of our customers’ products
and systems that use electrical energy
LFUS
 Global footprint of sales, manufacturing and
product development across 15+ countries
LISTED
 On track for $1 billion of annual sales
NASDAQ
®
 Strong operating margins and cash flow
generation
 10,000+ dedicated and innovative employees
 Headquartered in Chicago, IL
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
3
The #1 Brand in Circuit Protection
Expanding Player in Power Control and Sensing
Electronics (47%)*
Semiconductor
Passive
Electronic
Sensor
Automotive (41%)*
Automotive
Sensor
Passenger
Car
CVP
Industrial (12%)*
Custom
& Relay
Power
Fuse
Littelfuse has the broadest and deepest portfolio of circuit protection products serving three
major market segments
* Revenue 1H 2016
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
4
Our Customers Are Global Market Leaders
LEADING OEMs
EMS/ODM
PROTECT | CONTROL | SENSE
TIER 1 AUTO
DISTRIBUTION PARTNERS
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
5
Corporate Strategy: Target Growth Areas
MEGATRENDS
PROTECT
CONTROL
SENSE




Value of Human Life
Efficiency/Green
Connected/Communication
Predictive/Preventative
Systems
 Globalization
GROWTH AREAS
STRATEGIC GROWTH AREAS TO ACCELERATE GROWTH BEYOND CORE
Industrial
Relays/ Controls
Industrial Electronic
Modules/Controls
Sensors:
Auto/General
Industrial
Commercial
Vehicle Products
PROTECT AND GROW THE CORE
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
6
Strong Company Financial Performance
($ in millions, except per share data)
Revenue
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
Adjusted Operating Margin*
$852
19.5%
$868
19.0%
19.0%
$758
18.5%
$668
18.2%
Organic margin
expansion offset by initial
lower margins from
acquisitions
18.0%
17.5%
17.2%
16.8%
17.0%
16.5%
16.0%
15.5%
2012
2013
2014
2015
2012
2013
2014
2015
2012 - 2015 CAGR = 9.1%
Adjusted Earnings Per Share (EPS)*
Cash Flow from Operations
$180
$160
$140
$120
$100
$80
$60
$40
$20
$0
$6.00
$5.00
$4.00
$4.46
$4.78
$5.05
$3.82
$3.00
$2.00
$1.00
$2012
2013
2014
2015
2012 - 2015 CAGR = 9.8%
$153
$116
$117
2012
2013
2014
$166
2015
2012 - 2015 CAGR = 12.7%
* See appendix for GAAP to Non-GAAP reconciliation
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
7
Electronics Segment
($ in millions)
Growth Drivers:
$450
30%
$410
 Global trend towards
more sophisticated
electronic products
requiring circuit
protection… drives
content growth
$405
$400
$367
$329
$300
21.2%
19.3%
19.0%
Revenue
20%
20.6%
$250
$231
15%
15.6%
$200
$150
10%
$100
5%
$50
$0
0%
2012
2013
2014
2015
1H 2016
PROTECT | CONTROL | SENSE
Operating Margin
$350
25%
 Targeted growth niches
such as sensor
applications, LED
lighting, and smart
meters
 Distribution channel
partners drive demand
across diverse end
markets
 Increasing focus on
automotive electronics
as more in-cabin
electronics and motors
need protection
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
8
Automotive Segment
($ in millions)
Growth Drivers:
30%
$400
 Fuse content growth
driven by more
electronics and highcurrent circuits…
electric/hybrid vehicles
$340
$350
$325
25%
$300
$267
Revenue
$206
16.7%
$203
$200
15.6%
14.5%
14.7%
15%
13.9%
$150
10%
$100
Operating Margin
20%
$250
 Double-digit sensor
revenue growth driven
by design wins and
content growth
 Commercial vehicle
products expansion
outside of US
5%
$50
0%
$0
2012
2013
2014
2015
1H 2016
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
9
Industrial Segment
($ in millions)
Growth Drivers:
$140
30%
$132
$124
 Core power (industrial)
fuse business ~60% of
segment, with strong
margin profile
$122
$117
$120
25%
24.8%
$100
19.7%
$80
15%
14.8%
$60
$57
10%
$40
9.2%
6.5%
5%
$20
$0
Operating Margin
Revenue
20%
 Solar business and
distributor conversions
are driving growth in
power fuses
 Relay and Custom
business still under
pressure from
weakness in mining
and oil & gas. Focus
on end market
diversification
0%
2012
2013
2014
2015
1H 2016
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
10
PolySwitch Acquisition
Expands circuit protection
portfolio and strengthens
leadership position
Additional revenue growth
opportunities
• Strong alignment with existing core businesses across
electronics and automotive
• Increases total addressable market as well as mind share
with customers and channel partners
• Addresses product gaps in battery protection and
automotive motor protection
• Strengthens our growing automotive electronics strategy
• Increased Japan presence…scale and local manufacturing
Current revenue trends
• Battery market circuit protection transition… reduces
annualized PolySwitch revenue run rate by ~10% – 15%
• 2016 one-time distributor inventory alignment
Long-term financial profile
• Long-term revenue growth and margin expansion (excl.
amortization) aligns to core business levels
• Over $10 million in annualized synergies in 2nd half 2017
• Strong cash flow generation
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
11
Q2 2016 Highlights

Record revenue of $271.9 million, 22% growth year over year
–
Excluding PolySwitch, 6% growth year over year

Adjusted earnings of $1.44 per diluted share, representing an 8% increase
year over year*

Completed the acquisition of Menber’s S.p.A., an Italian-based designer
and manufacturer of manual and electrical battery switches and trailer
connectors for commercial vehicles, on April 4, 2016
– Menber’s had sales of approximately $23 million (€21 million) in 2015

Completed transfer of reed switch manufacturing from Lake Mills, Wisconsin
to the Philippines

Announced quarterly dividend increase from $0.29 per share to $0.33 per
share on July 21, 2016
– 13.8% increase; sixth consecutive year of double-digit dividend increase
*See appendix for GAAP to Non GAAP EPS
reconciliation
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
12
Margin Improvement Initiatives
 Manufacturing footprint consolidation completed in early
2016…annualized savings ~$6.5m
– Reed Switch (Hamlin sensors)
 Wisconsin and Suzhou manufacturing moved to expanded
Philippines location
– Relay business (SymCom)
 New York manufacturing moved to South Dakota
 Product mix for sensor business
– New, differentiated products commanding higher margins
– Wind-down of selected low-margin legacy business
 We continue to embrace Lean as a company-wide
culture
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
13
Sales Growth Targets
Sales Growth
Prior to 2012
2013-2017
Targets
2013-2015
Actual*
Organic
4%
5%
5%
Acquisition
5%
10%
6%
Total
9%
15%
11%
* Adjusted for currency effects
Close to 15% sales growth target with completion of PolySwitch
and Menber’s acquisitions*
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
14
Cash Flow & Capital Structure Targets
Cash Flow Model
Uses of Free Cash
(% of revenue)
Operating Cash Flow
16-18%
Capital Expenditures
(4%)
Free Cash Flow
Acquisitions
65%
Dividends
20%
Share Repurchase
15%
12-14%
Target Capital Structure
Leverage = 1.0x – 2.5x EBITDA
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
15
Committed to Increasing Shareholder Value
 Grow organically faster than our markets
– Take recently-acquired products into new geographies and end markets
– Focus on faster-growing niches within core circuit protection
 Increased acquisition pipeline
– Take advantage of strong balance sheet and free cash flow
– Devote more resources to sourcing targets in our strategic growth areas
 Sustain high teens operating margin
– 150 bps of margin expansion in 2016 in core business*
– Focus growth investments in higher margin segments
– Rationalize footprint / cost structure as necessitated by further acquisitions
 Improve return on investment
– Drive higher inventory turns through lean activities
– Optimize supplier payment terms
– Reduce tax rate…24% in 2015, ~22% in 2016
 Return excess cash to shareholders
– Increase the dividend annually
– Repurchase shares opportunistically
*Core business includes legacy businesses and Menber’s
acquisition; Excludes PolySwitch acquisition
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
16
Save the Date!
2016 Investor Day
Friday, December 9, 2016
9:00am ET
New York, NY
Westin Grand Central Hotel
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
17
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
18
Appendix – 2012 to 2015 Non GAAP measures
($ in millions, except per share data)
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
19
Appendix – Q2 ‘15 and ‘16 Non GAAP measures
($ in millions, except per share data)
PROTECT | CONTROL | SENSE
Confidential and Proprietary to Littelfuse. Littelfuse, Inc. © 2016
20