Vishay Intertechnology Reports Fiscal Fourth Quarter and Full Year 2023 Results
February 07 2024 - 7:15AM
Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's
largest manufacturers of discrete semiconductors and passive
electronic components, today announced results for the fiscal
fourth quarter and year ended December 31, 2023.
Highlights
- 4Q 2023 revenues of $785.2
million
- 4Q 2023 EPS of $0.37
- 4Q 2023 book-to-bill of 0.75
- Backlog at quarter end was 5.3
months
- Returned a total of $34.8 million
to stockholders
- FY 2023 capex of $329.4
million
- FY 2023 free cash flow of $37.4
million
- FY 2023 total stockholder return of
$134.3 million
“For the fourth quarter, the trends in inventory
adjustments, contracting lead times and softened demand in
industrial end markets became more apparent. While customers
continue to digest higher inventory levels, we proceeded to
implement our strategy to broaden participation with our
distribution partners,” said Joel Smejkal, President and Chief
Executive Officer.
“Looking ahead, input from our customers and
distribution partners suggest we will be dealing with an inventory
digestion for the first half of the year, although some end markets
are expected to rebound sooner. During this period of inventory
adjustment, our strong balance sheet and liquidity gives us the
resources to continue investing in incremental capacity and
preparing Vishay for the long-term demand trends of e-mobility,
sustainability and connectivity. Near term we intend to advance our
distribution strategy which positions us to timely benefit from a
rebound in demand,” concluded Mr. Smejkal.
1Q 2024 OutlookFor the first
quarter of 2024, management expects revenues in the range of $735
million +/- $20 million and a gross profit margin in the range of
24.0% +/- 50 basis points.
Conference CallA conference call
to discuss Vishay’s fourth quarter financial results is scheduled
for Wednesday, February 7, 2024 at 9:00 a.m. ET. To participate in
the live conference call, please pre-register at
https://register.vevent.com/register/BI3f265da18e964024a9221557bd90d469.
Upon registering, you will be emailed a dial-in number, and unique
PIN.
A live audio webcast of the conference call and a PDF copy of
the press release and the quarterly presentation will be accessible
directly from the Investor Relations section of the Vishay website
at http://ir.vishay.com.
There will be a replay of the conference call available on the
Investor Relations website approximately one hour following the
call and will remain available for 30 days.
About VishayVishay manufactures
one of the world’s largest portfolios of discrete semiconductors
and passive electronic components that are essential to innovative
designs in the automotive, industrial, computing, consumer,
telecommunications, military, aerospace, and medical markets.
Serving customers worldwide, Vishay is The DNA of
tech.™ Vishay Intertechnology, Inc. is a Fortune 1,000
Company listed on the NYSE (VSH). More on Vishay
at www.Vishay.com.
This press release includes certain financial measures which are
not recognized in accordance with U.S. generally accepted
accounting principles ("GAAP"), including adjusted net earnings;
adjusted earnings per share; adjusted gross margin; adjusted
operating margin; free cash; earnings before interest, taxes,
depreciation and amortization ("EBITDA"); adjusted EBITDA; and
adjusted EBITDA margin; which are considered "non-GAAP financial
measures" under the U.S. Securities and Exchange Commission rules.
These non-GAAP measures supplement our GAAP measures of performance
or liquidity and should not be viewed as an alternative to GAAP
measures of performance or liquidity. Non-GAAP measures such as
adjusted net earnings, adjusted earnings per share, adjusted gross
margin, adjusted operating margin, free cash, EBITDA, adjusted
EBITDA, and adjusted EBITDA margin do not have uniform definitions.
These measures, as calculated by Vishay, may not be comparable to
similarly titled measures used by other companies. Management
believes that such measures are meaningful to investors because
they provide insight with respect to intrinsic operating results of
the Company. Although the terms "free cash" and "EBITDA" are not
defined in GAAP, the measures are derived using various line items
measured in accordance with GAAP. Reconciling items to arrive at
adjusted net earnings represent significant charges or credits that
are important to understanding the Company's intrinsic operations.
Reconciling items to calculate adjusted gross margin, adjusted
operating margin and adjusted EBITDA represent those same items
used in computing adjusted net earnings, as relevant. Furthermore,
the presented calculation of adjusted EBITDA is substantially
similar to, but not identical to, a measure used in the calculation
of financial ratios required for covenant compliance under Vishay's
revolving credit facility. These reconciling items are indicated on
the accompanying reconciliation schedules and are more fully
described in the Company's financial statements presented in its
annual report on Form 10-K and its quarterly reports presented on
Forms 10-Q.
Statements contained herein that relate to the Company's future
performance, including forecasted revenues and margins, capital
investment, capacity expansion, stockholder returns, and the
performance of the economy in general, are forward-looking
statements within the safe harbor provisions of Private Securities
Litigation Reform Act of 1995. Words and expressions such as
“intend,” “suggest”, “guide,” “will,” “expect,” or other similar
words or expressions often identify forward-looking statements.
Such statements are based on current expectations only, and are
subject to certain risks, uncertainties and assumptions, many of
which are beyond our control. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results, performance, or achievements may vary
materially from those anticipated, estimated or projected. Among
the factors that could cause actual results to materially differ
include: general business and economic conditions; manufacturing or
supply chain interruptions or changes in customer demand (including
due to political, economic, and health instability and military
conflicts and hostilities); delays or difficulties in implementing
our cost reduction strategies; delays or difficulties in expanding
our manufacturing capacities; an inability to attract and retain
highly qualified personnel; changes in foreign currency exchange
rates; uncertainty related to the effects of changes in foreign
currency exchange rates; competition and technological changes in
our industries; difficulties in new product development;
difficulties in identifying suitable acquisition candidates,
consummating a transaction on terms which we consider acceptable,
and integration and performance of acquired businesses; the timing
of the Newport wafer fab acquisition; that the Newport wafer fab
acquisition may not be consummated, including as a result of any of
the conditions precedent (including the failure to obtain any
required approvals or consents); global market downturn conditions
and volatilities impacting the completion of the acquisition; that
the fab will not be integrated successfully into the Company’s
overall business; that the expected benefits of the acquisition may
not be realized; that the fab’s standards, procedures and controls
will not be brought into conformance within the Company’s
operation; difficulties in transitioning and retaining fab
employees following the acquisition; difficulties in consolidating
facilities and transferring processes and know-how; the diversion
of our management’s attention from the management of our current
business; changes in U.S. and foreign trade regulations and
tariffs, and uncertainty regarding the same; changes in applicable
domestic and foreign tax regulations, and uncertainty regarding the
same; changes in applicable accounting standards and other factors
affecting our operations that are set forth in our filings with the
Securities and Exchange Commission, including our annual reports on
Form 10-K and our quarterly reports on Form 10-Q. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
The DNA of tech™ is a trademark of Vishay
Intertechnology.
Contact:Vishay Intertechnology, Inc.Peter
HenriciExecutive Vice President, Corporate
Development+1-610-644-1300
VISHAY
INTERTECHNOLOGY, INC. |
|
|
|
|
|
Summary of
Operations |
|
|
|
|
|
(Unaudited -
In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal quarters
ended |
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
Net revenues |
$ |
785,236 |
|
|
$ |
853,653 |
|
|
$ |
855,298 |
|
Costs of
products sold |
|
584,572 |
|
|
|
616,010 |
|
|
|
606,178 |
|
Gross
profit |
|
200,664 |
|
|
|
237,643 |
|
|
|
249,120 |
|
Gross margin |
|
25.6 |
% |
|
|
27.8 |
% |
|
|
29.1 |
% |
|
|
|
|
|
|
Selling,
general, and administrative expenses |
|
122,834 |
|
|
|
122,513 |
|
|
|
113,812 |
|
Operating
income |
|
77,830 |
|
|
|
115,130 |
|
|
|
135,308 |
|
Operating margin |
|
9.9 |
% |
|
|
13.5 |
% |
|
|
15.8 |
% |
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
Interest expense |
|
(6,454 |
) |
|
|
(7,153 |
) |
|
|
(4,490 |
) |
Loss on early extinguishment of debt |
|
- |
|
|
|
(18,874 |
) |
|
|
- |
|
Other |
|
9,268 |
|
|
|
7,409 |
|
|
|
(2,618 |
) |
Total other income (expense) - net |
|
2,814 |
|
|
|
(18,618 |
) |
|
|
(7,108 |
) |
|
|
|
|
|
|
Income
before taxes |
|
80,644 |
|
|
|
96,512 |
|
|
|
128,200 |
|
|
|
|
|
|
|
Income tax
expense |
|
28,690 |
|
|
|
30,557 |
|
|
|
54,999 |
|
|
|
|
|
|
|
Net
earnings |
|
51,954 |
|
|
|
65,955 |
|
|
|
73,201 |
|
|
|
|
|
|
|
Less: net
earnings attributable to noncontrolling interests |
|
482 |
|
|
|
426 |
|
|
|
413 |
|
|
|
|
|
|
|
Net earnings
attributable to Vishay stockholders |
$ |
51,472 |
|
|
$ |
65,529 |
|
|
$ |
72,788 |
|
|
|
|
|
|
|
Basic
earnings per share attributable to Vishay stockholders |
$ |
0.37 |
|
|
$ |
0.47 |
|
|
$ |
0.51 |
|
|
|
|
|
|
|
Diluted
earnings per share attributable to Vishay stockholders |
$ |
0.37 |
|
|
$ |
0.47 |
|
|
$ |
0.51 |
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic |
|
138,318 |
|
|
|
139,083 |
|
|
|
141,643 |
|
|
|
|
|
|
|
Weighted
average shares outstanding - diluted |
|
139,266 |
|
|
|
140,001 |
|
|
|
142,247 |
|
|
|
|
|
|
|
Cash
dividends per share |
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
VISHAY
INTERTECHNOLOGY, INC. |
|
|
|
Summary of
Operations |
|
|
|
(In
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Years ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
(unaudited) |
|
|
|
|
|
|
Net revenues |
$ |
3,402,045 |
|
|
$ |
3,497,401 |
|
Costs of
products sold* |
|
2,427,552 |
|
|
|
2,438,412 |
|
Gross
profit |
|
974,493 |
|
|
|
1,058,989 |
|
Gross
margin |
|
28.6 |
% |
|
|
30.3 |
% |
|
|
|
|
Selling,
general, and administrative expenses* |
|
488,349 |
|
|
|
443,503 |
|
Operating
income |
|
486,144 |
|
|
|
615,486 |
|
Operating
margin |
|
14.3 |
% |
|
|
17.6 |
% |
|
|
|
|
Other income
(expense): |
|
|
|
Interest
expense |
|
(25,131 |
) |
|
|
(17,129 |
) |
Loss on
early extinguishment of debt |
|
(18,874 |
) |
|
|
- |
|
Other |
|
25,263 |
|
|
|
(4,852 |
) |
Total other
income (expense) - net |
|
(18,742 |
) |
|
|
(21,981 |
) |
|
|
|
|
Income
before taxes |
|
467,402 |
|
|
|
593,505 |
|
|
|
|
|
Income tax
expense |
|
141,889 |
|
|
|
163,022 |
|
|
|
|
|
Net
earnings |
|
325,513 |
|
|
|
430,483 |
|
|
|
|
|
Less: net
earnings attributable to noncontrolling interests |
|
1,693 |
|
|
|
1,673 |
|
|
|
|
|
Net earnings
attributable to Vishay stockholders |
$ |
323,820 |
|
|
$ |
428,810 |
|
|
|
|
|
Basic
earnings per share attributable to Vishay stockholders |
$ |
2.32 |
|
|
$ |
2.99 |
|
|
|
|
|
Diluted
earnings per share attributable to Vishay stockholders |
$ |
2.31 |
|
|
$ |
2.98 |
|
|
|
|
|
Weighted
average shares outstanding - basic |
|
139,447 |
|
|
|
143,399 |
|
|
|
|
|
Weighted
average shares outstanding - diluted |
|
140,246 |
|
|
|
143,915 |
|
|
|
|
|
Cash
dividends per share |
$ |
0.40 |
|
|
$ |
0.40 |
|
|
|
|
|
* The year ended
December 31, 2022 includes incremental costs of products sold and
selling, general, and administrative expenses separable from normal
operations directly attributable to the COVID-19 pandemic of $6,661
and $546, respectively. |
VISHAY
INTERTECHNOLOGY, INC. |
|
|
|
Consolidated
Condensed Balance Sheets |
|
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
972,719 |
|
|
$ |
610,825 |
|
Short-term investments |
|
35,808 |
|
|
|
305,272 |
|
Accounts receivable, net |
|
426,674 |
|
|
|
416,178 |
|
Inventories: |
|
|
|
Finished goods |
|
167,083 |
|
|
|
156,234 |
|
Work in process |
|
267,339 |
|
|
|
261,345 |
|
Raw materials |
|
213,098 |
|
|
|
201,300 |
|
Total inventories |
|
647,520 |
|
|
|
618,879 |
|
|
|
|
|
Prepaid expenses and other current assets |
|
214,443 |
|
|
|
170,056 |
|
Total
current assets |
|
2,297,164 |
|
|
|
2,121,210 |
|
|
|
|
|
Property and
equipment, at cost: |
|
|
|
Land |
|
77,006 |
|
|
|
75,907 |
|
Buildings and improvements |
|
719,387 |
|
|
|
658,829 |
|
Machinery and equipment |
|
3,053,868 |
|
|
|
2,857,636 |
|
Construction in progress |
|
290,593 |
|
|
|
243,038 |
|
Allowance for depreciation |
|
(2,846,208 |
) |
|
|
(2,704,951 |
) |
|
|
1,294,646 |
|
|
|
1,130,459 |
|
|
|
|
|
Right of use
assets |
|
126,829 |
|
|
|
131,193 |
|
Deferred
income taxes |
|
137,394 |
|
|
|
104,667 |
|
Goodwill |
|
201,416 |
|
|
|
201,432 |
|
Other
intangible assets, net |
|
72,333 |
|
|
|
77,896 |
|
Other
assets |
|
110,141 |
|
|
|
98,796 |
|
Total assets |
$ |
4,239,923 |
|
|
$ |
3,865,653 |
|
VISHAY
INTERTECHNOLOGY, INC. |
|
|
|
Consolidated Condensed Balance Sheets (continued) |
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
|
|
|
|
Liabilities
and equity |
|
|
|
Current
liabilities: |
|
|
|
Trade accounts payable |
$ |
191,002 |
|
|
$ |
189,099 |
|
Payroll and related expenses |
|
161,940 |
|
|
|
166,079 |
|
Lease liabilities |
|
26,485 |
|
|
|
25,319 |
|
Other accrued expenses |
|
239,350 |
|
|
|
261,606 |
|
Income taxes |
|
73,098 |
|
|
|
84,155 |
|
Total
current liabilities |
|
691,875 |
|
|
|
726,258 |
|
|
|
|
|
Long-term
debt less current portion |
|
818,188 |
|
|
|
500,937 |
|
U.S.
transition tax payable |
|
47,027 |
|
|
|
83,010 |
|
Deferred
income taxes |
|
95,776 |
|
|
|
117,183 |
|
Long-term
lease liabilities |
|
102,830 |
|
|
|
108,493 |
|
Other
liabilities |
|
87,918 |
|
|
|
92,530 |
|
Accrued
pension and other postretirement costs |
|
195,503 |
|
|
|
187,092 |
|
Total
liabilities |
|
2,039,117 |
|
|
|
1,815,503 |
|
|
|
|
|
Equity: |
|
|
|
Vishay stockholders' equity |
|
|
|
Common stock |
|
13,319 |
|
|
|
13,291 |
|
Class B convertible common stock |
|
1,210 |
|
|
|
1,210 |
|
Capital in excess of par value |
|
1,291,499 |
|
|
|
1,352,321 |
|
Retained earnings |
|
1,041,372 |
|
|
|
773,228 |
|
Treasury stock (at cost) |
|
(161,656 |
) |
|
|
(82,972 |
) |
Accumulated other comprehensive income (loss) |
|
10,337 |
|
|
|
(10,827 |
) |
Total Vishay stockholders' equity |
|
2,196,081 |
|
|
|
2,046,251 |
|
Noncontrolling interests |
|
4,725 |
|
|
|
3,899 |
|
Total
equity |
|
2,200,806 |
|
|
|
2,050,150 |
|
Total
liabilities and equity |
$ |
4,239,923 |
|
|
$ |
3,865,653 |
|
VISHAY
INTERTECHNOLOGY, INC. |
|
|
|
Consolidated
Condensed Statements of Cash Flows |
|
|
|
(In
thousands) |
|
|
Years ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
(unaudited) |
|
|
Operating
activities |
|
|
|
Net earnings |
$ |
325,513 |
|
|
$ |
430,483 |
|
Adjustments
to reconcile net earnings to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
184,373 |
|
|
|
163,991 |
|
(Gain) loss on disposal of property and equipment |
|
(554 |
) |
|
|
(455 |
) |
Inventory write-offs for obsolescence |
|
37,426 |
|
|
|
26,898 |
|
Pensions and other postretirement benefits, net of
contributions |
|
(9,559 |
) |
|
|
(615 |
) |
Stock compensation expense |
|
16,532 |
|
|
|
6,545 |
|
Loss on early extinguishment of debt |
|
18,874 |
|
|
|
- |
|
Deferred income taxes |
|
36,783 |
|
|
|
38,677 |
|
Other |
|
9,442 |
|
|
|
835 |
|
Change in U.S. transition tax liability |
|
(27,670 |
) |
|
|
(14,757 |
) |
Change in repatriation tax liability |
|
(63,600 |
) |
|
|
(25,201 |
) |
Changes in operating assets and liabilities |
|
(161,857 |
) |
|
|
(142,113 |
) |
Net cash
provided by operating activities |
|
365,703 |
|
|
|
484,288 |
|
|
|
|
|
Investing
activities |
|
|
|
Purchase of
property and equipment |
|
(329,410 |
) |
|
|
(325,308 |
) |
Proceeds
from sale of property and equipment |
|
1,156 |
|
|
|
1,198 |
|
Purchase and
deposits for businesses, net of cash acquired |
|
(13,753 |
) |
|
|
(50,000 |
) |
Purchase of
short-term investments |
|
(117,523 |
) |
|
|
(285,956 |
) |
Maturity of
short-term investments |
|
387,898 |
|
|
|
132,901 |
|
Other
investing activities |
|
(1,219 |
) |
|
|
(1,766 |
) |
Net cash
used in investing activities |
|
(72,851 |
) |
|
|
(528,931 |
) |
|
|
|
|
Financing
activities |
|
|
|
Proceeds
from long-term borrowings |
|
750,000 |
|
|
|
- |
|
Repurchase
of convertible debt instruments |
|
(386,745 |
) |
|
|
- |
|
Net proceeds
(payments) on revolving credit facility |
|
(42,000 |
) |
|
|
42,000 |
|
Debt
issuance costs |
|
(26,823 |
) |
|
|
- |
|
Cash paid
for capped call |
|
(94,200 |
) |
|
|
- |
|
Dividends
paid to common stockholders |
|
(50,787 |
) |
|
|
(52,348 |
) |
Dividends
paid to Class B common stockholders |
|
(4,839 |
) |
|
|
(4,839 |
) |
Repurchase
of common stock held in treasury |
|
(78,684 |
) |
|
|
(82,972 |
) |
Distributions to noncontrolling interests |
|
(867 |
) |
|
|
(741 |
) |
Cash
withholding taxes paid when shares withheld for vested equity
awards |
|
(3,994 |
) |
|
|
(2,123 |
) |
Net cash
provided by (used in) financing activities |
|
61,061 |
|
|
|
(101,023 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
7,981 |
|
|
|
(17,617 |
) |
|
|
|
|
Net increase
(decrease) in cash and cash equivalents |
|
361,894 |
|
|
|
(163,283 |
) |
|
|
|
|
Cash and
cash equivalents at beginning of period |
|
610,825 |
|
|
|
774,108 |
|
Cash and
cash equivalents at end of period |
$ |
972,719 |
|
|
$ |
610,825 |
|
VISHAY
INTERTECHNOLOGY, INC. |
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Earnings Per Share |
|
|
|
|
|
|
|
|
|
(Unaudited -
In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
Fiscal quarters ended |
|
Years ended |
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
GAAP net earnings attributable to Vishay stockholders |
$ |
51,472 |
|
$ |
65,529 |
|
|
$ |
72,788 |
|
|
$ |
323,820 |
|
|
$ |
428,810 |
|
|
|
|
|
|
|
|
|
|
|
Reconciling
items affecting gross profit: |
|
|
|
|
|
|
|
|
|
Impact of
the COVID-19 pandemic |
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
6,661 |
|
|
|
|
|
|
|
|
|
|
|
Other
reconciling items affecting operating income: |
|
|
|
|
|
|
|
|
|
Impact of
the COVID-19 pandemic |
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
546 |
|
|
|
|
|
|
|
|
|
|
|
Reconciling
items affecting other income (expense): |
|
|
|
|
|
|
|
|
|
Loss on
early extinguishment of debt |
$ |
- |
|
$ |
18,874 |
|
|
$ |
- |
|
|
$ |
18,874 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
Reconciling
items affecting tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Effect of
changes in uncertain tax positions |
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(5,941 |
) |
Effects of
changes in valuation allowances |
|
- |
|
|
- |
|
|
|
(33,669 |
) |
|
|
- |
|
|
|
(33,669 |
) |
Effect of
change in indefinite reversal assertion |
|
- |
|
|
- |
|
|
|
59,642 |
|
|
|
- |
|
|
|
59,642 |
|
Tax effects
of pre-tax items above |
|
- |
|
|
(498 |
) |
|
|
- |
|
|
|
(498 |
) |
|
|
(1,802 |
) |
|
|
|
|
|
|
|
|
|
|
Adjusted net
earnings |
$ |
51,472 |
|
$ |
83,905 |
|
|
$ |
98,761 |
|
|
$ |
342,196 |
|
|
$ |
454,247 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
weighted average diluted shares outstanding |
|
139,266 |
|
|
140,001 |
|
|
|
142,247 |
|
|
|
140,246 |
|
|
|
143,915 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings per diluted share |
$ |
0.37 |
|
$ |
0.60 |
|
|
$ |
0.69 |
|
|
$ |
2.44 |
|
|
$ |
3.16 |
|
VISHAY
INTERTECHNOLOGY, INC. |
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash |
|
|
|
|
|
|
|
|
|
(Unaudited -
In thousands) |
|
|
|
|
|
|
|
|
|
|
Fiscal quarters ended |
|
Years ended |
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
Net cash provided by operating activities |
$ |
6,268 |
|
|
$ |
122,303 |
|
|
|
166,496 |
|
|
$ |
365,703 |
|
|
$ |
484,288 |
|
Proceeds
from sale of property and equipment |
|
122 |
|
|
|
21 |
|
|
|
726 |
|
|
|
1,156 |
|
|
|
1,198 |
|
Less:
Capital expenditures |
|
(145,331 |
) |
|
|
(66,829 |
) |
|
|
(153,133 |
) |
|
|
(329,410 |
) |
|
|
(325,308 |
) |
Free
cash |
$ |
(138,941 |
) |
|
$ |
55,495 |
|
|
$ |
14,089 |
|
|
$ |
37,449 |
|
|
$ |
160,178 |
|
VISHAY
INTERTECHNOLOGY, INC. |
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
(Unaudited -
In thousands) |
|
|
|
|
|
|
|
|
|
|
Fiscal quarters ended |
|
Years ended |
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
GAAP net earnings attributable to Vishay stockholders |
$ |
51,472 |
|
|
$ |
65,529 |
|
|
$ |
72,788 |
|
|
$ |
323,820 |
|
|
$ |
428,810 |
|
Net earnings
attributable to noncontrolling interests |
|
482 |
|
|
|
426 |
|
|
|
413 |
|
|
|
1,693 |
|
|
|
1,673 |
|
Net
earnings |
$ |
51,954 |
|
|
$ |
65,955 |
|
|
$ |
73,201 |
|
|
$ |
325,513 |
|
|
$ |
430,483 |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
$ |
6,454 |
|
|
$ |
7,153 |
|
|
$ |
4,490 |
|
|
$ |
25,131 |
|
|
$ |
17,129 |
|
Interest
income |
|
(9,934 |
) |
|
|
(9,183 |
) |
|
|
(4,374 |
) |
|
|
(31,353 |
) |
|
|
(7,560 |
) |
Income
taxes |
|
28,690 |
|
|
|
30,557 |
|
|
|
54,999 |
|
|
|
141,889 |
|
|
|
163,022 |
|
Depreciation
and amortization |
|
50,463 |
|
|
|
46,216 |
|
|
|
42,690 |
|
|
|
184,373 |
|
|
|
163,991 |
|
EBITDA |
$ |
127,627 |
|
|
$ |
140,698 |
|
|
$ |
171,006 |
|
|
$ |
645,553 |
|
|
$ |
767,065 |
|
|
|
|
|
|
|
|
|
|
|
Reconciling
items |
|
|
|
|
|
|
|
|
|
Impact of
the COVID-19 pandemic |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,207 |
|
Loss on
early extinguishment of debt |
|
- |
|
|
|
18,874 |
|
|
|
- |
|
|
|
18,874 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
127,627 |
|
|
$ |
159,572 |
|
|
$ |
171,006 |
|
|
$ |
664,427 |
|
|
$ |
774,272 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA margin** |
|
16.3 |
% |
|
|
18.7 |
% |
|
|
20.0 |
% |
|
|
19.5 |
% |
|
|
22.1 |
% |
|
|
|
|
|
|
|
|
|
|
** Adjusted
EBITDA as a percentage of net revenues |
|
|
|
|
|
|
|
|
|
Vishay Intertechnology (NYSE:VSH)
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From Apr 2024 to May 2024
Vishay Intertechnology (NYSE:VSH)
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From May 2023 to May 2024