Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision
measurement technologies, today announced its results for its
fiscal 2022 fourth quarter and twelve fiscal months ended
December 31, 2022.
Fourth Quarter Highlights:
- Revenues of $96.2 million increased 6.9% from a year ago
- Gross profit margin was 41.2%, as compared to 38.7% a year
ago
- Adjusted gross profit margin* was 41.5%, as compared to 40.3% a
year ago
- Operating margin was 13.6%, as compared to 9.7% reported a year
ago
- Adjusted operating margin* was 14.0%, as compared to 11.4%
reported a year ago
- Diluted net earnings per share were $0.65, as compared to $0.44
reported a year ago
- Adjusted diluted net earnings per share* were $0.76, as
compared to $0.56 reported a year ago
- EBITDA* was $15.4 million with an EBITDA margin* of 16.0%
- Adjusted EBITDA* was $17.5 million with an adjusted EBITDA
margin* of 18.2%
- Cash from operating activities was $12.5 million with adjusted
free cash flow* of $6.8 million
2022 Full Year Highlights:
- Revenues of $362.6 million increased 14.0% year-over-year
- Gross profit margin was 41.3%, as compared to 39.4% a year
ago
- Adjusted gross profit margin* was 41.8%, as compared to 41.2% a
year ago
- Operating margin was 12.1%, as compared to 8.6% reported last
year
- Adjusted operating margin* was 13.0%, as compared to 11.1%
reported last year
- Diluted net earnings per share were $2.63, as compared to $1.48
reported a year ago
- Adjusted diluted net earnings per share* were $2.62, as
compared to $1.87 reported a year ago
- EBITDA* was $62.2 million with an EBITDA margin* of 17.2%
- Adjusted EBITDA* was $62.0 million with an adjusted EBITDA
margin* of 17.1%
- Cash from operating activities was $33.0 million with adjusted
free cash flow* of $12.2 million
Ziv Shoshani, Chief Executive Officer of VPG, commented, "Our
fourth quarter results contributed to a record year for VPG. For
fiscal 2022, we achieved revenue growth of 14.0% despite ongoing
foreign currency headwinds, adjusted diluted net earnings per
share* of $2.62, and an adjusted EBITDA margin* of 17.1%. We
believe this performance demonstrates the increasing value of our
technology solutions, the power of our business model, and our
growth strategies.
For the fourth quarter, we achieved record revenue which was
6.9% above both the fourth quarter of last year and the third
quarter of 2022. We delivered adjusted diluted net earnings per
share* of $0.76, and adjusted EBITDA* of $17.5 million with an
adjusted EBITDA margin* of 18.2%. After seven quarters of
book-to-bill over 1.0, our book-to-bill of 0.76 reflected softer
fourth quarter orders, as customers adjusted their order levels to
reflect cyclical slowing in some markets and the easing of supply
chain availability more broadly. While near-term visibility is
limited, we expect orders to improve through 2023. We are confident
about the prospects for our strategic initiatives to address
emerging and broadening opportunities for our precision sensing and
measurement technologies."
The Company's fourth fiscal quarter 2022 net earnings
attributable to VPG stockholders were $8.8 million, or $0.65 per
diluted share, compared to $6.0 million, or $0.44 per diluted
share, in the fourth fiscal quarter of 2021.
In the fiscal year ended December 31, 2022, net earnings
attributable to VPG stockholders were $36.1 million, or $2.63 per
diluted share, compared to $20.2 million, or $1.48 per diluted
share, in the fiscal year ended December 31, 2021.
The fourth fiscal quarter 2022 adjusted net earnings*
attributable to VPG stockholders were $10.4 million, or $0.76 per
diluted share, compared to adjusted net earnings* attributable to
VPG stockholders of $7.7 million, or $0.56 per diluted share, for
the comparable prior year period.
In the fiscal year ended December 31, 2022, adjusted net
earnings* attributable to VPG stockholders were $35.9 million, or
$2.62 per diluted share, compared to adjusted net earnings*
attributable to VPG stockholders of $25.6 million, or $1.87 per
diluted share, for the comparable prior year period.
Segment PerformanceThe Sensors segment revenues
of $36.3 million in the fourth fiscal quarter of 2022 increased
6.3% from the prior year of $34.1 million and decreased 4.1%
sequentially from $37.9 million in the third quarter of 2022. The
year-over-year increase in revenues was primarily attributable to
an increase in sales of precision resistors in the Test and
Measurement market, and higher sales of our advance sensors
products primarily in Avionics, Military and Space (AMS) market and
General Industrial markets. Sequentially, the decrease in revenues
reflected lower precision resistor sales in the Test and
Measurement market which was partially offset by an increase in the
AMS market, and a decrease in sales of our advanced sensors,
primarily in our consumer electronics market.
Gross profit margin for the Sensors segment of 37.6% for the
fourth fiscal quarter of 2022 was higher compared to 32.1% (or
34.8% adjusted to exclude the impact of $0.9 million of start-up
costs related to our new advanced sensors facility) in the fourth
fiscal quarter of 2021, and lower compared to 40.5% in the third
fiscal quarter of 2022. The year-over-year increase in adjusted
gross profit margin* was primarily due to an increase in volume and
average selling prices. Sequentially, adjusted gross profit margin*
was lower than the third quarter of 2022 primarily due to a
decrease in volume and temporary manufacturing inefficiencies.
The Weighing Solutions segment revenues of $33.1 million in the
fourth fiscal quarter of 2022 increased 3.2% from $32.1 million in
the prior year and 5.4% from $31.4 million in the third quarter of
2022. The year-over-year increase in revenues was primarily
attributable to increased revenues from OEM customers for precision
agriculture applications in our Other market segment. The
sequential increase in revenues was primarily attributable to
increased revenues from OEM customers for precision agriculture and
construction applications in our Other market segment and higher
revenue in our Industrial Weighing market, partially offset by
lower sales in the Transportation market.
Gross profit margin for the Weighing Solutions segment was 33.4%
for the fourth fiscal quarter of 2022, a decrease compared to 34.0%
in the fourth fiscal quarter of 2021, and flat compared to 33.3% in
the third fiscal quarter of 2022. The year-over-year decrease in
adjusted gross profit margin* was primarily due to higher material
costs and unfavorable foreign currency exchange rates, partially
offset by higher volume and selling price increases. Sequentially,
adjusted gross profit margin* was essentially flat, as higher
volume was offset by unfavorable foreign currency exchange
rates.
The Measurement Systems segment revenues in the fourth fiscal
quarter of 2022 of $26.8 million increased 12.8% from $23.8 million
in the prior year and increased 29.2% sequentially from $20.8
million in the third fiscal quarter of 2022. The year-over-year
increase in revenues was primarily attributable to higher sales of
Diversified Technical Systems, Inc. ("DTS") products to the AMS and
Transportation markets, and higher KELK and Dynamic Systems Inc.
("DSI") steel-related sales. The sequential increase in revenue was
primarily attributable to higher sales of DTS products to the
Transportation and AMS markets and higher sales of KELK and DSI to
Steel markets.
Gross profit margin for the Measurement Systems segment was
55.9% (or 56.8% adjusted to exclude the $0.2 million of purchasing
accounting adjustments related to the DTS acquisition) for the
fourth fiscal quarter of 2022, compared to 54.7% (or 56.8% adjusted
to exclude the $0.5 million purchasing accounting adjustments
related to the DTS acquisition) in the fourth fiscal quarter of
2021, and compared to 55.5% (or 56.7% adjusted to exclude the $0.3
million of purchasing accounting adjustments related to the DTS
acquisition) from the third fiscal quarter of 2022. Year-over-year,
the adjusted gross profit margin* was flat as higher revenue and
higher average selling prices were offset by unfavorable product
mix, unfavorable foreign exchange rates and higher materials costs.
While slightly higher on a sequential basis, adjusted gross profit
margin* in the fourth quarter of 2022 reflected higher volume which
was partially offset by unfavorable product mix and foreign
exchange rates.
Near-Term Outlook“For the first fiscal quarter
of 2023, at constant fourth fiscal quarter 2022 exchange rates, we
expect net revenues to be in the range of $85 million to $95
million,” concluded Mr. Shoshani.
*Use of Non-GAAP Financial Information
We define “adjusted gross profit margin" as gross profit margin
before purchase accounting adjustments related to the DTS and DSI
acquisitions, start-up costs related to our new advanced sensors
facility, and COVID-19 costs. We define "adjusted operating margin"
as operating margin before purchase accounting adjustments related
to the DTS and DSI acquisitions, acquisition costs related to the
DTS acquisition, start-up costs related to our new advanced sensors
facility, COVID-19 costs, impairment of goodwill and
indefinite-lived intangibles, and restructuring costs. We define
"adjusted net earnings" and "adjusted diluted net earnings per
share" as net earnings attributable to VPG stockholders before
purchase accounting adjustments related to the DTS and DSI
acquisitions, acquisition costs related to the DTS acquisition,
start-up costs related to our new advanced sensors facility,
COVID-19 costs, impairment of goodwill and indefinite-lived
intangibles, restructuring costs, foreign currency exchange gains
and losses, and associated tax effects. We define "EBITDA" as
earnings before interest, taxes, depreciation, and amortization. We
define "Adjusted EBITDA" as earnings before interest, taxes,
depreciation, and amortization before purchase accounting
adjustments related to the DTS and DSI acquisitions, acquisition
costs related to the DTS acquisition, start-up costs related to our
new advanced sensors facility, COVID-19 costs, impairment of
goodwill and indefinite-lived intangibles, restructuring costs,
foreign currency exchange gains and losses, and associated tax
effects.
"Adjusted free cash flow" for the fourth fiscal quarter of 2022
is defined as the amount of cash generated from operating
activities ($12.5 million), in excess of our capital expenditures
($5.7 million), net of proceeds, if any, from the sale of assets
($0.0 million). "Adjusted free cash flow" for the fiscal year of
2022 is defined as the amount of cash generated from operating
activities ($33.0 million) in excess of our capital expenditures
($21.3 million), net of proceeds, if any, from the sale of assets
($0.5 million).
Management believes that these non-GAAP measures are useful to
investors because each presents what management views as our core
operating results for the relevant period. The adjustments to the
applicable GAAP measures relate to occurrences or events that are
outside of our core operations, and management believes that the
use of these non-GAAP measures provides a consistent basis to
evaluate our operating profitability and performance trends across
comparable periods. These reconciling items are indicated on the
accompanying reconciliation schedules and are more fully described
in VPG’s financial statements presented in our Annual Report on
Form 10-K and its Quarterly Reports on Forms 10-Q.
Conference Call and Webcast
A conference call is scheduled for tomorrow (Wednesday, February
15, 2023) at 9:00 a.m. ET (8:00 a.m. CT). To access the conference
call, interested parties may call 1-844-200-6205 or internationally
1-929-526-1599 and use passcode 467007, or log on to the investor
relations page of the VPG website at ir.vpgsensors.com.
A replay will be available approximately one hour after the
completion of the call by calling toll-free 1-866-813-9403 or
internationally 1-929-458-6194 and using the passcode 330842. The
replay will also be available on the investor relations page of the
VPG website at ir.vpgsensors.com for a limited time.
About VPG
Vishay Precision Group, Inc. (VPG) is a leader in precision
measurement sensing technologies. Our sensors, weighing solutions
and measurement systems optimize and enhance our customers’ product
performance across a broad array of markets to make our world
safer, smarter, and more productive. To learn more, visit VPG at
www.vpgsensors.com and follow us on LinkedIn.
Forward-Looking Statements
From time to time, information provided by us, including, but
not limited to, statements in this press release, or other
statements made by or on our behalf, may contain or constitute
"forward-looking" information within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve a
number of risks, uncertainties, and contingencies, many of which
are beyond our control, which may cause actual results,
performance, or achievements to differ materially from those
anticipated.
Such statements are based on current expectations only, and are
subject to certain risks, uncertainties, and assumptions. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, expected, estimated, or
projected. Among the factors that could cause actual results to
materially differ include: general business and economic
conditions; impact of inflation, issues respecting the United
States federal government debt ceiling, global labor and supply
chain challenges; difficulties or delays in identifying,
negotiating and completing acquisitions and integrating acquired
companies; the inability to realize anticipated synergies and
expansion possibilities; difficulties in new product development;
changes in competition and technology in the markets that we serve
and the mix of our products required to address these changes;
changes in foreign currency exchange rates; political, economic,
health (including the COVID-19 pandemic) and military instability
in the countries in which we operate; difficulties in implementing
our cost reduction strategies, such as underutilization of
production facilities, labor unrest or legal challenges to our
lay-off or termination plans, operation of redundant facilities due
to difficulties in transferring production to achieve efficiencies;
compliance issues under applicable laws, such as export control
laws, including the outcome of our voluntary self-disclosure of
export control non-compliance; significant developments from the
recent and potential changes in tariffs and trade regulation; our
efforts and efforts by governmental authorities to mitigate the
COVID-19 pandemic, such as travel bans, shelter-in-place orders and
business closures and the related impact on resource allocations,
manufacturing and supply chains; our status as a “critical”,
“essential” or “life-sustaining” business in light of COVID-19
business closure laws, orders and guidance being challenged by a
governmental body or other applicable authority; our ability to
execute our new corporate strategy and business continuity,
operational and budget plans; and other factors affecting our
operations, markets, products, services, and prices that are set
forth in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021. We caution you not to place undue reliance on
forward-looking statements, which speak only as of the date of this
report or as of the dates otherwise indicated in such
forward-looking statements. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
Contact:
Steve CantorVishay Precision Group,
Inc.781-222-3516steve.cantor@vpgsensors.com
VISHAY
PRECISION GROUP, INC. |
Consolidated
Statements of Operations |
(Unaudited - In
thousands, except per share amounts) |
|
|
|
|
|
Fiscal quarter ended |
|
December 31, 2022 |
|
December 31, 2021 |
Net revenues |
$ |
96,240 |
|
|
|
$ |
90,017 |
|
|
Costs of products sold |
|
56,542 |
|
|
|
|
55,140 |
|
|
Gross profit |
|
39,698 |
|
|
|
|
34,877 |
|
|
Gross profit margin |
|
41.2 |
|
% |
|
|
38.7 |
|
% |
|
|
|
|
Selling, general, and
administrative expenses |
|
26,461 |
|
|
|
|
26,057 |
|
|
Restructuring costs |
|
188 |
|
|
|
|
76 |
|
|
Operating income |
|
13,049 |
|
|
|
|
8,744 |
|
|
Operating margin |
|
13.6 |
|
% |
|
|
9.7 |
|
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
|
(876 |
) |
|
|
|
(324 |
) |
|
Other |
|
(1,448 |
) |
|
|
|
(651 |
) |
|
Other expenses - net |
|
(2,324 |
) |
|
|
|
(975 |
) |
|
|
|
|
|
Income before taxes |
|
10,725 |
|
|
|
|
7,769 |
|
|
|
|
|
|
Income tax expense |
|
1,884 |
|
|
|
|
1,781 |
|
|
|
|
|
|
Net earnings |
|
8,841 |
|
|
|
|
5,988 |
|
|
Less: net earnings
attributable to noncontrolling interests |
|
7 |
|
|
|
|
27 |
|
|
Net earnings attributable to
VPG stockholders |
$ |
8,834 |
|
|
|
$ |
5,961 |
|
|
|
|
|
|
Basic earnings per share
attributable to VPG stockholders |
$ |
0.65 |
|
|
|
$ |
0.44 |
|
|
Diluted earnings per share
attributable to VPG stockholders |
$ |
0.65 |
|
|
|
$ |
0.44 |
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
13,579 |
|
|
|
|
13,626 |
|
|
Weighted average shares
outstanding - diluted |
|
13,677 |
|
|
|
|
13,687 |
|
|
VISHAY
PRECISION GROUP, INC. |
Consolidated
Statements of Operations |
(Unaudited - In
thousands, except per share amounts) |
|
|
|
|
|
Years ended |
|
December 31, 2022 |
|
December 31, 2021 |
Net revenues |
$ |
362,580 |
|
|
|
$ |
317,919 |
|
|
Costs of products sold |
|
212,978 |
|
|
|
|
192,777 |
|
|
Gross profit |
|
149,602 |
|
|
|
|
125,142 |
|
|
Gross profit margin |
|
41.3 |
|
% |
|
|
39.4 |
|
% |
|
|
|
|
Selling, general, and
administrative expenses |
|
104,285 |
|
|
|
|
95,273 |
|
|
Acquisition costs |
|
— |
|
|
|
|
1,198 |
|
|
Impairment of goodwill and
indefinite-lived intangibles |
|
— |
|
|
|
|
1,223 |
|
|
Restructuring costs |
|
1,518 |
|
|
|
|
76 |
|
|
Operating income |
|
43,799 |
|
|
|
|
27,372 |
|
|
Operating margin |
|
12.1 |
|
% |
|
|
8.6 |
|
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
|
(2,269 |
) |
|
|
|
(1,230 |
) |
|
Other |
|
3,558 |
|
|
|
|
(230 |
) |
|
Other expenses - net |
|
1,289 |
|
|
|
|
(1,460 |
) |
|
|
|
|
|
Income before taxes |
|
45,088 |
|
|
|
|
25,912 |
|
|
|
|
|
|
Income tax expense |
|
8,535 |
|
|
|
|
5,469 |
|
|
|
|
|
|
Net earnings |
|
36,553 |
|
|
|
|
20,443 |
|
|
Less: net earnings
attributable to noncontrolling interests |
|
490 |
|
|
|
|
222 |
|
|
Net earnings attributable to
VPG stockholders |
$ |
36,063 |
|
|
|
$ |
20,221 |
|
|
|
|
|
|
Basic earnings per share
attributable to VPG stockholders |
$ |
2.65 |
|
|
|
$ |
1.49 |
|
|
Diluted earnings per share
attributable to VPG stockholders |
$ |
2.63 |
|
|
|
$ |
1.48 |
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
13,628 |
|
|
|
|
13,616 |
|
|
Weighted average shares
outstanding - diluted |
|
13,688 |
|
|
|
|
13,657 |
|
|
VISHAY
PRECISION GROUP, INC. |
Consolidated
Balance Sheets |
(In thousands,
except per share amounts) |
|
December 31, 2022 |
|
December 31, 2021 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
88,562 |
|
|
$ |
84,335 |
|
Accounts receivable |
|
60,068 |
|
|
|
58,265 |
|
Inventories: |
|
|
|
Raw materials |
|
31,852 |
|
|
|
25,464 |
|
Work in process |
|
26,401 |
|
|
|
23,851 |
|
Finished goods |
|
26,407 |
|
|
|
27,112 |
|
Inventories |
|
84,660 |
|
|
|
76,427 |
|
Prepaid expenses and other current assets |
|
18,516 |
|
|
|
15,916 |
|
Total current assets |
|
251,806 |
|
|
|
234,943 |
|
|
|
|
|
Property and equipment: |
|
|
|
Land |
|
4,117 |
|
|
|
4,241 |
|
Buildings and improvements |
|
71,613 |
|
|
|
68,778 |
|
Machinery and equipment |
|
125,301 |
|
|
|
122,202 |
|
Software |
|
9,539 |
|
|
|
8,871 |
|
Construction in progress |
|
10,075 |
|
|
|
7,747 |
|
Accumulated depreciation |
|
(133,518 |
) |
|
|
(130,619 |
) |
Property and equipment,
net |
|
87,127 |
|
|
|
81,220 |
|
|
|
|
|
Goodwill |
|
45,544 |
|
|
|
45,830 |
|
|
|
|
|
Intangible assets, net |
|
48,217 |
|
|
|
52,437 |
|
Operating lease right-of-use
assets |
|
24,342 |
|
|
|
27,764 |
|
Other assets |
|
19,706 |
|
|
|
19,695 |
|
Total assets |
$ |
476,742 |
|
|
$ |
461,889 |
|
VISHAY
PRECISION GROUP, INC. |
Consolidated
Balance Sheets |
(In thousands,
except per share amounts) |
|
December 31, 2022 |
|
December 31, 2021 |
|
(Unaudited) |
|
|
Liabilities and
equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
13,792 |
|
|
$ |
14,876 |
|
Payroll and related expenses |
|
21,966 |
|
|
|
23,772 |
|
Other accrued expenses |
|
20,306 |
|
|
|
17,596 |
|
Income taxes |
|
4,064 |
|
|
|
3,774 |
|
Current portion of operating lease liabilities |
|
4,208 |
|
|
|
4,610 |
|
Current portion of long-term debt |
|
— |
|
|
|
— |
|
Total current liabilities |
|
64,336 |
|
|
|
64,628 |
|
|
|
|
|
Long-term debt, less current
portion |
|
60,799 |
|
|
|
60,714 |
|
Deferred income taxes |
|
4,212 |
|
|
|
5,848 |
|
Operating lease
liabilities |
|
20,043 |
|
|
|
25,140 |
|
Other liabilities |
|
13,053 |
|
|
|
16,264 |
|
Accrued pension and other
postretirement costs |
|
7,777 |
|
|
|
12,253 |
|
Total liabilities |
|
170,220 |
|
|
|
184,847 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Equity: |
|
|
|
Preferred stock |
|
|
|
Common stock |
|
1,325 |
|
|
|
1,322 |
|
Class B convertible common stock |
|
103 |
|
|
|
103 |
|
Treasury stock |
|
(11,504 |
) |
|
|
(8,765 |
) |
Capital in excess of par value |
|
201,164 |
|
|
|
199,151 |
|
Retained earnings |
|
156,359 |
|
|
|
120,296 |
|
Accumulated other comprehensive loss |
|
(40,900 |
) |
|
|
(35,008 |
) |
Total Vishay Precision Group, Inc. stockholders' equity |
|
306,547 |
|
|
|
277,099 |
|
Noncontrolling interests |
|
(25 |
) |
|
|
(57 |
) |
Total equity |
|
306,522 |
|
|
|
277,042 |
|
Total liabilities and
equity |
$ |
476,742 |
|
|
$ |
461,889 |
|
VISHAY
PRECISION GROUP, INC. |
Consolidated
Statements of Cash Flows |
(Unaudited - In
thousands) |
|
Years ended |
|
December 31, 2022 |
|
December 31, 2021 |
Operating
activities |
|
|
|
Net earnings |
$ |
36,553 |
|
|
$ |
20,443 |
|
Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
|
Impairment of goodwill and indefinite-lived intangibles |
|
— |
|
|
|
1,223 |
|
Depreciation and amortization |
|
15,353 |
|
|
|
14,996 |
|
Gain on disposal of property and equipment |
|
(117 |
) |
|
|
(5 |
) |
Reclassification of foreign currency translation adjustment related
to disposal of subsidiary |
|
191 |
|
|
|
— |
|
Share-based compensation expense |
|
2,439 |
|
|
|
2,244 |
|
Inventory write-offs for obsolescence |
|
1,650 |
|
|
|
2,288 |
|
Deferred income taxes |
|
(2,040 |
) |
|
|
(3,256 |
) |
Foreign currency impacts and other items |
|
(3,915 |
) |
|
|
(1,018 |
) |
Net changes in operating
assets and liabilities, net of acquisition: |
|
|
|
Accounts receivable |
|
(4,777 |
) |
|
|
(8,038 |
) |
Inventories |
|
(11,943 |
) |
|
|
(8,626 |
) |
Prepaid expenses and other current assets |
|
(2,808 |
) |
|
|
(56 |
) |
Trade accounts payable |
|
889 |
|
|
|
3,292 |
|
Other current liabilities |
|
3,393 |
|
|
|
11,637 |
|
Other non current assets and liabilities, net |
|
(1,413 |
) |
|
|
(624 |
) |
Accrued pension and other postretirement costs, net |
|
(426 |
) |
|
|
(963 |
) |
Net cash provided by operating
activities |
|
33,029 |
|
|
|
33,537 |
|
Investing
activities |
|
|
|
Capital expenditures |
|
(21,288 |
) |
|
|
(17,061 |
) |
Proceeds from sale of property
and equipment |
|
451 |
|
|
|
231 |
|
Purchase of business |
|
— |
|
|
|
(47,216 |
) |
Net cash used in investing
activities |
|
(20,837 |
) |
|
|
(64,046 |
) |
Financing
activities |
|
|
|
Principal payments on
long-term debt |
|
— |
|
|
|
(18 |
) |
Proceeds from revolving
facility |
|
— |
|
|
|
20,000 |
|
Purchase of treasury
stock |
|
(2,739 |
) |
|
|
— |
|
Distributions to
noncontrolling interests |
|
(457 |
) |
|
|
(313 |
) |
Payments of employee taxes on
certain share-based arrangements |
|
(435 |
) |
|
|
(853 |
) |
Net cash (used in) provided by
financing activities |
|
(3,631 |
) |
|
|
18,816 |
|
Effect of exchange rate
changes on cash and cash equivalents |
|
(4,334 |
) |
|
|
(2,410 |
) |
Increase (decrease) in cash
and cash equivalents |
|
4,227 |
|
|
|
(14,103 |
) |
Cash and cash equivalents at
beginning of year |
|
84,335 |
|
|
|
98,438 |
|
Cash and cash equivalents at
end of year |
$ |
88,562 |
|
|
$ |
84,335 |
|
|
|
|
|
Supplemental
disclosure of investing transactions: |
|
|
|
Capital expenditures
purchased |
$ |
(19,951 |
) |
|
$ |
(17,567 |
) |
Capital expenditures accrued
but not yet paid |
$ |
1,731 |
|
|
$ |
3,068 |
|
VISHAY
PRECISION GROUP, INC. |
Reconciliation of Consolidated Adjusted Gross Profit,
Operating Income, Net Earnings Attributable to VPG Stockholders and
Diluted Earnings Per Share |
(Unaudited - In
thousands except per share data) |
|
Gross Profit |
|
Operating Income |
|
Net Earnings Attributable to VPG Stockholders |
|
Diluted Earnings Per share |
Fiscal Year Ended
December 31, |
2022 |
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
As reported - GAAP |
|
149,602 |
|
|
|
|
125,142 |
|
|
|
|
43,799 |
|
|
|
|
27,372 |
|
|
|
$ |
36,063 |
|
|
$ |
20,221 |
|
|
$ |
2.63 |
|
|
$ |
1.48 |
|
As reported - GAAP
Margins |
|
41.3 |
|
% |
|
|
39.4 |
|
% |
|
|
12.1 |
|
% |
|
|
8.6 |
|
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
|
1,550 |
|
|
|
|
2,775 |
|
|
|
|
1,550 |
|
|
|
|
2,775 |
|
|
|
|
1,550 |
|
|
|
2,775 |
|
|
|
0.11 |
|
|
|
0.20 |
|
Acquisition costs |
|
|
|
|
|
— |
|
|
|
|
1,198 |
|
|
|
|
— |
|
|
|
1,198 |
|
|
|
— |
|
|
|
0.09 |
|
COVID-19 impact |
|
138 |
|
|
|
|
(66 |
) |
|
|
|
138 |
|
|
|
|
(574 |
) |
|
|
|
138 |
|
|
|
(574 |
) |
|
|
0.01 |
|
|
|
(0.04 |
) |
Start-up costs |
|
150 |
|
|
|
|
3,174 |
|
|
|
|
150 |
|
|
|
|
3,174 |
|
|
|
|
150 |
|
|
|
3,174 |
|
|
|
0.01 |
|
|
|
0.23 |
|
Impairment of goodwill and
indefinite-lived intangibles |
|
|
|
|
|
— |
|
|
|
|
1,223 |
|
|
|
|
— |
|
|
|
1,223 |
|
|
|
— |
|
|
|
0.09 |
|
Restructuring costs |
|
|
|
|
|
1,518 |
|
|
|
|
76 |
|
|
|
|
1,518 |
|
|
|
76 |
|
|
|
0.11 |
|
|
|
0.01 |
|
Foreign exchange
(gain)/loss |
|
|
|
|
|
|
|
|
|
(3,579 |
) |
|
|
109 |
|
|
|
(0.26 |
) |
|
|
0.01 |
|
Less: Tax effect of
reconciling items and discrete tax items |
|
|
|
|
|
|
|
|
|
(44 |
) |
|
|
2,596 |
|
|
|
(0.01 |
) |
|
|
0.20 |
|
As Adjusted - Non GAAP |
$ |
151,440 |
|
|
|
$ |
131,025 |
|
|
|
$ |
47,155 |
|
|
|
$ |
35,244 |
|
|
|
$ |
35,884 |
|
|
$ |
25,606 |
|
|
$ |
2.62 |
|
|
$ |
1.87 |
|
As Adjusted - Non GAAP
Margins |
|
41.8 |
|
% |
|
|
41.2 |
|
% |
|
|
13.0 |
|
% |
|
|
11.1 |
|
% |
|
|
|
|
|
|
|
|
|
Gross Profit |
|
Operating Income |
|
Net Earnings Attributable to VPG Stockholders |
|
Diluted Earnings Per share |
Fiscal Quarter Ended
December 31, |
2022 |
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
As reported - GAAP |
$ |
39,698 |
|
|
|
$ |
34,877 |
|
|
|
$ |
13,049 |
|
|
|
$ |
8,744 |
|
|
|
$ |
8,834 |
|
|
$ |
5,961 |
|
|
|
0.65 |
|
|
$ |
0.44 |
|
As reported - GAAP
Margins |
|
41.2 |
|
% |
|
|
38.7 |
|
% |
|
|
13.6 |
|
% |
|
|
9.7 |
|
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
|
240 |
|
|
|
|
516 |
|
|
|
|
240 |
|
|
|
|
516 |
|
|
|
|
240 |
|
|
|
516 |
|
|
|
0.02 |
|
|
|
0.04 |
|
Acquisition costs |
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
COVID-19 impact |
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Start-up costs |
|
— |
|
|
|
|
916 |
|
|
|
|
— |
|
|
|
|
916 |
|
|
|
|
— |
|
|
|
916 |
|
|
|
— |
|
|
|
0.07 |
|
Impairment of goodwill and
indefinite-lived intangibles |
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restructuring costs |
|
|
|
|
|
188 |
|
|
|
|
76 |
|
|
|
|
188 |
|
|
|
76 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Foreign exchange
(gain)/loss |
|
|
|
|
|
|
|
|
|
1,616 |
|
|
|
632 |
|
|
|
0.11 |
|
|
|
0.04 |
|
Less: Tax effect of
reconciling items and discrete tax items |
|
|
|
|
|
|
|
|
|
452 |
|
|
|
436 |
|
|
|
0.03 |
|
|
|
0.04 |
|
As Adjusted - Non GAAP |
$ |
39,938 |
|
|
|
$ |
36,309 |
|
|
|
$ |
13,477 |
|
|
|
$ |
10,252 |
|
|
|
$ |
10,426 |
|
|
$ |
7,665 |
|
|
$ |
0.76 |
|
|
$ |
0.56 |
|
As Adjusted - Non GAAP
Margins |
|
41.5 |
|
% |
|
|
40.3 |
|
% |
|
|
14.0 |
|
% |
|
|
11.4 |
|
% |
|
|
|
|
|
|
|
|
VISHAY
PRECISION GROUP, INC. |
Reconciliation of
Adjusted Gross Profit by segment |
(Unaudited - In
thousands) |
|
|
|
|
|
|
|
Fiscal quarter ended |
|
December 31, 2022 |
|
December 31, 2021 |
|
October 1, 2022 |
Sensors |
|
|
|
|
|
As reported - GAAP |
$ |
13,645 |
|
|
|
$ |
10,954 |
|
|
|
$ |
15,324 |
|
|
As reported - GAAP
Margins |
|
37.6 |
|
% |
|
|
32.1 |
|
% |
|
|
40.5 |
|
% |
Start-up costs |
|
— |
|
|
|
|
916 |
|
|
|
|
— |
|
|
As Adjusted - Non GAAP |
$ |
13,645 |
|
|
|
$ |
11,870 |
|
|
|
$ |
15,324 |
|
|
As Adjusted - Non GAAP
Margins |
|
37.6 |
|
% |
|
|
34.8 |
|
% |
|
|
40.5 |
|
% |
|
|
|
|
|
|
Weighing
Solutions |
|
|
|
|
|
As reported - GAAP |
$ |
11,043 |
|
|
|
$ |
10,913 |
|
|
|
$ |
10,470 |
|
|
As reported - GAAP
Margins |
|
33.4 |
|
% |
|
|
34.0 |
|
% |
|
|
33.3 |
|
% |
As Adjusted - Non GAAP |
$ |
11,043 |
|
|
|
$ |
10,913 |
|
|
|
$ |
10,470 |
|
|
As Adjusted - Non GAAP
Margins |
|
33.4 |
|
% |
|
|
34.0 |
|
% |
|
|
33.3 |
|
% |
|
|
|
|
|
|
Measurement
Systems |
|
|
|
|
|
As reported - GAAP |
$ |
15,009 |
|
|
|
$ |
13,012 |
|
|
|
$ |
11,526 |
|
|
As reported - GAAP
Margins |
|
55.9 |
|
% |
|
|
54.7 |
|
% |
|
|
55.5 |
|
% |
Acquisition purchase
accounting adjustments |
|
240 |
|
|
|
|
516 |
|
|
|
|
260 |
|
|
As Adjusted - Non GAAP |
$ |
15,249 |
|
|
|
$ |
13,528 |
|
|
|
$ |
11,786 |
|
|
As Adjusted - Non GAAP
Margins |
|
56.8 |
|
% |
|
|
56.8 |
|
% |
|
|
56.7 |
|
% |
VISHAY
PRECISION GROUP, INC. |
Reconciliation of
Adjusted EBITDA |
(Unaudited - In
thousands) |
|
Fiscal quarter ended |
|
December 31, 2022 |
|
December 31, 2021 |
|
October 1, 2022 |
Net earnings attributable to VPG stockholders |
$ |
8,834 |
|
|
|
$ |
5,961 |
|
|
|
$ |
10,118 |
|
|
Interest Expense |
|
876 |
|
|
|
|
324 |
|
|
|
|
636 |
|
|
Income tax expense |
|
1,884 |
|
|
|
|
1,781 |
|
|
|
|
2,323 |
|
|
Depreciation |
|
2,882 |
|
|
|
|
2,993 |
|
|
|
|
2,937 |
|
|
Amortization |
|
952 |
|
|
|
|
970 |
|
|
|
|
960 |
|
|
EBITDA |
|
15,428 |
|
|
|
$ |
12,029 |
|
|
|
$ |
16,974 |
|
|
EBITDA MARGIN |
|
16.0 |
|
% |
|
|
13.4 |
|
% |
|
|
18.8 |
|
% |
Acquisition purchase
accounting adjustments |
|
240 |
|
|
|
|
516 |
|
|
|
|
260 |
|
|
Restructuring costs |
|
188 |
|
|
|
|
76 |
|
|
|
|
165 |
|
|
Start-up costs |
|
— |
|
|
|
|
916 |
|
|
|
|
— |
|
|
Foreign exchange
loss/(gain) |
|
1,616 |
|
|
|
|
632 |
|
|
|
|
(1,261 |
) |
|
ADJUSTED EBITDA |
|
17,472 |
|
|
|
|
14,169 |
|
|
|
|
16,138 |
|
|
ADJUSTED EBITDA MARGIN |
|
18.2 |
|
% |
|
|
15.7 |
|
% |
|
|
17.9 |
|
% |
VISHAY
PRECISION GROUP, INC. |
Reconciliation of
Adjusted EBITDA |
(Unaudited - In
thousands) |
|
Year ended |
|
December 31, 2022 |
|
December 31, 2021 |
Net earnings attributable to VPG stockholders |
$ |
36,063 |
|
|
|
$ |
20,221 |
|
|
Interest Expense |
|
2,269 |
|
|
|
|
1,230 |
|
|
Income tax expense |
|
8,535 |
|
|
|
|
5,469 |
|
|
Depreciation |
|
11,504 |
|
|
|
|
11,684 |
|
|
Amortization |
|
3,849 |
|
|
|
|
3,312 |
|
|
EBITDA |
|
62,220 |
|
|
|
$ |
41,916 |
|
|
EBITDA MARGIN |
|
17.2 |
|
% |
|
|
13.2 |
|
% |
Impairment of goodwill and
indefinite-lived intangibles |
|
— |
|
|
|
|
1,223 |
|
|
Acquisition purchase
accounting adjustments |
|
1,550 |
|
|
|
|
2,775 |
|
|
Acquisition costs |
|
— |
|
|
|
|
1,198 |
|
|
Restructuring costs |
|
1,518 |
|
|
|
|
76 |
|
|
COVID-19 impact |
|
138 |
|
|
|
|
(574 |
) |
|
Start-up costs |
|
150 |
|
|
|
|
3,174 |
|
|
Foreign exchange (gain)
loss |
|
(3,579 |
) |
|
|
|
109 |
|
|
ADJUSTED EBITDA |
|
61,997 |
|
|
|
|
49,897 |
|
|
ADJUSTED EBITDA MARGIN |
|
17.1 |
|
% |
|
|
15.7 |
|
% |
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