Date of Report (date of earliest event reported) |
|
|
(Exact name of registrant as specified in its charter)
|
|
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
|
|
|
(Address of Principal Executive Offices)
|
Zip Code
|
Registrant's telephone number, including area code
|
(Former name or former address, if changed since last report.)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Emerging growth company
|
|
Title of each class
|
Trading symbol
|
Name of exchange on which registered
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
|
|
||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
|
VISHAY INTERTECHNOLOGY, INC.
|
|
By:
|
/s/ Lori Lipcaman
|
|
|
Name:
|
Lori Lipcaman
|
|
|
Title:
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
•
|
Revenues Q2 of $864 million.
|
•
|
Gross margin Q2 of 30.3%; adjusted gross margin of 31.0%
|
•
|
Operating margin Q2 of 17.5%; adjusted operating margin of 18.3%.
|
•
|
EPS Q2 of $0.78; adjusted EPS of $0.82.
|
•
|
Free Cash for the trailing 12 months of $139 million.
|
•
|
Total Stockholder Return Q2 of $40.6 million--$14.3 million of dividend payments and $26.3 million of stock repurchases.
|
•
|
Guidance Q3 2022 for revenues of $860 to $900 million and at a gross margin of 29.0% plus/minus 50 basis points at an exchange rate USD/EUR of
0.98.
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||
Summary of Operations
|
||||||||||||
(Unaudited - In thousands, except per share amounts)
|
||||||||||||
Fiscal quarters ended
|
||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
||||||||||
Net revenues
|
$
|
863,512
|
$
|
853,793
|
$
|
819,120
|
||||||
Costs of products sold*
|
602,289
|
594,685
|
589,848
|
|||||||||
Gross profit
|
261,223
|
259,108
|
229,272
|
|||||||||
Gross margin
|
30.3
|
%
|
30.3
|
%
|
28.0
|
%
|
||||||
Selling, general, and administrative expenses*
|
110,400
|
112,855
|
103,900
|
|||||||||
Operating income
|
150,823
|
146,253
|
125,372
|
|||||||||
Operating margin
|
17.5
|
%
|
17.1
|
%
|
15.3
|
%
|
||||||
Other income (expense):
|
||||||||||||
Interest expense
|
(4,307
|
)
|
(4,222
|
)
|
(4,443
|
)
|
||||||
Other
|
1,380
|
(5,751
|
)
|
(3,749
|
)
|
|||||||
Total other income (expense) - net
|
(2,927
|
)
|
(9,973
|
)
|
(8,192
|
)
|
||||||
Income before taxes
|
147,896
|
136,280
|
117,180
|
|||||||||
Income tax expense
|
35,127
|
32,330
|
23,799
|
|||||||||
Net earnings
|
112,769
|
103,950
|
93,381
|
|||||||||
Less: net earnings attributable to noncontrolling interests
|
381
|
377
|
189
|
|||||||||
Net earnings attributable to Vishay stockholders
|
$
|
112,388
|
$
|
103,573
|
$
|
93,192
|
||||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.78
|
$
|
0.71
|
$
|
0.64
|
||||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.78
|
$
|
0.71
|
$
|
0.64
|
||||||
Weighted average shares outstanding - basic
|
143,996
|
145,053
|
145,017
|
|||||||||
Weighted average shares outstanding - diluted
|
144,397
|
145,553
|
145,445
|
|||||||||
Cash dividends per share
|
$
|
0.100
|
$
|
0.100
|
$
|
0.095
|
||||||
* The fiscal quarter ended July 2, 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.
|
||||||||
Summary of Operations
|
||||||||
(Unaudited - In thousands, except per share amounts)
|
||||||||
Six fiscal months ended
|
||||||||
July 2, 2022
|
July 3, 2021
|
|||||||
Net revenues
|
$
|
1,717,305
|
$
|
1,583,752
|
||||
Costs of products sold*
|
1,196,974
|
1,151,531
|
||||||
Gross profit
|
520,331
|
432,221
|
||||||
Gross margin
|
30.3
|
%
|
27.3
|
%
|
||||
Selling, general, and administrative expenses*
|
223,255
|
209,585
|
||||||
Operating income
|
297,076
|
222,636
|
||||||
Operating margin
|
17.3
|
%
|
14.1
|
%
|
||||
Other income (expense):
|
||||||||
Interest expense
|
(8,529
|
)
|
(8,819
|
)
|
||||
Other
|
(4,371
|
)
|
(9,480
|
)
|
||||
Total other income (expense) - net
|
(12,900
|
)
|
(18,299
|
)
|
||||
Income before taxes
|
284,176
|
204,337
|
||||||
Income tax expense
|
67,457
|
39,313
|
||||||
Net earnings
|
216,719
|
165,024
|
||||||
Less: net earnings attributable to noncontrolling interests
|
758
|
397
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
215,961
|
$
|
164,627
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
1.49
|
$
|
1.14
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
1.49
|
$
|
1.13
|
||||
Weighted average shares outstanding - basic
|
144,527
|
144,992
|
||||||
Weighted average shares outstanding - diluted
|
144,978
|
145,453
|
||||||
Cash dividends per share
|
$
|
0.20
|
$
|
0.19
|
||||
* The six fiscal months ended July 2, 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)
|
||||||||
July 2, 2022
|
December 31, 2021
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
765,593
|
$
|
774,108
|
||||
Short-term investments
|
81,112
|
146,743
|
||||||
Accounts receivable, net
|
429,778
|
396,458
|
||||||
Inventories:
|
||||||||
Finished goods
|
172,796
|
147,293
|
||||||
Work in process
|
264,123
|
226,496
|
||||||
Raw materials
|
196,929
|
162,711
|
||||||
Total inventories
|
633,848
|
536,500
|
||||||
Prepaid expenses and other current assets
|
160,089
|
156,689
|
||||||
Total current assets
|
2,070,420
|
2,010,498
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
73,047
|
74,646
|
||||||
Buildings and improvements
|
629,015
|
639,879
|
||||||
Machinery and equipment
|
2,750,175
|
2,758,262
|
||||||
Construction in progress
|
147,345
|
145,828
|
||||||
Allowance for depreciation
|
(2,629,014
|
)
|
(2,639,136
|
)
|
||||
970,568
|
979,479
|
|||||||
Right of use assets
|
111,881
|
117,635
|
||||||
Deferred income taxes
|
89,181
|
95,037
|
||||||
Goodwill
|
164,295
|
165,269
|
||||||
Other intangible assets, net
|
62,698
|
67,714
|
||||||
Other assets
|
94,550
|
107,625
|
||||||
Total assets
|
$
|
3,563,593
|
$
|
3,543,257
|
||||
VISHAY INTERTECHNOLOGY, INC.
|
||||||||
Consolidated Condensed Balance Sheets (continued)
|
||||||||
(In thousands)
|
||||||||
July 2, 2022
|
December 31, 2021
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
$
|
243,496
|
$
|
254,049
|
||||
Payroll and related expenses
|
160,415
|
162,694
|
||||||
Lease liabilities
|
22,734
|
23,392
|
||||||
Other accrued expenses
|
214,865
|
218,089
|
||||||
Income taxes
|
62,592
|
35,443
|
||||||
Total current liabilities
|
704,102
|
693,667
|
||||||
Long-term debt less current portion
|
463,302
|
455,666
|
||||||
U.S. transition tax payable
|
83,010
|
110,681
|
||||||
Deferred income taxes
|
49,542
|
69,003
|
||||||
Long-term lease liabilities
|
92,208
|
99,987
|
||||||
Other liabilities
|
88,554
|
95,861
|
||||||
Accrued pension and other postretirement costs
|
242,464
|
271,672
|
||||||
Total liabilities
|
1,723,182
|
1,796,537
|
||||||
Equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
13,291
|
13,271
|
||||||
Class B convertible common stock
|
1,210
|
1,210
|
||||||
Capital in excess of par value
|
1,350,620
|
1,347,830
|
||||||
Retained earnings
|
588,803
|
401,694
|
||||||
Treasury stock (at cost)
|
(36,161
|
)
|
-
|
|||||
Accumulated other comprehensive income (loss)
|
(80,344
|
)
|
(20,252
|
)
|
||||
Total Vishay stockholders' equity
|
1,837,419
|
1,743,753
|
||||||
Noncontrolling interests
|
2,992
|
2,967
|
||||||
Total equity
|
1,840,411
|
1,746,720
|
||||||
Total liabilities and equity
|
$
|
3,563,593
|
$
|
3,543,257
|
||||
VISHAY INTERTECHNOLOGY, INC.
|
||||||||
Consolidated Condensed Statements of Cash Flows
|
||||||||
(Unaudited - In thousands)
|
||||||||
Six fiscal months ended
|
||||||||
July 2, 2022
|
July 3, 2021
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
216,719
|
$
|
165,024
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
80,967
|
83,879
|
||||||
(Gain) loss on disposal of property and equipment
|
(293
|
)
|
(207
|
)
|
||||
Inventory write-offs for obsolescence
|
10,777
|
9,550
|
||||||
Deferred income taxes
|
5,922
|
519
|
||||||
Other
|
6,733
|
5,758
|
||||||
Change in U.S. transition tax liability
|
(14,757
|
)
|
(14,757
|
)
|
||||
Change in repatriation tax liability
|
(25,201
|
)
|
-
|
|||||
Changes in operating assets and liabilities
|
(172,555
|
)
|
(74,983
|
)
|
||||
Net cash provided by operating activities
|
108,312
|
174,783
|
||||||
Investing activities
|
||||||||
Purchase of property and equipment
|
(95,700
|
)
|
(60,710
|
)
|
||||
Proceeds from sale of property and equipment
|
377
|
234
|
||||||
Purchase of short-term investments
|
(7,769
|
)
|
(27,488
|
)
|
||||
Maturity of short-term investments
|
66,763
|
53,679
|
||||||
Other investing activities
|
(199
|
)
|
347
|
|||||
Net cash used in investing activities
|
(36,528
|
)
|
(33,938
|
)
|
||||
Financing activities
|
||||||||
Repurchase of convertible debt instruments
|
-
|
(300
|
)
|
|||||
Net proceeds (payments) on revolving credit lines
|
6,000
|
-
|
||||||
Dividends paid to common stockholders
|
(26,389
|
)
|
(25,216
|
)
|
||||
Dividends paid to Class B common stockholders
|
(2,419
|
)
|
(2,298
|
)
|
||||
Repurchase of common stock held in treasury
|
(36,161
|
)
|
-
|
|||||
Distributions to noncontrolling interests
|
(733
|
)
|
(800
|
)
|
||||
Cash withholding taxes paid when shares withheld for vested equity awards
|
(2,123
|
)
|
(1,963
|
)
|
||||
Net cash used in financing activities
|
(61,825
|
)
|
(30,577
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(18,474
|
)
|
(3,383
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
(8,515
|
)
|
106,885
|
|||||
Cash and cash equivalents at beginning of period
|
774,108
|
619,874
|
||||||
Cash and cash equivalents at end of period
|
$
|
765,593
|
$
|
726,759
|
||||
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||||||||||
Reconciliation of Adjusted Earnings Per Share
|
||||||||||||||||||||
(Unaudited - In thousands, except per share amounts)
|
||||||||||||||||||||
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
112,388
|
$
|
103,573
|
$
|
93,192
|
$
|
215,961
|
$
|
164,627
|
||||||||||
Reconciling items affecting gross profit:
|
||||||||||||||||||||
Impact of the COVID-19 pandemic
|
$
|
6,661
|
$
|
-
|
$
|
-
|
$
|
6,661
|
$
|
-
|
||||||||||
Other reconciling items affecting operating income:
|
||||||||||||||||||||
Impact of the COVID-19 pandemic
|
$
|
546
|
$
|
-
|
$
|
-
|
$
|
546
|
$
|
-
|
||||||||||
Reconciling items affecting tax expense (benefit):
|
||||||||||||||||||||
Changes in tax laws and regulations
|
$
|
-
|
$
|
-
|
$
|
(3,881
|
)
|
$
|
-
|
$
|
(8,276
|
)
|
||||||||
Tax effects of pre-tax items above
|
(1,802
|
)
|
-
|
-
|
(1,802
|
)
|
-
|
|||||||||||||
Adjusted net earnings
|
$
|
117,793
|
$
|
103,573
|
$
|
89,311
|
$
|
221,366
|
$
|
156,351
|
||||||||||
Adjusted weighted average diluted shares outstanding
|
144,397
|
145,553
|
145,445
|
144,978
|
145,453
|
|||||||||||||||
Adjusted earnings per diluted share
|
$
|
0.82
|
$
|
0.71
|
$
|
0.61
|
$
|
1.53
|
$
|
1.07
|
||||||||||
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||||||||||
Reconciliation of Free Cash
|
||||||||||||||||||||
(Unaudited - In thousands)
|
||||||||||||||||||||
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
Net cash provided by operating activities
|
$
|
74,727
|
$
|
33,585
|
$
|
117,461
|
$
|
108,312
|
$
|
174,783
|
||||||||||
Proceeds from sale of property and equipment
|
305
|
72
|
34
|
377
|
234
|
|||||||||||||||
Less: Capital expenditures
|
(59,791
|
)
|
(35,909
|
)
|
(32,183
|
)
|
(95,700
|
)
|
(60,710
|
)
|
||||||||||
Free cash
|
$
|
15,241
|
$
|
(2,252
|
)
|
$
|
85,312
|
$
|
12,989
|
$
|
114,307
|
|||||||||
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||||||||||
Reconciliation of EBITDA and Adjusted EBITDA
|
||||||||||||||||||||
(Unaudited - In thousands)
|
||||||||||||||||||||
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 2, 2022
|
April 2, 2022
|
July 3, 2021
|
July 2, 2022
|
July 3, 2021
|
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
112,388
|
$
|
103,573
|
$
|
93,192
|
$
|
215,961
|
$
|
164,627
|
||||||||||
Net earnings attributable to noncontrolling interests
|
381
|
377
|
189
|
758
|
397
|
|||||||||||||||
Net earnings
|
$
|
112,769
|
$
|
103,950
|
$
|
93,381
|
$
|
216,719
|
$
|
165,024
|
||||||||||
Interest expense
|
$
|
4,307
|
$
|
4,222
|
$
|
4,443
|
$
|
8,529
|
$
|
8,819
|
||||||||||
Interest income
|
(789
|
)
|
(560
|
)
|
(325
|
)
|
(1,349
|
)
|
(612
|
)
|
||||||||||
Income taxes
|
35,127
|
32,330
|
23,799
|
67,457
|
39,313
|
|||||||||||||||
Depreciation and amortization
|
40,317
|
40,650
|
41,733
|
80,967
|
83,879
|
|||||||||||||||
EBITDA
|
$
|
191,731
|
$
|
180,592
|
$
|
163,031
|
$
|
372,323
|
$
|
296,423
|
||||||||||
Reconciling items
|
||||||||||||||||||||
Impact of the COVID-19 pandemic
|
$
|
7,207
|
$
|
-
|
$
|
-
|
$
|
7,207
|
$
|
-
|
||||||||||
Adjusted EBITDA
|
$
|
198,938
|
$
|
180,592
|
$
|
163,031
|
$
|
379,530
|
$
|
296,423
|
||||||||||
Adjusted EBITDA margin**
|
23.0
|
%
|
21.2
|
%
|
19.9
|
%
|
22.1
|
%
|
18.7
|
%
|
||||||||||
** Adjusted EBITDA as a percentage of net revenues
|