•	4Q 2022 revenues of $855.3 million, a decrease of 7.5% versus 3Q 2022, reflecting stable pricing and a volume decline; up 1.5% versus 4Q 2021.

•	4Q 2022 GAAP EPS of $0.51 per share; adjusted EPS of $0.69 per share.

•	FY 2022 capex of $325.3 million.

•	FY 2022 free cash flow of $160.2 million.

•	FY 2022 total cash return to stockholders of $140.2 million.

Vishay 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.

Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, capital investment, capacity expansion, 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 “guide,” “will,” “expect,” “anticipate,” “looking ahead” 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 because of COVID-19 or otherwise; 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; 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.

VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(In thousands, except per share amounts)
		Years ended
		December 31, 2022				December 31, 2021
		(unaudited)
Net revenues		$	3,497,401			$	3,240,487
Costs of products sold*			2,438,412				2,352,574
Gross profit			1,058,989				887,913
Gross margin			30.3	%			27.4	%
Selling, general, and administrative expenses*			443,503				420,111
Operating income			615,486				467,802
Operating margin			17.6	%			14.4	%
Other income (expense):
Interest expense			(17,129	)			(17,538	)
Other			(4,852	)			(15,654	)
Total other income (expense) - net			(21,981	)			(33,192	)
Income before taxes			593,505				434,610
Income tax expense			163,022				135,673
Net earnings			430,483				298,937
Less: net earnings attributable to noncontrolling interests			1,673				967
Net earnings attributable to Vishay stockholders		$	428,810			$	297,970
Basic earnings per share attributable to Vishay stockholders		$	2.99			$	2.05
Diluted earnings per share attributable to Vishay stockholders		$	2.98			$	2.05
Weighted average shares outstanding - basic			143,399				145,005
Weighted average shares outstanding - diluted			143,915				145,495
Cash dividends per share		$	0.400			$	0.385
* 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.
Summary of Operations
(Unaudited - In thousands, except per share amounts)
		Fiscal quarters ended
		December 31, 2022				October 1, 2022				December 31, 2021
Net revenues		$	855,298			$	924,798			$	843,072
Costs of products sold			606,178				635,260				613,116
Gross profit			249,120				289,538				229,956
Gross margin			29.1	%			31.3	%			27.3	%
Selling, general, and administrative expenses			113,812				106,436				108,311
Operating income			135,308				183,102				121,645
Operating margin			15.8	%			19.8	%			14.4	%
Other income (expense):
Interest expense			(4,490	)			(4,110	)			(4,292	)
Other			(2,618	)			2,137				(3,495	)
Total other income (expense) - net			(7,108	)			(1,973	)			(7,787	)
Income before taxes			128,200				181,129				113,858
Income tax expense			54,999				40,566				77,027
Net earnings			73,201				140,563				36,831
Less: net earnings attributable to noncontrolling interests			413				502				308
Net earnings attributable to Vishay stockholders		$	72,788			$	140,061			$	36,523
Basic earnings per share attributable to Vishay stockholders		$	0.51			$	0.98			$	0.25
Diluted earnings per share attributable to Vishay stockholders		$	0.51			$	0.98			$	0.25
Weighted average shares outstanding - basic			141,643				142,887				145,019
Weighted average shares outstanding - diluted			142,247				143,447				145,617
Cash dividends per share		$	0.100			$	0.100			$	0.100

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets
(In thousands)
		December 31, 2022				December 31, 2021
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	610,825			$	774,108
Short-term investments			305,272				146,743
Accounts receivable, net			416,178				396,458
Inventories:
Finished goods			156,234				147,293
Work in process			261,345				226,496
Raw materials			201,300				162,711
Total inventories			618,879				536,500
Prepaid expenses and other current assets			170,056				156,689
Total current assets			2,121,210				2,010,498
Property and equipment, at cost:
Land			75,907				74,646
Buildings and improvements			658,829				639,879
Machinery and equipment			2,857,636				2,758,262
Construction in progress			243,038				145,828
Allowance for depreciation			(2,704,951	)			(2,639,136	)
			1,130,459				979,479
Right of use assets			131,193				117,635
Deferred income taxes			104,667				95,037
Goodwill			201,432				165,269
Other intangible assets, net			77,896				67,714
Other assets			98,796				107,625
Total assets		$	3,865,653			$	3,543,257

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(In thousands)
		December 31, 2022				December 31, 2021
		(Unaudited)
Liabilities and equity
Current liabilities:
Trade accounts payable		$	189,099			$	254,049
Payroll and related expenses			166,079				162,694
Lease liabilities			25,319				23,392
Other accrued expenses			261,606				218,089
Income taxes			84,155				35,443
Total current liabilities			726,258				693,667
Long-term debt less current portion			500,937				455,666
U.S. transition tax payable			83,010				110,681
Deferred income taxes			117,183				69,003
Long-term lease liabilities			108,493				99,987
Other liabilities			92,530				95,861
Accrued pension and other postretirement costs			187,092				271,672
Total liabilities			1,815,503				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			1,352,321				1,347,830
Retained earnings			773,228				401,694
Treasury stock (at cost)			(82,972	)			-
Accumulated other comprehensive income (loss)			(10,827	)			(20,252	)
Total Vishay stockholders' equity			2,046,251				1,743,753
Noncontrolling interests			3,899				2,967
Total equity			2,050,150				1,746,720
Total liabilities and equity		$	3,865,653			$	3,543,257

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(In thousands)
		Years ended
		December 31, 2022				December 31, 2021
		(unaudited)
Operating activities
Net earnings		$	430,483			$	298,937
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			163,991				167,037
(Gain) loss on disposal of property and equipment			(455	)			(303	)
Inventory write-offs for obsolescence			26,898				20,657
Pensions and other postretirement benefits, net of contributions			(615	)			2,106
Deferred income taxes			38,677				50,613
Other			7,380				16,226
Change in U.S. transition tax liability			(14,757	)			(14,757	)
Change in repatriation tax liability			(25,201	)			-
Changes in operating assets and liabilities, net of effects of businesses acquired			(142,113	)			(83,412	)
Net cash provided by operating activities			484,288				457,104
Investing activities
Purchase of property and equipment			(325,308	)			(218,372	)
Proceeds from sale of property and equipment			1,198				1,317
Purchase of businesses, net of cash acquired			(50,000	)			(20,847	)
Purchase of short-term investments			(285,956	)			(140,603	)
Maturity of short-term investments			132,901				147,893
Other investing activities			(1,766	)			129
Net cash used in investing activities			(528,931	)			(230,483	)
Financing activities
Repurchase of convertible debt instruments			-				(300	)
Net proceeds (payments) on revolving credit lines			42,000				-
Dividends paid to common stockholders			(52,348	)			(51,094	)
Dividends paid to Class B common stockholders			(4,839	)			(4,657	)
Repurchase of common stock held in treasury			(82,972	)			-
Distributions to noncontrolling interests			(741	)			(800	)
Cash withholding taxes paid when shares withheld for vested equity awards			(2,123	)			(1,963	)
Net cash used in financing activities			(101,023	)			(58,814	)
Effect of exchange rate changes on cash and cash equivalents			(17,617	)			(13,573	)
Net increase (decrease) in cash and cash equivalents			(163,283	)			154,234
Cash and cash equivalents at beginning of period			774,108				619,874
Cash and cash equivalents at end of period		$	610,825			$	774,108

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Adjusted Earnings Per Share
(Unaudited - In thousands, except per share amounts)
		Fiscal quarters ended												Years ended
		December 31, 2022				October 1, 2022				December 31, 2021				December 31, 2022				December 31, 2021
GAAP net earnings attributable to Vishay stockholders		$	72,788			$	140,061			$	36,523			$	428,810			$	297,970
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 tax expense (benefit):
Effects of changes in uncertain tax positions		$	-			$	(5,941	)		$	-			$	(5,941	)		$	-
Effects of changes in valuation allowances			(33,669	)			-				-				(33,669	)			(5,714	)
Effect of change in indefinite reversal assertion			59,642				-				-				59,642				-
Changes in tax laws and regulations			-				-				53,316				-				45,040
Tax effects of pre-tax items above			-				-				-				(1,802	)			-
Adjusted net earnings		$	98,761			$	134,120			$	89,839			$	454,247			$	337,296
Adjusted weighted average diluted shares outstanding			142,247				143,447				145,617				143,915				145,495
Adjusted earnings per diluted share		$	0.69			$	0.93			$	0.62			$	3.16			$	2.32