QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
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||
(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification Number)
|
|
|
|
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(Address of Principal Executive Offices)
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(Registrant’s Area Code and Telephone Number)
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Title of each class
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Trading symbol
|
Name of exchange on which registered
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||
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company
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|
Emerging growth company
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Page Number
|
||||
July 1, 2023
|
December 31, 2022
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short-term investments
|
|
|
||||||
Accounts receivable, net
|
|
|
||||||
Inventories:
|
||||||||
Finished goods
|
|
|
||||||
Work in process
|
|
|
||||||
Raw materials
|
|
|
||||||
Total inventories
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
|
|
||||||
Buildings and improvements
|
|
|
||||||
Machinery and equipment
|
|
|
||||||
Construction in progress
|
|
|
||||||
Allowance for depreciation
|
(
|
)
|
(
|
)
|
||||
Property and equipment, net
|
|
|
||||||
Right of use assets
|
|
|
||||||
Deferred income taxes |
||||||||
Goodwill
|
|
|
||||||
Other intangible assets, net
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
July 1, 2023
|
December 31, 2022
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
$
|
|
$
|
|
||||
Payroll and related expenses
|
|
|
||||||
Lease liabilities
|
|
|
||||||
Other accrued expenses
|
|
|
||||||
Income taxes
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Long-term debt less current portion
|
|
|
||||||
U.S. transition tax payable
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Long-term lease liabilities
|
|
|
||||||
Other liabilities
|
|
|
||||||
Accrued pension and other postretirement costs
|
|
|
||||||
Total liabilities
|
|
|
||||||
Equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
|
|
||||||
Class B convertible common stock
|
|
|
||||||
Capital in excess of par value
|
|
|
||||||
Retained earnings
|
|
|
||||||
Treasury stock (at cost) |
( |
) | ( |
) | ||||
Accumulated other comprehensive income (loss)
|
|
(
|
)
|
|||||
Total Vishay stockholders' equity
|
|
|
||||||
Noncontrolling interests
|
|
|
||||||
Total equity
|
|
|
||||||
Total liabilities and equity
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
July 1, 2023
|
July 2, 2022
|
|||||||
Net revenues
|
$
|
|
$
|
|
||||
Costs of products sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general, and administrative expenses
|
|
|
||||||
Operating income
|
|
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
Other
|
|
|
||||||
Total other income (expense)
|
(
|
)
|
(
|
)
|
||||
Income before taxes
|
|
|
||||||
Income tax expense
|
|
|
||||||
Net earnings
|
|
|
||||||
Less: net earnings attributable to noncontrolling interests
|
|
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Weighted average shares outstanding - basic
|
|
|
||||||
Weighted average shares outstanding - diluted
|
|
|
||||||
Cash dividends per share
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
July 1, 2023
|
July 2, 2022
|
|||||||
Net earnings
|
$
|
|
$
|
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
|
|
||||||
Foreign currency translation adjustment
|
|
(
|
)
|
|||||
Other comprehensive income (loss)
|
|
(
|
)
|
|||||
Comprehensive income
|
|
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
|
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
|
$
|
|
Six fiscal months ended
|
||||||||
July 1, 2023
|
July 2, 2022
|
|||||||
Net revenues
|
$
|
|
$
|
|
||||
Costs of products sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general, and administrative expenses
|
|
|
||||||
Operating income
|
|
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
Other
|
|
(
|
)
|
|||||
Total other income (expense)
|
(
|
)
|
(
|
)
|
||||
Income before taxes
|
|
|
||||||
Income tax expense
|
|
|
||||||
Net earnings
|
|
|
||||||
Less: net earnings attributable to noncontrolling interests
|
|
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Weighted average shares outstanding - basic
|
|
|
||||||
Weighted average shares outstanding - diluted
|
|
|
||||||
Cash dividends per share
|
$
|
|
$
|
|
Six fiscal months ended
|
||||||||
July 1, 2023
|
July 2, 2022
|
|||||||
Net earnings
|
$
|
|
$
|
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
|
|
||||||
Foreign currency translation adjustment
|
|
(
|
)
|
|||||
Other comprehensive income (loss)
|
|
(
|
)
|
|||||
Comprehensive income
|
|
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
|
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
|
$
|
|
Six fiscal months ended
|
||||||||
July 1, 2023
|
July 2, 2022
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
|
$
|
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
(Gain) loss on disposal of property and equipment
|
(
|
)
|
(
|
)
|
||||
Inventory write-offs for obsolescence
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Stock compensation expense |
||||||||
Other
|
(
|
)
|
|
|||||
Change in U.S. transition tax liability |
( |
) | ( |
) | ||||
Change in repatriation tax liability |
( |
) | ||||||
Net change in operating assets and liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash provided by operating activities
|
|
|
||||||
Investing activities
|
||||||||
Capital expenditures
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of property and equipment
|
|
|
||||||
Purchase of short-term investments
|
(
|
)
|
(
|
)
|
||||
Purchase of business, net of cash acquired |
( |
) | ||||||
Maturity of short-term investments
|
|
|
||||||
Other investing activities
|
(
|
)
|
(
|
)
|
||||
Net cash provided by (used in) investing activities
|
|
(
|
)
|
|||||
Financing activities
|
||||||||
Net proceeds on revolving credit facility
|
|
|
||||||
Debt issuance costs |
( |
) | ||||||
Dividends paid to common stockholders
|
(
|
)
|
(
|
)
|
||||
Dividends paid to Class B common stockholders
|
(
|
)
|
(
|
)
|
||||
Repurchase of common stock held in treasury
|
( |
) | ( |
) | ||||
Distributions to noncontrolling interests |
( |
) | ( |
) | ||||
Cash withholding taxes paid when shares withheld for vested equity awards
|
(
|
)
|
(
|
)
|
||||
Net cash provided by (used in) financing activities
|
|
(
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
|
(
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
|
(
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
Common
Stock
|
Class B
Convertible
Common
Stock
|
Capital in
Excess of Par
Value
|
Retained
Earnings
|
Treasury Stock |
Accumulated
Other
Comprehensive
Income (Loss)
|
Total Vishay
Stockholders'
Equity
|
Noncontrolling
Interests
|
Total
Equity
|
||||||||||||||||||||||||||||
Balance at December 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at April 2, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) | ||||||||||||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at July 2, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Dividends declared ($ |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock compensation expense | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at April 1, 2023 | $ | $ | $ | $ | $ | ( |
) |
$ | $ | $ | $ | |||||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Dividends declared ($ |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock compensation expense | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at July 1, 2023 | $ | $ | $ | $ | $ | ( |
) | $ | $ | $ | $ |
July 1, 2023
|
December 31, 2022
|
|||||||
Right of use assets
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Current lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Long-term lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Total lease liabilities
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
|||||||||||||
Lease expense
|
||||||||||||||||
Operating lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Short-term lease expense
|
|
|
|
|
||||||||||||
Variable lease expense
|
|
|
|
|
||||||||||||
Total lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
July 1, 2023
|
||||
2023 (excluding the six fiscal months ended July 1, 2023)
|
$
|
|
||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
Thereafter
|
|
July 1, 2023
|
December 31, 2022
|
|||||||
Credit facility
|
$
|
|
$
|
|
||||
Convertible senior notes, due 2025
|
|
|
||||||
Deferred financing costs
|
(
|
)
|
(
|
)
|
||||
|
|
|||||||
Less current portion
|
|
|
||||||
$
|
|
$
|
|
Convertible
Senior Notes
Due 2025
|
||||
Issuance date
|
|
|||
Maturity date
|
|
|||
Principal amount as of July 1, 2023
|
$
|
|
||
Cash coupon rate (per annum)
|
|
%
|
||
Nonconvertible debt borrowing rate at issuance (per annum)
|
|
%
|
||
Conversion rate effective June 15, 2023 (per $1 principal amount)
|
|
|||
Effective conversion price effective June 15, 2023 (per share)
|
$
|
|
||
130% of the current effective conversion price (per share)
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended | |||||||||||||||
July 1, 2023
|
July 2, 2022 |
July 1, 2023 | July 2, 2022 | |||||||||||||
Dividends paid to stockholders
|
$
|
|
$ | $ | $ | |||||||||||
Stock repurchases
|
|
|||||||||||||||
Total
|
$
|
|
$ | $ | $ |
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
|||||||||||||
Beginning balance
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Sales allowances
|
|
|
|
|
||||||||||||
Credits issued
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Foreign currency
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Ending balance
|
$
|
|
$
|
|
$
|
|
$
|
|
Pension and
other post-
retirement
actuarial
items
|
Currency
translation
adjustment
|
Total
|
||||||||||
Balance at January 1, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive income (loss) before reclassifications
|
|
|
$
|
|
||||||||
Tax effect
|
|
|
$
|
|
||||||||
Other comprehensive income before reclassifications, net of tax
|
|
|
$
|
|
||||||||
Amounts reclassified out of AOCI
|
|
|
$
|
|
||||||||
Tax effect
|
(
|
)
|
|
$
|
(
|
)
|
||||||
Amounts reclassified out of AOCI, net of tax
|
|
|
$
|
|
||||||||
Net other comprehensive income (loss)
|
$
|
|
$
|
|
$
|
|
||||||
Balance at July 1, 2023
|
$
|
(
|
)
|
$
|
|
$
|
|
Fiscal quarter ended
July 1, 2023
|
Fiscal quarter ended
July 2, 2022
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Net service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Expected return on plan assets
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Amortization of prior service cost
|
|
|
|
|
||||||||||||
Amortization of losses (gains)
|
(
|
)
|
|
|
|
|||||||||||
Curtailment and settlement losses
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Six fiscal months ended
July 1, 2023
|
Six fiscal months ended
July 2, 2022
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Net service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Expected return on plan assets
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Amortization of prior service cost
|
|
|
|
|
||||||||||||
Amortization of losses (gains)
|
(
|
)
|
|
|
|
|||||||||||
Curtailment and settlement losses
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarter ended
July 1, 2023
|
Fiscal quarter ended
July 2, 2022
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Amortization of losses (gains)
|
(
|
)
|
|
|
|
|||||||||||
Net periodic benefit cost
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Six fiscal months ended
July 1, 2023
|
Six fiscal months ended
July 2, 2022
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Amortization of losses (gains)
|
(
|
)
|
|
|
|
|||||||||||
Net periodic benefit cost
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
|||||||||||||
Restricted stock units
|
$
|
|
$
|
|
$
|
|
|
|||||||||
Phantom stock units
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
|
Unrecognized
Compensation
Cost
|
Weighted
Average
Remaining
Amortization
Periods
|
|||||||
Restricted stock units
|
$
|
|
|
|||||
Phantom stock units
|
|
n/a
|
||||||
Total
|
$
|
|
Number of
RSUs
|
Weighted
Average
Grant-date
Fair Value per
Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2023
|
|
$
|
|
|||||
Granted*
|
|
|
||||||
Vested**
|
(
|
)
|
|
|||||
Cancelled or forfeited
|
|
|
||||||
Outstanding at July 1, 2023
|
|
$
|
|
|||||
Expected to vest at July 1, 2023
|
|
Vesting Date
|
Expected
to Vest
|
Not Expected
to Vest
|
Total
|
|||||||||
January 1, 2024
|
|
|
|
|||||||||
January 1, 2025
|
|
|
|
|||||||||
January 1, 2026
|
|
|
|
Number of
units
|
Grant-date
Fair Value per
Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2023
|
|
|||||||
Granted
|
|
$
|
|
|||||
Dividend equivalents issued
|
|
|||||||
Redeemed for common stock* |
( |
) | ||||||
Outstanding at July 1, 2023
|
|
MOSFETs
|
Diodes
|
Optoelectronic
Components
|
Resistors
|
Inductors
|
Capacitors
|
Corporate / Other*
|
Total
|
|||||||||||||||||||||||||
Fiscal quarter ended July 1, 2023:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Fiscal quarter ended July 2, 2022:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Six fiscal months ended July 1, 2023:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Six fiscal months ended July 2, 2022:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
|||||||||||||
Reconciliation:
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Impact of the COVID-19 Pandemic on Selling, General, and Administrative Expenses
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Unallocated Selling, General, and Administrative Expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Consolidated Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Unallocated Other Income (Expense)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Consolidated Income Before Taxes
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
|||||||||||||
Distributors
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
OEMs
|
|
|
|
|
||||||||||||
EMS companies
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
|||||||||||||
Asia
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Americas
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
|||||||||||||
Industrial
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Automotive
|
|
|
|
|
||||||||||||
Computing
|
|
|
|
|
||||||||||||
Military and Aerospace
|
|
|
|
|
||||||||||||
Consumer Products
|
|
|
|
|
||||||||||||
Power Supplies
|
|
|
|
|
||||||||||||
Medical
|
|
|
|
|
||||||||||||
Telecommunications
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net earnings attributable to Vishay stockholders
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings per share:
|
||||||||||||||||
Weighted average shares
|
|
|
|
|
||||||||||||
Outstanding phantom stock units
|
|
|
|
|
||||||||||||
Adjusted weighted average shares
|
|
|
|
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Restricted stock units
|
|
|
|
|
||||||||||||
Dilutive potential common shares
|
|
|
|
|
||||||||||||
Denominator for diluted earnings per share:
|
||||||||||||||||
Adjusted weighted average shares - diluted
|
|
|
|
|
||||||||||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
July 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
|||||||||||||
Restricted stock units
|
|
|
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
July 1, 2023
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Available for sale securities
|
$
|
|
|
|
|
|||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
Liability: |
||||||||||||||||
MaxPower acquisition contingent consideration |
$ | $ | $ |
$ |
||||||||||||
December 31, 2022
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
|
$
|
|
$ |
|
$
|
|
||||||||
Available for sale securities
|
$
|
|
|
|
|
|||||||||||
Precious metals |
$ |
|||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
Liability: |
||||||||||||||||
MaxPower acquisition contingent consideration |
$ |
$ |
$ |
$ |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
95,038
|
$
|
111,781
|
$
|
112,388
|
$
|
206,819
|
$
|
215,961
|
||||||||||
Reconciling items affecting gross income:
|
||||||||||||||||||||
Impact of COVID-19 pandemic
|
$
|
-
|
$
|
-
|
$
|
6,661
|
$
|
-
|
$
|
6,661
|
||||||||||
Other reconciling items affecting operating income:
|
||||||||||||||||||||
Impact of COVID-19 pandemic
|
$
|
-
|
$
|
-
|
$
|
546
|
$
|
-
|
$
|
546
|
||||||||||
Reconciling items affecting tax expense:
|
||||||||||||||||||||
Tax effects of pre-tax items above
|
$
|
-
|
$
|
-
|
$
|
(1,802
|
)
|
$
|
-
|
$
|
(1,802
|
)
|
||||||||
Adjusted net earnings
|
$
|
95,038
|
$
|
111,781
|
$
|
117,793
|
$
|
206,819
|
$
|
221,366
|
||||||||||
Adjusted weighted average diluted shares outstanding
|
140,478
|
141,251
|
144,397
|
140,865
|
144,978
|
|||||||||||||||
Adjusted earnings per diluted share
|
$
|
0.68
|
$
|
0.79
|
$
|
0.82
|
$
|
1.47
|
$
|
1.53
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
MOSFETs
|
$
|
71,954
|
$
|
72,858
|
$
|
55,438
|
$
|
144,812
|
$
|
114,184
|
||||||||||
Diodes
|
40,877
|
48,129
|
53,369
|
89,006
|
99,156
|
|||||||||||||||
Optoelectronic Components
|
15,609
|
21,940
|
26,430
|
37,549
|
58,861
|
|||||||||||||||
Resistors
|
64,634
|
74,036
|
70,532
|
138,670
|
135,554
|
|||||||||||||||
Inductors
|
30,808
|
23,723
|
29,690
|
54,531
|
54,539
|
|||||||||||||||
Capacitors
|
33,591
|
38,027
|
32,425
|
71,618
|
64,698
|
|||||||||||||||
Unallocated gross profit (loss)
|
- |
-
|
(6,661
|
)
|
-
|
(6,661
|
)
|
|||||||||||||
Gross profit
|
$
|
257,473
|
$
|
278,713
|
$
|
261,223
|
$
|
536,186
|
$
|
520,331
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Net cash provided by continuing operating activities
|
$
|
107,239
|
$
|
129,893
|
$
|
74,727
|
$
|
237,132
|
$
|
108,312
|
||||||||||
Proceeds from sale of property and equipment
|
687
|
326
|
305
|
1,013
|
377
|
|||||||||||||||
Less: Capital expenditures
|
(71,676)
|
(45,574
|
)
|
(59,791
|
)
|
(117,250)
|
(95,700
|
)
|
||||||||||||
Free cash
|
$
|
36,250
|
$
|
84,645
|
$
|
15,241
|
$
|
120,895
|
$
|
12,989
|
Fiscal quarters ended |
Six fiscal months ended | |||||||||||||||
July 1, 2023
|
July 2, 2022 |
July 1, 2023 | July 2, 2022 | |||||||||||||
Dividends paid to stockholders
|
$
|
13,937
|
$ | 14,339 | $ | 27,957 | $ | 28,808 | ||||||||
Stock repurchases
|
20,226
|
26,288 | 40,399 | 36,161 | ||||||||||||
Total
|
$
|
34,163
|
$ | 40,627 | $ | 68,356 | $ | 64,969 |
2nd Quarter 2022
|
3rd Quarter 2022
|
4th Quarter 2022
|
1st Quarter 2023
|
2nd Quarter 2023
|
||||||||||||||||
Net revenues
|
$
|
863,512
|
$
|
924,798
|
$
|
855,298
|
$
|
871,046
|
$
|
892,110
|
||||||||||
Gross profit margin(1)
|
30.3
|
%
|
31.3
|
%
|
29.1
|
%
|
32.0
|
%
|
28.9
|
%
|
||||||||||
Operating margin(2)
|
17.5
|
%
|
19.8
|
%
|
15.8
|
%
|
18.2
|
%
|
15.1
|
%
|
||||||||||
End-of-period backlog
|
$
|
2,425,200
|
$
|
2,261,400
|
$
|
2,292,700
|
$
|
2,169,400
|
$
|
1,895,100
|
||||||||||
Book-to-bill ratio
|
1.07
|
0.88
|
0.94
|
0.84
|
0.69
|
|||||||||||||||
Inventory turnover
|
3.8
|
4.1
|
3.9
|
3.7
|
3.9
|
|||||||||||||||
Change in ASP vs. prior quarter
|
2.9
|
%
|
0.0
|
%
|
0.6
|
%
|
1.2
|
%
|
(0.7
|
)%
|
2nd Quarter 2022
|
3rd Quarter 2022
|
4th Quarter 2022
|
1st Quarter 2023
|
2nd Quarter 2023
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
158,395
|
$
|
225,186
|
$
|
206,005
|
$
|
198,181
|
$
|
207,388
|
||||||||||
Book-to-bill ratio
|
1.14
|
0.78
|
1.15
|
0.95
|
0.68
|
|||||||||||||||
Gross profit margin
|
35.0
|
%
|
36.9
|
%
|
37.5
|
%
|
36.8
|
%
|
34.7
|
%
|
||||||||||
Segment operating margin
|
28.2
|
%
|
31.9
|
%
|
30.9
|
%
|
29.3
|
%
|
27.4
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
192,083
|
$
|
209,012
|
$
|
181,791
|
$
|
175,693
|
$
|
174,735
|
||||||||||
Book-to-bill ratio
|
1.10
|
0.79
|
0.88
|
0.71
|
0.54
|
|||||||||||||||
Gross profit margin
|
27.8
|
%
|
27.0
|
%
|
23.4
|
%
|
27.4
|
%
|
23.4
|
%
|
||||||||||
Segment operating margin
|
25.3
|
%
|
24.6
|
%
|
19.9
|
%
|
24.3
|
%
|
20.1
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
77,936
|
$
|
73,447
|
$
|
63,985
|
$
|
60,403
|
$
|
64,449
|
||||||||||
Book-to-bill ratio
|
0.86
|
0.57
|
0.78
|
0.72
|
0.70
|
|||||||||||||||
Gross profit margin
|
33.9
|
%
|
35.3
|
%
|
28.1
|
%
|
36.3
|
%
|
24.2
|
%
|
||||||||||
Segment operating margin
|
28.7
|
%
|
30.0
|
%
|
20.1
|
%
|
28.6
|
%
|
16.7
|
%
|
||||||||||
Resistors
|
||||||||||||||||||||
Net revenues
|
$
|
213,176
|
$
|
207,437
|
$
|
205,161
|
$
|
223,140
|
$
|
222,433
|
||||||||||
Book-to-bill ratio
|
1.05
|
1.08
|
0.85
|
0.88
|
0.74
|
|||||||||||||||
Gross profit margin
|
33.1
|
%
|
33.0
|
%
|
28.3
|
%
|
33.2
|
%
|
29.1
|
%
|
||||||||||
Segment operating margin
|
29.9
|
%
|
29.7
|
%
|
25.3
|
%
|
29.9
|
%
|
25.8
|
%
|
||||||||||
Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
89,608
|
$
|
83,503
|
$
|
75,198
|
$
|
80,338
|
$
|
89,239
|
||||||||||
Book-to-bill ratio
|
0.97
|
1.02
|
0.83
|
1.04
|
0.84
|
|||||||||||||||
Gross profit margin
|
33.1
|
%
|
30.8
|
%
|
32.1
|
%
|
29.5
|
%
|
34.5
|
%
|
||||||||||
Segment operating margin
|
30.0
|
%
|
27.0
|
%
|
28.9
|
%
|
26.1
|
%
|
30.9
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
132,314
|
$
|
126,213
|
$
|
123,158
|
$
|
133,291
|
$
|
133,866
|
||||||||||
Book-to-bill ratio
|
1.17
|
0.95
|
0.99
|
0.70
|
0.70
|
|||||||||||||||
Gross profit margin
|
24.5
|
%
|
23.7
|
%
|
23.7
|
%
|
28.5
|
%
|
25.1
|
%
|
||||||||||
Segment operating margin
|
20.9
|
%
|
20.1
|
%
|
19.9
|
%
|
24.8
|
%
|
21.0
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Cost of products sold
|
71.1
|
%
|
68.0
|
%
|
69.7
|
%
|
69.6
|
%
|
69.7
|
%
|
||||||||||
Gross profit
|
28.9
|
%
|
32.0
|
%
|
30.3
|
%
|
30.4
|
%
|
30.3
|
%
|
||||||||||
Selling, general & administrative expenses
|
13.8
|
%
|
13.8
|
%
|
12.8
|
%
|
13.8
|
%
|
13.0
|
%
|
||||||||||
Operating income
|
15.1
|
%
|
18.2
|
%
|
17.5
|
%
|
16.6
|
%
|
17.3
|
%
|
||||||||||
Income before taxes and noncontrolling interest
|
15.0
|
%
|
18.0
|
%
|
17.1
|
%
|
16.5
|
%
|
16.5
|
%
|
||||||||||
Net earnings attributable to Vishay stockholders
|
10.7
|
%
|
12.8
|
%
|
13.0
|
%
|
11.7
|
%
|
12.6
|
%
|
||||||||||
________
|
||||||||||||||||||||
Effective tax rate
|
28.5
|
%
|
28.4
|
%
|
23.8
|
%
|
28.5
|
%
|
23.7
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Net revenues
|
$
|
892,110
|
$
|
871,046
|
$
|
863,512
|
$
|
1,763,156
|
$
|
1,717,305
|
Fiscal quarter ended
July 1, 2023
|
Six fiscal months ended
July 1, 2023
|
|||||||||||||||
Change in net
revenues
|
% change
|
Change in net
revenues
|
% change
|
|||||||||||||
April 1, 2023
|
$
|
21,064
|
2.4
|
%
|
n/a | n/a |
||||||||||
July 2, 2022
|
$
|
28,598
|
3.3
|
%
|
$
|
45,851
|
2.7
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
2.6
|
%
|
1.4
|
%
|
(0.1
|
)%
|
||||||
Change in average selling prices
|
(0.7
|
)%
|
1.1
|
%
|
3.0
|
%
|
||||||
Foreign currency effects
|
0.5
|
%
|
0.6
|
%
|
(0.5
|
)%
|
||||||
Acquisition
|
0.0
|
%
|
0.1
|
%
|
0.2
|
%
|
||||||
Other
|
0.0
|
%
|
0.1
|
%
|
0.1
|
%
|
||||||
Net change
|
2.4
|
%
|
3.3
|
%
|
2.7
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Net revenues
|
$ |
207,388
|
$ |
198,181
|
$ |
158,395
|
$ |
405,569
|
$ |
331,069
|
||||||||||
Gross profit margin
|
34.7
|
%
|
36.8
|
%
|
35.0
|
%
|
35.7
|
%
|
34.5
|
%
|
||||||||||
Segment operating margin
|
27.4
|
%
|
29.3
|
%
|
28.2
|
%
|
28.3
|
%
|
28.1
|
%
|
Fiscal quarter ended
July 1, 2023
|
Six fiscal months ended
July 1, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 1, 2023
|
$
|
9,207
|
4.6
|
%
|
n/a
|
n/a
|
||||||||||
July 2, 2022
|
$
|
48,993
|
30.9
|
%
|
$
|
74,500
|
22.5
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Increase in volume
|
5.9
|
%
|
26.5
|
%
|
14.4
|
%
|
||||||
Change in average selling prices
|
(1.7
|
)%
|
1.8
|
%
|
5.7
|
%
|
||||||
Foreign currency effects
|
0.3
|
%
|
0.6
|
%
|
(0.3
|
)%
|
||||||
Acquisition |
0.0 | % | 0.7 | % | 0.8 | % | ||||||
Other
|
0.1
|
%
|
1.3
|
%
|
1.9
|
%
|
||||||
Net change
|
4.6
|
%
|
30.9
|
%
|
22.5
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Net revenues
|
$ |
174,735
|
$ |
175,693
|
$ |
192,083
|
$ |
350,428
|
$ |
374,417
|
||||||||||
Gross profit margin
|
23.4
|
%
|
27.4
|
%
|
27.8
|
%
|
25.4
|
%
|
26.5
|
%
|
||||||||||
Segment operating margin
|
20.1
|
%
|
24.3
|
%
|
25.3
|
%
|
22.2
|
%
|
23.8
|
%
|
Fiscal quarter ended
July 1, 2023
|
Six fiscal months ended
July 1, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 1, 2023
|
$
|
(958
|
)
|
(0.5
|
)%
|
n/a
|
n/a
|
|||||||||
July 2, 2022
|
$
|
(17,348
|
)
|
(9.0
|
)%
|
$
|
(23,989
|
)
|
(6.4
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
1.1
|
%
|
(8.3
|
)%
|
(8.2
|
)%
|
||||||
Change in average selling prices
|
(1.9
|
)%
|
(1.5
|
)%
|
2.6
|
%
|
||||||
Foreign currency effects
|
0.3
|
%
|
0.5
|
%
|
(0.5
|
)%
|
||||||
Other
|
0.0
|
%
|
0.3
|
%
|
(0.3
|
)%
|
||||||
Net change
|
(0.5
|
)%
|
(9.0
|
)%
|
(6.4
|
)%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Net revenues
|
$
|
$ 64,449
|
$
|
$ 60,403
|
$
|
$ 77,936
|
$ |
124,852
|
$ |
158,952
|
||||||||||
Gross profit margin
|
24.2
|
%
|
36.3
|
%
|
33.9
|
%
|
30.1
|
%
|
37.0
|
%
|
||||||||||
Segment operating margin
|
16.7
|
%
|
28.6
|
%
|
28.7
|
%
|
22.5
|
%
|
31.8
|
%
|
Fiscal quarter ended
July 1, 2023
|
Six fiscal months ended
July 1, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 1, 2023
|
$
|
4,046
|
6.7
|
%
|
n/a
|
n/a
|
||||||||||
July 2, 2022
|
$
|
(13,487
|
)
|
(17.3
|
)%
|
(34,100
|
)
|
(21.5
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
5.7
|
%
|
(18.3
|
)%
|
(21.9
|
)%
|
||||||
Change in average selling prices
|
(0.3
|
)%
|
0.2
|
%
|
1.2
|
%
|
||||||
Foreign currency effects
|
0.7
|
%
|
0.8
|
%
|
(0.4
|
)%
|
||||||
Other
|
0.6
|
%
|
0.0
|
%
|
(0.4
|
)%
|
||||||
Net change
|
6.7
|
%
|
(17.3
|
)%
|
(21.5
|
)%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Net revenues
|
$ |
222,433
|
$ |
223,140
|
$ |
213,176
|
$ |
445,573
|
$ |
420,208
|
||||||||||
Gross profit margin
|
29.1
|
%
|
33.2
|
%
|
33.1
|
%
|
31.1
|
%
|
32.3
|
%
|
||||||||||
Segment operating margin
|
25.8
|
%
|
29.9
|
%
|
29.9
|
%
|
27.8
|
%
|
29.0
|
%
|
Fiscal quarter ended
July 1, 2023
|
Six fiscal months ended
July 1, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 1, 2023
|
$
|
(707
|
)
|
(0.3
|
)%
|
n/a
|
n/a
|
|||||||||
July 2, 2022
|
$
|
9,257
|
4.3
|
%
|
$
|
25,365
|
6.0
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
(0.8
|
)%
|
1.5
|
%
|
4.0
|
%
|
||||||
Change in average selling prices
|
(0.3
|
)%
|
1.7
|
%
|
2.4
|
%
|
||||||
Foreign currency effects
|
0.6
|
%
|
0.9
|
%
|
(0.6
|
)%
|
||||||
Other
|
0.2
|
%
|
0.2
|
%
|
0.2
|
%
|
||||||
Net change
|
(0.3
|
)%
|
4.3
|
%
|
6.0
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Net revenues
|
$ |
89,239
|
$ |
80,338
|
$ |
89,608
|
$ |
169,577
|
$ |
172,385
|
||||||||||
Gross profit margin
|
34.5
|
%
|
29.5
|
%
|
33.1
|
%
|
32.2
|
%
|
31.6
|
%
|
||||||||||
Segment operating margin
|
30.9
|
%
|
26.1
|
%
|
30.0
|
%
|
28.6
|
%
|
28.5
|
%
|
Fiscal quarter ended
July 1, 2023
|
Six fiscal months ended
July 1, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 1, 2023
|
$
|
8,901
|
11.1
|
%
|
n/a
|
n/a
|
||||||||||
July 2, 2022
|
$
|
(369
|
)
|
(0.4
|
)%
|
$
|
(2,808
|
)
|
(1.6
|
)%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
9.5
|
%
|
(2.5
|
)%
|
(3.3
|
)%
|
||||||
Increase in average selling prices
|
1.1
|
%
|
1.9
|
%
|
1.9
|
%
|
||||||
Foreign currency effects
|
0.2
|
%
|
0.3
|
%
|
(0.2
|
)%
|
||||||
Other
|
0.3
|
%
|
(0.1
|
)%
|
0.0
|
%
|
||||||
Net change
|
11.1
|
%
|
(0.4
|
)%
|
(1.6
|
)%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Net revenues
|
$ |
133,866
|
$ |
133,291
|
$ |
132,314
|
$ |
267,157
|
$ |
260,274
|
||||||||||
Gross profit margin
|
25.1
|
%
|
28.5
|
%
|
24.5
|
%
|
26.8
|
%
|
24.9
|
%
|
||||||||||
Segment operating margin
|
21.0
|
%
|
24.8
|
%
|
20.9
|
%
|
22.9
|
%
|
21.1
|
%
|
Fiscal quarter ended
July 1, 2023
|
Six fiscal months ended
July 1, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
April 1, 2023
|
$
|
575
|
0.4
|
%
|
n/a
|
n/a
|
||||||||||
July 2, 2022
|
$
|
1,552
|
1.2
|
%
|
$
|
6,883
|
2.6
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
0.0
|
%
|
(1.5
|
)%
|
1.3
|
%
|
||||||
Increase in average selling prices
|
0.6
|
%
|
2.3
|
%
|
2.1
|
%
|
||||||
Foreign currency effects
|
0.7
|
%
|
0.8
|
%
|
(0.9
|
)%
|
||||||
Other
|
(0.9
|
)%
|
(0.4
|
)%
|
0.1
|
%
|
||||||
Net change
|
0.4
|
%
|
1.2
|
%
|
2.6
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
July 1, 2023
|
July 2, 2022
|
||||||||||||||||
Total SG&A expenses
|
$
|
122,857
|
$
|
120,145
|
$
|
110,400
|
$
|
243,002
|
$
|
223,255
|
||||||||||
as a percentage of revenues
|
13.8
|
%
|
13.8
|
%
|
12.8
|
%
|
13.8
|
%
|
13.0
|
%
|
Fiscal quarters ended
|
||||||||||||
July 1, 2023
|
July 2, 2022
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,203
|
$
|
6,514
|
$
|
(5,311
|
)
|
|||||
Interest income
|
6,292
|
789
|
5,503
|
|||||||||
Other components of net periodic pension expense
|
(1,906
|
)
|
(2,803
|
)
|
897
|
|||||||
Investment income (expense)
|
(193
|
)
|
(2,858
|
)
|
2,665
|
|||||||
Other
|
(139
|
)
|
(262
|
)
|
123
|
|||||||
$
|
5,257
|
$
|
1,380
|
$
|
3,877
|
Fiscal quarters ended
|
||||||||||||
July 1, 2023
|
April 1, 2023
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,203
|
$
|
(1,490
|
)
|
$
|
2,693
|
|||||
Interest income
|
6,292
|
5,944
|
348
|
|||||||||
Other components of net periodic pension expense
|
(1,906
|
)
|
(1,888
|
)
|
(18
|
)
|
||||||
Investment income (expense)
|
(193
|
)
|
744
|
(937
|
)
|
|||||||
Other
|
(139
|
)
|
19
|
(158
|
)
|
|||||||
$
|
5,257
|
$
|
3,329
|
$
|
1,928
|
Six fiscal months ended
|
||||||||||||
July 1, 2023
|
July 2, 2022
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(287
|
)
|
$
|
6,233
|
$
|
(6,520
|
)
|
||||
Interest income
|
12,236
|
1,350
|
10,886
|
|||||||||
Other components of net periodic pension expense
|
(3,794
|
)
|
(5,713
|
)
|
1,919
|
|||||||
Investment income (expense)
|
551
|
(5,974
|
)
|
6,525
|
||||||||
Other
|
(120
|
)
|
(267
|
)
|
147
|
|||||||
$
|
8,586
|
$
|
(4,371
|
)
|
$
|
12,957
|
Fiscal quarters ended
|
||||||||||||
July 1, 2023
|
April 1, 2023
|
July 2, 2022
|
||||||||||
Days sales outstanding ("DSO") (a)
|
46
|
45
|
45
|
|||||||||
Days inventory outstanding ("DIO") (b)
|
94
|
98
|
95
|
|||||||||
Days payable outstanding ("DPO") (c)
|
(32
|
)
|
(32
|
)
|
(37
|
)
|
||||||
Cash conversion cycle
|
108
|
111
|
103
|
July 1, 2023
|
December 31, 2022
|
|||||||
Credit facility
|
$
|
185,000
|
$
|
42,000
|
||||
Convertible senior notes, due 2025
|
465,344
|
465,344
|
||||||
Deferred financing costs
|
(10,676
|
)
|
(6,407
|
)
|
||||
Total debt
|
639,668
|
500,937
|
||||||
Cash and cash equivalents
|
1,089,420
|
610,825
|
||||||
Short-term investments
|
14,366
|
305,272
|
||||||
Net cash and short-term investments (debt)
|
$
|
464,118
|
$
|
415,160
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered
Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share (including commission)
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Total Dollar Amount Purchased Under the Program
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
|
|||||||||||||||
April 2 - 29
|
350,552
|
$
|
21.64
|
350,552
|
$
|
7,586,620
|
|
2,405,920
|
||||||||||||
April 30 - May 27
|
263,749
|
$
|
23.42
|
263,749
|
$
|
6,175,786
|
|
2,142,171
|
||||||||||||
May 28 - July 1
|
232,901
|
$
|
27.75
|
232,901
|
$
|
6,462,997
|
|
1,909,270
|
||||||||||||
Total
|
847,202
|
$
|
23.87
|
847,202
|
$
|
20,225,403
|
|
1,909,270
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
10.1 |
|
10.2 | |
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended July 1, 2023, furnished in iXBRL (Inline eXtensible Business
Reporting Language)).
|
104
|
Cover Page Interactive Data File (formatted as Inline eXtensible Business Reporting Language and contained in Exhibit 101)
|
VISHAY INTERTECHNOLOGY, INC.
|
||
/s/ Lori Lipcaman
|
||
Lori Lipcaman
|
||
Executive Vice President and Chief Financial Officer
|
||
(as a duly authorized officer and principal financial and
|
||
accounting officer)
|
1. |
I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
1. |
I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
1. |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1. |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|