Vishay Intertechnology Reports Third Quarter 2024 Results
Vishay Intertechnology (VSH) reported Q3 2024 results with revenues of $735.4 million and a gross margin of 20.5%, which included a negative impact of approximately 150 basis points from Newport acquisition. The company posted a GAAP loss per share of ($0.14) and adjusted EPS of $0.08. The Q3 2024 book-to-bill ratio was 0.88, with semiconductors at 0.79 and passive components at 0.97. The company's backlog stands at 4.4 months. For Q4 2024, Vishay expects revenues of $720 million ±$20 million, with gross margin around 20.0% ±50 basis points, including a 175-200 basis points negative impact from Newport.
Vishay Intertechnology (VSH) ha riportato i risultati del terzo trimestre del 2024 con entrate di 735,4 milioni di dollari e un margine lordo del 20,5%, che ha incluso un impatto negativo di circa 150 punti base derivante dall'acquisizione di Newport. L'azienda ha registrato una perdita per azione GAAP di ($0,14) e un utile per azione rettificato di $0,08. Il rapporto book-to-bill del terzo trimestre 2024 è stato di 0,88, con i semiconduttori a 0,79 e i componenti passivi a 0,97. Il portafoglio ordini dell'azienda si attesta a 4,4 mesi. Per il quarto trimestre 2024, Vishay prevede entrate di 720 milioni di dollari ± 20 milioni, con un margine lordo intorno al 20,0% ± 50 punti base, inclusi un impatto negativo di 175-200 punti base da Newport.
Vishay Intertechnology (VSH) informó los resultados del tercer trimestre de 2024 con ingresos de 735.4 millones de dólares y un margen bruto del 20.5%, que incluyó un impacto negativo de aproximadamente 150 puntos básicos por la adquisición de Newport. La compañía reportó una pérdida por acción GAAP de ($0.14) y una utilidad por acción ajustada de $0.08. La relación book-to-bill del tercer trimestre de 2024 fue de 0.88, con semiconductores en 0.79 y componentes pasivos en 0.97. La cartera de pedidos de la compañía se sitúa en 4.4 meses. Para el cuarto trimestre de 2024, Vishay espera ingresos de 720 millones de dólares ± 20 millones, con un margen bruto alrededor del 20.0% ± 50 puntos básicos, incluyendo un impacto negativo de 175-200 puntos básicos de Newport.
Vishay Intertechnology (VSH)는 2024년 3분기 결과를 보고하며 수익이 $735.4 백만에 달하고 총 마진은 20.5%로 나타났으며, 여기에는 Newport 인수로 인한 약 150 베이시스 포인트의 부정적인 영향이 포함되었습니다. 이 회사는 GAAP 기준 주당 손실이 ($0.14)였고 조정된 주당 순익(EPS)은 $0.08를 기록했습니다. 2024년 3분기 북-투-빌(book-to-bill) 비율은 0.88로, 반도체는 0.79, 수동 부품은 0.97입니다. 회사의 미체결 주문량은 4.4개월입니다. 2024년 4분기에는 Vishay가 약 $720 백만 ±$20 백만의 수익을 예상하고 있으며, 총 마진은 약 20.0% ± 50 베이시스 포인트로 예상하고 있으며, Newport로부터의 175-200 베이시스 포인트의 부정적인 영향이 포함됩니다.
Vishay Intertechnology (VSH) a annoncé les résultats du troisième trimestre 2024 avec des revenus de 735,4 millions de dollars et une marge brute de 20,5%, incluant un impact négatif d'environ 150 points de base suite à l'acquisition de Newport. L'entreprise a enregistré une perte par action GAAP de ($0,14) et un bénéfice par action ajusté de $0,08. Le ratio book-to-bill du troisième trimestre 2024 était de 0,88, avec des semi-conducteurs à 0,79 et des composants passifs à 0,97. Le carnet de commandes de l'entreprise est de 4,4 mois. Pour le quatrième trimestre 2024, Vishay prévoit des revenus de 720 millions de dollars ± 20 millions, avec une marge brute d'environ 20,0% ± 50 points de base, incluant un impact négatif de 175-200 points de base de Newport.
Vishay Intertechnology (VSH) berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Umsatz von 735,4 Millionen Dollar und einer Bruttomarge von 20,5%, die einen negativen Einfluss von etwa 150 Basispunkten aufgrund der Übernahme von Newport beinhaltete. Das Unternehmen verzeichnete einen GAAP-Verlust pro Aktie von ($0,14) und einen bereinigten Gewinn pro Aktie von $0,08. Das Verhältnis von Buchungen zu Rechnungen (book-to-bill) im dritten Quartal 2024 lag bei 0,88, wobei Halbleiter bei 0,79 und passive Komponenten bei 0,97 lagen. Der Auftragsbestand des Unternehmens beträgt 4,4 Monate. Für das vierte Quartal 2024 erwartet Vishay Einnahmen von 720 Millionen Dollar ± 20 Millionen Dollar, mit einer Bruttomarge von etwa 20,0% ± 50 Basispunkten, einschließlich eines negativen Einflusses von 175-200 Basispunkten aus Newport.
- Maintained stable revenue for third consecutive quarter
- Passive components showing stronger book-to-bill ratio at 0.97
- Healthy backlog of 4.4 months
- GAAP loss per share of ($0.14)
- Overall weak book-to-bill ratio of 0.88
- Declining semiconductor demand with book-to-bill of 0.79
- Newport acquisition negatively impacting gross margins
- Expected revenue decline in Q4 2024
- Prolonged inventory destocking affecting industrial demand
- Worsening macroeconomic conditions in Europe
Insights
The Q3 results reveal significant challenges for Vishay Intertechnology.
The Q4 guidance of
The semiconductor industry downcycle is hitting Vishay harder than expected. Market indicators point to a prolonged recovery phase, with industrial customers particularly cautious in their spending. The divergence between semiconductor (
MALVERN, Pa., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal third quarter ended September 28, 2024.
Highlights
- 3Q 2024 revenues of
$735.4 million - Gross margin was
20.5% and included the negative impact of approximately 150 basis points related to the addition of Newport - GAAP loss per share of (
$0.14) ; adjusted EPS of$0.08 per share - 3Q 2024 book-to-bill of 0.88 with book-to-bill of 0.79 for semiconductors and 0.97 for passive components
- Backlog at quarter end was 4.4 months
“For the third consecutive quarter this year, revenue has held fairly constant, reflecting a prolonged period of inventory de-stocking as the pace of consumption by industrial customers remains slow, backlogs are pushed out and macroeconomic conditions in Europe worsen,” said Joel Smejkal, President and CEO. “While the industry remains in a downcycle, we are making the necessary adjustments to manage costs while continuing to execute our five-year strategic plan. We are preparing to participate fully in the next industry up-cycle and we are putting the foundation in place to capitalize on the longer term demand catalysts of e-mobility and sustainability to drive faster revenue growth, and improve profitability and returns on invested capital.”
4Q 2024 Outlook
For the fourth quarter of 2024, management expects revenues in the range of
A conference call to discuss Vishay’s third quarter financial results is scheduled for Wednesday, November 6, 2024 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at https://register.vevent.com/register/BI24b8e37c574c42d897f4df9a7a5aa306. Upon registering, you will be emailed a dial-in number, and unique PIN.
A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.
There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days.
About Vishay
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.
This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); and EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as free cash, EBITDA, and EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. The calculations of these measures are indicated on the accompanying reconciliation schedules and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.
Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, capital investment, capacity expansion, returns on invested capital, stockholder returns, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as "intend," "suggest," "guide," "will," "expect," or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand (including due to political, economic, and health instability and military conflicts and hostilities); delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; that the Newport wafer fab will not be integrated successfully into the Company’s overall business; that the expected benefits of the acquisition may not be realized; that the fab’s standards, procedures and controls will not be brought into conformance within the Company’s operation; difficulties in transitioning and retaining fab employees following the acquisition; difficulties in consolidating facilities and transferring processes and know-how; the diversion of our management’s attention from the management of our current business; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The DNA of tech® is a trademark of Vishay Intertechnology.
Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Executive Vice President – Corporate Development
+1-610-644-1300
| VISHAY INTERTECHNOLOGY, INC. | ||||||||||||
| Summary of Operations | ||||||||||||
| (Unaudited - In thousands, except per share amounts) | ||||||||||||
| Fiscal quarters ended | ||||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | ||||||||||
| Net revenues | $ | 735,353 | $ | 741,239 | $ | 853,653 | ||||||
| Costs of products sold | 584,470 | 578,369 | 616,010 | |||||||||
| Gross profit | 150,883 | 162,870 | 237,643 | |||||||||
| Gross margin | 20.5 | % | 22.0 | % | 27.8 | % | ||||||
| Selling, general, and administrative expenses | 128,545 | 124,953 | 122,513 | |||||||||
| Restructuring and severance costs | 40,614 | - | - | |||||||||
| Operating income (loss) | (18,276 | ) | 37,917 | 115,130 | ||||||||
| Operating margin | -2.5 | % | 5.1 | % | 13.5 | % | ||||||
| Other income (expense): | ||||||||||||
| Interest expense | (6,596 | ) | (6,657 | ) | (7,153 | ) | ||||||
| Loss on early extinguishment of debt | - | - | (18,874 | ) | ||||||||
| Other | 803 | 5,011 | 7,409 | |||||||||
| Total other income (expense) - net | (5,793 | ) | (1,646 | ) | (18,618 | ) | ||||||
| Income (loss) before taxes | (24,069 | ) | 36,271 | 96,512 | ||||||||
| Income tax expense (benefit) | (5,076 | ) | 12,391 | 30,557 | ||||||||
| Net earnings (loss) | (18,993 | ) | 23,880 | 65,955 | ||||||||
| Less: net earnings attributable to noncontrolling interests | 306 | 347 | 426 | |||||||||
| Net earnings (loss) attributable to Vishay stockholders | $ | (19,299 | ) | $ | 23,533 | $ | 65,529 | |||||
| Basic earnings (loss) per share attributable to Vishay stockholders | $ | (0.14 | ) | $ | 0.17 | $ | 0.47 | |||||
| Diluted earnings (loss) per share attributable to Vishay stockholders | $ | (0.14 | ) | $ | 0.17 | $ | 0.47 | |||||
| Weighted average shares outstanding - basic | 136,793 | 137,326 | 139,083 | |||||||||
| Weighted average shares outstanding - diluted | 136,793 | 138,084 | 140,001 | |||||||||
| Cash dividends per share | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||
| VISHAY INTERTECHNOLOGY, INC. | ||||||||
| Summary of Operations | ||||||||
| (Unaudited - In thousands, except per share amounts) | ||||||||
| Nine fiscal months ended | ||||||||
| September 28, 2024 | September 30, 2023 | |||||||
| Net revenues | $ | 2,222,871 | $ | 2,616,809 | ||||
| Costs of products sold | 1,738,711 | 1,842,980 | ||||||
| Gross profit | 484,160 | 773,829 | ||||||
| Gross margin | 21.8 | % | 29.6 | % | ||||
| Selling, general, and administrative expenses | 381,234 | 365,515 | ||||||
| Restructuring and severance costs | 40,614 | - | ||||||
| Operating income | 62,312 | 408,314 | ||||||
| Operating margin | 2.8 | % | 15.6 | % | ||||
| Other income (expense): | ||||||||
| Interest expense | (19,749 | ) | (18,677 | ) | ||||
| Loss on early extinguishment of debt | - | (18,874 | ) | |||||
| Other | 13,901 | 15,995 | ||||||
| Total other income (expense) - net | (5,848 | ) | (21,556 | ) | ||||
| Income before taxes | 56,464 | 386,758 | ||||||
| Income tax expense | 20,134 | 113,199 | ||||||
| Net earnings | 36,330 | 273,559 | ||||||
| Less: net earnings attributable to noncontrolling interests | 1,172 | 1,211 | ||||||
| Net earnings attributable to Vishay stockholders | $ | 35,158 | $ | 272,348 | ||||
| Basic earnings per share attributable to Vishay stockholders | $ | 0.26 | $ | 1.95 | ||||
| Diluted earnings per share attributable to Vishay stockholders | $ | 0.25 | $ | 1.94 | ||||
| Weighted average shares outstanding - basic | 137,281 | 139,828 | ||||||
| Weighted average shares outstanding - diluted | 138,039 | 140,577 | ||||||
| Cash dividends per share | $ | 0.30 | $ | 0.30 | ||||
| VISHAY INTERTECHNOLOGY, INC. | ||||||||
| Consolidated Condensed Balance Sheets | ||||||||
| (Unaudited - In thousands) | ||||||||
| September 28, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 643,771 | $ | 972,719 | ||||
| Short-term investments | 13,491 | 35,808 | ||||||
| Accounts receivable, net | 428,558 | 426,674 | ||||||
| Inventories: | ||||||||
| Finished goods | 173,353 | 167,083 | ||||||
| Work in process | 290,597 | 267,339 | ||||||
| Raw materials | 223,254 | 213,098 | ||||||
| Total inventories | 687,204 | 647,520 | ||||||
| Prepaid expenses and other current assets | 237,749 | 214,443 | ||||||
| Total current assets | 2,010,773 | 2,297,164 | ||||||
| Property and equipment, at cost: | ||||||||
| Land | 84,851 | 77,006 | ||||||
| Buildings and improvements | 769,865 | 719,387 | ||||||
| Machinery and equipment | 3,291,983 | 3,053,868 | ||||||
| Construction in progress | 295,147 | 290,593 | ||||||
| Allowance for depreciation | (2,963,103 | ) | (2,846,208 | ) | ||||
| 1,478,743 | 1,294,646 | |||||||
| Right of use assets | 125,969 | 126,829 | ||||||
| Deferred income taxes | 160,900 | 137,394 | ||||||
| Goodwill | 255,323 | 201,416 | ||||||
| Other intangible assets, net | 83,427 | 72,333 | ||||||
| Other assets | 105,223 | 110,141 | ||||||
| Total assets | $ | 4,220,358 | $ | 4,239,923 | ||||
| VISHAY INTERTECHNOLOGY, INC. | ||||||||
| Consolidated Condensed Balance Sheets (continued) | ||||||||
| (Unaudited - In thousands) | ||||||||
| September 28, 2024 | December 31, 2023 | |||||||
| Liabilities and equity | ||||||||
| Current liabilities: | ||||||||
| Trade accounts payable | $ | 209,864 | $ | 191,002 | ||||
| Payroll and related expenses | 150,726 | 161,940 | ||||||
| Lease liabilities | 27,625 | 26,485 | ||||||
| Other accrued expenses | 275,159 | 239,350 | ||||||
| Income taxes | 51,052 | 73,098 | ||||||
| Total current liabilities | 714,426 | 691,875 | ||||||
| Long-term debt less current portion | 820,799 | 818,188 | ||||||
| U.S. transition tax payable | - | 47,027 | ||||||
| Deferred income taxes | 112,110 | 95,776 | ||||||
| Long-term lease liabilities | 101,012 | 102,830 | ||||||
| Other liabilities | 105,834 | 87,918 | ||||||
| Accrued pension and other postretirement costs | 192,614 | 195,503 | ||||||
| Total liabilities | 2,046,795 | 2,039,117 | ||||||
| Equity: | ||||||||
| Vishay stockholders' equity | ||||||||
| Common stock | 13,358 | 13,319 | ||||||
| Class B convertible common stock | 1,210 | 1,210 | ||||||
| Capital in excess of par value | 1,302,335 | 1,291,499 | ||||||
| Retained earnings | 1,035,395 | 1,041,372 | ||||||
| Treasury stock (at cost) | (199,440 | ) | (161,656 | ) | ||||
| Accumulated other comprehensive income | 14,808 | 10,337 | ||||||
| Total Vishay stockholders' equity | 2,167,666 | 2,196,081 | ||||||
| Noncontrolling interests | 5,897 | 4,725 | ||||||
| Total equity | 2,173,563 | 2,200,806 | ||||||
| Total liabilities and equity | $ | 4,220,358 | $ | 4,239,923 | ||||
| VISHAY INTERTECHNOLOGY, INC. | ||||||||
| Consolidated Condensed Statements of Cash Flows | ||||||||
| (Unaudited - In thousands) | ||||||||
| Nine fiscal months ended | ||||||||
| September 28, 2024 | September 30, 2023 | |||||||
| Operating activities | ||||||||
| Net earnings | $ | 36,330 | $ | 273,559 | ||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 155,272 | 133,910 | ||||||
| Gain on disposal of property and equipment | (1,168 | ) | (495 | ) | ||||
| Inventory write-offs for obsolescence | 27,163 | 27,469 | ||||||
| Deferred income taxes | (13,667 | ) | 20,654 | |||||
| Stock compensation expense | 14,928 | 11,610 | ||||||
| Loss on early extinguishment of debt | - | 18,874 | ||||||
| Other | 14,506 | 7,574 | ||||||
| Change in U.S. transition tax liability | (37,622 | ) | (27,670 | ) | ||||
| Change in repatriation tax liability | (15,000 | ) | - | |||||
| Changes in operating assets and liabilities, net of effects of businesses acquired | (74,696 | ) | (106,050 | ) | ||||
| Net cash provided by operating activities | 106,046 | 359,435 | ||||||
| Investing activities | ||||||||
| Capital expenditures | (175,175 | ) | (184,079 | ) | ||||
| Proceeds from sale of property and equipment | 1,397 | 1,034 | ||||||
| Purchase of businesses, net of cash acquired | (200,185 | ) | (5,003 | ) | ||||
| Purchase of short-term investments | (101,263 | ) | (82,166 | ) | ||||
| Maturity of short-term investments | 123,561 | 308,021 | ||||||
| Other investing activities | (1,220 | ) | (1,219 | ) | ||||
| Net cash provided by (used in) investing activities | (352,885 | ) | 36,588 | |||||
| Financing activities | ||||||||
| Proceeds from long-term borrowings | - | 750,000 | ||||||
| Repurchase of convertible senior notes due 2025 | - | (386,745 | ) | |||||
| Net payments on revolving credit facility | - | (42,000 | ) | |||||
| Debt issuance and amendment costs | (1,062 | ) | (26,547 | ) | ||||
| Cash paid for capped call | - | (94,200 | ) | |||||
| Dividends paid to common stockholders | (37,467 | ) | (38,207 | ) | ||||
| Dividends paid to Class B common stockholders | (3,629 | ) | (3,629 | ) | ||||
| Repurchase of common stock held in treasury | (37,784 | ) | (57,661 | ) | ||||
| Distributions to noncontrolling interests | - | (867 | ) | |||||
| Cash withholding taxes paid when shares withheld for vested equity awards | (4,092 | ) | (3,994 | ) | ||||
| Net cash provided by (used in) financing activities | (84,034 | ) | 96,150 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 1,925 | (7,879 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | (328,948 | ) | 484,294 | |||||
| Cash and cash equivalents at beginning of period | 972,719 | 610,825 | ||||||
| Cash and cash equivalents at end of period | $ | 643,771 | $ | 1,095,119 | ||||
| VISHAY INTERTECHNOLOGY, INC. | ||||||||||||||||||||
| Reconciliation of Adjusted Earnings Per Share | ||||||||||||||||||||
| (Unaudited - In thousands, except per share amounts) | ||||||||||||||||||||
| Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||||
| GAAP net earnings (loss) attributable to Vishay stockholders | $ | (19,299 | ) | $ | 23,533 | $ | 65,529 | $ | 35,158 | $ | 272,348 | |||||||||
| Reconciling items affecting operating income: | ||||||||||||||||||||
| Restructuring and severance costs | $ | 40,614 | $ | - | $ | - | $ | 40,614 | $ | - | ||||||||||
| Reconciling items affecting other income (expense): | ||||||||||||||||||||
| Loss on early extinguishment of debt | $ | - | $ | - | $ | 18,874 | $ | - | $ | 18,874 | ||||||||||
| Reconciling items affecting tax expense (benefit): | ||||||||||||||||||||
| Tax effects of pre-tax items above | (10,299 | ) | - | (498 | ) | (10,299 | ) | (498 | ) | |||||||||||
| Adjusted net earnings | $ | 11,016 | $ | 23,533 | $ | 83,905 | $ | 65,473 | $ | 290,724 | ||||||||||
| Adjusted weighted average diluted shares outstanding | 137,558 | 138,084 | 140,001 | 138,039 | 140,577 | |||||||||||||||
| Adjusted earnings per diluted share | $ | 0.08 | $ | 0.17 | $ | 0.60 | $ | 0.47 | $ | 2.07 | ||||||||||
| VISHAY INTERTECHNOLOGY, INC. | ||||||||||||||||||||
| Reconciliation of Free Cash | ||||||||||||||||||||
| (Unaudited - In thousands) | ||||||||||||||||||||
| Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||||
| Net cash provided by operating activities | $ | 50,565 | $ | (24,730 | ) | $ | 122,303 | $ | 106,046 | $ | 359,435 | |||||||||
| Proceeds from sale of property and equipment | 132 | 514 | 21 | 1,397 | 1,034 | |||||||||||||||
| Less: Capital expenditures | (59,527 | ) | (62,564 | ) | (66,829 | ) | (175,175 | ) | (184,079 | ) | ||||||||||
| Free cash | $ | (8,830 | ) | $ | (86,780 | ) | $ | 55,495 | $ | (67,732 | ) | $ | 176,390 | |||||||
| VISHAY INTERTECHNOLOGY, INC. | ||||||||||||||||||||
| Reconciliation of EBITDA and Adjusted EBITDA | ||||||||||||||||||||
| (Unaudited - In thousands) | ||||||||||||||||||||
| Fiscal quarters ended | Nine fiscal months ended | |||||||||||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||||
| GAAP net earnings (loss) attributable to Vishay stockholders | $ | (19,299 | ) | $ | 23,533 | $ | 65,529 | $ | 35,158 | $ | 272,348 | |||||||||
| Net earnings attributable to noncontrolling interests | 306 | 347 | 426 | 1,172 | 1,211 | |||||||||||||||
| Net earnings (loss) | $ | (18,993 | ) | $ | 23,880 | $ | 65,955 | $ | 36,330 | $ | 273,559 | |||||||||
| Interest expense | $ | 6,596 | $ | 6,657 | $ | 7,153 | $ | 19,749 | $ | 18,677 | ||||||||||
| Interest income | (5,230 | ) | (6,663 | ) | (9,183 | ) | (20,946 | ) | (21,419 | ) | ||||||||||
| Income taxes | (5,076 | ) | 12,391 | 30,557 | 20,134 | 113,199 | ||||||||||||||
| Depreciation and amortization | 53,595 | 52,150 | 46,216 | 155,272 | 133,910 | |||||||||||||||
| EBITDA | $ | 30,892 | $ | 88,415 | $ | 140,698 | $ | 210,539 | $ | 517,926 | ||||||||||
| Reconciling items | ||||||||||||||||||||
| Restructuring and severance costs | 40,614 | - | - | 40,614 | - | |||||||||||||||
| Loss on early extinguishment of debt | - | - | 18,874 | - | 18,874 | |||||||||||||||
| Adjusted EBITDA | $ | 71,506 | $ | 88,415 | $ | 159,572 | $ | 251,153 | $ | 536,800 | ||||||||||
| Adjusted EBITDA margin** | 9.7 | % | 11.9 | % | 18.7 | % | 11.3 | % | 20.5 | % | ||||||||||
| ** Adjusted EBITDA as a percentage of net revenues | ||||||||||||||||||||
FAQ
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