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
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Name of exchange on which registered
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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
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||||
June 29, 2024
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December 31, 2023
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|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short-term investments
|
|
|
||||||
Accounts receivable, net
|
|
|
||||||
Inventories:
|
||||||||
Finished goods
|
|
|
||||||
Work in process
|
|
|
||||||
Raw materials
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|
||||||
Total inventories
|
|
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||||||
Prepaid expenses and other current assets
|
|
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||||||
Total current assets
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||||||
Property and equipment, at cost:
|
||||||||
Land
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||||||
Buildings and improvements
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|
|
||||||
Machinery and equipment
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||||||
Construction in progress
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|
|
||||||
Allowance for depreciation
|
(
|
)
|
(
|
)
|
||||
Property and equipment, net
|
|
|
||||||
Right of use assets
|
|
|
||||||
Deferred income taxes |
||||||||
Goodwill
|
|
|
||||||
Other intangible assets, net
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
June 29, 2024
|
December 31, 2023
|
|||||||
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
|
||||||||
June 29, 2024
|
July 1, 2023
|
|||||||
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
|
||||||||
June 29, 2024
|
July 1, 2023
|
|||||||
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
|
||||||||
June 29, 2024
|
July 1, 2023
|
|||||||
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
|
||||||||
June 29, 2024
|
July 1, 2023
|
|||||||
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
|
||||||||
June 29, 2024
|
July 1, 2023
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
|
$
|
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Gain 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 businesses, net of cash acquired |
( |
) | ( |
) | ||||
Purchase of short-term investments | ( |
) | ( |
) | ||||
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, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
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 1, 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
|
$ | ( |
) |
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at July 1, 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | ( |
) | $ | $ | $ | $ | |||||||||||||||||||||||||
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 March 30, 2024 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units and phantom stock units ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Dividends declared ($ |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock compensation expense | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at June 29, 2024 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ |
Net working deficit (excluding cash and cash equivalents)
|
$
|
(
|
)
|
|
Property and equipment
|
|
|||
Customer relationships
|
|
|||
Other, net
|
|
|||
Deferred taxes, net
|
(
|
)
|
||
Total identified assets and liabilities
|
|
|||
Purchase price, net of cash acquired
|
||||
Goodwill
|
$
|
|
June 29, 2024
|
December 31, 2023
|
|||||||
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
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Lease expense
|
||||||||||||||||
Operating lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Short-term lease expense
|
|
|
|
|
||||||||||||
Variable lease expense
|
|
|
|
|
||||||||||||
Total lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
June 29, 2024
|
||||
2024 (excluding the six fiscal months ended June 29, 2024) |
$
|
|
||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
Thereafter
|
|
June 29, 2024
|
December 31, 2023
|
|||||||
Credit facility
|
$
|
|
$
|
|
||||
Convertible senior notes, due 2025
|
|
|
||||||
Convertible senior notes, due 2030 | ||||||||
Deferred financing costs
|
(
|
)
|
(
|
)
|
||||
|
|
|||||||
Less current portion
|
|
|
||||||
$
|
|
$
|
|
2025 Notes
|
2030 Notes | |||||||
Issuance date
|
|
|||||||
Maturity date
|
|
* | ||||||
Principal amount as of June 29, 2024
|
$
|
|
$ | |||||
Cash coupon rate (per annum)
|
|
%
|
% | |||||
Conversion rate (per $1 principal amount)
|
|
|||||||
Effective conversion price (per share)
|
$
|
|
$ | |||||
130% of the current effective conversion price (per share)
|
$
|
|
$ |
Fiscal quarters ended
|
Six fiscal months ended | |||||||||||||||
June 29, 2024
|
July 1, 2023 |
June 29, 2024 | July 1, 2023 | |||||||||||||
Dividends paid to stockholders
|
$
|
|
$ | $ | $ | |||||||||||
Stock repurchases
|
|
|||||||||||||||
Total
|
$
|
|
$ | $ | $ |
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
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, 2024
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
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 June 29, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Fiscal quarter ended
June 29, 2024
|
Fiscal quarter ended
July 1, 2023
|
|||||||||||||||
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
June 29, 2024
|
Six fiscal months ended
July 1, 2023
|
|||||||||||||||
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
June 29, 2024
|
Fiscal quarter ended
July 1, 2023
|
|||||||||||||||
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
June 29, 2024
|
Six fiscal months ended
July 1, 2023
|
|||||||||||||||
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
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Restricted stock units ("RSUs")
|
$
|
|
$
|
|
$
|
|
|
|||||||||
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, 2024 |
|
$
|
|
|||||
Granted* |
|
|
||||||
Vested** |
(
|
)
|
|
|||||
Cancelled or forfeited |
(
|
)
|
|
|||||
Outstanding at June 29, 2024 |
|
$
|
|
|||||
Expected to vest at June 29, 2024 |
|
Vesting Date
|
Expected
to Vest
|
Not Expected
to Vest
|
Total
|
|||||||||
January 1, 2025 |
|
|
|
|||||||||
January 1, 2026 |
|
|
|
|||||||||
January 1, 2027 |
|
|
|
|||||||||
March 1, 2029 |
Number of
units
|
Grant-date
Fair Value per
Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2024
|
|
|||||||
Granted
|
|
$
|
|
|||||
Dividend equivalents issued
|
|
|||||||
Outstanding at June 29, 2024 |
|
MOSFETs
|
Diodes
|
Optoelectronic
Components
|
Resistors
|
Inductors
|
Capacitors
|
Total
|
||||||||||||||||||||||
Fiscal quarter ended June 29, 2024:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Fiscal quarter ended July 1, 2023:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Six fiscal months ended June 29, 2024:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Six fiscal months ended July 1, 2023:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Reconciliation:
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Unallocated Selling, General, and Administrative Expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Consolidated Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Unallocated Other Income (Expense)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Consolidated Income Before Taxes
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Distributors
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
OEMs
|
|
|
|
|
||||||||||||
EMS companies
|
|
|
|
|
||||||||||||
Total Revenue |
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Asia
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Americas
|
|
|
|
|
||||||||||||
Total Revenue |
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Industrial
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Automotive
|
|
|
|
|
||||||||||||
Military and Aerospace
|
|
|
|
|
||||||||||||
Medical
|
|
|
|
|
||||||||||||
Other
|
|
|
|
|
||||||||||||
Total Revenue
|
$ |
|
$ |
|
$ |
|
$ |
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
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
|
|||||||||||||||
June 29, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
|||||||||||||
Restricted stock units
|
|
|
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
June 29, 2024 | ||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Available for sale securities
|
$
|
|
|
|
|
|||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
Liability: |
||||||||||||||||
Acquisitions contingent consideration |
$ | $ | $ | $ | ||||||||||||
December 31, 2023 | ||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Available for sale securities
|
$
|
|
|
|
|
|||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
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
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
MOSFETs
|
$
|
21,569
|
$
|
25,473
|
$
|
71,954
|
$
|
47,042
|
$
|
144,812
|
||||||||||
Diodes
|
30,999
|
32,370
|
40,877
|
63,369
|
89,006
|
|||||||||||||||
Optoelectronic Components
|
14,205
|
7,001
|
15,609
|
21,206
|
37,549
|
|||||||||||||||
Resistors
|
41,182
|
46,471
|
64,634
|
87,653
|
138,670
|
|||||||||||||||
Inductors
|
28,284
|
26,787
|
30,808
|
55,071
|
54,531
|
|||||||||||||||
Capacitors
|
26,631
|
32,305
|
33,591
|
58,936
|
71,618
|
|||||||||||||||
Gross profit
|
$
|
162,870
|
$
|
170,407
|
$
|
257,473
|
$
|
333,277
|
$
|
536,186
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Net cash provided by continuing operating activities
|
$
|
(24,730
|
)
|
$
|
80,211
|
$
|
107,239
|
$
|
55,481
|
$
|
237,132
|
|||||||||
Proceeds from sale of property and equipment
|
514
|
751
|
687
|
1,265
|
1,013
|
|||||||||||||||
Less: Capital expenditures
|
(62,564
|
)
|
(53,084
|
)
|
(71,676
|
)
|
(115,648
|
)
|
(117,250
|
)
|
||||||||||
Free cash
|
$
|
(86,780
|
)
|
$
|
27,878
|
$
|
36,250
|
$
|
(58,902
|
)
|
$
|
120,895
|
Fiscal quarters ended |
Six fiscal months ended | |||||||||||||||
June 29, 2024
|
July 1, 2023 |
June 29, 2024 | July 1, 2023 | |||||||||||||
Dividends paid to stockholders
|
$
|
13,700
|
$ | 13,937 | $ | 27,452 | $ | 27,957 | ||||||||
Stock repurchases
|
12,622
|
20,226 | 25,160 | 40,399 | ||||||||||||
Total
|
$
|
26,322
|
$ | 34,163 | $ | 52,612 | $ | 68,356 |
2nd Quarter 2023
|
3rd Quarter 2023
|
4th Quarter 2023
|
1st Quarter 2024
|
2nd Quarter 2024
|
||||||||||||||||
Net revenues
|
$
|
892,110
|
$
|
853,653
|
$
|
785,236
|
$
|
746,279
|
$
|
741,239
|
||||||||||
Gross profit margin
|
28.9
|
%
|
27.8
|
%
|
25.6
|
%
|
22.8
|
%
|
22.0
|
%
|
||||||||||
Operating margin
|
15.1
|
%
|
13.5
|
%
|
9.9
|
%
|
5.7
|
%
|
5.1
|
%
|
||||||||||
End-of-period backlog
|
$
|
1,895,100
|
$
|
1,552,400
|
$
|
1,381,800
|
$
|
1,253,400
|
$
|
1,145,400
|
||||||||||
Book-to-bill ratio
|
0.69
|
0.63
|
0.75
|
0.82
|
0.86
|
|||||||||||||||
Inventory turnover
|
3.9
|
3.7
|
3.6
|
3.5
|
3.4
|
|||||||||||||||
Change in ASP vs. prior quarter
|
(0.7
|
)%
|
(0.8
|
)%
|
(0.7
|
)%
|
(2.5
|
)%
|
(0.7
|
)%
|
2nd Quarter 2023
|
3rd Quarter 2023
|
4th Quarter 2023
|
1st Quarter 2024
|
2nd Quarter 2024
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
207,388
|
$
|
205,027
|
$
|
168,158
|
$
|
153,173
|
$
|
155,053
|
||||||||||
Book-to-bill ratio
|
0.68
|
0.50
|
0.62
|
0.68
|
0.79
|
|||||||||||||||
Gross profit margin
|
34.7
|
%
|
33.5
|
%
|
27.3
|
%
|
16.6
|
%
|
13.9
|
%
|
||||||||||
Segment operating margin
|
27.4
|
%
|
25.7
|
%
|
16.8
|
%
|
5.3
|
%
|
1.2
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
174,735
|
$
|
176,788
|
$
|
163,324
|
$
|
149,130
|
$
|
146,265
|
||||||||||
Book-to-bill ratio
|
0.54
|
0.58
|
0.61
|
0.72
|
0.85
|
|||||||||||||||
Gross profit margin
|
23.4
|
%
|
26.7
|
%
|
24.1
|
%
|
21.7
|
%
|
21.2
|
%
|
||||||||||
Segment operating margin
|
20.1
|
%
|
23.5
|
%
|
20.9
|
%
|
17.4
|
%
|
16.7
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
64,449
|
$
|
64,441
|
$
|
53,853
|
$
|
49,199
|
$
|
53,010
|
||||||||||
Book-to-bill ratio
|
0.70
|
0.57
|
0.59
|
0.89
|
0.82
|
|||||||||||||||
Gross profit margin
|
24.2
|
%
|
28.1
|
%
|
12.1
|
%
|
14.2
|
%
|
26.8
|
%
|
||||||||||
Segment operating margin
|
16.7
|
%
|
20.3
|
%
|
3.4
|
%
|
3.0
|
%
|
16.4
|
%
|
||||||||||
Resistors
|
||||||||||||||||||||
Net revenues
|
$
|
222,433
|
$
|
199,877
|
$
|
198,022
|
$
|
188,196
|
$
|
179,498
|
||||||||||
Book-to-bill ratio
|
0.74
|
0.65
|
0.82
|
0.79
|
0.87
|
|||||||||||||||
Gross profit margin
|
29.1
|
%
|
24.6
|
%
|
25.6
|
%
|
24.7
|
%
|
22.9
|
%
|
||||||||||
Segment operating margin
|
25.8
|
%
|
20.9
|
%
|
22.0
|
%
|
20.3
|
%
|
18.3
|
%
|
||||||||||
Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
89,239
|
$
|
89,947
|
$
|
87,868
|
$
|
88,651
|
$
|
94,061
|
||||||||||
Book-to-bill ratio
|
0.84
|
0.85
|
0.91
|
0.96
|
0.97
|
|||||||||||||||
Gross profit margin
|
34.5
|
%
|
31.7
|
%
|
33.4
|
%
|
30.2
|
%
|
30.1
|
%
|
||||||||||
Segment operating margin
|
30.9
|
%
|
27.9
|
%
|
29.6
|
%
|
26.1
|
%
|
26.1
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
133,866
|
$
|
117,573
|
$
|
114,011
|
$
|
117,930
|
$
|
113,352
|
||||||||||
Book-to-bill ratio
|
0.70
|
0.75
|
0.95
|
1.03
|
0.87
|
|||||||||||||||
Gross profit margin
|
25.1
|
%
|
22.1
|
%
|
25.3
|
%
|
27.4
|
%
|
23.5
|
%
|
||||||||||
Segment operating margin
|
21.0
|
%
|
17.5
|
%
|
20.4
|
%
|
22.5
|
%
|
18.5
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Cost of products sold
|
78.0
|
%
|
77.2
|
%
|
71.1
|
%
|
77.6
|
%
|
69.6
|
%
|
||||||||||
Gross profit
|
22.0
|
%
|
22.8
|
%
|
28.9
|
%
|
22.4
|
%
|
30.4
|
%
|
||||||||||
Selling, general & administrative expenses
|
16.9
|
%
|
17.1
|
%
|
13.8
|
%
|
17.0
|
%
|
13.8
|
%
|
||||||||||
Operating income
|
5.1
|
%
|
5.7
|
%
|
15.1
|
%
|
5.4
|
%
|
16.6
|
%
|
||||||||||
Income before taxes and noncontrolling interest
|
4.9
|
%
|
5.9
|
%
|
15.0
|
%
|
5.4
|
%
|
16.5
|
%
|
||||||||||
Net earnings attributable to Vishay stockholders
|
3.2
|
%
|
4.1
|
%
|
10.7
|
%
|
3.7
|
%
|
11.7
|
%
|
||||||||||
________
|
||||||||||||||||||||
Effective tax rate
|
34.2
|
%
|
29.0
|
%
|
28.5
|
%
|
31.3
|
%
|
28.5
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Net revenues
|
$
|
741,239
|
$
|
746,279
|
$
|
892,110
|
$
|
1,487,518
|
$
|
1,763,156
|
Fiscal quarter ended June 29, 2024
|
Six fiscal months ended June 29, 2024
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
March 30, 2024
|
$
|
(5,040
|
)
|
(0.7
|
)%
|
n/a
|
n/a
|
|||||||||
July 1, 2023
|
$
|
(150,871
|
)
|
(16.9
|
)%
|
$
|
(275,638
|
)
|
(15.6
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Decrease in volume
|
(1.1
|
)%
|
(15.4
|
)%
|
(13.8
|
)%
|
||||||
Decrease in average selling prices
|
(0.7
|
)%
|
(3.9
|
)%
|
(3.7
|
)%
|
||||||
Foreign currency effects
|
(0.3
|
)%
|
(0.3
|
)%
|
0.0
|
%
|
||||||
Acquisitions
|
1.8
|
%
|
1.8
|
%
|
1.1
|
%
|
||||||
Other
|
(0.4
|
)%
|
0.9
|
%
|
0.8
|
%
|
||||||
Net change
|
(0.7
|
)%
|
(16.9
|
)%
|
(15.6
|
)%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Net revenues
|
$ |
155,053
|
$ |
153,173
|
$ |
207,388
|
$ |
308,226
|
$ |
405,569
|
||||||||||
Gross profit margin
|
13.9
|
%
|
16.6
|
%
|
34.7
|
%
|
15.3
|
%
|
35.7
|
%
|
||||||||||
Segment operating margin
|
1.2
|
%
|
5.3
|
%
|
27.4
|
%
|
3.2
|
%
|
28.3
|
%
|
Fiscal quarter ended
June 29, 2024
|
Six fiscal months ended
June 29, 2024
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
March 30, 2024
|
$
|
1,880
|
1.2
|
%
|
n/a
|
n/a
|
||||||||||
July 1, 2023
|
$
|
(52,335
|
)
|
(25.2
|
)%
|
$
|
(97,343)
|
(24.0
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
(7.1
|
)%
|
(25.6
|
)%
|
(21.5
|
)%
|
||||||
Change in average selling prices
|
0.0
|
%
|
(11.3
|
)%
|
(10.8
|
)%
|
||||||
Foreign currency effects
|
(0.1
|
)%
|
(0.1
|
)%
|
0.0
|
%
|
||||||
Acquisition |
8.5 | % | 7.8 | % | 4.8 | % | ||||||
Other
|
(0.1
|
)%
|
4.0
|
%
|
3.5
|
%
|
||||||
Net change
|
1.2
|
%
|
(25.2
|
)%
|
(24.0
|
)%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Net revenues
|
$ |
146,265
|
$ |
149,130
|
$ |
174,735
|
$ |
295,395
|
$ |
350,428
|
||||||||||
Gross profit margin
|
21.2
|
%
|
21.7
|
%
|
23.4
|
%
|
21.5
|
%
|
25.4
|
%
|
||||||||||
Segment operating margin
|
16.7
|
%
|
17.4
|
%
|
20.1
|
%
|
17.1
|
%
|
22.2
|
%
|
Fiscal quarter ended
June 29, 2024
|
Six fiscal months ended
June 29, 2024
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
March 30, 2024
|
$
|
(2,865
|
)
|
(1.9
|
)%
|
n/a
|
n/a
|
|||||||||
July 1, 2023
|
$
|
(28,470
|
)
|
(16.3
|
)%
|
$
|
(55,033
|
)
|
(15.7
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Decrease in volume
|
(0.7
|
)%
|
(15.5
|
)%
|
(13.7
|
)%
|
||||||
Decrease in average selling prices
|
(0.9
|
)%
|
(0.5
|
)%
|
(2.6
|
)%
|
||||||
Foreign currency effects
|
(0.3
|
)%
|
(0.4
|
)%
|
(0.1
|
)%
|
||||||
Other
|
0.0
|
%
|
0.1
|
%
|
0.7
|
%
|
||||||
Net change
|
(1.9
|
)%
|
(16.3
|
)%
|
(15.7
|
)%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Net revenues
|
$
|
$ 53,010
|
$
|
$ 49,199
|
$
|
$ 64,449
|
$ |
102,209
|
$ |
124,852
|
||||||||||
Gross profit margin
|
26.8
|
%
|
14.2
|
%
|
24.2
|
%
|
20.7
|
%
|
30.1
|
%
|
||||||||||
Segment operating margin
|
16.4
|
%
|
3.0
|
%
|
16.7
|
%
|
10.0
|
%
|
22.5
|
%
|
Fiscal quarter ended
June 29, 2024
|
Six fiscal months ended
June 29, 2024
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
March 30, 2024
|
$
|
3,811
|
7.7
|
%
|
n/a
|
n/a
|
||||||||||
July 1, 2023
|
$
|
(11,439
|
)
|
(17.7
|
)%
|
(22,643
|
)
|
(18.1
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
6.6
|
%
|
(16.0
|
)%
|
(16.7
|
)%
|
||||||
Change in average selling prices
|
1.3
|
%
|
(1.6
|
)%
|
(1.9
|
)%
|
||||||
Foreign currency effects
|
(0.4
|
)%
|
(0.3
|
)%
|
0.1
|
%
|
||||||
Other
|
0.2
|
%
|
0.2
|
%
|
0.4
|
%
|
||||||
Net change
|
7.7
|
%
|
(17.7
|
)%
|
(18.1
|
)%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Net revenues
|
$ |
179,498
|
$ |
188,196
|
$ |
222,433
|
$ |
367,694
|
$ |
445,573
|
||||||||||
Gross profit margin
|
22.9
|
%
|
24.7
|
%
|
29.1
|
%
|
23.8
|
%
|
31.1
|
%
|
||||||||||
Segment operating margin
|
18.3
|
%
|
20.3
|
%
|
25.8
|
%
|
19.3
|
%
|
27.8
|
%
|
Fiscal quarter ended
June 29, 2024
|
Six fiscal months ended
June 29, 2024
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
March 30, 2024
|
$
|
(8,698
|
)
|
(4.6
|
)%
|
n/a
|
n/a
|
|||||||||
July 1, 2023
|
$
|
(42,935
|
)
|
(19.3
|
)%
|
$
|
(77,879
|
)
|
(17.5
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Decrease in volume
|
(2.3
|
)%
|
(16.9
|
)%
|
(16.2
|
)%
|
||||||
Decrease in average selling prices
|
(1.6
|
)%
|
(2.7
|
)%
|
(1.8
|
)%
|
||||||
Foreign currency effects
|
(0.3
|
)%
|
(0.4
|
)%
|
0.0
|
%
|
||||||
Acquisitions |
0.1 | % | 0.1 | % | 0.0 | % | ||||||
Other
|
(0.5
|
)%
|
0.6
|
%
|
0.5
|
%
|
||||||
Net change
|
(4.6
|
)%
|
(19.3
|
)%
|
(17.5
|
)%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Net revenues
|
$ |
94,061
|
$ |
88,651
|
$ |
89,239
|
$ |
182,712
|
$ |
169,577
|
||||||||||
Gross profit margin
|
30.1
|
%
|
30.2
|
%
|
34.5
|
%
|
30.1
|
%
|
32.2
|
%
|
||||||||||
Segment operating margin
|
26.1
|
%
|
26.1
|
%
|
30.9
|
%
|
26.1
|
%
|
28.6
|
%
|
Fiscal quarter ended
June 29, 2024
|
Six fiscal months ended
June 29, 2024
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
March 30, 2024
|
$
|
5,410
|
6.1
|
%
|
n/a
|
n/a
|
||||||||||
July 1, 2023
|
$
|
4,822
|
5.4
|
%
|
$
|
13,135
|
7.7
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Increase in volume
|
6.4
|
%
|
8.8
|
%
|
10.2
|
%
|
||||||
Decrease in average selling prices
|
(0.2
|
)%
|
(2.7
|
)%
|
(2.0
|
)%
|
||||||
Foreign currency effects
|
(0.1
|
)%
|
(0.2
|
)%
|
0.0
|
%
|
||||||
Other
|
0.0
|
%
|
(0.5
|
)%
|
(0.5
|
)%
|
||||||
Net change
|
6.1
|
%
|
5.4
|
%
|
7.7
|
%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Net revenues
|
$ |
113,352
|
$ |
117,930
|
$ |
133,866
|
$ |
231,282
|
$ |
267,157
|
||||||||||
Gross profit margin
|
23.5
|
%
|
27.4
|
%
|
25.1
|
%
|
25.5
|
%
|
26.8
|
%
|
||||||||||
Segment operating margin
|
18.5
|
%
|
22.5
|
%
|
21.0
|
%
|
20.5
|
%
|
22.9
|
%
|
Fiscal quarter ended
June 29, 2024
|
Six fiscal months ended
June 29, 2024
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
March 30, 2024
|
$
|
(4,578
|
)
|
(3.9
|
)%
|
n/a
|
n/a
|
|||||||||
July 1, 2023
|
$
|
(20,514
|
)
|
(15.3
|
)%
|
$
|
(35,875
|
)
|
(13.4
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Decrease in volume
|
(1.0
|
)%
|
(13.1
|
)%
|
(12.5
|
)%
|
||||||
Decrease in average selling prices
|
(1.4
|
)%
|
(1.8
|
)%
|
(0.7
|
)%
|
||||||
Foreign currency effects
|
(0.4
|
)%
|
(0.5
|
)%
|
(0.1
|
)%
|
||||||
Other
|
(1.1
|
)%
|
0.1
|
%
|
(0.1
|
)%
|
||||||
Net change
|
(3.9
|
)%
|
(15.3
|
)%
|
(13.4
|
)%
|
Fiscal quarters ended
|
Six fiscal months ended
|
|||||||||||||||||||
June 29, 2024
|
March 30, 2024
|
July 1, 2023
|
June 29, 2024
|
July 1, 2023
|
||||||||||||||||
Total SG&A expenses
|
$
|
124,953
|
$
|
127,736
|
$
|
122,857
|
$
|
252,689
|
$
|
243,002
|
||||||||||
as a percentage of revenues
|
16.9
|
%
|
17.1
|
%
|
13.8
|
%
|
17.0
|
%
|
13.8
|
%
|
Fiscal quarters ended
|
||||||||||||
June 29, 2024
|
July 1, 2023
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
620
|
$
|
1,203
|
$
|
(583
|
)
|
|||||
Interest income
|
6,663
|
6,292
|
371
|
|||||||||
Other components of net periodic pension expense
|
(2,056
|
)
|
(1,906
|
)
|
(150)
|
|||||||
Investment income (expense)
|
(148
|
)
|
(193
|
)
|
45
|
|||||||
Other
|
(68
|
)
|
(139
|
)
|
71
|
|||||||
$
|
5,011
|
$
|
5,257
|
$
|
(246)
|
Fiscal quarters ended
|
||||||||||||
June 29, 2024
|
March 30, 2024
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
620
|
$
|
1,293
|
$
|
(673
|
)
|
|||||
Interest income
|
6,663
|
9,053
|
(2,390
|
)
|
||||||||
Other components of net periodic pension expense
|
(2,056
|
)
|
(2,073
|
)
|
17
|
|||||||
Investment income (expense)
|
(148
|
)
|
(366
|
)
|
218
|
|||||||
Other
|
(68
|
)
|
180
|
(248
|
)
|
|||||||
$
|
5,011
|
$
|
8,087
|
$
|
(3,076
|
)
|
Six fiscal months ended
|
||||||||||||
June 29, 2024
|
July 1, 2023
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,913
|
$
|
(287)
|
$
|
2,200
|
||||||
Interest income
|
15,716
|
12,236
|
3,480
|
|||||||||
Other components of net periodic pension expense
|
(4,129
|
)
|
(3,794
|
)
|
(335)
|
|||||||
Investment income (expense)
|
(514
|
)
|
551
|
(1,065)
|
||||||||
Other
|
112
|
(120
|
)
|
232
|
||||||||
$
|
13,098
|
$
|
8,586
|
$
|
4,512
|
Fiscal quarters ended
|
||||||||||||||||||||
2nd Quarter 2023
|
3rd Quarter 2023
|
4th Quarter 2023
|
1st Quarter 2024
|
2nd Quarter 2024
|
||||||||||||||||
Days sales outstanding ("DSO") (a)
|
46
|
48
|
50
|
51
|
51
|
|||||||||||||||
Days inventory outstanding ("DIO") (b)
|
94
|
96
|
101
|
104
|
105
|
|||||||||||||||
Days payable outstanding ("DPO") (c)
|
(32
|
)
|
(33
|
)
|
(31
|
)
|
(31
|
)
|
(31
|
)
|
||||||||||
Cash conversion cycle
|
108
|
111
|
120
|
124
|
125
|
June 29, 2024
|
December 31, 2023
|
|||||||
Credit facility
|
$
|
-
|
$
|
-
|
||||
Convertible senior notes, due 2025 | 95,102 | 95,102 | ||||||
Convertible senior notes, due 2030
|
750,000
|
750,000
|
||||||
Deferred financing costs
|
(24,480
|
)
|
(26,914
|
)
|
||||
Total debt
|
820,622
|
818,188
|
||||||
Cash and cash equivalents
|
672,731
|
972,719
|
||||||
Short-term investments
|
15,320
|
35,808
|
||||||
Net cash and short-term investments (debt)
|
$
|
(132,571
|
)
|
$
|
190,339
|
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
|
|||||||||||||||
March 31 - April 27
|
276,247
|
$
|
22.02
|
276,247
|
$
|
6,083,794
|
|
2,035,718
|
||||||||||||
April 28 - May 25
|
199,630
|
$
|
23.43
|
199,630
|
$
|
4,676,700
|
|
1,836,088
|
||||||||||||
May 26 - June 29
|
78,710
|
$
|
23.65
|
78,710
|
$
|
1,861,588
|
|
1,757,378
|
||||||||||||
Total
|
554,587
|
$
|
22.76
|
554,587
|
$
|
12,622,082
|
|
1,757,378
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended June 29, 2024, 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/ David E. McConnell
|
||
David E. McConnell
|
||
Executive Vice President and Chief Financial Officer
|
||
(as a duly authorized officer and principal financial officer)
|
/s/ David L. Tomlinson
|
||
David L. Tomlinson
|
||
Senior Vice President - Chief Accounting Officer
|
||
(as a duly authorized officer and principal accounting officer)
|