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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


  Date of Report (date of earliest event reported)  February 7, 2024
   

Vishay Intertechnology, Inc.
 
(Exact name of registrant as specified in its charter)


Delaware
1-7416
38-1686453
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)

   
63 Lancaster Avenue
Malvern, PA
19355-2143
(Address of Principal Executive Offices)
Zip Code
 
Registrant's telephone number, including area code    610-644-1300

 
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

 
Title of each class
 
Trading symbol
 
Name of exchange on which registered
Common stock, par value $0.10 per share
VSH
 
New York Stock Exchange


Item 2.02 – Results of Operations and Financial Condition

On February 7, 2024, Vishay Intertechnology, Inc. issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 2023.  A copy of the press release is attached as Exhibit 99.1 to this report.  

Item 9.01 – Financial Statements and Exhibits
 
(d) Exhibits

Exhibit No.
 
Description
 
 
  
 
 
   104   Cover Page Interactive Data File (embedded within the Inline XBRL document).
 



 
Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 7, 2024

 
VISHAY INTERTECHNOLOGY, INC.

 
By:
/s/ Lori Lipcaman
 

 
Name:
Lori Lipcaman
 
Title:
Executive Vice President and
 
 
Chief Financial Officer

EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1
Exhibit 99.1



Vishay Intertechnology Reports Fiscal Fourth Quarter and Full Year 2023 Results

Malvern, PA, February 7, 2024 -- 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 fourth quarter and year ended December 31, 2023.

Highlights
•
4Q 2023 revenues of $785.2 million
•
4Q 2023 EPS of $0.37
•
4Q 2023 book-to-bill of 0.75
•
Backlog at quarter end was 5.3 months
•
Returned a total of $34.8 million to stockholders
•
FY 2023 capex of $329.4 million
•
FY 2023 free cash flow of $37.4 million
•
FY 2023 total stockholder return of $134.3 million

“For the fourth quarter, the trends in inventory adjustments, contracting lead times and softened demand in industrial end markets became more apparent. While customers continue to digest higher inventory levels, we proceeded to implement our strategy to broaden participation with our distribution partners,” said Joel Smejkal, President and Chief Executive Officer.

“Looking ahead, input from our customers and distribution partners suggest we will be dealing with an inventory digestion for the first half of the year, although some end markets are expected to rebound sooner. During this period of inventory adjustment, our strong balance sheet and liquidity gives us the resources to continue investing in incremental capacity and preparing Vishay for the long-term demand trends of e-mobility, sustainability and connectivity.  Near term we intend to advance our distribution strategy which positions us to timely benefit from a rebound in demand,” concluded Mr. Smejkal.

1Q 2024 Outlook
For the first quarter of 2024, management expects revenues in the range of $735 million +/- $20 million and a gross profit margin in the range of 24.0% +/- 50 basis points.

Conference Call
A conference call to discuss Vishay’s fourth quarter financial results is scheduled for Wednesday, February 7, 2024 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at https://register.vevent.com/register/BI3f265da18e964024a9221557bd90d469.  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 adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted 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 adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted 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. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items 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, 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; the timing of the Newport wafer fab acquisition; that the Newport wafer fab acquisition may not be consummated, including as a result of any of the conditions precedent (including the failure to obtain any required approvals or consents); global market downturn conditions and volatilities impacting the completion of the acquisition; that the 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
  
   
December 31, 2023
    
September 30, 2023
    
December 31, 2022
  
                   
Net revenues
  
$
785,236
    
$
853,653
    
$
855,298
  
Costs of products sold
    
584,572
      
616,010
      
606,178
  
Gross profit
    
200,664
      
237,643
      
249,120
  
  Gross margin
    
25.6
%
    
27.8
%
    
29.1
%
                         
Selling, general, and administrative expenses
    
122,834
      
122,513
      
113,812
  
Operating income
    
77,830
      
115,130
      
135,308
  
  Operating margin
    
9.9
%
    
13.5
%
    
15.8
%
                         
Other income (expense):
                        
  Interest expense
    
(6,454
)
    
(7,153
)
    
(4,490
)
  Loss on early extinguishment of debt
    
-
      
(18,874
)
    
-
  
  Other
    
9,268
      
7,409
      
(2,618
)
  Total other income (expense) - net
    
2,814
      
(18,618
)
    
(7,108
)
                         
Income before taxes
    
80,644
      
96,512
      
128,200
  
                         
Income tax expense
    
28,690
      
30,557
      
54,999
  
                         
Net earnings
    
51,954
      
65,955
      
73,201
  
                         
Less: net earnings attributable to noncontrolling interests
    
482
      
426
      
413
  
                         
Net earnings attributable to Vishay stockholders
  
$
51,472
    
$
65,529
    
$
72,788
  
                         
Basic earnings per share attributable to Vishay stockholders
  
$
0.37
    
$
0.47
    
$
0.51
  
                         
Diluted earnings per share attributable to Vishay stockholders
  
$
0.37
    
$
0.47
    
$
0.51
  
                         
Weighted average shares outstanding - basic
    
138,318
      
139,083
      
141,643
  
                         
Weighted average shares outstanding - diluted
    
139,266
      
140,001
      
142,247
  
                         
Cash dividends per share
  
$
0.10
    
$
0.10
    
$
0.10
  

VISHAY INTERTECHNOLOGY, INC.
            
Summary of Operations
            
(In thousands, except per share amounts)
            
             
   
Years ended
  
   
December 31, 2023
    
December 31, 2022
  
   
(unaudited)
        
             
Net revenues
  
$
3,402,045
    
$
3,497,401
  
Costs of products sold*
    
2,427,552
      
2,438,412
  
Gross profit
    
974,493
      
1,058,989
  
  Gross margin
    
28.6
%
    
30.3
%
                 
Selling, general, and administrative expenses*
    
488,349
      
443,503
  
Operating income
    
486,144
      
615,486
  
  Operating margin
    
14.3
%
    
17.6
%
                 
Other income (expense):
                
  Interest expense
    
(25,131
)
    
(17,129
)
  Loss on early extinguishment of debt
    
(18,874
)
    
-
  
  Other
    
25,263
      
(4,852
)
  Total other income (expense) - net
    
(18,742
)
    
(21,981
)
                 
Income before taxes
    
467,402
      
593,505
  
                 
Income tax expense
    
141,889
      
163,022
  
                 
Net earnings
    
325,513
      
430,483
  
                 
Less: net earnings attributable to noncontrolling interests
    
1,693
      
1,673
  
                 
Net earnings attributable to Vishay stockholders
  
$
323,820
    
$
428,810
  
                 
Basic earnings per share attributable to Vishay stockholders
  
$
2.32
    
$
2.99
  
                 
Diluted earnings per share attributable to Vishay stockholders
  
$
2.31
    
$
2.98
  
                 
Weighted average shares outstanding - basic
    
139,447
      
143,399
  
                 
Weighted average shares outstanding - diluted
    
140,246
      
143,915
  
                 
Cash dividends per share
  
$
0.40
    
$
0.40
  
                 
* The year ended December 31, 2022 includes incremental costs of products sold and selling, general, and administrative expenses separable from normal operations directly attributable to the COVID-19 pandemic of $6,661 and $546, respectively.
  


VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(In thousands)
            
             
   
December 31, 2023
    
December 31, 2022
  
   
(Unaudited)
        
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
972,719
    
$
610,825
  
  Short-term investments
    
35,808
      
305,272
  
  Accounts receivable, net
    
426,674
      
416,178
  
  Inventories:
                
    Finished goods
    
167,083
      
156,234
  
    Work in process
    
267,339
      
261,345
  
    Raw materials
    
213,098
      
201,300
  
  Total inventories
    
647,520
      
618,879
  
                 
  Prepaid expenses and other current assets
    
214,443
      
170,056
  
Total current assets
    
2,297,164
      
2,121,210
  
                 
Property and equipment, at cost:
                
  Land
    
77,006
      
75,907
  
  Buildings and improvements
    
719,387
      
658,829
  
  Machinery and equipment
    
3,053,868
      
2,857,636
  
  Construction in progress
    
290,593
      
243,038
  
  Allowance for depreciation
    
(2,846,208
)
    
(2,704,951
)
     
1,294,646
      
1,130,459
  
                 
Right of use assets
    
126,829
      
131,193
  
Deferred income taxes
    
137,394
      
104,667
  
Goodwill
    
201,416
      
201,432
  
Other intangible assets, net
    
72,333
      
77,896
  
Other assets
    
110,141
      
98,796
  
     Total assets
  
$
4,239,923
    
$
3,865,653
  

VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
            
(In thousands)
            
             
   
December 31, 2023
    
December 31, 2022
  
   
(Unaudited)
        
             
Liabilities and equity
            
Current liabilities:
            
  Trade accounts payable
  
$
191,002
    
$
189,099
  
  Payroll and related expenses
    
161,940
      
166,079
  
  Lease liabilities
    
26,485
      
25,319
  
  Other accrued expenses
    
239,350
      
261,606
  
  Income taxes
    
73,098
      
84,155
  
Total current liabilities
    
691,875
      
726,258
  
                 
Long-term debt less current portion
    
818,188
      
500,937
  
U.S. transition tax payable
    
47,027
      
83,010
  
Deferred income taxes
    
95,776
      
117,183
  
Long-term lease liabilities
    
102,830
      
108,493
  
Other liabilities
    
87,918
      
92,530
  
Accrued pension and other postretirement costs
    
195,503
      
187,092
  
Total liabilities
    
2,039,117
      
1,815,503
  
                 
Equity:
                
Vishay stockholders' equity
                
  Common stock
    
13,319
      
13,291
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,291,499
      
1,352,321
  
  Retained earnings
    
1,041,372
      
773,228
  
  Treasury stock (at cost)
    
(161,656
)
    
(82,972
)
  Accumulated other comprehensive income (loss)
    
10,337
      
(10,827
)
  Total Vishay stockholders' equity
    
2,196,081
      
2,046,251
  
Noncontrolling interests
    
4,725
      
3,899
  
Total equity
    
2,200,806
      
2,050,150
  
Total liabilities and equity
  
$
4,239,923
    
$
3,865,653
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(In thousands)
            
   
Years ended
  
   
December 31, 2023
    
December 31, 2022
  
   
(unaudited)
        
Operating activities
            
Net earnings
  
$
325,513
    
$
430,483
  
Adjustments to reconcile net earnings to net cash provided by operating activities:
          
      Depreciation and amortization
    
184,373
      
163,991
  
      (Gain) loss on disposal of property and equipment
    
(554
)
    
(455
)
      Inventory write-offs for obsolescence
    
37,426
      
26,898
  
      Pensions and other postretirement benefits, net of contributions
    
(9,559
)
    
(615
)
      Stock compensation expense
    
16,532
      
6,545
  
      Loss on early extinguishment of debt
    
18,874
      
-
  
      Deferred income taxes
    
36,783
      
38,677
  
      Other
    
9,442
      
835
  
      Change in U.S. transition tax liability
    
(27,670
)
    
(14,757
)
      Change in repatriation tax liability
    
(63,600
)
    
(25,201
)
      Changes in operating assets and liabilities
    
(161,857
)
    
(142,113
)
Net cash provided by operating activities
    
365,703
      
484,288
  
                 
Investing activities
                
Purchase of property and equipment
    
(329,410
)
    
(325,308
)
Proceeds from sale of property and equipment
    
1,156
      
1,198
  
Purchase and deposits for businesses, net of cash acquired
    
(13,753
)
    
(50,000
)
Purchase of short-term investments
    
(117,523
)
    
(285,956
)
Maturity of short-term investments
    
387,898
      
132,901
  
Other investing activities
    
(1,219
)
    
(1,766
)
Net cash used in investing activities
    
(72,851
)
    
(528,931
)
                 
Financing activities
                
Proceeds from long-term borrowings
    
750,000
      
-
  
Repurchase of convertible debt instruments
    
(386,745
)
    
-
  
Net proceeds (payments) on revolving credit facility
    
(42,000
)
    
42,000
  
Debt issuance costs
    
(26,823
)
    
-
  
Cash paid for capped call
    
(94,200
)
    
-
  
Dividends paid to common stockholders
    
(50,787
)
    
(52,348
)
Dividends paid to Class B common stockholders
    
(4,839
)
    
(4,839
)
Repurchase of common stock held in treasury
    
(78,684
)
    
(82,972
)
Distributions to noncontrolling interests
    
(867
)
    
(741
)
Cash withholding taxes paid when shares withheld for vested equity awards
    
(3,994
)
    
(2,123
)
Net cash provided by (used in) financing activities
    
61,061
      
(101,023
)
Effect of exchange rate changes on cash and cash equivalents
    
7,981
      
(17,617
)
                 
Net increase (decrease) in cash and cash equivalents
    
361,894
      
(163,283
)
                 
Cash and cash equivalents at beginning of period
    
610,825
      
774,108
  
Cash and cash equivalents at end of period
  
$
972,719
    
$
610,825
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of Adjusted Earnings Per Share
                          
(Unaudited - In thousands, except per share amounts)
                          
   
Fiscal quarters ended
    
Years ended
  
   
December 31, 2023
    
September 30, 2023
    
December 31, 2022
    
December 31, 2023
    
December 31, 2022
  
                               
GAAP net earnings attributable to Vishay stockholders
  
$
51,472
    
$
65,529
    
$
72,788
    
$
323,820
    
$
428,810
  
                                         
Reconciling items affecting gross profit:
                                        
Impact of the COVID-19 pandemic
  
$
-
    
$
-
    
$
-
    
$
-
    
$
6,661
  
                                         
Other reconciling items affecting operating income:
                                  
Impact of the COVID-19 pandemic
  
$
-
    
$
-
    
$
-
    
$
-
    
$
546
  
                                         
Reconciling items affecting other income (expense):
                                  
Loss on early extinguishment of debt
  
$
-
    
$
18,874
    
$
-
    
$
18,874
    
$
-
  
                                         
Reconciling items affecting tax expense (benefit):
                                  
Effect of changes in uncertain tax positions
  
$
-
    
$
-
    
$
-
    
$
-
    
$
(5,941
)
Effects of changes in valuation allowances
    
-
      
-
      
(33,669
)
    
-
      
(33,669
)
Effect of change in indefinite reversal assertion
    
-
      
-
      
59,642
      
-
      
59,642
  
Tax effects of pre-tax items above
    
-
      
(498
)
    
-
      
(498
)
    
(1,802
)
                                         
Adjusted net earnings
  
$
51,472
    
$
83,905
    
$
98,761
    
$
342,196
    
$
454,247
  
                                         
Adjusted weighted average diluted shares outstanding
    
139,266
      
140,001
      
142,247
      
140,246
      
143,915
  
                                         
Adjusted earnings per diluted share
  
$
0.37
    
$
0.60
    
$
0.69
    
$
2.44
    
$
3.16
  

VISHAY INTERTECHNOLOGY, INC.
                          
Reconciliation of Free Cash
                              
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Years ended
  
   
December 31, 2023
    
September 30, 2023
    
December 31, 2022
    
December 31, 2023
    
December 31, 2022
  
Net cash provided by operating activities
  
$
6,268
    
$
122,303
      
166,496
    
$
365,703
    
$
484,288
  
Proceeds from sale of property and equipment
    
122
      
21
      
726
      
1,156
      
1,198
  
Less: Capital expenditures
    
(145,331
)
    
(66,829
)
    
(153,133
)
    
(329,410
)
    
(325,308
)
Free cash
  
$
(138,941
)
  
$
55,495
    
$
14,089
    
$
37,449
    
$
160,178
  




VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of EBITDA and Adjusted EBITDA
                          
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Years ended
  
   
December 31, 2023
    
September 30, 2023
    
December 31, 2022
    
December 31, 2023
    
December 31, 2022
  
                               
GAAP net earnings attributable to Vishay stockholders
  
$
51,472
    
$
65,529
    
$
72,788
    
$
323,820
    
$
428,810
  
Net earnings attributable to noncontrolling interests
    
482
      
426
      
413
      
1,693
      
1,673
  
Net earnings
  
$
51,954
    
$
65,955
    
$
73,201
    
$
325,513
    
$
430,483
  
                                         
Interest expense
  
$
6,454
    
$
7,153
    
$
4,490
    
$
25,131
    
$
17,129
  
Interest income
    
(9,934
)
    
(9,183
)
    
(4,374
)
    
(31,353
)
    
(7,560
)
Income taxes
    
28,690
      
30,557
      
54,999
      
141,889
      
163,022
  
Depreciation and amortization
    
50,463
      
46,216
      
42,690
      
184,373
      
163,991
  
EBITDA
  
$
127,627
    
$
140,698
    
$
171,006
    
$
645,553
    
$
767,065
  
                                         
Reconciling items
                                        
Impact of the COVID-19 pandemic
  
$
-
    
$
-
    
$
-
    
$
-
    
$
7,207
  
Loss on early extinguishment of debt
    
-
      
18,874
      
-
      
18,874
      
-
  
                                         
Adjusted EBITDA
  
$
127,627
    
$
159,572
    
$
171,006
    
$
664,427
    
$
774,272
  
                                         
Adjusted EBITDA margin**
    
16.3
%
    
18.7
%
    
20.0
%
    
19.5
%
    
22.1
%
                                         
** Adjusted EBITDA as a percentage of net revenues