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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||
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company
|
|
Emerging growth company
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Page Number
|
||||
March 30, 2024
|
December 31, 2023
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short-term investments
|
|
|
||||||
Accounts receivable, net
|
|
|
||||||
Inventories:
|
||||||||
Finished goods
|
|
|
||||||
Work in process
|
|
|
||||||
Raw materials
|
|
|
||||||
Total inventories
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
|
|
||||||
Buildings and improvements
|
|
|
||||||
Machinery and equipment
|
|
|
||||||
Construction in progress
|
|
|
||||||
Allowance for depreciation
|
(
|
)
|
(
|
)
|
||||
Property and equipment, net
|
|
|
||||||
Right of use assets
|
|
|
||||||
Deferred income taxes |
||||||||
Goodwill
|
|
|
||||||
Other intangible assets, net
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
March 30, 2024
|
December 31, 2023
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
$
|
|
$
|
|
||||
Payroll and related expenses
|
|
|
||||||
Lease liabilities
|
|
|
||||||
Other accrued expenses
|
|
|
||||||
Income taxes
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Long-term debt less current portion
|
|
|
||||||
U.S. transition tax payable
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Long-term lease liabilities
|
|
|
||||||
Other liabilities
|
|
|
||||||
Accrued pension and other postretirement costs
|
|
|
||||||
Total liabilities
|
|
|
||||||
Equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
|
|
||||||
Class B convertible common stock
|
|
|
||||||
Capital in excess of par value
|
|
|
||||||
Retained earnings
|
|
|
||||||
Treasury stock (at cost) |
( |
) | ( |
) | ||||
Accumulated other comprehensive income (loss)
|
(
|
)
|
|
|||||
Total Vishay stockholders' equity
|
|
|
||||||
Noncontrolling interests
|
|
|
||||||
Total equity
|
|
|
||||||
Total liabilities and equity
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
March 30, 2024
|
April 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
|
||||||||
March 30, 2024
|
April 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
|
$
|
|
$
|
|
Three fiscal months ended
|
||||||||
March 30, 2024
|
April 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
|
|
(
|
)
|
|||||
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 business, 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
|
|
|
||||||
Dividends paid to common stockholders
|
(
|
)
|
(
|
)
|
||||
Dividends paid to Class B common stockholders
|
(
|
)
|
(
|
)
|
||||
Repurchase of common stock held in treasury
|
( |
) | ( |
) | ||||
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
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||
Balance at December 31, 2023 |
$ | $ | $ | $ | $ | ( |
) | $ | $ | $ | $ | |||||||||||||||||||||||||
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 March 30, 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
|
$
|
|
MaxPower Semiconductor, Inc.
|
March 30, 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
|
||||||||
March 30, 2024
|
April 1, 2023
|
|||||||
Lease expense
|
||||||||
Operating lease expense
|
$
|
|
$
|
|
||||
Short-term lease expense
|
|
|
||||||
Variable lease expense
|
|
|
||||||
Total lease expense
|
$
|
|
$
|
|
|
March 30, 2024
|
|||
2024 (excluding the three fiscal months ended March 30, 2024)
|
$
|
|
||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
Thereafter
|
|
March 30, 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 March 30, 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
|
|||||||
March 30, 2024
|
April 1, 2023 |
||||||
Dividends paid to stockholders
|
$ |
|
$ | ||||
Stock repurchases
|
|
||||||
Total
|
$ |
|
$ |
Fiscal quarters ended
|
||||||||
March 30, 2024
|
April 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 March 30, 2024
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Fiscal quarter ended
March 30, 2024
|
Fiscal quarter ended
April 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
March 30, 2024
|
Fiscal quarter ended
April 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
|
||||||||
March 30, 2024
|
April 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 March 30, 2024
|
|
$
|
|
|||||
Expected to vest at March 30, 2024
|
|
Vesting Date
|
Expected
to Vest
|
Not Expected
to Vest
|
Total
|
|||||||||
January 1, 2025
|
|
|
|
|||||||||
January 1, 2026
|
|
|
|
|||||||||
January 1, 2027
|
|
|
|
Number of
units
|
Grant-date
Fair Value per
Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2024
|
|
|||||||
Granted
|
|
$
|
|
|||||
Dividend equivalents issued
|
|
|||||||
Outstanding at March 30, 2024
|
|
MOSFETs
|
Diodes
|
Optoelectronic
Components
|
Resistors
|
Inductors
|
Capacitors
|
Total
|
||||||||||||||||||||||
Fiscal quarter ended March 30, 2024:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Fiscal quarter ended April 1, 2023:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
March 30, 2024
|
April 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
|
||||||||
March 30, 2024
|
April 1, 2023
|
|||||||
Distributors
|
$
|
|
$
|
|
||||
OEMs
|
|
|
||||||
EMS companies
|
|
|
||||||
Total Revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
March 30, 2024
|
April 1, 2023
|
|||||||
Asia
|
$
|
|
$
|
|
||||
Europe
|
|
|
||||||
Americas
|
|
|
||||||
Total Revenue
|
$
|
|
$
|
|
Fiscal quarters ended |
||||||||
March 30, 2024
|
April 1, 2023
|
|||||||
Industrial
|
$
|
|
$
|
|
||||
Automotive
|
|
|
||||||
Military and Aerospace
|
|
|
||||||
Medical
|
|
|
||||||
Other*
|
|
|
||||||
Total Revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
March 30, 2024
|
April 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 - basic
|
|
|
||||||
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
|
||||||||
March 30, 2024
|
April 1, 2023
|
|||||||
Restricted stock units
|
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
March 30, 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: |
||||||||||||||||
Acquisitions contingent consideration |
$ | $ | $ | $ |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
MOSFETs
|
$
|
25,473
|
$
|
45,909
|
$
|
72,858
|
||||||
Diodes
|
32,370
|
39,421
|
48,129
|
|||||||||
Optoelectronic Components
|
7,001
|
6,537
|
21,940
|
|||||||||
Resistors
|
46,471
|
50,602
|
74,036
|
|||||||||
Inductors
|
26,787
|
29,390
|
23,723
|
|||||||||
Capacitors
|
32,305
|
28,805
|
38,027
|
|||||||||
Gross profit
|
$
|
170,407
|
$
|
200,664
|
$
|
278,713
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Net cash provided by continuing operating activities
|
$
|
80,211
|
$
|
6,268
|
$
|
129,893
|
||||||
Proceeds from sale of property and equipment
|
751
|
122
|
326
|
|||||||||
Less: Capital expenditures
|
(53,084
|
)
|
(145,331
|
)
|
(45,574
|
)
|
||||||
Free cash
|
$
|
27,878
|
$
|
(138,941
|
)
|
$
|
84,645
|
Fiscal quarters ended |
||||||||
March 30, 2024
|
April 1, 2023 |
|||||||
Dividends paid to stockholders
|
$
|
13,752
|
$ | 14,020 | ||||
Stock repurchases
|
12,538
|
20,173 | ||||||
Total
|
$
|
26,290
|
$ | 34,193 |
1st Quarter 2023
|
2nd Quarter 2023
|
3rd Quarter 2023
|
4th Quarter 2023
|
1st Quarter 2024
|
||||||||||||||||
Net revenues
|
$
|
871,046
|
$
|
892,110
|
$
|
853,653
|
$
|
785,236
|
$
|
746,279
|
||||||||||
Gross profit margin
|
32.0
|
%
|
28.9
|
%
|
27.8
|
%
|
25.6
|
%
|
22.8
|
%
|
||||||||||
Operating margin
|
18.2
|
%
|
15.1
|
%
|
13.5
|
%
|
9.9
|
%
|
5.7
|
%
|
||||||||||
End-of-period backlog
|
$
|
2,169,400
|
$
|
1,895,100
|
$
|
1,552,400
|
$
|
1,381,800
|
$
|
1,253,400
|
||||||||||
Book-to-bill ratio
|
0.84
|
0.69
|
0.63
|
0.75
|
0.82
|
|||||||||||||||
Inventory turnover
|
3.7
|
3.9
|
3.7
|
3.6
|
3.5
|
|||||||||||||||
Change in ASP vs. prior quarter
|
1.2
|
%
|
(0.7
|
)%
|
(0.8
|
)%
|
(0.7
|
)%
|
(2.5
|
)%
|
1st Quarter 2023
|
2nd Quarter 2023
|
3rd Quarter 2023
|
4th Quarter 2023
|
1st Quarter 2024
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
198,181
|
$
|
207,388
|
$
|
205,027
|
$
|
168,158
|
$
|
153,173
|
||||||||||
Book-to-bill ratio
|
0.95
|
0.68
|
0.50
|
0.62
|
0.68
|
|||||||||||||||
Gross profit margin
|
36.8
|
%
|
34.7
|
%
|
33.5
|
%
|
27.3
|
%
|
16.6
|
%
|
||||||||||
Segment operating margin
|
29.3
|
%
|
27.4
|
%
|
25.7
|
%
|
16.8
|
%
|
5.3
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
175,693
|
$
|
174,735
|
$
|
176,788
|
$
|
163,324
|
$
|
149,130
|
||||||||||
Book-to-bill ratio
|
0.71
|
0.54
|
0.58
|
0.61
|
0.72
|
|||||||||||||||
Gross profit margin
|
27.4
|
%
|
23.4
|
%
|
26.7
|
%
|
24.1
|
%
|
21.7
|
%
|
||||||||||
Segment operating margin
|
24.3
|
%
|
20.1
|
%
|
23.5
|
%
|
20.9
|
%
|
17.4
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
60,403
|
$
|
64,449
|
$
|
64,441
|
$
|
53,853
|
$
|
49,199
|
||||||||||
Book-to-bill ratio
|
0.72
|
0.70
|
0.57
|
0.59
|
0.89
|
|||||||||||||||
Gross profit margin
|
36.3
|
%
|
24.2
|
%
|
28.1
|
%
|
12.1
|
%
|
14.2
|
%
|
||||||||||
Segment operating margin
|
28.6
|
%
|
16.7
|
%
|
20.3
|
%
|
3.4
|
%
|
3.0
|
%
|
||||||||||
Resistors
|
||||||||||||||||||||
Net revenues
|
$
|
223,140
|
$
|
222,433
|
$
|
199,877
|
$
|
198,022
|
$
|
188,196
|
||||||||||
Book-to-bill ratio
|
0.88
|
0.74
|
0.65
|
0.82
|
0.79
|
|||||||||||||||
Gross profit margin
|
33.2
|
%
|
29.1
|
%
|
24.6
|
%
|
25.6
|
%
|
24.7
|
%
|
||||||||||
Segment operating margin
|
29.9
|
%
|
25.8
|
%
|
20.9
|
%
|
22.0
|
%
|
20.3
|
%
|
||||||||||
Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
80,338
|
$
|
89,239
|
$
|
89,947
|
$
|
87,868
|
$
|
88,651
|
||||||||||
Book-to-bill ratio
|
1.04
|
0.84
|
0.85
|
0.91
|
0.96
|
|||||||||||||||
Gross profit margin
|
29.5
|
%
|
34.5
|
%
|
31.7
|
%
|
33.4
|
%
|
30.2
|
%
|
||||||||||
Segment operating margin
|
26.1
|
%
|
30.9
|
%
|
27.9
|
%
|
29.6
|
%
|
26.1
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
133,291
|
$
|
133,866
|
$
|
117,573
|
$
|
114,011
|
$
|
117,930
|
||||||||||
Book-to-bill ratio
|
0.70
|
0.70
|
0.75
|
0.95
|
1.03
|
|||||||||||||||
Gross profit margin
|
28.5
|
%
|
25.1
|
%
|
22.1
|
%
|
25.3
|
%
|
27.4
|
%
|
||||||||||
Segment operating margin
|
24.8
|
%
|
21.0
|
%
|
17.5
|
%
|
20.4
|
%
|
22.5
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Cost of products sold
|
77.2
|
%
|
74.4
|
%
|
68.0
|
%
|
||||||
Gross profit
|
22.8
|
%
|
25.6
|
%
|
32.0
|
%
|
||||||
Selling, general & administrative expenses
|
17.1
|
%
|
15.6
|
%
|
13.8
|
%
|
||||||
Operating income
|
5.7
|
%
|
9.9
|
%
|
18.2
|
%
|
||||||
Income before taxes and noncontrolling interest
|
5.9
|
%
|
10.3
|
%
|
18.0
|
%
|
||||||
Net earnings attributable to Vishay stockholders
|
4.1
|
%
|
6.6
|
%
|
12.8
|
%
|
||||||
________
|
||||||||||||
Effective tax rate
|
29.0
|
%
|
35.6
|
%
|
28.4
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Net revenues
|
$
|
746,279
|
$
|
785,236
|
$
|
871,046
|
Fiscal quarter ended
March 30, 2024
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2023
|
(38,957
|
)
|
(5.0
|
)%
|
||||
April 1, 2023
|
(124,767
|
)
|
(14.3
|
)%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
(3.4
|
)%
|
(12.2
|
)%
|
||||
Decrease in average selling prices
|
(2.5
|
)%
|
(3.6
|
)%
|
||||
Foreign currency effects
|
0.3
|
%
|
0.3
|
%
|
||||
Acquisition
|
0.4
|
%
|
0.4
|
%
|
||||
Other
|
0.2
|
%
|
0.8
|
%
|
||||
Net change
|
(5.0
|
)%
|
(14.3
|
)%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Net revenues
|
$
|
153,173
|
$
|
168,158
|
$
|
198,181
|
||||||
Gross profit margin |
16.6 | % | 27.3 | % | 36.8 | % | ||||||
Segment operating margin
|
5.3
|
%
|
16.8
|
%
|
29.3
|
%
|
Fiscal quarter ended
March 30, 2024
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2023
|
(14,985
|
)
|
(8.9
|
)%
|
||||
April 1, 2023
|
(45,008
|
)
|
(22.7
|
)%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
(3.9
|
)%
|
(17.2
|
)%
|
||||
Decrease in average selling prices
|
(7.5
|
)%
|
(10.2
|
)%
|
||||
Foreign currency effects
|
0.2
|
%
|
0.2
|
%
|
||||
Acquisition |
1.9 | % | 1.6 | % | ||||
Other
|
0.4
|
%
|
2.9
|
%
|
||||
Net change
|
(8.9
|
)%
|
(22.7
|
)%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Net revenues
|
$
|
149,130
|
$
|
163,324
|
$
|
175,693
|
||||||
Gross profit margin |
21.7 | % | 24.1 | % | 27.4 | % | ||||||
Segment operating margin
|
17.4
|
%
|
20.9
|
%
|
24.3
|
%
|
Fiscal quarter ended
March 30, 2024
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2023
|
$
|
(14,194
|
)
|
(8.7
|
)%
|
|||
April 1, 2023
|
$
|
(26,563
|
)
|
(15.1
|
)%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
(7.9
|
)%
|
(11.7
|
)%
|
||||
Decrease in average selling prices
|
(1.3
|
)%
|
(4.5
|
)%
|
||||
Foreign currency effects
|
0.2
|
%
|
0.1
|
%
|
||||
Other
|
0.3
|
%
|
1.0
|
%
|
||||
Net change
|
(8.7
|
)%
|
(15.1
|
)%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Net revenues
|
$
|
49,199
|
$
|
53,853
|
$
|
60,403
|
||||||
Gross profit margin
|
14.2
|
%
|
12.1
|
%
|
36.3
|
%
|
||||||
Segment operating margin
|
3.0
|
%
|
3.4
|
%
|
28.6
|
%
|
Fiscal quarter ended
March 30, 2024
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2023
|
$
|
(4,654
|
)
|
(8.6
|
)%
|
|||
April 1, 2023
|
$
|
(11,204
|
)
|
(18.5
|
)%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
(5.7
|
)%
|
(17.4
|
)%
|
||||
Decrease in average selling prices
|
(3.1
|
)%
|
(2.3
|
)%
|
||||
Foreign currency effects
|
0.4
|
%
|
0.5
|
%
|
||||
Other
|
(0.2
|
)%
|
0.7
|
%
|
||||
Net change
|
(8.6
|
)%
|
(18.5
|
)%
|
The segment operating margin decreased versus the prior fiscal quarter and the prior year quarter. The decreases are primarily due to gross profit decreases.
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Net revenues
|
$
|
188,196
|
$
|
198,022
|
$
|
223,140
|
||||||
Gross profit margin |
24.7 | % | 25.6 | % | 33.2 | % | ||||||
Segment operating margin
|
20.3
|
%
|
22.0
|
%
|
29.9
|
%
|
Fiscal quarter ended
March 30, 2024
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2023
|
$
|
(9,826
|
)
|
(5.0
|
)%
|
|||
April 1, 2023
|
$
|
(34,944
|
)
|
(15.7
|
)%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
(5.7
|
)%
|
(15.6
|
)%
|
||||
Decrease in average selling prices
|
(0.4
|
)%
|
(0.8
|
)%
|
||||
Foreign currency effects
|
0.5
|
%
|
0.4
|
%
|
||||
Other
|
0.6
|
%
|
0.3
|
%
|
||||
Net change
|
(5.0
|
)%
|
(15.7
|
)%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Net revenues
|
$
|
88,651
|
$
|
87,868
|
$
|
80,338
|
||||||
Gross profit margin |
30.2 | % | 33.4 | % | 29.5 | % | ||||||
Segment operating margin
|
26.1
|
%
|
29.6
|
%
|
26.1
|
%
|
Fiscal quarter ended
March 30, 2024
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2023
|
$
|
783
|
0.9
|
%
|
||||
April 1, 2023
|
$
|
8,313
|
10.3
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
2.7
|
%
|
11.8
|
%
|
||||
Decrease in average selling prices
|
(1.9
|
)%
|
(1.3
|
)%
|
||||
Foreign currency effects
|
0.2
|
%
|
0.2
|
%
|
||||
Other
|
(0.1
|
)%
|
(0.4
|
)%
|
||||
Net change
|
0.9
|
%
|
10.3
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Net revenues
|
$
|
117,930
|
$
|
114,011
|
$
|
133,291
|
||||||
Gross profit margin |
27.4 | % | 25.3 | % | 28.5 | % | ||||||
Segment operating margin
|
22.5 | % | 20.4 | % | 24.8 | % |
Fiscal quarter ended
March 30, 2024
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2023
|
$
|
3,919
|
3.4
|
%
|
||||
April 1, 2023
|
$
|
(15,361
|
)
|
(11.5
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
4.0
|
%
|
(12.0
|
)%
|
||||
Change in average selling prices
|
(0.8
|
)%
|
0.4
|
%
|
||||
Foreign currency effects
|
0.5
|
%
|
0.4
|
%
|
||||
Other
|
(0.3
|
)%
|
(0.3
|
)%
|
||||
Net change
|
3.4
|
%
|
(11.5
|
)%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
April 1, 2023
|
||||||||||
Total SG&A expenses
|
$
|
127,736
|
$
|
122,834
|
$
|
120,145
|
||||||
as a percentage of revenues
|
17.1
|
%
|
15.6
|
%
|
13.8
|
%
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
December 31, 2023
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,293
|
$
|
(443
|
)
|
$
|
1,736
|
|||||
Interest income
|
9,053
|
9,934
|
(881
|
)
|
||||||||
Other components of other periodic pension cost
|
(2,073
|
)
|
(2,547
|
)
|
474
|
|||||||
Investment income (expense)
|
(366
|
)
|
2,215
|
(2,581
|
)
|
|||||||
Other
|
180
|
109
|
71
|
|||||||||
$
|
8,087
|
$
|
9,268
|
$
|
(1,181
|
)
|
Fiscal quarters ended
|
||||||||||||
March 30, 2024
|
April 1, 2023
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,293
|
$
|
(1,490
|
)
|
$
|
2,783
|
|||||
Interest income
|
9,053
|
5,944
|
3,109
|
|||||||||
Other components of other periodic pension cost
|
(2,073
|
)
|
(1,888
|
)
|
(185
|
)
|
||||||
Investment income (expense)
|
(366
|
)
|
744
|
(1,110
|
)
|
|||||||
Other
|
180
|
19
|
161
|
|||||||||
$
|
8,087
|
$
|
3,329
|
$
|
4,758
|
Fiscal quarters ended
|
||||||||||||||||||||
1st Quarter 2023
|
2nd Quarter 2023
|
3rd Quarter 2023
|
4th Quarter 2023
|
1st Quarter 2024
|
||||||||||||||||
Days sales outstanding ("DSO") (a)
|
45
|
46
|
48
|
50
|
51
|
|||||||||||||||
Days inventory outstanding (b)
|
98
|
94
|
96
|
101
|
104
|
|||||||||||||||
Days payable outstanding ("DPO") (c)
|
(32
|
)
|
(32
|
)
|
(33
|
)
|
(31
|
)
|
(31
|
)
|
||||||||||
Cash conversion cycle
|
111
|
108
|
111
|
120
|
124
|
March 30, 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
|
(25,695
|
)
|
(26,914
|
)
|
||||
Total debt
|
819,407
|
818,188
|
||||||
Cash and cash equivalents
|
796,541
|
972,719
|
||||||
Short-term investments
|
37,418
|
35,808
|
||||||
Net cash and short-term investments (debt)
|
$
|
14,552
|
$
|
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
|
|||||||||||||||
January 1 - 27
|
215,084
|
$
|
22.61
|
215,084
|
$
|
4,863,117
|
|
2,662,301
|
||||||||||||
January 28 - February 24
|
272,076
|
$
|
22.02
|
272,076
|
$
|
5,991,984
|
|
2,390,225
|
||||||||||||
February 25 - March 30
|
78,260
|
$
|
21.51
|
78,260
|
$
|
1,683,025
|
|
2,311,965
|
||||||||||||
Total
|
565,420
|
$
|
22.17
|
565,420
|
$
|
12,538,126
|
|
2,311,965
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
10.1 | |
10.2 | |
10.3 | |
10.4 |
|
10.5 | |
10.6 | |
10.7 | Form
of Executive Officer Restricted Stock Unit Agreement. |
10.8 | Form of Performance-Based Restricted Stock
Unit Agreement. |
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended March 30, 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)
|