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
|
Trading symbol
|
Name of exchange on which registered
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||
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Accelerated filer ☐
|
|
Non-accelerated filer ☐
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Smaller reporting company
|
|
Emerging growth company
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Page Number
|
||||
April 1, 2023
|
December 31, 2022
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short-term investments
|
|
|
||||||
Accounts receivable, net
|
|
|
||||||
Inventories:
|
||||||||
Finished goods
|
|
|
||||||
Work in process
|
|
|
||||||
Raw materials
|
|
|
||||||
Total inventories
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
|
|
||||||
Buildings and improvements
|
|
|
||||||
Machinery and equipment
|
|
|
||||||
Construction in progress
|
|
|
||||||
Allowance for depreciation
|
(
|
)
|
(
|
)
|
||||
Property and equipment, net
|
|
|
||||||
Right of use assets
|
|
|
||||||
Deferred income taxes |
||||||||
Goodwill
|
|
|
||||||
Other intangible assets, net
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
April 1, 2023
|
December 31, 2022
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
$
|
|
$
|
|
||||
Payroll and related expenses
|
|
|
||||||
Lease liabilities
|
|
|
||||||
Other accrued expenses
|
|
|
||||||
Income taxes
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Long-term debt less current portion
|
|
|
||||||
U.S. transition tax payable
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Long-term lease liabilities
|
|
|
||||||
Other liabilities
|
|
|
||||||
Accrued pension and other postretirement costs
|
|
|
||||||
Total liabilities
|
|
|
||||||
Equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
|
|
||||||
Class B convertible common stock
|
|
|
||||||
Capital in excess of par value
|
|
|
||||||
Retained earnings
|
|
|
||||||
Treasury stock (at cost) |
( |
) | ( |
) | ||||
Accumulated other comprehensive income (loss)
|
|
(
|
)
|
|||||
Total Vishay stockholders' equity
|
|
|
||||||
Noncontrolling interests
|
|
|
||||||
Total equity
|
|
|
||||||
Total liabilities and equity
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Net revenues
|
$
|
|
$
|
|
||||
Costs of products sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general, and administrative expenses
|
|
|
||||||
Operating income
|
|
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
Other
|
|
(
|
)
|
|||||
Total other income (expense)
|
(
|
)
|
(
|
)
|
||||
Income before taxes
|
|
|
||||||
Income tax expense
|
|
|
||||||
Net earnings
|
|
|
||||||
Less: net earnings attributable to noncontrolling interests
|
|
|
||||||
Net earnings attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Weighted average shares outstanding - basic
|
|
|
||||||
Weighted average shares outstanding - diluted
|
|
|
||||||
Cash dividends per share
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Net earnings
|
$
|
|
$
|
|
||||
Other comprehensive income (loss), net of tax
|
||||||||
Pension and other post-retirement actuarial items
|
|
|
||||||
Foreign currency translation adjustment
|
|
(
|
)
|
|||||
Other comprehensive income (loss)
|
|
(
|
)
|
|||||
Comprehensive income
|
|
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
|
|
||||||
Comprehensive income attributable to Vishay stockholders
|
$
|
|
$
|
|
Three fiscal months ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
|
$
|
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
(Gain) loss on disposal of property and equipment
|
(
|
)
|
(
|
)
|
||||
Inventory write-offs for obsolescence
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
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 short-term investments
|
(
|
)
|
(
|
)
|
||||
Maturity of short-term investments
|
|
|
||||||
Other investing activities
|
(
|
)
|
(
|
)
|
||||
Net cash provided by 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 in cash and cash equivalents
|
|
|
||||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
Common Stock
|
Class B Convertible Common Stock
|
Capital in Excess of Par Value
|
Retained Earnings
|
Treasury Stock |
Accumulated Other Comprehensive Income (Loss)
|
Total Vishay Stockholders' Equity
|
Noncontrolling Interests
|
Total Equity
|
||||||||||||||||||||||||||||
Balance at December 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Net earnings
|
|
|
||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||||||
Issuance of stock and related tax withholdings for vested restricted stock units (
|
|
( |
) |
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
Dividends declared ($
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at April 2, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Balance at December 31, 2022 |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||
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 April 1, 2023 |
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
|
$
|
|
$
|
|
$
|
|
|
April 1, 2023
|
December 31, 2022
|
||||||
Right of use assets
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Current lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Long-term lease liabilities
|
||||||||
Operating Leases
|
||||||||
Buildings and improvements
|
$
|
|
$
|
|
||||
Machinery and equipment
|
|
|
||||||
Total
|
$
|
|
$
|
|
||||
Total lease liabilities
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Lease expense
|
||||||||
Operating lease expense
|
$
|
|
$
|
|
||||
Short-term lease expense
|
|
|
||||||
Variable lease expense
|
|
|
||||||
Total lease expense
|
$
|
|
$
|
|
|
April 1, 2023
|
|||
2023 (excluding the three fiscal months ended April 1, 2023)
|
$
|
|
||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
Thereafter
|
|
April 1, 2023
|
December 31, 2022
|
|||||||
Credit facility
|
$
|
|
$
|
|
||||
Convertible senior notes, due 2025
|
|
|
||||||
Deferred financing costs
|
(
|
)
|
(
|
)
|
||||
|
|
|||||||
Less current portion
|
|
|
||||||
$
|
|
$
|
|
Convertible
Senior Notes
Due 2025
|
||||
Issuance date
|
|
|||
Maturity date
|
|
|||
Principal amount as of April 1, 2023
|
$
|
|
||
Cash coupon rate (per annum)
|
|
%
|
||
Nonconvertible debt borrowing rate at issuance (per annum)
|
|
%
|
||
Conversion rate effective March 16, 2023 (per $1 principal amount)
|
|
|||
Effective conversion price effective March 16, 2023 (per share)
|
$
|
|
||
130% of the current effective conversion price (per share)
|
$
|
|
Fiscal quarters ended
|
|||||||
April 1, 2023
|
April 2, 2022 |
||||||
Dividends paid to stockholders
|
$ |
|
$ | ||||
Stock repurchases
|
|
||||||
Total
|
$ |
|
$ |
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Beginning balance
|
$
|
|
$
|
|
||||
Sales allowances
|
|
|
||||||
Credits issued
|
(
|
)
|
(
|
)
|
||||
Foreign currency
|
(
|
)
|
(
|
|||||
Ending balance
|
$
|
|
$
|
|
Pension and
other post-
retirement
actuarial
items
|
Currency
translation
adjustment
|
Total
|
||||||||||
Balance at January 1, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive income (loss) before reclassifications
|
|
|
$
|
|
||||||||
Tax effect
|
|
|
$
|
|
||||||||
Other comprehensive income before reclassifications, net of tax
|
|
|
$
|
|
||||||||
Amounts reclassified out of AOCI
|
|
|
$
|
|
||||||||
Tax effect
|
(
|
)
|
|
$
|
(
|
)
|
||||||
Amounts reclassified out of AOCI, net of tax
|
|
|
$
|
|
||||||||
Net other comprehensive income (loss)
|
$
|
|
$
|
|
$
|
|
||||||
Balance at April 1, 2023
|
$
|
(
|
)
|
$
|
|
$
|
|
Fiscal quarter ended
April 1, 2023
|
Fiscal quarter ended
April 2, 2022
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Net service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Expected return on plan assets
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Amortization of prior service cost
|
|
|
|
|
||||||||||||
Amortization of losses (gains)
|
(
|
)
|
|
|
|
|||||||||||
Curtailment and settlement losses
|
|
|
|
|
||||||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarter ended
April 1, 2023
|
Fiscal quarter ended
April 2, 2022
|
|||||||||||||||
U.S. Plans
|
Non-U.S.
Plans
|
U.S. Plans
|
Non-U.S.
Plans
|
|||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Amortization of losses (gains)
|
(
|
)
|
|
|
|
|||||||||||
Net periodic benefit cost
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
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, 2023
|
|
$
|
|
|||||
Granted
|
|
|
||||||
Vested*
|
(
|
)
|
|
|||||
Cancelled or forfeited
|
|
|
||||||
Outstanding at April 1, 2023
|
|
$
|
|
|||||
Expected to vest at April 1, 2023
|
|
Vesting Date
|
Expected
to Vest
|
Not Expected
to Vest
|
Total
|
|||||||||
January 1, 2024
|
|
|
|
|||||||||
January 1, 2025
|
|
|
|
|||||||||
January 1, 2026
|
|
|
|
Number of
units
|
Grant-date
Fair Value per
Unit
|
|||||||
Outstanding:
|
||||||||
January 1, 2023
|
|
|||||||
Granted
|
|
$
|
|
|||||
Dividend equivalents issued
|
|
|||||||
Redeemed for common stock* |
( |
) | ||||||
Outstanding at April 1, 2023
|
|
MOSFETs
|
Diodes
|
Optoelectronic
Components
|
Resistors
|
Inductors
|
Capacitors
|
Total
|
||||||||||||||||||||||
Fiscal quarter ended April 1, 2023:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Fiscal quarter ended April 2, 2022:
|
||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Segment operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Reconciliation:
|
||||||||
Segment Operating Income
|
$
|
|
$
|
|
||||
Unallocated Selling, General, and Administrative Expenses
|
(
|
)
|
(
|
)
|
||||
Consolidated Operating Income
|
$
|
|
$
|
|
||||
Unallocated Other Income (Expense)
|
(
|
)
|
(
|
)
|
||||
Consolidated Income Before Taxes
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Distributors
|
$
|
|
$
|
|
||||
OEMs
|
|
|
||||||
EMS companies
|
|
|
||||||
Total Revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Asia
|
$
|
|
$
|
|
||||
Europe
|
|
|
||||||
Americas
|
|
|
||||||
Total Revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Industrial
|
$
|
|
$
|
|
||||
Automotive
|
|
|
||||||
Computing
|
|
|
||||||
Military and Aerospace
|
|
|
||||||
Consumer Products
|
|
|
||||||
Power Supplies
|
|
|
||||||
Medical
|
|
|
||||||
Telecommunications
|
|
|
||||||
Total revenue
|
$
|
|
$
|
|
Fiscal quarters ended
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Numerator:
|
||||||||
Net earnings attributable to Vishay stockholders
|
$
|
|
$
|
|
||||
Denominator:
|
||||||||
Denominator for basic earnings per share:
|
||||||||
Weighted average shares
|
|
|
||||||
Outstanding phantom stock units
|
|
|
||||||
Adjusted weighted average shares - 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
|
||||||||
April 1, 2023
|
April 2, 2022
|
|||||||
Restricted stock units
|
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
April 1, 2023
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Available for sale securities
|
$
|
|
|
|
|
|||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
Liability: |
||||||||||||||||
MaxPower acquisition contingent consideration |
$ | $ | $ |
$ |
||||||||||||
December 31, 2022
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
|
$
|
|
$ |
|
$
|
|
||||||||
Available for sale securities
|
$
|
|
|
|
|
|||||||||||
Precious metals |
$ |
|||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
Liability: |
||||||||||||||||
MaxPower acquisition contingent consideration |
$ |
$ |
$ |
$ |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
111,781
|
$
|
72,788
|
$
|
103,573
|
||||||
Reconciling items affecting tax expense:
|
||||||||||||
Effect of change in indefinite reversal assertion
|
$
|
-
|
$
|
59,642
|
$
|
-
|
||||||
Effect of changes in valuation allowances | - | (33,669 | ) | - | ||||||||
Adjusted net earnings
|
$
|
111,781
|
$
|
98,761
|
$
|
103,573
|
||||||
Adjusted weighted average diluted shares outstanding
|
141,251
|
142,247
|
145,553
|
|||||||||
Adjusted earnings per diluted share
|
$
|
0.79
|
$
|
0.69
|
$
|
0.71
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
MOSFETs
|
$
|
72,858
|
$
|
77,193
|
$
|
58,746
|
||||||
Diodes
|
48,129
|
42,610
|
45,787
|
|||||||||
Optoelectronic Components
|
21,940
|
17,967
|
32,431
|
|||||||||
Resistors
|
74,036
|
58,057
|
65,022
|
|||||||||
Inductors
|
23,723
|
24,118
|
24,849
|
|||||||||
Capacitors
|
38,027
|
29,175
|
32,273
|
|||||||||
Gross profit
|
$
|
278,713
|
$
|
249,120
|
$
|
259,108
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Net cash provided by continuing operating activities
|
$
|
129,893
|
$
|
166,496
|
$
|
33,585
|
||||||
Proceeds from sale of property and equipment
|
326
|
726
|
72
|
|||||||||
Less: Capital expenditures
|
(45,574
|
)
|
(153,133
|
)
|
(35,909
|
)
|
||||||
Free cash
|
$
|
84,645
|
$
|
14,089
|
$
|
(2,252)
|
Fiscal quarters ended |
||||||||
April 1, 2023
|
April 2, 2022 |
|||||||
Dividends paid to stockholders
|
$
|
14,020
|
$ | 14,469 | ||||
Stock repurchases
|
20,173
|
9,873 | ||||||
Total
|
$
|
34,193
|
$ | 24,342 |
1st Quarter 2022
|
2nd Quarter 2022
|
3rd Quarter 2022
|
4th Quarter 2022
|
1st Quarter 2023
|
||||||||||||||||
Net revenues
|
$
|
853,793
|
$
|
863,512
|
$
|
924,798
|
$
|
855,298
|
$
|
871,046
|
||||||||||
Gross profit margin(1)
|
30.3
|
%
|
30.3
|
%
|
31.3
|
%
|
29.1
|
%
|
32.0
|
%
|
||||||||||
Operating margin(2)
|
17.1
|
%
|
17.5
|
%
|
19.8
|
%
|
15.8
|
%
|
18.2
|
%
|
||||||||||
End-of-period backlog
|
$
|
2,416,700
|
$
|
2,425,200
|
$
|
2,261,400
|
$
|
2,292,700
|
$
|
2,169,400
|
||||||||||
Book-to-bill ratio
|
1.14
|
1.07
|
0.88
|
0.94
|
0.84
|
|||||||||||||||
Inventory turnover
|
4.2
|
3.8
|
4.1
|
3.9
|
3.7
|
|||||||||||||||
Change in ASP vs. prior quarter
|
2.4
|
%
|
2.9
|
%
|
0.0
|
%
|
0.6
|
%
|
1.2
|
%
|
1st Quarter 2022
|
2nd Quarter 2022
|
3rd Quarter 2022
|
4th Quarter 2022
|
1st Quarter 2023
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
172,674
|
$
|
158,395
|
$
|
225,186
|
$
|
206,005
|
$
|
198,181
|
||||||||||
Book-to-bill ratio
|
1.28
|
1.14
|
0.78
|
1.15
|
0.95
|
|||||||||||||||
Gross profit margin
|
34.0
|
%
|
35.0
|
%
|
36.9
|
%
|
37.5
|
%
|
36.8
|
%
|
||||||||||
Segment operating margin
|
28.1
|
%
|
28.2
|
%
|
31.9
|
%
|
30.9
|
%
|
29.3
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
182,334
|
$
|
192,083
|
$
|
209,012
|
$
|
181,791
|
$
|
175,693
|
||||||||||
Book-to-bill ratio
|
1.16
|
1.10
|
0.79
|
0.88
|
0.71
|
|||||||||||||||
Gross profit margin
|
25.1
|
%
|
27.8
|
%
|
27.0
|
%
|
23.4
|
%
|
27.4
|
%
|
||||||||||
Segment operating margin
|
22.2
|
%
|
25.3
|
%
|
24.6
|
%
|
19.9
|
%
|
24.3
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
81,016
|
$
|
77,936
|
$
|
73,447
|
$
|
63,985
|
$
|
60,403
|
||||||||||
Book-to-bill ratio
|
0.78
|
0.86
|
0.57
|
0.78
|
0.72
|
|||||||||||||||
Gross profit margin
|
40.0
|
%
|
33.9
|
%
|
35.3
|
%
|
28.1
|
%
|
36.3
|
%
|
||||||||||
Segment operating margin
|
34.8
|
%
|
28.7
|
%
|
30.0
|
%
|
20.1
|
%
|
28.6
|
%
|
||||||||||
Resistors
|
||||||||||||||||||||
Net revenues
|
$
|
207,032
|
$
|
213,176
|
$
|
207,437
|
$
|
205,161
|
$
|
223,140
|
||||||||||
Book-to-bill ratio
|
1.24
|
1.05
|
1.08
|
0.85
|
0.88
|
|||||||||||||||
Gross profit margin
|
31.4
|
%
|
33.1
|
%
|
33.0
|
%
|
28.3
|
%
|
33.2
|
%
|
||||||||||
Segment operating margin
|
28.1
|
%
|
29.9
|
%
|
29.7
|
%
|
25.3
|
%
|
29.9
|
%
|
||||||||||
Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
82,777
|
$
|
89,608
|
$
|
83,503
|
$
|
75,198
|
$
|
80,338
|
||||||||||
Book-to-bill ratio
|
1.14
|
0.97
|
1.02
|
0.83
|
1.04
|
|||||||||||||||
Gross profit margin
|
30.0
|
%
|
33.1
|
%
|
30.8
|
%
|
32.1
|
%
|
29.5
|
%
|
||||||||||
Segment operating margin
|
26.8
|
%
|
30.0
|
%
|
27.0
|
%
|
28.9
|
%
|
26.1
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
127,960
|
$
|
132,314
|
$
|
126,213
|
$
|
123,158
|
$
|
133,291
|
||||||||||
Book-to-bill ratio
|
1.02
|
1.17
|
0.95
|
0.99
|
0.70
|
|||||||||||||||
Gross profit margin
|
25.2
|
%
|
24.5
|
%
|
23.7
|
%
|
23.7
|
%
|
28.5
|
%
|
||||||||||
Segment operating margin
|
21.4
|
%
|
20.9
|
%
|
20.1
|
%
|
19.9
|
%
|
24.8
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Cost of products sold
|
68.0
|
%
|
70.9
|
%
|
69.7
|
%
|
||||||
Gross profit
|
32.0
|
%
|
29.1
|
%
|
30.3
|
%
|
||||||
Selling, general & administrative expenses
|
13.8
|
%
|
13.3
|
%
|
13.2
|
%
|
||||||
Operating income
|
18.2
|
%
|
15.8
|
%
|
17.1
|
%
|
||||||
Income before taxes and noncontrolling interest
|
18.0
|
%
|
15.0
|
%
|
16.0
|
%
|
||||||
Net earnings attributable to Vishay stockholders
|
12.8
|
%
|
8.5
|
%
|
12.1
|
%
|
||||||
________
|
||||||||||||
Effective tax rate
|
28.4
|
%
|
42.9
|
%
|
23.7
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Net revenues
|
$
|
871,046
|
$
|
855,298
|
$
|
853,793
|
Fiscal quarter ended
April 1, 2023
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2022
|
15,748
|
|
1.8%
|
|
||||
April 2, 2022
|
17,253
|
|
2.0%
|
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-1.5
|
%
|
-1.4
|
%
|
||||
Increase in average selling prices
|
1.2
|
%
|
5.0
|
%
|
||||
Foreign currency effects
|
1.8
|
%
|
-1.6
|
%
|
||||
Acquisition
|
0.1
|
%
|
0.2
|
%
|
||||
Other
|
0.2
|
%
|
-0.2
|
%
|
||||
Net change
|
1.8
|
%
|
2.0
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Net revenues
|
$
|
198,181
|
$
|
206,005
|
$
|
172,674
|
||||||
Gross profit margin |
36.8 | % | 37.5 | % | 34.0 | % | ||||||
Segment operating margin
|
29.3
|
%
|
30.9
|
%
|
28.1
|
%
|
Fiscal quarter ended
April 1, 2023
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2022
|
$
|
(7,824
|
)
|
-3.8
|
%
|
|||
April 2, 2022
|
$
|
25,507
|
14.8
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
-6.6
|
%
|
4.0
|
%
|
||||
Increase in average selling prices
|
1.4
|
%
|
10.1
|
%
|
||||
Foreign currency effects
|
1.0
|
%
|
-1.0
|
%
|
||||
Acquisition |
0.3 | % | 0.9 | % | ||||
Other
|
0.1
|
%
|
0.8
|
%
|
||||
Net change
|
-3.8
|
%
|
14.8
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Net revenues
|
$
|
175,693
|
$
|
181,791
|
$
|
182,334
|
||||||
Gross profit margin |
27.4 | % | 23.4 | % | 25.1 | % | ||||||
Segment operating margin
|
24.3
|
%
|
19.9
|
%
|
22.2
|
%
|
Fiscal quarter ended
April 1, 2023
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2022
|
$
|
(6,098)
|
-3.4
|
%
|
||||
April 2, 2022
|
$
|
(6,641)
|
-3.6
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
-6.7
|
%
|
-8.1
|
%
|
||||
Increase in average selling prices
|
2.0
|
%
|
6.9
|
%
|
||||
Foreign currency effects
|
1.5
|
%
|
-1.4
|
%
|
||||
Other
|
-0.2
|
%
|
-1.0
|
%
|
||||
Net change
|
-3.4
|
%
|
-3.6
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Net revenues
|
$
|
60,403
|
$
|
63,985
|
$
|
81,016
|
||||||
Gross profit margin
|
36.3
|
%
|
28.1
|
%
|
40.0
|
%
|
||||||
Segment operating margin
|
28.6
|
%
|
20.1
|
%
|
34.8
|
%
|
Fiscal quarter ended
April 1, 2023
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2022
|
$
|
(3,582)
|
|
-5.6
|
%
|
|||
April 2, 2022
|
$
|
(20,613)
|
-25.4
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Decrease in volume
|
-8.3
|
%
|
-25.3
|
%
|
||||
Increase in average selling prices
|
0.8
|
%
|
2.3
|
%
|
||||
Foreign currency effects
|
2.3
|
%
|
-1.6
|
%
|
||||
Other
|
-0.4
|
%
|
-0.8
|
%
|
||||
Net change
|
-5.6
|
%
|
-25.4
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Net revenues
|
$
|
223,140
|
$
|
205,161
|
$
|
207,032
|
||||||
Gross profit margin |
33.2 | % | 28.3 | % | 31.4 | % | ||||||
Segment operating margin
|
29.9
|
%
|
25.3
|
%
|
28.1
|
%
|
Fiscal quarter ended
April 1, 2023
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2022
|
$
|
17,979
|
|
8.8
|
%
|
|||
April 2, 2022
|
$
|
16,108
|
7.8
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
3.9
|
%
|
6.7
|
%
|
||||
Increase in average selling prices
|
1.4
|
%
|
3.1
|
%
|
||||
Foreign currency effects
|
2.5
|
%
|
-2.2
|
%
|
||||
Other
|
1.0
|
%
|
0.2
|
%
|
||||
Net change
|
8.8
|
%
|
7.8
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Net revenues
|
$
|
80,338
|
$
|
75,198
|
$
|
82,777
|
||||||
Gross profit margin |
29.5 | % | 32.1 | % | 30.0 | % | ||||||
Segment operating margin
|
26.1
|
%
|
28.9
|
%
|
26.8
|
%
|
Fiscal quarter ended
April 1, 2023
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2022
|
$
|
5,140
|
6.8
|
%
|
||||
April 2, 2022
|
$
|
(2,439
|
)
|
-2.9
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Change in volume
|
4.7
|
%
|
-4.1
|
%
|
||||
Increase in average selling prices
|
1.1
|
%
|
2.0
|
%
|
||||
Foreign currency effects
|
0.9
|
%
|
-0.7
|
%
|
||||
Other
|
0.1
|
%
|
-0.1
|
%
|
||||
Net change
|
6.8
|
%
|
-2.9
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Net revenues
|
$
|
133,291
|
$
|
123,158
|
$
|
127,960
|
||||||
Gross profit margin |
28.5 | % | 23.7 | % | 25.2 | % | ||||||
Segment operating margin
|
24.8 | % | 19.9 | % | 21.4 | % |
Fiscal quarter ended
April 1, 2023
|
||||||||
Change in net revenues
|
% change
|
|||||||
December 31, 2022
|
$
|
10,133
|
|
8.2
|
%
|
|||
April 2, 2022
|
$
|
5,331
|
4.2
|
%
|
vs. Prior
Quarter
|
vs. Prior Year Quarter
|
|||||||
Change attributable to:
|
||||||||
Increase in volume
|
5.2
|
%
|
4.3
|
%
|
||||
Change in average selling prices
|
-0.3
|
%
|
1.9
|
%
|
||||
Foreign currency effects
|
2.8
|
%
|
-2.6
|
%
|
||||
Other
|
0.5
|
%
|
0.6
|
%
|
||||
Net change
|
8.2
|
%
|
4.2
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Total SG&A expenses
|
$
|
120,145
|
$
|
113,812
|
$
|
112,855
|
||||||
as a percentage of revenues
|
13.8
|
%
|
13.3
|
%
|
13.2
|
%
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(1,490
|
)
|
$
|
(5,005
|
)
|
$
|
3,515
|
||||
Interest income
|
5,944
|
4,374
|
1,570
|
|||||||||
Other components of other periodic pension cost
|
(1,888
|
)
|
(2,673
|
)
|
785
|
|||||||
Investment income (expense)
|
744
|
624
|
120
|
|||||||||
Other
|
19
|
62
|
(43
|
)
|
||||||||
$
|
3,329
|
$
|
(2,618
|
)
|
$
|
5,947
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
April 2, 2022
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
(1,490
|
)
|
$
|
(281
|
)
|
$
|
(1,209
|
)
|
|||
Interest income
|
5,944
|
561
|
5,383
|
|||||||||
Other components of other periodic pension cost
|
(1,888
|
)
|
(2,910
|
)
|
1,022
|
|||||||
Investment income (expense)
|
744
|
(3,116
|
)
|
3,860
|
||||||||
Other
|
19
|
(5
|
)
|
24
|
||||||||
$
|
3,329
|
$
|
(5,751
|
)
|
$
|
9,080
|
Fiscal quarters ended
|
||||||||||||
April 1, 2023
|
December 31, 2022
|
April 2, 2022
|
||||||||||
Days sales outstanding ("DSO") (a)
|
45
|
45
|
43
|
|||||||||
Days inventory outstanding ("DIO") (b)
|
98
|
93
|
87
|
|||||||||
Days payable outstanding ("DPO") (c)
|
(32)
|
(31
|
)
|
(37
|
)
|
|||||||
Cash conversion cycle
|
111
|
107
|
93
|
April 1, 2023
|
December 31, 2022
|
|||||||
Credit facility
|
$
|
107,000
|
$
|
42,000
|
||||
Convertible senior notes, due 2025
|
465,344
|
465,344
|
||||||
Deferred financing costs
|
(5,589
|
)
|
(6,407
|
)
|
||||
Total debt
|
566,755
|
500,937
|
||||||
Cash and cash equivalents
|
847,534
|
610,825
|
||||||
Short-term investments
|
186,892
|
305,272
|
||||||
Net cash and short-term investments (debt)
|
$
|
467,671
|
$
|
415,160
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered
Sales of Equity Securities and Use of Proceeds
|
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 - 28
|
275,673
|
$
|
22.60
|
275,673
|
$
|
6,231,560
|
|
3,397,020
|
||||||||||||
January 29 - February 25
|
312,885
|
$
|
21.98
|
312,885
|
$
|
6,877,213
|
|
3,084,135
|
||||||||||||
February 26 - April 1
|
327,663
|
$
|
21.56
|
327,663
|
$
|
7,064,473
|
|
2,756,472
|
||||||||||||
Total
|
916,221
|
$
|
22.02
|
916,221
|
$
|
20,173,246
|
|
2,756,472
|
Item 6. |
Exhibits
|
10.1 | Vishay Intertechnology,
Inc. Form of Executive Officer Restricted Stock Unit Agreement. |
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended April 1, 2023, furnished in iXBRL (Inline eXtensible Business
Reporting Language)).
|
104
|
Cover Page Interactive Data File (formatted as Inline eXtensible Business Reporting Language and contained in Exhibit 101)
|
VISHAY INTERTECHNOLOGY, INC.
|
||
/s/ Lori Lipcaman
|
||
Lori Lipcaman
|
||
Executive Vice President and Chief Financial Officer
|
||
(as a duly authorized officer and principal financial and
|
||
accounting officer)
|