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
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|
Emerging growth company
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Page Number
|
||||
September 30, 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
|
$
|
|
$
|
|
September 30, 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
|
||||||||
September 30, 2023
|
October 1, 2022
|
|||||||
Net revenues
|
$
|
|
$
|
|
||||
Costs of products sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general, and administrative expenses
|
|
|
||||||
Operating income
|
|
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
Loss on early extinguishment of debt |
( |
) | ||||||
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
|
||||||||
September 30, 2023
|
October 1, 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
|
$
|
|
$
|
|
Nine fiscal months ended
|
||||||||
September 30, 2023
|
October 1, 2022
|
|||||||
Net revenues
|
$
|
|
$
|
|
||||
Costs of products sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general, and administrative expenses
|
|
|
||||||
Operating income
|
|
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
Loss on early extinguishment of debt |
( |
) | ||||||
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
|
$
|
|
$
|
|
Nine fiscal months ended
|
||||||||
September 30, 2023
|
October 1, 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
|
$
|
|
$
|
|
Nine fiscal months ended
|
||||||||
September 30, 2023
|
October 1, 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
|
|
|
||||||
Stock compensation expense |
||||||||
Loss on early extinguishment of debt |
||||||||
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 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
|
||||||||
Proceeds from long-term borrowings |
||||||||
Repurchase of convertible senior notes due 2025 |
( |
) | ||||||
Net payments on revolving credit facility
|
(
|
)
|
|
|||||
Debt issuance costs |
( |
) | ||||||
Cash paid for capped call |
( |
) | ||||||
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
(Accumulated
Deficit)
|
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
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||||
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 July 2, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Net earnings
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Distributions to noncontrolling interests | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Dividends declared ($
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Stock compensation expense
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Repurchase of common stock held in treasury ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at October 1, 2022
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Common
Stock
|
Class B
Convertible
Common
Stock
|
Capital in
Excess of Par
Value
|
Retained
Earnings
(Accumulated
Deficit)
|
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 | $ | ( |
) | |||||||||||||||||||||||||||||||||
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 ( |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Capped call transactions, net of tax |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | ( |
) | ( |
) |
September 30, 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
|
Nine fiscal months ended
|
|||||||||||||||
September 30, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
|||||||||||||
Lease expense
|
||||||||||||||||
Operating lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Short-term lease expense
|
|
|
|
|
||||||||||||
Variable lease expense
|
|
|
|
|
||||||||||||
Total lease expense
|
$
|
|
$
|
|
$
|
|
$
|
|
September 30, 2023
|
||||
2023 (excluding the nine fiscal months ended September 30, 2023)
|
$
|
|
||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
Thereafter
|
|
September 30, 2023
|
December 31, 2022
|
|||||||
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 September 30, 2023
|
$
|
|
$ | |||||
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
|
Nine fiscal months ended | |||||||||||||||
September 30, 2023
|
October 1, 2022 |
September 30, 2023 | October 1, 2022 | |||||||||||||
Dividends paid to stockholders
|
$
|
|
$ | $ | $ | |||||||||||
Stock repurchases
|
|
|||||||||||||||
Total
|
$
|
|
$ | $ | $ |
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
September 30, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 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 September 30, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Fiscal quarter ended
September 30, 2023
|
Fiscal quarter ended
October 1, 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
|
$
|
|
$
|
|
$
|
|
$
|
|
Nine fiscal months ended
September 30, 2023
|
Nine fiscal months ended
October 1, 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
September 30, 2023
|
Fiscal quarter ended
October 1, 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
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Nine fiscal months ended
September 30, 2023
|
Nine fiscal months ended
October 1, 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
|
Nine fiscal months ended
|
|||||||||||||||
September 30, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
|||||||||||||
Restricted stock units
|
$
|
|
$
|
|
$
|
|
|
|||||||||
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 September 30, 2023
|
|
$
|
|
|||||
Expected to vest at September 30, 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 September 30, 2023
|
|
MOSFETs
|
Diodes
|
Optoelectronic
Components
|
Resistors
|
Inductors
|
Capacitors
|
Corporate / Other*
|
Total
|
|||||||||||||||||||||||||
Fiscal quarter ended September 30, 2023:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Fiscal quarter ended October 1, 2022:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Nine fiscal months ended September 30, 2023:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Nine fiscal months ended October 1, 2022:
|
||||||||||||||||||||||||||||||||
Net revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
September 30, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
|||||||||||||
Reconciliation:
|
||||||||||||||||
Segment Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Impact of the COVID-19 Pandemic on Selling, General, and Administrative Expenses
|
|
|
|
(
|
)
|
|||||||||||
Unallocated Selling, General, and Administrative Expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Consolidated Operating Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Unallocated Other Income (Expense)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Consolidated Income Before Taxes
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
September 30, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
|||||||||||||
Distributors
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
OEMs
|
|
|
|
|
||||||||||||
EMS companies
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
September 30, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
|||||||||||||
Asia
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Europe
|
|
|
|
|
||||||||||||
Americas
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
September 30, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
|||||||||||||
Industrial
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Automotive
|
|
|
|
|
||||||||||||
Computing
|
|
|
|
|
||||||||||||
Military and Aerospace
|
|
|
|
|
||||||||||||
Consumer Products
|
|
|
|
|
||||||||||||
Power Supplies
|
|
|
|
|
||||||||||||
Medical
|
|
|
|
|
||||||||||||
Telecommunications
|
|
|
|
|
||||||||||||
Total Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||
September 30, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 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
|
|
|
|
|
||||||||||||
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
|
Nine fiscal months ended
|
|||||||||||||||
September 30, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
|||||||||||||
Restricted stock units
|
|
|
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
September 30, 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
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
65,529
|
$
|
95,038
|
$
|
140,061
|
$
|
272,348
|
$
|
356,022
|
||||||||||
Reconciling items affecting gross income:
|
||||||||||||||||||||
Impact of COVID-19 pandemic
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
6,661
|
||||||||||
Other reconciling items affecting operating income:
|
||||||||||||||||||||
Impact of 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:
|
||||||||||||||||||||
Effects of changes in uncertain tax positions |
$ | - | $ | - | $ | (5,941 | ) | $ | - | $ | (5,941 | ) | ||||||||
Tax effects of pre-tax items above
|
(498
|
)
|
-
|
-
|
(498
|
)
|
(1,802
|
)
|
||||||||||||
Adjusted net earnings
|
$
|
83,905
|
$
|
95,038
|
$
|
134,120
|
$
|
290,724
|
$
|
355,486
|
||||||||||
Adjusted weighted average diluted shares outstanding
|
140,001
|
140,478
|
143,447
|
140,577
|
144,470
|
|||||||||||||||
Adjusted earnings per diluted share
|
$
|
0.60
|
$
|
0.68
|
$
|
0.93
|
$
|
2.07
|
$
|
2.46
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
MOSFETs
|
$
|
68,665
|
$
|
71,954
|
$
|
83,121
|
$
|
213,477
|
$
|
197,305
|
||||||||||
Diodes
|
47,194
|
40,877
|
56,339
|
136,200
|
155,495
|
|||||||||||||||
Optoelectronic Components
|
18,140
|
15,609
|
25,959
|
55,689
|
84,820
|
|||||||||||||||
Resistors
|
49,156
|
64,634
|
68,461
|
187,826
|
204,015
|
|||||||||||||||
Inductors
|
28,493
|
30,808
|
25,692
|
83,024
|
80,231
|
|||||||||||||||
Capacitors
|
25,995
|
33,591
|
29,966
|
97,613
|
94,664
|
|||||||||||||||
Unallocated gross profit (loss)
|
- |
-
|
-
|
-
|
(6,661
|
)
|
||||||||||||||
Gross profit
|
$
|
237,643
|
$
|
257,473
|
$
|
289,538
|
$
|
773,829
|
$
|
809,869
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Net cash provided by continuing operating activities
|
$
|
122,303
|
$
|
107,239
|
$
|
209,480
|
$
|
359,435
|
$
|
317,792
|
||||||||||
Proceeds from sale of property and equipment
|
21
|
687
|
95
|
1,034
|
472
|
|||||||||||||||
Less: Capital expenditures
|
(66,829
|
)
|
(71,676
|
)
|
(76,475
|
)
|
(184,079
|
)
|
(172,175
|
)
|
||||||||||
Free cash
|
$
|
55,495
|
$
|
36,250
|
$
|
133,100
|
$
|
176,390
|
$
|
146,089
|
Fiscal quarters ended |
Nine fiscal months ended | |||||||||||||||
September 30, 2023
|
October 1, 2022 |
September 30, 2023 | October 1, 2022 | |||||||||||||
Dividends paid to stockholders
|
$
|
13,879
|
$ | 14,254 | $ | 41,836 | $ | 43,062 | ||||||||
Stock repurchases
|
17,262
|
18,510 | 57,661 | 54,671 | ||||||||||||
Total
|
$
|
31,141
|
$ | 32,764 | $ | 99,497 | $ | 97,733 |
3rd Quarter 2022
|
4th Quarter 2022
|
1st Quarter 2023
|
2nd Quarter 2023
|
3rd Quarter 2023
|
||||||||||||||||
Net revenues
|
$
|
924,798
|
$
|
855,298
|
$
|
871,046
|
$
|
892,110
|
$
|
853,653
|
||||||||||
Gross profit margin
|
31.3
|
%
|
29.1
|
%
|
32.0
|
%
|
28.9
|
%
|
27.8
|
%
|
||||||||||
Operating margin
|
19.8
|
%
|
15.8
|
%
|
18.2
|
%
|
15.1
|
%
|
13.5
|
%
|
||||||||||
End-of-period backlog
|
$
|
2,261,400
|
$
|
2,292,700
|
$
|
2,169,400
|
$
|
1,895,100
|
$
|
1,552,400
|
||||||||||
Book-to-bill ratio
|
0.88
|
0.94
|
0.84
|
0.69
|
0.63
|
|||||||||||||||
Inventory turnover
|
4.1
|
3.9
|
3.7
|
3.9
|
3.7
|
|||||||||||||||
Change in ASP vs. prior quarter
|
0.0
|
%
|
0.6
|
%
|
1.2
|
%
|
(0.7
|
)%
|
(0.8
|
)%
|
3rd Quarter 2022
|
4th Quarter 2022
|
1st Quarter 2023
|
2nd Quarter 2023
|
3rd Quarter 2023
|
||||||||||||||||
MOSFETs
|
||||||||||||||||||||
Net revenues
|
$
|
225,186
|
$
|
206,005
|
$
|
198,181
|
$
|
207,388
|
$
|
205,027
|
||||||||||
Book-to-bill ratio
|
0.78
|
1.15
|
0.95
|
0.68
|
0.50
|
|||||||||||||||
Gross profit margin
|
36.9
|
%
|
37.5
|
%
|
36.8
|
%
|
34.7
|
%
|
33.5
|
%
|
||||||||||
Segment operating margin
|
31.9
|
%
|
30.9
|
%
|
29.3
|
%
|
27.4
|
%
|
25.7
|
%
|
||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
209,012
|
$
|
181,791
|
$
|
175,693
|
$
|
174,735
|
$
|
176,788
|
||||||||||
Book-to-bill ratio
|
0.79
|
0.88
|
0.71
|
0.54
|
0.58
|
|||||||||||||||
Gross profit margin
|
27.0
|
%
|
23.4
|
%
|
27.4
|
%
|
23.4
|
%
|
26.7
|
%
|
||||||||||
Segment operating margin
|
24.6
|
%
|
19.9
|
%
|
24.3
|
%
|
20.1
|
%
|
23.5
|
%
|
||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
73,447
|
$
|
63,985
|
$
|
60,403
|
$
|
64,449
|
$
|
64,441
|
||||||||||
Book-to-bill ratio
|
0.57
|
0.78
|
0.72
|
0.70
|
0.57
|
|||||||||||||||
Gross profit margin
|
35.3
|
%
|
28.1
|
%
|
36.3
|
%
|
24.2
|
%
|
28.1
|
%
|
||||||||||
Segment operating margin
|
30.0
|
%
|
20.1
|
%
|
28.6
|
%
|
16.7
|
%
|
20.3
|
%
|
||||||||||
Resistors
|
||||||||||||||||||||
Net revenues
|
$
|
207,437
|
$
|
205,161
|
$
|
223,140
|
$
|
222,433
|
$
|
199,877
|
||||||||||
Book-to-bill ratio
|
1.08
|
0.85
|
0.88
|
0.74
|
0.65
|
|||||||||||||||
Gross profit margin
|
33.0
|
%
|
28.3
|
%
|
33.2
|
%
|
29.1
|
%
|
24.6
|
%
|
||||||||||
Segment operating margin
|
29.7
|
%
|
25.3
|
%
|
29.9
|
%
|
25.8
|
%
|
20.9
|
%
|
||||||||||
Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
83,503
|
$
|
75,198
|
$
|
80,338
|
$
|
89,239
|
$
|
89,947
|
||||||||||
Book-to-bill ratio
|
1.02
|
0.83
|
1.04
|
0.84
|
0.85
|
|||||||||||||||
Gross profit margin
|
30.8
|
%
|
32.1
|
%
|
29.5
|
%
|
34.5
|
%
|
31.7
|
%
|
||||||||||
Segment operating margin
|
27.0
|
%
|
28.9
|
%
|
26.1
|
%
|
30.9
|
%
|
27.9
|
%
|
||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
126,213
|
$
|
123,158
|
$
|
133,291
|
$
|
133,866
|
$
|
117,573
|
||||||||||
Book-to-bill ratio
|
0.95
|
0.99
|
0.70
|
0.70
|
0.75
|
|||||||||||||||
Gross profit margin
|
23.7
|
%
|
23.7
|
%
|
28.5
|
%
|
25.1
|
%
|
22.1
|
%
|
||||||||||
Segment operating margin
|
20.1
|
%
|
19.9
|
%
|
24.8
|
%
|
21.0
|
%
|
17.5
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Cost of products sold
|
72.2
|
%
|
71.1
|
%
|
68.7
|
%
|
70.4
|
%
|
69.3
|
%
|
||||||||||
Gross profit
|
27.8
|
%
|
28.9
|
%
|
31.3
|
%
|
29.6
|
%
|
30.7
|
%
|
||||||||||
Selling, general & administrative expenses
|
14.4
|
%
|
13.8
|
%
|
11.5
|
%
|
14.0
|
%
|
12.5
|
%
|
||||||||||
Operating income
|
13.5
|
%
|
15.1
|
%
|
19.8
|
%
|
15.6
|
%
|
18.2
|
%
|
||||||||||
Income before taxes and noncontrolling interest
|
11.3
|
%
|
15.0
|
%
|
19.6
|
%
|
14.8
|
%
|
17.6
|
%
|
||||||||||
Net earnings attributable to Vishay stockholders
|
7.7
|
%
|
10.7
|
%
|
15.1
|
%
|
10.4
|
%
|
13.5
|
%
|
||||||||||
________
|
||||||||||||||||||||
Effective tax rate
|
31.7
|
%
|
28.5
|
%
|
22.4
|
%
|
29.3
|
%
|
23.2
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Net revenues
|
$
|
853,653
|
$
|
892,110
|
$
|
924,798
|
$
|
2,616,809
|
$
|
2,642,103
|
Fiscal quarter ended September 30, 2023
|
Nine fiscal months ended September 30, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 1, 2023
|
$
|
(38,457
|
)
|
(4.3
|
)%
|
n/a
|
n/a
|
|||||||||
October 1, 2022
|
$
|
(71,145
|
)
|
(7.7
|
)%
|
$
|
(25,294
|
)
|
(1.0
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Decrease in volume
|
(3.2
|
)%
|
(10.7
|
)%
|
(3.8
|
)%
|
||||||
Change in average selling prices
|
(0.8
|
)%
|
0.9
|
%
|
2.3
|
%
|
||||||
Foreign currency effects
|
0.0
|
%
|
2.1
|
%
|
0.4
|
%
|
||||||
Acquisition
|
0.0
|
%
|
0.5
|
%
|
0.3
|
%
|
||||||
Other
|
(0.3
|
)%
|
(0.5
|
)%
|
(0.2
|
)%
|
||||||
Net change
|
(4.3
|
)%
|
(7.7
|
)%
|
(1.0
|
)%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Net revenues
|
$ |
205,027
|
$ |
207,388
|
$ |
225,186
|
$ |
610,596
|
$ |
556,255
|
||||||||||
Gross profit margin
|
33.5
|
%
|
34.7
|
%
|
36.9
|
%
|
35.0
|
%
|
35.5
|
%
|
||||||||||
Segment operating margin
|
25.7
|
%
|
27.4
|
%
|
31.9
|
%
|
27.4
|
%
|
29.7
|
%
|
Fiscal quarter ended
September 30, 2023
|
Nine fiscal months ended
September 30, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 1, 2023
|
$
|
(2,361
|
)
|
(1.1
|
)%
|
n/a
|
n/a
|
|||||||||
October 1, 2022
|
$
|
(20,159
|
)
|
(9.0
|
)%
|
$
|
54,341
|
9.8
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
1.1
|
%
|
(12.1
|
)%
|
4.0
|
%
|
||||||
Change in average selling prices
|
(2.0
|
)%
|
(0.3
|
)%
|
3.6
|
%
|
||||||
Foreign currency effects
|
0.0
|
%
|
1.2
|
%
|
0.3
|
%
|
||||||
Acquisition |
0.0 | % | 1.9 | % | 1.2 | % | ||||||
Other
|
(0.2
|
)%
|
0.3
|
%
|
0.7
|
%
|
||||||
Net change
|
(1.1
|
)%
|
(9.0
|
)%
|
9.8
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Net revenues
|
$ |
176,788
|
$ |
174,735
|
$ |
209,012
|
$ |
527,216
|
$ |
583,429
|
||||||||||
Gross profit margin
|
26.7
|
%
|
23.4
|
%
|
27.0
|
%
|
25.8
|
%
|
26.7
|
%
|
||||||||||
Segment operating margin
|
23.5
|
%
|
20.1
|
%
|
24.6
|
%
|
22.6
|
%
|
24.0
|
%
|
Fiscal quarter ended
September 30, 2023
|
Nine fiscal months ended
September 30, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 1, 2023
|
$
|
2,053
|
1.2
|
%
|
n/a
|
n/a
|
||||||||||
October 1, 2022
|
$
|
(32,224
|
)
|
(15.4
|
)%
|
$
|
(56,213
|
)
|
(9.6
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
1.3
|
%
|
(16.7
|
)%
|
(11.3
|
)%
|
||||||
Increase in average selling prices
|
0.1
|
%
|
0.2
|
%
|
1.8
|
%
|
||||||
Foreign currency effects
|
(0.1
|
)%
|
1.4
|
%
|
0.2
|
%
|
||||||
Other
|
(0.1
|
)%
|
(0.3
|
)%
|
(0.3
|
)%
|
||||||
Net change
|
1.2
|
%
|
(15.4
|
)%
|
(9.6
|
)%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Net revenues
|
$
|
$ 64,441
|
$
|
$ 64,449
|
$
|
$ 73,447
|
$ |
189,293
|
$ |
232,399
|
||||||||||
Gross profit margin
|
28.1
|
%
|
24.2
|
%
|
35.3
|
%
|
29.4
|
%
|
36.5
|
%
|
||||||||||
Segment operating margin
|
20.3
|
%
|
16.7
|
%
|
30.0
|
%
|
21.7
|
%
|
31.2
|
%
|
Fiscal quarter ended
September 30, 2023
|
Nine fiscal months ended
September 30, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 1, 2023
|
$
|
(8
|
)
|
0.0
|
%
|
n/a
|
n/a
|
|||||||||
October 1, 2022
|
$
|
(9,006
|
)
|
(12.3
|
)%
|
(43,106
|
)
|
(18.5
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
0.5
|
%
|
(15.0
|
)%
|
(19.7
|
)%
|
||||||
Change in average selling prices
|
(0.3
|
)%
|
(0.2
|
)%
|
0.7
|
%
|
||||||
Foreign currency effects
|
0.0
|
%
|
2.9
|
%
|
0.6
|
%
|
||||||
Other
|
(0.2
|
)%
|
0.0
|
%
|
(0.1
|
)%
|
||||||
Net change
|
0.0
|
%
|
(12.3
|
)%
|
(18.5
|
)%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Net revenues
|
$ |
199,877
|
$ |
222,433
|
$ |
207,437
|
$ |
645,450
|
$ |
627,645
|
||||||||||
Gross profit margin
|
24.6
|
%
|
29.1
|
%
|
33.0
|
%
|
29.1
|
%
|
32.5
|
%
|
||||||||||
Segment operating margin
|
20.9
|
%
|
25.8
|
%
|
29.7
|
%
|
25.7
|
%
|
29.2
|
%
|
Fiscal quarter ended
September 30, 2023
|
Nine fiscal months ended
September 30, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 1, 2023
|
$
|
(22,556
|
)
|
(10.1
|
)%
|
n/a
|
n/a
|
|||||||||
October 1, 2022
|
$
|
(7,560
|
)
|
(3.6
|
)%
|
$
|
17,805
|
2.8
|
%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
(8.2
|
)%
|
(6.7
|
)%
|
0.5
|
%
|
||||||
Change in average selling prices
|
(1.1
|
)%
|
1.2
|
%
|
2.0
|
%
|
||||||
Foreign currency effects
|
0.0
|
%
|
3.0
|
%
|
0.6
|
%
|
||||||
Other
|
(0.8
|
)%
|
(1.1
|
)%
|
(0.3
|
)%
|
||||||
Net change
|
(10.1
|
)%
|
(3.6
|
)%
|
2.8
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Net revenues
|
$ |
89,947
|
$ |
89,239
|
$ |
83,503
|
$ |
259,524
|
$ |
255,888
|
||||||||||
Gross profit margin
|
31.7
|
%
|
34.5
|
%
|
30.8
|
%
|
32.0
|
%
|
31.4
|
%
|
||||||||||
Segment operating margin
|
27.9
|
%
|
30.9
|
%
|
27.0
|
%
|
28.4
|
%
|
28.0
|
%
|
Fiscal quarter ended
September 30, 2023
|
Nine fiscal months ended
September 30, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 1, 2023
|
$
|
708
|
0.8
|
%
|
n/a
|
n/a
|
||||||||||
October 1, 2022
|
$
|
6,444
|
7.7
|
%
|
$
|
3,636
|
1.4
|
%
|
vs. Prior Quarter
|
vs. Prior Year Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Change in volume
|
0.8
|
%
|
4.0
|
%
|
(0.9
|
)%
|
||||||
Change in average selling prices
|
0.0
|
%
|
2.2
|
%
|
2.0
|
%
|
||||||
Foreign currency effects
|
0.0
|
%
|
1.2
|
%
|
0.3
|
%
|
||||||
Other
|
0.0
|
%
|
0.3
|
%
|
0.0
|
%
|
||||||
Net change
|
0.8
|
%
|
7.7
|
%
|
1.4
|
%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Net revenues
|
$ |
117,573
|
$ |
133,866
|
$ |
126,213
|
$ |
384,730
|
$ |
386,487
|
||||||||||
Gross profit margin
|
22.1
|
%
|
25.1
|
%
|
23.7
|
%
|
25.4
|
%
|
24.5
|
%
|
||||||||||
Segment operating margin
|
17.5
|
%
|
21.0
|
%
|
20.1
|
%
|
21.2
|
%
|
20.8
|
%
|
Fiscal quarter ended
September 30, 2023
|
Nine fiscal months ended
September 30, 2023
|
|||||||||||||||
Change in net revenues
|
% change
|
Change in net revenues
|
% change
|
|||||||||||||
July 1, 2023
|
$
|
(16,293
|
)
|
(12.2
|
)%
|
n/a
|
n/a
|
|||||||||
October 1, 2022
|
$
|
(8,640
|
)
|
(6.8
|
)%
|
$
|
(1,757
|
)
|
(0.5
|
)%
|
vs. Prior
Quarter
|
vs. Prior Year
Quarter
|
vs. Prior
Year-to-Date
|
||||||||||
Change attributable to:
|
||||||||||||
Decrease in volume
|
(12.2
|
)%
|
(12.1
|
)%
|
(3.2
|
)%
|
||||||
Change in average selling prices
|
(0.6
|
)%
|
3.3
|
%
|
2.4
|
%
|
||||||
Foreign currency effects
|
0.0
|
%
|
3.1
|
%
|
0.4
|
%
|
||||||
Other
|
0.6
|
%
|
(1.1
|
)%
|
(0.1
|
)%
|
||||||
Net change
|
(12.2
|
)%
|
(6.8
|
)%
|
(0.5
|
)%
|
Fiscal quarters ended
|
Nine fiscal months ended
|
|||||||||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
September 30, 2023
|
October 1, 2022
|
||||||||||||||||
Total SG&A expenses
|
$
|
122,513
|
$
|
122,857
|
$
|
106,436
|
$
|
365,515
|
$
|
329,691
|
||||||||||
as a percentage of revenues
|
14.4
|
%
|
13.8
|
%
|
11.5
|
%
|
14.0
|
%
|
12.5
|
%
|
Fiscal quarters ended
|
||||||||||||
September 30, 2023
|
October 1, 2022
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,407
|
$
|
4,462
|
$
|
(3,055
|
)
|
|||||
Interest income
|
9,183
|
1,836
|
7,347
|
|||||||||
Other components of net periodic pension expense
|
(2,389
|
)
|
(2,704
|
)
|
315
|
|||||||
Investment income (expense)
|
(1,419
|
)
|
(1,462
|
)
|
43
|
|||||||
Other
|
627
|
5
|
622
|
|||||||||
$
|
7,409
|
$
|
2,137
|
$
|
5,272
|
Fiscal quarters ended
|
||||||||||||
September 30, 2023
|
July 1, 2023
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,407
|
$
|
1,203
|
$
|
204
|
||||||
Interest income
|
9,183
|
6,292
|
2,891
|
|||||||||
Other components of net periodic pension expense
|
(2,389
|
)
|
(1,906
|
)
|
(483
|
)
|
||||||
Investment income (expense)
|
(1,419
|
)
|
(193
|
)
|
(1,226
|
)
|
||||||
Other
|
627
|
(139
|
)
|
766
|
||||||||
$
|
7,409
|
$
|
5,257
|
$
|
2,152
|
Nine fiscal months ended
|
||||||||||||
September 30, 2023
|
October 1, 2022
|
Change
|
||||||||||
Foreign exchange gain (loss)
|
$
|
1,120
|
$
|
10,695
|
$
|
(9,575
|
)
|
|||||
Interest income
|
21,419
|
3,186
|
18,233
|
|||||||||
Other components of net periodic pension expense
|
(6,183
|
)
|
(8,417
|
)
|
2,234
|
|||||||
Investment income (expense)
|
(868
|
)
|
(7,436
|
)
|
6,568
|
|||||||
Other
|
507
|
(262
|
)
|
769
|
||||||||
$
|
15,995
|
$
|
(2,234
|
)
|
$
|
18,229
|
Fiscal quarters ended
|
||||||||||||
September 30, 2023
|
July 1, 2023
|
October 1, 2022
|
||||||||||
Days sales outstanding ("DSO") (a)
|
48
|
46
|
42
|
|||||||||
Days inventory outstanding ("DIO") (b)
|
96
|
94
|
90
|
|||||||||
Days payable outstanding ("DPO") (c)
|
(33
|
)
|
(32
|
)
|
(33
|
)
|
||||||
Cash conversion cycle
|
111
|
108
|
99
|
September 30, 2023
|
December 31, 2022
|
|||||||
Credit facility
|
$
|
-
|
$
|
42,000
|
||||
Convertible senior notes, due 2025 | 95,102 | 465,344 | ||||||
Convertible senior notes, due 2030
|
750,000
|
-
|
||||||
Deferred financing costs
|
(27,845
|
)
|
(6,407
|
)
|
||||
Total debt
|
817,257
|
500,937
|
||||||
Cash and cash equivalents
|
1,095,119
|
610,825
|
||||||
Short-term investments
|
78,994
|
305,272
|
||||||
Net cash and short-term investments (debt)
|
$
|
356,856
|
$
|
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, 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
|
|||||||||||||||
July 2 - 29
|
194,485
|
$
|
29.14
|
194,485
|
$
|
5,667,698
|
|
1,714,785
|
||||||||||||
July 30 - August 27
|
221,383
|
$
|
27.27
|
221,383
|
$
|
6,036,603
|
|
1,493,402
|
||||||||||||
August 28 - September 30
|
214,578
|
$
|
25.90
|
214,578
|
$
|
5,557,853
|
|
1,278,824
|
||||||||||||
Total
|
630,446
|
$
|
27.38
|
630,446
|
$
|
17,262,154
|
|
1,278,824
|
Item 5. |
Other Information
|
•
|
|
Item 6. |
Exhibits
|
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)
|