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Published: 2022-05-03 00:00:00 ET
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Exhibit 99.1


VISHAY REPORTS RESULTS FOR FIRST QUARTER 2022


•
Revenues Q1 of $854 million.
•
Gross margin Q1 of 30.3%.
•
Operating margin Q1 of 17.1%.
•
EPS Q1 of $0.71.
•
Free Cash for the trailing 12 months of $209 million.
•
Total Stockholder Return Q1 of $24.4 million--$14.5 million of dividend payments and $9.9 million of stock repurchases
•
Guidance Q2 2022 for revenues of $830 to $870 million and at a gross margin of 28.1% plus/minus 50 basis points at Q1 exchange rates.

Vishay Intertechnology, Inc. (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive components, today announced its results for the fiscal quarter ended April 2, 2022.

Revenues for the fiscal quarter ended April 2, 2022 were $853.8 million, compared to $843.1 million for the fiscal quarter ended December 31, 2021, and $764.6 million for the fiscal quarter ended April 3, 2021.  Net earnings attributable to Vishay stockholders for the fiscal quarter ended April 2, 2022 were $103.6 million, or $0.71 per diluted share, compared to $36.5 million, or $0.25 per diluted share for the fiscal quarter ended December 31, 2021, and $71.4 million, or $0.49 per diluted share for the fiscal quarter ended April 3, 2021.

As summarized on the attached reconciliation schedule, the prior periods presented include items affecting comparability.  Adjusted earnings per diluted share, which exclude these unusual tax items, were $0.71, $0.62, and $0.46 for the fiscal quarters ended April 2, 2022, December 31, 2021, and April 3, 2022, respectively.

Commenting on results for the first quarter 2022, Dr. Gerald Paul, President and Chief Executive Officer stated, “Revenues came in at the high end of our guidance. Despite ongoing increases in transportation costs, metal prices and higher general inflation, Vishay achieved contribution margins at the higher end of the historical range, supported by continued price increases and positive singularities. In the coming quarters we anticipate to continue to reach historical levels.”

Dr. Paul continued, “All regions and major end markets remain strong. There is no decline visible at this point in time. The supply chain remains lean. Sales of Vishay’s products to end customers by our distribution partners increased again to all-time highs in all regions while inventories of our products at distribution partners stayed flat. For the year we anticipate solid generation of free cash despite capital expenditures running at higher levels than in past years.”

Commenting on the outlook Dr. Paul stated, “Taking into account production challenges related to COVID lock-downs in Shanghai in April, we guide for the second quarter 2022 for revenues in the range of $830 to $870 million at a gross margin of 28.1% plus/minus 50 basis points, assuming the same exchange rates versus the dollar as in the first quarter.”

A conference call to discuss Vishay’s first quarter financial results is scheduled for Tuesday, May 3, 2022 at 9:00 a.m. ET. The dial-in number for the conference call is 877-407-0989 (+1 201-389-0921, if calling from outside the United States) and the access code is 13728314. 
 
A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com. 
 
There will be a replay of the conference call from 12:00 p.m. ET on Tuesday, May 3, 2022 through 11:59 p.m. ET on Tuesday, May 17, 2022. The telephone number for the replay is +1 877-660-6853 (+1 201-612-7415, if calling from outside the United States or Canada) and the access code is 13728314. 


About Vishay 
Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is The DNA of tech.™ Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com. 

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

Statements contained herein that relate to the Company's future performance, including forecasted revenues, margins, product pricing, product demand, anticipated areas of growth, market segment performance, capital expenditures, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words such as “guide,” “will,” “expect,” “anticipate,” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand because of COVID-19 or otherwise; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
 
The DNA of tech™ is a trademark of Vishay Intertechnology. 





VISHAY INTERTECHNOLOGY, INC.
                  
Summary of Operations
                  
(Unaudited - In thousands, except per share amounts)
                  
                   
   
Fiscal quarters ended
  
   
April 2, 2022
    
December 31, 2021
    
April 3, 2021
  
                   
Net revenues
  
$
853,793
    
$
843,072
    
$
764,632
  
Costs of products sold
    
594,685
      
613,116
      
561,683
  
Gross profit
    
259,108
      
229,956
      
202,949
  
  Gross margin
    
30.3
%
    
27.3
%
    
26.5
%
                         
Selling, general, and administrative expenses
    
112,855
      
108,311
      
105,685
  
Operating income
    
146,253
      
121,645
      
97,264
  
  Operating margin
    
17.1
%
    
14.4
%
    
12.7
%
                         
Other income (expense):
                        
  Interest expense
    
(4,222
)
    
(4,292
)
    
(4,376
)
  Other
    
(5,751
)
    
(3,495
)
    
(5,731
)
  Total other income (expense) - net
    
(9,973
)
    
(7,787
)
    
(10,107
)
                         
Income before taxes
    
136,280
      
113,858
      
87,157
  
                         
Income tax expense
    
32,330
      
77,027
      
15,514
  
                         
Net earnings
    
103,950
      
36,831
      
71,643
  
                         
Less: net earnings attributable to noncontrolling interests
    
377
      
308
      
208
  
                         
Net earnings attributable to Vishay stockholders
  
$
103,573
    
$
36,523
    
$
71,435
  
                         
Basic earnings per share attributable to Vishay stockholders
  
$
0.71
    
$
0.25
    
$
0.49
  
                         
Diluted earnings per share attributable to Vishay stockholders
  
$
0.71
    
$
0.25
    
$
0.49
  
                         
Weighted average shares outstanding - basic
    
145,053
      
145,019
      
144,968
  
                         
Weighted average shares outstanding - diluted
    
145,553
      
145,617
      
145,463
  
                         
Cash dividends per share
  
$
0.100
    
$
0.100
    
$
0.095
  



VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(In thousands)
            
             
   
April 2, 2022
    
December 31, 2021
  
   
(Unaudited)
        
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
789,248
    
$
774,108
  
  Short-term investments
    
96,561
      
146,743
  
  Accounts receivable, net
    
418,288
      
396,458
  
  Inventories:
                
    Finished goods
    
159,909
      
147,293
  
    Work in process
    
251,722
      
226,496
  
    Raw materials
    
191,256
      
162,711
  
  Total inventories
    
602,887
      
536,500
  
                 
  Prepaid expenses and other current assets
    
163,227
      
156,689
  
Total current assets
    
2,070,211
      
2,010,498
  
                 
Property and equipment, at cost:
                
  Land
    
74,237
      
74,646
  
  Buildings and improvements
    
642,097
      
639,879
  
  Machinery and equipment
    
2,775,615
      
2,758,262
  
  Construction in progress
    
129,268
      
145,828
  
  Allowance for depreciation
    
(2,650,810
)
    
(2,639,136
)
     
970,407
      
979,479
  
                 
Right of use assets
    
114,094
      
117,635
  
Deferred income taxes
    
93,497
      
95,037
  
Goodwill
    
165,032
      
165,269
  
Other intangible assets, net
    
65,546
      
67,714
  
Other assets
    
101,382
      
107,625
  
     Total assets
  
$
3,580,169
    
$
3,543,257
  


VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
            
(In thousands)
            
             
   
April 2, 2022
    
December 31, 2021
  
   
(Unaudited)
        
             
Liabilities and equity
            
Current liabilities:
            
  Trade accounts payable
  
$
235,755
    
$
254,049
  
  Payroll and related expenses
    
156,012
      
162,694
  
  Lease liabilities
    
23,080
      
23,392
  
  Other accrued expenses
    
210,531
      
218,089
  
  Income taxes
    
51,005
      
35,443
  
Total current liabilities
    
676,383
      
693,667
  
                 
Long-term debt less current portion
    
456,484
      
455,666
  
U.S. transition tax payable
    
110,681
      
110,681
  
Deferred income taxes
    
71,435
      
69,003
  
Long-term lease liabilities
    
96,272
      
99,987
  
Other liabilities
    
93,261
      
95,861
  
Accrued pension and other postretirement costs
    
259,531
      
271,672
  
Total liabilities
    
1,764,047
      
1,796,537
  
                 
Equity:
                
Vishay stockholders' equity
                
  Common stock
    
13,290
      
13,271
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,349,552
      
1,347,830
  
  Retained earnings
    
490,776
      
401,694
  
  Treasury stock (at cost)
    
(9,873
)
    
-
  
  Accumulated other comprehensive income (loss)
    
(32,177
)
    
(20,252
)
  Total Vishay stockholders' equity
    
1,812,778
      
1,743,753
  
Noncontrolling interests
    
3,344
      
2,967
  
Total equity
    
1,816,122
      
1,746,720
  
Total liabilities and equity
  
$
3,580,169
    
$
3,543,257
  


VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(Unaudited - In thousands)
            
   
Three fiscal months ended
  
   
April 2, 2022
    
April 3, 2021
  
             
Operating activities
            
Net earnings
  
$
103,950
    
$
71,643
  
Adjustments to reconcile net earnings to net cash provided by operating activities:
          
      Depreciation and amortization
    
40,650
      
42,146
  
      (Gain) loss on disposal of property and equipment
    
(59
)
    
(177
)
      Inventory write-offs for obsolescence
    
5,825
      
4,784
  
      Deferred income taxes
    
2,347
      
901
  
      Other
    
8,816
      
5,728
  
      Changes in operating assets and liabilities
    
(127,944
)
    
(67,703
)
Net cash provided by operating activities
    
33,585
      
57,322
  
                 
Investing activities
                
Purchase of property and equipment
    
(35,909
)
    
(28,527
)
Proceeds from sale of property and equipment
    
72
      
200
  
Purchase of short-term investments
    
(7,753
)
    
(12,853
)
Maturity of short-term investments
    
56,674
      
29,519
  
Other investing activities
    
(199
)
    
347
  
Net cash provided by (used in) investing activities
    
12,885
      
(11,314
)
                 
Financing activities
                
Repurchase of convertible debt instruments
    
-
      
(300
)
Dividends paid to common stockholders
    
(13,259
)
    
(12,608
)
Dividends paid to Class B common stockholders
    
(1,210
)
    
(1,149
)
Repurchase of common stock held in treasury
    
(9,873
)
    
-
  
Cash withholding taxes paid when shares withheld for vested equity awards
    
(2,123
)
    
(1,963
)
Net cash used in financing activities
    
(26,465
)
    
(16,020
)
Effect of exchange rate changes on cash and cash equivalents
    
(4,865
)
    
(6,015
)
                 
Net increase in cash and cash equivalents
    
15,140
      
23,973
  
                 
Cash and cash equivalents at beginning of period
    
774,108
      
619,874
  
Cash and cash equivalents at end of period
  
$
789,248
    
$
643,847
  



VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of Adjusted Earnings Per Share
              
(Unaudited - In thousands, except per share amounts)
              
   
Fiscal quarters ended
  
   
April 2, 2022
    
December 31, 2021
    
April 3, 2021
  
                   
GAAP net earnings attributable to Vishay stockholders
  
$
103,573
    
$
36,523
    
$
71,435
  
                         
Reconciling items affecting tax expense (benefit):
                  
Changes in tax laws and regulations
  
$
-
    
$
53,316
    
$
(4,395
)
                         
Adjusted net earnings
  
$
103,573
    
$
89,839
    
$
67,040
  
                         
Adjusted weighted average diluted shares outstanding
    
145,553
      
145,617
      
145,463
  
                         
Adjusted earnings per diluted share
  
$
0.71
    
$
0.62
    
$
0.46
  

VISHAY INTERTECHNOLOGY, INC.
              
Reconciliation of Free Cash
                  
(Unaudited - In thousands)
                  
   
Fiscal quarters ended
  
   
April 2, 2022
    
December 31, 2021
    
April 3, 2021
  
Net cash provided by operating activities
  
$
33,585
    
$
146,652
    
$
57,322
  
Proceeds from sale of property and equipment
    
72
      
60
      
200
  
Less: Capital expenditures
    
(35,909
)
    
(100,216
)
    
(28,527
)
Free cash
  
$
(2,252
)
  
$
46,496
    
$
28,995
  

VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of EBITDA and Adjusted EBITDA
              
(Unaudited - In thousands)
                  
   
Fiscal quarters ended
  
   
April 2, 2022
    
December 31, 2021
    
April 3, 2021
  
                   
GAAP net earnings attributable to Vishay stockholders
  
$
103,573
    
$
36,523
    
$
71,435
  
Net earnings attributable to noncontrolling interests
    
377
      
308
      
208
  
Net earnings
  
$
103,950
    
$
36,831
    
$
71,643
  
                         
Interest expense
  
$
4,222
    
$
4,292
    
$
4,376
  
Interest income
    
(560
)
    
(362
)
    
(287
)
Income taxes
    
32,330
      
77,027
      
15,514
  
Depreciation and amortization
    
40,650
      
41,942
      
42,146
  
EBITDA
  
$
180,592
    
$
159,730
    
$
133,392
  
                         
Reconciling items
  
$
-
    
$
-
    
$
-
  
                         
Adjusted EBITDA
  
$
180,592
    
$
159,730
    
$
133,392
  
                         
Adjusted EBITDA margin**
    
21.2
%
    
18.9
%
    
17.4
%
                         
** Adjusted EBITDA as a percentage of net revenues
                  


Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Senior Vice President, Corporate Communications
+1-610-644-1300