Enhanced Investments - Financial Portal

Published: 2021-08-10 00:00:00 ET

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Exhibit 99.1

VISHAY REPORTS RESULTS FOR SECOND QUARTER 2021

•	Revenues Q2 of $819 million.

•	Gross margin Q2 of 28.0%.

•	Operating margin Q2 of 15.3%.

•	EPS Q2 of $0.64; adjusted EPS of $0.61.

•	Free Cash for the trailing 12 months Q2 of $230 million.

•	Guidance Q3 2021 for revenues of $810 to $850 million and at a gross margin of 28.3% plus/minus 50 basis points at Q2 exchange rates.

Malvern, PA, August 10, 2021, 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 and six fiscal months ended July 3, 2021.

Revenues for the fiscal quarter ended July 3, 2021 were $819.1 million, compared to $764.6 million for the fiscal quarter ended April 3, 2021, and $581.7 million for the fiscal quarter ended July 4, 2020. Net earnings attributable to Vishay stockholders for the fiscal quarter ended July 3, 2021 were $93.2 million, or $0.64 per diluted share, compared to $71.4 million, or $0.49 per diluted share for the fiscal quarter ended April 3, 2021, and $24.7 million, or $0.17 per diluted share for the fiscal quarter ended July 4, 2020.

As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability. Adjusted earnings per diluted share, which exclude certain items net of tax and the unusual tax items, were $0.61, $0.46, and $0.18 for the fiscal quarters ended July 3, 2021, April 3, 2021, and July 4, 2020, respectively.

Commenting on results for the second quarter 2021, Dr. Gerald Paul, President and Chief Executive Officer stated, “In the second quarter of 2021, the steep upturn of our business that began in October of last year continued unbroken. Sales at this time are limited by our capacity. Inventory turns of Vishay’s products at distribution increased again in all regions compared to the previous quarter. Sales to the industrial markets reached record levels.”

Commenting on the outlook Dr. Paul stated, “For the third quarter 2021 we guide for revenues in the range of $810 to $850 million at a gross margin of 28.3% plus/minus 50 basis points at the exchange rates of Q2 2021.”

A conference call to discuss Vishay’s second quarter financial results is scheduled for Tuesday, August 10, 2021 at 9:00 a.m. ET. The dial-in number for the conference call is 877 589-6174 (+1 706-643-1406, if calling from outside the United States or Canada) and the access code is 6716307.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

There will be a replay of the conference call available from 1:00 p.m. ET on Tuesday, August 10, 2021, through 11:59 p.m. ET on Wednesday, August 25, 2021. The telephone number for the replay is 855-859-2056 (+1 404-537-3406, if calling from outside the United States or Canada) and the access code is 6716307.

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 statements with respect to forecasted revenues, margins, inventories, 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 "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should," 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; 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
	July 3, 2021			April 3, 2021			July 4, 2020

Net revenues	$	819,120		$	764,632		$	581,717
Costs of products sold*		589,848			561,683			451,047
Gross profit		229,272			202,949			130,670
Gross margin		28.0	%		26.5	%		22.5	%

Selling, general, and administrative expenses*		103,900			105,685			89,127
Restructuring and severance costs		-			-			743
Operating income		125,372			97,264			40,800
Operating margin		15.3	%		12.7	%		7.0	%

Other income (expense):
Interest expense		(4,443	)		(4,376	)		(8,430	)
Loss on early extinguishment of debt		-			-			(1,146	)
Other		(3,749	)		(5,731	)		(1,484	)
Total other income (expense) - net		(8,192	)		(10,107	)		(11,060	)

Income before taxes		117,180			87,157			29,740

Income tax expense		23,799			15,514			4,845

Net earnings		93,381			71,643			24,895

Less: net earnings attributable to noncontrolling interests		189			208			242

Net earnings attributable to Vishay stockholders	$	93,192		$	71,435		$	24,653

Basic earnings per share attributable to Vishay stockholders	$	0.64		$	0.49		$	0.17

Diluted earnings per share attributable to Vishay stockholders	$	0.64		$	0.49		$	0.17

Weighted average shares outstanding - basic		145,017			144,968			144,846

Weighted average shares outstanding - diluted		145,445			145,463			145,170

Cash dividends per share	$	0.095		$	0.095		$	0.095

* The fiscal quarter ended July 4, 2020 includes incremental costs of products sold and selling, general, and administrative expenses (benefits) separable from normal operations directly attributable to the COVID-19 pandemic of $923 and $(747), respectively.

VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(Unaudited - In thousands, except per share amounts)

	Six fiscal months ended
	July 3, 2021			July 4, 2020

Net revenues	$	1,583,752		$	1,194,558
Costs of products sold*		1,151,531			916,648
Gross profit		432,221			277,910
Gross margin		27.3	%		23.3	%

Selling, general, and administrative expenses*		209,585			188,959
Restructuring and severance costs		-			743
Operating income		222,636			88,208
Operating margin		14.1	%		7.4	%

Other income (expense):
Interest expense		(8,819	)		(16,982	)
Loss on early extinguishment of debt		-			(4,066	)
Other		(9,480	)		(1,286	)
Total other income (expense) - net		(18,299	)		(22,334	)

Income before taxes		204,337			65,874

Income tax expense		39,313			13,595

Net earnings		165,024			52,279

Less: net earnings attributable to noncontrolling interests		397			407

Net earnings attributable to Vishay stockholders	$	164,627		$	51,872

Basic earnings per share attributable to Vishay stockholders	$	1.14		$	0.36

Diluted earnings per share attributable to Vishay stockholders	$	1.13		$	0.36

Weighted average shares outstanding - basic		144,992			144,818

Weighted average shares outstanding - diluted		145,453			145,232

Cash dividends per share	$	0.19		$	0.19

* The six fiscal months ended July 4, 2020 includes incremental costs of products sold and selling, general, and administrative expenses (benefits) separable from normal operations directly attributable to the COVID-19 pandemic of $4,053 and $(430), respectively.

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets
(In thousands)

	July 3, 2021			December 31, 2020
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	726,759		$	619,874
Short-term investments		129,035			158,476
Accounts receivable, net		398,651			338,632
Inventories:
Finished goods		144,993			120,792
Work in process		218,414			201,259
Raw materials		144,472			126,200
Total inventories		507,879			448,251

Prepaid expenses and other current assets		149,346			132,103
Total current assets		1,911,670			1,697,336

Property and equipment, at cost:
Land		75,547			76,231
Buildings and improvements		636,540			641,041
Machinery and equipment		2,745,465			2,732,771
Construction in progress		91,386			86,520
Allowance for depreciation		(2,633,944	)		(2,593,398	)
		914,994			943,165

Right of use assets		107,426			102,440

Goodwill		157,991			158,183

Other intangible assets, net		61,799			66,795

Other assets		196,903			186,554
Total assets	$	3,350,783		$	3,154,473

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(In thousands)

	July 3, 2021			December 31, 2020
	(Unaudited)

Liabilities and equity
Current liabilities:
Trade accounts payable	$	224,226		$	196,203
Payroll and related expenses		151,668			141,034
Lease liabilities		21,542			22,074
Other accrued expenses		210,061			182,642
Income taxes		31,617			20,470
Total current liabilities		639,114			562,423

Long-term debt less current portion		454,031			394,886
U.S. transition tax payable		110,681			125,438
Deferred income taxes		1,869			1,852
Long-term lease liabilities		91,880			86,220
Other liabilities		105,631			104,356
Accrued pension and other postretirement costs		288,159			300,113
Total liabilities		1,691,365			1,575,288

Redeemable convertible debentures		-			170

Equity:
Vishay stockholders' equity
Common stock		13,271			13,256
Class B convertible common stock		1,210			1,210
Capital in excess of par value		1,346,132			1,409,200
Retained earnings		296,629			138,990
Accumulated other comprehensive income (loss)		(221	)		13,559
Total Vishay stockholders' equity		1,657,021			1,576,215
Noncontrolling interests		2,397			2,800
Total equity		1,659,418			1,579,015
Total liabilities, temporary equity, and equity	$	3,350,783		$	3,154,473

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
	Six fiscal months ended
	July 3, 2021			July 4, 2020

Operating activities
Net earnings	$	165,024		$	52,279
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization		83,879			82,158
Gain on disposal of property and equipment		(207	)		(43	)
Accretion of interest on convertible debt instruments		-			7,125
Inventory write-offs for obsolescence		9,550			11,587
Loss on early extinguishment of debt		-			4,066
Deferred income taxes		519			(4,370	)
Other		5,758			954
Change in U.S. transition tax liability		(14,757	)		-
Change in repatriation tax liability		-			(16,258	)
Changes in operating assets and liabilities		(74,983	)		(12,589	)
Net cash provided by operating activities		174,783			124,909

Investing activities
Purchase of property and equipment		(60,710	)		(48,832	)
Proceeds from sale of property and equipment		234			230
Purchase of short-term investments		(27,488	)		(157,086	)
Maturity of short-term investments		53,679			108,044
Other investing activities		347			(529	)
Net cash used in investing activities		(33,938	)		(98,173	)

Financing activities
Repurchase of convertible debt instruments		(300	)		(90,525	)
Net changes in short-term borrowings		-			(113	)
Dividends paid to common stockholders		(25,216	)		(25,185	)
Dividends paid to Class B common stockholders		(2,298	)		(2,299	)
Distributions to noncontrolling interests		(800	)		(600	)
Cash withholding taxes paid when shares withheld for vested equity awards		(1,963	)		(2,016	)
Net cash used in financing activities		(30,577	)		(120,738	)
Effect of exchange rate changes on cash and cash equivalents		(3,383	)		(201	)

Net increase (decrease) in cash and cash equivalents		106,885			(94,203	)

Cash and cash equivalents at beginning of period		619,874			694,133
Cash and cash equivalents at end of period	$	726,759		$	599,930

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Adjusted Earnings Per Share
(Unaudited - In thousands, except per share amounts)
	Fiscal quarters ended									Six fiscal months ended
	July 3, 2021			April 3, 2021			July 4, 2020			July 3, 2021			July 4, 2020

GAAP net earnings attributable to Vishay stockholders	$	93,192		$	71,435		$	24,653		$	164,627		$	51,872

Reconciling items affecting gross profit:
Impact of the COVID-19 pandemic	$	-		$	-		$	923		$	-		$	4,053

Other reconciling items affecting operating income:
Restructuring and severance costs	$	-		$	-		$	743		$	-		$	743
Impact of the COVID-19 pandemic	$	-		$	-		$	(747	)		-			(430	)

Reconciling items affecting other income (expense):
Loss on early extinguishment of debt	$	-		$	-		$	1,146		$	-		$	4,066

Reconciling items affecting tax expense (benefit):
Changes in tax regulation	$	(3,881	)	$	(4,395	)	$	-		$	(8,276	)	$	-
Change in deferred taxes due to early extinguishment of debt		-			-			-			-			(1,346	)
Effects of cash repatriation program		-			-			(190	)		-			(190	)
Tax effects of pre-tax items above		-			-			(589	)		-			(2,071	)

Adjusted net earnings	$	89,311		$	67,040		$	25,939		$	156,351		$	56,697

Adjusted weighted average diluted shares outstanding		145,445			145,463			145,170			145,453			145,232

Adjusted earnings per diluted share	$	0.61		$	0.46		$	0.18		$	1.07		$	0.39

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Free Cash
(Unaudited - In thousands)
	Fiscal quarters ended									Six fiscal months ended
	July 3, 2021			April 3, 2021			July 4, 2020			July 3, 2021			July 4, 2020
Net cash provided by operating activities	$	117,461		$	57,322		$	90,431		$	174,783		$	124,909
Proceeds from sale of property and equipment		34			200			177			234			230
Less: Capital expenditures		(32,183	)		(28,527	)		(24,504	)		(60,710	)		(48,832	)
Free cash	$	85,312		$	28,995		$	66,104		$	114,307		$	76,307

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of EBITDA and Adjusted EBITDA
(Unaudited - In thousands)
	Fiscal quarters ended									Six fiscal months ended
	July 3, 2021			April 3, 2021			July 4, 2020			July 3, 2021			July 4, 2020

GAAP net earnings attributable to Vishay stockholders	$	93,192		$	71,435		$	24,653		$	164,627		$	51,872
Net earnings attributable to noncontrolling interests		189			208			242			397			407
Net earnings	$	93,381		$	71,643		$	24,895		$	165,024		$	52,279

Interest expense	$	4,443		$	4,376		$	8,430		$	8,819		$	16,982
Interest income		(325	)		(287	)		(956	)		(612	)		(2,810	)
Income taxes		23,799			15,514			4,845			39,313			13,595
Depreciation and amortization		41,733			42,146			40,638			83,879			82,158
EBITDA	$	163,031		$	133,392		$	77,852		$	296,423		$	162,204

Reconciling items
Impact of the COVID-19 pandemic	$	-		$	-		$	176		$	-		$	3,623
Restructuring and severance costs		-			-			743			-			743
Loss on early extinguishment of debt		-			-			1,146			-			4,066

Adjusted EBITDA	$	163,031		$	133,392		$	79,917		$	296,423		$	170,636

Adjusted EBITDA margin**		19.9	%		17.4	%		13.7	%		18.7	%		14.3	%

** Adjusted EBITDA as a percentage of net revenues

Contact:

Vishay Intertechnology, Inc.

Peter Henrici

Senior Vice President, Corporate Communications

+1-610-644-1300

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.