Latest news with #JoelSmejkal
Yahoo
a day ago
- Business
- Yahoo
VSH Q1 Earnings Call: Guidance Rises on AI and Industrial Demand, Tariff Impacts Limited
Semiconductor manufacturer Vishay Intertechnology (NYSE:VSH) fell short of the market's revenue expectations in Q1 CY2025, with sales falling 4.2% year on year to $715.2 million. On the other hand, next quarter's outlook exceeded expectations with revenue guided to $760 million at the midpoint, or 0.8% above analysts' estimates. Its non-GAAP loss of $0.03 per share was in line with analysts' consensus estimates. Is now the time to buy VSH? Find out in our full research report (it's free). Revenue: $715.2 million vs analyst estimates of $719.2 million (4.2% year-on-year decline, 0.6% miss) Adjusted EPS: -$0.03 vs analyst estimates of -$0.02 (in line) Revenue Guidance for Q2 CY2025 is $760 million at the midpoint, roughly in line with what analysts were expecting Operating Margin: 0.1%, down from 5.7% in the same quarter last year Inventory Days Outstanding: 112, up from 110 in the previous quarter Market Capitalization: $2.16 billion Vishay Intertechnology's first quarter was characterized by steady demand in key end markets and ongoing inventory normalization. CEO Joel Smejkal explained that while automotive revenues softened due to new OEM contract pricing and holiday-related factors in Asia, industrial demand rebounded in Europe and smart grid infrastructure projects drove new orders. The company also noted a sequential improvement in point-of-sale activity at distributors and a positive book-to-bill ratio, which Smejkal attributed to expanded SKU offerings and improved supply chain positioning. Management acknowledged that average selling prices declined due to annual negotiations, but maintained that broad-based demand signals are stabilizing. Looking ahead, Vishay Intertechnology's management expects second quarter growth to be driven by ongoing momentum in AI server and smart grid infrastructure markets, alongside incremental gains in distributor and industrial channels. Smejkal highlighted, 'We see the demand for Vishay products more in line with end market consumption than at any time in the past two years of inventory digestion.' CFO Dave McConnell detailed that tariff-related revenue will be offset by minimal gross margin impact due to established pass-through processes. The company remains focused on capacity expansion, particularly in high-growth areas like silicon carbide and automotive-grade products, while remaining attentive to evolving geopolitical and supply chain dynamics. Management cited improved order intake in industrial, smart grid, and AI segments, while addressing the ongoing impacts of tariffs and pricing negotiations. Industrial and Smart Grid Momentum: Vishay saw stronger industrial demand, especially in Europe, with new wins in smart grid projects and the company's first U.S. high-voltage DC power transmission program. These long-term infrastructure projects are expected to provide stable demand regardless of short-term economic fluctuations. AI Segment Growth: Shipments for AI server and power management components more than doubled from the previous quarter, with design activity expanding to edge servers, optical modules, and graphics cards. Management stressed that relationships with contract manufacturers in Asia are helping Vishay gain share in this fast-evolving segment. Automotive and Aerospace Trends: Automotive revenues declined due to lower pricing in new OEM contracts and the Chinese New Year holiday, yet underlying electronic content growth in hybrid and EV platforms remains a tailwind. Aerospace and defense orders softened sequentially as distributors managed inventory, but design activity continues in next-generation military and satellite systems. Tariff Impact Limited: New tariffs primarily affected a small portion of sales, with less than 4% of consolidated sales exposed to China-origin products sold into the U.S. The company's global manufacturing footprint allows flexible sourcing, and tariff surcharges are being passed through to customers with minimal impact on gross profit. Distribution Channel Strategy: Vishay continued to add SKUs for distribution partners, supporting improved point-of-sale growth and inventory reductions in Europe and the Americas. The company is leveraging its expanded catalog to re-engage inactive customers and position itself for future share gains. Vishay's outlook is anchored in expected demand from AI, industrial infrastructure, and ongoing capacity expansion, but tempered by tariff pass-throughs and cost pressures. AI and Infrastructure Demand: The company anticipates continued strength in AI server components and smart grid infrastructure projects, which management believes will support sequential revenue growth and improved backlog visibility into the second half of the year. Capacity Expansion Initiatives: Vishay is increasing investment in capacity, especially for silicon carbide products and automotive-grade components, aiming to support customer growth and win new design slots. The Newport facility and other global sites are expected to ramp utilization, though management cautions that gross margin neutrality at Newport is not expected until the first half of next year. Tariffs and Cost Management: Despite higher tariffs on China-origin passives and semiconductors, management expects limited direct impact due to flexible sourcing and established pass-through mechanisms. However, input cost inflation and annual OEM pricing resets remain margin headwinds, with some cost reductions only partially realized in the near term. In upcoming quarters, the StockStory team will be watching (1) the ramp-up and utilization progress at Vishay's Newport facility and its impact on margins, (2) sustained order visibility in AI and smart grid segments, and (3) the effectiveness of ongoing SKU expansion and distribution engagement. Additionally, we will track how the company manages input cost pressures and tariff-related sourcing, as well as progress on silicon carbide product launches. Vishay Intertechnology currently trades at a forward EV-to-EBITDA ratio of 7.7×. Should you double down or take your chips? The answer lies in our full research report (it's free). Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
Yahoo
08-05-2025
- Business
- Yahoo
Vishay Intertechnology Inc (VSH) Q1 2025 Earnings Call Highlights: Strategic Positioning Amidst ...
Despite positive signals, there is still uncertainty in customer demand visibility beyond the second quarter, with macroeconomic factors potentially affecting future performance. The company is facing challenges from tariffs, with a 170% adder on passives from China, potentially impacting customer costs and supply chain decisions. Gross margin was negatively impacted by lower average selling prices and the inclusion of Legacy Newport products, which dragged down the margin by approximately 200 basis points. Automotive revenue decreased by 2% due to lower average selling prices and the impact of the Chinese New Year holiday. The company is making significant progress in its five-year strategic plan, Vishay 3.0, focusing on capacity expansion and innovation, particularly in silicon carbide technology. Revenue for the first quarter was $715 million, slightly above the midpoint of guidance, indicating strong execution and strategic positioning. For the complete transcript of the earnings call, please refer to the full earnings call transcript . Story Continues Q & A Highlights Q: Can you provide an update on the distribution strategy and inventory levels? A: Joel Smejkal, President and CEO, explained that there is still work to be done with distribution, as Vishay is working with 17 different business units across various regions. The company is adding SKUs and working with subcontractors to continue expanding its product offerings. Inventory levels have decreased in Europe and the Americas, indicating that Vishay has the right products on the shelf to support POS growth. The company is satisfied with its current inventory position and plans to continue expanding SKUs. Q: How are tariffs impacting Vishay's revenue and gross margins? A: Joel Smejkal noted that tariffs are expected to increase revenue by 1% to 2%. The company has analyzed its exposure and is offering customers alternative manufacturing locations to mitigate long-term impacts. Dave McConnell, CFO, added that the gross margin impact is approximately a 30 basis point decrease due to the pass-through of tariff costs to customers. Q: What is the outlook for the Newport fab and its impact on gross margins? A: Joel Smejkal stated that the Newport fab's utilization was low in Q1 as they transitioned from legacy products to Vishay structures. The company plans to increase volume each quarter, aiming for the fab to be gross margin neutral by the first half of 2026. Dave McConnell mentioned that the current guidance includes a 175 to 200 basis point drag on gross margins from Newport. Q: How is Vishay distinguishing between genuine recovery orders and potential pull-ins from customers? A: Joel Smejkal explained that Vishay is seeing positive trends in smart grid, aerospace and defense, and AI markets, which are less impacted by tariffs. Automotive signals are flat, but there is pent-up demand due to aging vehicles. Industrial programs are improving, and the company is optimistic about real-time order alignment with consumption. Q: Can you provide insights into the AI business and its growth potential? A: Joel Smejkal reported that AI business more than doubled from Q4 to Q1, with significant design wins in AI servers and components like MOSFETs, diodes, and inductors. The company is working closely with CMs and chipset manufacturers to expand its market share, although specific revenue figures were not disclosed. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
10-04-2025
- Business
- Yahoo
Reflecting On Analog Semiconductors Stocks' Q4 Earnings: Vishay Intertechnology (NYSE:VSH)
As the Q4 earnings season wraps, let's dig into this quarter's best and worst performers in the analog semiconductors industry, including Vishay Intertechnology (NYSE:VSH) and its peers. Demand for analog chips is generally linked to the overall level of economic growth, as analog chips serve as the building blocks of most electronic goods and equipment. Unlike digital chip designers, analog chip makers tend to produce the majority of their own chips, as analog chip production does not require expensive leading edge nodes. Less dependent on major secular growth drivers, analog product cycles are much longer, often 5-7 years. The 15 analog semiconductors stocks we track reported a mixed Q4. As a group, revenues beat analysts' consensus estimates by 1.7% while next quarter's revenue guidance was 7,107% above. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 23.2% since the latest earnings results. Named after the founder's ancestral village in present-day Lithuania, Vishay Intertechnology (NYSE:VSH) manufactures simple chips and electronic components that are building blocks of virtually all types of electronic devices. Vishay Intertechnology reported revenues of $714.7 million, down 9% year on year. This print fell short of analysts' expectations by 1.1%. Overall, it was a disappointing quarter for the company with a significant miss of analysts' adjusted operating income and EPS estimates. 'Our fourth quarter results came in as expected, slightly below the third quarter. Nevertheless, we saw many promising indicators including a positive book-to-bill for the first time in nine quarters, strong order intake for smart grid infrastructure projects, and initial shipments for A.I. servers,' said Joel Smejkal, President and CEO. The stock is down 24.7% since reporting and currently trades at $12.51. Read our full report on Vishay Intertechnology here, it's free. Taiwan-based Himax Technologies (NASDAQ:HIMX) is a leading manufacturer of display driver chips and timing controllers used in TVs, laptops, and mobile phones. Himax reported revenues of $237.2 million, up 4.2% year on year, outperforming analysts' expectations by 7.3%. The business had a stunning quarter with a significant improvement in its inventory levels and an impressive beat of analysts' EPS estimates. The stock is down 31.4% since reporting. It currently trades at $6.26. Is now the time to buy Himax? Access our full analysis of the earnings results here, it's free. Spun out from General Instrument in 1987, Microchip Technology (NASDAQ: MCHP) is a leading provider of microcontrollers and integrated circuits used mainly in the automotive world, especially in electric vehicles and their charging devices. Microchip Technology reported revenues of $1.03 billion, down 41.9% year on year, falling short of analysts' expectations by 1.8%. It was a disappointing quarter as it posted a significant miss of analysts' adjusted operating income and EPS estimates. Microchip Technology delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 18.8% since the results and currently trades at $43.13. Read our full analysis of Microchip Technology's results here. Founded in 1997 by its longtime CEO Michael Hsing, Monolithic Power Systems (NASDAQ:MPWR) is an analog and mixed signal chipmaker that specializes in power management chips meant to minimize total energy consumption. Monolithic Power Systems reported revenues of $621.7 million, up 36.9% year on year. This print beat analysts' expectations by 2.3%. Zooming out, it was a mixed quarter as it also logged a decent beat of analysts' EPS estimates but revenue guidance for next quarter missing analysts' expectations. The stock is down 18.9% since reporting and currently trades at $537.37. Read our full, actionable report on Monolithic Power Systems here, it's free. Spun off from Dutch electronics giant Philips in 2006, NXP Semiconductors (NASDAQ: NXPI) is a designer and manufacturer of chips used in autos, industrial manufacturing, mobile devices, and communications infrastructure. NXP Semiconductors reported revenues of $3.11 billion, down 9.1% year on year. This result met analysts' expectations. Taking a step back, it was a mixed quarter as it also recorded a narrow beat of analysts' EPS estimates but an increase in its inventory levels. The stock is down 12% since reporting and currently trades at $180.01. Read our full, actionable report on NXP Semiconductors here, it's free. As a result of the Fed's rate hikes in 2022 and 2023, inflation has come down from frothy levels post-pandemic. The general rise in the price of goods and services is trending towards the Fed's 2% goal as of late, which is good news. The higher rates that fought inflation also didn't slow economic activity enough to catalyze a recession. So far, soft landing. This, combined with recent rate cuts (half a percent in September 2024 and a quarter percent in November 2024) have led to strong stock market performance in 2024. The icing on the cake for 2024 returns was Donald Trump's victory in the U.S. Presidential Election in early November, sending major indices to all-time highs in the week following the election. Still, debates around the health of the economy and the impact of potential tariffs and corporate tax cuts remain, leaving much uncertainty around 2025. Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Join Paid Stock Investor Research Help us make StockStory more helpful to investors like yourself. Join our paid user research session and receive a $50 Amazon gift card for your opinions. Sign up here.
Associated Press
05-02-2025
- Business
- Associated Press
Vishay Intertechnology Reports Fiscal Fourth Quarter and Full Year 2024 Results
MALVERN, Pa., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal fourth quarter and year ended December 31, 2024. Highlights 4Q 2024 revenues of $714.7 million 4Q 2024 GAAP loss per share of ($0.49); adjusted EPS of $0.00 4Q 2024 book-to-bill of 1.01, with book-to-bill of 0.99 for semiconductors and 1.03 for passive components Backlog at quarter end was 4.4 months Returned a total of $26.2 million to stockholders in Q4 2024; $105.1 million for the year FY 2024 capex of $320.1 million 'Our fourth quarter results came in as expected, slightly below the third quarter. Nevertheless, we saw many promising indicators including a positive book-to-bill for the first time in nine quarters, strong order intake for smart grid infrastructure projects, and initial shipments for A.I. servers,' said Joel Smejkal, President and CEO. 'For 2025, we are well positioned to support a market upturn as capacity, print position, and customer engagements have been key priorities under Vishay 3.0. All of our strategic levers are in play as we continue to execute our five-year plan to position Vishay to take advantage of the megatrends of e-mobility and sustainability.' 1Q 2025 Outlook For the first quarter of 2025, management expects revenues in the range of $710 million +/- $20 million and a gross profit margin in the range of 19.0% +/- 50 basis points, including the negative impact of approximately of 175-200 basis points related to Newport. Conference Call A conference call to discuss Vishay's fourth quarter financial results is scheduled for Wednesday, February 5, 2025 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at Upon registering, you will be emailed a dial-in number, and unique PIN. 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 There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days. 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 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 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 and margins, capital investment, capacity expansion, market trends, 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 and expressions such as 'intend,' 'suggest,' 'guide,' 'will,' 'expect,' 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 (including due to political, economic, and health instability and military conflicts and hostilities); 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; that the Newport wafer fab will not be integrated successfully into the Company's overall business; that the expected benefits of the acquisition may not be realized; that the fab's standards, procedures and controls will not be brought into conformance within the Company's operation; difficulties in transitioning and retaining fab employees following the acquisition; difficulties in consolidating facilities and transferring processes and know-how; the diversion of our management's attention from the management of our current business; 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. Contact: Vishay Intertechnology, Inc. Peter Henrici Executive Vice President, Corporate Development +1-610-644-1300 VISHAY INTERTECHNOLOGY, INC. Summary of Operations (In thousands, except per share amounts) Years ended December 31, 2024 December 31, 2023 (unaudited) Net revenues $ 2,937,587 $ 3,402,045 Costs of products sold 2,311,295 2,427,552 Gross profit 626,292 974,493 Gross margin 21.3% 28.6% Selling, general, and administrative expenses 513,564 488,349 Restructuring and severance costs 40,614 - Impairment of goodwill 66,487 - Operating income 5,627 486,144 Operating margin 0.2% 14.3% Other income (expense): Interest expense (27,480) (25,131) Loss on early extinguishment of debt - (18,874) Other 19,464 25,263 Total other income (expense) - net (8,016) (18,742) Income (loss) before taxes (2,389) 467,402 Income tax expense 27,366 141,889 Net earnings (loss) (29,755) 325,513 Less: net earnings attributable to noncontrolling interests 1,395 1,693 Net earnings (loss) attributable to Vishay stockholders $ (31,150) $ 323,820 Basic earnings (loss) per share attributable to Vishay stockholders $ (0.23) $ 2.32 Diluted earnings (loss) per share attributable to Vishay stockholders $ (0.23) $ 2.31 Weighted average shares outstanding - basic 136,964 139,447 Weighted average shares outstanding - diluted 136,964 140,246 Cash dividends per share $ 0.40 $ 0.40 VISHAY INTERTECHNOLOGY, INC. Summary of Operations (Unaudited - In thousands, except per share amounts) Fiscal quarters ended December 31, 2024 September 28, 2024 December 31, 2023 Net revenues $ 714,716 $ 735,353 $ 785,236 Costs of products sold 572,584 584,470 584,572 Gross profit 142,132 150,883 200,664 Gross margin 19.9% 20.5% 25.6% Selling, general, and administrative expenses 132,330 128,545 122,834 Restructuring and severance costs - 40,614 - Impairment of goodwill 66,487 - - Operating income (loss) (56,685) (18,276) 77,830 Operating margin -7.9% -2.5% 9.9% Other income (expense): Interest expense (7,731) (6,596) (6,454) Other 5,563 803 9,268 Total other income (expense) - net (2,168) (5,793) 2,814 Income (loss) before taxes (58,853) (24,069) 80,644 Income tax expense (benefit) 7,232 (5,076) 28,690 Net earnings (loss) (66,085) (18,993) 51,954 Less: net earnings attributable to noncontrolling interests 223 306 482 Net earnings (loss) attributable to Vishay stockholders $ (66,308) $ (19,299) $ 51,472 Basic earnings (loss) per share attributable to Vishay stockholders $ (0.49) $ (0.14) $ 0.37 Diluted earnings (loss) per share attributable to Vishay stockholders $ (0.49) $ (0.14) $ 0.37 Weighted average shares outstanding - basic 136,050 136,793 138,318 Weighted average shares outstanding - diluted 136,050 136,793 139,266 Cash dividends per share $ 0.10 $ 0.10 $ 0.10 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Balance Sheets (In thousands) December 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 590,286 $ 972,719 Short-term investments 16,130 35,808 Accounts receivable, net 401,901 426,674 Inventories: Finished goods 175,176 167,083 Work in process 296,393 267,339 Raw materials 217,812 213,098 Total inventories 689,381 647,520 Prepaid expenses and other current assets 217,809 214,443 Total current assets 1,915,507 2,297,164 Property and equipment, at cost: Land 84,124 77,006 Buildings and improvements 766,058 719,387 Machinery and equipment 3,259,213 3,053,868 Construction in progress 367,564 290,593 Allowance for depreciation (2,931,221) (2,846,208) 1,545,738 1,294,646 Right of use assets 117,953 126,829 Deferred income taxes 159,769 137,394 Goodwill 179,005 201,416 Other intangible assets, net 87,223 72,333 Other assets 105,501 110,141 Total assets $ 4,110,696 $ 4,239,923 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Balance Sheets (continued) (In thousands) December 31, 2024 December 31, 2023 (Unaudited) Liabilities and equity Current liabilities: Trade accounts payable $ 216,313 $ 191,002 Payroll and related expenses 137,101 161,940 Lease liabilities 25,901 26,485 Other accrued expenses 264,471 239,350 Income taxes 64,562 73,098 Total current liabilities 708,348 691,875 Long-term debt less current portion 905,019 818,188 U.S. transition tax payable - 47,027 Deferred income taxes 96,363 95,776 Long-term lease liabilities 94,218 102,830 Other liabilities 104,086 87,918 Accrued pension and other postretirement costs 173,700 195,503 Total liabilities 2,081,734 2,039,117 Equity: Vishay stockholders' equity Common stock 13,361 13,319 Class B convertible common stock 1,210 1,210 Capital in excess of par value 1,306,245 1,291,499 Retained earnings 955,500 1,041,372 Treasury stock (at cost) (212,062) (161,656) Accumulated other comprehensive income (loss) (35,292) 10,337 Total Vishay stockholders' equity 2,028,962 2,196,081 Noncontrolling interests - 4,725 Total equity 2,028,962 2,200,806 Total liabilities and equity $ 4,110,696 $ 4,239,923 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Statements of Cash Flows (In thousands) Years ended December 31, 2024 December 31, 2023 (unaudited) Operating activities Net earnings (loss) $ (29,755) $ 325,513 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 210,645 184,373 Gain on disposal of property and equipment (1,969) (554) Inventory write-offs for obsolescence 37,245 37,426 Impairment of goodwill 66,487 - Pensions and other postretirement benefits, net of contributions (6,036) (9,559) Stock compensation expense 20,921 16,532 Loss on early extinguishment of debt - 18,874 Deferred income taxes (23,514) 36,783 Other 20,416 9,442 Change in U.S. transition tax liability (37,622) (27,670) Change in repatriation tax liability (15,000) (63,600) Changes in operating assets and liabilities (68,116) (161,857) Net cash provided by operating activities 173,702 365,703 Investing activities Capital expenditures (320,079) (329,410) Proceeds from sale of property and equipment 3,015 1,156 Purchase of and deposits for businesses, net of cash acquired (216,024) (13,753) Purchase of short-term investments (145,327) (117,523) Maturity of short-term investments 164,983 387,898 Other investing activities 970 (1,219) Net cash used in investing activities (512,462) (72,851) Financing activities Proceeds from long-term borrowings - 750,000 Repurchase of convertible senior notes due 2025 (52,960) (386,745) Net proceeds (payments) on revolving credit facility 136,000 (42,000) Debt issuance and amendment costs (1,062) (26,823) Cash paid for capped call - (94,200) Dividends paid to common stockholders (49,833) (50,787) Dividends paid to Class B common stockholders (4,839) (4,839) Repurchase of common stock held in treasury (50,406) (78,684) Distributions to noncontrolling interests (2,500) (867) Acquisition of noncontrolling interests (5,500) - Cash withholding taxes paid when shares withheld for vested equity awards (4,303) (3,994) Net cash provided by (used in) financing activities (35,403) 61,061 Effect of exchange rate changes on cash and cash equivalents (8,270) 7,981 Net increase (decrease) in cash and cash equivalents (382,433) 361,894 Cash and cash equivalents at beginning of period 972,719 610,825 Cash and cash equivalents at end of period $ 590,286 $ 972,719 VISHAY INTERTECHNOLOGY, INC. Reconciliation of Free Cash (Unaudited - In thousands) Fiscal quarters ended Years ended December 31, 2024 September 28, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net cash provided by operating activities $ 67,656 $ 50,565 6,268 $ 173,702 $ 365,703 Proceeds from sale of property and equipment 1,618 132 122 3,015 1,156 Less: Capital expenditures (144,904) (59,527) (145,331) (320,079) (329,410) Free cash $ (75,630) $ (8,830) $ (138,941) $ (143,362) $ 37,449 VISHAY INTERTECHNOLOGY, INC. Reconciliation of EBITDA and Adjusted EBITDA (Unaudited - In thousands) Fiscal quarters ended Years ended December 31, 2024 September 28, 2024 December 31, 2023 December 31, 2024 December 31, 2023 GAAP net earnings (loss) attributable to Vishay stockholders $ (66,308) $ (19,299) $ 51,472 $ (31,150) $ 323,820 Net earnings attributable to noncontrolling interests 223 306 482 1,395 1,693 Net earnings (loss) $ (66,085) $ (18,993) $ 51,954 $ (29,755) $ 325,513 Interest expense $ 7,731 $ 6,596 $ 6,454 $ 27,480 $ 25,131 Interest income (4,533) (5,230) (9,934) (25,479) (31,353) Income taxes 7,232 (5,076) 28,690 27,366 141,889 Depreciation and amortization 55,373 53,595 50,463 210,645 184,373 EBITDA $ (282) $ 30,892 $ 127,627 $ 210,257 $ 645,553 Reconciling items Impairment of goodwill $ 66,487 $ - $ - $ 66,487 $ - Restructuring and severance costs - 40,614 - 40,614 - Loss on early extinguishment of debt - - - - 18,874 Adjusted EBITDA $ 66,205 $ 71,506 $ 127,627 $ 317,358 $ 664,427 ** Adjusted EBITDA as a percentage of net revenues
