Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - VISHAY INTERTECHNOLOGY INC | form8-k.htm |
Exhibit 99.1
VISHAY REPORTS RESULTS FOR FOURTH QUARTER AND YEAR 2020
|
•
|
Revenues Q4 of $667 million; year 2020 of $2,502 million.
|
|
•
|
Gross margin Q4 of 22.8%; year 2020 of 23.3%.
|
|
•
|
Adjusted gross margin Q4 of 22.9%; year 2020 of 23.4%.
|
|
•
|
Operating margin Q4 of 9.0%; year 2020 of 8.4%.
|
|
•
|
Adjusted operating margin Q4 of 8.9%; year 2020 of 8.5%.
|
|
•
|
EPS Q4 of $0.26; year 2020 of $0.85.
|
|
•
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Adjusted EPS Q4 of $0.28; year 2020 of $0.92.
|
|
•
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Free Cash for the year 2020 of $192 million.
|
|
•
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Guidance Q1 2021 of revenues $705 to $745 million and gross margins of 25.0% plus/minus 60 basis points at the exchange rates of Q4 2020.
|
Malvern, PA, February 9, 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 year and fiscal quarter ended December 31, 2020.
Revenues for the year ended December 31, 2020 were $2,501.9 million, compared to $2,668.3 million for the year ended December 31, 2019. Net earnings
attributable to Vishay stockholders for the year ended December 31, 2020 were $122.9 million, or $0.85 per diluted share compared to $163.9 million, or $1.13 per diluted share for the year ended December 31, 2019.
Revenues for the fiscal quarter ended December 31, 2020 were $667.2 million, compared to $640.2 million for the fiscal quarter ended October 3, 2020, and
$609.6 million for the fiscal quarter ended December 31, 2019. Net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2020 were $37.6 million, or $0.26 per diluted share, compared to $33.5 million, or $0.23 per
diluted share for the fiscal quarter ended October 3, 2020, and $14.0 million, or $0.10 per diluted share for the fiscal quarter ended December 31, 2019.
As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability. Adjusted earnings per diluted share,
which exclude these items net of tax and the unusual tax items, were $0.28 and $0.92 for the fiscal quarter and year ended December 31, 2020, respectively, $0.25 for the fiscal quarter ended October 3, 2020, and $0.13 and $1.26 for the fiscal quarter
and year ended December 31, 2019, respectively.
Commenting on results for the year 2020, Dr. Gerald Paul, President and Chief Executive Officer stated, “The year 2020 has been for Vishay and its business
partners overshadowed by the global pandemic. From temporary plant shutdowns in Asia and temporary shortages in the early part of the year, to drastic reactions by automotive customers in the second quarter to a steep and broad recovery of orders
since October, Vishay was able to defend efficiencies while minimizing fixed costs and then to quickly ramp back up again. During 2020, Vishay generated free cash flow of $192 million.”
Dr. Paul continued, commenting on the results for the fourth quarter 2020, “Revenues in the fourth quarter have been strong but Vishay’s incremental
performance was negatively impacted by a lower than usual contributive margin in the quarter mainly caused by higher freight costs and a weaker dollar versus most currencies. The revenue increase quarter over quarter was driven by higher sales to
automotive customers and to distribution. At the same time, inventories of Vishay’s products at distribution were reduced by a further $24 million, increasing again the inventory turns in all regions.”
Commenting on the outlook Dr. Paul stated, “For the first quarter 2021, based on the current order intake and Vishay’s increased 13-week backlog, we guide
for revenues in the range of $705 to $745 million at a gross margin of 25.0% plus/minus 60 basis points, assuming the same exchange rates versus the dollar as in the fourth quarter.”
A conference call to discuss Vishay’s fourth quarter and full year financial results is scheduled for Tuesday, February 9, 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) and the access code is 4219657.
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, February 9, 2021 through 11:59 p.m. ET on Sunday, February 24. The telephone
number for the replay is +1 855-859-2056 (+1 404-537-3406, if calling from outside the United States or Canada) and the access code is 4219657.
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, 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
|
||||||||
|
(In thousands, except per share amounts)
|
||||||||
|
Years ended
|
||||||||
|
December 31, 2020
|
December 31, 2019
|
|||||||
|
(Unaudited)
|
||||||||
|
Net revenues
|
$
|
2,501,898
|
$
|
2,668,305
|
||||
|
Costs of products sold*
|
1,919,995
|
1,997,105
|
||||||
|
Gross profit
|
581,903
|
671,200
|
||||||
|
Gross margin
|
23.3
|
%
|
25.2
|
%
|
||||
|
Selling, general, and administrative expenses*
|
371,450
|
384,631
|
||||||
|
Restructuring and severance costs
|
743
|
24,139
|
||||||
|
Operating income
|
209,710
|
262,430
|
||||||
|
Operating margin
|
8.4
|
%
|
9.8
|
%
|
||||
|
Other income (expense):
|
||||||||
|
Interest expense
|
(31,555
|
)
|
(33,683
|
)
|
||||
|
Other
|
(11,754
|
)
|
(419
|
)
|
||||
|
Loss on early extinguishment of debt
|
(8,073
|
)
|
(2,030
|
)
|
||||
|
Total other income (expense) - net
|
(51,382
|
)
|
(36,132
|
)
|
||||
|
Income before taxes
|
158,328
|
226,298
|
||||||
|
Income tax expense
|
34,545
|
61,508
|
||||||
|
Net earnings
|
123,783
|
164,790
|
||||||
|
Less: net earnings attributable to noncontrolling interests
|
860
|
854
|
||||||
|
Net earnings attributable to Vishay stockholders
|
$
|
122,923
|
$
|
163,936
|
||||
|
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.85
|
$
|
1.13
|
||||
|
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.85
|
$
|
1.13
|
||||
|
Weighted average shares outstanding - basic
|
144,836
|
144,608
|
||||||
|
Weighted average shares outstanding - diluted
|
145,228
|
145,136
|
||||||
|
Cash dividends per share
|
$
|
0.38
|
$
|
0.37
|
||||
|
* 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 $4,563 and $(1,451), respectively.
|
||||||||
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||
|
Summary of Operations
|
||||||||||||
|
(Unaudited - In thousands, except per share amounts)
|
||||||||||||
|
Fiscal quarters ended
|
||||||||||||
|
December 31, 2020
|
October 3, 2020
|
December 31, 2019
|
||||||||||
|
Net revenues
|
$
|
667,180
|
$
|
640,160
|
$
|
609,577
|
||||||
|
Costs of products sold*
|
514,896
|
488,451
|
474,216
|
|||||||||
|
Gross profit
|
152,284
|
151,709
|
135,361
|
|||||||||
|
Gross margin
|
22.8
|
%
|
23.7
|
%
|
22.2
|
%
|
||||||
|
Selling, general, and administrative expenses**
|
92,272
|
90,219
|
94,299
|
|||||||||
|
Restructuring and severance costs
|
-
|
-
|
16,884
|
|||||||||
|
Operating income
|
60,012
|
61,490
|
24,178
|
|||||||||
|
Operating margin
|
9.0
|
%
|
9.6
|
%
|
4.0
|
%
|
||||||
|
Other income (expense):
|
||||||||||||
|
Interest expense
|
(7,159
|
)
|
(7,414
|
)
|
(8,523
|
)
|
||||||
|
Other
|
(5,570
|
)
|
(4,898
|
)
|
(3,652
|
)
|
||||||
|
Loss on early extinguishment of debt
|
(553
|
)
|
(3,454
|
)
|
(723
|
)
|
||||||
|
Total other income (expense) - net
|
(13,282
|
)
|
(15,766
|
)
|
(12,898
|
)
|
||||||
|
Income before taxes
|
46,730
|
45,724
|
11,280
|
|||||||||
|
Income tax expense
|
8,887
|
12,063
|
(2,869
|
)
|
||||||||
|
Net earnings
|
37,843
|
33,661
|
14,149
|
|||||||||
|
Less: net earnings attributable to noncontrolling interests
|
276
|
177
|
187
|
|||||||||
|
Net earnings attributable to Vishay stockholders
|
$
|
37,567
|
$
|
33,484
|
$
|
13,962
|
||||||
|
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.26
|
$
|
0.23
|
$
|
0.10
|
||||||
|
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.26
|
$
|
0.23
|
$
|
0.10
|
||||||
|
Weighted average shares outstanding - basic
|
144,855
|
144,854
|
144,628
|
|||||||||
|
Weighted average shares outstanding - diluted
|
145,251
|
145,197
|
145,202
|
|||||||||
|
Cash dividends per share
|
$
|
0.095
|
$
|
0.095
|
$
|
0.095
|
||||||
|
* Includes incremental costs of products sold separable from normal operations directly attributable to the COVID-19 pandemic of $268 and $242 for
the fiscal quarters ended December 31, 2020 and October 3, 2020, respectively.
|
||||||||||||
|
** Includes incremental selling, general, and administrative expenses (benefits) separable from normal operations directly attributable to the
COVID-19 pandemic of $(580) and $(441), for the fiscal quarters ended December 31, 2020 and October 3, 2020, respectively.
|
||||||||||||
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||
|
Consolidated Condensed Balance Sheets
|
||||||||
|
(In thousands)
|
||||||||
|
December 31, 2020
|
December 31, 2019
|
|||||||
|
(Unaudited)
|
||||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
619,874
|
$
|
694,133
|
||||
|
Short-term investments
|
158,476
|
108,822
|
||||||
|
Accounts receivable, net
|
338,632
|
328,187
|
||||||
|
Inventories:
|
||||||||
|
Finished goods
|
120,792
|
122,466
|
||||||
|
Work in process
|
201,259
|
187,354
|
||||||
|
Raw materials
|
126,200
|
121,860
|
||||||
|
Total inventories
|
448,251
|
431,680
|
||||||
|
Prepaid expenses and other current assets
|
132,103
|
141,294
|
||||||
|
Total current assets
|
1,697,336
|
1,704,116
|
||||||
|
Property and equipment, at cost:
|
||||||||
|
Land
|
76,231
|
75,011
|
||||||
|
Buildings and improvements
|
641,041
|
585,064
|
||||||
|
Machinery and equipment
|
2,732,771
|
2,606,355
|
||||||
|
Construction in progress
|
86,520
|
110,722
|
||||||
|
Allowance for depreciation
|
(2,593,398
|
)
|
(2,425,627
|
)
|
||||
|
943,165
|
951,525
|
|||||||
|
Right of use assets
|
102,440
|
93,162
|
||||||
|
Goodwill
|
158,183
|
150,642
|
||||||
|
Other intangible assets, net
|
66,795
|
60,659
|
||||||
|
Other assets
|
186,554
|
160,671
|
||||||
|
Total assets
|
$
|
3,154,473
|
$
|
3,120,775
|
||||
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||
|
Consolidated Condensed Balance Sheets (continued)
|
||||||||
|
(In thousands)
|
||||||||
|
December 31, 2020
|
December 31, 2019
|
|||||||
|
(Unaudited)
|
||||||||
|
Liabilities and equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Notes payable to banks
|
$
|
-
|
$
|
2
|
||||
|
Trade accounts payable
|
196,203
|
173,915
|
||||||
|
Payroll and related expenses
|
141,034
|
122,100
|
||||||
|
Lease liabilities
|
22,074
|
20,217
|
||||||
|
Other accrued expenses
|
182,642
|
186,463
|
||||||
|
Income taxes
|
20,470
|
17,731
|
||||||
|
Total current liabilities
|
562,423
|
520,428
|
||||||
|
Long-term debt less current portion
|
394,886
|
499,147
|
||||||
|
U.S. transition tax payable
|
125,438
|
140,196
|
||||||
|
Deferred income taxes
|
1,852
|
22,021
|
||||||
|
Long-term lease liabilities
|
86,220
|
78,511
|
||||||
|
Other liabilities
|
104,356
|
100,207
|
||||||
|
Accrued pension and other postretirement costs
|
300,113
|
272,402
|
||||||
|
Total liabilities
|
1,575,288
|
1,632,912
|
||||||
|
Redeemable convertible debentures
|
170
|
174
|
||||||
|
Equity:
|
||||||||
|
Vishay stockholders' equity
|
||||||||
|
Common stock
|
13,256
|
13,235
|
||||||
|
Class B convertible common stock
|
1,210
|
1,210
|
||||||
|
Capital in excess of par value
|
1,409,200
|
1,425,170
|
||||||
|
Retained earnings
|
138,990
|
72,180
|
||||||
|
Accumulated other comprehensive income (loss)
|
13,559
|
(26,646
|
)
|
|||||
|
Total Vishay stockholders' equity
|
1,576,215
|
1,485,149
|
||||||
|
Noncontrolling interests
|
2,800
|
2,540
|
||||||
|
Total equity
|
1,579,015
|
1,487,689
|
||||||
|
Total liabilities, temporary equity, and equity
|
$
|
3,154,473
|
$
|
3,120,775
|
||||
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||
|
Consolidated Condensed Statements of Cash Flows
|
||||||||
|
(In thousands)
|
||||||||
|
Years ended
|
||||||||
|
December 31, 2020
|
December 31, 2019
|
|||||||
|
(Unaudited)
|
||||||||
|
Operating activities
|
||||||||
|
Net earnings
|
$
|
123,783
|
$
|
164,790
|
||||
|
Adjustments to reconcile net earnings to
|
||||||||
|
net cash provided by operating activities:
|
||||||||
|
Depreciation and amortization
|
166,230
|
164,461
|
||||||
|
(Gain) loss on disposal of property and equipment
|
157
|
(157
|
)
|
|||||
|
Accretion of interest on convertible debt instruments
|
13,161
|
14,146
|
||||||
|
Inventory write-offs for obsolescence
|
22,730
|
26,494
|
||||||
|
Pensions and other postretirement benefits, net of contributions
|
2,864
|
(552
|
)
|
|||||
|
Loss on early extinguishment of debt
|
8,073
|
2,030
|
||||||
|
Deferred income taxes
|
(12,141
|
)
|
(23,009
|
)
|
||||
|
Other
|
3,304
|
13,341
|
||||||
|
Change in U.S. transition tax liability
|
(14,757
|
)
|
(14,757
|
)
|
||||
|
Change in repatriation tax liability
|
(16,258
|
)
|
(38,814
|
)
|
||||
|
Changes in operating assets and liabilities, net of effects of businesses acquired
|
17,792
|
(11,529
|
)
|
|||||
|
Net cash provided by operating activities
|
314,938
|
296,444
|
||||||
|
Investing activities
|
||||||||
|
Purchase of property and equipment
|
(123,599
|
)
|
(156,641
|
)
|
||||
|
Proceeds from sale of property and equipment
|
403
|
577
|
||||||
|
Purchase of businesses, net of cash acquired
|
(25,852
|
)
|
(11,862
|
)
|
||||
|
Purchase of short-term investments
|
(293,087
|
)
|
(111,631
|
)
|
||||
|
Maturity of short-term investments
|
250,580
|
81,012
|
||||||
|
Other investing activities
|
(529
|
)
|
3,587
|
|||||
|
Net cash used in investing activities
|
(192,084
|
)
|
(194,958
|
)
|
||||
|
Financing activities
|
||||||||
|
Issuance costs
|
-
|
(5,394
|
)
|
|||||
|
Repurchase of convertible debt instruments
|
(151,683
|
)
|
(27,863
|
)
|
||||
|
Net changes in short-term borrowings
|
(114
|
)
|
(16
|
)
|
||||
|
Dividends paid to common stockholders
|
(50,372
|
)
|
(48,968
|
)
|
||||
|
Dividends paid to Class B common stockholders
|
(4,597
|
)
|
(4,476
|
)
|
||||
|
Distributions to noncontrolling interests
|
(600
|
)
|
(600
|
)
|
||||
|
Cash withholding taxes paid when shares withheld for vested equity awards
|
(2,016
|
)
|
(2,708
|
)
|
||||
|
Net cash used in financing activities
|
(209,382
|
)
|
(90,025
|
)
|
||||
|
Effect of exchange rate changes on cash and cash equivalents
|
12,269
|
(3,360
|
)
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
(74,259
|
)
|
8,101
|
|||||
|
Cash and cash equivalents at beginning of period
|
694,133
|
686,032
|
||||||
|
Cash and cash equivalents at end of period
|
$
|
619,874
|
$
|
694,133
|
||||
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||||||||||
|
Reconciliation of Adjusted Earnings Per Share
|
||||||||||||||||||||
|
(Unaudited - In thousands, except per share amounts)
|
||||||||||||||||||||
|
Fiscal quarters ended
|
Years ended
|
|||||||||||||||||||
|
December 31, 2020
|
October 3, 2020
|
December 31, 2019
|
December 31, 2020
|
December 31, 2019
|
||||||||||||||||
|
GAAP net earnings attributable to Vishay stockholders
|
$
|
37,567
|
$
|
33,484
|
$
|
13,962
|
$
|
122,923
|
$
|
163,936
|
||||||||||
|
Reconciling items affecting gross profit:
|
||||||||||||||||||||
|
Impact of the COVID-19 pandemic
|
$
|
268
|
$
|
242
|
$
|
-
|
$
|
4,563
|
$
|
-
|
||||||||||
|
Other reconciling items affecting operating income:
|
||||||||||||||||||||
|
Restructuring and severance costs
|
$
|
-
|
$
|
-
|
$
|
16,884
|
$
|
743
|
$
|
24,139
|
||||||||||
|
Impact of the COVID-19 pandemic
|
(580
|
)
|
(441
|
)
|
-
|
(1,451
|
)
|
-
|
||||||||||||
|
Reconciling items affecting other income (expense):
|
||||||||||||||||||||
|
Loss on early extinguishment of debt
|
$
|
553
|
$
|
3,454
|
$
|
723
|
$
|
8,073
|
$
|
2,030
|
||||||||||
|
Reconciling items affecting tax expense (benefit):
|
||||||||||||||||||||
|
Change in deferred taxes due to early extinguishment of debt
|
$
|
(217
|
)
|
$
|
-
|
$
|
(289
|
)
|
$
|
(1,563
|
)
|
$
|
(1,601
|
)
|
||||||
|
Effects of cash repatriation program
|
-
|
-
|
(11,554
|
)
|
(190
|
)
|
(9,583
|
)
|
||||||||||||
|
Effects of changes in uncertain tax positions
|
3,751
|
-
|
2,831
|
3,751
|
2,831
|
|||||||||||||||
|
Effects of tax-basis foreign exchange gain
|
-
|
-
|
-
|
-
|
7,554
|
|||||||||||||||
|
Tax effects of pre-tax items above
|
(12
|
)
|
(716
|
)
|
(4,277
|
)
|
(2,799
|
)
|
(6,211
|
)
|
||||||||||
|
Adjusted net earnings
|
$
|
41,330
|
$
|
36,023
|
$
|
18,280
|
$
|
134,050
|
$
|
183,095
|
||||||||||
|
Adjusted weighted average diluted shares outstanding
|
145,251
|
145,197
|
145,202
|
145,228
|
145,136
|
|||||||||||||||
|
Adjusted earnings per diluted share
|
$
|
0.28
|
$
|
0.25
|
$
|
0.13
|
$
|
0.92
|
$
|
1.26
|
||||||||||
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||||||||||
|
Reconciliation of Free Cash
|
||||||||||||||||||||
|
(Unaudited - In thousands)
|
||||||||||||||||||||
|
Fiscal quarters ended
|
Years ended
|
|||||||||||||||||||
|
December 31, 2020
|
October 3, 2020
|
December 31, 2019
|
December 31, 2020
|
December 31, 2019
|
||||||||||||||||
|
Net cash provided by operating activities
|
$
|
125,699
|
$
|
64,330
|
$ |
84,423
|
$
|
314,938
|
$
|
296,444
|
||||||||||
|
Proceeds from sale of property and equipment
|
110
|
63
|
91
|
403
|
577
|
|||||||||||||||
|
Less: Capital expenditures
|
(52,798
|
)
|
(21,969
|
)
|
(56,374
|
)
|
(123,599
|
)
|
(156,641
|
)
|
||||||||||
|
Free cash
|
$
|
73,011
|
$
|
42,424
|
$
|
28,140
|
$
|
191,742
|
$
|
140,380
|
||||||||||
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||||||||||
|
Reconciliation of EBITDA and Adjusted EBITDA
|
||||||||||||||||||||
|
(Unaudited - In thousands)
|
||||||||||||||||||||
|
Fiscal quarters ended
|
Years ended
|
|||||||||||||||||||
|
December 31, 2020
|
October 3, 2020
|
December 31, 2019
|
December 31, 2020
|
December 31, 2019
|
||||||||||||||||
|
GAAP net earnings attributable to Vishay stockholders
|
$
|
37,567
|
$
|
33,484
|
$
|
13,962
|
$
|
122,923
|
$
|
163,936
|
||||||||||
|
Net earnings attributable to noncontrolling interests
|
276
|
177
|
187
|
860
|
854
|
|||||||||||||||
|
Net earnings
|
$
|
37,843
|
$
|
33,661
|
$
|
14,149
|
$
|
123,783
|
$
|
164,790
|
||||||||||
|
Interest expense
|
$
|
7,159
|
$
|
7,414
|
$
|
8,523
|
$
|
31,555
|
$
|
33,683
|
||||||||||
|
Interest income
|
(385
|
)
|
(514
|
)
|
(1,734
|
)
|
(3,709
|
)
|
(8,445
|
)
|
||||||||||
|
Income taxes
|
8,887
|
12,063
|
(2,869
|
)
|
34,545
|
61,508
|
||||||||||||||
|
Depreciation and amortization
|
42,454
|
41,618
|
42,159
|
166,230
|
164,461
|
|||||||||||||||
|
EBITDA
|
$
|
95,958
|
$
|
94,242
|
$
|
60,228
|
$
|
352,404
|
$
|
415,997
|
||||||||||
|
Reconciling items
|
||||||||||||||||||||
|
Impact of the COVID-19 pandemic
|
$
|
(312
|
)
|
$
|
(199
|
)
|
$
|
-
|
$
|
3,112
|
$
|
-
|
||||||||
|
Restructuring and severance costs
|
-
|
-
|
16,884
|
743
|
24,139
|
|||||||||||||||
|
Loss on early extinguishment of debt
|
553
|
3,454
|
723
|
8,073
|
2,030
|
|||||||||||||||
|
Adjusted EBITDA
|
$
|
96,199
|
$
|
97,497
|
$
|
77,835
|
$
|
364,332
|
$
|
442,166
|
||||||||||
|
Adjusted EBITDA margin**
|
14.4
|
%
|
15.2
|
%
|
12.8
|
%
|
14.6
|
%
|
16.6
|
%
|
||||||||||
|
** Adjusted EBITDA as a percentage of net revenues
|
||||||||||||||||||||
Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Senior Vice President, Corporate Communications
+1-610-644-1300
Vishay Intertechnology, Inc.
Peter Henrici
Senior Vice President, Corporate Communications
+1-610-644-1300