Slide 1: 4Q 2024 Earnings Conference Call
4Q 2024 Earnings Conference Call February 5, 2025 © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.
Slide 2: Notes on Forward-Looking Statements
NOTES ON FORWARD-LOOKING STATEMENTS 2 Comments in this presentation other than statements of historical fact may constitute forward-looking statements. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,” “should” or other sim
Slide 3: Revenue Mix By End Market
3 Revenue Mix By End Market INDUSTRIAL - 2% QoQ - 10% YoY AUTOM OTIVE - 6% QoQ - 10% YoY 5% 5% 5% 11% 11% 9% ▸ Strong order intake for smart grid ▸ Tier1 suppliers pulled from scheduling infrastructure projects agreements but at lower rate than Q3 14% 13% 15% ▸ Europe remains a drag on revenue ▸ Eur
Slide 4: Revenue Mix By Sales Channel
4 Revenue Mix By Sales Channel 7% 7% 6% D I S T R I B U T I O N - 7% QoQ - 6% YoY OEM + 2% QoQ - 15% YoY ▸ Demand in Europe weakened ▸ Grew QoQ for the first time since 4Q2023 40% 38% 43% ▸ Asia and Americas customers managed ▸ Automotive and industrial OEMs their year-end inventory customers normal
Slide 5: Revenue Mix By Region
5 Revenue Mix By Region EUROPE - 8% QoQ - 18% YoY ASIA + 1% QoQ - 2% YoY 26% 26% 25% ▸ Weaker macroeconomic environment ▸ Benefited from smart grid infrastructure ▸ Shorter December projects, automotive order flow and A.I. ▸ Automotive seasonal shutdowns spot orders 41% 39% 38% 33% 35% 37% AM ERICAS
Slide 6: 4Q 2024 Highlights
66 4Q 2024 Highlights TOTAL REVENUES ($M) 4Q 2024 REVENUES 4Q 2024 BOOK-TO-BILL 950 $714.7 M 1.01 900 850 FOR 0.99 SEMICONDUCTORS $785.2 GROSS MARGIN 800 19.9% 1.03 FOR PASSIVE COMPONENTS 750 $714.7 $735.4 including negative impact of 700 approximately 190 bps related to Newport 650 600 550 (0.49) E
Slide 7: Income Statement Highlights
4Q 2024 77 Income Statement Highlights Operating EBITDA Effective Gross Margin SG&A EPS Margin Margin Tax Rate Expenses 19.9% Including ~190 basis $132.3 M (7.9%) (0.0%) (12.3%) ($0.49) impact of Newport Adjusted Adjusted Normalized Operating Adjusted EBITDA Effective Margin EPS Margin Tax Rate 1.4%
Slide 8: Segment Results ($M)
Segment Results ($M) 88 MOSFETs DIODES OPTO REVENUES GROSS BOOK TO GROSS BOOK TO REVENUES GROSS BOOK TO MARGIN BILL REVENUES MARGIN BILL MARGIN BILL 4Q 2024 $146.6 15.6% 0.98 4Q 2024 $141.4 20.2% 1.00 4Q 2024 $46.9 11.7% 1.00 3Q 2024 $147.1 11.7% 0.84 3Q 2024 $145.2 20.1% 0.74 3Q 2024 $63.2 18.3% 0.
Slide 9: Cash Conversion Cycle
9 Cash Conversion Cycle DSO DIO DPO CASH CONVERSION CYCLE 60 110 109 40 106 128 130 127 53 53 101 34 100 32 120 50 31 120 50 30 90 110 80 100 40 20 90 70 80 30 60 10 70 50 60 20 40 0 50 4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 4Q24 3Q24 4Q23
Slide 10: Cash Flow Generation
Cash Flow Generation 10 10 CASH FLOW FROM OPERATIONS ($/M) CAPEX ($/M) 100 400 365.7 160 144.9 145.3 400 80.2 329.4 80 140 320.1 67.7 300 120 300 60 50.6 100 40 200 173.7 80 200 20 59.5 62.6 6.3 60 53.1 0 100 40 100 -20 20 -40 (24.7) 0 0 0 4Q 3Q 2Q 1Q 4Q YTD YTD 4Q 3Q 2Q 1Q 4Q YTD YTD 2024 2023 2024
Slide 11: Guidance 1Q 2025
11 Guidance 1Q 2025 REVENUE GROSS MARGIN SG&A 1Q 2025 FY 2025 $710 M 19.0% Newport Impact $137M +/- $20 M +/- 50 bps Negative $530 - +/- $2 M 175-200 bps 560 M NORMALIZED CAPEX 2025 E F F E C T I V E TA X R AT E ~30-32% $300-350 M
Slide 12: Strategic Growth Levers
12 12 Strategic Growth Levers SERVED MARKETS Internal Capacity Enhanced Expansion Channel Management External Capacity Expansion Broaden Innovation our Portfolio Optimizing Global Vishay Solutions Manufacturing Footprint Increased M&A Technical Headcount
Slide 13: Financial Goals 2028
13 Financial Goals 2028 T O TA L R E V E N U E GROSS MARGIN O P E R AT I N G M A R G I N 2023 2023 2023 $3.4B CAGR 28.6% 14.3% 9-11% 31–33% 19–21% ADJ. EBITDA MARGIN ROIC C A P I TA L I N T E N S I T Y 2023 2023 2023 19.5% 11.2% 9.7% 25–27% ≥14% 6–7%
Slide 14: Appendix
Appendix 4Q 2024 Earnings Conference Call
Slide 15: FY 2024 Highlights
15 15 FY 2024 Highlights TOTAL REVENUES ($M) FY 2024 REVENUES (0.23) EPS 3750 $2,937.6 M 3500 $3,402.0 $3,497.4 0.48 Adjusted EPS 3250 GROSS MARGIN $2,937.6 3000 21.3% 2750 including negative impact of approximately 140 bps 2500 related to Newport 2250 2000 1750 1500 FY 2024 FY 2023 FY 2022
Slide 16: Revenue Mix: FY 2024
16 Revenue Mix: FY 2024 Revenue Mix by End Revenue Mix by Sales Revenue Mix by Region Markets Channel 5% 5% 4% 6% 7% 7% 7% 11% 8% 26% 26% 29% 16% 20% 13% 39% 40% 35% 39% 37% 37% 35% 31% 38% 54% 53% 58% 39% 35% 37% 33% 34% 36% FY 2024 FY 2023 FY 2022 FY 2024 FY 2023 FY 2022 FY 2024 FY 2023 FY 2022 IN
Slide 17: Product Type 2024: Certified, Commodity, Custom
17 Product Type 2024 CERTIFIED PRODUCTS 100% Hundreds 17% 24% small number of competitors with similar 31% 80% products (qualifications such as automotive, military, UL) 27% 15% 39% 60% COMMODITY PRODUCTS 40% completely interchangeable with competitors’ products 49% 54% 20% 44% CUSTOM PRODUCTS 0% Vi
Slide 18: Trusted by…
18 18 Trusted by… OEM EMS DISTRIBUTION
Slide 19: Broadest Line of Discrete Semiconductors and Passive Components
19 19 Broadest Line of Discrete Semiconductors and Passive Components DISCRETE SEMICONDUCTORS PASSIVE COMPONENTS LOWEST VOLTAGE DIODE HIGHEST ENERGY CAPACITOR In power applications, we can populate ~80% of our customers’ Bill of Material © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.
Slide 20: P&L 4Q 2024
P&L 20 20 IN MILLIONS (Except Per Share Amounts) 4Q 2024 3Q 2024 4Q 2023 Net Revenues $714.7 $735.4 $785.2 Cost of Products Sold 572.6 584.5 584.6 Gross Profit 142.1 150.9 200.7 Gross Margin 19.9% 20.5% 25.6% SG&A 132.3 128.5 122.8 Restructuring and severance costs - 40.6 - Impairment of goodwill 66
Slide 21: P&L FY 2024
P&L IN MILLIONS (Except Per Share Amounts) FY 2024 FY 2023 21 21 Net Revenues $2,937.6 $3,402.0 Cost of Products Sold 2,311.3 2,427.6 Gross Profit 626.3 974.5 Gross Margin 21.3% 28.6% SG&A 513.6 488.3 Restructuring and severance costs 40.6 - Impairment of goodwill 66.5 - Operating Income 5.6 486.1 O
Slide 22: Reconciliation of Adjusted Net Earnings
22 22 Reconciliation of Adjusted Net Earnings IN MILLIONS (Except Per Share Amounts) 4Q 2024 3Q 2024 4Q 2023 GAAP Net Earnings (Loss) Attributable to Vishay Stockholders ($66.3) ($19.3) $51.5 Reconciling items affecting operating income: Impairment of goodwill 66.5 - - Restructuring and severance co
Slide 23: Reconciliation of Adjusted Net Earnings
23 23 Reconciliation of Adjusted Net Earnings IN MILLIONS (Except Per Share Amounts) FY 2024 FY 2023 GAAP Net Earnings (Loss) Attributable to Vishay Stockholders ($31.2) $323.8 Reconciling items affecting operating income: Impairment of goodwill 66.5 - Restructuring and severance costs 40.6 - Reconc
Slide 24: Reconciliation of Free Cash
24 24 Reconciliation of Free Cash IN MILLIONS 4Q 2024 3Q 2024 4Q 2023 Net Cash Provided by Operating Activities $67.7 $50.6 $6.3 Proceeds From Sale of Property and Equipment 1.6 0.1 0.1 Less: Capital Expenditures (144.9) (59.5) (145.3) Free Cash ($75.6) ($8.8) ($138.9) © VISHAY INTERTECHNOLOGY, INC.
Slide 25: Reconciliation of Free Cash
25 25 Reconciliation of Free Cash IN MILLIONS FY 2024 FY 2023 Net Cash Provided by Operating Activities $173.7 $365.7 Proceeds From Sale of Property and Equipment 3.0 1.2 Less: Capital Expenditures (320.1) (329.4) Free Cash ($143.4) $37.4 © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.
Slide 26: Reconciliation of EBITDA
Reconciliation of EBITDA 26 26 IN MILLIONS 4Q 2024 3Q 2024 4Q 2023 GAAP Net Earnings (Loss) Attributable to Vishay Stockholders ($66.3) ($19.3) $51.5 Net Earnings Attributable to Noncontrolling Interests 0.2 0.3 0.5 Net Earnings (Loss) ($66.1) ($19.0) $52.0 Interest Expense 7.7 6.6 6.5 Interest Inco
Slide 27: Reconciliation of EBITDA
Reconciliation of EBITDA 27 27 IN MILLIONS FY 2024 FY 2023 GAAP Net Earnings (Loss) Attributable to Vishay Stockholders ($31.2) $323.8 Net Earnings Attributable to Noncontrolling Interests 1.4 1.7 Net Earnings (Loss) ($29.8) $325.5 Interest Expense 27.5 25.1 Interest Income (25.5) (31.4) Income Taxe
Slide 28: Vishay
Vishay The DNA of tech ® © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.