Vishay Intertechnology, Inc. · NYSE:VSH

Vishay Intertechnology — Q1 2020 Earnings Presentation

17 slides from Vishay Intertechnology's earnings presentation, May 2020

  1. Slide 1: Financials and Metrics Q1 2020

    FINANCIALS AND METRICS Q1 2020 © 2020 VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.

  2. Slide 2: Notes on Forward-Looking Statements

    NOTES ON FORWARD-LOOKING STATEMENTS 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 simil

  3. Slide 3: Highlights Q1 2020

    Q1 FINANCIALS AND METRICS HIGHLIGHTS Q1 2020 ▪ Revenues Q1 of $613 million ▪ Gross margin Q1 of 24.0%; adjusted gross margin 24.5% ▪ Operating margin Q1 of 7.7%; adjusting operating margin 8.3% ▪ EPS Q1 of $0.19; adjusted $0.21 ▪ Free Cash¹ for the trailing 12 months Q1 of $107 million ▪ Guidance Q2

  4. Slide 4: Quarterly Financial Results

    Q1 FINANCIALS AND METRICS QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q1 2020 Q4 2019 Q1 2019 Net revenues $613 $610 $745 Gross profit $147 $135 $211 24.0% 22.2% 28.3% Operating income (loss) $47 $24 $108 7.7% 4.0% 14.5% Net earnings (loss) attributable to Vishay stockholders $

  5. Slide 5: Adjusted Quarterly Financial Results

    Q1 FINANCIALS AND METRICS ADJUSTED QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q1 2020 Q4 2019 Q1 2019 Net revenues $613 $610 $745 Gross profit $150 $135 $211 24.5% 22.2% 28.3% Operating income (loss) $51 $41 $108 8.3% 6.7% 14.5% Net earnings (loss) attributable to Vishay stock

  6. Slide 6: Reconciliation of GAAP to Adjusted

    Q1 FINANCIALS AND METRICS RECONCILIATION OF GAAP TO ADJUSTED in millions Q1 2020 Q4 2019 Q1 2019 GAAP NET EARNINGS $27 $14 $75 attributable to Vishay stockholders Reconciling items affecting gross profit Impact of COVID-19 outbreak $3 - - Other reconciling items affecting operating income Restructur

  7. Slide 7: Long Term Debt

    Q1 FINANCIALS AND METRICS LONG TERM DEBT as of April 4, 2020 in millions Outstanding Debt Comments Interest Long term incl. current portion $552 Revolving Debt $54 Available through June 5, 2024 LIBOR plus 1.75% up to $750 million $603 million principal amount; Cash coupon 2.25% of principal or debt

  8. Slide 8: Book-to-Bill Detail

    Q1 FINANCIALS AND METRICS BOOK-TO-BILL DETAIL Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Book-to-bill Vishay 1.17 0.94 0.72 0.69 0.79 Book-to-bill distribution 1.30 0.94 0.55 0.55 0.54 Book-to-bill OEMs 1.04 0.95 0.90 0.86 1.10 Book-to-bill semiconductors 1.27 0.95 0.60 0.56 0.74 Book-to-bill passive c

  9. Slide 9: Operational Metrics

    Q1 FINANCIALS AND METRICS OPERATIONAL METRICS Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Change in ASP vs. prior year total Vishay (2.9) (3.0) (1.9) (0.6) 0.8 Change in ASP vs. prior year semis (5.0) (5.9) (4.3) (1.9) 0.7 Change in ASP vs. prior year passives (0.9) (0.2) 0.5 0.6 0.9 FX effect on revenu

  10. Slide 10: Sharecount for EPS Calculation

    Q1 FINANCIALS AND METRICS SHARECOUNT FOR EPS CALCULATION in million Total shares outstanding 145 Related to RSUs etc. <1 Average Stock Price Projected Diluted Shares <$32.00 145 $32.00 - $33.00 146 >$33.00 147 The table above summarizes the approximate number of shares for diluted EPS calculation. S

  11. Slide 11: Sales Split Q1 2020

    Q1 FINANCIALS AND METRICS SALES SPLIT Q1 2020 12% INDUCTORS 9% INFRARED OPTO 33% AUTOMOTIVE 35% INDUSTRIAL 26% RESISTORS 19% DIODES 3% CONSUMER 4% POWER SUPPLIES 19% MOSFETs 8% COMPUTING 15% CAPACITORS 5% TELECOM 7% MILTARY/AERO 5% MEDICAL 00% BUSINESS SEGMENTS PASSIVES PASSIVES % SEMICONDUCT END MA

  12. Slide 12: Revenues and Gross Margin % Quarterly

    Q1 FINANCIALS AND METRICS VISHAY REVENUES AND GROSS MARGIN % QUARTERLY excl. Spin-Off Vishay Precision Group in 2010 $ in millions % 800 45 750 40 700 35 650 30 600 25 550 20 500 15 450 10 400 5 350 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

  13. Slide 13: Revenues and Gross Margin % Yearly

    Q1 FINANCIALS AND METRICS VISHAY REVENUES AND GROSS MARGIN % YEARLY excl. Spin-Off Vishay Precision Group in 2010 $ in millions % 3,400 36 3,100 32 2,800 28 2,500 24 2,200 20 1,900 16 1,600 12 1,300 8 1,000 4 700 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 SALES

  14. Slide 14: Revenues Quarterly by Product Segment

    Q1 FINANCIALS AND METRICS VISHAY REVENUES QUARTERLY BY PRODUCT SEGMENT $ in millions $ in millions 300 300 250 250 200 200 150 150 100 100 50 50 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q

  15. Slide 15: Revenues Yearly by Product Segment

    Q1 FINANCIALS AND METRICS VISHAY REVENUES YEARLY BY PRODUCT SEGMENT $ in millions $ in millions 1100 1100 1000 1000 900 900 800 800 700 700 600 600 500 500 400 400 300 300 200 200 100 100 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 MOSFETs Diodes Opto Resistor

  16. Slide 16: Gross Margins Quarterly by Product Segment

    Q1 FINANCIALS AND METRICS VISHAY GROSS MARGINS QUARTERLY BY PRODUCT SEGMENT 40 40 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

  17. Slide 17: Gross Margins Yearly by Product Segment

    Q1 FINANCIALS AND METRICS VISHAY GROSS MARGINS YEARLY BY PRODUCT SEGMENT 45 45 40 40 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 MOSFETs Diodes Opto Resistors/Inductors Capacitors Resistors Inductors © 2020 VISHAY INTERT

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