Vishay Intertechnology, Inc. · NYSE:VSH

Vishay Intertechnology — Q1 2019 Earnings Presentation

16 slides from Vishay Intertechnology's earnings presentation, May 2019

1. Slide 1: Financials and Metrics Q1 2019

   FINANCIALS AND METRICS Q1 2019 © 2019 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 2019

   Q1 FINANCIALS AND METRICS HIGHLIGHTS Q1 2019  Revenues Q1: $745.2 million.  Gross margin Q1: 28.3%.  Operating margin Q1: 14.5%.  EPS Q1: $0.52; adjusted EPS: $0.51.  Free Cash¹ TTM Q1 of $109 million.  Guidance Q2: Revenues $700 to $740 million and gross margins of 26%-27%, based on Q1 x-rate

4. Slide 4: Quarterly Financial Results

   Q1 FINANCIALS AND METRICS QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q1 2019 Q4 2018 Q1 2018 Net revenues $745 $776 $717 Gross profit $211 $220 $205 28.3% 28.3% 28.6% Operating income (loss) $108 $120 $104 14.5% 15.4% 14.5% Net earnings (loss) attributable to Vishay stockholde

5. Slide 5: Adjusted Quarterly Financial Results

   Q1 FINANCIALS AND METRICS ADJUSTED QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q1 2019 Q4 2018 Q1 2018 Net revenues $745 $776 $717 Gross profit $211 $220 $205 28.3% 28.3% 28.6% Operating income (loss) $108 $120 $104 14.5% 15.4% 14.5% Net earnings (loss) attributable to Vishay s

6. Slide 6: Reconciliation of GAAP to Adjusted

   Q1 FINANCIALS AND METRICS RECONCILIATION OF GAAP TO ADJUSTED in millions Q1 2019 Q4 2018 Q1 2018 GAAP NET EARNINGS $75 $102 $62 attributable to Vishay stockholders Reconciling items affecting other income (expense) Loss on early extinguishment of debt $1 $9 - Reconciling items affecting tax expense

7. Slide 7: Long Term Debt

   Q1 FINANCIALS AND METRICS LONG TERM DEBT as of March 30, 2019 Outstanding in millions Comments Interest Debt Long term incl. current portion $493 Revolving Debt - Available through December 10, 2020 LIBOR plus 1.50% up to $640 million Cash coupon 2.25% of principal or $621 million principal amount;

8. Slide 8: Book-to-Bill Detail

   Q1 FINANCIALS AND METRICS BOOK-TO-BILL DETAIL Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Book-to-bill Vishay 0.79 0.94 0.95 1.17 1.22 Book-to-bill distribution 0.54 0.90 0.80 1.23 1.28 Book-to-bill OEMs 1.10 0.98 1.15 1.08 1.16 Book-to-bill semiconductors 0.74 0.91 0.87 1.06 1.26 Book-to-bill passive c

9. Slide 9: Operational Metrics

   Q1 FINANCIALS AND METRICS OPERATIONAL METRICS Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Change in ASP vs. prior year total Vishay 0.8 1.4 0.5 0.7 -0.9 Change in ASP vs. prior year semis 0.7 1.4 0.7 1.0 -0.9 Change in ASP vs. prior year passives 0.9 1.4 0.2 0.3 -0.9 FX effect on revenues vs. previous q

10. Slide 10: Sharecount for EPS Calculation

    Q1 FINANCIAL INFORMATION SHARECOUNT FOR EPS CALCULATION in million Total shares outstanding 145 Related to RSUs etc. <1 Projected Diluted Average Stock Price Shares <$27.00 145 $27.00 - $32.00 146 $33.00 147 $34.00 147 $35.00 148 The table above summarizes the approximate number of shares for dilute

11. Slide 11: Sales Split Q1 2019

    Q1 FINANCIALS AND METRICS SALES SPLIT Q1 2019 29% AUTOMOTIVE 38% INDUSTRIAL 5% CONSUMER 6% COMPUTING 4% POWER SUPPLIES 6% MILITARY/AERO 7% TELECOM 5% MEDICAL END MARKETS 35% ASIA 55% DISTRIBUTION 38% OEM 28% AMERICAS 7% EMS 37% EUROPE GEOGRAPHY SALES CHANNELS 11 © 2019 VISHAY INTERTECHNOLOGY, INC. A

12. Slide 12: Vishay Revenues and Gross Margin % Quarterly

    Q1 FINANCIALS AND METRICS VISHAY REVENUES AND GROSS MARGIN % QUARTERLY $ in millions excl. Spin-Off Vishay Precision Group in 2010 % 800 40 750 36 700 32 650 28 600 24 550 20 500 16 450 12 400 8 350 4 300 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

13. Slide 13: Vishay 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 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 201

14. Slide 14: Vishay 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 MOSFETs Diodes Opto Resistors/Ind

15. Slide 15: Vishay 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 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20

16. Slide 16: Vishay Gross Margins Yearly by Product Segment

    Q1 FINANCIALS AND METRICS VISHAY GROSS MARGINS YEARLY BY PRODUCT SEGMENT % % 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 MOSFETs Diodes Opto Resistors/Inductors Capacitors © 2019 VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS

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