Slide 1: Financial Results Q1 2018
FINANCIAL RESULTS Q1 2018 © 2018 VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.
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
Slide 3: Highlights Q1 2018
Q1 FINANCIAL INFORMATION HIGHLIGHTS Q1 2018 Revenues Q1: $717 million. Gross margin Q1: 28.6%. Operating margin Q1: 14.5%. EPS Q1: $0.39; adjusted EPS: $0.40. Free Cash1 TTM Q1 191 million. Guidance Q2: Revenues $740 to $780 million and gross margins of 28.5%-29.5%, based on Q1 x-rates.
Slide 4: Quarterly Financial Results
Q1 FINANCIAL INFORMATION QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q1 2018 Q4 2017* Q1 2017* Net revenues $717 $673 $605 Gross profit $205 $177 $162 28.6% 26.3% 26.7% Operating income (loss) $104 $76 $68 14.5% 11.3% 11.2% Net earnings (loss) attributable to Vishay stockholder
Slide 5: Adjusted Quarterly Financial Results
Q1 FINANCIAL INFORMATION ADJUSTED QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q1 2018 Q4 2017* Q1 2017* Net revenues $717 $673 $605 Gross profit $205 $177 $162 28.6% 26.3% 26.7% Adjusted operating income $104 $82 $69 14.5% 12.2% 11.4% Adjusted net earnings attributable to Visha
Slide 6: Reconciliation of GAAP to Adjusted
Q1 FINANCIAL INFORMATION RECONCILIATION OF GAAP TO ADJUSTED in millions Q1 2018 Q4 2017* Q1 2017* GAAP NET EARNINGS (loss) $62 ($178) $37 attributable to Vishay stockholders Reconciling items affecting operating income Restructuring and severance costs - $6 $1 Reconciling items affecting other incom
Slide 7: Tax Expense Related to Enactment of US Tax Reform
Q1 FINANCIAL INFORMATION TAX EXPENSE RELATED TO ENACTMENT OF US TAX REFORM AS RECORDED Q4 2017 in millions Remeasurement of net deferred tax liabilities ($74.8) * Transition tax on unremitted foreign earnings (of which $180 millon payable) $215.6 * Incremental foreign taxes on assumed repatriation o
Slide 8: Liquidity, Cash and Long Term Debt
Q1 FINANCIAL INFORMATION LIQUIDITY, CASH AND LONG TERM DEBT in millions Q1 2018 Q4 2017 Q1 2017 Total liquidity $1,793 $1,781 $1,608 Cash and cash equivalents, and short term $1,341 $1,295 $1,138 investments Unused capacity on credit facility $452 $486 $470 Long term debt incl. current portion $406
Slide 9: Long Term Debt
Q1 FINANCIAL INFORMATION LONG TERM DEBT as of March 31, 2018 Outstanding in millions Comments Interest Debt Long term incl. current portion $406 Available through December 10, Revolving Debt (up to $640 million) $184 LIBOR plus 1.75% 2020 Cash coupon 2.25% of principal or $575 million principal amou
Slide 10: Cash Flow Overview
Q1 FINANCIAL INFORMATION CASH FLOW OVERVIEW in millions Q1 2018 TTM Q1 2018 Year 2017 Depreciation $37 $150 $149 Amortization $3 $13 $14 Cash from operations $47 $372 $369 CapEx $28 $182 $170 Free Cash* $19 $191 $200 * Cash flows from operations less capital expenditures plus proceeds from sale of p
Slide 11: Book-to-Bill Detail
Q1 FINANCIAL INFORMATION BOOK-TO-BILL DETAIL Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Book-to-bill VISHAY 1.22 1.28 1.11 1. 27 1. 29 Book-to-bill distribution 1.28 1.40 1.15 1.43 1.43 Book-to-bill OEMs 1.16 1.13 1.06 1.06 1.11 Book-to-bill semiconductors 1.26 1.40 1.13 1.34 1.36 Book-to-bill passive
Slide 12: Operational Metrics
Q1 FINANCIAL INFORMATION OPERATIONAL METRICS Q1 2018 Q4 2017* Q3 2017* Q2 2017* Q1 2017* Change in ASP vs. prior year total Vishay (0.9) (2.3) (2.4) (2.8) (3.1) Change in ASP vs. prior year semis (0.8) (2.7) (2.7) (3.4) (4.0) Change in ASP vs. prior year passives (0.9) (1.9) (2.1) (2.1) (2.1) FX eff
Slide 13: Sales Split Q1 2018
Q1 FINANCIAL INFORMATION SALES SPLIT Q1 2018 29% AUTOMOTIVE 39% INDUSTRIAL 5% CONSUMER 7% COMPUTING 5% POWER SUPPLIES 6% TELECOM 5% MILITARY/AERO 4% MEDICAL END MARKETS 40% ASIA 56% DISTRIBUTION 37% OEM 23% AMERICAS 7% EMS 37% EUROPE GEOGRAPHY SALES CHANNELS 13 © 2018 VISHAY INTERTECHNOLOGY, INC. AL
Slide 14: Sharecount for EPS Calculation
Q1 FINANCIAL INFORMATION SHARECOUNT FOR EPS CALCULATION in million Total shares outstanding 144 Projected Average Stock Diluted Related to RSUs etc. <1 Price Shares $11.00 145 $12.00 146 $13.00 147 The three converts issued 2010-12 become dilutive once the average stock $14.00 150 price is higher th
Slide 15: Vishay Revenues and Gross Margin % Quarterly
Q1 FINANCIAL INFORMATION VISHAY REVENUES AND GROSS MARGIN % QUARTERLY $ in millions excl. Spin-Off Vishay Precision Group in 2010 % 750 36 700 32 650 28 600 24 550 20 500 16 450 12 400 8 350 4 300 0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q
Slide 16: Vishay Revenues Quarterly by Product Segment
Q1 FINANCIAL INFORMATION VISHAY REVENUES QUARTERLY BY PRODUCT SEGMENT $ in millions $ in millions 250 250 200 200 150 150 100 100 50 50 0 0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 2004 2005 2006 2007 2008 2009 2010 2011 2012
Slide 17: Vishay Revenues Yearly by Product Segment
Q1 FINANCIAL INFORMATION VISHAY REVENUES YEARLY BY PRODUCT SEGMENT $ in millions $ in millions 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 MOSFETs Diodes Opto Resistors/Inductors Capacitors © 2018 V
Slide 18: Vishay Gross Margins Quarterly by Product Segment
Q1 FINANCIAL INFORMATION 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 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2
Slide 19: Vishay Gross Margins Yearly by Product Segment
Q1 FINANCIAL INFORMATION 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 MOSFETs Diodes Opto Resistors/Inductors Capacitors © 2018 VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED