Slide 1: Financials and Metrics Q4 2019
FINANCIALS AND METRICS Q4 2019 © 2020 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 Q4 2019
Q4 FINANCIALS AND METRICS HIGHLIGHTS Q4 2019 Revenues Q4 of $610 million; year 2019 of $2,668 million. Gross margin Q4 of 22.2%; year 2019 of 25.2%. Operating margin Q4 of 4.0%; year 2019 of 9.8%. Adjusted operating margin Q4 of 6.7%; year 2019 of 10.7%. EPS Q4 of $0.10; year 2019 of $1.13
Slide 4: Quarterly Financial Results
Q4 FINANCIALS AND METRICS QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q4 2019 Q3 2019 Q4 2018 Net revenues $610 $628 $776 Gross profit $135 $150 $220 22.2% 23.9% 28.3% Operating income (loss) $24 $51 $120 4.0% 8.1% 15.4% Net earnings (loss) attributable to Vishay stockholders $
Slide 5: Adjusted Quarterly Financial Results
Q4 FINANCIALS AND METRICS ADJUSTED QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q4 2019 Q3 2019 Q4 2018 Net revenues $610 $628 $776 Gross profit $135 $150 $220 22.2% 23.9% 28.3% Operating income (loss) $41 $58 $120 6.7% 9.3% 15.4% Net earnings (loss) attributable to Vishay stock
Slide 6: Reconciliation of GAAP to Adjusted
Q4 FINANCIALS AND METRICS RECONCILIATION OF GAAP TO ADJUSTED in millions Q4 2019 Q3 2019 Q4 2018 GAAP NET EARNINGS $14 $30 $102 attributable to Vishay stockholders Reconciling items affecting operating income Restructuring and severance costs $17 $7 - Reconciling items affecting other income (expens
Slide 7: Long Term Debt
Q4 FINANCIALS AND METRICS LONG TERM DEBT as of Dec 31, 2019 Outstanding in millions Comments Interest Debt Long term incl. current portion $499 Revolving Debt - Available through June 5, 2024 LIBOR plus 1.50% up to $750 million Cash coupon 2.25% of principal or $617 million principal amount; $14 mil
Slide 8: Book-to-Bill Detail
Q4 FINANCIALS AND METRICS BOOK-TO-BILL DETAIL Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Book-to-bill Vishay 0.94 0.72 0.69 0.79 0.94 Book-to-bill distribution 0.94 0.55 0.55 0.54 0.90 Book-to-bill OEMs 0.95 0.90 0.86 1.10 0.98 Book-to-bill semiconductors 0.95 0.60 0.56 0.74 0.91 Book-to-bill passive c
Slide 9: Operational Metrics
Q4 FINANCIALS AND METRICS OPERATIONAL METRICS Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Change in ASP vs. prior year total Vishay (3.0) (1.9) (0.6) 0.8 1.4 Change in ASP vs. prior year semis (5.9) (4.3) (1.9) 0.7 1.4 Change in ASP vs. prior year passives (0.2) 0.5 0.6 0.9 1.4 FX effect on revenues vs.
Slide 10: Sharecount for EPS Calculation
Q4 FINANCIALS AND METRICS SHARECOUNT FOR EPS CALCULATION in million Total shares outstanding 145 Related to RSUs etc. <1 Projected Diluted Average Stock Price Shares <$25.00 145 $25.00 - $32.00 146 $33.00 147 $34.00 147 $35.00 148 The table above summarizes the approximate number of shares for dilut
Slide 11: Sales Split Q4 2019
Q4 FINANCIALS AND METRICS SALES SPLIT Q4 2019 13% INDUCTORS 8% INFRARED OPTO 33% AUTOMOTIVE 34% INDUSTRIAL 20% DIODES 24% RESISTORS 3% CONSUMER 5% POWER SUPPLIES 7% COMPUTING 7% MILTARY/AERO 19% MOSFETs 16% CAPACITORS 6% TELECOM 5% MEDICAL 00% BROAD PRODUCT PORTFOLIO PASSIVES PASSIVES % SEMICONDUCT
Slide 12: Cash Repatriation and Related Foreign Tax
Q4 FINANCIALS AND METRICS CASH REPATRIATION AND RELATED FOREIGN TAX As a result of US Tax Reform, initiated plan to repatriate approximately $1.2 billion of cash with foreign withholding and other taxes of approximately $232 million1 Substantially all amounts have been allocated or utilized • Pa
Slide 13: Cash Repatriation - Summary
Q4 FINANCIALS AND METRICS CASH REPATRIATION - SUMMARY Gross amount Foreign withholding in million Net cash to US¹ repatriated¹ & other taxes¹ $1,228 $211 $1,017 YEAR 2018 $881 $157 $724 YEAR 2019 $227 $38 $189 Future date TBD $120 $16 $104 1) All future amounts stated are approximations, subject to
Slide 14: Cost Reduction Programs
Q4 FINANCIALS AND METRICS COST REDUCTION PROGRAMS Announced Q3 2019 a global cost reduction and management rejuvenation programs. Cost savings of $15 million annually in manufacturing fixed costs and SG&A. Fully implemented by December 2020. Cash cost of $25 million. Recorded restructuring c
Slide 15: Vishay Revenues and Gross Margin % Quarterly
Q4 FINANCIALS AND METRICS VISHAY REVENUES AND GROSS MARGIN % QUARTERLY $ in millions excl. Spin-Off Vishay Precision Group in 2010 % 800 45 750 40 700 35 650 30 600 25 550 20 500 15 450 10 400 5 350 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 200
Slide 16: Vishay Revenues and Gross Margin % Yearly
Q4 FINANCIALS AND METRICS VISHAY REVENUES AND GROSS MARGIN % YEARLY $ in millions excl. Spin-Off Vishay Precision Group in 2010 % 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
Slide 17: Vishay Revenues Quarterly by Product Segment
Q4 FINANCIALS AND METRICS VISHAY REVENUES QUARTERLY $ in millions BY PRODUCT SEGMENT $ 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 Q3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 18: Vishay Revenues Yearly by Product Segment
Q4 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
Slide 19: Vishay Gross Margins Quarterly by Product Segment
Q4 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 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Slide 20: Vishay Gross Margins Yearly by Product Segment
Q4 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 IN