Slide 1: 1Q 2024 Earnings Conference Call
1Q 2024 Earnings Conference Call May 8, 2024 © 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: Revenue Mix – By End Market, Sales Channel, & Region
Revenue Mix – By End Market, Sales Channel, & Region End Market Sales Channel Region 100% 5% 5% 5% 7% 6% 7% 11% 9% 7% 26% 25% 27% 80% 12% 15% 18% 42% 43% 39% 60% 38% 39% 37% 33% 38% 36% 40% 51% 51% 54% 20% 33% 34% 37% 36% 37% 38% 0% 1Q24 4Q23 1Q23 1Q24 4Q23 1Q23 1Q24 4Q23 1Q23 Industrial Automotive
Slide 4: 1Q 2024 Highlights
1Q 2024 Highlights • 1Q 2024 revenues of $746.3 million Total Revenues ($M) 950 • Gross margin was 22.8% and included the 900 871 negative impact of 74 basis points related to 850 800 785.2 the addition of Newport 746.3 750 • EPS of $0.22 700 • 1Q 2024 book-to-bill of 0.82 with book-to- 650 600 bill
Slide 5: 1Q 2024 Income Statement Highlights
1Q 2024 Income Statement Highlights Net Earnings • Gross margin of 22.8%, including 1Q 2024 vs 4Q 2023 74 basis point impact of Newport $M $M 60 60 • SG&A expenses of $127.7 million 50 51 50 • Operating margin of 5.7% 40 16 31 40 30 (18) 30 1 • EBITDA margin of 12.2% 20 20 (13) (5) 10 (1) 10 • Effec
Slide 6: Segment Results ($/M)
Segment Results ($/M) MOSFETs Diodes Opto Gross Book to Gross Book to Gross Book to Revenues Revenues Revenues Margin Bill Margin Bill Margin Bill 1Q 2024 $153.2 16.6% 0.68 1Q 2024 $149.1 21.7% 0.72 1Q 2024 $49.2 14.2% 0.89 4Q 2023 $168.2 27.3% 0.62 4Q 2023 $163.3 24.1% 0.61 4Q 2023 $53.9 12.1% 0.59
Slide 7: Cash Conversion Cycle
Cash Conversion Cycle DSO DIO 55 105 50 100 45 40 95 35 90 30 25 85 1Q24 4Q23 1Q23 1Q24 4Q23 1Q23 DPO Cash Conversion Cycle 34 130 32 120 30 110 100 28 90 26 80 24 70 22 60 20 50 1Q24 4Q23 1Q23 1Q24 4Q23 1Q23 © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 7
Slide 8: Cash Flow Generation
Cash Flow Generation Cash Flow from Operations ($/M) Capex ($/M) 160 700 160 400 140 600 140 120 500 120 300 100 400 100 80 200 300 80 60 200 60 100 40 40 100 20 20 0 0 0 TTM TTM 0 TTM TTM 1Q24 4Q23 3Q23 2Q23 1Q23 2024 2023 1Q24 4Q23 3Q23 2Q23 1Q23 2024 2023 Free Cash Flow ($/M) Stockholder Returns
Slide 9: Guidance 2Q 2024
Guidance 2Q 2024 2Q 2024 FY 2024 Total Revenue $750 million +/- $20 million N/A Gross Margin 21.7% +/- 50 basis points N/A Newport N/A (incl. in guidance above) ~$13-16 million Revenue Contribution ~160 basis points Gross Margin Negative Impact SG&A $130 million plus/minus $2 million $527 million pl
Slide 10: Strategic Growth Levers
Strategic Growth Levers Served Market Internal Capacity Enhanced Channel Expansion Management External Capacity Broaden Innovation Expansion Optimizing Global our Portfolio Vishay Solutions Manufacturing Footprint Increased Technical M&A Headcount © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.
Slide 11: 2024: Investing in Capacity Readiness and Advancing Innovation Initiatives
2024: Investing in Capacity Readiness and Advancing Innovation Initiatives Internal Capacity Expansion External Capacity Expansion • La Laguna • Key Foundry • Juarez • Subcontractors • Taipei • Turin • Newport Silicon Carbide Strategy • Product development • Manufacturing scaling © VISHAY INTERTECHN
Slide 12: Financial Goals 2028
Financial Goals 2028 T O TA L R E V E N U E GROSS M ARGI N O P E R AT I N G M A R G I N 2023 2023 2023 $3.4B 28.6% 14.3% CAGR 9-11% 31–33% 19–21% ADJ. EBI TDA M ARGI N 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% © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESER
Slide 13: Appendix
APPENDIX © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED..
Slide 14: Product Type 2023
Product Type 2023 100% Hundreds 16% 23% 30% 80% 30% 17% 42% 60% 40% 53% 48% 20% 42% 0% Vishay Total Passives Semiconductors Certified Commodity Custom Commodity products: completely interchangeable with competitors’ products Certified products: small number of competitors with similar products (qual
Slide 15: Trusted by…
Trusted by… OEM EMS DISTRIBUTION © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 15
Slide 16: Broadest Line of Discrete Semiconductors and Passive Components
Broadest Line of Discrete Semiconductors and Passive Components DISCRETE SEMICONDUCTORS PASSIVE COM PONENTS LOWEST VOLT AGE DIODE HIGHEST ENERGY CAPACIT OR In power applications, we can populate ~80% of our customers’ Bill of Material © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 16
Slide 17: Vishay's Position Compared to Peers
Vishay’s Position Compared to Peers INDUCTORS Source: Company estimates = Major Position = Minor Position © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 17
Slide 18: P&L
P&L In millions, except per share amounts 1Q 2024 4Q 2023 1Q 2023 Net revenues $746.3 $785.2 $871.0 Cost of products sold 575.9 584.6 592.3 Gross profit 170.4 200.7 278.7 Gross margin 22.8% 25.6% 32.0% SG&A 127.7 122.8 120.1 Operating income 42.7 77.8 158.6 Operating margin 5.7% 9.9% 18.2% Other inc
Slide 19: Reconciliation of Free Cash
Reconciliation of Free Cash In millions 1Q 2024 4Q 2023 1Q 2023 Net cash provided by operating activities $80.2 $6.3 $129.9 Proceeds from sale of property and equipment 0.8 0.1 0.3 Less: Capital expenditures (53.1) (145.3) (45.6) Free cash $27.9 $(138.9) $84.6 © VISHAY INTERTECHNOLOGY, INC. ALL RIGH
Slide 20: Reconciliation of EBITDA
Reconciliation of EBITDA In millions 1Q 2024 4Q 2023 1Q 2023 GAAP net earnings attributable to Vishay stockholders $30.9 $51.5 $111.8 Net earnings attributable to noncontrolling interests 0.5 0.5 0.4 Net earnings $31.4 $52.0 $112.2 Interest expense $6.5 $6.5 $5.1 Interest income (9.1) (9.9) (5.9) In
Slide 21: Net Earnings – 1Q 2024 vs 1Q 2023
Net Earnings – 1Q 2024 vs 1Q 2023 $M 112 $M 120 120 100 100 80 80 (27) 60 60 40 40 32 31 20 (58) 20 3 0 0 (23) (8) (20) (20) © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 21
Slide 22: Vishay – The DNA of tech®
Vishay – The DNA of tech® © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED..