Slide 1: Financials and Metrics Q3 2019
FINANCIALS AND METRICS Q3 2019 © 2019 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 Q3 2019
Q3 FINANCIALS AND METRICS HIGHLIGHTS Q3 2019 Revenues Q3: $628.3 million. Gross margin Q3: 23.9%. Operating margin Q3: 8.1%; adjusted operating margin: 9.3%. EPS Q3: $0.21; adjusted EPS: $0.26. Free Cash¹ TTM Q3 of $205 million. Guidance Q4: Revenues $580 to $620 million and gross margin
Slide 4: Quarterly Financial Results
Q3 FINANCIALS AND METRICS QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q3 2019 Q2 2019 Q3 2018 Net revenues $628 $685 $781 Gross profit $150 $175 $236 23.9% 25.5% 30.3% Operating income (loss) $51 $79 $138 8.1% 11.6% 17.7% Net earnings (loss) attributable to Vishay stockholders
Slide 5: Adjusted Quarterly Financial Results
Q3 FINANCIALS AND METRICS ADJUSTED QUARTERLY FINANCIAL RESULTS in millions, except per share amounts Q3 2019 Q2 2019 Q3 2018 Net revenues $628 $685 $781 Gross profit $150 $175 $236 23.9% 25.5% 30.3% Operating income (loss) $58 $79 $138 9.3% 11.6% 17.7% Net earnings (loss) attributable to Vishay stoc
Slide 6: Reconciliation of GAAP to Adjusted
Q3 FINANCIALS AND METRICS RECONCILIATION OF GAAP TO ADJUSTED in millions Q3 2019 Q2 2019 Q3 2018 GAAP NET EARNINGS $30 $44 $78 attributable to Vishay stockholders Reconciling items affecting operating income Restructuring and severance costs $7 - - Reconciling items affecting tax expense (benefit) E
Slide 7: Long Term Debt
Q3 FINANCIALS AND METRICS LONG TERM DEBT as of Sep 28, 2019 Outstanding in millions Comments Interest Debt Long term incl. current portion $496 Revolving Debt - Available through June 5, 2024 LIBOR plus 1.50% up to $750 million Cash coupon 2.25% of principal or $621 million principal amount; $14 mil
Slide 8: Book-to-Bill Detail
Q3 FINANCIALS AND METRICS BOOK-TO-BILL DETAIL Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Book-to-bill Vishay 0.72 0.69 0.79 0.94 0.95 Book-to-bill distribution 0.55 0.55 0.54 0.90 0.80 Book-to-bill OEMs 0.90 0.86 1.10 0.98 1.15 Book-to-bill semiconductors 0.60 0.56 0.74 0.91 0.87 Book-to-bill passive c
Slide 9: Operational Metrics
Q3 FINANCIALS AND METRICS OPERATIONAL METRICS Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Change in ASP vs. prior year total Vishay (1.9) (0.6) 0.8 1.4 0.5 Change in ASP vs. prior year semis (4.3) (1.9) 0.7 1.4 0.7 Change in ASP vs. prior year passives 0.5 0.6 0.9 1.4 0.2 FX effect on revenues vs. previ
Slide 10: Sharecount for EPS Calculation
Q3 FINANCIALS AND METRICS SHARECOUNT FOR EPS CALCULATION in million Total shares outstanding 145 Related to RSUs etc. <1 Projected Diluted Average Stock Price Shares <$26.00 145 $26.00 - $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 Q3 2019
Q3 FINANCIALS AND METRICS SALES SPLIT Q3 2019 34% AUTOMOTIVE 33% INDUSTRIAL 4% CONSUMER 5% POWER SUPPLIES 7% COMPUTING 7% MILITARY/AERO 5% MEDICAL 5% TELECOM END MARKETS 37% ASIA 51% DISTRIBUTION 42% OEM 26% AMERICAS 7% EMS 37% EUROPE GEOGRAPHY SALES CHANNELS 11 © 2019 VISHAY INTERTECHNOLOGY, INC. A
Slide 12: Cash Repatriation and Related Foreign Tax
Q3 FINANCIALS AND METRICS CASH REPATRIATION AND RELATED FOREIGN TAX As a result of US Tax Reform, initiated Vishay 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 utiliz
Slide 13: Cash Repatriation - Summary
Q3 FINANCIALS AND METRICS CASH REPATRIATION - SUMMARY Foreign Gross amount in million withholding & Net cash to US¹ repatriated¹ other taxes¹ $1,231 $220 $1,011 Q3 2019 $133 $18 $115 Q2 2019 $94 $20 $74 YEAR 2018 $881 $157 $724 Future date TBD $123 $25 $98 1) All future amounts stated are approximat
Slide 14: Cost Reduction Programs
Q3 FINANCIALS AND METRICS COST REDUCTION PROGRAMS Announced in July global cost reduction and management rejuvenation programs. Cost savings of $15 million annually in manufacturing fixed costs and SG&A. Fully implemented by end of 2020. No substantial savings expected for 2019. Cash cost of
Slide 15: Vishay Revenues and Gross Margin % Quarterly
Q3 FINANCIALS AND METRICS VISHAY REVENUES AND GROSS MARGIN % QUARTERLY excl. Spin-Off Vishay Precision Group in 2010 © 2019 VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 15
Slide 16: Vishay Revenues Quarterly by Product Segment
Q3 FINANCIALS AND METRICS VISHAY REVENUES QUARTERLY BY PRODUCT SEGMENT © 2018 VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 16
Slide 17: Vishay Revenues Yearly by Product Segment
Q3 FINANCIALS AND METRICS VISHAY REVENUES YEARLY BY PRODUCT SEGMENT © 2019 VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 17
Slide 18: Vishay Gross Margins Quarterly by Product Segment
Q3 FINANCIALS AND METRICS VISHAY GROSS MARGINS QUARTERLY BY PRODUCT SEGMENT © 2019 VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 18
Slide 19: Vishay Gross Margins Yearly by Product Segment
Q3 FINANCIALS AND METRICS VISHAY GROSS MARGINS YEARLY BY PRODUCT SEGMENT © 2019 VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 19