Vishay Intertechnology reports Q4 2024 revenues of $714.7 million, with a GAAP loss per share of $0.49.
Quiver AI Summary
Vishay Intertechnology, Inc. announced its fourth quarter and full year results for 2024, reporting revenues of $714.7 million for Q4 and a GAAP loss per share of $0.49. The company saw a positive book-to-bill ratio of 1.01, with strong order intake for smart grid projects and initial shipments for AI servers. For the entire year, Vishay returned $105.1 million to stockholders and reported capital expenditures of $320.1 million. CEO Joel Smejkal noted readiness to capitalize on market upturns driven by trends in e-mobility and sustainability. Looking ahead, the company expects Q1 2025 revenues to be between $710 million and $730 million, despite challenges including lower margins linked to its Newport facility. The results and outlook will be discussed in a conference call scheduled for February 5, 2025.
Potential Positives
- 4Q 2024 book-to-bill ratio of 1.01 indicates a positive demand trend, particularly for passive components at 1.03.
- Return of $26.2 million to stockholders in Q4 2024 indicates the company's commitment to shareholder value.
- Management expressed optimism about being well-positioned for a market upturn in 2025, highlighting strategic priorities under Vishay 3.0.
- Strong order intake for smart grid infrastructure projects and initial shipments for A.I. servers demonstrate the company's alignment with growing market trends.
Potential Negatives
- GAAP loss per share of ($0.49) for Q4 2024, compared to a profit of $0.37 in Q4 2023, indicating a significant decline in profitability.
- Impairment of goodwill totaling $66.5 million for the fourth quarter, which may signal underlying issues with asset valuation or business operations.
- Operating income for Q4 2024 decreased to a loss of $56.7 million, down from a profit of $77.8 million in the prior year, reflecting a drastic deterioration in operational performance.
FAQ
What were Vishay Intertechnology's 4Q 2024 revenue results?
Vishay Intertechnology reported 4Q 2024 revenues of $714.7 million.
How did Vishay perform in terms of GAAP earnings per share?
The GAAP loss per share for 4Q 2024 was ($0.49), with adjusted EPS of $0.00.
What is the book-to-bill ratio for semiconductors and passive components?
The book-to-bill ratio was 0.99 for semiconductors and 1.03 for passive components.
What is the expected revenue range for 1Q 2025?
Management expects revenues in the range of $710 million +/- $20 million for 1Q 2025.
When is the conference call to discuss the financial results?
The conference call is scheduled for February 5, 2025, at 9:00 a.m. ET.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VSH Insider Trading Activity
$VSH insiders have traded $VSH stock on the open market 3 times in the past 6 months. Of those trades, 1 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $VSH stock by insiders over the last 6 months:
- MARC ZANDMAN (ExecChairman & Chief Bus Dev) sold 20,359 shares for an estimated $340,198
- JOHN MALVISI purchased 8,929 shares for an estimated $201,795
- MICHAEL J CODY sold 8,748 shares for an estimated $159,913
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$VSH Hedge Fund Activity
We have seen 149 institutional investors add shares of $VSH stock to their portfolio, and 147 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MOUNTAINEER PARTNERS MANAGEMENT, LLC added 18,810,325 shares (+924.9%) to their portfolio in Q3 2024, for an estimated $355,703,245
- LSV ASSET MANAGEMENT removed 1,755,259 shares (-74.2%) from their portfolio in Q3 2024, for an estimated $33,191,947
- MACQUARIE GROUP LTD removed 1,735,584 shares (-65.4%) from their portfolio in Q3 2024, for an estimated $32,819,893
- VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. added 1,454,292 shares (+inf%) to their portfolio in Q3 2024, for an estimated $27,500,661
- AMERIPRISE FINANCIAL INC removed 1,059,249 shares (-86.1%) from their portfolio in Q3 2024, for an estimated $20,030,398
- WOODLINE PARTNERS LP removed 935,326 shares (-56.8%) from their portfolio in Q3 2024, for an estimated $17,687,014
- JANUS HENDERSON GROUP PLC removed 809,335 shares (-93.5%) from their portfolio in Q3 2024, for an estimated $15,304,524
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MALVERN, Pa., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal fourth quarter and year ended December 31, 2024.
Highlights
- 4Q 2024 revenues of $714.7 million
- 4Q 2024 GAAP loss per share of ($0.49); adjusted EPS of $0.00
- 4Q 2024 book-to-bill of 1.01, with book-to-bill of 0.99 for semiconductors and 1.03 for passive components
- Backlog at quarter end was 4.4 months
- Returned a total of $26.2 million to stockholders in Q4 2024; $105.1 million for the year
- FY 2024 capex of $320.1 million
“Our fourth quarter results came in as expected, slightly below the third quarter. Nevertheless, we saw many promising indicators including a positive book-to-bill for the first time in nine quarters, strong order intake for smart grid infrastructure projects, and initial shipments for A.I. servers,” said Joel Smejkal, President and CEO. “For 2025, we are well positioned to support a market upturn as capacity, print position, and customer engagements have been key priorities under Vishay 3.0. All of our strategic levers are in play as we continue to execute our five-year plan to position Vishay to take advantage of the megatrends of e-mobility and sustainability.”
1Q 2025 Outlook
For the first quarter of 2025, management expects revenues in the range of $710 million +/- $20 million and a gross profit margin in the range of 19.0% +/- 50 basis points, including the negative impact of approximately of 175-200 basis points related to Newport.
Conference Call
A conference call to discuss Vishay’s fourth quarter financial results is scheduled for Wednesday, February 5, 2025 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at
https://register.vevent.com/register/BI8ebcbdf5aaea4c50833bdc15cc86f02a
. Upon registering, you will be emailed a dial-in number, and unique PIN.
A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at
http://ir.vishay.com
.
There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days.
About Vishay
Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is
The DNA of tech®.
Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at
www.Vishay.com
.
This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings; adjusted earnings per share; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.
Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, capital investment, capacity expansion, market trends, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as "intend," "suggest," "guide," "will," "expect," or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand (including due to political, economic, and health instability and military conflicts and hostilities); delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; that the Newport wafer fab will not be integrated successfully into the Company’s overall business; that the expected benefits of the acquisition may not be realized; that the fab’s standards, procedures and controls will not be brought into conformance within the Company’s operation; difficulties in transitioning and retaining fab employees following the acquisition; difficulties in consolidating facilities and transferring processes and know-how; the diversion of our management’s attention from the management of our current business; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The DNA of tech ™ is a trademark of Vishay Intertechnology.
Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Executive Vice President, Corporate Development
+1-610-644-1300
VISHAY INTERTECHNOLOGY, INC. | |||||||
Summary of Operations | |||||||
(In thousands, except per share amounts) | |||||||
Years ended | |||||||
December 31, 2024 | December 31, 2023 | ||||||
(unaudited) | |||||||
Net revenues | $ | 2,937,587 | $ | 3,402,045 | |||
Costs of products sold | 2,311,295 | 2,427,552 | |||||
Gross profit | 626,292 | 974,493 | |||||
Gross margin | 21.3% | 28.6% | |||||
Selling, general, and administrative expenses | 513,564 | 488,349 | |||||
Restructuring and severance costs | 40,614 | - | |||||
Impairment of goodwill | 66,487 | - | |||||
Operating income | 5,627 | 486,144 | |||||
Operating margin | 0.2% | 14.3% | |||||
Other income (expense): | |||||||
Interest expense | (27,480 | ) | (25,131 | ) | |||
Loss on early extinguishment of debt | - | (18,874 | ) | ||||
Other | 19,464 | 25,263 | |||||
Total other income (expense) - net | (8,016 | ) | (18,742 | ) | |||
Income (loss) before taxes | (2,389 | ) | 467,402 | ||||
Income tax expense | 27,366 | 141,889 | |||||
Net earnings (loss) | (29,755 | ) | 325,513 | ||||
Less: net earnings attributable to noncontrolling interests | 1,395 | 1,693 | |||||
Net earnings (loss) attributable to Vishay stockholders | $ | (31,150 | ) | $ | 323,820 | ||
Basic earnings (loss) per share attributable to Vishay stockholders | $ | (0.23 | ) | $ | 2.32 | ||
Diluted earnings (loss) per share attributable to Vishay stockholders | $ | (0.23 | ) | $ | 2.31 | ||
Weighted average shares outstanding - basic | 136,964 | 139,447 | |||||
Weighted average shares outstanding - diluted | 136,964 | 140,246 | |||||
Cash dividends per share | $ | 0.40 | $ | 0.40 | |||
VISHAY INTERTECHNOLOGY, INC. | |||||||||||
Summary of Operations | |||||||||||
(Unaudited - In thousands, except per share amounts) | |||||||||||
Fiscal quarters ended | |||||||||||
December 31, 2024 | September 28, 2024 | December 31, 2023 | |||||||||
Net revenues | $ | 714,716 | $ | 735,353 | $ | 785,236 | |||||
Costs of products sold | 572,584 | 584,470 | 584,572 | ||||||||
Gross profit | 142,132 | 150,883 | 200,664 | ||||||||
Gross margin | 19.9% | 20.5% | 25.6% | ||||||||
Selling, general, and administrative expenses | 132,330 | 128,545 | 122,834 | ||||||||
Restructuring and severance costs | - | 40,614 | - | ||||||||
Impairment of goodwill | 66,487 | - | - | ||||||||
Operating income (loss) | (56,685 | ) | (18,276 | ) | 77,830 | ||||||
Operating margin | -7.9% | -2.5% | 9.9% | ||||||||
Other income (expense): | |||||||||||
Interest expense | (7,731 | ) | (6,596 | ) | (6,454 | ) | |||||
Other | 5,563 | 803 | 9,268 | ||||||||
Total other income (expense) - net | (2,168 | ) | (5,793 | ) | 2,814 | ||||||
Income (loss) before taxes | (58,853 | ) | (24,069 | ) | 80,644 | ||||||
Income tax expense (benefit) | 7,232 | (5,076 | ) | 28,690 | |||||||
Net earnings (loss) | (66,085 | ) | (18,993 | ) | 51,954 | ||||||
Less: net earnings attributable to noncontrolling interests | 223 | 306 | 482 | ||||||||
Net earnings (loss) attributable to Vishay stockholders | $ | (66,308 | ) | $ | (19,299 | ) | $ | 51,472 | |||
Basic earnings (loss) per share attributable to Vishay stockholders | $ | (0.49 | ) | $ | (0.14 | ) | $ | 0.37 | |||
Diluted earnings (loss) per share attributable to Vishay stockholders | $ | (0.49 | ) | $ | (0.14 | ) | $ | 0.37 | |||
Weighted average shares outstanding - basic | 136,050 | 136,793 | 138,318 | ||||||||
Weighted average shares outstanding - diluted | 136,050 | 136,793 | 139,266 | ||||||||
Cash dividends per share | $ | 0.10 | $ | 0.10 | $ | 0.10 | |||||
VISHAY INTERTECHNOLOGY, INC. | |||||||
Consolidated Condensed Balance Sheets | |||||||
(In thousands) | |||||||
December 31, 2024 | December 31, 2023 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 590,286 | $ | 972,719 | |||
Short-term investments | 16,130 | 35,808 | |||||
Accounts receivable, net | 401,901 | 426,674 | |||||
Inventories: | |||||||
Finished goods | 175,176 | 167,083 | |||||
Work in process | 296,393 | 267,339 | |||||
Raw materials | 217,812 | 213,098 | |||||
Total inventories | 689,381 | 647,520 | |||||
Prepaid expenses and other current assets | 217,809 | 214,443 | |||||
Total current assets | 1,915,507 | 2,297,164 | |||||
Property and equipment, at cost: | |||||||
Land | 84,124 | 77,006 | |||||
Buildings and improvements | 766,058 | 719,387 | |||||
Machinery and equipment | 3,259,213 | 3,053,868 | |||||
Construction in progress | 367,564 | 290,593 | |||||
Allowance for depreciation | (2,931,221 | ) | (2,846,208 | ) | |||
1,545,738 | 1,294,646 | ||||||
Right of use assets | 117,953 | 126,829 | |||||
Deferred income taxes | 159,769 | 137,394 | |||||
Goodwill | 179,005 | 201,416 | |||||
Other intangible assets, net | 87,223 | 72,333 | |||||
Other assets | 105,501 | 110,141 | |||||
Total assets | $ | 4,110,696 | $ | 4,239,923 | |||
VISHAY INTERTECHNOLOGY, INC. | |||||||
Consolidated Condensed Balance Sheets (continued) | |||||||
(In thousands) | |||||||
December 31, 2024 | December 31, 2023 | ||||||
(Unaudited) | |||||||
Liabilities and equity | |||||||
Current liabilities: | |||||||
Trade accounts payable | $ | 216,313 | $ | 191,002 | |||
Payroll and related expenses | 137,101 | 161,940 | |||||
Lease liabilities | 25,901 | 26,485 | |||||
Other accrued expenses | 264,471 | 239,350 | |||||
Income taxes | 64,562 | 73,098 | |||||
Total current liabilities | 708,348 | 691,875 | |||||
Long-term debt less current portion | 905,019 | 818,188 | |||||
U.S. transition tax payable | - | 47,027 | |||||
Deferred income taxes | 96,363 | 95,776 | |||||
Long-term lease liabilities | 94,218 | 102,830 | |||||
Other liabilities | 104,086 | 87,918 | |||||
Accrued pension and other postretirement costs | 173,700 | 195,503 | |||||
Total liabilities | 2,081,734 | 2,039,117 | |||||
Equity: | |||||||
Vishay stockholders' equity | |||||||
Common stock | 13,361 | 13,319 | |||||
Class B convertible common stock | 1,210 | 1,210 | |||||
Capital in excess of par value | 1,306,245 | 1,291,499 | |||||
Retained earnings | 955,500 | 1,041,372 | |||||
Treasury stock (at cost) | (212,062 | ) | (161,656 | ) | |||
Accumulated other comprehensive income (loss) | (35,292 | ) | 10,337 | ||||
Total Vishay stockholders' equity | 2,028,962 | 2,196,081 | |||||
Noncontrolling interests | - | 4,725 | |||||
Total equity | 2,028,962 | 2,200,806 | |||||
Total liabilities and equity | $ | 4,110,696 | $ | 4,239,923 | |||
VISHAY INTERTECHNOLOGY, INC. | |||||||
Consolidated Condensed Statements of Cash Flows | |||||||
(In thousands) | |||||||
Years ended | |||||||
December 31, 2024 | December 31, 2023 | ||||||
(unaudited) | |||||||
Operating activities | |||||||
Net earnings (loss) | $ | (29,755 | ) | $ | 325,513 | ||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 210,645 | 184,373 | |||||
Gain on disposal of property and equipment | (1,969 | ) | (554 | ) | |||
Inventory write-offs for obsolescence | 37,245 | 37,426 | |||||
Impairment of goodwill | 66,487 | - | |||||
Pensions and other postretirement benefits, net of contributions | (6,036 | ) | (9,559 | ) | |||
Stock compensation expense | 20,921 | 16,532 | |||||
Loss on early extinguishment of debt | - | 18,874 | |||||
Deferred income taxes | (23,514 | ) | 36,783 | ||||
Other | 20,416 | 9,442 | |||||
Change in U.S. transition tax liability | (37,622 | ) | (27,670 | ) | |||
Change in repatriation tax liability | (15,000 | ) | (63,600 | ) | |||
Changes in operating assets and liabilities | (68,116 | ) | (161,857 | ) | |||
Net cash provided by operating activities | 173,702 | 365,703 | |||||
Investing activities | |||||||
Capital expenditures | (320,079 | ) | (329,410 | ) | |||
Proceeds from sale of property and equipment | 3,015 | 1,156 | |||||
Purchase of and deposits for businesses, net of cash acquired | (216,024 | ) | (13,753 | ) | |||
Purchase of short-term investments | (145,327 | ) | (117,523 | ) | |||
Maturity of short-term investments | 164,983 | 387,898 | |||||
Other investing activities | 970 | (1,219 | ) | ||||
Net cash used in investing activities | (512,462 | ) | (72,851 | ) | |||
Financing activities | |||||||
Proceeds from long-term borrowings | - | 750,000 | |||||
Repurchase of convertible senior notes due 2025 | (52,960 | ) | (386,745 | ) | |||
Net proceeds (payments) on revolving credit facility | 136,000 | (42,000 | ) | ||||
Debt issuance and amendment costs | (1,062 | ) | (26,823 | ) | |||
Cash paid for capped call | - | (94,200 | ) | ||||
Dividends paid to common stockholders | (49,833 | ) | (50,787 | ) | |||
Dividends paid to Class B common stockholders | (4,839 | ) | (4,839 | ) | |||
Repurchase of common stock held in treasury | (50,406 | ) | (78,684 | ) | |||
Distributions to noncontrolling interests | (2,500 | ) | (867 | ) | |||
Acquisition of noncontrolling interests | (5,500 | ) | - | ||||
Cash withholding taxes paid when shares withheld for vested equity awards | (4,303 | ) | (3,994 | ) | |||
Net cash provided by (used in) financing activities | (35,403 | ) | 61,061 | ||||
Effect of exchange rate changes on cash and cash equivalents | (8,270 | ) | 7,981 | ||||
Net increase (decrease) in cash and cash equivalents | (382,433 | ) | 361,894 | ||||
Cash and cash equivalents at beginning of period | 972,719 | 610,825 | |||||
Cash and cash equivalents at end of period | $ | 590,286 | $ | 972,719 | |||
VISHAY INTERTECHNOLOGY, INC. | ||||||||||||||||||
Reconciliation of Adjusted Earnings Per Share | ||||||||||||||||||
(Unaudited - In thousands, except per share amounts) | ||||||||||||||||||
Fiscal quarters ended | Years ended | |||||||||||||||||
December 31, 2024 | September 28, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||
GAAP net earnings (loss) attributable to Vishay stockholders | $ | (66,308 | ) | $ | (19,299 | ) | $ | 51,472 | $ | (31,150 | ) | $ | 323,820 | |||||
Reconciling items affecting operating income: | ||||||||||||||||||
Impairment of goodwill | $ | 66,487 | $ | - | $ | - | $ | 66,487 | $ | - | ||||||||
Restructuring and severance costs | - | 40,614 | - | 40,614 | - | |||||||||||||
Reconciling items affecting other income (expense): | ||||||||||||||||||
Loss on early extinguishment of debt | $ | - | $ | - | $ | - | $ | - | $ | 18,874 | ||||||||
Reconciling items affecting tax expense (benefit): | ||||||||||||||||||
Tax effects of pre-tax items above | $ | - | $ | (10,299 | ) | $ | - | $ | (10,299 | ) | $ | (498 | ) | |||||
Adjusted net earnings | $ | 179 | $ | 11,016 | $ | 51,472 | $ | 65,652 | $ | 342,196 | ||||||||
Adjusted weighted average diluted shares outstanding | 136,883 | 137,558 | 139,266 | 137,741 | 140,246 | |||||||||||||
Adjusted earnings per diluted share | $ | 0.00 | $ | 0.08 | $ | 0.37 | $ | 0.48 | $ | 2.44 | ||||||||
VISHAY INTERTECHNOLOGY, INC. | |||||||||||||||||||
Reconciliation of Free Cash | |||||||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Fiscal quarters ended | Years ended | ||||||||||||||||||
December 31, 2024 | September 28, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
Net cash provided by operating activities | $ | 67,656 | $ | 50,565 | 6,268 | $ | 173,702 | $ | 365,703 | ||||||||||
Proceeds from sale of property and equipment | 1,618 | 132 | 122 | 3,015 | 1,156 | ||||||||||||||
Less: Capital expenditures | (144,904 | ) | (59,527 | ) | (145,331 | ) | (320,079 | ) | (329,410 | ) | |||||||||
Free cash | $ | (75,630 | ) | $ | (8,830 | ) | $ | (138,941 | ) | $ | (143,362 | ) | $ | 37,449 | |||||
VISHAY INTERTECHNOLOGY, INC. | |||||||||||||||||||
Reconciliation of EBITDA and Adjusted EBITDA | |||||||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Fiscal quarters ended | Years ended | ||||||||||||||||||
December 31, 2024 | September 28, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
GAAP net earnings (loss) attributable to Vishay stockholders | $ | (66,308 | ) | $ | (19,299 | ) | $ | 51,472 | $ | (31,150 | ) | $ | 323,820 | ||||||
Net earnings attributable to noncontrolling interests | 223 | 306 | 482 | 1,395 | 1,693 | ||||||||||||||
Net earnings (loss) | $ | (66,085 | ) | $ | (18,993 | ) | $ | 51,954 | $ | (29,755 | ) | $ | 325,513 | ||||||
Interest expense | $ | 7,731 | $ | 6,596 | $ | 6,454 | $ | 27,480 | $ | 25,131 | |||||||||
Interest income | (4,533 | ) | (5,230 | ) | (9,934 | ) | (25,479 | ) | (31,353 | ) | |||||||||
Income taxes | 7,232 | (5,076 | ) | 28,690 | 27,366 | 141,889 | |||||||||||||
Depreciation and amortization | 55,373 | 53,595 | 50,463 | 210,645 | 184,373 | ||||||||||||||
EBITDA | $ | (282 | ) | $ | 30,892 | $ | 127,627 | $ | 210,257 | $ | 645,553 | ||||||||
Reconciling items | |||||||||||||||||||
Impairment of goodwill | $ | 66,487 | $ | - | $ | - | $ | 66,487 | $ | - | |||||||||
Restructuring and severance costs | - | 40,614 | - | 40,614 | - | ||||||||||||||
Loss on early extinguishment of debt | - | - | - | - | 18,874 | ||||||||||||||
Adjusted EBITDA | $ | 66,205 | $ | 71,506 | $ | 127,627 | $ | 317,358 | $ | 664,427 | |||||||||
Adjusted EBITDA margin** | 9.3% | 9.7% | 16.3% | 10.8% | 19.5% | ||||||||||||||
** Adjusted EBITDA as a percentage of net revenues |