34 unchanged sentences
We excluded indirect financial changes such as general macroeconomic effects and higher shipping costs due to reduced shipping capacity from the COVID-19 amounts reported.
−Removed: We believe the economic impact of the COVID-19 pandemic on Vishay will be temporary.
−Removed: We have significant liquidity to withstand the temporary disruptions in the economic environment.
−Removed: However, we continue to closely monitor our fixed costs, capital expenditure plans, inventory, and capital resources to respond to changing conditions and to ensure we have the management, business processes, and resources to meet our future needs.
+Added: While the COVID-19 pandemic continues to have a global impact, the economic impact of the COVID-19 pandemic on Vishay was temporary as evidenced by record revenues in the second fiscal quarter of 2021.
+Added: In this volatile economic environment, we continue to closely monitor our fixed costs, capital expenditure plans, inventory, and capital resources to respond to changing conditions and to ensure we have the management, business processes, and resources to meet our future needs.
We will react quickly and professionally to changes in demand to minimize manufacturing inefficiencies and excess inventory build in periods of decline and maximize opportunities in periods of growth.
+Added: We have significant liquidity to withstand temporary disruptions in the economic environment.
The global cost reduction and management rejuvenation programs that we began as part of our continuous efforts to improve efficiency and operating performance in 2019 have been fully implemented.
2 unchanged sentences
The COVID-19 pandemic impacted almost all key financial metrics in 2020.
−Removed: We experienced a broad recovery in orders and sales beginning in the third fiscal quarter of 2020 that continued to accelerate in the first fiscal quarter.
−Removed: The increases in orders and sales positively impacted almost all key financial metrics.
−Removed: Net revenues for the fiscal quarter ended April 3, 2021 were $764.6 million, compared to $667.2 million and $612.8 million for the fiscal quarters ended December 31, 2020 and April 4, 2020, respectively.
−Removed: The net earnings attributable to Vishay stockholders for the fiscal quarter ended April 3, 2021 were $71.4 million, or $0.49 per diluted share, compared to $37.6 million, or $0.26 per diluted share for the fiscal quarter ended December 31, 2020, and $27.2 million, or $0.19 per diluted share for the fiscal quarter ended April 4, 2020.
+Added: We experienced a broad recovery in orders and sales beginning in the third fiscal quarter of 2020 that continued in the second fiscal quarter of 2021.
+Added: Our continued increase of manufacturing capacities and continued high order levels and backlogs increased sales and positively impacted almost all key financial metrics.
+Added: Net revenues for the fiscal quarter ended July 3, 2021 were $819.1 million, compared to $764.6 million and $581.7 million for the fiscal quarters ended April 3, 2021 and July 4, 2020, respectively.
+Added: The net earnings attributable to Vishay stockholders for the fiscal quarter ended July 3, 2021 were $93.2 million, or $0.64 per diluted share, compared to $71.4 million, or $0.49 per diluted share for the fiscal quarter ended April 3, 2021, and $24.7 million, or $0.17 per diluted share for the fiscal quarter ended July 4, 2020.
+Added: Net revenues for the six fiscal months ended July 3, 2021 were $1,583.8 million, compared to $1,194.6 million for the six fiscal months ended July 4, 2020.
+Added: The net earnings attributable to Vishay stockholders for the six fiscal months ended July 3, 2021 were $164.6 million, or $1.13 per diluted share, compared to $51.9 million, or $0.36 per diluted share for the six fiscal months ended July 4, 2020.
We define adjusted net earnings as net earnings determined in accordance with GAAP adjusted for various items that management believes are not indicative of the intrinsic operating performance of our business.
6 unchanged sentences
Management believes that free cash is a meaningful measure of our ability to fund acquisitions, repay debt, and otherwise enhance stockholder value through stock repurchases or dividends.
−Removed: Net earnings attributable to Vishay stockholders for the fiscal quarters ended April 3, 2021, December 31, 2020, and April 4, 2020 include items affecting comparability.
The items affecting comparability are ( in thousands, except per share amounts ):
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
3 unchanged sentences
Other reconciling items affecting operating income:
+Added: Restructuring and severance costs
Impact of COVID-19 pandemic
2 unchanged sentences
Reconciling items affecting tax expense:
−Removed: Change in tax regulation
+Added: Changes in tax regulation
+Added: Effects of cash repatriation program
Change in deferred taxes due to early extinguishment of debt
−Removed: Effects of changes in uncertain tax positions
Tax effects of pre-tax items above
4 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
2 unchanged sentences
Capital expenditures
−Removed: Our results for the fiscal quarters ended April 3, 2021 and December 31, 2020 represent the continuation of the sharp and broad recovery that we began to experience in the third fiscal quarter of 2020.
−Removed: Our results for the fiscal quarter ended April 4, 2020 represent the beginning of an expected recovery from the normalization of demand experienced in 2019, which was negatively impacted by the beginning of the COVID-19 pandemic.
+Added: Our results for the fiscal quarters ended July 3, 2021 and April 3, 2021 represent the continuation of the sharp and broad recovery that we began to experience in the third fiscal quarter of 2020.
+Added: Our results for the fiscal quarter ended July 4, 2020 were severely negatively impacted by the COVID-19 pandemic.
Our percentage of euro-based sales approximates our percentage of euro-based expenses so the foreign currency impact on revenues was substantially offset by the impact on expenses.
Our pre-tax results were consistent with expectations based on our business model.
+Added: Our free cash results were significantly impacted by the installment payment of the U.S.
+Added: transition tax of $14.8 million in the second fiscal quarter of 2021 and the payment of cash taxes related to the cash repatriated to the U.S.
+Added: in the second fiscal quarter of 2020 of $16.3 million pursuant to the cash repatriation program that we initiated in 2017 in response to the U.S.
+Added: Tax Cuts and Jobs Act ("TCJA") enacted in the United States .
Financial Metrics
28 unchanged sentences
The quarter-to-quarter trends in these financial metrics can also be an important indicator of the likely direction of our business.
−Removed: The following table shows net revenues, gross profit margin, operating margin, end-of-period backlog, book-to-bill ratio, inventory turnover, and changes in ASP for our business as a whole during the five fiscal quarters beginning with the first fiscal quarter of 2020 through the first fiscal quarter of 2021 (dollars in thousands) :
−Removed: 1st Quarter 2020
+Added: The following table shows net revenues, gross profit margin, operating margin, end-of-period backlog, book-to-bill ratio, inventory turnover, and changes in ASP for our business as a whole during the five fiscal quarters beginning with the second fiscal quarter of 2020 through the second fiscal quarter of 2021 (dollars in thousands) :
2nd Quarter 2020
2 unchanged sentences
1st Quarter 2021
+Added: 2nd Quarter 2021
Gross profit margin (1)
6 unchanged sentences
_________________________________________
−Removed: (1) Gross margin for the first, second, third, and fourth fiscal quarters of 2020 includes $3.1 million, $0.9 million, $0.2 million, and $0.3 million, respectively, of expenses directly related to the COVID-19 pandemic.
+Added: (1) Gross margin for the second, third, and fourth fiscal quarters of 2020 includes $0.9 million, $0.2 million, and $0.3 million, respectively, of expenses directly related to the COVID-19 pandemic.
(2) Operating margin for the second fiscal quarter of 2020 includes $0.7 million of restructuring and severance expenses (see Note 3 to our consolidated condensed financial statements).
−Removed: Operating margin for the first, second, third, and fourth fiscal quarters of 2020 also includes in total $3.4 million, $0.2 million, $(0.2) million, and $(0.3) million, respectively, of expenses (benefits) directly related to the COVID-19 pandemic.
+Added: Operating margin for the second, third, and fourth fiscal quarters of 2020 also includes in total $0.2 million, $(0.2) million, and $(0.3) million, respectively, of expenses (benefits) directly related to the COVID-19 pandemic.
See “Financial Metrics by Segment” below for net revenues, book-to-bill ratio, and gross profit margin broken out by segment.
−Removed: Revenues increased versus the prior fiscal quarter and the first fiscal quarter of 2020.
−Removed: The recovery in demand that began in the third fiscal quarter of 2020 accelerated further in the first fiscal quarter of 2021.
−Removed: Quarterly orders and backlog reached all-time highs.
+Added: Revenues increased versus the prior fiscal quarter and the second fiscal quarter of 2020.
+Added: The recovery in demand that began in the third fiscal quarter of 2020 continued in the second fiscal quarter of 2021.
+Added: Sales at this time are limited by our capacity.
+Added: Quarterly revenues and backlog reached all-time highs.
The high order level and rapid increase in our manufacturing capacities substantially increased revenues.
−Removed: The increased orders significantly increased the book-to-bill ratio and the backlog.
−Removed: Distributor inventory levels continued to decrease in the first fiscal quarter of 2021.
−Removed: Pressure on average selling prices has decreased during the broad recovery and is currently continuing to decrease.
−Removed: Gross profit margin increased versus the prior fiscal quarter and the first fiscal quarter of 2020.
+Added: Orders remained at a high level and further increased the backlog, but decreased slightly from the prior fiscal quarter.
+Added: The slight decrease in orders and increased revenues decreased the book-to-bill ratio.
+Added: Distributor inventory levels have stabilized at a very low level.
+Added: Pressure on average selling prices is very low and select price increases are being implemented to offset increased materials and transportation costs.
+Added: Gross profit margin increased versus the prior fiscal quarter and the second fiscal quarter of 2020.
The increases are primarily due to increased volume and manufacturing efficiencies.
−Removed: The book-to-bill ratio in the first fiscal quarter of 2021 increased to 1.67 versus 1.44 in the fourth fiscal quarter of 2020.
−Removed: The book-to-bill ratios in the first fiscal quarter of 2021 for distributors and original equipment manufacturers ("OEM") were 1.89 and 1.41, respectively, versus ratios of 1.89 and 0.96, respectively, during the fourth fiscal quarter of 2020.
−Removed: For the second fiscal quarter of 2021, we anticipate revenues between $790 million and $830 million at a gross margin of 27.3% plus/minus 60 basis points.
+Added: The book-to-bill ratio in the second fiscal quarter of 2021 remained strong, but decreased to 1.38 versus 1.67 in the first fiscal quarter of 2021.
+Added: The book-to-bill ratios in the second fiscal quarter of 2021 for distributors and original equipment manufacturers ("OEM") were 1.41 and 1.34, respectively, versus ratios of 1.89 and 1.41, respectively, during the first fiscal quarter of 2021.
+Added: For the third fiscal quarter of 2021, we anticipate revenues between $810 million and $850 million at a gross margin of 28.3% plus/minus 50 basis points.
Financial Metrics by Segment
−Removed: The following table shows net revenues, book-to-bill ratio, gross profit margin, and segment operating margin broken out by segment for the five fiscal quarters beginning with the first fiscal quarter of 2020 through the first fiscal quarter of 2021 (dollars in thousands) :
−Removed: 1st Quarter 2020
+Added: The following table shows net revenues, book-to-bill ratio, gross profit margin, and segment operating margin broken out by segment for the five fiscal quarters beginning with the second fiscal quarter of 2020 through the second fiscal quarter of 2021 (dollars in thousands) :
2nd Quarter 2020
2 unchanged sentences
1st Quarter 2021
+Added: 2nd Quarter 2021
Book-to-bill ratio
65 unchanged sentences
dollar equivalent of revenues generated and expenses incurred in those foreign currencies.
−Removed: The dollar generally was weaker during the first fiscal quarter of 2020 compared to the prior fiscal quarter and prior year quarter, with the translation of foreign currency revenues and expenses into U.S.
−Removed: dollars increasing reported revenues and expenses versus the prior fiscal quarter and prior year quarter.
+Added: The dollar generally was weaker during the second fiscal quarter and first six fiscal months of 2021 compared to the prior year periods, with the translation of foreign currency revenues and expenses into U.S.
+Added: dollars increasing reported revenues and expenses versus the prior year periods.
+Added: The translation of foreign currency revenues and expenses into U.S.
+Added: dollars had a minimal impact versus the prior fiscal quarter.
Foreign Subsidiaries which use the U.S.
8 unchanged sentences
dollars, they may have significant costs, particularly payroll-related, which are incurred in the local currency.
−Removed: The cost of products sold for the first fiscal quarter of 2021 have been unfavorably impacted compared to the prior fiscal quarter and prior year quarter by local currency transactions of subsidiaries which use the U.S.
+Added: The cost of products sold for the second fiscal quarter and first six fiscal months of 2021 have been unfavorably impacted compared to the prior fiscal quarter and prior year periods by local currency transactions of subsidiaries which use the U.S.
dollar as their functional currency.
2 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
7 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
The change in net revenues versus the comparable prior periods was as follows (dollars in thousands) :
−Removed: Fiscal quarter ended April 3, 2021
−Removed: Change in net revenues
−Removed: December 31, 2020
+Added: Fiscal quarter ended
+Added: Six fiscal months ended
+Added: Change in net
+Added: Change in net
April 3, 2021
Changes in net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
Increase in volume
−Removed: Decrease in average selling prices
+Added: Change in average selling prices
Foreign currency effects
−Removed: Demand for our products began to be negatively impacted by the COVID-19 pandemic in the first fiscal quarter of 2020.
−Removed: We experienced a significant decrease in demand in the second fiscal quarter of 2020 followed by a broad recovery beginning in the third fiscal quarter of 2020 that accelerated through the first fiscal quarter of 2021.
−Removed: The increasing demand resulted in increased net revenues compared to the prior fiscal quarter and prior year quarter.
−Removed: Gross Profit Margins
−Removed: Gross profit margins for the fiscal quarter ended April 3, 2021 were 26.5%, versus 22.8% and 24.0% for the comparable prior fiscal quarter and prior year period, respectively.
−Removed: The increases versus the prior fiscal quarter and the prior year quarter are primarily due to increased volume.
−Removed: We were able to offset the negative impacts of inflation and average selling price decline and maintain our contributive margin.
+Added: Net revenues for the fiscal quarter and six fiscal months ended July 4, 2020 were negatively impacted by a significant decrease in demand due to the COVID-19 pandemic.
+Added: We experienced a broad recovery beginning in the third fiscal quarter of 2020 that continued through the second fiscal quarter of 2021.
+Added: The increasing demand and manufacturing capacities resulted in increased net revenues compared to the prior fiscal quarter and prior year periods.
+Added: Gross Profit and Margins
+Added: Gross profit margins for the fiscal quarter ended July 3, 2021 were 28.0%, versus 26.5% and 22.5%, for the comparable prior quarter and prior year period, respectively.
+Added: Gross profit margins for the six fiscal months ended July 3, 2021 were 27.3%, versus 23.3% for the comparable prior year period.
+Added: The increases versus the prior fiscal quarter and the prior year periods are primarily due to increased volume.
+Added: We were able to offset the negative impacts of inflation and average selling price decline versus the prior year periods and maintain our contributive margin.
Analysis of revenues and gross profit margins for our segments is provided below.
1 unchanged sentence
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
2 unchanged sentences
Fiscal quarter ended
−Removed: April 3, 2021
−Removed: Change in net revenues
−Removed: December 31, 2020
+Added: Six fiscal months ended
+Added: Change in net
+Added: Change in net
April 3, 2021
Changes in MOSFETs segment net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
Increase in volume
−Removed: Decrease in average selling prices
+Added: Change in average selling prices
Foreign currency effects
−Removed: The MOSFET segment net revenues increased significantly versus the prior fiscal quarter and prior year quarter.
+Added: The MOSFET segment net revenues increased significantly versus the prior fiscal quarter and prior year periods.
Net revenues increased for customers in all regions.
−Removed: The increase versus the prior year quarter was partially due to increased sales to distributor customers and the temporary closure of our main manufacturing facility in China during the first fiscal quarter of 2020 due to the COVID-19 pandemic that impacted prior year results.
−Removed: Gross profit margin increased versus the prior fiscal quarter and the prior year quarter.
−Removed: The increase versus the prior fiscal quarter is primarily due to higher sales volume and cost reduction measures, partially offset by lower average selling prices, cost inflation, and the negative impact of an inventory reduction.
−Removed: The increase versus the prior year quarter is primarily due to higher sales volume, almost completely offset by lower average selling prices, higher metals prices, cost inflation, and the negative impact of an inventory reduction.
−Removed: Average selling prices decreased slightly versus the prior fiscal quarter and moderately versus the prior year quarter.
+Added: The increase versus the prior fiscal quarter was primarily due to increased sales to distribution customers, particularly in Asia.
+Added: All end markets and all customer channels contributed to the increases versus the prior year periods.
+Added: Gross profit margin increased versus the prior fiscal quarter and the prior year periods.
+Added: The increases were primarily due to the higher sales volume.
+Added: An increase in average selling prices and cost reduction measures contributed to the increase versus the prior fiscal quarter.
+Added: The increase versus the prior year periods primarily due to higher sales volume and cost reduction measures was partially offset by lower average selling prices, cost inflation, and negative foreign currency impact.
+Added: Average selling prices increased slightly versus the prior fiscal quarter, but decreased slightly versus the prior year quarter and moderately versus the prior year-to-date period.
We continue to invest to expand mid- and long-term manufacturing capacity for strategic product lines.
−Removed: Net revenues and gross profit margins of the Diodes segment were as follows (dollars in thousands):
+Added: Net revenues and gross profit margin of the Diodes segment were as follows (dollars in thousands):
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
2 unchanged sentences
Fiscal quarter ended
−Removed: April 3, 2021
−Removed: Change in net revenues
−Removed: December 31, 2020
+Added: Six fiscal months ended
+Added: Change in net
+Added: Change in net
April 3, 2021
Changes in Diodes segment net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
Increase in volume
−Removed: Decrease in average selling prices
+Added: Change in average selling prices
Foreign currency effects
−Removed: Net revenues of the Diodes segment increased significantly versus the prior fiscal quarter and prior year quarter.
−Removed: Net revenues increased for customers in all regions.
−Removed: The increase versus the prior fiscal quarter was primarily due to increased sales to distributor customers in the Europe and Americas regions.
−Removed: The increase versus the prior year quarter was partially due to increased sales to distributor customers compared to the prior year quarter when distributor customers decreased inventory due to the COVID-19 pandemic.
−Removed: Gross profit margin increased versus the prior fiscal quarter and the prior year quarter.
−Removed: The increase versus the prior fiscal quarter was primarily due to increased sales volume, cost reduction measures, and the positive impact of an inventory increase, partially offset by cost inflation and lower average selling prices.
−Removed: The increase versus the prior year quarter is primarily due to increased sales volume, cost reduction measures, and the positive impact of an inventory increase, partially offset by cost inflation, higher metals prices, and lower average selling prices.
−Removed: Average selling prices decreased slightly versus the prior fiscal quarter and prior year quarter.
−Removed: O ptoelectronic Components
−Removed: Net revenues and gross profit margins of the Optoelectronic Components segment were as follows (dollars in thousands):
+Added: Net revenues of the Diodes segment increased significantly versus the prior fiscal quarter and prior year periods.
+Added: The increase versus the prior fiscal quarter was primarily due to increased sales to distributor customers.
+Added: All end markets and all customer channels contributed to the increases versus the prior year periods.
+Added: Gross profit margin increased versus the prior fiscal quarter and the prior year periods.
+Added: The increases were primarily due to higher sales volume.
+Added: Higher average selling prices also contributed to the increase versus the prior fiscal quarter.
+Added: The increases versus the prior year periods are primarily due to increased sales volume, cost reduction measures, and the positive impact of an inventory increase were partially offset by cost inflation, higher metals prices, and negative foreign currency impacts.
+Added: Average selling prices increased slightly versus the prior fiscal quarter and the prior year quarter, but decreased slighlty versus the prior year-to-date period.
+Added: Optoelectronic Components
+Added: Net revenues and gross profit margin of the Optoelectronic Components segment were as follows (dollars in thousands):
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
2 unchanged sentences
Fiscal quarter ended
−Removed: April 3, 2021
−Removed: Change in net revenues
−Removed: December 31, 2020
+Added: Six fiscal months ended
+Added: Change in net
+Added: Change in net
April 3, 2021
Changes in Optoelectronic Components segment net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
−Removed: Increase in volume
−Removed: Decrease in average selling prices
+Added: Change in volume
+Added: Increase in average selling prices
Foreign currency effects
−Removed: Net revenues of our Optoelectronic Components segment increased significantly versus the prior fiscal quarter and prior year quarter.
−Removed: Net revenues increased for customers in all regions.
−Removed: Sales to distributor customers continues to increase.
−Removed: Gross profit margin increased versus the prior fiscal quarter and prior year quarter.
−Removed: The increase versus the prior fiscal quarter is primarily due to increased sales volume, greater efficiencies, and the positive impact of an inventory increase.
−Removed: The increase versus the prior year quarter is primarily due to increased sales volume and cost reduction measures, partially offset by cost inflation and higher metals prices.
−Removed: Average selling prices decreased slightly versus the prior fiscal quarter and prior year quarter.
+Added: Net revenues of our Optoelectronic Components segment decreased slightly versus the prior fiscal quarter, but increased significantly versus the prior year periods.
+Added: Customers in all regions contributed to the slight decrease versus the prior fiscal quarter.
+Added: Net revenues increased for customers in all regions and all sales channels versus the prior year periods.
+Added: Gross profit margin decreased versus the prior fiscal quarter, but increased versus the prior year periods.
+Added: The decrease versus the prior fiscal quarter is primarily due to lower sales volume and cost inflation, partially offset by higher average selling prices and positive product mix.
+Added: The increases versus the prior year periods are primarily due to increased sales volume, higher average selling prices, and cost reduction measures, partially offset by cost inflation and higher metals prices.
+Added: Average selling prices increased slightly versus the prior fiscal quarter and prior year periods.
Net revenues and gross profit margins of the Resistors segment were as follows (dollars in thousands):
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
2 unchanged sentences
Fiscal quarter ended
−Removed: April 3, 2021
+Added: Six fiscal months ended
Change in net revenues
−Removed: December 31, 2020
+Added: Change in net revenues
April 3, 2021
Changes in Resistors segment net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
Increase in volume
−Removed: Decrease in average selling prices
+Added: Change in average selling prices
Foreign currency effects
−Removed: Net revenues of the Resistors segment increased significantly versus the prior fiscal quarter and prior year quarter.
−Removed: The increase versus the prior fiscal quarter is primarily due to increased sales to distributor customers and industrial end market customers in all regions, particularly Europe and Asia.
−Removed: The increase versus the prior year period is primarily due to increased sales to distributor customers and automotive end market customers, particularly in Asia.
−Removed: The gross profit margin increased versus the prior fiscal quarter and prior year quarter.
−Removed: The increase versus the prior fiscal quarter is primarily due to increased sales volume, greater efficiencies, and the positive impact of an inventory increase, partially offset by higher metals prices.
−Removed: The increase versus the prior year quarter is due to increased sales volume, greater efficiencies, and positive exchange rate impact, partially offset by decreased average selling prices and higher fixed costs.
−Removed: Average selling prices decreased slightly versus the prior fiscal quarter and prior year quarter.
+Added: Net revenues of the Resistors segment increased moderately versus the prior fiscal quarter and significantly versus the prior year periods.
+Added: The increase versus the prior fiscal quarter is primarily due to increased sales to distributor customers and customers in the Americas and Asia regions.
+Added: The increases versus the prior year periods are primarily due to increased sales to distributor customers and automotive and industrial end market customers in all regions.
+Added: The gross profit margin increased versus the prior fiscal quarter and prior year periods.
+Added: The increase versus the prior fiscal quarter is primarily due to increased sales volume, increased average selling prices, and greater efficiencies.
+Added: The increases versus the prior year periods are due to the significant increase in sales volume, greater efficiencies, and positive exchange rate impact, partially offset by higher metals prices.
+Added: Average selling prices increased slightly versus the prior fiscal quarter and prior year quarter, but decreased slightly versus the prior year-to-date period.
We are increasing critical manufacturing capacities for certain product lines.
1 unchanged sentence
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
1 unchanged sentence
The change in net revenues versus the comparable prior periods was as follows (dollars in thousands) :
−Removed: Fiscal quarter ended April 3, 2021
+Added: Fiscal quarters ended
+Added: Six fiscal months ended
Change in net revenues
−Removed: December 31, 2020
+Added: Change in net revenues
April 3, 2021
2 unchanged sentences
Prior Year Quarter
+Added: Prior Year-to-Date
Change attributable to:
2 unchanged sentences
Foreign currency effects
−Removed: Net revenues of the Inductors segment increased significantly versus the prior fiscal quarter and prior year quarter.
−Removed: The increase versus the prior fiscal quarter is primarily due to increased sales to distributor customers and medical and automotive end market customers, particularly in the Americas region.
−Removed: The increase versus the prior year quarter is primarily due to increased sales to distributor customers and automotive and industrial end market customers, particularly in Asia.
−Removed: The gross profit margin increased versus the prior fiscal quarter and the prior year quarter.
−Removed: The increases versus the prior fiscal quarter and prior year quarter are primarily due to higher sales volume, improved efficiencies, and variable cost reductions.
−Removed: Lower average selling prices and higher metals prices partially offset the increase versus the prior year quarter.
−Removed: Average selling prices increased versus the prior fiscal quarter, but decreased versus the prior year quarter.
+Added: Net revenues of the Inductors segment increased slightly versus the prior fiscal quarter and significantly versus the prior year periods.
+Added: The increase versus the prior fiscal quarter is primarily due to increased sales to distributor customers and customers in the Americas and Asia regions.
+Added: The increases versus the prior year periods are primarily due to increased sales to distributor customers and automotive, medical, and industrial end market customers in all regions.
+Added: The gross profit margin increased versus the prior fiscal quarter and the prior year periods.
+Added: The increase versus the prior fiscal quarter is primarily due to higher sales volume and higher average selling prices, partially offset by higher metals prices.
+Added: The increases versus the prior year periods are primarily due to higher sales volume and improved efficiencies, partially offset by lower average selling prices and higher metals prices.
+Added: Average selling prices increased versus the prior fiscal quarter, but decreased versus the prior year periods.
We expect long-term growth in this segment, and are accelerating capacity expansion to capitalize on future market upturns.
−Removed: Net revenues and gross profit margins of the Capacitors segment were as follows (dollars in thousands):
+Added: Net revenues and gross profit margin of the Capacitors segment were as follows (dollars in thousands):
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
1 unchanged sentence
The change in net revenues versus the comparable prior periods was as follows (dollars in thousands) :
−Removed: Fiscal quarter ended April 3, 2021
−Removed: Change in net revenues
−Removed: December 31, 2020
+Added: Fiscal quarter ended
+Added: Six fiscal months ended
+Added: Change in net
+Added: Change in net
April 3, 2021
Changes in Capacitors segment net revenues were attributable to the following:
−Removed: Prior Year Quarter
Change attributable to:
Increase in volume
−Removed: Change in average selling prices
+Added: Increase in average selling prices
Foreign currency effects
−Removed: Net revenues of the Capacitors segment increased significantly versus the prior fiscal quarter and prior year quarter.
−Removed: Net revenues increased versus the prior fiscal quarter primarily due to increased sales to distributor customers and industrial end market customers, particularly in Europe.
−Removed: Net revenues increased versus the prior year quarter primarily due to increased sales to distributor customers in Europe and Asia.
−Removed: The gross profit margin increased versus the prior fiscal quarter and the prior year quarter.
−Removed: The increase versus the prior fiscal quarter is primarily due to higher sales volume, manufacturing efficiencies, and the positive impact of an inventory increase.
−Removed: The increase versus the prior year quarter is primarily due to higher sales volume, manufacturing efficiencies, and increased average selling prices, partially offset by the negative impact of product mix and increased metals prices.
−Removed: Average selling prices were consistent with the prior fiscal quarter and increased slightly versus the prior year quarter primarily due to increased prices for certain materials that were passed through to our customers.
+Added: Net revenues of the Capacitors segment increased significantly versus the prior fiscal quarter and prior year periods.
+Added: The increase versus the prior fiscal quarter is primarily due to increased sales to distributor customers in all regions.
+Added: The increases versus the prior year periods are primarily due to increased sales to distributor customers and the industrial and automotive end markets in all regions.
+Added: The gross profit margin increased versus the prior fiscal quarter and the prior year periods.
+Added: The increase versus the prior fiscal quarter is primarily due to higher sales volume and manufacturing efficiencies.
+Added: The increases versus the prior year periods are primarily due to higher sales volume, manufacturing efficiencies, and increased average selling prices, partially offset by the negative impact of product mix and increased metals prices.
+Added: Average selling prices increased slightly versus the prior fiscal quarter and the prior year periods.
Selling, General, and Administrative Expenses
1 unchanged sentence
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
+Added: Six fiscal months ended
April 3, 2021
1 unchanged sentence
as a percentage of revenues
−Removed: The sequential increase in SG&A expenses is primarily attributable to uneven attribution of stock compensation expense and increased incentive compensation accruals.
−Removed: SG&A expenses increased versus the prior year quarter due to increased incentive compensation accruals and foreign exchange rates.
−Removed: SG&A expenses for the fiscal quarters ended December 31, 2020 and April 4, 2020 include $(0.6) million and $0.3 million, respectively, of incremental costs (benefits) separable from normal operations directly attributable to the COVID-19 pandemic.
+Added: The sequential decrease in SG&A expenses is primarily attributable to uneven attribution of stock compensation expense in the first fiscal quarter of 2021.
+Added: SG&A expenses increased versus the prior year periods due to increased incentive compensation accruals and foreign exchange rates.
+Added: SG&A expenses for the fiscal quarter and six fiscal months ended July 4, 2020 include $(0.7) million and $(0.4) million, respectively, of incremental costs (benefits) separable from normal operations directly attributable to the COVID-19 pandemic.
Other Income (Expense)
−Removed: Interest expense for the fiscal quarter ended April 3, 2021 decreased $2.8 million versus the fiscal quarter ended December 31, 2020 and decreased by $4.2 million versus the fiscal quarter ended April 4, 2020.
−Removed: The decreases are primarily due to the elimination of non-cash debt discount amortization upon the adoption of ASU No.
+Added: Interest expense for the fiscal quarter ended July 3, 2021 decreased $0.1 million and $4.0 million versus the fiscal quarters ended April 3, 2021 and July 4, 2020, respectively.
+Added: Interest expense for the six fiscal months ended July 3, 2021 decreased by $8.2 million versus the six fiscal months ended July 4, 2020.
+Added: The decreases versus the prior year periods are primarily due to the elimination of non-cash debt discount amortization upon the adoption of ASU No.
2020-06 effective January 1, 2021 and repurchases of convertible notes in the second and third fiscal quarters of 2020.
2 unchanged sentences
Fiscal quarters ended
−Removed: April 3, 2021
−Removed: December 31, 2020
Foreign exchange gain (loss)
Interest income
−Removed: Other components of other periodic pension cost
−Removed: Investment income (expense)
+Added: Other components of net periodic pension expense
+Added: Investment income
Fiscal quarters ended
April 3, 2021
−Removed: April 4, 2020
Foreign exchange gain (loss)
Interest income
−Removed: Other components of other periodic pension cost
+Added: Other components of net periodic pension expense
Investment income (expense)
−Removed: For the fiscal quarter ended April 3, 2021, our effective tax rate was 17.8%, as compared to 19.0% and 24.2% for the fiscal quarters ended December 31, 2020 and April 4, 2020, respectively.
+Added: Six fiscal months ended
+Added: Foreign exchange gain (loss)
+Added: Interest income
+Added: Other components of net periodic pension expense
+Added: Investment income (expense)
+Added: For the fiscal quarter ended July 3, 2021 , our effective tax rate was 20.3% , as compared to 17.8% and 16.3% for the fiscal quarters ended April 3, 2021 and July 4, 2020 , respectively.
+Added: For the six fiscal months ended July 3, 2021 , our effective tax rate was 19.2% , as compared to 20.6% for the six fiscal months ended July 4, 2020 .
With the reduction in the U.S.
4 unchanged sentences
Discrete tax items impacted our effective tax rate for each fiscal quarter presented.
−Removed: These items were $(4.4) million (tax benefit) in the fiscal quarter ended April 3, 2021, $3.5 million in the fiscal quarter ended December 31, 2020, and $(1.3) million (tax benefit) in the fiscal quarter ended April 4, 2020.
−Removed: The effective tax rate for the fiscal quarter ended April 3, 2021 was impacted by $4.4 million tax benefit recognized due to a change in tax regulations.
−Removed: The effective tax rates for the fiscal quarters ended December 31, 2020 and April 4, 2020 were impacted by the effect of the repurchase of convertible senior debentures.
−Removed: We recognized tax benefits of $0.2 million and $1.3 million in the fiscal quarters ended December 31, 2020, and April 4, 2020, respectively, resulting from the extinguishments, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the debentures.
−Removed: The effective tax rate for the fiscal quarter ended December 31, 2020 was also impacted by $3.8 million of net tax expense for changes in uncertain tax positions.
−Removed: During the three fiscal months ended April 3, 2021 , the liabilities for unrecognized tax benefits decreased by $1.5 million on a net basis, primarily due to a payment and currency translation adjustments, partially offset by accruals for current year tax positions and interest.
+Added: These items were $(3.9) million (tax benefit) in the fiscal quarter ended July 3, 2021 , $(4.4) million (tax benefit) in the fiscal quarter ended April 3, 2021 , and $(0.2) million (tax benefit) in the fiscal quarter ended July 4, 2020 .
+Added: The effective tax rate for the fiscal quarter ended July 3, 2021 was impacted by a $3.9 million tax benefit recognized due to a change in tax regulations.
+Added: The effective tax rate for the fiscal quarter ended April 3, 2021 was also impacted by a $4.4 million tax benefit recognized due to a change in tax regulations.
+Added: The effective tax rate for the fiscal quarter ended July 4, 2020 was impacted by the repatriation of $104.1 million to the United States, which completed the cash repatriation program that we initiated in 2017 in response to the enactment of the TCJA.
+Added: The effective tax rate for the six fiscal months ended July 4, 2020 was also impacted by the effect of the repurchase of convertible debentures.
+Added: We recognized tax benefits of $1.3 million reflecting the reduction in deferred tax liabilities related to the special tax attributes of the convertible debentures.
+Added: During the six fiscal months ended July 3, 2021 , the liabilities for unrecognized tax benefits decreased by $1.4 million on a net basis, primarily due to a payment, statute expiration, and currency translation adjustments, partially offset by accruals for current year tax positions and interest.
We operate in a global environment with significant operations in various locations outside the United States.
12 unchanged sentences
There is no assurance, however, that we will be able to continue to generate cash flows from operations and free cash at the same levels, or at all, going forward if the economic environment worsens.
−Removed: We generated cash flows from operations of $57.3 million and "free cash" of $29.0 million in the fiscal quarter ended April 3, 2021.
−Removed: The COVID-19 pandemic and the mitigation efforts by governments to control its spread has not had a significant impact on our financial condition, liquidity, or capital resources.
−Removed: We completed our cash repatriation program that we initiated in response to the U.S.
−Removed: Tax Cuts and Jobs Act ("TCJA") in 2020.
+Added: We generated cash flows from operations of $174.8 million and "free cash" of $114.3 million in the six fiscal months ended July 3, 2021.
+Added: The COVID-19 pandemic and the mitigation efforts by governments to control its spread did not have a significant impact on our financial condition, liquidity, or capital resources.
+Added: We completed our cash repatriation program that we initiated in response to the TCJA in 2020.
We continue to evaluate the TCJA's provisions and may further adjust our financial and capital structure and business practices accordingly.
3 unchanged sentences
At December 31, 2020, we had no amounts outstanding on our revolving credit facility.
−Removed: We had no amounts outstanding at April 3, 2021.
−Removed: We borrowed $191 million and repaid $191 million on the revolving credit facility during the three fiscal months ended April 3, 2021.
−Removed: The average outstanding balance on our revolving credit facility calculated at fiscal month-ends was $87.3 million and the highest amount outstanding on our revolving credit facility at a fiscal month end was $135 million during the three fiscal months ended April 3, 2021.
+Added: We had no amounts outstanding at July 3, 2021.
+Added: We borrowed $467 million and repaid $467 million on the revolving credit facility during the six fiscal months ended July 3, 2021.
+Added: The average outstanding balance on our revolving credit facility calculated at fiscal month-ends was $97.5 million and the highest amount outstanding on our revolving credit facility at a fiscal month end was $162 million during the six fiscal months ended July 3, 2021.
The revolving credit facility limits or restricts us from, among other things, incurring indebtedness, incurring liens on its respective assets, making investments and acquisitions (assuming our pro forma leverage ratio is greater than 2.75 to 1.00), making asset sales, and paying cash dividends and making other restricted payments (assuming our pro forma leverage ratio is greater than 2.50 to 1.00), and requires us to comply with other covenants, including the maintenance of specific financial ratios.
3 unchanged sentences
and JPMorgan Chase Bank, N.A., which has been filed with the SEC as Exhibit 10.1 to our current report on Form 8-K filed June 5, 2019.
−Removed: We were in compliance with all financial covenants under the credit facility at April 3, 2021.
+Added: We were in compliance with all financial covenants under the credit facility at July 3, 2021.
Our interest coverage ratio and leverage ratio were 25.47 to 1 and 0.94 to 1, respectively.
18 unchanged sentences
We have no remaining convertible senior debentures.
−Removed: As of April 3, 2021, substantially all of our cash and cash equivalents and short-term investment were held in countries outside of the United States.
+Added: As of July 3, 2021, substantially all of our cash and cash equivalents and short-term investment were held in countries outside of the United States.
Our substantially undrawn credit facility provides us with significant operating liquidity in the United States.
15 unchanged sentences
Transactions related to these investments are classified as investing activities on our consolidated condensed statements of cash flows.
−Removed: The amount of short-term investments at April 3, 2021 is lower than normal due to the recently completed cash repatriation activity.
−Removed: The following table summarizes the components of net cash and short-term investments (debt) at April 3, 2021 and December 31, 2020 (in thousands) :
−Removed: April 3, 2021
+Added: The following table summarizes the components of net cash and short-term investments (debt) at July 3, 2021 and December 31, 2020 (in thousands) :
December 31, 2020
12 unchanged sentences
The measure, as calculated by us, may not be comparable to similarly titled measures used by other companies.
−Removed: Our financial condition as of April 3, 2021 continued to be strong, with no change to the current ratio (current assets to current liabilities) of 3.0 to 1 from December 31, 2020.
−Removed: The increases in accounts receivable and inventory were offset by increases in trade accounts payable and accrued expenses.
−Removed: Our ratio of total debt to Vishay stockholders' equity was 0.29 to 1 at April 3, 2021, as compared to 0.25 to 1 at December 31, 2020.
+Added: Our financial condition as of July 3, 2021 continued to be strong, with no change to the current ratio (current assets to current liabilities) of 3.0 to 1 from December 31, 2020.
+Added: The increases in cash, accounts receivable, and inventory were offset by increases in trade accounts payable and accrued expenses.
+Added: Our ratio of total debt to Vishay stockholders' equity was 0.27 to 1 at July 3, 2021, as compared to 0.25 to 1 at December 31, 2020.
The increase in the ratio is primarily due to the increase in the carrying value of our long-term debt upon the adoption of ASU No.
See Notes 1 and 5 to the consolidated condensed financial statements.
−Removed: Cash flows provided by operating activities were $57.3 million for the three fiscal months ended April 3, 2021, as compared to cash flows provided by operations of $34.5 million for the three fiscal months ended April 4, 2020.
−Removed: Cash paid for property and equipment for the three fiscal months ended April 3, 2021 was $ 28.5 million, as compared to $ 24.3 million for the three fiscal months ended April 4, 2020 .
+Added: Cash flows provided by operating activities were $174.8 million for the six fiscal months ended July 3, 2021, as compared to cash flows provided by operations of $124.9 million for the six fiscal months ended July 4, 2020.
+Added: Cash paid for property and equipment for the six fiscal months ended July 3, 2021 was $ 60.7 million, as compared to $ 48.8 million for the six fiscal months ended July 4, 2020 .
To be well positioned to service our customers and to fully participate in growing markets, we intend to increase our capital expenditures for expansion in the mid-term.
For the year 2021, we expect to invest approximately $250 million in capital expenditures.
−Removed: Cash paid for dividends to our common and Class B common stockholders totalled $13.8 million and $13.7 million for the three fiscal months ended April 3, 2021 and April 4, 2020, respectively.
+Added: Cash paid for dividends to our common and Class B common stockholders totalled $27.5 million and $27.5 million for the six fiscal months ended July 3, 2021 and July 4, 2020, respectively.
We expect dividend payments in 2021 to total approximately $55.0 million.
26 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.