19 unchanged sentences
growth that we have identified.
−Removed: To increase our internal capacity, we plan to invest approximately $435 million in 2024, as part of our plan to invest approximately $1.4 billion in total capital expenditures for the period 2023 - 2025 and $2.6
−Removed: billion in total capital expenditures for the period 2023 - 2028.
In addition, we are strategically expanding our outsourced production of commodity products to subcontractors.
−Removed: At the same time, we are enhancing our channel management while
−Removed: investing in internal resources by adding customer-facing engineers and filling gaps in technology and market coverage.
+Added: At the same time, we are enhancing our channel management while investing in internal resources by
+Added: adding customer-facing engineers and filling gaps in technology and market coverage.
Taken together, each of these initiatives supports our Think Customer First organizational culture.
+Added: To increase our internal capacity, we had planned to invest
+Added: approximately $435 million in 2024.
+Added: At the midpoint of the year, the industry recovery is slower than expected.
+Added: Accordingly, we have adjusted our timetable for investments for our new 12-inch wafer fab in Itzehoe, Germany beyond 2024, and now
+Added: expect total capital expenditures for 2024 to be between $360 million and $390 million.
+Added: We remain committed to spending a total of $2.6 billion in total capital expenditures for the period 2023 - 2028.
+Added: We can adjust the timing of our capital
+Added: expenditures and still fulfill our customer commitments because we now have intermediate capacity due to the qualification of a foundry partner and the acquisition of the Newport wafer fab.
On March 5, 2024, we completed the acquisition of Nexperia’s wafer fabrication facility and operations located in Newport, South Wales, U.K.
−Removed: approximately $177.4 million in cash, net of cash acquired and subject to customary post-closing adjustments.
−Removed: The wafer fabrication facility is located on 28 acres and is an automotive-certified, 200mm semiconductor wafer fab with capacity to
−Removed: produce more than 30,000 wafers per month.
−Removed: We plan to position the facility as a manufacturing excellence center and use it as the home for MaxPower to further develop and scale our SiC MOSFETs and diodes capabilities.
−Removed: We expect the facility to
−Removed: initially generate a net loss while we invest in new equipment and qualify new products.
+Added: approximately $177.5 million in cash, net of cash acquired.
+Added: The wafer fabrication facility is located on 28 acres and is an automotive-certified, 200mm semiconductor wafer fab with capacity to produce more than 30,000 wafers per month.
+Added: position the facility as a manufacturing excellence center and use it as the home for MaxPower to further develop and scale our SiC MOSFETs and diodes capabilities.
+Added: We expect the facility to initially generate a net loss while we invest in new
+Added: equipment and qualify new products.
In addition to enhancing stockholder value through growing our business, in 2022, our Board of Directors adopted a Stockholder
14 unchanged sentences
“Financial Metrics” and “Financial Condition, Liquidity, and Capital Resources” below.
−Removed: The key financial metrics decreased in the first fiscal quarter of 2024 primarily due to the negative impacts of an on-going distributor inventory correction that
−Removed: resulted in lower orders.
−Removed: Net revenues and margins decreased versus the prior periods primarily due to lower sales volume.
−Removed: Net revenues for the fiscal quarter ended March 30, 2024
+Added: The key financial metrics decreased slightly in the second fiscal quarter of 2024 primarily due to the negative impacts of an on-going distributor inventory
+Added: Net revenues and margins decreased versus the prior year periods primarily due to lower sales volume.
+Added: Net revenues for the fiscal quarter ended June 29, 2024
were $741.2 million, compared to $746.3
−Removed: million and $871.0 million for the fiscal quarters ended December 31, 2023 and April 1, 2023, respectively.
−Removed: The net earnings attributable to Vishay
−Removed: stockholders for the fiscal quarter ended March 30, 2024 were $30.9 million, or $0.22 per diluted share, compared to $51.5 million, or $0.37 per diluted
−Removed: share for the fiscal quarter ended December 31, 2023, and $111.8 million, or $0.79 per diluted share for the fiscal
−Removed: quarter ended April 1, 2023.
−Removed: 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
−Removed: performance of our business.
−Removed: We define free cash as the cash flows generated from continuing operations less capital expenditures plus net proceeds from the sale of property and equipment.
−Removed: The reconciliations below include certain financial
−Removed: measures which are not recognized in accordance with GAAP, including adjusted net earnings, adjusted earnings per share, and free cash.
−Removed: These non-GAAP measures should not be viewed as alternatives to GAAP measures of performance or liquidity.
+Added: million and $892.1 million for the fiscal quarters ended March 30, 2024 and July 1, 2023, respectively.
+Added: The net earnings attributable to Vishay stockholders
+Added: for the fiscal quarter ended June 29, 2024 were $23.5 million, or $0.17 per diluted share, compared to $30.9 million, or $0.22 per diluted share for the fiscal quarter
+Added: ended March 30, 2024, and $95.0
+Added: million, or $0.68 per diluted share for the fiscal quarter ended July 1, 2023.
+Added: Net revenues for the six fiscal months
+Added: ended June 29, 2024 were $1,487.5
+Added: million, compared to $1,763.2 million for the six fiscal months ended July 1, 2023.
+Added: The net earnings attributable to Vishay stockholders for the
+Added: six fiscal months ended June 29, 2024
+Added: were $54.5 million, or $0.39
+Added: per diluted share, compared to $206.8 million, or $1.47 per diluted share for the six fiscal months ended July 1, 2023.
+Added: We define adjusted net earnings as net earnings determined in accordance with GAAP adjusted for various items that
+Added: management believes are not indicative of the intrinsic operating performance of our business.
+Added: We define free cash as the cash flows generated from continuing operations less capital expenditures plus net proceeds from the sale of property and
+Added: The reconciliations below include certain financial measures which are not recognized in accordance with GAAP, including adjusted net earnings, adjusted earnings per share, and free cash.
+Added: These non-GAAP measures should not be viewed as
+Added: alternatives to GAAP measures of performance or liquidity.
Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, and free cash do not have uniform definitions.
−Removed: These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies.
+Added: These measures, as calculated by Vishay, may not be comparable
+Added: to similarly titled measures used by other companies.
Management believes that adjusted net earnings and adjusted earnings per share are meaningful because they provide insight with respect to our intrinsic operating results.
−Removed: Management believes that free cash is a meaningful measure of our ability
−Removed: to fund acquisitions, repay debt, and otherwise enhance stockholder value through stock repurchases or dividends.
+Added: Management believes
+Added: 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.
We utilize the free cash metric in defining our Stockholder Return Policy.
−Removed: Net earnings attributable to Vishay stockholders for the fiscal quarters ended March 30, 2024, December 31, 2023, and April 1, 2023 include no items affecting comparability.
−Removed: The following table reconciles gross profit by segment to consolidated gross profit ( in thousands ):
+Added: Net earnings attributable to Vishay stockholders for the fiscal quarters ended June 29, 2024, March 30, 2024, and July 1, 2023 and for the six fiscal
+Added: months ended June 29, 2024 and July 1, 2023 include no items affecting comparability.
+Added: The following table
+Added: reconciles gross profit by segment to consolidated gross profit ( in thousands ) .
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Optoelectronic Components
3 unchanged sentences
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Net cash provided by continuing operating activities
2 unchanged sentences
Our results have been negatively impacted by the distributor inventory correction that began in the fourth fiscal quarter of 2022 and continued through the
−Removed: first fiscal quarter of 2024.
−Removed: Our results for the first fiscal quarter of 2024 remain strong, although weaker than our prior fiscal quarter and prior year quarter results.
+Added: second fiscal quarter of 2024.
+Added: Our results for the second fiscal quarter of 2024 remain strong, although weaker than our prior fiscal quarter and prior year results.
+Added: Our free cash results were significantly impacted by the installment payments of
+Added: transition tax of $37.6 million and $27.7 million in the second fiscal quarters of 2024 and 2023, respectively , and $15.0 million of payments of withholding taxes on foreign earnings for the $120.0
+Added: million that was repatriated to the U.S.
+Added: in the second fiscal quarter of 2024.
Stockholder Return Policy
4 unchanged sentences
Fiscal quarters ended
−Removed: March 30, 2024
−Removed: April 1, 2023
+Added: Six fiscal months ended
+Added: June 29, 2024
+Added: June 29, 2024
Dividends paid to stockholders
63 unchanged sentences
The following table
−Removed: 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 2023 through
−Removed: the first fiscal quarter of 2024 (dollars in thousands) :
−Removed: 1st Quarter 2023
+Added: 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 2023 through
+Added: the second fiscal quarter of 2024 (dollars in thousands) :
2nd Quarter 2023
2 unchanged sentences
1st Quarter 2024
+Added: 2nd Quarter 2024
Gross profit margin
7 unchanged sentences
See “Financial Metrics by Segment” below for net revenues, book-to-bill ratio, and gross profit margin broken out by segment.
−Removed: Revenues decreased versus the prior fiscal quarter and the first fiscal quarter of 2023 primarily due to lower sales volume and lower average selling
−Removed: The book-to-bill ratio increased slightly versus the prior fiscal quarter, but orders and backlog continued to be negatively impacted by the distributor inventory correction that continued in the first fiscal quarter of 2024.
+Added: Revenues decreased versus the prior fiscal quarter and the second fiscal quarter of 2023 primarily due to lower sales volume and lower average selling
+Added: The book-to-bill ratio increased slightly versus the prior fiscal quarter, but orders and backlog continued to be negatively impacted by the distributor inventory correction that continued in the second fiscal quarter of 2024.
to increase manufacturing capacity for critical product lines.
Average selling prices decreased versus the prior fiscal quarter and prior year quarter.
−Removed: Gross profit margin decreased versus the prior fiscal quarter and the prior year quarter primarily due to lower sales volume, decreased average selling
−Removed: prices, and the impact of the Newport acquisition.
−Removed: Cost inflation also contributed to the decrease versus the prior year quarter.
−Removed: The book-to-bill ratio in the first fiscal quarter of 2024 increased to 0.82 versus 0.75 in the fourth fiscal quarter of 2023.
+Added: Gross profit margin decreased versus the prior fiscal quarter and the prior year quarter primarily due to decreased average selling prices and the impact
+Added: of the Newport acquisition.
+Added: Lower sales volume and cost inflation also contributed to the decrease versus the prior year quarter.
+Added: The book-to-bill ratio in the second fiscal quarter of 2024 increased to 0.86 versus 0.82 in the first fiscal quarter of 2024.
Financial Metrics by Segment
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
−Removed: quarters beginning with the first fiscal quarter of 2023 through the first fiscal quarter of 2024 (dollars in thousands) :
−Removed: 1st Quarter 2023
+Added: quarters beginning with the second fiscal quarter of 2023 through the second fiscal quarter of 2024 (dollars in thousands) :
2nd Quarter 2023
2 unchanged sentences
1st Quarter 2024
+Added: 2nd Quarter 2024
Book-to-bill ratio
20 unchanged sentences
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Cost of products sold
6 unchanged sentences
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
The change in net revenues versus the comparable prior periods was as follows (dollars in thousands) :
−Removed: Fiscal quarter ended
−Removed: March 30, 2024
+Added: Fiscal quarter ended June 29, 2024
+Added: Six fiscal months ended June 29, 2024
Change in net revenues
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: Change in net revenues
+Added: March 30, 2024
Changes in net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
2 unchanged sentences
Foreign currency effects
−Removed: Despite the distributor inventory correction that we continue to experience, the long-term prospects for our business remain favorable, and we continue to increase manufacturing
−Removed: capacities for critical product lines.
−Removed: The decrease in net revenues versus the prior fiscal quarter and prior year quarter are primarily due to decreased sales volume and average selling prices.
+Added: Despite the distributor inventory correction that we are experiencing, the long-term
+Added: prospects for our business remain favorable, and we continue to increase manufacturing capacities for critical product lines.
+Added: The decrease in net revenues versus the prior fiscal quarter and prior year quarter are primarily due to sales volume
+Added: and average selling prices.
Gross Profit Margins
−Removed: Gross profit margins for the fiscal quarter ended March 30, 2024 were 22.8%, versus 25.6% and 32.0% for the comparable prior fiscal quarter and prior year period, respectively.
−Removed: profit margin decreased versus the prior fiscal quarter and the prior year quarter primarily due to lower sales volume, decreased average selling prices, and the impact of the Newport acquisition.
−Removed: Cost inflation also contributed to the decrease
−Removed: versus the prior year quarter.
+Added: Gross profit margins for the fiscal quarter ended June 29, 2024 were 22.0%, versus 22.8% and 28.9%, for the comparable prior quarter and prior year period,
+Added: respectively.
+Added: Gross profit margins for the six fiscal months ended June 29, 2024 were 22.4%, versus 30.4% for the comparable prior year period.
+Added: The decreases versus the prior year periods are primarily due to lower sales volume and cost inflation.
+Added: D ecreased average selling prices and the impact of the Newport acquisition contributed to the decreases versus the prior periods.
Analysis of revenues and margins for our segments is provided below.
1 unchanged sentence
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Gross profit margin
2 unchanged sentences
Fiscal quarter ended
−Removed: March 30, 2024
+Added: June 29, 2024
+Added: Six fiscal months ended
+Added: June 29, 2024
Change in net revenues
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: Change in net revenues
+Added: March 30, 2024
Changes in MOSFETs segment net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
−Removed: Decrease in volume
−Removed: Decrease in average selling prices
+Added: Change in volume
+Added: Change in average selling prices
Foreign currency effects
−Removed: The MOSFET segment net revenues decreased versus the prior fiscal quarter and the prior year quarter.
−Removed: The decreases were primarily due to decreased
−Removed: sales to distributor customers and customers in all regions.
−Removed: An increase in sales to automotive end market customers partially offset the decrease versus the prior fiscal quarter.
−Removed: Gross profit margin decreased versus the prior fiscal quarter and the prior year quarter.
−Removed: The decreases are primarily due to lower average selling prices, costs
−Removed: associated with Newport wafer fab acquired in March 2024, and lower sales volume.
−Removed: The segment operating margin decreased versus the prior fiscal quarter and the prior year quarter.
−Removed: The decreases are primarily due to
−Removed: gross profit decreases.
−Removed: Average selling prices decreased significantly versus the prior fiscal quarter and the prior year quarter.
+Added: Net revenues of the MOSFETS segment increased slightly versus the prior fiscal quarter, but decreased significantly versus the prior year
+Added: The increase versus the prior fiscal quarter is primarily due to the Newport wafer fab acquisition, partially offset by decreased sales to automotive end market customers.
+Added: The decrease versus the prior year quarter is primarily
+Added: due decreased sales to distributor customers and customers in all regions.
+Added: The decrease versus the prior year-to-date period is due decreased sales to all end market customers and customers in all regions, partially offset by the Newport
+Added: wafer fab acquisition.
+Added: Gross profit margin decreased versus the prior fiscal quarter and prior year periods.
+Added: The decrease from the prior fiscal quarter is primarily
+Added: due to costs associated with the Newport wafer fab.
+Added: The decreases versus the prior year periods are primarily due to lower sales volume, decreased average selling prices, and costs associated with the Newport wafer fab.
+Added: The segment operating margin decreased versus the prior fiscal quarter and the prior year periods.
+Added: The decreases are primarily due to gross
+Added: profit margin decreases.
+Added: Average selling prices were flat versus the prior fiscal quarter, but decreased versus the prior year periods.
We continue to invest to expand mid- and long-term manufacturing capacity for strategic product lines.
−Removed: We have begun building a 12-inch wafer fab in
−Removed: Itzehoe, Germany adjacent to our existing 8-inch wafer fab, which we expect will increase our in-house wafer capacity by approximately 70% within 3-4 years and allow us to balance our in-house and foundry wafer supply.
+Added: We have begun building a 12-inch
+Added: wafer fab in Itzehoe, Germany adjacent to our existing 8-inch wafer fab, which we expect will increase our in-house wafer capacity by approximately 70% by 2028 and allow us to balance our in-house and foundry wafer supply.
We acquired leading edge silicon and silicon carbide MOSFETs products with our acquisition of MaxPower in the fourth fiscal quarter of 2022.
−Removed: to use the Newport wafer fabrication facility acquired in the first fiscal quarter of 2024 as the home for MaxPower to further develop and scale our SiC MOSFETs and diodes capabilities.
+Added: We plan to use the Newport wafer fabrication facility acquired in the first fiscal quarter of 2024 as the home for MaxPower to further develop and scale our SiC MOSFETs and diodes capabilities.
Net revenues, gross profit margins, and segment operating margins of the Diodes segment were as follows (dollars in thousands):
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Gross profit margin
Segment operating margin
−Removed: The change in net revenues versus the comparable prior periods was as follows (dollars
−Removed: in thousands) :
+Added: The change in net revenues versus the comparable prior periods was as follows (dollars in thousands) :
Fiscal quarter ended
−Removed: March 30, 2024
+Added: June 29, 2024
+Added: Six fiscal months ended
+Added: June 29, 2024
Change in net revenues
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: Change in net revenues
+Added: March 30, 2024
Changes in Diodes segment net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
2 unchanged sentences
Foreign currency effects
−Removed: Net revenues of the Diodes segment decreased versus the prior fiscal quarter and the prior year quarter.
−Removed: The decreases are primarily due to decreased
−Removed: sales to distribution customers and industrial and automotive end market customers in all regions.
−Removed: Gross profit margin decreased versus the prior fiscal quarter and the prior year quarter.
−Removed: The increases are primarily due to lower sales volume and decreased average selling prices.
−Removed: The segment operating margin decreased versus the prior fiscal quarter and prior year quarter.
−Removed: The decreases are primarily
−Removed: due to decreased gross profit.
−Removed: Average selling prices decreased versus the prior fiscal quarter and prior year quarter.
−Removed: We plan to use the Newport wafer fabrication facility acquired in the first fiscal quarter of 2024 as the home for MaxPower to further develop and scale
−Removed: our SiC MOSFETs and diodes capabilities.
−Removed: O ptoelectronic Components
+Added: Net revenues of the Diodes segment decreased slightly versus the prior fiscal quarter and significantly versus the prior year periods.
+Added: versus the prior fiscal quarter was primarily due to decreased sales to automotive and industrial end market customers and customers in the Europe region.
+Added: The decreases versus the prior year periods are due to decreased sales to nearly all end
+Added: market customers and customers in all regions.
+Added: Gross profit margin decreased versus the prior fiscal quarter and prior year periods.
+Added: The decreases are primarily due to lower sales volume and
+Added: lower average selling prices.
+Added: Higher labor costs also contributed to the decreases versus the prior year periods.
+Added: Segment operating margin decreased versus the prior fiscal quarter and the prior year periods.
+Added: The decreases are primarily due to gross profit
+Added: margin decreases.
+Added: Average selling prices decreased versus the prior fiscal quarter and the prior year periods.
+Added: We plan to use the Newport wafer fabrication facility acquired in the first fiscal quarter of 2024 as the home for MaxPower to further develop and
+Added: scale our SiC MOSFETs and diodes capabilities.
+Added: Optoelectronic Components
Net revenues, gross profit margins, and segment operating margins of the Optoelectronic Components segment were as follows (dollars in thousands):
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Gross profit margin
Segment operating margin
−Removed: The change in net revenues versus the comparable prior periods was as follows (dollars
−Removed: in thousands) :
+Added: The change in net revenues versus the comparable prior periods was as follows (dollars in thousands) :
Fiscal quarter ended
−Removed: March 30, 2024
+Added: June 29, 2024
+Added: Six fiscal months ended
+Added: June 29, 2024
Change in net revenues
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: Change in net revenues
+Added: March 30, 2024
Changes in Optoelectronic Components segment net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
−Removed: Decrease in volume
−Removed: Decrease in average selling prices
+Added: Change in volume
+Added: Change in average selling prices
Foreign currency effects
−Removed: Net revenues of our Optoelectronic Components segment decreased versus the prior fiscal quarter and the prior year quarter.
−Removed: The decrease versus the prior fiscal quarter is primarily due to decreased sales to distribution customers and industrial end market customers in all regions, particularly Asia, partially
−Removed: offset by increased sales to EMS customers and automotive and consumer product end market customers.
−Removed: The decrease versus the prior year quarter is due to decreased sales to all regions, distribution customers, and all end market customers.
−Removed: Gross profit margin increased versus the prior fiscal quarter, but decreased versus the prior year quarter.
−Removed: The increase versus the prior fiscal
−Removed: quarter is primarily due to the positive impact of increased inventory and accelerated depreciation costs that negatively impacted the prior fiscal quarter.
−Removed: The decrease versus the prior year quarter is primarily due to lower sales volume,
−Removed: decreased average selling prices, and manufacturing inefficiencies.
−Removed: The segment operating margin decreased versus the prior fiscal quarter and the prior year quarter.
−Removed: The decreases are primarily due to gross profit decreases.
−Removed: Average selling prices decreased versus the prior fiscal quarter and prior year quarter.
+Added: Net revenues of the Optoelectronic Components segment increased versus the prior fiscal quarter, but decreased versus the prior year periods.
+Added: increase versus the prior fiscal quarter is due to increased sales to distribution customers and industrial end market customers and customers in the Asia region.
+Added: The decreases versus the prior year periods are primarily due to distribution
+Added: customers, all end market customers, and customers in the Europe and Americas regions.
+Added: Gross profit margin increased versus the prior fiscal quarter and prior year quarter, but decreased versus the prior year-to-date period.
+Added: increase versus the prior fiscal quarter is primarily due to increased sales volume, increased average selling prices, manufacturing efficiencies, and cost containment initiatives.
+Added: The increase versus the prior year quarter is due to cost
+Added: containment initiatives and manufacturing efficiencies, partially offset by decreased sales volume and average selling prices.
+Added: The decrease versus the prior year-to-date period is primarily due to decreased sales volume and average selling
+Added: Segment operating margin increased versus the prior fiscal quarter, but decreased versus the prior year periods.
+Added: The fluctuations are primarily due
+Added: to gross profit margin fluctuations.
+Added: Average selling prices increased versus the prior fiscal quarter, but decreased versus the prior year periods.
+Added: We are now using our recently modernized and expanded wafer fab in Heilbronn, Germany.
Net revenues, gross profit margins, and segment operating margins of the Resistors segment were as follows (dollars in thousands):
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Gross profit margin
2 unchanged sentences
Fiscal quarter ended
−Removed: March 30, 2024
+Added: June 29, 2024
+Added: Six fiscal months ended
+Added: June 29, 2024
Change in net revenues
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: Change in net revenues
+Added: March 30, 2024
Changes in Resistors segment net revenues were attributable to the following:
−Removed: Prior Quarter
−Removed: Prior Year Quarter
Change attributable to:
2 unchanged sentences
Foreign currency effects
−Removed: Net revenues of the Resistors segment decreased versus the prior fiscal quarter and prior year quarter.
−Removed: The decrease versus the prior fiscal quarter is
−Removed: primarily due to decreased sales to distribution customers, military and aerospace and industrial end market customers, and customers in the Asia region, partially offset by increased sales to EMS customers, medical end market customers, and
−Removed: customers in the Americas region.
−Removed: The decrease versus the prior year quarter is primarily due to decreased sales to distribution and EMS customers, industrial end market customers, and customers in all regions, particularly Asia.
−Removed: The gross profit margin decreased versus the prior fiscal quarter and the prior year quarter.
−Removed: The decrease versus the prior fiscal quarter is primarily due to
−Removed: decreased sales volume.
−Removed: The decrease versus the prior year quarter is primarily due to decreased sales volume and manufacturing inefficiencies.
−Removed: The segment operating margin decreased versus the prior fiscal quarter and prior year quarter.
−Removed: The decreases are primarily due to decreased gross profit.
−Removed: Average selling prices decreased versus the prior fiscal quarter and the prior year quarter.
+Added: Net revenues of the Resistors segment decreased slightly versus the prior fiscal quarter and significantly versus the prior year periods.
+Added: decrease versus the prior fiscal quarter is primarily due to decreased sales to industrial and automotive end market customers and customers in the Europe region.
+Added: The decreases versus the prior year periods were due to decreased sales to
+Added: nearly all end market customers and customers in all regions.
+Added: Gross profit margin decreased versus the prior fiscal quarter and prior year periods.
+Added: The decreases were primarily due to lower sales volume,
+Added: lower average selling prices, increased labor costs, and increased logistics costs.
+Added: Segment operating margin decreased versus the prior fiscal quarter and the prior year periods.
+Added: The decreases are primarily due to gross profit
+Added: margin decreases.
+Added: Average selling prices decreased versus the prior fiscal quarter and prior year periods.
We are increasing critical manufacturing capacities for certain product lines.
3 unchanged sentences
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Gross profit margin
2 unchanged sentences
Fiscal quarter ended
−Removed: March 30, 2024
+Added: June 29, 2024
+Added: Six fiscal months ended
+Added: June 29, 2024
Change in net revenues
−Removed: December 31, 2023
−Removed: April 1, 2023
−Removed: Changes in Inductors segment net revenues were attributable to the following:
+Added: Change in net revenues
+Added: March 30, 2024
+Added: Changes in net revenues were attributable to the following:
Prior Quarter
4 unchanged sentences
Foreign currency effects
−Removed: Net revenues of the Inductors segment increased slightly versus the prior fiscal quarter and significantly versus the prior year quarter.
−Removed: versus the prior fiscal quarter is primarily due to increased sales to EMS customers, automotive and military and aerospace end market customers and customers in the Europe and Americas regions, partially offset by decreased sales to distribution
−Removed: customers, industrial end market customers, and customers in the Asia region.
−Removed: The increase versus the prior year quarter is primarily due to increased sales to automotive and military and aerospace end market customers and customers in all
−Removed: regions, particularly the Americas region, partially offset by decreased sales to distribution customers and industrial end market customers.
−Removed: The gross profit margin decreased versus the prior fiscal quarter, but increased versus the prior year quarter.
−Removed: The decrease versus the prior fiscal
−Removed: quarter is primarily due to decreased average selling prices and higher labor costs.
−Removed: The increase versus the prior year quarter is primarily due to higher sales volume and manufacturing efficiencies.
−Removed: The segment operating margin decreased versus the prior fiscal quarter, but was flat versus the prior year quarter.
−Removed: The fluctuations are primarily due to gross profit fluctuations.
−Removed: Cost inflation negatively impacted the segment operating
−Removed: margin versus the prior year quarter.
−Removed: Average selling prices decreased slightly versus the prior fiscal quarter and prior year quarter.
−Removed: We expect long-term growth in this segment, and are continuously expanding manufacturing capacity for certain product lines and evaluating acquisition
−Removed: opportunities, particularly of specialty businesses.
+Added: Net revenues of the Inductors segment increased versus the prior fiscal quarter and prior year periods.
+Added: The increase versus the prior fiscal quarter
+Added: was primarily due to increased sales to distribution and EMS customers, medical end market customers, and customers in the Americas region.
+Added: The increase versus the prior year quarter was primarily due to increased sales to distribution
+Added: customers, military and aerospace and medical end market customers, and customers in the Americas region.
+Added: The increase versus the prior year-to-date period was primarily due to increased sales to distribution customers, automotive, military
+Added: and aerospace, and medical end market customers, and customers in the Americas and Asia regions.
+Added: Gross profit margin was flat versus the prior fiscal quarter, but decreased versus the prior year periods.
+Added: The decreases versus the prior year
+Added: periods are primarily due to decreased average selling prices, higher logistics, materials, and labor costs, and start-up costs of a new manufacturing facility.
+Added: Segment operating margin was flat versus the prior fiscal quarter, but decreased versus the prior year periods.
+Added: The decreases are primarily due to
+Added: gross profit margin decreases.
+Added: Average selling prices decreased versus the prior fiscal quarter and prior year periods.
+Added: We expect long-term growth in this segment, and are continuously expanding manufacturing capacity for certain product lines and evaluating
+Added: acquisition opportunities, particularly of specialty businesses.
Net revenues, gross profit margins, and segment operating margins of the Capacitors segment were as follows (dollars in thousands):
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Gross profit margin
2 unchanged sentences
Fiscal quarter ended
−Removed: March 30, 2024
+Added: June 29, 2024
+Added: Six fiscal months ended
+Added: June 29, 2024
Change in net revenues
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: Change in net revenues
+Added: March 30, 2024
Changes in Capacitors segment net revenues were attributable to the following:
−Removed: Prior Year Quarter
Change attributable to:
−Removed: Change in volume
−Removed: Change in average selling prices
+Added: Decrease in volume
+Added: Decrease in average selling prices
Foreign currency effects
−Removed: Net revenues of the Capacitors segment increased versus the prior fiscal quarter, but decreased versus the prior year quarter.
−Removed: The increase versus the
−Removed: prior fiscal quarter is primarily due to increased sales to distribution customers, industrial end market customers, and customers in the Asia region.
−Removed: The decrease versus the prior year quarter is primarily due to decreased sales to distribution
−Removed: customers, industrial end market customers, and customers in the Americas and Europe regions.
−Removed: The gross profit margin increased versus the prior fiscal quarter, but decreased versus the prior year quarter.
−Removed: The increase versus the prior fiscal quarter is
−Removed: primarily due to higher sales volume, manufacturing efficiencies, and favorable sales mix.
−Removed: The decrease versus the prior year quarter is primarily due to lower sales volume, higher wage and tantalum costs, partially offset by favorable
−Removed: The segment operating margin increased versus the prior fiscal quarter, but decreased versus the prior year quarter.
−Removed: The fluctuations are primarily due to gross profit fluctuations.
−Removed: Average selling prices decreased versus the prior fiscal quarter, but increased versus the prior year quarter.
+Added: Net revenues of the Capacitors segment decreased slightly versus the prior fiscal quarter and significantly versus the prior year periods.
+Added: decrease versus the prior fiscal quarter is primarily due to decreased sales to distribution customers and customers in the Americas and Asia regions.
+Added: The decrease versus the prior year quarter is primarily due to decreased sales to
+Added: distribution customers, industrial end market customers, and customers in the Europe and Americas regions.
+Added: The decrease versus the prior year-to-date period is primarily due to decreased sales to industrial end market customers and customers
+Added: in the Europe and Americas regions.
+Added: Gross profit margin decreased versus the prior fiscal quarter and prior year periods.
+Added: The decreases are due to lower sales volume, lower average
+Added: selling prices, increased labor costs, and production inefficiencies.
+Added: Segment operating margin decreased versus the prior fiscal quarter and the prior year periods.
+Added: The decreases are primarily due to gross profit
+Added: margin decreases.
+Added: Average selling prices decreased versus the prior fiscal quarter and prior year periods.
Selling, General, and Administrative Expenses
−Removed: Selling, general, and administrative expenses are summarized as follows (dollars in thousands):
+Added: Selling, general, and administrative (“SG&A”) expenses are summarized as follows (dollars in thousands):
Fiscal quarters ended
+Added: Six fiscal months ended
+Added: June 29, 2024
March 30, 2024
−Removed: December 31, 2023
−Removed: April 1, 2023
+Added: June 29, 2024
Total SG&A expenses
as a percentage of revenues
−Removed: The sequential increase in SG&A expenses is primarily attributable to uneven attribution of stock-based compensation expense and cost inflation.
−Removed: SG&A expenses increased versus the prior year quarter due to higher stock-based compensation expense and general cost inflation.
+Added: The sequential decrease in SG&A expenses is primarily attributable to uneven attribution of stock-based compensation expense and lower bonus
+Added: compensation.
+Added: SG&A expenses increased versus the prior year periods due to higher stock-based compensation expense and general cost inflation.
Other Income (Expense)
−Removed: Interest expense for the fiscal quarter ended March 30, 2024 was flat versus the fiscal quarter ended December 31, 2023 and increased by $1.4 million versus the fiscal quarter ended April 1, 2023.
−Removed: The increase versus the prior year fiscal quarter is due to the issuance of the convertible senior notes due 2030 in the third fiscal quarter of 2023.
+Added: Interest expense for the fiscal quarter ended June 29, 2024
+Added: increased $0.2 million versus the fiscal quarter ended March 30, 2024 and increased $0.3 million versus the fiscal quarter ended July 1, 2023.
+Added: Interest expense for the six
+Added: fiscal months ended June 29, 2024 increased by $1.6 million versus the six fiscal months ended July 1, 2023.
+Added: The increase versus the prior fiscal quarter is due to higher average outstanding balances on the revolving credit facility.
+Added: increases versus the prior year periods are due to the issuance of the convertible senior notes due 2030 in the third fiscal quarter of 2023.
The following tables analyze the components of the line “Other” on the consolidated condensed statements of operations (in thousands):
Fiscal quarters ended
−Removed: March 30, 2024
−Removed: December 31, 2023
+Added: June 29, 2024
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)
Fiscal quarters ended
+Added: June 29, 2024
March 30, 2024
−Removed: April 1, 2023
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 March 30, 2024,
−Removed: our effective tax rate was 29.0%, as compared to 35.6% and 28.4% for the fiscal quarters ended December 31, 2023 and April 1, 2023, respectively.
−Removed: that our effective tax rate will be higher than the U.S.
+Added: Six fiscal months ended
+Added: June 29, 2024
+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 June 29, 2024, our effective tax rate was 34.2%, as compared
+Added: to 29.0% and 28.5%
+Added: for the fiscal quarters ended March 30, 2024 and July 1, 2023, respectively.
+Added: For the six fiscal months ended June 29, 2024, our effective tax rate was 31.3%,
+Added: as compared to 28.5% for the six
+Added: fiscal months ended July 1, 2023.
+Added: We expect that
+Added: our effective tax rate will be higher than the U.S.
statutory rate, excluding unusual transactions.
−Removed: During the three fiscal months ended March 30, 2024, the liabilities
−Removed: for unrecognized tax benefits did not materially change.
+Added: During the six fiscal months ended June 29, 2024, the liabilities for unrecognized tax benefits decreased $0.7 million on a net basis, primarily due to
+Added: statute expirations, partially offset by accruals for the current period.
We operate in a global environment with significant operations in various locations outside the United States.
−Removed: Accordingly, the consolidated income tax rate is a composite rate reflecting our earnings and the applicable tax rates in the various
−Removed: locations where we operate.
−Removed: Part of our historical strategy has been to achieve cost savings through the transfer and expansion of manufacturing operations to countries where we can take advantage of lower labor costs and available tax and other
−Removed: government-sponsored incentives.
+Added: Accordingly, the consolidated income tax rate
+Added: is a composite rate reflecting our earnings and the applicable tax rates in the various locations where we operate.
+Added: Part of our historical strategy has been to achieve cost savings through the transfer and expansion of manufacturing operations to
+Added: countries where we can take advantage of lower labor costs and available tax and other government-sponsored incentives.
Additional information about income taxes is included in Note 4 to our consolidated condensed financial statements.
Financial Condition, Liquidity, and Capital Resources
−Removed: Our financial condition as of March 30, 2024 continued to be strong.
−Removed: Cash and short-term investments
−Removed: exceed our long-term debt balances, and we have historically been a strong generator of operating cash flows.
−Removed: The cash generated from operations is used to fund our capital expenditure plans, and cash in excess of our capital expenditure needs is
−Removed: available to fund our acquisition strategy, fund our Stockholder Return Policy, and to reduce debt levels.
+Added: Our financial condition as of June 29, 2024 continued to be strong.
+Added: We have historically been a strong
+Added: generator of operating cash flows.
+Added: The cash generated from operations is used to fund our capital expenditure plans, and cash in excess of our capital expenditure needs is available to fund our acquisition strategy, fund our Stockholder Return
+Added: Policy, and to reduce debt levels.
Management uses a non-GAAP measure, "free cash," to evaluate our ability to fund acquisitions, repay debt, and otherwise enhance stockholder value through stock repurchases or
1 unchanged sentence
Cash flows provided by operating activities were $55.5 million
−Removed: for the three fiscal months ended March 30, 2024, as compared to cash flows provided by operations of $129.9 million for the three fiscal months ended April 1, 2023.
+Added: for the six fiscal months ended June 29, 2024, as compared to cash flows provided by operations of $237.1 million for the six fiscal months ended July 1, 2023.
In order to manage our working capital and operating cash needs, we monitor our cash conversion cycle.
The following table presents the components of our
−Removed: cash conversion cycle during the five fiscal quarters beginning with the first fiscal quarter of 2023 through the first fiscal quarter of 2024:
+Added: cash conversion cycle during the five fiscal quarters beginning with the second fiscal quarter of 2023 through the second fiscal quarter of 2024:
Fiscal quarters ended
−Removed: 1st Quarter 2023
2nd Quarter 2023
2 unchanged sentences
1st Quarter 2024
+Added: 2nd Quarter 2024
Days sales outstanding ("DSO") (a)
−Removed: Days inventory outstanding (b)
+Added: Days inventory outstanding ("DIO") (b)
Days payable outstanding ("DPO") (c)
9 unchanged sentences
by dividing the average accounts payable by the average cost of goods sold per day for the respective fiscal quarter.
−Removed: Cash paid for property and equipment for the three
−Removed: fiscal months ended March 30, 2024 was $53.1
−Removed: million, as compared to $45.6 million for the three fiscal months ended April 1, 2023.
−Removed: To be well positioned to service our customers and to
−Removed: fully participate in growing markets, we have increased and expect to maintain a relatively high level of capital expenditures for expansion in the mid-term.
−Removed: To increase our internal capacity, we plan to invest approximately $435 million in 2024,
−Removed: as part of our plan to invest approximately $1.4 billion in total capital expenditures for the period 2023 to 2025 and $2.6 billion for the period 2023 to 2028.
−Removed: Free cash flow for the three fiscal months ended March 30, 2024 decreased versus the three fiscal months ended April 1, 2023 primarily due to decreased net earnings.
−Removed: We expect that free cash flow will
−Removed: be negatively impacted by the expected high level of capital expenditures for expansion in 2023 - 2025 after which we expect to generate increasingly higher levels of free cash.
−Removed: There is no assurance, however, that we will be able to continue to
−Removed: generate cash flows from operations and free cash at our historical levels, or at all, going forward if the economic environment worsens.
+Added: Cash paid for property and equipment for the six
+Added: fiscal months ended June 29, 2024 was $115.6
+Added: million, as compared to $117.3 million for the six fiscal months ended July 1, 2023.
+Added: To be well positioned to service our
+Added: customers and to fully participate in growing markets, we have increased and expect to maintain a relatively high level of capital expenditures for expansion in the mid-term.
+Added: To increase our internal capacity, we had planned to invest
+Added: approximately $435 million in 2024.
+Added: At the midpoint of the year, the industry recovery is slower than expected.
+Added: Accordingly, we have adjusted our timetable for investments for our new 12-inch wafer fab in Itzehoe, Germany beyond 2024, and now
+Added: expect total capital expenditures for 2024 to be between $360 million and $390 million.
+Added: We remain committed to spending a total of $2.6 billion in total capital expenditures for the period 2023 - 2028.
+Added: Free cash flow for the six fiscal months ended June 29, 2024 decreased versus the six fiscal months ended July 1, 2023 primarily due to decreased net earnings and withholding taxes paid for the
+Added: repatriation of cash to the U.S.
+Added: We expect that free cash flow will be negatively impacted by the expected high level of capital expenditures for expansion in 2023 - 2025 after which we expect to generate increasingly higher levels of free cash.
+Added: There is no assurance, however, that we will be able to continue to generate cash flows from operations and free cash at our historical levels, or at all, going forward if the economic environment worsens.
In 2022, our Board of Directors adopted a Stockholder Return Policy that will remain in effect until such time as the Board votes to amend or rescind the policy.
“Stockholder Return Policy” above for additional information.
−Removed: The following table summarizes the components of net cash and short-term investments (debt) at March 30, 2024 and December 31, 2023 (in thousands) :
−Removed: March 30, 2024
+Added: The following table summarizes the components of net cash and short-term investments (debt) at June 29, 2024 and December 31, 2023 (in thousands) :
+Added: June 29, 2024
December 31, 2023
18 unchanged sentences
consolidated condensed statements of cash flows.
−Removed: As of March 30, 2024, 89% of our cash and
−Removed: cash equivalents and short-term investments were held in countries outside of the United States.
−Removed: Cash dividends to stockholders, share repurchases, and principal and interest payments on our debt instruments need to be paid by the U.S.
−Removed: company, Vishay Intertechnology, Inc.
−Removed: A U.S.-domiciled subsidiary was the acquiring entity of Nexperia's wafer fabrication facility and operations in Newport, South Wales, U.K.
−Removed: subsidiaries also have cash operating needs.
−Removed: distribution of earnings from Israel and Germany to the United States was used to fund the Nexperia transaction and will also be used to fund our Stockholder Return Policy.
−Removed: We expect that cash on-hand and cash flows from operations will be
−Removed: sufficient to meet our longer-term financing needs related to normal operating requirements, regular dividend payments, share repurchases pursuant to our Stockholder Return Policy, and our research and development and capital expenditure plans.
−Removed: substantially undrawn credit facility provides us with significant operating liquidity in the United States.
+Added: Our business is geographically diverse and our cash is generated by our subsidiaries around the world.
+Added: Cash dividends to stockholders, share
+Added: repurchases, and principal and interest payments on our debt instruments need to be paid by the U.S.
+Added: parent company, Vishay Intertechnology, Inc.
+Added: We continue to allocate capital responsibly between our business, our lenders, and our stockholders.
+Added: The capital allocated to our business is further allocated between our subsidiaries to meet local operating cash needs, to fund capital expenditures as part of our growth plan, and to meet corporate funding needs while also aiming to minimize our
+Added: During the second fiscal quarter of 2024, we repatriated $120 million of accumulated earnings to the United States and paid withholding taxes in Israel
+Added: of $15 million.
+Added: As of June 29, 2024, $73.4 million of our cash and cash equivalents and short-term investments were held by our U.S.
+Added: subsidiaries.
+Added: Based on expected cash payments pursuant to our Stockholder Return Policy and funding of the
+Added: Newport expansion, we expect to be in a net borrowing position in the U.S.
+Added: before year-end 2024.
+Added: As of June 29, 2024, we have approximately $495 million of German and Israeli earnings that are deemed not indefinitely reinvested.
+Added: expected timing of future repatriations, we estimate that the tax liability to repatriate these unremitted earnings will be approximately $74 million, which has been accrued, but will only be paid upon repatriation of the unremitted earnings.
+Added: Repatriating these unremitted earnings earlier than currently planned may not be possible and would incur additional tax expense.
+Added: We also have amounts of unremitted foreign earnings held by subsidiaries in countries other than Israel and Germany,
+Added: which continue to be reinvested indefinitely, that we have not accrued for the incremental foreign income taxes and withholding taxes payable to foreign jurisdictions that would be incurred to repatriate these amounts.
+Added: Certain of these
+Added: subsidiaries are located in countries with restrictive regulations and high tax rates for repatriating cash.
+Added: Due to the uncertainties associated with the ability, timing, and method to repatriate these unremitted earnings and other complexities
+Added: associated with its hypothetical calculation, determination of the amount of tax expense that would be incurred to repatriate the unremitted earnings is not practicable, but could be significant.
+Added: Our substantially undrawn credit facility provides
+Added: us with adequate operating liquidity in the United States.
+Added: Upon successful completion of our growth plan, we expect to generate increasingly higher levels of free cash that will be sufficient to meet our
+Added: long-term financing needs related to normal operating requirements, regular dividend payments, share repurchases pursuant to our Stockholder Return Policy, while allowing us to manage our repatriation and financing activities to minimize tax and
+Added: interest expense.
+Added: During the current period of intensified capital expenditures to achieve our growth plans, we are considering a combination of additional and alternative sources of financing and our cash on hand to fund a portion of the capital
+Added: expenditures that would conserve cash for future acquisitions while enabling us to minimize tax expense.
We maintain a $750 million revolving credit agreement that matures on May 8, 2028.
3 unchanged sentences
additional revolving commitments, incremental “term loan A” or “term loan B” facilities, or incremental equivalent debt.
−Removed: We had no amount outstanding on our revolving credit facility at December 31, 2023 and March 30, 2024.
−Removed: We expect to use the revolving credit facility
−Removed: from time-to-time to meet short-term financing needs.
+Added: We had no amount outstanding on our revolving credit facility at December 31, 2023 and June 29, 2024.
+Added: We borrowed and repaid $52 million on the
+Added: revolving credit facility during the six fiscal months ended June 29, 2024.
+Added: No amounts were outstanding on our revolving credit facility at any fiscal month-end.
+Added: We expect to use the revolving credit facility from time-to-time to meet short-term
+Added: financing needs.
Pursuant to the credit facility, the financial maintenance covenants include (a) an interest coverage ratio of not less than 2.00 to 1;
7 unchanged sentences
and acquisitions (assuming our pro forma net 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 net leverage ratio is greater than 2.50 to 1.00).
−Removed: We were in compliance with all financial covenants under the credit facility at March 30, 2024.
+Added: We were in compliance with all financial covenants under the credit facility at June 29, 2024.
Our interest coverage ratio and net leverage ratio were
36 unchanged sentences
No conversions have occurred to date.
+Added: We have the intent and ability to finance the principal amount of the convertible senior notes due 2025 using borrowings under our credit
+Added: facility upon maturity of the notes.
Safe Harbor Statement
1 unchanged sentence
contain “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995.
−Removed: Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,” “should,”
−Removed: or other similar words or expressions often identify forward-looking statements.
+Added: Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,”
+Added: “should,” or other similar words or expressions often identify forward-looking statements.
Such statements are based on current expectations only, and are subject to
18 unchanged sentences
changes in U.S.
−Removed: and foreign trade regulations and tariffs and uncertainty regarding the
−Removed: changes in applicable accounting standards and other factors affecting our operations, markets, capacity to meet demand, products, services, and prices that are set forth in our filings with the SEC, including our annual reports on Form 10-K
−Removed: and our quarterly reports on Form 10-Q.
+Added: and foreign trade regulations and tariffs and uncertainty regarding
+Added: changes in applicable accounting standards and other factors affecting our operations, markets, capacity to meet demand, products, services, and prices that are set forth in our filings with the SEC, including our annual reports on Form
+Added: 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.
1 unchanged sentence
We note these factors for investors as permitted by the Private Securities Litigation Reform Act of 1995.
−Removed: Readers can find them in Part I, Item 1A, of that filing under the heading “Risk Factors.” You should understand that it is not possible
−Removed: to predict or identify all such factors.
+Added: Readers can find them in Part I, Item 1A, of that filing under the heading “Risk Factors.” You should understand that it is not
+Added: possible to predict or identify all such factors.
Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
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.