Vishay Intertechnology Reports First Quarter 2024 Results
| VISHAY INTERTECHNOLOGY, INC. | | | | | Consolidated Condensed Statements of Cash Flows | | | | | (Unaudited - In thousands) | | | | Three fiscal months edned | | | March 30, 2024 | | April 1, 2023 | | Operating activities | | | | | Net earnings | $ | 31,443 | | | $ | 112,189 | | | Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | | Depreciation and amortization | | 49,527 | | | | 43,301 | | | Gain on disposal of property and equipment | | (625 | ) | | | (64 | ) | | Inventory write-offs for obsolescence | | 8,179 | | | | 8,986 | | | Stock compensation expense | | 5,344 | | | | 2,965 | | | Deferred income taxes | | 4,376 | | | | 7,329 | | | Other | | 426 | | | | (2,696 | ) | | Changes in operating assets and liabilities | | (18,459 | ) | | | (42,117 | ) | | Net cash provided by operating activities | | 80,211 | | | | 129,893 | | | | | | | | Investing activities | | | | | Purchase of property and equipment | | (53,084 | ) | | | (45,574 | ) | | Proceeds from sale of property and equipment | | 751 | | | | 326 | | | Purchase and deposits for businesses, net of cash acquired | | (168,616 | ) | | | - | | | Purchase of short-term investments | | (19,232 | ) | | | (41 | ) | | Maturity of short-term investments | | 17,611 | | | | 121,768 | | | Other investing activities | | (1,219 | ) | | | (892 | ) | | Net cash provided by (used in) investing activities | | (223,789 | ) | | | 75,587 | | | | | | | | Financing activities | | | | | Net proceeds on revolving credit facility | | - | | | | 65,000 | | | Dividends paid to common stockholders | | (12,542 | ) | | | (12,810 | ) | | Dividends paid to Class B common stockholders | | (1,210 | ) | | | (1,210 | ) | | Repurchase of common stock held in treasury | | (12,538 | ) | | | (20,173 | ) | | Cash withholding taxes paid when shares withheld for vested equity awards | | (4,053 | ) | | | (3,653 | ) | | Net cash provided by (used in) financing activities | | (30,343 | ) | | | 27,154 | | | Effect of exchange rate changes on cash and cash equivalents | | (2,257 | ) | | | 4,075 | | | | | | | | Net increase (decrease) in cash and cash equivalents | | (176,178 | ) | | | 236,709 | | | | | | | | Cash and cash equivalents at beginning of period | | 972,719 | | | | 610,825 | | | Cash and cash equivalents at end of period | $ | 796,541 | | | $ | 847,534 | | | | | | |
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