威世科技 (VSH) 2022 Q2 法說會逐字稿

Greetings. Welcome to Vishay's Second Quarter 2022 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Vishay 2022 年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Peter Henrici, Senior Vice President of Corporate Communications. Thank you. You may begin.

我現在將會議轉交給企業傳播高級副總裁 Peter Henrici。謝謝你。你可以開始了。

Thank you, Sherry. Good morning, and welcome to Vishay Intertechnology's Second Quarter 2022 Conference Call. With me today are Dr. Gerald Paul, Vishay's President and Chief Executive Officer; and Lori Lipcaman, our Executive Vice President and Chief Financial Officer.

謝謝你，雪莉。早上好，歡迎參加 Vishay Intertechnology 2022 年第二季度電話會議。今天與我同行的還有 Vishay 總裁兼首席執行官 Gerald Paul 博士；和我們的執行副總裁兼首席財務官 Lori Lipcaman。

As usual, we'll start today's call with the CFO, who will review Vishay's second quarter 2022 financial results. Dr. Gerald Paul will then give an overview of our business and discuss operational performance as well as segment results in more detail. Finally, we'll reserve time for questions and answers. This call is being webcast from the Investor Relations section of our website at ir.vishay.com. The replay for this call will be publicly available for approximately 30 days.

像往常一樣，我們將與首席財務官開始今天的電話會議，他將審查 Vishay 2022 年第二季度的財務業績。隨後，Gerald Paul 博士將概述我們的業務，並更詳細地討論運營績效和分部業績。最後，我們將預留時間進行問答。本次電話會議正在我們網站 ir.vishay.com 的投資者關係部分進行網絡直播。本次電話會議的重播將在大約 30 天內公開。

You should be aware that in today's conference call, we will be making certain forward-looking statements that discuss future events and performance. These statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. For a discussion of factors that could cause results to differ, please see today's press release and Vishay's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

您應該知道，在今天的電話會議中，我們將做出某些討論未來事件和業績的前瞻性陳述。這些陳述受到可能導致實際結果與前瞻性陳述不同的風險和不確定性的影響。有關可能導致結果不同的因素的討論，請參閱今天的新聞稿以及 Vishay 向美國證券交易委員會提交的 10-K 表格和 10-Q 表格文件。

In addition, during this call, we may refer to adjusted or other financial measures that are not prepared according to generally accepted accounting principles. We use non-GAAP measures because we believe they provide useful information about the operating performance of our businesses and should be considered by investors in conjunction with GAAP measures that we also provide.

此外，在本次電話會議期間，我們可能會參考未根據公認會計原則編制的調整後或其他財務指標。我們使用非 GAAP 衡量標準是因為我們相信它們提供了有關我們業務經營業績的有用信息，投資者應結合我們也提供的 GAAP 衡量標準加以考慮。

On the Investor Relations section of our website, you can find a presentation of the second quarter 2022 financial information containing some of the operational metrics Dr. Paul will be discussing.

在我們網站的投資者關係部分，您可以找到 2022 年第二季度財務信息的介紹，其中包含 Paul 博士將討論的一些運營指標。

Now I turn the call over to Chief Financial Officer, Lori Lipcaman.

現在我將電話轉給首席財務官 Lori Lipcaman。

Thank you, Peter. Good morning, everyone. I am sure that most of you have had a chance to review our earnings press release. I will focus on some highlights and key metrics.

謝謝你，彼得。大家，早安。我相信你們中的大多數人都有機會查看我們的收益新聞稿。我將重點介紹一些亮點和關鍵指標。

Vishay reported revenues for Q2 of $864 million, a quarterly record despite a temporary closure of 2 key facilities in Shanghai, China for over 2 months. EPS was $0.78 for the quarter. Adjusted EPS was $0.82 for the quarter.

Vishay 報告第二季度的收入為 8.64 億美元，儘管中國上海的 2 個主要設施暫時關閉了兩個多月，但仍創下季度記錄。本季度每股收益為 0.78 美元。本季度調整後每股收益為 0.82 美元。

We've identified certain charges for the COVID-related shutdowns of our facilities in China during Q2. The cost of these government-mandated shutdowns in China are incremental to and separable from normal operations. These items impacted cost of goods sold by $6.7 million and selling, general and administrative expenses by $0.5 million and our added debt net of tax, when calculating our non-GAAP adjusted EPS. We do not include in this around indirect costs of the pandemic, which are normal cost of doing business in 2022.

我們已經確定了第二季度我們在中國的設施因 COVID 相關的關閉而產生的某些費用。在中國，這些政府強制關閉的成本是增加的，與正常運營是分開的。在計算我們的非公認會計原則調整後的每股收益時，這些項目影響了 670 萬美元的銷售成本和 50 萬美元的銷售、一般和管理費用以及我們增加的稅後債務。我們不包括大流行的間接成本，這是 2022 年開展業務的正常成本。

During the quarter, we repatriated cash from Israel as part of a program we initiated in response to a change in Israeli tax law. We repatriated $81 million to the United States net of paid withholding and foreign taxes of $13 million. We also paid Israeli clawback tax of $12 million. These taxes have been accrued in Q4 2021 when the new tax law was enacted. The payment of these taxes is reflected in operating cash flow on the statement of cash flows. The repatriated cash is used to fund our stockholder return policy.

在本季度，我們從以色列匯回了現金，這是我們為響應以色列稅法變化而發起的一項計劃的一部分。我們將 8100 萬美元匯回美國，扣除已支付的預扣稅和 1300 萬美元的外國稅款。我們還支付了 1200 萬美元的以色列追回稅。這些稅款是在新稅法頒佈時的 2021 年第四季度產生的。這些稅款的支付反映在現金流量表的經營現金流量中。匯回的現金用於資助我們的股東回報政策。

As we announced in February, Vishay has adopted a stockholder return policy, which calls for us to return at least 70% of annual free cash to stockholders directly in the form of dividends or indirectly in the form of stock repurchases. For 2022, we intend to return at least $100 million.

正如我們在 2 月份宣布的那樣，Vishay 採用了股東回報政策，要求我們以股息的形式直接或間接以股票回購的形式向股東返還至少 70% 的年度自由現金。到 2022 年，我們打算返還至少 1 億美元。

During Q2, we repurchased 1.4 million shares of common stock for approximately $26.3 million. We paid $14.3 million for our quarterly dividends for a total stockholder return of $40.6 million. Year-to-date, we repurchased 1.9 million shares of common stock for approximately $36.2 million and paid $28.8 million in dividends for a total stockholder return of $65 million.

在第二季度，我們以約 2630 萬美元的價格回購了 140 萬股普通股。我們為季度股息支付了 1430 萬美元，股東總回報為 4060 萬美元。年初至今，我們以約 3620 萬美元的價格回購了 190 萬股普通股，並支付了 2880 萬美元的股息，股東總回報為 6500 萬美元。

Revenues in the quarter were $864 million, up by 1.1% from previous quarter and up by 5.4% compared to prior year. Gross margin was 30.3%. Adjusted gross margin was 31.0%. Op premium margin was 17.5%. Adjusted operating margin was 18.3%. EPS was $0.78. Adjusted EPS was $0.82. EBITDA was $192 million or 22.2%. Adjusted EBITDA was $199 million at 23.0%.

本季度收入為 8.64 億美元，比上一季度增長 1.1%，比上年同期增長 5.4%。毛利率為30.3%。調整後毛利率為 31.0%。運營溢價率為 17.5%。調整後的營業利潤率為 18.3%。每股收益為 0.78 美元。調整後每股收益為 0.82 美元。 EBITDA 為 1.92 億美元或 22.2%。調整後 EBITDA 為 1.99 億美元，增長率為 23.0%。

Reconciling versus prior quarter, adjusted operating income Q2 2022 compared to operating income for prior quarter based on $10 million higher sales or $24 million higher sales, excluding ex rate impacts, adjusted operating income increased by $12 million to $158 million in Q2 2022 from $146 million in Q1 2022.

與上一季度核對，2022 年第二季度調整後的營業收入與上一季度的營業收入相比，基於銷售額增加 1000 萬美元或銷售額增加 2400 萬美元（不包括匯率影響），調整後營業收入從 2022 年第二季度的 1.46 億美元增加 1200 萬美元至 1.58 億美元2022 年第一季度。

The main elements were: average selling prices had a positive impact of $24 million, representing a 2.9% ASP increase; volume decreased with a negative impact of $1 million, equivalent to a 0.1% decrease, primarily due to the COVID-related plant shutdowns in Shanghai; variable costs increased with a negative impact of $15 million, primarily due to higher metals and material prices; fixed costs were flat quarter-over-quarter; inventory impacts had a negative impact of $1 million; exchange rates had a positive effect of $4 million.

主要因素是：平均售價產生了 2400 萬美元的積極影響，即平均售價增長 2.9%；銷量下降，帶來 100 萬美元的負面影響，相當於下降 0.1%，主要是由於上海與 COVID 相關的工廠停工；可變成本增加了 1500 萬美元的負面影響，主要是由於金屬和材料價格上漲；固定成本環比持平；庫存影響產生了 100 萬美元的負面影響；匯率產生了400萬美元的積極影響。

Reconciling versus prior year, adjusted operating income Q2 2022 compared to operating income in Q2 2021. Based on $44 million higher sales or $78 million higher, excluding exchange rate impacts, adjusted operating income increased by $33 million to $158 million in Q2 2022 from $125 million in Q2 2021. The main elements were: average selling prices had a positive impact of $64 million, representing an 8.1% ASP increase; volume increased with a positive impact of $14 million, representing a 1.6% increase; variable costs increased with a negative impact of $30 million, primarily due to increases in cost of materials and services, labor, silicon, metals and logistics, not completely offset by manufacturing efficiencies and cost reduction efforts; fixed cost increased with a negative impact of $17 million, primarily due to annual wage increases as well as general inflation; inventory impacts had a positive impact of $4 million; exchange rates had a negative effect of $3 million.

2022 年第二季度調整後的營業收入與 2021 年第二季度的營業收入相比，與上年進行核對。根據銷售額增加 4400 萬美元或增加 7800 萬美元，不包括匯率影響，調整後營業收入從 1.25 億美元增加 3300 萬美元至 2022 年第二季度的 1.58 億美元2021 年第二季度。主要因素是：平均售價產生了 6400 萬美元的積極影響，平均售價增長 8.1%；交易量增加了 1400 萬美元，增加了 1.6%；可變成本增加了 3000 萬美元的負面影響，主要是由於材料和服務、勞動力、矽、金屬和物流成本的增加，而製造效率和降低成本的努力並未完全抵消；固定成本增加了 1700 萬美元的負面影響，主要是由於年度工資增長以及總體通貨膨脹；庫存影響產生了 400 萬美元的積極影響；匯率產生了300萬美元的負面影響。

Selling, general and administrative expenses for the quarter were $110 million, slightly less than expectations due to foreign exchange effects. For Q3 2022, our expectations are approximately $107 million of SG&A expenses at current exchange rates. For the full year 2022, our expectations are $440 million of SG&A expenses.

本季度的銷售、一般和管理費用為 1.1 億美元，由於外匯影響，略低於預期。對於 2022 年第三季度，我們預計按當前匯率計算的 SG&A 費用約為 1.07 億美元。對於 2022 年全年，我們的預期是 4.4 億美元的 SG&A 費用。

The debt shown on the face of our balance sheet at quarter end is comprised of the convertible notes due 2025, net of debt issuance costs and $6 million outstanding on our revolving credit facility at the end of the quarter. No principal payments are due until the expiration of the revolving credit facility in June 2024.

季度末資產負債表上顯示的債務包括 2025 年到期的可轉換票據，扣除債務發行成本和本季度末循環信貸額度的 600 萬美元未償。直到 2024 年 6 月循環信貸額度到期，本金才到期。

We had total liquidity of $1.6 billion at quarter end. Cash and short-term investments comprised $847 million, and $744 million is available on our credit facility. Total shares outstanding at quarter end were 143 million. The expected share count for EPS purposes for the third quarter 2022 is approximately 143 million, excluding any impact of share repurchases.

在季度末，我們的總流動資金為 16 億美元。現金和短期投資包括 8.47 億美元，其中 7.44 億美元可用於我們的信貸額度。季度末流通股總數為1.43億股。 2022 年第三季度 EPS 的預期股票數量約為 1.43 億股，不包括股票回購的任何影響。

Our U.S. GAAP tax rate for the quarter and year-to-date was approximately 24%. Our normalized effective tax rate, which excludes the tax effect of the COVID costs in China, was also approximately 24% for the quarter and year-to-date periods. We expect our normalized effective tax rate for full year 2022 to be between 23% and 24%.

我們本季度和年初至今的美國公認會計原則稅率約為 24%。我們的正常化有效稅率（不包括中國新冠病毒成本的稅收影響）在本季度和年初至今也約為 24%。我們預計 2022 年全年的正常化有效稅率將在 23% 至 24% 之間。

Our consolidated effective tax rate is based on an assumed level and mix of income among our various taxing jurisdictions. A shift in income could result in significantly different results. Also, a significant change in U.S. tax laws or regulations could result in significantly different rates.

我們的綜合有效稅率基於我們各個稅收管轄區的假設水平和收入組合。收入的變化可能會導致截然不同的結果。此外，美國稅法或法規的重大變化可能導致稅率顯著不同。

Cash from operations for the quarter was $75 million. Capital expenditures for the quarter were $60 million. Free cash for the quarter was $15 million. For the trailing 12 months, cash from operations was $391 million, capital expenditures were $253 million, split approximately for expansion, $161 million; for cost reduction, $16 million; for maintenance of business, $76 million. Free cash generation for the trailing 12-month period was $139 million.

本季度的運營現金為 7500 萬美元。本季度的資本支出為 6000 萬美元。本季度的自由現金為 1500 萬美元。在過去的 12 個月中，運營現金為 3.91 億美元，資本支出為 2.53 億美元，大約為擴張而拆分，為 1.61 億美元；用於降低成本，1600 萬美元；用於維持業務，7600萬美元。過去 12 個月的自由現金產生為 1.39 億美元。

The trailing 12-month period includes $15 million cash taxes paid for the 2022 installment of the U.S. tax reform transition tax and $25 million cash taxes paid pursuant to our Israeli repatriation program. Vishay has consistently generated in excess of $100 million cash flows from operations in each of the past 27 years and greater than $200 million for the past 20 years.

過去 12 個月期間包括為 2022 年分期支付的美國稅改過渡稅支付的 1500 萬美元現金稅和根據我們的以色列遣返計劃支付的 2500 萬美元現金稅。在過去的 27 年中，Vishay 每年從運營中產生的現金流量持續超過 1 億美元，在過去的 20 年中則超過 2 億美元。

Backlog at the end of quarter 2 was at $2.425 billion or 8.4 months of sales. Inventories increased quarter-over-quarter by $46 million, excluding exchange rate impacts. Days of inventory outstanding were 95 days. Days of sales outstanding for the quarter were 45 days. Days of payables outstanding for the quarter were 37 days, resulting in a cash conversion cycle of 103 days.

第二季度末的積壓訂單為 24.25 億美元或 8.4 個月的銷售額。不包括匯率影響，庫存環比增加了 4600 萬美元。未清存貨天數為 95 天。本季度未完成銷售的天數為 45 天。本季度的應付賬款天數為 37 天，現金轉換週期為 103 天。

Now I will turn the call over to our Chief Executive Officer, Dr. Gerald Paul.

現在我將把電話轉給我們的首席執行官 Gerald Paul 博士。

Thank you, Lori, and good morning, everybody. Despite the pandemic and further accelerating rate of inflation globally, the second quarter for Vishay has been even more successful than Q1. That had been one of our best quarters ever. Following the increasing market demand, we steadily expand critical manufacturing capacities.

謝謝你，Lori，大家早上好。儘管大流行和全球通貨膨脹率進一步加快，但 Vishay 的第二季度比第一季度更加成功。那是我們有史以來最好的宿舍之一。隨著市場需求的增長，我們穩步擴大關鍵製造能力。

In Q2, we achieved quite excellent results. In the quarter -- in Q2, gross margin of 30.3% on the level of Q1, adjusted gross margin of 31.0% versus 30.3% in Q1, operating margin of 17.5% of sales versus 17.1% in Q1, adjusted operating margin of 18.3% versus 17.1%, earnings per share of $0.78 versus $0.71 in Q1 and adjusted earnings per share of $0.82 versus $0.71 in Q1.

在第二季度，我們取得了相當出色的成績。本季度——在第二季度，毛利率為 30.3%，與第一季度持平，調整後毛利率為 31.0%，而第一季度為 30.3%，營業利潤率為 17.5%，而第一季度為 17.1%，調整後營業利潤率為 18.3%與 17.1% 相比，每股收益為 0.78 美元，而第一季度為 0.71 美元，調整後每股收益為 0.82 美元，而第一季度為 0.71 美元。

Due to some temporary increase of receivables and inventories in the context of the Shanghai shutdown, free cash generation in the quarter still has been modest, $15 million. For the entire year, we again expect a solid performance concerning free cash.

由於在上海停工的背景下應收賬款和庫存暫時增加，本季度的自由現金產生仍然有限，為 1500 萬美元。全年，我們再次預計自由現金方面表現穩健。

Vishay continues to operate under extraordinarily good economic conditions. Orders and backlogs are at historically high levels. All regions remain principally strong with a currently not transparent situation of the Chinese market. Most of the market segments do very well, whereby there is an exception, computers and smartphones. Major shortages of supply continue to exist for many product lines.

Vishay 繼續在非常好的經濟條件下運營。訂單和積壓訂單處於歷史高位。在中國市場目前不透明的情況下，所有地區都基本保持強勁。大多數細分市場都做得很好，其中有一個例外，電腦和智能手機。許多產品線繼續存在嚴重的供應短缺。

In view of increased inflationary pressures on the cost of manufacturers, the market continues to accept price increases. Global distribution overall remains in good shape. The midterm business outlook continues to be strong.

鑑於製造商成本的通脹壓力增加，市場繼續接受價格上漲。全球分銷總體上保持良好狀態。中期業務前景繼續強勁。

POS in the quarter was 13% below Q1, that clearly represented a spike and 2% below prior year. POS in all regions declined from a quite extreme first quarter. Global inventories in the second quarter increased by $54 million or by 10% versus Q1 and were 28% above prior year that had been characterized, you remember, by rather extreme shortages. There is an impact of price increases indicating a lower increase in terms of pieces, in particular, versus prior year.

本季度的 POS 比第一季度低 13%，這顯然是一個高峰，比去年同期低 2%。所有地區的 POS 均從相當極端的第一季度下降。第二季度的全球庫存比第一季度增加了 5400 萬美元或 10%，比去年同期高出 28%，你記得，這是相當嚴重的短缺。價格上漲的影響表明，尤其是與上一年相比，件數的增幅較低。

Inventory turns of global distribution in the second quarter were at a good level of 3.6 noticeably down from 4.2 in the first quarter and down from 4.4 in prior year. The Americas showed 2.1 turns after 2.3 in quarter 1 and 2.1 in prior year; Asia, 4.6 turns after 5.6 in Q1 and 7.4 in prior year; Europe, 4.3 turns after 4.9 in Q1 and 4.6 in prior year. Summarizing the extremely lean supply chain of prior quarters is in process to normalize.

第二季度全球分銷的庫存周轉率為 3.6，明顯低於第一季度的 4.2 和去年的 4.4。美洲在第一季度的 2.3 和去年的 2.1 之後出現了 2.1 的轉折；亞洲，在第一季度的 5.6 和去年的 7.4 之後，增長了 4.6；歐洲，在第一季度的 4.9 和去年的 4.6 之後轉為 4.3。總結前幾個季度極度精益的供應鏈正在正常化。

Coming to the industry segments. Automotive customers in general continued to be impacted by shortages of components, expect a strong demand in the second half is the customers will start to work down the high vehicle backlog based on an improving supply situation. Growth in the automotive market is expected to remain strong midterm with electronic vehicles gaining market share and due to a further growing electronic content in general.

進入行業細分市場。汽車客戶總體上繼續受到零部件短缺的影響，預計下半年的強勁需求是客戶將在供應情況改善的情況下開始處理高積壓的車輛。預計汽車市場的中期增長將保持強勁，電子汽車獲得市場份額，並且總體上電子內容進一步增長。

Furthermore, significant investment is still to be made in charging infrastructure. Industrial market sectors are expected to show continued growth. in view of an accelerated move to green energy, smart home automation systems, factory automation and growing investments also in traditional power infrastructure projects. As I said, demand for notebooks is declining, but growth is expected to continue in server and storage hardware.

此外，充電基礎設施仍需大量投資。工業市場領域預計將呈現持續增長。鑑於加速轉向綠色能源、智能家居自動化系統、工廠自動化以及對傳統電力基礎設施項目的投資也在增加。正如我所說，對筆記本電腦的需求正在下降，但預計服務器和存儲硬件將繼續增長。

5G continues to provide growth opportunities, but some slowdown is apparent due to supply chain issues. Business with smartphones presently is declining.

5G 繼續提供增長機會，但由於供應鏈問題，一些放緩是顯而易見的。目前，智能手機業務正在下降。

Extraordinary growth we see in military hardware, which can be expected to continue, and we also realize an ongoing recovery of commercial aviation markets.

我們在軍事硬件方面看到了非凡的增長，預計這種增長將持續下去，我們也實現了商業航空市場的持續復甦。

The medical business remains on a steady growth trend, returning to a more traditional segmentation. The markets for air conditioning and smart TVs presently are in decline, but increasing applications are there in white goods for control and communication. Variable electronic products and Internet of Things applications continue to drive growth.

醫療業務保持穩定增長趨勢，回歸更傳統的細分市場。空調和智能電視市場目前正在下滑，但在白色家電中用於控制和通信的應用正在增加。可變電子產品和物聯網應用繼續推動增長。

The second quarter sales of Vishay, excluding exchange rate impacts, came in above the midpoint of our guidance. We were able to master quite severe pandemic-related issues in China, especially in Shanghai, of course, better than expected.

Vishay 第二季度的銷售額（不包括匯率影響）高於我們指導的中點。在中國，尤其是在上海，我們能夠掌握相當嚴重的與流行病相關的問題，當然比預期的要好。

We achieved sales of $864 million versus $854 million in prior quarter and $819 million in prior year. Excluding exchange rate effects, sales in the second quarter were up by $24 million or 3% versus prior quarter and up by $78 million or 10% versus prior year.

我們的銷售額為 8.64 億美元，上一季度為 8.54 億美元，去年為 8.19 億美元。排除匯率影響，第二季度銷售額比上一季度增長 2400 萬美元或 3%，比上年增長 7800 萬美元或 10%。

Despite historically high backlogs, book-to-bill in the quarter was 1.07 after 1.14 in prior quarter, 1.05 for distribution after 1.16 in the first quarter, 1.11 for OEMs after 1.13, 1.07 for semis after 1.14 in Q1, 1.07 also for passives after 1.15 in Q1, 1.02 for the Americas after 1.24 in the first quarter, 0.88 for Asia after 1.02, 1.35 for Europe after 1.23.

儘管積壓處於歷史高位，本季度的訂單出貨比為 1.07，上一季度為 1.14，分銷為 1.05，第一季度為 1.16，OEM 為 1.11，為 1.13，半成品為 1.07，第一季度為 1.14，被動產品為 1.07，之後第一季度為 1.15，美洲為 1.02，第一季度為 1.24，亞洲為 0.88，為 1.02，歐洲為 1.35，為 1.23。

Backlog in the second quarter remained on a record level of 8.4 months, close to prior quarter, which had been at 8.5 months, 9.5 months in semis after 9.3 in Q1 and 7.3 months in passives after 7.6.

第二季度的積壓仍保持在 8.4 個月的創紀錄水平，接近上一季度的 8.5 個月，半成品為 9.5 個月，高於第一季度的 9.3 個月，被動訂單為 7.3 個月，為 7.6 個月。

Quite broad price increases continued to be implemented, plus 2.9% versus prior quarter and plus 8.1% versus prior year, which includes a positive effect coming from an unusually high fluctuation of distribution incentives at semis. Semis themselves were plus 4.7% versus prior quarter and plus 12.9% versus prior year. Passives prices came up by 1.1% versus prior quarter and by 3.7% versus prior year.

繼續實施相當廣泛的價格上漲，比上一季度增加 2.9%，比上年增加 8.1%，其中包括來自半成品分銷激勵異常高波動的積極影響。半成品本身比上一季度增長 4.7%，比上年增長 12.9%。被動產品價格較上一季度上漲 1.1%，較上年同期上漲 3.7%。

Despite high transportation costs, high material prices and despite further accelerating general inflation rates worldwide, Vishay was able to defend its traditional level of variable margin percent. Further price increases and good plant efficiencies helped.

儘管運輸成本高、材料價格高，而且儘管全球總體通貨膨脹率進一步加快，但 Vishay 仍能夠捍衛其傳統的可變利潤率水平。進一步的價格上漲和良好的工廠效率有所幫助。

SG&A costs in the second quarter came in at $110 million. Manufacturing fixed costs in the quarter came in at $139 million. Fixed costs in total, both together SG&A manufacturing fixed costs, were according to expectations when excluding exchange rate impacts.

第二季度的 SG&A 成本為 1.1 億美元。本季度的製造固定成本為 1.39 億美元。排除匯率影響後，總固定成本（包括 SG&A 製造固定成本）符合預期。

Total employment at the end of the second quarter increased to 23,780, 1.5% up from prior quarter.

第二季度末總就業人數增至 23,780 人，比上一季度增長 1.5%。

Excluding exchange rate impacts, inventories in the quarter increased by $46 million, $10 million in raw materials and $36 million in WIP finished goods. Inventory increases in WIP and finished goods were caused mainly by interruptions of the supply chains and by factory shutdowns in Shanghai. Inventories will normalize for the most part in the course of the year.

排除匯率影響，本季度庫存增加了 4600 萬美元，原材料增加了 1000 萬美元，WIP 製成品增加了 3600 萬美元。在製品和製成品的庫存增加主要是由於供應鏈中斷和上海工廠停工造成的。庫存將在年內大部分時間恢復正常。

Due to the temporary inventory build, inventory turns in Q2 decreased to 3.8 as compared to 4.2 in prior quarter. Capital spending in the second quarter was $60 million versus $32 million in prior year, $38 million for expansion, $4 million for cost reduction and $18 million for the maintenance of business.

由於臨時庫存增加，第二季度的庫存周轉率從上一季度的 4.2 下降至 3.8。第二季度的資本支出為 6000 萬美元，而去年同期為 3200 萬美元，其中 3800 萬美元用於擴張，400 萬美元用於降低成本，1800 萬美元用於維持業務。

We continue to prepare ourselves for further accelerating growth rates. For 2022, we continue to expect CapEx of about $325 million.

我們繼續為進一步加速增長做準備。對於 2022 年，我們繼續預計資本支出約為 3.25 億美元。

We generated in Q2 cash from operations of $391 million on a trailing 12 months basis, which includes $25 million taxes paid for repatriation of cash. And we generated in the second quarter free cash of $139 million on a trailing 12-month basis, again, including $25 million taxes paid for the repatriation of cash. Despite increased CapEx and some inventory and receivables increases, we also for the current year, expect a solid free cash generation.

在過去 12 個月的基礎上，我們在第二季度從運營中產生了 3.91 億美元的現金，其中包括為匯回現金支付的 2500 萬美元稅款。我們在過去 12 個月的基礎上在第二季度產生了 1.39 億美元的自由現金，其中包括為遣返現金支付的 2500 萬美元稅款。儘管資本支出增加，一些庫存和應收賬款增加，但我們也預計今年會產生可觀的自由現金。

Coming to resistors. With resistors, we enjoy a very strong position in the auto industrial, mil and medical market segments. We offer virtually all resistor technologies and are globally known as a reliable high-quality supplier of the broadest product range.

來到電阻。憑藉電阻器，我們在汽車工業、軍用和醫療市場領域享有非常強大的地位。我們提供幾乎所有電阻器技術，是全球知名的最廣泛產品系列的可靠優質供應商。

Vishay's traditional and historically growing business runs at record levels. Sales in the quarter were $213 million, which includes $3 million from our new acquisition, Barry Industries, up by $11 million or by 5% from previous quarter and up by $30 million or 16% vis-a-vis prior year. All this excludes exchange rate impacts.

Vishay 的傳統業務和歷史上不斷增長的業務以創紀錄的水平運行。本季度銷售額為 2.13 億美元，其中包括來自我們新收購的 Barry Industries 的 300 萬美元，比上一季度增長 1100 萬美元或 5%，比去年同期增長 3000 萬美元或 16%。所有這些都排除了匯率影響。

Book-to-bill ratio for resistors in the second quarter was 1.05 after 1.24 in prior quarter. Backlog is at 7.6 months, quite on the level of the first quarter, which had been at 7.8 months. Gross margin in the quarter improved to 33% of sales, up from 31% of sales in the first quarter. Inventory turns in the second quarter were at 4.0, down from prior quarter at 4.4. There was some temporary increase of raw material safety stocks.

第二季度電阻器的訂單出貨比為 1.05，上一季度為 1.24。積壓訂單為 7.6 個月，與第一季度 7.8 個月的水平相當。本季度毛利率從第一季度的 31% 提高到銷售額的 33%。第二季度的庫存周轉率為 4.0，低於上一季度的 4.4。原材料安全庫存有所增加。

Selling prices continued to increase, plus 1.3% versus prior quarter and plus 3.2% versus prior year. We are continuously raising critical manufacturing capacities mainly for resistor chips and power wirewounds. And we continue to broaden our business with specialty resistance by targeted acquisitions like ATP and recently, Barry Industries.

售價繼續上漲，比上一季度上漲 1.3%，比上年同期上漲 3.2%。我們不斷提高關鍵製造能力，主要是電阻芯片和電源線繞。我們通過像 ATP 和最近的 Barry Industries 這樣的有針對性的收購來繼續擴大我們的業務，特別是抗藥性。

Coming to inductors. The business consists of power inductors and magnetics. Exploiting the continuously growing need for inductors in general, we developed a platform of robust and efficient power inductors and lead the market technically.

來到電感器。業務包括功率電感器和磁體。總體而言，我們利用對電感器不斷增長的需求，開發了一個強大而高效的功率電感器平台，並在技術上引領市場。

With magnetics, we are very well positioned in many specialty businesses, demonstrating also in this field, steady growth. Sales of inductors in Q2 were $90 million, up by $8 million or by 9% versus prior quarter and up by $6 million or by 7% versus prior year, excluding exchange rate effects.

憑藉磁性材料，我們在許多專業業務中處於非常有利的地位，在該領域也表現出穩定的增長。第二季度電感器銷售額為 9000 萬美元，比上一季度增長 800 萬美元或 9%，比上年增長 600 萬美元或 7%，不包括匯率影響。

Book-to-bill in the second quarter was 0.97 after 1.14 in the first quarter. Backlog for inductors has decreased to 5.6 months from 6.3 months in prior quarter. Gross margin in the second quarter increased to 33% of sales as compared to prior quarter at 30% of sales. Inventory turns were at a good level of 4.7, slightly up from 4.6 in prior quarter.

第二季度的訂單出貨比為 0.97，而第一季度為 1.14。電感器的積壓訂單已從上一季度的 6.3 個月降至 5.6 個月。與上一季度銷售額的 30% 相比，第二季度的毛利率增加到銷售額的 33%。庫存周轉率為 4.7，略高於上一季度的 4.6。

All the price increases now also become a parent for inductors, plus 1.0% versus prior quarter and plus 1.9% versus prior year. We continuously expand our manufacturing capacities for power inductors and remain open for acquisitions in particular in the field of magnetics. In particular, I would like to mention that we are establishing a plant for power inductors in Mexico.

現在所有的價格上漲也成為電感器的父級，比上一季度增加 1.0%，比上年增加 1.9%。我們不斷擴大功率電感器的製造能力，並對收購持開放態度，尤其是在磁性領域。特別要提一下，我們正在墨西哥建立一個生產功率電感器的工廠。

Coming to capacitors. Our business with capacitors is based on a broad range of technologies with a strong position in American and European market niches. We also enjoy increasing opportunities in the fields of power transmission and of electro cars, mainly in Asia, China.

來到電容器。我們的電容器業務以廣泛的技術為基礎，在美國和歐洲的市場利基市場具有強大的地位。我們在動力傳動和電動汽車領域也享有越來越多的機會，主要在亞洲和中國。

Sales in the second quarter were at $132 million, $7 million or 6% above prior quarter and $19 million or 17% above prior year without exchange rate impacts. Book-to-bill ratio in the second quarter was 1.17 after 1.02 in prior quarter. The backlog remained at a very high level of 8.1 months.

在沒有匯率影響的情況下，第二季度的銷售額為 1.32 億美元，比上一季度增長 700 萬美元或 6%，比上年增長 1900 萬美元或 17%。第二季度的訂單出貨比為 1.17，高於上一季度的 1.02。積壓訂單仍保持在 8.1 個月的高水平。

Gross margin for capacitors in the quarter remained at 25% of sales. Inventory turns in the quarter were at 3.2 on the level of prior quarter. Also, for capacitors, we see continued price increases, 0.9% up versus prior quarter and 5.8% up versus prior year.

本季度電容器的毛利率保持在銷售額的 25%。本季度的庫存周轉率為上一季度的 3.2。此外，對於電容器，我們看到價格持續上漲，比上一季度上漲 0.9%，比上年同期上漲 5.8%。

We are confident for capacitors also in the light of growing global efforts in green energy in view of a growing mill business and the recovery of the oil and gas sector.

鑑於工廠業務的增長和石油和天然氣行業的複蘇，全球在綠色能源方面的努力不斷增加，我們對電容器也充滿信心。

Opto products. Vishay's business with Opto products consists of infrared emitters, receivers, sensors and couplers. Sales in the quarter were $78 million, 1 million or 2% below prior quarter but up by $6 million or 0.09% -- excuse me, 9% versus prior year, which excludes exchange rate impacts.

光電產品。 Vishay 的 Opto 產品業務包括紅外發射器、接收器、傳感器和耦合器。本季度銷售額為 7800 萬美元，比上一季度減少 100 萬美元或 2%，但增加了 600 萬美元或 0.09%——對不起，與去年同期相比增長了 9%，其中不包括匯率影響。

Book-to-bill in the second quarter was at 0.86 after 0.78 in prior quarter. Backlog is still at a fairly extreme level of 9.1 months after 9.4 months in the first quarter.

第二季度的訂單出貨比為 0.86，上一季度為 0.78。與第一季度的 9.4 個月相比，積壓仍處於 9.1 個月的相當極端水平。

Gross margin for Opto products in the quarter normalized to an excellent level of 34% of sales, down from 40% of sales in prior quarter, which represented clearly a spike. We continue to raise selling prices also for Opto products plus 2.5% versus prior quarter and plus 8% versus prior year. Opto products continue to be a very relevant element of Vishay's performance.

本季度 Opto 產品的毛利率正常化至銷售額的 34% 的出色水平，低於上一季度銷售額的 40%，這顯然是一個飆升。我們還將繼續提高 Opto 產品的售價，比上一季度增加 2.5%，比上年增加 8%。 Opto 產品仍然是 Vishay 業績的重要組成部分。

Coming to diodes. Diodes for Vishay represents a broad commodity business where we are largest supplier worldwide. Vishay offers virtually all technologies as well as the most complete product portfolio. The business enjoys a very strong position in the automotive and industrial market segments and keeps growing steadily and profitably since years.

來到二極管。 Vishay 的二極管代表了廣泛的商品業務，我們是全球最大的供應商。 Vishay 提供幾乎所有技術以及最完整的產品組合。該業務在汽車和工業市場領域擁有非常強大的地位，多年來保持穩定增長和盈利。

Sales in the quarter were $192 million, up by $13 million or 7% versus prior quarter and up by $24 million or 14% versus prior year, again, without exchange rate effects. The book-to-bill ratio in the second quarter was at 1.10 after 1.16 in prior quarter. The backlog decreased to 9.3 months from 9.7 months in prior quarter, which represented a record.

本季度銷售額為 1.92 億美元，與上一季度相比增長 1300 萬美元或 7%，與上年同期相比增長 2400 萬美元或 14%，同樣不受匯率影響。第二季度的訂單出貨比為 1.10，上一季度為 1.16。積壓訂單從上一季度的 9.7 個月降至 9.3 個月，創下歷史新高。

Gross margin in the quarter improved further to 28% of sales as compared to 25% in the first quarter, positively impacted by better ASP fees, higher volume and some inventory build. Inventory turns in the second quarter were at 4.0, close to prior quarter at 4.2.

與第一季度的 25% 相比，本季度的毛利率進一步提高至佔銷售額的 28%，這受到了 ASP 費用改善、銷量增加和一些庫存增加的積極影響。第二季度的庫存周轉率為 4.0，接近上一季度的 4.2。

We continue to raise ASPs substantially, plus 5.2% versus prior quarter and plus 13% versus prior year. Our large and profitably growing business with diodes is the most relevant part of Vishay's volume basis.

我們繼續大幅提高平均售價，比上一季度增加 5.2%，比上年增加 13%。我們與二極管相關的龐大且盈利增長的業務是 Vishay 銷量基礎中最相關的部分。

Finally, the MOSFETs. Vishay is one of the market leaders in MOSFET transistors. With MOSFETs, we enjoy a strong and growing market position, in particular in automotive, which in view of an increasing use of MOSFETs will provide a very successful future for this line.

最後，MOSFET。 Vishay 是 MOSFET 晶體管的市場領導者之一。憑藉 MOSFET，我們享有強大且不斷增長的市場地位，尤其是在汽車領域，鑑於 MOSFET 的使用越來越多，這將為這條生產線提供一個非常成功的未來。

Demand over the years has reached extreme levels and is expected to increase rapidly in the years to come. In the quarter, we had sales of $158 million, $13 million or 8% below prior quarter and $6 million or 4% below prior year without exchange rate impacts. Naturally, severely impacted by an extended COVID-related plant and warehouse shutdown in Shanghai. Book-to-bill ratio in the quarter was at 1.14 after 1.28 in the first quarter. Backlog increased to another record of 10.1 months from 9.0 months in prior quarter.

多年來的需求已達到極端水平，預計未來幾年將迅速增長。在沒有匯率影響的情況下，本季度我們的銷售額為 1.58 億美元，比上一季度低 1300 萬美元或 8%，比上年同期低 600 萬美元或 4%。自然，受到上海與 COVID 相關的工廠和倉庫停工的嚴重影響。本季度的訂單出貨比為 1.14，而第一季度為 1.28。積壓訂單從上一季度的 9.0 個月增加到 10.1 個月的另一個記錄。

Gross margin in the quarter increased further to 35% of sales after 34% of sales in Q1, also supported by some inventory build. Inventory turns in the quarter dropped to 3.4 as compared to 4.4 in prior quarter. Substantial but temporary increase of WIP and finished goods was there as a consequence of the Shanghai shutdowns.

在第一季度佔銷售額的 34% 之後，本季度的毛利率進一步增加到佔銷售額的 35%，這也受到一些庫存增加的支持。本季度的庫存周轉率從上一季度的 4.4 降至 3.4。由於上海的停工，在製品和製成品出現了大幅但暫時的增長。

We continue to implement price increases in a substantial way, plus 5.3% versus prior quarter and plus 15.3% versus prior year, which includes the major part of the previously mentioned effect on distribution incentives.

我們繼續大幅提價，比上一季度增長 5.3%，比上年增長 15.3%，其中包括前面提到的對分銷激勵措施的主要影響。

MOSFETs remain key for Vishay's growth going forward. And we intend to keep a proper balance between in-house manufacturing of wafers and purchases from foundries.

MOSFET 仍然是 Vishay 未來增長的關鍵。我們打算在內部製造晶圓和從代工廠採購之間保持適當的平衡。

Let me summarize. Despite substantially growing political instabilities, a strongly accelerating rate of inflation and ongoing disturbance is still caused by the pandemic, we continue to enjoy a very high market demand. Backlogs and lead times remained at record levels. And our industry clearly benefits from an acceleration of the electronification in most of our market segments. The move to electro vehicles is one of the drivers, but to a similar extent, the move to green energy and the accelerating automation of factories. We expect this trend to continue long term.

讓我總結一下。儘管政治不穩定性顯著增加，通貨膨脹率急劇上升，疫情仍在持續擾動，但我們繼續享有非常高的市場需求。積壓和交貨時間保持在創紀錄的水平。我們的行業顯然受益於我們大部分細分市場的電子化加速。轉向電動汽車是驅動因素之一，但在類似程度上，轉向綠色能源和加速工廠自動化。我們預計這一趨勢將長期持續。

Vishay is well positioned and competitive in terms of product range and costs, and we keep investing in new processes and manufacturing capacities.

Vishay 在產品範圍和成本方面處於有利地位並具有競爭力，我們不斷投資於新工藝和製造能力。

We are confident also for the third quarter and guide to a sales range between $860 million and $900 million at a gross margin of 29.0% plus/minus 50 basis points.

我們對第三季度也充滿信心，並指導銷售額在 8.6 億美元至 9 億美元之間，毛利率為 29.0% 正負 50 個基點。

Thank you very much. And Peter, please.

非常感謝。彼得，請。

Thank you, Dr. Paul. We will now open the call to questions. Sherry, please take the first question. .

謝謝你，保羅博士。我們現在將打開問題電話。雪莉，請回答第一個問題。 .

(Operator Instructions) Our first question is from Ruplu Bhattacharya with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Ruplu Bhattacharya。

I wanted to ask first on gross margins. Obviously, they came in better than your guidance. And you talked a little bit about the inventory build. I was wondering, of the 70 basis point sequential improvement between 1Q and 2Q, how much of that was related to the inventory build?

我想先問一下毛利率。顯然，他們比你的指導更好。您還談到了庫存構建。我想知道，在第一季度和第二季度之間 70 個基點的連續改善中，有多少與庫存增加有關？

And if you can just talk a little bit more about what this inventory build was? Is it all in distribution? And how soon do you think and how soon do you think that normalizes?

如果你能多談談這個庫存構建是什麼？都在分發嗎？你認為多久會正常化？你認為多久會正常化？

And then when we look at the third quarter, you're guiding to 29%, which is lower than the 31% you reported, but that's on $20 million higher revenues. So just what are the dynamics playing in the gross margins between 2Q and 3Q?

然後當我們查看第三季度時，您的指導目標是 29%，低於您報告的 31%，但這是基於 2000 萬美元的收入增加。那麼，2Q 和 3Q 之間毛利率的動態是什麼？

Yes. The inventory build, not only, but by far, for the most part, happened in MOSFETs because this was the place when our plant was shutdown for 8 weeks during the quarter. And you can imagine the primary is in the Western Hemisphere they produced, and we're not able -- we were not able to package to a large extent.

是的。不僅如此，到目前為止，大部分庫存都發生在 MOSFET 中，因為這是我們工廠在本季度停產 8 週的地方。你可以想像他們生產的主要是在西半球，我們無法——我們無法在很大程度上進行包裝。

So this increase happened at MOSFETs, not the distribution in-house really in our house because our supply chain, the internal supply chain had been distorted. We are going to work this down, of course. But the quarter, of course, benefited from financially from this inventory build to the extent of $8 million approximately.

所以這種增加發生在 MOSFET，而不是我們內部的分銷，因為我們的供應鏈，內部供應鏈已經被扭曲了。當然，我們要解決這個問題。但是，當然，本季度從這種庫存增加中獲得了大約 800 萬美元的財務收益。

In the third quarter, the opposite will happen by nature. So we are going to start working this inventory down with objectively then a negative effect of the same magnitude on the results. This is -- these are the dynamics.

在第三季度，自然會發生相反的情況。因此，我們將開始客觀地降低庫存，然後對結果產生相同程度的負面影響。這是 - 這些是動態。

Sorry, just the 200 basis points of gross margin compression, so how much of that is because of the inventory work down? And how much of that is because of other factors?

抱歉，只是毛利率壓縮了 200 個基點，那其中有多少是因為庫存下降？其中有多少是因為其他因素？

That's calculated. The impact quarter-over-quarter is $10 million. If you compare the 2 quarters, $10 million divided by $900 million sales, approximately 2 points, right?

這是計算出來的。環比影響為 1000 萬美元。如果你比較兩個季度，1000 萬美元除以 9 億美元銷售額，大約是 2 分，對吧？

I see. Okay. Okay. Understood. And then maybe can I ask on diodes? The margins on the gross margins on the diodes have been trending higher, and they were 28%, which seems very high. Can you just elaborate what is driving the higher margins? And is this level sustainable going forward? Because we typically think of diode as commodity products, but just your thoughts on that.

我懂了。好的。好的。明白了。然後也許我可以問二極管嗎？二極管的毛利率一直呈上升趨勢，為 28%，看起來非常高。您能否詳細說明是什麼推動了更高的利潤率？這個水平是否可持續發展？因為我們通常將二極管視為商品，但只是您對此的看法。

It was -- first of all, we had better prices. This is #1 reason in diodes, weather prices, and we had higher volume also. So all this together, including some good efficiencies which we had gave the 28%, which I agree for a commodity product is not bad. I see if volume remained and prices remained, This, of course, can be defended in future. This was no spike, but we will see. But 28% indeed was a good result, true.

這是——首先，我們有更好的價格。這是二極管、天氣價格的第一大原因，而且我們的銷量也更高。所以所有這一切，包括我們給了 28% 的一些好的效率，我同意這對於商品來說還不錯。我看看數量是否保持不變，價格是否保持不變，這當然可以在未來得到保護。這不是峰值，但我們會看到。但 28% 確實是一個不錯的結果，真的。

Understood. And then just for my last question, you repatriated $81 million from Israel. What is the plan for that cash? I mean, do you should we expect any more increased buybacks? Or is there any thought for a dividend increase or increased M&A? So just share thoughts on how you plan to use that $81 million.

明白了。然後就我的最後一個問題，你從以色列匯回了 8100 萬美元。這筆現金的計劃是什麼？我的意思是，我們是否應該期待更多的回購？或者有沒有考慮增加股息或增加併購？因此，請分享您計劃如何使用這 8100 萬美元的想法。

Yes. This is Lori speaking. So we identified that we would fund our stockholder return program using this repatriate cash from Israel. And as we announced, we plan to return 70% of free cash or a minimum of $100 million in either case. And we would continue along that same route.

是的。這是洛里說話。因此，我們確定我們將使用從以色列遣返的現金為我們的股東回報計劃提供資金。正如我們宣布的那樣，我們計劃在任何一種情況下返還 70% 的自由現金或至少 1 億美元。我們將沿著同樣的路線繼續前進。

Our next question is from Joshua Buchalter with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Joshua Buchalter。

Congrats on pretty stellar set of results in a tough macro backdrop and navigating China issues. My first question, you guys had previously, I think, this caustic expectations to grow roughly 5% this year. And even with FX headwinds, given the print and guide, I think that implies a pretty sharp decel and sequential growth in the fourth quarter. Any particular reason why we should be expecting that given the still strong environment? And I guess, any changes to that growth expectation for the year?

恭喜在艱難的宏觀背景和駕馭中國問題的情況下取得了相當出色的成績。我的第一個問題，你們之前，我認為，這種腐蝕性的預期今年將增長大約 5%。即使有外匯逆風，考慮到印刷品和指南，我認為這意味著第四季度的大幅減速和連續增長。鑑於仍然強勁的環境，我們應該期待的任何特殊原因？我想，今年的增長預期有什麼變化嗎？

So if I understood, you're right, you take the outlook of the fourth quarter and ask whether there could be the danger for downturn, if I understood you right.

因此，如果我理解，你是對的，你看看第四季度的前景，問如果我理解你的話，是否存在經濟下滑的危險。

Well, it was more what's the assumption baked in? And should we start thinking about...

好吧，更多的是假設是什麼？我們是否應該開始考慮...

As a matter of fact, we believe that the year will pull through very nicely. And the deepest reason is, first of all, our responses from customers, but also if you look at the backlog, the backlog is still sky high. And we have all the reasons to believe that this will become a very good year, a record sales year for Vishay.

事實上，我們相信這一年會非常順利地度過。最深層次的原因首先是我們客戶的反應，而且如果你看積壓，積壓仍然很高。我們有充分的理由相信，這將是非常好的一年，是 Vishay 創紀錄的銷售年。

Understood. And then you maintained the $325 million of CapEx expectations, which also implies a sharp...

明白了。然後你維持了 3.25 億美元的資本支出預期，這也意味著...

Yes, yes, yes. I reconfirm the $325 million.

對對對。我再次確認 3.25 億美元。

Yes. So I guess it implies some higher spending in the second half. Have you had any trouble in the first half procuring tools...

是的。所以我想這意味著下半年會有一些更高的支出。上半年採購工具有沒有遇到什麼問題...

No. As a matter of fact, we do have a cycle. We do have a cycle. The capital spending in Vishay by far higher in the second half than in the first half. And this would not be a difference to a normal procedure, so to speak, if we say. No, we do have -- I think we can confirm the $325 million CapEx.

不，事實上，我們確實有一個週期。我們確實有一個循環。 Vishay 下半年的資本支出遠高於上半年。如果我們說，這與正常程序沒有區別。不，我們確實有——我認為我們可以確認 3.25 億美元的資本支出。

Got it. And then given what you're still saying is very strong demand, particularly for our MOSFET, I would imagine, should we still expect you to have elevated spending in 2023 compared to prior years, just fourth half event?

知道了。然後考慮到你仍然說的是非常強勁的需求，特別是對我們的 MOSFET，我想，我們是否仍然期望你在 2023 年的支出比前幾年有所增加，只是第四個半年的事件？

Yes, yes, yes. At the moment, it's not only MOSFETs, it's product, but MOSFETs, for sure, is the hottest demand at the moment of all our products show strong demand. And what we hear from the market is a further acceleration of the requirements for MOSFETs for the years to come. it's like that. And we are going to prepare ourselves.

對對對。目前，不僅是MOSFET，它是產品，而且MOSFET無疑是我們所有產品需求旺盛的時刻最熱門的需求。我們從市場中聽到的是，未來幾年對 MOSFET 的需求將進一步加快。就像那樣。我們要做好準備。

Going forward, we are going to build an additional in Germany in order to follow the need and to keep the balance between own production and purchases from founders. We believe we need to keep a balance there. And we are going to have potential CapEx in the years to come for question. But Vishay is strong, the cash flow is also strong.

展望未來，我們將在德國建造一個額外的工廠，以滿足需求並保持自己的生產和創始人採購之間的平衡。我們認為我們需要在那裡保持平衡。我們將在未來幾年內獲得潛在的資本支出。但是Vishay很強大，現金流也很強勁。

(Operator Instructions) Our next question is from Matt Sheerin with Stifel.

（操作員說明）我們的下一個問題來自 Stifel 的 Matt Sheerin。

Dr. Paul, I wanted to just double-check some of the numbers that you gave initially on the distribution POS I think you said it was down year-over-year and quarter-on-quarter. Could you give me those numbers again?

保羅博士，我想仔細檢查一下你最初在分銷 POS 上給出的一些數字，我想你說它同比和環比都下降了。你能再給我這些數字嗎？

Sure. Just a second, take some seconds segment. I don't know them by heart, obviously. Takes another 2 minutes.

當然。就一秒鐘，花幾秒鐘的時間。很明顯，我不知道他們的心。又需要2分鐘。

Yes. And the question there is, it sounds like the POS was down, inventories were up a little bit, but the book-to-bill was still -- we're still significantly positive.

是的。問題是，聽起來 POS 下降了，庫存上升了一點，但訂單到賬單仍然 - 我們仍然非常積極。

Yes. So let me look at my papers. You are talking POS?

是的。所以讓我看看我的論文。你說的是POS機？

Yes.

是的。

Okay. I have it. The POS for -- this is book-to-bill, what I see here. Here we go. Okay. POS is inventory turns. I have your inventory turns .

好的。我有它。 POS ——這是按帳單，我在這裡看到的。開始了。好的。 POS是庫存周轉。我有你的庫存周轉。

I thought you gave a POS number at the beginning.

我以為你一開始就給了一個POS號碼。

Okay. This was it. No, I have it. No, it was in the text. POS in the quarter was 13% below the first quarter, but the first quarter represented a spike, and it was 2% below prior year. So 13% below the first quarter and 2% below prior year. You see this was much closer to prior year. The first quarter was abnormal...

好的。就是這樣。不，我有。不，它在文本中。該季度的 POS 比第一季度低 13%，但第一季度出現了飆升，比去年同期低 2%。因此，比第一季度低 13%，比去年同期低 2%。您會看到這與去年更接近。第一季度不正常...

I'm just wondering why the book-to-bill was positive, if it sounds like the demand from the distributors stabilized or was even down.

我只是想知道為什麼訂單到賬單是積極的，如果聽起來分銷商的需求穩定甚至下降。

But book-to-bill was for distribution, 1.05, was 1.05.

但是帳單比是分配的，1.05，是 1.05。

Yes, that's right. I'm trying to figure the disconnect there between the positive book-to-bill and the negative sell-out.

是的，這是正確的。我試圖弄清楚積極的訂單到賬單和消極的售罄之間的脫節。

There are 2 different comparisons. One compares for the same quarter book-to-bill and the other one with the quarter before.

有2種不同的比較。一個比較同一個季度的帳單比，另一個比較前一個季度。

Okay. But so in other words, you're not seeing any signs of weakness from distribution in terms of orders and backlog.

好的。但換句話說，就訂單和積壓而言，您沒有看到分銷方面的任何疲軟跡象。

Well, as a matter of fact, the distribution is 1.05. But it's true that Asia at the moment shows some weakness, but this can be attributed to an extraordinarily strong first quarter. And I understand that there were many pull-ins really in the first quarter out of certain uncertainties they had. So altogether, we expect for the third quarter for POS in Asia an increase vis-a-vis the second quarter. So an increase in the -- we expect that.

好吧，事實上，分佈是1.05。但亞洲目前確實表現出一些疲軟，但這可以歸因於第一季度異常強勁。而且我知道，由於他們有某些不確定性，第一季度確實有很多拉動。因此，總的來說，我們預計亞洲 POS 的第三季度將比第二季度有所增長。因此，我們預計會增加。

Got it. Okay. And then on the pricing, which obviously is benefiting you, are you done yet? Or are there still ASP increases that you're putting through in any of your areas?

知道了。好的。然後是定價，這顯然對你有利，你完成了嗎？還是您在任何領域都在增加 ASP？

Yes. Well, we expect some further price increases, but at a slower rate. But it's also true, if inflation accelerated, we will increase also our price increases again. But there will be price increases also in the third quarter at a lower rate than we had in the second quarter.

是的。好吧，我們預計價格會進一步上漲，但速度會較慢。但這也是事實，如果通貨膨脹加速，我們也會再次增加我們的價格上漲。但第三季度的價格上漲幅度也將低於第二季度。

Okay. I wanted to get back to the previous question, just about outlook for the December quarter. Typically, Europe and North America are down and there's some seasonality, obviously, in Asia. Are you -- looking ahead, obviously, you've got very strong backlog, your lead times are 50 weeks out. So do you have visibility in the December quarter? And do you expect it to be more or less seasonal?

好的。我想回到上一個問題，關於 12 月季度的展望。通常情況下，歐洲和北美都在下降，而亞洲顯然存在一定的季節性。你是——展望未來，很明顯，你有非常多的積壓，你的交貨時間是 50 週。那麼，您在 12 月季度有知名度嗎？你認為它或多或少是季節性的嗎？

No, it's better than the seasonal obvious. The backlog will make it nonseasonal. This is our conviction. We do not hear signs from any customer that they want to slow down ordering or shipments. They don't want to slow down every -- wherever we -- in our main -- we are talking automotive in reality in Vishay, and we are talking industrial. These are the 2 major areas.

不，這比明顯的季節性要好。積壓將使它成為非季節性的。這是我們的信念。我們沒有聽到任何客戶希望減慢訂購或發貨速度的跡象。他們不想放慢速度——無論我們在哪裡——主要是——我們在 Vishay 談論現實中的汽車，我們談論的是工業。這是2個主要領域。

And we do not hear sounds of -- any sounds of weakness. In fact, automotive insists on the high forecast. So I -- and we are adding capacity. So the backlog is there. Capacity will be even higher in the fourth quarter and no signs from the customer, I expect a strong first quarter.

而且我們聽不到任何軟弱的聲音。事實上，汽車行業堅持高預測。所以我 - 我們正在增加容量。所以積壓在那裡。第四季度的產能會更高，而且沒有客戶的跡象，我預計第一季度會表現強勁。

Okay. And then on gross margin, you talked about why it would be down. It still sounds conservative. As you look forward and given your expectation for further growth, can you get back to that 30% plus gross margin number sustainably?

好的。然後在毛利率方面，您談到了為什麼會下降。聽起來仍然很保守。當您展望並考慮到您對進一步增長的期望時，您能否可持續地回到 30% 以上的毛利率？

Yes. Principally, yes. It's a bit of volume, and we are investing in capacity. These are met-off volume. We are not raising fixed. We are not famous for raising fixed cost dramatically. So if the volume comes up, you automatically get to better gross margins.

是的。主要是，是的。量有點大，我們正在投資產能。這些是滿足的量。我們不提高固定。我們並不以大幅提高固定成本而聞名。因此，如果銷量增加，您會自動獲得更好的毛利率。

But the 30%, which we have shown are 31% even in quarter before, this was favored by inventory build. And now we see the opposite because we keep our eye on the inventory level. So we will reduce them, so which has then quarter-over-quarter this effect.

但是，我們已經展示了 30%，即使在前一個季度也是 31%，這受到了庫存增加的青睞。現在我們看到了相反的情況，因為我們密切關注庫存水平。所以我們會減少它們，所以這會產生季度環比的影響。

Okay. And just lastly for me, Dr. Paul, I know there's a major management transition going on in the next couple of quarters as you pass the baton on, and I'm just wondering if you could give us any idea in terms of planning there and the expectation for any significant change in the company's strategy or use of capital or anything else?

好的。最後對我來說，Paul 博士，我知道在接下來的幾個季度中，隨著接力棒的交接，管理層將發生重大轉變，我只是想知道你是否能給我們一些關於規劃方面的想法以及對公司戰略或資本使用或其他任何重大變化的預期？

I know all the new people, so to speak, very well since many years. I have full trust in all of them. I do not expect that Vishay will change its direction. What we are going to do, we will - they even more emphasis on growth going forward. And I believe the markets which we mainly deliver to makes us very -- can make us optimistic that we are not wrong in this expectation.

我認識所有的新人，可以這麼說，多年來一直很好。我完全信任他們所有人。我不認為 Vishay 會改變方向。我們將要做的，我們會做的——他們更加強調未來的增長。我相信我們主要交付的市場讓我們非常 - 可以讓我們樂觀地認為我們的預期沒有錯。

And I guess, I expect -- guess it's too little. I'm sure that the expansion of capacities will become a major subject even more than they have been in recent years going forward. This is the direction. But principally speaking, we are -- we will follow the track, no question.

我猜，我期望 - 猜它太少了。我敢肯定，產能擴張將比近幾年更成為一個主要課題。這是方向。但原則上，我們是——毫無疑問，我們將遵循軌道。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing comments.

我們的問答環節已經結束。我想將會議交回管理層以結束評論。

Thank you for joining us on today's call and for your interest in Vishay Intertechnology.

感謝您加入我們今天的電話會議並感謝您對 Vishay Intertechnology 的興趣。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝你。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。