EX-99.1 2 vpg-2022q4earnings8kxex991.htm EX-99.1 Document

                                            Exhibit 99.1
For Immediate Release
VPG Reports Fiscal 2022 Fourth Quarter and Twelve Month Results
MALVERN, Pa. (February 14, 2023) - Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement technologies, today announced its results for its fiscal 2022 fourth quarter and twelve fiscal months ended December 31, 2022.
Fourth Quarter Highlights:
•Revenues of $96.2 million increased 6.9% from a year ago
•Gross profit margin was 41.2%, as compared to 38.7% a year ago
•Adjusted gross profit margin* was 41.5%, as compared to 40.3% a year ago
•Operating margin was 13.6%, as compared to 9.7% reported a year ago
•Adjusted operating margin* was 14.0%, as compared to 11.4% reported a year ago
•Diluted net earnings per share were $0.65, as compared to $0.44 reported a year ago
•Adjusted diluted net earnings per share* were $0.76, as compared to $0.56 reported a year ago
•EBITDA* was $15.4 million with an EBITDA margin* of 16.0%
•Adjusted EBITDA* was $17.5 million with an adjusted EBITDA margin* of 18.2%
•Cash from operating activities was $12.5 million with adjusted free cash flow* of $6.8 million

2022 Full Year Highlights:
•Revenues of $362.6 million increased 14.0% year-over-year
•Gross profit margin was 41.3%, as compared to 39.4% a year ago
•Adjusted gross profit margin* was 41.8%, as compared to 41.2% a year ago
•Operating margin was 12.1%, as compared to 8.6% reported last year
•Adjusted operating margin* was 13.0%, as compared to 11.1% reported last year
•Diluted net earnings per share were $2.63, as compared to $1.48 reported a year ago
•Adjusted diluted net earnings per share* were $2.62, as compared to $1.87 reported a year ago
•EBITDA* was $62.2 million with an EBITDA margin* of 17.2%
•Adjusted EBITDA* was $62.0 million with an adjusted EBITDA margin* of 17.1%
•Cash from operating activities was $33.0 million with adjusted free cash flow* of $12.2 million

Ziv Shoshani, Chief Executive Officer of VPG, commented, "Our fourth quarter results contributed to a record year for VPG. For fiscal 2022, we achieved revenue growth of 14.0% despite ongoing foreign currency headwinds, adjusted diluted net earnings per share* of $2.62, and an adjusted EBITDA margin* of 17.1%. We believe this performance demonstrates the increasing value of our technology solutions, the power of our business model, and our growth strategies.
For the fourth quarter, we achieved record revenue which was 6.9% above both the fourth quarter of last year and the third quarter of 2022. We delivered adjusted diluted net earnings per share* of $0.76, and adjusted EBITDA* of $17.5 million with an adjusted EBITDA margin* of 18.2%. After seven quarters of book-to-bill over 1.0, our book-to-bill of 0.76 reflected softer fourth quarter orders, as customers adjusted their order levels to reflect cyclical slowing in some markets and the easing of supply chain availability more broadly. While near-term visibility is limited, we expect orders to improve through 2023. We are confident about the prospects for our strategic initiatives to address emerging and broadening opportunities for our precision sensing and measurement technologies."
The Company's fourth fiscal quarter 2022 net earnings attributable to VPG stockholders were $8.8 million, or $0.65 per diluted share, compared to $6.0 million, or $0.44 per diluted share, in the fourth fiscal quarter of 2021.
In the fiscal year ended December 31, 2022, net earnings attributable to VPG stockholders were $36.1 million, or $2.63 per diluted share, compared to $20.2 million, or $1.48 per diluted share, in the fiscal year ended December 31, 2021.
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The fourth fiscal quarter 2022 adjusted net earnings* attributable to VPG stockholders were $10.4 million, or $0.76 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $7.7 million, or $0.56 per diluted share, for the comparable prior year period.
In the fiscal year ended December 31, 2022, adjusted net earnings* attributable to VPG stockholders were $35.9 million, or $2.62 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $25.6 million, or $1.87 per diluted share, for the comparable prior year period.
Segment Performance
The Sensors segment revenues of $36.3 million in the fourth fiscal quarter of 2022 increased 6.3% from the prior year of $34.1 million and decreased 4.1% sequentially from $37.9 million in the third quarter of 2022. The year-over-year increase in revenues was primarily attributable to an increase in sales of precision resistors in the Test and Measurement market, and higher sales of our advance sensors products primarily in Avionics, Military and Space (AMS) market and General Industrial markets. Sequentially, the decrease in revenues reflected lower precision resistor sales in the Test and Measurement market which was partially offset by an increase in the AMS market, and a decrease in sales of our advanced sensors, primarily in our consumer electronics market.
Gross profit margin for the Sensors segment of 37.6% for the fourth fiscal quarter of 2022 was higher compared to 32.1% (or 34.8% adjusted to exclude the impact of $0.9 million of start-up costs related to our new advanced sensors facility) in the fourth fiscal quarter of 2021, and lower compared to 40.5% in the third fiscal quarter of 2022. The year-over-year increase in adjusted gross profit margin* was primarily due to an increase in volume and average selling prices. Sequentially, adjusted gross profit margin* was lower than the third quarter of 2022 primarily due to a decrease in volume and temporary manufacturing inefficiencies.
The Weighing Solutions segment revenues of $33.1 million in the fourth fiscal quarter of 2022 increased 3.2% from $32.1 million in the prior year and 5.4% from $31.4 million in the third quarter of 2022. The year-over-year increase in revenues was primarily attributable to increased revenues from OEM customers for precision agriculture applications in our Other market segment. The sequential increase in revenues was primarily attributable to increased revenues from OEM customers for precision agriculture and construction applications in our Other market segment and higher revenue in our Industrial Weighing market, partially offset by lower sales in the Transportation market.
Gross profit margin for the Weighing Solutions segment was 33.4% for the fourth fiscal quarter of 2022, a decrease compared to 34.0% in the fourth fiscal quarter of 2021, and flat compared to 33.3% in the third fiscal quarter of 2022. The year-over-year decrease in adjusted gross profit margin* was primarily due to higher material costs and unfavorable foreign currency exchange rates, partially offset by higher volume and selling price increases. Sequentially, adjusted gross profit margin* was essentially flat, as higher volume was offset by unfavorable foreign currency exchange rates.
The Measurement Systems segment revenues in the fourth fiscal quarter of 2022 of $26.8 million increased 12.8% from $23.8 million in the prior year and increased 29.2% sequentially from $20.8 million in the third fiscal quarter of 2022. The year-over-year increase in revenues was primarily attributable to higher sales of Diversified Technical Systems, Inc. ("DTS") products to the AMS and Transportation markets, and higher KELK and Dynamic Systems Inc. ("DSI") steel-related sales. The sequential increase in revenue was primarily attributable to higher sales of DTS products to the Transportation and AMS markets and higher sales of KELK and DSI to Steel markets.
Gross profit margin for the Measurement Systems segment was 55.9% (or 56.8% adjusted to exclude the $0.2 million of purchasing accounting adjustments related to the DTS acquisition) for the fourth fiscal quarter of 2022, compared to 54.7% (or 56.8% adjusted to exclude the $0.5 million purchasing accounting adjustments related to the DTS acquisition) in the fourth fiscal quarter of 2021, and compared to 55.5% (or 56.7% adjusted to exclude the $0.3 million of purchasing accounting adjustments related to the DTS acquisition) from the third fiscal quarter of 2022. Year-over-year, the adjusted gross profit margin* was flat as higher revenue and higher average selling prices were offset by unfavorable product mix, unfavorable foreign exchange rates and higher materials costs. While slightly higher on a sequential
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basis, adjusted gross profit margin* in the fourth quarter of 2022 reflected higher volume which was partially offset by unfavorable product mix and foreign exchange rates.

Near-Term Outlook
“For the first fiscal quarter of 2023, at constant fourth fiscal quarter 2022 exchange rates, we expect net revenues to be in the range of $85 million to $95 million,” concluded Mr. Shoshani.

*Use of Non-GAAP Financial Information
We define “adjusted gross profit margin" as gross profit margin before purchase accounting adjustments related to the DTS and DSI acquisitions, start-up costs related to our new advanced sensors facility, and COVID-19 costs. We define "adjusted operating margin" as operating margin before purchase accounting adjustments related to the DTS and DSI acquisitions, acquisition costs related to the DTS acquisition, start-up costs related to our new advanced sensors facility, COVID-19 costs, impairment of goodwill and indefinite-lived intangibles, and restructuring costs. We define "adjusted net earnings” and "adjusted diluted net earnings per share" as net earnings attributable to VPG stockholders before purchase accounting adjustments related to the DTS and DSI acquisitions, acquisition costs related to the DTS acquisition, start-up costs related to our new advanced sensors facility, COVID-19 costs, impairment of goodwill and indefinite-lived intangibles, restructuring costs, foreign currency exchange gains and losses, and associated tax effects. We define "EBITDA" as earnings before interest, taxes, depreciation, and amortization. We define "Adjusted EBITDA" as earnings before interest, taxes, depreciation, and amortization before purchase accounting adjustments related to the DTS and DSI acquisitions, acquisition costs related to the DTS acquisition, start-up costs related to our new advanced sensors facility, COVID-19 costs, impairment of goodwill and indefinite-lived intangibles, restructuring costs, foreign currency exchange gains and losses, and associated tax effects.
"Adjusted free cash flow" for the fourth fiscal quarter of 2022 is defined as the amount of cash generated from operating activities ($12.5 million), in excess of our capital expenditures ($5.7 million), net of proceeds, if any, from the sale of assets ($0.0 million). "Adjusted free cash flow" for the fiscal year of 2022 is defined as the amount of cash generated from operating activities ($33.0 million) in excess of our capital expenditures ($21.3 million), net of proceeds, if any, from the sale of assets ($0.5 million).
Management believes that these non-GAAP measures are useful to investors because each presents what management views as our core operating results for the relevant period. The adjustments to the applicable GAAP measures relate to occurrences or events that are outside of our core operations, and management believes that the use of these non-GAAP measures provides a consistent basis to evaluate our operating profitability and performance trends across comparable periods. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in VPG’s financial statements presented in our Annual Report on Form 10-K and its Quarterly Reports on Forms 10-Q.

Conference Call and Webcast
A conference call is scheduled for tomorrow (Wednesday, February 15, 2023) at 9:00 a.m. ET (8:00 a.m. CT). To access the conference call, interested parties may call 1-844-200-6205 or internationally 1-929-526-1599 and use passcode 467007, or log on to the investor relations page of the VPG website at ir.vpgsensors.com.
A replay will be available approximately one hour after the completion of the call by calling toll-free 1-866-813-9403 or internationally 1-929-458-6194 and using the passcode 330842. The replay will also be available on the investor relations page of the VPG website at ir.vpgsensors.com for a limited time.

About VPG
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Vishay Precision Group, Inc. (VPG) is a leader in precision measurement sensing technologies. Our sensors, weighing solutions and measurement systems optimize and enhance our customers’ product performance across a broad array of markets to make our world safer, smarter, and more productive.
To learn more, visit VPG at www.vpgsensors.com and follow us on LinkedIn.

Forward-Looking Statements
From time to time, information provided by us, including, but not limited to, statements in this press release, or other statements made by or on our behalf, may contain or constitute "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those anticipated.
Such statements are based on current expectations only, and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, expected, estimated, or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; impact of inflation, issues respecting the United States federal government debt ceiling, global labor and supply chain challenges; difficulties or delays in identifying, negotiating and completing acquisitions and integrating acquired companies; the inability to realize anticipated synergies and expansion possibilities; difficulties in new product development; changes in competition and technology in the markets that we serve and the mix of our products required to address these changes; changes in foreign currency exchange rates; political, economic, health (including the COVID-19 pandemic) and military instability in the countries in which we operate; difficulties in implementing our cost reduction strategies, such as underutilization of production facilities, labor unrest or legal challenges to our lay-off or termination plans, operation of redundant facilities due to difficulties in transferring production to achieve efficiencies; compliance issues under applicable laws, such as export control laws, including the outcome of our voluntary self-disclosure of export control non-compliance; significant developments from the recent and potential changes in tariffs and trade regulation; our efforts and efforts by governmental authorities to mitigate the COVID-19 pandemic, such as travel bans, shelter-in-place orders and business closures and the related impact on resource allocations, manufacturing and supply chains; our status as a “critical”, “essential” or “life-sustaining” business in light of COVID-19 business closure laws, orders and guidance being challenged by a governmental body or other applicable authority; our ability to execute our new corporate strategy and business continuity, operational and budget plans; and other factors affecting our operations, markets, products, services, and prices that are set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this report or as of the dates otherwise indicated in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:
Steve Cantor
Vishay Precision Group, Inc.
781-222-3516
steve.cantor@vpgsensors.com





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VISHAY PRECISION GROUP, INC.
Consolidated Statements of Operations
(Unaudited - In thousands, except per share amounts)
Fiscal quarter ended
December 31, 2022December 31, 2021
Net revenues$96,240 $90,017 
Costs of products sold56,542 55,140 
Gross profit39,698 34,877 
Gross profit margin41.2 %38.7 %
Selling, general, and administrative expenses26,461 26,057 
Restructuring costs188 76 
Operating income13,049 8,744 
Operating margin13.6 %9.7 %
Other income (expense):
Interest expense(876)(324)
Other(1,448)(651)
Other expenses - net(2,324)(975)
Income before taxes10,725 7,769 
Income tax expense1,884 1,781 
Net earnings8,841 5,988 
Less: net earnings attributable to noncontrolling interests7 27 
Net earnings attributable to VPG stockholders
$8,834 $5,961 
Basic earnings per share attributable to VPG stockholders
$0.65 $0.44 
Diluted earnings per share attributable to VPG stockholders
$0.65 $0.44 
Weighted average shares outstanding - basic
13,579 13,626 
Weighted average shares outstanding - diluted
13,677 13,687 

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VISHAY PRECISION GROUP, INC.
Consolidated Statements of Operations
(Unaudited - In thousands, except per share amounts)
Years ended
December 31, 2022December 31, 2021
Net revenues$362,580 $317,919 
Costs of products sold212,978 192,777 
Gross profit149,602 125,142 
Gross profit margin41.3 %39.4 %
Selling, general, and administrative expenses104,285 95,273 
Acquisition costs— 1,198 
Impairment of goodwill and indefinite-lived intangibles— 1,223 
Restructuring costs1,518 76 
Operating income43,799 27,372 
Operating margin12.1 %8.6 %
Other income (expense):
Interest expense(2,269)(1,230)
Other3,558 (230)
Other expenses - net1,289 (1,460)
Income before taxes45,088 25,912 
Income tax expense8,535 5,469 
Net earnings36,553 20,443 
Less: net earnings attributable to noncontrolling interests490 222 
Net earnings attributable to VPG stockholders
$36,063 $20,221 
Basic earnings per share attributable to VPG stockholders
$2.65 $1.49 
Diluted earnings per share attributable to VPG stockholders
$2.63 $1.48 
Weighted average shares outstanding - basic
13,628 13,616 
Weighted average shares outstanding - diluted
13,688 13,657 

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VISHAY PRECISION GROUP, INC.
Consolidated Balance Sheets
(In thousands, except per share amounts)
December 31, 2022December 31, 2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$88,562 $84,335 
Accounts receivable60,068 58,265 
Inventories:
Raw materials31,852 25,464 
Work in process26,401 23,851 
Finished goods26,407 27,112 
Inventories84,660 76,427 
Prepaid expenses and other current assets18,516 15,916 
Total current assets251,806 234,943 
Property and equipment:
Land4,117 4,241 
Buildings and improvements71,613 68,778 
Machinery and equipment125,301 122,202 
Software9,539 8,871 
Construction in progress10,075 7,747 
Accumulated depreciation(133,518)(130,619)
Property and equipment, net87,127 81,220 
Goodwill45,544 45,830 
Intangible assets, net48,217 52,437 
Operating lease right-of-use assets24,342 27,764 
Other assets19,706 19,695 
Total assets$476,742 $461,889 

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VISHAY PRECISION GROUP, INC.
Consolidated Balance Sheets
(In thousands, except per share amounts)
December 31, 2022December 31, 2021
(Unaudited)
Liabilities and equity
Current liabilities:
Trade accounts payable$13,792 $14,876 
Payroll and related expenses21,966 23,772 
Other accrued expenses20,306 17,596 
Income taxes4,064 3,774 
Current portion of operating lease liabilities4,208 4,610 
Current portion of long-term debt— — 
Total current liabilities64,336 64,628 
Long-term debt, less current portion60,799 60,714 
Deferred income taxes4,212 5,848 
Operating lease liabilities20,043 25,140 
Other liabilities13,053 16,264 
Accrued pension and other postretirement costs7,777 12,253 
Total liabilities170,220 184,847 
Commitments and contingencies
Equity:
Preferred stock
Common stock1,325 1,322 
Class B convertible common stock103 103 
Treasury stock(11,504)(8,765)
Capital in excess of par value
201,164 199,151 
Retained earnings
156,359 120,296 
Accumulated other comprehensive loss
(40,900)(35,008)
Total Vishay Precision Group, Inc. stockholders' equity
306,547 277,099 
Noncontrolling interests
(25)(57)
Total equity
306,522 277,042 
Total liabilities and equity
$476,742 $461,889 

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VISHAY PRECISION GROUP, INC.
Consolidated Statements of Cash Flows
(Unaudited - In thousands)
Years ended
December 31, 2022December 31, 2021
Operating activities
Net earnings$36,553 $20,443 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Impairment of goodwill and indefinite-lived intangibles— 1,223 
Depreciation and amortization15,353 14,996 
Gain on disposal of property and equipment(117)(5)
Reclassification of foreign currency translation adjustment related to disposal of subsidiary191 — 
Share-based compensation expense2,439 2,244 
Inventory write-offs for obsolescence1,650 2,288 
Deferred income taxes(2,040)(3,256)
Foreign currency impacts and other items(3,915)(1,018)
Net changes in operating assets and liabilities, net of acquisition:
Accounts receivable(4,777)(8,038)
Inventories(11,943)(8,626)
Prepaid expenses and other current assets(2,808)(56)
Trade accounts payable889 3,292 
Other current liabilities3,393 11,637 
Other non current assets and liabilities, net(1,413)(624)
Accrued pension and other postretirment costs, net(426)(963)
Net cash provided by operating activities33,029 33,537 
Investing activities
Capital expenditures(21,288)(17,061)
Proceeds from sale of property and equipment451 231 
Purchase of business— (47,216)
Net cash used in investing activities(20,837)(64,046)
Financing activities
Principal payments on long-term debt — (18)
Proceeds from revolving facility— 20,000 
Purchase of treasury stock(2,739)— 
Distributions to noncontrolling interests(457)(313)
Payments of employee taxes on certain share-based arrangements(435)(853)
Net cash (used in) provided by financing activities(3,631)18,816 
Effect of exchange rate changes on cash and cash equivalents(4,334)(2,410)
Increase (decrease) in cash and cash equivalents4,227 (14,103)
Cash and cash equivalents at beginning of year84,335 98,438 
Cash and cash equivalents at end of year$88,562 $84,335 
Supplemental disclosure of investing transactions:
Capital expenditures purchased$(19,951)$(17,567)
Capital expenditures accrued but not yet paid$1,731 $3,068 




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VISHAY PRECISION GROUP, INC.
Reconciliation of Consolidated Adjusted Gross Profit, Operating Income, Net Earnings Attributable to VPG Stockholders and Diluted Earnings Per Share
(Unaudited - In thousands except per share data)
Gross ProfitOperating IncomeNet Earnings Attributable to VPG StockholdersDiluted Earnings Per share
Fiscal Year Ended December 31, 20222021202220212022202120222021
As reported - GAAP149,602 125,142 43,799 27,372 $36,063 $20,221 $2.63 $1.48 
As reported - GAAP Margins41.3 %39.4 %12.1 %8.6 %
Acquisition purchase accounting adjustments1,550 2,775 1,550 2,775 1,550 2,775 0.11 0.20 
Acquisition costs— 1,198 — 1,198 — 0.09 
COVID-19 impact138 (66)138 (574)138 (574)0.01 (0.04)
Start-up costs150 3,174 150 3,174 150 3,174 0.01 0.23 
Impairment of goodwill and indefinite-lived intangibles— 1,223 — 1,223 — 0.09 
Restructuring costs1,518 76 1,518 76 0.11 0.01 
Foreign exchange (gain)/loss(3,579)109 (0.26)0.01 
Less: Tax effect of reconciling items and discrete tax items(44)2,596 (0.01)0.20 
As Adjusted - Non GAAP$151,440 $131,025 $47,155 $35,244 $35,884 $25,606 $2.62 $1.87 
As Adjusted - Non GAAP Margins41.8 %41.2 %13.0 %11.1 %
Gross ProfitOperating IncomeNet Earnings Attributable to VPG StockholdersDiluted Earnings Per share
Fiscal Quarter Ended December 31, 20222021202220212022202120222021
As reported - GAAP$39,698 $34,877 $13,049 $8,744 $8,834 $5,961 0.65 $0.44 
As reported - GAAP Margins41.2 %38.7 %13.6 %9.7 %
Acquisition purchase accounting adjustments240 516 240 516 240 516 0.02 0.04 
Acquisition costs— — — — — — 
COVID-19 impact— — — — — — — — 
Start-up costs— 916 — 916 — 916 — 0.07 
Impairment of goodwill and indefinite-lived intangibles— — — — — — 
Restructuring costs188 76 188 76 0.01 0.01 
Foreign exchange (gain)/loss1,616 632 0.11 0.04 
Less: Tax effect of reconciling items and discrete tax items452 436 0.03 0.04 
As Adjusted - Non GAAP$39,938 $36,309 $13,477 $10,252 $10,426 $7,665 $0.76 $0.56 
As Adjusted - Non GAAP Margins41.5 %40.3 %14.0 %11.4 %


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VISHAY PRECISION GROUP, INC.
Reconciliation of Adjusted Gross Profit by segment
(Unaudited - In thousands)
Fiscal quarter ended
December 31, 2022December 31, 2021October 1, 2022
Sensors
As reported - GAAP$13,645 $10,954 $15,324 
As reported - GAAP Margins37.6 %32.1 %40.5 %
Start-up costs— 916 — 
As Adjusted - Non GAAP$13,645 $11,870 $15,324 
As Adjusted - Non GAAP Margins37.6 %34.8 %40.5 %
Weighing Solutions
As reported - GAAP$11,043 $10,913 $10,470 
As reported - GAAP Margins33.4 %34.0 %33.3 %
As Adjusted - Non GAAP$11,043 $10,913 $10,470 
As Adjusted - Non GAAP Margins33.4 %34.0 %33.3 %
Measurement Systems
As reported - GAAP$15,009 $13,012 $11,526 
As reported - GAAP Margins55.9 %54.7 %55.5 %
Acquisition purchase accounting adjustments240 516 260 
As Adjusted - Non GAAP$15,249 $13,528 $11,786 
As Adjusted - Non GAAP Margins56.8 %56.8 %56.7 %
























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VISHAY PRECISION GROUP, INC.
Reconciliation of Adjusted EBITDA
(Unaudited - In thousands)
Fiscal quarter ended
December 31, 2022December 31, 2021October 1, 2022
Net earnings attributable to VPG stockholders$8,834 $5,961 $10,118 
Interest Expense876 324 636 
Income tax expense1,884 1,781 2,323 
Depreciation2,882 2,993 2,937 
Amortization952 970 960 
EBITDA15,428 $12,029 $16,974 
EBITDA MARGIN16.0 %13.4 %18.8 %
Acquisition purchase accounting adjustments240 516 260 
Restructuring costs188 76 165 
Start-up costs— 916 — 
Foreign exchange loss/(gain)1,616 632 (1,261)
ADJUSTED EBITDA17,472 14,169 16,138 
ADJUSTED EBITDA MARGIN18.2 %15.7 %17.9 %
VISHAY PRECISION GROUP, INC.
Reconciliation of Adjusted EBITDA
(Unaudited - In thousands)
Year ended
December 31, 2022December 31, 2021
Net earnings attributable to VPG stockholders$36,063 $20,221 
Interest Expense2,269 1,230 
Income tax expense8,535 5,469 
Depreciation11,504 11,684 
Amortization3,849 3,312 
EBITDA62,220 $41,916 
EBITDA MARGIN17.2 %13.2 %
Impairment of goodwill and indefinite-lived intangibles— 1,223 
Acquisition purchase accounting adjustments1,550 2,775 
Acquisition costs— 1,198 
Restructuring costs1,518 76 
COVID-19 impact138 (574)
Start-up costs150 3,174 
Foreign exchange (gain) loss(3,579)109 
ADJUSTED EBITDA61,997 49,897 
ADJUSTED EBITDA MARGIN17.1 %15.7 %
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