Vishay Intertechnology, Inc. (NYSE:VSH) Q2 2023 Earnings Conference Call August 9, 2023 9:00 AM ET

Company Participants

Peter Henrici - Investor Relations

Joel Smejkal - President & Chief Executive Officer

Lori Lipcaman - Executive Vice President & Chief Financial Officer

Conference Call Participants

Ruplu Bhattacharya - Bank of America

Operator

Greetings, and welcome to the Vishay Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Peter Henrici, Investor Relations. Thank you Mr. Henrici. You may begin.

Peter Henrici

Thank you, Devin. Good morning and welcome to Vishay Intertechnology's second quarter 2023 earnings conference call. I'm joined today by Joel Smejkal, our President and Chief Executive Officer; and by Lori Lipcaman, our Chief Financial Officer.

This morning we reported results for our second quarter. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website.

During the call, we will be referring to a slide presentation which we also posted at ir.vishay.com. 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. We are including information in our press release and on this conference call on various GAAP and non-GAAP measures.

We have included a full GAAP and non-GAAP reconciliation in our press release as well as in the presentation posted on ir.vishay.com, which we believe you will find useful when comparing our GAAP and non-GAAP results. 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.

Now I turn the call over to President and Chief Executive Officer, Joel Smejkal.

Joel Smejkal

Thanks, Peter. Good morning, everyone. I'll start my remarks on slide 3 with a review of the demand trends for the second quarter and then Lori will take you through the highlights of our financial results. After that I'll come back to give you a progress report on the near-term initiatives we're implementing to improve all customer-facing aspects of our business as we set the stage for faster top-line growth and margin expansion. Then we'd be happy to answer any questions.