• VPG Reports Fiscal 2022 Fourth Quarter and Twelve Month Results

    Source: Nasdaq GlobeNewswire / 14 Feb 2023 17:01:01   America/New_York

    MALVERN, Pa., Feb. 14, 2023 (GLOBE NEWSWIRE) -- 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.

    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 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

    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


    VISHAY PRECISION GROUP, INC.
    Consolidated Statements of Operations
    (Unaudited - In thousands, except per share amounts)
        
     Fiscal quarter ended
     December 31, 2022 December 31, 2021
    Net revenues$        96,240   $        90,017  
    Costs of products sold         56,542            55,140  
    Gross profit         39,698            34,877  
    Gross profit margin         41.2 %          38.7 %
        
    Selling, general, and administrative expenses         26,461            26,057  
    Restructuring costs         188            76  
    Operating income         13,049            8,744  
    Operating margin         13.6 %          9.7 %
        
    Other income (expense):   
    Interest expense         (876)           (324) 
    Other         (1,448)           (651) 
    Other expenses - net         (2,324)           (975) 
        
    Income before taxes         10,725            7,769  
        
    Income tax expense         1,884            1,781  
        
    Net earnings         8,841            5,988  
    Less: net earnings attributable to noncontrolling interests         7            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  


    VISHAY PRECISION GROUP, INC.
    Consolidated Statements of Operations
    (Unaudited - In thousands, except per share amounts)
        
     Years ended
     December 31, 2022 December 31, 2021
    Net revenues$        362,580   $        317,919  
    Costs of products sold         212,978            192,777  
    Gross profit         149,602            125,142  
    Gross profit margin         41.3 %          39.4 %
        
    Selling, general, and administrative expenses         104,285            95,273  
    Acquisition costs                     1,198  
    Impairment of goodwill and indefinite-lived intangibles                     1,223  
    Restructuring costs         1,518            76  
    Operating income         43,799            27,372  
    Operating margin         12.1 %          8.6 %
        
    Other income (expense):   
    Interest expense         (2,269)           (1,230) 
    Other         3,558            (230) 
    Other expenses - net         1,289            (1,460) 
        
    Income before taxes         45,088            25,912  
        
    Income tax expense         8,535            5,469  
        
    Net earnings         36,553            20,443  
    Less: net earnings attributable to noncontrolling interests         490            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  


    VISHAY PRECISION GROUP, INC.
    Consolidated Balance Sheets
    (In thousands, except per share amounts)
     December 31, 2022 December 31, 2021
     (Unaudited)  
    Assets   
    Current assets:   
    Cash and cash equivalents$        88,562  $        84,335 
    Accounts receivable         60,068           58,265 
    Inventories:   
    Raw materials         31,852           25,464 
    Work in process         26,401           23,851 
    Finished goods         26,407           27,112 
    Inventories         84,660           76,427 
    Prepaid expenses and other current assets         18,516           15,916 
    Total current assets         251,806           234,943 
        
    Property and equipment:   
    Land         4,117           4,241 
    Buildings and improvements         71,613           68,778 
    Machinery and equipment         125,301           122,202 
    Software         9,539           8,871 
    Construction in progress         10,075           7,747 
    Accumulated depreciation         (133,518)          (130,619)
    Property and equipment, net         87,127           81,220 
        
    Goodwill         45,544           45,830 
        
    Intangible assets, net         48,217           52,437 
    Operating lease right-of-use assets         24,342           27,764 
    Other assets         19,706           19,695 
    Total assets$        476,742  $        461,889 


    VISHAY PRECISION GROUP, INC.
    Consolidated Balance Sheets
    (In thousands, except per share amounts)
     December 31, 2022 December 31, 2021
     (Unaudited)  
    Liabilities and equity   
    Current liabilities:   
    Trade accounts payable$        13,792  $        14,876 
    Payroll and related expenses         21,966           23,772 
    Other accrued expenses         20,306           17,596 
    Income taxes         4,064           3,774 
    Current portion of operating lease liabilities         4,208           4,610 
    Current portion of long-term debt                    — 
    Total current liabilities         64,336           64,628 
        
    Long-term debt, less current portion         60,799           60,714 
    Deferred income taxes         4,212           5,848 
    Operating lease liabilities         20,043           25,140 
    Other liabilities         13,053           16,264 
    Accrued pension and other postretirement costs         7,777           12,253 
    Total liabilities         170,220           184,847 
        
    Commitments and contingencies   
        
    Equity:   
    Preferred stock   
    Common stock         1,325           1,322 
    Class B convertible common stock         103           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 


    VISHAY PRECISION GROUP, INC.
    Consolidated Statements of Cash Flows
    (Unaudited - In thousands) 
     Years ended
     December 31, 2022 December 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 amortization         15,353           14,996 
    Gain on disposal of property and equipment         (117)          (5)
    Reclassification of foreign currency translation adjustment related to disposal of subsidiary         191           — 
    Share-based compensation expense         2,439           2,244 
    Inventory write-offs for obsolescence         1,650           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 payable         889           3,292 
    Other current liabilities         3,393           11,637 
    Other non current assets and liabilities, net         (1,413)          (624)
    Accrued pension and other postretirement costs, net         (426)          (963)
    Net cash provided by operating activities         33,029           33,537 
    Investing activities   
    Capital expenditures         (21,288)          (17,061)
    Proceeds from sale of property and equipment         451           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 equivalents         4,227           (14,103)
    Cash and cash equivalents at beginning of year         84,335           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 


    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 Profit Operating Income Net Earnings Attributable to VPG Stockholders Diluted Earnings Per share
    Fiscal Year Ended December 31,  2022  2021  2022  2021  2022  2021  2022  2021
    As reported - GAAP         149,602            125,142            43,799            27,372   $        36,063  $        20,221  $        2.63  $        1.48 
    As reported - GAAP Margins         41.3 %          39.4 %          12.1 %          8.6 %        
    Acquisition purchase accounting adjustments         1,550            2,775            1,550            2,775            1,550           2,775           0.11           0.20 
    Acquisition costs                         1,198                       1,198           —           0.09 
    COVID-19 impact         138            (66)           138            (574)           138           (574)          0.01           (0.04)
    Start-up costs         150            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 costs             1,518            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 Margins         41.8 %          41.2 %          13.0 %          11.1 %        


     Gross Profit Operating Income Net Earnings Attributable to VPG Stockholders Diluted Earnings Per share
    Fiscal Quarter Ended December 31,  2022  2021  2022  2021  2022
      2021
      2022
      2021
    As reported - GAAP$        39,698   $        34,877   $        13,049   $        8,744   $        8,834  $        5,961           0.65  $        0.44 
    As reported - GAAP Margins         41.2 %          38.7 %          13.6 %          9.7 %        
    Acquisition purchase accounting adjustments         240            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 costs             188            76            188           76           0.01           0.01 
    Foreign exchange (gain)/loss                 1,616           632           0.11           0.04 
    Less: Tax effect of reconciling items and discrete tax items                 452           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 Margins         41.5 %          40.3 %          14.0 %          11.4 %        


    VISHAY PRECISION GROUP, INC.
    Reconciliation of Adjusted Gross Profit by segment
    (Unaudited - In thousands)
          
     Fiscal quarter ended
     December 31, 2022 December 31, 2021 October 1, 2022
    Sensors     
    As reported - GAAP$        13,645   $        10,954   $        15,324  
    As reported - GAAP Margins         37.6 %          32.1 %          40.5 %
    Start-up costs                     916              
    As Adjusted - Non GAAP$        13,645   $        11,870   $        15,324  
    As Adjusted - Non GAAP Margins         37.6 %          34.8 %          40.5 %
          
    Weighing Solutions     
    As reported - GAAP$        11,043   $        10,913   $        10,470  
    As reported - GAAP Margins         33.4 %          34.0 %          33.3 %
    As Adjusted - Non GAAP$        11,043   $        10,913   $        10,470  
    As Adjusted - Non GAAP Margins         33.4 %          34.0 %          33.3 %
          
    Measurement Systems     
    As reported - GAAP$        15,009   $        13,012   $        11,526  
    As reported - GAAP Margins         55.9 %          54.7 %          55.5 %
    Acquisition purchase accounting adjustments         240            516            260  
    As Adjusted - Non GAAP$        15,249   $        13,528   $        11,786  
    As Adjusted - Non GAAP Margins         56.8 %          56.8 %          56.7 %


    VISHAY PRECISION GROUP, INC.
    Reconciliation of Adjusted EBITDA
    (Unaudited - In thousands)
     Fiscal quarter ended
     December 31, 2022 December 31, 2021 October 1, 2022
    Net earnings attributable to VPG stockholders$        8,834   $        5,961   $        10,118  
    Interest Expense         876            324            636  
    Income tax expense         1,884            1,781            2,323  
    Depreciation         2,882            2,993            2,937  
    Amortization         952            970            960  
    EBITDA         15,428   $        12,029   $        16,974  
    EBITDA MARGIN         16.0 %          13.4 %          18.8 %
    Acquisition purchase accounting adjustments         240            516            260  
    Restructuring costs         188            76            165  
    Start-up costs         —            916            —  
    Foreign exchange loss/(gain)         1,616            632            (1,261) 
    ADJUSTED EBITDA         17,472            14,169            16,138  
    ADJUSTED EBITDA MARGIN         18.2 %          15.7 %          17.9 %


    VISHAY PRECISION GROUP, INC.
    Reconciliation of Adjusted EBITDA
    (Unaudited - In thousands)
     Year ended
     December 31, 2022 December 31, 2021
    Net earnings attributable to VPG stockholders$        36,063   $        20,221  
    Interest Expense         2,269            1,230  
    Income tax expense         8,535            5,469  
    Depreciation         11,504            11,684  
    Amortization         3,849            3,312  
    EBITDA         62,220   $        41,916  
    EBITDA MARGIN         17.2 %          13.2 %
    Impairment of goodwill and indefinite-lived intangibles         —            1,223  
    Acquisition purchase accounting adjustments         1,550            2,775  
    Acquisition costs         —            1,198  
    Restructuring costs         1,518            76  
    COVID-19 impact         138            (574) 
    Start-up costs         150            3,174  
    Foreign exchange (gain) loss         (3,579)           109  
    ADJUSTED EBITDA         61,997            49,897  
    ADJUSTED EBITDA MARGIN         17.1 %          15.7 %

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