Exhibit 99.1
 
 
VISHAY REPORTS RESULTS FOR FIRST QUARTER 2018
 
 
·
Revenues for Q1 2018 of $717 million
·
Gross Margin Q1 of 28.6%
·
Operating Margin Q1 of 14.5%
·
EPS Q1 of $0.39
·
Adjusted EPS Q1 of $0.40
·
Cash from operations for trailing twelve months Q1 of $372 million and capital expenditures of $182 million
·
Guidance for Q2 2018 for revenues of $740 to $780 million and gross margins of 28.5% to 29.5% at Q1 exchange rates
·
Distribution: point of sales Q1 14% over prior quarter and inventory turns of 3.8

Vishay Intertechnology, Inc. (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive components, today announced its results for the fiscal quarter ended March 31, 2018.

Revenues for the fiscal quarter ended March 31, 2018 were $716.8 million, compared to $673.5 million for the fiscal quarter ended December 31, 2017, and $604.8 million for the fiscal quarter ended April 1, 2017.  Net earnings attributable to Vishay stockholders for the fiscal quarter ended March 31, 2018 were $62.4 million, or $0.39 per diluted share, compared to a net loss attributable to Vishay stockholders of $177.7 million, or $(1.23) per share for the fiscal quarter ended December 31, 2017, and net earnings attributable to Vishay stockholders of $36.7 million, or $0.24 per diluted share for the fiscal quarter ended April 1, 2017.

As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability.  Adjusted earnings per diluted share, which exclude these items net of tax and the unusual tax items, were $0.40, $0.37, and $0.28 for the fiscal quarters ended March 31, 2018, December 31, 2017, and April 1, 2017, respectively.

Commenting on the results for the first quarter 2018, Dr. Gerald Paul, President and Chief Executive Officer, stated, "In the first quarter, Vishay continued to enjoy excellent business conditions in virtually all markets; especially, Vishay's key markets of automotive and industrial show unbroken strength. The present favorable market conditions neither represent a spike of demand by a few applications like in 2000 nor a recovery from a general crisis like in 2010. We trust in an accelerated growth trend of our markets—in particular, the automotive and industrial end markets—for the years to come. We prepare ourselves by continuing to expand manufacturing capacities for our constrained key product lines while remaining careful in adding operational fixed costs."

Commenting on the outlook Dr. Paul stated, "For the second quarter we guide for revenues of $740 to $780 million and gross margins of 28.5% to 29.5% at the exchange rates for the first quarter."

Effective January 1, 2018, the Company adopted several new accounting standards, including ASU 2014-09, "Revenue from Contracts with Customers" and related guidance; ASU 2016-01, "Recognition and Measurement of Financial Assets and Liabilities;" and ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost."  Where required by the applicable new standards, prior periods have been recast to retrospectively reflect the impact of the standards.  Recast statements of operations for each quarter of 2017, and the full years 2017 and 2016, are included in the financial tables in this press release.  The impact of these new accounting standards on income (loss) before taxes was not material, though the new standards impacted various individual line items, which slightly changed historical gross margin and operating margin calculations.    More detailed discussion of the impact of these new accounting standards will be included in the Company's Quarterly Report on Form 10-Q when it is filed.
 
 

 
A conference call to discuss Vishay's first quarter financial results is scheduled for Tuesday, May 8, 2018 at 9:00 a.m. ET. The dial-in number for the conference call is 877-589-6174 (+1 706-643-1406 if calling from outside the United States or Canada) and the conference ID is 1357089.

There will be a replay of the conference call from 12:00 p.m. ET on Tuesday, May 8, 2018 through 11:59 p.m. ET on Tuesday, May 15, 2018. The telephone number for the replay is 800-585-8367 (+1 855-859-2056 or 404-537-3406 if calling from outside the United States or Canada) and the access code is 1357089.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

About Vishay

Vishay Intertechnology, Inc., a Fortune 1000 Company listed on the NYSE (VSH), is one of the world's largest manufacturers of discrete semiconductors (diodes, MOSFETs, and infrared optoelectronics) and passive electronic components (resistors, inductors, and capacitors). These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, power supplies, and medical markets. Vishay's product innovations, successful acquisition strategy, and "one-stop shop" service have made it a global industry leader. Vishay can be found on the Internet at www.vishay.com.

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings; adjusted earnings per share; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

Statements contained herein that relate to the Company's future performance, including statements with respect to forecasted revenues, margins, manufacturing capacities, customer confidence, anticipated growth areas for the company, global growth markets generally and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should," or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in applicable domestic and foreign tax regulations and uncertainty regarding the same;  changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
 

 
VISHAY INTERTECHNOLOGY, INC.
                 
Summary of Operations
                 
(Unaudited - In thousands, except per share amounts)
                 
                   
   Fiscal quarters ended       
   
March 31, 2018
   
December 31, 2017*
   
April 1, 2017*
 
                   
Net revenues
 
$
716,795
   
$
673,462
   
$
604,801
 
Costs of products sold
   
511,495
     
496,086
     
443,052
 
Gross profit
   
205,300
     
177,376
     
161,749
 
  Gross margin
   
28.6
%
   
26.3
%
   
26.7
%
                         
Selling, general, and administrative expenses
   
101,238
     
95,291
     
92,702
 
Restructuring and severance costs
   
-
     
6,079
     
1,469
 
Operating income
   
104,062
     
76,006
     
67,578
 
  Operating margin
   
14.5
%
   
11.3
%
   
11.2
%
                         
Other income (expense):
                       
  Interest expense
   
(7,677
)
   
(7,046
)
   
(6,790
)
  Other components of net periodic pension cost
   
(3,519
)
   
(3,470
)
   
(2,890
)
  Other
   
(847
)
   
587
     
(396
)
  Gain (loss) on disposal of equity affiliate
   
-
     
948
     
(7,060
)
  Total other income (expense) - net
   
(12,043
)
   
(8,981
)
   
(17,136
)
                         
Income (loss) before taxes
   
92,019
     
67,025
     
50,442
 
                         
Income taxes
   
29,474
     
244,526
     
13,493
 
                         
Net earnings (loss)
   
62,545
     
(177,501
)
   
36,949
 
                         
Less: net earnings (loss) attributable to noncontrolling interests
   
179
     
156
     
230
 
                         
Net earnings (loss) attributable to Vishay stockholders
 
$
62,366
   
$
(177,657
)
 
$
36,719
 
                         
Basic earnings (loss) per share attributable to Vishay stockholders
 
$
0.43
   
$
(1.23
)
 
$
0.25
 
                         
Diluted earnings (loss) per share attributable to Vishay stockholders
 
$
0.39
   
$
(1.23
)
 
$
0.24
 
                         
Weighted average shares outstanding - basic
   
144,327
     
144,165
     
146,274
 
                         
Weighted average shares outstanding - diluted
   
159,502
     
144,165
     
154,876
 
                         
Cash dividends per share
 
$
0.0675
   
$
0.0675
   
$
0.0625
 
                         
*Recast for the retrospective adoption of ASUs 2014-09 and 2017-07
                 
 
 

 
VISHAY INTERTECHNOLOGY, INC.
                                   
Summary of Operations
                                   
(Unaudited - In thousands, except per share amounts)
                               
                                     
   
Fiscal quarters ended
   
Years ended
 
   
April 1, 2017*
   
July 1, 2017*
   
September 30, 2017*
   
December 31, 2017*
   
December 31, 2017*
   
December 31, 2016*
 
                                     
Net revenues
 
$
604,801
   
$
643,164
   
$
677,941
   
$
673,462
   
$
2,599,368
   
$
2,317,328
 
Costs of products sold
   
443,052
     
469,327
     
487,794
     
496,086
     
1,896,259
     
1,743,506
 
Gross profit
   
161,749
     
173,837
     
190,147
     
177,376
     
703,109
     
573,822
 
  Gross margin
   
26.7
%
   
27.0
%
   
28.0
%
   
26.3
%
   
27.0
%
   
24.8
%
                                                 
Selling, general, and administrative expenses
   
92,702
     
88,351
     
91,487
     
95,291
     
367,831
     
356,006
 
Restructuring and severance costs
   
1,469
     
481
     
3,244
     
6,079
     
11,273
     
19,199
 
Impairment of intangible assets
   
-
     
-
     
-
     
-
     
-
     
1,559
 
Operating income
   
67,578
     
85,005
     
95,416
     
76,006
     
324,005
     
197,058
 
  Operating margin
   
11.2
%
   
13.2
%
   
14.1
%
   
11.3
%
   
12.5
%
   
8.5
%
                                                 
Other income (expense):
                                               
  Interest expense
   
(6,790
)
   
(7,076
)
   
(6,938
)
   
(7,046
)
   
(27,850
)
   
(25,623
)
  Other components of net periodic pension cost
   
(2,890
)
   
(2,969
)
   
(3,088
)
   
(3,470
)
   
(12,417
)
   
(16,020
)
  Other
   
(396
)
   
749
     
798
     
587
     
1,738
     
4,716
 
  Gain (loss) on disposal of equity affiliate
   
(7,060
)
   
-
     
-
     
948
     
(6,112
)
   
4,597
 
  Gain on early extinguishment of debt
   
-
     
-
     
-
     
-
     
-
     
8,809
 
  U.S. pension settlement charges
   
-
     
-
     
-
     
-
     
-
     
(79,321
)
  Total other income (expense) - net
   
(17,136
)
   
(9,296
)
   
(9,228
)
   
(8,981
)
   
(44,641
)
   
(102,842
)
                                                 
Income (loss) before taxes
   
50,442
     
75,709
     
86,188
     
67,025
     
279,364
     
94,216
 
                                                 
Income taxes
   
13,493
     
19,300
     
21,605
     
244,526
     
298,924
     
44,843
 
                                                 
Net earnings (loss)
   
36,949
     
56,409
     
64,583
     
(177,501
)
   
(19,560
)
   
49,373
 
                                                 
Less: net earnings (loss) attributable to noncontrolling interests
   
230
     
219
     
179
     
156
     
784
     
581
 
                                                 
Net earnings (loss) attributable to Vishay stockholders
 
$
36,719
   
$
56,190
   
$
64,404
   
$
(177,657
)
 
$
(20,344
)
 
$
48,792
 
                                                 
Basic earnings (loss) per share attributable to Vishay stockholders
 
$
0.25
   
$
0.38
   
$
0.44
   
$
(1.23
)
 
$
(0.14
)
 
$
0.33
 
                                                 
Diluted earnings (loss) per share attributable to Vishay stockholders
 
$
0.24
   
$
0.36
   
$
0.41
   
$
(1.23
)
 
$
(0.14
)
 
$
0.32
 
                                                 
Weighted average shares outstanding - basic
   
146,274
     
146,381
     
145,728
     
144,165
     
145,633
     
147,152
 
                                                 
Weighted average shares outstanding - diluted
   
154,876
     
155,300
     
156,701
     
144,165
     
145,633
     
150,697
 
                                                 
Cash dividends per share
 
$
0.0625
   
$
0.0625
   
$
0.0625
   
$
0.0675
   
$
0.2550
   
$
0.2500
 
                                                 
*Recast for the retrospective adoption of ASUs 2014-09 and 2017-07
                                 
 

 
VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets
           
(Unaudited - in thousands)
           
             
   
March 31, 2018
   
December 31, 2017*
 
             
Assets
           
Current assets:
           
  Cash and cash equivalents
 
$
839,591
   
$
748,032
 
  Short-term investments
   
501,221
     
547,136
 
  Accounts receivable, net
   
376,537
     
340,027
 
  Inventories:
               
    Finished goods
   
132,996
     
127,272
 
    Work in process
   
184,613
     
170,319
 
    Raw materials
   
143,039
     
132,068
 
  Total inventories
   
460,648
     
429,659
 
                 
  Prepaid expenses and other current assets
   
116,948
     
130,336
 
Total current assets
   
2,294,945
     
2,195,190
 
                 
Property and equipment, at cost:
               
  Land
   
92,929
     
92,285
 
  Buildings and improvements
   
617,071
     
606,168
 
  Machinery and equipment
   
2,461,857
     
2,415,769
 
  Construction in progress
   
94,027
     
103,058
 
  Allowance for depreciation
   
(2,358,549
)
   
(2,311,522
)
     
907,335
     
905,758
 
                 
Goodwill
   
147,047
     
142,742
 
                 
Other intangible assets, net
   
73,072
     
69,754
 
                 
Other assets
   
148,111
     
148,645
 
     Total assets
 
$
3,570,510
   
$
3,462,089
 
                 
*Recast for the retrospective adoption of ASUs 2014-09 and 2017-07
         

 
VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
           
(Unaudited - in thousands)
           
             
   
March 31, 2018
   
December 31, 2017*
 
             
Liabilities and stockholders' equity
           
Current liabilities:
           
  Notes payable to banks
 
$
56
   
$
4
 
  Trade accounts payable
   
191,935
     
222,373
 
  Payroll and related expenses
   
136,386
     
135,702
 
  Other accrued expenses
   
161,990
     
154,230
 
  Income taxes
   
38,676
     
50,226
 
Total current liabilities
   
529,043
     
562,535
 
                 
Long-term debt less current portion
   
406,385
     
370,470
 
U.S. transition tax payable
   
165,600
     
151,200
 
Deferred income taxes
   
342,207
     
336,465
 
Other liabilities
   
77,425
     
75,249
 
Accrued pension and other postretirement costs
   
283,754
     
281,701
 
Total liabilities
   
1,804,414
     
1,777,620
 
                 
Redeemable convertible debentures
   
250,990
     
252,070
 
                 
Equity:
               
Vishay stockholders' equity
               
  Common stock
   
13,212
     
13,188
 
  Class B convertible common stock
   
1,210
     
1,213
 
  Capital in excess of par value
   
1,753,762
     
1,752,506
 
  Retained earnings (accumulated deficit)
   
(307,833
)
   
(362,254
)
  Accumulated other comprehensive income (loss)
   
52,544
     
25,714
 
  Total Vishay stockholders' equity
   
1,512,895
     
1,430,367
 
Noncontrolling interests
   
2,211
     
2,032
 
Total equity
   
1,515,106
     
1,432,399
 
Total liabilities, temporary equity, and equity
 
$
3,570,510
   
$
3,462,089
 
                 
*Recast for the retrospective adoption of ASUs 2014-09 and 2017-07
         

 
VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Statements of Cash Flows
           
(Unaudited - in thousands)
           
   
Fiscal quarters ended
 
   
March 31, 2018
   
April 1, 2017
 
             
Operating activities
           
Net earnings
 
$
62,545
   
$
36,949
 
Adjustments to reconcile net earnings (loss) to
               
    net cash provided by operating activities:
               
      Depreciation and amortization
   
40,558
     
40,212
 
      (Gain) loss on disposal of property and equipment
   
(176
)
   
60
 
      Accretion of interest on convertible debentures
   
1,309
     
1,211
 
      Inventory write-offs for obsolescence
   
5,457
     
4,834
 
      Loss on disposal of equity affiliate
   
-
     
7,060
 
      Deferred income taxes
   
7,014
     
4,307
 
      Other
   
2,908
     
2,026
 
      Changes in operating assets and liabilities, net of effects of businesses acquired
   
(72,756
)
   
(52,985
)
Net cash provided by operating activities
   
46,859
     
43,674
 
                 
Investing activities
               
Purchase of property and equipment
   
(28,273
)
   
(16,668
)
Proceeds from sale of property and equipment
   
184
     
943
 
Purchase of businesses, net of cash acquired
   
(12,072
)
   
-
 
Purchase of short-term investments
   
(39,243
)
   
(151,886
)
Maturity of short-term investments
   
93,194
     
147,530
 
Other investing activities
   
(935
)
   
(5,971
)
Net cash provided by (used in) investing activities
   
12,855
     
(26,052
)
                 
Financing activities
               
Net proceeds (payments) on revolving credit lines
   
34,000
     
20,000
 
Net changes in short-term borrowings
   
52
     
8
 
Dividends paid to common stockholders
   
(8,918
)
   
(8,378
)
Dividends paid to Class B common stockholders
   
(817
)
   
(758
)
Cash withholding taxes paid when shares withheld for vested equity awards
   
(2,297
)
   
(1,971
)
Other financing activities
   
-
     
(1,255
)
Net cash provided by financing activities
   
22,020
     
7,646
 
Effect of exchange rate changes on cash and cash equivalents
   
9,825
     
2,337
 
                 
Net increase in cash and cash equivalents
   
91,559
     
27,605
 
                 
Cash and cash equivalents at beginning of period
   
748,032
     
471,781
 
Cash and cash equivalents at end of period
 
$
839,591
   
$
499,386
 

 
VISHAY INTERTECHNOLOGY, INC.
                 
Reconciliation of Adjusted Earnings Per Share
                 
(Unaudited - In thousands, except per share amounts)
                 
   
Fiscal quarters ended
 
   
March 31, 2018
   
December 31, 2017
   
April 1, 2017
 
                   
GAAP net earnings (loss) attributable to Vishay stockholders
 
$
62,366
   
$
(177,657
)
 
$
36,719
 
                         
Reconciling items affecting operating income:
                       
Restructuring and severance costs
 
$
-
   
$
6,079
   
$
1,469
 
                         
Reconciling items affecting other income (expense):
                       
Loss (gain) on disposal of equity affiliate
 
$
-
   
$
(948
)
 
$
7,060
 
                         
Reconciling items affecting tax expense (benefit):
                       
Enactment of TCJA
 
$
-
   
$
234,855
   
$
-
 
Effects of cash repatriation program
   
1,316
     
(2,702
)
   
(968
)
Effects of changes in uncertain tax positions
   
-
     
2,369
     
-
 
Tax effects of pre-tax items above
   
-
     
(2,060
)
   
(441
)
                         
Adjusted net earnings
 
$
63,682
   
$
59,936
   
$
43,839
 
                         
Adjusted weighted average diluted shares outstanding
   
159,502
     
161,177
     
154,876
 
                         
Adjusted earnings per diluted share
 
$
0.40
   
$
0.37
   
$
0.28
 

 
VISHAY INTERTECHNOLOGY, INC.
                 
Reconciliation of Free Cash
                 
(Unaudited - In thousands)
                 
   
Fiscal quarters ended
 
   
March 31, 2018
   
December 31, 2017
   
April 1, 2017
 
Net cash provided by operating activities
 
$
46,859
   
$
122,932
   
$
43,674
 
Proceeds from sale of property and equipment
   
184
     
201
     
943
 
Less: Capital expenditures
   
(28,273
)
   
(85,642
)
   
(16,668
)
Free cash
 
$
18,770
   
$
37,491
   
$
27,949
 

 
VISHAY INTERTECHNOLOGY, INC.
                 
Reconciliation of EBITDA and Adjusted EBITDA
             
(Unaudited - In thousands)
                 
   
Fiscal quarters ended
 
   
March 31, 2018
   
December 31, 2017
   
April 1, 2017
 
                   
GAAP net earnings (loss) attributable to Vishay stockholders
 
$
62,366
   
$
(177,657
)
 
$
36,719
 
Net earnings (loss) attributable to noncontrolling interests
   
179
     
156
     
230
 
Net earnings (loss)
 
$
62,545
   
$
(177,501
)
 
$
36,949
 
                         
Interest expense
 
$
7,677
   
$
7,046
   
$
6,790
 
Interest income
   
(2,036
)
   
(1,883
)
   
(1,263
)
Income taxes
   
29,474
     
244,526
     
13,493
 
Depreciation and amortization
   
40,558
     
41,827
     
40,212
 
EBITDA
 
$
138,218
   
$
114,015
   
$
96,181
 
                         
Reconciling items
                       
Restructuring and severance costs
 
$
-
   
$
6,079
   
$
1,469
 
Loss (gain) on disposal of equity affiliate
   
-
     
(948
)
   
7,060
 
                         
Adjusted EBITDA
 
$
138,218
   
$
119,146
   
$
104,710
 
                         
Adjusted EBITDA margin**
   
19.3
%
   
17.7
%
   
17.3
%
                         
** Adjusted EBITDA as a percentage of net revenues
                 
 

 
Source: Vishay Intertechnology, Inc.
Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Senior Vice President, Corporate Communications
+1-610-644-1300

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