Core Viewpoint - The article highlights the capabilities and offerings of a chip distribution company, emphasizing its extensive inventory, quality control measures, and customer service efficiency. Group 1: Inventory and Facilities - The company operates a 1,600 square meter smart warehouse with over 1,000 stock models and around 100 brands, holding a total of 50 million chips valued at over 100 million [1] - An independent laboratory is established in Shenzhen for quality control (QC) inspections on every material [1] Group 2: Procurement and Sales - The company is actively seeking specific chip models, including VISHAY, ADI, and ST brands, with quantities ranging from 3,000 to 21,000 units [2] - It offers advantageous materials for sale at discounted prices, including significant quantities of chips from brands like Realtek, MPS, and Renesas, with stock levels reaching up to 1.7 million pieces [3] Group 3: Customer Engagement and Service - The company has served a cumulative total of 20,000 users and can complete transactions in as fast as half a day [4] - It promotes a mini-program for factory surplus materials, indicating a focus on facilitating sales for hard-to-sell inventory [5]

Core Insights - Vishay Intertechnology, Inc. has launched a new series of industrial-grade, multi-turn, surface-mount cermet trimmers, the TSM41 series, designed for space-constrained applications in harsh environments [1][2] Product Features - The TSM41 series features a compact 4 mm x 4 mm footprint, which is 42% smaller than previous-generation devices, allowing for optimized package density and board space savings [2] - The devices operate within a wide temperature range of -55 °C to +140 °C and are IP67 sealed, ensuring reliability in various applications [1][3] - The trimmers offer a resistance range of 10 Ω to 1 MΩ and a power rating of 0.25 W at +85 °C, with both top and side adjustment styles available for design flexibility [2] Production and Availability - Samples and production quantities of the TSM41 series are currently available, with lead times of 15 weeks [4] - The design allows for direct mounting to PCBs, facilitating automated assembly processes and enhancing production efficiency [3] Company Overview - Vishay Intertechnology is a major manufacturer of discrete semiconductors and passive electronic components, serving various markets including automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical [5]

Core Insights - Vishay Intertechnology, Inc. (VSH) reported a second-quarter 2025 loss of 7 cents per share, missing the Zacks Consensus Estimate of earnings of 2 cents and down from earnings of 17 cents in the same quarter last year [1][7] - Revenues for the second quarter were $762.3 million, exceeding the Zacks Consensus Estimate by 0.3% and reflecting a year-over-year increase of 2.9% [1][7] Financial Performance - The company's weak second-quarter performance led to a 14.05% decline in share price, with a year-to-date drop of 17.8%, underperforming the Zacks Computer and Technology sector's growth of 10.9% [2] - VSH has a mixed earnings surprise history, missing the Zacks Consensus Estimate in three of the last four quarters, with an average negative surprise of 149.2% [2] Revenue Breakdown - Revenues from MOSFETs (19.5% of total revenues) were $148.6 million, down 4.19% year over year, with a book-to-bill ratio of 1.00 [3] - Diodes (19.4% of total revenues) generated $147.9 million, up 1.1% year over year, with a book-to-bill ratio of 0.93 [3] - Optoelectronics (7.1% of total revenues) revenues were $54.1 million, up 2.1% year over year, with a book-to-bill ratio of 1.05 [4] - Resistors (25.6% of total revenues) brought in $194.8 million, up 8.5% year over year, with a book-to-bill ratio of 0.91 [4] - Inductors (12.6% of total revenues) revenues were $95.7 million, up 1.7% year over year, with a book-to-bill ratio of 0.91 [4] - Capacitors (15.9% of total revenues) generated $121.1 million, up 6.8% year over year, with a book-to-bill ratio of 1.40 [5] Profitability Metrics - Adjusted EBITDA for the second quarter was $63.5 million, down 28.2% year over year, with an adjusted EBITDA margin of 8.3%, a contraction of 360 basis points [5][7] - The operating margin was reported at 2.9%, down from 5.1% in the year-ago quarter [5][7] Balance Sheet and Cash Flow - As of June 28, 2025, VSH's cash and cash equivalents were $473.9 million, down from $609.4 million as of March 29, 2025 [6] - Long-term debt decreased to $914.5 million from $988.2 million as of March 29 [6] - The company reported net cash used in operating activities of $8.8 million and a negative free cash flow of $73.2 million for the quarter [6] Guidance - For the third quarter, Vishay Intertechnology expects revenues of $775 million (plus or minus $20 million), with the Zacks Consensus Estimate for revenues at $752.4 million, indicating a year-over-year increase of 2.3% [8] - The anticipated gross profit margin is 19.7% (plus or minus 50 basis points), while the Zacks Consensus Estimate for earnings is 3 cents per share, reflecting a year-over-year decline of 62.5% [8]

Core Insights - Vishay Intertechnology, Inc. has introduced two new automotive-grade edge-wound, through-hole inductors, IHDM-1107BBEV-2A and IHDM-1107BBEV-3A, featuring powdered iron alloy core technology and soft saturation current up to 422 A [1][2] Product Features - The inductors provide low DCR down to 0.22 mΩ, enhancing efficiency by minimizing power losses [2] - Compared to ferrite-based solutions, these inductors offer 30% higher rated current and saturation current levels at +125 °C [2] - They have a high isolation voltage rating of up to 350 V, making them suitable for high current and high temperature power applications [3] Applications - The inductors are ideal for use in DC/DC converters, inverters, on-board chargers, domain control units, and filters for motor and switching noise suppression in internal combustion, hybrid, and full-electric vehicles [3] Customization and Compliance - Vishay offers customization options for inductance, DCR, rated current, and voltage rating, along with various mounting options [4] - The devices are RoHS-compliant, halogen-free, and adhere to Vishay Green standards [4] Technical Specifications - IHDM-1107BBEV-2A: Inductance ranges from 0.47 to 7.5 µH, with a typical DCR of 0.22 to 2.11 mΩ and saturation current from 96 to 343 A [5] - IHDM-1107BBEV-3A: Inductance ranges from 0.68 to 12.0 µH, with a typical DCR of 0.22 to 2.11 mΩ and saturation current from 49 to 202 A [5] Availability - Samples and production quantities of the new inductors are available now, with lead times of 14 weeks [7]

Financial Data and Key Metrics Changes - Revenue for the second quarter increased by 7% sequentially to $762 million, aligning with guidance, driven by growth in both semiconductors and passive components [7][22] - Gross profit was $149 million, resulting in a gross margin of 19.5%, at the high end of guidance, primarily due to increased volume [24] - Book to bill ratio was positive at 1.02, marking the third consecutive quarter above one, with a backlog of $1.2 billion [23][24] Business Line Data and Key Metrics Changes - Automotive revenue rose by 4% due to improved demand from tier one customers and new ADAS programs [11] - Industrial segment revenue increased by 9%, driven by normalization of inventories and demand for smart grid infrastructure [12] - Aerospace defense revenue grew by 5%, while medical end markets saw a 4% increase, reflecting stronger demand [15][16] Market Data and Key Metrics Changes - Revenue in Asia grew by 12%, driven by AI power requirements and smart grid projects, while The Americas saw a 7% increase due to improved automotive and industrial demand [20] - Distribution revenue grew by 11%, contributing significantly to total revenue growth, while OEM revenue remained flat [18][19] Company Strategy and Development Direction - The company is focused on capacity expansion under the Vishay 3.0 initiative, with approximately $775 million invested over the past two and a half years [9][10] - Strategic initiatives include strengthening customer relationships, expanding product portfolios, and advancing silicon carbide technology [10][41] - The company plans to invest between $300 million to $350 million in 2025, with a significant portion allocated to high-growth product lines [37] Management's Comments on Operating Environment and Future Outlook - Management noted that the inventory correction cycle is largely behind, with normalized inventory levels for passives and some excess in semiconductors [7] - Positive demand momentum is expected to continue, particularly in smart grid infrastructure and AI applications, with a stronger second half of the year anticipated [45][46] - The company is preparing for a market upturn, with increased backlog and capacity readiness to meet customer demand [45][46] Other Important Information - The company reported a negative free cash flow of $73 million for the quarter, attributed to capacity expansion investments and tax payments [31][32] - The effective tax rate is not meaningful at low levels of pre-tax income, with expectations for normalization as profitability returns [27][35] Q&A Session Summary Question: Impact of Newport fab on gross margin - The Newport fab had a lower than expected impact on gross margin in Q2, with guidance for Q3 indicating a range of 160 to 185 basis points [49][50] Question: MOSFET gross margins decline - MOSFET gross margins declined due to manufacturing inefficiencies, which are expected to improve in Q3 with increased IC sales [51][52] Question: US tariff impact - Less than 4% of products are manufactured in China and returned to the US, indicating a minimal impact from tariffs on overall revenue [55] Question: Inorganic growth and M&A opportunities - The company is actively looking for M&A opportunities, particularly in the semiconductor sector, to enhance customer presence and fill portfolio gaps [56][58] Question: Visibility and backlog for Q3 - The company is seeing a faster building of backlog and anticipates a stronger second half of the year compared to the first half [64][65] Question: Customer demand and inventory management - Customers are still cautious in planning demand, with a significant portion of orders for quick delivery, indicating a transition from an inventory-heavy market [67][68] Question: AI customer expansion and revenue metrics - The customer count for AI applications is growing, with a focus on expanding the part count and customer diversity [72][73] Question: Slipping customer programs - Adjustments in customer programs were due to design changes, impacting planned orders [76][77]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 grew sequentially by 7% to $762 million, in line with guidance, driven by growth in both semiconductors and passive components [7][22] - Gross profit was $149 million, resulting in a gross margin of 19.5%, at the high end of guidance, primarily due to increased volume [24] - Book to bill ratio was positive at 1.02, marking the third consecutive quarter above one, with a backlog of $1.2 billion [23][24] Business Line Data and Key Metrics Changes - Automotive revenue increased by 4% due to improved demand from tier one customers and new ADAS programs [11] - Industrial segment revenue rose by 9%, driven by normalization of inventories and demand for smart grid infrastructure [12] - Aerospace defense revenue increased by 5%, while medical end markets saw a 4% growth, reflecting stronger demand in implantables [15][16] Market Data and Key Metrics Changes - Revenue in Asia grew by 12%, driven by AI power requirements and smart grid projects [20] - The Americas saw a 7% increase in revenue, supported by improved automotive and industrial demand [20] - Europe remained flat due to fewer workdays and inventory corrections [20] Company Strategy and Development Direction - The company is executing a five-year strategic plan, Vishay 3.0, focusing on capacity expansion and innovation in high-growth product lines [6][37] - Significant investments of approximately $775 million have been made to add capacity for high-growth, higher-profit products [8] - The company aims to enhance its presence in emerging markets such as e-mobility and sustainability [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the inventory correction cycle is largely behind, with normalized inventory levels for passives and some excess in semiconductors [7] - Positive demand momentum is expected to continue, particularly in smart grid infrastructure and AI applications [8][46] - The company anticipates a stronger second half of the year compared to the first half, with backlog building at a faster rate [44][46] Other Important Information - The company reported a negative free cash flow of $73 million for the quarter, attributed to capacity expansion investments and tax payments [31] - The effective tax rate is not meaningful at low levels of pre-tax income, but a normalized rate is expected as profitability returns [27][35] - The company plans to maintain its dividend and opportunistically repurchase shares based on available liquidity [35][32] Q&A Session Summary Question: Impact of Newport fab on gross margin - The Newport fab had a lower than expected negative impact of 160 basis points on gross margin in Q2, with guidance for Q3 set at 160 to 185 basis points [50][51] Question: MOSFET gross margins decline - MOSFET gross margins declined due to manufacturing inefficiencies, which are expected to improve in Q3 with increased IC sales [53][54] Question: US tariff impact - Less than 4% of products are manufactured in China and returned to the US, indicating a minimal impact from tariffs [56][57] Question: Inorganic growth and M&A opportunities - The company is actively looking for M&A opportunities, particularly in the semiconductor sector, to enhance customer presence [58][60] Question: Visibility on Q3 and backlog growth - The company is seeing a faster backlog build and anticipates a stronger second half of the year, with Q4 expected to outperform Q3 [64][66] Question: Customer demand and inventory management - Customers are still cautious in planning demand, with a significant portion of orders for quick delivery, indicating a transition from an inventory-heavy market [68][70] Question: AI customer expansion - The company has seen significant growth in AI customer count and is expanding applications beyond MOSFETs to include a broader portfolio [73][74] Question: Changes in customer programs - Adjustments in customer programs were noted due to design changes, impacting planned orders [76][78]

Vishay Intertechnology (VSH) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of $0.02. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of -450.00%. A quarter ago, it was expected that this chipmaker would post a loss of $0.03 per share when it actually produced a loss of $0.03, delivering no surprise. Over the last four quarters, the company has not been a ...

Financial Performance - 2Q 2025 revenues reached $762.3 million[26], compared to $715.2 million in 1Q 2025 and $741.2 million in 2Q 2024[27, 65] - Gross margin was 19.5%[26], including a negative impact of approximately 160 basis points related to Newport[26] - Adjusted EPS was ($0.07)[26], while GAAP EPS was $0.01[26] - Free cash flow was negative $73.2 million[68] Segment Results (2Q 2025) - MOSFETs revenues were $148.6 million with a gross margin of 6.3%[31] - Diodes revenues were $147.9 million with a gross margin of 20.0%[31] - Resistors revenues were $194.8 million with a gross margin of 22.8%[32] - Capacitors revenues were $121.1 million with a gross margin of 21.5%[32] Revenue Mix and Growth - Industrial end market increased by 9% QoQ and 2% YoY[16] - Automotive end market increased by 4% QoQ and remained flat YoY[16] - Distribution channel increased by 11% QoQ and 5% YoY, accounting for 56% of revenue[18, 19] - Asia region increased by 12% QoQ and 12% YoY, accounting for 42% of revenue[22, 23] Guidance - 3Q 2025 revenue is expected to be $775 million, +/- $20 million[46] - 3Q 2025 gross margin is guided at 19.7%, +/- 50 bps, with Newport impacting negatively by 160-185 bps[46]

[Q2 2025 Earnings Overview](index=1&type=section&id=Q2_2025_Earnings_Overview) Vishay Intertechnology reported a 7% sequential revenue increase in Q2 2025, with management highlighting growth across all segments and strategic capacity investments for future market upturns [Highlights and Management Commentary](index=1&type=section&id=Highlights_and_Management_Commentary) Vishay Intertechnology reported a 7% sequential revenue increase in Q2 2025 to $762.3 million, driven by growth across all end markets and regions, achieving a book-to-bill ratio of 1.02 despite a low GAAP EPS of $0.01 and an adjusted loss per share of $(0.07) - CEO Joel Smejkal highlighted a **7% sequential revenue increase** in Q2, with growth observed in semiconductors and passives across all end markets, regions, and customer types (distributors and EMS)[3](index=3&type=chunk) - The company is investing in capacity expansion to be prepared for a market upturn, as market indicators remain directionally positive[3](index=3&type=chunk) Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Revenues | $762.3 million | | Gross Margin | 19.5% | | EPS | $0.01 | | Adjusted Loss Per Share | $(0.07) | | Book-to-Bill Ratio | 1.02 | | Backlog | 4.6 months | - The Q2 gross margin of **19.5%** was negatively impacted by approximately **160 basis points** due to the addition of Newport[7](index=7&type=chunk) [Q3 2025 Outlook](index=1&type=section&id=Q3_2025_Outlook) For the third quarter of 2025, Vishay anticipates revenues to be in the range of $775 million, plus or minus $20 million, with a gross profit margin expected at 19.7%, plus or minus 50 basis points, including a negative impact from the Newport addition Q3 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenues | $775 million +/- $20 million | | Gross Profit Margin | 19.7% +/- 50 basis points | - The Q3 2025 gross margin guidance includes an anticipated negative impact of approximately **160 to 185 basis points** from the addition of Newport[4](index=4&type=chunk) [Financial Statements](index=4&type=section&id=Financial_Statements) Vishay's Q2 2025 financial statements show sequential revenue growth but year-over-year declines in profitability, with a net loss for the first six months and reduced operating cash flow [Summary of Operations (Income Statement)](index=4&type=section&id=Summary_of_Operations_(Income_Statement)) The income statement shows a sequential increase in revenue and gross profit for Q2 2025 compared to Q1 2025, but a decline compared to Q2 2024, with the first six months of 2025 reflecting slightly down revenues year-over-year and significant decreases in operating income and net earnings [Quarterly Results](index=4&type=section&id=Quarterly_Results) In Q2 2025, net revenues were $762.3 million, up from $715.2 million in Q1 2025 but down from $741.2 million in Q2 2024, with gross margin improving sequentially to 19.5% but remaining lower than the prior-year quarter, and net earnings attributable to Vishay stockholders significantly dropping to $2.0 million, or $0.01 per diluted share Quarterly Summary of Operations (in thousands, except per share amounts) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net revenues | $762,250 | $715,236 | $741,239 | | Gross profit | $148,683 | $135,554 | $162,870 | | Gross margin | 19.5% | 19.0% | 22.0% | | Operating income | $22,118 | $815 | $37,917 | | Net earnings (Vishay stockholders) | $2,004 | $(4,092) | $23,533 | | Diluted EPS | $0.01 | $(0.03) | $0.17 | [Six-Month Results](index=5&type=section&id=Six-Month_Results) For the first six months of 2025, net revenues were $1.477 billion, a slight decrease from $1.488 billion in the same period of 2024, with gross margin contracting to 19.2% from 22.4%, and the company recording a net loss attributable to stockholders of $2.1 million, or $(0.02) per share, compared to net earnings of $54.5 million, or $0.39 per share, in the first half of 2024 Six-Month Summary of Operations (in thousands, except per share amounts) | Metric | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net revenues | $1,477,486 | $1,487,518 | | Gross profit | $284,237 | $333,277 | | Gross margin | 19.2% | 22.4% | | Operating income | $22,933 | $80,588 | | Net (loss) earnings (Vishay stockholders) | $(2,088) | $54,457 | | Diluted (loss) EPS | $(0.02) | $0.39 | [Consolidated Condensed Balance Sheets](index=6&type=section&id=Consolidated_Condensed_Balance_Sheets) As of June 28, 2025, Vishay's total assets stood at $4.22 billion, up from $4.11 billion at the end of 2024, primarily driven by higher inventories and property, plant, and equipment, while cash and cash equivalents decreased, total liabilities rose slightly to $2.13 billion, and total equity increased to $2.09 billion Key Balance Sheet Items (in thousands) | Account | June 28, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $473,860 | $590,286 | | Total inventories | $754,866 | $689,381 | | Total current assets | $1,912,082 | $1,915,507 | | Total assets | $4,221,655 | $4,110,696 | | **Liabilities & Equity** | | | | Total current liabilities | $707,294 | $708,348 | | Long-term debt | $914,504 | $905,019 | | Total liabilities | $2,126,664 | $2,081,734 | | Total equity | $2,094,991 | $2,028,962 | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated_Condensed_Statements_of_Cash_Flows) For the first six months of 2025, net cash provided by operating activities was $7.3 million, a sharp decline from $55.5 million in the prior-year period, with investing activities using $115.4 million primarily for capital expenditures, and financing activities using $26.4 million mainly for dividends and stock repurchases, resulting in a net decrease in cash and cash equivalents of $116.4 million, ending the period with $473.9 million Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $7,307 | $55,481 | | Net cash used in investing activities | $(115,415) | $(295,316) | | Net cash used in financing activities | $(26,447) | $(56,670) | | Net decrease in cash and cash equivalents | $(116,426) | $(299,988) | | Cash and cash equivalents at end of period | $473,860 | $672,731 | [Non-GAAP Financial Measures Reconciliation](index=9&type=section&id=Non-GAAP_Financial_Measures_Reconciliation) The company provides reconciliations for adjusted EPS, free cash, and adjusted EBITDA, revealing a Q2 2025 adjusted loss per share and negative free cash flow [Reconciliation of Adjusted Earnings Per Share](index=9&type=section&id=Reconciliation_of_Adjusted_Earnings_Per_Share) The company provides a reconciliation from GAAP to adjusted earnings per share (EPS), showing that for Q2 2025, GAAP net earnings of $2.0 million were adjusted for a favorable contingency resolution of $11.3 million, resulting in an adjusted net loss of $9.3 million, or an adjusted loss per diluted share of $(0.07), compared to a GAAP EPS of $0.01 Q2 2025 GAAP vs. Adjusted EPS Reconciliation | Metric | Value (in thousands, except per share) | | :--- | :--- | | GAAP net earnings (Vishay stockholders) | $2,004 | | Favorable resolution of contingency | $(11,293) | | Adjusted net loss | $(9,289) | | **Adjusted loss per diluted share** | **$(0.07)** | [Reconciliation of Free Cash](index=10&type=section&id=Reconciliation_of_Free_Cash) Free cash, a non-GAAP measure, was negative for Q2 2025 at $(73.2) million, calculated from net cash used in operating activities of $(8.8) million, less capital expenditures of $64.6 million, plus proceeds from asset sales, resulting in a significant increase in cash usage for the first six months of 2025 at $(118.4) million compared to $(58.9) million in the same period of 2024 Free Cash Calculation (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(8,791) | $16,098 | $(24,730) | | Less: Capital expenditures | $(64,598) | $(61,569) | $(62,564) | | **Free cash** | **$(73,174)** | **$(45,192)** | **$(86,780)** | [Reconciliation of EBITDA and Adjusted EBITDA](index=11&type=section&id=Reconciliation_of_EBITDA_and_Adjusted_EBITDA) For Q2 2025, EBITDA was $74.8 million, and after adjusting for a favorable contingency resolution of $11.3 million, the Adjusted EBITDA was $63.5 million, resulting in an Adjusted EBITDA margin of 8.3%, which is an improvement from 7.6% in Q1 2025 but a decline from 11.9% in Q2 2024 EBITDA and Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net earnings (loss) | $2,004 | $(4,092) | $23,880 | | EBITDA | $74,812 | $54,458 | $88,415 | | **Adjusted EBITDA** | **$63,519** | **$54,458** | **$88,415** | | **Adjusted EBITDA margin** | **8.3%** | **7.6%** | **11.9%** |

Core Insights - Vishay Intertechnology, Inc. reported a 7% sequential increase in revenue for the second quarter of fiscal 2025, driven by growth in semiconductors and passive components across all end markets and regions [3][9] - The company anticipates third-quarter revenues to be in the range of $775 million, with a gross profit margin of approximately 19.7%, factoring in the negative impact from the addition of Newport [4] Financial Performance - For the second quarter of 2025, net revenues were $762.3 million, with a gross margin of 19.5% [9] - The company recorded a net earnings of $2.0 million, translating to earnings per share of $0.01, while adjusted loss per share was $(0.07) [9][21] - The book-to-bill ratio was 1.02, with semiconductors at 0.98 and passive components at 1.06, indicating a healthy order flow [9] Operational Metrics - The backlog at the end of the quarter was equivalent to 4.6 months of revenue [9] - Selling, general, and administrative expenses for the second quarter were $134.7 million, which included a benefit of $11.3 million from the resolution of a contingency [12][21] Cash Flow and Investments - The company reported a net cash provided by operating activities of $7.3 million for the first half of 2025, compared to $55.5 million in the same period of the previous year [19][22] - Capital expenditures for the second quarter were $126.2 million, reflecting ongoing investments in capacity expansion [19][22] Balance Sheet Highlights - As of June 28, 2025, total assets were $4.22 billion, with current assets at $1.91 billion [16][18] - Total liabilities stood at $2.13 billion, while total equity was $2.09 billion [18]