Executive Vice President, Corporate Development - Peter Henrici President and Chief Executive Officer - Joel Smejkal Executive Vice President and Chief Financial Officer - David McConnell Peter Henrici: Good morning, and welcome to Vishay Intertechnology's Second Quarter 2026 Earnings Conference Call. I am joined today by Joel Smejkal, our President and Chief Executive Officer, and by Dave McConnell, our Chief Financial Officer. This morning, we reported results for our second quarter 2026.
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 refer to a slide presentation, which we also posted on ir.vishay.com. You should be aware that during 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 to non-GAAP reconciliation in our press release and in the presentation posted on ir.vishay.com, which we believe will be 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. Specifically, as it pertains to our tariff refunds, we are reporting GAAP and adjusted revenue for the second quarter. The second quarter 2026 adjusted net revenues exclude $30.0 million for tariff refunds passed through to customers with no impact on gross profit.
The tariff refunds are recognized as reductions of net revenues and cost of products sold in the second quarter 2026 GAAP results. Adjusted gross margin is calculated using adjusted net revenues. Tariff refunds have not been allocated to a reportable segment, end market, sales channel or region.
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