UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


  Date of Report (date of earliest event reported) August 5, 2026
   

Vishay Intertechnology, Inc.
 
(Exact name of registrant as specified in its charter)


Delaware
1-7416
38-1686453
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)

   
63 Lancaster Avenue
Malvern, PA
19355-2143
(Address of Principal Executive Offices)
Zip Code
 
Registrant's telephone number, including area code    610-644-1300

 
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading symbol
Name of exchange on which registered
Common stock, par value $0.10 per share
VSH
New York Stock Exchange
1
 

Item 2.02 – Results of Operations and Financial Condition
 
On August 5, 2026, Vishay Intertechnology, Inc. ("the Company") issued a press release announcing its financial results for the fiscal quarter and six fiscal months ended July 4, 2026.  A copy of the press release is attached as Exhibit 99.1 to this report.
 
Item 7.01 – Regulation FD Disclosure
 
Computational Guidance on Earnings Per Share Estimates
 
The Company frequently receives questions from analysts and stockholders regarding its diluted earnings per share ("EPS") computation.  The information furnished in this Form 8-K provides additional information on the impact of key variables on the EPS computation, particularly as they relate to the third fiscal quarter of 2026.
 
Accounting principles require that EPS be computed based on the weighted average shares outstanding ("basic"), and also assuming the issuance of potentially issuable shares (such as those subject to equity awards and convertible debt) if those potentially issuable shares would reduce EPS ("diluted").
 
The number of shares related to equity awards included in diluted EPS is based on the "Treasury Stock Method" prescribed in Financial Accounting Standards Board ("FASB") ASC Topic 260, Earnings Per Share ("FASB ASC Topic 260").  This method assumes a theoretical repurchase of shares using the unrecognized compensation expense and any other proceeds at a price equal to the issuer's average stock price during the related earnings period.   Accordingly, the number of shares includable in the calculation of diluted EPS in respect of equity awards is dependent on this average stock price and will increase as the average stock price increases.  This method is also utilized for net share settlement debt.
 
The number of shares includable in the calculation of diluted EPS in respect of conventional convertible or exchangeable securities is based on the "If Converted Method" prescribed in FASB ASC Topic 260.  This method assumes the conversion or exchange of these securities for shares of common stock. 
 
Pursuant to the indenture governing the senior convertible notes due 2030 (the "2030 Notes"), Vishay is required to pay the principal amount of the senior convertible debt instruments in cash. Vishay, at its option, will settle any additional value in cash, common stock, or a combination of both.
 
The 2030 Notes will be included in the diluted EPS computation using the "If Converted Method," but with no adjustment for interest expense. 
 
The following estimates of shares expected to be used in the calculation of diluted EPS consider the number of the Company's shares currently outstanding and the Company's convertible securities currently outstanding and their exercise and conversion features currently in effect.  The Company adjusts its calculation for the estimated effect of expected quarterly activity.  The estimates assume no share or convertible debt instrument repurchases during the third fiscal quarter of 2026.  Changes in these parameters or estimates could have a material impact on the calculation of diluted EPS.
2
 
The following estimates of shares expected to be used in the calculation of diluted EPS should be read in conjunction with the information on earnings per share in the Company's filings on Form 10-Q and Form 10-K.  These estimates are unaudited and are not necessarily indicative of the shares used in the diluted EPS computation for any prior period.  The estimates below are not necessarily indicative of the shares to be used in the quarterly diluted EPS computation for any period subsequent to the third fiscal quarter of 2026.  The Company assumes no duty to revise these estimates as a result of changes in the parameters on which they are based or any changes in accounting principles.  Also, the presentation is not intended as a forecast of EPS values or share prices of the Company's common stock for any period.
 
For the third fiscal quarter of 2026:
•
The Company has approximately 153 million shares issued and outstanding, including shares of common stock and class B common stock.
   
•
The number of shares included in diluted EPS related to restricted stock units does not vary significantly and is generally less than 5 million incremental shares.
   
•
The Company's Convertible Senior Notes due 2030 are convertible at a conversion price of $30.16 per $1,000 principal amount, equivalent to 33.1609 shares per $1,000 principal amount.  There is $750 million principal amount of the notes outstanding. The number of shares of common stock that Vishay will include in its diluted earnings per share computation, assuming an average market price for Vishay common stock in excess of the conversion price, will be determined in accordance with the following formula:
   
 
S = [$750,000,000 / $1000] * [(P - $30.16) * 33.1609] / P
   
 
where
   
 
S = the number of shares to be included in diluted EPS, and
 
P = the average market price of Vishay common stock for the quarter.
   
 
If the average market price is less than $30.16, no shares will be included in the diluted earnings per share computation.
 
 
Accordingly, the following table summarizes the approximate number of shares to be included in the denominator of the diluted EPS calculation assuming net earnings attributable to Vishay stockholders for various average stock prices (number of shares in millions):
 
Average Stock Price
  
Projected Diluted Shares
$
   
<30.16
        
157
$     35.00         161
$     40.00         164
$     45.00         166
$
    
50.00
        
168
$
    
55.00
        
169
$     60.00         170
$     65.00         171
 
Item 9.01 – Financial Statements and Exhibits
 
(d) Exhibits

Exhibit No.   Description
     
  99.1   Press release dated August 5, 2026.
   104   Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
3
 
 
Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 5, 2026

 
VISHAY INTERTECHNOLOGY, INC.
  
       
 
By:
   /s/ David L. Tomlinson                                        
 
       
 
Name:
  
David L. Tomlinson
 
Title:
  
Senior Vice President – Chief Accounting Officer

0000103730 false 0000103730 2026-08-05 2026-08-05
Exhibit 99.1
 
Vishay Intertechnology Reports Second Quarter 2026 Results
 
Malvern, PA, August 5, 2026 – Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal second quarter ended July 4, 2026.
 
Highlights
“For the second quarter, Vishay delivered 9.5% sequential growth to adjusted revenue of $919 million, exceeding the top end of our revenue guidance and representing continued strengthening demand across all end markets, channels and regions,” said Joel Smejkel, president and CEO. “Executing as a new company, Vishay 3.0 is focused on supplying our increasing customer count and taking full advantage of the upcycle, outpacing industry growth, while laying the foundation to leverage multi-year demand across all end markets for sustained growth, expanded margins and enhanced stockholder returns.”
 
3Q 2026 Outlook
For the third quarter of 2026, management expects revenues in the range of $945 million and $975 million and a gross profit margin in the range of 24.0% +/- 50 basis points.
 
Conference Call
A conference call to discuss Vishay’s second quarter financial results is scheduled for Wednesday, August 5, 2026, at 9:00 a.m. ET. To participate in the live conference call, please pre-register here. Upon registering, you will be emailed a dial-in number, and unique PIN.  
 
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. 
 
There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days.  
 
1
 
About Vishay
Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Serving customers worldwide, Vishay is The DNA of tech®. Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay 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 net revenues; adjusted gross margin; 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 net revenues, adjusted gross margin, 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 and financial trends 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 net revenues, adjusted gross margin, 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 forecasted revenues and margins, capacity expansion, multi-year customer demand, stockholder returns, 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 and expressions such as “will,” “expect,” “going forward” 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; manufacturing or supply chain interruptions or changes in customer demand; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; 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 U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; volatility in prices for metals and materials; 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.
 
The DNA of tech® is a trademark of Vishay Intertechnology.
 
 
Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Executive Vice President, Corporate Development
+1-610-644-1300
2
 
 
VISHAY INTERTECHNOLOGY, INC.               
Summary of Operations              
(Unaudited - In thousands, except per share amounts)              
               
 Fiscal quarters ended
   July 4, 2026    April 4, 2026    June 28, 2025 
               
Net revenues(a)$888,575  $839,242  $762,250 
Costs of products sold(b)  681,193    662,630    613,567 
Gross profit  207,382    176,612    148,683 
Gross margin  23.3%   21.0%   19.5%
               
Selling, general, and administrative expenses(c)  153,856    154,488    126,565 
Operating income  53,526    22,124    22,118 
Operating margin  6.0%   2.6%   2.9%
               
Other income (expense):              
Interest expense  (10,333)    (9,973)    (10,588) 
Other  (794)    701    747 
Total other income (expense) - net  (11,127)    (9,272)    (9,841) 
               
Income before taxes  42,399    12,852    12,277 
               
Income tax expense  14,275    5,688    10,273 
               
Net earnings $28,124   $7,164   $2,004 
               
Basic earnings per share $0.21   $0.05   $0.01 
               
Diluted earnings per share $0.19   $0.05   $0.01 
               
Weighted average shares outstanding - basic  136,824    136,045    135,702 
               
Weighted average shares outstanding - diluted  147,901    137,471    136,167 
               
Cash dividends per share $0.10   $0.10   $0.10 
               
(a) Net revenues for the fiscal quarter ended July 4, 2026 are reduced by ($30,008) for tariff refunds passed through to customers, with no impact on gross profit.
(b) Costs of product sold for the fiscal quarter ended July 4, 2026 are reduced by ($30,008) for tariff refunds received from the U.S. government, with no impact on gross profit.
(c) Selling, general, and administrative expenses for the fiscal quarter ended June 28, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.
 
3
 
 
VISHAY INTERTECHNOLOGY, INC.          
Summary of Operations         
(Unaudited - In thousands, except per share amounts)         
          
 Six fiscal months ended
   July 4, 2026    June 28, 2025 
          
          
Net revenues(d)$1,727,817  $1,477,486 
Costs of products sold(e)  1,343,823    1,193,249 
Gross profit  383,994    284,237 
Gross margin  22.2%   19.2%
          
Selling, general, and administrative expenses(f)  308,344    261,304 
Operating income  75,650    22,933 
Operating margin  4.4%   1.6%
          
Other income (expense):         
Interest expense  (20,306)    (19,378) 
Other  (93)    4,494 
Total other income (expense) - net  (20,399)    (14,884) 
          
Income before taxes  55,251    8,049 
          
Income tax expense  19,963    10,137 
          
Net earnings (loss) $35,288   $(2,088) 
          
Basic earnings (loss) per share attributable to Vishay stockholders $0.26   $(0.02) 
          
Diluted earnings (loss) per share attributable to Vishay stockholders $0.25   $(0.02) 
          
Weighted average shares outstanding - basic  136,428    135,750 
          
Weighted average shares outstanding - diluted  142,680    135,750 
          
Cash dividends per share $0.20   $0.20 
          
(d) Net revenues for the six fiscal months ended July 4, 2026 are reduced by ($30,008) for tariff refunds passed through to customers, with no impact on gross profit.
(e) Costs of product sold for the six fiscal months ended July 4, 2026 are reduced by ($30,008) for tariff refunds received from the U.S. government, with no impact on gross profit.
(f) Selling, general, and administrative expenses for the six fiscal months ended June 28, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.
 
4
 
 
VISHAY INTERTECHNOLOGY, INC.          
Consolidated Condensed Balance Sheets         
(Unaudited - In thousands)         
          
   July 4, 2026    December 31, 2025 
          
Assets         
Current assets:         
Cash and cash equivalents$1,297,309  $514,966 
Short-term investments  5,263    265 
Accounts receivable, net  393,373    381,802 
Inventories:         
Finished goods  184,960    182,444 
Work in process  360,965    331,347 
Raw materials  261,186    245,412 
Total inventories  807,111    759,203 
          
Prepaid expenses and other current assets  221,811    231,004 
Total current assets  2,724,867    1,887,240 
          
Property and equipment, at cost:         
Land  85,711    86,399 
Buildings and improvements  841,294    839,856 
Machinery and equipment  3,505,644    3,477,884 
Construction in progress  558,131    464,475 
Allowance for depreciation  (3,241,135)    (3,195,455) 
   1,749,645    1,673,159 
          
Right of use assets  122,630    119,746 
Deferred income taxes  190,381    183,016 
Goodwill  180,027    180,390 
Other intangible assets, net  71,266    78,487 
Other assets  117,550    112,122 
Total assets $5,156,366   $4,234,160 
 
5
 
 
VISHAY INTERTECHNOLOGY, INC.          
Consolidated Condensed Balance Sheets (continued)         
(Unaudited - In thousands)         
          
   July 4, 2026    December 31, 2025 
          
          
Liabilities and equity         
Current liabilities:         
Trade accounts payable$237,482  $214,984 
Payroll and related expenses  179,479    164,114 
Lease liabilities  28,241    26,546 
Other accrued expenses  310,238    300,031 
Income taxes  18,757    14,751 
Current portion of long-term debt  737,744    - 
Total current liabilities  1,511,941    720,426 
          
Long-term debt less current portion  234,543    950,893 
Deferred income taxes  97,488    96,818 
Long-term lease liabilities  96,583    95,799 
Other liabilities  136,668    109,228 
Accrued pension and other postretirement costs  166,246    172,723 
Total liabilities  2,243,469    2,145,887 
          
Equity:         
Vishay stockholders' equity         
Common stock  14,129    12,351 
Class B convertible common stock  1,210    1,210 
Capital in excess of par value  1,945,629    1,101,086 
Retained earnings  900,268    892,232 
Accumulated other comprehensive income  51,661    81,394 
Total equity  2,912,897    2,088,273 
Total liabilities and equity $5,156,366   $4,234,160 
 
6
 
 
VISHAY INTERTECHNOLOGY, INC.          
Consolidated Condensed Statements of Cash Flows         
(Unaudited - In thousands) 
 Six fiscal months ended
   July 4, 2026    June 28, 2025 
          
Operating activities         
Net earnings (loss)$35,288  $(2,088) 
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:         
Depreciation and amortization  114,328    109,743 
Loss on disposal of property and equipment  24    73 
Inventory write-offs for obsolescence  21,883    17,456 
Deferred income taxes  (6,069)    (6,034) 
Stock compensation expense  20,056    11,736 
Other  79    (3,606) 
Change in U.S. transition tax liability  -    (47,027) 
Change in repatriation tax liability  (2,000)    (9,375) 
Changes in operating assets and liabilities  (14,561)    (63,571) 
Net cash provided by operating activities  169,028    7,307 
          
Investing activities         
Capital expenditures  (205,862)    (126,167) 
Proceeds from sale of property and equipment  221    494 
Purchase of short-term investments  (5,260)    (28,481) 
Maturity of short-term investments  262    39,400 
Other investing activities  (381)    (661) 
Net cash used in investing activities  (211,020)    (115,415) 
          
Financing activities         
Proceeds from follow-on public offering, net of underwriting discounts and issuance costs  830,250    - 
Principal payments on long-term debt  -    (41,911) 
Net proceeds on revolving credit facility  19,000    49,000 
Dividends paid to common stockholders  (24,805)    (24,700) 
Dividends paid to Class B common stockholders  (2,419)    (2,419) 
Repurchase of common stock  -    (12,538) 
Cash withholding taxes paid when shares withheld for vested equity awards  (4,013)    (3,957) 
Other financing activities  10,000    10,078 
Net cash provided by (used in) financing activities  828,013    (26,447) 
Effect of exchange rate changes on cash and cash equivalents  (3,678)    18,129 
          
Net increase (decrease) in cash and cash equivalents  782,343    (116,426) 
          
Cash and cash equivalents at beginning of period  514,966    590,286 
Cash and cash equivalents at end of period $1,297,309   $473,860 
 
7
 
 
VISHAY INTERTECHNOLOGY, INC.                    
Schedule of Adjusted Revenue, Gross Profit, and Gross Margin                   
(Unaudited - In thousands)                   
 Fiscal quarter ended Six fiscal months ended
 July 4, 2026 July 4, 2026
   GAAP    Adjusted(g)    GAAP    Adjusted(g) 
                    
Net revenues$888,575  $918,583  $1,727,817  $1,757,825 
Gross profit  207,382    207,382    383,994    383,994 
Gross margin  23.3%   22.6%   22.2%   21.8%
                    
(g) Adjusted net revenues for the fiscal quarter and six fiscal months ended July 4, 2026 exclude $30,008 for tariff refunds passed through to customers, with no impact on gross profit. The tariff refunds are recognized as a reduction of Net revenues and Costs of products sold in the GAAP results. Adjusted gross margin is calculated using adjusted net revenues.
 
8
 
 
VISHAY INTERTECHNOLOGY, INC.                         
Reconciliation of Adjusted Earnings Per Share                        
(Unaudited - In thousands, except per share amounts)                        
 Fiscal quarters ended Six fiscal months ended
   July 4, 2026    April 4, 2026    June 28, 2025    July 4, 2026    June 28, 2025 
                         
Net earnings (loss)$28,124  $7,164  $2,004  $35,288  $(2,088) 
                         
Reconciling items affecting net revenues:                        
Tariff refunds passed through to customers  30,008    -    -    30,008    - 
                         
Other reconciling items affecting gross profit:                        
Tariff refunds received from U.S. government  (30,008)    -    -    (30,008)    - 
                         
Other reconciling items affecting operating income:                        
Favorable resolution of contingency  -    -    (11,293)    -    (11,293) 
                         
Adjusted net earnings (loss) $28,124   $7,164   $(9,289)   $35,288   $(13,381) 
                         
Adjusted weighted average diluted shares outstanding  147,901    137,471    135,702    142,680    135,750 
                         
Adjusted earnings (loss) per diluted share $0.19   $0.05   $(0.07)   $0.25   $(0.10) 
 
9
 
 
VISHAY INTERTECHNOLOGY, INC.                         
Reconciliation of Free Cash                        
(Unaudited - In thousands)                        
 Fiscal quarters ended Six fiscal months ended
   July 4, 2026    April 4, 2026    June 28, 2025    July 4, 2026    June 28, 2025 
Net cash provided by (used in) operating activities$105,359  $63,669  $(8,791)  $169,028  $7,307 
Proceeds from sale of property and equipment  155    66    215    221    494 
Less: Capital expenditures  (95,201)    (110,661)    (64,598)    (205,862)    (126,167) 
Free cash $10,313   $(46,926)   $(73,174)   $(36,613)   $(118,366) 
 
10
 
 
VISHAY INTERTECHNOLOGY, INC.                         
Reconciliation of EBITDA and Adjusted EBITDA                        
(Unaudited - In thousands)                        
 Fiscal quarters ended Six fiscal months ended
   July 4, 2026    April 4, 2026    June 28, 2025    July 4, 2026    June 28, 2025 
                     
Net earnings (loss)$28,124   $7,164   $2,004  $35,288  $(2,088) 
                         
Interest expense  10,333    9,973    10,588    20,306    19,378 
Interest income  (4,088)    (3,038)    (4,023)    (7,126)    (7,900) 
Income taxes  14,275    5,688    10,273    19,963    10,137 
Depreciation and amortization  56,117    58,211    55,970    114,328    109,743 
EBITDA $104,761   $77,998   $74,812   $182,759   $129,270 
                         
Reconciling items                        
Tariff refunds passed through to customers  30,008    -    -    30,008    - 
Tariff refunds received from U.S. government  (30,008)    -    -    (30,008)    - 
Favorable resolution of contingency  -    -    (11,293)    -    (11,293) 
                         
Adjusted EBITDA $104,761   $77,998   $63,519   $182,759   $117,977 
                         
Adjusted EBITDA margin(h)  11.4%   9.3%   8.3%   10.4%   8.0%
                         
(h) Adjusted EBITDA as a percentage of adjusted net revenues