Cohu, Inc. · NASDAQ:COHU
Cohu — Q1 2019 Earnings Presentation
12 slides from Cohu's earnings presentation, May 6, 2019
Slide 1: Q1'19 Financial Results
Q1’19 Financial Results A Leading Supplier of Back-end Semiconductor and PCB Test Equipment May 6, 2019 May 6, 2019 Page 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements Use of Non-GAAP Financial Information: Included within this press release and accompanying materials are non-GAAP financial measures, including non-GAAP Gross Margin, Income and Income (adjusted earnings) per share, Adjusted EBITDA, and Opera
Slide 3: Accelerating Synergies to Enhance Business Model
Accelerating Synergies to Enhance Business Model Quarter Revenue ($M) Annual Run-Rate Synergies ($M) Plan 2019 Revenue 150 – 160 40.0 PCB Test 147.8 Test Contactors Semiconductor Test & Inspection Semiconductor Handlers Test 12.0 95.2 9.1 Q1'18 Q1'19 fcst. Q2'19 Q4'18 Q1'19 Estimate by Realized Real
Slide 4: Gaining Confidence of a Stronger Second Half 2019
Gaining Confidence of a Stronger Second Half 2019 Business conditions remain challenging near-term but visibility is improving for 2H’19 • Projected capacity additions in the Mobility market starting late Q2 and into Q3 • Communications infrastructure ramping in 2H’19 • Strong recurring business in
Slide 5: Q1'19 Results and Q2'19 Guidance
Q1’19 Results and Q2’19 Guidance May 6, 2019 May 6, 2019 Page 5
Slide 6: Q1'19 Non-GAAP Results
Q1’19 Non-GAAP Results Q4’18 Q1’19 Q1’19 Actual Guidance(2) Actual Sales $170.6M $145M $147.8M Gross Margin(1) 44.5% ~40% 41.5% Operating Expenses(1) $56.6M ~$54M $55.4M Non-GAAP EPS(1) $0.24 ($0.03) Adjusted EBITDA(1) 13.7% 6% 6.6% Q1’19 actual results • Gross Margin higher than guidance primarily
Slide 7: Business Model Delivers Strong Leverage
Business Model Delivers Strong Leverage Mid-Term Business Model for FY’20 Target Quarterly Sales $150M $170M $190M $210M $235M Gross Margin(1) 43% 44% 45% 46% 48% Operating Expenses(1) $52M $54M $57M $59M ~$64M Adjusted EBITDA(1) 12% 15% 17% 20% 22% Model includes ~$40M of annual run-rate cost syner
Slide 8: Balance Sheet
Balance Sheet [$Million] Q4’18 Q1’19 Cash and Investments $165 $160 Accounts Receivable $149 $131 Total Debt $359 $357 Capital Additions $2.5 $3.5 Cash Flow From Operations $5.2 $4.7 Capital allocation strategy – cash above $125M expect to pay down debt(1) (1) Pay down of debt dependent on current b
Slide 9: Q2'19 Outlook
Q2’19 Outlook Q1’19 Q2’19 Actual Guidance Sales $147.8M $150 - $160M Gross Margin(1) 41.5% ~40% Operating Expenses(1) $55.4M ~$54M Adjusted EBITDA(1) 6.6% ~7% Q2’19 guidance includes projected synergies of ~$4.2M ($17M / year) Lower Gross Margin due to handler product mix sale in mobility market Ful
Slide 10: Thank You
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Slide 11: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending Dec 29, Diluted Mar 30, Diluted Earnings Reconciliation 2018 EPS 2019 EPS Income From Continuing Operations - GAAP ($57,116) ($1.40) ($22,851) ($0.56) Share Based Compensation 4,556 0.11 3,693 0.09 Amortization of Purchased Intangible A
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending Dec 29, % of Net Mar 30, % of Net Gross Profit Reconciliation 2018 Sales 2019 Sales Net Sales $ 170,637 $ 147,809 Gross Profit - GAAP 41,919 24.6% 54,415 36.8% Share Based Compensation 138 0.1% 125 0.1% Manufacturing Transition and Seve