Cohu, Inc. · NASDAQ:COHU

Cohu — Q1 2019 Earnings Presentation

12 slides from Cohu's earnings presentation, May 6, 2019

  1. 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

  2. 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

  3. 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

  4. 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

  5. Slide 5: Q1'19 Results and Q2'19 Guidance

    Q1’19 Results and Q2’19 Guidance May 6, 2019 May 6, 2019 Page 5

  6. 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

  7. 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

  8. 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

  9. 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

  10. Slide 10: Thank You

    ASANTE EFHARISTO CHOUKRANE Teşekkürler SHUKRAN SUKRIA FALEMINDERIT PALDIES TAKK TODA OBRIGADO KIITOS SPASIBO Go raibh maith agaibh XIE XIE DEKUJI DANKE GRATIAS TIBI DO JEH DANKE JE MERCI MAHALO DEKUJI HVALA KAMSA HAMNIDA TERIMA KASIH FALEMINDERIT NGIYABONGA TRUGERE GRAZIE DANK U Khob-kun Köszönöm

  11. 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

  12. 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

Cohu — Q1 2019 Earnings Presentation on 6ix