Cohu, Inc. · NASDAQ:COHU
Cohu — Q3 2019 Earnings Presentation
13 slides from Cohu's earnings presentation, Nov 4, 2019
Slide 1: Q3'19 Results
November 4, 2019 Q3’19 Results November 2019 Page 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements Use of Non-GAAP Financial Information: Included in this presentation are non-GAAP financial measures, including non-GAAP Gross Margin, Income and Income (adjusted earnings) per share, Adjusted EBITDA, and Operating Expense that supplement the
Slide 3: Business Update
Business Update November 2019 Page 3
Slide 4: Q3'19 Summary
Q3’19 Summary Quarter Revenue Annual Run-Rate Synergies Sales Growth $600 Millions $400 ~$40M $143.5M $29M $150.0M $200 $17M $86.2M $0 Q3'18 Q2'19 Q3'19 Q2'19 Q3'19 Estimate by 2016 2017 2018 e. 2019 Realized Realized End of FY19 • Key RF tester design-win at • Delivered $29M/year synergy • Growing
Slide 5: Q3'19 End-Markets (system only orders)
Q3’19 End-Markets (system only orders) 12% 28% 2% 22% 5% 18% 13% Automotive Mobility IoT / IoV & Data Center, Industrial & Consumer PCB Optoelectronics Cloud & AI Medical Manufacturing - Active Safety - App. processors - All sensor - 100G / 400G data - Energy management - Digital TVs - Multilayer PC
Slide 6: Q3'19 Financials and Q4'19 Guidance
Q3’19 Financials and Q4’19 Guidance November 2019 Page 6
Slide 7: Q3'19 Non-GAAP Results
Q3’19 Non-GAAP Results Q2’19 Q3’19 Q3’19 Actual Guidance(2) Actual Sales $150.0M ~$143M $143.5M Gross Margin(1) 41.3% ~41% 42.3% Operating Expenses(1) $53.1M ~$51M $49.5M Non-GAAP EPS(1) $0.02 $0.12 Adjusted EBITDA(1) 7.9% ~8% 11.2% Gross Margin benefited from higher recurring revenue and favorable
Slide 8: Business Model Delivers Strong Leverage
Business Model Delivers Strong Leverage Mid-Term Business Model for FY20 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% Non-GAAP EPS(1) $0.16 $0.30 $0.45 $0.60 $0.75 Deliv
Slide 9: Balance Sheet
Balance Sheet [$Million] Q2’19 Q3’19 Cash and Investments $144 $146 Accounts Receivable $134 $126 Total Debt $356 $359 Capital Additions $4.0 $5.0 Cash Flow From Operations $(9.5) $8.2 November 2019 Page 9
Slide 10: Q4'19 Outlook
Q4’19 Outlook Q3’19 Q4’19 Actual Guidance Sales $143.5M $134 - $144M Gross Margin(1) 42.3% 41% -43% Operating Expenses(1) $49.5M ~ $50M Adjusted EBITDA(1) 11.2% 8% (mid-point of guidance) Operating Expenses with fcst. Q4’19 realized synergies of ~$9M ($36M / year) Fully diluted shares outstanding es
Slide 11: Appendix
Appendix November 2019 Page 11
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending Jun 29, Diluted Sep 28, Diluted Earnings Reconciliation 2019 EPS 2019 EPS Income From Continuing Operations - GAAP $ (19,383) $ (0.47) $ (10,480) $ (0.25) Share Based Compensation 3,662 0.09 3,506 0.08 Amortization of Purchased Intangib
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending Jun 29, % of Net Sep 28, % of Net Gross Profit Reconciliation 2019 Sales 2019 Sales Net Sales $ 150,011 $ 143,498 Gross Profit - GAAP 62,406 41.6% 58,933 41.1% Share Based Compensation 208 0.1% 212 0.1% Manufacturing Transition and Seve