Cohu, Inc. · NASDAQ:COHU
Cohu — Q4 2023 Earnings Presentation
15 slides from Cohu's earnings presentation, Feb 15, 2024
Slide 1: Q4'23 Financial Results
Q4’23 FINANCIAL RESULTS February 15, 2024 © Cohu, Inc. All rights reserved. Page 1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements Forward-Looking Statements: Certain statements contained in this presentation may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the int
Slide 3: Business Update
ia gt! Al fsialiatlevinsceeay: 4: ‘ | ll I be RENHEB all rede ha tends cuales | BUSINESS UPDATE oie eet | | See
Slide 4: Summary
SUMMARY Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) 48.8% 48.5% $191.1M 47.1% 22.2% $150.8M 16.5% $137.2M 13.0% Q4'22 Q3'23 Q4'23 Q4'22 Q3'23 Q4'23 Q4'22 Q3'23 Q4'23 • High ARR(2) Service business • GM better than guidance; • Test cell utilization down 200 • Introduced AI inspection ✓ Differenti
Slide 5: Diverse Revenue Profile
DIVERSE REVENUE PROFILE Cohu FY23 revenue (systems & recurring) by market segment ❑ ~ 53% Auto & Industrial Automotive 18% ❑ ~ 14% Mobile Automotive Recurring Q4’23 15% ❑ ~ 14% Consumer FY23 Recurring 54% Revenue ❑ ~ 12% Computing 49% Revenue Industrial 9% $137.2M Industrial 9% Acquired EQT adds to
Slide 6: Resilient Recurring Business Model
RESILIENT RECURRING BUSINESS MODEL $310M $141M > 24,700 310+ LTM(1) Recurring LTM(1) Service Systems Installed Highly Skilled Field Revenue Revenue Base Service Engineers 5.0% > 92% 108 ~ 12 year 3-year CAGR (2) Annual Renewal Rate Customers Average Tenure on service contracts Consumable products Cl
Slide 7: Q4'23 Financials and Q1'24 Guidance
Q4’23 FINANCIALS AND Q1’24 GUIDANCE Page 7
Slide 8: Q4'23 Non-GAAP Results
Q4’23 NON-GAAP RESULTS Q3’23 Q4’23 Q4’23 Actual Guidance(2) Actual Revenue $150.8M $136M +/- $6M $137.2 Gross Margin (1) 47.1% ~ 46% 48.5% Operating Expenses (1) $49.0M ~ $50M $49.8M Non-GAAP EPS (1) $0.35 $0.23 Adjusted EBITDA (1) 16.5% ~ 12% 13.0% Q4 revenue in-line with guidance; profitability be
Slide 9: Mid-Term Target Model
(3) MID-TERM TARGET MODEL Q4’23 FY2023 Target Actuals Actuals Model (3) $1 billion Revenue $137.2 $636.3M $1 billion Revenue Gross Margin (1) 48.5% 47.9% 49% Operating Expenses (1) 36.3% 31.7% 24% Non-GAAP EPS (1) $0.23 $1.62 $4.00 $4.00 Adjusted EBITDA (1) 13.0% 17.9% 26% (1) EPS Free Cash Flow (2)
Slide 10: Balance Sheet
BALANCE SHEET ($ Million) Q3’23 Q4’23 Cash and Investments(1) $388 $336 Accounts Receivable $130 $125 Total Debt $42 $41 Capital Additions $4.0 $3.9 Cash Flow From Operations $29.1 $2.7 Strong balance sheet to support debt reduction, M&A investments and share purchase program Utilized $12.8M of cash
Slide 11: Q1'24 Outlook
Q1’24 OUTLOOK Q4’23 Q1’24 Actual Guidance Revenue $137.2 $107M +/- $6M Gross Margin (1) 48.5% ~ 45% Operating Expenses (1) $49.8M ~ $51M Adjusted EBITDA (1) 13.0% ~ 2% Q1 revenue lower on weakening automotive and industrial test demand, and continued soft mobile market Resilient gross margin from di
Slide 12: Appendix: Use of Non-GAAP Financial Information
APPENDIX Use of Non-GAAP Financial Information: This presentation includes non-GAAP financial measures, including non-GAAP Gross Margin/Profit, Income and Income (adjusted earnings) per share, Operating Income, Operating Expense, effective tax rate, free cash flow, net cash per share and Adjusted EB
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Page 13
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Page 14
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Page 15