Cohu, Inc. · NASDAQ:COHU
Cohu — Q1 2020 Earnings Presentation
14 slides from Cohu's earnings presentation, May 5, 2020
Slide 1: Q1'20 Financial Results
May 5, 2020 Q1’20 Financial Results May 5, 2020 Page 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements Forward Looking Statements: This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding supply chain shipment limitations into the secon
Slide 3: Business Update
Business Update May 5, 2020 Page 3
Slide 4: COVID-19 Update
COVID-19 Update ❑ We are committed to the health and well-being of our partners – employees, customers and vendors ❑ Cohu remains open worldwide with reduced staffing on-site and complying with local govt. restrictions. Experiencing some disruption in the supply chain and operating constraints at Co
Slide 5: Q1'20 Summary
Q1’20 Summary Quarter Revenue Non-GAAP Gross Margin Revenue Growth $700 Millions $600 $500 $400 $300 $147.8M $142.0M 41.5% 41.7% $138.9M 39.9% $200 $100 $0 Q1'19 Q4'19 Q1'20 Q1'19 Q4'19 Q1'20 2015 2016 2017 2018 2019 • Second consecutive quarter of • Higher near-term costs from • Mobility leading th
Slide 6: Q1'20 End-Markets (system only orders)
Q1’20 End-Markets (system only orders) 14% 33% 2% 14% 11% 12% 14% Automotive Mobility IoT / IoV & Computing & Industrial & Consumer PCB Optoelectronics Network Medical Manufacturing - Active Safety - App. processors - All sensor - 100G / 400G data - Energy management - Digital TVs - Multilayer PCBs
Slide 7: Q1'20 Financials and Q2'20 Guidance
Q1’20 Financials and Q2’20 Guidance May 5, 2020 Page 7
Slide 8: Q1'20 Non-GAAP Results
Q1’20 Non-GAAP Results Q4’19 Q1’20 Q1’20 Actual Guidance(2) Actual Sales $142.0M $140 - $152M $138.9M Gross Margin(1) 39.9% 42% - 43% 41.7% Operating Expenses(1) $50.7M ~$53M $52.1M Non-GAAP EPS(1) ($0.01) $0.00 Adjusted EBITDA(1) 6% ~9% 6% ❑ Customer demand for equipment remained strong throughout
Slide 9: 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 $0.75 ❑ Tem
Slide 10: Balance Sheet
Balance Sheet [$Million] Q4’19 Q1’20 Cash and Investments $156 $172 Accounts Receivable $128 $113 Total Debt $360 $360 Capital Additions $4.7 $1.6 Cash Flow From Operations $13.8 $17.6 ❑ Cash balance $172.4M at end of March; suspending cash dividend preserves ~ $10M annually to provide additional fi
Slide 11: Q2'20 Outlook
Q2’20 Outlook Q1’20 Q2’20 Actual Guidance Sales $138.9M $130 - $155M Gross Margin(1) 41.7% 39% - 42% Operating Expenses(1) $52.1M ~ $49M Adjusted EBITDA(1) 6% ~ 8% (mid-point of guidance) ❑ Sales guidance range considers supply chain uncertainty caused by COVID-19 and operating constraints at Cohu f
Slide 12: Appendix
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 and adjusted EBITDA that supplement the Company’s Condensed Consolidate
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending Dec 28, Diluted Mar 28, Diluted Earnings Reconciliation 2019 EPS 2020 EPS Loss From Continuing Operations - GAAP $ (16,281) $ (0.39) $ (17,318) $ (0.42) Share Based Compensation 3,287 0.08 3,611 0.09 Amortization of Purchased Intangible
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending Dec 28, % of Net Mar 28, % of Net Gross Profit Reconciliation 2019 Sales 2020 Sales Net Sales $142,011 $138,921 Gross Profit - GAAP 54,075 38.1% 56,084 40.4% Share Based Compensation 191 0.1% 212 0.2% Manufacturing Transition and Severa