Cohu, Inc. · NASDAQ:COHU
Cohu — Q1 2024 Earnings Presentation
16 slides from Cohu's earnings presentation, May 2, 2024
Slide 1: Q1'24 Financial Results
Q1’24 FINANCIAL RESULTS May 2, 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 sou
Slide 3: Business Update
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Slide 4: Summary
SUMMARY Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) $179.4M 48.5% 21.1% 48.2% $137.2M 46.0% $107.6M 13.0% 2.6% Q1'23 Q4'23 Q1'24 Q1'23 Q4'23 Q1'24 Q1'23 Q4'23 Q1'24 • High ARR(2) Service business • GM better than guidance: • Test cell utilization up 100 bps • -sense microphone tester ✓ Differen
Slide 5: Diverse Revenue Profile
DIVERSE REVENUE PROFILE Recurring Systems Key Business Drivers Key Business Drivers • More stable Recurring • Weaker system recurring revenue 66% demand across all Q1’22 • EQT acquisition markets adds to test Revenue Mobile 11% • Focus on customer interface business $107.6M design-wins and • Service
Slide 6: Resilient Recurring Business Model
RESILIENT RECURRING BUSINESS MODEL $304M $138M ~ 24,700 ~ 500 LTM(1) Recurring LTM(1) Service Systems Installed Highly Skilled Revenue Revenue Base Field Engineers 2.7% ~ 93% 108 ~ 11 year 3-year CAGR (2) Annual Renewal Rate Customers Average Tenure on service contracts Consumable products Cloud-bas
Slide 7: 2023 Sustainability Highlights
2023 SUSTAINABILITY HIGHLIGHTS Environmental Product Safety & Energy-Efficient Business Ethics & Employee Diversity(1), Materials Sourcing Solutions Employee Culture Inclusion and Safety • Renewable source energy • No product recalls • Diamondx air-cooled • Increased employee training Gender usage i
Slide 8: Q1'24 Financials and Q2'24 Guidance
Q1’24 FINANCIALS AND Q2’24 GUIDANCE Page 8
Slide 9: Q1'24 Non-GAAP Results
Q1’24 NON-GAAP RESULTS Q4’23 Q1’24 Q1’24 Actual Guidance(2) Actual Revenue $137.2M $107M +/- $6M $107.6M Gross Margin(1) 48.5% ~ 45% 46.0% Operating Expenses(1) $49.8M ~ $51M $50.2M Non-GAAP EPS(1) $0.23 $0.01 Adjusted EBITDA(1) 13.0% ~ 2% 2.6% • Q1 revenue in-line with guidance; profitability bette
Slide 10: Mid-Term Target Model
(3) MID-TERM TARGET MODEL Q1’24 FY2023 Target Actuals Actuals Model(3) $1 billion Revenue $107.6M $636.3M $1 billion Revenue Gross Margin(1) 46.0% 47.9% 50% Operating Expenses(1) 46.7% 31.7% 25% Non-GAAP EPS(1) $0.01 $1.62 $4.00 $4.00 Adjusted EBITDA(1) 2.6% 17.9% 26% (1) EPS Free Cash Flow(2) ($17.
Slide 11: Balance Sheet
BALANCE SHEET Q4’23 Q1’24 Cash and Investments(1) $336M $271M Accounts Receivable $125M $116M Total Debt $41M $11M Capital Additions $3.9M $3.3M Cash Flow From Operations $2.7M ($14.0M) • Cash position supports inorganic growth and share purchase program • CapEx target of ~ $20M / year • $10.7M of c
Slide 12: Q2'24 Outlook
Q2’24 OUTLOOK Q1’24 Q2’24 Actual Guidance Revenue(1) $107.6M $105M +/- $6M Gross Margin(1) 46.0% ~ 45% Operating Expenses(1) $50.2M ~ $49M Adjusted EBITDA(1) 2.6% ~ 2% • Q2 revenue reflects continued soft mobile, automotive and industrial test demand • Resilient gross margin from differentiated prod
Slide 13: 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 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
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Page 16