Cohu, Inc. · NASDAQ:COHU
Cohu — Q4 2021 Earnings Presentation
16 slides from Cohu's earnings presentation, Feb 10, 2022
Slide 1: Q4'21 Financial Results
February 10, 2022 Q4’21 Financial Results February 10, 2022 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 design
Slide 3: Business Update
Business Update February 10, 2022 Page 3
Slide 4: Summary
Summary Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) $225.1M 45.0% 44.1% 21.0% 21.8% $202.4M 42.3% 20.0% $191.9M Q4'20 Q3'21 Q4'21 Q4'20 Q3'21 Q4'21 Q4'20 Q3'21 Q4'21 • FY21 revenue $887M up 39% • Q4 Gross margin up 180 bps: • Est. test cell utilization 87% YoY, and 5-year CAGR 26% ✓ Implemented
Slide 5: Diverse Revenue Profile
Diverse Revenue Profile Recurring Systems Key Business Drivers Key Business Drivers • Semiconductor Automotive 17% • Automotive xEV product designs Recurring Q4’21 and ADAS 44% • Growing systems Revenue Mobility • Mobility and installed base $191.9M 12% Industrial Industrial Non-GAAP Non-GAAP 10% Gr
Slide 6: Global Technology and Market Leader
Global Technology and Market Leader Semiconductor Test, Inspection & Metrology Test Handlers Inspection & Metrology Test Interface Semi Testers #1 #2 #1 #3 Thermal and Vision Inspection High fidelity measurement instruments technologies enabling higher yield Compact, low power systems → Scalability
Slide 7: Cohu Market and Application Segments
Cohu Market and Application Segments Automotive IoT / IoV & Optoelectronics Mobility • All sensor • RF 5G to mmWave • Autonomous driving • App. processors technologies • Electrification • General connectivity • Low energy • Active safety connectivity • FPD Drivers • Connectivity • LED • Power Mgmt.
Slide 8: Q4'21 Financials and Q1'22 Guidance
Q4’21 Financials and Q1’22 Guidance February 10, 2022 Page 8
Slide 9: Q4'21 Non-GAAP Results
Q4’21 Non-GAAP Results Q3’21 Q4’21 Q4’21 Actual Guidance(2) Actual Revenue $225.1M $182 - $195M $191.9M Gross Margin(1) 42.3% ~ 44% 44.1% Operating Expenses(1) $49.5M ~ $51M $50.7M Non-GAAP EPS(1) $0.70 $0.72 Adjusted EBITDA(1) 21.8% ~19% 20.0% ❑ Q4 revenue higher than mid-point of guidance; profita
Slide 10: Revenue Distribution
Revenue Distribution Test FY21 Actual Results Interface Recurring Semi Test Systems Automation Test Recurring Semi Test Interface Inspection & Metrology Systems Mid-Term Target Model(1) Automation Mid-Term Target Model revenue distribution ❑ Greater stability - increasing sales of consumable Test In
Slide 11: Mid-Term Target Revenue of $1B and $4.00 Non-GAAP EPS
Mid-Term Target Revenue of $1B and $4.00 Non-GAAP EPS FY2021 Mid-Term(2) Actuals Target Revenue $887M $1B Gross Margin(1) 44% 49% Operating Expenses(1) 23% 24% Non-GAAP EPS(1) $3.20 $4.00 Adjusted EBITDA(1) 22% 25% Free Cash Flow(3) $86M $180M ❑ FY2021 record revenue growth and profitability drives
Slide 12: Balance Sheet
Balance Sheet [$Million] Q3’21 Q4’21 Cash and Investments $365 $380 Accounts Receivable $201 $193 Total Debt $120 $119 Capital Additions $3.4 $3.1 Cash Flow From Operations $34.3 $27.8 ❑ Strong balance sheet to support debt reduction, M&A investments and share repurchase program ❑ Q4 net cash(1) pos
Slide 13: Q1'22 Outlook
Q1’22 Outlook Q4’21 Q1’22 Actual Guidance Revenue $191.9M $188 - $202M Gross Margin(1) 44.1% ~ 44.5% Operating Expenses(1) $50.7M ~ $53M Adjusted EBITDA(1) 20.0% ~ 19% (mid-point of guidance) ❑ Q1 revenue guidance reflects seasonality and accounts for some supply-chain shortages ❑ Gross margin expan
Slide 14: 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 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending 12 Months Ending Dec 26, Diluted Sep 25, Diluted Dec 25, Diluted Dec 25, Diluted Earnings Reconciliation 2020 EPS 2021 EPS 2021 EPS 2021 EPS Income (Loss) From Continuing Operations - GAAP $ 14,861 $ 0.34 $ 23,733 $ 0.48
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending 12 Months Ending Dec 26, % of Net Sep 25, % of Net Dec 25, % of Net Dec 25, % of Net Gross Profit Reconciliation 2020 Sales 2021 Sales 2021 Sales 2021 Sales Net Sales $ 202,355 $ 225,063 $ 191,860 $ 887,214 Gross Profit