Cohu, Inc. · NASDAQ:COHU
Cohu — Investor Presentation (December 2019)
17 slides from Cohu's investor presentation, Dec 16, 2019
Slide 1: Cohu Investor Presentation
December 2019 Cohu Investor Presentation
Slide 2: Cautionary Statement Regarding Forward Looking Statements
| Cautionary Statement Regarding Forward Looking Statements ‘Use of Non-GAAP Financial Information Included in this presentation ae non GAAP franc mesures, including non-GAAP Grots Margin, Income and income (usted eings) psa, Adjusted EBITOA, and Operating Expence tat supplement the {Companys Conden
Slide 3: Global Technology and Market Leader in Semiconductor and PCB Test and Inspection Markets
| Global Technology and Market Leader «in Semiconductor and PCB Test and Inspection Markets We create leading-edge solutions for back-end semiconductor equipment and se and printed circuit board test Twelvementsenang Sestembe 2,238 Spare atl esate O55 “059 hit mint of Ouse tance em te Naver 69 comge
Slide 4: Value-Add Test & Inspection to Semiconductor Manufacturing
| Value-Add Test & Inspection to Semiconductor Manufacturing 4-Cohu = Cohy Each chip formedon the waferis. Completed packagesare then then tested forit' electrical rigorously tested and inspected properties and basic functionality, {orteliabilty and performance through final test eqipment simulating
Slide 5: ~$5 Billion Market Provides Opportunity for Expansion
| ~$5 Billion* Market Provides Opportunity for Expansion Test Handlers Inspection Test Interface m4 Test Bare Board ' A Test a Re , wi $0.5B $0.7B $2.7B? $0.2B Thermal and Vision Inspection High fidelity measurement instruments lee speed, precision technologies enabling higher yield Compact, low pow
Slide 6: Update and Market Conditions
Update and Market Conditions SalesGrowth 600 ders accelerating in late Q. 3400 * Broader product portfolio nents stal dat * Deliveringtest cell solutions ¢ fornext generation RF test * Completing integration of Xcerra with ~s40 million annual run-rate cost synergies Cohu December 2019 Page 6
Slide 7: Driving Growth in Select End-Markets
Dri ing Growth in Select End-Markets Auto ADAS & Electrification Sensing & Power FD os Processng storage 49% Semiconductor Content Growth: in Autos by 2022 92% RF Content Growth? in 5G-enabled Smartphones 142% Growth in Global Data? (Created, Transmitted, Stored) by 2022 Cohu End-Markets oT / IOV &
Slide 8: 5G & Autonomous Applications Fueling Semi Demand
| 5G & Autonomous Applications Fueling Semi Demand Emerging need for energy efficient autonomous vehi i trial sou eT 00 KB “1000 KB aii ras ras NOTONOMOUS VEHICLES aie ag V4.000 CB > FTOMB = = PERDAY...EACH DAY — er! ern 2.Cohu
Slide 9: Cohu Delivers Higher Yield Faster
| Cohu Delivers Higher Yield Faster One-stop-shop with leading Time to Yield edge solutions reduces integration risk and accelerates << Bi “time to yield” Incremental Growth Opportunities ~$160M/year higher contactor attachment rates ~$200M/year target system growth Semi Test Test Interface Test Han
Slide 10: Financial Profile
ee Financial Profile October 2019 SF ——
Slide 11: Recurring Provides a Strong Foundation
| Recurring Provides a Strong Foundation I cur venue is higher margin and less susceptible to seasonal and cyclical trends Revenue Distribution TTM Allocation) Test & Inspection Systems Handlers, weve monseningSstember 3B 238 uae 29 4Cohu
Slide 12: Business Model Delivers Strong Leverage
| Business Model Delivers Strong Leverage I Business Model for FY20 Quarterly Sales $150M $170M $190M $210M $235M | Gross Margin® 43% 44% 45% 46% 48% Operating Expenses $52M $54M $57M $59M ~$64M | Adjusted EBITDA®) 12% 15% 17% 20% 22% | Non-GAAP EPS® $0.16 $0.30 $0.45 $0.60 $0.75 Delivering ~s40M of
Slide 13: Q4'19 Outlook
| Q4'19 Outlook T Q4'19 Guidance Sales $134 - $144M “Gross Margin) 41% -43% Operating Expenses) ~$50M 8% 5 (a) Adjusted EBITDA\ (mid-point of guidance) Operating Expenses with fcst. Q4’19 realized synergies of ~$9M ($36M / year) Fully diluted shares outstanding estimated at 41.7M (a) See Append: for
Slide 14: Balance Sheet
| Balance Sheet [$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) $8.2 Seca 4Cohu
Slide 15: Appendix
Appendix SF ——
Slide 16: GAAP to Non-GAAP Reconciliation
| GAAP to Non-GAAP Reconciliation Months Ending Months Ending Jun29, oiled | Sep28, luted 2019695 2019's. {income From Continuing Operations - GAAP 319,383) 3 (047) | “SU0Aw) S$ 025 ‘Share Based Compensation 3.662 008 3506 008 Amortization of Purchased Intangible Assets 9987 028 9969 028 ‘Manufactur
Slide 17: GAAP to Non-GAAP Reconciliation
| GAAP to Non-GAAP Reconciliation ‘aMonstadie | aMonefnane 23, ste | Sep2e, Mot Net nets timer | Tees Gross Pote-cae fae aoe | son ate esractring Css rlatatometoy NODS 29 osx | ue ose Grr Prott- Nene Less as | aes ae Moston | aManttaane = = in, eatnee | Sp28, sot Net Sofas ois Slee | 2019 Saee Opera