Cohu, Inc. · NASDAQ:COHU
Cohu — Q2 2022 Earnings Presentation
16 slides from Cohu's earnings presentation, Jul 28, 2022
Slide 1: Q2'22 Financial Results
July 28, 2022 Q2’22 Financial Results July 28, 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 tester
Slide 3: Business Update
Business Update July 28, 2022 Page 3
Slide 4: Summary
Summary Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) $244.8M 24.9% 46.1% 46.5% 22.7% $217.2M 22.6% $197.8M 42.7% Q2'21 Q1'22 Q2'22 Q2'21 Q1'22 Q2'22 Q2'21 Q1'22 Q2'22 • Q2’22 revenue up 9.8% • Q2’22 gross margin up 40 bps • Est. test cell utilization 84% quarter-over-quarter quarter-over-quarter
Slide 5: Diverse Revenue Profile
Diverse Revenue Profile Recurring Systems Key Business Drivers Key Business Drivers Automotive • Semiconductor 17% • Strong auto and product designs industrial Q2’22 • Growing systems Recurring 39% Revenue Mobility 16% • Stable mobility on installed base $217.2M lower phone units Non-GAAP Industrial
Slide 6: Solving Customers' Most Complex Challenges
Solving Customers’ Most Complex Challenges High performance Diverse customers Increasing Innovative solutions Scalable model that product portfolio at and applications semiconductor delivering higher optimizes profitability lower cost-of- expanding complexity and yield & productivity and Plan (4) th
Slide 7: Q2'22 Financials and Q3'22 Guidance
Q2’22 Financials and Q3’22 Guidance July 28, 2022 Page 7
Slide 8: Q2'22 Non-GAAP Results
Q2’22 Non-GAAP Results Q1’22 Q2’22 Q2’22 Actual Guidance(2) Actual Revenue $197.8M $205 - $221M $217.2M Gross Margin(1) 46.1% ~ 46% 46.5% Operating Expenses(1) $50.9M $54-$55M $51.9M Non-GAAP EPS(1) $0.66 $0.81 Adjusted EBITDA(1) 22.7% ~22% 24.9% ❑ Q2 revenue higher than mid-point of guidance; profi
Slide 9: Revenue Distribution
Revenue Distribution Test Q2’22 TTM Actual Results Interface Recurring Semi Test Systems Automation Test Recurring Semi Test Interface Inspection & Metrology Systems 3-Year Target Model Automation 3-Year Target Model revenue distribution ❑ Greater stability - increasing sales of consumable Test Inte
Slide 10: Target Revenue of $1B and $4.00 Non-GAAP EPS
Target Revenue of $1B and $4.00 Non-GAAP EPS FY2021 Q2’22 3-Year Actuals Actuals Target Revenue $887.2M $217.2M $1B Gross Margin(1) 43.6% 46.5% 49% Operating Expenses(1) 23.1% 23.9% 24% Non-GAAP EPS(1) $3.20 $0.81 $4.00 Adjusted EBITDA(1) 22.2% 24.9% 26% Free Cash Flow(2) $85.7M $40.8M $180M ❑ Margi
Slide 11: Balance Sheet
Balance Sheet [$Million] Q1’22 Q2’22 Cash and Investments $359 $368 Accounts Receivable $211 $213 Total Debt $110 $93 Capital Additions $2.7 $3.1 Cash Flow From Operations $2.0 $43.8 ❑ Strong balance sheet to support debt reduction, M&A investments and share repurchase program ❑ Utilized $14M of cas
Slide 12: Q3'22 Outlook
Q3’22 Outlook Q2’22 Q3’22 Actual Guidance Revenue $217.2M $198 - $212M Gross Margin(1) 46.5% ~ 46.5% Operating Expenses(1) $51.9M ~$54M Adjusted EBITDA(1) 24.9% ~ 22% (mid-point of guidance) ❑ Q3 revenue led by strong automotive and industrial test demand ❑ Increased contactor manufacturing insourci
Slide 13: 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, effective tax rate, free cash flow and Adjusted EBITDA that supplement
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending 12 Months Ending 6 Months Ending Jun 26, % of Net Mar 26, % of Net Jun 25, % of Net Dec 25, % of Net Jun 25, % of Net Gross Profit Reconciliation 2021 Sales 2022 Sales 2022 Sales 2021 Sales 2022 Sales Net Sales $ 244,803
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 12 Months Ending 6 Months Ending Mar 26, % of Net Jun 25, % of Net Dec 25, % of Net Jun 25, % of Net Operating Expense Reconciliation 2022 Sales 2022 Sales 2021 Sales 2022 Sales Operating Expense - GAAP $ 63,463 32.1% $ 64,039 29.5% $ 2
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending 12 Months Ending 6 Months Ending Jun 26, % of Net Mar 26, % of Net Jun 25, % of Net Dec 25, % of Net Jun 25, % of Net Adjusted EBITDA Reconciliation 2021 Sales 2022 Sales 2022 Sales 2021 Sales 2022 Sales Net income - GAA