Cohu, Inc. · NASDAQ:COHU
Cohu — Q2 2019 Earnings Presentation
13 slides from Cohu's earnings presentation, Aug 5, 2019
Slide 1: Q2'19 Results
August 5, 2019 Q2’19 Results August 2019 Page 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements Use of Non-GAAP Financial Information: Included in this presentation are non-GAAP financial measures, including non-GAAP Gross Margin, Income and Income (adjusted earnings) per share, Adjusted EBITDA, and Operating Expense that supplement the
Slide 3: Business Update
Business Update August 2019 Page 3
Slide 4: Q2'19 Summary
Q2’19 Summary Quarter Revenue Annual Run-Rate Synergies Est. 2019 Revenue PCB Test Test ~$40M Contactors $150.0M Semiconductor $147.8M Test & Inspection Handlers $17M Semiconductor $99.8M Test $12M Q2'18 Q1'19 Q2'19 Q1'19 Q2'19 Estimate by Realized Realized End of FY19 • Delay in previously expected
Slide 5: Q2'19 End-Markets (system only orders)
Q2’19 End-Markets (system only orders) 23% 29% 1% 10% 4% 22% 11% Automotive Mobility IoT / IoV & Data Center, Industrial & Consumer PCB Optoelectronics Cloud & AI Medical Manufacturing - Active Safety - App. processors - All sensor - 100G / 400G data - Energy management - Digital TVs - Autonomous dr
Slide 6: Q2'19 Financials and Q3'19 Guidance
Q2’19 Financials and Q3’19 Guidance August 2019 Page 6
Slide 7: Q2'19 Non-GAAP Results
Q2’19 Non-GAAP Results Q1’19 Q2’19 Q2’19 Actual Guidance(2) Actual Sales $147.8M $150 - $160M $150.0M Gross Margin(1) 41.5% ~40% 41.3% Operating Expenses(1) $55.4M ~$54M $53.1M Non-GAAP EPS(1) ($0.03) $0.02 Adjusted EBITDA(1) 6.6% ~7% 7.9% Gross Margin higher than guidance primarily due to higher re
Slide 8: 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 $0.75 Deliv
Slide 9: Balance Sheet
Balance Sheet [$Million] Q1’19 Q2’19 Cash and Investments $160 $144 Accounts Receivable $131 $134 Total Debt $357 $356 Capital Additions $3.5 $4.0 Cash Flow From Operations $4.7 $(9.5) August 2019 Page 9
Slide 10: Q3'19 Outlook
Q3’19 Outlook Q2’19 Q3’19 Actual Guidance Sales $150.0M ~$143M Gross Margin(1) 41.3% ~41% Operating Expenses(1) $53.1M ~$51M Adjusted EBITDA(1) 7.9% ~8% Lower Op. Expenses with fcst. Q3’19 realized synergies of ~$7M ($28M / year) Fully diluted shares outstanding estimated at 41.7M (1) See Appendix f
Slide 11: Appendix
Appendix August 2019 Page 11
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending Mar 30, Diluted Jun 29, Diluted Earnings Reconciliation 2019 EPS 2019 EPS Income From Continuing Operations - GAAP ($22,851) ($0.56) $ (19,383) $ (0.47) Share Based Compensation 3,693 0.09 3,662 0.09 Amortization of Purchased Intangible
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending Mar 30, % of Net Jun 29, % of Net Gross Profit Reconciliation 2019 Sales 2019 Sales Net Sales $ 147,809 $ 150,011 Gross Profit - GAAP 54,415 36.8% 62,406 41.6% Share Based Compensation 125 0.1% 208 0.1% Manufacturing Transition and Seve