Cohu, Inc. · NASDAQ:COHU
Cohu — Investor Presentation (January 2020)
17 slides from Cohu's investor presentation, Jan 10, 2020
Slide 1: Cohu Investor Presentation
January 2020 Cohu Investor Presentation
Slide 2: Cautionary Statement Regarding Forward Looking Statements
| Cautionary Statement Regarding Forward Looking Statements [eer CSeceisopotons cto tio porcnre’ sean geste coro. antptoe ae bates tis nave as wy ase Diels Cave peu copomreerie Formosan Steen ‘Seating’ ras ovens strona te tae once aso oampine her bic eins a estante Soe ongiocton stave poternes: Revs
Slide 3: Global Technology and Market Leader
| Global Technology and Market Leader ..in Semiconductor and PCB Test and Inspection Markets We create leading-edge solutions for back-end semicond Tele anthsening September 39, 239 2 eg slesrelecs cul rests O39 ~ O39 plus mi-pitof gales uence fromthe Noverber 4 2089 rigs al sey 0 4Cohu
Slide 4: Value-Add Test & Inspection to Semiconductor Manufacturing
| Value-Add Test & Inspection to Semiconductor Manufacturing 4-Cohu saul Each chip formedon the waferis Completed packagesare then ic || then tested forit's electrical rigorously tested and inspected | | properties and basic functionality {forrelabilty and performance through final test equipment si
Slide 5: ~$5 Billion Market Provides Opportunity for Expansion
| ~$5 Billion Market Provides Opportunity for Expansion I PCB Test Semiconductor Test & Inspec Test Handlers Inspection Test Interface Semi Test ba Board st Cy 4 >: S a3 I _ r CA Ys 3 $0. 5B $0.7B $2.7B? $0.2B Thermal and Vision Inspection High fidelity measurement instruments ea speed, al technolog
Slide 6: Update and Market Conditions
| Update and Market Conditions 5G-driven orders accelerated in late Q4 Automotive order uptick in late December ~55% of sales is recurring; ~45% capital equipment Broader product portfolio; delivering test cell solutions for next generation RF test Expanding opportunities for cross-selling test cell
Slide 7: Driving Growth in Select End-Markets
| Driving Growth in Select End-Markets Applications . . Dray) “0 ADA Elecrication Industrial Automation Sensing & Power v Data Processing & Storage Data Generation & Display 49% Semiconductor Content Growth? in Autos by 2022, 92% RF Content Growth? in 5G-enabled Smartphones 142% Growth in Global Dat
Slide 8: 5G & Autonomous Applications Fueling Semi Demand
| 5G & Autonomous Applications Fueling Semi Demand Growing demand for wireless Emerging need for ‘energy effici RADAR anann os 10100 KB tt ui a caneRs ‘AUTONOMOUS VEHICLES ima 24008 V4.000 GB 0700 PRS = DERDAY EACH DAY J Pas January 2020 Page 8
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 <— A £ “time to yield” Incremental Growth Opportunities ~$160M/year higher contactor attachment rates ~$200M/year target system growth Semi Test Test Interface Test Ha
Slide 10: Financial Profile
Financial Profile
Slide 11: Recurring Provides a Strong Foundation
| Recurring Provides a Strong Foundation Recurring revenue is higher gin and less susceptible to seasonal and cyclical trends Revenue Distribution TTM Allocation Inspection | Systems Handlers Semi Test Twelve ants ending September 38,2038 sea 0 4Cohu
Slide 12: Business Model Delivers Strong Leverage
| Business Model Delivers Strong Leverage Business Model for FY20 eae | Quarterly Sales $150M $170M $190M $210M $235M Gross Margin® 43% 44% 45% 46% 48% | Operating Expenses) $52M $54M $57M $59M ~s64M Adjusted EBITDA“ 12% 15% 17% 20% 22% | Non-GAAP EPS® $0.16 $0.30 $0.45 $0.60 $0.75 Delivering ~s40M
Slide 13: Q4'19 Outlook
| Q4'19 Outlook Q4'19 Guidance Sales $143.5M $134 -$144M Gross Margin 42.3% 41% -43% Operating Expenses $49.5M ~$50M Adjusted EBITDA® 11.2% ‘ panne ga aA Operating Expenses with fest. Q4’19 realized synergies of ~$9M ($36M / year) Fully diluted shares outstanding estimated at 41.7M (2) See appendix
Slide 14: Balance Sheet
| Balance Sheet [$Million] 3/19 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 oe 4-Cohu
Slide 15: Appendix
Appendix
Slide 16: GAAP to Non-GAAP Reconciliation
| GAAP to Non-GAAP Reconciliation I Months End Months ending 4un29, ited | Sep28, Diluted 2019 EPs. 2019 EPS. Income From Continuing Operations - GAAP Fu9a8H § (aay | “F(o4e) $ 0.25) Share Based Compensation 3.652008 3506 0.08 Amortization of Purchased intangible Assets 9987 024 9969 024 “Manufactur
Slide 17: GAAP to Non-GAAP Reconciliation
conciliation | GAAP to Non-GAAP Re: ! oer Rcansion GromProft-ox Manwactring Trenton ard Severance Costs Grom rot - New G3ae “Months Ending Jn23, Cot et 2019 Sie Fisoon 2006 A16% Soa 258) 08 Tass aS 5928, ot Net 2019 Sian 718.65 Seon ana rare ea P&E sepupincioain SORA (tne Acation Costs Operating pen