Cohu, Inc. · NASDAQ:COHU
Cohu — Q3 2021 Earnings Presentation
13 slides from Cohu's earnings presentation, Oct 28, 2021
Slide 1: Q3'21 Financial Results
October 28, 2021 Q3’21 Financial Results October 28, 2021 Page 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements Forward Looking Statements: Certain statements contained in this release and accompanying materials may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statem
Slide 3: Business Update
Business Update October 28, 2021 Page 3
Slide 4: Summary
Summary Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) $244.8M 22.6% $225.1M 44.0% 21.8% 42.7% 42.3% $150.6M 13.3% Q3'20 Q2'21 Q3'21 Q3'20 Q2'21 Q3'21 Q3'20 Q2'21 Q3'21 • Q3’21 revenue up 49% year- • Forecasting near-term gross • Est. test cell utilization 87% over-year; strong automotive margin im
Slide 5: Diverse Revenue Profile
Diverse Revenue Profile Recurring Systems Key Business Drivers Automotive Key Business Drivers 20% • Semiconductor • Automotive xEV product designs Q3’21 and ADAS Industrial Recurring • Growing systems 35% Revenue 14% • Industrial and installed base $225.1M Consumer apps. Consumer 12% Non-GAAP Non-G
Slide 6: Enabling Internet Coverage to the World
Enabling Internet Coverage to the World RF/Satcom Test & Inspection Cell Integrated test & inspection cell for production of high-performance RF Improved devices deployed in satellites and Higher Signal Time to Yield ground based transceivers Integrity Accurate Temperature Control Advanced microwave
Slide 7: Q3'21 Financials and Q4'21 Guidance
Q3’21 Financials and Q4’21 Guidance October 28, 2021 Page 7
Slide 8: Q3'21 Non-GAAP Results
Q3’21 Non-GAAP Results Q2’21 Q3’21 Q3’21 Mid-Term(3) Actual Guidance(2) Actual Annual Target Revenue $244.8M $220 - $235M $225.1M $940M Gross Margin(1) 42.7% ~ 42% 42.3% 48% Operating Expenses(1) $52.8M $51 - $52M $49.5M $235M Non-GAAP EPS(1) $0.89 $0.70 $3.60 Adjusted EBITDA(1) 22.6% ~21% 21.8% 25%
Slide 9: Balance Sheet
Balance Sheet [$Million] Q2’21 Q3’21 Cash and Investments $434 $365 Accounts Receivable $216 $201 Total Debt $221 $120 Capital Additions $2.8 $3.4 Cash Flow From Operations $29.5 $34.3 ❑ Q3 cash balance net of $100M debt repayment ❑ Strong balance sheet to support accelerated debt reduction, M&A inv
Slide 10: Q4'21 Outlook
Q4’21 Outlook Q3’21 Q4’21 Actual Guidance Revenue $225.3M $182 - $195M Gross Margin(1) 42.3% ~ 44% Operating Expenses(1) $49.5M ~ $51M Adjusted EBITDA(1) 21.8% ~ 19% (mid-point of guidance) ❑ Q4 revenue reflects seasonality and customer supply-chain delays ❑ Gross margin expanding with improved cont
Slide 11: 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 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending Sep 26, Diluted Jun 26, Diluted Sep 25, Diluted Earnings Reconciliation 2020 EPS 2021 EPS 2021 EPS Income (Loss) From Continuing Operations - GAAP $ (6,646) $ (0.16) $ 95,096 $ 1.92 $ 23,733 $ 0.48 Share based compensati
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending Sep 26, % of Net Jun 26, % of Net Sep 25, % of Net Gross Profit Reconciliation 2020 Sales 2021 Sales 2021 Sales Net Sales $ 150,647 $ 244,803 $ 225,063 Gross Profit - GAAP 63,500 42.2% 104,657 42.8% 95,705 42.5% Share Ba