Cohu, Inc. · NASDAQ:COHU
Cohu — Q1 2022 Earnings Presentation
16 slides from Cohu's earnings presentation, Apr 28, 2022
Slide 1: Q1'22 Financial Results
April 28, 2022 Q1’22 Financial Results April 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 April 28, 2022 Page 3
Slide 4: Summary
Summary Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) $225.5M 45.6% 46.1% 24.0% 44.1% 22.7% $191.9M $197.8M 20.0% Q1'21 Q4'21 Q1'22 Q1'21 Q4'21 Q1'22 Q1'21 Q4'21 Q1'22 • Q1’22 revenue up 3.1% quarter- • Q1’22 gross margin up 200 • Est. test cell utilization 87% over-quarter bps quarter-over-quarte
Slide 5: Diverse Revenue Profile
Diverse Revenue Profile Recurring Systems Key Business Drivers Key Business Drivers Mobility • Semiconductor 16% • Mobility and key product designs design-wins Recurring Q1’22 • Growing systems 41% Revenue Automotive 14% • Automotive and installed base Industrial $197.8M Industrial Non-GAAP 9% Non-G
Slide 6: Market and Technology Leadership
Market and Technology Leadership Strong position in each business vertical #3 #1 #1 #2 #1 Semi Tester(1) Test Interface Services(2) Inspection & Test Automation Metrology High fidelity measurement instruments Global footprint Thermal and Vision Inspection Compact, low-power systems → Scalability Dat
Slide 7: 2021 Sustainability Highlights
2021 Sustainability Highlights Energy Consumption & Product Safety & Renewable Energy & Business Ethics Employee Diversity(1), Waste Management Materials Sourcing Life-Saving Products Inclusion and Safety • 18% reduction in energy • No product recalls Enabling solar and wind • Employee training and
Slide 8: Q1'22 Financials and Q2'22 Guidance
Q1’22 Financials and Q2’22 Guidance April 28, 2022 Page 8
Slide 9: Q1'22 Non-GAAP Results
Q1’22 Non-GAAP Results Q4’21 Q1’22 Q1’22 Actual Guidance(2) Actual Revenue $191.9M $188 - $202M $197.8M Gross Margin(1) 44.1% ~ 44.5% 46.1% Operating Expenses(1) $50.7M ~ $53M $50.9M Non-GAAP EPS(1) $0.72 $0.66 Adjusted EBITDA(1) 20.0% ~19% 22.7% ❑ Q1 revenue higher than mid-point of guidance; profi
Slide 10: Revenue Distribution
Revenue Distribution Test Q1’22 TTM Actual Results Interface Recurring Semi Test Systems Automation Test Recurring Semi Test Interface Inspection & Metrology Systems Mid-Term Target Model(1) Automation Mid-Term Target Model revenue distribution ❑ Greater stability - increasing sales of consumable Te
Slide 11: Mid-Term Target Revenue of $1B and $4.00 Non-GAAP EPS
Mid-Term Target Revenue of $1B and $4.00 Non-GAAP EPS FY2021 Q1’22 Mid-Term(2) Actuals Actuals Target Revenue $887M $198M $1B Gross Margin(1) 44% 46% 49% Operating Expenses(1) 23% 26% 24% Non-GAAP EPS(1) $3.20 $0.66 $4.00 Adjusted EBITDA(1) 22% 23% 26% Free Cash Flow(3) $86M ($1M) $180M ❑ Margin exp
Slide 12: Balance Sheet
Balance Sheet [$Million] Q4’21 Q1’22 Cash and Investments $380 $359 Accounts Receivable $193 $211 Total Debt $119 $110 Capital Additions $3.1 $2.7 Cash Flow From Operations $27.8 $2.0 ❑ Strong balance sheet to support debt reduction, M&A investments and share repurchase program ❑ Utilized $6.4M of c
Slide 13: Q2'22 Outlook
Q2’22 Outlook Q1’22 Q2’22 Actual Guidance Revenue $197.8M $205 - $221M Gross Margin(1) 46.1% ~ 46% Operating Expenses(1) $50.9M $54-$55M Adjusted EBITDA(1) 22.7% ~ 22% (mid-point of guidance) ❑ Q2 revenue up 8% QoQ at mid-point of guidance, led by strong automotive and display driver test demand ❑ P
Slide 14: 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 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 12 Months Ending 3 Months Ending Mar 27, Diluted Dec 25, Diluted Dec 25, Diluted Mar 26, Diluted Earnings Reconciliation 2021 EPS 2021 EPS 2021 EPS 2022 EPS Income (Loss) From Continuing Operations - GAAP $ 27,607 $ 0.61 $ 20,889 $ 0.42
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 12 Months Ending 3 Months Ending Mar 27, % of Net Dec 25, % of Net Dec 25, % of Net Mar 26, % of Net Gross Profit Reconciliation 2021 Sales 2021 Sales 2021 Sales 2022 Sales Net Sales $ 225,488 $ 191,860 $ 887,214 $ 197,757 Gross Profit