Cohu, Inc. · NASDAQ:COHU
Cohu — Q3 2020 Earnings Presentation
14 slides from Cohu's earnings presentation, Oct 29, 2020
Slide 1: Q3'20 Financial Results
October 29, 2020 Q3’20 Financial Results October 29, 2020 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 a Cohu
Slide 3: Business Update
Business Update October 29, 2020 Page 3
Slide 4: Summary
Summary Revenue Non-GAAP Gross Margin(1) Non-GAAP EPS(1) $150.6M 44.0% $0.27 $143.5M $144.1M $0.17 42.3% 42.5% $0.12 Q3'19 Q2'20 Q3'20 Q3'19 Q2'20 Q3'20 Q3'19 Q2'20 Q3'20 • Q3’20 revenue $150.6 million • Q3’20 gross margin 44% at • Q4’20 revenue up ~22% QoQ exceeded previous guidance high end of gui
Slide 5: Q3'20 Orders by Segment
Q3’20 Orders by Segment 40% 60% Recurring Systems 26% 10% 7% 6% 5% 5% 1% All Markets Mobility Automotive PCB Test Consumer Computing & Industrial & IoT / IoV & Network Medical Optoelectronics - Contactors & Pins - RF 5G to mmWave - Autonomous driving - Multilayer PCBs - Digital TVs, FPD - Data cente
Slide 6: Expertise in 5G RF High Volume Manufacturing
Expertise in 5G RF High Volume Manufacturing Test Cell Solutions One-stop-shop for leading edge integrated RF solutions Higher Signal Integrity accelerates “time to yield” Test Active Thermal Efficiency Analytics Control Analytics Cohu Advantage Cohu Test Cell value 1. Faster calibration 2. Improved
Slide 7: Q3'20 Financials and Q4'20 Guidance
Q3’20 Financials and Q4’20 Guidance October 29, 2020 Page 7
Slide 8: Q3'20 Non-GAAP Results
Q3’20 Non-GAAP Results Q2’20 Q3’20 Q3’20 Actual Guidance(2) Actual Revenue $144.1M ~ $146M $150.6M Gross Margin(1) 42.5% 41% - 44% 44.0% Operating Expenses(1) $47.9M ~$48M $48.3M Non-GAAP EPS(1) $0.17 $0.27 Adjusted EBITDA(1) 11.3% ~11% 13.5% ❑ Mobility (RF testers and handlers) and PCB test continu
Slide 9: Business Model Delivers Strong Leverage
Business Model Delivers Strong Leverage Business Model for FY20 Quarterly Revenue $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 $0.75 ❑ Temporary cost sav
Slide 10: Balance Sheet
Balance Sheet [$Million] Q2’20 Q3’20 Cash and Investments $164 $171 Accounts Receivable $123 $117 Total Debt $363 $346 Capital Additions $6.4 $5.6 Cash Flow From Operations ($4.5) $14.7 ❑ Q3 cash balance of $171M supports operational needs (~$80M), funding for production ramp and debt service ❑ Debt
Slide 11: Q4'20 Outlook
Q4’20 Outlook Q3’20 Q4’20 Actual Guidance Revenue $150.6M $176 - $192M Gross Margin(1) 44.0% 44% - 45% Operating Expenses(1) $48.3M ~ $51M Adjusted EBITDA(1) 13.5% ~ 18% (mid-point of guidance) ❑ Low end of revenue guidance considers some supply chain uncertainty caused by COVID-19 and risks associa
Slide 12: 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 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending Sep 28, Diluted Jun 27, Diluted Sep 26, Diluted Earnings Reconciliation 2019 EPS 2020 EPS 2020 EPS Loss From Continuing Operations - GAAP $ (10,480) $ (0.25) $ (4,740) $ (0.11) $ (6,646) $ (0.16) Share based compensation
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 3 Months Ending 3 Months Ending 3 Months Ending Sep 28, % of Net Jun 27, % of Net Sep 26, % of Net Gross Profit Reconciliation 2019 Sales 2020 Sales 2020 Sales Net Sales $143,498 $144,084 $150,647 Gross Profit - GAAP 58,933 41.1% 60,957 42.3% 63,500 42.2% Share Based