0.3% (2,718) $304,817 47.9% | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------|---------|--------------------------------|-------------|--------------------------------|-------------|---------------------------------|-------------| | Earnings Reconciliation | | 3 Months Ending \nDec 30, 2023 | Diluted EPS | 3 Months Ending \nMar 30, 2024 | Diluted EPS | 12 Months Ending \nDec 30, 2023 | Diluted EPS | | Net income (loss) - GAAP | | $ ( ...

CapEx in Q1 was $3.3 million with approximately $2 million related to our factories in the Philippines and Malaysia, supporting operations for our interface and automation businesses. Overall, Cohu continues to maintain a strong balance sheet to support investment opportunities to expand our served markets and technology portfolio in line with our growth strategy and return capital to shareholders through our share repurchase program. As a result, we are now modeling operating expenses to average approximat ...

Cohu Reports First Quarter 2024 Results ● Gross margin of 45.8%; non-GAAP gross margin of 46.0% POWAY, Calif., May 2, 2024 – Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, today reported fiscal 2024 first quarter net sales of $107.6 million and GAAP loss of $14.6 million or $0.31 per share. Cohu also reported first quarter 2024 non-GAAP income of $0.6 million or $0.01 per share. "Recurring revenue continued to deliver sta ...

Financial Data and Key Metrics Changes - In Q4 2023, Cohu reported revenue of $137.2 million, exceeding the midpoint of guidance, with full year 2023 revenue at $636.3 million [32] - Non-GAAP gross margin for Q4 was 48.5%, approximately 250 basis points higher than guidance, while full year 2023 gross margin was 47.9%, a record high [11][33] - Non-GAAP EPS for Q4 was $0.23, and full year 2023 EPS was $1.62 [11][18] - Adjusted EBITDA for Q4 was 13% of revenue, while full year adjusted EBITDA was 17.9% [33] Business Line Data and Key Metrics Changes - Recurring revenue represented 54% of total revenue in Q4 and 49% for full year 2023, with a three-year compound growth rate of 5% [12][32] - Test cell utilization dropped to 71% at the end of Q4, with specific segments showing low utilization: computing at 68%, consumer at 69%, and mobile at 76% [5][13] Market Data and Key Metrics Changes - The automotive and industrial semiconductor markets are experiencing softer demand, impacting test and inspection systems [5] - Cohu's Diamondx inhalers were qualified for new customers in China, supporting local automotive and display driver IC manufacturing [6] Company Strategy and Development Direction - Cohu aims to expand its recurring business and has introduced new solutions under the DI-Core analytics platform, including AI inspection software [12] - The company is focusing on new product development and customer qualifications to position itself for recovery in semiconductor cycles [13] - Cohu is pursuing strategic alignment with computing customers, particularly hyperscalers expanding data center infrastructure [6] Management's Comments on Operating Environment and Future Outlook - Management expects a semiconductor recovery in the second half of 2024, with lead times returning to normal [15] - Despite near-term demand being subdued, the company is well-positioned to respond to customer needs as test cell utilization improves [15] - Management noted that utilization rates around 80% typically indicate capacity buys, and they are monitoring trends towards that threshold [52] Other Important Information - Cohu's total CapEx for 2023 was approximately $16 million, with $3.9 million in Q4, including $2 million for the new Philippines facility [19][34] - The company repaid a Term Loan B balance of $29.3 million, which will increase net interest income by approximately $200,000 per quarter [19] Q&A Session Summary Question: What are the expectations for the back half of the year regarding equipment spend and performance between systems and recurring revenue? - Management indicated reliance on customer information suggesting a recovery in the automotive and industrial sectors, with some signs of order patterns returning in the mobile device market [24] Question: Can you provide insights on utilization rates across segments? - Utilization rates were stable at 71% throughout Q4, with mobile at 76%, consumer at 69%, and automotive/industrial at 81% [26] Question: How do you see the mix of recurring and system revenue affecting margins in Q1? - The mix is expected to skew more towards recurring revenue in Q1, which supports margins despite some degradation in system revenue due to fixed costs [48]

Q4'23 FINANCIAL RESULTS Cautionary Statement Regarding 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 the introduction of AI inspection software and expansion of recurring business; the successful integration of EQT; being aligned to high growth semiconductor market applications; resiliency of our recurring business model a ...

POWAY, Calif.--(BUSINESS WIRE)--Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, today announced that a leading U.S. fabless semiconductor manufacturer has selected Sense+ system with µ-sense for testing their next generation high-fidelity microphones. The µ-sense microphone tester is Cohu’s latest product in our MEMS test solution portfolio, and when combined with the Sense+ automation platform, it delivers state-of-the ...

Research and Development Research and development activities are carried on in our various subsidiaries and are directed toward development of new products and equipment, as well as enhancements to existing products and equipment. Our total research and development expense was $88.6 million in 2023, $92.6 million in 2022 and $92.0 million in 2021. We work closely with our customers to make improvements to our existing products and in the development of new products. We expect to continue to make significant ...

POWAY, Calif.--(BUSINESS WIRE)--Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, today provided a business update: Cohu expects fourth quarter 2023 revenue in-line with guidance at approximately $137 million Demand for test and inspection equipment remained soft through fourth quarter 2023 and has continued in first quarter 2024 Cohu expects first quarter 2024 revenue to be approximately 20% lower than fourth quarter ...

Cohu, Inc. (NASDAQ:COHU) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET Company Participants Jeffrey Jones - Chief Financial Officer Luis Müller - Chief Executive Officer Conference Call Participants Charles Shi - Needham & Company Brian Chin - Stifel, Nicolaus & Company Robert Mertens - TD Cowen Christian Schwab - Craig-Hallum Capital Group LLC Craig Ellis - B. Riley Securities Operator Good day, and thank you for standing by. Welcome to Cohu’s Third Quarter 2023 Financial Results Conference ...

November 2, 2023 Page 1 Forward Looking Statements: Actual results and future business conditions could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: cyclical COVID19 pandemic impacts; new product investments and product enhancements which may not be commercially successful; inability to effectively manage multiple manufacturing sites in Asia and secure reliable and cost-effective raw materials; failure of sole source c ...