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    COHU   US1925761066

COHU, INC.

(COHU)
  Report
Delayed Nasdaq  -  04:00 2022-12-02 pm EST
35.50 USD   -1.22%
11/14Insider Sell: Cohu
MT
11/14Insider Sell: Cohu
MT
11/09Cohu : Investor Presentation
PU
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Cohu : Investor Presentation

08/15/2022 | 01:54pm EST

COHU INVESTOR PRESENTATION

August 2022

2

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 all Serviceable Addressable Market (SAM) estimates, share and growth over time, market segments CAGRs and growth drivers for each business, 3-year target Plan or "Target Model" financial goals, target revenue CAGRs by business, market position in business verticals and changes over time, end-market growth estimates, savings from higher yield, Q3'22 financial guidance, recurring revenue and backlog, any other FY'22 forecasts, any references to product plans, roadmaps, developments and schedules, increases in test intensity, power and IoT nodes, expanding into probe card market, product lower cost, higher yield, throughput, productivity or life estimates, PdM TAM and growth, DI-Core plans, gross margin expansion, est. Cap Ex, business segment revenue split at Target Model, revenue growth to $1 Bil, investment thesis, any future M&A, any future Term Loan B principal reduction, the amount, timing or manner of any share repurchases and any other statements that are predictive in nature and depend upon or refer to future events or conditions, and/or include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate,"

"project," "intend," and/or other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and

assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Any third-party industry analyst forecasts quoted are for reference only and Cohu does not adopt or affirm any such forecasts.

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: political and economic instability and adverse worldwide impacts resulting from the military incursion into Ukraine by Russia, including potential energy shortages in Europe; the ongoing global COVID-19 pandemic and its impact on our operations and the operations of our key suppliers, customers and other business partners; we are making investments in new products and product enhancements, which may adversely affect our operating results and these investments may not be commercially successful; we have manufacturing operations in Asia and any failure to effectively manage multiple manufacturing sites and to secure raw materials meeting our quality, cost and other requirements, or failures by our suppliers to perform, could harm our sales, service levels and reputation; any failure to perform or unexpected downtime experienced by our sole contract manufacturer for certain semiconductor automated test equipment; any failure of critical suppliers to deliver sufficient quantities of parts in a timely and cost-effective manner, including ongoing shortages of semiconductor devices used in our system products; continued high inflation; we may not be able to increase prices to fully offset inflationary pressures on costs, such as raw and packaging materials, components and subassemblies, labor and distribution costs; the semiconductor industry we serve is seasonal, cyclical, volatile and unpredictable; the semiconductor equipment industry is intensely competitive; semiconductor equipment is subject to rapid technological change, product introductions and transitions which may result in inventory write-offs, and our new product development involves numerous risks and uncertainties; the seasonal nature of the semiconductor equipment industry places enormous demands on our employees, operations and infrastructure; a limited number of customers account for a substantial percentage of our net sales; inherent uncertainty of backlog wherein customers may delay shipments or cancel orders; majority of our revenues are generated from exports to foreign countries, primarily in Asia, that are subject to economic and political instability and we compete against a number of Asia- based test contactor/interface, test handler and automated test equipment suppliers; we are exposed to the risks of operating in certain foreign locations from where Cohu manufactures certain products, and supports our sales and services to the global semiconductor industry; increasingly restrictive trade and export regulations may materially harm or limit Cohu's business and ability to sell its products; the remaining indebtedness in connection with our financing of the Xcerra acquisition may have an adverse impact on Cohu's liquidity, access to capital and business flexibility; we are exposed to other risks associated with additional potential acquisitions, investments and divestitures such as integration difficulties, disruption to our core business, dilution of stockholder value, and diversion of management attention; our financial and operating results may vary and fall below analysts' estimates, or credit rating agencies may change their ratings on Cohu, any of which may cause the price of our common stock to decline or make it difficult to obtain other financing; we have experienced significant volatility in our stock price; there may be changes in, and uncertainty with respect to, legislation, regulation and governmental policy in the United States; and impacts in the event of a cybersecurity breach.

These and other risks and uncertainties are discussed more fully in Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q, and the other filings made by Cohu with the SEC

from time to time, which are available via the SEC's website at www.sec.gov. Except as required by applicable law, Cohu does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

3

COHU AT A GLANCE

$887M

$368M

~ 26%

FY21 Revenue (1)

Cash & Investments (2)

5-year Revenue CAGR (1)

~ 23%

Our long-term vision is to move up

~ 23,500

the technology value chain

5-year Stock CAGR(3)

Equipment Installed Base

  1. For the period ending December 25, 2021; revenue includes $26.8M of PCB Test business divested June 2021
  1. As of June 25, 2022
  2. Average adjusted share price December 2016 - December 2021

4

SOLVING CUSTOMERS' MOST COMPLEX CHALLENGES

High performance

Diverse customers

Increasing

Innovative solutions

Scalable model that

product portfolio at

and applications

semiconductor

delivering higher

optimizes profitability

lower cost-of-

expanding

complexity and

yield & productivity

and Plan (4) that

ownership

addressable market

package integration

delivers growth and

drives shareholder

value

Strong market

~ 20% share

Opportunities

Broad IP portfolio

Revenue (4)

position in each

in $4.4 billion

in 5G connectivity,

and strong global

$1 billion

business vertical

addressable market (1)

artificial intelligence,

support enabling

Gross Margin (4)

advanced packaging,

customers' production

49%

industrial IoT (2),

ramps and productivity

automotive ADAS (3)

goals

Operating Income (4)

and electrification,

25%

consumer wearables

  1. Cohu SAM: Serviceable Addressable Market are company estimates for 2021
  2. Internet of Things
  3. Advanced Driver Assistance Systems
  1. Plan references a 3-year target starting from FY21. Gross Margin and Op Income are Non-GAAP, see Appendix for notes regarding use of forward-lookingnon-GAAP figures

5

MARKET AND TECHNOLOGY LEADERSHIP

Strong position in each business vertical

#3

#1

#1

#2

#1

Semiconductor Test

(1)

Test Interface

Services

(2)

Inspection &

Automation

(3)

Metrology

High fidelity measurement instruments

Global footprint

Thermal and Vision Inspection

Compact, low-power systems Scalability

Data analytics

Technologies enabling higher yield

  1. Leading supplier of RF Front-End test equipment; company estimates
  2. Service business of Cohu systems
  3. Automation includes test handlers

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Cohu Inc. published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 17:53:07 UTC.


ę Publicnow 2022
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Financials (USD)
Sales 2022 810 M - -
Net income 2022 90,5 M - -
Net cash 2022 148 M - -
P/E ratio 2022 19,1x
Yield 2022 -
Capitalization 1 694 M 1 694 M -
EV / Sales 2022 1,91x
EV / Sales 2023 1,96x
Nbr of Employees 3 075
Free-Float 95,0%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 8
Last Close Price 35,50 $
Average target price 37,00 $
Spread / Average Target 4,23%
EPS Revisions
Managers and Directors
Luis Antonio MŘller President, Chief Executive Officer & Director
Jeffrey D. Jones Chief Financial Officer & Senior VP-Finance
James A. Donahue Non-Executive Chairman
Steven J. Bilodeau Lead Independent Director
William E. Bendush Independent Director
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