Cohu Reports Third Quarter 2023 Results
- Cohu reported net sales of $150.8 million for Q3 2023, a decrease from $206.7 million in Q3 2022 (-27.0%).
- GAAP income for Q3 2023 was $3.9 million, compared to $24.9 million in Q3 2022 (-84.4%).
- Non-GAAP income for Q3 2023 was $16.9 million, a decrease from $36.1 million in Q3 2022 (-53.2%).
- Cohu acquired Equiptest Engineering Pte. Ltd. to expand its recurring revenue and strengthen its test interface products.
- Total cash and investments at the end of Q3 2023 were $387.6 million.
- Cohu repurchased 133,100 shares of its common stock in Q3 2023 for approximately $4.7 million.
- Cohu expects Q4 2023 sales to be in the range of $136 million +/- $6 million.
- None.
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Third quarter revenue
$150.8 million -
Gross margin of
47.0% ; non-GAAP gross margin of47.1% - Expanding recurring business with acquisition of Equiptest Engineering Pte. Ltd. (“EQT”)
Cohu also reported non-GAAP results, with third quarter 2023 income of
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GAAP Results |
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(in millions, except per share amounts) |
Q3 FY
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Q2 FY
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Q3 FY
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9 Months
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9 Months
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Net sales |
$ |
150.8 |
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$ |
168.9 |
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$ |
206.7 |
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$ |
499.1 |
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$ |
621.7 |
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Net income |
$ |
3.9 |
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$ |
10.6 |
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$ |
24.9 |
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$ |
30.2 |
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$ |
75.2 |
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Net income per share |
$ |
0.08 |
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$ |
0.22 |
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$ |
0.51 |
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$ |
0.63 |
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$ |
1.53 |
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Non-GAAP Results |
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(in millions, except per share amounts) |
Q3 FY
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Q2 FY
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Q3 FY
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9 Months
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9 Months
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Net income |
$ |
16.9 |
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$ |
22.9 |
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$ |
36.1 |
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$ |
66.8 |
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$ |
108.4 |
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Net income per share |
$ |
0.35 |
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$ |
0.48 |
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$ |
0.74 |
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$ |
1.39 |
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$ |
2.21 |
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Total cash and investments at the end of third quarter 2023 were
“We acquired EQT on October 2nd, accelerating growth in test interface products and expanding Cohu’s recurring revenue that continues to deliver resilient profitability through industry cycles,” said Cohu President and CEO Luis Müller. “We remain focused on customer design-wins and qualification of new products to deliver organic growth when market conditions improve.”
Cohu expects fourth quarter 2023 sales to be in a range of
Conference Call Information:
The Company will host a live conference call and webcast with slides to discuss third quarter 2023 results at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time on November 2, 2023. Interested parties may listen live via webcast on Cohu’s investor relations website at https://edge.media-server.com/mmc/p/osj43j5o.
To participate via telephone and join the call live, please register in advance at https://register.vevent.com/register/BIc07ab21dc74b4bf2bf497cc9e1a47d6d to receive the dial-in number along with a unique PIN number that can be used to access the call.
About Cohu:
Cohu (NASDAQ: COHU) is a global technology leader supplying test, automation, inspection and metrology products and services to the semiconductor industry. Cohu’s differentiated and broad product portfolio enables optimized yield and productivity, accelerating customers’ manufacturing time-to-market. Additional information can be found at www.cohu.com.
Use of Non-GAAP Financial Information:
Included within this press release and accompanying materials are non-GAAP financial measures, including non-GAAP Gross Margin/Profit, Income and Income (adjusted earnings) per share, Operating Income, Operating Expense, effective tax rate, free cash flow, net cash per share and Adjusted EBITDA that supplement the Company’s Condensed Consolidated Statements of Operations prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Company’s actual results prepared under GAAP to exclude charges and the related income tax effect for: share-based compensation, the amortization of purchased intangible assets, manufacturing transition and severance costs, acquisition-related costs and associated professional fees, restructuring costs, inventory step-up, depreciation of purchase accounting adjustments to property, plant and equipment, employer payroll taxes related to accelerated vesting share-based awards, amortization of cloud-based software implementation costs (Adjusted EBITDA only) and loss on extinguishment of debt (Adjusted EBITDA only). Reconciliations of GAAP to non-GAAP amounts for the periods presented herein are provided in schedules accompanying this release and should be considered together with the Condensed Consolidated Statements of Operations. With respect to any forward-looking non-GAAP figures, we are unable to provide without unreasonable efforts, at this time, a GAAP to non-GAAP reconciliation of any forward-looking figures due to their inherent uncertainty.
These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company’s management believes that this information can assist investors in evaluating the Company’s operational trends, financial performance, and cash generating capacity. Management uses non-GAAP measures for a variety of reasons, including to make operational decisions, to determine executive compensation in part, to forecast future operational results, and for comparison to our annual operating plan. However, the non-GAAP financial measures should not be regarded as a replacement for (or superior to) corresponding, similarly captioned, GAAP measures.
Forward Looking Statements:
Certain statements contained in this release and accompanying materials may be considered forward-looking statements within the meaning of the
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 COVID-19 pandemic impacts; new product investments and product enhancements which may not be commercially successful; inability to effectively manage multiple manufacturing sites in
These and other risks and uncertainties are discussed more fully in Cohu’s filings with the SEC, including our most recent 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.
For press releases and other information of interest to investors, please visit Cohu’s website at www.cohu.com.
COHU, INC. |
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CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited) |
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(in thousands, except per share amounts) |
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Three Months Ended(1) |
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Nine Months Ended(1) |
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September 30, |
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September 24, |
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September 30, |
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September 24, |
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2023(2) |
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2022 |
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2023 |
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2022 |
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Net sales |
$ |
150,804 |
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$ |
206,687 |
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$ |
499,096 |
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$ |
621,670 |
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Cost and expenses: |
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Cost of sales (excluding amortization) |
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79,909 |
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108,621 |
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261,638 |
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331,495 |
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Research and development |
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21,478 |
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23,372 |
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66,454 |
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69,638 |
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Selling, general and administrative |
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32,416 |
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32,764 |
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99,403 |
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96,541 |
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Amortization of purchased intangible assets |
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8,857 |
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8,206 |
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26,617 |
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25,082 |
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Restructuring charges |
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742 |
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17 |
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2,046 |
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600 |
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143,402 |
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172,980 |
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456,158 |
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523,356 |
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Income from operations |
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7,402 |
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33,707 |
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42,938 |
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98,314 |
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Other (expense) income: |
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Interest expense |
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(773 |
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(1,028 |
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(2,628 |
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(2,928 |
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Interest income |
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3,207 |
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1,132 |
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8,657 |
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1,551 |
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Foreign transaction gain (loss) |
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(1,200 |
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1,344 |
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(2,285 |
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3,979 |
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Loss on extinguishment of debt |
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- |
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(80 |
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(369 |
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(312 |
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Income from operations before taxes |
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8,636 |
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35,075 |
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46,313 |
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100,604 |
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Income tax provision |
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4,721 |
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10,193 |
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16,129 |
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25,385 |
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Net income |
$ |
3,915 |
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$ |
24,882 |
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$ |
30,184 |
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$ |
75,219 |
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Income per share: |
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Basic: |
$ |
0.08 |
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$ |
0.52 |
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$ |
0.64 |
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$ |
1.55 |
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Diluted: |
$ |
0.08 |
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$ |
0.51 |
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$ |
0.63 |
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$ |
1.53 |
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Weighted average shares used in |
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computing income per share: |
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Basic |
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47,615 |
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47,984 |
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47,525 |
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48,412 |
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Diluted |
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48,107 |
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48,526 |
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48,102 |
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49,008 |
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(1) |
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The three- and nine-month periods ended September 30, 2023 and September 24, 2022 were both comprised of 13 weeks and 39 weeks, respectively. |
(2) |
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On January 30, 2023 the Company completed the acquisition of MCT Worldwide, LLC (“MCT”) and the results of its operations have been included since that date. |
COHU, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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(in thousands) |
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September 30, |
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December 31, |
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2023 |
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2022 |
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Assets: |
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Current assets: |
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Cash and investments |
$ |
387,566 |
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$ |
385,576 |
Accounts receivable |
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130,432 |
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176,148 |
Inventories |
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166,673 |
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170,141 |
Other current assets |
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33,896 |
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32,986 |
Total current assets |
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718,567 |
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764,851 |
Property, plant & equipment, net |
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66,605 |
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65,011 |
Goodwill |
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220,684 |
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213,539 |
Intangible assets, net |
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125,008 |
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140,104 |
Operating lease right of use assets |
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17,287 |
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|
22,804 |
Other assets |
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19,367 |
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21,105 |
Total assets |
$ |
1,167,518 |
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$ |
1,227,414 |
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Liabilities & Stockholders’ Equity: |
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Current liabilities: |
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Short-term borrowings |
$ |
1,673 |
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$ |
1,907 |
Current installments of long-term debt |
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4,501 |
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4,404 |
Deferred profit |
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4,544 |
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8,022 |
Other current liabilities |
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117,726 |
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146,539 |
Total current liabilities |
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128,444 |
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160,872 |
Long-term debt |
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35,189 |
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72,664 |
Non-current operating lease liabilities |
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13,899 |
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19,209 |
Other noncurrent liabilities |
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43,750 |
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45,828 |
Cohu stockholders’ equity |
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946,236 |
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928,841 |
Total liabilities & stockholders’ equity |
$ |
1,167,518 |
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$ |
1,227,414 |
COHU, INC. |
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Supplemental Reconciliation of GAAP Results to Non-GAAP Financial Measures (Unaudited) |
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(in thousands, except per share amounts) |
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Three Months Ended |
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September 30, |
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July 1, |
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September 24, |
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2023 |
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2023 |
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2022 |
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Income from operations - GAAP basis (a) |
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$ |
7,402 |
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$ |
15,659 |
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$ |
33,707 |
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Non-GAAP adjustments: |
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Share-based compensation included in (b): |
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Cost of sales (COS) |
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223 |
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216 |
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161 |
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Research and development (R&D) |
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849 |
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819 |
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|
755 |
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Selling, general and administrative (SG&A) |
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3,262 |
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3,397 |
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2,824 |
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4,334 |
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4,432 |
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3,740 |
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Amortization of purchased intangible assets (c) |
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8,857 |
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9,006 |
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8,206 |
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Restructuring charges related to inventory adjustments in COS (d) |
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(18 |
) |
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(13 |
) |
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(58 |
) |
Restructuring charges (d) |
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742 |
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|
416 |
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17 |
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Manufacturing and sales transition costs included in (e): |
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R&D |
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- |
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22 |
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- |
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SG&A |
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61 |
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166 |
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- |
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61 |
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188 |
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- |
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Inventory step-up included in COS (f) |
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- |
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149 |
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- |
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Acquisition costs included in SG&A (g) |
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|
758 |
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|
140 |
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- |
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Depreciation of PP&E step-up included in SG&A (h) |
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14 |
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14 |
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- |
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Income from operations - non-GAAP basis (i) |
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$ |
22,150 |
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$ |
29,991 |
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$ |
45,612 |
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Net income - GAAP basis |
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$ |
3,915 |
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$ |
10,584 |
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$ |
24,882 |
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Non-GAAP adjustments (as scheduled above) |
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|
14,748 |
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|
14,332 |
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|
11,905 |
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Tax effect of non-GAAP adjustments (j) |
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(1,754 |
) |
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(2,004 |
) |
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|
(685 |
) |
Net income - non-GAAP basis |
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$ |
16,909 |
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$ |
22,912 |
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$ |
36,102 |
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GAAP net income per share - diluted |
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$ |
0.08 |
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$ |
0.22 |
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$ |
0.51 |
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Non-GAAP net income per share - diluted (k) |
$ |
0.35 |
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$ |
0.48 |
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$ |
0.74 |
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Management believes the presentation of these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding the Company’s operating performance. Our management uses these non-GAAP financial measures in assessing the Company's operating results, as well as when planning, forecasting and analyzing future periods and these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management. Management views share-based compensation as an expense that is unrelated to the Company’s operational performance as it does not require cash payments and can vary in amount from period to period and the elimination of amortization charges provides better comparability of pre- and post-acquisition operating results and to results of businesses utilizing internally developed intangible assets. Management initiated certain restructuring activities including employee headcount reductions and other organizational changes to align our business strategies in light of the merger with Xcerra and the acquisition of MCT. Restructuring costs have been excluded because such expense is not used by Management to assess the core profitability of Cohu’s business operations. PP&E and inventory step-up costs have been excluded by management as they are unrelated to the core operating activities of the Company. Acquisition costs have been excluded by management as they are unrelated to the core operating activities of the Company and the frequency and variability in the nature of the charges can vary significantly from period to period. Excluding this data provides investors with a basis to compare Cohu’s performance against the performance of other companies without this variability. However, the non-GAAP financial measures should not be regarded as a replacement for (or superior to) corresponding, similarly captioned, GAAP measures. The presentation of non-GAAP financial measures above may not be comparable to similarly titled measures reported by other companies and investors should be careful when comparing our non-GAAP financial measures to those of other companies. | ||
(a) |
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(b) |
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To eliminate compensation expense for employee stock options, stock units and our employee stock purchase plan. |
(c) |
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To eliminate the amortization of acquired intangible assets. |
(d) |
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To eliminate restructuring costs incurred related to the integration of MCT and Xcerra. |
(e) |
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To eliminate the manufacturing transition and severance costs. |
(f) |
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To eliminate amortization of inventory step up charges related to MCT acquisition. |
(g) |
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To eliminate professional fees and other direct incremental expenses incurred related to acquisitions. |
(h) |
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To eliminate depreciation of PP&E step up charges related to MCT acquisition. |
(i) |
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(j) |
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To adjust the provision for income taxes related to the adjustments described above based on applicable tax rates. |
(k) |
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All periods presented were computed using the number of GAAP diluted shares outstanding. |
COHU, INC. |
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Supplemental Reconciliation of GAAP Results to Non-GAAP Financial Measures (Unaudited) |
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(in thousands, except per share amounts) |
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Nine Months Ended |
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September 30, |
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September 24, |
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|
2023 |
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2022 |
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Income from operations - GAAP basis (a) |
$ |
42,938 |
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$ |
98,314 |
|
Non-GAAP adjustments: |
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Share-based compensation included in (b): |
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Cost of sales (COS) |
|
619 |
|
|
|
478 |
|
Research and development (R&D) |
|
2,534 |
|
|
|
2,333 |
|
Selling, general and administrative (SG&A) |
|
9,527 |
|
|
|
8,284 |
|
|
|
12,680 |
|
|
|
11,095 |
|
Amortization of purchased intangible assets (c) |
|
26,617 |
|
|
|
25,082 |
|
Restructuring charges related to inventory adjustments in COS (d) |
|
(59 |
) |
|
|
(419 |
) |
Restructuring charges (d) |
|
2,046 |
|
|
|
600 |
|
Manufacturing and sales transition costs included in (e): |
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COS |
|
18 |
|
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|
- |
|
R&D |
|
22 |
|
|
|
- |
|
SG&A |
|
480 |
|
|
|
- |
|
|
|
520 |
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|
- |
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|
||
Inventory step-up included in COS (f) |
|
273 |
|
|
|
- |
|
Acquisition costs included in SG&A (g) |
|
1,283 |
|
|
|
- |
|
Depreciation of PP&E step-up included in SG&A (h) |
|
37 |
|
|
|
- |
|
Payroll taxes related to accelerated vesting of share-based awards included in SG&A (i) |
|
- |
|
|
|
132 |
|
Income from operations - non-GAAP basis (j) |
$ |
86,335 |
|
|
$ |
134,804 |
|
|
|
|
|
|
|
||
Net income - GAAP basis |
$ |
30,184 |
|
|
$ |
75,219 |
|
Non-GAAP adjustments (as scheduled above) |
|
43,397 |
|
|
|
36,490 |
|
Tax effect of non-GAAP adjustments (k) |
|
(6,815 |
) |
|
|
(3,302 |
) |
Net income - non-GAAP basis |
$ |
66,766 |
|
|
$ |
108,407 |
|
|
|
|
|
|
|
||
GAAP net income per share - diluted |
$ |
0.63 |
|
|
$ |
1.53 |
|
|
|
|
|
|
|
||
Non-GAAP income per share - diluted (l) |
$ |
1.39 |
|
|
$ |
2.21 |
|
Management believes the presentation of these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding the Company’s operating performance. Our management uses these non-GAAP financial measures in assessing the Company's operating results, as well as when planning, forecasting and analyzing future periods and these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management. Management views share-based compensation as an expense that is unrelated to the Company’s operational performance as it does not require cash payments and can vary in amount from period to period and the elimination of amortization charges provides better comparability of pre- and post-acquisition operating results and to results of businesses utilizing internally developed intangible assets. Management initiated certain restructuring activities including employee headcount reductions and other organizational changes to align our business strategies in light of the merger with Xcerra and the acquisition of MCT. Restructuring costs have been excluded because such expense is not used by Management to assess the core profitability of Cohu’s business operations. PP&E and inventory step-up costs have been excluded by management as they are unrelated to the core operating activities of the Company. Acquisition costs have been excluded by management as they are unrelated to the core operating activities of the Company and the frequency and variability in the nature of the charges can vary significantly from period to period. Employer payroll taxes related to accelerated severance stock-based compensation are dependent on the Company's stock price and the timing and size of the vesting of their restricted stock, over which management has limited to no control, and as such management does not believe it correlates to the company's operation of the business. Excluding this data provides investors with a basis to compare Cohu’s performance against the performance of other companies without this variability. However, the non-GAAP financial measures should not be regarded as a replacement for (or superior to) corresponding, similarly captioned, GAAP measures. The presentation of non-GAAP financial measures above may not be comparable to similarly titled measures reported by other companies and investors should be careful when comparing our non-GAAP financial measures to those of other companies. |
||
(a) |
|
|
(b) |
|
To eliminate compensation expense for employee stock options, stock units and our employee stock purchase plan. |
(c) |
|
To eliminate the amortization of acquired intangible assets. |
(d) |
|
To eliminate restructuring costs incurred related to the integration of MCT and Xcerra. |
(e) |
|
To eliminate the manufacturing transition and severance costs. |
(f) |
|
To eliminate amortization of inventory step up charges related to MCT acquisition. |
(g) |
|
To eliminate professional fees and other direct incremental expenses incurred related to acquisitions. |
(h) |
|
To eliminate the property, plant & equipment step-up depreciation accelerated related to the acquisition of MCT. |
(i) |
|
To eliminate the impact of employer payroll taxes associated with the acceleration of Pascal Rondé share-based awards under the terms of his separation agreement. |
(j) |
|
|
(k) |
|
To adjust the provision for income taxes related to the adjustments described above based on applicable tax rates. |
(l) |
|
All periods presented were computed using the number of GAAP diluted shares outstanding. |
COHU, INC. |
|
|
|
|
|
|
|
|
|||
Supplemental Reconciliation of GAAP Results to Non-GAAP Financial Measures (Unaudited) |
|||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|||
|
Three Months Ended |
||||||||||
|
September 30, |
|
July 1, |
|
September 24, |
||||||
|
2023 |
|
2023 |
|
2022 |
||||||
|
|
|
|
|
|
|
|
|
|||
Gross Profit Reconciliation |
|
|
|
|
|
|
|
|
|||
Gross profit - GAAP basis (excluding amortization) (1) |
$ |
70,895 |
|
|
$ |
80,345 |
|
|
$ |
98,066 |
|
Non-GAAP adjustments to cost of sales (as scheduled above) |
|
205 |
|
|
|
352 |
|
|
|
103 |
|
Gross profit - Non-GAAP basis |
$ |
71,100 |
|
|
$ |
80,697 |
|
|
$ |
98,169 |
|
|
|
|
|
|
|
|
|
|
|||
As a percentage of net sales: |
|
|
|
|
|
|
|
|
|||
GAAP gross profit |
|
47.0 |
% |
|
|
47.6 |
% |
|
|
47.4 |
% |
Non-GAAP gross profit |
|
47.1 |
% |
|
|
47.8 |
% |
|
|
47.5 |
% |
|
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
|||
Net income - GAAP Basis |
$ |
3,915 |
|
|
$ |
10,584 |
|
|
$ |
24,882 |
|
Income tax provision |
|
4,721 |
|
|
|
6,435 |
|
|
|
10,193 |
|
Interest expense |
|
773 |
|
|
|
727 |
|
|
|
1,028 |
|
Interest income |
|
(3,207 |
) |
|
|
(2,732 |
) |
|
|
(1,132 |
) |
Amortization of purchased intangible assets |
|
8,857 |
|
|
|
9,006 |
|
|
|
8,206 |
|
Depreciation |
|
3,319 |
|
|
|
3,361 |
|
|
|
3,240 |
|
Amortization of cloud-based software implementation costs (2) |
|
700 |
|
|
|
700 |
|
|
|
478 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
80 |
|
Other non-GAAP adjustments (as scheduled above) |
|
5,877 |
|
|
|
5,312 |
|
|
|
3,699 |
|
Adjusted EBITDA |
$ |
24,955 |
|
|
$ |
33,393 |
|
|
$ |
50,674 |
|
|
|
|
|
|
|
|
|
|
|||
As a percentage of net sales: |
|
|
|
|
|
|
|
|
|||
Net income - GAAP Basis |
|
2.6 |
% |
|
|
6.3 |
% |
|
|
12.0 |
% |
Adjusted EBITDA |
|
16.5 |
% |
|
|
19.8 |
% |
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|||
Operating Expense Reconciliation |
|
|
|
|
|
|
|
|
|||
Operating Expense - GAAP basis |
$ |
63,493 |
|
|
$ |
64,686 |
|
|
$ |
64,359 |
|
Non-GAAP adjustments to operating expenses (as scheduled above) |
|
(14,543 |
) |
|
|
(13,980 |
) |
|
|
(11,802 |
) |
Operating Expenses - Non-GAAP basis |
$ |
48,950 |
|
|
$ |
50,706 |
|
|
$ |
52,557 |
|
(1) |
|
Excludes amortization of |
(2) |
|
Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within SG&A. |
Nine Months Ended |
|||||||
|
September 30, |
|
September 24, |
||||
|
2023 |
|
2022 |
||||
Gross Profit Reconciliation |
|
|
|
|
|
||
Gross profit - GAAP basis (excluding amortization) (1) |
$ |
237,458 |
|
|
$ |
290,175 |
|
Non-GAAP adjustments to cost of sales (as scheduled above) |
|
851 |
|
|
|
59 |
|
Gross profit - Non-GAAP basis |
$ |
238,309 |
|
|
$ |
290,234 |
|
|
|
|
|
|
|
||
As a percentage of net sales: |
|
|
|
|
|
||
GAAP gross profit |
|
47.6 |
% |
|
|
46.7 |
% |
Non-GAAP gross profit |
|
47.7 |
% |
|
|
46.7 |
% |
|
|
|
|
|
|
||
Adjusted EBITDA Reconciliation |
|
|
|
|
|
||
Net income - GAAP Basis |
$ |
30,184 |
|
|
$ |
75,219 |
|
Income tax provision |
|
16,129 |
|
|
|
25,385 |
|
Interest expense |
|
2,628 |
|
|
|
2,928 |
|
Interest income |
|
(8,657 |
) |
|
|
(1,551 |
) |
Amortization of purchased intangible assets |
|
26,617 |
|
|
|
25,082 |
|
Depreciation |
|
10,017 |
|
|
|
9,563 |
|
Amortization of cloud-based software implementation costs (2) |
|
2,100 |
|
|
|
1,434 |
|
Loss on extinguishment of debt |
|
369 |
|
|
|
312 |
|
Other non-GAAP adjustments (as scheduled above) |
|
16,743 |
|
|
|
11,408 |
|
Adjusted EBITDA |
$ |
96,130 |
|
|
$ |
149,780 |
|
|
|
|
|
|
|
||
As a percentage of net sales: |
|
|
|
|
|
||
Net income - GAAP Basis |
|
6.0 |
% |
|
|
12.1 |
% |
Adjusted EBITDA |
|
19.3 |
% |
|
|
24.1 |
% |
|
|
|
|
|
|
||
Operating Expense Reconciliation |
|
|
|
|
|
||
Operating Expense - GAAP basis |
$ |
194,520 |
|
|
$ |
191,861 |
|
Non-GAAP adjustments to operating expenses (as scheduled above) |
|
(42,546 |
) |
|
|
(36,431 |
) |
Operating Expenses - Non-GAAP basis |
$ |
151,974 |
|
|
$ |
155,430 |
|
(1) |
|
Excludes amortization of |
(2) |
|
Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within SG&A. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231102798544/en/
Cohu, Inc.
Jeffrey D. Jones - Investor Relations
858-848-8106
Source: Cohu, Inc.
FAQ
What were Cohu's net sales for Q3 2023?
What was Cohu's GAAP income for Q3 2023?
What was Cohu's non-GAAP income for Q3 2023?
What did Cohu acquire to expand its recurring revenue?
What was Cohu's total cash and investments at the end of Q3 2023?
How many shares of its common stock did Cohu repurchase in Q3 2023?