- Full year 2024 revenue of $401.8 million
- Full year 2024 gross margin of 44.9%; non-GAAP gross margin of
45.0%
- Fourth quarter revenue $94.1 million, approximately 62%
recurring
- Fourth quarter gross margin of 41.9% impacted by an inventory
reserve charge of $2.1 million; non-GAAP gross margin of 41.8%
- Acquired Tignis, Inc. a provider of artificial intelligence
process control and analytics software
Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and
services optimizing semiconductor manufacturing yield and
productivity, today reported fiscal 2024 fourth quarter net sales
of $94.1 million and GAAP loss of $21.4 million or $0.46 per share.
Net sales for full year 2024 were $401.8 million with GAAP loss of
$69.8 million or $1.49 per share.
The Company also reported non-GAAP results, with fourth quarter
2024 loss of $7.1 million or $0.15 per share and loss of $10.9
million or $0.23 per share for full year 2024.
GAAP Results
(in millions, except per share
amounts)
Q4 FY 2024
Q3 FY 2024
Q4 FY 2023
12 Months 2024
12 Months 2023
Net sales
$
94.1
$
95.3
$
137.2
$
401.8
$
636.3
Net income (loss)
$
(21.4
)
$
(18.1
)
$
(2.0
)
$
(69.8
)
$
28.2
Net income (loss) per share
$
(0.46
)
$
(0.39
)
$
(0.04
)
$
(1.49
)
$
0.59
Non-GAAP Results
(in millions, except per share
amounts)
Q4 FY 2024
Q3 FY 2024
Q4 FY 2023
12 Months 2024
12 Months 2023
Net income (loss)
$
(7.1
)
$
(3.8
)
$
11.1
$
(10.9
)
$
77.9
Net income (loss) share
$
(0.15
)
$
(0.08
)
$
0.23
$
(0.23
)
$
1.62
Total cash and investments at the end of fourth quarter 2024
were $262.1 million. Cohu did not repurchase any shares of its
common stock during fourth quarter 2024.
“Systems revenue increased sequentially in Computing, Industrial
and Consumer segments in a seasonally slow period” said Cohu
President and CEO Luis Müller. “We are expanding our analytics
offering with Tignis, creating the opportunity to potentially grow
software revenue at an annual rate of 50% or more over the next
three years as the industry seeks solutions to optimize yield and
productivity.”
Cohu expects first quarter 2025 sales to be in a range of $97
million +/- $7 million.
Conference Call Information:
The Company will host a live conference call and webcast with
slides to discuss fourth quarter 2024 results at 1:30 p.m. Pacific
Time/4:30 p.m. Eastern Time on February 13, 2025. Interested
parties may listen live via webcast on Cohu’s investor relations
website at https://edge.media-server.com/mmc/p/qwe68cs8
To participate via telephone and join the call live, please
register in advance at
https://register.vevent.com/register/BI703c7d889b924f599887f8386232fc79
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, 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, restructuring costs, manufacturing transition
and severance costs, acquisition-related costs and associated
professional fees, impairments, inventory step-up, reduction of
indemnification receivable, depreciation of purchase accounting
adjustments to property, plant and equipment, 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 U.S. Private Securities Litigation Reform Act of
1995, including statements regarding effects of near-term growth in
revenue in certain vertical markets and corresponding financial
impacts; expectations related to our FY2025 outlook, including
quarterly projections; success or contribution of M&A
transactions; new market entries, product introductions or customer
adoptions and corresponding performance metrics or financial
impacts; product market projected growth and market sizes and
related revenue opportunities for the semiconductor process control
market; 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: new
product investments and product enhancements which may not be
commercially successful; the semiconductor industry is seasonal,
cyclical, volatile and unpredictable; recent erosion in mobile,
automotive and industrial market sales; our ability to manage and
deliver high quality products and services; failure of sole source
contract manufacturer or our ability to manage third-party raw
material, component and/or service providers; ongoing inflationary
pressures on material and operational costs coupled with rising
interest rates; economic recession; the semiconductor industry is
intensely competitive, subject to rapid technological changes, and
experiences consolidation of key customers for semiconductor test
equipment; a limited number of customers account for a substantial
percentage of net sales; significant exports to foreign countries
with economic and political instability and competition from a
number of Asia-based manufacturers; our relationships with
customers may deteriorate; loss of key personnel; risks of using
artificial intelligence within Cohu’s product developments and
business; reliance on foreign locations and geopolitical
instability in such locations critical to Cohu and its customers;
natural disasters, war and climate-related changes, including
related economic impacts; levels of debt; access to sufficient
capital on reasonable or favorable terms; foreign operations and
related currency fluctuations; required or desired accounting
charges and the cost or effectiveness of accounting controls;
instability of financial institutions where we maintain cash
deposits and potential loss of uninsured cash deposits; significant
goodwill and other intangibles as percentage of our total assets;
increasingly restrictive trade and export regulations impacting our
ability to sell products, specifically within China; risks
associated with acquisitions, investments and divestitures such as
integration and synergies; constraints related to corporate
governance structures; share repurchases and related impacts;
financial or operating results that are below forecast or credit
rating changes impacting our stock price or financing ability;
law/regulatory changes and including environmental or tax law
changes; significant volatility in our stock price; the risk of
cybersecurity breaches; enforcing or defending intellectual
property claims or other litigation.
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.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(in thousands, except per share
amounts)
Three Months Ended (1) (2)
Twelve Months Ended (1) (2)
December 28,
December 30,
December 28,
December 30,
2024
2023
2024
2023
Net sales
$
94,122
$
137,226
$
401,779
$
636,322
Cost and expenses:
Cost of sales (excluding amortization)
54,656
71,816
221,485
333,454
Research and development
20,795
22,117
84,797
88,571
Selling, general and administrative
30,540
32,846
128,037
132,249
Amortization of purchased intangible
assets
9,753
9,738
39,087
36,355
Restructuring charges
5
375
41
2,421
115,749
136,892
473,447
593,050
Income (loss) from operations
(21,627
)
334
(71,668
)
43,272
Other (expense) income:
Interest expense
(99
)
(754
)
(618
)
(3,382
)
Interest income
2,325
2,847
9,976
11,504
Foreign transaction gain (loss)
98
(2,924
)
(2,395
)
(5,209
)
Loss on extinguishment of debt
-
-
(241
)
(369
)
Income (loss) from operations before
taxes
(19,303
)
(497
)
(64,946
)
45,816
Income tax provision
2,055
1,531
4,872
17,660
Net income (loss)
$
(21,358
)
$
(2,028
)
$
(69,818
)
$
28,156
Income (loss) per share:
Basic:
$
(0.46
)
$
(0.04
)
$
(1.49
)
$
0.59
Diluted:
$
(0.46
)
$
(0.04
)
$
(1.49
)
$
0.59
Weighted average shares used in
computing income (loss) per share: (3)
Basic
46,719
47,369
46,908
47,486
Diluted
46,719
47,369
46,908
48,025
(1)
The three- and twelve-month periods ended December 28, 2024 and
December 30, 2023 were both comprised of 13 weeks and 52 weeks,
respectively.
(2)
On January 30, 2023 the Company completed the acquisition of MCT
Worldwide, LLC (“MCT”) and on October 2, 2023 the Company completed
the acquisition of Equiptest Engineering Pte. Ltd. (“EQT”). The
results of MCT’s and EQT’s operations have been included since
those dates.
(3)
For the three- and twelve-month periods ended December 28, 2024
and the three-month period ended December 30, 2023, potentially
dilutive securities were excluded from the per share computations
due to their antidilutive effect.
COHU, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands)
December 28,
December 30,
2024
2023
Assets:
Current assets:
Cash and investments (1)
$
262,092
$
335,698
Accounts receivable
91,619
124,624
Inventories
141,861
155,793
Other current assets
38,735
22,703
Total current assets
534,307
638,818
Property, plant & equipment, net
74,786
69,085
Goodwill
234,639
241,658
Intangible assets, net
110,717
151,770
Operating lease right of use assets
13,908
16,778
Other assets
31,058
32,243
Total assets
$
999,415
$
1,150,352
Liabilities & Stockholders’
Equity:
Current liabilities:
Short-term borrowings
$
633
$
1,773
Current installments of long-term debt
1,115
4,551
Deferred profit
3,589
3,586
Other current liabilities
79,847
93,511
Total current liabilities
85,184
103,421
Long-term debt (1)
7,052
34,303
Non-current operating lease
liabilities
9,893
13,175
Other noncurrent liabilities
39,795
49,283
Cohu stockholders’ equity
857,491
950,170
Total liabilities & stockholders’
equity
$
999,415
$
1,150,352
(1) On February 9, 2024, the Company made a cash payment of
$29.3 million to repay the remaining outstanding amounts owed under
our Term Loan B.
COHU, INC.
Supplemental Reconciliation of GAAP
Results to Non-GAAP Financial Measures (Unaudited)
(in thousands, except per share
amounts)
Three Months Ended
December 28,
September 28,
December 30,
2024
2024
2023
Income (loss) from operations - GAAP basis
(a)
$
(21,627
)
$
(15,769
)
$
334
Non-GAAP adjustments:
Share-based compensation included in
(b):
Cost of sales (COS)
290
270
226
Research and development (R&D)
966
765
860
Selling, general and administrative
(SG&A)
4,025
4,213
3,471
5,281
5,248
4,557
Amortization of purchased intangible
assets (c)
9,753
9,791
9,738
Restructuring charges related to inventory
adjustments in COS (d)
(429
)
(20
)
(3
)
Restructuring charges (d)
5
14
375
Manufacturing and sales transition costs
included in (e):
COS
9
-
7
R&D
22
62
-
SG&A
105
393
527
136
455
534
Impairment charge included in SG&A
(f)
-
(63
)
-
Reduction of indemnification receivable
included in SG&A (g)
506
-
-
Inventory step-up included in COS (h)
-
-
868
Acquisition costs included in SG&A
(i)
407
-
288
Depreciation of PP&E step-up included
in SG&A (j)
-
12
30
Income (loss) from operations - non-GAAP
basis (k)
$
(5,968
)
$
(332
)
$
16,721
Net loss - GAAP basis
$
(21,358
)
$
(18,056
)
$
(2,028
)
Non-GAAP adjustments (as scheduled
above)
15,659
15,437
16,387
Tax effect of non-GAAP adjustments (l)
(1,377
)
(1,178
)
(3,239
)
Net income (loss) - non-GAAP basis
$
(7,076
)
$
(3,797
)
$
11,120
GAAP net loss per share - diluted
$
(0.46
)
$
(0.39
)
$
(0.04
)
Non-GAAP net income (loss) per share -
diluted (m)
$
(0.15
)
$
(0.08
)
$
0.23
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 and
manufacturing transition activities including employee headcount
reductions and other organizational changes to align our business
strategies in light of our acquisitions. Restructuring and
manufacturing transition costs have been excluded because such
expense is not used by Management to assess the core profitability
of Cohu’s business operations. Impairment charges have been
excluded as these amounts are infrequent and are unrelated to the
operational performance of Cohu. 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. Management believes the reduction of an
uncertain tax position liability and related indemnification
receivable is better reflected within income tax expense rather
than a charge to SG&A and credit to the income tax provision.
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)
(23.0)%, (16.5)% and 0.2% of net sales,
respectively.
(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 our acquisitions.
(e)
To eliminate the manufacturing transition
and severance costs.
(f)
To eliminate the impairment of the
Company’s investment in Fraes-und Technologiezentrum GmbH
Frasdorf.
(g)
To eliminate the impact of the reduction
of an uncertain tax position liability and related indemnification
receivable.
(h)
To eliminate amortization of inventory
step up charges related to acquisitions.
(i)
To eliminate professional fees and other
direct incremental expenses incurred related to acquisitions.
(j)
To eliminate depreciation of PP&E step
up charges related to the acquisitions.
(k)
(6.3)%, (0.3)% and 12.2% of net sales,
respectively.
(l)
To adjust the provision for income taxes
related to the adjustments described above based on applicable tax
rates.
(m)
The three months ended December 30, 2023,
was computed using 47,795 shares outstanding, as the effect of
dilutive securities was excluded from GAAP diluted common shares
due to the reported net loss under GAAP, but are included for
non-GAAP diluted common shares since the Company has non-GAAP net
income. All other periods presented were calculated using the
number of GAAP diluted shares outstanding.
COHU, INC.
Supplemental Reconciliation of GAAP
Results to Non-GAAP Financial Measures (Unaudited)
(in thousands, except per share
amounts)
Twelve Months Ended
December 28,
December 30,
2024
2023
Income (loss) from operations - GAAP basis
(a)
$
(71,668
)
$
43,272
Non-GAAP adjustments:
Share-based compensation included in
(b):
Cost of sales (COS)
1,049
845
Research and development (R&D)
3,566
3,394
Selling, general and administrative
(SG&A)
16,125
12,998
20,740
17,237
Amortization of purchased intangible
assets (c)
39,087
36,355
Restructuring charges related to inventory
adjustments in COS (d)
(465
)
(62
)
Restructuring charges (d)
41
2,421
Manufacturing and sales transition costs
included in (e):
COS
11
25
R&D
142
22
SG&A
3,334
1,007
3,487
1,054
Impairment charge included in SG&A
(f)
903
-
Reduction of indemnification receivable
included in SG&A (g)
506
-
Inventory step-up included in COS (h)
-
1,141
Acquisition costs included in SG&A
(i)
582
1,571
Depreciation of PP&E step-up included
in SG&A (j)
36
67
Income (loss) from operations - non-GAAP
basis (k)
$
(6,751
)
$
103,056
Net income (loss) - GAAP basis
$
(69,818
)
$
28,156
Non-GAAP adjustments (as scheduled
above)
64,917
59,784
Tax effect of non-GAAP adjustments (l)
(5,954
)
(10,054
)
Net income (loss) - non-GAAP basis
$
(10,855
)
$
77,886
GAAP net income (loss) per share -
diluted
$
(1.49
)
$
0.59
Non-GAAP income (loss) per share - diluted
(m)
$
(0.23
)
$
1.62
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 and
manufacturing transition activities including employee headcount
reductions and other organizational changes to align our business
strategies in light of our acquisitions. Restructuring and
manufacturing transition costs have been excluded because such
expense is not used by Management to assess the core profitability
of Cohu’s business operations. Impairment charges have been
excluded as these amounts are infrequent and are unrelated to the
operational performance of Cohu. 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. Management believes the reduction of an
uncertain tax position liability and related indemnification
receivable is better reflected within income tax expense rather
than a charge to SG&A and credit to the income tax provision.
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)
(17.8)% and 6.8% of net sales,
respectively.
(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 acquisitions.
(e)
To eliminate the manufacturing transition
and severance costs.
(f)
To eliminate the impairment of the
Company’s investment in Fraes-und Technologiezentrum GmbH
Frasdorf.
(g)
To eliminate the impact of the reduction
of an uncertain tax position liability and related indemnification
receivable.
(h)
To eliminate amortization of inventory
step up charges related to acquisitions.
(i)
To eliminate professional fees and other
direct incremental expenses incurred related to acquisitions.
(j)
To eliminate the property, plant &
equipment step-up depreciation accelerated related to
acquisitions.
(k)
(1.7)% and 16.2% of net sales,
respectively.
(l)
To adjust the provision for income taxes
related to the adjustments described above based on applicable tax
rates.
(m)
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
December 28,
September 28,
December 30,
2024
2024
2023
Gross Profit Reconciliation
Gross profit - GAAP basis (excluding
amortization) (1)
$
39,466
$
44,657
$
65,410
Non-GAAP adjustments to cost of sales (as
scheduled above)
(130
)
250
1,098
Gross profit - Non-GAAP basis
$
39,336
$
44,907
$
66,508
As a percentage of net sales:
GAAP gross profit
41.9
%
46.8
%
47.7
%
Non-GAAP gross profit
41.8
%
47.1
%
48.5
%
Adjusted EBITDA Reconciliation
Net income - GAAP Basis
$
(21,358
)
$
(18,056
)
$
(2,028
)
Income tax provision
2,055
3,231
1,531
Interest expense
99
86
754
Interest income
(2,325
)
(2,609
)
(2,847
)
Amortization of purchased intangible
assets
9,753
9,791
9,738
Depreciation
3,196
3,362
3,372
Amortization of cloud-based software
implementation costs (2)
709
709
700
Other non-GAAP adjustments (as scheduled
above)
5,906
5,634
6,619
Adjusted EBITDA
$
(1,965
)
$
2,148
$
17,839
As a percentage of net sales:
Net income - GAAP Basis
(22.7
)%
(18.9
)%
(1.5
)%
Adjusted EBITDA
(2.1
)%
2.3
%
13.0
%
Operating Expense
Reconciliation
Operating Expense - GAAP basis
$
61,093
$
60,426
$
65,076
Non-GAAP adjustments to operating expenses
(as scheduled above)
(15,789
)
(15,187
)
(15,289
)
Operating Expenses - Non-GAAP basis
$
45,304
$
45,239
$
49,787
(1
)
Excludes amortization of $7,483, $7,518
and $7,476 for the three months ending December 28, 2024, September
28, 2024 and December 30, 2023, respectively.
(2
)
Represents amortization of capitalized
implementation costs related to cloud-based software arrangements
that are included within SG&A.
Twelve Months Ended
December 28,
December 30,
2024
2023
Gross Profit Reconciliation
Gross profit - GAAP basis (excluding
amortization) (1)
$
180,294
$
302,868
Non-GAAP adjustments to cost of sales (as
scheduled above)
595
1,949
Gross profit - Non-GAAP basis
$
180,889
$
304,817
As a percentage of net sales:
GAAP gross profit
44.9
%
47.6
%
Non-GAAP gross profit
45.0
%
47.9
%
Adjusted EBITDA Reconciliation
Net income (loss) - GAAP Basis
$
(69,818
)
$
28,156
Income tax provision
4,872
17,660
Interest expense
618
3,382
Interest income
(9,976
)
(11,504
)
Amortization of purchased intangible
assets
39,087
36,355
Depreciation
13,400
13,389
Amortization of cloud-based software
implementation costs (2)
2,836
2,800
Loss on extinguishment of debt
241
369
Other non-GAAP adjustments (as scheduled
above)
25,794
23,362
Adjusted EBITDA
$
7,054
$
113,969
As a percentage of net sales:
Net income (loss) - GAAP Basis
(17.4
)%
4.4
%
Adjusted EBITDA
1.8
%
17.9
%
Operating Expense
Reconciliation
Operating Expense - GAAP basis
$
251,962
$
259,596
Non-GAAP adjustments to operating expenses
(as scheduled above)
(64,322
)
(57,835
)
Operating Expenses - Non-GAAP basis
$
187,640
$
201,761
(1
)
Excludes amortization of $30,009 and
$28,417 for the twelve months ending December 28, 2024 and December
30, 2023, respectively.
(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/20250213799093/en/
Cohu, Inc. Jeffrey D. Jones - Investor Relations
858-848-8106
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