Cohu Reports Third Quarter 2018 Results
(1) Excludes impact of Xcerra acquisition that closed on October 1, 2018
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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 29,
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June 30,
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September 30,
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2018
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2018
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2017
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Income from operations - GAAP basis (a)
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$
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6,779
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$
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13,798
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$
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10,418
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Non-GAAP adjustments:
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Share-based compensation included in (b):
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Cost of sales
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125
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162
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123
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Research and development
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354
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395
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278
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Selling, general and administrative (SG&A)
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1,401
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1,391
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1,459
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1,880
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1,948
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1,860
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Amortization of intangible assets included in (c):
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Cost of sales
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644
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639
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677
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SG&A
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380
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380
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403
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1,024
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1,019
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1,080
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Restructuring costs included in (d):
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Research and development
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273
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-
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-
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SG&A
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107
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-
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-
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380
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-
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-
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Manufacturing transition and severance costs included in SG&A (e)
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23
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100
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7
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Adjustment to contingent consideration included in SG&A (f)
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227
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577
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668
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Acquisition costs included in SG&A (g)
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1,034
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3,848
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85
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Inventory step-up included in cost of sales (h)
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-
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-
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592
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Income from operations - non-GAAP basis (i)
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$
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11,347
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$
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21,290
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$
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14,710
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Income from continuing operations - GAAP basis
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$
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4,803
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$
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11,648
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$
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8,755
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Non-GAAP adjustments (as scheduled above)
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4,568
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7,492
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4,292
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Tax effect of non-GAAP adjustments (j)
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(373
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(305
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(452
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)
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Income from continuing operations - non-GAAP basis
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$
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8,998
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$
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18,835
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$
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12,595
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GAAP income from continuing operations per share - diluted
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$
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0.16
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$
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0.39
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$
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0.30
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Non-GAAP income from continuing operations per share - diluted (k)
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$
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0.30
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$
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0.64
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$
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0.43
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Gross Profit Reconciliation
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Gross profit - GAAP basis
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$
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34,378
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$
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41,501
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$
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36,909
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Non-GAAP adjustments to cost of sales (as scheduled above)
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769
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801
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1,392
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Gross profit - Non-GAAP basis
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$
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35,147
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$
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42,302
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$
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38,301
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Non-GAAP gross profit as a percentage of net sales
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40.8
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%
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42.4
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%
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40.9
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%
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Adjusted EBITDA Reconciliation
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Net income - GAAP basis
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$
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4,803
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$
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11,648
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$
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8,755
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Income tax provision
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2,302
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2,468
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1,837
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Interest and other, net
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(326
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(318
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(174
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Amortizaton
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1,024
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1,019
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1,080
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Depreciation
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1,378
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1,398
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1,312
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Other non-GAAP adjustments (as scheduled above)
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3,544
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6,473
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3,212
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Adjusted EBITDA
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$
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12,725
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$
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22,688
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$
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16,022
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Adjusted EBITDA as a percentage of net sales
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14.8
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%
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22.7
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%
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17.1
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%
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Operating Expense Reconciliation
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Operating Expense - GAAP basis
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$
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27,599
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$
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27,703
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$
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26,491
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Non-GAAP adjustments to R&D and SG&A (as scheduled above)
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(3,799
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(6,691
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(2,900
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Operating Expenses - Non-GAAP basis
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$
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23,800
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$
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21,012
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$
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23,591
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* Excludes operating results from Xcerra acquired on October 1,
2018
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