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