Cohu Reports Third Quarter 2018 Results

(1) Excludes impact of Xcerra acquisition that closed on October 1, 2018

             
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


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