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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