Cohu Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cohu Inc. filed its 2023 10-K, reporting $49.4 million in net income and $161.4 million in total assets.</b>

AI Summary

COHU INC (COHU) filed a Annual Report (10-K) with the SEC on February 16, 2024. Cohu Inc. reported its fiscal year 2023 results, ending December 30, 2023. The company's total assets were $161,351,000 as of December 30, 2023. Net income for the fiscal year 2023 was $49,429,000. The company's revenue for the fiscal year 2023 was $1,000,000. Investments in loss positions were approximately $38.4 million as of December 30, 2023.

Why It Matters

For investors and stakeholders tracking COHU INC, this filing contains several important signals. The filing provides a comprehensive overview of Cohu Inc.'s financial performance and position for the fiscal year 2023, crucial for investors assessing the company's stability and profitability. Details on investments, including those with temporary impairments, and the divestment of the PCB Test business offer insights into strategic decisions and their financial impact.

Risk Assessment

Risk Level: medium — COHU INC shows moderate risk based on this filing. The company's revenue for the fiscal year 2023 was reported as $1,000,000, which appears significantly lower than typical annual revenues for a company of this nature, potentially indicating a data anomaly or a substantial business shift that requires further investigation.

Analyst Insight

Investors should scrutinize the reported revenue of $1,000,000 for fiscal year 2023 to understand the underlying business performance and any potential data discrepancies.

Financial Highlights

revenue

1,000,000

total Assets

161,351,000

net Income

49,429,000

Key Numbers

• 20231230 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240216 — Filing Date (FILED AS OF DATE)
• 49,429,000 — Net Income (FY 2023)
• 161,351,000 — Total Assets (As of December 30, 2023)
• 1,000,000 — Revenue (FY 2023)
• 38,400,000 — Investments with Loss Positions (As of December 30, 2023)
• 28,418 — Amortization Expense (Year ended December 30, 2023)

Key Players & Entities

• COHU INC (company) — FILER
• Nina L. Richardson (person) — Director
• PCB Test (company) — business divestment

FAQ

Risk Factors

• Investments with Loss Positions [medium — financial]: As of December 30, 2023, investments with loss positions were approximately $38.4 million, down from $85.5 million in the prior year, with losses deemed temporary.
• Divestment of PCB Test Business [low — operational]: The company completed the divestment of its PCB Test business on June 24, 2021, with results included in continuing operations.

Key Dates

• 2023-12-30: Fiscal Year End — Reporting period for the 2023 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially filed with the SEC.
• 2021-06-24: PCB Test Business Divestment — Date of completion for the sale of the PCB Test business.

Key Financial Figures

• $1.00 — nge on Which Registered Common Stock, $1.00 par value COHU The Nasdaq Stock Mar
• $160.4 million — log of unfilled orders for products was $160.4 million at December 30, 2023 and $279.8 million
• $279.8 million — $160.4 million at December 30, 2023 and $279.8 million at December 31, 2022. Backlog is gener
• $88.6 million — al research and development expense was $88.6 million in 2023, $92.6 million in 2022 and $92.
• $92.6 million — ment expense was $88.6 million in 2023, $92.6 million in 2022 and $92.0 million in 2021. We
• $92.0 million — lion in 2023, $92.6 million in 2022 and $92.0 million in 2021. We work closely with our cust

Filing Documents

• cohu20231230_10k.htm (10-K) — 2845KB
• ex_625461.htm (EX-21) — 36KB
• ex_625462.htm (EX-23) — 4KB
• ex_625463.htm (EX-31.1) — 10KB
• ex_625464.htm (EX-31.2) — 10KB
• ex_625465.htm (EX-32.1) — 3KB
• ex_625466.htm (EX-32.2) — 3KB
• ex_626375.htm (EX-97) — 25KB
• img01.jpg (GRAPHIC) — 36KB
• 0001437749-24-004596.txt (&nbsp;) — 14802KB
• cohu-20231230.xsd (EX-101.SCH) — 111KB
• cohu-20231230_cal.xml (EX-101.CAL) — 101KB
• cohu-20231230_def.xml (EX-101.DEF) — 759KB
• cohu-20231230_lab.xml (EX-101.LAB) — 714KB
• cohu-20231230_pre.xml (EX-101.PRE) — 825KB
• cohu20231230_10k_htm.xml (XML) — 2980KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. Reserved 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 46 Item 9A.

Controls and Procedures

Controls and Procedures 46 Item 9B. Other Information 48 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 48 PART III Item 10. Directors, Executive Officers and Corporate Governance 48 Item 11.

Executive Compensation

Executive Compensation 48 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49 Item 13. Certain Relationships and Related Transactions, and Director Independence 49 Item 14. Principal Accounting Fees and Services 49 PART IV Item 15. Exhibits, Financial Statement Schedules 50 Item 16. Form 10-K Summary 92

Signatures

Signatures 93 Table of Contents This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 and the Securities Act of 1933, which are subject to known and unknown risks and uncertainties. The forward-looking statements include statements concerning, among other things, our business strategy (including the influence of anticipated trends and developments in our business and the markets in which we operate), financial results, operating results, revenues, gross margin, operating expenses, products, projected costs and capital expenditures, research and development programs, sales and marketing initiatives, acquisitions and competition. In some cases, you can identify these statements by our use of forward-looking words, such as " may, " " might, " " will, " " could, " " should, " " expect, " " plan, " " anticipate, " " believe, " " estimate, " " predict, " " intend " and " continue, " the negative or plural of these words and other comparable terminology. Forward-looking statements are based on information available to us as of the filing date of this Annual Report on Form 10-K and our current expectations about future events, which are inherently subject to change and involve assumptions and known and unknown risks and uncertainties. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. We have no obligation to update any of these statements, and we assume no obligation to do so. Actual events or results may differ materially from those expressed or implied by these statements due to various factors, including but not limited to the

Business

Item 1. Business. Cohu, Inc. ("Cohu", "we", "our", "us" and the "Company") is a global technology leader supplying test, interface, automation, inspection and metrology products, software and services to the semiconductor industry. Cohu's differentiated and broad product portfolio enables optimized yield and productivity, accelerating customers' manufacturing time-to-market. We offer a wide range of products and services, and revenue from our capital equipment products is driven by the capital expenditure budgets and spending patterns of our customers, who often delay or accelerate purchases in reaction to variations in their business. The level of capital expenditures by these companies depends on the current and anticipated market demand for semiconductor devices and the products that incorporate them. Our recurring revenues are driven by increases in our product installed base and in the number of semiconductor devices that are tested, and by the continuous introduction of new products and technologies by our customers. On January 30, 2023, we completed the acquisition of MCT Worldwide, LLC ("MCT"), a U.S. based company with its principal manufacturing site in Penang, Malaysia. MCT provides automated solutions for the semiconductor industry and designs, manufactures, markets, services and distributes strip test handlers, film frame handlers and laser mark handlers. On October 2, 2023, we acquired Equiptest Engineering Pte. Ltd. ("EQT"), a Singapore-based company. EQT is a provider of semiconductor test contactors and other test consumables. MCT and EQT are included in Cohu's consolidated results from operations as of the date of acquisition. On June 24, 2021, we completed the sale of our PCB Test Equipment ("PCB Test") business, that represented the entirety of our PCB Test reportable segment. As part of this divestiture, we also sold certain intellectual property held by our Semiconductor Test & Inspection segment that was used by the PCB Test business. Unle

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View this 10-K filing on SEC EDGAR