Cohu Inc. Q2 2024: Investments with Losses

TL;DR

Cohu's investments with losses down to $30.5M fair value from $38.4M. Still watching.

AI Summary

Cohu Inc. reported its Q2 2024 results for the period ending June 29, 2024. The company's investments with loss positions had a cost of approximately $30.6 million and a fair value of $30.5 million as of June 29, 2024. This compares to a cost of $38.5 million and a fair value of $38.4 million for similar investments as of December 30, 2023.

Why It Matters

This filing provides insight into Cohu Inc.'s financial health and risk exposure related to its investment portfolio, particularly concerning unrealized losses.

Risk Assessment

Risk Level: medium — The presence of investments with significant loss positions indicates potential financial risk and market volatility exposure for the company.

Key Numbers

• $30.5 million — Fair Value of Investments with Losses (As of June 29, 2024, indicating a reduction from the prior period.)
• $38.4 million — Fair Value of Investments with Losses (As of December 30, 2023, showing the previous period's value.)

Key Players & Entities

• Cohu Inc. (company) — Filer of the 10-Q report
• June 29, 2024 (date) — End of the reporting period
• $30.6 million (dollar_amount) — Cost of investments with loss positions as of June 29, 2024
• $30.5 million (dollar_amount) — Fair value of investments with loss positions as of June 29, 2024
• December 30, 2023 (date) — Previous reporting period end
• $38.5 million (dollar_amount) — Cost of investments with loss positions as of December 30, 2023
• $38.4 million (dollar_amount) — Fair value of investments with loss positions as of December 30, 2023

FAQ

Key Financial Figures

• $1.00 — nge on Which Registered Common Stock, $1.00 par value COHU The Nasdaq Stock Mar
• $7,486 — 48,099 (1) Excludes amortization of $7,486 and $7,102 for the three months ended J
• $7,102 — 1) Excludes amortization of $7,486 and $7,102 for the three months ended June 29, 202
• $15,008 — 024 and July 1, 2023, respectively, and $15,008 and $13,993 for the six months ended Ju
• $13,993 — 1, 2023, respectively, and $15,008 and $13,993 for the six months ended June 29, 2024
• $1 — ry Three Months Ended June 29, 2024 $1 par value capital earnings loss

Filing Documents

• cohu20240629_10q.htm (10-Q) — 1711KB
• ex_703886.htm (EX-31.1) — 9KB
• ex_703887.htm (EX-31.2) — 9KB
• ex_703888.htm (EX-32.1) — 3KB
• ex_703889.htm (EX-32.2) — 3KB
• 0001437749-24-024178.txt ( ) — 9131KB
• cohu-20240629.xsd (EX-101.SCH) — 67KB
• cohu-20240629_cal.xml (EX-101.CAL) — 69KB
• cohu-20240629_def.xml (EX-101.DEF) — 451KB
• cohu-20240629_lab.xml (EX-101.LAB) — 456KB
• cohu-20240629_pre.xml (EX-101.PRE) — 501KB
• cohu20240629_10q_htm.xml (XML) — 1824KB

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets June 29, 2024 (unaudited) and December 30, 2023 3 Condensed Consolidated Statements of Operations (unaudited) Three and Six Months Ended June 29, 2024 and July 1, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) Three and Six Months Ended June 29, 2024 and July 1, 2023 5 Condensed Consolidated Statements of Stockholders' Equity (unaudited) Three and Six Months Ended June 29, 2024 and July 1, 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 29, 2024 and July 1, 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures 42 Table of Contents Item 1. COHU, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value amounts) June 29, December 30, 2024 2023 * (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 203,068 $ 245,524 Short-term investments 59,329 90,174 Accounts receivable, net 103,025 124,624 Inventories 146,074 155,793 Prepaid expenses 20,062 17,696 Other current assets 14,567 5,007 Total current assets 546,125 638,818 Property, plant and equipment, net 74,907 69,085 Goodwill 237,476 241,658 Intangible assets, net 130,922 151,770 Other assets 34,706 32,243 Operating lease right of use assets 14,896 16,778 $ 1,039,032 $ 1,150,352 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Short-term borrowings $ 1,243 $ 1,773 Current installments of long-term debt 1,135 4,551 Accounts payable 21,631 33,600 Customer advances 2,797 4,748 Accrued compensation and benefits 21,094 31,897 Deferred profit 3,327 3,586 Accrued warranty 3,588 4,653 Income taxes payable 2,772 4,024 Other accrued liabilities 20,976 14,589 Total current liabilities 78,563 103,421 Long-term debt 7,592 34,303 Deferred income taxes 21,860 23,154 Noncurrent income tax liabilities 5,369 7,065 Accrued retirement benefits 10,350 10,802 Long-term lease liabilities 11,408 13,175 Other accrued liabilities 7,680 8,262 Stockholders' equity Preferred stock, $ 1 par value; 1,000 shares authorized, none issued - - Common stock, $ 1 par value; 90,000 shares authorized, 49,507 shares issued and outstanding in 2024 and 49,429 shares in 2023 49,507 49,429 Paid-in capital 685,522 686,146 Treasury stock, at cost; 2,587 shares in 2024 and 2,253 shares in 2023 ( 80,020 ) ( 69,184 ) Retained earnings 288,154 318,558 Accumulated other comprehensive loss ( 46,953 ) ( 34,779 ) Total stockholders' equity 896,210 950,170 $ 1,039,032 $ 1,150,352 * Derived from Decem

View Full Filing

View this 10-Q filing on SEC EDGAR