- Second quarter revenue $104.7 million, approximately 66%
recurring
- Gross margin of 44.8%; non-GAAP gross margin of 45.1%
- Launched two new products: Krypton inspection metrology system
and cStrider MEMS probe card
- Announced multi-year estimated $100 million win for test
automation and inspection systems
Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and
services optimizing semiconductor manufacturing yield and
productivity, today reported fiscal 2024 second quarter net sales
of $104.7 million and GAAP loss of $15.8 million or $0.34 per
share. Net sales for the first six months of 2024 were $212.3
million and GAAP loss was $30.4 million or $0.65 per share.
Cohu also reported non-GAAP results, with second quarter 2024
loss of $0.6 million or $0.01 per share and income of $0.0 million
or $0.00 per share for the first six months of 2024.
GAAP Results
(in millions, except per share
amounts)
Q2 FY 2024
Q1 FY 2024
Q2 FY 2023
6 Months 2024
6 Months 2023
Net sales
$
104.7
$
107.6
$
168.9
$
212.3
$
348.3
Net income (loss)
$
(15.8
)
$
(14.6
)
$
10.6
$
(30.4
)
$
26.3
Net income (loss) per share
$
(0.34
)
$
(0.31
)
$
0.22
$
(0.65
)
$
0.55
Non-GAAP Results
(in millions, except per share
amounts)
Q2 FY 2024
Q1 FY 2024
Q2 FY 2023
6 Months 2024
6 Months 2023
Net income (loss)
$
(0.6
)
$
0.6
$
22.9
$
0.0
$
49.9
Net income (loss) per share
$
(0.01
)
$
0.01
$
0.48
$
0.00
$
1.04
Total cash and investments at the end of second quarter 2024
were $262.4 million. Cohu repurchased 267,000 shares of its common
stock in the second quarter for an aggregate amount of
approximately $8.2 million.
“Cohu continued to execute well on new product development
initiatives and delivered several design-wins to expand customer
and addressable markets. We secured two customer awards for the new
Krypton inspection metrology system, two Taiwanese OSATs adopted
the Diamondx tester, and we landed a leading silicon carbide
customer with our new cStrider power probe card,” said Cohu
President and CEO Luis Müller. “Estimated test cell utilization
improved for the second quarter in a row to 74%, a 2 point
sequential increase from the March quarter. It is encouraging to
see utilization improvements, particularly in computing and mobile
segments.”
Cohu expects third quarter 2024 sales to be in a range of $95
million +/- $5 million.
Conference Call Information:
The Company will host a live conference call and webcast with
slides to discuss second quarter 2024 results at 1:30 p.m. Pacific
Time/4:30 p.m. Eastern Time on July 31, 2024. Interested parties
may listen live via webcast on Cohu’s investor relations website at
https://edge.media-server.com/mmc/p/c4ojba35.
To participate via telephone and join the call live, please
register in advance at
https://register.vevent.com/register/BI7136d97fb78049e0a84cc55da2f543aa
to receive the dial-in number along with a unique PIN number that
can be used to access the call.
About Cohu:
Cohu (NASDAQ: COHU) is a global technology leader supplying
test, automation, inspection and metrology products and services to
the semiconductor industry. Cohu’s differentiated and broad product
portfolio enables optimized yield and productivity, accelerating
customers’ manufacturing time-to-market. Additional information can
be found at www.cohu.com.
Use of Non-GAAP Financial Information:
Included within this press release and accompanying materials
are non-GAAP financial measures, including non-GAAP Gross
Margin/Profit, Income and Income (adjusted earnings) per share,
Operating Income, Operating Expense, effective tax rate, free cash
flow, net cash per share and Adjusted EBITDA that supplement the
Company’s Condensed Consolidated Statements of Operations prepared
under generally accepted accounting principles (GAAP). These
non-GAAP financial measures adjust the Company’s actual results
prepared under GAAP to exclude charges and the related income tax
effect for: share-based compensation, the amortization of purchased
intangible assets, manufacturing transition and severance costs,
acquisition-related costs and associated professional fees,
restructuring costs, impairments, inventory step-up, depreciation
of purchase accounting adjustments to property, plant and
equipment, amortization of cloud-based software implementation
costs (Adjusted EBITDA only) and loss
on extinguishment of debt (Adjusted EBITDA only). Reconciliations of GAAP to non-GAAP amounts
for the periods presented herein are provided in schedules
accompanying this release and should be considered together with
the Condensed Consolidated Statements of Operations. With respect
to any forward-looking non-GAAP figures, we are unable to provide
without unreasonable efforts, at this time, a GAAP to non-GAAP
reconciliation of any forward-looking figures due to their inherent
uncertainty.
These non-GAAP measures are not meant as a substitute for GAAP,
but are included solely for informational and comparative purposes.
The Company’s management believes that this information can assist
investors in evaluating the Company’s operational trends, financial
performance, and cash generating capacity. Management uses non-GAAP
measures for a variety of reasons, including to make operational
decisions, to determine executive compensation in part, to forecast
future operational results, and for comparison to our annual
operating plan. However, the non-GAAP financial measures should not
be regarded as a replacement for (or superior to) corresponding,
similarly captioned, GAAP measures.
Forward Looking Statements:
Certain statements contained in this release and accompanying
materials may be considered forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995, including statements regarding new product introductions or
customer adoptions and corresponding financial impacts;
expectations related to our FY2024 outlook, including quarterly
projections; effects of test cell utilization on future business;
and any other statements that are predictive in nature and depend
upon or refer to future events or conditions; and/or include words
such as “may,” “will,” “should,” “would,” “expect,” “anticipate,”
“plan,” “likely,” “believe,” “estimate,” “project,” “intend;”
and/or other similar expressions among others. Statements that are
not historical facts are forward-looking statements.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties and are not
guarantees of future performance. Any third-party industry analyst
forecasts quoted are for reference only and Cohu does not adopt or
affirm any such forecasts.
Actual results and future business conditions could differ
materially from those contained in any forward-looking statement as
a result of various factors, including, without limitation: new
product investments and product enhancements which may not be
commercially successful; the semiconductor industry is seasonal,
cyclical, volatile and unpredictable; recent erosion in mobile,
automotive and industrial market sales; our ability to manage and
deliver high quality products and services; failure of sole source
contract manufacturer or our ability to manage third-party raw
material, component and/or service providers; ongoing inflationary
pressures on material and operational costs coupled with rising
interest rates; economic recession; the semiconductor industry is
intensely competitive, subject to rapid technological changes, and
experiences consolidation of key customers for semiconductor test
equipment; a limited number of customers account for a substantial
percentage of net sales; significant exports to foreign countries
with economic and political instability and competition from a
number of Asia-based manufacturers; our relationships with
customers may deteriorate; loss of key personnel; risks of using
artificial intelligence within Cohu’s product developments and
business; reliance on foreign locations and geopolitical
instability in such locations critical to Cohu and its customers;
natural disasters, war and climate-related changes, including
related economic impacts; levels of debt; access to sufficient
capital on reasonable or favorable terms; foreign operations and
related currency fluctuations; required or desired accounting
charges and the cost or effectiveness of accounting controls;
instability of financial institutions where we maintain cash
deposits and potential loss of uninsured cash deposits; significant
goodwill and other intangibles as percentage of our total assets;
increasingly restrictive trade and export regulations impacting our
ability to sell products, specifically within China; risks
associated with acquisitions, investments and divestitures such as
integration and synergies; constraints related to corporate
governance structures; share repurchases and related impacts;
financial or operating results that are below forecast or credit
rating changes impacting our stock price or financing ability;
law/regulatory changes and including environmental or tax law
changes; significant volatility in our stock price; the risk of
cybersecurity breaches; enforcing or defending intellectual
property claims or other litigation.
These and other risks and uncertainties are discussed more fully
in Cohu’s filings with the SEC, including our most recent Form 10-K
and Form 10-Q, and the other filings made by Cohu with the SEC from
time to time, which are available via the SEC’s website at
www.sec.gov. Except as required by applicable law, Cohu does not
undertake any obligation to revise or update any forward-looking
statement, or to make any other forward-looking statements, whether
as a result of new information, future events or otherwise.
For press releases and other information of interest to
investors, please visit Cohu’s website at www.cohu.com.
COHU, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(in thousands, except per share
amounts)
Three Months Ended (1)
Six Months Ended (1)
June 29,
July 1,
June 29,
July 1,
2024 (2)
2023
2024
2023
Net sales
$
104,701
$
168,921
$
212,315
$
348,292
Cost and expenses:
Cost of sales (excluding amortization)
57,779
88,576
116,144
181,729
Research and development
21,342
22,466
43,678
44,976
Selling, general and administrative
32,118
32,798
67,200
66,987
Amortization of purchased intangible
assets
9,748
9,006
19,543
17,760
Restructuring charges
13
416
22
1,304
121,000
153,262
246,587
312,756
Income (loss) from operations
(16,299
)
15,659
(34,272
)
35,536
Other (expense) income:
Interest expense
(144
)
(727
)
(433
)
(1,855
)
Interest income
2,333
2,732
5,042
5,450
Foreign transaction loss
(373
)
(645
)
(914
)
(1,085
)
Loss on extinguishment of debt
-
-
(241
)
(369
)
Income (loss) from operations before
taxes
(14,483
)
17,019
(30,818
)
37,677
Income tax provision (benefit)
1,286
6,435
(414
)
11,408
Net income (loss)
$
(15,769
)
$
10,584
$
(30,404
)
$
26,269
Income (loss) per share:
Basic:
$
(0.34
)
$
0.22
$
(0.65
)
$
0.55
Diluted:
$
(0.34
)
$
0.22
$
(0.65
)
$
0.55
Weighted average shares used in computing
income (loss) per share: (3)
Basic
46,965
47,618
47,049
47,481
Diluted
46,965
48,028
47,049
48,099
(1)
The three- and six-month periods
ended June 29, 2024 and July 1, 2023 were both comprised of 13
weeks and 26 weeks, respectively.
(2)
On January 30, 2023 the Company
completed the acquisition of MCT Worldwide, LLC (“MCT”) and on
October 2, 2023 the Company completed the acquisition of Equiptest
Engineering Pte. Ltd. (“EQT”). The results of MCT’s and EQT’s
operations have been included since those dates.
(3)
For the three- and six-month
periods ended June 29, 2024, potentially dilutive securities were
excluded from the per share computations due to their antidilutive
effect.
COHU, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands)
June 29,
December 30,
2024
2023
Assets:
Current assets:
Cash and investments (1)
$
262,397
$
335,698
Accounts receivable
103,025
124,624
Inventories
146,074
155,793
Other current assets
34,629
22,703
Total current assets
546,125
638,818
Property, plant & equipment, net
74,907
69,085
Goodwill
237,476
241,658
Intangible assets, net
130,922
151,770
Operating lease right of use assets
14,896
16,778
Other assets
34,706
32,243
Total assets
$
1,039,032
$
1,150,352
Liabilities & Stockholders’
Equity:
Current liabilities:
Short-term borrowings
$
1,243
$
1,773
Current installments of long-term debt
1,135
4,551
Deferred profit
3,327
3,586
Other current liabilities
72,858
93,511
Total current liabilities
78,563
103,421
Long-term debt (1)
7,592
34,303
Non-current operating lease
liabilities
11,408
13,175
Other noncurrent liabilities
45,259
49,283
Cohu stockholders’ equity
896,210
950,170
Total liabilities & stockholders’
equity
$
1,039,032
$
1,150,352
(1)
On February 9, 2024, the Company
made a cash payment of $29.3 million to repay the remaining
outstanding amounts owed under our Term Loan B.
COHU, INC.
Supplemental Reconciliation of GAAP
Results to Non-GAAP Financial Measures (Unaudited)
(in thousands, except per share
amounts)
Three Months Ended
June 29,
March 30,
July 1,
2024
2024
2023
Income (loss) from operations - GAAP basis
(a)
$
(16,299
)
$
(17,973
)
$
15,659
Non-GAAP adjustments:
Share-based compensation included in
(b):
Cost of sales (COS)
262
227
216
Research and development (R&D)
1,001
834
819
Selling, general and administrative
(SG&A)
4,320
3,567
3,397
5,583
4,628
4,432
Amortization of purchased intangible
assets (c)
9,748
9,795
9,006
Restructuring charges related to inventory
adjustments in COS (d)
(12
)
(4
)
(13
)
Restructuring charges (d)
13
9
416
Manufacturing and sales transition costs
included in (e):
COS
2
-
-
R&D
44
14
22
SG&A
1,196
1,640
166
1,242
1,654
188
Impairment charge included in SG&A
(f)
-
966
-
Inventory step-up included in COS (g)
-
-
149
Acquisition costs included in SG&A
(h)
1
174
140
Depreciation of PP&E step-up included
in SG&A (i)
12
12
14
Income (loss) from operations - non-GAAP
basis (j)
$
288
$
(739
)
$
29,991
Net income (loss) - GAAP basis
$
(15,769
)
$
(14,635
)
$
10,584
Non-GAAP adjustments (as scheduled
above)
16,587
17,234
14,332
Tax effect of non-GAAP adjustments (k)
(1,400
)
(1,999
)
(2,004
)
Net income (loss) - non-GAAP basis
$
(582
)
$
600
$
22,912
GAAP net income (loss) per share -
diluted
$
(0.34
)
$
(0.31
)
$
0.22
Non-GAAP net income (loss) per share -
diluted (l)
$
(0.01
)
$
0.01
$
0.48
Management believes the presentation of these non-GAAP financial
measures, when taken together with the corresponding GAAP financial
measures, provides meaningful supplemental information regarding
the Company’s operating performance. Our management uses these
non-GAAP financial measures in assessing the Company's operating
results, as well as when planning, forecasting and analyzing future
periods and these non-GAAP measures allow investors to evaluate the
Company’s financial performance using some of the same measures as
management. Management views share-based compensation as an expense
that is unrelated to the Company’s operational performance as it
does not require cash payments and can vary in amount from period
to period and the elimination of amortization charges provides
better comparability of pre- and post-acquisition operating results
and to results of businesses utilizing internally developed
intangible assets. Management initiated certain restructuring and
manufacturing transition activities including employee headcount
reductions and other organizational changes to align our business
strategies in light of the acquisitions of MCT and EQT.
Restructuring and manufacturing transition costs have been excluded
because such expense is not used by Management to assess the core
profitability of Cohu’s business operations. Impairment charges
have been excluded as these amounts are infrequent and are
unrelated to the operational performance of Cohu. PP&E and
inventory step-up costs have been excluded by management as they
are unrelated to the core operating activities of the Company.
Acquisition costs have been excluded by management as they are
unrelated to the core operating activities of the Company and the
frequency and variability in the nature of the charges can vary
significantly from period to period. Excluding this data provides
investors with a basis to compare Cohu’s performance against the
performance of other companies without this variability. However,
the non-GAAP financial measures should not be regarded as a
replacement for (or superior to) corresponding, similarly
captioned, GAAP measures. The presentation of non-GAAP financial
measures above may not be comparable to similarly titled measures
reported by other companies and investors should be careful when
comparing our non-GAAP financial measures to those of other
companies.
(a)
(15.6)%, (16.7)% and 9.3% of net
sales, respectively.
(b)
To eliminate compensation expense
for employee stock options, stock units and our employee stock
purchase plan.
(c)
To eliminate the amortization of
acquired intangible assets.
(d)
To eliminate restructuring costs
incurred related to the integration of MCT.
(e)
To eliminate the manufacturing
transition and severance costs.
(f)
To eliminate the impairment of
the Company’s investment in Fraes-und Technologiezentrum GmbH
Frasdorf.
(g)
To eliminate amortization of
inventory step up charges related to acquisitions.
(h)
To eliminate professional fees
and other direct incremental expenses incurred related to
acquisitions.
(i)
To eliminate depreciation of
PP&E step up charges related to the acquisition of MCT and
EQT.
(j)
0.3%, (0.7)% and 17.8% of net
sales, respectively.
(k)
To adjust the provision for
income taxes related to the adjustments described above based on
applicable tax rates.
(l)
The three months ended March 30,
2024 was computed using 47,606 shares outstanding as the effect of
dilutive securities was excluded from GAAP diluted common shares
due to the reported net loss under GAAP, but are included for
non-GAAP diluted common shares since the Company has non-GAAP net
income. All other periods presented were calculated using the
number of GAAP diluted shares outstanding.
COHU, INC.
Supplemental Reconciliation of GAAP
Results to Non-GAAP Financial Measures (Unaudited)
(in thousands, except per share
amounts)
Six Months Ended
June 29,
July 1,
2024
2023
Income (loss) from operations - GAAP basis
(a)
$
(34,272
)
$
35,536
Non-GAAP adjustments:
Share-based compensation included in
(b):
Cost of sales (COS)
489
396
Research and development (R&D)
1,835
1,685
Selling, general and administrative
(SG&A)
7,887
6,265
10,211
8,346
Amortization of purchased intangible
assets (c)
19,543
17,760
Restructuring charges related to inventory
adjustments in COS (d)
(16
)
(41
)
Restructuring charges (d)
22
1,304
Manufacturing and sales transition costs
included in (e):
COS
2
18
R&D
58
22
SG&A
2,836
419
2,896
459
Impairment charge included in SG&A
(f)
966
-
Inventory step-up included in COS (g)
-
273
Acquisition costs included in SG&A
(h)
175
525
Depreciation of PP&E step-up included
in SG&A (i)
24
23
Income (loss) from operations - non-GAAP
basis (j)
$
(451
)
$
64,185
Net income (loss) - GAAP basis
$
(30,404
)
$
26,269
Non-GAAP adjustments (as scheduled
above)
33,821
28,649
Tax effect of non-GAAP adjustments (k)
(3,399
)
(5,061
)
Net income - non-GAAP basis
$
18
$
49,857
GAAP net income (loss) per share -
diluted
$
(0.65
)
$
0.55
Non-GAAP income per share - diluted
(l)
$
0.00
$
1.04
Management believes the presentation of these non-GAAP financial
measures, when taken together with the corresponding GAAP financial
measures, provides meaningful supplemental information regarding
the Company’s operating performance. Our management uses these
non-GAAP financial measures in assessing the Company's operating
results, as well as when planning, forecasting and analyzing future
periods and these non-GAAP measures allow investors to evaluate the
Company’s financial performance using some of the same measures as
management. Management views share-based compensation as an expense
that is unrelated to the Company’s operational performance as it
does not require cash payments and can vary in amount from period
to period and the elimination of amortization charges provides
better comparability of pre- and post-acquisition operating results
and to results of businesses utilizing internally developed
intangible assets. Management initiated certain restructuring and
manufacturing transition activities including employee headcount
reductions and other organizational changes to align our business
strategies in light of the acquisitions of MCT and EQT.
Restructuring and manufacturing transition costs have been excluded
because such expense is not used by Management to assess the core
profitability of Cohu’s business operations. Impairment charges
have been excluded as these amounts are infrequent and are
unrelated to the operational performance of Cohu. PP&E and
inventory step-up costs have been excluded by management as they
are unrelated to the core operating activities of the Company.
Acquisition costs have been excluded by management as they are
unrelated to the core operating activities of the Company and the
frequency and variability in the nature of the charges can vary
significantly from period to period. Excluding this data provides
investors with a basis to compare Cohu’s performance against the
performance of other companies without this variability. However,
the non-GAAP financial measures should not be regarded as a
replacement for (or superior to) corresponding, similarly
captioned, GAAP measures. The presentation of non-GAAP financial
measures above may not be comparable to similarly titled measures
reported by other companies and investors should be careful when
comparing our non-GAAP financial measures to those of other
companies.
(a)
(16.1)% and 10.2% of net sales,
respectively.
(b)
To eliminate compensation expense
for employee stock options, stock units and our employee stock
purchase plan.
(c)
To eliminate the amortization of
acquired intangible assets.
(d)
To eliminate restructuring costs
incurred related to the integration of MCT.
(e)
To eliminate the manufacturing
transition and severance costs.
(f)
To eliminate the impairment of
the Company’s investment in Fraes-und Technologiezentrum GmbH
Frasdorf.
(g)
To eliminate amortization of
inventory step up charges related to acquisitions.
(h)
To eliminate professional fees
and other direct incremental expenses incurred related to
acquisitions.
(i)
To eliminate the property, plant
& equipment step-up depreciation accelerated related to the
acquisition of MCT and EQT.
(j)
(0.2)% and 18.4% of net sales,
respectively.
(k)
To adjust the provision for
income taxes related to the adjustments described above based on
applicable tax rates.
(l)
The six months ended June 29,
2024 was computed using 47,390 shares outstanding as the effect of
dilutive securities was excluded from GAAP diluted common shares
due to the reported net loss under GAAP, but are included for
non-GAAP diluted common shares since the Company has non-GAAP net
income. The six months ended July 1, 2023 was calculated using the
number of GAAP diluted shares outstanding.
COHU, INC.
Supplemental Reconciliation of GAAP
Results to Non-GAAP Financial Measures (Unaudited)
(in thousands)
Three Months Ended
June 29,
March 30,
July 1,
2024
2024
2023
Gross Profit Reconciliation
Gross profit - GAAP basis (excluding
amortization) (1)
$
46,922
$
49,249
$
80,345
Non-GAAP adjustments to cost of sales (as
scheduled above)
252
223
352
Gross profit - Non-GAAP basis
$
47,174
$
49,472
$
80,697
As a percentage of net sales:
GAAP gross profit
44.8
%
45.8
%
47.6
%
Non-GAAP gross profit
45.1
%
46.0
%
47.8
%
Adjusted EBITDA Reconciliation
Net income - GAAP Basis
$
(15,769
)
$
(14,635
)
$
10,584
Income tax provision (benefit)
1,286
(1,700
)
6,435
Interest expense
144
289
727
Interest income
(2,333
)
(2,709
)
(2,732
)
Amortization of purchased intangible
assets
9,748
9,795
9,006
Depreciation
3,413
3,429
3,361
Amortization of cloud-based software
implementation costs (2)
709
709
700
Loss on extinguishment of debt
-
241
-
Other non-GAAP adjustments (as scheduled
above)
6,827
7,427
5,312
Adjusted EBITDA
$
4,025
$
2,846
$
33,393
As a percentage of net sales:
Net income - GAAP Basis
(15.1
)%
(13.6
)%
6.3
%
Adjusted EBITDA
3.8
%
2.6
%
19.8
%
Operating Expense
Reconciliation
Operating Expense - GAAP basis
$
63,221
$
67,222
$
64,686
Non-GAAP adjustments to operating expenses
(as scheduled above)
(16,335
)
(17,011
)
(13,980
)
Operating Expenses - Non-GAAP basis
$
46,886
$
50,211
$
50,706
(1)
Excludes amortization of $7,486,
$7,522 and $7,102 for the three months ending June 29, 2024, March
30, 2024 and July 01, 2023, respectively.
(2)
Represents amortization of
capitalized implementation costs related to cloud-based software
arrangements that are included within SG&A.
Six Months Ended
June 29,
July 1,
2024
2023
Gross Profit Reconciliation
Gross profit - GAAP basis (excluding
amortization) (1)
$
96,171
$
166,563
Non-GAAP adjustments to cost of sales (as
scheduled above)
475
646
Gross profit - Non-GAAP basis
$
96,646
$
167,209
As a percentage of net sales:
GAAP gross profit
45.3
%
47.8
%
Non-GAAP gross profit
45.5
%
48.0
%
Adjusted EBITDA Reconciliation
Net income (loss) - GAAP Basis
$
(30,404
)
$
26,269
Income tax provision
(414
)
11,408
Interest expense
433
1,855
Interest income
(5,042
)
(5,450
)
Amortization of purchased intangible
assets
19,543
17,760
Depreciation
6,842
6,698
Amortization of cloud-based software
implementation costs (2)
1,418
1,400
Loss on extinguishment of debt
241
369
Other non-GAAP adjustments (as scheduled
above)
14,254
10,866
Adjusted EBITDA
$
6,871
$
71,175
As a percentage of net sales:
Net income (loss) - GAAP Basis
-14.3
%
7.5
%
Adjusted EBITDA
3.2
%
20.4
%
Operating Expense
Reconciliation
Operating Expense - GAAP basis
$
130,443
$
131,027
Non-GAAP adjustments to operating expenses
(as scheduled above)
(33,346
)
(28,003
)
Operating Expenses - Non-GAAP basis
$
97,097
$
103,024
(1)
Excludes amortization of $15,008
and $13,993 for the six months ending June 29, 2024 and July 01,
2023, respectively.
(2)
Represents amortization of
capitalized implementation costs related to cloud-based software
arrangements that are included within SG&A.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731485093/en/
Cohu, Inc. Jeffrey D. Jones - Investor Relations
858-848-8106
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