The following is a summary of the Cohu, Inc. (COHU) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Cohu reported Q4 revenue of $137.2 million, with full year 2023 revenue reaching $636.3 million.

• Recurring revenue represented 54% of total revenue in Q4 and 49% of full year 2023 revenue.

• Q4 gross margin stood at 48.5%, and full year margin was 47.9%.

• The company used $43 million to acquire EQT and $13 million to repurchase 390,000 shares of its common stock.

• Cohu ended Q4 with net cash of $6.17 per share. Net interest income is expected to increase by approximately $200,000 per quarter following repayment of the Term Loan B.

• Cohu forecasted Q1 2024 revenue to be around $107 million.

Business Progress:

• Cohu continues to maintain a strong balance sheet to support debt reduction, share buyback program, and investment opportunities to expand its markets and technology portfolio.

• The company is taking measures to reduce operating expenses due to subdued customer demand without sacrificing critical new product investments.

• Cohu is constructing a new facility in the Philippines to support long-term growth prospects in the interface business.

• The company completed the acquisition of Equiptest Engineering to enhance their product range and increase recurring income.

• A new 92,000 square foot facility has been set up in the Philippines to improve efficiency, quality, and cost-effectiveness.

• Cohu introduced a new solution within their DI-Core analytics platform.

• Anticipated business recovery in the second half of the year due to potential increase in automotive and industrial customers' demand.

More details: Cohu Inc IR

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