cohu20230401

cohu20230401_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 1, 2023

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-04298

COHU, INC.

(Exact name of registrant as specified in its charter)

Delaware	95-1934119
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

12367 Crosthwaite Circle, Poway, California	92064-6817
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (858) 848-8100

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Exchange on Which Registered
Common Stock, $1.00 par value	COHU	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

As of April 27, 2023, the Registrant had 47,533,071 shares of its $1.00 par value common stock outstanding.

Table of Contents

COHU, INC.

INDEX

FORM 10-Q

APRIL 1, 2023

Part I	Financial Information	Page Number

Item 1.	Financial Statements:

	Condensed Consolidated Balance Sheets April 1, 2023 (unaudited) and December 31, 2022	3

	Condensed Consolidated Statements of Income (unaudited) Three Months Ended April 1, 2023 and March 26, 2022	4

	Condensed Consolidated Statements of Comprehensive Income (unaudited) Three Months Ended April 1, 2023 and March 26, 2022	5

	Condensed Consolidated Statements of Stockholders’ Equity (unaudited) Three Months Ended April 1, 2023 and March 26, 2022	6

	Condensed Consolidated Statements of Cash Flows (unaudited) Three Months Ended April 1, 2023 and March 26, 2022	7

	Notes to Unaudited Condensed Consolidated Financial Statements	8

Item 2.	Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36

Item 4.	Controls and Procedures	37

Part II	Other Information

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	39

Item 4.	Mine Safety Disclosures	39

Item 5.	Other Information	39

Item 6.	Exhibits	40

Signatures		41

Table of Contents

Item 1.
COHU, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value amounts)

	April 1,		December 31,
	2023		2022*
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	226,649	$	242,341
Short-term investments		97,646		143,235
Accounts receivable, net		176,257		176,148
Inventories		176,189		170,141
Prepaid expenses		32,168		24,017
Other current assets		587		8,969
Total current assets		709,496		764,851

Property, plant and equipment, net		67,208		65,011
Goodwill		223,552		213,539
Intangible assets, net		143,946		140,104
Other assets		21,679		21,105
Operating lease right of use assets		21,718		22,804
	$	1,187,599	$	1,227,414

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings	$	1,883	$	1,907
Current installments of long-term debt		4,538		4,404
Accounts payable		54,586		51,763
Customer advances		13,124		6,886
Accrued compensation and benefits		26,627		38,348
Deferred profit		5,738		8,022
Accrued warranty		5,532		5,614
Income taxes payable		17,993		26,648
Other accrued liabilities		15,007		17,280
Total current liabilities		145,028		160,872

Long-term debt		37,719		72,664
Deferred income taxes		23,239		21,359
Noncurrent income tax liabilities		7,183		6,486
Accrued retirement benefits		10,162		10,363
Long-term lease liabilities		18,017		19,209
Other accrued liabilities		7,472		7,620

Stockholders’ equity
Preferred stock, $1 par value; 1,000 shares authorized, none issued		-		-
Common stock, $1 par value; 90,000 shares authorized, 49,283 shares issued and outstanding in 2023 and 49,276 shares in 2022		49,283		49,276
Paid-in capital		671,204		687,218
Treasury stock, at cost; 1,711 shares in 2023 and

SEC Form 10-Q filed by Cohu Inc.