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Cohu(COHU) - 2024 Q4 - Annual Results
COHUCohu(COHU)2025-02-13 21:07

Financial Performance - Q4 2024 net sales were 94.1million,adecreasefrom94.1 million, a decrease from 137.2 million in Q4 2023, with a full year 2024 net sales of 401.8millioncomparedto401.8 million compared to 636.3 million in 2023[2][4] - GAAP loss for Q4 2024 was 21.4millionor21.4 million or 0.46 per share, while the full year 2024 GAAP loss was 69.8millionor69.8 million or 1.49 per share[2][4] - Non-GAAP loss for Q4 2024 was 7.1millionor7.1 million or 0.15 per share, with a full year 2024 non-GAAP loss of 10.9millionor10.9 million or 0.23 per share[3][4] - GAAP net loss for the three months ended December 28, 2024, was 21,358thousand,comparedtoanetlossof21,358 thousand, compared to a net loss of 2,028 thousand for the same period in 2023[18] - Non-GAAP net loss for the three months ended December 28, 2024, was 7,076thousand,comparedtoanon−GAAPnetincomeof7,076 thousand, compared to a non-GAAP net income of 11,120 thousand for the same period in 2023[18] - Income from operations on a GAAP basis for the twelve months ended December 28, 2024, was a loss of 71,668thousand,comparedtoaprofitof71,668 thousand, compared to a profit of 43,272 thousand for the same period in 2023[20] - Non-GAAP income from operations for the twelve months ended December 28, 2024, was a loss of 6,751thousand,comparedtoaprofitof6,751 thousand, compared to a profit of 103,056 thousand for the same period in 2023[20] - The net income (loss) on a GAAP basis for the twelve months ended December 28, 2024, was (69,818,000),contrastingwithaprofitof(69,818,000), contrasting with a profit of 28,156,000 in 2023[25] Cash and Investments - Total cash and investments at the end of Q4 2024 were 262.1million,withnosharerepurchasesduringthequarter[4][6]−Cashandinvestmentsdecreasedfrom262.1 million, with no share repurchases during the quarter[4][6] - Cash and investments decreased from 335,698 thousand in December 30, 2023, to 262,092thousandinDecember28,2024,areductionofapproximately21.9262,092 thousand in December 28, 2024, a reduction of approximately 21.9%[17] - The company made a cash payment of 29.3 million to repay the remaining outstanding amounts owed under Term Loan B on February 9, 2024[17] Revenue and Margins - Approximately 62% of Q4 2024 revenue was recurring, with a gross margin of 41.9% impacted by a 2.1millioninventoryreservecharge[6]−Fullyear2024grossmarginwas44.92.1 million inventory reserve charge[6] - Full year 2024 gross margin was 44.9%, with a non-GAAP gross margin of 45.0%[6] - GAAP gross profit for the three months ended December 28, 2024, was 39,466,000, a decrease of 42.6% compared to 65,410,000forthesameperiodin2023[23]−Non−GAAPgrossprofitforthetwelvemonthsendedDecember28,2024,was65,410,000 for the same period in 2023[23] - Non-GAAP gross profit for the twelve months ended December 28, 2024, was 180,889,000, down 40.6% from 304,817,000in2023[25]−TheGAAPgrossprofitmarginforthethreemonthsendedDecember28,2024,was41.9304,817,000 in 2023[25] - The GAAP gross profit margin for the three months ended December 28, 2024, was 41.9%, down from 47.7% in the same period of 2023[23] - The adjusted EBITDA margin for the twelve months ended December 28, 2024, was 1.8%, a significant drop from 17.9% in 2023[26] Operating Expenses - Operating expenses on a GAAP basis for the twelve months ended December 28, 2024, were 251,962,000, a decrease from 259,596,000in2023[26]−Non−GAAPoperatingexpensesforthethreemonthsendedDecember28,2024,were259,596,000 in 2023[26] - Non-GAAP operating expenses for the three months ended December 28, 2024, were 45,304,000, slightly lower than 49,787,000inthesameperiodof2023[23]−Non−GAAPadjustmentstooperatingexpensesforthetwelvemonthsendedDecember28,2024,totaled49,787,000 in the same period of 2023[23] - Non-GAAP adjustments to operating expenses for the twelve months ended December 28, 2024, totaled 64,322,000, compared to 57,835,000in2023[26]AcquisitionsandFutureOutlook−ThecompanyacquiredTignis,Inc.,aimingtoexpanditsanalyticsofferingsandpotentiallygrowsoftwarerevenueatanannualrateof5057,835,000 in 2023[26] Acquisitions and Future Outlook - The company acquired Tignis, Inc., aiming to expand its analytics offerings and potentially grow software revenue at an annual rate of 50% or more over the next three years[5][6] - The company completed acquisitions of MCT Worldwide, LLC and Equiptest Engineering Pte. Ltd. in 2023, integrating their operations into Cohu's financial results[16] - Cohu expects Q1 2025 sales to be in the range of 97 million +/- 7million,indicatingapotentialincreaseinrevenue[5][6]AssetsandLiabilities−Totalassetsdecreasedfrom7 million, indicating a potential increase in revenue[5][6] Assets and Liabilities - Total assets decreased from 1,150,352 thousand in December 30, 2023, to 999,415thousandinDecember28,2024,representingadeclineofapproximately13.1999,415 thousand in December 28, 2024, representing a decline of approximately 13.1%[17] - Total current liabilities decreased from 103,421 thousand in December 30, 2023, to $85,184 thousand in December 28, 2024, a decline of approximately 17.6%[17]