0001437749-22-003768 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 25, 2021	Dec. 26, 2020
Current assets:
Cash and cash equivalents	$ 290,201	$ 149,358
Short-term investments	89,704	20,669
Accounts receivable, net	192,873	151,919
Inventories	161,053	142,500
Prepaid expenses	16,194	18,773
Other current assets	768	1,827
Total current assets	750,793	485,046
Property, plant and equipment, net	63,957	66,916
Goodwill	219,791	252,304
Intangible assets, net	177,320	233,685
Other assets	22,123	23,192
Operating lease right of use assets	25,060	29,203
Assets, Total	1,259,044	1,090,346
Current liabilities:
Short-term borrowings	3,059	5,314
Current installments of long-term debt	11,338	3,075
Accounts payable	85,230	67,923
Customer advances	7,300	14,410
Accrued compensation and benefits	39,835	34,862
Accrued warranty	6,614	6,066
Deferred profit	13,208	8,671
Income taxes payable	6,873	3,857
Other accrued liabilities	19,002	30,275
Total current liabilities	192,459	174,453
Other accrued liabilities	8,588	8,900
Noncurrent income tax liabilities	6,138	6,888
Accrued retirement benefits	18,037	21,663
Deferred income taxes	25,887	28,816
Long-term debt	103,393	311,551
Long-term lease liabilities	22,040	25,787
Stockholders' equity:
Preferred stock, $1 par value; 1,000 shares authorized, none issued	0	0
Common stock, $1 par value; 60,000 shares authorized, 48,756 shares issued and outstanding in 2021 and 42,190 shares in 2020	48,756	42,190
Paid-in capital	674,777	448,194
Treasury stock, at cost; 207 shares in 2021 and 0 shares in 2020	(7,324)	0
Retained earnings	193,555	26,230
Accumulated other comprehensive loss	(27,262)	(4,326)
Total stockholders' equity	882,502	512,288
Liabilities and Equity, Total	$ 1,259,044	$ 1,090,346

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 25, 2021	Dec. 26, 2020
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	1,000	1,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	60,000	60,000
Common stock, shares issued (in shares)	48,756	42,190
Common stock, shares outstanding (in shares)	48,756	42,190
Treasury stock, shares (in shares)	207	0

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 25, 2021

Dec. 26, 2020

Dec. 28, 2019

Net sales

$ 887,214

$ 636,007

$ 583,329

Cost and expenses:

Cost of sales (1)

^[1]

500,253

364,225

353,500

Research and development

91,963

86,151

86,147

Selling, general and administrative

126,958

129,248

142,936

Amortization of purchased intangible assets

35,414

38,746

39,590

Gain on sale of PCB Test business (2)

^[2]

(70,815)

Restructuring charges (Note 4)

1,823

7,623

13,484

Impairment charges

100

11,249

Gain on sale of facilities

(4,495)

Costs and Expenses, Total

685,696

632,747

635,657

Income (loss) from operations

201,518

3,260

(52,328)

Other (expense) income:

Interest expense

(6,413)

(13,759)

(20,556)

Interest income

239

224

764

Foreign transaction gain (loss)

411

(3,170)

Gain (loss) on extinguishment of debt

(3,411)

268

Total

192,344

(13,177)

(72,077)

Income tax provision (benefit)

25,019

666

(3,082)

Income (loss) from continuing operations

167,325

(13,843)

(68,995)

Income (loss) from discontinued operations, net of tax

(697)

Net income (loss)

167,325

(13,801)

(69,692)

Net income from noncontrolling interest

Net income (loss) attributable to Cohu

$ 167,325

$ (13,801)

$ (69,700)

Basic:

Income (loss) from continuing operations (in dollars per share)

$ 3.53

$ (0.33)

$ (1.68)

Income (loss) from discontinued operations (in dollars per share)

0.00

(0.01)

Net income attributable to noncontrolling interest (in dollars per share)

0.00

Net income (loss) attributable to Cohu (in dollars per share)

3.53

(0.33)

(1.69)

Diluted:

Income (loss) from continuing operations (in dollars per share)

3.45

(0.33)

(1.68)

Income (loss) from discontinued operations (in dollars per share)

0.00

(0.01)

Net income attributable to noncontrolling interest (in dollars per share)

0.00

Net income (loss) attributable to Cohu (in dollars per share)

$ 3.45

$ (0.33)

$ (1.69)

Weighted average shares used in computing income (loss) per share:

Basic (in shares)

47,409

41,854

41,159

Diluted (in shares)

48,460

41,854

41,159

[1]

Excludes amortization of $27,508, $29,510, and $30,126 for the years ended December 25, 2021, December 26, 2020, and December 28, 2019, respectively.

[2]

On June 24, 2021 we completed the divestment of our PCB Test business. The divestment of this business did not qualify for presentation as discontinued operations and the results of the PCB Test business are included in continuing operations for all periods presented. See Note 14, “Business Divestitures and Discontinued Operations” for additional information on this transaction and financial statement presentation.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Net income (loss)	$ 167,325	$ (13,801)	$ (69,692)
Net income from noncontrolling interest	0	0	8
Net income (loss) attributable to Cohu	167,325	(13,801)	(69,700)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(22,956)	27,321	(7,522)
Adjustments related to postretirement benefits, net of tax	2,602	2,383	(628)
Change in unrealized gain/loss on investments	(67)	0	0
Reclassification due to sale of PBC Test Business, net of tax	(2,515)	0	0
Other comprehensive income (loss), net of tax	(22,936)	29,704	(8,150)
Other comprehensive loss attributable to noncontrolling interest	0	0	(4)
Other comprehensive income (loss) attributable to Cohu	(22,936)	29,704	(8,146)
Comprehensive income (loss)	144,389	15,903	(77,842)
Comprehensive income attributable to noncontrolling interest	0	0	4
Comprehensive income (loss) attributable to Cohu	$ 144,389	$ 15,903	$ (77,846)

Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands