Company: COHU
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001437749-25-010672
Chunk: 24

Company: COHU INC
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 24
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 Kampfer       | Senior Vice President Corporate Development (1)           |

| (1) | Mr. Kampfer’s transitioned to a part-time role as Senior Vice President Corporate Development as of July 15. 2024 and was no longer deemed an executive officer as of that date. |

We refer to our named executive officers collectively in this CD&A and the related compensation tables as our “NEOs”. This CD&A provides an overview of our philosophy and principles that govern our executive compensation program, how we applied those principles in compensating our NEOs for 2024, and how we use our executive compensation program to drive Company performance and alignment with our stockholders. In addition, we explain how and why the Compensation Committee of our Board of Directors, referred to as our “Compensation Committee,” arrived at the specific compensation policies and decisions involving our NEOs during 2024.

Executive Summary

2024 Business Highlights

For fiscal year 2024 Cohu generated net sales of $401.8 million. During an unexpected continuation of the extended market downturn, Cohu was able to retain healthy gross margins reflecting strong execution in challenging conditions. We made important gains in key development projects and launched new products in each of our major business lines. We also announced the acquisition of Tignis, Inc., which will enhance our software solutions offerings with their artificial intelligence process control and analytics-based monitoring platforms. Some key business outcomes:

| • | Net sales were $401.8 million. |

| • | GAAP gross margin was 44.9%, and non-GAAP gross margin was 45.0% (1). |

| • | GAAP pretax loss of (16.2%) of sales, and non-GAAP pretax loss of (0.0%) (1) of sales. |

| • | Remained cash-flow positive from operations. |

| • | Paid off term loan B balance early. |

| • | Returned $26.9 million in capital to stockholders in the form of stock buybacks. |

| • | Strong net cash position of $5.42 per share at the end of 2024. |

| • | Announced the acquisition of Tignis, Inc. at the end of 2024. |

| • | Delivered strong operational execution in the face of an extended downcycle in the semiconductor equipment market. |

(1) See Appendix A for GAAP to non-GAAP reconciliations.

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2024 Key Executive