Cohu, Inc. (NASDAQ:COHU) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 08, 2018 • 08:30 am ET

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Cohu, Inc. (NASDAQ:COHU) Q1 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Cohu Incorporated First Quarter 2018 financial results and Xcerra acquisition conference call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host today, Mr. Jeff Jones, VP of Finance, and the CFO. Please proceed sir.

Executive
Jeffrey D. Jones

Good morning, and welcome, to our discussion of Cohu's most recent financial results and the announcement late last night that Cohu has reached an agreement to acquire Xcerra. I'm joined today by our President and CEO, Luis Muller.

Following our opening remarks, we'll provide details of our performance for the first quarter 2018 as well as our outlook for second quarter 2018, and then we will discuss the proposed acquisition of Xcerra in greater detail. If you need a copy of our earnings release, you may obtain one from our website, cohu.com, or by contacting Cohu Investor Relations. There is also a slide presentation that we will be using in conjunction with today's call that maybe accessed through this webcast link on Cohu's website, and is also posted as a PDF in the investor relations section.

Before we begin, you should all be aware that during the course of this conference call, we will make forward-looking statements reflecting management's current expectations concerning the company's future business. These statements are based on current information that we have assessed, but which by its nature, is subject to rapid and even abrupt changes.

Forward-looking statements include our comments regarding the Xcerra transaction, financing and expected benefits, opportunities with the European automotive customer, progress on our new thermal contactor, sales progress on PANTHER and (inaudible), first half 2018 growth, future results, including Q2 guidance, our effective tax rate, and any other comments we make about the company's future in response to your questions.

We encourage you to review the forward-looking statements section of the earnings release, the Xcerra acquisition release, as well as Cohu's filings with the Securities and Exchange Commission, including the most recently filed Form 10-K and Form 10-Q. Our comments speak only as of today, May 8, 2018, and Cohu assumes no obligation to update these statements as a result of developments occurring after this call.

Further, our comments and responses to any questions will not make reference to any specific customers, as we are precluded from disclosing such information by our nondisclosure agreements. Finally, during the call today, we will also discuss certain non-GAAP financial measures. Please refer to our earnings release and the webcast presentation for reconciliation to the most comparable GAAP measures.

Now, I'll turn it over to Luis.

Executive
Luis A. Muller

Thanks, Jeff, and good morning, everyone. We have two topics for today's call. We begin with a review of Cohu's first quarter 2018 results and guidance for the second quarter and then discuss the announcement last night of Cohu's definitive agreement to acquire Xcerra to create a global leader in