Cohu, Inc. (NASDAQ:COHU) Q1 2022 Earnings Conference Call April 28, 2022 4:30 PM ET

Company Participants

Jeff Jones - Senior Vice President & Chief Financial Officer

Luis Müller - President & Chief Executive Officer

Conference Call Participants

Craig Ellis - B. Riley Securities

Brian Chin - Stifel

Quinn Bolton - Needham & Company

Tyler Burmeister - Craig-Hallum

Hans Chung - D.A. Davidson

Operator

Good day, and thank you for standing by. Welcome to the Cohu's First Quarter 2022 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference may be recorded. [Operator Instructions]

I'd now like to hand the conference over to your host today, Mr. Jeff Jones, Senior Vice President and Chief Financial Officer.

Jeff Jones

Good afternoon, and welcome to our conference call to discuss Cohu's first quarter 2022 results and second quarter 2022 outlook. I'm joined today by our President and CEO, Luis Müller.

If you need a copy of our earnings release, you may access it from our website at cohu.com or by contacting Cohu Investor Relations. There's also a slide presentation in conjunction with today's call that may be accessed on Cohu's website in the Investor Relations section. Replays of this call will be available via the same page after the call concludes.

Now to the Safe Harbor. During today's call, we will make forward-looking statements reflecting management's current expectations concerning Cohu'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. We encourage you to review the forward-looking statements section of the slide presentation and the earnings release as well as Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q.

Our comments speak only as of today, April 28, 2022 and Cohu assumes no obligation to update these statements for developments occurring after this call. Finally, during this call, we will discuss certain non-GAAP financial measures. Please refer to our earnings release and slide presentation for reconciliations to the most comparable GAAP measures.

Now, I'd like to turn the call over to Luis Müller, Cohu's President and CEO. Luis?

Luis Müller

Good afternoon, and thanks for joining us. First quarter revenue was approximately $198 million, and non-GAAP EPS was $0.66, both exceeding expectations, driven by customer acquisitions and effective supply chain management. Cohu is benefiting from several key design wins in late 2021, with those customers starting to place volume orders this past quarter. This has been particularly beneficial for the tester business that booked incremental $45 million in design win orders in Q1, broadening our addressable market beyond RF front-end IC test.