2023 Q2 Form 10-Q Financial Statement

#000143774923012665 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q1
Revenue $179.4M $197.8M
YoY Change -17.43% -12.3%
Cost Of Revenue $93.15M $106.6M
YoY Change -19.88% -13.54%
Gross Profit $86.22M $91.16M
YoY Change -14.6% -10.81%
Gross Profit Margin 48.07% 46.09%
Selling, General & Admin $34.19M $31.25M
YoY Change 5.1% -4.22%
% of Gross Profit 39.65% 34.28%
Research & Development $22.51M $23.11M
YoY Change -2.81% -0.2%
% of Gross Profit 26.11% 25.35%
Depreciation & Amortization $12.09M $11.67M
YoY Change 4.85% -7.16%
% of Gross Profit 14.02% 12.8%
Operating Expenses $56.70M $54.35M
YoY Change 1.81% -2.55%
Operating Profit $19.88M $27.69M
YoY Change -46.15% -22.49%
Interest Expense $1.128M $981.0K
YoY Change 22.74% -61.9%
% of Operating Profit 5.67% 3.54%
Other Income/Expense, Net
YoY Change
Pretax Income $20.66M $27.86M
YoY Change -45.15% -10.64%
Income Tax $4.973M $6.294M
% Of Pretax Income 24.07% 22.59%
Net Earnings $15.69M $21.57M
YoY Change -45.48% -21.87%
Net Earnings / Revenue 8.74% 10.91%
Basic Earnings Per Share $0.33 $0.44
Diluted Earnings Per Share $0.33 $0.44
COMMON SHARES
Basic Shares Outstanding 47.34M 48.78M
Diluted Shares Outstanding 48.17M 49.57M

Balance Sheet

Concept 2023 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $324.3M $358.6M
YoY Change -11.9% 23.22%
Cash & Equivalents $226.6M $267.1M
Short-Term Investments $97.65M $91.50M
Other Short-Term Assets $587.0K $824.0K
YoY Change -85.84% -74.57%
Inventory $176.2M $160.4M
Prepaid Expenses $32.17M $21.66M
Receivables $176.3M $210.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $709.5M $752.2M
YoY Change -7.53% 11.31%
LONG-TERM ASSETS
Property, Plant & Equipment $67.21M $63.91M
YoY Change 8.14% -2.83%
Goodwill $223.6M $216.2M
YoY Change 5.68% -12.36%
Intangibles $143.9M $166.7M
YoY Change -7.61% -24.68%
Long-Term Investments
YoY Change
Other Assets $21.68M $19.43M
YoY Change 13.44% 1.03%
Total Long-Term Assets $478.1M $491.2M
YoY Change 1.27% -15.75%
TOTAL ASSETS
Total Short-Term Assets $709.5M $752.2M
Total Long-Term Assets $478.1M $491.2M
Total Assets $1.188B $1.243B
YoY Change -4.18% -1.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.59M $85.63M
YoY Change -32.57% -12.36%
Accrued Expenses $47.13M $51.21M
YoY Change -16.23% -22.05%
Deferred Revenue $13.12M $13.28M
YoY Change -20.46% -11.55%
Short-Term Debt $1.883M $2.048M
YoY Change 1.84% -59.04%
Long-Term Debt Due $6.421M $6.358M
YoY Change -60.31% -28.17%
Total Short-Term Liabilities $145.0M $176.5M
YoY Change -25.35% -15.17%
LONG-TERM LIABILITIES
Long-Term Debt $37.72M $102.0M
YoY Change -49.96% -51.72%
Other Long-Term Liabilities $42.80M $54.07M
YoY Change -16.98% -15.91%
Total Long-Term Liabilities $37.72M $102.0M
YoY Change -49.96% -51.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.0M $176.5M
Total Long-Term Liabilities $37.72M $102.0M
Total Liabilities $182.7M $278.4M
YoY Change -32.23% -33.58%
SHAREHOLDERS EQUITY
Retained Earnings $306.1M $215.1M
YoY Change 25.5% 299.58%
Common Stock $720.5M $722.1M
YoY Change -0.98% 1.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.71M
YoY Change
Treasury Stock Shares $420.0K
Shareholders Equity $938.8M $886.9M
YoY Change
Total Liabilities & Shareholders Equity $1.188B $1.243B
YoY Change -4.18% -1.22%

Cashflow Statement

Concept 2023 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $15.69M $21.57M
YoY Change -45.48% -21.87%
Depreciation, Depletion And Amortization $12.09M $11.67M
YoY Change 4.85% -7.16%
Cash From Operating Activities $16.49M $1.991M
YoY Change -62.37% -67.82%
INVESTING ACTIVITIES
Capital Expenditures $5.075M $2.669M
YoY Change -266.12% -1.15%
Acquisitions $26.93M $0.00
YoY Change
Other Investing Activities $19.36M -$2.106M
YoY Change 395.52% -98.34%
Cash From Investing Activities $14.29M -$4.775M
YoY Change 1576.64% -96.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.481M $5.949M
YoY Change -102.67%
Debt Paid & Issued, Net $35.29M $9.056M
YoY Change -91.11%
Cash From Financing Activities -$47.37M -$19.13M
YoY Change 59.12% -116.41%
NET CHANGE
Cash From Operating Activities $16.49M $1.991M
Cash From Investing Activities $14.29M -$4.775M
Cash From Financing Activities -$47.37M -$19.13M
Net Change In Cash -$15.69M -$23.13M
YoY Change -205.4% 270.78%
FREE CASH FLOW
Cash From Operating Activities $16.49M $1.991M
Capital Expenditures $5.075M $2.669M
Free Cash Flow $11.41M -$678.0K
YoY Change -75.65% -119.44%

Facts In Submission

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DE
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95-1934119
CY2023Q2 dei Entity Address Address Line1
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12367 Crosthwaite Circle
CY2023Q2 dei Entity Address City Or Town
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Poway
CY2023Q2 dei Entity Address State Or Province
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CA
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92064-6817
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848-8100
CY2023Q2 dei Security12b Title
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Common Stock, $1.00 par value
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COHU
CY2023Q2 dei Security Exchange Name
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NASDAQ
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CY2023Q2 us-gaap Concentration Risk Credit Risk
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt; text-align: justify;"><b>Concentration of Credit Risk</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any <em style="font: inherit;">one</em> issuer.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">Our trade accounts receivable are presented net of allowance for credit losses, which is determined in accordance with the guidance provided by Accounting Standards Codification (“ASC”) Topic <em style="font: inherit;">326,</em> <i>Financial Instruments-Credit Losses, </i>(“ASC <em style="font: inherit;">326”</em>). At both <em style="font: inherit;"> April 1, 2023 </em>and <em style="font: inherit;"> December 31, 2022, </em>our allowance for credit losses was $0.2 million. Our customers include semiconductor manufacturers and semiconductor test subcontractors and other customers located throughout the world. While we believe that our allowance for credit losses is adequate and represents our best estimate at <em style="font: inherit;"> April 1, 2023, </em>we will continue to monitor customer liquidity and other economic conditions, which <em style="font: inherit;"> may </em>result in changes to our estimates regarding expected credit losses.</p>
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DebtSecuritiesAvailableforsaleUnrealizedLossPositionAmortizedCost
86300000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
85500000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
78500000 usd
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
6000 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
66392000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
66139000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
112956000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
112683000 usd
CY2023Q2 cohu Availableforsale Securities Debt Maturities Year Two Through Three Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesYearTwoThroughThreeAmortizedCostBasis
31695000 usd
CY2023Q2 cohu Available For Sale Securities Debt Maturities Due After One Year Through Three Years Estimated Fair Value
AvailableForSaleSecuritiesDebtMaturitiesDueAfterOneYearThroughThreeYearsEstimatedFairValue
31507000 usd
CY2022Q4 cohu Availableforsale Securities Debt Maturities Year Two Through Three Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesYearTwoThroughThreeAmortizedCostBasis
30996000 usd
CY2022Q4 cohu Available For Sale Securities Debt Maturities Due After One Year Through Three Years Estimated Fair Value
AvailableForSaleSecuritiesDebtMaturitiesDueAfterOneYearThroughThreeYearsEstimatedFairValue
30552000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
98087000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
97646000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
143952000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
143235000 usd
CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
70000000 usd
CY2022Q4 cohu Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
70000000 usd
CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
99682
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
3500000 usd
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
213706
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6400000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.241 pure
CY2023Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P25Y
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21718000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
22804000 usd
CY2023Q2 cohu Lease Rightofuse Asset
LeaseRightofuseAsset
22040000 usd
CY2022Q4 cohu Lease Rightofuse Asset
LeaseRightofuseAsset
23127000 usd
CY2023Q2 cohu Lease Liability
LeaseLiability
23164000 usd
CY2022Q4 cohu Lease Liability
LeaseLiability
24185000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y2M12D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M6D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M12D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.062 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.062 pure
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.020 pure
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.022 pure
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
200000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1679000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1716000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
559000 usd
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
537000 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
26000 usd
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
32000 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
10000 usd
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
20000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
2260000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
2266000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4744000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
32000 usd
CY2023Q2 cohu Lessee Lease Liability Payments Due Next Twelve Months
LesseeLeaseLiabilityPaymentsDueNextTwelveMonths
4776000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5909000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
17000 usd
CY2023Q2 cohu Lessee Lease Liability Payments Due Year Two
LesseeLeaseLiabilityPaymentsDueYearTwo
5926000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5260000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
16000 usd
CY2023Q2 cohu Lessee Lease Liability Payments Due Year Three
LesseeLeaseLiabilityPaymentsDueYearThree
5276000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2862000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
3000 usd
CY2023Q2 cohu Lessee Lease Liability Payments Due Year Four
LesseeLeaseLiabilityPaymentsDueYearFour
2865000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1783000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0 usd
CY2023Q2 cohu Lessee Lease Liability Payments Due Year Five
LesseeLeaseLiabilityPaymentsDueYearFive
1783000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
7910000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0 usd
CY2023Q2 cohu Lessee Lease Liability Payments Due After Year Five
LesseeLeaseLiabilityPaymentsDueAfterYearFive
7910000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
28468000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
68000 usd
CY2023Q2 cohu Lessee Lease Liability Payments Due
LesseeLeaseLiabilityPaymentsDue
28536000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5370000 usd
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
2000 usd
CY2023Q2 cohu Lessee Lease Liability Undiscounted Excess Amount
LesseeLeaseLiabilityUndiscountedExcessAmount
5372000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
66000 usd
CY2023Q2 cohu Lease Liability
LeaseLiability
23164000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1675000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1703000 usd
CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
24000 usd
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
44000 usd
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
95000 usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1169000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6214000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7691000 usd
CY2023Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1980000 usd
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2047000 usd
CY2023Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2146000 usd
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2891000 usd
CY2023Q2 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
67000 usd
CY2022Q1 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 usd
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6115000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6847000 usd

Files In Submission

Name View Source Status
cohu-20230401_pre.xml Edgar Link unprocessable
R40.htm Edgar Link pending
0001437749-23-012665-index-headers.html Edgar Link pending
0001437749-23-012665-index.html Edgar Link pending
0001437749-23-012665.txt Edgar Link pending
0001437749-23-012665-xbrl.zip Edgar Link pending
cohu-20230401.xsd Edgar Link pending
cohu20230401_10q.htm Edgar Link pending
ex_511739.htm Edgar Link pending
ex_511740.htm Edgar Link pending
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ex_511743.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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cohu-20230401_lab.xml Edgar Link unprocessable
cohu-20230401_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
cohu20230401_10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
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cohu-20230401_cal.xml Edgar Link unprocessable