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| Cayman Islands | 001-34775 | 98-1228572 | ||||||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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| Title of each class | Trading Symbol(s) |
Name of each exchange on which registered |
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| Ordinary Shares, $0.01 par value | FN | New York Stock Exchange | ||||||||||||
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
| FABRINET | ||||||||
| By: | /s/ CSABA SVERHA | |||||||
| Csaba Sverha | ||||||||
| Executive Vice President, Chief Financial Officer | ||||||||
Date: November 6, 2023 |
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| What: | Fabrinet First Quarter Fiscal Year 2024 Financial Results Call |
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| When: | November 6, 2023 |
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| Time: | 5:00 p.m. ET | |||||||
| Live Call and Replay: | https://investor.fabrinet.com/events-and-presentations/events |
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| (in thousands of U.S. dollars, except share data and par value) | September 29, 2023 |
June 30, 2023 |
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| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 308,338 | $ | 231,368 | |||||||
| Short-term investments | 362,428 | 319,100 | |||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $1,768 and $965, respectively |
535,006 | 531,767 | |||||||||
| Inventories | 440,095 | 519,576 | |||||||||
| Prepaid expenses | 6,328 | 7,849 | |||||||||
| Other current assets | 39,766 | 42,880 | |||||||||
| Total current assets | 1,691,961 | 1,652,540 | |||||||||
| Non-current assets | |||||||||||
| Property, plant and equipment, net | 306,665 | 310,350 | |||||||||
| Intangibles, net | 2,598 | 2,394 | |||||||||
| Operating right-of-use assets | 6,024 | 1,634 | |||||||||
| Deferred tax assets | 11,363 | 12,095 | |||||||||
| Other non-current assets | 610 | 635 | |||||||||
| Total non-current assets | 327,260 | 327,108 | |||||||||
| Total Assets | $ | 2,019,221 | $ | 1,979,648 | |||||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Current liabilities | |||||||||||
| Long-term borrowings, current portion, net | $ | 9,117 | $ | 12,156 | |||||||
| Trade accounts payable | 357,106 | 381,129 | |||||||||
| Fixed assets payable | 9,313 | 13,526 | |||||||||
| Operating lease liabilities, current portion | 1,587 | 1,201 | |||||||||
| Income tax payable | 7,013 | 6,024 | |||||||||
| Accrued payroll, bonus and related expenses | 22,976 | 23,748 | |||||||||
| Accrued expenses | 24,034 | 20,447 | |||||||||
| Other payables | 24,287 | 23,654 | |||||||||
| Total current liabilities | 455,433 | 481,885 | |||||||||
| Non-current liabilities | |||||||||||
| Deferred tax liability | 5,117 | 4,799 | |||||||||
| Operating lease liability, non-current portion | 4,052 | 66 | |||||||||
| Severance liabilities | 22,269 | 22,159 | |||||||||
| Other non-current liabilities | 2,181 | 2,081 | |||||||||
| Total non-current liabilities | 33,619 | 29,105 | |||||||||
| Total Liabilities | 489,052 | 510,990 | |||||||||
| Shareholders’ equity | |||||||||||
Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of September 29, 2023 and June 30, 2023) |
— | — | |||||||||
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 39,430,970 shares and 39,284,176 shares issued at September 29, 2023 and June 30, 2023, respectively; and 36,330,476 shares and 36,183,682 shares outstanding at September 29, 2023 and June 30, 2023, respectively) |
394 | 393 | |||||||||
| Additional paid-in capital | 202,432 | 206,624 | |||||||||
Less: Treasury shares (3,100,494 shares as of September 29, 2023 and June 30, 2023) |
(194,833) | (194,833) | |||||||||
| Accumulated other comprehensive income (loss) | (7,502) | (8,115) | |||||||||
| Retained earnings | 1,529,678 | 1,464,589 | |||||||||
| Total Shareholders’ Equity | 1,530,169 | 1,468,658 | |||||||||
| Total Liabilities and Shareholders’ Equity | $ | 2,019,221 | $ | 1,979,648 | |||||||
| Three Months Ended | |||||||||||
| (in thousands of U.S. dollars, except per share data) | September 29, 2023 |
September 30, 2022 |
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| Revenues | $ | 685,477 | $ | 655,429 | |||||||
| Cost of revenues | (601,073) | (572,673) | |||||||||
| Gross profit | 84,404 | 82,756 | |||||||||
| Selling, general and administrative expenses | (20,429) | (20,565) | |||||||||
| Operating income | 63,975 | 62,191 | |||||||||
| Interest income | 5,898 | 1,559 | |||||||||
| Interest expense | (45) | (391) | |||||||||
| Foreign exchange gain (loss), net | 415 | 2,085 | |||||||||
| Other income (expense), net | (80) | (141) | |||||||||
| Income before income taxes | 70,163 | 65,303 | |||||||||
| Income tax expense | (5,074) | (688) | |||||||||
| Net income | 65,089 | 64,615 | |||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||
| Change in net unrealized gain (loss) on available-for-sale securities | 948 | (1,461) | |||||||||
| Change in net unrealized gain (loss) on derivative instruments | (561) | (1,218) | |||||||||
| Change in net retirement benefits plan – prior service cost | 126 | 168 | |||||||||
| Change in foreign currency translation adjustment | 100 | 246 | |||||||||
| Total other comprehensive income (loss), net of tax | 613 | (2,265) | |||||||||
| Net comprehensive income | $ | 65,702 | $ | 62,350 | |||||||
| Earnings per share | |||||||||||
| Basic | $ | 1.80 | $ | 1.77 | |||||||
| Diluted | $ | 1.78 | $ | 1.76 | |||||||
| Weighted-average number of ordinary shares outstanding (thousands of shares) | |||||||||||
| Basic | 36,256 | 36,528 | |||||||||
| Diluted | 36,481 | 36,758 | |||||||||
| Three Months Ended | |||||||||||
| (in thousands of U.S. dollars) | September 29, 2023 |
September 30, 2022 |
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| Cash flows from operating activities | |||||||||||
| Net income for the period | $ | 65,089 | $ | 64,615 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Depreciation and amortization | 11,961 | 11,055 | |||||||||
| (Gain) loss on disposal and impairment of property, plant and equipment and intangibles | 12 | (9) | |||||||||
| (Gain) loss from sales and maturities of available-for-sale securities | — | 92 | |||||||||
| Amortization of discount (premium) of short-term investments | (596) | 442 | |||||||||
| (Reversal of) allowance for doubtful accounts | 803 | (91) | |||||||||
| Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts | (52) | (386) | |||||||||
| Amortization of fair value at hedge inception of interest rate swaps | (88) | (191) | |||||||||
| Share-based compensation | 7,733 | 7,723 | |||||||||
| Deferred income tax | 1,377 | (219) | |||||||||
| Other non-cash expenses | 222 | (439) | |||||||||
| Changes in operating assets and liabilities | |||||||||||
| Trade accounts receivable | (4,138) | (24,476) | |||||||||
| Inventories | 79,481 | 28,808 | |||||||||
| Other current assets and non-current assets | 3,238 | (10,661) | |||||||||
| Trade accounts payable | (24,397) | (29,774) | |||||||||
| Income tax payable | 963 | (276) | |||||||||
| Severance liabilities | 706 | 617 | |||||||||
| Other current liabilities and non-current liabilities | 2,735 | 13,804 | |||||||||
| Net cash provided by operating activities | 145,049 | 60,634 | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchase of short-term investments | (77,692) | (25,609) | |||||||||
| Proceeds from sales of short-term investments | — | 30,000 | |||||||||
| Proceeds from maturities of short-term investments | 35,909 | 29,236 | |||||||||
| Purchase of property, plant and equipment | (11,435) | (10,258) | |||||||||
| Purchase of intangibles | (180) | (11) | |||||||||
| Proceeds from disposal of property, plant and equipment | 318 | 9 | |||||||||
| Net cash used in investing activities | (53,080) | 23,367 | |||||||||
| Cash flows from financing activities | |||||||||||
| Repayment of long-term borrowings | (3,047) | (6,094) | |||||||||
| Repayment of finance lease liability | — | (2) | |||||||||
| Repurchase of ordinary shares | — | (4,900) | |||||||||
| Withholding tax related to net share settlement of restricted share units | (12,147) | (16,489) | |||||||||
| Net cash used in financing activities | (15,194) | (27,485) | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 76,775 | $ | 56,516 | |||||||
| Movement in cash, cash equivalents and restricted cash | |||||||||||
| Cash, cash equivalents and restricted cash at the beginning of period | $ | 231,368 | $ | 198,365 | |||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 76,775 | 56,516 | |||||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 195 | 520 | |||||||||
| Cash, cash equivalents and restricted cash at the end of period | $ | 308,338 | $ | 255,401 | |||||||
| Non-cash investing and financing activities | |||||||||||
| Construction, software and equipment-related payables | $ | 9,313 | $ | 12,541 | |||||||
| As of | |||||||||||
| (in thousands) | September 29, 2023 |
September 30, 2022 |
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| Cash and cash equivalents | $ | 308,338 | $ | 255,260 | |||||||
| Restricted cash | — | 141 | |||||||||
| Cash, cash equivalents and restricted cash | $ | 308,338 | $ | 255,401 | |||||||
| Three Months Ended | ||||||||||||||||||||||||||
| September 29, 2023 |
September 30, 2022 |
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| (in thousands of U.S. dollars, except share data) | Net income | Diluted EPS | Net income | Diluted EPS | ||||||||||||||||||||||
| GAAP measures | $ | 65,089 | $ | 1.78 | $ | 64,615 | $ | 1.76 | ||||||||||||||||||
| Items reconciling GAAP net income & EPS to non-GAAP net income & EPS: | ||||||||||||||||||||||||||
| Related to cost of revenues: | ||||||||||||||||||||||||||
| Share-based compensation expenses | 2,165 | 0.06 | 1,915 | 0.05 | ||||||||||||||||||||||
| Total related to gross profit | 2,165 | 0.06 | 1,915 | 0.05 | ||||||||||||||||||||||
| Related to selling, general and administrative expenses: | ||||||||||||||||||||||||||
| Share-based compensation expenses | 5,568 | 0.16 | 5,808 | 0.16 | ||||||||||||||||||||||
| Amortization of intangibles | — | — | 83 | 0.00 | ||||||||||||||||||||||
| Total related to selling, general and administrative expenses | 5,568 | 0.16 | 5,891 | 0.16 | ||||||||||||||||||||||
| Related to other income and expense: | ||||||||||||||||||||||||||
| Amortization of deferred debt issuance costs | 8 | 0.00 | 8 | 0.00 | ||||||||||||||||||||||
| Total related to other income and expense | 8 | 0.00 | 8 | 0.00 | ||||||||||||||||||||||
| Total related to net income & EPS | 7,741 | 0.22 | 7,814 | 0.21 | ||||||||||||||||||||||
| Non-GAAP measures | $ | 72,830 | $ | 2.00 | $ | 72,429 | $ | 1.97 | ||||||||||||||||||
| Shares used in computing diluted net income per share | ||||||||||||||||||||||||||
| GAAP diluted shares | 36,481 | 36,758 | ||||||||||||||||||||||||
| Non-GAAP diluted shares | 36,481 | 36,758 | ||||||||||||||||||||||||
| (in thousands) | Three Months Ended | ||||||||||
| September 29, 2023 |
September 30, 2022 |
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| Net cash provided by operating activities | $ | 145,049 | $ | 60,634 | |||||||
| Less: Purchase of property, plant and equipment | (11,435) | (10,258) | |||||||||
| Non-GAAP free cash flow | $ | 133,614 | $ | 50,376 | |||||||
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Diluted
EPS
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| GAAP net income per diluted share: | $1.78 to $1.85 |
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| Related to cost of revenues: | |||||
| Share-based compensation expenses | 0.05 | ||||
| Total related to gross profit | 0.05 | ||||
| Related to selling, general and administrative expenses: | |||||
| Share-based compensation expenses | 0.15 | ||||
| Total related to selling, general and administrative expenses | 0.15 | ||||
| Total related to net income & EPS | 0.20 | ||||
| Non-GAAP net income per diluted share | $1.98 to $2.05 |
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