Fabrinet Announces Fourth Quarter and Fiscal Year 2024 Financial Results
Fabrinet (NYSE: FN) reported strong financial results for Q4 and fiscal year 2024, exceeding guidance. Q4 revenue reached $753.3 million, up from $655.9 million in Q4 2023. GAAP net income for Q4 2024 was $81.1 million, with earnings per diluted share at $2.22. For the full fiscal year 2024, revenue totaled $2.88 billion, compared to $2.65 billion in 2023. GAAP net income for FY 2024 was $296.2 million, with earnings per diluted share at $8.10.
The company's Board of Directors approved an expansion of its share repurchase program, authorizing an additional $139.5 million. For Q1 FY 2025, Fabrinet expects revenue between $760 million and $780 million, with GAAP net income per diluted share projected at $2.10 to $2.17.
Fabrinet (NYSE: FN) ha riportato risultati finanziari solidi per il quarto trimestre e l'anno fiscale 2024, superando le previsioni. Le entrate del quarto trimestre hanno raggiunto $753,3 milioni, in aumento rispetto ai $655,9 milioni del quarto trimestre 2023. Il reddito netto GAAP per il quarto trimestre 2024 è stato di $81,1 milioni, con utili per azione diluiti pari a $2,22. Per l'intero anno fiscale 2024, le entrate hanno totalizzato $2,88 miliardi, rispetto ai $2,65 miliardi del 2023. Il reddito netto GAAP per l'anno fiscale 2024 è stato di $296,2 milioni, con utili per azione diluiti pari a $8,10.
Il Consiglio di Amministrazione della società ha approvato un'espansione del programma di riacquisto delle azioni, autorizzando ulteriori $139,5 milioni. Per il primo trimestre dell'anno fiscale 2025, Fabrinet prevede entrate comprese tra $760 milioni e $780 milioni, con un reddito netto GAAP per azione diluita previsto tra $2,10 e $2,17.
Fabrinet (NYSE: FN) presentó sólidos resultados financieros para el cuarto trimestre y el año fiscal 2024, superando las expectativas. Los ingresos del cuarto trimestre alcanzaron los $753.3 millones, un aumento respecto a los $655.9 millones del cuarto trimestre de 2023. El ingreso neto GAAP para el cuarto trimestre de 2024 fue de $81.1 millones, con ganancias por acción diluida de $2.22. Para el año fiscal completo 2024, los ingresos totalizaron $2.88 mil millones, en comparación con $2.65 mil millones en 2023. El ingreso neto GAAP para el año fiscal 2024 fue de $296.2 millones, con ganancias por acción diluida de $8.10.
La Junta Directiva de la compañía aprobó una expansión de su programa de recompra de acciones, autorizando $139.5 millones adicionales. Para el primer trimestre del año fiscal 2025, Fabrinet espera ingresos entre $760 millones y $780 millones, con un ingreso neto GAAP por acción diluida proyectado entre $2.10 y $2.17.
파브리넷(Fabrinet, NYSE: FN)은 2024년 4분기 및 회계연도에 대한 강력한 재무 결과를 보고하며, 예상치를 초과했습니다. 4분기 매출은 7억 5천3백만 달러에 달했습니다, 2023년 4분기 6억 5천5백94만 달러에서 증가했습니다. 2024년 4분기 GAAP 순이익은 8천1백10만 달러로, 희석 주당 순이익은 2.22달러입니다. 2024 회계연도 전체 매출은 28억8천만 달러에 이르렀습니다, 2023년의 26억5천만 달러에 비해 증가했습니다. 2024 회계연도의 GAAP 순이익은 2억9천6백20만 달러이며, 희석 주당 순이익은 8.10달러입니다.
회사의 이사회는 주식 재매입 프로그램의 확대를 승인하며, 추가적인 1억3천9백50만 달러를 승인했습니다. 2025 회계연도 1분기에 대해 파브리넷은 7억6천만 달러에서 7억8천만 달러 사이의 매출을 예상하며, 희석 주당 GAAP 순이익은 2.10달러에서 2.17달러로 예상하고 있습니다.
Fabrinet (NYSE: FN) a annoncé de solides résultats financiers pour le quatrième trimestre et l'exercice fiscal 2024, dépassant les prévisions. Le chiffre d'affaires du quatrième trimestre a atteint 753,3 millions de dollars, contre 655,9 millions de dollars au quatrième trimestre 2023. Le revenu net GAAP pour le quatrième trimestre 2024 s'élevait à 81,1 millions de dollars, avec un bénéfice par action diluée de 2,22 dollars. Pour l'ensemble de l'exercice fiscal 2024, le chiffre d'affaires s'est élevé à 2,88 milliards de dollars, contre 2,65 milliards de dollars en 2023. Le revenu net GAAP pour l'exercice fiscal 2024 était de 296,2 millions de dollars, avec un bénéfice par action diluée de 8,10 dollars.
Le Conseil d'administration de la société a approuvé une expansion de son programme de rachat d'actions, en autorisant 139,5 millions de dollars supplémentaires. Pour le premier trimestre de l'exercice fiscal 2025, Fabrinet s'attend à un chiffre d'affaires compris entre 760 millions et 780 millions de dollars, avec un revenu net GAAP par action diluée prévu entre 2,10 et 2,17 dollars.
Fabrinet (NYSE: FN) hat starke finanzielle Ergebnisse für das vierte Quartal und das Haushaltsjahr 2024 gemeldet, die die Prognosen übertrafen. Der Umsatz im vierten Quartal erreichte 753,3 Millionen US-Dollar, im Vergleich zu 655,9 Millionen US-Dollar im vierten Quartal 2023. Der GAAP-Nettoertrag für Q4 2024 betrug 81,1 Millionen US-Dollar, mit einem verwässerten Gewinn pro Aktie von 2,22 US-Dollar. Für das gesamte Haushaltsjahr 2024 belief sich der Umsatz auf 2,88 Milliarden US-Dollar, im Vergleich zu 2,65 Milliarden US-Dollar im Jahr 2023. Der GAAP-Nettoertrag für das Haushaltsjahr 2024 betrug 296,2 Millionen US-Dollar, mit einem verwässerten Gewinn pro Aktie von 8,10 US-Dollar.
Der Vorstand des Unternehmens genehmigte eine Erweiterung seines Aktienrückkaufprogramms und genehmigte weitere 139,5 Millionen US-Dollar. Für das erste Quartal des Haushaltsjahres 2025 erwartet Fabrinet einen Umsatz zwischen 760 Millionen und 780 Millionen US-Dollar, wobei der GAAP-Nettoertrag pro verwässerter Aktie zwischen 2,10 und 2,17 US-Dollar prognostiziert wird.
- Record Q4 revenue of $753.3 million, a 14.8% increase year-over-year
- Q4 GAAP net income grew 33.4% to $81.1 million
- Full fiscal year 2024 revenue increased 8.7% to $2.88 billion
- FY 2024 GAAP net income rose 19.5% to $296.2 million
- Share repurchase program expanded by $139.5 million
- Q1 FY 2025 guidance projects continued growth with revenue up to $780 million
- None.
Insights
Fabrinet's Q4 FY2024 results demonstrate robust financial performance, with revenue reaching
The full fiscal year 2024 showcased impressive growth, with revenue hitting
Fabrinet's stellar performance in Q4 and FY2024 underscores its strong position in the advanced optical packaging and precision manufacturing sector. The company's ability to consistently deliver record-breaking results amid global supply chain challenges is noteworthy. The expanded
Looking ahead, Fabrinet's Q1 FY2025 guidance projects continued growth, with expected revenue between
- Record Fourth Quarter Revenue and Earnings Per Share Exceed Guidance
BANGKOK, Thailand, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Fabrinet (NYSE: FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its fourth quarter and fiscal year ended June 28, 2024.
Seamus Grady, Chief Executive Officer of Fabrinet, said, “Our strong fourth quarter results capped a remarkable fiscal year, representing our fourth quarter in a row of record revenue, and record earnings per share, both of which were above our guidance ranges. We remain optimistic about our future, with numerous drivers that position us to extend our track record of success into fiscal year 2025.”
Fourth Quarter Fiscal Year 2024 Financial Highlights
GAAP Results
- Revenue for the fourth quarter of fiscal year 2024 was
$753.3 million , compared to$655.9 million for the fourth quarter of fiscal year 2023. - GAAP net income for the fourth quarter of fiscal year 2024 was
$81.1 million , compared to$60.8 million for the fourth quarter of fiscal year 2023. - GAAP net income per diluted share for the fourth quarter of fiscal year 2024 was
$2.22 , compared to$1.65 for the fourth quarter of fiscal year 2023.
Non-GAAP Results
- Non-GAAP net income for the fourth quarter of fiscal year 2024 was
$88.0 million , compared to$68.4 million for the fourth quarter of fiscal year 2023. - Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2024 was
$2.41 , compared to$1.86 for the fourth quarter of fiscal year 2023.
Fiscal Year 2024 Financial Highlights
GAAP Results
- Revenue for fiscal year 2024 was
$2.88 billion , compared to$2.65 billion for fiscal year 2023. - GAAP net income for fiscal year 2024 was
$296.2 million , compared to$247.9 million for fiscal year 2023. - GAAP net income per diluted share for fiscal year 2024 was
$8.10 , compared to$6.73 for fiscal year 2023.
Non-GAAP Results
- Non-GAAP net income for fiscal year 2024 was
$324.6 million , compared to$282.7 million for fiscal year 2023. - Non-GAAP net income per diluted share for fiscal year 2024 was
$8.88 , compared to$7.67 for fiscal year 2023.
Share Repurchase Program Expanded
Fabrinet also announced that its Board of Directors has approved an expansion of its share repurchase program, authorizing the repurchase of up to an additional
Business Outlook
Based on information available as of August 19, 2024, Fabrinet is issuing guidance for its first fiscal quarter ending September 27, 2024, as follows:
- Fabrinet expects first quarter revenue to be in the range of
$760 million to$780 million . - GAAP net income per diluted share is expected to be in the range of
$2.10 t o$2.17 , based on approximately 36.5 million fully diluted shares outstanding. - Non-GAAP net income per diluted share is expected to be in the range of
$2.33 t o$2.40 , based on approximately 36.5 million fully diluted shares outstanding.
Guidance for non-GAAP net income per diluted share excludes share-based compensation expenses and certain non-recurring items. A reconciliation of non-GAAP net income per diluted share to the corresponding GAAP measure is available at the end of this press release.
Conference Call Information
| What: | Fabrinet Fourth Quarter Fiscal Year 2024 Financial Results Call |
| When: | August 19, 2024 |
| Time: | 5:00 p.m. ET |
| Live Call and Replay: | https://investor.fabrinet.com/events-and-presentations/events |
A recorded version of this webcast will be available approximately two hours after the call and accessible at http://investor.fabrinet.com. The webcast will be archived on Fabrinet’s website for a period of one year.
About Fabrinet
Fabrinet is a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, automotive components, medical devices, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and testing. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the United States of America, the People’s Republic of China, and Israel. For more information visit: www.fabrinet.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include: (1) our optimism that numerous drivers position us to extend our track record of success into fiscal year 2025; and (2) all of the statements under the “Business Outlook” section regarding our expected revenue, GAAP and non-GAAP net income per share, and fully diluted shares outstanding for the first quarter of fiscal year 2025. These forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: changes in general economic conditions, either globally or in our markets, and the risk of recession or an economic downturn; continued disruption to our supply chain, which could increase our costs and affect our ability to procure parts and materials; less customer demand for our products and services than forecasted; less growth in the optical communications, automotive, industrial lasers and sensors markets than we forecast; difficulties expanding into additional markets, such as the semiconductor processing, biotechnology, metrology and materials processing markets; increased competition in the optical manufacturing services markets; difficulties in delivering products and services that compete effectively from a price and performance perspective; our reliance on a small number of customers and suppliers; difficulties in managing our operating costs; difficulties in managing and operating our business across multiple countries (including Thailand, the People’s Republic of China, Israel and the U.S.); and other important factors as described in reports and documents we file from time to time with the Securities and Exchange Commission (SEC), including the factors described under the section captioned “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on May 7, 2024. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with GAAP, we provide investors with certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. We believe these non-GAAP financial measures provide investors with useful supplemental information to: (1) measure company performance against historical results, (2) facilitate comparisons to our competitors’ operating results, and (3) allow greater transparency with respect to information used by management in making financial and operational decisions. In addition, we use some of these non-GAAP financial measures to measure company performance for the purposes of determining employee incentive plan compensation.
Non-GAAP gross profit, non-GAAP operating profit, non-GAAP net income and non-GAAP net income per diluted share exclude: share-based compensation expenses; amortization of intangibles; and amortization of deferred debt issuance costs. We have excluded these items in order to enhance investors’ understanding of our underlying operations.
Non-GAAP free cash flow is net cash provided by (used in) operating activities, minus capital expenditures (purchase of property, plant and equipment). We use free cash flow to measure our ability to generate additional cash from our business operations.
There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.
Investor Contact:
Garo Toomajanian
ir@fabrinet.com
| FABRINET CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands of U.S. dollars, except share data and par value) | June 28, 2024 | June 30, 2023 | |||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 409,973 | $ | 231,368 | |||
| Short-term investments | 448,630 | 319,100 | |||||
| Trade accounts receivable, net of allowance for expected credit losses of | 592,452 | 531,767 | |||||
| Inventories | 463,206 | 519,576 | |||||
| Prepaid expenses | 10,620 | 7,849 | |||||
| Other current assets | 87,810 | 42,880 | |||||
| Total current assets | 2,012,691 | 1,652,540 | |||||
| Non-current assets | |||||||
| Property, plant and equipment, net | 307,240 | 310,350 | |||||
| Intangibles, net | 2,321 | 2,394 | |||||
| Operating right-of-use assets | 5,336 | 1,634 | |||||
| Deferred tax assets | 10,446 | 12,095 | |||||
| Other non-current assets | 485 | 635 | |||||
| Total non-current assets | 325,828 | 327,108 | |||||
| Total Assets | $ | 2,338,519 | $ | 1,979,648 | |||
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities | |||||||
| Long-term borrowings, current portion, net | $ | — | $ | 12,156 | |||
| Trade accounts payable | 441,835 | 381,129 | |||||
| Fixed assets payable | 14,380 | 13,526 | |||||
| Operating lease liabilities, current portion | 1,355 | 1,201 | |||||
| Income tax payable | 3,937 | 6,024 | |||||
| Accrued payroll, bonus and related expenses | 22,116 | 23,748 | |||||
| Accrued expenses | 19,916 | 20,447 | |||||
| Other payables | 54,403 | 23,654 | |||||
| Total current liabilities | 557,942 | 481,885 | |||||
| Non-current liabilities | |||||||
| Deferred tax liability | 4,895 | 4,799 | |||||
| Operating lease liabilities, non-current portion | 3,635 | 66 | |||||
| Severance liabilities | 24,093 | 22,159 | |||||
| Other non-current liabilities | 2,209 | 2,081 | |||||
| Total non-current liabilities | 34,832 | 29,105 | |||||
| Total Liabilities | 592,774 | 510,990 | |||||
| Shareholders’ equity | |||||||
| Preferred shares (5,000,000 shares authorized, | — | — | |||||
| Ordinary shares (500,000,000 shares authorized, | 395 | 393 | |||||
| Additional paid-in capital | 222,044 | 206,624 | |||||
| Less: Treasury shares (3,312,220 shares and 3,100,494 shares as of June 28, 2024 and June 30, 2023, respectively) | (234,323 | ) | (194,833 | ) | |||
| Accumulated other comprehensive income (loss) | (3,141 | ) | (8,115 | ) | |||
| Retained earnings | 1,760,770 | 1,464,589 | |||||
| Total Shareholders’ Equity | 1,745,745 | 1,468,658 | |||||
| Total Liabilities and Shareholders’ Equity | $ | 2,338,519 | $ | 1,979,648 | |||
| FABRINET CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| (in thousands of U.S. dollars, except per share data) | June 28, 2024 | June 30, 2023 | June 28, 2024 | June 30, 2023 | |||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Revenues | $ | 753,261 | $ | 655,871 | $ | 2,882,967 | $ | 2,645,237 | |||||||
| Cost of revenues | (660,812 | ) | (573,576 | ) | (2,526,849 | ) | (2,308,964 | ) | |||||||
| Gross profit | 92,449 | 82,295 | 356,118 | 336,273 | |||||||||||
| Selling, general and administrative expenses | (19,108 | ) | (19,869 | ) | (78,481 | ) | (77,673 | ) | |||||||
| Restructuring and other related costs | (32 | ) | (1,024 | ) | (32 | ) | (6,896 | ) | |||||||
| Operating income | 73,309 | 61,402 | 277,605 | 251,704 | |||||||||||
| Interest income | 11,049 | 4,024 | 33,204 | 11,234 | |||||||||||
| Interest expense | (17 | ) | (293 | ) | (124 | ) | (1,472 | ) | |||||||
| Foreign exchange gain (loss), net | 407 | 1,911 | 382 | (1,211 | ) | ||||||||||
| Other income (expense), net | 227 | 19 | 287 | (159 | ) | ||||||||||
| Income before income taxes | 84,975 | 67,063 | 311,354 | 260,096 | |||||||||||
| Income tax expense | (3,909 | ) | (6,277 | ) | (15,173 | ) | (12,183 | ) | |||||||
| Net income | 81,066 | 60,786 | 296,181 | 247,913 | |||||||||||
| Other comprehensive income (loss), net of tax | |||||||||||||||
| Change in net unrealized gain (loss) on available-for-sale securities | (55 | ) | 971 | 2,100 | 2,739 | ||||||||||
| Change in net unrealized gain (loss) on derivative instruments | 1,499 | (2,894 | ) | 2,561 | 1,541 | ||||||||||
| Change in net retirement benefits plan – prior service cost | 59 | 135 | 330 | 473 | |||||||||||
| Change in foreign currency translation adjustment | 14 | (46 | ) | (17 | ) | (75 | ) | ||||||||
| Total other comprehensive income (loss), net of tax | 1,517 | (1,834 | ) | 4,974 | 4,678 | ||||||||||
| Net comprehensive income | $ | 82,583 | $ | 58,952 | $ | 301,155 | $ | 252,591 | |||||||
| Earnings per share | |||||||||||||||
| Basic | $ | 2.24 | $ | 1.67 | $ | 8.17 | $ | 6.79 | |||||||
| Diluted | $ | 2.22 | $ | 1.65 | $ | 8.10 | $ | 6.73 | |||||||
| Weighted-average number of ordinary shares outstanding (thousands of shares) | |||||||||||||||
| Basic | 36,150 | 36,337 | 36,246 | 36,515 | |||||||||||
| Diluted | 36,533 | 36,737 | 36,564 | 36,855 | |||||||||||
| FABRINET CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| Year Ended | |||||||
| (in thousands of U.S. dollars) | June 28, 2024 | June 30, 2023 | |||||
| (unaudited) | |||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 296,181 | $ | 247,913 | |||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||
| Depreciation and amortization | 49,017 | 43,832 | |||||
| Non-cash restructuring charges and other related costs | — | 2,201 | |||||
| (Gain) loss on disposal and impairment of property, plant and equipment | 62 | (1,506 | ) | ||||
| (Gain) loss from sales and maturities of available-for-sale securities | (1 | ) | 92 | ||||
| Amortization of discount (premium) of short-term investments | (3,399 | ) | 280 | ||||
| (Reversal of) allowance for expected credit losses | 664 | (307 | ) | ||||
| Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts | (849 | ) | 175 | ||||
| Amortization of fair value at hedge inception of interest rate swaps | (220 | ) | (587 | ) | |||
| Share-based compensation | 28,374 | 28,127 | |||||
| Deferred income tax | 1,672 | (3,484 | ) | ||||
| Other non-cash expenses | 311 | 632 | |||||
| Changes in operating assets and liabilities | |||||||
| Trade accounts receivable | (61,279 | ) | (76,917 | ) | |||
| Inventories | 56,370 | 37,449 | |||||
| Other current assets and non-current assets | (46,715 | ) | (13,568 | ) | |||
| Trade accounts payable | 60,040 | (58,596 | ) | ||||
| Income tax payable | (1,960 | ) | 2,977 | ||||
| Severance liabilities | 2,771 | 3,753 | |||||
| Other current liabilities and non-current liabilities | 32,107 | 844 | |||||
| Net cash provided by operating activities | 413,146 | 213,310 | |||||
| Cash flows from investing activities | |||||||
| Purchase of short-term investments | (435,905 | ) | (217,005 | ) | |||
| Proceeds from sales of short-term investments | 40,000 | 30,179 | |||||
| Proceeds from maturities of short-term investments | 271,877 | 150,252 | |||||
| Purchase of property, plant and equipment | (47,528 | ) | (61,360 | ) | |||
| Purchase of intangibles | (889 | ) | (911 | ) | |||
| Proceeds from disposal of property, plant and equipment | 2,694 | 128 | |||||
| Net cash used in investing activities | (169,751 | ) | (98,717 | ) | |||
| Cash flows from financing activities | |||||||
| Repayment of long-term borrowings | (12,188 | ) | (15,233 | ) | |||
| Repayment of finance lease liability | — | (9 | ) | ||||
| Repurchase of ordinary shares | (39,490 | ) | (47,575 | ) | |||
| Withholding tax related to net share settlement of restricted share units | (13,175 | ) | (18,167 | ) | |||
| Net cash used in financing activities | (64,853 | ) | (80,984 | ) | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 178,542 | $ | 33,609 | |||
| 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 | 178,542 | 33,609 | |||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 63 | (606 | ) | ||||
| Cash, cash equivalents and restricted cash at the end of period | $ | 409,973 | $ | 231,368 | |||
| Non-cash investing and financing activities | |||||||
| Construction, software and equipment related payables | $ | 14,380 | $ | 13,526 | |||
| FABRINET CONSOLIDATED STATEMENTS OF CASH FLOWS(Continued) | |||||||
| Supplemental disclosures | Year Ended | ||||||
| (in thousands of U.S. dollars) | June 28, 2024 | June 30, 2023 | |||||
| (unaudited) | |||||||
| Cash paid for | |||||||
| Interest | $ | 312 | $ | 2,377 | |||
| Taxes | $ | 16,452 | $ | 14,158 | |||
| Cash received for interest | $ | 29,783 | $ | 11,048 | |||
| Non-cash investing and financing activities | |||||||
| Construction, software and equipment related payables | $ | 14,380 | $ | 13,526 | |||
| FABRINET RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (UNAUDITED) |
Reconciliation of GAAP Gross Profit and GAAP Gross Margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin
| Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||
| (in thousands of U.S. dollars, except share data) | June 28, 2024 | June 30, 2023 | June 28, 2024 | June 30, 2023 | |||||||||||||||||||||||||||
| Revenues | $ | 753,261 | $ | 655,871 | $ | 2,882,967 | $ | 2,645,237 | |||||||||||||||||||||||
| Gross profit (GAAP) | $ | 92,449 | 12.3 | % | $ | 82,295 | 12.5 | % | $ | 356,118 | 12.4 | % | $ | 336,273 | 12.7 | % | |||||||||||||||
| Share-based compensation expenses | 1,776 | 1,636 | 7,203 | 6,664 | |||||||||||||||||||||||||||
| Gross profit (Non-GAAP) | $ | 94,225 | 12.5 | % | $ | 83,931 | 12.8 | % | $ | 363,321 | 12.6 | % | $ | 342,937 | 13.0 | % | |||||||||||||||
Reconciliation of GAAP Operating Profit and GAAP Operating Margin to Non-GAAP Operating Profit and Non-GAAP Operating Margin
| Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||
| (in thousands of U.S. dollars, except share data) | June 28, 2024 | June 30, 2023 | June 28, 2024 | June 30, 2023 | |||||||||||||||||||||||||||
| Revenues | $ | 753,261 | $ | 655,871 | $ | 2,882,967 | $ | 2,645,237 | |||||||||||||||||||||||
| Operating profit (GAAP) | $ | 73,309 | 9.7 | % | $ | 61,402 | 9.4 | % | $ | 277,605 | 9.6 | % | $ | 251,704 | 9.5 | % | |||||||||||||||
| Share-based compensation expenses | 6,934 | 6,572 | 28,374 | 27,603 | |||||||||||||||||||||||||||
| Restructuring and other related costs | 32 | 1,024 | 32 | 6,896 | |||||||||||||||||||||||||||
| Amortization of intangibles | — | — | — | 224 | |||||||||||||||||||||||||||
| Operating profit (Non-GAAP) | $ | 80,275 | 10.7 | % | $ | 68,998 | 10.5 | % | $ | 306,011 | 10.6 | % | $ | 286,427 | 10.8 | % | |||||||||||||||
| FABRINET RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (UNAUDITED) | |||||||||||||||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||
| June 28, 2024 | June 30, 2023 | June 28, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||
| (in thousands of U.S. dollars, except share data) | Net income | Diluted EPS | Net income | Diluted EPS | Net income | Diluted EPS | Net income | Diluted EPS | |||||||||||||||||||||||
| GAAP measures | $ | 81,066 | $ | 2.22 | $ | 60,786 | $ | 1.65 | $ | 296,181 | $ | 8.10 | $ | 247,913 | $ | 6.73 | |||||||||||||||
| Items reconciling GAAP net income & EPS to non-GAAP net income & EPS: | |||||||||||||||||||||||||||||||
| Related to cost of revenues: | |||||||||||||||||||||||||||||||
| Share-based compensation expenses | 1,776 | 0.05 | 1,636 | 0.05 | 7,203 | 0.20 | 6,664 | 0.18 | |||||||||||||||||||||||
| Total related to gross profit | 1,776 | 0.05 | 1,636 | 0.05 | 7,203 | 0.20 | 6,664 | 0.18 | |||||||||||||||||||||||
| Related to selling, general and administrative expenses: | |||||||||||||||||||||||||||||||
| Share-based compensation expenses | 5,158 | 0.14 | 4,936 | 0.13 | 21,171 | 0.58 | 20,939 | 0.57 | |||||||||||||||||||||||
| Amortization of intangibles | — | — | — | — | — | — | 224 | 0.01 | |||||||||||||||||||||||
| Total related to selling, general and administrative expenses | 5,158 | 0.14 | 4,936 | 0.13 | 21,171 | 0.58 | 21,163 | 0.58 | |||||||||||||||||||||||
| Related to other income and expense: | |||||||||||||||||||||||||||||||
| Restructuring and other related costs | 32 | 0.00 | 1,024 | 0.03 | 32 | 0.00 | 6,896 | 0.18 | |||||||||||||||||||||||
| Amortization of deferred debt issuance costs | 8 | 0.00 | 8 | 0.00 | 32 | 0.00 | 32 | 0.00 | |||||||||||||||||||||||
| Total related to other income and expense | 40 | 0.00 | 1,032 | 0.03 | 64 | 0.00 | 6,928 | 0.18 | |||||||||||||||||||||||
| Total related to net income & EPS | 6,974 | 0.19 | 7,604 | 0.21 | 28,438 | 0.78 | 34,755 | 0.94 | |||||||||||||||||||||||
| Non-GAAP measures | $ | 88,040 | $ | 2.41 | $ | 68,390 | $ | 1.86 | $ | 324,619 | $ | 8.88 | $ | 282,668 | $ | 7.67 | |||||||||||||||
| Shares used in computing diluted net income per share | |||||||||||||||||||||||||||||||
| GAAP diluted shares | 36,533 | 36,737 | 36,564 | 36,855 | |||||||||||||||||||||||||||
| Non-GAAP diluted shares | 36,533 | 36,737 | 36,564 | 36,855 | |||||||||||||||||||||||||||
| FABRINET RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED) | |||||||||||||||
| (in thousands of U.S. dollars) | Three Months Ended | Year Ended | |||||||||||||
| June 28, 2024 | June 30, 2023 | June 28, 2024 | June 30, 2023 | ||||||||||||
| Net cash provided by operating activities | $ | 83,062 | $ | 71,088 | $ | 413,146 | $ | 213,310 | |||||||
| Less: Purchase of property, plant and equipment | (12,703 | ) | (17,938 | ) | (47,528 | ) | (61,360 | ) | |||||||
| Non-GAAP free cash flow | $ | 70,359 | $ | 53,150 | $ | 365,618 | $ | 151,950 | |||||||
| FABRINET GUIDANCE FOR QUARTER ENDING SEPTEMBER 27, 2024 RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES | |
| Diluted EPS | |
| GAAP net income per diluted share: | |
| Related to cost of revenues: | |
| Share-based compensation expenses | 0.07 |
| Total related to gross profit | 0.07 |
| Related to selling, general and administrative expenses: | |
| Share-based compensation expenses | 0.15 |
| Severance payment and others | 0.01 |
| Total related to selling, general and administrative expenses | 0.16 |
| Total related to net income & EPS | 0.23 |
| Non-GAAP net income per diluted share | |
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