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Fabrinet Announces Fourth Quarter and Fiscal Year 2020 Financial Results

Nachrichtenquelle: Business Wire (engl.)
17.08.2020, 22:15  |  131   |   |   

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 26, 2020.

Seamus Grady, Chief Executive Officer of Fabrinet, said, “We exceeded our guidance for revenue and earnings in the fourth quarter, ending the year in a better position than ever to continue our success. This performance helped us generate record operating cash flow in fiscal 2020 and end the year with a record cash balance.”

Grady continued, “We remain optimistic about demand for products in the core markets we serve, despite COVID headwinds, and anticipate sequential growth in the first quarter. Going forward, we anticipate that we can extend our history of strong cash flow generation and see opportunities to continue investing in further growth while also more aggressively returning value to shareholders through an expanded share repurchase program.”

Fourth Quarter Fiscal Year 2020 Financial Highlights

GAAP Results

  • Revenue for the fourth quarter of fiscal year 2020 was $405.1 million, consistent with the comparable period in fiscal year 2019.
  • GAAP net income for the fourth quarter of fiscal year 2020 was $28.0 million, compared to GAAP net income of $33.0 million for the fourth quarter of fiscal year 2019. GAAP net income for the fourth quarter of fiscal year 2020 included a foreign exchange loss of ($0.8) million, or ($0.02) per diluted share, compared to a foreign exchange gain of $1.8 million, or $0.05 per diluted share, for the fourth quarter of fiscal year 2019.
  • GAAP net income per diluted share for the fourth quarter of fiscal year 2020 was $0.75, compared to GAAP net income per diluted share of $0.88 for the fourth quarter of fiscal year 2019.

Non-GAAP Results

  • Non-GAAP net income for the fourth quarter of fiscal year 2020 was $36.0 million, compared to non-GAAP net income of $37.6 million for the fourth quarter of fiscal year 2019. Non-GAAP net income for the fourth quarter of fiscal year 2020 included a foreign exchange loss of ($0.8) million, or ($0.02) per diluted share, compared to a foreign exchange gain of $1.8 million, or $0.05 per diluted share, for the fourth quarter of fiscal year 2019.
  • Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2020 was $0.96, compared to non-GAAP net income per diluted share of $1.00 for the same period a year ago.

Fiscal Year 2020 Financial Highlights

GAAP Results

  • Revenue for fiscal year 2020 was $1,641.8 million, compared to revenue of $1,584.3 million for fiscal year 2019.
  • GAAP net income for fiscal year 2020 was $113.5 million, compared to GAAP net income of $121.0 million for fiscal year 2019. GAAP net income for fiscal year 2020 included a foreign exchange loss of ($3.8) million, or ($0.10) per diluted share, compared to a foreign exchange gain of $1.4 million, or $0.04 per diluted share, for fiscal year 2019.
  • GAAP net income per diluted share for fiscal year 2020 was $3.01, compared to GAAP net income per diluted share of $3.23 for fiscal year 2019.

Non-GAAP Results

  • Non-GAAP net income for fiscal year 2020 was $140.6 million, compared to non-GAAP net income of $142.6 million for fiscal year 2019. Non-GAAP net income for fiscal year 2020 included a foreign exchange loss of ($3.8) million, or ($0.10) per diluted share, compared to a foreign exchange gain of $1.4 million, or $0.04 per diluted share, for fiscal year 2019.
  • Non-GAAP net income per diluted share for fiscal year 2020 was $3.73, compared to non-GAAP net income per diluted share of $3.81 for fiscal year 2019.

Share Repurchase Program Expanded

Fabrinet also announced that its Board of Directors has approved the repurchase of up to an additional $58.5 million of Fabrinet’s ordinary shares, bringing the aggregate authorization under Fabrinet’s existing share repurchase program to $168.5 million, with $100.0 million currently remaining.

Business Outlook

Based on information available as of August 17, 2020, Fabrinet is issuing guidance for its first quarter of fiscal year 2021 ending September 25, 2020, as follows:

  • Fabrinet expects first quarter revenue to be in the range of $410 million to $430 million.
  • GAAP net income per diluted share is expected to be in the range of $0.77 to $0.84, based on approximately 37.7 million fully diluted shares outstanding.
  • Non-GAAP net income per diluted share is expected to be in the range of $0.93 to $1.00, based on approximately 37.7 million fully diluted shares outstanding.

Conference Call Information

What:

Fabrinet Fourth Quarter and Fiscal Year 2020 Financial Results Call

When:

Monday, August 17, 2020

Time:

5:00 p.m. ET

Live Call:

(888) 357-3694, domestic

(253) 237-1137, international

Passcode: 7432775

Replay:

(855) 859-2056, domestic

(404) 537-3406, international

Passcode: 7432775

Webcast:

http://investor.fabrinet.com/ (live and replay)

This press release and any other information related to the call will also be posted on Fabrinet’s website at http://investor.fabrinet.com. A recorded version of this webcast will be available approximately two hours after the call and 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 the United Kingdom. For more information visit: www.fabrinet.com.

Forward-Looking Statements

“Safe Harbor” Statement Under U.S. Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include: (1) statements regarding demand for products in the core markets we serve; (2) our expectations that we will be able to continue our success, achieve sequential growth in the first quarter of fiscal year 2021, extend our history of strong cash flow generation, invest in growth opportunities, and return value to shareholders through an expanded share repurchase program;; and (3) 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 2021. 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: less customer demand for our products and services than forecasted; less growth in the optical communications, 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, the U.S. and the U.K.); 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 on May 5, 2020. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financials

We refer to the non-GAAP financial measures cited above in making operating decisions because they provide meaningful supplemental information regarding our ongoing operational performance. Non-GAAP net income excludes: share-based compensation expenses; depreciation of fair value uplift; ASC 606 adoption impact on gross profit; severance payments; expenses related to our CFO search; amortization of intangibles; goodwill impairment charge; business combination expenses and consulting fee; amortization of debt issuance costs; and expenses related to reduction in workforce. We have excluded these items in order to enhance investors’ understanding of our underlying operations. The use of these non-GAAP financial measures has material limitations because they should not be used to evaluate our company without reference to their corresponding GAAP financial measures. As such, we compensate for these material limitations by using these non-GAAP financial measures in conjunction with GAAP financial measures.

These non-GAAP financial measures are used 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, these non-GAAP financial measures are used to measure company performance for the purposes of determining employee incentive plan compensation.

FABRINET

CONSOLIDATED BALANCE SHEETS

 

(in thousands of U.S. dollars, except share data and par value)

 

June 26,

2020

 

June 28,

2019

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

225,430

 

$

180,839

Short-term restricted cash

 

 

7,402

 

 

Short-term investments

 

 

262,693

 

 

256,493

Trade accounts receivable, net

 

 

272,665

 

 

260,602

Contract assets

 

 

13,256

 

 

12,447

Inventories

 

 

309,786

 

 

293,612

Other receivable

 

 

24,310

 

 

Prepaid expenses

 

 

5,399

 

 

8,827

Other current assets

 

 

13,915

 

 

11,015

Total current assets

 

 

1,134,856

 

 

1,023,835

Non-current assets

 

 

 

 

 

 

Long-term restricted cash

 

 

 

 

7,402

Property, plant and equipment, net

 

 

228,274

 

 

210,686

Intangibles, net

 

 

4,312

 

 

3,887

Operating right-of-use assets

 

 

8,068

 

 

Goodwill

 

 

 

 

3,705

Deferred tax assets

 

 

5,675

 

 

5,679

Other non-current assets

 

 

202

 

 

124

Total non-current assets

 

 

246,531

 

 

231,483

Total Assets

 

$

1,381,387

 

$

1,255,318

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Long-term borrowings, current portion, net

 

$

12,156

 

$

3,250

Trade accounts payable

 

 

251,603

 

 

257,617

Fixed assets payable

 

 

15,127

 

 

7,317

Contract liabilities

 

 

1,556

 

 

2,239

Operating lease liabilities, current portion

 

 

1,979

 

 

Income tax payable

 

 

2,242

 

 

1,801

Accrued payroll, bonus and related expenses

 

 

19,265

 

 

16,510

Accrued expenses

 

 

12,104

 

 

8,997

Other payables

 

 

21,514

 

 

15,317

Total current liabilities

 

337,546

 

313,048

Non-current liabilities

 

 

 

 

Long-term borrowings, non-current portion, net

 

39,514

 

57,688

Deferred tax liability

 

 

4,729

 

 

3,561

Operating lease liabilities, non-current portion

 

5,873

 

Severance liabilities

 

17,379

 

15,209

Other non-current liabilities

 

1,937

 

2,713

Total non-current liabilities

 

69,432

 

79,171

Total Liabilities

 

 

406,978

 

392,219

Commitments and contingencies

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and

 

 

 

 

 

 

outstanding as of June 26, 2020 and June 28, 2019)

 

 

Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,471,967 shares and

 

 

 

 

 

 

38,230,753 shares issued as of June 26, 2020 and June 28, 2019, respectively; and 36,727,864 shares and 36,841,650 shares

 

 

 

 

 

 

outstanding as of June 26, 2020 and June 28, 2019, respectively)

 

 

385

 

 

382

Additional paid-in capital

 

 

175,610

 

158,299

Less: Treasury shares (1,744,103 shares and 1,389,103 shares as of June 26, 2020

 

 

 

 

 

and June 28, 2019, respectively)

 

 

(68,501)

 

(47,779)

Accumulated other comprehensive loss

 

 

(1,147)

 

(2,386)

Retained earnings

 

 

868,062

 

754,583

Total Shareholders’ Equity

 

974,409

 

863,099

Total Liabilities and Shareholders’ Equity

 

$

1,381,387

 

$

1,255,318

 

FABRINET

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

 

Three Months Ended

 

Twelve Months Ended

(in thousands of U.S. dollars, except per share data)

June 26, 2020

 

June 28, 2019

 

June 26, 2020

 

June 28, 2019

 

 

 

 

 

 

 

 

Revenues

$

405,113

 

 

$

405,127

 

 

$

1,641,836

 

 

$

1,584,335

 

Cost of revenues

 

(358,489

)

 

 

(358,501

)

 

 

(1,455,731

)

 

 

(1,405,111

)

Gross profit

 

46,624

 

 

 

46,626

 

 

 

186,105

 

 

 

179,224

Selling, general and administrative expenses

 

(18,185

)

 

 

(13,771

)

 

 

(68,374

)

 

 

(55,067

)

Expenses related to reduction in workforce

 

(313

)

 

 

(789

)

 

 

(329

)

 

 

(1,516

)

Operating income

 

28,126

 

 

 

32,066

 

 

 

117,402

 

 

 

122,641

 

Interest income

 

1,512

 

 

 

1,929

 

 

 

7,592

 

 

 

6,699

 

Interest expense

 

(232

)

 

 

(1,708

)

 

 

(3,044

)

 

 

(5,381

)

Foreign exchange gain (loss), net

 

(848

)

 

 

1,814

 

 

 

(3,797

)

 

 

1,406

 

Other income (expense), net

 

112

 

 

 

70

 

 

 

1,089

 

 

 

868

 

Income before income taxes

 

28,670

 

 

 

34,171

 

 

 

119,242

 

 

 

126,233

 

Income tax expense

 

(646

)

 

 

(1,214

)

 

 

(5,763

)

 

 

(5,278

)

Net income

 

28,024

 

 

 

32,957

 

 

 

113,479

 

 

 

120,955

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

Change in net unrealized gain (loss) on available-for-sale securities

 

1,941

 

 

 

644

 

 

 

538

 

 

 

2,043

 

Change in net unrealized gain (loss) on derivative instruments

 

7,289

 

 

 

1

 

 

 

570

 

 

 

(1

)

Change in retirement benefit plan – prior service cost

 

50

 

 

 

(2,537

)

 

 

528

 

 

 

(2,537

)

Change in foreign currency translation adjustment

 

(44

)

 

 

(415

)

 

 

(397

)

 

 

(634

)

Total other comprehensive income (loss), net of tax

 

9,236

 

 

 

(2,307

)

 

 

1,239

 

 

 

(1,129

)

Net comprehensive income

$

37,260

 

 

$

30,650

 

 

$

114,718

 

 

$

119,826

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

Basic

$

0.76

 

 

$

0.89

 

 

$

3.07

 

 

$

3.29

 

Diluted

$

0.75

 

 

$

0.88

 

 

$

3.01

 

 

$

3.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of ordinary shares outstanding (thousands of shares)

Basic

 

36,723

 

 

 

36,836

 

 

 

36,908

 

 

 

36,798

 

Diluted

 

37,571

 

 

 

37,511

 

 

 

37,665

 

 

 

37,415

 

 

FABRINET

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Years Ended

 

(in thousands of U. S. dollars)

 

June 26, 2020

 

June 28, 2019

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

Net income

 

$

113,479

 

 

$

120,955

 

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

Depreciation and amortization

 

 

30,875

 

 

 

29,944

 

 

Loss (gain) on disposal and impairment of property, plant and equipment

 

 

329

 

 

 

(4

)

 

Loss on disposal of intangibles

 

 

 

 

 

149

 

 

Loss on impairment of goodwill

 

 

3,514

 

 

 

 

 

(Gain) loss from sales and maturities of available-for-sale securities

 

 

(96

)

 

 

135

 

 

Accretion of premiums on short-term investments

 

 

(508

)

 

 

(592

)

 

Amortization of deferred debt issuance costs

 

 

26

 

 

 

 

 

Allowance for doubtful accounts (reversal)

 

 

240

 

 

 

36

 

 

Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts

 

 

1,963

 

 

 

(6,980

)

 

Unrealized loss on fair value of interest rate swaps

 

 

1,672

 

 

 

2,591

 

 

Amortization of fair value at hedge inception of interest rate swaps

 

 

(1,220

)

 

 

 

 

Share-based compensation

 

 

22,203

 

 

 

17,157

 

 

Deferred income tax

 

 

1,262

 

 

 

879

 

 

Other non-cash expenses

 

 

(619

)

 

 

(450

)

 

Changes in operating assets and liabilities

 

 

 

 

 

Trade accounts receivable

 

 

(12,260

)

 

 

(13,494

)

 

Contract assets

 

 

(809

)

 

 

(2,570

)

 

Inventories

 

 

(16,174

)

 

 

(44,598

)

 

Other current assets and non-current assets

 

 

(182

)

 

 

(2,777

)

 

Trade accounts payable

 

 

(5,990

)

 

 

38,807

 

 

Contract liabilities

 

 

(683

)

 

 

2,239

 

 

Income tax payable

 

 

442

 

 

 

1,092

 

 

Severance liabilities

 

 

2,802

 

 

 

3,343

 

 

Other current liabilities and non-current liabilities

 

 

10,394

 

 

 

1,532

 

 

Net cash provided by operating activities

 

 

150,660

 

 

 

147,394

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Purchase of short-term investments

 

 

(196,373

)

 

 

(233,080

)

 

Proceeds from sales of short-term investments

 

 

48,808

 

 

 

99,142

 

 

Proceeds from maturities of short-term investments

 

 

142,508

 

 

 

54,215

 

 

Funds provided to customer to support transfer of manufacturing operations

 

 

(24,310

)

 

 

 

 

Purchase of property, plant and equipment

 

 

(42,327

)

 

 

(18,661

)

 

Purchase of intangibles

 

 

(1,180

)

 

 

(282

)

 

Proceeds from disposal of property, plant and equipment

 

 

1,626

 

 

 

599

 

 

Net cash used in investing activities

 

 

(71,248

)

 

 

(98,067

)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Payment of debt issuance costs

 

 

(153

)

 

 

 

 

Proceeds from short-term borrowings

 

 

 

 

 

 

 

Repayment of short-term borrowings

 

 

 

 

 

 

 

Proceeds from long-term borrowings

 

 

60,938

 

 

 

 

 

Repayment of long-term borrowings

 

 

(70,079

)

 

 

(3,250

)

 

Proceeds from issuance of ordinary shares under employee share option plan

 

 

 

 

 

 

 

Repayment of finance lease liabilities

 

 

(400

)

 

 

(468

)

 

Repurchase of ordinary shares

 

 

(20,722

)

 

 

(5,378

)

 

Release of restricted cash held in connection with business acquisition

 

 

 

 

 

(3,478

)

 

Withholding tax related to net share settlement of restricted share units

 

 

(4,889

)

 

 

(10,649

)

 

Net cash used in financing activities

 

 

(35,305

)

 

 

(23,223

)

 

Net increase in cash, cash equivalents and restricted cash

 

$

44,107

 

 

$

26,104

 

 

 

Movement in cash, cash equivalents and restricted cash

 

 

 

 

 

Cash, cash equivalents and restricted cash at beginning of period

 

$

188,241

 

 

$

161,433

 

 

Increase in cash, cash equivalents and restricted cash

 

 

44,107

 

 

 

26,104

 

 

Effect of exchange rate on cash, cash equivalents and restricted cash

 

 

484

 

 

 

704

 

 

Cash, cash equivalents and restricted cash at end of period

 

$

232,832

 

 

$

188,241

 

 

FABRINET

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

 

 

Years Ended

(in thousands of U. S. dollars)

 

June 26 2020

 

June 28, 2019

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures

 

 

 

 

Cash paid for

 

 

 

 

Interest

 

$

1,688

 

$

2,605

Taxes

 

$

8,466

 

$

7,637

Cash received for interest

 

$

9,676

 

$

5,811

 

 

 

 

 

Non-cash investing and financing activities

 

 

 

 

Construction, software and equipment related payables

 

$

15,127

 

$

7,317

 

 

 

 

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sums to the total of the same amounts shown in the consolidated statements of cash flows:

 

As of

(amount in thousands)

June 26, 2020

June 28, 2019

 

 

 

Cash and cash equivalents

$

225,430

$

180,839

Restricted cash

 

7,402

 

7,402

Cash, cash equivalents and restricted cash

$

232,832

$

188,241

FABRINET

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

Three Months Ended

 

Twelve Months Ended

 

 

June 26, 2020

 

June 28, 2019

 

June 26, 2020

 

June 28, 2019

(in thousands of U.S. dollars,

except per share data)

Net

income

Diluted
EPS

 

Net

income

Diluted

EPS

 

Net

income

Diluted EPS

 

Net income

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP measures

28,024

0.75

 

32,957

0.88

 

113,479

3.01

 

120,955

3.23

 

Items reconciling GAAP net income & EPS to non-GAAP net income & EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Related to cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expenses

 

1,298

 

0.03

 

 

1,271

 

0.03

 

6,098

0.16

 

5,655

0.15

 

 

Depreciation of fair value uplift

 

80

 

0.00

 

 

86

 

0.00

 

327

0.01

 

341

0.01

 

 

ASC 606 adoption impact on gross profit

-

-

 

-

-

 

-

-

 

(31)

(0.00)

 

 

Total related to gross profit

 

1,378

 

0.04

 

 

1,357

 

0.04

 

6,425

0.17

 

5,965

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related to selling, general and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expenses

 

2,604

 

0.07

 

 

2,513

 

0.07

 

16,105

0.43

 

11,502

0.31

 

 

Expenses related to CFO search

 

-

 

-

 

 

(567)

 

(0.02)

 

 

-

 

-

 

290

0.01

 

 

Amortization of intangibles

 

131

 

0.00

 

 

163

 

0.00

 

562

0.01

 

 

694

 

0.02

 

 

Goodwill impairment charge

3,514

0.09

 

-

-

 

3,514

0.09

 

-

-

 

 

Business combination expenses and consulting fee

 

 

-

 

 

-

 

 

 

224

 

 

0.01

 

 

 

-

 

 

-

 

 

 

552

 

 

0.01

 

 

Severance payments and others

 

-

 

-

 

 

171

 

0.00

 

 

150

 

0.00

 

 

1,120

 

0.03

 

Total related to selling, general and administrative expenses

 

 

6,249

 

 

0.17

 

 

 

2,504

 

 

0.07

 

 

 

20,331

 

 

0.54

 

 

 

14,158

 

 

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related to other incomes and other expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses related to reduction in workforce

 

313

 

0.01

 

 

789

 

0.02

 

 

329

 

0.01

 

 

1,516

 

0.04

 

 

Amortization of debt issuance costs

 

8

 

0.00

 

 

-

 

-

 

 

26

 

0.00

 

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total related to other incomes and other expenses

321

0.01

 

789

0.02

 

355

0.01

 

1,516

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total related to net income & EPS

 

7,948

 

0.21

 

 

4,650

 

0.12

 

 

27,111

 

0.72

 

 

21,639

 

0.58

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP measures

35,972

0.96

 

37,607

1.00

 

140,590

3.73

 

142,594

3.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing diluted net income per share

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted shares

 

37,571

 

 

37,511

 

 

37,665

 

 

37,415

 

Non-GAAP diluted shares

 

37,571

 

 

37,511

 

 

37,665

 

 

37,415

 

FABRINET

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(amount in thousands)

Three Months Ended

Twelve Months Ended

 

June 26, 2020

June 28, 2019

June 26, 2020

June 28, 2019

 

 

 

 

 

Net cash provided by operating activities

$

46,212

$

41,890

$

150,660

$

147,394

Less: Purchase of property, plant and equipment

 

(14,845

)

 

(5,450

)

 

(42,327

)

 

(18,661

)

Non-GAAP free cash flow

$

31,367

 

$

36,440

 

$

108,333

 

$

128,733

 

FABRINET

GUIDANCE FOR QUARTER ENDING SEPTEMBER 25, 2020

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

 

 

Diluted

 

EPS

GAAP net income per diluted share:

$0.77 to $0.84

Related to cost of revenues:

 

Share-based compensation expenses

0.04

Total related to gross profit

0.04

 

 

Related to selling, general and administrative expenses:

 

Share-based compensation expenses

0.11

Business combination expenses

0.01

Total related to selling, general and administrative expenses

0.12

 

 

Total related to net income & EPS

0.16

Non-GAAP net income per diluted share

$0.93 to $1.00

 

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Disclaimer

Fabrinet Announces Fourth Quarter and Fiscal Year 2020 Financial Results 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 …

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07.06.21