- Fourth Quarter Revenue and Earnings Per Share Exceed Guidance
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 30, 2023.
Seamus Grady, Chief Executive Officer of Fabrinet, said, “We exceeded our guidance for revenue and earnings per share in the fourth quarter. During the quarter we saw very strong growth in datacom revenue, driven by new AI products, which more than offset anticipated headwinds from inventory adjustments at some customers. Our strong fourth quarter results helped produce record performances for revenue, profitability and cash flow in fiscal 2023. As we look to the first quarter of fiscal 2024, we are optimistic that new datacom programs can continue to offset inventory absorption in the industry, and that we can extend our track record of strong execution.”
Fourth Quarter Fiscal Year 2023 Financial Highlights
GAAP Results
- Revenue for the fourth quarter of fiscal year 2023 was $655.9 million, compared to $587.9 million for the fourth quarter of fiscal year 2022.
- GAAP net income for the fourth quarter of fiscal year 2023 was $60.8 million, compared to $56.2 million for the fourth quarter of fiscal year 2022.
- GAAP net income per diluted share for the fourth quarter of fiscal year 2023 was $1.65, compared to $1.51 for the fourth quarter of fiscal year 2022.
Non-GAAP Results
- Non-GAAP net income for the fourth quarter of fiscal year 2023 was $68.4 million, compared to $62.6 million for the fourth quarter of fiscal year 2022.
- Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2023 was $1.86, compared to $1.68 for the fourth quarter of fiscal year 2022.
Fiscal Year 2023 Financial Highlights
GAAP Results
- Revenue for fiscal year 2023 was $2.65 billion, compared to $2.26 billion for fiscal year 2022.
- GAAP net income for fiscal year 2023 was $247.9 million, compared to $200.4 million for fiscal year 2022.
- GAAP net income per diluted share for fiscal year 2023 was $6.73, compared to $5.36 for fiscal year 2022.
Non-GAAP Results
- Non-GAAP net income for fiscal year 2023 was $282.7 million, compared to $229.2 million for fiscal year 2022.
- Non-GAAP net income per diluted share for fiscal year 2023 was $7.67, compared to $6.13 for fiscal year 2022.
Share Repurchase Program Expanded
Fabrinet also announced that its Board of Directors has approved the repurchase of up to an additional $47.6 million of Fabrinet’s ordinary shares, bringing the aggregate authorization under Fabrinet’s existing share repurchase program to $294.8 million, with $100.0 million currently remaining.
Business Outlook
Based on information available as of August 21, 2023, Fabrinet is issuing guidance for its first fiscal quarter ending September 29, 2023, as follows:
- Fabrinet expects first quarter revenue to be in the range of $650 million to $670 million.
- GAAP net income per diluted share is expected to be in the range of $1.60 to $1.67, 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 $1.83 to $1.90, 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 2023 Financial Results Call |
When: |
|
August 21, 2023 |
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
“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) our optimism that new datacom programs can continue to offset inventory absorption and that we can extend our track record of strong execution; 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 2024. 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: the growing global 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, 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 9, 2023. 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; amortization of intangibles; severance payment and others; restructuring and other related costs; and amortization of deferred debt issuance costs. 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
|
|||||||
| (in thousands of U.S. dollars, except share data and par value) |
June 30,
|
June 24,
|
|||||
(unaudited) |
|||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ |
231,368 |
|
$ |
197,996 |
|
|
| Short-term restricted cash |
|
— |
|
|
220 |
|
|
| Short-term investments |
|
319,100 |
|
|
280,157 |
|
|
| Trade accounts receivable, net of allowance for doubtful accounts of $965 and $1,271, respectively |
|
531,767 |
|
|
452,670 |
|
|
| Inventories |
|
519,576 |
|
|
557,145 |
|
|
| Prepaid expenses |
|
7,849 |
|
|
11,626 |
|
|
| Other current assets |
|
42,880 |
|
|
25,357 |
|
|
| Total current assets |
|
1,652,540 |
|
|
1,525,171 |
|
|
| Non-current assets | |||||||
| Long-term restricted cash |
|
— |
|
|
149 |
|
|
| Property, plant and equipment, net |
|
310,350 |
|
|
292,277 |
|
|
| Intangibles, net |
|
2,394 |
|
|
3,508 |
|
|
| Operating right-of-use assets |
|
1,634 |
|
|
4,084 |
|
|
| Deferred tax assets |
|
12,095 |
|
|
9,800 |
|
|
| Other non-current assets |
|
635 |
|
|
652 |
|
|
| Total non-current assets |
|
327,108 |
|
|
310,470 |
|
|
| Total Assets | $ |
1,979,648 |
|
$ |
1,835,641 |
|
|
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities | |||||||
| Long-term borrowings, current portion, net | $ |
12,156 |
|
$ |
12,156 |
|
|
| Trade accounts payable |
|
381,129 |
|
|
439,684 |
|
|
| Fixed assets payable |
|
13,526 |
|
|
9,085 |
|
|
| Operating lease liabilities, current portion |
|
1,201 |
|
|
2,319 |
|
|
| Income tax payable |
|
6,024 |
|
|
2,898 |
|
|
| Accrued payroll, bonus and related expenses |
|
23,748 |
|
|
20,374 |
|
|
| Accrued expenses |
|
20,447 |
|
|
24,758 |
|
|
| Other payables |
|
23,654 |
|
|
27,213 |
|
|
| Total current liabilities |
|
481,885 |
|
|
538,487 |
|
|
| Non-current liabilities | |||||||
| Long-term borrowings, non-current portion, net |
|
— |
|
|
15,202 |
|
|
| Deferred tax liability |
|
4,799 |
|
|
6,001 |
|
|
| Operating lease liabilities, non-current portion |
|
66 |
|
|
1,476 |
|
|
| Severance liabilities |
|
22,159 |
|
|
18,384 |
|
|
| Other non-current liabilities |
|
2,081 |
|
|
2,409 |
|
|
| Total non-current liabilities |
|
29,105 |
|
|
43,472 |
|
|
| Total Liabilities |
|
510,990 |
|
|
581,959 |
|
|
| Shareholders’ equity | |||||||
| Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of June 30, 2023 and June 24, 2022) |
|
— |
|
|
— |
|
|
| Ordinary shares (500,000,000 shares authorized, $0.01 par value; 39,284,176 shares and 39,048,700 shares issued as of June 30, 2023 and June 24, 2022, respectively; and 36,183,682 shares and 36,436,683 shares outstanding as of June 30, 2023 and June 24, 2022, respectively) |
|
393 |
|
|
390 |
|
|
| Additional paid-in capital |
|
206,624 |
|
|
196,667 |
|
|
| Less: Treasury shares (3,100,494 shares and 2,612,017 shares as of June 30, 2023 and June 24, 2022, respectively) |
|
(194,833 |
) |
|
(147,258 |
) |
|
| Accumulated other comprehensive income (loss) |
|
(8,115 |
) |
|
(12,793 |
) |
|
| Retained earnings |
|
1,464,589 |
|
|
1,216,676 |
|
|
| Total Shareholders’ Equity |
|
1,468,658 |
|
|
1,253,682 |
|
|
| Total Liabilities and Shareholders’ Equity | $ |
1,979,648 |
|
$ |
1,835,641 |
|
|
FABRINET
|
|||||||||||||||
Three Months Ended |
|
Year Ended |
|||||||||||||
| (in thousands of U.S. dollars, except per share data) |
June 30,
|
|
June 24,
|
|
June 30,
|
|
June 24,
|
||||||||
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|||||||||
| Revenues | $ |
655,871 |
|
$ |
587,874 |
|
$ |
2,645,237 |
|
$ |
2,262,224 |
|
|||
| Cost of revenues |
|
(573,576 |
) |
|
(512,941 |
) |
|
(2,308,964 |
) |
|
(1,983,630 |
) |
|||
| Gross profit |
|
82,295 |
|
|
74,933 |
|
|
336,273 |
|
|
278,594 |
|
|||
| Selling, general and administrative expenses |
|
(19,869 |
) |
|
(18,529 |
) |
|
(77,673 |
) |
|
(73,941 |
) |
|||
| Restructuring and other related costs |
|
(1,024 |
) |
|
— |
|
|
(6,896 |
) |
|
(135 |
) |
|||
| Operating income |
|
61,402 |
|
|
56,404 |
|
|
251,704 |
|
|
204,518 |
|
|||
| Interest income |
|
4,024 |
|
|
735 |
|
|
11,234 |
|
|
2,205 |
|
|||
| Interest expense |
|
(293 |
) |
|
(85 |
) |
|
(1,472 |
) |
|
(432 |
) |
|||
| Foreign exchange gain (loss), net |
|
1,911 |
|
|
1,304 |
|
|
(1,211 |
) |
|
2,302 |
|
|||
| Other income (expense), net |
|
19 |
|
|
(276 |
) |
|
(159 |
) |
|
(1,627 |
) |
|||
| Income before income taxes |
|
67,063 |
|
|
58,082 |
|
|
260,096 |
|
|
206,966 |
|
|||
| Income tax expense |
|
(6,277 |
) |
|
(1,893 |
) |
|
(12,183 |
) |
|
(6,586 |
) |
|||
| Net income |
|
60,786 |
|
|
56,189 |
|
|
247,913 |
|
|
200,380 |
|
|||
| Other comprehensive income (loss), net of tax | |||||||||||||||
| Change in net unrealized gain (loss) on available-for-sale securities |
|
971 |
|
|
(2,711 |
) |
|
2,739 |
|
|
(6,326 |
) |
|||
| Change in net unrealized gain (loss) on derivative instruments |
|
(2,894 |
) |
|
(3,321 |
) |
|
1,541 |
|
|
(578 |
) |
|||
| Change in net retirement benefits plan – prior service cost |
|
135 |
|
|
174 |
|
|
473 |
|
|
622 |
|
|||
| Change in foreign currency translation adjustment |
|
(46 |
) |
|
(47 |
) |
|
(75 |
) |
|
(245 |
) |
|||
| Total other comprehensive income (loss), net of tax |
|
(1,834 |
) |
|
(5,905 |
) |
|
4,678 |
|
|
(6,527 |
) |
|||
| Net comprehensive income | $ |
58,952 |
|
$ |
50,284 |
|
$ |
252,591 |
|
$ |
193,853 |
|
|||
| Earnings per share | |||||||||||||||
| Basic | $ |
1.67 |
|
$ |
1.53 |
|
$ |
6.79 |
|
$ |
5.43 |
|
|||
| Diluted | $ |
1.65 |
|
$ |
1.51 |
|
$ |
6.73 |
|
$ |
5.36 |
|
|||
| Weighted-average number of ordinary shares outstanding (thousands of shares) | |||||||||||||||
| Basic |
|
36,337 |
|
|
36,668 |
|
|
36,515 |
|
|
36,876 |
|
|||
| Diluted |
|
36,737 |
|
|
37,222 |
|
|
36,855 |
|
|
37,394 |
|
|||
FABRINET
|
|||||||
|
|||||||
|
Year Ended |
||||||
| (in thousands of U.S. dollars) |
June 30,
|
|
June 24,
|
||||
|
(unaudited) |
|
|||||
| Cash flows from operating activities | |||||||
| Net income | $ |
247,913 |
|
$ |
200,380 |
|
|
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||
| Depreciation and amortization |
|
43,832 |
|
|
38,738 |
|
|
| Non-cash restructuring charges and other related costs |
|
2,201 |
|
|
— |
|
|
| (Gain) loss on disposal and impairment of property, plant and equipment |
|
(1,506 |
) |
|
(101 |
) |
|
| (Gain) loss from sales and maturities of available-for-sale securities |
|
92 |
|
|
13 |
|
|
| Amortization of discount (premium) of short-term investments |
|
280 |
|
|
3,691 |
|
|
| Amortization of deferred debt issuance costs |
|
31 |
|
|
32 |
|
|
| (Reversal of) allowance for doubtful accounts |
|
(307 |
) |
|
1,171 |
|
|
| Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts |
|
175 |
|
|
(2,832 |
) |
|
| Amortization of fair value at hedge inception of interest rate swaps |
|
(587 |
) |
|
(937 |
) |
|
| Share-based compensation |
|
28,127 |
|
|
28,048 |
|
|
| Deferred income tax |
|
(3,484 |
) |
|
(191 |
) |
|
| Other non-cash expenses |
|
601 |
|
|
1,390 |
|
|
| Changes in operating assets and liabilities | |||||||
| Trade accounts receivable |
|
(76,917 |
) |
|
(105,550 |
) |
|
| Inventories |
|
37,449 |
|
|
(135,011 |
) |
|
| Other current assets and non-current assets |
|
(13,568 |
) |
|
(6,430 |
) |
|
| Trade accounts payable |
|
(58,596 |
) |
|
93,499 |
|
|
| Income tax payable |
|
2,977 |
|
|
(761 |
) |
|
| Severance liabilities |
|
3,753 |
|
|
1,033 |
|
|
| Other current liabilities and non-current liabilities |
|
844 |
|
|
8,064 |
|
|
| Net cash provided by operating activities |
|
213,310 |
|
|
124,246 |
|
|
| Cash flows from investing activities | |||||||
| Purchase of short-term investments |
|
(217,005 |
) |
|
(198,318 |
) |
|
| Proceeds from sales of short-term investments |
|
30,179 |
|
|
19,463 |
|
|
| Proceeds from maturities of short-term investments |
|
150,252 |
|
|
133,632 |
|
|
| Purchase of property, plant and equipment |
|
(61,360 |
) |
|
(89,588 |
) |
|
| Purchase of intangibles |
|
(911 |
) |
|
(995 |
) |
|
| Proceeds from disposal of property, plant and equipment |
|
128 |
|
|
263 |
|
|
| Net cash used in investing activities |
|
(98,717 |
) |
|
(135,543 |
) |
|
| Cash flows from financing activities | |||||||
| Repayment of long-term borrowings |
|
(15,233 |
) |
|
(12,188 |
) |
|
| Repayment of finance lease liability |
|
(9 |
) |
|
(7 |
) |
|
| Repurchase of ordinary shares |
|
(47,575 |
) |
|
(59,915 |
) |
|
| Withholding tax related to net share settlement of restricted share units |
|
(18,167 |
) |
|
(20,824 |
) |
|
| Net cash used in financing activities |
|
(80,984 |
) |
|
(92,934 |
) |
|
| Net increase (decrease) in cash, cash equivalents and restricted cash | $ |
33,609 |
|
$ |
(104,231 |
) |
|
| Movement in cash, cash equivalents and restricted cash | |||||||
| Cash, cash equivalents and restricted cash at the beginning of period | $ |
198,365 |
|
$ |
303,123 |
|
|
| Increase (decrease) in cash, cash equivalents and restricted cash |
|
33,609 |
|
|
(104,231 |
) |
|
| Effect of exchange rate on cash, cash equivalents and restricted cash |
|
(606 |
) |
|
(527 |
) |
|
| Cash, cash equivalents and restricted cash at the end of period | $ |
231,368 |
|
$ |
198,365 |
|
|
| Non-cash investing and financing activities | |||||||
| Construction, software and equipment related payables | $ |
13,526 |
|
$ |
9,085 |
|
|
FABRINET
|
|||||
| Supplemental disclosures | Year Ended |
||||
| (in thousands of U.S. dollars) |
June 30,
|
June 24,
|
|||
(unaudited) |
|||||
| Cash paid for | |||||
| Interest | $ |
2,377 |
$ |
2,244 |
|
| Taxes | $ |
14,158 |
$ |
9,296 |
|
| Cash received for interest | $ |
11,048 |
$ |
1,603 |
|
| Non-cash investing and financing activities | |||||
| Construction, software and equipment related payables | $ |
13,526 |
$ |
9,085 |
|
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
As of |
|||||
| (in thousands of U.S. dollars) |
June 30,
|
June 24,
|
|||
(unaudited) |
|||||
| Cash and cash equivalents | $ |
231,368 |
$ |
197,996 |
|
| Restricted cash |
|
— |
|
369 |
|
| Cash, cash equivalents and restricted cash | $ |
231,368 |
$ |
198,365 |
|
FABRINET
|
|||||||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||||
|
June 30, 2023 |
|
June 24, 2022 |
|
June 30, 2023 |
|
June 24, 2022 |
||||||||||||||||
| (in thousands of U.S. dollars, except share data) | Net income |
|
Diluted
|
|
Net income |
|
Diluted
|
|
Net income |
|
Diluted
|
|
Net income |
|
Diluted
|
||||||||
| GAAP measures | $ |
60,786 |
$ |
1.65 |
$ |
56,189 |
$ |
1.51 |
$ |
247,913 |
$ |
6.73 |
$ |
200,380 |
$ |
5.36 |
|||||||
| Items reconciling GAAP net income & EPS to non-GAAP net income & EPS: | |||||||||||||||||||||||
| Related to cost of revenues: | |||||||||||||||||||||||
| Share-based compensation expenses |
|
1,636 |
|
0.05 |
|
1,388 |
|
0.04 |
|
6,664 |
|
0.18 |
|
5,967 |
|
0.16 |
|||||||
| Depreciation of fair value uplift |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
92 |
|
0.00 |
|||||||
| Total related to gross profit |
|
1,636 |
|
0.05 |
|
1,388 |
|
0.04 |
|
6,664 |
|
0.18 |
|
6,059 |
|
0.16 |
|||||||
| Related to selling, general and administrative expenses: | |||||||||||||||||||||||
| Share-based compensation expenses |
|
4,936 |
|
0.13 |
|
4,959 |
|
0.13 |
|
20,939 |
|
0.57 |
|
22,081 |
|
0.59 |
|||||||
| Amortization of intangibles |
|
— |
|
— |
|
94 |
|
0.00 |
|
224 |
|
0.01 |
|
422 |
|
0.01 |
|||||||
| Severance payment and others |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
105 |
|
0.00 |
|||||||
| Total related to selling, general and administrative expenses |
|
4,936 |
|
0.13 |
|
5,053 |
|
0.13 |
|
21,163 |
|
0.58 |
|
22,608 |
|
0.60 |
|||||||
| Related to other income and expense: | |||||||||||||||||||||||
| Restructuring and other related costs |
|
1,024 |
|
0.03 |
|
— |
|
— |
|
6,896 |
|
0.18 |
|
135 |
|
0.01 |
|||||||
| 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 |
|
1,032 |
|
0.03 |
|
8 |
|
0.00 |
|
6,928 |
|
0.18 |
|
167 |
|
0.01 |
|||||||
| Total related to net income & EPS |
|
7,604 |
|
0.21 |
|
6,449 |
|
0.17 |
|
34,755 |
|
0.94 |
|
28,834 |
|
0.77 |
|||||||
| Non-GAAP measures | $ |
68,390 |
$ |
1.86 |
$ |
62,638 |
$ |
1.68 |
$ |
282,668 |
$ |
7.67 |
$ |
229,214 |
$ |
6.13 |
|||||||
| Shares used in computing diluted net income per share | |||||||||||||||||||||||
| GAAP diluted shares |
|
36,737 |
|
37,222 |
|
36,855 |
|
37,394 |
|||||||||||||||
| Non-GAAP diluted shares |
|
36,737 |
|
37,222 |
|
36,855 |
|
37,394 |
|||||||||||||||
FABRINET
|
||||||||||||||||
| (in thousands) | Three Months Ended |
|
Year Ended |
|||||||||||||
|
|
June 30, 2023 |
|
June 24, 2022 |
|
June 30, 2023 |
|
June 24, 2022 |
||||||||
| Net cash provided by operating activities |
|
71,088 |
|
$ |
16,349 |
|
$ |
213,310 |
|
$ |
124,246 |
|
||||
| Less: Purchase of property, plant and equipment |
|
(17,938 |
) |
|
(14,261 |
) |
|
(61,360 |
) |
|
(89,588 |
) |
||||
| Non-GAAP free cash flow |
|
53,150 |
|
$ |
2,088 |
|
$ |
151,950 |
|
$ |
34,658 |
|
||||
FABRINET
|
|
|
|
Diluted
|
|
| GAAP net income per diluted share: | $1.60 to $1.67 |
| 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 | 0.16 |
| 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 | $1.83 to $1.90 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230821543363/en/
Contacts
Investors:
Garo Toomajanian
ir@fabrinet.com
