Fabrinet Files 2024 10-K Report

TL;DR

Fabrinet dropped its 2024 10-K. Full year financials are in.

AI Summary

Fabrinet filed its 2024 10-K report on August 20, 2024, detailing its fiscal year ending June 28, 2024. The company, headquartered in Santa Clara, CA, operates in the Telephone & Telegraph Apparatus industry. The filing covers financial performance and business operations for the fiscal year.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Fabrinet's financial health and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Numbers

• 2024 FY — Fiscal Year (The period covered by the 10-K filing.)
• 0626 — Fiscal Year End (Indicates the typical fiscal year end date for the company.)

Key Players & Entities

• Fabrinet (company) — Filer of the 10-K report
• Santa Clara, CA (location) — Company headquarters location
• 20240628 (date) — Fiscal year end date
• 20240820 (date) — Filing date of the 10-K

FAQ

Key Financial Figures

• $0.01 — e on which registered Ordinary Shares, $0.01 par value FN New York Stock Exchange
• $237.8 m — 2024 ("fiscal year 2024") increased by $237.8 million, or 9.0%, from $2.65 billion for
• $2.65 billion — reased by $237.8 million, or 9.0%, from $2.65 billion for the year ended June 30, 2023 ("fisc
• $2.88 billion — d June 30, 2023 ("fiscal year 2023") to $2.88 billion for fiscal year 2024. Our percentage of

Filing Documents

• fn-20240628.htm (10-K) — 2242KB
• fn-20240629x10kex109.htm (EX-10.9) — 14KB
• fn-20240628x10kexhibit191.htm (EX-19.1) — 90KB
• fn-20240628x10kexhibit211.htm (EX-21.1) — 9KB
• fn-20240628x10kexhibit231.htm (EX-23.1) — 3KB
• fn-20240628x10kexhibit311.htm (EX-31.1) — 8KB
• fn-20240628x10kexhibit312.htm (EX-31.2) — 8KB
• fn-20240628x10kexhibit321.htm (EX-32.1) — 8KB
• fb-20240628x10kexhibit971.htm (EX-97.1) — 37KB
• fn-20240628_g1.jpg (GRAPHIC) — 128KB
• 0001408710-24-000032.txt ( ) — 12807KB
• fn-20240628.xsd (EX-101.SCH) — 90KB
• fn-20240628_cal.xml (EX-101.CAL) — 125KB
• fn-20240628_def.xml (EX-101.DEF) — 379KB
• fn-20240628_lab.xml (EX-101.LAB) — 982KB
• fn-20240628_pre.xml (EX-101.PRE) — 722KB
• fn-20240628_htm.xml (XML) — 2038KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 Item 9A.

Controls and Procedures

Controls and Procedures 92 Item 9B. Other Information 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 93 Item 13. Certain Relationships and Related Transactions, and Director Independence 93 Item 14. Principal Accountant Fees and Services 93 PART IV Item 15. Exhibits, Financial Statement Schedules 94 Item 16. Form 10-K Summary 97

Signatures

Signatures 98 1 Table of Contents RISK FACTORS SUMMARY You should carefully consider the information set forth below under the heading "Risk Factors" in Part I, Item 1A before deciding whether to invest in our securities. Below is a summary of the principal risks associated with an investment in our securities. Our sales depend on a small number of customers. A reduction in orders from any of these customers, the loss of any of these customers, or a customer exerting significant pricing and margin pressures on us could harm our business, financial condition and operating results. Consolidation in the markets we serve could harm our business, financial condition and operating results. If the optical communications market does not expand as we expect, our business may not grow as fast as we expect, which could adversely impact our business, financial condition and operating results. Our quarterly revenues, gross profit margins and operating results have fluctuated significantly and may continue to do so in the future, which may cause the market price of our ordinary shares to decline or be volatile. If we are unable to continue diversifying our precision optical and electro-mechanical manufacturing services across other markets within the optics industry, such as the semiconductor processing, biotechnology, metrology and material processing markets, or if these markets do not grow as fast as we expect, our business may not grow as fast as we expect, which could adversely impact our business, financial condition and operating results. We face significant competition in our business. If we are unable to compete successfully against our current and future competitors, our business, financial condition and operating results could be harmed. Cancellations, delays or reductions of customer orders and the relatively short-term nature of the commitments of our customers could harm our business, financial condition and operating results. Our exposure to

BUSINESS

ITEM 1. BUSINESS. Overview We provide advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers ("OEMs") of complex products such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices and sensors. We offer a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and testing. We focus primarily on low-volume production of a wide variety of high complexity products, which we refer to as "low-volume, high-mix." We also have the capability to accommodate high-volume production. Based on our extensive experience and the positive feedback we have received from our customers, we believe we are a global leader in providing these services to the optical communications, automotive, and industrial lasers markets. Our customer base includes companies in complex industries that require advanced precision manufacturing capabilities such as optical communications, automotive, industrial lasers, medical, and sensors. The products that we manufacture for our OEM customers include selective switching products; tunable lasers, transponders and transceivers; active optical cables; solid state, diode-pumped, gas and fiber lasers; and sensors. Our customers in these industries support a growing number of end-markets, including automotive, biotechnology, communications, materials processing, medical devices, metrology and semiconductor processing. Our revenues for the year ended June 28, 2024 ("fiscal year 2024") increased by $237.8 million, or 9.0%, from $2.65 billion for the year ended June 30, 2023 ("fiscal year 2023") to $2.88 billion for fiscal year 2024. Our percentage of revenues from optical communications pro

View Full Filing

View this 10-K filing on SEC EDGAR