Fabrinet Files 10-Q for Period Ending December 29, 2023

TL;DR

<b>Fabrinet has filed its quarterly report (10-Q) for the period ending December 29, 2023.</b>

AI Summary

Fabrinet (FN) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Fabrinet filed its 10-Q for the period ending December 29, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 26. The filing was made on February 6, 2024. The report is for Fabrinet, ticker FN.

Why It Matters

For investors and stakeholders tracking Fabrinet, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Fabrinet. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — Fabrinet shows low risk based on this filing. The filing is a routine quarterly report and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Fabrinet's performance and outlook.

Key Numbers

• 2023-12-29 — Period End Date (Conformed Period of Report)
• 2024-02-06 — Filing Date (Filed as of Date)
• 0626 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• Fabrinet (company) — Filer
• Fabrinet (company) — Company Name
• FN (company) — Ticker Symbol

FAQ

Industry Context

Fabrinet operates in the telecommunications apparatus manufacturing industry.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze Fabrinet's revenue and profitability trends from the 10-Q.
2. Assess any changes in Fabrinet's balance sheet and cash flow statements.
3. Review management's discussion and analysis for insights into future outlook and risks.

Year-Over-Year Comparison

This is the initial filing analyzed for the specified period.

Key Financial Figures

• $0.01 — e on which registered Ordinary Shares, $0.01 par value FN New York Stock Exchange

Filing Documents

• fn-20231229.htm (10-Q) — 1627KB
• fn-20231229x10qex311.htm (EX-31.1) — 10KB
• fn-20231229x10qex312.htm (EX-31.2) — 10KB
• fn-20231229x10qex321.htm (EX-32.1) — 8KB
• 0001408710-24-000009.txt (&nbsp;) — 8696KB
• fn-20231229.xsd (EX-101.SCH) — 54KB
• fn-20231229_cal.xml (EX-101.CAL) — 92KB
• fn-20231229_def.xml (EX-101.DEF) — 262KB
• fn-20231229_lab.xml (EX-101.LAB) — 741KB
• fn-20231229_pre.xml (EX-101.PRE) — 497KB
• fn-20231229_htm.xml (XML) — 1465KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5

Financial Statements

Item 1. Financial Statements 5 Condensed Consolidated Balance Sheets as of Dec ember 29, 2023 and June 30, 2023 (unaudited) 5 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended Dec ember 29, 2023 and D ec ember 30, 2022 (unaudited) 6 Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended Dec ember 29, 2023 and Dec ember 30, 2022 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the six months ended Dec ember 29, 2023 and Dec ember 30, 2022 (unaudited) 9 Notes to Condensed Consolidated Financial Statements (unaudited) 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION 43

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Other Inform ation

Item 5. Other Inform ation 60

Exhibits

Item 6. Exhibits 60 Signature 61 2 Table of Contents RISK FACTORS SUMMARY You should carefully consider the information set forth below under the heading "Risk Factors" in Part II, 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 res

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FABRINET CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands of U.S. dollars, except share data and par value) December 29, 2023 June 30, 2023 Assets Current assets Cash and cash equivalents $ 334,053 $ 231,368 Short-term investments 406,540 319,100 Trade accounts receivable, net of allowance for expected credit losses of $ 2,741 and $ 965 , respectively 584,614 531,767 Inventories 414,758 519,576 Prepaid expenses 5,952 7,849 Other current assets 60,446 42,880 Total current assets 1,806,363 1,652,540 Non-current assets Property, plant and equipment, net 306,019 310,350 Intangibles, net 2,549 2,394 Operating right-of-use assets 5,767 1,634 Deferred tax assets 11,804 12,095 Other non-current assets 636 635 Total non-current assets 326,775 327,108 Total Assets $ 2,133,138 $ 1,979,648 Liabilities and Shareholders' Equity Current liabilities Long-term borrowings, current portion, net $ 6,078 $ 12,156 Trade accounts payable 376,556 381,129 Fixed assets payable 12,983 13,526 Operating lease liabilities, current portion 1,425 1,201 Income tax payable 7,581 6,024 Accrued payroll, bonus and related expenses 20,174 23,748 Accrued expenses 16,119 20,447 Other payables 45,861 23,654 Total current liabilities 486,777 481,885 Non-current liabilities Deferred tax liability 4,546 4,799 Operating lease liability, non-current portion 3,956 66 Severance liabilities 24,505 22,159 Other non-current liabilities 1,972 2,081 Total non-current liabilities 34,979 29,105 Total Liabilities 521,756 510,990 Commitments and contingencies (Note 15) Shareholders' equity Preferred shares ( 5,000,000 shares authorized, $ 0.01 par value; no shares issued and outstanding as of December 29, 2023 and June 30, 2023) — — Ordinary shares ( 500,000,000 shares authorized, $ 0.01 par value; 39,435,354 shares and 39,284,176 shares issued as of December 29, 2023 and June 30, 2023, respectively; and 36,296,621 shares and 3

View Full Filing

View this 10-Q filing on SEC EDGAR