Fabrinet Files 10-Q for Period Ending March 29, 2024

TL;DR

<b>Fabrinet has filed its Q3 FY24 10-Q report detailing financial positions as of March 29, 2024.</b>

AI Summary

Fabrinet (FN) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Fabrinet filed its quarterly report (10-Q) for the period ending March 29, 2024. The filing covers the third quarter of fiscal year 2024. The report includes financial data for the periods ending March 29, 2024, December 30, 2023, and June 30, 2023. Key financial statement components like Common Stock, Additional Paid-In Capital, Treasury Stock, Accumulated Other Comprehensive Income, and Retained Earnings are detailed. The company's principal business address is in Santa Clara, CA.

Why It Matters

For investors and stakeholders tracking Fabrinet, this filing contains several important signals. This filing provides investors with the latest financial snapshot of Fabrinet, crucial for understanding its current financial health and performance trends. The detailed breakdown of equity accounts offers insights into the company's capital structure and how it has evolved over recent periods.

Risk Assessment

Risk Level: low — Fabrinet shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant new disclosures that would elevate the risk profile.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess Fabrinet's revenue, profitability, and balance sheet changes for the quarter.

Key Numbers

• 2024-03-29 — Report Period End Date (Fiscal third quarter)
• 2024-05-07 — Filing Date (Date the 10-Q was submitted)
• 2024-03-29 — Balance Sheet Date (As of this date)

Key Players & Entities

• Fabrinet (company) — Filer of the report
• Santa Clara, CA (location) — Business and mailing address

FAQ

Industry Context

Fabrinet operates in the telecommunications equipment manufacturing sector, providing optical networking components and solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosure of financial information by public companies.

What Investors Should Do

1. Analyze the balance sheet details for changes in equity accounts.
2. Compare the reported period's financial data with previous periods if available in the full filing.
3. Note the company's fiscal year-end date (June 26) for context on quarterly reporting cycles.

Key Dates

• 2024-03-29: Quarterly Period End — End of the fiscal third quarter for which financial data is reported.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial extraction of data from the 10-Q filing for the period ending March 29, 2024. Comparative data from prior filings would be needed for a full comparison.

Key Financial Figures

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

Filing Documents

• fn-20240329.htm (10-Q) — 1697KB
• fn-20240329x10qex311.htm (EX-31.1) — 10KB
• fn-20240329x10qex312.htm (EX-31.2) — 10KB
• fn-20240329x10qex321.htm (EX-32.1) — 8KB
• 0001408710-24-000019.txt (&nbsp;) — 8842KB
• fn-20240329.xsd (EX-101.SCH) — 55KB
• fn-20240329_cal.xml (EX-101.CAL) — 93KB
• fn-20240329_def.xml (EX-101.DEF) — 258KB
• fn-20240329_lab.xml (EX-101.LAB) — 684KB
• fn-20240329_pre.xml (EX-101.PRE) — 497KB
• fn-20240329_htm.xml (XML) — 1524KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5

Financial Statements

Item 1. Financial Statements 5 Condensed Consolidated Balance Sheets as of March 29, 202 4 and June 30, 2023 (unaudited) 5 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended March 29, 202 4 and March 3 1 , 202 3 (unaudited) 6 Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended March 29 , 202 4 and March 3 1 , 202 3 (unaudited) 7 Condensed Consolidated Statements of Cash Flows for the nine months ended March 29, 202 4 and March 3 1 , 20 23 (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 42

Controls and Procedures

Item 4. Controls and Procedures 43

OTHER INFORMATION

PART II. OTHER INFORMATION 44

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 61 Signature 62 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) March 29, 2024 June 30, 2023 Assets Current assets Cash and cash equivalents $ 385,111 $ 231,368 Short-term investments 408,915 319,100 Trade accounts receivable, net of allowance for expected credit losses of $ 2,838 and $ 965 , respectively 583,882 531,767 Inventories 454,134 519,576 Prepaid expenses 9,369 7,849 Other current assets 74,731 42,880 Total current assets 1,916,142 1,652,540 Non-current assets Property, plant and equipment, net 303,118 310,350 Intangibles, net 2,427 2,394 Operating right-of-use assets 3,742 1,634 Deferred tax assets 10,966 12,095 Other non-current assets 630 635 Total non-current assets 320,883 327,108 Total Assets $ 2,237,025 $ 1,979,648 Liabilities and Shareholders' Equity Current liabilities Long-term borrowings, current portion, net $ 3,039 $ 12,156 Trade accounts payable 429,021 381,129 Fixed assets payable 9,229 13,526 Operating lease liabilities, current portion 1,333 1,201 Income tax payable 4,828 6,024 Accrued payroll, bonus and related expenses 23,727 23,748 Accrued expenses 20,742 20,447 Other payables 52,348 23,654 Total current liabilities 544,267 481,885 Non-current liabilities Deferred tax liability 4,641 4,799 Operating lease liability, non-current portion 2,003 66 Severance liabilities 23,820 22,159 Other non-current liabilities 2,059 2,081 Total non-current liabilities 32,523 29,105 Total Liabilities 576,790 510,990 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 March 29, 2024 and June 30, 2023) — — Ordinary shares ( 500,000,000 shares authorized, $ 0.01 par value; 39,450,434 shares and 39,284,176 shares issued as of March 29, 2024 and June 30, 2023, respectively; and 36,159,101 shares and 36,183,682

View Full Filing

View this 10-Q filing on SEC EDGAR