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Fabrinet Announces Fourth Quarter And Fiscal Year 2021 Financial Results

2021年08月17日 AM05:15
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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 25, 2021.

Seamus Grady, Chief Executive Officer of Fabrinet, said, “We had a strong finish to a record year with revenue and profitability that exceeded our guidance ranges. Demand trends across our business continue to be healthy, with particular fourth quarter strength from the telecom market. With efficient execution, we delivered excellent operating margins during the fourth quarter, which helped propel operating income and net income to record levels for fiscal year 2021.”

Grady continued, “We remain optimistic about demand trends and confident in our ability to execute, positioning us to continue delivering strong results as we enter our new fiscal year.”

Fourth Quarter Fiscal Year 2021 Financial Highlights

GAAP Results

  • Revenue for the fourth quarter of fiscal year 2021 was $509.6 million, compared to $405.1 million for the fourth quarter of fiscal year 2020.
  • GAAP net income for the fourth quarter of fiscal year 2021 was $42.4 million, compared to GAAP net income of $28.0 million for the fourth quarter of fiscal year 2020.
  • GAAP net income per diluted share for the fourth quarter of fiscal year 2021 was $1.13, compared to GAAP net income per diluted share of $0.75 for the fourth quarter of fiscal year 2020.

Non-GAAP Results

  • Non-GAAP net income for the fourth quarter of fiscal year 2021 was $49.4 million, compared to non-GAAP net income of $36.0 million for the fourth quarter of fiscal year 2020.
  • Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2021 was $1.31, compared to non-GAAP net income per diluted share of $0.96 for the fourth quarter of fiscal year 2020.

Fiscal Year 2021 Financial Highlights

GAAP Results

  • Revenue for fiscal year 2021 was $1,879.4 million, compared to $1,641.8 million for fiscal year 2020.
  • GAAP net income for fiscal year 2021 was $148.3 million, compared to GAAP net income of $113.5 million for fiscal year 2020.
  • GAAP net income per diluted share for fiscal year 2021 was $3.95, compared to GAAP net income per diluted share of $3.01 for fiscal year 2020.

Non-GAAP Results

  • Non-GAAP net income for fiscal year 2021 was $175.5 million, compared to non-GAAP net income of $140.6 million for fiscal year 2020.
  • Non-GAAP net income per diluted share for fiscal year 2021 was $4.67, compared to non-GAAP net income per diluted share of $3.73 for fiscal year 2020.

Business Outlook

Based on information available as of August 16, 2021, Fabrinet is issuing guidance for its first fiscal year 2022 quarter ending September 24, 2021, as follows:

  • Fabrinet expects first quarter revenue to be in the range of $510 million to $530 million.
  • GAAP net income per diluted share is expected to be in the range of $1.08 to $1.15, based on approximately 37.5 million fully diluted shares outstanding.
  • Non-GAAP net income per diluted share is expected to be in the range of $1.29 to $1.36, based on approximately 37.5 million fully diluted shares outstanding.

Conference Call Information

What:

 

Fabrinet Fourth Quarter Fiscal Year 2021 Financial Results Call

When:

 

Monday, August 16, 2021

Time:

 

5:00 p.m. ET

Live Call:

 

(888) 357-3694, domestic

(253) 237-1137, international

Passcode: 2199846

Replay:

 

(855) 859-2056, domestic

(404) 537-3406, international

Passcode: 2199846

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, Israel 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) our optimism about demand trends and ability to continue to deliver strong results in fiscal year 2022; 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 2022. 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 effects of the COVID-19 pandemic on our business, particularly the possibility of (1) the growing global economic downturn, (2) extended shutdowns at any of our manufacturing facilities, especially if the pandemic intensifies or returns in various geographic areas, (3) continued disruption to our supply chain, which could increase our costs and affect our ability to procure parts and materials, especially if the pandemic intensifies or returns in various geographic areas, and (4) regional downward demand adjustments from our customers, particularly those in areas affected by the pandemic; 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, 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 with the SEC on May 4, 2021. 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; 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

CONSOLIDATED BALANCE SHEETS

 

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

June 25,
2021

 

June 26,
2020

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

302,969

 

 

$

225,430

 

Short-term restricted cash

 

 

7,402

 

Short-term investments

244,963

 

 

262,693

 

Trade accounts receivable, net

336,547

 

 

272,665

 

Contract assets

11,878

 

 

13,256

 

Inventories

422,133

 

 

309,786

 

Other receivable

 

 

24,310

 

Prepaid expenses

11,398

 

 

5,399

 

Other current assets

22,619

 

 

14,508

 

Total current assets

1,352,507

 

 

1,135,449

 

Non-current assets

 

 

 

Long-term restricted cash

154

 

 

 

Property, plant and equipment, net

241,129

 

 

228,274

 

Intangibles, net

4,371

 

 

4,312

 

Operating right-of-use assets

6,699

 

 

8,068

 

Deferred tax assets

9,428

 

 

5,675

 

Other non-current assets

1,834

 

 

202

 

Total non-current assets

263,615

 

 

246,531

 

Total Assets

$

1,616,122

 

 

$

1,381,980

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities

 

 

 

Long-term borrowings, current portion, net

$

12,156

 

 

$

12,156

 

Trade accounts payable

346,555

 

 

251,603

 

Fixed assets payable

19,206

 

 

15,127

 

Contract liabilities

1,680

 

 

1,556

 

Operating lease liabilities, current portion

2,593

 

 

1,979

 

Income tax payable

3,612

 

 

2,242

 

Accrued payroll, bonus and related expenses

20,464

 

 

19,265

 

Accrued expenses

17,134

 

 

8,979

 

Other payables

20,958

 

 

21,514

 

Total current liabilities

444,358

 

 

334,421

 

Non-current liabilities

 

 

 

Long-term borrowings, non-current portion, net

27,358

 

 

39,514

 

Deferred tax liability

5,107

 

 

4,729

 

Operating lease liabilities, non-current portion

3,850

 

 

5,873

 

Severance liabilities

19,485

 

 

17,379

 

Other non-current liabilities

3,444

 

 

5,655

 

Total non-current liabilities

59,244

 

 

73,150

 

Total Liabilities

503,602

 

 

407,571

 

Commitments and contingencies

 

 

 

Shareholders’ equity

 

 

 

Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of June 25, 2021 and June 26, 2020)

 

 

 

Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,749,045 shares and 38,471,967 shares issued as of June 25, 2021 and June 26, 2020, respectively; and 36,765,456 shares and 36,727,864 shares outstanding as of June 25, 2021 and June 26, 2020, respectively)

388

 

 

385

 

Additional paid-in capital

189,445

 

 

175,610

 

Less: Treasury shares (1,983,589 shares and 1,744,103 shares as of June 25, 2021 and June 26, 2020, respectively)

(87,343

)

 

(68,501

)

Accumulated other comprehensive loss

(6,266

)

 

(1,147

)

Retained earnings

1,016,296

 

 

868,062

 

Total Shareholders’ Equity

1,112,520

 

 

974,409

 

Total Liabilities and Shareholders’ Equity

$

1,616,122

 

 

$

1,381,980

 

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  • FABRINET

    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

     

     

    Three Months Ended

     

    Years Ended

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

    June 25,
    2021

     

    June 26,
    2020

     

    June 25,
    2021

     

    June 26,
    2020

    Revenues

    $

    509,567

     

     

    $

    405,113

     

     

    $

    1,879,350

     

     

    $

    1,641,836

     

    Cost of revenues

    (448,483

    )

     

    (358,489

    )

     

    (1,657,987

    )

     

    (1,455,731

    )

    Gross profit

    61,084

     

     

    46,624

     

     

    221,363

     

     

    186,105

     

    Selling, general and administrative expenses

    (17,489

    )

     

    (18,185

    )

     

    (70,567

    )

     

    (68,374

    )

    Expenses related to reduction in workforce

     

     

    (313

    )

     

    (43

    )

     

    (329

    )

    Operating income

    43,595

     

     

    28,126

     

     

    150,753

     

     

    117,402

     

    Interest income

    627

     

     

    1,512

     

     

    3,783

     

     

    7,592

     

    Interest expense

    (302

    )