Company Quick10K Filing
Fabrinet
Price50.41 EPS3
Shares38 P/E16
MCap1,892 P/FCF23
Net Debt-137 EBIT132
TEV1,755 TEV/EBIT13
TTM 2019-09-27, in MM, except price, ratios
10-Q 2020-03-27 Filed 2020-05-05
10-Q 2019-12-27 Filed 2020-02-04
10-Q 2019-09-27 Filed 2019-11-05
10-K 2019-06-28 Filed 2019-08-20
10-Q 2019-03-29 Filed 2019-05-07
10-Q 2018-12-28 Filed 2019-02-05
10-Q 2018-09-28 Filed 2018-11-06
10-K 2018-06-29 Filed 2018-08-22
10-Q 2018-03-30 Filed 2018-05-08
10-Q 2017-12-29 Filed 2018-02-07
10-Q 2017-09-29 Filed 2017-11-07
10-K 2017-06-30 Filed 2017-08-23
10-Q 2017-03-31 Filed 2017-05-09
10-Q 2016-12-30 Filed 2017-02-07
10-Q 2016-09-30 Filed 2016-11-09
10-K 2016-06-24 Filed 2016-08-17
10-Q 2016-03-25 Filed 2016-05-03
10-Q 2015-12-25 Filed 2016-02-02
10-Q 2015-09-25 Filed 2015-11-03
10-K 2015-06-26 Filed 2015-08-19
10-Q 2015-03-27 Filed 2015-05-05
10-Q 2014-12-26 Filed 2015-02-03
10-Q 2014-09-26 Filed 2014-11-05
10-K 2014-06-27 Filed 2014-10-16
10-Q 2014-03-28 Filed 2014-05-06
10-Q 2013-12-27 Filed 2014-02-04
10-Q 2013-09-27 Filed 2013-11-05
10-K 2013-06-28 Filed 2013-08-16
10-Q 2013-03-29 Filed 2013-05-03
10-Q 2012-12-28 Filed 2013-02-05
10-K 2012-06-29 Filed 2012-08-28
10-Q 2012-03-30 Filed 2012-05-09
10-Q 2011-12-30 Filed 2012-02-08
10-Q 2011-09-30 Filed 2011-11-09
10-K 2011-06-24 Filed 2011-08-31
10-Q 2011-03-25 Filed 2011-05-04
10-Q 2010-12-24 Filed 2011-02-02
10-Q 2010-09-24 Filed 2010-11-03
10-K 2010-06-25 Filed 2010-09-08
8-K 2020-05-04
8-K 2020-02-01
8-K 2019-12-12
8-K 2019-11-04
8-K 2019-08-20
8-K 2019-08-19
8-K 2019-08-14
8-K 2019-05-01
8-K 2019-02-26
8-K 2019-02-04
8-K 2018-12-13
8-K 2018-08-14
8-K 2018-06-15
8-K 2018-06-04
8-K 2018-05-03
8-K 2018-02-05
8-K 2018-01-09

FN 10Q Quarterly Report

Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.2 d902284dex102.htm
EX-31.1 d902284dex311.htm
EX-31.2 d902284dex312.htm
EX-32.1 d902284dex321.htm

Fabrinet Earnings 2020-03-27

Balance SheetIncome StatementCash Flow
1.31.00.80.50.30.02012201420172020
Assets, Equity
0.50.40.30.20.10.02012201420172020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin

10-Q
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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
(Mark One)
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 27, 2020
OR
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the transition period from
                    
to
                    
Commission File Number:
001-34775
 
FABRINET
(Exact name of registrant as specified in its charter)
 
Cayman Islands
 
98-1228572
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
c/o Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman
Cayman Islands
 
KY1-9005
(Address of principal executive offices)
 
(Zip Code)
+66
2-524-9600
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading 
Symbol(s)
 
Name of each 
exchange
 
on
 which registered
Ordinary Shares, $0.01 par value
 
FN
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    
  Yes    
  
No
As of
April
24
, 20
20
, the registrant had
36,722,004
ordinary shares, $0.01 par value, outstanding.
 
 

Table of Contents
FABRINET
FORM
10-Q
QUARTER ENDED MARCH 27, 2020
Table of Contents
 
Page No.
 
 
 
3
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
7
 
 
 
 
 
 
 
 
9
 
 
 
 
 
 
 
 
34
 
 
 
 
 
 
 
 
46
 
 
 
 
 
 
 
 
47
 
 
 
 
 
 
 
 
48
 
 
 
 
 
 
 
 
48
 
 
 
 
 
 
 
 
48
 
 
 
 
 
 
 
 
64
 
 
 
 
 
 
 
 
65
 
 
 
 
 
 
 
 
66
 
2

Table of Contents
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
FABRINET
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
                 
(in thousands of U.S. dollars, except share data and par value)
 
March 27,
2020
 
 
June 28, 
2019
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
Current assets
   
     
 
Cash and cash equivalents
  $
224,138
    $
180,839
 
Short-term restricted cash
   
7,402
     
—  
 
Short-term investments
   
233,622
     
256,493
 
Trade accounts receivable, net
   
283,467
     
260,602
 
Contract assets
   
16,413
     
12,447
 
Inventories
   
290,208
     
293,612
 
Other receivable
 
 
24,310
 
 
 
—  
 
Prepaid expenses
   
4,524
     
8,827
 
Other current assets
   
8,774
     
11,015
 
Total current assets
   
1,092,858
     
1,023,835
 
Non-current
assets
   
     
 
Long-term restricted cash
   
     
7,402
 
Property, plant and equipment, net
   
218,043
     
210,686
 
Intangibles, net
   
3,999
     
3,887
 
Operating
right-of-use
assets
   
7,175
     
—  
 
Goodwill
   
3,571
     
3,705
 
Deferred tax assets
   
4,353
     
5,679
 
Other
non-current
assets
   
262
     
124
 
Total
non-current
assets
   
237,403
     
231,483
 
Total Assets
  $
1,330,261
    $
1,255,318
 
Liabilities and Shareholders’ Equity
   
     
 
Current liabilities
   
     
 
Long-term borrowings, current portion, net
  $
12,156
    $
3,250
 
Trade accounts payable
   
240,028
     
257,617
 
Contract liabilities
   
1,941
     
2,239
 
Operating lease liabilit
ies
, current portion
   
1,893
     
—  
 
Income tax payable
   
2,857
     
1,801
 
Accrued payroll, bonus and related expenses
   
19,959
     
16,510
 
Accrued expenses
   
19,798
     
8,997
 
Other payables
   
28,819
     
22,634
 
Total current liabilities
   
327,451
     
313,048
 
Non-current
liabilities
   
     
 
Long-term borrowings,
non-current
portion, net
   
42,553
     
57,688
 
Deferred tax liability
   
3,684
     
3,561
 
Operating lease liabilities,
non-current
portion
   
5,024
     
—  
 
Severance liabilities
   
16,143
     
15,209
 
Other
non-current
liabilities
   
1,997
     
2,713
 
Total
non-current
liabilities
   
69,401
     
79,171
 
Total Liabilities
   
396,852
     
392,219
 
Commitments and contingencies (Note 19)
   
     
 
Shareholders’ equity
   
     
 
Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of March 27, 2020 and June 28, 2019)
   
     
—  
 
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,460,931 shares and 38,230,753 shares issued
 as of
 March 27, 2020 and June 28, 2019, respectively; and 36,716,828 shares and 36,841,650 shares outstanding
as of March 
27, 2020 and June 28, 2019, respectively)
   
385
     
382
 
Additional
paid-in
capital
   
171,870
     
158,299
 
Less: Treasury shares, at cost (1,744,103 shares and 1,389,103 shares as of March 27, 2020 and June 28, 2019, respectively)
   
(68,501
)    
(47,779
)
Accumulated other comprehensive loss
   
(10,383
)    
(2,386
)
Retained earnings
   
840,038
     
754,583
 
Total Shareholders’ Equity
   
933,409
     
863,099
 
Total Liabilities and Shareholders’ Equity
  $
1,330,261
    $
1,255,318
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

Table of Contents
FABRINET
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)
                                 
 
 
Three Months Ended
   
Nine Months Ended
 
(in thousands of U.S. dollars, except per share data)
 
March 27,
2020
 
 
March 29,
2019
 
 
March 27,
2020
 
 
March 29,
2019
 
Revenues
  $
411,210
    $
398,951
    $
1,236,723
    $
1,179,208
 
Cost of revenues
   
(366,874
)    
(352,193
)    
(1,097,242
)    
(1,046,610
)
                                 
Gross profit
   
44,336
     
46,758
     
139,481
     
132,598
 
Selling, general and administrative expenses
   
(17,111
)    
(14,132
)    
(50,189
)    
(41,296
)
Expenses related to reduction in workforce
   
     
(323
)    
(16
)    
(727
)
                                 
Operating income
   
27,225
     
32,303
     
89,276
     
90,575
 
Interest income
   
2,042
     
2,144
     
6,080
     
4,770
 
Interest expense
   
(238
)    
(1,423
)    
(2,812
)    
(3,673
)
Foreign exchange loss, net
   
(8
)    
(3,055
)    
(2,949
)    
(408
)
Other income, net
   
203
     
159
     
977
     
798
 
                                 
Income before income taxes
   
29,224
     
30,128
     
90,572
     
92,062
 
Income tax expense
   
(957
)    
(1,493
)    
(5,117
)    
(4,064
)
                                 
Net income
   
28,267
     
28,635
     
85,455
     
87,998
 
                                 
Other comprehensive income (loss), net of tax:
   
     
     
     
 
Change in net unrealized (loss) gain on
available-for-sale
securities
   
(1,356
)    
513
     
(1,403
)    
1,399
 
Change in net unrealized loss on derivative instruments
   
(6,569
)    
(1
)    
(6,719
)    
(2
)
Change in net retirement benefits plan – prior service cost
   
294
     
—  
     
478
     
—  
 
Change in foreign currency translation adjustment
   
(600
   
486
     
(353
   
(219
)
                                 
Total other comprehensive
(lo
ss)
income, net of tax
   
(8,231
   
998
     
(7,997
   
1,178
 
                                 
Net comprehensive income
  $
20,036
    $
29,633
    $
77,458
    $
89,176
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
 
 
 
 
 
Basic
  $
0.76
    $
0.78
    $
2.31
    $
2.39
 
Diluted
  $
0.75
    $
0.76
    $
2.27
    $
2.35
 
 
 
Weighted-average number of ordinary shares outstanding
(thousands of shares)
 
Basic
   
36,987
     
36,891
     
36,970
     
36,786
 
Diluted
   
37,797
     
37,539
     
37,696
     
37,383
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

Table of Contents
FABRINET
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited)
For the Three Months Ended March 27, 2020
                                                         
(in thousands of U.S. dollars, except share data)
 
 
Ordinary Shares
   
Additional
Paid-in

Capital
 
 
Treasury
Shares
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
 
Retained
Earnings
 
 
Total
 
Shares
 
 
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at December 27, 2019
   
38,408,890
   
$
384
   
$
 
166,103
   
$
(47,779
)  
$
(2,152
)  
$
 
811,771
   
$
 
928,327
 
Net income
   
     
     
     
     
     
28,267
     
28,267
 
Other comprehensive 
loss
   
     
     
     
     
(8,231
   
     
(8,231
)
Share-based compensation
   
     
     
6,118
     
     
     
     
6,118
 
Issuance of ordinary shares
   
52,041
     
1
     
(1
)
   
     
     
     
 
Repurchase of 355,000 shares held as treasury shares
   
—  
     
—  
     
—  
     
(20,722
)    
—  
     
     
(20,722
)
Tax withholdings related to net share settlement of restricted share units
   
     
     
(350
)    
     
     
     
(350
)
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at March 27, 2020
   
38,460,931
   
$
385
   
$
171,870
   
$
(68,501
)  
$
(10,383
)  
$
840,038
   
$
933,409
 
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended March 27, 2020
                                                         
(in thousands of U.S. dollars, except share data)
 
 
Ordinary Shares
   
Additional
Paid-in
Capital
 
 
Treasury
Shares
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
 
Retained
Earnings
 
 
 
Total
 
Shares
 
 
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at June 28, 2019
   
38,230,753
   
$
382
   
$
 
158,299
   
$
 
(47,779
)  
$
(2,386
)  
$
754,583
   
$
 
863,099
 
Net income
   
     
     
     
     
     
85,455
     
85,455
 
Other comprehensive 
loss
   
     
     
     
     
(7,997
   
     
(7,997
)
Share-based compensation
   
     
     
18,301
     
     
     
     
18,301
 
Issuance of ordinary shares
   
230,178
     
3
     
(3
)    
     
     
     
 
Repurchase of 355,000 shares held as treasury shares
   
     
     
     
(20,722
)    
     
     
(20,722
)
Tax withholdings related to net share settlement of restricted share units
   
     
     
(4,727
)    
     
     
     
(4,727
)
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at March 27, 2020
   
38,460,931
   
$
385
   
$
171,870
   
$
(68,501
)  
$
(10,383
)  
$
 
840,038
   
$
933,409
 
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

FABRINET
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) (Continued)
For the Three Months Ended March 29, 2019
                                                         
(in thousands of U.S. dollars, except share data)
 
 
Ordinary Shares
   
Additional
Paid-in

Capital
 
 
Treasury
Shares
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
 
Retained
Earnings
 
 
Total
 
Shares
 
 
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at December 28, 2018
   
38,138,159
   
$
381
   
$
151,639
   
$
(42,401
)  
$
(1,077
)  
$
692,991
   
$
801,533
 
Net income
   
—  
     
—  
     
—  
     
—  
     
—  
     
28,635
     
28,635
 
Other comprehensive income
   
—  
     
—  
     
—  
     
—  
     
998
     
—  
     
998
 
Share-based compensation
   
—  
     
—  
     
4,424
     
—  
     
—  
     
—  
     
4,424
 
Issuance of ordinary shares
   
78,072
     
1
     
(1
)    
—  
     
—  
     
—  
     
—  
 
Repurchase of 100,000 shares held as treasury shares
   
—  
     
—  
     
—  
     
(5,378
)    
—  
     
—  
     
(5,378
)
Tax withholdings related to net share settlement of restricted share units
   
—  
     
—  
     
(1,324
)    
—  
     
—  
     
—  
     
(1,324
)
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at March 29, 2019
   
38,216,231
   
$
382
   
$
154,738
   
$
(47,779
)  
$
(79
)  
$
721,626
   
$
828,888
 
                                                         
 
 
 
 
 
 
 
 
 
For the Nine Months Ended March 29, 2019
                                                         
(in thousands of U.S. dollars, except share data)
 
 
Ordinary Shares
   
Additional
Paid-in
Capital
 
 
Treasury
Shares
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
 
Retained
Earnings
 
 
 
Total
 
Shares
 
 
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at June 29, 2018
   
37,723,733
   
$
377
   
$
151,797
   
$
(42,401
)  
$
(1,257
)  
$
632,423
   
$
740,939
 
Net income
   
—  
     
—  
     
—  
     
—  
     
—  
     
87,998
     
87,998
 
Other comprehensive income
   
—  
     
—  
     
—  
     
—  
     
1,178
     
—  
     
1,178
 
Cumulative effect adjustment from adoption of ASC 606
   
—  
     
—  
     
—  
     
—  
     
—  
     
1,205
     
1,205
 
Share-based compensation
   
—  
     
—  
     
13,373
     
—  
     
—  
     
—  
     
13,373
 
Issuance of ordinary shares
   
492,498
     
5
     
(5
)    
—  
     
—  
     
—  
     
—  
 
Repurchase of 100,000 shares held as treasury shares
   
—  
     
—  
     
—  
     
(5,378
)    
—  
     
—  
     
(5,378
)
Tax withholdings related to net share settlement of restricted share units
   
—  
     
—  
     
(10,427
)    
—  
     
—  
     
—  
     
(10,427
)
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances at March 29, 2019
   
38,216,231
   
$
382
   
$
154,738
   
$
(47,779
)  
$
(79
)  
$
721,626
   
$
828,888
 
                                                         
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6

FABRINET
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
                 
   
Nine Months Ended
 
(in thousands of U.S. dollars)
 
March 27,
2020
 
 
March 29,
2019
 
 
 
 
 
 
 
 
Cash flows from operating activities