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 29, 2018.
“On a personal note, at my request, our board of directors has initiated a CFO succession plan. We have retained an executive search firm to assist in identifying and evaluating candidates, and there is no set timeline for this process.”
Seamus Grady, Chief Executive Officer of Fabrinet, said, “Our financial results for the fourth quarter exceeded our guidance for revenue and profitability. Our sequential revenue growth was driven by modest growth from optical communications products, and strong growth from non-optical communications products, with a particularly notable performance in the industrial laser and automotive markets. We are encouraged by the broadly improving demand dynamics we see and are optimistic that we will see continued sequential growth in the first quarter of fiscal year 2019 as we expand our leadership as a manufacturer of complex products.”
Toh-Seng Ng, Chief Financial Officer of Fabrinet, added, “On a personal note, at my request, our board of directors has initiated a CFO succession plan. We have retained an executive search firm to assist in identifying and evaluating candidates, and there is no set timeline for this process.”
Fourth Quarter Fiscal Year 2018 Financial Highlights
GAAP Results
- Revenue for the fourth quarter of fiscal year 2018 was $345.3 million, compared to revenue of $370.5 million for the comparable period in fiscal year 2017.
- GAAP net income for the fourth quarter of fiscal year 2018 was $22.8 million, compared to GAAP net income of $27.4 million for the fourth quarter of fiscal year 2017. GAAP net income for the fourth quarter of fiscal year 2018 included a foreign exchange loss of $0.9 million, or $0.02 per diluted share, compared to a foreign exchange loss of $1.0 million, or $0.03 per diluted share, for the fourth quarter of fiscal year 2017.
- GAAP net income per diluted share for the fourth quarter of fiscal year 2018 was $0.60, compared to GAAP net income per diluted share of $0.72 for the fourth quarter of fiscal year 2017.
Non-GAAP Results
- Non-GAAP net income for the fourth quarter of fiscal year 2018 was $30.7 million, compared to non-GAAP net income of $32.8 million for the fourth quarter of fiscal year 2017. Non-GAAP net income for the fourth quarter of fiscal year 2018 included a foreign exchange loss of $0.9 million, or $0.02 per diluted share, compared to a foreign exchange loss of $1.0 million, or $0.03 per diluted share, for the fourth quarter of fiscal year 2017.
- Non-GAAP net income per diluted share for the fourth quarter of fiscal year 2018 was $0.81, compared to non-GAAP net income per diluted share of $0.86 for the same period a year ago.
Fiscal Year 2018 Financial Highlights
GAAP Results
- Revenue for fiscal year 2018 was $1,371.9 million, compared to revenue of $1,420.5 million for fiscal year 2017.
- GAAP net income for fiscal year 2018 was $84.2 million, compared to GAAP net income of $97.1 million for fiscal year 2017. GAAP net income for fiscal year 2018 included a foreign exchange loss of $6.6 million, or $0.17 per diluted share, compared to a foreign exchange loss of $1.1 million, or $0.03 per diluted share, for fiscal year 2017.
- GAAP net income per diluted share for fiscal year 2018 was $2.21, compared to GAAP net income per diluted share of $2.57 for fiscal year 2017.
Non-GAAP Results
- Non-GAAP net income for fiscal year 2018 was $113.5 million, compared to non-GAAP net income of $127.4 million for fiscal year 2017. Non-GAAP net income for fiscal year 2018 included a foreign exchange loss of $6.6 million, or $0.17 per diluted share, compared to a foreign exchange loss of $2.9 million, or $0.08 per diluted share, for fiscal year 2017.
- Non-GAAP net income per diluted share for fiscal year 2018 was $2.98, compared to non-GAAP net income per diluted share of $3.37 for fiscal year 2017.
Share Repurchase Program Update
Fabrinet repurchased approximately 551,000 ordinary shares at an average price of $36.31 during the fourth quarter. As of June 29, 2018, Fabrinet had a remaining authorization to purchase up to an additional $17.6 million worth of its ordinary shares.
Business Outlook
The guidance provided below is based on ASC 605. In the first quarter of fiscal 2019, Fabrinet will report results under ASC 606, which it is adopting for fiscal year 2019 on a modified retrospective transition method, and will provide a reconciliation to ASC 605 at that time.
Based on information available as of August 20, 2018, Fabrinet is issuing guidance for its first fiscal quarter of 2019 ending September 28, 2018, as follows:
- Fabrinet expects first quarter revenue to be in the range of $347 million to $355 million.
- GAAP net income per diluted share is expected to be in the range of $0.58 to $0.61, based on approximately 37.9 million fully diluted shares outstanding.
- Non-GAAP net income per diluted share is expected to be in the range of $0.80 to $0.83, based on approximately 37.9 million fully diluted shares outstanding.
Conference Call Information
| What: | Fabrinet Fourth Quarter and Fiscal Year 2018 Financial Results Call | ||
| When: | Monday, August 20, 2018 | ||
| Time: | 5:00 p.m. ET | ||
| Live Call: | (888) 357-3694, domestic | ||
| (253) 237-1137, international | |||
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Passcode: 9097326 |
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| Replay: | (855) 859-2056, domestic | ||
| (404) 537-3406, international | |||
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Passcode: 9097326 |
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| Webcast: |
http://investor.fabrinet.com/ (live and replay) |
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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 test. 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 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) statements regarding improving demand and our ability to achieve sequential growth in the first quarter of fiscal year 2019, as well as our ability to expand our leadership as a manufacturer of complex products; 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 2019. 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: 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, 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 on May 8, 2018. 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; severance payments; expenses related to our CEO search; debt administration expense; amortization of intangibles; business combination expenses; loss (gain) on foreign currency contracts; amortization of debt issuance costs; and restructuring charges. 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.
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FABRINET |
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CONSOLIDATED BALANCE SHEETS |
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| (in thousands of U.S. dollars, except share data) |
June 29, |
June 30, |
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| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 158,102 | $ | 133,825 | ||||
| Restricted cash in connection with business acquisition | 3,331 | – | ||||||
| Marketable securities | 174,269 | 151,450 | ||||||
| Trade accounts receivable, net | 246,912 | 264,349 | ||||||
| Inventory, net | 257,687 | 238,665 | ||||||
| Prepaid expenses | 8,061 | 6,306 | ||||||
| Other current assets | 5,948 | 4,159 | ||||||
| Total current assets | 854,310 | 798,754 | ||||||
| Non-current assets | ||||||||
| Restricted cash in connection with business acquisition | – | 3,312 | ||||||
| Property, plant and equipment, net | 219,640 | 216,881 | ||||||
| Intangibles, net | 4,880 | 5,840 | ||||||
| Goodwill | 3,828 | 3,806 | ||||||
| Deferred tax assets | 5,280 | 2,905 | ||||||
| Deferred debt issuance costs on revolving loan and other non-current assets | 80 | 1,577 | ||||||
| Total non-current assets | 233,708 | 234,321 | ||||||
| Total Assets | $ | 1,088,018 | $ | 1,033,075 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Bank borrowings, net of unamortized debt issuance costs | $ | 3,250 | $ | 48,402 | ||||
| Trade accounts payable | 220,159 | 215,262 | ||||||
| Capital lease liability, current portion | 451 | 344 | ||||||
| Income tax payable | 709 | 1,976 | ||||||
| Deferred liability in connection with business acquisition | 3,331 | – | ||||||
| Accrued payroll, bonus and related expenses | 13,476 | 13,852 | ||||||
| Accrued expenses | 9,013 | 9,227 | ||||||
| Other payables | 19,728 | 22,209 | ||||||
| Total current liabilities | 270,117 | 311,272 | ||||||
| Non-current liabilities | ||||||||
| Long-term loan from bank, non-current portion, net of unamortized debt issuance costs | 60,938 | 22,701 | ||||||
| Deferred tax liability | 2,284 | 1,981 | ||||||
| Capital lease liability, non-current portion | 516 | 1,024 | ||||||
| Deferred liability in connection with business acquisition | – | 3,312 | ||||||
| Severance liabilities | 10,162 | 8,488 | ||||||
| Other non-current liabilities | 3,062 | 2,723 | ||||||
| Total non-current liabilities | 76,962 | 40,229 | ||||||
| Total Liabilities | 347,079 | 351,501 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares | ||||||||
| issued and outstanding as of June 29, 2018 and June 30, 2017) | — | — | ||||||
| Ordinary shares (500,000,000 shares authorized, $0.01 par value; 37,723,733 shares and 37,340,496 shares issued, and | ||||||||
| 36,434,630 shares and 37,340,496 shares outstanding | 377 | 373 | ||||||
| as of March 30, 2018 and June 30, 2017, respectively) | ||||||||
| Additional paid-in capital | 151,797 | 133,293 | ||||||
| Treasury shares at cost (1,289,103 shares and zero shares as of
March 30, 2018 and June 30, 2017, respectively) |
(42,401) | — | ||||||
| Accumulated other comprehensive loss | (1,257) | (348) | ||||||
| Retained earnings | 632,423 | 548,256 | ||||||
| Total Shareholders’ Equity | 740,939 | 681,574 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 1,088,018 | $ | 1,033,075 | ||||
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FABRINET |
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
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| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| (in thousands of U.S. dollars, except per share amounts) |
June 29, |
June 30, |
June 29, |
June 30, |
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| Revenues | $ | 345,327 | $ | 370,454 | $ | 1,371,925 | $ | 1,420,490 | |||||||||||||||
| Cost of revenues |
(306,346) |
(325,694) |
(1,218,513) |
(1,249,030) |
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| Gross profit | 38,981 | 44,760 | 153,412 | 171,460 | |||||||||||||||||||
| Selling, general and administrative expenses | (16,559) | (15,057) | (57,812) | (65,626) | |||||||||||||||||||
| Expenses related to reduction in workforce | — | — | (1,776) | — | |||||||||||||||||||
| Operating income | 22,422 | 29,703 | 93,824 | 105,834 | |||||||||||||||||||
| Interest income | 1,371 | 507 | 3,925 | 1,977 | |||||||||||||||||||
| Interest expense | (1,107) | (804) | (3,606) | (3,321) | |||||||||||||||||||
| Foreign exchange loss, net | (877) | (1,042) | (6,587) | (1,142) | |||||||||||||||||||
| Other income | 35 | 112 | 473 | 509 | |||||||||||||||||||
| Income before income taxes | 21,844 | 28,476 | 88,029 | 103,857 | |||||||||||||||||||
| Income tax expense | 924 | (1,075) | (3,862) | (6,742) | |||||||||||||||||||
| Net income | 22,768 | 27,401 | 84,167 | 97,115 | |||||||||||||||||||
| Other comprehensive loss, net of tax: | |||||||||||||||||||||||
| Change in net unrealized loss on marketable securities | 29 | 20 | (1,019) | (471) | |||||||||||||||||||
| Change in net unrealized loss on derivative instruments | — | — | (1) | (158) | |||||||||||||||||||
| Change in foreign currency translation adjustment | (1,247) | 625 | 111 | (310) | |||||||||||||||||||
| Total other comprehensive loss, net of tax | (1,218) | 645 | (909) | (939) | |||||||||||||||||||
| Net comprehensive income | $ | 21,550 | $ | 28,046 | $ | 83,258 | $ | 96,176 | |||||||||||||||
| Earnings per share | |||||||||||||||||||||||
| Basic | $ | 0.62 | $ | 0.73 | $ | 2.26 | $ | 2.63 | |||||||||||||||
| Diluted | $ | 0.60 | $ | 0.72 | $ | 2.21 | $ | 2.57 | |||||||||||||||
| Weighted-average number of ordinary shares outstanding (thousands of shares) | |||||||||||||||||||||||
| Basic | 36,828 | 37,334 | 37,257 | 36,927 | |||||||||||||||||||
| Diluted | 37,766 | 38,118 | 38,035 | 37,852 | |||||||||||||||||||
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FABRINET |
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| Twelve Months Ended | ||||||||||
| (in thousands of U.S. dollars) |
June 29, |
June 30, |
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| Cash flows from operating activities | ||||||||||
| Net income for the period | $ | 84,167 | $ | 97,115 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
| Depreciation and amortization | 29,087 | 23,793 | ||||||||
| Loss (gain) on disposal of property, plant and equipment | 18 | (30) | ||||||||
| Loss on disposal of intangibles | 447 | – | ||||||||
| Loss from sales and maturities of available-for-sale securities | 364 | 822 | ||||||||
| Amortization of investment discount | (506) | (193) | ||||||||
| Amortization of deferred debt issuance costs | 994 | 1,396 | ||||||||
| Reversal of allowance for doubtful accounts | (23) | (1) | ||||||||
| Unrealized loss on exchange rate and fair value of derivative instruments | 4,222 | 1,884 | ||||||||
| Share-based compensation | 22,581 | 26,507 | ||||||||
| Deferred income tax | (2,074) | 754 | ||||||||
| Other non-cash expenses | 2,133 | 2,173 | ||||||||
| (Reversal of) Inventory obsolescence | (436) | 42 | ||||||||
| Changes in operating assets and liabilities | ||||||||||
| Trade accounts receivable | 17,852 | (64,142) | ||||||||
| Inventory | (19,432) | (53,802) | ||||||||
| Other current assets and non-current assets | (4,464) | (2,231) | ||||||||
| Trade accounts payable | 3,502 | 38,293 | ||||||||
| Income tax payable | (1,267) | (67) | ||||||||
| Other current liabilities and non-current liabilities | 915 | (1,379) | ||||||||
| Net cash provided by operating activities | 138,080 | 70,934 | ||||||||
| Cash flows from investing activities | ||||||||||
| Purchase of marketable securities | (152,908) | (122,778) | ||||||||
| Proceeds from sales of marketable securities | 61,795 | 39,578 | ||||||||
| Proceeds from maturities of marketable securities | 67,417 | 72,361 | ||||||||
| Payments in connection with business acquisition, net of cash acquired | — | (9,917) | ||||||||
| Purchase of property, plant and equipment | (33,825) | (68,262) | ||||||||
| Purchase of intangibles | (1,577) | (1,768) | ||||||||
| Proceeds from disposal of property, plant and equipment | 449 | 230 | ||||||||
| Net cash used in investing activities | (58,649) | (90,556) | ||||||||
| Cash flows from financing activities | ||||||||||
| Proceeds of short-term loans from banks | 5,000 | 27,500 | ||||||||
| Repayment of short-term loans from bank | (1,003) | (157) | ||||||||
| Repayment of long-term loans from bank | (11,212) | (18,100) | ||||||||
| Repayment of capital lease liability | (417) | (276) | ||||||||
| Repurchase of ordinary shares | (42,401) | — | ||||||||
| Proceeds from issuance of ordinary shares under employee share option plans | 1,436 | 5,890 | ||||||||
| Withholding tax related to net share settlement of restricted share units | (5,509) | (1,425) | ||||||||
| Net cash (used in) provided by financing activities | (54,106) | 13,432 | ||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 25,325 | (6,190) | ||||||||
| Movement in cash, cash equivalents and restricted cash | ||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 137,137 | 142,804 | ||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 25,325 | (6,190) | ||||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | (1,029) | 523 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 161,433 | $ | 137,137 | ||||||
| Non-cash investing and financing activities | ||||||||||
| Construction, software-related and equipment-related payables | $ | 5,144 | $ | 8,434 | ||||||
FABRINET
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of same amounts shown in the consolidated statements of cash flows:
| (amount in thousands) |
As of |
As of |
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| Cash and cash equivalents | $ | 158,102 | $ | 133,825 | ||||
| Restricted cash in connection with business acquisition
(non-current assets) |
3,331 |
3,312 |
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| Cash, cash equivalents and restricted cash | $ | 161,433 | $ | 137,137 | ||||
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FABRINET |
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| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| June 29, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | |||||||||||||||||||||||
| (in thousands of U.S. dollars,
except per share data) |
Net |
Diluted |
Net |
Diluted |
Net |
Diluted |
Net |
Diluted |
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| GAAP measures | 22,768 | 0.60 | 27,401 | 0.72 | 84,167 | 2.21 | 97,115 | 2.57 | ||||||||||||||||||
| Items reconciling GAAP net (loss) income & EPS to non-GAAP net income & EPS: | ||||||||||||||||||||||||||
| Related to cost of revenues: | ||||||||||||||||||||||||||
| Share-based compensation expenses |
1,507 |
0.04 |
1,133 | 0.03 | 6,784 | 0.18 | 5,318 | 0.14 | ||||||||||||||||||
| Depreciation of fair value uplift |
89 |
0.00 |
80 | 0.00 | 330 | 0.01 | 147 | 0.00 | ||||||||||||||||||
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Total related to gross profit |
1,596 |
0.04 |
1,213 | 0.03 | 7,114 | 0.19 | 5,465 | 0.14 | ||||||||||||||||||
| Related to selling, general and administrative expenses: | ||||||||||||||||||||||||||
| Share-based compensation expenses |
3,370 |
0.09 |
3,438 | 0.09 | 15,797 | 0.42 | 21,190 | 0.56 | ||||||||||||||||||
| Expenses related to CEO search |
– |
– |
100 | 0.00 | 204 | 0.01 | 203 | 0.01 | ||||||||||||||||||
| Debt administration expenses |
– |
– |
– |
– |
– |
– |
320 |
0.01 |
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| Amortization of intangibles |
199 |
0.01 |
199 |
0.01 |
780 |
0.02 |
607 |
0.02 |
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| Business combination expenses |
– |
– |
160 | 0.00 | 117 | 0.00 | 1,790 | 0.05 | ||||||||||||||||||
| Severance payments | 2,142 | 0.06 | – | – | 2,142 | 0.06 | 577 | 0.02 | ||||||||||||||||||
| Total related to selling, general and administrative expenses |
5,711 |
0.15 |
3,897 |
0.10 |
19,040 |
0.50 |
24,687 |
0.65 |
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| Related to other incomes and other expenses: | ||||||||||||||||||||||||||
| Loss on foreign currency contracts |
– |
– |
– |
– |
– |
– |
(1,713) |
(0.05) |
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| Restructuring charges | – | – | – | – | 1,776 | 0.05 | – | – | ||||||||||||||||||
| Amortization of debt issuance costs | 634 | 0.02 | 257 | 0.01 | 1,412 | 0.04 | 1,884 | 0.05 | ||||||||||||||||||
| Total related to other incomes and other expenses | 634 | 0.02 | 257 | 0.01 | 3,188 | 0.08 | 171 | 0.00 | ||||||||||||||||||
| Total related to net income & EPS |
7,941 |
0.21 |
5,367 |
0.14 |
29,342 |
0.77 |
30,323 |
0.80 |
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| Non-GAAP measures | 30,709 | 0.81 | 32,768 | 0.86 | 113,509 | 2.98 | 127,438 | 3.37 | ||||||||||||||||||
| Shares used in computing diluted net income per share | ||||||||||||||||||||||||||
| GAAP diluted shares | 37,766 | 38,118 | 38,035 | 37,852 | ||||||||||||||||||||||
| Non-GAAP diluted shares | 37,766 | 38,118 | 38,035 | 37,852 | ||||||||||||||||||||||
| FABRINET | |||||||||||||
| RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW | |||||||||||||
| (in thousands) | Three Months Ended | Twelve Months Ended | |||||||||||
| June 29, 2018 |
June 30, |
June 29, |
June 30, 2017 |
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| Net cash provided by operating activities | $48,286 | $10,546 | $138,080 | $70,934 | |||||||||
| Less: Purchase of property, plant and equipment | (5,557) | (11,038) | (33,825) | (68,262) | |||||||||
| Non-GAAP free cash flow | $42,729 | ($492) | $104,255 | $2,672 | |||||||||
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FABRINET |
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| Diluted | |||
| EPS | |||
| GAAP net income per diluted share: | $0.58 to $0.61 | ||
| Related to cost of revenues: | |||
| Share-based compensation expenses | 0.05 | ||
| Total related to gross profit | 0.05 | ||
| Related to selling, general and administrative expenses: | |||
| Share-based compensation expenses | 0.16 | ||
| Business combination expenses | 0.01 | ||
| Total related to selling, general and administrative expenses | 0.17 | ||
| Total related to net income & EPS | 0.22 | ||
| Non-GAAP net income per diluted share | $0.80 to $0.83 | ||
Contacts
Investor Contact:
For Fabrinet
Garo Toomajanian
ir@fabrinet.com