Fabrinet : Investor Presentation 4FQ24
FN
COMPANY OVERVIEW
August 19, 2024
Fabrinet Overview
Fabrinet West
VitroCom
New Jersey
Santa Clara
Fabrinet
Casix
Israel
Fuzhou
Fabrinet
Pinehurst /
Chonburi
CORE VALUESS
Total Customer Satisfaction
Sustainable Manufacturing
Positive Work Environment
Integrity
FN
3
Markets and Products
Optical
Automotive
Industrial Lasers
Other
Communications
◼ EV Charging
◼ Lasers
◼ Medical
◼ Transceivers
◼
LIDAR
◼
Solid-State Lasers
Diagnostics
◼ Modulators
◼
LED & Laser
◼
Gas Lasers
◼ Metrology &
◼ Optical Amplifiers
Instrumentation
Lighting
◼
Ultrafast Lasers
◼ ROADM
◼ Safety & Control
◼ Silicon Photonics
Sensors
◼ Line Cards
◼ Pressure &
◼ Network Systems
Temperature
Sensors
Customized Optics and Passive Devices - Vertical Integration
4
Efficient Global Manufacturing Footprint
Precision Optical and Electronic
Custom Optics
Packaging and Assembly
Casix, China
Vitrocom, NJ, USA
Pinehurst Campus, Thailand
Quickturn NPI Services
Chonburi Campus, Thailand
Fabrinet Israel
Fabrinet West, CA, USA
5
Investment Highlights
✓
✓
✓
✓
✓
✓
Large and growing addressable markets
Differentiated business model with low-cost structure
Highly differentiated expertise in precision manufacturing technologies enabling next-generation products
Strong relationships with industry-leading OEMs
Demonstrated track record of growth and profitability
Experienced management team with history of execution
6
Strong Revenue Trends
QUARTERLY CONSOLIDATED REVENUE ($M)
800
655.4
685.5
668.7
712.7
665.3
731.5
753.3
700
655.9
543.3
566.6
564.4
587.9
600
500
400
300
200
100
0
Sep'21 Sep'22*
Sep'23
Dec'21 Dec'22 Dec'23
Mar'22 Mar'23 Mar'24
Jun '22 Jun '23 Jun'24
Optical communications
Non-optical communications
OPTICAL COMMUNICATIONS REVENUE ($M)
NON-OPTICAL COMMUNICATIONS REVENUE ($M)
600
533.3
567.9
591.4
596.4
200
156.9
500
497.6
506.1
502.6
502.1
175
144.8
162.7
427.3
450.8
440.0
464.7
150
157.9152.2
162.6
140.1
153.8
400
124.4
123.2
125
116.0
115.8
300
100
200
75
50
100
25
0
0
*The quarter ended September 30, 2022 benefited from an additional week in the quarter
7
Consistent Profitability
NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN (1)
% of Sales
15.0%
13.0%
12.6%
12.8%
12.5%
10.8%
10.6%
10.5%
10.7%
10.0%
5.0%
0.0%
FY2023
FY2024
4Q23
4Q24
Gross margin
Operating margin
RETURN ON INVESTED CAPITAL (2)
50.0%
40.1%
40.0%
32.6%
35.7%
29.6%
30.0%
20.0%
10.0%
0.0%
FY23
FY24
4Q23
4Q24
8
Recent Financial Performance
Key Financials
$Millions (USD), except per share figures
3 months ended
28-Jun-24
30-Jun-23
Revenue
$753.3
655.9
Y-o-Y change
15%
12%
Gross profit (non-GAAP)(1)
$94.2
83.9
Gross margin (non-GAAP)(1)
12.5%
12.8%
Operating profit (non-GAAP)(1)
$ 80.3
69.0
Operating margin (non-GAAP)(1)
10.7%
10.5%
Net Income (GAAP)
$81.1
60.8
Net Income (non-GAAP)(1)
$88.0
68.4
Diluted EPS (GAAP)
$2.22
1.65
Diluted EPS (non-GAAP)(1)
$2.41
1.86
(1) See Appendix for a reconciliation to most comparable GAAP measure.
9
Strong Balance Sheet Supports Growth Strategy
Selected Items
$Millions (USD)
As of June 28, 2024
Cash, cash equivalents(1)
$858.6
Working capital (2)
$613.8
Property, plant & equipment, net
$307.2
Total debt (3)
$0.0
Total shareholders' equity
$1,745.7
10
Revenue Mix
F4Q22
F1Q23
F2Q23
F3Q23
F4Q23
F1Q24
F2Q24
F3Q24
F4Q24
Optical
79%
76%
76%
76%
77%
78%
80%
81%
79%
Communications
Datacom
20%
19%
22%
24%
38%
45%
51%
52%
53%
Telecom
80%
81%
78%
76%
62%
55%
49%
48%
47%
Non-Optical
21%
24%
24%
24%
23%
22%
20%
19%
21%
Communications
Optical and non-optical revenue mix presented as % of total revenue.
Datacom and telecom revenue mix presented as % of optical revenue.
11
Disclaimer
Fabrinet Co. Ltd. published this content on 19 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on August 19, 2024 at 21:23:51 UTC.