Fabrinet Announces Second Quarter Fiscal Year 2023 Financial Results

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Continued)

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows:

As of

(in thousands)

December 30,
2022

December 24,
2021

Cash and cash equivalents

$

250,829

$

276,531

Restricted cash

 

 

314

Cash, cash equivalents and restricted cash

$

250,829

$

276,845

 

FABRINET

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

 

Three Months Ended

Six Months Ended

December 30,
2022

December 24,
2021

December 30,
2022

December 24,
2021

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

Net income

Diluted EPS

Net income

Diluted EPS

Net income

Diluted EPS

Net income

Diluted EPS

 
GAAP measures

$

63,157

$

1.71

$

48,879

$

1.30

$

127,772

$

3.47

$

93,530

$

2.50

Items reconciling GAAP net income & EPS to non-GAAP net income & EPS:

Related to cost of revenues:

Share-based compensation expenses

 

1,660

 

0.05

 

1,421

 

0.04

 

3,576

 

0.10

 

3,396

 

0.09

Depreciation of fair value uplift

 

 

 

 

 

 

 

92

 

0.00

Total related to gross profit

 

1,660

 

0.05

 

1,421

 

0.04

 

3,576

 

0.10

 

3,488

 

0.09

Related to selling, general and administrative expenses:

 

 

 

 

 

 

 

 

Share-based compensation expenses

 

5,115

 

0.14

 

5,265

 

0.14

 

10,922

 

0.29

 

12,582

 

0.33

Amortization of intangibles

 

71

 

0.00

 

108

 

0.00

 

154

 

0.01

 

227

 

0.01

Severance payment and others

 

 

 

355

 

0.01

 

 

 

355

 

0.01

Total related to selling, general and administrative expenses

 

5,186

 

0.14

 

5,728

 

0.15

 

11,076

 

0.30

 

13,164

 

0.35

Related to other income and expense:

 

 

 

 

 

 

 

 

Other expenses in relation to reduction in workforce

 

 

 

135

 

0.01

 

 

 

135

 

0.01

Amortization of deferred debt issuance costs

 

8

 

0.00

 

8

 

0.00

 

16

 

0.00

 

16

 

0.00

Total related to other income and expense

 

8

 

0.00

 

143

 

0.01

 

16

 

0.00

 

151

 

0.01

Total related to net income & EPS

 

6,854

 

0.19

 

7,292

 

0.20

 

14,668

 

0.40

 

16,803

 

0.45

Non-GAAP measures

$

70,011

$

1.90

$

56,171

$

1.50

$

142,440

$

3.87

$

110,333

$

2.95

Shares used in computing diluted net income per share

 

 

 

 

 

 

 

 

GAAP diluted shares

 

 

36,939

 

 

37,552

 

 

36,848

 

 

37,440

Non-GAAP diluted shares

 

 

36,939

 

 

37,552

 

 

36,848

 

 

37,440

 

FABRINET

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

 

(in thousands)

Three Months Ended

Six Months Ended

 

December 30,

December 24,

December 30,

December 24,

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net cash provided by operating activities

$

44,466

 

$

20,657

 

$

105,100

 

$

57,568

 

Less: Purchase of property, plant and equipment

 

(13,385

)

 

(19,395

)

 

(23,643

)

 

(51,917

)

Non-GAAP free cash flow

$

31,081

 

$

1,262

 

$

81,457

 

$

5,651

 

 

FABRINET

GUIDANCE FOR QUARTER ENDING MARCH 31, 2023

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

 

 

Diluted

EPS

GAAP net income per diluted share:

$1.59 to $1.66

Related to cost of revenues:

 

Share-based compensation expenses

0.04

Total related to gross profit

0.04

Related to selling, general and administrative expenses:

 

Share-based compensation expenses

0.14

Total related to selling, general and administrative expenses

0.14

Related to other income and expense:

 

Other expenses in relation to reduction in workforce

0.09

Total related to other income and expense

0.09

Total related to net income & EPS

0.27

Non-GAAP net income per diluted share

$1.86 to $1.93


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