Fabrinet Announces Second Quarter Fiscal Year 2023 Financial

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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