Cayman Islands | |||||
(State or other jurisdiction of incorporation or organization) | 98-1228572 (I.R.S. Employer Identification No.) |
c/o Intertrust Corporate Services Grand Cayman Cayman Islands | KY1-9005 | |||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading | Name of each exchange | ||||||||||||
Ordinary Shares, $0.01 par value | FN | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | ¨ | ||||||||||||
Non-accelerated filer | Smaller reporting company | ¨ | |||||||||||||
Emerging growth company |
Page | ||||||||||||
5. | ||||||||||||
ITEM 1A.RISK FACTORS |
Location | Owned/Leased | Approximate Square Footage | ||||||||||||||
Pinehurst Campus, Bangkok, Thailand | Owned | |||||||||||||||
Hemaraj Campus, Chonburi, Thailand | Owned | |||||||||||||||
Fuzhou, Fujian, PRC | Leased(1) | 300,000 square feet | ||||||||||||||
Santa Clara, California, United States | Owned | 72,000 square feet | ||||||||||||||
Wiltshire, United Kingdom | Leased(2) | 71,000 square feet | ||||||||||||||
Mountain Lakes, New Jersey, United States | Leased(3) | 28,000 square feet | ||||||||||||||
Yokneam Illit, Israel | Leased(4) | |||||||||||||||
Grand Cayman, Cayman Islands | Leased(5) |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased As Part of Publicly Announced Program (1) | Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program (1) | ||||||||||||||||||||||
March 26, 2021 – April 23, 2021 | — | $ | — | — | $ | 91,689,325 | ||||||||||||||||||||
April 24, 2021 – May 21, 2021 | 68,158 | $ | 81.17 | 5,532,264 | $ | 86,157,061 | ||||||||||||||||||||
May 22, 2021 – June 25, 2021 | 54,425 | $ | 91.79 | 4,995,497 | $ | 81,161,564 | ||||||||||||||||||||
Total | 122,583 | 10,527,761 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased As Part of Publicly Announced Program | Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program | ||||||||||||
March 28, 2020 – April 24, 2020 | — | $ | — | — | $ | 41,499,413 | ||||||||||
April 25, 2020 – May 22, 2020 | — | $ | — | — | $ | 41,499,413 | ||||||||||
May 23, 2020 – June 26, 2020 | — | $ | — | — | $ | 41,499,413 | ||||||||||
Total | — | $ | — | — | $ | 41,499,413 | ||||||||||
Years Ended | ||||||||||||||||||||
(amount in thousands, except per share data) | June 26, 2020 (fiscal year 2020) | June 28, 2019 (fiscal year 2019) | June 29, 2018 (fiscal year 2018) | June 30, 2017 (fiscal year 2017) | June 24, 2016 (fiscal year 2016) | |||||||||||||||
Selected Consolidated Statements of Operations Data: | ||||||||||||||||||||
Revenues | $ | 1,641,836 | $ | 1,584,335 | $ | 1,371,925 | $ | 1,420,490 | $ | 976,747 | ||||||||||
Cost of revenues | (1,455,731 | ) | (1,405,111 | ) | (1,218,513 | ) | (1,249,030 | ) | (857,224 | ) | ||||||||||
Gross profit | 186,105 | 179,224 | 153,412 | 171,460 | 119,523 | |||||||||||||||
Selling, general and administrative expenses | (68,374 | ) | (55,067 | ) | (57,812 | ) | (65,626 | ) | (49,753 | ) | ||||||||||
Other income related to flooding, net | — | — | — | — | 36 | |||||||||||||||
Expenses related to reduction in workforce | (329 | ) | (1,516 | ) | (1,776 | ) | — | — | ||||||||||||
Operating income | 117,402 | 122,641 | 93,824 | 105,834 | 69,806 | |||||||||||||||
Interest income | 7,592 | 6,699 | 3,925 | 1,977 | 1,535 | |||||||||||||||
Interest expense | (3,044 | ) | (5,381 | ) | (3,606 | ) | (3,321 | ) | (1,569 | ) | ||||||||||
Foreign exchange gain (loss), net | (3,797 | ) | 1,406 | (6,587 | ) | (1,142 | ) | (1,916 | ) | |||||||||||
Other income (expense), net | 1,089 | 868 | 473 | 509 | 376 | |||||||||||||||
Income before income taxes | 119,242 | 126,233 | 88,029 | 103,857 | 68,232 | |||||||||||||||
Income tax expense | (5,763 | ) | (5,278 | ) | (3,862 | ) | (6,742 | ) | (6,335 | ) | ||||||||||
Net income | 113,479 | 120,955 | 84,167 | 97,115 | 61,897 | |||||||||||||||
Other comprehensive income (loss), net of tax | 1,239 | (1,129 | ) | (909 | ) | (939 | ) | 635 | ||||||||||||
Net comprehensive income | $ | 114,718 | $ | 119,826 | $ | 83,258 | $ | 96,176 | $ | 62,532 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 3.07 | $ | 3.29 | $ | 2.26 | $ | 2.63 | $ | 1.73 | ||||||||||
Diluted | $ | 3.01 | $ | 3.23 | $ | 2.21 | $ | 2.57 | $ | 1.68 | ||||||||||
Weighted average number of ordinary shares outstanding (thousands of shares): | ||||||||||||||||||||
Basic | 36,908 | 36,798 | 37,257 | 36,927 | 35,857 | |||||||||||||||
Diluted | 37,665 | 37,415 | 38,035 | 37,852 | 36,872 |
As of | ||||||||||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | June 30, 2017 | June 24, 2016 | |||||||||||||||
Selected Consolidated Balance Sheet Data: | ||||||||||||||||||||
Cash and cash equivalents | $ | 225,430 | $ | 180,839 | $ | 158,102 | $ | 133,825 | $ | 142,804 | ||||||||||
Short-term investments | $ | 262,693 | $ | 256,493 | $ | 174,269 | $ | 151,450 | $ | 141,709 | ||||||||||
Short-term restricted cash | $ | 7,402 | $ | — | $ | 3,331 | $ | 3,312 | $ | — | ||||||||||
Working capital (1) | $ | 330,848 | $ | 296,597 | $ | 284,440 | $ | 287,752 | $ | 205,592 | ||||||||||
Total assets | $ | 1,381,387 | $ | 1,255,318 | $ | 1,088,018 | $ | 1,033,075 | $ | 855,857 | ||||||||||
Long-term borrowings, net | $ | 51,670 | $ | 60,938 | $ | 64,188 | $ | 71,103 | $ | 60,407 | ||||||||||
Total liabilities | $ | 406,978 | $ | 392,219 | $ | 347,079 | $ | 351,501 | $ | 301,438 | ||||||||||
Total shareholders’ equity | $ | 974,409 | $ | 863,099 | $ | 740,939 | $ | 681,574 | $ | 554,419 |
Years Ended | ||||||||||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | June 30, 2017 | June 24, 2016 | |||||||||||||||
Selected Consolidated Statements of Cash Flow Data: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 150,660 | $ | 147,394 | $ | 138,080 | $ | 70,934 | $ | 47,088 | ||||||||||
Net cash used in investing activities | $ | (71,248 | ) | $ | (98,067 | ) | $ | (58,649 | ) | $ | (90,556 | ) | $ | (39,603 | ) | |||||
Net cash (used in) provided by financing activities | $ | (35,305 | ) | $ | (23,223 | ) | $ | (54,106 | ) | $ | 13,432 | $ | 22,862 | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 44,107 | $ | 26,104 | $ | 25,325 | $ | (6,190 | ) | $ | 30,347 |
Years Ended | |||||||||||||||||
June 25, 2021 | June 26, 2020 | June 28, 2019 | |||||||||||||||
North America | 47.2 | % | 50.6 | % | 47.7 | % | |||||||||||
Asia-Pacific | 35.6 | 33.7 | 38.4 | ||||||||||||||
Europe | 17.2 | 15.7 | 13.9 | ||||||||||||||
100.0 | % | 100.0 | % | 100.0 | % |
Years Ended | ||||||||||||
June 26, 2020 | June 28, 2019 | June 29, 2018 | ||||||||||
North America | 50.6 | % | 47.7 | % | 46.9 | % | ||||||
Asia-Pacific | 33.7 | 38.4 | 37.8 | |||||||||
Europe | 15.7 | 13.9 | 15.3 | |||||||||
100.0 | % | 100.0 | % | 100.0 | % | |||||||
As of June 25, 2021 | As of June 26, 2020 | ||||||||||||||||||||||||||||||||||
(amount in thousands, except percentages) | Foreign Currency | $ | % | Foreign Currency | $ | % | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Thai baht | 1,472,249 | $ | 46,312 | 67.5 | 667,955 | $ | 21,617 | 41.8 | |||||||||||||||||||||||||||
RMB | 98,056 | 15,145 | 22.1 | 158,060 | 22,402 | 43.3 | |||||||||||||||||||||||||||||
GBP | 5,111 | 7,119 | 10.4 | 6,220 | 7,726 | 14.9 | |||||||||||||||||||||||||||||
Total | $ | 68,576 | 100.0 | $ | 51,745 | 100.0 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Thai baht | 2,250,514 | $ | 70,793 | 87.7 | 2,102,392 | $ | 68,039 | 89.5 | |||||||||||||||||||||||||||
RMB | 40,112 | 6,195 | 7.7 | 42,586 | 6,036 | 8.0 | |||||||||||||||||||||||||||||
GBP | 2,656 | 3,699 | 4.6 | 1,545 | 1,919 | 2.5 | |||||||||||||||||||||||||||||
Total | $ | 80,687 | 100.0 | $ | 75,994 | 100.0 |
As of June 26, 2020 | As of June 28, 2019 | |||||||||||||||||||||||
(amount in thousands, except percentages) | Foreign Currency | $ | % | Foreign Currency | $ | % | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Thai baht | 667,955 | $ | 21,617 | 41.8 | 664,860 | $ | 21,628 | 60.0 | ||||||||||||||||
RMB | 158,060 | 22,402 | 43.3 | 53,393 | 7,767 | 21.5 | ||||||||||||||||||
GBP | 6,220 | 7,726 | 14.9 | 5,270 | 6,682 | 18.5 | ||||||||||||||||||
Total | $ | 51,745 | 100.0 | $ | 36,077 | 100.0 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Thai baht | 2,102,392 | $ | 68,039 | 89.5 | 1,961,972 | $ | 63,825 | 90.0 | ||||||||||||||||
RMB | 42,586 | 6,036 | 8.0 | 26,373 | 3,836 | 5.4 | ||||||||||||||||||
GBP | 1,545 | 1,919 | 2.5 | 2,598 | 3,294 | 4.6 | ||||||||||||||||||
Total | $ | 75,994 | 100.0 | $ | 70,955 | 100.0 | ||||||||||||||||||
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Revenues | $ | 1,879,350 | $ | 1,641,836 | $ | 1,584,335 | |||||||||||
Cost of revenues | (1,657,987) | (1,455,731) | (1,405,111) | ||||||||||||||
Gross profit | 221,363 | 186,105 | 179,224 | ||||||||||||||
Selling, general and administrative expenses | (70,567) | (68,374) | (55,067) | ||||||||||||||
Expenses related to reduction in workforce | (43) | (329) | (1,516) | ||||||||||||||
Operating income | 150,753 | 117,402 | 122,641 | ||||||||||||||
Interest income | 3,783 | 7,592 | 6,699 | ||||||||||||||
Interest expense | (1,100) | (3,044) | (5,381) | ||||||||||||||
Foreign exchange gain (loss), net | 508 | (3,797) | 1,406 | ||||||||||||||
Other income (expense), net | (3,460) | 1,089 | 868 | ||||||||||||||
Income before income taxes | 150,484 | 119,242 | 126,233 | ||||||||||||||
Income tax expense | (2,143) | (5,763) | (5,278) | ||||||||||||||
Net income | 148,341 | 113,479 | 120,955 | ||||||||||||||
Other comprehensive income (loss), net of tax | (5,119) | 1,239 | (1,129) | ||||||||||||||
Net comprehensive income | $ | 143,222 | $ | 114,718 | $ | 119,826 |
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Revenues | $ | 1,641,836 | $ | 1,584,335 | $ | 1,371,925 | ||||||
Cost of revenues | (1,455,731 | ) | (1,405,111 | ) | (1,218,513 | ) | ||||||
Gross profit | 186,105 | 179,224 | 153,412 | |||||||||
Selling, general and administrative expenses | (68,374 | ) | (55,067 | ) | (57,812 | ) | ||||||
Expenses related to reduction in workforce | (329 | ) | (1,516 | ) | (1,776 | ) | ||||||
Operating income | 117,402 | 122,641 | 93,824 | |||||||||
Interest income | 7,592 | 6,699 | 3,925 | |||||||||
Interest expense | (3,044 | ) | (5,381 | ) | (3,606 | ) | ||||||
Foreign exchange gain (loss), net | (3,797 | ) | 1,406 | (6,587 | ) | |||||||
Other income (expense), net | 1,089 | 868 | 473 | |||||||||
Income before income taxes | 119,242 | 126,233 | 88,029 | |||||||||
Income tax expense | (5,763 | ) | (5,278 | ) | (3,862 | ) | ||||||
Net income | 113,479 | 120,955 | 84,167 | |||||||||
Other comprehensive income (loss), net of tax | 1,239 | (1,129 | ) | (909 | ) | |||||||
Net comprehensive income | $ | 114,718 | $ | 119,826 | $ | 83,258 | ||||||
Years Ended | |||||||||||||||||
June 25, 2021 | June 26, 2020 | June 28, 2019 | |||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Cost of revenues | (88.2) | (88.7) | (88.7) | ||||||||||||||
Gross profit | 11.8 | 11.3 | 11.3 | ||||||||||||||
Selling, general and administrative expenses | (3.8) | (4.2) | (3.5) | ||||||||||||||
Expenses related to reduction in workforce | 0.0 | 0.0 | (0.1) | ||||||||||||||
Operating income | 8.0 | 7.1 | 7.7 | ||||||||||||||
Interest income | 0.2 | 0.5 | 0.4 | ||||||||||||||
Interest expense | 0.0 | (0.2) | (0.3) | ||||||||||||||
Foreign exchange gain (loss), net | 0.0 | (0.2) | 0.1 | ||||||||||||||
Other income (expense), net | (0.2) | 0.1 | 0.0 | ||||||||||||||
Income before income taxes | 8.0 | 7.3 | 7.9 | ||||||||||||||
Income tax expense | (0.1) | (0.4) | (0.3) | ||||||||||||||
Net income | 7.9 | 6.9 | 7.6 | ||||||||||||||
Other comprehensive income (loss), net of tax | (0.3) | 0.1 | 0.0 | ||||||||||||||
Net comprehensive income | 7.6 | % | 7.0 | % | 7.6 | % |
Years Ended | ||||||||||||
June 26, 2020 | June 28, 2019 | June 29, 2018 | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of revenues | (88.7 | ) | (88.7 | ) | (88.8 | ) | ||||||
Gross profit | 11.3 | 11.3 | 11.2 | |||||||||
Selling, general and administrative expenses | (4.2 | ) | (3.5 | ) | (4.2 | ) | ||||||
Expenses related to reduction in workforce | (0.0 | ) | (0.1 | ) | (0.1 | ) | ||||||
Operating income | 7.1 | 7.7 | 6.9 | |||||||||
Interest income | 0.5 | 0.4 | 0.3 | |||||||||
Interest expense | (0.2 | ) | (0.3 | ) | (0.3 | ) | ||||||
Foreign exchange gain (loss), net | (0.2 | ) | 0.1 | (0.5 | ) | |||||||
Other income (expense), net | 0.1 | 0.0 | 0.1 | |||||||||
Income before income taxes | 7.3 | 7.9 | 6.5 | |||||||||
Income tax expense | (0.4 | ) | (0.3 | ) | (0.3 | ) | ||||||
Net income | 6.9 | 7.6 | 6.2 | |||||||||
Other comprehensive income (loss), net of tax | 0.1 | 0.0 | (0.1 | ) | ||||||||
Net comprehensive income | 7.0 | % | 7.6 | % | 6.1 | % | ||||||
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Optical communications | $ | 1,441,338 | $ | 1,248,174 | $ | 1,184,936 | |||||||||||
Lasers, sensors, and other | 438,012 | 393,662 | 399,399 | ||||||||||||||
Total | $ | 1,879,350 | $ | 1,641,836 | $ | 1,584,335 |
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Optical communications | $ | 1,248,174 | $ | 1,184,936 | $ | 1,000,256 | ||||||
Lasers, sensors, and other | 393,662 | 399,399 | 371,669 | �� | ||||||||
Total | $ | 1,641,836 | $ | 1,584,335 | $ | 1,371,925 | ||||||
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Net cash provided by operating activities | $ | 118,665 | $ | 150,660 | $ | 147,394 | |||||||||||
Net cash used in investing activities | $ | (5,442) | $ | (71,248) | $ | (98,067) | |||||||||||
Net cash used in financing activities | $ | (42,754) | $ | (35,305) | $ | (23,223) | |||||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 70,469 | $ | 44,107 | $ | 26,104 | |||||||||||
Cash, cash equivalents and restricted cash, beginning of period | $ | 232,832 | $ | 188,241 | $ | 161,433 | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 303,123 | $ | 232,832 | $ | 188,241 |
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Net cash provided by operating activities | $ | 150,660 | $ | 147,394 | $ | 138,080 | ||||||
Net cash used in investing activities | $ | (71,248 | ) | $ | (98,067 | ) | $ | (58,649 | ) | |||
Net cash used in financing activities | $ | (35,305 | ) | $ | (23,223 | ) | $ | (54,106 | ) | |||
Net increase in cash, cash equivalents and restricted cash | $ | 44,107 | $ | 26,104 | $ | 25,325 | ||||||
Cash, cash equivalents and restricted cash, beginning of period | $ | 188,241 | $ | 161,433 | $ | 137,137 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 232,832 | $ | 188,241 | $ | 161,433 |
Payments Due by Period | Payments Due by Period | ||||||||||||||||||||||||||||||||||||||||||||||||
(amount in thousands) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | (amount in thousands) | Total | Less than 1 year | 1-3years | 3-5years | More than 5 years | ||||||||||||||||||||||||||||||||||||||
Long-term debt obligations | $ | 51,797 | $ | 12,188 | $ | 27,421 | $ | 12,188 | $ | — | |||||||||||||||||||||||||||||||||||||||
Long-term borrowing obligations | Long-term borrowing obligations | $ | 39,609 | $ | 12,188 | $ | 27,421 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Interest expense obligation (1) | 1,760 | 751 | 876 | 133 | — | Interest expense obligation(1) | 911 | 487 | 423 | 1 | — | ||||||||||||||||||||||||||||||||||||||
Finance lease obligations | 100 | 100 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Operating lease obligations | 8,448 | 2,313 | 4,514 | 1,464 | 157 | Operating lease obligations | 6,734 | 2,775 | 3,959 | — | — | ||||||||||||||||||||||||||||||||||||||
Severance liabilities (2) | 54,218 | 1,284 | 3,183 | 4,726 | 45,025 | Severance liabilities(2) | 19,782 | 1,176 | 2,647 | 3,515 | 12,444 | ||||||||||||||||||||||||||||||||||||||
Provision for uncertain income tax position | 1,459 | 1,008 | 6 | 286 | 159 | Provision for uncertain income tax position | 922 | — | 309 | 498 | 115 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 117,782 | $ | 17,644 | $ | 36,000 | $ | 18,797 | $ | 45,341 | Total | $ | 67,958 | $ | 16,626 | $ | 34,759 | $ | 4,014 | $ | 12,559 | ||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Capital expenditures | $ | 48,563 | $ | 51,317 | $ | 20,834 |
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Capital expenditures | $ | 51,317 | $ | 20,834 | $ | 30,535 |
ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. |
Page | ||||||||
(in thousands of U.S. dollars, except share data and par value) | June 25, 2021 | June 26, 2020 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 302,969 | $ | 225,430 | |||||||
Short-term restricted cash | 0 | 7,402 | |||||||||
Short-term investments | 244,963 | 262,693 | |||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $100 and $336, respectively | 336,547 | 272,665 | |||||||||
Contract assets | 11,878 | 13,256 | |||||||||
Inventories | 422,133 | 309,786 | |||||||||
Other receivable | 0 | 24,310 | |||||||||
Prepaid expenses | 11,398 | 5,399 | |||||||||
Other current assets | 22,619 | 14,508 | |||||||||
Total current assets | 1,352,507 | 1,135,449 | |||||||||
Non-current assets | |||||||||||
Long-term restricted cash | 154 | 0 | |||||||||
Property, plant and equipment, net | 241,129 | 228,274 | |||||||||
Intangibles, net | 4,371 | 4,312 | |||||||||
Operating right-of-use assets | 6,699 | 8,068 | |||||||||
Deferred tax assets | 9,428 | 5,675 | |||||||||
Other non-current assets | 1,834 | 202 | |||||||||
Total non-current assets | 263,615 | 246,531 | |||||||||
Total Assets | $ | 1,616,122 | $ | 1,381,980 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Long-term borrowings, current portion, net | $ | 12,156 | $ | 12,156 | |||||||
Trade accounts payable | 346,555 | 251,603 | |||||||||
Fixed assets payable | 19,206 | 15,127 | |||||||||
Contract liabilities | 1,680 | 1,556 | |||||||||
Operating lease liabilities, current portion | 2,593 | 1,979 | |||||||||
Income tax payable | 3,612 | 2,242 | |||||||||
Accrued payroll, bonus and related expenses | 20,464 | 19,265 | |||||||||
Accrued expenses | 17,134 | 8,979 | |||||||||
Other payables | 20,958 | 21,514 | |||||||||
Total current liabilities | 444,358 | 334,421 | |||||||||
Non-current liabilities | |||||||||||
Long-term borrowings,non-current portion, net | 27,358 | 39,514 | |||||||||
Deferred tax liability | 5,107 | 4,729 | |||||||||
Operating lease liabilities,non-current portion | 3,850 | 5,873 | |||||||||
Severance liabilities | 19,485 | 17,379 | |||||||||
Other non-current liabilities | 3,444 | 5,655 | |||||||||
Total non-current liabilities | 59,244 | 73,150 | |||||||||
Total Liabilities | 503,602 | 407,571 | |||||||||
Commitments and contingencies (Note 21) | 0 | 0 | |||||||||
Shareholders’ equity | |||||||||||
Preferred shares (5,000,000 shares authorized, $0.01 par value; 0 shares issued and outstanding as of June 25, 2021 and June 26, 2020) | 0 | 0 | |||||||||
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,749,045 shares and 38,471,967 shares issued as of June 25, 2021 and June 26, 2020, respectively; and 36,765,456 shares and 36,727,864 shares outstanding as of June 25, 2021 and June 26, 2020, respectively) | 388 | 385 | |||||||||
Additional paid-in capital | 189,445 | 175,610 | |||||||||
Less: Treasury shares (1,983,589 shares and 1,744,103 shares as of June 25, 2021 and June 26, 2020, respectively) | (87,343) | (68,501) | |||||||||
Accumulated other comprehensive loss | (6,266) | (1,147) | |||||||||
Retained earnings | 1,016,296 | 868,062 | |||||||||
Total Shareholders’ Equity | 1,112,520 | 974,409 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,616,122 | $ | 1,381,980 |
(in thousands of U.S. dollars, except share data and par value) | June 26, 2020 | June 28, 2019 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 225,430 | $ | 180,839 | ||||
Short-term restricted cash | 7,402 | — | ||||||
Short-term investments | 262,693 | 256,493 | ||||||
Trade accounts receivable, net | 272,665 | 260,602 | ||||||
Contract assets | 13,256 | 12,447 | ||||||
Inventories | 309,786 | 293,612 | ||||||
Other receivable | 24,310 | — | ||||||
Prepaid expenses | 5,399 | 8,827 | ||||||
Other current assets | 13,915 | 11,015 | ||||||
Total current assets | 1,134,856 | 1,023,835 | ||||||
Non-current assets | ||||||||
Long-term restricted cash | — | 7,402 | ||||||
Property, plant and equipment, net | 228,274 | 210,686 | ||||||
Intangibles, net | 4,312 | 3,887 | ||||||
Operating right-of-use | 8,068 | — | ||||||
Goodwill | — | 3,705 | ||||||
Deferred tax assets | 5,675 | 5,679 | ||||||
Other non-current assets | 202 | 124 | ||||||
Total non-current assets | 246,531 | 231,483 | ||||||
Total Assets | $ | 1,381,387 | $ | 1,255,318 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities | ||||||||
Long-term borrowings, current portion, net | $ | 12,156 | $ | 3,250 | ||||
Trade accounts payable | 251,603 | 257,617 | ||||||
Fixed assets payable | 15,127 | 7,317 | ||||||
Contract liabilities | 1,556 | 2,239 | ||||||
Operating lease liabilities, current portion | 1,979 | — | ||||||
Income tax payable | 2,242 | 1,801 | ||||||
Accrued payroll, bonus and related expenses | 19,265 | 16,510 | ||||||
Accrued expenses | 12,104 | 8,997 | ||||||
Other payables | 21,514 | 15,317 | ||||||
Total current liabilities | 337,546 | 313,048 | ||||||
Non-current liabilities | ||||||||
Long-term borrowings, non-current portion, net | 39,514 | 57,688 | ||||||
Deferred tax liability | 4,729 | 3,561 | ||||||
Operating lease liabilities, non-current portion | 5,873 | — | ||||||
Severance liabilities | 17,379 | 15,209 | ||||||
Other non-current liabilities | 1,937 | 2,713 | ||||||
Total non-current liabilities | 69,432 | 79,171 | ||||||
Total Liabilities | 406,978 | 392,219 | ||||||
Commitments and contingencies (Note 22) | ||||||||
Shareholders’ equity | ||||||||
Preferred shares (5,000,000 shares authorized, $0.01 par value; 0 shares issued and outstanding as of June 26, 2020 and June 28, 2019) | — | — | ||||||
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,471,967 shares and 38,230,753 shares issued as of June 26, 2020 and June 28, 2019, respectively; and 36,727,864 shares and 36,841,650 shares outstanding as of June 26, 2020 and June 28, 2019, respectively) | 385 | 382 | ||||||
Additional paid-in capital | 175,610 | 158,299 | ||||||
Less: Treasury shares (1,744,103 shares and 1,389,103 shares as of June 26, 2020 and June 28, 2019, respectively) | (68,501 | ) | (47,779 | ) | ||||
Accumulated other comprehensive loss | (1,147 | ) | (2,386 | ) | ||||
Retained earnings | 868,062 | 754,583 | ||||||
Total Shareholders’ Equity | 974,409 | 863,099 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 1,381,387 | $ | 1,255,318 | ||||
Years Ended | |||||||||||||||||
(in thousands of U.S. dollars, except per share data) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Revenues | $ | 1,879,350 | $ | 1,641,836 | $ | 1,584,335 | |||||||||||
Cost of revenues | (1,657,987) | (1,455,731) | (1,405,111) | ||||||||||||||
Gross profit | 221,363 | 186,105 | 179,224 | ||||||||||||||
Selling, general and administrative expenses | (70,567) | (68,374) | (55,067) | ||||||||||||||
Expenses related to reduction in workforce | (43) | (329) | (1,516) | ||||||||||||||
Operating income | 150,753 | 117,402 | 122,641 | ||||||||||||||
Interest income | 3,783 | 7,592 | 6,699 | ||||||||||||||
Interest expense | (1,100) | (3,044) | (5,381) | ||||||||||||||
Foreign exchange gain (loss), net | 508 | (3,797) | 1,406 | ||||||||||||||
Other income (expense), net | (3,460) | 1,089 | 868 | ||||||||||||||
Income before income taxes | 150,484 | 119,242 | 126,233 | ||||||||||||||
Income tax expense | (2,143) | (5,763) | (5,278) | ||||||||||||||
Net income | 148,341 | 113,479 | 120,955 | ||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Change in net unrealized gain (loss) on available-for-sale securities | (1,182) | 538 | 2,043 | ||||||||||||||
Change in net unrealized gain (loss) on derivative instruments | (5,106) | 570 | (1) | ||||||||||||||
Change in retirement benefit plan – prior service cost | 584 | 528 | (2,537) | ||||||||||||||
Change in foreign currency translation adjustment | 585 | (397) | (634) | ||||||||||||||
Total other comprehensive income (loss), net of tax | (5,119) | 1,239 | (1,129) | ||||||||||||||
Net comprehensive income (loss) | $ | 143,222 | $ | 114,718 | $ | 119,826 | |||||||||||
Earnings per share | |||||||||||||||||
Basic | 4.02 | 3.07 | 3.29 | ||||||||||||||
Diluted | 3.95 | 3.01 | 3.23 | ||||||||||||||
Weighted average number of ordinary shares outstanding (thousands of shares) | |||||||||||||||||
Basic | 36,872 | 36,908 | 36,798 | ||||||||||||||
Diluted | 37,555 | 37,665 | 37,415 |
Years Ended | ||||||||||||
(in thousands of U.S. dollars, except per share data) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Revenues | $ | 1,641,836 | $ | 1,584,335 | $ | 1,371,925 | ||||||
Cost of revenues | (1,455,731 | ) | (1,405,111 | ) | (1,218,513 | ) | ||||||
186,105 | 179,224 | 153,412 | ||||||||||
Selling, general and administrative expenses | (68,374 | ) | (55,067 | ) | (57,812 | ) | ||||||
Expenses related to reduction in workforce | (329 | ) | (1,516 | ) | (1,776 | ) | ||||||
Operating income | 117,402 | 122,641 | 93,824 | |||||||||
Interest income | 7,592 | 6,699 | 3,925 | |||||||||
Interest expense | (3,044 | ) | (5,381 | ) | (3,606 | ) | ||||||
Foreign exchange gain (loss), net | (3,797 | ) | 1,406 | (6,587 | ) | |||||||
Other income (expense), net | 1,089 | 868 | 473 | |||||||||
Income before income taxes | 119,242 | 126,233 | 88,029 | |||||||||
Income tax expense | (5,763 | ) | (5,278 | ) | (3,862 | ) | ||||||
Net income | 113,479 | 120,955 | 84,167 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
available-for-sale | 538 | 2,043 | (1,019 | ) | ||||||||
570 | (1 | ) | (1 | ) | ||||||||
528 | (2,537 | ) | — | |||||||||
(397 | ) | (634 | ) | 111 | ||||||||
Total other comprehensive income (loss), net of tax | 1,239 | (1,129 | ) | (909 | ) | |||||||
Net comprehensive income | $ | 114,718 | $ | 119,826 | $ | 83,258 | ||||||
Earnings per share | ||||||||||||
$ | 3.07 | $ | 3.29 | $ | 2.26 | |||||||
$ | 3.01 | $ | 3.23 | $ | 2.21 | |||||||
Weighted average number of ordinary shares outstanding (thousands of shares) | ||||||||||||
36,908 | 36,798 | 37,257 | ||||||||||
37,665 | 37,415 | 38,035 |
(in thousands of U.S. dollars, except share data) | Ordinary Share | 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 | — | — | — | — | — | 120,955 | 120,955 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (1,129) | — | (1,129) | ||||||||||||||||||||||||||||||||||
Cumulative effect adjustment from adoption of ASC 606 | 1,205 | 1,205 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 17,157 | — | — | — | 17,157 | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 507,020 | 5 | (6) | — | — | — | (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 | — | — | (10,649) | — | — | — | (10,649) | ||||||||||||||||||||||||||||||||||
Balances at June 28, 2019 | 38,230,753 | 382 | 158,299 | (47,779) | (2,386) | 754,583 | 863,099 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 113,479 | 113,479 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 1,239 | — | 1,239 | ||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 22,203 | — | — | — | 22,203 | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 241,214 | 3 | (3) | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Repurchase of 355,000 shares held as treasury shares | — | — | — | (20,722) | — | — | (20,722) | ||||||||||||||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | (4,889) | — | — | — | (4,889) | ||||||||||||||||||||||||||||||||||
Balances at June 26, 2020 | 38,471,967 | 385 | 175,610 | (68,501) | (1,147) | 868,062 | 974,409 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 148,341 | 148,341 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (5,119) | — | (5,119) | ||||||||||||||||||||||||||||||||||
Cumulative effect adjustment from adoption of ASC 326 | — | — | — | — | — | (107) | (107) | ||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 25,462 | — | — | — | 25,462 | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 277,078 | 3 | (3) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of 239,486 shares held as treasury shares | — | — | — | (18,842) | — | — | (18,842) | ||||||||||||||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | (11,624) | — | — | — | (11,624) | ||||||||||||||||||||||||||||||||||
Balances at June 25, 2021 | 38,749,045 | 388 | 189,445 | (87,343) | (6,266) | 1,016,296 | 1,112,520 |
(in thousands of U.S. dollars, except share data) | Ordinary Share | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||
Balances at June 30, 2017 | 37,340,496 | 373 | 133,293 | — | (348 | ) | 548,256 | 681,574 | ||||||||||||||||||||
Net income | — | — | — | — | — | 84,167 | 84,167 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (909 | ) | — | (909 | ) | |||||||||||||||||||
Share-based compensation | — | — | 22,581 | — | — | — | 22,581 | |||||||||||||||||||||
Issuance of ordinary shares | 383,237 | 4 | 1,432 | — | — | — | 1,436 | |||||||||||||||||||||
Repurchase of 1,289,103 shares held as treasury shares | — | — | — | (42,401 | ) | — | — | (42,401 | ) | |||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | (5,509 | ) | — | — | — | (5,509 | ) | |||||||||||||||||||
Balances at June 29, 2018 | 37,723,733 | 377 | 151,797 | (42,401 | ) | (1,257 | ) | 632,423 | 740,939 | |||||||||||||||||||
Net income | — | — | — | — | — | 120,955 | 120,955 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (1,129 | ) | — | (1,129 | ) | |||||||||||||||||||
Cumulative effect adjustment from adoption of ASC 606 | — | — | — | — | — | 1,205 | 1,205 | |||||||||||||||||||||
Share-based compensation | — | — | 17,157 | — | — | — | 17,157 | |||||||||||||||||||||
Issuance of ordinary shares | 507,020 | 5 | (6 | ) | — | — | — | (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 | — | — | (10,649 | ) | — | — | — | (10,649 | ) | |||||||||||||||||||
Balances at June 28, 2019 | 38,230,753 | 382 | 158,299 | (47,779 | ) | (2,386 | ) | 754,583 | 863,099 | |||||||||||||||||||
Net income | — | — | — | — | — | 113,479 | 113,479 | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | 1,239 | — | 1,239 | |||||||||||||||||||||
Share-based compensation | — | — | 22,203 | — | — | — | 22,203 | |||||||||||||||||||||
Issuance of ordinary shares | 241,214 | 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 | — | — | (4,889 | ) | — | — | — | (4,889 | ) | |||||||||||||||||||
Balances at June 26, 2020 | 38,471,967 | 385 | 175,610 | (68,501 | ) | (1,147 | ) | 868,062 | 974,409 | |||||||||||||||||||
Years Ended | |||||||||||||||||
(in thousands of U. S. dollars) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income | $ | 148,341 | $ | 113,479 | $ | 120,955 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||
Depreciation and amortization | 36,252 | 30,875 | 29,944 | ||||||||||||||
(Gain) loss on disposal and impairment of property, plant and equipment | 13 | 329 | (4) | ||||||||||||||
(Gain) loss on disposal of intangibles | 0 | 0 | 149 | ||||||||||||||
Loss on impairment of goodwill | 0 | 3,514 | 0 | ||||||||||||||
(Gain) loss from sales and maturities of available-for-sale securities | (187) | (96) | 135 | ||||||||||||||
Accretion of premiums on short-term investments | 2,093 | (508) | (592) | ||||||||||||||
Amortization of deferred debt issuance costs | 32 | 26 | 0 | ||||||||||||||
Allowance for doubtful accounts (reversal) | (343) | 240 | 36 | ||||||||||||||
Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts | (859) | 1,963 | (6,980) | ||||||||||||||
Unrealized loss on fair value of interest rate swaps | 0 | 1,672 | 2,591 | ||||||||||||||
Amortization of fair value at hedge inception of interest rate swaps | (1,299) | (1,220) | 0 | ||||||||||||||
Share-based compensation | 25,462 | 22,203 | 17,157 | ||||||||||||||
Deferred income tax | (3,473) | 1,262 | 879 | ||||||||||||||
Other non-cash expenses | (450) | (619) | (450) | ||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Trade accounts receivable | (63,810) | (12,260) | (13,494) | ||||||||||||||
Contract assets | 1,378 | (809) | (2,570) | ||||||||||||||
Inventories | (112,349) | (16,174) | (44,598) | ||||||||||||||
Other current assets and non-current assets | (15,190) | (775) | (2,777) | ||||||||||||||
Trade accounts payable | 96,312 | (5,990) | 38,807 | ||||||||||||||
Contract liabilities | 124 | (683) | 2,239 | ||||||||||||||
Income tax payable | 1,353 | 442 | 1,092 | ||||||||||||||
Severance liabilities | 3,180 | 2,802 | 3,343 | ||||||||||||||
Other current liabilities and non-current liabilities | 2,085 | 10,987 | 1,532 | ||||||||||||||
Net cash provided by operating activities | 118,665 | 150,660 | 147,394 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Purchase of short-term investments | (244,329) | (196,373) | (233,080) | ||||||||||||||
Proceeds from sales of short-term investments | 79,439 | 48,808 | 99,142 | ||||||||||||||
Proceeds from maturities of short-term investments | 179,532 | 142,508 | 54,215 | ||||||||||||||
Funds repayment from (provided to) customer to support transfer of manufacturing operations (Note 10) | 24,310 | (24,310) | 0 | ||||||||||||||
Purchase of property, plant and equipment | (42,532) | (42,327) | (18,661) | ||||||||||||||
Purchase of intangibles | (1,952) | (1,180) | (282) | ||||||||||||||
Proceeds from disposal of property, plant and equipment | 90 | 1,626 | 599 | ||||||||||||||
Net cash used in investing activities | (5,442) | (71,248) | (98,067) | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Payment of debt issuance costs | 0 | (153) | 0 | ||||||||||||||
Proceeds from long-term borrowings | 0 | 60,938 | 0 |
Years Ended | ||||||||||||
(in thousands of U. S. dollars) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 113,479 | $ | 120,955 | $ | 84,167 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
30,875 | 29,944 | 29,087 | ||||||||||
329 | (4 | ) | 18 | |||||||||
— | 149 | 447 | ||||||||||
of goodwill | 3,514 | — | — | |||||||||
available-for-sale | (96 | ) | 135 | 364 | ||||||||
(508 | ) | (592 | ) | (506 | ) | |||||||
26 | — | 994 | ||||||||||
240 | 36 | (23 | ) | |||||||||
1,963 | (6,980 | ) | 4,222 | |||||||||
1,672 | 2,591 | — | ||||||||||
(1,220 | ) | — | — | |||||||||
22,203 | 17,157 | 22,581 | ||||||||||
1,262 | 879 | (2,074 | ) | |||||||||
non-cash expenses | (619 | ) | (450 | ) | 332 | |||||||
Changes in operating assets and liabilities | ||||||||||||
(12,260 | ) | (13,494 | ) | 17,852 | ||||||||
(809 | ) | (2,570 | ) | — | ||||||||
(16,174 | ) | (44,598 | ) | (19,868 | ) | |||||||
non-current assets | (182 | ) | (2,777 | ) | (4,464 | ) | ||||||
(5,990 | ) | 38,807 | 3,502 | |||||||||
(683 | ) | 2,239 | — | |||||||||
442 | 1,092 | (1,267 | ) | |||||||||
2,802 | 3,343 | 1,801 | ||||||||||
non-current liabilities | 10,394 | 1,532 | 915 | |||||||||
150,660 | 147,394 | 138,080 | ||||||||||
Cash flows from investing activities | ||||||||||||
Purchase of short-term investments | (196,373 | ) | (233,080 | ) | (152,908 | ) | ||||||
Proceeds from sales of short-term investments | 48,808 | 99,142 | 61,795 | |||||||||
Proceeds from maturities of short-term investments | 142,508 | 54,215 | 67,417 | |||||||||
Funds provided to customer to support transfer of manufacturing operations (Note 10) | (24,310 | ) | — | — | ||||||||
Purchase of property, plant and equipment | (42,327 | ) | (18,661 | ) | (33,825 | ) | ||||||
Purchase of intangibles | (1,180 | ) | (282 | ) | (1,577 | ) | ||||||
Proceeds from disposal of property, plant and equipment | 1,626 | 599 | 449 | |||||||||
(71,248 | ) | (98,067 | ) | (58,649 | ) | |||||||
Years Ended | |||||||||||||||||
(in thousands of U. S. dollars) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Repayment of long-term borrowings | (12,188) | (70,079) | (3,250) | ||||||||||||||
Repayment of finance lease liabilities | (100) | (400) | (468) | ||||||||||||||
Repurchase of ordinary shares | (18,842) | (20,722) | (5,378) | ||||||||||||||
Release of restricted cash held in connection with business acquisition | 0 | 0 | (3,478) | ||||||||||||||
Withholding tax related to net share settlement of restricted share units | (11,624) | (4,889) | (10,649) | ||||||||||||||
Net cash used in financing activities | (42,754) | (35,305) | (23,223) | ||||||||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 70,469 | $ | 44,107 | $ | 26,104 | |||||||||||
Movement in cash, cash equivalents and restricted cash | |||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | 232,832 | $ | 188,241 | $ | 161,433 | |||||||||||
Increase in cash, cash equivalents and restricted cash | 70,469 | 44,107 | 26,104 | ||||||||||||||
Effect of exchange rate on cash, cash equivalents and restricted cash | (178) | 484 | 704 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 303,123 | $ | 232,832 | $ | 188,241 | |||||||||||
Supplemental disclosures | |||||||||||||||||
Cash paid for | |||||||||||||||||
Interest | $ | 2,438 | $ | 1,688 | $ | 2,605 | |||||||||||
Taxes | $ | 7,945 | $ | 8,466 | $ | 7,637 | |||||||||||
Cash received for interest | $ | 4,445 | $ | 9,676 | $ | 5,811 | |||||||||||
Non-cash investing and financing activities | |||||||||||||||||
Construction, software and equipment related payables | $ | 19,206 | $ | 15,127 | $ | 7,317 |
Years Ended | ||||||||||||
(in thousands of U. S. dollars) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Cash flows from financing activities | ||||||||||||
Payment of debt issuance costs | (153 | ) | — | — | ||||||||
Proceeds from short-term borrowings | — | — | 5,000 | |||||||||
Repayment of short-term borrowings | — | — | (1,003 | ) | ||||||||
Proceeds from long-term borrowings | 60,938 | — | — | |||||||||
Repayment of long-term borrowings | (70,079 | ) | (3,250 | ) | (11,212 | ) | ||||||
Proceeds from issuance of ordinary shares under employee share option plan | — | — | 1,436 | |||||||||
Repayment of finance lease liabilities | (400 | ) | (468 | ) | (417 | ) | ||||||
Repurchase of ordinary shares | (20,722 | ) | (5,378 | ) | (42,401 | ) | ||||||
Release of restricted cash held in connection with business acquisition | — | (3,478 | ) | — | ||||||||
Withholding tax related to net share settlement of restricted share units | (4,889 | ) | (10,649 | ) | (5,509 | ) | ||||||
Net cash used in financing activities | (35,305 | ) | (23,223 | ) | (54,106 | ) | ||||||
Net increase in cash, cash equivalents and restricted cash | $ | 44,107 | $ | 26,104 | $ | 25,325 | ||||||
Movement in cash, cash equivalents and restricted cash | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | 188,241 | $ | 161,433 | $ | 137,137 | ||||||
Increase in cash, cash equivalents and restricted cash | 44,107 | 26,104 | 25,325 | |||||||||
Effect of exchange rate on cash, cash equivalents and restricted cash | 484 | 704 | (1,029 | ) | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 232,832 | $ | 188,241 | $ | 161,433 | ||||||
Supplemental disclosures | ||||||||||||
Cash paid for | ||||||||||||
Interest | $ | 1,688 | $ | 2,605 | $ | 2,219 | ||||||
Taxes | $ | 8,466 | $ | 7,637 | $ | 1,352 | ||||||
Cash received for interest | $ | 9,676 | $ | 5,811 | $ | 3,945 | ||||||
Non-cash investing and financing activities | ||||||||||||
Construction, software and equipment related payables | $ | 15,127 | $ | 7,317 | $ | 5,144 |
As of | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Cash and cash equivalents | $ | 302,969 | $ | 225,430 | $ | 180,839 | |||||||||||
Restricted cash | 154 | 7,402 | 7,402 | ||||||||||||||
Cash, cash equivalents and restricted cash | $ | 303,123 | $ | 232,832 | $ | 188,241 |
As of | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Cash and cash equivalents | $ | 225,430 | $ | 180,839 | $ | 158,102 | ||||||
Restricted cash | 7,402 | 7,402 | 3,331 | |||||||||
Cash, cash equivalents and restricted cash | $ | 232,832 | $ | 188,241 | $ | 161,433 | ||||||
June 26, 2020 | |||||||||||||||||
(amount in thousands) | As previously reported | Reclassification | After reclassification | ||||||||||||||
Consolidated Balance Sheet | |||||||||||||||||
Current assets | |||||||||||||||||
Other current assets | $ | 13,915 | $ | 593 | $ | 14,508 | |||||||||||
Current liabilities | |||||||||||||||||
Accrued expenses | $ | 12,104 | $ | (3,125) | $ | 8,979 | |||||||||||
Non-current liabilities | |||||||||||||||||
Other non-current liabilities | $ | 1,937 | $ | 3,718 | $ | 5,655 | |||||||||||
Consolidated Statement of Cash Flows | |||||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Other current assets and non-current assets | $ | (182) | $ | (593) | $ | (775) | |||||||||||
Other current liabilities and non-current liabilities | $ | 10,394 | $ | 593 | $ | 10,987 |
Year ended June 28, 2019 | ||||||||||||
(amount in thousands) | As previously reported | Reclassification | After reclassified | |||||||||
Consolidated Balance Sheets | ||||||||||||
Current liabilities | ||||||||||||
Fixed assets payable | $ | — | $ | 7,317 | $ | 7,317 | ||||||
Finance lease liabilities, current portion | $ | 398 | $ | (398 | ) | $ | — | |||||
Other payables | $ | 22,236 | $ | (6,919 | ) | $ | 15,317 | |||||
Non-current liabilities | ||||||||||||
Finance lease liabilities, non-current portion | $ | 102 | $ | (102 | ) | $ | — | |||||
Other non-current liabilities | $ | 2,611 | $ | 102 | $ | 2,713 | ||||||
Consolidated Statement of Cash Flows | ||||||||||||
Cash flows from operating activities | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Unrealized loss on fair value of interest rate swaps | $ | — | $ | 2,591 | $ | 2,591 | ||||||
Severance liabilities | $ | 3,343 | $ | (3,343 | ) | $ | — | |||||
(Reversal of) Inventory obsolescence | $ | (563 | ) | $ | 563 | $ | — | |||||
Changes in operating assets and liabilities | ||||||||||||
Inventories | $ | (44,035 | ) | $ | (563 | ) | $ | (44,598 | ) | |||
Other current assets and non-current assets | $ | (186 | ) | $ | (2,591 | ) | $ | (2,777 | ) | |||
Severance liabilities | $ | — | $ | 3,343 | $ | 3,343 |
Land improvements | 10 years | ||||||||||
Building and building improvements | |||||||||||
Leasehold improvements | Shorter of useful life or lease term |
3-7 years | ||||||||||
3-7 years | ||||||||||
Motor vehicles | 3-5 years | |||||||||
Computer hardware | 3-5 years |
(amount in thousands) | ||||
2020 | $ | 1,746 | ||
2021 | 1,342 | |||
2022 | 1,219 | |||
2023 | 1,172 | |||
Thereafter | 230 | |||
Total future minimum operating lease payments | $ | 5,709 | ||
(amount in thousands) | Contract Assets | |||
Beginning balance, June 28, 2019 | $ | 12,447 | ||
Revenue recognized | 73,476 | |||
Amounts collected or invoiced | (72,667 | ) | ||
Ending balance, June 26, 2020 | $ | 13,256 | ||
(amount in thousands) | Contract Assets | |||||||||||||
Beginning balance, June 27, 2020 | $ | 13,256 | ||||||||||||
Revenue recognized | 65,182 | |||||||||||||
Amounts collected or invoiced | (66,560) | |||||||||||||
Ending balance, June 25, 2021 | $ | 11,878 |
(amount in thousands) | Contract Assets | |||||||||||||
Beginning balance, June 29, 2019 | $ | 12,447 | ||||||||||||
Revenue recognized | 73,476 | |||||||||||||
Amounts collected or invoiced | (72,667) | |||||||||||||
Ending balance, June 26, 2020 | $ | 13,256 |
(amount in thousands) | Contract Liabilities | |||||||||||||
Beginning balance, June 27, 2020 | $ | 1,556 | ||||||||||||
Advance payment received during the year | 18,360 | |||||||||||||
Revenue recognized | (18,236) | |||||||||||||
Ending balance, June 25, 2021 | $ | 1,680 |
(amount in thousands) | Contract Liabilities | |||||||||||||
Beginning balance, June 29, 2019 | $ | 2,239 | ||||||||||||
Advance payment received during the year | 9,278 | |||||||||||||
Revenue recognized | (9,961) | |||||||||||||
Ending balance, June 26, 2020 | $ | 1,556 |
(amount in thousands) | Contract Assets | |||
Beginning balance, June 30, 2018 | $ | — | ||
Cumulative effect adjustment upon adoption of ASC 606 | 9,877 | |||
Revenue recognized | 112,739 | |||
Amounts collected or invoiced | (110,169 | ) | ||
Ending balance, June 28, 2019 | $ | 12,447 | ||
(amount in thousands) | Contract Liabilities | |||
Beginning balance, June 28, 2019 | $ | 2,239 | ||
Advance payment received during the year | 9,278 | |||
Revenue recognized | (9,961 | ) | ||
Ending balance, June 26, 2020 | $ | 1,556 | ||
(amount in thousands) | Contract Liabilities | |||
Beginning balance, June 30, 2018 | $ | — | ||
Advance payment received during the year | 4,458 | |||
Revenue recognized | (2,219 | ) | ||
Ending balance, June 28, 2019 | $ | 2,239 | ||
(amount in thousands, except percentages) | Year ended June 25, 2021 | As a % of Total Revenues | Year ended June 26, 2020 | As a % of Total Revenues | Year ended June 28, 2019 | As a % of Total Revenues | |||||||||||||||||||||||||||||
North America | $ | 887,536 | 47.2 | % | $ | 830,888 | 50.6 | % | $ | 756,278 | 47.7 | % | |||||||||||||||||||||||
Asia-Pacific | 668,597 | 35.6 | 552,923 | 33.7 | 608,386 | 38.4 | |||||||||||||||||||||||||||||
Europe | 323,217 | 17.2 | 258,025 | 15.7 | 219,671 | 13.9 | |||||||||||||||||||||||||||||
$ | 1,879,350 | 100.0 | % | $ | 1,641,836 | 100.0 | % | $ | 1,584,335 | 100.0 | % |
(amount in thousands, except percentages) | Year June 26, 2020 | As a % of Total Revenues | Year June 28, 2019 | As a % of Total Revenues | ||||||||||||
North America | $ | 830,888 | 50.6 | % | $ | 756,278 | 47.7 | % | ||||||||
Asia-Pacific | 552,923 | 33.7 | 608,386 | 38.4 | ||||||||||||
Europe | 258,025 | 15.7 | 219,671 | 13.9 | ||||||||||||
$ | 1,641,836 | 100.0 | % | $ | 1,584,335 | 100.0 | % | |||||||||
(amount in thousands, except percentages) | Year ended June 25, 2021 | As a % of Total Revenues | Year ended June 26, 2020 | As a % of Total Revenues | Year ended June 28, 2019 | As a % of Total Revenues | |||||||||||||||||||||||||||||
Optical communications | $ | 1,441,338 | 76.7 | % | $ | 1,248,174 | 76.0 | % | $ | 1,184,936 | 74.8 | % | |||||||||||||||||||||||
Lasers, sensors and other | 438,012 | 23.3 | 393,662 | 24.0 | 399,399 | 25.2 | |||||||||||||||||||||||||||||
$ | 1,879,350 | 100.0 | % | $ | 1,641,836 | 100.0 | % | $ | 1,584,335 | 100.0 | % |
(amount in thousands, except percentages) | Year June 26, 2020 | As a % of Total Revenues | Year June 28, 2019 | As a % of Total Revenues | ||||||||||||
Optical communications | $ | 1,248,174 | 76.0 | % | $ | 1,184,936 | 74.8 | % | ||||||||
Lasers, sensors and other | 393,662 | 24.0 | 399,399 | 25.2 | ||||||||||||
$ | 1,641,836 | 100.0 | % | $ | 1,584,335 | 100.0 | % | |||||||||
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Current | $ | 6,355 | $ | 6,274 | $ | 4,384 | |||||||||||
Deferred | (4,212) | (511) | 894 | ||||||||||||||
Total income tax expense | $ | 2,143 | $ | 5,763 | $ | 5,278 |
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Current | $ | 6,274 | $ | 4,384 | $ | 5,457 | ||||||
Deferred | (511 | ) | 894 | (1,595 | ) | |||||||
Total income tax expense | $ | 5,763 | $ | 5,278 | $ | 3,862 | ||||||
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Income before income taxes (1) | $ | 119,242 | $ | 126,233 | $ | 88,029 | ||||||
Tax expense calculated at a statutory corporate income tax rate of 20% | 23,848 | 25,247 | 17,606 | |||||||||
Effect of income taxes from locations with tax rates different from Thailand | 577 | 977 | 2,657 | |||||||||
Income not subject to tax (2) | (20,797 | ) | (21,161 | ) | (12,824 | ) | ||||||
Income tax on unremitted earnings | 1,221 | 1,260 | 1,007 | |||||||||
Effect of different tax rate in relation to deferred | — | — | 423 | |||||||||
Effect of foreign exchange rate adjustment | 382 | 603 | (134 | ) | ||||||||
Tax rebate from research and development application | (1,228 | ) | (649 | ) | (454 | ) | ||||||
Provision for uncertain income tax position | (641 | ) | (229 | ) | 277 | |||||||
Utilization of loss carryforward | — | — | (3,224 | ) | ||||||||
Valuation allowance (reversal of) | 2,446 | — | (1,587 | ) | ||||||||
Others | (45 | ) | (770 | ) | 115 | |||||||
Corporate income tax expense | $ | 5,763 | $ | 5,278 | $ | 3,862 | ||||||
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Income before income taxes(1) | $ | 150,484 | $ | 119,242 | $ | 126,233 | |||||||||||
Tax expense calculated at a statutory corporate income tax rate of 20% | 30,097 | 23,848 | 25,247 | ||||||||||||||
Effect of income taxes from locations with tax rates different from Thailand | 198 | 577 | 977 | ||||||||||||||
Income not subject to tax(2) | (23,645) | (20,797) | (21,161) | ||||||||||||||
Income tax on unremitted earnings | 1,395 | 1,221 | 1,260 | ||||||||||||||
Effect of foreign exchange rate adjustment | (2,855) | 382 | 603 | ||||||||||||||
Tax rebate from research and development application | (728) | (1,228) | (649) | ||||||||||||||
Provision for uncertain income tax position | (831) | (641) | (229) | ||||||||||||||
Utilization of loss carryforward | (610) | 0 | 0 | ||||||||||||||
Valuation allowance (reversal of) | (1,822) | 2,446 | 0 | ||||||||||||||
Others | 944 | (45) | (770) | ||||||||||||||
Corporate income tax expense | $ | 2,143 | $ | 5,763 | $ | 5,278 |
As of | |||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | |||||||||
Deferred tax assets: | |||||||||||
Depreciation | $ | 1,565 | $ | 1,219 | |||||||
Severance liability | 3,491 | 2,958 | |||||||||
Reserves and allowance | 1,751 | 1,405 | |||||||||
Net operating loss carryforwards | 1,585 | 0 | |||||||||
Others | 1,036 | 321 | |||||||||
Total | $ | 9,428 | $ | 5,903 | |||||||
Deferred tax liabilities: | |||||||||||
Temporary differences from intangibles and changes in the fair value of assets acquired | $ | (1,202) | $ | (336) | |||||||
Deferred tax from unremitted earnings | (5,072) | (4,620) | |||||||||
Others | 1,167 | 0 | |||||||||
Total | (5,107) | (4,956) | |||||||||
Net | $ | 4,321 | $ | 947 |
As of | ||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | ||||||
Deferred tax assets: | ||||||||
Depreciation | $ | 1,219 | $ | 1,957 | ||||
Severance liability | 2,958 | 2,012 | ||||||
Reserves and allowance | 1,405 | 1,485 | ||||||
Net operating loss carryforwards | — | 1,616 | ||||||
Others | 321 | 13 | ||||||
Total | $ | 5,903 | $ | 7,083 | ||||
As of | ||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | ||||||
Deferred tax | ||||||||
Temporary differences from intangibles and changes in the fair value of assets acquired | $ | (336 | ) | $ | (590 | ) | ||
Deferred tax from unremitted earnings | (4,620 | ) | (4,123 | ) | ||||
Others | — | (252 | ) | |||||
Total | (4,956 | ) | (4,965 | ) | ||||
Net | $ | 947 | $ | 2,118 | ||||
(amount in thousands) | Valuation allowances of deferred tax assets | |||
Balance as of June 30, 2017 | $ | 6,399 | ||
Reversal | (5,234 | ) | ||
Balance as of June 29, 2018 | 1,165 | |||
Additional | 126 | |||
Balance as of June 28, 2019 | 1,291 | |||
Additional | 2,437 | |||
Balance as of June 26, 2020 | $ | 3,728 | ||
(amount in thousands) | Valuation allowances of deferred tax assets | ||||
Balance as of June 29, 2018 | $ | 1,165 | |||
Additional | 126 | ||||
Balance as of June 28, 2019 | 1,291 | ||||
Additional | 2,437 | ||||
Balance as of June 26, 2020 | 3,728 | ||||
Additional | 479 | ||||
Reduction | (2,146) | ||||
Balance as of June 25, 2021 | $ | 2,061 |
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Beginning balance | $ | 970 | $ | 1,323 | $ | 1,445 | |||||||||||
Additions during the year | 389 | 157 | 235 | ||||||||||||||
Release of tax positions of prior years | (552) | (510) | (357) | ||||||||||||||
Ending balance | $ | 807 | $ | 970 | $ | 1,323 |
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Beginning balance | $ | 1,323 | $ | 1,445 | $ | 1,420 | ||||||
Additions during the year | 157 | 235 | 25 | |||||||||
Release of tax positions of prior years | (510 | ) | (357 | ) | — | |||||||
Ending balance | $ | 970 | $ | 1,323 | $ | 1,445 | ||||||
Years Ended | |||||||||||||||||
(amount in thousands except per share amounts) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Net income attributable to shareholders | $ | 148,341 | $ | 113,479 | $ | 120,955 | |||||||||||
Weighted-average number of ordinary shares outstanding (thousands of shares) | 36,872 | 36,908 | 36,798 | ||||||||||||||
Incremental shares arising from the assumed exercise of share options and vesting of restricted share units and performance share units (thousands of shares) | 683 | 757 | 617 | ||||||||||||||
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares) | 37,555 | 37,665 | 37,415 | ||||||||||||||
Basic earnings per ordinary share | $ | 4.02 | $ | 3.07 | $ | 3.29 | |||||||||||
Diluted earnings per ordinary share | $ | 3.95 | $ | 3.01 | $ | 3.23 | |||||||||||
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares)(1) | 53 | 99 | 401 |
Years Ended | ||||||||||||
(amount in thousands except per share amounts) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Net income attributable to shareholders | $ | 113,479 | $ | 120,955 | $ | 84,167 | ||||||
Weighted-average number of ordinary shares outstanding (thousands of shares) | 36,908 | 36,798 | 37,257 | |||||||||
Incremental shares arising from the assumed exercise of share options and vesting of restricted share units and performance share units (thousands of shares) | 757 | 617 | 778 | |||||||||
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares) | 37,665 | 37,415 | 38,035 | |||||||||
Basic earnings per ordinary share | $ | 3.07 | $ | 3.29 | $ | 2.26 | ||||||
Diluted earnings per ordinary share | $ | 3.01 | $ | 3.23 | $ | 2.21 | ||||||
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares) (1) | 99 | 401 | 284 |
Fair Value | |||||||||||||||||||||||||||||
(amount in thousands) | Carrying Cost | Unrealized Gain/ (Loss) | Cash and Cash Equivalents | Marketable Securities | Other Investments | ||||||||||||||||||||||||
As of June 25, 2021 | |||||||||||||||||||||||||||||
Cash | $ | 222,664 | $ | — | $ | 222,664 | $ | — | $ | — | |||||||||||||||||||
Cash equivalents | 80,305 | — | 80,305 | — | — | ||||||||||||||||||||||||
Liquidity funds | 30,000 | 1,226 | — | — | 31,226 | ||||||||||||||||||||||||
Certificates of deposit | 10,500 | — | — | — | 10,500 | ||||||||||||||||||||||||
Corporate debt securities | 171,626 | 164 | — | 171,790 | — | ||||||||||||||||||||||||
U.S. agency and U.S. Treasury securities | 31,301 | 146 | — | 31,447 | — | ||||||||||||||||||||||||
Total | $ | 546,396 | $ | 1,536 | $ | 302,969 | $ | 203,237 | $ | 41,726 | |||||||||||||||||||
As of June 26, 2020 | |||||||||||||||||||||||||||||
Cash | $ | 218,117 | $ | — | $ | 218,117 | $ | — | $ | — | |||||||||||||||||||
Cash equivalents | 7,313 | — | 7,313 | — | — | ||||||||||||||||||||||||
Liquidity funds | 40,000 | 1,051 | — | — | 41,051 | ||||||||||||||||||||||||
Time deposits | 11,800 | — | — | — | 11,800 | ||||||||||||||||||||||||
Corporate debt securities | 159,220 | 948 | — | 160,168 | — | ||||||||||||||||||||||||
U.S. agency and U.S. Treasury securities | 49,130 | 544 | — | 49,674 | — | ||||||||||||||||||||||||
Total | $ | 485,580 | $ | 2,543 | $ | 225,430 | $ | 209,842 | $ | 52,851 |
Fair Value | ||||||||||||||||||||
(amount in thousands) | Carrying Cost | Unrealized Gain/ (Loss) | Cash and Cash Equivalents | Marketable Securities | Other Investments | |||||||||||||||
As of June 26, 2020 | ||||||||||||||||||||
Cash | $ | 218,117 | $ | — | $ | 218,117 | $ | — | $ | — | ||||||||||
Cash equivalents | 7,313 | — | 7,313 | — | — | |||||||||||||||
Liquidity funds | 41,051 | — | — | — | 41,051 | |||||||||||||||
Certificates of deposit and time deposits | 11,800 | — | — | — | 11,800 | |||||||||||||||
Corporate debt securities | 159,220 | 948 | — | 160,168 | — | |||||||||||||||
U.S. agency and U.S. Treasury securities | 49,130 | 544 | — | 49,674 | — | |||||||||||||||
Total | $ | 486,631 | $ | 1,492 | $ | 225,430 | $ | 209,842 | $ | 52,851 | ||||||||||
As of June 28, 2019 | ||||||||||||||||||||
Cash | $ | 178,019 | $ | — | $ | 178,019 | $ | — | $ | — | ||||||||||
Cash equivalents | 2,820 | — | 2,820 | — | — | |||||||||||||||
Liquidity funds | 20,552 | — | — | — | 20,552 | |||||||||||||||
Certificates of deposit and time deposits | 35,028 | — | — | — | 35,028 | |||||||||||||||
Corporate debt securities | 130,959 | 297 | — | 131,256 | — | |||||||||||||||
U.S. agency and U.S. Treasury securities | 69,552 | 105 | — | 69,657 | — | |||||||||||||||
Total | $ | 436,930 | $ | 402 | $ | 180,839 | $ | 200,913 | $ | 55,580 | ||||||||||
June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | ||||||||||||||||||||||||||||||||||||
(amount in thousands) | Carrying Cost | Fair Value | Carrying Cost | Fair Value | (amount in thousands) | Carrying Cost | Fair Value | Carrying Cost | Fair Value | ||||||||||||||||||||||||||||||
Due within one year | $ | 76,127 | $ | 76,196 | $ | 69,746 | $ | 69,830 | Due within one year | $ | 30,000 | $ | 31,226 | $ | 116,127 | $ | 117,247 | ||||||||||||||||||||||
Due between one to five years | 132,223 | 133,646 | 130,765 | 131,083 | Due between one to five years | 202,927 | 203,237 | 132,223 | 133,646 | ||||||||||||||||||||||||||||||
Total | $ | 208,350 | $ | 209,842 | $ | 200,511 | $ | 200,913 | Total | $ | 232,927 | $ | 234,463 | $ | 248,350 | $ | 250,893 | ||||||||||||||||||||||
(amount in thousands) | As of June 25, 2021 | As of June 26, 2020 | |||||||||
Due within one year | $ | 10,500 | $ | 11,800 | |||||||
Due between one to five years | 0 | 0 | |||||||||
Total | $ | 10,500 | $ | 11,800 |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||
(amount in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
As of June 25, 2021 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents | $ | 0 | $ | 80,305 | $ | 0 | $ | 80,305 | ||||||||||||||||||
Liquidity funds | 0 | 31,226 | 0 | 31,226 | ||||||||||||||||||||||
Corporate debt securities | 0 | 171,790 | 0 | 171,790 | ||||||||||||||||||||||
U.S. agency and U.S. Treasury securities | 0 | 31,447 | 0 | 31,447 | ||||||||||||||||||||||
Derivative assets - current portion | 0 | 1 | (1) | 0 | 1 | |||||||||||||||||||||
Total | $ | 0 | $ | 314,769 | $ | 0 | $ | 314,769 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative liabilities - current portion | $ | 0 | $ | 5,654 | $ | 0 | $ | 5,654 | ||||||||||||||||||
Derivative liabilities - non-current portion | $ | 0 | $ | 1,977 | $ | 0 | $ | 1,977 | ||||||||||||||||||
Total | $ | 0 | $ | 7,631 | (2) | $ | 0 | $ | 7,631 |
Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||||||||||
(amount in thousands) | Level 1 | Level 2 | Level 3 | Total | (amount in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
As of June 26, 2020 | As of June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | — | $ | 7,313 | $ | — | $ | 7,313 | Cash equivalents | $ | 0 | $ | 7,313 | $ | 0 | $ | 7,313 | |||||||||||||||||||||||||
Liquidity funds | — | 41,051 | — | 41,051 | Liquidity funds | 0 | 41,051 | 0 | 41,051 | |||||||||||||||||||||||||||||||||
Certificates of deposit and time deposits | — | 11,800 | — | 11,800 | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | 160,168 | — | 160,168 | Corporate debt securities | 0 | 160,168 | 0 | 160,168 | |||||||||||||||||||||||||||||||||
U.S. agency and U.S. Treasury securities | — | 49,674 | — | 49,674 | U.S. agency and U.S. Treasury securities | 0 | 49,674 | 0 | 49,674 | |||||||||||||||||||||||||||||||||
Derivative assets | — | 2,230 | (1) | — | 2,230 | |||||||||||||||||||||||||||||||||||||
Derivative assets - current | Derivative assets - current | 0 | 2,823 | (3) | 0 | 2,823 | ||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 272,236 | $ | — | $ | 272,236 | Total | $ | 0 | $ | 261,029 | $ | 0 | $ | 261,029 | |||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | $ | — | $ | 5,273 | (2) | $ | — | $ | 5,273 | |||||||||||||||||||||||||||||||||
Derivative liabilities - current portion | Derivative liabilities - current portion | $ | 0 | $ | 2,148 | $ | 0 | $ | 2,148 | |||||||||||||||||||||||||||||||||
Derivative liabilities - non-current portion | Derivative liabilities - non-current portion | $ | 0 | $ | 3,718 | $ | 0 | $ | 3,718 | |||||||||||||||||||||||||||||||||
Total | $ | — | $ | 5,273 | $ | — | $ | 5,273 | Total | $ | 0 | $ | 5,866 | (4) | $ | 0 | $ | 5,866 | ||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(amount in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
As of June 28, 2019 | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | — | $ | 2,820 | $ | — | $ | 2,820 | ||||||||
Liquidity funds | — | 20,552 | — | 20,552 | ||||||||||||
Certificates of deposit and time deposits | — | 35,028 | — | 35,028 | ||||||||||||
Corporate debt securities | — | 131,256 | — | 131,256 | ||||||||||||
U.S. agency and U.S. Treasury securities | — | 69,657 | — | 69,657 | ||||||||||||
Derivative assets | — | 2,201 | (3) | 2,201 | ||||||||||||
Total | $ | — | $ | 261,514 | $ | — | $ | 261,514 | ||||||||
Liabilities | ||||||||||||||||
Derivative liabilities | $ | — | $ | 2,591 | (4) | $ | — | $ | 2,591 | |||||||
Total | $ | — | $ | 2,591 | $ | — | $ | 2,591 | ||||||||
Year Ended | |||||||||||||||||
(amount in thousands) | Financial statements line item | June 25, 2021 | June 26, 2020 | ||||||||||||||
Derivatives gain (loss) recognized in other comprehensive income (loss): | |||||||||||||||||
Foreign currency forward contracts | Other comprehensive income | $ | (6,194) | $ | 1,081 | ||||||||||||
Interest rate swaps | Other comprehensive income | 1,624 | (910) | ||||||||||||||
Total derivatives loss (gain) recognized in other comprehensive income | $ | (4,570) | $ | 171 | |||||||||||||
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings: | |||||||||||||||||
Foreign currency forward contracts | Cost of revenues | $ | (966) | $ | 2,512 | ||||||||||||
Foreign currency forward contracts | Selling, general and administrative expenses | (40) | 105 | ||||||||||||||
Foreign currency forward contracts | Foreign exchange gain (loss), net | 1,769 | (998) | ||||||||||||||
Interest rate swaps | Interest expense | (1,299) | (1,220) | ||||||||||||||
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings | $ | (536) | $ | 399 | |||||||||||||
Change in net unrealized gain (loss) on derivative instruments | $ | (5,106) | $ | 570 |
Year Ended | ||||||||||
(amount in thousands) | Financial statements line item | June 26, 2020 | June 28, 2019 | |||||||
Derivatives gain (loss) recognized in other comprehensive income: | ||||||||||
Foreign currency forward contracts | Other comprehensive income | $ | 1,081 | $ | — | |||||
Interest rate swaps | Other comprehensive income | (910 | ) | — | ||||||
Total derivatives gain recognized in other comprehensive income | $ | 171 | $ | — | ||||||
Derivatives loss gain) reclassified from accumulated other comprehensive income into earnings:( | ||||||||||
Foreign currency forward contracts | Cost of revenues | $ | 2,512 | $ | — | |||||
Foreign currency forward contracts | Selling, general and administrative expenses | 105 | — | |||||||
Foreign currency forward contracts | Foreign exchange gain (loss), net | (998 | ) | — | ||||||
Interest rate swaps | Interest expense | (1,220 | ) | — | ||||||
Total derivatives loss reclassified from accumulated other comprehensive income into earnings | $ | 399 | $ | — | ||||||
Change in net unrealized gain on derivative instruments | $ | 570 | $ | — | ||||||
June 25, 2021 | June 26, 2020 | ||||||||||||||||||||||
(amount in thousands) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Foreign currency forward and option contracts | $ | 0 | $ | (1,379) | $ | 9 | $ | (611) | |||||||||||||||
Interest rate swaps | 0 | 0 | 0 | 0 | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Foreign currency forward contracts | 1 | (2,703) | 2,814 | (83) | |||||||||||||||||||
Interest rate swaps | 0 | (3,549) | 0 | (5,172) | |||||||||||||||||||
Derivatives, gross balances | 1 | (7,631) | 2,823 | (5,866) |
June 26, 2020 | June 28, 2019 | |||||||||||||||
(amount in thousands) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||
Foreign currency forward and option contracts | $ | 9 | $ | (611 | ) | $ | 2,201 | $ | — | |||||||
Interest rate swaps | — | — | — | (2,591 | ) | |||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign currency forward contracts | 2,814 | (83 | ) | — | — | |||||||||||
Interest rate swaps | — | (5,172 | ) | — | — | |||||||||||
Derivatives, gross balances | 2,823 | (5,866 | ) | 2,201 | (2,591 | ) | ||||||||||
Derivatives, gross balances offset in the balance sheet | (593 | ) | 593 | — | — | |||||||||||
Derivatives, net balances | $ | 2,230 | $ | (5,273 | ) | $ | 2,201 | $ | (2,591 | ) | ||||||
Derivative Financial Instruments | Balance Sheet Line Item | |||||
Fair Value of Derivative Assets | Other current assets | |||||
Fair Value of Derivative Liabilities | Accrued expenses | |||||
Fair Value of Derivative Liabilities | Other non-current liabilities |
(amount in thousands) | As of June 26, 2020 | As of June 28, 2019 | ||||||
Trade accounts receivable | $ | 273,001 | $ | 260,698 | ||||
Less: Allowance for doubtful account | (336 | ) | (96 | ) | ||||
Trade accounts receivable, net | $ | 272,665 | $ | 260,602 | ||||
(amount in thousands) | As of June 26, 2020 | As of June 28, 2019 | ||||||
Raw materials | $ | 141,522 | $ | 113,321 | ||||
Work in progress | 136,344 | 141,730 | ||||||
Finished goods | 17,950 | 24,916 | ||||||
Goods in transit | 13,970 | 13,645 | ||||||
Inventories | $ | 309,786 | $ | 293,612 | ||||
|
(amount in thousands) | As of June 25, 2021 | As of June 26, 2020 | |||||||||
Raw materials | $ | 196,345 | $ | 141,522 | |||||||
Work in progress | 174,654 | 136,344 | |||||||||
Finished goods | 15,471 | 17,950 | |||||||||
Goods in transit | 35,663 | 13,970 | |||||||||
Inventories | $ | 422,133 | $ | 309,786 |
As of June 28, 2019 | ||||||||||||
(amount in thousands) | Operating leases | Finance leases | Total | |||||||||
2020 | $ | 1,746 | $ | 398 | $ | 2,144 | ||||||
2021 | 1,342 | 102 | 1,444 | |||||||||
2022 | 1,219 | — | 1,219 | |||||||||
2023 | 1,172 | — | 1,172 | |||||||||
Thereafter | 230 | — | 230 | |||||||||
Total future minimum operating lease payments | $ | 5,709 | $ | 500 | $ | 6,209 | ||||||
Impact of Adopting ASC 842 | ||||||||||||
(amount in thousands) | Balance at June 28, 2019 | Adjustment | Balance at June 29, 2019 | |||||||||
Assets | ||||||||||||
Operating lease ROU assets | $ | — | $ | 5,370 | $ | 5,370 | ||||||
Liabilities and Shareholders’ Equity | ||||||||||||
Operating lease liabilities, current | $ | — | $ | 1,601 | $ | 1,601 | ||||||
Operating lease liabilities, non-current | $ | — | $ | 3,769 | $ | 3,769 |
(amount in thousands) | ||||
2021 | $ | 2,313 | ||
2022 | 2,314 | |||
2023 | 2,200 | |||
2024 | 1,176 | |||
2025 | 288 | |||
Thereafter | 157 | |||
Total undiscounted lease payments | 8,448 | |||
Less imputed interest | (596 | ) | ||
Total present value of lease liabilities | $ | 7,852 | (1) | |
(amount in thousands) | ||||||||
2022 | $ | 2,775 | ||||||
2023 | 2,676 | |||||||
2024 | 1,242 | |||||||
2025 | 41 | |||||||
Total undiscounted lease payments | 6,734 | |||||||
Less imputed interest | (291) | |||||||
Total present value of lease liabilities | $ | 6,443 | (1) |
As of | 25, 2021 | |||||||
Weighted-average remaining lease term (in years) | ||||||||
Operating leases | 2.7 | |||||||
Weighted-average discount rate | ||||||||
Operating leases | 3.5 | % | ||||||
(amount in thousands) | Year Ended June 25, 2021 | ||||
Cash paid for amounts included in the measurement of lease liabilities | |||||
Operating cash flows from operating leases | $ | 2,603 | |||
Financing cash flows from finance leases | $ | 100 | |||
ROU assets obtained in exchange for lease liabilities | $ | 959 |
(amount in thousands) | Year Ended June 26, 2020 | |||
Cash paid for amounts included in the measurement of lease liabilities | ||||
Operating cash flows from operating leases | $ | 2,326 | ||
Financing cash flows from finance leases | $ | 400 | ||
ROU assets obtained in exchange for lease liabilities | $ | 8,068 | ||
Finance lease assets | $ | 80 |
13.Property, plant and equipment, net |
(amount in thousands) | Land and Land Improvements | Building and Building Improvements | Manufacturing Equipment | Office Equipment | Motor Vehicles | Computers | Construction and Machinery Under Installation | Total | |||||||||||||||||||||||||||||||||||||||
As of June 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost | $ | 45,125 | $ | 163,375 | $ | 213,981 | $ | 9,243 | $ | 627 | $ | 29,621 | $ | 9,377 | $ | 471,349 | |||||||||||||||||||||||||||||||
Less: Accumulated depreciation | (26) | (58,791) | (141,997) | (6,376) | (509) | (21,715) | 0 | (229,414) | |||||||||||||||||||||||||||||||||||||||
Less: Impairment reserve | 0 | 0 | (804) | 0 | 0 | (2) | 0 | (806) | |||||||||||||||||||||||||||||||||||||||
Net book value | $ | 45,099 | $ | 104,584 | $ | 71,180 | $ | 2,867 | $ | 118 | $ | 7,904 | $ | 9,377 | $ | 241,129 | |||||||||||||||||||||||||||||||
As of June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost | $ | 45,099 | $ | 145,912 | $ | 198,036 | $ | 5,600 | $ | 939 | $ | 16,766 | $ | 12,657 | $ | 425,009 | |||||||||||||||||||||||||||||||
Less: Accumulated depreciation | (17) | (51,393) | (127,397) | (4,135) | (678) | (12,273) | 0 | (195,893) | |||||||||||||||||||||||||||||||||||||||
Less: Impairment reserve | 0 | 0 | (840) | 0 | 0 | (2) | 0 | (842) | |||||||||||||||||||||||||||||||||||||||
Net book value | $ | 45,082 | $ | 94,519 | $ | 69,799 | $ | 1,465 | $ | 261 | $ | 4,491 | $ | 12,657 | $ | 228,274 |
(amount in thousands) | Land and Land Improvements | Building and Building Improvements | Manufacturing Equipment | Office Equipment | Motor Vehicles | Computers | Construction and Machinery Under Installation | Total | ||||||||||||||||||||||||
As of June 26, 2020 | ||||||||||||||||||||||||||||||||
Cost | $ | 45,099 | $ | 145,912 | $ | 198,036 | $ | 5,600 | $ | 939 | $ | 16,766 | $ | 12,657 | $ | 425,009 | ||||||||||||||||
Less: Accumulated depreciation | (17 | ) | (51,393 | ) | (127,397 | ) | (4,135 | ) | (678 | ) | (12,273 | ) | — | (195,893 | ) | |||||||||||||||||
Less: Impairment reserve | — | — | (840 | ) | — | — | (2 | ) | — | (842 | ) | |||||||||||||||||||||
Net book value | $ | 45,082 | $ | 94,519 | $ | 69,799 | $ | 1,465 | $ | 261 | $ | 4,491 | $ | 12,657 | $ | 228,274 | ||||||||||||||||
As of June 28, 2019 | ||||||||||||||||||||||||||||||||
Cost | $ | 45,080 | $ | 142,909 | $ | 163,795 | $ | 5,029 | $ | 870 | $ | 13,987 | $ | 10,815 | $ | 382,485 | ||||||||||||||||
Less: Accumulated depreciation | (11 | ) | (44,736 | ) | (110,980 | ) | (3,656 | ) | (658 | ) | (10,900 | ) | — | (170,941 | ) | |||||||||||||||||
Less: Impairment reserve | — | — | (856 | ) | — | — | (2 | ) | — | (858 | ) | |||||||||||||||||||||
Net book value | $ | 45,069 | $ | 98,173 | $ | 51,959 | $ | 1,373 | $ | 212 | $ | 3,085 | $ | 10,815 | $ | 210,686 | ||||||||||||||||
(amount in thousands) | As of June 25, 2021 | As of June 26, 2020 | |||||||||
Cost—Finance leases | $ | 1,747 | $ | 1,992 | |||||||
Less: Accumulated depreciation | (1,747) | (1,199) | |||||||||
Net book value | $ | 0 | $ | 793 |
(amount in thousands) | As of June 26, 2020 | As of June 28, 2019 | ||||||
Cost—Finance leases | $ | 1,992 | $ | 2,034 | ||||
Less: Accumulated depreciation | (1,199 | ) | (1,090 | ) | ||||
Net book value | $ | 793 | $ | 944 | ||||
(amount in thousands) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation Adjustment | Net | |||||||||||||||||||
As of June 25, 2021 | |||||||||||||||||||||||
Software | $ | 9,767 | $ | (6,632) | $ | — | $ | 3,135 | |||||||||||||||
Customer relationships | 4,373 | (3,195) | 58 | 1,236 | |||||||||||||||||||
Backlog | 119 | (119) | — | — | |||||||||||||||||||
Total intangibles | $ | 14,259 | $ | (9,946) | $ | 58 | $ | 4,371 |
(amount in thousands) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation Adjustment | Net | |||||||||||||||||||
As of June 26, 2020 | |||||||||||||||||||||||
Software | $ | 8,317 | $ | (5,577) | $ | — | $ | 2,740 | |||||||||||||||
Customer relationships | 4,373 | (2,691) | (110) | 1,572 | |||||||||||||||||||
Backlog | 119 | (119) | — | — | |||||||||||||||||||
Total intangibles | $ | 12,809 | $ | (8,387) | $ | (110) | $ | 4,312 |
(amount in thousands) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation Adjustment | Net | ||||||||||||
As of June 26, 2020 | ||||||||||||||||
Software | $ | 8,317 | $ | (5,577 | ) | $ | — | $ | 2,740 | |||||||
Customer relationships | 4,373 | (2,691 | ) | (110 | ) | 1,572 | ||||||||||
Backlog | 119 | (119 | ) | — | — | |||||||||||
Total intangibles | $ | 12,809 | $ | (8,387 | ) | $ | (110 | ) | $ | 4,312 | ||||||
(amount in thousands) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation Adjustment | Net | ||||||||||||
As of June 28, 2019 | ||||||||||||||||
Software | $ | 6,582 | $ | (4,868 | ) | $ | — | $ | 1,714 | |||||||
Customer relationships | 4,373 | (2,096 | ) | (104 | ) | 2,173 | ||||||||||
Backlog | 119 | (119 | ) | — | — | |||||||||||
Total intangibles | $ | 11,074 | $ | (7,083 | ) | $ | (104 | ) | $ | 3,887 | ||||||
(amount in thousand) | |||||
2022 | $ | 1,614 | |||
2023 | 1,159 | ||||
2024 | 821 | ||||
2025 | 545 | ||||
Thereafter | 232 | ||||
Total | $ | 4,371 |
(amount in thousand) | ||||
2021 | $ | 1,320 | ||
2022 | 1,542 | |||
2023 | 663 | |||
2024 | 434 | |||
2025 | 205 | |||
Thereafter | 148 | |||
Total | $ | 4,312 | ||
(amount in thousands) | ||||
Balance as of June 28, 2019 | $ | 3,705 | ||
Impairment charge | (3,514 | ) | ||
Foreign currency translation adjustment | (191 | ) | ||
Balance as of June 26, 2020 | $ | — | ||
Rate | Conditions | Maturity | As of June 25, 2021 | As of June 26, 2020 | ||||||||||||||||||||||
Long-term borrowings, current portion, net: | ||||||||||||||||||||||||||
Long-term borrowings, current portion | $ | 12,188 | $ | 12,188 | ||||||||||||||||||||||
Less: Unamortized debt issuance costs—current portion | (32) | (32) | ||||||||||||||||||||||||
Long-term borrowings, current portion, net | $ | 12,156 | 12,156 | |||||||||||||||||||||||
Long-term borrowings, non-current portion, net: | ||||||||||||||||||||||||||
Term loan borrowings: | ||||||||||||||||||||||||||
3-month LIBOR +1.35% per annum(1) | Repayable in quarterly installments | June 2024 | 39,609 | 51,797 | ||||||||||||||||||||||
Less: Current portion | (12,188) | (12,188) | ||||||||||||||||||||||||
Less: Unamortized debt issuance costs—non-current portion | (63) | (95) | ||||||||||||||||||||||||
Long-term borrowings, non-current portion, net | $ | 27,358 | $ | 39,514 |
Rate | Conditions | Maturity | As of June 26, 2020 | As of June 28, 2019 | ||||||||||||
Long-term borrowings, current portion, net: | ||||||||||||||||
Long-term borrowings, current portion | $ | 12,188 | $ | 3,250 | ||||||||||||
Less: Unamortized debt issuance costs—current portion | (32 | ) | — | |||||||||||||
Long-term borrowings, current portion, net | $ | 12,156 | 3,250 | |||||||||||||
Long-term borrowings, non-current portion, net: | ||||||||||||||||
Term loan borrowings: | ||||||||||||||||
1-month LIBOR +1.50% per annum(1) | Repayable in quarterly installments | | June 2023 | $ | — | $ | 60,938 | |||||||||
3-month LIBOR +1.35% per annum(1) | Repayable in quarterly installments | | June 2024 | 51,797 | — | |||||||||||
Less: Current portion | (12,188 | ) | (3,250 | ) | ||||||||||||
Less: Unamortized debt issuance costs— non-current portion | (95 | ) | — | |||||||||||||
Long-term borrowings, non-current portion, net | $ | 39,514 | $ | 57,688 | ||||||||||||
Years ended | |||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | |||||||||
Opening balance | $ | 51,797 | $ | 60,938 | |||||||
Borrowings during the period | 0 | 60,938 | |||||||||
Repayments during the period | (12,188) | (70,079) | |||||||||
Closing balance | $ | 39,609 | $ | 51,797 |
Years ended | ||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | ||||||
Opening balance | $ | 60,938 | $ | 64,188 | ||||
Borrowings during the period | 60,938 | — | ||||||
Repayments during the period | (70,079 | ) | (3,250 | ) | ||||
Closing balance | $ | 51,797 | $ | 60,938 | ||||
(amount in thousand) | |||||
2022 | $ | 12,187 | |||
2023 | 12,188 | ||||
2024 | 12,187 | ||||
2025 | 3,047 | ||||
Total | $ | 39,609 |
(amount in thousand) | ||||
2021 | $ | 12,188 | ||
2022 | 15,233 | |||
2023 | 12,188 | |||
2024 | 12,188 | |||
Total | $ | 51,797 | ||
Years Ended | Years Ended | ||||||||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | (amount in thousands) | June 25, 2021 | June 26, 2020 | ||||||||||||||
Changes in severance liabilities | Changes in severance liabilities | ||||||||||||||||||
Balance, beginning of the fiscal year | $ | 15,473 | $ | 10,390 | Balance, beginning of the fiscal year | $ | 17,673 | $ | 15,473 | ||||||||||
Current service cost | $ | 1,907 | $ | 2,345 | Current service cost | $ | 1,627 | $ | 1,907 | ||||||||||
Prior service cost (1) | — | 2,537 | |||||||||||||||||
Interest cost | 462 | 352 | Interest cost | 515 | 462 | ||||||||||||||
Benefit paid | (48 | ) | (274 | ) | Benefit paid | (1,198) | (48) | ||||||||||||
Actuarial ( loss on obligationgain ) | (117 | ) | 130 | ||||||||||||||||
Actuarial(gain)loss on obligation | Actuarial(gain)loss on obligation | 1,129 | (117) | ||||||||||||||||
Foreign currency translation | (4 | ) | (7 | ) | Foreign currency translation | 36 | (4) | ||||||||||||
Balance, end of the fiscal year | $ | 17,673 | $ | 15,473 | Balance, end of the fiscal year | $ | 19,782 | $ | 17,673 | ||||||||||
Changes in plan assets | Changes in plan assets | ||||||||||||||||||
Balance, beginning of the fiscal year | $ | 317 | $ | 299 | Balance, beginning of the fiscal year | $ | 294 | $ | 317 | ||||||||||
Actual return on plan assets | $ | (34 | ) | $ | (7 | ) | Actual return on plan assets | $ | 19 | $ | (34) | ||||||||
Employer contributions | 18 | 36 | Employer contributions | 43 | 18 | ||||||||||||||
Benefit paid | — | — | Benefit paid | (34) | 0 | ||||||||||||||
Foreign currency translation | (7 | ) | (11 | ) | Foreign currency translation | 34 | (7) | ||||||||||||
Balance, end of the fiscal year | $ | 294 | $ | 317 | Balance, end of the fiscal year | $ | 356 | $ | 294 | ||||||||||
Underfunded status | $ | (17,379 | ) | $ | (15,156 | ) | Underfunded status | $ | (19,426) | $ | (17,379) | ||||||||
(amount in thousands) | As of June 25, 2021 | As of June 26, 2020 | |||||||||
Non-current assets | $ | 59 | $ | 0 | |||||||
Non-current liabilities | $ | 19,485 | $ | 17,379 |
(amount in thousands) | As of June 26, 2020 | As of June 28, 2019 | ||||||
Non-current assets | $ | — | $ | 53 | ||||
Non-current liabilities | $ | 17,379 | $ | 15,209 |
(amount in thousands) | As of June 25, 2021 | As of June 26, 2020 | |||||||||
Accumulated benefit obligations | $ | 13,581 | $ | 11,864 |
(amount in thousands) | As of June 26, 2020 | As of June 28, 2019 | ||||||
Accumulated benefit obligations | $ | 11,864 | $ | 10,208 |
(amount in thousands) | Fair value measurement as of June 25, 2021 | ||||||||||||||||
Total | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Other(1) | $ | 356 | $ | 211 | $ | 145 | |||||||||||
Total Assets | $ | 356 | $ | 211 | $ | 145 |
(amount in thousands) | Fair value measurement as of June 26, 2020 | (amount in thousands) | Fair value measurement as of June 26, 2020 | ||||||||||||||||||||||||||
Total | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets: | Assets: | ||||||||||||||||||||||||||||
Other (1) | $ | 294 | $ | 160 | $ | 134 | Other(1) | $ | 294 | $ | 160 | $ | 134 | ||||||||||||||||
Total Assets | $ | 294 | $ | 160 | $ | 134 | Total Assets | $ | 294 | $ | 160 | $ | 134 | ||||||||||||||||
(amount in thousands) | Fair value measurement as of June 28, 2019 | |||||||||||
Total | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Assets: | ||||||||||||
Other (1) | $ | 317 | $ | 183 | $ | 134 | ||||||
Total Assets | $ | 317 | $ | 183 | $ | 134 | ||||||
% of Total | |||||||||||
Fund | As of June 25, 2021 | As of June 26, 2020 | |||||||||
Old Mutual Wealth Invesco Perpetual High Income | 0 | % | 38 | % | |||||||
Old Mutual Wealth Creation Balanced Portfolio | 59 | % | 17 | % | |||||||
Royal London Deposit Administration | 41 | % | 45 | % |
Total | ||||
Years Ended | ||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||||||||
Discount rate | 0.2% - 2.9% | 0.4% - 3.1% | 2.3% - 3.2% | |||||||||||||||||||
Future salary increases | 3.5% - 10.0% | 3.5% - 10.0% | 3.5% - 10.0% |
Years Ended | |||||||||||||||||
June 25, 2021 | June 26, 2020 | June 28, 2019 | |||||||||||||||
Discount rate | 0.4% - 3.1% | 2.3% - 3.2% | 2.5% - 3.7% | ||||||||||||||
Expected long-term rate of return on assets | 2.3% | 2.1% | 1.6% |
Years Ended | ||||||
June 26, 2020 | June 28, 2019 | June 29, 2018 | ||||
Discount rate | 2.3% - 3.2% | 2.5% - 3.7% | 1.9% - 3.6% | |||
Expected long-term rate of return on assets | 2.1% | 1.6% | 1.9% |
Share-based compensation |
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Share-based compensation expense by type of award: | |||||||||||||||||
Restricted share units | $ | 16,725 | $ | 16,555 | $ | 14,691 | |||||||||||
Performance share units | 8,737 | 5,648 | 2,466 | ||||||||||||||
Total share-based compensation expense | 25,462 | 22,203 | 17,157 | ||||||||||||||
Tax effect on share-based compensation expense | 0 | 0 | 0 | ||||||||||||||
Net effect on share-based compensation expense | $ | 25,462 | $ | 22,203 | $ | 17,157 |
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Share-based compensation expense by type of award: | �� | |||||||||||
Restricted share units | $ | 16,555 | $ | 14,691 | $ | 17,143 | ||||||
Performance share units | 5,648 | 2,466 | 5,438 | |||||||||
Total share-based compensation expense | 22,203 | 17,157 | 22,581 | |||||||||
Tax effect on share-based compensation expense | — | — | — | |||||||||
Net effect on share-based compensation expense | $ | 22,203 | $ | 17,157 | $ | 22,581 | ||||||
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Cost of revenue | $ | 6,185 | $ | 6,098 | $ | 5,656 | |||||||||||
Selling, general and administrative expense | 19,277 | 16,105 | 11,501 | ||||||||||||||
Total share-based compensation expense | $ | 25,462 | $ | 22,203 | $ | 17,157 |
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Cost of revenue | $ | 6,098 | $ | 5,656 | $ | 6,784 | ||||||
Selling, general and administrative expense | 16,105 | 11,501 | 15,797 | |||||||||
Total share-based compensation expense | $ | 22,203 | $ | 17,157 | $ | 22,581 | ||||||
Number of Shares | Number of Exercisable Options | Weighted- Average Exercise Price | Weighted- Average Grant Date Fair Value | |||||||||||||
Balance as of June 30, 2017 | 96,688 | 96,688 | $ | 15.70 | ||||||||||||
Granted | — | — | — | |||||||||||||
Exercised | (92,288 | ) | $ | 16.02 | ||||||||||||
Forfeited | — | — | ||||||||||||||
Expired | (1,500 | ) | $ | 5.75 | ||||||||||||
Balance as of June 29, 2018 | 2,900 | 2,900 | $ | 15.16 | ||||||||||||
Granted | — | — | — | |||||||||||||
Exercised | — | — | ||||||||||||||
Forfeited | — | — | ||||||||||||||
Expired | (2,900 | ) | $ | 15.16 | ||||||||||||
Balance as of June 28, 2019 | — | — | — | |||||||||||||
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
Balance as of June 29, 2018 | 1,073,580 | $ | 35.19 | ||||||||
Granted | 391,328 | $ | 50.02 | ||||||||
Issued | (515,482) | $ | 34.18 | ||||||||
Forfeited | (148,675) | $ | 38.42 | ||||||||
Balance as of June 28, 2019 | 800,751 | $ | 42.48 | ||||||||
Granted | 367,088 | $ | 50.87 | ||||||||
Issued | (335,355) | $ | 40.98 | ||||||||
Forfeited | (34,727) | $ | 44.59 | ||||||||
Balance as of June 26, 2020 | 797,757 | $ | 46.88 | ||||||||
Granted | 230,759 | $ | 70.53 | ||||||||
Issued | (358,508) | $ | 45.39 | ||||||||
Forfeited | (28,133) | $ | 57.86 | ||||||||
Balance as of June 25, 2021 | 641,875 | $ | 55.74 | ||||||||
Expected to vest as of June 25, 2021 | 524,218 | $ | 55.98 |
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | |||||||
Balance as of June 30, 2017 | 1,058,605 | $ | 31.59 | |||||
Granted | 552,637 | $ | 35.95 | |||||
Issued | (436,867 | ) | $ | 27.81 | ||||
Forfeited | (100,795 | ) | $ | 33.62 | ||||
Balance as of June 29, 2018 | 1,073,580 | $ | 35.19 | |||||
Granted | 391,328 | $ | 50.02 | |||||
Issued | (515,482 | ) | $ | 34.18 | ||||
Forfeited | (148,675 | ) | $ | 38.42 | ||||
Balance as of June 28, 2019 | 800,751 | $ | 42.48 | |||||
Granted | 367,088 | $ | 50.87 | |||||
Issued | (335,355 | ) | $ | 40.98 | ||||
Forfeited | (34,727 | ) | $ | 44.59 | ||||
Balance as of June 26, 2020 | 797,757 | $ | 46.88 | |||||
Expected to vest as of June 26, 2020 | 697,093 | $ | 46.81 | |||||
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
Balance as of June 29, 2018 | 605,892 | $ | 38.41 | ||||||||
Granted | 201,994 | $ | 48.02 | ||||||||
Issued | (227,268) | 40.48 | |||||||||
Forfeited | (32,118) | 40.47 | |||||||||
Balance as of June 28, 2019 | 548,500 | $ | 40.97 | ||||||||
Granted | 242,310 | $ | 48.65 | ||||||||
Issued | 0 | $ | 0 | ||||||||
Forfeited | (350,670) | $ | 36.99 | ||||||||
Balance as of June 26, 2020 | 440,140 | $ | 48.37 | ||||||||
Granted | 184,718 | $ | 69.85 | ||||||||
Issued | (82,185) | 48.02 | |||||||||
Forfeited | (115,645) | $ | 48.02 | ||||||||
Balance as of June 25, 2021 | 427,028 | $ | 57.82 | ||||||||
Expected to vest as of June 25, 2021 | 388,864 | $ | 58.72 |
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | |||||||
Balance as of June 30, 2017 | 227,268 | $ | 40.48 | |||||
Granted | 378,624 | $ | 37.16 | |||||
Issued | — | — | ||||||
Forfeited | — | — | ||||||
Balance as of June 29, 2018 | 605,892 | $ | 38.41 | |||||
Granted | 201,994 | $ | 48.02 | |||||
Issued | (227,268 | ) | $ | 40.48 | ||||
Forfeited | (32,118 | ) | $ | 40.47 | ||||
Balance as of June 28, 2019 | 548,500 | $ | 40.97 | |||||
Granted | 242,310 | $ | 48.65 | |||||
Issued | — | — | ||||||
Forfeited | (350,670 | ) | $ | 36.99 | ||||
Balance as of June 26, 2020 | 440,140 | $ | 48.37 | |||||
Expected to vest as of June 26, 2020 | 378,928 | $ | 48.37 | |||||
(amount in thousands) | Unrealized Gains (Losses) on Available-for-sale Securities | Unrealized Gains (Losses) on Derivative Instruments | Retirement benefit plan - Prior service cost | Foreign Currency Translation Adjustment | Total | ||||||||||||||||||||||||
Balance as of June 28, 2019 | $ | 952 | $ | 32 | $ | (2,537) | $ | (833) | $ | (2,386) | |||||||||||||||||||
Other comprehensive income before reclassification | 634 | 171 | — | (397) | 408 | ||||||||||||||||||||||||
Amounts reclassified from AOCI | (96) | 399 | 528 | — | 831 | ||||||||||||||||||||||||
Tax effects | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income | 538 | 570 | 528 | (397) | 1,239 | ||||||||||||||||||||||||
Balance as of June 26, 2020 | 1,490 | 602 | (2,009) | (1,230) | (1,147) | ||||||||||||||||||||||||
Other comprehensive income before reclassification | (1,003) | (4,570) | — | 585 | (4,988) | ||||||||||||||||||||||||
Amounts reclassified from AOCI | (179) | (536) | 584 | — | (131) | ||||||||||||||||||||||||
Tax effects | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income | (1,182) | (5,106) | 584 | 585 | (5,119) | ||||||||||||||||||||||||
Balance as of June 25, 2021 | $ | 308 | $ | (4,504) | $ | (1,425) | $ | (645) | $ | (6,266) |
(amount in thousands) | Unrealized Gains (Losses) on Available-for-sale Securities | Unrealized Gains (Losses) on Derivative Instruments | Retirement benefit plan - Prior service cost | Foreign Currency Translation Adjustment | Total | |||||||||||||||
Balance as of June 29, 2018 | $ | (1,091 | ) | $ | 33 | $ | — | $ | (199 | ) | $ | (1,257 | ) | |||||||
Other comprehensive income before reclassification | 1,845 | — | (2,537 | ) | (634 | ) | (1,326 | ) | ||||||||||||
Amounts reclassified from AOCI | 198 | (1 | ) | — | — | 197 | ||||||||||||||
Tax effects | — | — | — | — | — | |||||||||||||||
Other comprehensive income | 2,043 | (1 | ) | (2,537 | ) | (634 | ) | (1,129 | ) | |||||||||||
Balance as of June 28, 2019 | 952 | 32 | (2,537 | ) | (833 | ) | (2,386 | ) | ||||||||||||
Other comprehensive income before reclassification | 634 | 171 | — | (397 | ) | 408 | ||||||||||||||
Amounts reclassified from AOCI | (96 | ) | 399 | 528 | — | 831 | ||||||||||||||
Tax effects | — | — | — | — | — | |||||||||||||||
Other comprehensive income | 538 | 570 | 528 | (397 | ) | 1,239 | ||||||||||||||
Balance as of June 26, 2020 | $ | 1,490 | $ | 602 | $ | (2,009 | ) | $ | (1,230 | ) | $ | (1,147 | ) | |||||||
(amount in thousands) | Years ended | |||||||||||||||||||
AOCI components | Financial statements line item | June 25, 2021 | June 26, 2020 | |||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | Interest income | $ | (179) | $ | (96) | |||||||||||||||
Unrealized gains(losses)on derivative instruments | Cost of revenues | (966) | 2,512 | |||||||||||||||||
Unrealized gains(losses)on derivative instruments | Selling, general and administrative expenses | (40) | 105 | |||||||||||||||||
Unrealized gains(losses)on derivative instruments | Foreign exchange loss, net | 1,769 | (998) | |||||||||||||||||
Unrealized gains(losses)on derivative instruments | Interest expense | (1,299) | (1,220) | |||||||||||||||||
Retirement benefit plan – Prior service cost | Selling, general and administrative expenses | 584 | 528 | |||||||||||||||||
Total amounts reclassified from AOCI | $ | (131) | $ | 831 |
(amount in thousands) | Years ended | |||||||||
AOCI components | Financial statements line item | June 26, 2020 | June 28, 2019 | |||||||
Unrealized gains (losses) on available-for-sale | Interest income | $ | (96 | ) | $ | 198 | ||||
Unrealized gains (losses) on derivative instruments | Cost of revenues | 2,512 | — | |||||||
Unrealized gains (losses) on derivative instruments | Selling, general and administrative expenses | 105 | (1 | ) | ||||||
Unrealized gains (losses) on derivative instruments | Foreign exchange loss, net | (998 | ) | — | ||||||
Unrealized gains (losses) on derivative instruments | Interest expense | (1,220 | ) | — | ||||||
Retirement benefit plan – Prior service cost | Selling, general and administrative expenses | 528 | — | |||||||
Total amounts reclassified from AOCI | $ | 831 | $ | 197 | ||||||
Years Ended | Years Ended | ||||||||||||||||||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | (amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||||||||||
North America | $ | 830,888 | $ | 756,278 | $ | 643,236 | North America | ||||||||||||||||||||||
Asia-Pacific | 552,923 | 608,386 | 519,203 | ||||||||||||||||||||||||||
U.S. | U.S. | 884,862 | 829,567 | 753,901 | |||||||||||||||||||||||||
Others (1) | Others (1) | 2,674 | 1,321 | 2,377 | |||||||||||||||||||||||||
Total revenue in North America | Total revenue in North America | 887,536 | 830,888 | 756,278 | |||||||||||||||||||||||||
Asia-Pacific and others | Asia-Pacific and others | ||||||||||||||||||||||||||||
Malaysia | Malaysia | 157,213 | 190,574 | 192,048 | |||||||||||||||||||||||||
India | India | 152,249 | 91 | 38 | |||||||||||||||||||||||||
Israel | Israel | 107,584 | 315 | 361 | |||||||||||||||||||||||||
Hong Kong | Hong Kong | 87,235 | 92,655 | 110,732 | |||||||||||||||||||||||||
Japan | Japan | 69,779 | 101,588 | 122,226 | |||||||||||||||||||||||||
China | China | 51,597 | 48,192 | 62,262 | |||||||||||||||||||||||||
Thailand | Thailand | 27,081 | 98,330 | 92,970 | |||||||||||||||||||||||||
Others | Others | 15,859 | 21,178 | 27,749 | |||||||||||||||||||||||||
Total revenue in Asia-Pacific and others | Total revenue in Asia-Pacific and others | 668,597 | 552,923 | 608,386 | |||||||||||||||||||||||||
Europe | 258,025 | 219,671 | 209,486 | Europe | |||||||||||||||||||||||||
Total | $ | 1,641,836 | $ | 1,584,335 | $ | 1,371,925 | |||||||||||||||||||||||
Ireland | Ireland | 193,103 | 110,747 | 109,890 | |||||||||||||||||||||||||
U.K. | U.K. | 60,516 | 67,589 | 31,164 | |||||||||||||||||||||||||
Germany | Germany | 28,163 | 45,628 | 37,431 | |||||||||||||||||||||||||
Others | Others | 41,435 | 34,061 | 41,186 | |||||||||||||||||||||||||
Total revenue in Europe | Total revenue in Europe | $ | 323,217 | $ | 258,025 | $ | 219,671 | ||||||||||||||||||||||
Total revenue | Total revenue | $ | 1,879,350 | $ | 1,641,836 | $ | 1,584,335 |
Years Ended | |||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | ||||||||||||||
Optical communications | $ | 1,441,338 | $ | 1,248,174 | $ | 1,184,936 | |||||||||||
Lasers, sensors, and other | 438,012 | 393,662 | 399,399 | ||||||||||||||
Total | $ | 1,879,350 | $ | 1,641,836 | $ | 1,584,335 |
Years Ended | ||||||||||||
(amount in thousands) | June 26, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
Optical communications | $ | 1,248,174 | $ | 1,184,936 | $ | 1,000,256 | ||||||
Lasers, sensors, and other | 393,662 | 399,399 | 371,669 | |||||||||
Total | $ | 1,641,836 | $ | 1,584,335 | $ | 1,371,925 | ||||||
Years Ended | ||||||||||||||||||||
(amount in thousands) | June 25, 2021 | June 26, 2020 | June 28, 2019 | |||||||||||||||||
Long-Lived Assets: | ||||||||||||||||||||
Thailand | $ | 190,843 | $ | 175,738 | $ | 160,273 | ||||||||||||||
U.S. | 27,403 | 29,507 | 31,323 | |||||||||||||||||
China | 14,977 | 14,476 | 15,014 | |||||||||||||||||
Israel | 5,271 | 5,224 | 2 | |||||||||||||||||
U.K. | 2,223 | 2,956 | 3,721 | |||||||||||||||||
Cayman Islands | 412 | 373 | 353 | |||||||||||||||||
241,129 | 228,274 | 210,686 |
Years Ended | |||||||||||||||||
June 25, 2021 | June 26, 2020 | June 28, 2019 | |||||||||||||||
Cisco Systems Inc. (1) | 13.9 | % | * | * | |||||||||||||
Lumentum Operations LLC | 13.6 | % | 19.0 | % | 20.0 | % | |||||||||||
Infinera Corporation | 11.6 | % | 10.0 | % | * | ||||||||||||
Acacia Communications Inc. | * | 10.2 | % | * |
Years Ended | ||||||||||||
June 26, 2020 | June 28, 2019 | June 29, 2018 | ||||||||||
Lumentum Operations LLC | 19 | % | 20 | % | 16 | % | ||||||
Acacia Communications Inc. | 10 | % | * | * | ||||||||
Infinera Corporation | 10 | % | * | * |
As of June 25, 2021 | As of June 26, 2020 | ||||||||||
Infinera Corporation | 18.6 | % | * | ||||||||
Lumentum Operations LLC | 11.6 | % | 20.0 | % | |||||||
Cisco Systems Inc. (1) | 15.0 | % | * | ||||||||
Acacia Communications, Inc. | * | 13.4 | % |
As of June 26, 2020 | As of June 28, 2019 | |||||||
Lumentum Operations LLC | 20 | % | 23 | % | ||||
Acacia Communications Inc. | 13 | % | 12 | % |
As of June 25, 2021 | As of June 26, 2020 | ||||||||||||||||||||||
(amount in thousands) | Currency | $ | Currency | $ | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Thai baht | 1,472,249 | $ | 46,312 | 667,955 | $ | 21,617 | |||||||||||||||||
RMB | 98,056 | 15,145 | 158,060 | 22,402 | |||||||||||||||||||
GBP | 5,111 | 7,119 | 6,220 | 7,726 | |||||||||||||||||||
Total | $ | 68,576 | $ | 51,745 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Thai baht | 2,250,514 | $ | 70,793 | 2,102,392 | $ | 68,039 | |||||||||||||||||
RMB | 40,112 | 6,195 | 42,586 | 6,036 | |||||||||||||||||||
GBP | 2,656 | 3,699 | 1,545 | 1,919 | |||||||||||||||||||
Total | $ | 80,687 | $ | 75,994 |
As of June 26, 2020 | As of June 28, 2019 | |||||||||||||||
(amount in thousands) | Currency | $ | Currency | $ | ||||||||||||
Assets | ||||||||||||||||
Thai baht | 667,955 | $ | 21,617 | 664,860 | $ | 21,628 | ||||||||||
RMB | 158,060 | 22,402 | 53,393 | 7,767 | ||||||||||||
GBP | 6,220 | 7,726 | 5,270 | 6,682 | ||||||||||||
Total | $ | 51,745 | $ | 36,077 | ||||||||||||
Liabilities | ||||||||||||||||
Thai baht | 2,102,392 | $ | 68,039 | 1,961,972 | $ | 63,825 | ||||||||||
RMB | 42,586 | 6,036 | 26,373 | 3,836 | ||||||||||||
GBP | 1,545 | 1,919 | 2,598 | 3,294 | ||||||||||||
Total | $ | 75,994 | $ | 70,955 | ||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
(in thousands, except per share data) | Jun 26, 2020 | Mar 27, 2020 | Dec 27, 2019 | Sep 27, 2019 | Jun 28, 2019 | Mar 29, 2019 | Dec 28, 2018 | Sep 28, 2018 | ||||||||||||||||||||||||
Total revenues | $ | 405,113 | $ | 411,210 | $ | 426,217 | $ | 399,296 | $ | 405,127 | $ | 398,951 | $ | 403,080 | $ | 377,177 | ||||||||||||||||
Gross profit | $ | 46,624 | $ | 44,336 | $ | 49,158 | $ | 45,987 | $ | 46,626 | $ | 46,758 | $ | 45,564 | $ | 40,276 | ||||||||||||||||
Net income | $ | 28,024 | $ | 28,267 | $ | 31,231 | $ | 25,957 | $ | 32,957 | $ | 28,635 | $ | 31,513 | $ | 27,850 | ||||||||||||||||
Basic net income per share: | ||||||||||||||||||||||||||||||||
Net income | $ | 0.76 | $ | 0.76 | $ | 0.84 | $ | 0.70 | $ | 0.89 | $ | 0.78 | $ | 0.86 | $ | 0.76 | ||||||||||||||||
Weighted-average shares used in basic net income per share calculations | 36,723 | 36,987 | 37,011 | 36,913 | 36,836 | 36,891 | 36,841 | 36,625 | ||||||||||||||||||||||||
Diluted net income per share: | ||||||||||||||||||||||||||||||||
Net income | $ | 0.75 | $ | 0.75 | $ | 0.83 | $ | 0.69 | $ | 0.88 | $ | 0.76 | $ | 0.84 | $ | 0.75 | ||||||||||||||||
Weighted-average shares used in diluted net income per share calculations | 37,571 | 37,797 | 37,763 | 37,529 | 37,511 | 37,539 | 37,471 | 37,140 | ||||||||||||||||||||||||
Incorporated by reference herein | ||||||||||||||||||||||||||||||||
Exhibit Number | Description | Form | Exhibit No. | Filing Date | File No. | |||||||||||||||||||||||||||
3.1 | S-1/A | 3.1 | May 3, 2010 | 333-163258 | ||||||||||||||||||||||||||||
4.1 | S-1/A | 4.1 | June 14, 2010 | 333-163258 | ||||||||||||||||||||||||||||
4.2 | 10-K | 4.2 | August 20, 2019 | 001-34775 | ||||||||||||||||||||||||||||
10.1.1+ | 8-K | 10.1 | December 15, 2017 | 001-34775 | ||||||||||||||||||||||||||||
10.1.2+ | 10-Q | 10.4 | February 5, 2013 | 001-34775 | ||||||||||||||||||||||||||||
10.1.3+ | 10-Q | 10.5 | November 9, 2016 | 001-34775 | ||||||||||||||||||||||||||||
10.2.1+ | S-8 | 99.1.1 | November 8, 2017 | 333-221423 | ||||||||||||||||||||||||||||
10.2.2+ | S-8 | 99.1.2 | November 8, 2017 | 333-221423 | ||||||||||||||||||||||||||||
10.2.3+ | S-8 | 99.1.3 | November 8, 2017 | 333-221423 | ||||||||||||||||||||||||||||
10.3.1+ | S-8 | 99.1 | December 12, 2019 | 333-235462 | ||||||||||||||||||||||||||||
10.3.2+ | S-8 | 99.2 | December 12, 2019 | 333-235462 | ||||||||||||||||||||||||||||
10.3.3+ | S-8 | 99.3 | December 12, 2019 | 333-235462 |
Exhibit Number | Description | Incorporated by reference herein | ||||||||
Form | Exhibit No. | Filing Date | File No. | |||||||
3.1 | S-1/A | 3.1 | May 3, 2010 | 333-163258 | ||||||
4.1 | S-1/A | 4.1 | June 14, 2010 | 333-163258 | ||||||
4.2 | 10-K | 4.2 | August 20, 2019 | 001-34775 | ||||||
10.1.1+ | 8-K | 10.1 | December 15, 2017 | 001-34775 | ||||||
10.1.2+ | 10-Q | 10.2 | February 5, 2013 | 001-34775 | ||||||
10.1.3+ | 10-Q | 10.3 | February 5, 2013 | 001-34775 | ||||||
10.1.4+ | 10-Q | 10.4 | February 5, 2013 | 001-34775 | ||||||
10.1.5+ | 10-Q | 10.5 | November 9, 2016 | 001-34775 | ||||||
10.2.1+ | S-8 | 99.1.1 | November 8, 2017 | 333-221423 | ||||||
10.2.2+ | S-8 | 99.1.2 | November 8, 2017 | 333-221423 | ||||||
10.2.3+ | S-8 | 99.1.3 | November 8, 2017 | 333-221423 | ||||||
10.3.1+ | S-8 | 99.1 | December 12, 2020 | 333-235462 | ||||||
10.3.2+ | S-8 | 99.2 | December 12, 2020 | 333-235462 | ||||||
10.3.3+ | S-8 | 99.3 | December 12, 2020 | 333-235462 | ||||||
10.4+ | 8-K | 10.1 | August 20, 2019 | 001-34755 | ||||||
10.5+ | 8-K | 10.1 | September 25, 2017 | 001-34755 |
Incorporated by reference herein | ||||||||||||||||||||||||||||||||
Exhibit Number | Description | Form | Exhibit No. | Filing Date | File No. | |||||||||||||||||||||||||||
10.4+ | 8-K | 10.1 | September 25, 2017 | 001-34755 | ||||||||||||||||||||||||||||
10.5+ | 8-K | 10.1 | February 28, 2019 | 001-34755 | ||||||||||||||||||||||||||||
10.6+ | 8-K | 10.1 | May 8, 2018 | 001-34755 | ||||||||||||||||||||||||||||
10.7+ | S-1 | 10.5 | November 7, 2007 | 333-147191 | ||||||||||||||||||||||||||||
10.8+ | 10-Q | 10.1 | May 4, 2021 | 001-34755 | ||||||||||||||||||||||||||||
10.9+ | 10-Q | 10.2 | May 5, 2020 | 001-34755 | ||||||||||||||||||||||||||||
10.10+ | 8-K, Item 5.02 | N/A | August 16, 2021 | 001-34755 | ||||||||||||||||||||||||||||
10.11+ | 8-K, Item 5.02 | N/A | August 17, 2020 | 001-34755 | ||||||||||||||||||||||||||||
10.12+ | S-1/A | 10.1 | January 28, 2010 | 333-163258 | ||||||||||||||||||||||||||||
10.13 | S-1 | 10.1 | November 7, 2007 | 333-147191 | ||||||||||||||||||||||||||||
10.14 | S-1 | 10.11 | November 7, 2007 | 333-147191 | ||||||||||||||||||||||||||||
10.15 | S-1 | 10.12 | November 7, 2007 | 333-147191 | ||||||||||||||||||||||||||||
10.16 | S-1 | 10.14 | November 20, 2009 | 333-163258 | ||||||||||||||||||||||||||||
10.17 | 8-K | 10.1 | September 12, 2019 | 001-34775 | ||||||||||||||||||||||||||||
10.18 | 8-K | 10.2 | September 12, 2019 | 001-34775 | ||||||||||||||||||||||||||||
21.1 | 10-K | 21.1 | August 17, 2021 | 001-34775 | ||||||||||||||||||||||||||||
23.1 |
Exhibit Number | Description | Incorporated by reference herein | ||||||||
Form | Exhibit No. | Filing Date | File No. | |||||||
10.6+ | 8-K | 10.1 | February 28, 2019 | 001-34755 | ||||||
10.7+ | 8-K | 10.1 | May 8, 2018 | 001-34755 | ||||||
10.8+ | S-1 | 10.5 | November 7, 2007 | 333-147191 | ||||||
10.9+ | 8-K | 10.1 | February 3, 2020 | 001-34755 | ||||||
10.10+ | 10-Q | 10.2 | May 5, 2020 | 001-34755 | ||||||
10.11+ | 8-K, Item 5.02 | N/A | August 20, 2019 | 001-34755 | ||||||
10.12+ | 8-K, Item 5.02 | N/A | August 17, 2020 | 001-34755 | ||||||
10.13+ | S-1/A | 10.10 | January 28, 2010 | 333-163258 | ||||||
10.14 | S-1 | 10.10 | November 7, 2007 | 333-147191 | ||||||
10.15 | S-1 | 10.11 | November 7, 2007 | 333-147191 | ||||||
10.16 | S-1 | 10.12 | November 7, 2007 | 333-147191 | ||||||
10.17 | S-1 | 10.14 | November 20, 2009 | 333-163258 |
Exhibit Number | Description | Incorporated by reference herein | ||||||||
Form | Exhibit No. | Filing Date | File No. | |||||||
10.18 | 8-K | 10.1 | September 12, 2019 | 001-34775 | ||||||
10.19 | 8-K | 10.2 | September 12, 2019 | 001-34775 | ||||||
10.20† | S-1/A | 10.27 | January 19, 2010 | 333-163258 | ||||||
21.1 | 10-K | 21.1 | August 20, 2019 | 001-34755 | ||||||
23.1 | ||||||||||
24.1 | ||||||||||
31.1 | ||||||||||
31.2 | ||||||||||
32.1 | ||||||||||
101.INS | Inline XBRL Instance | |||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |
Number | ||||||||||||||||||||||||||||||||||||||||
No. | ||||||||||||||||||||||||||||||||||||||||
Incorporated by reference herein | ||||||||||||||||||||||||||||||||||||||||
Exhibit Number | Description | Form | Exhibit No. | Filing Date | File No. | |||||||||||||||||||||||||||||||||||
24.1 | ||||||||||||||||||||||||||||||||||||||||
31.1 | ||||||||||||||||||||||||||||||||||||||||
32.1 | ||||||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance | |||||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
FABRINET | ||||||||
By: | ||||||||
Name: | Csaba Sverha | |||||||
Title: | Executive Vice President and Chief Financial Officer |
Signature | Title | Date | ||||||||||||
/S/ SEAMUS GRADY | ||||||||||||||
Chief Executive Officer (Principal Executive Officer) and Director | August | |||||||||||||
Seamus Grady | ||||||||||||||
/ | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | August | ||||||||||||
Csaba Sverha | ||||||||||||||
/ | Chairman of the Board of Directors | August | ||||||||||||
David T. Mitchell | ||||||||||||||
/ S/ HOMA BAHRAMI | Director | August 17, 2021 | ||||||||||||
Homa Bahrami | ||||||||||||||
/ DOUGHERTY | Director | August 17, 2021 | ||||||||||||
Gregory P. Dougherty | ||||||||||||||
/ KELLY | Director | August 17, 2021 | ||||||||||||
Thomas F. Kelly | ||||||||||||||
/ LEVINSON | Director | August 17, 2021 | ||||||||||||
Frank H. Levinson | ||||||||||||||
/ OLSON | Director | August 17, 2021 | ||||||||||||
Rollance E. Olson |