(Mark one) | |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
77-0228183 | ||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||
incorporation or organization) | Identification Number) | |||||
2700 N. First St., | San Jose, | CA | 95134 | |||
(Address of principal executive offices) | (Zip Code) |
Large Accelerated Filer | [X] | Accelerated filer [ ] | Non-accelerated filer [ ] | Smaller reporting company | ☐ |
Emerging growth company | ☐ |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock | SANM |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item | ||
Item 6. | ||
As of | As of | |||||||||||||
March 30, 2019 | September 29, 2018 | June 29, 2019 | September 29, 2018 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 405,494 | $ | 419,528 | $ | 414,273 | $ | 419,528 | ||||||
Accounts receivable, net of allowances of $13,213 and $12,211 as of March 30, 2019 and September 29, 2018, respectively | 1,312,887 | 1,177,219 | ||||||||||||
Accounts receivable, net of allowances of $12,334 and $12,211 as of June 29, 2019 and September 29, 2018, respectively | 1,234,987 | 1,177,219 | ||||||||||||
Contract assets | 401,705 | — | 387,293 | — | ||||||||||
Inventories | 1,006,548 | 1,374,004 | 915,155 | 1,374,004 | ||||||||||
Prepaid expenses and other current assets | 48,454 | 43,676 | 49,934 | 43,676 | ||||||||||
Total current assets | 3,175,088 | 3,014,427 | 3,001,642 | 3,014,427 | ||||||||||
Property, plant and equipment, net | 639,901 | 642,913 | 635,020 | 642,913 | ||||||||||
Deferred tax assets | 312,081 | 344,124 | 308,270 | 344,124 | ||||||||||
Other | 79,617 | 83,669 | 75,025 | 83,669 | ||||||||||
Total assets | $ | 4,206,687 | $ | 4,085,133 | $ | 4,019,957 | $ | 4,085,133 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 1,439,397 | $ | 1,547,399 | $ | 1,350,117 | $ | 1,547,399 | ||||||
Accrued liabilities | 208,839 | 136,427 | 199,824 | 136,427 | ||||||||||
Accrued payroll and related benefits | 126,932 | 124,748 | 123,099 | 124,748 | ||||||||||
Short-term debt, including current portion of long-term debt | 643,360 | 593,321 | 154,634 | 593,321 | ||||||||||
Total current liabilities | 2,418,528 | 2,401,895 | 1,827,674 | 2,401,895 | ||||||||||
Long-term liabilities: | ||||||||||||||
Long-term debt | — | 14,346 | 351,472 | 14,346 | ||||||||||
Other | 207,440 | 196,048 | 213,339 | 196,048 | ||||||||||
Total long-term liabilities | 207,440 | 210,394 | 564,811 | 210,394 | ||||||||||
Contingencies (Note 7) | ||||||||||||||
Stockholders' equity | 1,580,719 | 1,472,844 | 1,627,472 | 1,472,844 | ||||||||||
Total liabilities and stockholders' equity | $ | 4,206,687 | $ | 4,085,133 | $ | 4,019,957 | $ | 4,085,133 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | |||||||||||||||||||||||||||||
Net sales | $ | 2,126,639 | $ | 1,675,629 | $ | 4,314,657 | $ | 3,420,429 | $ | 2,026,995 | $ | 1,813,366 | $ | 6,341,652 | $ | 5,233,795 | ||||||||||||||
Cost of sales | 1,973,537 | 1,560,931 | 4,012,218 | 3,196,265 | 1,879,200 | 1,694,830 | 5,891,418 | 4,891,095 | ||||||||||||||||||||||
Gross profit | 153,102 | 114,698 | 302,439 | 224,164 | 147,795 | 118,536 | 450,234 | 342,700 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||
Selling, general and administrative | 64,186 | 65,384 | 127,214 | 128,987 | 66,768 | 61,421 | 193,982 | 190,408 | ||||||||||||||||||||||
Research and development | 7,599 | 8,221 | 14,036 | 15,836 | 7,272 | 8,144 | 21,308 | 23,980 | ||||||||||||||||||||||
Restructuring and other | 3,202 | (7,681 | ) | 5,531 | 16,779 | 6,381 | 1,911 | 11,912 | 18,690 | |||||||||||||||||||||
Total operating expenses | 74,987 | 65,924 | 146,781 | 161,602 | 80,421 | 71,476 | 227,202 | 233,078 | ||||||||||||||||||||||
Operating income | 78,115 | 48,774 | 155,658 | 62,562 | 67,374 | 47,060 | 223,032 | 109,622 | ||||||||||||||||||||||
Interest income | 364 | 287 | 558 | 572 | 330 | 492 | 888 | 1,064 | ||||||||||||||||||||||
Interest expense | (8,472 | ) | (6,826 | ) | (16,743 | ) | (13,040 | ) | (7,599 | ) | (7,284 | ) | (24,342 | ) | (20,324 | ) | ||||||||||||||
Other income (expense), net | (891 | ) | (483 | ) | (6,885 | ) | 2,747 | (1,480 | ) | 1,000 | (8,365 | ) | 3,747 | |||||||||||||||||
Interest and other, net | (8,999 | ) | (7,022 | ) | (23,070 | ) | (9,721 | ) | (8,749 | ) | (5,792 | ) | (31,819 | ) | (15,513 | ) | ||||||||||||||
Income before income taxes | 69,116 | 41,752 | 132,588 | 52,841 | 58,625 | 41,268 | 191,213 | 94,109 | ||||||||||||||||||||||
Provision for income taxes | 28,231 | 17,120 | 53,751 | 183,119 | 15,704 | 7,305 | 69,455 | 190,424 | ||||||||||||||||||||||
Net income (loss) | $ | 40,885 | $ | 24,632 | $ | 78,837 | $ | (130,278 | ) | $ | 42,921 | $ | 33,963 | $ | 121,758 | $ | (96,315 | ) | ||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||||||
Basic | $ | 0.59 | $ | 0.35 | $ | 1.15 | $ | (1.83 | ) | $ | 0.62 | $ | 0.49 | $ | 1.77 | $ | (1.37 | ) | ||||||||||||
Diluted | $ | 0.57 | $ | 0.33 | $ | 1.11 | $ | (1.83 | ) | $ | 0.60 | $ | 0.47 | $ | 1.70 | $ | (1.37 | ) | ||||||||||||
Weighted average shares used in computing per share amounts: | ||||||||||||||||||||||||||||||
Basic | 68,821 | 70,441 | 68,556 | 71,096 | 69,499 | 68,907 | 68,872 | 70,366 | ||||||||||||||||||||||
Diluted | 71,446 | 73,582 | 71,162 | 71,096 | 72,007 | 72,053 | 71,460 | 70,366 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Net income (loss) | $ | 40,885 | $ | 24,632 | $ | 78,837 | $ | (130,278 | ) | $ | 42,921 | $ | 33,963 | $ | 121,758 | $ | (96,315 | ) | ||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||
Change in foreign currency translation adjustments | (235 | ) | 908 | (487 | ) | 554 | 469 | (1,024 | ) | (18 | ) | (470 | ) | |||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||
Change in net unrealized amount | (2,478 | ) | 2,860 | (8,975 | ) | 1,453 | (8,206 | ) | (3,462 | ) | (17,181 | ) | (2,009 | ) | ||||||||||||||||
Amount reclassified into net income | (2,645 | ) | (2,867 | ) | (235 | ) | (1,342 | ) | 392 | 3,027 | 157 | 1,685 | ||||||||||||||||||
Defined benefit plans: | ||||||||||||||||||||||||||||||
Changes in unrecognized net actuarial losses and unrecognized transition costs | 109 | (433 | ) | 399 | (693 | ) | (76 | ) | 606 | 323 | (87 | ) | ||||||||||||||||||
Amortization of actuarial losses and transition costs | 237 | 178 | 435 | 499 | 341 | 193 | 776 | 692 | ||||||||||||||||||||||
Total other comprehensive income (loss) | (5,012 | ) | 646 | (8,863 | ) | 471 | ||||||||||||||||||||||||
Total other comprehensive loss | (7,080 | ) | (660 | ) | (15,943 | ) | (189 | ) | ||||||||||||||||||||||
Comprehensive income (loss) | $ | 35,873 | $ | 25,278 | $ | 69,974 | $ | (129,807 | ) | $ | 35,841 | $ | 33,303 | $ | 105,815 | $ | (96,504 | ) | ||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Common Stock and Additional Paid-in Capital | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,232,372 | $ | 6,196,293 | $ | 6,222,988 | $ | 6,185,088 | $ | 6,244,907 | $ | 6,207,471 | $ | 6,222,988 | $ | 6,185,088 | ||||||||||||||||
Issuances under stock plans | 5,771 | 913 | 9,339 | 3,439 | 3,380 | 450 | 12,719 | 3,889 | ||||||||||||||||||||||||
Stock-based compensation expense | 6,626 | 10,265 | 12,442 | 18,944 | 8,136 | 9,636 | 20,578 | 28,580 | ||||||||||||||||||||||||
Repurchases of treasury stock | 138 | — | 138 | — | — | — | 138 | — | ||||||||||||||||||||||||
Balance, end of period | 6,244,907 | 6,207,471 | 6,244,907 | 6,207,471 | 6,256,423 | 6,217,557 | 6,256,423 | 6,217,557 | ||||||||||||||||||||||||
Treasury Stock | ||||||||||||||||||||||||||||||||
Balance, beginning of period | (803,208 | ) | (679,225 | ) | (791,366 | ) | (633,740 | ) | (803,514 | ) | (754,279 | ) | (791,366 | ) | (633,740 | ) | ||||||||||||||||
Repurchases of treasury stock | (306 | ) | (75,054 | ) | (12,148 | ) | (120,539 | ) | (604 | ) | (29,623 | ) | (12,752 | ) | (150,162 | ) | ||||||||||||||||
Balance, end of period | (803,514 | ) | (754,279 | ) | (803,514 | ) | (754,279 | ) | (804,118 | ) | (783,902 | ) | (804,118 | ) | (783,902 | ) | ||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Balance, beginning of period | 70,093 | 76,619 | 73,944 | 76,794 | 65,081 | 77,265 | 73,944 | 76,794 | ||||||||||||||||||||||||
Other comprehensive income (loss) | (5,012 | ) | 646 | (8,863 | ) | 471 | ||||||||||||||||||||||||||
Other comprehensive loss | (7,080 | ) | (660 | ) | (15,943 | ) | (189 | ) | ||||||||||||||||||||||||
Balance, end of period | 65,081 | 77,265 | 65,081 | 77,265 | 58,001 | 76,605 | 58,001 | 76,605 | ||||||||||||||||||||||||
Accumulated Deficit | ||||||||||||||||||||||||||||||||
Balance, beginning of period | (3,966,640 | ) | (4,092,099 | ) | (4,032,722 | ) | (3,980,458 | ) | (3,925,755 | ) | (4,067,467 | ) | (4,032,722 | ) | (3,980,458 | ) | ||||||||||||||||
Cumulative effect of new accounting pronouncement | — | — | 28,130 | (1) | 43,269 | (2) | — | — | 28,130 | (1) | 43,269 | (2) | ||||||||||||||||||||
Net income (loss) | 40,885 | 24,632 | 78,837 | (130,278 | ) | 42,921 | 33,963 | 121,758 | (96,315 | ) | ||||||||||||||||||||||
Balance, end of period | (3,925,755 | ) | (4,067,467 | ) | (3,925,755 | ) | (4,067,467 | ) | (3,882,834 | ) | (4,033,504 | ) | (3,882,834 | ) | (4,033,504 | ) | ||||||||||||||||
Total stockholders' equity | $ | 1,580,719 | $ | 1,462,990 | $ | 1,580,719 | $ | 1,462,990 | $ | 1,627,472 | $ | 1,476,756 | $ | 1,627,472 | $ | 1,476,756 | ||||||||||||||||
Common Stock Shares Outstanding | ||||||||||||||||||||||||||||||||
Number of shares, beginning of period | 104,156 | 102,565 | 103,128 | 101,672 | 104,796 | 102,700 | 103,128 | 101,672 | ||||||||||||||||||||||||
Issuances under stock plans | 640 | 135 | 1,668 | 1,028 | 613 | 323 | 2,281 | 1,351 | ||||||||||||||||||||||||
Number of shares, end of period | 104,796 | 102,700 | 104,796 | 102,700 | 105,409 | 103,023 | 105,409 | 103,023 | ||||||||||||||||||||||||
Treasury Shares | ||||||||||||||||||||||||||||||||
Number of shares, beginning of period | (35,800 | ) | (31,331 | ) | (35,351 | ) | (30,008 | ) | (35,806 | ) | (34,115 | ) | (35,351 | ) | (30,008 | ) | ||||||||||||||||
Repurchases of treasury stock | (6 | ) | (2,784 | ) | (455 | ) | (4,107 | ) | (25 | ) | (986 | ) | (480 | ) | (5,093 | ) | ||||||||||||||||
Number of shares, end of period | (35,806 | ) | (34,115 | ) | (35,806 | ) | (34,115 | ) | (35,831 | ) | (35,101 | ) | (35,831 | ) | (35,101 | ) |
(1) | Due to the adoption of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" using the modified retrospective approach. |
(2) | Due to the adoption of ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting (Topic 718)". |
Nine Months Ended | |||||||
June 29, 2019 | June 30, 2018 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | 121,758 | $ | (96,315 | ) | ||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||
Depreciation and amortization | 88,441 | 89,134 | |||||
Stock-based compensation expense | 20,578 | 28,698 | |||||
Deferred income taxes | 27,182 | 174,060 | |||||
Other, net | (1,361 | ) | (881 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (50,805 | ) | (44,995 | ) | |||
Contract assets | (11,807 | ) | — | ||||
Inventories | 108,043 | (137,036 | ) | ||||
Prepaid expenses and other assets | 2,144 | 359 | |||||
Accounts payable | (172,654 | ) | 87,070 | ||||
Accrued liabilities | 61,249 | (4,214 | ) | ||||
Cash provided by operating activities | 192,768 | 95,880 | |||||
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | |||||||
Purchases of property, plant and equipment | (102,025 | ) | (97,468 | ) | |||
Purchases of long-term investments | (499 | ) | (2,019 | ) | |||
Proceeds from sales of property, plant and equipment | 4,057 | 3,948 | |||||
Cash used in investing activities | (98,467 | ) | (95,539 | ) | |||
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | |||||||
Repayments of long-term debt | (378,416 | ) | (3,416 | ) | |||
Proceeds from long-term debt | 375,000 | — | |||||
Proceeds from revolving credit facility borrowings | 3,223,525 | 3,015,200 | |||||
Repayments of revolving credit facility borrowings | (3,317,525 | ) | (2,867,200 | ) | |||
Debt issuance costs | (2,727 | ) | (1,701 | ) | |||
Net proceeds from stock issuances | 12,719 | 3,890 | |||||
Repurchases of common stock | (12,614 | ) | (150,162 | ) | |||
Cash used in financing activities | (100,038 | ) | (3,389 | ) | |||
Effect of exchange rate changes | 482 | 1,164 | |||||
Decrease in cash and cash equivalents | (5,255 | ) | (1,884 | ) | |||
Cash and cash equivalents at beginning of period | 419,528 | 406,661 | |||||
Cash and cash equivalents at end of period | $ | 414,273 | $ | 404,777 | |||
Cash paid during the period for: | |||||||
Interest, net of capitalized interest | $ | 25,291 | $ | 23,985 | |||
Income taxes, net of refunds | $ | 23,767 | $ | 27,434 | |||
Unpaid purchases of property, plant and equipment at the end of period | $ | 30,018 | $ | 32,529 |
Six Months Ended | |||||||
March 30, 2019 | March 31, 2018 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | 78,837 | $ | (130,278 | ) | ||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||
Depreciation and amortization | 58,880 | 59,502 | |||||
Stock-based compensation expense | 12,442 | 18,937 | |||||
Deferred income taxes | 23,410 | 165,098 | |||||
Other, net | 587 | (674 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (129,741 | ) | 22,967 | ||||
Contract assets | (26,219 | ) | — | ||||
Inventories | 16,559 | (70,171 | ) | ||||
Prepaid expenses and other assets | 436 | (7,487 | ) | ||||
Accounts payable | (85,037 | ) | (34,467 | ) | |||
Accrued liabilities | 77,148 | 10,696 | |||||
Cash provided by operating activities | 27,302 | 34,123 | |||||
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | |||||||
Purchases of property, plant and equipment | (72,962 | ) | (71,031 | ) | |||
Purchases of long-term investments | — | (2,019 | ) | ||||
Proceeds from sales of property, plant and equipment | 1,139 | 158 | |||||
Cash used in investing activities | (71,823 | ) | (72,892 | ) | |||
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | |||||||
Proceeds from revolving credit facility borrowings | 2,242,225 | 2,025,300 | |||||
Repayments of revolving credit facility borrowings | (2,207,225 | ) | (1,869,300 | ) | |||
Debt issuance costs | (2,003 | ) | (1,701 | ) | |||
Net proceeds from stock issuances | 9,339 | 3,439 | |||||
Repurchases of common stock | (12,010 | ) | (120,539 | ) | |||
Cash provided by financing activities | 30,326 | 37,199 | |||||
Effect of exchange rate changes | 161 | 186 | |||||
Decrease in cash and cash equivalents | (14,034 | ) | (1,384 | ) | |||
Cash and cash equivalents at beginning of period | 419,528 | 406,661 | |||||
Cash and cash equivalents at end of period | $ | 405,494 | $ | 405,277 | |||
Cash paid during the period for: | |||||||
Interest, net of capitalized interest | $ | 13,589 | $ | 13,780 | |||
Income taxes, net of refunds | $ | 13,237 | $ | 15,369 | |||
Unpaid purchases of property, plant and equipment at the end of period | $ | 31,780 | $ | 28,139 |
As of | |||||||
June 29, 2019 | September 29, 2018 | ||||||
(In thousands) | |||||||
Raw materials | $ | 905,203 | $ | 1,139,585 | |||
Work-in-process | 4,578 | 132,803 | |||||
Finished goods | 5,374 | 101,616 | |||||
Total | $ | 915,155 | $ | 1,374,004 |
As of | |||||||
March 30, 2019 | September 29, 2018 | ||||||
(In thousands) | |||||||
Raw materials | $ | 999,956 | $ | 1,139,585 | |||
Work-in-process | 4,067 | 132,803 | |||||
Finished goods | 2,525 | 101,616 | |||||
Total | $ | 1,006,548 | $ | 1,374,004 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Segments: | ||||||||||||||||||||||||||||||
IMS | $ | 1,778,076 | $ | 1,368,036 | $ | 3,558,960 | $ | 2,790,079 | $ | 1,709,835 | $ | 1,481,148 | $ | 5,268,795 | $ | 4,271,227 | ||||||||||||||
CPS | 348,563 | 307,593 | 755,697 | 630,350 | 317,160 | 332,218 | 1,072,857 | 962,568 | ||||||||||||||||||||||
Total | $ | 2,126,639 | $ | 1,675,629 | $ | 4,314,657 | $ | 3,420,429 | $ | 2,026,995 | $ | 1,813,366 | $ | 6,341,652 | $ | 5,233,795 | ||||||||||||||
End Markets: | ||||||||||||||||||||||||||||||
Communications Networks | $ | 771,970 | $ | 642,335 | $ | 1,551,691 | $ | 1,321,181 | $ | 736,281 | $ | 673,124 | $ | 2,276,920 | $ | 1,994,305 | ||||||||||||||
Industrial, Medical, Automotive and Defense | 1,150,077 | 860,691 | 2,332,561 | 1,746,386 | 1,114,348 | 936,211 | 3,459,395 | 2,682,598 | ||||||||||||||||||||||
Cloud Solutions | 204,592 | 172,603 | 430,405 | 352,862 | 176,366 | 204,031 | 605,337 | 556,892 | ||||||||||||||||||||||
Total | $ | 2,126,639 | $ | 1,675,629 | $ | 4,314,657 | $ | 3,420,429 | $ | 2,026,995 | $ | 1,813,366 | $ | 6,341,652 | $ | 5,233,795 | ||||||||||||||
Geography: | ||||||||||||||||||||||||||||||
United States | $ | 400,888 | $ | 321,337 | $ | 855,659 | $ | 636,145 | ||||||||||||||||||||||
Mexico | 661,010 | 494,760 | 1,323,158 | 983,994 | ||||||||||||||||||||||||||
China | 413,304 | 265,913 | 846,726 | 581,005 | ||||||||||||||||||||||||||
Malaysia | 87,588 | 150,638 | 210,493 | 336,350 | ||||||||||||||||||||||||||
Other international | 563,849 | 442,981 | 1,078,621 | 882,935 | ||||||||||||||||||||||||||
Americas (1) | $ | 1,003,024 | $ | 917,866 | $ | 3,268,600 | $ | 2,644,373 | ||||||||||||||||||||||
EMEA | 273,735 | 222,942 | 777,989 | 630,771 | ||||||||||||||||||||||||||
APAC | 750,236 | 672,558 | 2,295,063 | 1,958,651 | ||||||||||||||||||||||||||
Total | $ | 2,126,639 | $ | 1,675,629 | $ | 4,314,657 | $ | 3,420,429 | $ | 2,026,995 | $ | 1,813,366 | $ | 6,341,652 | $ | 5,233,795 | ||||||||||||||
Timing of Revenue Recognition: | ||||||||||||||||||||||||||||||
Goods/services transferred at a point in time | $ | 45,639 | $ | 1,655,429 | $ | 133,657 | $ | 3,378,429 | ||||||||||||||||||||||
Goods/services transferred over time | 2,081,000 | 20,200 | 4,181,000 | 42,000 | ||||||||||||||||||||||||||
Total | $ | 2,126,639 | $ | 1,675,629 | $ | 4,314,657 | $ | 3,420,429 |
Timing of Revenue Recognition: | |||||||||||||||
Goods/services transferred at a point in time | $ | 26,895 | $ | 1,791,866 | $ | 160,552 | $ | 5,170,295 | |||||||
Goods/services transferred over time | 2,000,100 | 21,500 | 6,181,100 | 63,500 | |||||||||||
Total | $ | 2,026,995 | $ | 1,813,366 | $ | 6,341,652 | $ | 5,233,795 |
As of | |||||||
June 29, 2019 | September 29, 2018 | ||||||
Derivatives Designated as Accounting Hedges: | |||||||
Notional amount (in thousands) | $ | 124,631 | $ | 116,992 | |||
Number of contracts | 54 | 54 | |||||
Derivatives Not Designated as Accounting Hedges: | |||||||
Notional amount (in thousands) | $ | 305,924 | $ | 356,076 | |||
Number of contracts | 47 | 56 |
As of | |||||||
March 30, 2019 | September 29, 2018 | ||||||
Derivatives Designated as Accounting Hedges: | |||||||
Notional amount (in thousands) | $ | 108,690 | $ | 116,992 | |||
Number of contracts | 49 | 54 | |||||
Derivatives Not Designated as Accounting Hedges: | |||||||
Notional amount (in thousands) | $ | 327,153 | $ | 356,076 | |||
Number of contracts | 43 | 56 |
As of | |||||||
June 29, 2019 | September 29, 2018 | ||||||
(In thousands) | |||||||
Senior secured notes due 2019 ("2019 Notes") | $ | — | $ | 375,000 | |||
Term loan due 2023 ("Term Loan"), net of issuance costs | 370,222 | — | |||||
Non-interest bearing promissory notes | 14,884 | 17,667 | |||||
Total long-term debt | 385,106 | 392,667 | |||||
Less: Current portion of non-interest bearing promissory notes | 14,884 | 3,321 | |||||
Current portion of long-term debt | 18,750 | 375,000 | |||||
Long-term debt | $ | 351,472 | $ | 14,346 |
As of | |||||||
March 30, 2019 | September 29, 2018 | ||||||
(In thousands) | |||||||
Senior secured notes due 2019 | $ | 375,000 | $ | 375,000 | |||
Non-interest bearing promissory notes | 18,360 | 17,667 | |||||
Total long-term debt | 393,360 | 392,667 | |||||
Less: Current portion of non-interest bearing promissory notes | 18,360 | 3,321 | |||||
Current portion of long-term debt | 375,000 | 375,000 | |||||
Long-term debt | $ | — | $ | 14,346 |
(In Thousands) | |
2019 | $4,688 |
2020 | $18,750 |
2021 | $18,750 |
2022 | $18,750 |
2023 | $18,750 |
2024 | $295,312 |
$375,000 |
Restructuring Expense | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
Severance costs (approximately 2,900 employees) | $ | 963 | $ | 758 | $ | 1,715 | $ | 25,250 | |||||||
Other exit costs | 1,228 | 89 | 5,100 | 363 | |||||||||||
Total | 2,191 | 847 | 6,815 | 25,613 | |||||||||||
Severance reimbursement | — | — | — | (10,000 | ) | ||||||||||
Total - Q1 FY18 plan | 2,191 | 847 | 6,815 | 15,613 | |||||||||||
Costs incurred for other plans | 5,795 | 174 | 6,322 | 359 | |||||||||||
Total - all plans | $ | 7,986 | $ | 1,021 | $ | 13,137 | $ | 15,972 |
Restructuring Expense | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Severance costs (approximately 2,900 employees) | $ | 359 | $ | 1,191 | $ | 752 | $ | 24,492 | |||||||
Other exit costs | 768 | 274 | 3,872 | 274 | |||||||||||
Total | 1,127 | 1,465 | 4,624 | 24,766 | |||||||||||
Severance reimbursement | — | (10,000 | ) | — | (10,000 | ) | |||||||||
Total - Q1 FY18 plan | 1,127 | (8,535 | ) | 4,624 | 14,766 | ||||||||||
Costs incurred for other plans | 1,885 | (56 | ) | 527 | 185 | ||||||||||
Total - all plans | $ | 3,012 | $ | (8,591 | ) | $ | 5,151 | $ | 14,951 |
As of | |||||||
June 29, 2019 | September 29, 2018 | ||||||
(In thousands) | |||||||
Foreign currency translation adjustments | $ | 87,871 | $ | 87,889 | |||
Unrealized holding losses on derivative financial instruments | (17,359 | ) | (335 | ) | |||
Unrecognized net actuarial losses and transition costs for benefit plans | (12,511 | ) | (13,610 | ) | |||
Total | $ | 58,001 | $ | 73,944 |
As of | |||||||
March 30, 2019 | September 29, 2018 | ||||||
(In thousands) | |||||||
Foreign currency translation adjustments | $ | 87,402 | $ | 87,889 | |||
Unrealized holding losses on derivative financial instruments | (9,545 | ) | (335 | ) | |||
Unrecognized net actuarial losses and transition costs for benefit plans | (12,776 | ) | (13,610 | ) | |||
Total | $ | 65,081 | $ | 73,944 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Gross sales: | ||||||||||||||||||||||||||||||
IMS | $ | 1,793,119 | $ | 1,374,581 | $ | 3,586,301 | $ | 2,803,428 | $ | 1,720,028 | $ | 1,490,069 | $ | 5,306,329 | $ | 4,293,497 | ||||||||||||||
CPS | 394,985 | 345,732 | 850,788 | 702,461 | 362,078 | 374,642 | 1,212,866 | 1,077,103 | ||||||||||||||||||||||
Intersegment revenue | (61,465 | ) | (44,684 | ) | (122,432 | ) | (85,460 | ) | (55,111 | ) | (51,345 | ) | (177,543 | ) | (136,805 | ) | ||||||||||||||
Net sales | $ | 2,126,639 | $ | 1,675,629 | $ | 4,314,657 | $ | 3,420,429 | $ | 2,026,995 | $ | 1,813,366 | $ | 6,341,652 | $ | 5,233,795 | ||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||
IMS | $ | 114,837 | $ | 85,916 | $ | 225,493 | $ | 168,533 | $ | 109,318 | $ | 85,381 | $ | 334,811 | $ | 253,914 | ||||||||||||||
CPS | 40,292 | 31,372 | 80,811 | 61,238 | 40,402 | 31,300 | 121,213 | 92,538 | ||||||||||||||||||||||
Total | 155,129 | 117,288 | 306,304 | 229,771 | 149,720 | 116,681 | 456,024 | 346,452 | ||||||||||||||||||||||
Unallocated items (1) | (2,027 | ) | (2,590 | ) | (3,865 | ) | (5,607 | ) | (1,925 | ) | 1,855 | (5,790 | ) | (3,752 | ) | |||||||||||||||
Total | $ | 153,102 | $ | 114,698 | $ | 302,439 | $ | 224,164 | $ | 147,795 | $ | 118,536 | $ | 450,234 | $ | 342,700 |
(1) | For purposes of evaluating segment performance, management excludes certain items from its measure of gross profit. These items consist of stock-based compensation expense, amortization of intangible assets and charges or credits resulting from distressed customers. |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
(In thousands) | |||||||||||||||
Net sales: | |||||||||||||||
Americas (1) | $ | 1,003,024 | $ | 917,866 | $ | 3,268,600 | $ | 2,644,373 | |||||||
EMEA | 273,735 | 222,942 | 777,989 | 630,771 | |||||||||||
APAC | 750,236 | 672,558 | 2,295,063 | 1,958,651 | |||||||||||
Total | $ | 2,026,995 | $ | 1,813,366 | $ | 6,341,652 | $ | 5,233,795 |
(1) | Mexico represents approximately 60% of the Americas revenue and the U.S. represents approximately 35%. |
Percentage of net sales represented by ten largest customers | 55 | % | 52 | % | 54 | % | 53 | % | |||
Number of customers representing 10% or more of net sales | 1 | 1 | 1 | 1 |
Three Months Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
(In thousands) | |||||||||||||||
Net sales | |||||||||||||||
United States | $ | 400,888 | $ | 321,337 | $ | 855,659 | $ | 636,145 | |||||||
Mexico | 661,010 | 494,760 | 1,323,158 | 983,994 | |||||||||||
China | 413,304 | 265,913 | 846,726 | 581,005 | |||||||||||
Malaysia | 87,588 | 150,638 | 210,493 | 336,350 | |||||||||||
Other international | 563,849 | 442,981 | 1,078,621 | 882,935 | |||||||||||
Total | $ | 2,126,639 | $ | 1,675,629 | $ | 4,314,657 | $ | 3,420,429 |
Percentage of net sales represented by ten largest customers | 55 | % | 53 | % | 54 | % | 54 | % | |||
Number of customers representing 10% or more of net sales | 1 | 1 | 1 | 2 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Numerator: | |||||||||||||||
Net income (loss) | $ | 42,921 | $ | 33,963 | $ | 121,758 | $ | (96,315 | ) | ||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding | 69,499 | 68,907 | 68,872 | 70,366 | |||||||||||
Effect of dilutive stock options and restricted stock units | 2,508 | 3,146 | 2,588 | — | |||||||||||
Denominator for diluted earnings per share | 72,007 | 72,053 | 71,460 | 70,366 | |||||||||||
Net income (loss) per share: | |||||||||||||||
Basic | $ | 0.62 | $ | 0.49 | $ | 1.77 | $ | (1.37 | ) | ||||||
Diluted | $ | 0.60 | $ | 0.47 | $ | 1.70 | $ | (1.37 | ) |
Three Months Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Numerator: | |||||||||||||||
Net income (loss) | $ | 40,885 | $ | 24,632 | $ | 78,837 | $ | (130,278 | ) | ||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding | 68,821 | 70,441 | 68,556 | 71,096 | |||||||||||
Effect of dilutive stock options and restricted stock units | 2,625 | 3,141 | 2,606 | — | |||||||||||
Denominator for diluted earnings per share | 71,446 | 73,582 | 71,162 | 71,096 | |||||||||||
Net income (loss) per share: | |||||||||||||||
Basic | $ | 0.59 | $ | 0.35 | $ | 1.15 | $ | (1.83 | ) | ||||||
Diluted | $ | 0.57 | $ | 0.33 | $ | 1.11 | $ | (1.83 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
(In thousands) | |||||||||||||||
Stock options | $ | 602 | $ | 1,362 | $ | 701 | $ | 5,105 | |||||||
Restricted stock units, including performance based awards | 7,534 | 8,399 | 19,877 | 23,593 | |||||||||||
Total | $ | 8,136 | $ | 9,761 | $ | 20,578 | $ | 28,698 |
Three Months Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
(In thousands) | |||||||||||||||
Stock options | $ | 6 | $ | 2,566 | $ | 99 | $ | 3,743 | |||||||
Restricted stock units, including performance based awards | 6,620 | 7,729 | 12,343 | 15,194 | |||||||||||
Total | $ | 6,626 | $ | 10,295 | $ | 12,442 | $ | 18,937 |
Three Months Ended | Nine Months Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
(In thousands) | |||||||||||||||
Cost of sales | $ | 2,729 | $ | 2,055 | $ | 7,046 | $ | 6,354 | |||||||
Selling, general and administrative | 5,328 | 7,490 | 13,257 | 22,042 | |||||||||||
Research and development | 79 | 216 | 275 | 302 | |||||||||||
Total | $ | 8,136 | $ | 9,761 | $ | 20,578 | $ | 28,698 |
Three Months Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
(In thousands) | |||||||||||||||
Cost of sales | $ | 2,582 | $ | 1,851 | $ | 4,317 | $ | 4,299 | |||||||
Selling, general and administrative | 3,939 | 8,388 | 7,929 | 14,552 | |||||||||||
Research and development | 105 | 56 | 196 | 86 | |||||||||||
Total | $ | 6,626 | $ | 10,295 | $ | 12,442 | $ | 18,937 |
Number of Shares | Weighted- Average Grant Date Fair Value ($) | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($) | |||||||
(In thousands) | (In thousands) | |||||||||
Outstanding as of September 29, 2018 | 3,303 | 30.33 | 1.21 | 97,913 | ||||||
Granted | 1,742 | 24.83 | ||||||||
Vested/Forfeited/Cancelled | (1,977 | ) | 29.46 | |||||||
Outstanding as of June 29, 2019 | 3,068 | 27.77 | 1.52 | 86,047 | ||||||
Expected to vest as of June 29, 2019 | 2,407 | 27.94 | 1.34 | 67,512 |
Number of Shares | Weighted- Average Grant Date Fair Value ($) | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($) | |||||||
(In thousands) | (In thousands) | |||||||||
Outstanding as of September 29, 2018 | 3,303 | 30.33 | 1.21 | 97,913 | ||||||
Granted | 1,677 | 24.58 | ||||||||
Vested/Forfeited/Cancelled | (1,697 | ) | 30.03 | |||||||
Outstanding as of March 30, 2019 | 3,283 | 27.55 | 1.62 | 100,282 | ||||||
Expected to vest as of March 30, 2019 | 2,598 | 27.70 | 1.42 | 79,376 |
1. | Integrated Manufacturing Solutions (IMS). Our IMS segment consists of printed circuit board assembly and test, final system assembly and test and direct-order-fulfillment. |
2. | Components, Products and Services (CPS). Components include interconnect systems (printed circuit board fabrication, backplane and cable assemblies and plastic injection molding) and mechanical systems (enclosures and precision machining). Products include memory, RF, optical and microelectronic and enterprise, computing and data storage solutions from our Viking Technology division, defense and aerospace products from SCI Technology and cloud-based manufacturing execution solutions from our 42Q division. Services include design, engineering, logistics and repair services. |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Net sales | $ | 2,126,639 | $ | 1,675,629 | $ | 4,314,657 | $ | 3,420,429 | $ | 2,026,995 | $ | 1,813,366 | $ | 6,341,652 | $ | 5,233,795 | ||||||||||||||
Gross profit | $ | 153,102 | $ | 114,698 | $ | 302,439 | $ | 224,164 | $ | 147,795 | $ | 118,536 | $ | 450,234 | $ | 342,700 | ||||||||||||||
Operating income | $ | 78,115 | $ | 48,774 | $ | 155,658 | $ | 62,562 | $ | 67,374 | $ | 47,060 | $ | 223,032 | $ | 109,622 | ||||||||||||||
Net income (loss) (1) | $ | 40,885 | $ | 24,632 | $ | 78,837 | $ | (130,278 | ) | $ | 42,921 | $ | 33,963 | $ | 121,758 | $ | (96,315 | ) |
(1) | Results of operations for the |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | Increase/(Decrease) | March 30, 2019 | March 31, 2018 | Increase/(Decrease) | June 29, 2019 | June 30, 2018 | Increase/(Decrease) | June 29, 2019 | June 30, 2018 | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||
Communications Networks | $ | 771,970 | $ | 642,335 | $ | 129,635 | 20.2 | % | $ | 1,551,691 | $ | 1,321,181 | $ | 230,510 | 17.4 | % | $ | 736,281 | $ | 673,124 | $ | 63,157 | 9.4 | % | $ | 2,276,920 | $ | 1,994,305 | $ | 282,615 | 14.2 | % | ||||||||||||||||||||||
Industrial, Medical, Defense and Automotive | 1,150,077 | 860,691 | 289,386 | 33.6 | % | 2,332,561 | 1,746,386 | 586,175 | 33.6 | % | 1,114,348 | 936,211 | 178,137 | 19.0 | % | 3,459,395 | 2,682,598 | 776,797 | 29.0 | % | ||||||||||||||||||||||||||||||||||
Cloud Solutions | 204,592 | 172,603 | 31,989 | 18.5 | % | 430,405 | 352,862 | 77,543 | 22.0 | % | 176,366 | 204,031 | (27,665 | ) | (13.6 | )% | 605,337 | 556,892 | 48,445 | 8.7 | % | |||||||||||||||||||||||||||||||||
Total | $ | 2,126,639 | $ | 1,675,629 | $ | 451,010 | 26.9 | % | $ | 4,314,657 | $ | 3,420,429 | $ | 894,228 | 26.1 | % | $ | 2,026,995 | $ | 1,813,366 | $ | 213,629 | 11.8 | % | $ | 6,341,652 | $ | 5,233,795 | $ | 1,107,857 | 21.2 | % |
Restructuring Expense | Restructuring Expense | |||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||||||||||||
Severance costs (approximately 2,900 employees) | $ | 359 | $ | 1,191 | $ | 752 | $ | 24,492 | $ | 963 | $ | 758 | $ | 1,715 | $ | 25,250 | ||||||||||||||
Other exit costs | 768 | 274 | 3,872 | 274 | 1,228 | 89 | 5,100 | 363 | ||||||||||||||||||||||
Total | 1,127 | 1,465 | 4,624 | 24,766 | 2,191 | 847 | 6,815 | 25,613 | ||||||||||||||||||||||
Severance reimbursement | — | (10,000 | ) | — | (10,000 | ) | — | — | — | (10,000 | ) | |||||||||||||||||||
Total - Q1 FY18 plan | 1,127 | (8,535 | ) | 4,624 | 14,766 | 2,191 | 847 | 6,815 | 15,613 | |||||||||||||||||||||
Costs incurred for other plans | 1,885 | (56 | ) | 527 | 185 | 5,795 | 174 | 6,322 | 359 | |||||||||||||||||||||
Total - all plans | $ | 3,012 | $ | (8,591 | ) | $ | 5,151 | $ | 14,951 | $ | 7,986 | $ | 1,021 | $ | 13,137 | $ | 15,972 |
Six Months Ended | Nine Months Ended | |||||||||||||
March 30, 2019 | March 31, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Net cash provided by (used in): | ||||||||||||||
Operating activities | $ | 27,302 | $ | 34,123 | $ | 192,768 | $ | 95,880 | ||||||
Investing activities | (71,823 | ) | (72,892 | ) | (98,467 | ) | (95,539 | ) | ||||||
Financing activities | 30,326 | 37,199 | (100,038 | ) | (3,389 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 161 | 186 | 482 | 1,164 | ||||||||||
Increase (decrease) in cash and cash equivalents | $ | (14,034 | ) | $ | (1,384 | ) | $ | (5,255 | ) | $ | (1,884 | ) |
As of | As of | |||||
March 30, 2019 | September 29, 2018 | June 29, 2019 | September 29, 2018 | |||
Days sales outstanding (1) | 56 | 56 | 57 | 56 | ||
Contract asset days (2) | 17.4 | — | 17 | — | ||
Inventory turns (3) | 7.7 | 5.5 | 7.8 | 5.5 | ||
Days inventory on hand (4) | 48 | 67 | 47 | 67 | ||
Accounts payable days (5) | 69 | 75 | 68 | 75 | ||
Cash cycle days (6) | 53 | 48 | 53 | 48 |
(1) | Days sales outstanding (a measure of how quickly we collect our accounts receivable), or "DSO", is calculated as the ratio of average accounts receivable, net, to average daily net sales for the quarter. |
(2) | Contract asset days are calculated as the ratio of average contract assets to average daily net sales for the quarter. This is a new measure in the first quarter of 2019 due to our adoption of the new revenue accounting standard. |
(3) | Inventory turns (annualized) are calculated as the ratio of four times our cost of sales for the quarter to average inventory. This measure was impacted as a result of our adoption of the new revenue standard in the first quarter of 2019, for which prior periods have not been restated and therefore may not be comparable. |
(4) | Days inventory on hand is calculated as the ratio of average inventory for the quarter to average daily cost of sales for the quarter. This measure was impacted as a result of our adoption of the new revenue standard in the first quarter of 2019, for which prior periods have not been restated and therefore may not be comparable. |
(5) | Accounts payable days (a measure of how quickly we pay our suppliers), or "DPO", is calculated as the ratio of 365 days divided by accounts payable turns, in which accounts payable turns is calculated as the ratio of four times our cost of sales for the quarter to average accounts payable. |
(6) | Cash cycle days is calculated as days inventory on hand plus days sales outstanding and contract assets day minus accounts payable days. |
Exhibit Number | Description | |
31.1 | ||
31.2 | ||
32.1 (1) | ||
32.2 (1) | ||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
‡ | Portions of this exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933. |
(1) | This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings. |
SANMINA CORPORATION | |||
(Registrant) | |||
By: | /s/ MICHAEL J. CLARKE | ||
Michael J. Clarke | |||
Chief Executive Officer (Principal Executive Officer) | |||
Date: | |||
By: | /s/ DAVID R. ANDERSON | ||
David R. Anderson | |||
Executive Vice President and | |||
Chief Financial Officer (Principal Financial Officer) | |||
Date: |