☒ | 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 |
George Town Grand Cayman Cayman Islands (Address of principal executive offices) | 98-1228572 | |
(I.R.S. Employer Identification No.) |
KY1-9005 | ||
(Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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 No. | ||||||||
(in thousands of U.S. dollars, except share data and par value) | December 25, 2020 | June 26, 2020 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 219,221 | $ | 225,430 | |||||||
Short-term restricted cash | 7,402 | 7,402 | |||||||||
Short-term investments | 261,817 | 262,693 | |||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $123 and $336, respectively | 318,430 | 272,665 | |||||||||
Contract assets | 16,223 | 13,256 | |||||||||
Inventories | 371,996 | 309,786 | |||||||||
Other receivable | 24,310 | 24,310 | |||||||||
Prepaid expenses | 3,141 | 5,399 | |||||||||
Other current assets | 29,187 | 14,508 | |||||||||
Total current assets | 1,251,727 | 1,135,449 | |||||||||
Non-current assets | |||||||||||
Long-term restricted cash | 153 | 0 | |||||||||
Property, plant and equipment, net | 227,670 | 228,274 | |||||||||
Intangibles, net | 4,367 | 4,312 | |||||||||
Operating right-of-use assets | 7,271 | 8,068 | |||||||||
Deferred tax assets | 6,213 | 5,675 | |||||||||
Other non-current assets | 236 | 202 | |||||||||
Total non-current assets | 245,910 | 246,531 | |||||||||
Total Assets | $ | 1,497,637 | $ | 1,381,980 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Long-term borrowings, current portion, net | $ | 12,156 | $ | 12,156 | |||||||
Trade accounts payable | 296,948 | 251,603 | |||||||||
Fixed assets payable | 7,748 | 15,127 | |||||||||
Contract liabilities | 1,804 | 1,556 | |||||||||
Operating lease liabilities, current portion | 2,277 | 1,979 | |||||||||
Income tax payable | 2,806 | 2,242 | |||||||||
Accrued payroll, bonus and related expenses | 17,633 | 19,265 | |||||||||
Accrued expenses | 14,504 | 8,979 | |||||||||
Other payables | 39,159 | 21,514 | |||||||||
Total current liabilities | 395,035 | 334,421 | |||||||||
Non-current liabilities | |||||||||||
Long-term borrowings, non-current portion, net | 33,436 | 39,514 | |||||||||
Deferred tax liability | 4,592 | 4,729 | |||||||||
Operating lease liability, non-current portion | 4,737 | 5,873 | |||||||||
Severance liabilities | 19,011 | 17,379 | |||||||||
Other non-current liabilities | 4,156 | 5,655 | |||||||||
Total non-current liabilities | 65,932 | 73,150 | |||||||||
Total Liabilities | 460,967 | 407,571 | |||||||||
Commitments and contingencies (Note 17) | 0 | 0 | |||||||||
Shareholders’ equity | |||||||||||
Preferred shares (5,000,000 shares authorized, $0.01 par value; 0 shares issued and outstanding as of December 25, 2020 and June 26, 2020) | 0 | 0 | |||||||||
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,698,068 shares and 38,471,967 shares issued at December 25, 2020 and June 26, 2020, respectively; and 36,852,416 shares and 36,727,864 shares outstanding at December 25, 2020 and June 26, 2020, respectively) | 387 | 385 | |||||||||
Additional paid-in capital | 177,125 | 175,610 | |||||||||
Less: Treasury shares (1,845,652 shares and 1,744,103 shares as of December 25, 2020 and June 26, 2020 respectively) | (75,575) | (68,501) | |||||||||
Accumulated other comprehensive income (loss) | (1,657) | (1,147) | |||||||||
Retained earnings | 936,390 | 868,062 | |||||||||
Total Shareholders’ Equity | 1,036,670 | 974,409 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,497,637 | $ | 1,381,980 |
(in thousands of U.S. dollars, except share data and par value) | September 25, 2020 | June 26, 2020 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 189,201 | $ | 225,430 | ||||
Short-term restricted cash | 7,402 | 7,402 | ||||||
Short-term investments | 307,238 | 262,693 | ||||||
Trade accounts receivable, net of allowance for doubtful accounts of $186 and $336 , respectively | 289,162 | 272,665 | ||||||
Contract assets | 11,757 | 13,256 | ||||||
Inventories | 339,429 | 309,786 | ||||||
Other receivable | 24,310 | 24,310 | ||||||
Prepaid expenses | 4,095 | 5,399 | ||||||
Other current assets | 7,827 | 14,508 | ||||||
Total current assets | 1,180,421 | 1,135,449 | ||||||
Non-current assets | ||||||||
Property, plant and equipment, net | 227,623 | 228,274 | ||||||
Intangibles, net | 4,147 | 4,312 | ||||||
Operating right-of-use | 7,228 | 8,068 | ||||||
Deferred tax assets | 5,766 | 5,675 | ||||||
Other non-current assets | 221 | 202 | ||||||
Total non-current assets | 244,985 | 246,531 | ||||||
Total Assets | $ | 1,425,406 | $ | 1,381,980 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities | ||||||||
Long-term borrowings, current portion, net | $ | 12,156 | $ | 12,156 | ||||
Trade accounts payable | 284,173 | 251,603 | ||||||
Fixed assets payable | 9,616 | 15,127 | ||||||
Contract liabilities | 966 | 1,556 | ||||||
Operating lease liabilities, current portion | 2,098 | 1,979 | ||||||
Income tax payable | 2,940 | 2,242 | ||||||
Accrued payroll, bonus and related expenses | 18,881 | 19,265 | ||||||
Accrued expenses | 10,077 | 8,979 | ||||||
Other payables | 14,542 | 21,514 | ||||||
Total current liabilities | 355,449 | 334,421 | ||||||
Non-current liabilities | ||||||||
Long-term borrowings, non-current portion, net | 36,475 | 39,514 | ||||||
Deferred tax liability | 4,927 | 4,729 | ||||||
Operating lease liability, non-current portion | 4,906 | 5,873 | ||||||
Severance liabilities | 17,609 | 17,379 | ||||||
Other non-current liabilities | 5,337 | 5,655 | ||||||
Total non-current liabilities | 69,254 | 73,150 | ||||||
Total Liabilities | 424,703 | 407,571 | ||||||
Commitments and contingencies (Note 1 7 ) | ||||||||
Shareholders’ equity | ||||||||
Preferred shares (5,000,000 shares authorized, $0.01 par value; 0 shares issued and outstanding as of September 25,2020 and June 26, 2020) | — | — | ||||||
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,680,659 shares and 38,471,967 shares issued at September 25, 2020 and June 26, 2020, respectively; and 36,936,556 shares and 36,727,864 shares outstanding at September 25, 2020 and June 26, 2020, respectively) | 387 | 385 | ||||||
Additional paid-in capital | 171,715 | 175,610 | ||||||
Less: Treasury shares (1,744,103 shares and 1,744,103 shares as of | (68,501 | ) | (68,501 | ) | ||||
Accumulated other comprehensive loss | (3,904 | ) | (1,147 | ) | ||||
Retained earnings | 901,006 | 868,062 | ||||||
Total Shareholders’ Equity | 1,000,703 | 974,409 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 1,425,406 | $ | 1,381,980 | ||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands of U.S. dollars, except per share data) | December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | |||||||||||||||||||
Revenues | $ | 453,827 | $ | 426,217 | $ | 890,466 | $ | 825,513 | |||||||||||||||
Cost of revenues | (400,806) | (377,059) | (786,965) | (730,368) | |||||||||||||||||||
Gross profit | 53,021 | 49,158 | 103,501 | 95,145 | |||||||||||||||||||
Selling, general and administrative expenses | (17,156) | (17,078) | (34,019) | (33,078) | |||||||||||||||||||
Expenses related to reduction in workforce | 0 | (16) | 0 | (16) | |||||||||||||||||||
Operating income | 35,865 | 32,064 | 69,482 | 62,051 | |||||||||||||||||||
Interest income | 1,111 | 1,940 | 2,215 | 4,038 | |||||||||||||||||||
Interest expense | (265) | (181) | (516) | (2,574) | |||||||||||||||||||
Foreign exchange gain (loss), net | (533) | (988) | (405) | (2,941) | |||||||||||||||||||
Other income (expense), net | 158 | 397 | 279 | 774 | |||||||||||||||||||
Income before income taxes | 36,336 | 33,232 | 71,055 | 61,348 | |||||||||||||||||||
Income tax expense | (952) | (2,001) | (2,620) | (4,160) | |||||||||||||||||||
Net income | 35,384 | 31,231 | 68,435 | 57,188 | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Change in net unrealized gain (loss) on available-for-sale securities | (42) | (82) | (367) | (47) | |||||||||||||||||||
Change in net unrealized gain (loss) on derivative instruments | 2,385 | (189) | (823) | (150) | |||||||||||||||||||
Change in net retirement benefits plan – prior service cost | 50 | 101 | 223 | 184 | |||||||||||||||||||
Change in foreign currency translation adjustment | (146) | 616 | 457 | 247 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | 2,247 | 446 | (510) | 234 | |||||||||||||||||||
Net comprehensive income (loss) | $ | 37,631 | $ | 31,677 | $ | 67,925 | $ | 57,422 | |||||||||||||||
Earnings per share | |||||||||||||||||||||||
Basic | $ | 0.96 | $ | 0.84 | $ | 1.86 | $ | 1.55 | |||||||||||||||
Diluted | $ | 0.94 | $ | 0.83 | $ | 1.83 | $ | 1.52 | |||||||||||||||
Weighted-average number of ordinary shares outstanding (thousands of shares) | |||||||||||||||||||||||
Basic | 36,936 | 37,011 | 36,877 | 36,962 | |||||||||||||||||||
Diluted | 37,551 | 37,763 | 37,467 | 37,646 | |||||||||||||||||||
Three Months Ended | ||||||||
(in thousands of U.S. dollars, except per share data) | September 25, 2020 | September 27, 2019 | ||||||
Revenues | $ | 436,639 | $ | 399,296 | ||||
Cost of revenues | (386,159 | ) | (353,309 | ) | ||||
Gross profit | 50,480 | 45,987 | ||||||
Selling, general and administrative expenses | (16,863 | ) | (16,000 | ) | ||||
Operating income | 33,617 | 29,987 | ||||||
Interest income | 1,104 | 2,098 | ||||||
Interest expense | (251 | ) | (2,393 | ) | ||||
Foreign exchange gain (loss), net | 128 | (1,953 | ) | |||||
Other income (expense), net | 121 | 377 | ||||||
Income before income taxes | 34,719 | 28,116 | ||||||
Income tax expense | (1,668 | ) | (2,159 | ) | ||||
Net income | 33,051 | 25,957 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||
Change in net unrealized gain (loss) on available-for-sale | (325 | ) | 35 | |||||
Change in net unrealized gain (loss) on derivative instruments | (3,208 | ) | 39 | |||||
Change in net retirement benefits plan – prior service cost | 173 | 83 | ||||||
Change in foreign currency translation adjustment | 603 | (369 | ) | |||||
Total other comprehensive income (loss), net of tax | (2,757 | ) | (212 | ) | ||||
Net comprehensive income | $ | 30,294 | $ | 25,745 | ||||
Earnings per share | ||||||||
Basic | $ | 0.90 | $ | 0.70 | ||||
Diluted | $ | 0.88 | $ | 0.69 | ||||
Weighted-average number of ordinary shares outstanding | ||||||||
Basic | 36,818 | 36,913 | ||||||
Diluted | 37,383 | 37,529 |
Ordinary Share | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balances at September 25, 2020 | 38,680,659 | $ | 387 | $ | 171,715 | $ | (68,501) | $ | (3,904) | $ | 901,006 | $ | 1,000,703 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 35,384 | 35,384 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 2,247 | — | 2,247 | ||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 5,851 | — | — | — | 5,851 | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 17,409 | 0 | 0 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of 101,549 shares held as treasury shares | — | — | — | (7,074) | — | — | (7,074) | ||||||||||||||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | (441) | — | — | — | (441) | ||||||||||||||||||||||||||||||||||
Balances at December 25, 2020 | 38,698,068 | $ | 387 | $ | 177,125 | $ | (75,575) | $ | (1,657) | $ | 936,390 | $ | 1,036,670 |
Ordinary Share | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | |||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | ||||||||||||||||||||||||||
Balances at June 26, 2020 | 38,471,967 | 385 | 175,610 | (68,501 | ) | (1,147 | ) | 868,062 | 974,409 | |||||||||||||||||||
Net income | — | — | — | — | — | 33,051 | 33,051 | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | (2,757 | ) | — | (2,757 | ) | |||||||||||||||||||
Cumulative effect adjustment from adoption of ASC 326 | — | — | — | — | — | (107 | ) | (107 | ) | |||||||||||||||||||
Share-based compensation | — | — | 6,027 | — | — | — | 6,027 | |||||||||||||||||||||
Issuance of ordinary shares | 208,692 | 2 | (2 | ) | — | — | — | — | ||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | (9,920 | ) | — | — | — | (9,920 | ) | |||||||||||||||||||
Balances at September 25, 2020 | 38,680,659 | 387 | 171,715 | (68,501 | ) | (3,904 | ) | 901,006 | 1,000,703 | |||||||||||||||||||
Ordinary Share | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balances at June 26, 2020 | 38,471,967 | $ | 385 | $ | 175,610 | $ | (68,501) | $ | (1,147) | $ | 868,062 | $ | 974,409 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 68,435 | 68,435 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (510) | — | (510) | ||||||||||||||||||||||||||||||||||
Cumulative effect adjustment from adoption of ASC 326 | — | — | — | — | — | (107) | (107) | ||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 11,878 | — | — | — | 11,878 | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 226,101 | 2 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Repurchase of 101,549 shares held as treasury shares | — | — | — | (7,074) | — | — | (7,074) | ||||||||||||||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | (10,361) | — | — | — | (10,361) | ||||||||||||||||||||||||||||||||||
Balances at December 25, 2020 | 38,698,068 | $ | 387 | $ | 177,125 | $ | (75,575) | $ | (1,657) | $ | 936,390 | $ | 1,036,670 |
Ordinary Share | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Total | |||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | ||||||||||||||||||||||||||
Balances at June 28, 2019 | 38,230,753 | 382 | 158,299 | (47,779 | ) | (2,386 | ) | 754,583 | 863,099 | |||||||||||||||||||
Net income | — | — | — | — | — | 25,957 | 25,957 | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | (212 | ) | — | (212 | ) | |||||||||||||||||||
Share-based compensation | — | — | 5,995 | — | — | — | 5,995 | |||||||||||||||||||||
Issuance of ordinary shares | 158,375 | 2 | (2 | ) | — | — | — | 0 | ||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | (4,144 | ) | — | — | — | (4,144 | ) | |||||||||||||||||||
Balances at September 27, 2019 | 38,389,128 | 384 | 160,148 | (47,779 | ) | (2,598 | ) | 780,540 | 890,695 | |||||||||||||||||||
Three Months Ended | ||||||||
(in thousands of U.S. dollars) | September 25, 2020 | September 27, 2019 | ||||||
Cash flows from operating activities | ||||||||
Net income for the period | $ | 33,051 | $ | 25,957 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 8,570 | 7,465 | ||||||
(Gain) loss on disposal of property, plant and equipment | (19 | ) | 8 | |||||
(Gain) loss from sales and maturities of available-for-sale | — | (67 | ) | |||||
Amortization of investment discount | 481 | 65 | ||||||
Amortization of deferred debt issuance costs | 8 | 2 | ||||||
(Reversal of) allowance for doubtful accounts | (257 | ) | (5 | ) | ||||
Unrealized (gain) loss on exchange rate and fair value of foreign currency forward contracts | (890 | ) | 1,479 | |||||
Unrealized loss (gain) on fair value of interest rate swaps | — | 1,671 | ||||||
Amortization of fair value at hedge inception of interest rate swaps | (359 | ) | — | |||||
Share-based compensation | 6,027 | 5,995 | ||||||
Deferred income tax | 56 | 705 | ||||||
Other non-cash expenses | 96 | 53 | ||||||
Changes in operating assets and liabilities | ||||||||
Trade accounts receivable | (16,497 | ) | (12,967 | ) | ||||
Contract assets | 1,499 | 827 | ||||||
Inventories | (29,643 | ) | (27,898 | ) | ||||
Other current assets and non-current assets | 7,812 | 4,225 | ||||||
Trade accounts payable | 33,546 | (5,263 | ) | |||||
Contract liabilities | (590 | ) | 27 | |||||
Income tax payable | 871 | 733 | ||||||
Severance liabilities | 745 | 811 | ||||||
Other current liabilities and non-current liabilities | (10,001 | ) | (1,176 | ) | ||||
Net cash provided by operating activities | 34,506 | 2,647 | ||||||
Cash flows from investing activities | ||||||||
Purchase of short-term investments | (79,103 | ) | (62,880 | ) | ||||
Proceeds from sales of short-term investments | — | 49,472 | ||||||
Proceeds from maturities of short-term investments | 33,750 | 31,673 | ||||||
Purchase of property, plant and equipment | (12,572 | ) | (6,343 | ) | ||||
Purchase of intangibles | (530 | ) | (246 | ) | ||||
Proceeds from disposal of property, plant and equipment | 21 | — | ||||||
Net cash (used in) provided by investing activities | (58,434 | ) | 11,676 | |||||
Cash flows from financing activities | ||||||||
Payment of debt issuance costs | — | (153 | ) | |||||
Proceeds from long-term borrowings | — | 60,938 | ||||||
Repayment of long-term borrowings | (3,047 | ) | (60,938 | ) | ||||
Repayment of finance lease liability | (100 | ) | (109 | ) | ||||
Withholding tax related to net share settlement of restricted share units | (9,920 | ) | (4,144 | ) | ||||
Net cash used in financing activities | (13,067 | ) | (4,406 | ) | ||||
Net (decrease) in cash, cash equivalents and restricted cashincrease | (36,995 | ) | 9,917 | |||||
Movement in cash, cash equivalents and restricted cash | ||||||||
Cash, cash equivalents and restricted cash at the beginning of period | 232,832 | 188,241 | ||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (36,995 | ) | 9,917 | |||||
Effect of exchange rate on cash, cash equivalents and restricted cash | 766 | (41 | ) | |||||
Cash, cash equivalents and restricted cash at the end of period | $ | 196,603 | $ | 198,117 | ||||
Non-cash investing and financing activities | ||||||||
Construction, software and equipment-related payables | $ | 9,616 | $ | 9,816 |
Ordinary Share | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balances at September 27, 2019 | 38,389,128 | $ | 384 | $ | 160,148 | $ | (47,779) | $ | (2,598) | $ | 780,540 | $ | 890,695 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 31,231 | 31,231 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 446 | — | 446 | ||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 6,188 | — | — | — | 6,188 | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 19,762 | 0 | 0 | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | (233) | — | — | — | (233) | ||||||||||||||||||||||||||||||||||
Balances at December 27, 2019 | 38,408,890 | $ | 384 | $ | 166,103 | $ | (47,779) | $ | (2,152) | $ | 811,771 | $ | 928,327 |
Ordinary Share | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balances at June 28, 2019 | 38,230,753 | $ | 382 | $ | 158,299 | $ | (47,779) | $ | (2,386) | $ | 754,583 | $ | 863,099 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 57,188 | 57,188 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 234 | — | 234 | ||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 12,183 | — | — | — | 12,183 | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 178,137 | 2 | (2) | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | (4,377) | — | — | — | (4,377) | ||||||||||||||||||||||||||||||||||
Balances at December 27, 2019 | 38,408,890 | $ | 384 | $ | 166,103 | $ | (47,779) | $ | (2,152) | $ | 811,771 | $ | 928,327 |
Six Months Ended | |||||||||||
(in thousands of U.S. dollars) | December 25, 2020 | December 27, 2019 | |||||||||
Cash flows from operating activities | |||||||||||
Net income for the period | $ | 68,435 | $ | 57,188 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 17,650 | 15,279 | |||||||||
(Gain) loss on disposal of property, plant and equipment | (24) | 242 | |||||||||
(Gain) loss from sales and maturities of available-for-sale securities | (86) | (79) | |||||||||
Amortization of investment discount | 1,003 | 117 | |||||||||
Amortization of deferred debt issuance costs | 16 | 10 | |||||||||
(Reversal of) allowance for doubtful accounts | (321) | 6 | |||||||||
Unrealized (gain) loss on exchange rate and fair value of foreign currency forward contracts | (290) | 1,205 | |||||||||
Unrealized loss (gain) on fair value of interest rate swaps | 0 | 1,672 | |||||||||
Amortization of fair value at hedge inception of interest rate swaps | (695) | (433) | |||||||||
Share-based compensation | 11,878 | 12,183 | |||||||||
Deferred income tax | (461) | 1,543 | |||||||||
Other non-cash expenses | (657) | (851) | |||||||||
Changes in operating assets and liabilities | |||||||||||
Trade accounts receivable | (45,410) | (24,970) | |||||||||
Contract assets | (2,967) | 1,333 | |||||||||
Inventories | (62,211) | (767) | |||||||||
Other current assets and non-current assets | (11,983) | 7,471 | |||||||||
Trade accounts payable | 45,179 | (22,816) | |||||||||
Contract liabilities | 248 | 121 | |||||||||
Income tax payable | 548 | 1,336 | |||||||||
Severance liabilities | 1,350 | 2,015 | |||||||||
Other current liabilities and non-current liabilities | 20,112 | 805 | |||||||||
Net cash provided by operating activities | 41,314 | 52,610 | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of short-term investments | (126,701) | (101,727) | |||||||||
Proceeds from sales of short-term investments | 57,486 | 72,664 | |||||||||
Proceeds from maturities of short-term investments | 68,807 | 62,666 | |||||||||
Funds provided to customer to support transfer of manufacturing operations (Note 8) | 0 | (24,310) | |||||||||
Purchase of property, plant and equipment | (22,693) | (15,411) | |||||||||
Purchase of intangibles | (1,271) | (808) | |||||||||
Proceeds from disposal of property, plant and equipment | 26 | 1,195 | |||||||||
Net cash used in investing activities | (24,346) | (5,731) | |||||||||
Cash flows from financing activities | |||||||||||
Payment of debt issuance costs | 0 | (153) | |||||||||
Proceeds from long-term borrowings | 0 | 60,938 | |||||||||
Repayment of long-term borrowings | (6,094) | (63,985) | |||||||||
Repayment of finance lease liability | (100) | (189) | |||||||||
Repurchase of ordinary shares | (7,074) | 0 | |||||||||
Withholding tax related to net share settlement of restricted share units | (10,361) | (4,377) | |||||||||
Net cash used in financing activities | (23,629) | (7,766) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (6,661) | $ | 39,113 | |||||||
Movement in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at the beginning of period | $ | 232,832 | $ | 188,241 | |||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (6,661) | 39,113 | |||||||||
Effect of exchange rate on cash, cash equivalents and restricted cash | 605 | 351 | |||||||||
Cash, cash equivalents and restricted cash at the end of period | $ | 226,776 | $ | 227,705 | |||||||
Non-cash investing and financing activities | |||||||||||
Construction, software and equipment-related payables | $ | 7,748 | $ | 14,307 |
(amount in thousands) | As of December 25, 2020 | As of December 27, 2019 | |||||||||
Cash and cash equivalents | $ | 219,221 | $ | 220,031 | |||||||
Restricted cash | 7,555 | 7,674 | |||||||||
Cash, cash equivalents and restricted cash | $ | 226,776 | $ | 227,705 |
(amount in thousands) | As of September 25, 2020 | As of September 27, 2019 | ||||||
Cash and cash equivalents | $ | 189,201 | $ | 168,535 | ||||
Restricted cash | 7,402 | 29,582 | ||||||
Cash, cash equivalents and restricted cash | $ | 196,603 | $ | 198,117 | ||||
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 |
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 |
(amount in thousands, except percentages) | Three Months Ended December 25, 2020 | As a % of Total Revenues | Six Months Ended December 25, 2020 | As a % of Total Revenues | |||||||||||||||||||
North America | $ | 224,672 | 49.5 | % | $ | 432,074 | 48.5 | % | |||||||||||||||
Asia-Pacific | 153,734 | 33.9 | 299,380 | 33.6 | |||||||||||||||||||
Europe | 75,421 | 16.6 | 159,012 | 17.9 | |||||||||||||||||||
$ | 453,827 | 100.0 | % | $ | 890,466 | 100.0 | % |
(amount in thousands, except percentages) | Three Months Ended September 25, 2020 | As a % of Total Revenues | ||||||
North America | $ | 207,402 | 47.5 | % | ||||
Asia-Pacific | 145,646 | 33.4 | ||||||
Europe | 83,591 | 19.1 | ||||||
$ | 436,639 | 100.0 | % | |||||
(amount in thousands, except percentages) | Three Months Ended December 27, 2019 | As a % of Total Revenues | Six Months Ended December 27, 2019 | As a % of Total Revenues | |||||||||||||||||||
North America | $ | 223,398 | 52.4 | % | $ | 424,345 | 51.4 | % | |||||||||||||||
Asia-Pacific | 141,147 | 33.1 | 259,570 | 31.4 | |||||||||||||||||||
Europe | 61,672 | 14.5 | 141,598 | 17.2 | |||||||||||||||||||
$ | 426,217 | 100.0 | % | $ | 825,513 | 100.0 | % |
(amount in thousands, except percentages) | Three Months Ended September 27, 2019 | As a % of Total Revenues | ||||||
North America | $ | 200,947 | 50.3 | % | ||||
Asia-Pacific | 118,423 | 29.7 | ||||||
Europe | 79,926 | 20.0 | ||||||
$ | 399,296 | 100.0 | % | |||||
(amount in thousands, except percentages) | Three Months Ended December 25, 2020 | As a % of Total Revenues | Six Months Ended December 25, 2020 | As a % of Total Revenues | |||||||||||||||||||
Optical communications | $ | 347,840 | 76.6 | % | $ | 691,757 | 77.7 | % | |||||||||||||||
Lasers, sensors and other | 105,987 | 23.4 | 198,709 | 22.3 | |||||||||||||||||||
Total | $ | 453,827 | 100.0 | % | $ | 890,466 | 100.0 | % |
(amount in thousands, except percentages) | Three Months Ended December 27, 2019 | As a % of Total Revenues | Six Months Ended December 27, 2019 | As a % of Total Revenues | |||||||||||||||||||
Optical communications | $ | 322,068 | 75.6 | % | $ | 624,447 | 75.6 | % | |||||||||||||||
Lasers, sensors and other | 104,149 | 24.4 | 201,066 | 24.4 | |||||||||||||||||||
Total | $ | 426,217 | 100.0 | % | $ | 825,513 | 100.0 | % |
(amount in thousands, except percentages) | Three Months Ended September 25, 2020 | As a % of Total Revenues | ||||||
Optical communications | $ | 343,917 | 78.8 | % | ||||
Lasers, sensors and other | 92,722 | 21.2 | ||||||
Total | $ | 436,639 | 100.0 | % | ||||
(amount in thousands, except percentages) | Three Months Ended September 27, 2019 | As a % of Total Revenues | ||||||
Optical communications | $ | 302,379 | 75.7 | % | ||||
Lasers, sensors and other | 96,917 | 24.3 | ||||||
Total | $ | 399,296 | 100.0 | % | ||||
(amount in thousands) | Contract Assets | ||||
Beginning balance, June 26, 2020 | $ | 13,256 | |||
Revenue recognized | 35,464 | ||||
Amounts collected or invoiced | (32,497) | ||||
Ending balance, December 25, 2020 | $ | 16,223 |
(amount in thousands) | Contract Liabilities | ||||
Beginning balance, June 26, 2020 | $ | 1,556 | |||
Additions advance payment received during the period | 14,597 | ||||
Revenue recognized | (14,349) | ||||
Ending balance, December 25, 2020 | $ | 1,804 |
(amount in thousands) | Contract Assets | |||
Beginning balance, June 26, 2020 | $ | 13,256 | ||
Revenue recognized | 17,444 | |||
Amounts collected or invoiced | (18,943 | ) | ||
Ending balance, September 25, 2020 | $ | 11,757 | ||
(amount in thousands) | Contract Liabilities | |||
Beginning balance, June 26, 2020 | $ | 1,556 | ||
Additions advance payment received during the period | 4,308 | |||
Revenue recognized | (4,898 | ) | ||
Ending balance, September 25, 2020 | $ | 966 | ||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(amount in thousands except per share amounts) | December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | |||||||||||||||||||
Net income attributable to shareholders | $ | 35,384 | $ | 31,231 | $ | 68,435 | $ | 57,188 | |||||||||||||||
Weighted-average number of ordinary shares outstanding (thousands of shares) | 36,936 | 37,011 | 36,877 | 36,962 | |||||||||||||||||||
Incremental shares arising from the assumed vesting of restricted share units and performance share units (thousands of shares) | 615 | 752 | 590 | 684 | |||||||||||||||||||
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares) | 37,551 | 37,763 | 37,467 | 37,646 | |||||||||||||||||||
Basic earnings per ordinary share | $ | 0.96 | $ | 0.84 | $ | 1.86 | $ | 1.55 | |||||||||||||||
Diluted earnings per ordinary share | $ | 0.94 | $ | 0.83 | $ | 1.83 | $ | 1.52 | |||||||||||||||
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares)(1) | 91 | 50 | 91 | 50 |
Three Months Ended | ||||||||
(amount in thousands except per share amounts) | September 25, 2020 | September 27, 2019 | ||||||
Net income attributable to shareholders | $ | 33,051 | $ | 25,957 | ||||
Weighted-average number of ordinary shares outstanding (thousands of shares) | 36,818 | 36,913 | ||||||
Incremental shares arising from the assumed vesting of restricted share units and performance share units (thousands of shares) | 565 | 616 | ||||||
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares) | 37,383 | 37,529 | ||||||
Basic earnings per ordinary share | $ | 0.90 | $ | 0.70 | ||||
Diluted earnings per ordinary share | $ | 0.88 | $ | 0.69 | ||||
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares) (1) | 61 | 50 |
Fair Value | |||||||||||||||||||||||||||||
(amount in thousands) | Carrying Cost | Unrealized Gain/ (Loss) | Cash and Cash Equivalents | Marketable Securities | Other Investments | ||||||||||||||||||||||||
As of December 25, 2020 | |||||||||||||||||||||||||||||
Cash | $ | 211,314 | $ | — | $ | 211,314 | $ | — | $ | — | |||||||||||||||||||
Cash equivalents | 7,907 | — | 7,907 | — | — | ||||||||||||||||||||||||
Liquidity funds | 41,245 | — | — | — | 41,245 | ||||||||||||||||||||||||
Certificates of deposit and time deposits | 20,500 | — | — | — | 20,500 | ||||||||||||||||||||||||
Corporate debt securities | 159,485 | 790 | — | 160,275 | — | ||||||||||||||||||||||||
U.S. agency and U.S. treasury securities | 39,462 | 335 | — | 39,797 | — | ||||||||||||||||||||||||
Total | $ | 479,913 | $ | 1,125 | $ | 219,221 | $ | 200,072 | $ | 61,745 | |||||||||||||||||||
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 |
Fair Value | ||||||||||||||||||||
(amount in thousands) | Carrying Cost | Unrealized Gain/ (Loss) | Cash and Cash Equivalents | Marketable Securities | Other Investments | |||||||||||||||
As of September 25, 2020 | ||||||||||||||||||||
Cash | $ | 175,550 | $ | — | $ | 175,550 | $ | — | $ | — | ||||||||||
Cash equivalents | 13,651 | — | 13,651 | — | — | |||||||||||||||
Liquidity funds | 41,151 | — | — | — | 41,151 | |||||||||||||||
Certificates of deposit and time deposits | 22,300 | — | — | — | 22,300 | |||||||||||||||
Corporate debt securities | 192,509 | 739 | — | 193,248 | — | |||||||||||||||
U.S. agency and U.S. treasury securities | 50,113 | 426 | — | 50,539 | — | |||||||||||||||
Total | $ | 495,274 | $ | 1,165 | $ | 189,201 | $ | 243,787 | $ | 63,451 | ||||||||||
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 | ||||||||||
September 25, 2020 | June 26, 2020 | |||||||||||||||
(amount in thousands) | Carrying Cost | Fair Value | Carrying Cost | Fair Value | ||||||||||||
Due within one year | $ | 104,723 | $ | 104,756 | $ | 76,127 | $ | 76,196 | ||||||||
Due between one to five years | 137,899 | 139,031 | 132,223 | 133,646 | ||||||||||||
Total | $ | 242,622 | $ | 243,787 | $ | 208,350 | $ | 209,842 | ||||||||
December 25, 2020 | June 26, 2020 | ||||||||||||||||||||||
(amount in thousands) | Carrying Cost | Fair Value | Carrying Cost | Fair Value | |||||||||||||||||||
Due within one year | $ | 82,493 | $ | 82,508 | $ | 76,127 | $ | 76,196 | |||||||||||||||
Due between one to five years | 116,454 | 117,564 | 132,223 | 133,646 | |||||||||||||||||||
Total | $ | 198,947 | $ | 200,072 | $ | 208,350 | $ | 209,842 |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||
(amount in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
As of December 25, 2020 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents | $ | 0 | $ | 7,907 | $ | 0 | $ | 7,907 | ||||||||||||||||||
Liquidity funds | 0 | 41,245 | 0 | 41,245 | ||||||||||||||||||||||
Certificates of deposit and time deposits | 0 | 20,500 | 0 | 20,500 | ||||||||||||||||||||||
Corporate debt securities | 0 | 160,275 | 0 | 160,275 | ||||||||||||||||||||||
U.S. agency and U.S. treasury securities | 0 | 39,797 | 0 | 39,797 | ||||||||||||||||||||||
Derivative assets – current portion | 0 | 3,071 | (1) | 0 | 3,071 | |||||||||||||||||||||
Total | $ | 0 | $ | 272,795 | $ | 0 | $ | 272,795 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative liabilities – current portion | $ | 0 | $ | 1,676 | $ | 0 | $ | 1,676 | ||||||||||||||||||
Derivative liabilities – non-current portion | 0 | 2,894 | 0 | 2,894 | ||||||||||||||||||||||
Total | $ | 0 | $ | 4,570 | (2) | $ | 0 | $ | 4,570 |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||
(amount in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
As of June 26, 2020 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents | $ | 0 | $ | 7,313 | $ | 0 | $ | 7,313 | ||||||||||||||||||
Liquidity funds | 0 | 41,051 | 0 | 41,051 | ||||||||||||||||||||||
Certificates of deposit and time deposits | 0 | 11,800 | 0 | 11,800 | ||||||||||||||||||||||
Corporate debt securities | 0 | 160,168 | 0 | 160,168 | ||||||||||||||||||||||
U.S. agency and U.S. treasury securities | 0 | 49,674 | 0 | 49,674 | ||||||||||||||||||||||
Derivative assets | 0 | 2,823 | (3) | 0 | 2,823 | |||||||||||||||||||||
Total | $ | 0 | $ | 272,829 | $ | 0 | $ | 272,829 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative liabilities – current portion | $ | 0 | $ | 2,148 | $ | 0 | $ | 2,148 | ||||||||||||||||||
Derivative liabilities – non-current portion | 0 | 3,718 | 0 | 3,718 | ||||||||||||||||||||||
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 September 25, 2020 | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | — | $ | 13,651 | $ | — | $ | 13,651 | ||||||||
Liquidity funds | — | 41,151 | — | 41,151 | ||||||||||||
Certificates of deposit and time deposits | — | 22,300 | — | 22,300 | ||||||||||||
Corporate debt securities | — | 193,248 | — | 193,248 | ||||||||||||
U.S. agency and U.S. treasury securities | — | 50,539 | — | 50,539 | ||||||||||||
Derivative assets | — | 694 | (1) | — | 694 | |||||||||||
Total | $ | — | $ | 321,583 | $ | — | $ | 321,583 | ||||||||
Liabilities | ||||||||||||||||
Derivative liabilities – current portion | $ | — | $ | 2,426 | $ | — | $ | 2,426 | ||||||||
Derivative liabilities – non-current portion | — | 3,305 | — | 3,305 | ||||||||||||
Total | $ | — | $ | 5,731 | (2) | $ | — | $ | 5,731 | |||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(amount in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
As of June 26, 2020 | ||||||||||||||||
Assets | ||||||||||||||||
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 | — | 160,168 | — | 160,168 | ||||||||||||
U.S. agency and U.S. treasury securities | — | 49,674 | — | 49,674 | ||||||||||||
Derivative assets | — | 2,823 | (3) | — | 2,823 | |||||||||||
Total | $ | — | $ | 272,829 | $ | — | $ | 272,829 | ||||||||
Liabilities | ||||||||||||||||
Derivative liabilities – current portion | $ | — | $ | 2,148 | $ | — | $ | 2,148 | ||||||||
Derivative liabilities – non-current portion | — | 3,718 | — | 3,718 | ||||||||||||
Total | $ | — | $ | 5,866 | (4) | $ | — | $ | 5,866 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
(amount in thousands) | Financial statements line item | December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | ||||||||||||||||||||||||
Derivatives gain (loss) recognized in other comprehensive income (loss): | |||||||||||||||||||||||||||||
Foreign currency forward contracts | Other comprehensive income | $ | 3,149 | $ | 0 | $ | 809 | $ | 0 | ||||||||||||||||||||
Interest rate swaps | Other comprehensive income | 386 | 243 | 743 | 282 | ||||||||||||||||||||||||
Total derivatives gain (loss) recognized in other comprehensive income (loss) | $ | 3,535 | $ | 243 | $ | 1,552 | $ | 282 | |||||||||||||||||||||
Derivatives loss (gain) reclassified from accumulated other comprehensive income (loss) into earnings: | |||||||||||||||||||||||||||||
Foreign currency forward contracts | Cost of revenues | $ | 337 | $ | 0 | $ | (1,720) | $ | 0 | ||||||||||||||||||||
Foreign currency forward contracts | SG&A | 14 | 0 | (73) | 0 | ||||||||||||||||||||||||
Foreign currency forward contracts | Foreign exchange loss, net | (1,165) | 0 | 113 | 0 | ||||||||||||||||||||||||
Interest rate swaps | Interest expense | (336) | (432) | (695) | (432) | ||||||||||||||||||||||||
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings | $ | (1,150) | $ | (432) | $ | (2,375) | $ | (432) | |||||||||||||||||||||
Change in net unrealized gain (loss) on derivatives instruments | $ | 2,385 | $ | (189) | $ | (823) | $ | (150) |
Three Months Ended | ||||||||||||
(amount in thousands) | Financial statements line item | September 25, 2020 | September 27, 2019 | |||||||||
Derivatives gain (loss) recognized in other comprehensive income: | ||||||||||||
Foreign currency forward contracts | Other comprehensive income | $ | (2,340 | ) | $ | — | ||||||
Interest rate swaps | Other comprehensive income | 357 | 39 | |||||||||
Total derivatives gain (loss) recognized in other comprehensive income | $ | (1,983 | ) | $ | 39 | |||||||
Derivatives loss ( gain) reclassified from accumulated other comprehensive income into earnings: | ||||||||||||
Foreign currency forward contracts | Cost of | $ | (2,057 | ) | $ | — | ||||||
Foreign currency forward contracts | SG&A | (87 | ) | — | ||||||||
Foreign currency forward contracts | Foreign | 1,278 | — | |||||||||
Interest rate swaps | Interest expense | (359 | ) | — | ||||||||
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings | $ | (1,225 | ) | $ | — | |||||||
Change in net unrealized gain (loss) on derivatives instruments | $ | (3,208 | ) | $ | — | |||||||
December 25, 2020 | 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 | $ | 1,095 | $ | 0 | $ | 9 | $ | (611) | |||||||||||||||
Interest rate swaps | 0 | 0 | 0 | 0 | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Foreign currency forward contracts | 1,976 | (140) | 2,814 | (83) | |||||||||||||||||||
Interest rate swaps | 0 | (4,430) | 0 | (5,172) | |||||||||||||||||||
Derivatives, gross balances | $ | 3,071 | $ | (4,570) | $ | 2,823 | $ | (5,866) |
September 25, 2020 | 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 | $ | 447 | $ | (134 | ) | $ | 9 | $ | (611 | ) | ||||||
Interest rate swaps | — | — | — | — | ||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Foreign currency forward contracts | 247 | (781 | ) | 2,814 | (83 | ) | ||||||||||
Interest rate swaps | — | (4,816 | ) | — | (5,172 | ) | ||||||||||
Derivatives, gross balances | 694 | (5,731 | ) | 2,823 | (5,866 | ) |
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 December 25, 2020 | As of June 26, 2020 | |||||||||
Raw materials | $ | 143,230 | $ | 141,522 | |||||||
Work in progress | 177,881 | 136,344 | |||||||||
Finished goods | 30,194 | 17,950 | |||||||||
Goods in transit | 20,691 | 13,970 | |||||||||
Inventories | $ | 371,996 | $ | 309,786 |
(amount in thousands) | As of September 25, 2020 | As of June 26, 2020 | ||||||
Raw materials | $ | 153,511 | $ | 141,522 | ||||
Work in progress | 149,441 | 136,344 | ||||||
Finished goods | 21,619 | 17,950 | ||||||
Goods in transit | 14,858 | 13,970 | ||||||
Inventories | $ | 339,429 | $ | 309,786 | ||||
(amount in thousands) | As of December 25, 2020 | |||||||
2021 (remaining six months) | $ | 1,285 | ||||||
2022 | 2,568 | |||||||
2023 | 2,448 | |||||||
2024 | 1,088 | |||||||
2025 | 30 | |||||||
Total undiscounted lease payments | 7,419 | |||||||
Less imputed interest | (405) | |||||||
Total present value of lease liabilities | $ | 7,014 | (1) |
(amount in thousands) | As of September 25, 2020 | |||
2021 | $ | 1,786 | ||
2022 | 2,381 | |||
2023 | 2,265 | |||
2024 | 990 | |||
2025 | 19 | |||
Total undiscounted lease payments | 7,441 | |||
Less imputed interest | (437 | ) | ||
Total present value of lease liabilities | $ | 7,004 | (1) | |
As of December 25, 2020 | As of June 26, 2020 | ||||||||||
Weighted-average remaining lease term (in years) | 3.1 | 3.3 | |||||||||
Weighted-average discount rate | 3.7 | % | 3.7 | % |
As of September 25, 2020 | As of June 26, 2020 | |||||||
Weighted-average remaining lease term (in years) | 3.3 | 3.3 | ||||||
Weighted-average discount rate | 3.7 | % | 3.7 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(amount in thousands) | December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | 667 | $ | 566 | $ | 1,261 | $ | 1,024 | |||||||||||||||
Financing cash flows from finance leases | $ | 0 | $ | 80 | $ | 100 | $ | 189 | |||||||||||||||
ROU assets obtained in exchange for lease liabilities | $ | 43 | $ | 1,373 | $ | 7,271 | $ | 7,558 |
Three Months Ended | ||||||||
(amount in thousands) | September 25, 2020 | September 27, 2019 | ||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||
Operating cash flows from operating leases | $ | 594 | $ | 458 | ||||
Financing cash flows from finance leases | $ | 100 | $ | 109 | ||||
ROU assets obtained in exchange for lease liabilities | $ | 7,228 | $ | 6,185 |
(amount in thousands) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation Adjustment | Net | ||||||||||||
As of September 25, 2020 | ||||||||||||||||
Software | $ | 8,486 | $ | (5,826 | ) | $ | — | $ | 2,660 | |||||||
Customer relationships | 4,373 | (2,825 | ) | (61 | ) | 1,487 | ||||||||||
Backlog | 119 | (119 | ) | — | — | |||||||||||
Total intangibles | $ | 12,978 | $ | (8,770 | ) | $ | (61 | ) | $ | 4,147 | ||||||
(amount in thousands) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation Adjustment | Net | |||||||||||||||||||
As of December 25, 2020 | |||||||||||||||||||||||
Software | $ | 9,018 | $ | (6,100) | $ | — | $ | 2,918 | |||||||||||||||
Customer relationships | 4,373 | (2,954) | 30 | 1,449 | |||||||||||||||||||
Backlog | 119 | (119) | — | — | |||||||||||||||||||
Total intangibles | $ | 13,510 | $ | (9,173) | $ | 30 | $ | 4,367 |
(amount in thousands) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation Adjustment | Net | (amount in thousands) | Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation Adjustment | Net | ||||||||||||||||||||||||||||||
As o June 26, 2020f | |||||||||||||||||||||||||||||||||||||||
As of June 26, 2020 | As of June 26, 2020 | ||||||||||||||||||||||||||||||||||||||
Software | $ | 8,317 | $ | (5,577 | ) | $ | — | $ | 2,740 | Software | $ | 8,317 | $ | (5,577) | $ | — | $ | 2,740 | |||||||||||||||||||||
Customer relationships | 4,373 | (2,691 | ) | (110 | ) | 1,572 | Customer relationships | 4,373 | (2,691) | (110) | 1,572 | ||||||||||||||||||||||||||||
Backlog | 119 | (119 | ) | — | — | Backlog | 119 | (119) | — | — | |||||||||||||||||||||||||||||
Total intangibles | $ | 12,809 | $ | (8,387 | ) | $ | (110 | ) | $ | 4,312 | Total intangibles | $ | 12,809 | $ | (8,387) | $ | (110) | $ | 4,312 | ||||||||||||||||||||
(years) | As of December 25, 2020 | As of June 26, 2020 | |||||||||
Customer relationships | 4.3 | 4.6 |
(years) | As of 2020 | As of 2020 | ||||||
Customer relationships | 4.4 | 4.6 |
(amount in thousands) | |||||
2021 (remaining six months) | $ | 312 | |||
2022 | 1,215 | ||||
2023 | 1,208 | ||||
2024 | 924 | ||||
2025 | 488 | ||||
Thereafter | 220 | ||||
Total | $ | 4,367 |
(amount in thousands) | ||||
2021 (remaining nine months) | $ | 1,030 | ||
2022 | 1,129 | |||
2023 | 873 | |||
2024 | 642 | |||
2025 | 354 | |||
Thereafter | 119 | |||
Total | $ | 4,147 | ||
12.Borrowings |
(amount in thousands) | |||||||||||||||||||||||
Rate | Conditions | Maturity | As of December 25, 2020 | 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 | $ | 45,703 | $ | 51,797 | |||||||||||||||||
Less: Current portion | (12,188) | (12,188) | |||||||||||||||||||||
Less: Unamortized debt issuance costs – non-current portion | (79) | (95) | |||||||||||||||||||||
Long-term borrowings, non-current portion, net | $ | 33,436 | $ | 39,514 |
(amount in thousands) | |||||||||||||||||
Rate | Conditions | Maturity | As of September 25, 2020 | 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 | $ | 48,750 | $ | 51,797 | |||||||||||
Less: Current portion | (12,188 | ) | (12,188 | ) | |||||||||||||
Less: Unamortized debt issuance costs – non-current portion | (87 | ) | (95 | ) | |||||||||||||
Long-term borrowings, non-current portion, net | $ | 36,475 | $ | 39,514 | |||||||||||||
(1)We have entered into interest rate swaps that effectively fix a series |
Six Months Ended | |||||||||||
(amount in thousands) | December 25, 2020 | December 27, 2019 | |||||||||
Opening balance | $ | 51,797 | $ | 60,938 | |||||||
Borrowings during the period | 0 | 60,938 | |||||||||
Repayments during the period | (6,094) | (63,985) | |||||||||
Closing balance | $ | 45,703 | $ | 57,891 |
Three Months Ended | ||||||||
(amount in thousands) | September 25, 2020 | September 27, 2019 | ||||||
Opening balance | $ | 51,797 | $ | 60,938 | ||||
Borrowings during the period | — | 60,938 | ||||||
Repayments during the period | (3,047 | ) | (60,938 | ) | ||||
Closing balance | $ | 48,750 | $ | 60,938 | ||||
(amount in thousands) | |||||
2021 (remaining six months) | $ | 9,141 | |||
2022 | 12,187 | ||||
2023 | 12,187 | ||||
2024 | 12,188 | ||||
Total | $ | 45,703 |
(amount in thousands) | ||||
2021 (remaining nine mon ths) | $ | 9,140 | ||
2022 | 12,188 | |||
2023 | 15,234 | |||
202 4 | 12,188 | |||
Total | $ | 48,750 | ||
Share-based compensation |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(amount in thousands) | December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | |||||||||||||||||||
Share-based compensation expense by type of award: | |||||||||||||||||||||||
Restricted share units | $ | 4,175 | $ | 4,186 | $ | 9,424 | $ | 8,584 | |||||||||||||||
Performance share units | 1,676 | 2,002 | 2,454 | 3,599 | |||||||||||||||||||
Total share-based compensation expense | 5,851 | 6,188 | 11,878 | 12,183 | |||||||||||||||||||
Tax effect on share-based compensation expense | 0 | 0 | 0 | 0 | |||||||||||||||||||
Net effect on share-based compensation expense | $ | 5,851 | $ | 6,188 | $ | 11,878 | $ | 12,183 |
Three Months Ended | ||||||||
(amount in thousands) | September 25, 2020 | September 27, 2019 | ||||||
Share-based compensation expense by type of award: | ||||||||
Restricted share units | $ | 5,249 | $ | 4,398 | ||||
Performance share units | 778 | 1,597 | ||||||
Total share-based compensation expense | 6,027 | 5,995 | ||||||
Tax effect on share-based compensation expense | — | — | ||||||
Net effect on share-based compensation expense | $ | 6,027 | $ | 5,995 | ||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(amount in thousands) | December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | |||||||||||||||||||
Cost of revenue | $ | 1,592 | $ | 1,591 | $ | 3,417 | $ | 3,311 | |||||||||||||||
Selling, general and administrative expense | 4,259 | 4,597 | 8,461 | 8,872 | |||||||||||||||||||
Total share-based compensation expense | $ | 5,851 | $ | 6,188 | $ | 11,878 | $ | 12,183 |
Three Months Ended | ||||||||
(amount in thousands) | September 25, 2020 | September 27, 2019 | ||||||
Cost of revenue | $ | 1,825 | $ | 1,720 | ||||
Selling, general and administrative expense | 4,202 | 4,275 | ||||||
Total share-based compensation expense | $ | 6,027 | $ | 5,995 | ||||
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
Balance as of June 26, 2020 | 797,757 | $ | 46.88 | ||||||||
Granted | 216,776 | $ | 69.48 | ||||||||
Issued | (292,874) | $ | 43.75 | ||||||||
Forfeited | (13,997) | $ | 54.23 | ||||||||
Balance as of December 25, 2020 | 707,662 | $ | 54.95 |
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
Balance as of June 28, 2019 | 800,751 | $ | 42.48 | ||||||||
Granted | 331,900 | $ | 49.78 | ||||||||
Issued | (264,275) | $ | 39.60 | ||||||||
Forfeited | (23,855) | $ | 42.09 | ||||||||
Balance as of December 27, 2019 | 844,521 | $ | 46.26 |
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | |||||||
Balance as of June 26, 2020 | 797,757 | $ | 46.88 | |||||
Granted | 171,946 | $ | 70.05 | |||||
Issued | (268,728 | ) | $ | 43.84 | ||||
Forfeited | (7,199 | ) | $ | 50.40 | ||||
Balance as of September 25, 2020 | 693,776 | $ | 53.76 | |||||
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | |||||||
Balance as of June 28, 2019 | 800,751 | $ | 42.48 | |||||
Granted | 292,321 | $ | 48.39 | |||||
Issued | (240,595 | ) | $ | 39.62 | ||||
Forfeited | (21,577 | ) | $ | 42.00 | ||||
Balance as of September 27, 2019 | 830,900 | $ | 45.40 | |||||
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
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 December 25, 2020 | 427,028 | $ | 57.82 |
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
Balance as of June 28, 2019 | 548,500 | $ | 40.97 | ||||||||
Granted | 238,474 | $ | 48.39 | ||||||||
Issued | 0 | 0 | |||||||||
Forfeited | (350,670) | $ | 36.99 | ||||||||
Balance as of December 27, 2019 | 436,304 | $ | 48.22 |
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | |||||||
Balance as of June 26, 2020 | 440,140 | $ | 48.37 | |||||
Granted | 179,008 | $ | 70.05 | |||||
Issued | (82,185 | ) | $ | 48.02 | ||||
Forfeited | (115,645 | ) | $ | 48.02 | ||||
Balance as of September 25, 2020 | 421,318 | $ | 57.74 | |||||
Number of Shares | Weighted- Average Grant Date Fair Value Per Share | |||||||
Balance as of June 28, 2019 | 548,500 | $ | 40.97 | |||||
Granted | 238,474 | $ | 48.39 | |||||
Issued | 0 | — | ||||||
Forfeited | (350,670 | ) | $ | 36.99 | ||||
Balance as of September 27, 2019 | 436,304 | $ | 48.22 | |||||
15.Shareholders’ equity |
16.Accumulated other comprehensive income (loss) |
(amount in thousands) | Unrealized net (Losses)/Gains on Available-for-sale Securities | Unrealized net (Losses)/Gains on Derivative Instruments | Retirement benefit plan - Prior service cost | Foreign Currency Translation Adjustment | Total | ||||||||||||||||||||||||
Balance as of June 26, 2020 | $ | 1,490 | $ | 602 | $ | (2,009) | $ | (1,230) | $ | (1,147) | |||||||||||||||||||
Other comprehensive income before reclassification adjustment | (289) | 1,552 | — | 457 | 1,720 | ||||||||||||||||||||||||
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income | (78) | (2,375) | 223 | — | (2,230) | ||||||||||||||||||||||||
Tax effects | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss) | $ | (367) | $ | (823) | $ | 223 | $ | 457 | $ | (510) | |||||||||||||||||||
Balance as of December 25, 2020 | $ | 1,123 | $ | (221) | $ | (1,786) | $ | (773) | $ | (1,657) |
(amount in thousands) | Unrealized net (Losses)/Gains on Available-for-sale Securities | Unrealized net (Losses)/Gains 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 adjustment | (126) | (150) | 184 | 247 | 155 | ||||||||||||||||||||||||
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income | 79 | — | — | — | 79 | ||||||||||||||||||||||||
Tax effects | — | — | — | — | — | ||||||||||||||||||||||||
Other comprehensive income (loss) | $ | (47) | $ | (150) | $ | 184 | $ | 247 | $ | 234 | |||||||||||||||||||
Balance as of December 27, 2019 | $ | 905 | $ | (118) | $ | (2,353) | $ | (586) | $ | (2,152) |
(amount in thousands) | Unrealized net (Losses)/Gains on Available-for-sale Securities | Unrealized net (Losses)/Gains on Derivative Instruments | Retirement benefit plan - Prior service cost | Foreign Currency Translation Adjustment | Total | |||||||||||||||
Balance as of June 26, 2020 | $ | 1,490 | $ | 602 | (2,009 | ) | $ | (1,230 | ) | $ | (1,147 | ) | ||||||||
Other comprehensive income before reclassification adjustment | (325 | ) | (1,983 | ) | — | 603 | (1,705 | ) | ||||||||||||
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income | — | (1,225 | ) | 173 | — | (1,052 | ) | |||||||||||||
Tax effects | — | — | — | — | — | |||||||||||||||
Other comprehensive income (loss) | $ | (325 | ) | $ | (3,208 | ) | 173 | $ | 603 | $ | (2,757 | ) | ||||||||
Balance as of September 25, 2020 | $ | 1,165 | $ | (2,606 | ) | (1,836 | ) | $ | (627 | ) | $ | (3,904 | ) | |||||||
(amount in thousands) | Unrealized net (Losses)/Gains on Available-for-sale Securities | Unrealized net (Losses)/Gains 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 adjustment | (32 | ) | 39 | 83 | (369 | ) | (279 | ) | ||||||||||||
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income | 67 | — | — | — | 67 | |||||||||||||||
Tax effects | — | — | — | — | — | |||||||||||||||
Other comprehensive income (loss) | $ | 35 | $ | 39 | $ | 83 | $ | (369 | ) | $ | (212 | ) | ||||||||
Balance as of September 27, 2019 | $ | 987 | $ | 71 | $ | (2,454 | ) | $ | (1,202 | ) | $ | (2,598 | ) | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | ||||||||||||||||||||
North America | 49.5 | % | 52.4 | % | 48.5 | % | 51.4 | % | |||||||||||||||
Asia-Pacific | 33.9 | 33.1 | 33.6 | 31.4 | |||||||||||||||||||
Europe | 16.6 | 14.5 | 17.9 | 17.2 | |||||||||||||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended | ||||||||
September 25, 2020 | September 27, 2019 | |||||||
North America | 47.5 | % | 50.3 | % | ||||
Asia-Pacific | 33.4 | 29.7 | ||||||
Europe | 19.1 | 20.0 | ||||||
100.0 | % | 100.0 | % | |||||
As of December 25, 2020 | As of June 26, 2020 | ||||||||||||||||||||||||||||||||||
(amount in thousands, except percentages) | Currency | $ | % | Currency | $ | % | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Thai baht | 633,768 | $ | 21,076 | 49.6 | % | 667,955 | $ | 21,617 | 41.8 | % | |||||||||||||||||||||||||
RMB | 87,668 | 13,419 | 31.6 | 158,060 | 22,402 | 43.3 | |||||||||||||||||||||||||||||
GBP | 5,902 | 8,006 | 18.8 | 6,220 | 7,726 | 14.9 | |||||||||||||||||||||||||||||
Total | $ | 42,501 | 100.0 | % | $ | 51,745 | 100.0 | % | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Thai baht | 1,997,135 | $ | 66,416 | 90.8 | % | 2,102,392 | $ | 68,039 | 89.5 | % | |||||||||||||||||||||||||
RMB | 29,894 | 4,576 | 6.2 | 42,586 | 6,036 | 8.0 | |||||||||||||||||||||||||||||
GBP | 1,600 | 2,170 | 3.0 | 1,545 | 1,919 | 2.5 | |||||||||||||||||||||||||||||
Total | $ | 73,162 | 100.0 | % | $ | 75,994 | 100.0 | % |
As of September 25, 2020 | As of June 26, 2020 | |||||||||||||||||||||||
(amount in thousands, except percentages) | Currency | $ | % | Currency | $ | % | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Thai baht | 484,800 | $ | 15,376 | 40.5 | 667,955 | $ | 21,617 | 41.8 | ||||||||||||||||
RMB | 99,204 | 14,563 | 38.4 | 158,060 | 22,402 | 43.3 | ||||||||||||||||||
GBP | 6,278 | 8,011 | 21.1 | 6,220 | 7,726 | 14.9 | ||||||||||||||||||
Total | $ | 37,950 | 100.0 | $ | 51,745 | 100.0 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Thai baht | 1,921,377 | $ | 60,938 | 89.3 | 2,102,392 | $ | 68,039 | 89.5 | ||||||||||||||||
RMB | 34,332 | 5,040 | 7.4 | 42,586 | 6,036 | 8.0 | ||||||||||||||||||
GBP | 1,800 | 2,297 | 3.3 | 1,545 | 1,919 | 2.5 | ||||||||||||||||||
Total | $ | 68,275 | 100.0 | $ | 75,994 | 100.0 | ||||||||||||||||||
(amount in thousands) | Three Months Ended | Six Months Ended | |||||||||||||||||||||
December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | ||||||||||||||||||||
Revenues | $ | 453,827 | $ | 426,217 | $ | 890,466 | $ | 825,513 | |||||||||||||||
Cost of revenues | (400,806) | (377,059) | (786,965) | (730,368) | |||||||||||||||||||
Gross profit | 53,021 | 49,158 | 103,501 | 95,145 | |||||||||||||||||||
Selling, general and administrative expenses | (17,156) | (17,078) | (34,019) | (33,078) | |||||||||||||||||||
Expenses related to reduction in workforce | — | (16) | — | (16) | |||||||||||||||||||
Operating income | 35,865 | 32,064 | 69,482 | 62,051 | |||||||||||||||||||
Interest income | 1,111 | 1,940 | 2,215 | 4,038 | |||||||||||||||||||
Interest expense | (265) | (181) | (516) | (2,574) | |||||||||||||||||||
Foreign exchange gain (loss), net | (533) | (988) | (405) | (2,941) | |||||||||||||||||||
Other income (expense), net | 158 | 397 | 279 | 774 | |||||||||||||||||||
Income before income taxes | 36,336 | 33,232 | 71,055 | 61,348 | |||||||||||||||||||
Income tax expense | (952) | (2,001) | (2,620) | (4,160) | |||||||||||||||||||
Net income | 35,384 | 31,231 | 68,435 | 57,188 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 2,247 | 446 | (510) | 234 | |||||||||||||||||||
Net comprehensive income | $ | 37,631 | $ | 31,677 | $ | 67,925 | $ | 57,422 |
(amount in thousands) | Three Months Ended | |||||||
September 25, 2020 | September 27, 2019 | |||||||
Revenues | $ | 436,639 | $ | 399,296 | ||||
Cost of revenues | (386,159 | ) | (353,309 | ) | ||||
Gross profit | 50,480 | 45,987 | ||||||
Selling, general and administrative expenses | (16,863 | ) | (16,000 | ) | ||||
Operating income | 33,617 | 29,987 | ||||||
Interest income | 1,104 | 2,098 | ||||||
Interest expense | (251 | ) | (2,393 | ) | ||||
Foreign exchange gain (loss), net | 128 | (1,953 | ) | |||||
Other income (expense), net | 121 | 377 | ||||||
Income before income taxes | 34,719 | 28,116 | ||||||
Income tax expense | (1,668 | ) | (2,159 | ) | ||||
Net income | 33,051 | 25,957 | ||||||
Other comprehensive income (loss), net of tax | (2,757 | ) | (212 | ) | ||||
Net comprehensive income | $ | 30,294 | $ | 25,745 | ||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | ||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of revenues | (88.3) | (88.5) | (88.4) | (88.5) | |||||||||||||||||||
Gross profit | 11.7 | 11.5 | 11.6 | 11.5 | |||||||||||||||||||
Selling, general and administrative expenses | (3.8) | (4.0) | (3.8) | (4.0) | |||||||||||||||||||
Expenses related to reduction in workforce | — | — | — | — | |||||||||||||||||||
Operating income | 7.9 | 7.5 | 7.8 | 7.5 | |||||||||||||||||||
Interest income | 0.2 | 0.4 | 0.3 | 0.5 | |||||||||||||||||||
Interest expense | — | — | (0.1) | (0.3) | |||||||||||||||||||
Foreign exchange gain (loss), net | (0.1) | (0.2) | — | (0.4) | |||||||||||||||||||
Other income (expense), net | — | 0.1 | — | 0.1 | |||||||||||||||||||
Income before income taxes | 8.0 | 7.8 | 8.0 | 7.4 | |||||||||||||||||||
Income tax expense | (0.2) | (0.5) | (0.3) | (0.5) | |||||||||||||||||||
Net income | 7.8 | 7.3 | 7.7 | 6.9 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 0.5 | 0.1 | (0.1) | — | |||||||||||||||||||
Net comprehensive income | 8.3 | % | 7.4 | % | 7.6 | % | 6.9 | % |
Three Months Ended | ||||||||
September 25, 2020 | September 27, 2019 | |||||||
Revenues | 100.0 | % | 100.0 | % | ||||
Cost of revenues | (88.4 | ) | (88.5 | ) | ||||
Gross profit | 11.6 | 11.5 | ||||||
Selling, general and administrative expenses | (3.9 | ) | (4.0 | ) | ||||
Operating income | 7.7 | 7.5 | ||||||
Interest income | 0.3 | 0.5 | ||||||
Interest expense | (0.1 | ) | (0.6 | ) | ||||
Foreign exchange gain (loss), net | 0.0 | (0.5 | ) | |||||
Other income (expense), net | 0.0 | 0.1 | ||||||
Income before income taxes | 7.9 | 7.0 | ||||||
Income tax expense | (0.4 | ) | (0.5 | ) | ||||
Net income | 7.5 | 6.5 | ||||||
Other comprehensive income (loss), net of tax | (0.6 | ) | (0.1 | ) | ||||
Net comprehensive income | 6.9 | % | 6.4 | % | ||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(amount in thousands) | December 25, 2020 | December 27, 2019 | December 25, 2020 | December 27, 2019 | |||||||||||||||||||
Optical communications | $ | 347,840 | $ | 322,068 | $ | 691,757 | $ | 624,447 | |||||||||||||||
Lasers, sensors and other | 105,987 | 104,149 | 198,709 | 201,066 | |||||||||||||||||||
Total | $ | 453,827 | $ | 426,217 | $ | 890,466 | $ | 825,513 |
Three Months Ended | ||||||||
(amount in thousands) | September 25, 2020 | September 27, 2019 | ||||||
Optical communications | $ | 343,917 | $ | 302,379 | ||||
Lasers, sensors and other | 92,722 | 96,917 | ||||||
Total | $ | 436,639 | $ | 399,296 | ||||
Six Months Ended | |||||||||||
(amount in thousands) | December 25, 2020 | December 27, 2019 | |||||||||
Net cash provided by operating activities | $ | 41,314 | $ | 52,610 | |||||||
Net cash used in investing activities | $ | (24,346) | $ | (5,731) | |||||||
Net cash used in financing activities | $ | (23,629) | $ | (7,766) | |||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (6,661) | $ | 39,113 |
Three Months Ended | ||||||||
(amount in thousands) | September 25, 2020 | September 27, 2019 | ||||||
Net cash provided by operating activities | $ | 34,506 | $ | 2,647 | ||||
Net cash (used in) provided by investing activities | $ | (58,434 | ) | $ | 11,676 | |||
Net cash used in financing activities | $ | (13,067 | ) | $ | (4,406 | ) | ||
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (36,995 | ) | $ | 9,917 |
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) | |||||||||||||||||||
September 26, 2020 – October 23, 2020 | — | $ | — | — | $ | 41,499,413 | |||||||||||||||||
October 24, 2020 – November 20, 2020 | — | $ | — | — | $ | 99,999,413 | |||||||||||||||||
November 21, 2020 – December 25, 2020 | 101,549 | $ | 69.64 | 7,071,986 | $ | 92,927,427 | |||||||||||||||||
Total | 101,549 | $ | 69.64 | 7,071,986 |
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 | ||||||||||||
June 27, 2020 – July 24, 2020 | — | $ | — | — | $ | 41,499,413 | ||||||||||
July 25, 2020 – August 21, 2020 | — | $ | — | — | $ | 99,999,413 | ||||||||||
August 22, 2020 – September 25, 2020 | — | $ | — | — | $ | 99,999,413 | ||||||||||
Total | — | $ | — | — | $ | 99,999,413 | ||||||||||
Incorporated by reference herein | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exhibit
63 SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 2, 2021.
64 |