Fabrinet (FN) 10-Q 4 Feb 25 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 27, 2024	Jan. 24, 2025
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Dec. 27, 2024
Document transition report	false
Entity file number	001-34775
Entity registrant name	FABRINET
Entity incorporation, state or country code	E9
Entity tax identification number	98-1228572
Entity address, address line one	c/o Intertrust Corporate Services
Entity address, address line two	One Nexus Way, Camana Bay
Entity address, city or town	Grand Cayman
Entity address, country	KY
Entity address, postal zip code	KY1-9005
City area code	66 2
Local phone number	524-9600
Title of 12(b) security	Ordinary Shares, $0.01 par value
Trading symbol	FN
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding (in shares)		35,989,630
Current fiscal year end date	--06-27
Amendment flag	false
Document fiscal year focus	2025
Document fiscal period focus	Q2
Entity central index key	0001408710

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Current assets
Cash and cash equivalents	$ 403,662	$ 409,973
Short-term investments	530,969	448,630
Trade accounts receivable, net of allowance for expected credit losses of $1,245 and $1,629, respectively	680,094	592,452
Inventories	489,159	463,206
Prepaid expenses	17,734	10,620
Other current assets	77,394	87,810
Total current assets	2,199,012	2,012,691
Non-current assets
Property, plant and equipment, net	323,648	307,240
Intangibles, net	2,062	2,321
Operating right-of-use assets	6,397	5,336
Deferred tax assets	10,694	10,446
Other non-current assets	592	485
Total non-current assets	343,393	325,828
Total Assets	2,542,405	2,338,519
Current liabilities
Trade accounts payable	529,016	441,835
Fixed assets payable	20,594	14,380
Operating lease liabilities, current portion	1,676	1,355
Income tax payable	8,214	3,937
Accrued payroll, bonus and related expenses	20,598	22,116
Accrued expenses	29,112	19,916
Other payables	53,950	54,403
Total current liabilities	663,160	557,942
Non-current liabilities
Deferred tax liability	1,039	4,895
Operating lease liability, non-current portion	4,417	3,635
Severance liabilities	27,572	24,093
Other non-current liabilities	3,246	2,209
Total non-current liabilities	36,274	34,832
Total Liabilities	699,434	592,774
Commitments and contingencies (Note 14)
Shareholders’ equity
Preferred shares ($5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of December 27, 2024 and June 28, 2024)	0	0
Ordinary shares ($500,000,000 shares authorized, $0.01 par value; 39,585,188 shares and 39,457,462 shares issued as of December 27, 2024 and June 28, 2024, respectively; and 35,981,188 shares and 36,145,242 shares outstanding as of December 27, 2024 and June 28, 2024, respectively)	396	395
Additional paid-in capital	218,449	222,044
Less: Treasury shares (3,604,000 shares and 3,312,220 shares as of December 27, 2024 and June 28, 2024, respectively)	(303,023)	(234,323)
Accumulated other comprehensive income (loss)	2,349	(3,141)
Retained earnings	1,924,800	1,760,770
Total Shareholders’ Equity	1,842,971	1,745,745
Total Liabilities and Shareholders’ Equity	$ 2,542,405	$ 2,338,519

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,245	$ 1,629
Preferred shares, shares authorized (in shares)	5,000,000	5,000,000
Preferred shares, par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares, shares issued (in shares)	0	0
Preferred shares, shares outstanding (in shares)	0	0
Ordinary shares, shares authorized (in shares)	500,000,000	500,000,000
Ordinary shares, par value (in USD per share)	$ 0.01	$ 0.01
Ordinary shares, shares issued (in shares)	39,585,188	39,457,462
Ordinary shares, shares outstanding (in shares)	35,981,188	36,145,242
Treasury stocks, shares (in shares)	3,604,000	3,312,220

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Income Statement [Abstract]
Revenues	$ 833,608	$ 712,694	$ 1,637,836	$ 1,398,171
Cost of revenues	(732,759)	(624,364)	(1,437,961)	(1,225,437)
Gross profit	100,849	88,330	199,875	172,734
Selling, general and administrative expenses	(21,206)	(19,316)	(43,237)	(39,745)
Restructuring and other related costs	(46)	0	(103)	0
Operating income	79,597	69,014	156,535	132,989
Interest income	11,314	7,748	22,247	13,646
Interest expense	0	(36)	0	(81)
Foreign exchange gain (loss), net	4,042	(3,788)	(3,053)	(3,373)
Other income (expense), net	(62)	(35)	(81)	(115)
Income before income taxes	94,891	72,903	175,648	143,066
Income tax expense	(8,255)	(3,793)	(11,618)	(8,867)
Net income	86,636	69,110	164,030	134,199
Other comprehensive income (loss), net of tax:
Change in net unrealized gain (loss) on available-for-sale securities	(521)	2,946	6,297	3,894
Change in net unrealized gain (loss) on derivative instruments	(9,416)	8,951	(883)	8,390
Change in net retirement benefits plan – prior service cost	0	8	0	134
Change in foreign currency translation adjustment	428	(206)	76	(106)
Total other comprehensive income (loss), net of tax	(9,509)	11,699	5,490	12,312
Net comprehensive income	$ 77,127	$ 80,809	$ 169,520	$ 146,511
Earnings per share
Basic (in USD per share)	$ 2.40	$ 1.90	$ 4.53	$ 3.70
Diluted (in USD per share)	$ 2.38	$ 1.89	$ 4.51	$ 3.67
Weighted-average number of ordinary shares outstanding (in thousands of shares)
Basic (in shares)	36,163	36,328	36,183	36,292
Diluted (in shares)	36,402	36,639	36,405	36,560

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Ordinary Share	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Jun. 30, 2023		39,284,176
Beginning balance at Jun. 30, 2023	$ 1,468,658	$ 393	$ 206,624	$ (194,833)	$ (8,115)	$ 1,464,589
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	134,199					134,199
Other comprehensive income (loss)	12,312				12,312
Share-based compensation	14,937		14,937
Issuance of ordinary shares (in shares)		151,178
Issuance of ordinary shares	0	$ 1	(1)
Repurchase of 291,780 shares held as treasury shares	(6,372)			(6,372)
Tax withholdings related to net share settlement of restricted share units	(12,352)		(12,352)
Ending balance (in shares) at Dec. 29, 2023		39,435,354
Ending balance at Dec. 29, 2023	1,611,382	$ 394	209,208	(201,205)	4,197	1,598,788
Beginning balance (in shares) at Sep. 29, 2023		39,430,970
Beginning balance at Sep. 29, 2023	1,530,169	$ 394	202,432	(194,833)	(7,502)	1,529,678
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	69,110					69,110
Other comprehensive income (loss)	11,699				11,699
Share-based compensation	6,981		6,981
Issuance of ordinary shares (in shares)		4,384
Issuance of ordinary shares	0
Repurchase of 291,780 shares held as treasury shares	(6,372)			(6,372)
Tax withholdings related to net share settlement of restricted share units	(205)		(205)
Ending balance (in shares) at Dec. 29, 2023		39,435,354
Ending balance at Dec. 29, 2023	1,611,382	$ 394	209,208	(201,205)	4,197	1,598,788
Beginning balance (in shares) at Jun. 28, 2024		39,457,462
Beginning balance at Jun. 28, 2024	1,745,745	$ 395	222,044	(234,323)	(3,141)	1,760,770
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	164,030					164,030
Other comprehensive income (loss)	5,490				5,490
Share-based compensation	17,120		17,120
Issuance of ordinary shares (in shares)		127,726
Issuance of ordinary shares	0	$ 1	(1)
Repurchase of 291,780 shares held as treasury shares	(68,700)			(68,700)
Tax withholdings related to net share settlement of restricted share units	(20,714)		(20,714)
Ending balance (in shares) at Dec. 27, 2024		39,585,188
Ending balance at Dec. 27, 2024	1,842,971	$ 396	218,449	(303,023)	2,349	1,924,800
Beginning balance (in shares) at Sep. 27, 2024		39,579,859
Beginning balance at Sep. 27, 2024	1,826,600	$ 396	210,505	(234,323)	11,858	1,838,164
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	86,636					86,636
Other comprehensive income (loss)	(9,509)				(9,509)
Share-based compensation	8,438		8,438
Issuance of ordinary shares (in shares)		5,329
Issuance of ordinary shares	0
Repurchase of 291,780 shares held as treasury shares	(68,700)			(68,700)
Tax withholdings related to net share settlement of restricted share units	(494)		(494)
Ending balance (in shares) at Dec. 27, 2024		39,585,188
Ending balance at Dec. 27, 2024	$ 1,842,971	$ 396	$ 218,449	$ (303,023)	$ 2,349	$ 1,924,800

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - shares	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Statement of Stockholders' Equity [Abstract]
Treasury stock acquired (in shares)	291,780	38,239	291,780	38,239

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023
Cash flows from operating activities
Net income for the period	$ 164,030	$ 134,199
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	25,796	24,186
(Gain) loss on disposal of property, plant and equipment and intangibles	(37)	(111)
Amortization of discount (premium) of short-term investments	(2,225)	(1,397)
(Reversal of) allowance for expected credit losses	(384)	1,776
Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts	1,345	3,287
Amortization of fair value at hedge inception of interest rate swaps	0	(154)
Share-based compensation	17,120	14,714
Deferred income tax expense (benefit)	(3,493)	1,117
Other non-cash expenses	30	89
Changes in operating assets and liabilities
Trade accounts receivable	(87,178)	(53,873)
Inventories	(25,953)	104,818
Other current assets and non-current assets	9,536	(16,360)
Trade accounts payable	88,272	(6,980)
Income tax payable	4,304	1,531
Accrued expenses	8,124	4,272
Other payables	186	20,700
Severance liabilities	1,565	1,395
Other current liabilities and non-current liabilities	(1,952)	(3,995)
Net cash provided by operating activities	199,086	229,214
Cash flows from investing activities
Purchase of short-term investments	(155,936)	(164,971)
Proceeds from sales of short-term investments	0	10,000
Proceeds from maturities of short-term investments	82,129	72,824
Purchase of property, plant and equipment	(42,150)	(21,236)
Purchase of intangibles	(227)	(518)
Proceeds from disposal of property, plant and equipment	110	2,048
Net cash used in investing activities	(116,074)	(101,853)
Cash flows from financing activities
Repayment of long-term borrowings	0	(6,094)
Repurchase of ordinary shares	(68,700)	(6,372)
Withholding tax related to net share settlement of restricted share units	(20,714)	(12,352)
Net cash used in financing activities	(89,414)	(24,818)
Net increase (decrease) in cash and cash equivalents	(6,402)	102,543
Movement in cash and cash equivalents
Cash and cash equivalents at the beginning of period	409,973	231,368
Increase (decrease) in cash and cash equivalents	(6,402)	102,543
Effect of exchange rate on cash and cash equivalents	91	142
Cash and cash equivalents at the end of period	403,662	334,053
Non-cash investing and financing activities
Construction, software and equipment-related payables	$ 20,594	$ 12,983

Business and organization

Business and organization	6 Months Ended
	Dec. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and organization	Business and organization General Fabrinet (“Fabrinet” or the “Parent Company”) was incorporated on August 12, 1999, and commenced operations on January 1, 2000. The Parent Company is an exempted company incorporated in the Cayman Islands, British West Indies. The “Company” refers to Fabrinet and its subsidiaries as a group. The Company provides advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, automotive components, industrial lasers, medical devices and sensors. The Company offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and testing. The Company is capable of producing a wide variety of high complexity products in any mix and any volume. The principal subsidiaries of Fabrinet include Fabrinet Co., Ltd. (“Fabrinet Thailand”), Casix, Inc. (“Casix”), Fabrinet West, Inc. (“Fabrinet West”) and Fabrinet Israel Ltd. (“Fabrinet Israel”).

Accounting policies

Accounting policies	6 Months Ended
	Dec. 27, 2024
Accounting Policies [Abstract]
Accounting policies	Accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements for Fabrinet as of December 27, 2024 and for the three and six months ended December 27, 2024 and December 29, 2023 include normal recurring adjustments necessary for a fair statement of the financial statements set forth herein, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or "GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such information does not include all of the information and footnotes required by U.S. GAAP for annual financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in Fabrinet’s Annual Report on Form 10-K for the year ended June 28, 2024. The balance sheet as of June 28, 2024 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The results for the three and six months ended December 27, 2024 may not be indicative of results for the year ending June 27, 2025 or any future periods. Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of total revenues and expenses during the year. The Company bases estimates on historical experience and various assumptions about the future that are believed to be reasonable based on available information. The Company’s reported financial position or results of operations may be materially different under different conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies, which are discussed below. Significant assumptions are used in accounting for share-based compensation, allowance for expected credit losses, income taxes, and inventory obsolescence. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. In the event that the Company's estimates or assumptions prove to be different from actual results, adjustments will be made in subsequent periods to reflect more current information. Fiscal years The Company utilizes a 52-53 week fiscal year ending on the Friday in June closest to June 30. The three months ended December 27, 2024 and December 29, 2023 consisted of 13 weeks. Fiscal year 2025 will comprise 52 weeks and will end on June 27, 2025. New Accounting Standards—not yet adopted by the Company In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU is effective for the Company's annual periods beginning June 29, 2024, and interim periods beginning June 28, 2025, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures,” which requires more detailed income tax disclosures. This ASU requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. This ASU is effective for all entities for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will be effective for the Company beginning with fiscal year 2026. The Company is currently assessing the impact to its disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses,” which requires additional notes to financial statements. This ASU requires entities to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments in this ASU. This ASU is effective for all entities for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. This ASU is effective for the Company's annual periods beginning June 26, 2027, and interim periods beginning July 1, 2028, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

Revenues from contracts with cu

Revenues from contracts with customers	6 Months Ended
	Dec. 27, 2024
Revenue from Contract with Customer [Abstract]
Revenues from contracts with customers	Revenues from contracts with customers Revenue by Geographic Area, End Market and Product Category Revenues are attributed to a particular geographic area based on the bill-to-location of the Company’s customers. The Company operates in three geographic regions: North America; Asia-Pacific and others; and Europe. The following table presents total revenues by geographic region: (in thousands, except percentages) Three Months Ended As a % of Total Six Months Ended As a % of Total North America U.S. $ 371,112 $ 678,932 Others (1) 1,291 2,949 Total revenue in North America 372,403 44.7 % 681,881 41.6 % Asia-Pacific and others Israel 240,671 531,624 India 75,629 152,459 Hong Kong 20,415 38,962 Thailand 14,069 25,190 China 13,650 25,522 Singapore 12,481 23,244 Japan 8,976 17,555 Malaysia 7,565 15,063 Others 726 1,201 Total revenue in Asia-Pacific and others 394,182 47.3 % 830,820 50.7 % Europe U.K. 39,262 71,712 Germany 10,867 20,211 Others 16,894 33,212 Total revenue in Europe $ 67,023 8.0 % $ 125,135 7.7 % Total revenue $ 833,608 100.0 % $ 1,637,836 100.0 % (in thousands, except percentages) Three Months Ended As a % of Total Six Months Ended As a % of Total North America U.S. $ 238,288 $ 493,147 Others (1) 3,331 6,791 Total revenue in North America 241,619 33.9 % 499,938 35.8 % Asia-Pacific and others Israel 267,038 477,714 India 75,033 145,810 Malaysia 36,626 69,945 China 21,262 41,522 Hong Kong 12,150 27,938 Thailand 10,403 23,430 Japan 5,826 12,636 Others 1,570 2,735 Total revenue in Asia-Pacific and others 429,908 60.3 % 801,730 57.3 % Europe U.K. 18,870 48,644 Germany 10,395 23,175 Others 11,902 24,684 Total revenue in Europe $ 41,167 5.8 % $ 96,503 6.9 % Total revenue $ 712,694 100.0 % $ 1,398,171 100.0 % (1) Others includes revenues from external customers based in our country of domicile, the Cayman Islands, which for each year presented is $0. The following table presents revenues by end market and product category: (in thousands, except percentages) Three Months Ended As a % of Total Six Months Ended As a % of Total Optical communications Datacom $ 299,101 $ 627,982 Telecom 348,049 645,483 Total revenue - Optical communications $ 647,150 77.6 % $ 1,273,465 77.8 % Non-optical communications Automotive $ 104,247 $ 206,988 Industrial laser 37,542 72,868 Others 44,669 84,515 Total revenue - Non-optical communications $ 186,458 22.4 % $ 364,371 22.2 % Total revenue $ 833,608 100.0 % $ 1,637,836 100.0 % (in thousands, except percentages) Three Months Ended As a % of Total Six Months Ended As a % of Total Optical communications Datacom $ 288,121 $ 530,164 Telecom 279,813 571,027 Total revenue - Optical communications $ 567,934 79.7 % $ 1,101,191 78.8 % Non-optical communications Automotive $ 79,172 $ 167,530 Industrial laser 30,348 60,263 Others 35,240 69,187 Total revenue - Non-optical communications $ 144,760 20.3 % $ 296,980 21.2 % Total revenue $ 712,694 100.0 % $ 1,398,171 100.0 % Contract Assets and Liabilities A contract asset is recognized when the Company has recognized revenues, but has not yet issued an invoice to its customer for payment. Contract assets are recognized in the unaudited condensed consolidated balance sheets under other current assets and transferred to accounts receivable when rights to payment become unconditional. As of December 27, 2024 and June 28, 2024, the Company's contract assets were de minimis. A contract liability is recognized when the Company has advance payment arrangements with customers. Contract liabilities are recognized in the unaudited condensed consolidated balance sheets under other payables. The contract liabilities balance is normally recognized as revenue within six months. The following tables summarize the activity in the Company’s contract liabilities during the six months ended December 27, 2024: (in thousands) Contract Beginning balance, June 28, 2024 $ 7,846 Advance payments received during the period 5,615 Revenue recognized (4,845) Ending balance, December 27, 2024 $ 8,616

Earnings per ordinary share

Earnings per ordinary share	6 Months Ended
	Dec. 27, 2024
Earnings Per Share [Abstract]
Earnings per ordinary share	Earnings per ordinary share Basic earnings per ordinary share is computed by dividing reported net income by the weighted-average number of ordinary shares outstanding during each period. Diluted earnings per ordinary share is computed by calculating the effect of potential dilutive ordinary shares outstanding during the period using the treasury stock method. Dilutive ordinary equivalent shares consist of restricted share units and performance share units. Earnings per ordinary share was calculated as follows: Three Months Ended Six Months Ended (in thousands, except per share data) December 27, December 29, December 27, December 29, Net income attributable to shareholders $ 86,636 $ 69,110 $ 164,030 $ 134,199 Weighted-average number of ordinary shares outstanding 36,163 36,328 36,183 36,292 Incremental shares arising from the assumed vesting of restricted share units and performance share units 239 311 222 268 Weighted-average number of ordinary shares for diluted earnings per ordinary share 36,402 36,639 36,405 36,560 Basic earnings per ordinary share $ 2.40 $ 1.90 $ 4.53 $ 3.70 Diluted earnings per ordinary share $ 2.38 $ 1.89 $ 4.51 $ 3.67

Cash, cash equivalents and shor

Cash, cash equivalents and short-term investments	6 Months Ended
	Dec. 27, 2024
Cash and Cash Equivalents [Abstract]
Cash, cash equivalents and short-term investments	Cash, cash equivalents and short-term investments The Company’s cash, cash equivalents, and short-term investments are as follows: Fair Value (in thousands) Carrying Unrealized Cash and Short-term investments Other As of December 27, 2024 Cash $ 352,399 $ — $ 352,399 $ — $ — Cash equivalents 51,273 (10) 51,263 — — Certificates of deposit and time deposits 135,026 1,824 — 136,850 — Corporate debt securities 136,515 2,848 — 139,363 — U.S. agency and U.S. treasury securities 254,297 459 — 254,756 — Total $ 929,510 $ 5,121 $ 403,662 $ 530,969 $ — As of June 28, 2024 Cash $ 409,938 $ — $ 409,938 $ — $ — Cash equivalents 35 — 35 — — Certificates of deposit and time deposits 134,288 (5) — 134,283 — Corporate debt securities 137,695 (932) — 136,763 — U.S. agency and U.S. treasury securities 177,824 (240) — 177,584 — Total $ 859,780 $ (1,177) $ 409,973 $ 448,630 $ — All highly liquid investments with original maturities of three months or less at the date of purchase are classified as cash equivalents. Management determines the appropriate classification of its investments at the time of purchase. The Company may sell certain of its short-term investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s short-term investments generally range from three months to three years. The following table summarizes the cost and estimated fair value of short-term investments classified as available-for-sale securities based on stated effective maturities as of December 27, 2024 and June 28, 2024: December 27, 2024 June 28, 2024 (in thousands) Carrying Fair Value Carrying Fair Value Due within one year $ 122,647 $ 124,479 $ 110,671 $ 110,669 Due between one to five years 403,191 406,490 339,136 337,961 Total $ 525,838 $ 530,969 $ 449,807 $ 448,630

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Dec. 27, 2024
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Fair value of financial instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy is established, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs for the valuation of an asset or liability as of the measurement date. The three levels of inputs that may be used to measure fair value are defined as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly or indirectly. If the assets or liabilities have a specified (contractual) term, Level 2 inputs must be observable for substantially the full term of assets or liabilities. Level 3 inputs are unobservable inputs for assets or liabilities, which require the reporting entity to develop its own valuation techniques and assumptions. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following table provides details of the financial instruments measured at fair value on a recurring basis, including: Fair Value Measurements at Reporting Date Using (in thousands) Level 1 Level 2 Level 3 Total As of December 27, 2024 Assets Cash equivalents $ — $ 51,263 $ — $ 51,263 Certificates of deposit and time deposits — 136,850 — 136,850 Corporate debt securities — 139,363 — 139,363 U.S. agency and U.S. treasury securities — 254,756 — 254,756 Derivative assets – current portion — 645 (1) — 645 Total $ — $ 582,877 $ — $ 582,877 Liabilities Derivative liabilities – current portion $ — $ (2,932) $ — $ (2,932) Total $ — $ (2,932) (2) $ — $ (2,932) Fair Value Measurements at Reporting Date Using (in thousands) Level 1 Level 2 Level 3 Total As of June 28, 2024 Assets Cash equivalents $ — $ 35 $ — $ 35 Certificates of deposit and time deposits — 134,283 — 134,283 Corporate debt securities — 136,763 — 136,763 U.S. agency and U.S. treasury securities — 177,584 — 177,584 Derivative assets – current portion — 15 (3) — 15 Total $ — $ 448,680 $ — $ 448,680 Liabilities Derivative liabilities – current portion $ — $ (2,244) $ — $ (2,244) Total $ — $ (2,244) (4) $ — $ (2,244) (1) Foreign currency forward contracts with an aggregate notional amount of $27.0 million. (2) Foreign currency forward contracts with an aggregate notional amount of $119.0 million and 0.3 million Canadian dollars. (3) Foreign currency forward contracts with an aggregate notional amount of $8.0 million. (4) Foreign currency forward contracts with an aggregate notional amount of $127.0 million and 0.4 million Canadian dollars. Derivative Financial Instruments The Company utilizes derivative financial instruments to hedge (i) foreign exchange risk associated with certain foreign currency denominated assets and liabilities and other foreign currency transactions, and (ii) interest rate risk associated with its long-term debt. The Company minimizes the credit risk associated with its derivative instruments by limiting the exposure to any single counterparty and by entering into derivative instruments only with counterparties that meet the Company’s minimum credit quality standard. Foreign currency forward and option contracts As a result of foreign currency rate fluctuations, the U.S. dollar equivalent values of the Company’s foreign currency denominated assets and liabilities fluctuate. The Company uses foreign currency forward and option contracts to manage the foreign exchange risk associated with a portion of its foreign currency denominated assets and liabilities and other foreign currency transactions. The Company enters into foreign currency forward and option contracts to hedge fluctuations in the U.S. dollar value of forecasted transactions denominated in Thai baht and Canadian dollars with counterparties that meet the Company’s minimum credit quality standard. The Company may enter into foreign currency forward contracts with maturities of up to 12 months to hedge fluctuations in the U.S. dollar value of forecasted transactions denominated in Thai baht, including inventory purchases, payroll and other operating expenses. The Company considers these forward contracts as dual-purpose hedges, that hedge both the foreign exchange fluctuation (i) from inception through the forecasted expenditure, and (ii) any subsequent revaluation of the account payable or accrual. The Company may designate the forward contracts that hedge the foreign exchange fluctuation from inception through the forecasted expenditure as cash flow hedges. The gain or loss on a derivative instrument designated and qualified as a cash flow hedging instrument is recorded as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The reclassified amounts are presented in the same income statement line item as the earnings effect of the hedged item. Once the forecasted transactions are recorded, the Company will discontinue the hedging relationship by de-designating the derivative instrument and recording subsequent changes in fair value through contract maturity to foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income as a natural hedge against the Thai baht denominated assets and liabilities. The Company may also enter into non-designated foreign currency forward and option contracts to provide an offset to the re-measurement of foreign currency denominated assets and liabilities and to hedge certain forecasted exposures. Changes in the fair value of these non-designated derivatives are recorded as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income. As of December 27, 2024, the Company had 146 outstanding U.S. dollar foreign currency forward contracts against Thai baht, with an aggregate notional amount of $146.0 million and maturity dates ranging from January 2025 through July 2025 and one outstanding Canadian dollar foreign currency forward contract with a notional amount of 0.3 million Canadian dollars and a maturity date in March 2025. As of June 28, 2024, the Company had 135 outstanding U.S. dollar foreign currency forward contracts against Thai baht with an aggregate notional amount of $135.0 million and maturity dates ranging from July 2024 through January 2025, and one foreign currency contract with a notional amount of 0.4 million Canadian dollars and a maturity date in September 2024. As of December 27, 2024, the hedging relationship over foreign currency forward contracts designated for hedge accounting was determined to be highly effective based on the performance of retrospective and prospective regression testing. As of December 27, 2024, the amount in accumulated other comprehensive income (“AOCI”) expected to be reclassified into earnings within 12 months was a loss of $2.1 million. As of June 28, 2024, the hedging relationship over foreign currency forward contracts designated for hedge accounting had been tested to be highly effective based on the performance of retrospective and prospective regression testing. As of June 28, 2024, the amount in AOCI expected to be reclassified into earnings within 12 months as loss was $1.2 million. During the three and six months ended December 27, 2024, the Company included unrealized loss of $5.1 million and $1.0 million, respectively, from changes in the fair value of a foreign currency forward contract that was not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income. During the three and six months ended December 29, 2023, the Company included unrealized gain of $2.6 million and $2.9 million, respectively, from changes in the fair value of a foreign currency forward contract that was not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income. The following table provides a summary of the impact of derivative gain (loss) of the Company’s foreign currency forward contracts and interest rate swaps which were designated as cash flow hedges on the unaudited condensed consolidated statements of operations and other comprehensive income: Three Months Ended Six Months Ended (in thousands) Financial December 27, December 29, December 27, December 29, Derivatives gain (loss) recognized in other comprehensive income (loss): Foreign currency forward contracts Other $ (13,303) $ 11,119 $ (57) $ 9,554 Interest rate swaps Other — (75) — (153) Total derivatives gain (loss) recognized in other comprehensive income (loss) $ (13,303) $ 11,044 $ (57) $ 9,401 Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings: Foreign currency forward contracts Cost of revenues $ (5,905) $ 4,783 $ (4,486) $ 8,455 Foreign currency forward contracts SG&A (451) 199 (345) 354 Foreign currency forward contracts Foreign exchange gain (loss), net 9,842 (7,205) 3,933 (10,420) Interest rate swaps Interest expense — (65) — (154) Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings $ 3,486 $ (2,288) $ (898) $ (1,765) Change in net unrealized gain (loss) on derivatives instruments $ (9,817) $ 8,756 $ (955) $ 7,636 Fair Value of derivatives The following table provides the fair values of the Company’s derivative financial instruments for the periods presented: December 27, June 28, (in thousands) Derivative Derivative Derivative Derivative Derivatives not designated as hedging instruments Foreign currency forward and option contracts $ 467 $ (565) $ — $ (1,088) Derivatives designated as hedging instruments Foreign currency forward contracts 178 (2,367) 15 (1,156) Derivatives, gross balances $ 645 $ (2,932) $ 15 $ (2,244) The Company recorded the fair value of derivative financial instruments in the unaudited condensed consolidated balance sheets as follows: Derivative Financial Instruments Balance Sheet line item Fair Value of Derivative Assets Other current assets, Other non-current assets Fair Value of Derivative Liabilities Accrued expenses, Other non-current liabilities

Inventories

Inventories	6 Months Ended
	Dec. 27, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories (in thousands) As of December 27, As of June 28, Raw materials $ 115,138 $ 138,488 Work in progress 304,481 266,107 Finished goods 49,786 39,701 Goods in transit 19,754 18,910 Total inventories $ 489,159 $ 463,206

Leases

Leases	6 Months Ended
	Dec. 27, 2024
Leases [Abstract]
Leases	Leases The Company leases facilities under non-cancelable operating lease agreements. The Company leases a portion of its capital equipment and vehicles, certain land and buildings for its facilities in Thailand, the Cayman Islands, the PRC, the U.S., Israel and Singapore under operating lease arrangements that expire at various dates through 2034. Certain of these lease arrangements provide the Company the ability to extend the lease term following the expiration of the current term. However, the Company has excluded all lease extension options from its right of use (“ROU”) assets and lease liabilities as the Company is not reasonably assured that it will exercise these options. None of the lease agreements contain residual value guarantees provided by the lessee. The Company also has one intercompany lease transaction in the form of a lease of office and manufacturing space. Operating leases As of December 27, 2024, the maturities of the Company’s operating lease liabilities, by fiscal year, were as follows: (in thousands) 2025 (remaining six months) $ 1,020 2026 2,040 2027 1,230 2028 784 2029 753 Thereafter 1,410 Total undiscounted lease payments 7,237 Less imputed interest (1,144) Total present value of lease liabilities $ 6,093 (1) (1) Includes current portion of operating lease liabilities of $1.7 million. Rental expense related to the Company’s operating leases is recognized on a straight-line basis over the lease term. Rental expense for long-term leases for the three and six months ended December 27, 2024 was $0.4 million and $0.9 million, respectively, and for the three and six months ended December 29, 2023 was $0.5 million and $1.1 million, respectively. Rental expense for short-term leases for the three and six months ended December 27, 2024 was immaterial, and for the three and six months ended December 29, 2023 was $0.3 million, and $0.7 million, respectively. The following summarizes additional information related to the Company’s operating leases: As of December 27, 2024 As of June 28, 2024 Weighted-average remaining lease term (in years) 5.4 5.6 Weighted-average discount rate 6.4 % 5.6 % The following table presents supplemental disclosure for the unaudited condensed consolidated statements of cash flows related to operating leases for the three and six months ended December 27, 2024 and December 29, 2023: Three Months Ended Six Months Ended (in thousands) December 27, December 29, December 27, December 29, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 501 $ 785 $ 1,245 $ 1,744 ROU assets obtained in exchange for lease liabilities $ 1,778 $ 118 $ 1,937 $ 5,054

Intangibles

Intangibles	6 Months Ended
	Dec. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The following tables present details of the Company’s intangibles: (in thousands) As of December 27, 2024 As of June 28, 2024 Software Gross Carrying Amount $ 11,613 $ 11,398 Accumulated Amortization (9,551) (9,077) Net $ 2,062 $ 2,321 The Company recorded amortization expense relating to intangibles of $0.2 million and $0.3 million for the three months ended December 27, 2024 and December 29, 2023, respectively, and $0.5 million and $0.6 million for the six months ended December 27, 2024 and December 29, 2023, respectively. The weighted-average remaining life of software was: (years) As of December 27, 2024 As of June 28, 2024 Software 1.7 2.1 Based on the carrying amount of intangibles as of December 27, 2024, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows: (in thousands) 2025 (remaining six months) $ 563 2026 662 2027 459 2028 288 2029 88 Thereafter 2 Total $ 2,062

Income taxes

Income taxes	6 Months Ended
	Dec. 27, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes As of December 27, 2024 and June 28, 2024, the liability for uncertain tax positions including accrued interest and penalties was $2.3 million and $1.3 million, respectively. The Company files income tax returns in the United States and foreign tax jurisdictions. The tax years from 2017 to 2023 remain open to examination by U.S. federal and state, and foreign tax authorities. The Company is currently under examination by the U.S. Internal Revenue Service for the fiscal year ended June 24, 2022. The Company’s income tax is recognized based on the best estimate of the expected annual effective tax rate for the full financial year of each entity in the Company, adjusted for discrete items arising in that quarter. If the Company’s estimated annual effective tax rate changes, the Company makes a cumulative adjustment in that quarter. The effective tax rate for the Company for the three months ended December 27, 2024 and December 29, 2023 was 8.7% and 5.2%, respectively, of net income. The increase was due to higher income subject to tax and a discrete expense related to continuing assessment of potential tax exposures. The effective tax rate for the Company for the six months ended December 27, 2024 and December 29, 2023 was 6.6% and 6.2%, respectively, of net income. The increase was due to higher income subject to tax and a discrete expense due to a continuing assessment of potential tax exposures during the six months ended December 27, 2024, offset by a full valuation allowance for deferred tax assets that was set up during the six months ended December 29, 2023 for the Company's subsidiary in Israel.

Share-based compensation

Share-based compensation	6 Months Ended
	Dec. 27, 2024
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Share-based compensation Share-based compensation The grant date fair value of restricted share units and performance share units is based on the market value of Fabrinet's ordinary shares on the date of grant. The effect of recording share-based compensation expense for the three and six months ended December 27, 2024 and December 29, 2023 was as follows: Three Months Ended Six Months Ended (in thousands) December 27, December 29, December 27, December 29, Share-based compensation expense by type of award: Restricted share units $ 5,430 $ 4,088 $ 11,143 $ 8,967 Performance share units 3,008 2,893 5,977 5,747 Total share-based compensation expense 8,438 6,981 17,120 14,714 Tax effect on share-based compensation expense — — — — Net effect on share-based compensation expense $ 8,438 $ 6,981 $ 17,120 $ 14,714 Share-based compensation expense was recorded in the unaudited condensed consolidated statements of operations and comprehensive income as follows: Three Months Ended Six Months Ended (in thousands) December 27, December 29, December 27, December 29, Cost of revenue $ 2,764 $ 1,701 $ 5,662 $ 3,866 Selling, general and administrative expense 5,674 5,280 11,458 10,848 Total share-based compensation expense $ 8,438 $ 6,981 $ 17,120 $ 14,714 The Company did not capitalize any share-based compensation expense as part of any asset costs during the three and six months ended December 27, 2024 and December 29, 2023. Share-based award activity On December 12, 2019, the Company’s shareholders approved Fabrinet’s 2020 Equity Incentive Plan (the “2020 Plan”). Upon the approval of the 2020 Plan, Fabrinet’s Amended and Restated 2010 Performance Incentive Plan (the “2010 Plan”) was simultaneously terminated. The 2020 Plan provides for the grant of equity awards thereunder with respect to (i) 1,700,000 ordinary shares, plus (ii) up to 1,300,000 ordinary shares that, as of immediately prior to the termination of the 2010 Plan, had been reserved but not issued pursuant to any awards granted under the 2010 Plan and are not subject to any awards thereunder. Upon termination of the 2010 Plan, 1,281,619 ordinary shares were reserved for issuance under the 2020 Plan pursuant to clause (ii) of the preceding sentence. On November 2, 2017, the Company adopted the 2017 Inducement Equity Incentive Plan (the “2017 Inducement Plan”) with a reserve of 160,000 ordinary shares authorized for future issuance solely for the granting of inducement share options and equity awards to new employees. The 2017 Inducement Plan was adopted without shareholder approval in reliance on the “employment inducement exemption” provided under the New York Stock Exchange Listed Company Manual. The 2020 Plan, 2010 Plan and 2017 Inducement Plan are collectively referred to as the “Equity Incentive Plans.” The following table summarizes the number of equity awards outstanding and ordinary shares available for grant under each of the Equity Incentive Plans as of December 27, 2024: (share units) Restricted Share Units outstanding Performance Share Units outstanding Ordinary Shares available for future grant 2020 Plan 285,740 120,916 1,592,062 2017 Inducement Plan — — 111,347 Total 285,740 120,916 1,703,409 Restricted share units and performance share units Restricted share units and performance share units have been granted under the Equity Incentive Plans. Restricted share units granted to employees generally vest in equal installments over three Performance share units granted to executives will vest, if at all, at the end of a two-year performance period based on the Company’s achievement of pre-defined performance criteria, which consist of revenue and non-GAAP operating margin targets. The actual number of performance share units that may vest at the end of the performance period ranges from 0% to 100% of the award grant. The following table summarizes restricted share unit activity under the Equity Incentive Plans: Number Weighted- Balance as of June 28, 2024 306,660 $ 129.01 Granted 107,026 $ 260.95 Vested (120,452) $ 114.39 Forfeited (7,494) $ 151.56 Balance as of December 27, 2024 285,740 $ 184.00 Number Weighted- Balance as of June 30, 2023 368,765 $ 97.49 Granted 114,159 $ 160.54 Vested (145,067) $ 86.07 Forfeited (10,093) $ 120.71 Balance as of December 29, 2023 327,764 $ 123.79 The following table summarizes performance share unit activity under the Equity Incentive Plans: Number Weighted- Balance as of June 28, 2024 171,078 $ 135.31 Granted 46,980 $ 261.84 Vested (97,142) $ 117.35 Forfeited — $ — Balance as of December 27, 2024 120,916 $ 198.90 Number Weighted- Balance as of June 30, 2023 204,016 $ 108.81 Granted 73,936 $ 158.91 Vested (106,874) 101.05 Forfeited — $ — Balance as of December 29, 2023 171,078 $ 135.31 As of December 27, 2024, there was $27.3 million and $13.2 million of unrecognized share-based compensation expense related to restricted share units and performance share units, respectively, under the Equity Incentive Plans that is expected to be recorded over a weighted-average period of 2.8 and 1.3 years, respectively. For the six months ended December 27, 2024 and December 29, 2023, the Company withheld an aggregate of 89,868 shares and 100,763 shares, respectively, upon the vesting of restricted share units and performance shares units, based upon the closing share price on the vesting date to settle employee tax withholding obligations. For the six months ended December 27, 2024 and December 29, 2023, the Company then remitted cash of $20.7 million and $12.4 million, respectively, to the appropriate taxing authorities and presented it as a financing activity within the unaudited condensed consolidated statements of cash flows. The payment was recorded as a reduction of additional paid-in capital.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Dec. 27, 2024
Equity [Abstract]
Shareholders' equity	Shareholders’ equity Share capital Fabrinet’s authorized share capital is 500,000,000 ordinary shares, par value of $0.01 per ordinary share, and 5,000,000 preferred shares, par value of $0.01 per preferred share. For the three and six months ended December 27, 2024, Fabrinet issued 5,329 and 127,726 ordinary shares, respectively, upon the vesting of restricted share units and performance share units under the Equity Incentive Plans, net of shares withheld. For the three and six months ended December 29, 2023, Fabrinet issued 4,384 and 151,178 ordinary shares, respectively, upon the vesting of restricted share units and performance share units under the Equity Incentive Plans, net of shares withheld. All such issued shares are fully paid. Treasury shares In August 2017, the Company’s board of directors approved a share repurchase program to permit the Company to repurchase up to $30.0 million worth of its issued and outstanding ordinary shares in the open market in accordance with applicable rules and regulations. In February 2018, May 2019, August 2020, August 2022, August 2023, and August 2024, the Company’s board of directors approved an increase of $30.0 million, $50.0 million, $58.5 million, $78.7 million, $47.6 million, and $139.5 million, respectively, to the original share repurchase authorization, bringing the aggregate authorization to $434.3 million. During the six months ended December 27, 2024, 291,780 shares were repurchased under the program, at an average price per share (excluding other direct costs) of $235.43, for an aggregate purchase price of $68.7 million. As of December 27, 2024, the Company had a remaining authorization to repurchase up to $131.3 million worth of its ordinary shares under the share repurchase program. Shares repurchased under the share repurchase program are held as treasury shares.

Accumulated other comprehensive

Accumulated other comprehensive income (loss)	6 Months Ended
	Dec. 27, 2024
Equity [Abstract]
Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) The changes in AOCI for the six months ended December 27, 2024 and December 29, 2023 were as follows: (in thousands) Unrealized net Unrealized net Foreign Total Balance as of June 28, 2024 $ (1,179) $ (980) $ (982) $ (3,141) Other comprehensive income (loss) before reclassification 6,297 (57) 76 6,316 Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income — (898) — (898) Tax effects — 72 — 72 Other comprehensive income (loss) $ 6,297 $ (883) $ 76 $ 5,490 Balance as of December 27, 2024 $ 5,118 $ (1,863) $ (906) $ 2,349 (in thousands) Unrealized net Unrealized net Retirement Foreign Total Balance as of June 30, 2023 $ (3,279) $ (3,541) $ (330) $ (965) $ (8,115) Other comprehensive income (loss) before reclassification 3,893 9,401 — (106) 13,188 Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income 1 (1,765) 158 — (1,606) Tax effects — 754 (24) — 730 Other comprehensive income (loss) $ 3,894 $ 8,390 $ 134 $ (106) $ 12,312 Balance as of December 29, 2023 $ 615 $ 4,849 $ (196) $ (1,071) $ 4,197

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Dec. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Bank guarantees As of December 27, 2024 and June 28, 2024, there were outstanding bank guarantees on behalf of the Company's subsidiary in Thailand for electricity usage and other normal business expenses totaling $2.2 million and $2.0 million, respectively, or Thai baht 75.7 million and 73.2 million, respectively. In addition, there were other immaterial bank guarantees on behalf of the Company's subsidiary in Israel to support the subsidiary's operations related to the Israeli Customs department. Purchase obligations Purchase obligations represent legally binding commitments to purchase inventory and other commitments made in the normal course of business to meet operational requirements. Although open purchase orders are considered enforceable and legally binding, their terms generally give the Company the option to cancel, reschedule and/or adjust its requirements based on its business needs prior to the delivery of goods or performance of services. Obligations to purchase inventory and other commitments are generally expected to be fulfilled within one year. As of December 27, 2024, the Company had purchase obligations and other commitments to third parties of $1.27 billion. Capital expenditures As of December 27, 2024, the Company had total capital expenditure commitments to third parties of $45.2 million. Indemnification of directors and officers Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Fabrinet’s amended and restated memorandum and articles of association provide for indemnification of directors and officers for actions, costs, charges, losses, damages and expenses incurred in their capacities as such, except that such indemnification does not extend to any matter in respect of any fraud or dishonesty that may attach to any of them. In accordance with Fabrinet’s form of indemnification agreement for its directors and officers, Fabrinet has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons in connection with claims by reason of their being such a director or officer. Fabrinet maintains a director and officer liability insurance policy that may enable it to recover a portion of any future amounts paid under the indemnification agreements. Credit facility agreement On March 9, 2023, Fabrinet Thailand and the Parent Company (collectively, the “Borrowers”) and the Bank of Ayudhya Public Company Limited (the "Bank") entered into a credit facility agreement (the “2023 Credit Facility Agreement”), which provided a facility of $55.0 million. During the three months ended December 27, 2024, the Borrowers and the Bank amended the 2023 Credit Facility Agreement to reduce the facility to $30.0 million, which may be used for, among other things, an overdraft facility. As of December 27, 2024, there was no amount outstanding under the 2023 Credit Facility Agreement. Under the 2023 Credit Facility Agreement, the Borrowers are required to maintain a debt-to-equity ratio of less than or equal to 1.5 times for Fabrinet Thailand and 1.0 times for the Parent Company. As of December 27, 2024, the Borrowers were in compliance with all of their financial covenants under the 2023 Credit Facility Agreement. Litigation and claim On June 28, 2024, Ngan In Leng and First Laser Limited (collectively, the “Plaintiffs”) filed a complaint in the Fuzhou Intermediate People’s Court (the “Court”) in Fuzhou, China against Fujian Enterprises (Holdings) Co., Ltd. (“FEHC”), Jian An Investment Limited (“Jian”), and Casix, Inc. (“Casix”), the Company's wholly-owned subsidiary located in the PRC. The complaint alleges unjust enrichment related to a purported investment in Casix by the Plaintiffs in 1997, which predates the Company's acquisition of Casix from JDS Uniphase Corporation. The Plaintiffs have requested that the Court order FEHC to return the unjust enrichment to the Plaintiffs in the amount of RMB 400 million, with interest from March 1, 2000, and order Jian and Casix to bear joint and several liability for all payment obligations of FEHC. In September 2024, the Court dismissed the lawsuit in its entirety based on jurisdictional grounds. The Plaintiffs have since appealed the Court’s ruling to the High People's Court of Fujian Province (the "Appellate Court"). In their appeal, the Plaintiffs now claim that Casix is the primary obligor to return the alleged unjust enrichment to the Plaintiffs. On November 24, 2024, the Appellate Court agreed to hear the appeal. At this time, the Company is not able to quantify any potential liability in connection with this litigation due to its pending status and preliminary nature.

Business segments and geographi

Business segments and geographic information	6 Months Ended
	Dec. 27, 2024
Segment Reporting [Abstract]
Business segments and geographic information	Business segments and geographic information Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is Fabrinet’s Chief Executive Officer. As of December 27, 2024, the Company operated and internally managed a single operating segment. Accordingly, the Company does not accumulate discrete information with respect to separate product lines and does not have separate reportable segments. For the Company’s revenues by geographic region, see “Revenue by Geographic Area, End Market and Product Category” in Note 3. The following table presents long-lived assets by the country in which they are based: (in thousands) December 27, June 28, Long-Lived Assets: Thailand $ 279,268 $ 261,141 U.S. 28,378 28,914 China 14,004 14,586 Israel 1,569 2,160 Others 429 439 Total $ 323,648 $ 307,240 Significant customers The Company had three customers that each contributed to 10% or more of the Company's total trade accounts receivable as of December 27, 2024 and June 28, 2024. During the six months ended December 27, 2024 and December 29, 2023, the Company had two customers and three customers, respectively, that each contributed 10% or more of the Company's revenues. Such customers together accounted for 50.5% and 53.9% of the Company revenues during the respective periods.

Subsequent events

Subsequent events	6 Months Ended
	Dec. 27, 2024
Subsequent Events [Abstract]
Subsequent event	Subsequent event In January 2025, the Company’s board of directors approved the repurchase of up to an additional $100.0 million of the Company’s outstanding ordinary shares, bringing the aggregate authorization under the Company’s existing share repurchase program to $534.3 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Pay vs Performance Disclosure
Net income	$ 86,636	$ 69,110	$ 164,030	$ 134,199

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting policies (Policies)

Accounting policies (Policies)	6 Months Ended
	Dec. 27, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements for Fabrinet as of December 27, 2024 and for the three and six months ended December 27, 2024 and December 29, 2023 include normal recurring adjustments necessary for a fair statement of the financial statements set forth herein, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or "GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such information does not include all of the information and footnotes required by U.S. GAAP for annual financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in Fabrinet’s Annual Report on Form 10-K for the year ended June 28, 2024. The balance sheet as of June 28, 2024 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The results for the three and six months ended December 27, 2024 may not be indicative of results for the year ending June 27, 2025 or any future periods.
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of total revenues and expenses during the year. The Company bases estimates on historical experience and various assumptions about the future that are believed to be reasonable based on available information. The Company’s reported financial position or results of operations may be materially different under different conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies, which are discussed below. Significant assumptions are used in accounting for share-based compensation, allowance for expected credit losses, income taxes, and inventory obsolescence. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. In the event that the Company's estimates or assumptions prove to be different from actual results, adjustments will be made in subsequent periods to reflect more current information.
Fiscal years	Fiscal years The Company utilizes a 52-53 week fiscal year ending on the Friday in June closest to June 30. The three months ended December 27, 2024 and December 29, 2023 consisted of 13 weeks. Fiscal year 2025 will comprise 52 weeks and will end on June 27, 2025.
Adoption of New Accounting Standards	New Accounting Standards—not yet adopted by the Company In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU is effective for the Company's annual periods beginning June 29, 2024, and interim periods beginning June 28, 2025, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures,” which requires more detailed income tax disclosures. This ASU requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. This ASU is effective for all entities for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will be effective for the Company beginning with fiscal year 2026. The Company is currently assessing the impact to its disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses,” which requires additional notes to financial statements. This ASU requires entities to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments in this ASU. This ASU is effective for all entities for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. This ASU is effective for the Company's annual periods beginning June 26, 2027, and interim periods beginning July 1, 2028, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
Contract Assets and Liabilities	Contract Assets and Liabilities A contract asset is recognized when the Company has recognized revenues, but has not yet issued an invoice to its customer for payment. Contract assets are recognized in the unaudited condensed consolidated balance sheets under other current assets and transferred to accounts receivable when rights to payment become unconditional. As of December 27, 2024 and June 28, 2024, the Company's contract assets were de minimis. A contract liability is recognized when the Company has advance payment arrangements with customers. Contract liabilities are recognized in the unaudited condensed consolidated balance sheets under other payables. The contract liabilities balance is normally recognized as revenue within six months.

Revenues from contracts with _2

Revenues from contracts with customers (Tables)	6 Months Ended
	Dec. 27, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Geographical Regions	The following table presents total revenues by geographic region: (in thousands, except percentages) Three Months Ended As a % of Total Six Months Ended As a % of Total North America U.S. $ 371,112 $ 678,932 Others (1) 1,291 2,949 Total revenue in North America 372,403 44.7 % 681,881 41.6 % Asia-Pacific and others Israel 240,671 531,624 India 75,629 152,459 Hong Kong 20,415 38,962 Thailand 14,069 25,190 China 13,650 25,522 Singapore 12,481 23,244 Japan 8,976 17,555 Malaysia 7,565 15,063 Others 726 1,201 Total revenue in Asia-Pacific and others 394,182 47.3 % 830,820 50.7 % Europe U.K. 39,262 71,712 Germany 10,867 20,211 Others 16,894 33,212 Total revenue in Europe $ 67,023 8.0 % $ 125,135 7.7 % Total revenue $ 833,608 100.0 % $ 1,637,836 100.0 % (in thousands, except percentages) Three Months Ended As a % of Total Six Months Ended As a % of Total North America U.S. $ 238,288 $ 493,147 Others (1) 3,331 6,791 Total revenue in North America 241,619 33.9 % 499,938 35.8 % Asia-Pacific and others Israel 267,038 477,714 India 75,033 145,810 Malaysia 36,626 69,945 China 21,262 41,522 Hong Kong 12,150 27,938 Thailand 10,403 23,430 Japan 5,826 12,636 Others 1,570 2,735 Total revenue in Asia-Pacific and others 429,908 60.3 % 801,730 57.3 % Europe U.K. 18,870 48,644 Germany 10,395 23,175 Others 11,902 24,684 Total revenue in Europe $ 41,167 5.8 % $ 96,503 6.9 % Total revenue $ 712,694 100.0 % $ 1,398,171 100.0 % (1) Others includes revenues from external customers based in our country of domicile, the Cayman Islands, which for each year presented is $0.
Schedule of Revenues by End Market and Product	The following table presents revenues by end market and product category: (in thousands, except percentages) Three Months Ended As a % of Total Six Months Ended As a % of Total Optical communications Datacom $ 299,101 $ 627,982 Telecom 348,049 645,483 Total revenue - Optical communications $ 647,150 77.6 % $ 1,273,465 77.8 % Non-optical communications Automotive $ 104,247 $ 206,988 Industrial laser 37,542 72,868 Others 44,669 84,515 Total revenue - Non-optical communications $ 186,458 22.4 % $ 364,371 22.2 % Total revenue $ 833,608 100.0 % $ 1,637,836 100.0 % (in thousands, except percentages) Three Months Ended As a % of Total Six Months Ended As a % of Total Optical communications Datacom $ 288,121 $ 530,164 Telecom 279,813 571,027 Total revenue - Optical communications $ 567,934 79.7 % $ 1,101,191 78.8 % Non-optical communications Automotive $ 79,172 $ 167,530 Industrial laser 30,348 60,263 Others 35,240 69,187 Total revenue - Non-optical communications $ 144,760 20.3 % $ 296,980 21.2 % Total revenue $ 712,694 100.0 % $ 1,398,171 100.0 %
Schedule of Activity in the Company's Contract Assets and Liabilities	The following tables summarize the activity in the Company’s contract liabilities during the six months ended December 27, 2024: (in thousands) Contract Beginning balance, June 28, 2024 $ 7,846 Advance payments received during the period 5,615 Revenue recognized (4,845) Ending balance, December 27, 2024 $ 8,616

Earnings per ordinary share (Ta

Earnings per ordinary share (Tables)	6 Months Ended
	Dec. 27, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Ordinary Share	Earnings per ordinary share was calculated as follows: Three Months Ended Six Months Ended (in thousands, except per share data) December 27, December 29, December 27, December 29, Net income attributable to shareholders $ 86,636 $ 69,110 $ 164,030 $ 134,199 Weighted-average number of ordinary shares outstanding 36,163 36,328 36,183 36,292 Incremental shares arising from the assumed vesting of restricted share units and performance share units 239 311 222 268 Weighted-average number of ordinary shares for diluted earnings per ordinary share 36,402 36,639 36,405 36,560 Basic earnings per ordinary share $ 2.40 $ 1.90 $ 4.53 $ 3.70 Diluted earnings per ordinary share $ 2.38 $ 1.89 $ 4.51 $ 3.67

Cash, cash equivalents and sh_2

Cash, cash equivalents and short-term investments (Tables)	6 Months Ended
	Dec. 27, 2024
Cash and Cash Equivalents [Abstract]
Summary of Components of Cash, Cash Equivalents, and Short-Term Investments	The Company’s cash, cash equivalents, and short-term investments are as follows: Fair Value (in thousands) Carrying Unrealized Cash and Short-term investments Other As of December 27, 2024 Cash $ 352,399 $ — $ 352,399 $ — $ — Cash equivalents 51,273 (10) 51,263 — — Certificates of deposit and time deposits 135,026 1,824 — 136,850 — Corporate debt securities 136,515 2,848 — 139,363 — U.S. agency and U.S. treasury securities 254,297 459 — 254,756 — Total $ 929,510 $ 5,121 $ 403,662 $ 530,969 $ — As of June 28, 2024 Cash $ 409,938 $ — $ 409,938 $ — $ — Cash equivalents 35 — 35 — — Certificates of deposit and time deposits 134,288 (5) — 134,283 — Corporate debt securities 137,695 (932) — 136,763 — U.S. agency and U.S. treasury securities 177,824 (240) — 177,584 — Total $ 859,780 $ (1,177) $ 409,973 $ 448,630 $ —
Schedule of Available-for-Sale Securities Based on Stated Effective Maturities	The following table summarizes the cost and estimated fair value of short-term investments classified as available-for-sale securities based on stated effective maturities as of December 27, 2024 and June 28, 2024: December 27, 2024 June 28, 2024 (in thousands) Carrying Fair Value Carrying Fair Value Due within one year $ 122,647 $ 124,479 $ 110,671 $ 110,669 Due between one to five years 403,191 406,490 339,136 337,961 Total $ 525,838 $ 530,969 $ 449,807 $ 448,630

Fair value of financial instr_2

Fair value of financial instruments (Tables)	6 Months Ended
	Dec. 27, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis	The following table provides details of the financial instruments measured at fair value on a recurring basis, including: Fair Value Measurements at Reporting Date Using (in thousands) Level 1 Level 2 Level 3 Total As of December 27, 2024 Assets Cash equivalents $ — $ 51,263 $ — $ 51,263 Certificates of deposit and time deposits — 136,850 — 136,850 Corporate debt securities — 139,363 — 139,363 U.S. agency and U.S. treasury securities — 254,756 — 254,756 Derivative assets – current portion — 645 (1) — 645 Total $ — $ 582,877 $ — $ 582,877 Liabilities Derivative liabilities – current portion $ — $ (2,932) $ — $ (2,932) Total $ — $ (2,932) (2) $ — $ (2,932) Fair Value Measurements at Reporting Date Using (in thousands) Level 1 Level 2 Level 3 Total As of June 28, 2024 Assets Cash equivalents $ — $ 35 $ — $ 35 Certificates of deposit and time deposits — 134,283 — 134,283 Corporate debt securities — 136,763 — 136,763 U.S. agency and U.S. treasury securities — 177,584 — 177,584 Derivative assets – current portion — 15 (3) — 15 Total $ — $ 448,680 $ — $ 448,680 Liabilities Derivative liabilities – current portion $ — $ (2,244) $ — $ (2,244) Total $ — $ (2,244) (4) $ — $ (2,244) (1) Foreign currency forward contracts with an aggregate notional amount of $27.0 million. (2) Foreign currency forward contracts with an aggregate notional amount of $119.0 million and 0.3 million Canadian dollars. (3) Foreign currency forward contracts with an aggregate notional amount of $8.0 million. (4) Foreign currency forward contracts with an aggregate notional amount of $127.0 million and 0.4 million Canadian dollars.
Schedule of Impacts of Derivative Gain (Loss) of Cash Flow Hedges	The following table provides a summary of the impact of derivative gain (loss) of the Company’s foreign currency forward contracts and interest rate swaps which were designated as cash flow hedges on the unaudited condensed consolidated statements of operations and other comprehensive income: Three Months Ended Six Months Ended (in thousands) Financial December 27, December 29, December 27, December 29, Derivatives gain (loss) recognized in other comprehensive income (loss): Foreign currency forward contracts Other $ (13,303) $ 11,119 $ (57) $ 9,554 Interest rate swaps Other — (75) — (153) Total derivatives gain (loss) recognized in other comprehensive income (loss) $ (13,303) $ 11,044 $ (57) $ 9,401 Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings: Foreign currency forward contracts Cost of revenues $ (5,905) $ 4,783 $ (4,486) $ 8,455 Foreign currency forward contracts SG&A (451) 199 (345) 354 Foreign currency forward contracts Foreign exchange gain (loss), net 9,842 (7,205) 3,933 (10,420) Interest rate swaps Interest expense — (65) — (154) Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings $ 3,486 $ (2,288) $ (898) $ (1,765) Change in net unrealized gain (loss) on derivatives instruments $ (9,817) $ 8,756 $ (955) $ 7,636
Schedule of Derivative Financial Instruments	The following table provides the fair values of the Company’s derivative financial instruments for the periods presented: December 27, June 28, (in thousands) Derivative Derivative Derivative Derivative Derivatives not designated as hedging instruments Foreign currency forward and option contracts $ 467 $ (565) $ — $ (1,088) Derivatives designated as hedging instruments Foreign currency forward contracts 178 (2,367) 15 (1,156) Derivatives, gross balances $ 645 $ (2,932) $ 15 $ (2,244)
Schedule of Derivative Financial Instruments in the Unaudited Condensed Consolidated Balance Sheets	The Company recorded the fair value of derivative financial instruments in the unaudited condensed consolidated balance sheets as follows: Derivative Financial Instruments Balance Sheet line item Fair Value of Derivative Assets Other current assets, Other non-current assets Fair Value of Derivative Liabilities Accrued expenses, Other non-current liabilities

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 27, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	(in thousands) As of December 27, As of June 28, Raw materials $ 115,138 $ 138,488 Work in progress 304,481 266,107 Finished goods 49,786 39,701 Goods in transit 19,754 18,910 Total inventories $ 489,159 $ 463,206

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 27, 2024
Leases [Abstract]
Schedule of Operating Lease Liabilities	As of December 27, 2024, the maturities of the Company’s operating lease liabilities, by fiscal year, were as follows: (in thousands) 2025 (remaining six months) $ 1,020 2026 2,040 2027 1,230 2028 784 2029 753 Thereafter 1,410 Total undiscounted lease payments 7,237 Less imputed interest (1,144) Total present value of lease liabilities $ 6,093 (1) (1)
Summary of Additional Information Related to Operating and Finance Lease	The following summarizes additional information related to the Company’s operating leases: As of December 27, 2024 As of June 28, 2024 Weighted-average remaining lease term (in years) 5.4 5.6 Weighted-average discount rate 6.4 % 5.6 %
Schedule of Supplemental Cash Flow and Other Information Related to Leases	The following table presents supplemental disclosure for the unaudited condensed consolidated statements of cash flows related to operating leases for the three and six months ended December 27, 2024 and December 29, 2023: Three Months Ended Six Months Ended (in thousands) December 27, December 29, December 27, December 29, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 501 $ 785 $ 1,245 $ 1,744 ROU assets obtained in exchange for lease liabilities $ 1,778 $ 118 $ 1,937 $ 5,054

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Dec. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following tables present details of the Company’s intangibles: (in thousands) As of December 27, 2024 As of June 28, 2024 Software Gross Carrying Amount $ 11,613 $ 11,398 Accumulated Amortization (9,551) (9,077) Net $ 2,062 $ 2,321
Schedule of Weighted-Average Remaining Life of Intangible Assets	The weighted-average remaining life of software was: (years) As of December 27, 2024 As of June 28, 2024 Software 1.7 2.1
Schedule of Estimated Future Amortization of Intangibles Assets	Based on the carrying amount of intangibles as of December 27, 2024, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows: (in thousands) 2025 (remaining six months) $ 563 2026 662 2027 459 2028 288 2029 88 Thereafter 2 Total $ 2,062

Share-based compensation (Table

Share-based compensation (Tables)	6 Months Ended
	Dec. 27, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Effect of Recording Share-Based Compensation Expense	The effect of recording share-based compensation expense for the three and six months ended December 27, 2024 and December 29, 2023 was as follows: Three Months Ended Six Months Ended (in thousands) December 27, December 29, December 27, December 29, Share-based compensation expense by type of award: Restricted share units $ 5,430 $ 4,088 $ 11,143 $ 8,967 Performance share units 3,008 2,893 5,977 5,747 Total share-based compensation expense 8,438 6,981 17,120 14,714 Tax effect on share-based compensation expense — — — — Net effect on share-based compensation expense $ 8,438 $ 6,981 $ 17,120 $ 14,714
Schedule of Share-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations and Comprehensive Income	Share-based compensation expense was recorded in the unaudited condensed consolidated statements of operations and comprehensive income as follows: Three Months Ended Six Months Ended (in thousands) December 27, December 29, December 27, December 29, Cost of revenue $ 2,764 $ 1,701 $ 5,662 $ 3,866 Selling, general and administrative expense 5,674 5,280 11,458 10,848 Total share-based compensation expense $ 8,438 $ 6,981 $ 17,120 $ 14,714
Share-Based Payment Arrangement, Activity	The following table summarizes the number of equity awards outstanding and ordinary shares available for grant under each of the Equity Incentive Plans as of December 27, 2024: (share units) Restricted Share Units outstanding Performance Share Units outstanding Ordinary Shares available for future grant 2020 Plan 285,740 120,916 1,592,062 2017 Inducement Plan — — 111,347 Total 285,740 120,916 1,703,409
Schedule of Restricted Share Unit Activity	The following table summarizes restricted share unit activity under the Equity Incentive Plans: Number Weighted- Balance as of June 28, 2024 306,660 $ 129.01 Granted 107,026 $ 260.95 Vested (120,452) $ 114.39 Forfeited (7,494) $ 151.56 Balance as of December 27, 2024 285,740 $ 184.00 Number Weighted- Balance as of June 30, 2023 368,765 $ 97.49 Granted 114,159 $ 160.54 Vested (145,067) $ 86.07 Forfeited (10,093) $ 120.71 Balance as of December 29, 2023 327,764 $ 123.79
Schedule of Performance Share Unit Activity	The following table summarizes performance share unit activity under the Equity Incentive Plans: Number Weighted- Balance as of June 28, 2024 171,078 $ 135.31 Granted 46,980 $ 261.84 Vested (97,142) $ 117.35 Forfeited — $ — Balance as of December 27, 2024 120,916 $ 198.90 Number Weighted- Balance as of June 30, 2023 204,016 $ 108.81 Granted 73,936 $ 158.91 Vested (106,874) 101.05 Forfeited — $ — Balance as of December 29, 2023 171,078 $ 135.31

Accumulated other comprehensi_2

Accumulated other comprehensive income (loss) (Tables)	6 Months Ended
	Dec. 27, 2024
Equity [Abstract]
Schedule of Changes in AOCI	The changes in AOCI for the six months ended December 27, 2024 and December 29, 2023 were as follows: (in thousands) Unrealized net Unrealized net Foreign Total Balance as of June 28, 2024 $ (1,179) $ (980) $ (982) $ (3,141) Other comprehensive income (loss) before reclassification 6,297 (57) 76 6,316 Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income — (898) — (898) Tax effects — 72 — 72 Other comprehensive income (loss) $ 6,297 $ (883) $ 76 $ 5,490 Balance as of December 27, 2024 $ 5,118 $ (1,863) $ (906) $ 2,349 (in thousands) Unrealized net Unrealized net Retirement Foreign Total Balance as of June 30, 2023 $ (3,279) $ (3,541) $ (330) $ (965) $ (8,115) Other comprehensive income (loss) before reclassification 3,893 9,401 — (106) 13,188 Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income 1 (1,765) 158 — (1,606) Tax effects — 754 (24) — 730 Other comprehensive income (loss) $ 3,894 $ 8,390 $ 134 $ (106) $ 12,312 Balance as of December 29, 2023 $ 615 $ 4,849 $ (196) $ (1,071) $ 4,197

Business segments and geograp_2

Business segments and geographic information (Tables)	6 Months Ended
	Dec. 27, 2024
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-lived Assets	The following table presents long-lived assets by the country in which they are based: (in thousands) December 27, June 28, Long-Lived Assets: Thailand $ 279,268 $ 261,141 U.S. 28,378 28,914 China 14,004 14,586 Israel 1,569 2,160 Others 429 439 Total $ 323,648 $ 307,240

Revenues from contracts with _3

Revenues from contracts with customers - Narrative (Details)	6 Months Ended
	Dec. 27, 2024 region
Revenue from Contract with Customer [Abstract]
Number of geographic regions	3

Revenues from contracts with _4

Revenues from contracts with customers - Schedule of Disaggregation of Revenue by Geographical Regions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 833,608	$ 712,694	$ 1,637,836	$ 1,398,171
Geographic concentration risk | Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	100%	100%	100%	100%
North America
Disaggregation of Revenue [Line Items]
Revenues	$ 372,403	$ 241,619	$ 681,881	$ 499,938
North America | Geographic concentration risk | Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	44.70%	33.90%	41.60%	35.80%
U.S.
Disaggregation of Revenue [Line Items]
Revenues	$ 371,112	$ 238,288	$ 678,932	$ 493,147
Others
Disaggregation of Revenue [Line Items]
Revenues	1,291	3,331	2,949	6,791
Cayman Islands
Disaggregation of Revenue [Line Items]
Revenues	0			0
Asia-Pacific and others
Disaggregation of Revenue [Line Items]
Revenues	$ 394,182	$ 429,908	$ 830,820	$ 801,730
Asia-Pacific and others | Geographic concentration risk | Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	47.30%	60.30%	50.70%	57.30%
Israel
Disaggregation of Revenue [Line Items]
Revenues	$ 240,671	$ 267,038	$ 531,624	$ 477,714
India
Disaggregation of Revenue [Line Items]
Revenues	75,629	75,033	152,459	145,810
Hong Kong
Disaggregation of Revenue [Line Items]
Revenues	20,415	12,150	38,962	27,938
Thailand
Disaggregation of Revenue [Line Items]
Revenues	14,069	10,403	25,190	23,430
China
Disaggregation of Revenue [Line Items]
Revenues	13,650	21,262	25,522	41,522
Singapore
Disaggregation of Revenue [Line Items]
Revenues	12,481		23,244
Japan
Disaggregation of Revenue [Line Items]
Revenues	8,976	5,826	17,555	12,636
Malaysia
Disaggregation of Revenue [Line Items]
Revenues	7,565	36,626	15,063	69,945
Others
Disaggregation of Revenue [Line Items]
Revenues	726	1,570	1,201	2,735
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 67,023	$ 41,167	$ 125,135	$ 96,503
Europe | Geographic concentration risk | Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	8%	5.80%	7.70%	6.90%
U.K.
Disaggregation of Revenue [Line Items]
Revenues	$ 39,262	$ 18,870	$ 71,712	$ 48,644
Germany
Disaggregation of Revenue [Line Items]
Revenues	10,867	10,395	20,211	23,175
Others
Disaggregation of Revenue [Line Items]
Revenues	$ 16,894	$ 11,902	$ 33,212	$ 24,684

Revenues from contracts with _5

Revenues from contracts with customers - Schedule of Revenues by End Market and Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 833,608	$ 712,694	$ 1,637,836	$ 1,398,171
Revenue from contract with customer benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	100%	100%	100%	100%
Optical communications
Disaggregation of Revenue [Line Items]
Revenues	$ 647,150	$ 567,934	$ 1,273,465	$ 1,101,191
Optical communications | Revenue from contract with customer benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	77.60%	79.70%	77.80%	78.80%
Datacom
Disaggregation of Revenue [Line Items]
Revenues	$ 299,101	$ 288,121	$ 627,982	$ 530,164
Telecom
Disaggregation of Revenue [Line Items]
Revenues	348,049	279,813	645,483	571,027
Non-optical communications
Disaggregation of Revenue [Line Items]
Revenues	$ 186,458	$ 144,760	$ 364,371	$ 296,980
Non-optical communications | Revenue from contract with customer benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	22.40%	20.30%	22.20%	21.20%
Automotive
Disaggregation of Revenue [Line Items]
Revenues	$ 104,247	$ 79,172	$ 206,988	$ 167,530
Industrial laser
Disaggregation of Revenue [Line Items]
Revenues	37,542	30,348	72,868	60,263
Others
Disaggregation of Revenue [Line Items]
Revenues	$ 44,669	$ 35,240	$ 84,515	$ 69,187

Revenues from contracts with _6

Revenues from contracts with customers - Schedule of Activity in the Company's Contract Assets and Liabilities (Details) $ in Thousands	6 Months Ended
	Dec. 27, 2024 USD ($)
Contract Liabilities
Beginning balance, June 28, 2024	$ 7,846
Advance payments received during the period	5,615
Revenue recognized	(4,845)
Ending balance, December 27, 2024	$ 8,616

Earnings per ordinary share (De

Earnings per ordinary share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Earnings Per Share [Abstract]
Net income attributable to shareholders	$ 86,636	$ 69,110	$ 164,030	$ 134,199
Weighted-average number of ordinary shares outstanding (in shares)	36,163	36,328	36,183	36,292
Incremental shares arising from the assumed vesting of restricted share units and performance share units (in shares)	239	311	222	268
Weighted-average number of ordinary shares for diluted earnings per ordinary share (in shares)	36,402	36,639	36,405	36,560
Basic earnings per ordinary share (in USD per share)	$ 2.40	$ 1.90	$ 4.53	$ 3.70
Diluted earnings per ordinary share (in USD per share)	$ 2.38	$ 1.89	$ 4.51	$ 3.67

Cash, cash equivalents and sh_3

Cash, cash equivalents and short-term investments - Summary of Components of Cash, Cash Equivalents, and Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents and marketable securities, carrying cost	$ 929,510	$ 859,780
Unrealized Gain/ (Loss)	5,121	(1,177)
Cash and cash equivalents	403,662	409,973
Short-term investments	530,969	448,630
Other Investments	0	0
Cash
Cash and Cash Equivalents [Line Items]
Carrying Cost	352,399	409,938
Cash and cash equivalents	352,399	409,938
Cash equivalents
Cash and Cash Equivalents [Line Items]
Carrying Cost	51,273	35
Unrealized Gain/ (Loss)	(10)
Cash and cash equivalents	51,263	35
Certificates of deposit and time deposits
Cash and Cash Equivalents [Line Items]
Carrying cost, total	135,026	134,288
Unrealized Gain/ (Loss)	1,824	(5)
Short-term investments	136,850	134,283
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Carrying cost, total	136,515	137,695
Unrealized Gain/ (Loss)	2,848	(932)
Short-term investments	139,363	136,763
U.S. agency and U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Carrying cost, total	254,297	177,824
Unrealized Gain/ (Loss)	459	(240)
Short-term investments	$ 254,756	$ 177,584

Cash, cash equivalents and sh_4

Cash, cash equivalents and short-term investments - Narrative (Details)	6 Months Ended
	Dec. 27, 2024
Minimum
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities	3 months
Maximum
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities	3 years

Cash, cash equivalents and sh_5

Cash, cash equivalents and short-term investments - Schedule of Available-for-Sale Securities Based on Stated Effective Maturities (Details) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Carrying Cost
Investments Classified by Contractual Maturity Date [Line Items]
Carrying cost, due within one year	$ 122,647	$ 110,671
Carrying cost, due between one to five years	403,191	339,136
Carrying cost, total	525,838	449,807
Fair Value
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, due within one year	124,479	110,669
Fair value, due between one to five years	406,490	337,961
Fair value, total	$ 530,969	$ 448,630

Fair value of financial instr_3

Fair value of financial instruments - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) $ in Thousands, $ in Millions	Dec. 27, 2024 USD ($)	Dec. 27, 2024 CAD ($)	Jun. 28, 2024 USD ($)	Jun. 28, 2024 CAD ($)
Foreign currency forward contracts
Liabilities
Derivative assets, notional amount			$ 8,000
Derivative liabilities, notional amount	$ 119,000		127,000
Foreign currency forward contracts | Canada, dollars
Liabilities
Derivative liabilities, notional amount		$ 0.3		$ 0.4
Fair value, measurements, recurring
Assets
Derivative assets – current portion	645		15
Total	582,877		448,680
Liabilities
Derivative liabilities – current portion	(2,932)		(2,244)
Total	(2,932)		(2,244)
Fair value, measurements, recurring | Foreign currency forward contracts
Liabilities
Derivative assets, notional amount	27,000
Fair value, measurements, recurring | Cash equivalents
Assets
Marketable securities	51,263		35
Fair value, measurements, recurring | Certificates of deposit and time deposits
Assets
Marketable securities	136,850		134,283
Fair value, measurements, recurring | Corporate debt securities
Assets
Marketable securities	139,363		136,763
Fair value, measurements, recurring | U.S. agency and U.S. treasury securities
Assets
Marketable securities	254,756		177,584
Level 1 | Fair value, measurements, recurring
Assets
Derivative assets – current portion	0		0
Total	0		0
Liabilities
Derivative liabilities – current portion	0		0
Total	0		0
Level 1 | Fair value, measurements, recurring | Cash equivalents
Assets
Marketable securities	0		0
Level 1 | Fair value, measurements, recurring | Certificates of deposit and time deposits
Assets
Marketable securities	0		0
Level 1 | Fair value, measurements, recurring | Corporate debt securities
Assets
Marketable securities	0		0
Level 1 | Fair value, measurements, recurring | U.S. agency and U.S. treasury securities
Assets
Marketable securities	0		0
Level 2 | Fair value, measurements, recurring
Assets
Derivative assets – current portion	645		15
Total	582,877		448,680
Liabilities
Derivative liabilities – current portion	(2,932)		(2,244)
Total	(2,932)		(2,244)
Level 2 | Fair value, measurements, recurring | Cash equivalents
Assets
Marketable securities	51,263		35
Level 2 | Fair value, measurements, recurring | Certificates of deposit and time deposits
Assets
Marketable securities	136,850		134,283
Level 2 | Fair value, measurements, recurring | Corporate debt securities
Assets
Marketable securities	139,363		136,763
Level 2 | Fair value, measurements, recurring | U.S. agency and U.S. treasury securities
Assets
Marketable securities	254,756		177,584
Level 3 | Fair value, measurements, recurring
Assets
Derivative assets – current portion	0		0
Total	0		0
Liabilities
Derivative liabilities – current portion	0		0
Total	0		0
Level 3 | Fair value, measurements, recurring | Cash equivalents
Assets
Marketable securities	0		0
Level 3 | Fair value, measurements, recurring | Certificates of deposit and time deposits
Assets
Marketable securities	0		0
Level 3 | Fair value, measurements, recurring | Corporate debt securities
Assets
Marketable securities	0		0
Level 3 | Fair value, measurements, recurring | U.S. agency and U.S. treasury securities
Assets
Marketable securities	$ 0		$ 0

Fair value of financial instr_4

Fair value of financial instruments - Narrative (Details) $ in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Dec. 27, 2024 USD ($) contract	Sep. 27, 2024 USD ($)	Dec. 29, 2023 USD ($)	Dec. 27, 2024 USD ($) contract	Dec. 29, 2023 USD ($)	Dec. 27, 2024 CAD ($) contract	Jun. 28, 2024 USD ($) contract	Jun. 28, 2024 CAD ($) contract
Foreign Currency Fair Value Hedge Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ (5.1)		$ 2.6	$ (1)	$ 2.9
Foreign currency forward contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative liabilities, notional amount	$ (119)			(119)			$ (127)
Derivative assets, notional amount							$ 8
Gain/(loss) from accumulated other comprehensive income expected to be reclassified		$ (1.2)		$ (2.1)
Foreign currency forward contracts | Canada, dollars
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative liabilities, notional amount						$ (0.3)		$ (0.4)
Foreign currency forward contracts | Designated as hedging instrument | Thailand, baht
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding | contract	146			146		146	135	135
Derivative, notional amount	$ 146			$ 146			$ 135
Foreign currency forward contracts | Designated as hedging instrument | Canada, dollars
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding | contract	1			1		1	1	1
Derivative liabilities, notional amount						$ (0.3)		$ (0.4)

Fair value of financial instr_5

Fair value of financial instruments - Schedule of Impacts of Derivative Gain (Loss) of Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Derivatives gain (loss) recognized in other comprehensive income (loss):
Total derivatives gain (loss) recognized in other comprehensive income (loss)	$ (13,303)	$ 11,044	$ (57)	$ 9,401
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	3,486	(2,288)	(898)	(1,765)
Change in net unrealized gain (loss) on derivatives instruments	(9,817)	8,756	(955)	7,636
Foreign currency forward contracts | Cost of revenues
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(5,905)	4,783	(4,486)	8,455
Foreign currency forward contracts | SG&A
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(451)	199	(345)	354
Foreign currency forward contracts | Foreign exchange gain (loss), net
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	9,842	(7,205)	3,933	(10,420)
Foreign currency forward contracts | Other comprehensive income (loss)
Derivatives gain (loss) recognized in other comprehensive income (loss):
Total derivatives gain (loss) recognized in other comprehensive income (loss)	(13,303)	11,119	(57)	9,554
Interest rate swaps | Interest expense
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	0	(65)	0	(154)
Interest rate swaps | Other comprehensive income (loss)
Derivatives gain (loss) recognized in other comprehensive income (loss):
Total derivatives gain (loss) recognized in other comprehensive income (loss)	$ 0	$ (75)	$ 0	$ (153)

Fair value of financial instr_6

Fair value of financial instruments - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Derivatives designated as hedging instruments
Derivative assets, gross balances	$ 645	$ 15
Derivative liabilities, gross balances	(2,932)	(2,244)
Foreign currency forward and option contracts
Derivatives not designated as hedging instruments
Derivative Assets	467	0
Derivative Liabilities	(565)	(1,088)
Foreign currency forward contracts
Derivatives designated as hedging instruments
Derivative Assets	178	15
Derivative Liabilities	$ (2,367)	$ (1,156)

Inventories - Schedule of inven

Inventories - Schedule of inventory (Details) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 115,138	$ 138,488
Work in progress	304,481	266,107
Finished goods	49,786	39,701
Goods in transit	19,754	18,910
Total inventories	$ 489,159	$ 463,206

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024 USD ($)	Dec. 29, 2023 USD ($)	Dec. 27, 2024 USD ($) lease	Dec. 29, 2023 USD ($)
Leases [Abstract]
Number of intercompany lease | lease			1
Operating lease rental expense, long term	$ 0.4	$ 0.5	$ 0.9	$ 1.1
Operating lease rental expense, short term	$ 0	$ 0.3	$ 0	$ 0.7

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Leases [Abstract]
2025 (remaining six months)	$ 1,020
2026	2,040
2027	1,230
2028	784
2029	753
Thereafter	1,410
Total undiscounted lease payments	7,237
Less imputed interest	(1,144)
Total present value of lease liabilities	6,093
Operating lease liabilities, current portion	$ 1,676	$ 1,355

Leases - Summary of Additional

Leases - Summary of Additional Information Related to Operating and Finance Lease (Details)	Dec. 27, 2024	Jun. 28, 2024
Leases [Abstract]
Weighted-average remaining lease term (in years)	5 years 4 months 24 days	5 years 7 months 6 days
Weighted-average discount rate	6.40%	5.60%

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 501	$ 785	$ 1,245	$ 1,744
ROU assets obtained in exchange for lease liabilities	$ 1,778	$ 118	$ 1,937	$ 5,054

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 11,613	$ 11,398
Accumulated Amortization	(9,551)	(9,077)
Total	$ 2,062	$ 2,321

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangibles	$ 0.2	$ 0.3	$ 0.5	$ 0.6

Intangibles - Schedule of Weigh

Intangibles - Schedule of Weighted-Average Remaining Life of Intangible Assets (Details)	6 Months Ended	12 Months Ended
	Dec. 27, 2024	Jun. 28, 2024
Software
Finite-Lived Intangible Liabilities [Line Items]
Weighted average remaining life of acquired intangible assets	1 year 8 months 12 days	2 years 1 month 6 days

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization of Intangibles Assets (Details) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remaining six months)	$ 563
2026	662
2027	459
2028	288
2029	88
Thereafter	2
Total	$ 2,062	$ 2,321

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023	Jun. 28, 2024
Income Tax Disclosure [Abstract]
Liability for uncertain tax positions including accrued interest and penalties	$ 2.3		$ 2.3		$ 1.3
Corporate effective income tax rate	8.70%	5.20%	6.60%	6.20%

Share-based compensation - Summ

Share-based compensation - Summary of Effect of Recording Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Share-based compensation expense by type of award:
Restricted share units	$ 5,430	$ 4,088	$ 11,143	$ 8,967
Performance share units	3,008	2,893	5,977	5,747
Total share-based compensation expense	8,438	6,981	17,120	14,714
Tax effect on share-based compensation expense	0	0	0	0
Net effect on share-based compensation expense	$ 8,438	$ 6,981	$ 17,120	$ 14,714

Share-based compensation - Sche

Share-based compensation - Schedule of Share-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 8,438	$ 6,981	$ 17,120	$ 14,714
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,764	1,701	5,662	3,866
Selling, general and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 5,674	$ 5,280	$ 11,458	$ 10,848

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 27, 2024	Dec. 27, 2024	Dec. 29, 2023	Dec. 12, 2019	Nov. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs capitalized	$ 0		$ 0
Number of ordinary shares available for future grant (in shares)	1,703,409	1,703,409
Shares withheld to settle employee minimum statutory obligation for applicable income and other employment taxes (in shares)		89,868	100,763
Tax withholdings related to net share settlement of restricted share units		$ 20,714,000	$ 12,352,000
Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 27,300,000	$ 27,300,000
Unrecognized compensation expense, weighted-average period for recognition		2 years 9 months 18 days
Restricted share units | Vesting option one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year		3 years
Restricted share units | Vesting option two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year		4 years
Restricted share units | Non-employee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year		1 year
Restricted share units | Non-employee director | Vest on the first of January
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		100%
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 13,200,000	$ 13,200,000
Unrecognized compensation expense, weighted-average period for recognition		1 year 3 months 18 days
Performance share units | Executive of the company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year		2 years
Performance share units | Executive of the company | Vest at the end of the performance period | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		0%
Performance share units | Executive of the company | Vest at the end of the performance period | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		100%
Equity Incentive 2020 plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)				1,700,000
Shares reserved for future issuance (in shares)				1,300,000
Shares authorized for future issuance (in shares)				1,281,619
2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	111,347	111,347
Shares authorized for future issuance (in shares)					160,000

Share-based compensation - Shar

Share-based compensation - Share-based Award Activity (Details) - shares	Dec. 27, 2024	Jun. 28, 2024	Dec. 29, 2023	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	1,703,409
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	1,592,062
2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	111,347
Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	285,740	306,660	327,764	368,765
Restricted share units | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	285,740
Restricted share units | 2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	0
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	120,916	171,078	171,078	204,016
Performance share units | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	120,916
Performance share units | 2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	0

Share-based compensation - Sc_2

Share-based compensation - Schedule of Restricted Share Unit Activity (Details) - Restricted share units - $ / shares	6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023
Number of Shares
Number of share units, beginning balance (in shares)	306,660	368,765
Number of share units, granted (in shares)	107,026	114,159
Number of share units, vested (in shares)	(120,452)	(145,067)
Number of share units, forfeited (in shares)	(7,494)	(10,093)
Number of share units, ending balance (in shares)	285,740	327,764
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in USD per share)	$ 129.01	$ 97.49
Weighted-average grant date fair value per share, granted (in USD per share)	260.95	160.54
Weighted-average grant date fair value per share, vested (in USD per share)	114.39	86.07
Weighted-average grant date fair value per share, forfeited (in USD per share)	151.56	120.71
Weighted-average grant date fair value per share, ending balance (in USD per share)	$ 184	$ 123.79

Share-based compensation - Sc_3

Share-based compensation - Schedule of Performance Share Unit Activity (Details) - Performance share units - $ / shares	6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023
Number of Shares
Number of share units, beginning balance (in shares)	171,078	204,016
Number of share units, granted (in shares)	46,980	73,936
Number of share units, vested (in shares)	(97,142)	(106,874)
Number of share units, forfeited (in shares)	0	0
Number of share units, ending balance (in shares)	120,916	171,078
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in USD per share)	$ 135.31	$ 108.81
Weighted-average grant date fair value per share, granted (in USD per share)	261.84	158.91
Weighted-average grant date fair value per share, vested (in USD per share)	117.35	101.05
Weighted-average grant date fair value per share, forfeited (in USD per share)	0	0
Weighted-average grant date fair value per share, ending balance (in USD per share)	$ 198.90	$ 135.31

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023	Aug. 31, 2024	Jun. 28, 2024	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2020	May 31, 2019	Feb. 28, 2018	Aug. 31, 2017
Shareholders Equity [Line Items]
Ordinary shares, authorized share capital (in shares)	500,000,000		500,000,000			500,000,000
Ordinary shares, par value (in USD per share)	$ 0.01		$ 0.01			$ 0.01
Preferred shares, shares authorized (in shares)	5,000,000		5,000,000			5,000,000
Preferred shares, par value (in USD per share)	$ 0.01		$ 0.01			$ 0.01
Share repurchase program, approved amount												$ 30,000,000
Share repurchase program, increase in shares authorized for repurchase					$ 139,500,000		$ 47,600,000	$ 78,700,000	$ 58,500,000	$ 50,000,000	$ 30,000,000
Aggregate share repurchase authorized	$ 131,300,000		$ 131,300,000				$ 434,300,000
Buyback Program
Shareholders Equity [Line Items]
Stock repurchased during period (in shares)			291,780
Average price of shares repurchased (in USD per share)			$ 235.43
Stock repurchased, aggregate purchase price			$ 68,700,000
1999 and 2010 Stock Plan
Shareholders Equity [Line Items]
Ordinary shares issued upon vesting of restricted shares (in shares)	5,329	4,384	127,726	151,178

Accumulated other comprehensi_3

Accumulated other comprehensive income (loss) - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 27, 2024	Dec. 29, 2023	Dec. 27, 2024	Dec. 29, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,826,600	$ 1,530,169	$ 1,745,745	$ 1,468,658
Other comprehensive income (loss) before reclassification			6,316	13,188
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			(898)	(1,606)
Tax effects			72	730
Total other comprehensive income (loss), net of tax	(9,509)	11,699	5,490	12,312
Ending balance	1,842,971	1,611,382	1,842,971	1,611,382
Unrealized net (Losses)/Gains on Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(1,179)	(3,279)
Other comprehensive income (loss) before reclassification			6,297	3,893
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			0	1
Tax effects			0	0
Total other comprehensive income (loss), net of tax			6,297	3,894
Ending balance	5,118	615	5,118	615
Unrealized net (Losses)/Gains on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(980)	(3,541)
Other comprehensive income (loss) before reclassification			(57)	9,401
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			(898)	(1,765)
Tax effects			72	754
Total other comprehensive income (loss), net of tax			(883)	8,390
Ending balance	(1,863)	4,849	(1,863)	4,849
Retirement benefit plan - Prior service cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance				(330)
Other comprehensive income (loss) before reclassification				0
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income				158
Tax effects				(24)
Total other comprehensive income (loss), net of tax				134
Ending balance		(196)		(196)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(982)	(965)
Other comprehensive income (loss) before reclassification			76	(106)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			0	0
Tax effects			0	0
Total other comprehensive income (loss), net of tax			76	(106)
Ending balance	(906)	(1,071)	(906)	(1,071)
AOCI Attributable to parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	11,858	(7,502)	(3,141)	(8,115)
Total other comprehensive income (loss), net of tax	(9,509)	11,699	5,490	12,312
Ending balance	$ 2,349	$ 4,197	$ 2,349	$ 4,197

Commitments and contingencies (

Commitments and contingencies (Details) ฿ in Millions, ¥ in Millions, $ in Millions	Dec. 27, 2024 USD ($)	Dec. 27, 2024 THB (฿)	Jun. 28, 2024 USD ($)	Jun. 28, 2024 THB (฿)	Jun. 28, 2024 CNY (¥)	Mar. 09, 2023 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Outstanding bank guarantees given by banks on behalf of the company	$ 2.2	฿ 75.7	$ 2	฿ 73.2
Loss contingency, estimate of possible loss | ¥					¥ 400
2023 Credit Facility Agreement | Line of Credit
Commitments and Contingencies Disclosure [Line Items]
Line of credit facility borrowing capacity	30					$ 55
Long term debt outstanding	0
Service coverage ratio, minimum at payment of a dividend						1.5
Maximum debt to equity ratio						1
Inventories
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties	1,270
Thailand
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties	$ 45.2

Business segments and geograp_3

Business segments and geographic information - Schedule of Revenue from External Customers and Long-lived Assets (Details) - USD ($) $ in Thousands	Dec. 27, 2024	Jun. 28, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 323,648	$ 307,240
Thailand
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	279,268	261,141
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	28,378	28,914
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	14,004	14,586
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,569	2,160
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 429	$ 439

Business segments and geograp_4

Business segments and geographic information - Narrative (Details) - Customer Concentration Risk	3 Months Ended	6 Months Ended
	Sep. 27, 2024	Dec. 27, 2024	Dec. 29, 2023
Three Customers | Trade accounts receivable
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, percentage	10%	10%
Three Customers | Revenue from contract with customer benchmark
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, percentage			10%
Percentage of revenue			0.539
Two Customers | Revenue from contract with customer benchmark
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, percentage		10%
Percentage of revenue		0.505

Subsequent events (Details)

Subsequent events (Details) - USD ($)	Jan. 31, 2025	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2020	May 31, 2019	Feb. 28, 2018	Aug. 31, 2017
Related Party Transaction [Line Items]
Share repurchase program, increase in shares authorized for repurchase		$ 139,500,000	$ 47,600,000	$ 78,700,000	$ 58,500,000	$ 50,000,000	$ 30,000,000
Share repurchase program, approved amount								$ 30,000,000
Subsequent Event
Related Party Transaction [Line Items]
Share repurchase program, increase in shares authorized for repurchase	$ 100,000,000
Share repurchase program, approved amount	$ 534,300,000