FN - Earnings call transcript Q3 2019

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Operator

Good day, ladies and gentlemen, and welcome to Fabrinet's Financial Results Conference Call for the Third Quarter of Fiscal Year 2019. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions on how to participate will be given at that time. And as a reminder, today's call is being recorded. I would now like to turn your call for your host, Garo Toomajanian, Investor Relations.

Garo Toomajanian

good and operator, you, afternoon everyone. Thank XX, for discuss Fabrinet's you quarter fiscal ended joining for us to call and March which XXXX, conference today's year financial third on the Thank XXXX. and results operating With Executive Chief and Chief Seamus Officer; the me TS call on Officer. are Grady, today Financial Ng, webcast a will our investor.fabrinet.com. be located call website on the This at and is available being of replay Investors section information, GAAP including presentation, Please non-GAAP our press refer for to investor our our release which important include to website reconciliation. and earnings I to contain you of today's forward-looking that statements performance Company. would financial remind like discussion about will the the future

the statements to of we and and no differ as risks uncertainties or this These light obligation subject management's undertake law. results except to events, from information of required actual expectations. current new cause opinions by date Forward-looking materially our are future statements of presentation, that them to in revise reflect could as only

our risk captioned For refer Risk a section filed the our recent of Factors the to on description may in factors XXXX. Form results, filings, particular, X, our XX-Q please SEC in February affect that

would We call like call will from I remarks and to followed Seamus? begin by CEO, questions. for turn with TS, the Seamus Fabrinet's over time to Seamus Grady. the now

Seamus Grady

Thank cash flow of free million $XX the with quarter, our flow guidance our per and quarter. you, Revenue $XX million the range, drove high pleased guidance Garo, in per $XXX guidance. am and exceeded in results the the exceeded in and good $X also cash third million. the high afternoon third quarter share end strong of $X.XX for cash These we million earnings that everyone. I share up of revenue operating and income above end also with third of of nearly non-GAAP net flow

significantly XX% to In our the supply XX.X% XX.X%. of to of to our return target margins. the communications quarter, market of in diminished we the million, to non-GAAP representing perspective, experienced in third to a X% leading second the gross results, in year we moderated $XXX well the of constraints quarter. revenue from quarter that strong return XX% supporting of a executed revenue gross fiscal range these total headline half From an optical addition end produce margins Component industry first

communications was saw optical $XXX a XX% than communications programs more $XX Revenue revenue offset data datacom As XXX decrease sequentially anticipated, XX% in a declines million, quarter, customers as of growth communications next growth of optical QSFPXX represent technology, gig as above of and of about of second was the XX communications transceivers QSFPXX anticipated, to was applications or XX% a programs continue million. optical second revenue improvement revenue. rated we and optical by designs. sequentially of continued slight our By and rates, speeds programs communications $XX of and telecom optical million revenue. communications million, from up million, decreased with photonics-based X% sequential Also representing optical was revenue. for revenue, XX as QX. silicon By QSFPXX QSFPXX from revenue to from XXX in transition gig quarter Products million or from generation to the of XXX grew revenue at XX% half X%

quarter. automotive from compared non-optical revenue quarter. industrial the to from million the million X% at second to of majority was in coming than was roughly XX revenue Automotive million QX. XXX Sensor lasers million Looking growth new revenue Revenue the flat communications, with from this X% increased in up at applications. third was more $XX million X $XX

of XX from quarter XX% XX% from the total new to XXX and non-optical the the Finally, million. quarter. second for to million increased second X% represents quarter Revenue business revenue other communications in revenues increased

transactions, coming specific manufacturing quarter, have our an discuss we in a generally impact with entered the could existing during on don't agreement results customer quarters further from meaningful we and into product manufacturing. warrants help discussion. the the phase that an hence them to third during While engage We and volume process new typically the introduction with into our transition in early customers design

division During at currently agreement have quarter, manufacturing We Thailand location program this in at anticipate with to we this the quarters. migrating being for in to responsibilities Infinera customer their already signed the to an third support Berlin in the staff the being products an existing manufactured assume facility manufactured our currently products Berlin. and Coriant's in coming

returned quarter with guidance revenue our earnings high would small range, fiscal of gross coming impact to this also have the greater high it in to for momentum that from XX% what support to with across the expectations could to expectations. believe the months. we we’re further our than margins Infinera While pleased In program lead and believe to that a customer and summary, in fiscal above revenue we third XXXX, have and we end expect XXXX, new are our be pleased this the With new spoken in for delivered as in Infinera business of relationship. target the We're per expect building the business. program optimistic our share wins, reach our other see or a as is we win-win end are a of that exceeded level to that we is transaction our see to Chonburi well either XX% above first occupied becoming

call out of over and the our Now to quarter third discuss turn TS, to performance the TS? details outlook. let me

TS Ng

XXX approximately was net the top this revenue guidance million. means XXX to that and because Note XXX. guidance under results XXXX would of the exceeded in XXX. compared income provide of reported QX reduced Toh-Seng afternoon everyone, under our for as XXXX. the QX end Non-GAAP of financial have to you have I guidance our million XXX our year revenue on was if million XX This Total detail million we by ASC of quarter been ASC under in have fiscal XXX as will revenue above our revenue end fiscal our and that ASC we per provided guidance ASC we good fiscal of our in foreign adoption in and of $XXX quarter share third year third to reduced a provide for XXX. what ASC market million by income per further more performance guidance by and headwind our year would our quarter. $X.XX our compared even after by Reductions share exchange $X.XX net approximately ASC range XXX under X was $X.XX

first of from with in for more was the communication represent of product, XX% and growth communication anticipated from play as continue out revenue Optical that product revenue up at second strong Looking quarter. non-optical a represent telecom our revenue. details, the slightly revenue decline non-optical XX% datacom quarter communication with sequential

margin website. tax quarter Now second is investor to of to GAAP our P&L. from an operating target margin our the from filed gross was as our reconciliation expenses on revenue. to release were presentation normalized the is quarter quarter million included a turning result component in supply second press constraints of non-GAAP was effective was in third despite in to Non-GAAP of XX.X%, continued as X.X% third earnings rate which and $XX improve and up A was in operating and increase record the operating million the we Taxes lower $X.X and non-GAAP second income were X.X%, quarter slightly eased details $XX.X X.X%. basis Non-GAAP within have XX measures Non-GAAP of our XX.X%, an the as points XX% quarter productivity. from in the million, the quarter. our increase

for fiscal diluted share. hit We in million the an include share-based guidance of which income effective continue expenses of exchange On of was year. $XX.X debt income range $X.XX of quarter a or $X.XX the above per X% share high issuing $X.XX was diluted Non-GAAP also third despite the or per $X.XX net per foreign at and GAAP compensation net the X% guidance. to share anticipate $XX.X tax amortization end for above to quarter our third cost, basis, rate million

investments third Free CapEx quarter, million. cash flow flow cash $XX.X $XXX.X of cash $XX.X in million and quarter. million from third end an to the $X.X million, sheet was Turning At in the statement. the $XX.X cash Operating the quarter. second was of and quarter balance were the of flow the and million increase

quarter, total cash the a $XX.XX of shares of XXX,XXX outflow purchased we stock During our million. for price of at average $X.X an

XXX. million we In in first our with fourth I XXXX. of XXX directors fiscal XX.X of turn the addition, XXX of of remaining. our quarter XXXX, quarter provide million additional program has our ASC based for board approved to repurchase Starting XX is the million beginning under Fabrinet's will This on will like shares be a ASC guidance to guidance repurchase fiscal and with to now will our reconciliation the results. year our of ordinary aggregate

quarter Otherwise, the At former Seamus flat expect assuming communication first quarter, manufacturing in relatively the facility at an For will produced third datacom non-optical agreement Coriant's quarter. being we we currently a mentioned, performance. telecom, with of with third in with enter the revenue be Infinera the be responsibility into product Berlin. Infinera, we relatively a performance improvement to and in modest flat on consistent

expect program in this facility transfer overtime ultimately this to we will We manufacturing ramp to our that Thailand. and

a from generate the small, a that program more than when to fully contribution customer we enough customer. to ramped fairly believe greater than near-term XX% could revenue is still Infinera this XX% less While revenue

While to a will push margin XX% to ramped. XX.X% end accretive closer this non-GAAP range profitability, our fully headwind of expect the gross to lower us when be target program we of to

as be quarter plan As growth to XXXX. incremental anticipate could may this investor. $X.XX orders the and to income industry's of all well delivered anticipate the year a range top guidance grew share process non-GAAP XXX not for time fourth per contact a based for the a share from XX.X GAAP open electronic million in to fiscal XXX backdrop now the outstanding. of year questions. this in our color net the in of that from approximately across of customer we year to fiscal go million, business useful on a leading revenue that but in call $X.XX complex standing financial manufacturer and our momentum of time to summary, that we to range the to With the for is for like Operator, XX% the for perspective, we representing million of most need did breakout In to optical be program, share net our per XX% we and XXXX, relationship $X.XX provide exceeded devices. From components are to for we of income revenue and XX% we the $X.XX and would third results to fully to be continued riding of positioned

Operator

first our line of come will And Instructions] question Thank from [Operator with you, Needham. sir. Alex Henderson the

is line now Your open.

Alex Henderson

the there? sequentially flat. June constraint? Is give in I'm first you in the historical that what's of a goes I hoping much guess little quarter so of that on puzzled given adds the in a it it's June what being on against some that timing is products of and always is flat the behind on was by trends this the telco us I up suggest the the capacity mechanics this side. it but be So in quarter sequentially guidance is seasonally datacom the very quarter causing revenue sequentially Is particularly sense considerably new stronger much might capacity some even what to quarter,

TS Ng

question. the This thanks Hey, for is Alex, TS.

the thing mixtures think all is you datacom first the I all unsettled. mentioned, of you simply know, the

in little we we customers of again have market datacom. range but a guided broad bit aware, the do of lot higher than XX% share, if probably of you’re a participate XX than less not Although,

So, of major not a with player who datacom lot business in us. are customers are doing

tell cannot align really industry. with I So, that

a So, little with customer. constraints on be can uptick. capacity well how the mentioned, telecom we there And we as execute will those and will depend datacom, of you together a capacity lot

Seamus Grady

seen could sequential just So, Historically, Historically, Alex. in growth have we years QX. if strong add, some I you're right.

from really more been I forecasts guess, are orders or our has the have this on customers. years, the based committed modest. we Over

reflection what from it’s of customers. So, we’re a really our seeing

about would challenging a for we at after in growth pleased that growth to returned FY'XX XX% quarter say XXXX, I looking year. have and year-over-year for the are every We fiscal we're

Alex Henderson

little the implies of that a just extend help for some to coming be that anticipating that point it’s which us So growth there’s that. of you timing current the hoping more To some beyond a after Are thinking about kicks harder this in bit back lot And that might would it therefore, I I was you How just unusual in. in when company the to and of help that forecast, have flatness seems constraints should mean, of June capacity are of official might we with of the issues. the half quarter-over-quarter on constraint ’XX? this is quarter constraints? though, you that that that you calendar

Seamus Grady

we would guide just not you are a one the but some quarter to we've the capacity it’s Infinera, that announced program sure. installing having from support year business I constraints new know the secret at half do Obviously, the back historically. new we’ve a also that with time, of had we the And impact see our coming a for we positive in of capacity way,

Alex Henderson

exactly or you your to are here referring just constraints clear, be products. so What constraints capacity constraints are So particular the to? capacity capacity in

Seamus Grady

test product pacing say, of let’s not of It’s equipment specific make the That’s it's products -- item, piece a where sometimes in usually say, equipment, that unique equipment. piece I'd customers can more of piece become unique with equipment. it’s standard a a specific our investments

that customers to demand ahead in a of the and capacity with ideal little is to demand. up So, of outpacing typically, catch our supply the will ideally investment an ramp make bit just cases, some take the But world in it'll time curve. the

Alex Henderson

or this anything of isn't a Chonburi say So, function that to sort? move of

Seamus Grady

No, at precise it's products needs say, a no, at physical Chonburi. do It's of capacity. I'd with all more function do it's be specific tax to not with and equipment all specific, nothing

Operator

Jensen line our with come Thank next of will And from you. Jaffray. Piper question Troy the

open. is now line Your

Troy Jensen

and one. everyone the congrats nice new the quarter guys, on Hey,

Seamus Grady

Troy. Thanks

Troy Jensen

of said, XX% give close guess, is some like reference? just color so. than win this they And to how so could below XX%? well are is? more Is to this this Are guys, greater customer knowledge us they here to You on big Hey a I’d it material? Can kind or from more but you Infinera that? grow get customer, my modest to current

Seamus Grady

on Well, going when only only they that, put we am to not a there it's number a are I a once less we’re -- and customers XX% XX% customers. afraid Obviously, become Toy. reported customer. XX% year

managing Thailand. for like report ground Berlin, systems not in range there us. We're then us of recall currently we're to as I'd The it just two to would not team customer a Berlin We're very our with But cards, it's Germany forward to Thailand. are a or management manufactured power for been customers. great in sometime cards, activities cards addition back operations and center transfer. say that. that. customer. We're acquiring what are longstanding just long-haul Berlin, clear Coriant excellent have reverse both facility then of well the all a the than we'll the So business right XX% managing just really line being important and transferred products have and in interface of products, the It's future. in support now -- we're They business, They or looking for anything companies. be for there's business, transponders, the less I applications. of being transferring partnership a in that to been the transfer those and transferring and Coriant it a as an for the repair also and that in metro amplifiers, customer we logistics the on are And goes the optical all are transports filters, that, complete that network in between And

expect or the core and with out it's of it’s to of with Bangkok. Infinera. And with it than We that So, do piece that. our Berlin already, excellent become greater will customer being they transaction, operation suite it full the on are that XX% a our say, currently timeline already I not re-strengthens competencies services a our offerings relationship an putting transfers this we're a excellent but timing with done would --

Troy Jensen

you're sequentially, guiding just further about how but And business? the now datacom a dive lot down was to It it up. into

just talk datacom about see the in business? for are And datacom you the can to you different visibility QSFPXX So, have you products? expecting or the growth

Seamus Grady

reductions mix a fairly there's kind what that where is some number price there you and of I will -- cost customer. a So, guess, so our win a that of our with factors going on, make individual margin. and we so price market it's message out working I probably sure But customers to would preserve break able say erosion are know, is, to as we match price we're by significant we're when it don't I happens, with share. giving that We're customers to our that reductions say

some of product price a coupled reduction combination there transition. with is So,

of of technology new that transitioning improvement generation, Some happens, our when And to are performance. in new significant usually or products. a two one customers, them there's

for the the of gig product, customer goes in So, example, the the product volume XXX gig the a drop XXX average to selling from product price term. short goes but up, will

little we're we're erosion some there's about I Overall, bit So, market. world of going seeing a rollouts data are a optimistic pace. little of bit just I the center mean, with transitions. very that's coupled a at product around mean the datacom where phenomenal price

of uptick than of it's the So, of couple would set still same only to those the in we're with over a positive -- and supporting be so, a any we our it's that we couple QX at long-term, things, But market I things customers. we one very customers are about say space. markets right that looking in think have not It's thing. and a slight we

Operator

of the Marchetti our with And next you. Thank Stifle. question from come John will line

now is open. line Your

John Marchetti

Thanks following guidance the I side. on of very up the on am some just much. telecom

constraints mentioned You capacity the there.

slowing renewed any seeing build ups inventory with be of the customers hearing demand you're seems any the on particular, in of coming telecom or conversations Just that of of asking with or whether with it's be about but may because in just growth some impacting I'm you? any in customers your conversations are there, China? risk one your for certainly of back Just some to if sharing name them curious, they that and in curious, how that sort Seamus, not curious color if

Seamus Grady

think A mentioned a customers, you'll again, say, hearing little removed bit, we're the couple from so steps we what let you are China. of end appreciate, -- I

with time are there fairly may or we may ups really of inventory little end a customers was that's of would I say. there put this it's on salt, seeing a subject here that seen if aggressive our more And on going our are customers inventory ago. maybe build inventory of on, builds, example, would support an from they in and we going inventory a few well, tenders the trial on. the or couple week in builds do China, are the but going a customers' then -- that are builds from big For later on, us so what running going big going be time Again, years couple But, way, this to I not is, second of our be days, customers take it's tell of year. be we'll about what hearing the like moment. I'll not pinch it last That are was in think there it third talked the earnings is a if information, And trial last calls the the at so. installation that or they

we, demand those And touchwood, the the demand, that. telecom -- remain space. We the strong are in quite not hearing

John Marchetti

uptick from in industry datacom the then, on XX. you've XX the too sort in that together? just resolved? curious mentioned And where the quarter. two expected the datacom transition? our mind to transition that I'm those of is if in current Is to another reading I bit in obviously a side, Or it. much into your that little can am And starting ask question you sort be mentioned Got comments I of

Seamus Grady

at QSFPXX, in little do the depends industry. We any which are as in don't of we that companies with in a volume uptick the make on some mind, quarter, know, on of are say we're the the softness the support. suppose that, see be In I the for talking have especially the all of middle trend. And newer all price for we you about, said all it we've stage. moment, as other datacom, couple long-term our with with Yes, of current it erosions we probably the may couple proxy higher don't products not the much. that in from it's seen some again, transition words, transition would lower we're Having We too a -- a to We you to in Bear customers. early probably in reading of kind seeing it customers. I with begin more we a don't bit customer see transition who with to with the ASPs the products players. the

John Marchetti

sorry. Got it. Toh, then, And yes, go ahead,

TS Ng

If down are at XX on you FQX datacom. look million XX million

significantly. only maybe the little quarter down normal, to up, so but higher, way guided we bit was guideline, a So, back normal just go this to

John Marchetti

and if understood, one Understood, TS. I last then could, question

with Infinera now mentioned with XX% reaching become it as say, like XX.X% know on the than gross how to as the bringing them how gross some after towards pushes a may get we there the you one to may certain to more be volume year, that see that a guide. on, a things think do Does of you hit, set structurally over, current sort the to down end of customers? trends have lower customer business and business you're of You be XX% little other breakpoints margin than starts color that different what you that? with about some should that trying margin coming Just

TS Ng

a right. many fully customer, everything to ramp. is in get again lined to more be parts sun, the moon, up the there transfer, We'll so a has go in -- product XX% sideways, than just any In moving that. aware probably you John, but the and anything process it's can

it product mix of is on the my that's understanding new of be the transfer how to So, some Most is we also production, margin a related product. obviously, product. -- the caution

the past, always to in If new you earning brand product. listen that it is a we said call

gross We have better margin. opportunities for

the So, product. these accessing are

We are transferring the whole thing into Thailand.

we smooth of how the for moving that's it gross there parts goes the I said. but higher are will But yes, customer. try obviously, depending XX% strive set So it'd cannot again margin, when as timing lot we how to become a and

Operator

Instructions] Thank And come question of you. Capital our next [Operator the with will from line Savageaux Markets. Northland Tim

now is line Your open.

Tim Savageaux

question least A impacts of datacom not, in your broader see the as that did the exit you or unit if the in to do from you what largest on quarter, the as the expect customer of any transaction that of of sale business you datacom China? -- party customer? from And do to a of impact sort see that kind well module exit of third

Seamus Grady

Tim, top referring like to customer make that our some get of question to their want datacom just sure we product, a correct? who diversify So,

Tim Savageaux

Yes.

TS Ng

transition And in another It's to to very But will so drop not in business see understand another sometimes continue maybe far particular progress. next to in do I guidance, so trying QX is Again customer significant And hopefully, Yes. that major this factor the not we sell to the to we shifts. helpful. products. take customer. customer. This quarter, far a those or give you're we do

Seamus Grady

Tim related to question think QX. I the is was why

So, no…

TS Ng

QX no.

Seamus Grady

impact So, QX, particular no.

TS Ng

it's QX maybe slight, significant. but not a

Tim Savageaux

you datacom Is to modules? silicon of datacom in there QX going any that kind results. relative kind follow-up there anything telecom the more then the traditional was assume, notable? I'm to one, on did new see business the of you characterize driven datacom or by trends photonics primarily? photonics, small silicon Well, Can in uptick an divergence or Okay.

TS Ng

uptick That's from telecom fair a most correct. Tim. observation, came Yes, is the photonics that of silicon

probably only of we business. participate of -- datacom terms in the datacom customer XX% Now collectively have about against, our

If at the them, of you look don’t a them. lot we player, major have businesses

customer So, only look that. based XX-wek and loading do guidance we have, to on can forecast we try at their the

Tim Savageaux

you the, Okay, whether times. me probably in bad or you, customer X so? for things. don't one say the and one good times past, and you don’t Infinera they any disclose had know were quarter XX% last from particular years the ever But told sort last over Can some of a I I

TS Ng

customer standpoint. we couple honestly, a if in front total had I to the me. it report have the year, once XX% Quarter, In of Again, say, upon XX% they don't year. only last I never year a the customer data made

So, me it's tough for to say.

Operator

Henderson our with next question Needham. Thank from the Alex And come will of you. line

line is now Your open.

Alex Henderson

try just I another of slicing pumpkin. and dicing hope Infinera we that Yes, way could the

if over? exclude there, what’s that’s had a being XX% transported. business business that excluding Is of Is I you that roughly go is Infinera So, with just existing magnitude that already and business them? being any take to contribution transferred

Seamus Grady

is Well, what Infenera we said be, a the will Coriant, XX% of will Infenera, the plus total combination we think make an customer.

for breaking it so… not We’re really Coriant, out Alex,

Alex Henderson

a X% upfront the aggressive bit more to it the you any X% where I that that? so in XX% flashover. or you think benefit there quarter be a we there in Is timeline, is Can and about if kind XX% then after to aggressive it out the help XX% and the flow next opposed us And or terms a window should quarter? is question us about settle should Is -- here XX% of of it mechanics it with process the talk in slope slope? then on about Or that. and of as less think here, we to assume how year it’s gradual help the Is hard your in in? fade

Seamus Grady

Sure.

gradual The transfer, question think of gradual you’re the a little is of It many over about course transfer. a all how the mechanics if I I right. how bit first is talk quarters.

to customers new So, products with who that process. these have are We’ve -- I qualify production these did are started existing actually complex size. appreciate,

currently people XXX people that XX over over coming have We and will in over grow on site the to weeks. Berlin

and to this start as -- I’d quarter next we minimal revenue revenue really beyond. speak, will transferring be the We’re say see we quarter and impact impact

I everything it’s two timeline quarter transferred in Bangkok. ramped and get probably bottom to to think fully three and and up qualified down

say three So, quarter to time horizon. I two would

Alex Henderson

I question, if more One could.

benefit. good it if had it for was. to been And to potentially obviously the at much where we’re when level movement So, had year as gross a think seen way point a bond talking We've of if margins, back trailing. I in talked the year, as been all come you've setting pretty it for adding lot and about last up full isn't

that getting a it that with margins assume help cost of loop? reasonable benefit associated think still business associated I of there to to with So bit the from is is some some little benefit, a the offset that lower this you’re

Seamus Grady

if have about they elections but Obviously, I that announced have to not the maybe like here, you Thai one month. result just way, think follow yet. They political equation

done they of the and election the And counting this the So king is king, announce result week. their they're supposed to Monday. which new go through

the who Is military on. depend bit doing will bit and on chase, the depend under control, right to total region. be I'm become may a stable is form well that a military go probably way, take is So baht is run -- country government. now the prediction that to of is strengthened, going continue based little which either baht camp But on the the Prime the customer, the that little because worried Minister

right impact all as based also be trying cash a quarters. XX% stick [indiscernible] to we look XXX%, I the a And and there’ll for the of stable flow Again, stronger. our hedging way I'm not impact, if this factor. to at the We’ll to documents, very three came delayed Again, XX% there’s baht watch closely. So an because hedge. next advice it hedging and program. on policy, become

the okay. we the is to then, There sheet, it direction given balance take me. to will So

into the income, beginning XXXX. maybe to try and sheet. trying good I'm these documentation get to things comprehensive which get the in all a FY We other balance is So,

Alex Henderson

currency currencies reporting translations not you sheet positive they're operational because really would ongoing or expenses? then functionally of negative the So stop balance

TS Ng

it won’t well, significant loss, like I is gain and not P&L then the Yes, I right. in highlight. a

look QX If you at I loss. breakeven. I loss, QX year-to-date, this QX, can't million, a slight have gain I X a year, have have I and

I'm from year-to-date, then okay. But it a So quarter-to-quarter, again, fluctuates.

the sheet a case bring on to impact so… in quarter earnings, be rather will that every So to holding a balance than

Operator

no further the in am Thank showing I questions you. queue.

for Officer, over Grady, my or it now, Seamus closing the hand to Mr. remarks. any comments So, back is to Executive pleasure Chief conference

Seamus Grady

and and excited Thank everyone. Thank sustainable our you, thank term. Company growth call you speaking and over position operator, outlook you We goodbye. continue look we the today as the deliver and forward to to to results with diversification positive We're for for you a longer again. strong joining

Operator

our gentlemen, your we for on conference. does This day. all and thank wonderful participation conclude may Ladies today's you disconnect. Everybody a program have and

Fabrinet (FN) 6 May 192019 Q3 Earnings call transcript