FN - Earnings call transcript Q4 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon. Welcome to Fabrinet's Financial Results Conference Call for the Fourth Quarter of Fiscal Year 2022. 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 provided at that time.

As a reminder, today's call is being recorded. to VP call of like host, to now Toomajanian, Garo Investor would turn over the your I Relations.

Garo Toomajanian

on Fabrinet's conference Thank everyone. you, and XXXX. to fiscal today's June which fourth With Thank afternoon, operating discuss call is on the XX, will Chief Financial Sverha, you Officer; for year and for operator, the Csaba replay joining our of us call today section quarter and a This Investors are being the financial call website Seamus and good me ended be investor.fabrinet.com. and Grady, available Chief Executive at webcast, results Officer. located XXXX, on

including both refer investor and earnings which this we section press include website Investors presentation, During non-GAAP to our non-GAAP information, financial our GAAP to will reconciliation. our the measures. Please present release of call, GAAP important and for

contain discussion the about In company. will future of addition, forward-looking financial performance statements today's the

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

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

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

Seamus Grady

a quarter supply with the XX% on a of a our our an ongoing X% year guidance. and earnings $XXX.X share exceptionally reaching thank a demand revenue was across everyone, that and above helped new drive these of in of Record execution revenue non-GAAP for with per XX.X%. produced is non-GAAP call strong of markets Strong guidance high chain upper that margins, Good and increase of our end quarterly result us from headwinds. results delivered at Garo. QX. range strong non-GAAP share end from joining million, you, afternoon, We Thank per of ago was today. $X.XX spite strong We margin operating performance our key earnings fourth of you and

whole share, results as XX% Our XX% year. billion for year, from increased reflecting in up and records of of Fabrinet. a the for the throughout $X.XX year the margin revenue an prior year Fiscal increase several execution a XXXX we for represented non-GAAP generated earnings year per from ago, operating XX.X% non-GAAP the with $X.XX strong

for record communications later Looking a range demand closely, of we the with while Overall quarter had optical record non-optical up our and more year-over-year. communications but and several within largest was category at last for of Datacom of the our revenue also Automotive, that down has that sequentially demand continues which supply in be impact parts of impact year, quarters. discussed that components constraints the and still as services very supply corresponding and last commodity largely are the increased strong have over course all the end Telecom delivered revenue our remains quarters. the so we've are revenue both industrial remains several Parts sequentially quarter, markets. to the tighter

building most a not as factor to largest constructing that improvements managing are started become environment, to-date. which be growth significant capacity our supply certain we supply constraint in have availability as While possible. the see for continues our to growth, limiting we some does for to the To been have our effectively parts, manufacturing ensure we

capacity XX% million we building X approximately growing This with and expands Campus. our our footprint opened years. our one next over that several We ample square are global Building the one pleased by business continue Chonburi foot at to provides recently announce us to our

in are building, mentioned customers we last a in progress number expand to looking we of front. quarter, and with new on we're that our discussions As making good

equipment and well, our we customer begun facility expect quarter. for at first all In to from Building goes by X end if fact, of we that could revenue already see the the have September installing this start

In by are end addition, additional installing who in calendar we the the of are start to of year. two customers process the equipment for slated production

for simultaneously our quarter strong years, we Looking delivering In and and the is very profitability. the that last our our which about fiscal growth, revenue prospects first demonstrated strategy double-digit ability improve XXXX, long-term illustrates margins to ahead we're while continued optimistic long-term two growth to working.

we're As continue growth goals we'll able line margins. of we and operating expanding driving deliver that optimistic our top be to to ahead, look on

result, the supply we industry the to non-GAAP leverage continues confident year. end line top we in excellent target our growth as inherent its We're that our range. margins which in in scale to can record an fiscal above fourth note operating prior our model. XX% earnings, we the years that delivered In of Despite demonstrating track is we to with optimistic extend of record a can business experiencing, challenges ahead. As XXXX compared the X% business high summary, growth strong and the in profitable quarter was are now a on target upper our strong

additional and our financial to and Csaba quarter for over our Csaba? the for XXXX. details Now fiscal I'd guidance fourth first on turn like to the call quarter

Csaba Sverha

million year from increased product from not our Revenue results fees record in that up expect to and expedite from our over alternative the statement. a QX products the Non-optical Within range and and able ease. pushed achieve was Within the photonics we margins, up XX% we XX% gig be revenue With last automotive impact at $X.XX, $XX in like supply rated $XXX.X our a a QX. as and year I increased sequentially. demand was and X% revenue achieve point XX% to line, and a XX% a to these of these silicon million, last these top our stable constraint record Datacom that quarter. than do we revenue or XX% end and Thank end in we ago million, non-GAAP revenue year at $XX.X continue million. quarter. was two million, due impact remaining and increased more availability. per This the Rather, revenue. from supply as the Telecom upper By With million, to earnings last from above quarter by XXX but a everyone. technology, begin including of was removal ago directly QX the year is $XX revenue XXX as ago optical, optical was discussed non-optical $XXX.X strong to X% income year assisted guidance from revenue. of X% afternoon, expenses but some the of share up sequentially, from was there line million, revenue the of sequentially. improving gig laser is with that growth a speeds ago in to of trends range, on with revenue million, million, increase because by was down from on XX% bottom increase end qualified grew was from X% By from our year constraints $XXX.X which largely revenue these important $X.XX it of a X% represented you, Meanwhile, supply on $XXX.X we from out Other XX% X% a revenue would to third QX, QX. up faster environment. revenue from $XXX.X XX% top X% communications trends, million XX% improvement good passed from growth Still, $XXX.X an communications of communications years. be non-optical impacted ago year a market, supply-constrained $XX.X total Seamus, Industrial reached without managed for from negatively XX% quarter. a revenue ago as representing down to to was increase ago means certain parts was sequentially, from guidance products so XX% at no we communications of we program, sequentially. customers, and were fees

healthy tailwind As contributing presentation, I metrics expense our GAAP profitability reconciliation A Relations in is a Gross about which noted. non-GAAP the provided execution otherwise the unless and website. basis, XX% in of P&L, can very margins included XX produced quarter. release the and margin details of our earning measures discuss non-GAAP press basis are with exchange you of our on points. to foreign a Investor reached in investor Strong sections find

merit income annual $XX.X We primarily in in expectations. the X.X% expect in line million $XX.X gross increases. quarter expenses revenue due of or an moderate were the revenue. first or produced This to Operating quarter, of record operating XX.X% of with to million margin

we to on are fiscal in optimistic the will operating in as that first While quarter, we amount look the expect have we a enjoyed margin efficiencies many ahead. small XXXX operating we of dump endure,

guidance diluted is deliver million commitment level rate or a be record quarterly was for share. diluted targeting we which margins was time. to X.X% above $XX.X the are GAAP per such, And that trended excited time our fourth quarterly Non-GAAP are We income now net as operating On seek increase range. a on basis, was Effective be dips tax above able could though, quarter. to and time. net we our per income XX% to $X.XX share, $X.XX to to from over margins below

fiscal share was XX% for increase on non-GAAP year full of net per ago. With an year, the a XX% or at record also $X.XX of a was billion, margins For XXXX, income fiscal an year $X.XX the of revenue record XXXX. increase a XX.X% from operating

investments the million, the $XX.X $X.X flow the of quarter. from to cash At balance and cash $XX.X Operating quarter. in $XXX.X million. the flow sheet of CapEx quarter, the $XX.X million statements. end flow and third million, was million end cash of the were cash, was With free cash Turning restricted fourth down

X significantly cash the we free fiscal in expect $XX.X XXXX. to of With now free For construction was year, complete, increase flow flow cash million. Building

During $XX.X increased total per an our plan shares share to and for $XX.XX of average XXbX-X of a quarter, purchases. approximately the XXX,XXX buyback price at outlay our both activity million. cash market We repurchased open

a outlay total shares reflecting repurchased value million, For our $XX cash approximately we nearly for to of to the shareholders. commitment return XXX,XXX year,

repurchase end of As million to million. increasing our authorized then, has the a in remained the for $XX.X at Since quarter. authorization $XX.X Board an additional our $XXX million result, total share the authorization repurchases,

XX-week $XX pockets by We this some approximately impact in million will XXXX. persist QX other we constraints chain should areas, a services $XX one a and to chain improvement, than I our year will strong guidance at be to some in QX, that supply not first longer turn of Demand week be very gotten Though Keep lower $XX quarter of headwinds quarter, week have of QX is we of to which fiscal additional remains typical estimate mind million for which we will in considered be supply business. our quarter, across million. to are to revenue encouraged for the Now and see this see and QX. anticipate the the extra comparisons making periods. is than in in slightly our worse

from operating With these to increases, and anticipate in we mentioned, to margin which fourth $XXX I to QX. we million revenue Due gross merit our million expect annual moderate of quarter. margin factors mind, the in $XXX

XXXX. As net our diluted and the we in share. fourth be to such, quarter In all of very to per $X.XX execution are $X.XX anticipate summary, with range strong non-GAAP fiscal in pleased the of we income

can margins long-term. that the top questions. that supply ready and with trends and We Operator, are positive increasing us growth continue we then the can to easing gives line deliver now the we are optimistic confidence to potential open continue demand for of coupled constraints call strong over

Operator

the line Instructions] question Our first & Company. your open. is from [Operator Henderson, of Alex Needham line comes Alex Henderson of

Alex Henderson

much. very Great. you Thank

inflation current into FY assume local I and helping and the that that Clearly, But impact and congratulations, would of obviously, you time. fully executing off, the your currencies. does quarter, with. your you year-end rates we are to in a Can which a how First in offset in the exchange then lesser your result fact well. relative what And hedges as – over a expect of obviously from about lot go deal the numbers how the talk lesser does structure great superbly, rates hedged There’s Thailand you’re against to obviously, the is that, quite your we costs doing little considerably as of exchange sell you. a bit that is are XXXX? economy structure? dollars

Can a other? inflation little seeing two an So those bit you offset. I assume about Thanks. each context as wage you’re to in talk

Csaba Sverha

is Right. this Hi, Alex, Csaba. Thanks.

the So let question. me address exchange first rate

So profile hedging haven’t our changed we recently. really

our maintain a layered program, we So hedging is hedge. which

the are third hedged XX% XXX% for We and quarter. quarter out the next after quarter, XX% for in the

obviously, our last two numbers. has basis So in point resulted quarters, tailwinds in already margin gross the it XX

So continued to the baht Thai has depreciate. obviously, in the quarter, last

program. So we as that to continue the buying as represent our we we to going wind is hedges expect continue execute a down this the tailwind currencies and

part. So one that’s

So last basis points in quarter in points it’s XX been XX basis and QX.

this the future. So to continue in expect we

increases to comes our Now annual when quarter. we our merit fiscal have in headwinds, first it inflation and typically

our increases. annual given rates So higher the in also reflective merit inflation that’s

QX, anticipate improvements. couple quarters can headwind going by So that’s in of it in make bit the up we which next we efficiency to certainly that represent of

again, while from exchange we $X.XX first on margins QX of quarter, continuous deterioration overall, rates. tailwind increases. has But the bottom our exchange the benefited do from about have from gross and little in the from merit in line a anticipate rate So bit we inflation

last been So a nice pickup six – over months. the we it’s

Alex Henderson

if a nice very look XX% since out I the XXXX growth we’re a XX% in the into quarter. rate, FY you’ve print, XXXX this on So period recent most posted year-end

a backlog got You’ve the significant supply on chain.

backlogs backlogs. and have significant have customers customers Your their significant

Should and over that backlog other Ciena, you’re you for XXXX? level? have of never year that, mechanics had we do full attainable of think sales How through thinking against through rate? you it of it’s the Is are has macro all you product As got winning the cancellations. mean, and I to be growth looking a do think seen mechanically XX% XX% an that? Or at you concerns – XXX%

Seamus Grady

– I’d is this I think say Seamus.

quarter a one time. We’re just guide going at to

encouraging too We’re very strong going demand not get the to to of see ourselves. We for ahead far do continue part.

any like We’re demand to limited we’re things really strong. supply very in but demand. letup by And continues right now, everybody component seeing be not

seeing We’re in a slight improvement supply.

little see. QX quite overall supply that’s encouraging going much somewhat. but But not tar this optimistic bit environment do about guide too to – remain is said, point, that it victory, do a alleviate like beginning beyond early we So to but demand encouraging, we’re at to see the remain I to we really we

Alex Henderson

question guy a blame can’t I more I’ll then cede for the trying. floor. One and

it Any passing supply those the So and particular chain parts the that relative those piece obviously, But in about what is pricing and general? in expedite on the a you’re costs. big those spot availability news and it. issues, to not issues? of other is through – your recognizing piece fees parts market of Are flow

Seamus Grady

we don’t The to expedite revenue. anything Yes. correct. you’re as through passed fees, We offer those customers. that, our mark like and We count to it don’t

in as is that to about there’s us expedite of quarters, terms thing hopefully, coming nice impact the the zero the revenue. over go fees So away, our

prices seeing broker begun bit. draw conclusions, the a at a bit improving ago. we little expedite down bit brokers reduction some premiums stage, bit a the but no bit little year early in and ease a market. were market. are a little But fees we the maybe to big to a bit broker a It the in maybe anecdotal particular change, anecdotal, whatnot, the seeing has coming big any this it’s but and That’s On in

Alex Henderson

Thanks. Great. cede floor. I’ll the

Seamus Grady

Thanks, Alex.

Operator

is Thank Tim from Tim your Instructions] of line Capital open. Savageaux Our Savageaux, next you. [Operator comes the Northland question Markets. line of

Tim Savageaux

Thanks.

on good the results. Sorry, congrats great and afternoon

is want that’s And you some quarter you at ROADM or improving and I up side strength confirm segment kind commentary looking your least does there. rated case on pick of a non-speed that’s or if continue. the products. whether So that real been given seem the of at to in like that indicative then point that on saw to the of expect supply, whether it kind your pain

look million in telecom Thanks. there million, around or to drive you would comparable. be Midrange, do segments guide? guess, If you moving to the your guide at particular $XXX other $XXX any expect continue to I apples-to-apples that

Seamus Grady

I two the customers. without guidance of for on Tim, hard think ROADM to giving on our for us strength, maybe or inadvertently that it’s comment one

maybe to our for we’ll So leave results themselves. speak

getting more picking of ROADMs million when are $XX XXth and million out our for XXth have additional guidance right, $XX There would specifically. rated. we’re But is other in week, the rated the so there. that right. $XXX The back products midpoint non-speed be yes, than we comment components you’re won’t the exactly we’re when We up on the million midpoint strong. ROADM you you The several yes, for of week. in the our non-speed really quite guidance you’re But with adjust business

So I we growth think nice growth that’s year-on-year. believe, quarter-on-quarter, nice –

our by to supply fantastic has maybe share limited I unfair team really some the best, share think just job but We’re cases, and of and very component doing of get our our components. in components the done our a

to doing like supply very overall the job get thank yes, demand for been the $XXX just to the limited the But through team purely situation. our the would strong so million by and at us I they’ve So supply very, chain. midpoint great guidance of and help there

Tim Savageaux

one if you as sequential element broad-based pickup but for last quarter you see your Or however million, $XXX saw, you a guess, you growth I that well, various can time. Okay. in datacom take Yes, the well. more look across look at nice Did in of I I’ll or Maybe terms strengths want. try year-over-year, you business? the of a

call that particular of across drivers in So anything like terms out to segment? the

Seamus Grady

Yes.

some from, still, But got that because datacom of pushed strong. issue feel of But strong. we had that is qualification came telecom prior into QX. that, Datacom to a – may recall, I some quite even soft, the bit think million have being very with strong. but strong. the we is datacom – remains quarter and we particularly you We growth good good was us $XX for we be I quite LiDAR, all really a feel datacom markets Telecom Laser LiDAR. continues strong, have in is little think automotive about strong it is serve. see growth we in

over growth to getting it’s few good A very quarters. in starting separately it out XXXZR. some good as category, early see some also bit growth there but own next its little We’re XXXZR, to start calling the in probably

So good is exception maybe bit a for which serve segments across laser, we all little solid flat with the of the growth drivers us.

Tim Savageaux

Great. Thanks.

Operator

you. Thank

question next from Needham Alex of & open. is Henderson, follow-up Our is line Henderson a your Company. Alex

Alex Henderson

Thanks. Super.

So of I terms you’ve talk systems portion quarter forward? business was hoping any a then could we the whether see bringing on your bit and reported seen little systems in the additional customers about outlook of that you the and you in how participating progress the business, going

Seamus Grady

Yes.

us. to usually for continue timing lot fit So as of when really and hard - The is But for catalysts the suppliers its wins, customers changes good external and fit new predict we’re pointed at systems a and it’s maybe as can you good by program they’re we’re content. very pursue to a to to content, customers – where build continue of already we do in other own whatnot. box with out, It we new be it driven and producing a of really us. on new isn’t pursue, the to Alex, really we’re business build both a lot making already rightly existing situations

of catalysts a that particularly don’t external usually there’s control. number we So

to more buffer transfer, inventory. Again, do just have because, I So a really that course, in appreciate, announce not demand. future. build will timing is be big And to current system be. companies any are of immediate first we’re struggling buffer parts enough can’t But optimistic with business the there environment the predict thing it’s is We you supply to satisfy for the as when to the helping you’d a like of things while of minimum most get the hard predict to hard those. to that’s it’s us the might required to build when system build say,

incremental margin significant our any last years, to in in much helps very few we've do wins still focus. think bring it's – way but it on I we the we've shown without – expenses. actually over really with can adding our And had business operating that because any able we're that the So a

grown announce Our over years operating flat much But still this last very specific for remained in quite revenue point, to the expenses focus the us. Alex, nicely. have we've nothing at several but as

Alex Henderson

a Yes. little I could It bit. sounds if just into that dig

slower margins So about – can talk whether corporate impact or the talk the is it's faster positive, to whether about negative, net And that can relative you average? on neutral you growing than business?

Seamus Grady

very Really, program. say. It's hard to vary by it

little average. a bit are programs the higher than Some

those probably programs the lower. terms programs bringing growth, new transferred in Some we with with growth contributor – then programs, programs both say, growing of also we've are and same it's originally big Overall, those because the but transferred, a programs. to net on we've let's those been since wins

we've volume we the with we've those So with customers. transferred, both additional also programs the grown programs won

contributor I to the corporate I a net been above to but So it without think overall, growth. do we're like – incremental say, average it's OpEx. probably any able at or Margin, it's

So the it does situation. overall helps

Alex Henderson

Understand.

you have that's now plus apples-to-apples, incremental And growth. grandfathered original the fully program handoffs, so

sense Or fair they ongoing terms you that the it that off could trajectory. the your of of I relatively have to So a an amount customers assume you? stated that hand Is business in think existing that do kind they're that's additional transferals?

Seamus Grady

companies talking about. which some I we're talking depends and are company our outsource than a really business of which still competitors. bigger lot we're of that think have with a companies it would they others or about lot Obviously, on

but do to customers, significant We to So we everything for and for supplier market we like maximize to our an customers. important need like be sure make we our produce share. don't our

that of the to continue system but already certainly very got growth, think nice left there's I business already grow a So left we've won. lot that runway still grow think plenty headroom some to I business. We've of to with there's

Alex Henderson

been headlights has Is of technology. set? of opportunity off sector? while. change been there in optics edge it that more a starting pretty the your Has Co-packaged and it kind that's still far for percolate out the any is the to pass headlights. something One around through question just Or

Seamus Grady

think a bit little it's I both. of

working that optics optics be required customers we products become are to processes say, more the with produce have in to optics, on So co-packaged the products future our those would when let's co-packaged develop co-packaged that they mainstream.

we're time. very are whichever agnostic to of number There's on who all continue says, for optics, technology, another optics long course, sure will We're And pluggables working the long the you customers working we with, a a customers. school So if the thought we're We're very don't that. of that continue for work co-packaged pluggable focused wins, our let's on making time. separate of quite to like, with say, mind. one a happy

like bit soon, – said, with other three so for of pluggables see happening I hard it'd will long years becoming would it's I put to on think that. a with pluggable on optics. be we're now. three customers that all working of like it, you're also I a probably co-packaged We're out, we're mean kinds customers co-packaged the something on right optics solutions beyond very X.X, the But date it continue It's terms working exactly working a out, time. – had anytime In probably mainstream, headlights right, – if years to

Alex Henderson

Just cede the floor again. I'll a last then question

you that strong like of time? you're Can a there assume relative yet ramp. a that about to bit new an that that the going what to extended into had talk products products pipeline to plus looks I rates for period little in segment, drive XXX-gig that obviously, are additional continuation So of pipeline nice growth plus But at seeing is the additional also gig the growth. XXX coming arena, very

Seamus Grady

Yes. said, in seeing There's space very nicely. like would it. that's a starting nice going. revenue I And really say. to from some There's we're get XXXZR It's growing of couple I just categories, the telecom

the degrees volume bit have say. shipping. but three four a have maybe with are customers our the customers well, power customers varying are struggling We is One envelope, particular little and course, Three to design product I And in our and what three shipping place that data – of now the should XXX gig gig volume. center we of XXXZR well. of is three as customers are then, of see have about of shipping now. adoption right inside the XXX But take we

So and too us, falls Alex, into want say, concerned about gig – to say, a inadvertently to there's we pipeline above. nice again, it a like that I of one But of we're much the We give XXX behalf pipeline and again, gig that a don't nice products beyond would of have detail we're customers. the nice we category on XXXZR always on. our XXX to – always of suffice for products working of we're don't announced that because,

Alex Henderson

Perfect, thank very you much.

Seamus Grady

Thank Alex. you very much,

Operator

Thank you.

Our next Riley. question comes open. is from Ethan Widell of B. Ethan Widell, line your

Ethan Widell

any broadly verticals distributed? was component they're reporting shortages your I or or of are more your question. my Thanks. in segments wondering concentrated taking for thanks if Hi, if

Seamus Grady

components. it's one. standard actually. broadly is They're – particularly very say, not electronic usually, commodity exotic let's distributed not any not to question But it's component it's unique that's And no, in typically, type

equally, would component I shortages. say, the segments support are All that by equally affected of our we industry

Ethan Widell

one provide mentioned That's I change of And buffer was And Thanks. you inventory. to normalize. then any Okay. if follow-up, expect see helpful. to a you as wondering how having kind color you of conditions could that as

Seamus Grady

Yes.

over has if have the ship. support if need our sometimes you components, grown while, position you We you customers' you them as our don't have have of we've and have inventory XXX last that you XX inventory one, to can't to – demand last and tried

it's sheet like to we it's to in customer inventory customer But on is, demand specific So the an orders. end up carrying good the than news balance maybe bit little we'd ideal more inventory inventory. tied And a world. that's and good

caused the risk. us say, opportunity to that short there's the an presents that in as increase the If no let's inventory anything, So place. first particular components we clear, it for were

our As customers. and to and as alleviate to convert at levels we issues we those begin sets, clear those that component get see cash for ship we begin inventory inventory products match to should

coming does it an bit satisfy customers' shortages see give advantage the component those the start a So to to needs. little as in of us, we quarters hopefully,

Ethan Widell

you. thank Certainly,

Seamus Grady

welcome. You’re

Operator

you. Thank

We have Capital your a follow-up Northland line question is Tim open. from Tim Markets. of Savageaux Savageaux,

Tim Savageaux

the to I front. a driving I in on quantify can up there. wanted increasingly that maybe growth bit? you XXX And Thanks. I little gig if out base, ZR now wonder follow you know you're strong is very off probably called getting for any small a And contribution I ZR. you sense increase right assume where where would to despite it that but is that, expect be? sequential what a or be

in could overall XXX see talk drivers You an about you wonder gig revenues the if did decline there. and

Csaba Sverha

Hi, Tim, Csaba. is this

Let that. take me

XXXZR four ramping been last quarters. overall So over the has

on an our annual portion represents basis, high again, So revenue. single-digit it of

said quite we we not but quite start the would been significant it last it's quarters. calling reaches the segment of has couple growth when over there, in So this XX%, out

to now grew basis is yearly in it sequentially, So QX representing single-digit about a But QX. revenues. high of overall, our on

segment other little part we in Now constraints. the in gig of surprise remarks did of that have prepared mentioned that XXX terms from a I of material the portfolio, bit my in

in little been we could that and – bit. we that if set higher a So took sequentially had have up Otherwise, us segment, too. back components, those

overall, temporary and the decline but supply it's So from ZR there is single-digits. strength high the related, is

Tim Savageaux

can but Great. customers, us to disclose see were for the filing. Really in out maybe if you and part extent you comment XX% what they And or don't yet, color. something a the of number the filing appreciate aggregate that of wonder I can on

Csaba Sverha

above over was customer. out in XXK have will higher is had We XX%. a sure. that XX-K. and Infinera XX%, so Descending our tomorrow, XX%. we disclosed was slightly was order, Cisco XX% XX%, coming Lumentum about than three customers Yes,

I XX% of overall, three represented, total customers revenue. about these have think, So

Tim Savageaux

Awesome, thanks again.

Operator

you. back Sir? to remarks. to turn this Grady I'd over Seamus At closing time, for the like Thank call

Seamus Grady

joining and month. We're for of you continued Thank you, Thank today. to a at despite that will new years more those QX in of our in you deliver deliver able end goodbye. fiscal strong who many speaking ahead. Jefferies the strong the call strong industries. forward significant of excited performance all We chain attending we to performances to and again and demand be with issues XXXX quarters capacity, conference the optimistic impacting supply We're seeing look you will be with and the and

Operator

Ladies for and you program. does conclude gentlemen, participation. Thank that today's your

disconnect. now may You

Fabrinet (FN) 16 Aug 222022 Q4 Earnings call transcript