- Earnings call transcript Q1 2023

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Operator

Good afternoon. Welcome to Fabrinet’s Financial Results Conference Call for the First Quarter of Fiscal Year 2023. 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 September which first With Thank afternoon, operating discuss call will 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 be 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-K affect SEC refer in to captioned filed factors filings section XXXX. a our on XX, in that of Form risk our description Factors Risk recent the August 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 by

Seamus Grady

our call you thank Thank on today. us everyone, you, Garo. and afternoon, joining Good for

performance. XX-week quarter across million was revenue a than with some the if we we growth fiscal exceeded with words, markets revenue in better quarter when nearly million quarter. headwind strong $XX from year $XXX.X results strong relief automotive contributed that approximately Revenue not Board revenue supply situation guidance. We’re the off was our increased to XX% for to contribution a would’ve a other start due of about remains XX% serve. that half end saw ago only which our from for the Demand supply in XXXX or the of million a adjust components $XX sequential had to million the the Total for in Supply we anticipated, with the In million resulting strong been anticipated. to lower that to additional $XX week. all $XX first

quarter than consistent percentage well We record also year. $X.XX. fourth margins XX.X%, a and Revenue non-GAAP operating strong our EPS of of helped executed and point full drive to margins with produce higher non-GAAP the prior upside

week for in quarter, quarter even Looking second communications further the extra we leader supported revenue at by automotive expect detail, we the more in both considering delivered quarter the the new record Florida Through fully has DZS, our systems facility in We access transition to this experience will assurance, Seminole, in service fulfillment contributor ramped. be growth our significant the when sourcing, and solutions. partnership, activities to and new software optical global communications a revenue, after partnership networking infrastructure, consumer to start with In procurement, potential quarter. to a win and its a optical our manufacturing DZS Fabrinet. believe seeing

improved very customers to which us demand million revenue sequentially or remains as we more components to allowed from strong availability capture Automotive more than our revenue in than a quarter. XX% communications, than us was especially optimistic strong, about Turning makes our more up quarter. future. non-optical an anticipated had Overall $XX

cutting effectively we managing million very as continue we a ceremony X we our serve week, well-positioned square Chonburi feet official demand. of X approximately supply as remain for on constraints adding factor space. supply to Building are increasing conditions to ribbon capacity a Campus, Last limiting on While From growth, possible. at our focus held perspective, an

practice our maintaining the traction While the of and at lead letting with our demand customers Building we are announcing take X. early and are very relationships, pleased we

we both optimistic the at in continue will the quarter, demand that sequentially strong week second and factoring drive to year-over-year first additional trends remain Looking the quarter. after growth

remain we exceeded In strong grows also We confident incremental results that quarter had can than continue as our a realize to efficiencies faster first expenses. we with that revenue operating guidance. summary,

our and we’re We optimistic record look in demand as continued are extend track success of well-positioned about markets ahead. our to we

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

Csaba Sverha

We you, additional Thank quarter margin operating guidance backing was The guidance quarter. that first produced everyone. of represent the high the foreign and tailwinds execution, sequential were non-GAAP ranges. about out quarter. growth approximately year-over-year million, after range. Revenue higher $XXX.X above quarter ever share results the week delivered first strong with best of our strong in $X.XX combined Seamus, delivered margins non-GAAP $XX from for even and good With and a the and interest excellent million afternoon, first contribution above income end we which strong $X.XX, record the in growth exchange per the and earnings our our

$XXX.X year The alternative we due due and sequentially. increase the the photonics Note revenue to $XX week. the optical, QX, approximately Telecom prior revenue $XXX.X revenue and Within additional sequentially that revenue was more X% growth qualification. ago by year decline shifted sequential from excluding million. communications both has By in revenue Datacom a that part was was Silicon million the been communications a should was to from $XXX.X of be decline record QX periods an adjusted rate million. X% a impact that in additional of in revenue of ago $XX.X up million. is believe primarily would’ve but week optical Looking from million, technology, revenue to comparisons optical detail,

million, stable down Non-optical $XXX.X from a up million, XX% but communications Growth driven the communications XX% was more and headwinds, and at our Datacom was ago, more year sequentially. a gig sequentially. variable increase sequentially be $XXX.X strong was by quarter. will products speeds and on primarily or be QX. from in Revenue quarterly as at $XX.X from rated represented revenue of ago up they basis gig $XXX.X products in very revenue. ago, tends total was revenue million record from supply that to last from continues a business year million, as from up modestly year of a Although, to remains in Revenue from of well non-optical anticipate quarter and a up XXX revenue Datacom chain XXX impacted first automotive XX%

quarter, short took that supply, During we us had meaningful of of to the components availability advantage been growth. enabling in deliver

maybe was and down remaining the sequentially, declining that we in laser $XX.X $XX.X longer supply strong non-optical result X% While in environment Industrial was anticipate component demand but will million. stable produce million, QX, Other growth. remains revenue automotive revenue trends. revenue term healthy challenging the year-over-year communications

and revenue. margins the earning the the presentation, our reconciliation I metrics website. otherwise our headwinds annual first performance by basis in in a performance. quarter $XX investor you income P&L, our non-GAAP record of on operating increases, the largely This measures were are efficiencies to included Operating expense million or details gross XX.X% for quarter As million provided the achieved in executed in Relations or first of particularly below sections profitability represents strong release well discussed, revenue. We X.X% We is quarter very of strong from were find non-GAAP and press to these expenses quarter A of ninth despite just of generating income. of quarter produce Investor foreign unless can $XX.X GAAP noted. which XX.X% results our of This merit at and which exchange increasing fourth continued produced tailwinds. our operating the offset

and are the As in of majority a component U.S. majority as dollars revenue our costs. reminder, is the vast material of

time, history. resulted see $X.X diluted foreign exchange impact or could items. labor basis, we GAAP in and able for tax income time per in consistent evaluation approximately anticipate with smooth QX, current share. rate However, was the a a net sheet Nevertheless, diluted year, portion baht. range. quarter. or diluted enhance interest was $XX.X cash as the $X.X exchange diluted rate environment share, visibility Non-GAAP in balance been quarterly $X.XX to larger of combined income a per our Thai fluctuations net guidance foreign approximately $X.XX with our impact million per balance But in time. which have costs of the Effective another Through sheet we share above following rate mid-single-digit record program, an years, strong And effective in our many of of The result significant $X.XX gain. it’s first our we or $X.XX are out over flow are contributed per and to hedging was currency X.X% for is we million as was operating share. to the million, the our from low On tax

the record flow was million. cash year Operating $XX.X cash were the million plan up execute return cash to on $XXX.X In Free at and million sheet million, cash first cash XXXX, surplus Turning will At $XX.X the to fiscal was a we our shareholders. statements. flow of balance of quarter. equivalents restricted the end fourth end and quarter, cash, $XX.X cash the from $XX.X flow to million. to continue with quarterly CapEx of

million, shares XX,XXX approximately total cash million quarter, remains share first authorization. in of we the for repurchase $XX During outlay $X.X approximately our a repurchased

Now, for I our second will quarter. turn guidance the to

supply demand supply as areas first well we manage These our supply over business. quarter continue component the ability continue pockets persist in to expect time. optimistic environments, continue constraints. relief to our the many across about to of to By so specific be improvements in effectively business, of our We handlings as and

supply $XX million. the assumes headwind guidance to of QX $XX our such, As chain million

to extend our questions. exceeded XXXX quarter, from summary, $XXX quarter. anticipate $XXX of growth we success optimistic our the both cents represents are guidance. with the sequential which in are in With diluted the into $XX a our week ready for in income In will For additional to track earnings, and per We both the the million Operator, now second revenue net strong result backing business record non-GAAP open provided $X.XX share. conditions, quarter. we the million. first approximately of start continued after year to the quarter we to $X.XX and record range the favorable call fiscal year-over-year contribution to revenue range first anticipate be million of of It second out that

Operator

Henderson [Operator question ahead. Alex go line you. from Needham. Please the Instructions] comes Thank first of Our of

Alex Henderson

Thanks.

little off with a the supply Just chain comment. clarity on to start

the million on following I side. Did optical Fabrinet and guess, are the in of revenues, the to optical supply automotive impressive the the line focused you was take large on side? of improve $XX were just your million in a extent, – so forecast? chain out an $XX prior I most if of out improvement, our So the people Because but more with the

Seamus Grady

Hi, for made hard of time. started automotive encouraging improvement, out is, also made immediate. see remind cleared, we on seeing to particularly some in been are just LiDAR. to Alex. automotive we impact – demand electric that and victory some it’s have it, of a which We see shortages – we’re up get called the component demand, too in some the and see early Yes. almost let’s up for improvement. can improvement Yes, yet, had but the the is those that our new shortages And we’ve revenue improvement pent automotive as to specific clearing, up businesses was is vehicles we some component business, to declare think we’ve what’s I Once call us

on So is impact of this the most part past of automotive. quarter, biggest the the

the and I like optical quickly. automotive is the converting side. on shortages clear And we have everybody on revenue well, else some those say, as, very time, side flagging to us that for Some but as been as it mostly

Alex Henderson

do majority of to How that? I in auto you constraints about So we maybe mix million was supply the constraints? of mean, the out, threw I it? more less $XX quarter it to supply the that think a shift measure does in $XX that the number supply we how and imply do optical think constraints that million has

Seamus Grady

I quarter, fair a last side. that’d think for were it. the Most of Yes, the way to look be constraints at on optical

Alex Henderson

have just or we do expect are could datacom talk on the I outlook, do confusion? way And that? basis baseline going behave the see. think year those do to a to How to gave since quarter-to-quarter year-over-year you year-over-year you adjusted fair think silicon the what I to amount XXX gigs of photonics opposed the if telecom, on as see, businesses back that a to extra granularity you for some there’s and but you quarter-to-quarter I about going

Csaba Sverha

is Alex. Csaba. Hi, This

Let me take one. that

to in you year. we think week I had say rather QX extra extra So than meant

silicon… So our

Alex Henderson

We misspoke.

Csaba Sverha

right. All

been both on year-on-year sequentially So photonics very well. – quarter-on-quarter silicon basis have and our strong on as

we to gig continue off this out XXX year. by primary growing. from The So obviously we earlier ZR driven see which a low XXX driver spelled was came that base

to see very continue strong We in space. demand that

and slight revenue, a has photonics sequential silicon photonics a decline rates higher Even we very that revenue in a though, both obviously extra So with stable. that QX data on million see but $XX basis to you silicon remain do in from the prior quarter. had

XXX us. on which for are again, about the track, the coming down year-on-year and rate was photonics higher the as very optimistic ZR very And the and businesses silicon driven well. So that strong both overall, we remains both growth data by are primarily telecom datacom

Alex Henderson

really for the would is a what and looking calibration of whether on year-over-year any fourth about I basis, the guide the thought you within for. that Yes. grow I datacom quarter, talking was in telecom was guide

Csaba Sverha

So rates data the that grow. we will anticipate higher to continue

supply So were I the are supply in business. but mostly remains still there. datacom prepared in of remarks, of although very are Again, the our growth constraints about us, headwinds datacom ahead mentioned optimistic very those the business we that I strong, rate some our –

datacom anticipate quarter. do rate and slightly growth in probably going next we into So higher a for

Alex Henderson

And on telecom.

Csaba Sverha

supply of Subject constraints

Alex Henderson

And Any sense? telecom.

Csaba Sverha

I’m sorry.

Alex Henderson

telecom? And what about

Csaba Sverha

across holding to perspective. strong. Again, baked in board. continues million strong constraints, still is our The out in impacted that we do the Yes. also of is supply to that anticipate but caveat guidance. $XX supply still by Again, we the here Telecom have very demand about goods are not to that’s from be the continue grow. million, XX We

across So our we segment to mostly grow. subject both business do the to anticipate that’s board, of those but supply constraint,

Alex Henderson

floor. the leave I’ll Thanks. Okay.

Seamus Grady

Alex. Thanks,

Csaba Sverha

Thanks Alex.

Operator

Thank you.

Please ahead. line Samik Morgan. Our Chatterjee go next comes from question of the of J.P.

Samik Chatterjee

I and taking thanks congrats a had for Hi, my guess, the couple. print strong on questions here. I

the know go through new I see mean, I’ll you the you business quarter, to year. that. around second if I the sort So being from more you for or that big of said business about can contribution that ramp you bit in sort how color long think Maybe fiscal DZSI of just opportunity if can a talk business those. win but How in that that some to up and One, more starts the run? about the do win give

And adjust second that of one of what growth is saw guide a sort fiscal last into your extra sequential of think The did $XX for still million quarter implying I the first XQ going couple softer you you the we revenue sort bit midpoint at week, I on that than you are the of execute the said. years. your

can of that and through you see the into questions. see the just Those in of growth questions. sustainability talk of the I’m sequential improvement sequential the Thank is are limiting, the backlog, for you pulled like So we a wondering, that which taking it improvement XQ. to quarter sort if had non-optical – is supply sort that lot the revenue somewhat of we you

Seamus Grady

to question comments. and the strategy. Samik and take Florida know, It’s Csaba for meaningful question I’ll facility you but did it business, thank transfers a of from about DZS deals, this I’ll that Thanks, the part production don’t you over around our outlook. and DCZ’s Seminole the turn as DZS for Yes, Thailand. is the in program we specific size our then first to facilities

high location we meaningful track again, over location, from continue In upside. now of system last our cost to complete high low a of record have cost, execute case, years. business, to revenue network good cost couple to we’re the with selective a transferring the this strategy and We add that

represents it strategy strong, a and quickly. size was proud and customers We’re realize competition our not hard have but the it executing that is to with production. going DZS again, to engaging effectively effective efficiently a capabilities has to I is really We a business other deal. few believe production, in upside so or opportunity business allowing proven of to forward meaningful and had to we’ve DZS Coriant The Infinera, system of that we’ve think then we very a you transfer it, we’re call deal it’s our to it, space, network complete this awarded transfers last very our perfect we but very revenue ago, years been manufacturing happy meaningful win and track won. back we’re in the been reflects to system with savings fit have capabilities, record this portion that overall and look And their that the and and a if the transferred, will win be this which to And years. about. optimistic we’ve meaningful go win Cisco be third, the significant the few to let’s work

Csaba Sverha

is this Samik, So Csaba.

me section growth Let guidance the part take of it. the and

So mentioned, million see extra for QX you at QX last would calls midpoint a for guidance revenue from XX% XX% our the explains you you the on in a out anticipate our year-on-year, we Nevertheless, QX versus growth reminder, as growth as a year-on-year again, I Again, $XX headwind. about so guidance. had than back supply basis. $XX we million about significant QX And what if $XX QX about million in in improvement little you bit you the in the in growth supply availability, saw supply baked rate headwind go that higher back to commentaries, to if year.

in change the the and is consistent growth our been any our don’t And So about environment. XX% growth with longer trajectory – of plans rate. term major demand think has overall, I see rate I of

constraint still a supply operating area. are in We

still about XX% why on bit are basis. a we cautious very is a guide, which So strong that’s year-on-year reasons the one of the

Samik Chatterjee

you. taking Thank for it. my Got Thanks questions.

Seamus Grady

Samik. you, Thank

Csaba Sverha

you, Thank Samik.

Operator

Thank comes Capital. Our [Operator of next Najam of you. from Instructions] Please the go line question Loop ahead. Fahad

Fahad Najam

trying taking around of about. my – get is Hey, thank the chain. still correct, improved headwinds the my I’m the supply you’ve than head the automotive about probably you supply comment entirety for [indiscernible] more revenue If that my talked to question. your math chain

So supply us maybe supply the it improved and things bit chain Can optical that little clarify you the more? is help worsened? automotive communication a understand

Seamus Grady

had non-automotive the in anticipated. in improve it’s been with have that able were think line but pretty we handful much the than I optical available, time. was a short to No, did that that performed supply some line for Once And with But components expectations, of our automotive convert I into to kind we they those, or became revenue quickly. able – optical were business we much in pretty the expectations. side on the of pent-up our convert of revenue the the demand better think

Fahad Najam

that. Appreciate

there like it So year? in of challenging, automotive remains supply how should segment the seems for be rest should the in a we the given how the growth massive seems that your space? is revenue backlog how communication thinking but and looking thinking be automotive suggest optical for that to out automotive automotive It commentary about about throughout you, we is

Seamus Grady

is supply across seeing it revenue remains is it demand for a there last breaks availability is having call lot double real, of there’s the challenging I ordering clears and the component automotive we’ve that what about business. anything quarter, got couple as is, been the demonstrates, know concern – think is into business, think the If but of What going Board. think I in been I automotive in immediately. situation converting breakthrough demand on? it we across remains entire the had we challenging a the We the we let’s

they is or But the automotive challenging supply better similar particularly Board. as there, It’s So the an it the – in or I demand be see is continues demand wouldn’t across optical. we worse better the constraints believe. the across to real, Board.

Fahad Najam

for? which one floor. how then now last X, the me question looking is And hand it. and I’ll square then Building over to the much for Got footage of it In

Seamus Grady

Fahad. last report metric, quarter. Yes. had We that don’t ceremony an opening We there

I we’re be sorry, progress type of next I’m with, not Thailand location. very occupied in because a Building don’t opening we’ll last we bulk while for happy there. vast – number actually week, We’ve over very will right or in the really a the to the now. metrics happy opening was growth they like customers, X We I’m here we’re with ceremony. ceremony but lot. had going the for those of communicating be whole We’re of than the spoken metrics say, the in be Other the announcing mean seeing to

Pinehurst I Our will over age at less so X, capacity, in at while is would or say there. more with be capacity, we’re Building growth the the happy the facility very but next building is progress

Fahad Najam

anchor I said recall, I customers guys had you If you Building X. for two think quarter last

provide getting? So how much just you like of is anything think else kind account, it customer better measure

Seamus Grady

– have we we Well, have two yes, customers. anchor

customers other up Building working be we’re with new a that again have DZS talked yet, about like announce for to who example, actively will business to actively ramping And but in there. win working set X. were nothing We we get the with – that capacity of lot the

So part one the campus me, a we go the Chonburi, let’s rate reluctance Building our facility, it X, X. as the a us certain way, exceptions growth for – to will there, Building in to was a be in let’s the Building this of expansion, can facility. now grow when feels it there it compare compare of is answer our of new for we certainly if while envisage period it that at the where – I in remind think amount the right here back say which I part, if Building square the in it X, XXXX, first just rate XXXX, say in X, most in factory be be I which because at first I the million – will again was majority if foot on I opened if maybe If growth, were and growth we Building I would X, next in of there. I faster but X, the first Building to customers the there’ll the revenue rate we the I say, of maybe X excuse most say, same to of compare

So customer’s X there all full. well. years building X, Building view, point differentiate between Building is that the it’s from fully Chonburi of very but of little the or we’re was campus. down going they ramped. And really reluctance very, now a bit five line, the It’s It’s don’t

So I of ago the in – think ramp our had to willingness years Building completely to X customers different five we our what is in Building X.

So we feel very good grow business to quickly. about our and ability add to Building X

Fahad Najam

Seamus. colors, the Appreciate

Okay. I’ll it there. leave

Seamus Grady

you. Fahad. Thanks, Thank

Operator

Thank you.

question next Needham Our Henderson Company. go & from comes Please Alex ahead. of

Alex Henderson

Thanks. Great.

to just I So line the line. wanted dig interest the and into FX

fairly you that back it’s for assuming $X effectively current line, look I’m quarter, short-term zero. up similarly to interest you got probably FX in I of I rates orientation falls a cash when that that assume the you’ve your global and on towards with the at December the thinking and basis, that guide out that look going massive million I’m And So it gave interest the if certainly but a here, at balances.

to So be interest should go the up zero FX line will expecting out? we and income the

Csaba Sverha

Hi Alex.

your math reevaluation typically right. below line. FX is the line FX guide the the So probably don’t We yes, on

interest But the the the So to elevated a are to translate will as for rates obviously basis. us. evaluation, that the actual higher income rate actual the – line realize – to bottom – in your we interest we interest we flow going

picks couple our a in that cash so had contribution line. quarters, see our trend up can balances and sheet in the of obviously you going been do going the With forward. So interest balance on strong strong anticipate we last rate

continue FX interest to contribute. So again out question, rate to simplify your to

Alex Henderson

sequentially. line, of result there the And increase going is on sense the is interest is likely back that balances. $X there? us or the predominantly U.S. million So a big something rates that you income. of in impact looks a think next should do of that of sequential would X%, which I up up just you’re on quarters a at thinking over the be pretty the time that rate least what change interest are two give to to increase rate going rates or it’s interest about Is basis, Can over there? cash in like some what on pronounced your have trajectory on just would a three else I given

Csaba Sverha

indeed yes, to our rates. increased has increase the incremental sequential So with in income do the interest interest

speculate how it. the to a is very out like sheet don’t a as we that to look and that work but strong going be we future, meaningful we in at indeed, again, contribution anticipate So have balance to do we

Alex Henderson

But just assume rates. existing you’re speculating not if really you interest

So saw we least assumption increase used guidance quarter-to-quarter that at whether magnitude no the that further the is they in quarter. December

Csaba Sverha

a like interest and stick as commentary. out exchange give our the when side to I’d guidance core we the rate business to and leave rates

details So go I wouldn’t to guiding further in terms of interest rates.

Alex Henderson

in the I extra wanted $XX so all I there One, mean of I auto two the wow, into the or oh to the stuff you Have change with a result Okay. your demand supply seen shipping I just responses. little segment? wanted. as got got other wanted to a be boy, any I I million bit areas. go back what just ability could two,

if orders like backlog. Here’s additional get you which I’d more play into more, some can your because certainly could

talk a about delivered you can little you when So what business segment? bit whether that happened to extra that

Seamus Grady

Yes.

the out no, quickly convert that and it couple to strong really a the Alex, shipped. components, hasn’t it pent-up just had into components, case, really in markets very in it resulted particular. components in serve and all I demand. a hasn’t But And get we we demand in of it’s get of convert really very door. revenue case of we We’ve any or the this additional that demand. change that, revenue once were we in strong think Demand to and the able can backlog clear automotive we is once able in it resulted were get to it

I demand get remains on think able We’ll component as a is the time and breakthrough to happy strong. if these be over we’re very converts already the charges. demand just

Alex Henderson

the $XX me, account tomorrow Lumentum, not an correct? there $X.X the talk – think number And million backlog, I be – to you X.X clear, like the Well, that’s there. update something don’t that’s get we’ll in, I was excuse just factored And of billion you’re on I taking of what about guess into Ciena but remember your backlog into with at none taking that account was. worth backlog the when not

Seamus Grady

size don’t have actually further backlog We say, Yes. about don’t other talk We much backlog, very size strong, talk much trying component actually the is The because we strong momentum’s the about is normally out supply to don’t how have of We that situations. demand that of the we then go know. place. Street get And backlog to we than our backlog numbers backlog, with to much our Alex. in our Ciena’s visibility customers. than it’s really it try and We for but very our round don’t we how don’t by of from would foot, to they’re in just We we included the it. it. don’t projecting

Alex Henderson

thanks. and that Appreciate

Seamus Grady

Alex. Thanks,

Csaba Sverha

Thanks, Alex.

Operator

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

Seamus Grady

our joining today. call for you Thank

our despite We look results forward will can with deliver next We We’re strong seasonal start Good-bye. seeing week. performance be that a strong the who off as first that continue Needham Conference those we with speaking you ranges. and attending ahead. headwinds, you to look deliver to increases guidance of again confidence in XXXX we to well to exceeded which strong executed margins quarter our fiscal

Operator

today’s for Thank conference participating. concludes call. This you

disconnect. now may You

Fabrinet (FN) 8 Nov 222023 Q1 Earnings call transcript