Fabrinet (FN) FY2022 results: revenue $2.3 billion, up 20.4% on the year

Fabrinet (FN) reported revenue of $2.3 billion for fiscal 2022, the year ended 24 June 2022, up 20.4% on the year before. Net income was $200 million, up 35.1%, and diluted earnings per share $5.36. The figures are the company's own, from the 10-K it filed with the SEC on 16 August 2022.

Revenue

$2.3 billion

+20.4% on the year

FY2015FY2022

Operating margin

9.0%

8.0% a year earlier

FY2015FY2022

Net income

$200 million

+35.1% on the year

FY2015FY2022

Diluted EPS

$5.36

+35.7% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,262	1,879	1,642	+20.4%
Cost of revenue	1,984	1,658	1,456	+19.6%
Gross profit	279	221	186	+25.9%
Gross margin	12.3%	11.8%	11.3%
Selling, general and administrative	73.9	70.6	68.4	+4.8%
Operating income	205	151	117	+35.7%
Operating margin	9.0%	8.0%	7.2%
Interest expense	0.4	1.1	3.0	-60.7%
Pre-tax income	207	150	119	+37.5%
Income tax	6.6	2.1	5.8	+207.3%
Effective tax rate	3.2%	1.4%	4.8%
Net income	200	148	113	+35.1%
Net margin	8.9%	7.9%	6.9%
Diluted EPS	$5.36	$3.95	$3.01	+35.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	124	122	151	+1.7%
Capital expenditure	89.6	46.1	42.3	+94.5%
Free cash flow	34.7	76.1	108	-54.5%
Free cash flow margin	1.5%	4.0%	6.6%
Cash from investing	-136	-8.9	-71.2
Cash from financing	-92.9	-42.8	-35.3
Depreciation and amortisation	38.7	36.3	30.9	+6.9%
Share-based compensation	28.0	25.5	22.2	+10.2%
Buybacks	59.9	18.8	20.7	+218.0%
Diluted shares, weighted	37m	38m	38m	-0.4%
Shares outstanding at period end	36m	37m	37m	-0.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,254	1,113	974	+12.7%
Debt	27.4	39.5	51.7	-30.8%
Operating lease liabilities	1.5	3.9	5.9	-61.7%
Finance lease liabilities	0.1	0.0	n/a
Other liabilities	553	460	349	+20.2%
Total liabilities and equity	1,836	1,616	1,381	+13.6%
Fixed assets	292	241	228	+21.2%
Intangible assets	3.5	4.4	4.3	-19.7%
Investments	249	203	210	+22.4%
Cash and equivalents	198	303	225	-34.6%
Receivables	453	337	273	+34.5%
Inventory	557	422	310	+32.0%
Other assets	83.4	106	131	-21.2%
Total assets	1,836	1,616	1,381	+13.6%

10-K for the year ended 24 June 2022, filed 16 August 2022: the filing.