Fabrinet (NYSE:FN) Q4 2022 Earnings Conference Call August 15, 2022 5:00 PM ET

Company Participants

Garo Toomajanian – Vice President-Investor Relations

Seamus Grady – Chief Executive Officer

Csaba Sverha – Chief Financial Officer

Conference Call Participants

Alex Henderson – Needham & Company

Tim Savageaux – Northland Capital Markets

Ethan Widell – B. Riley

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.

I would now like to turn the call over to your host, Garo Toomajanian, VP of Investor Relations.

Garo Toomajanian

Thank you, operator, and good afternoon, everyone. Thank you for joining us on today's conference call to discuss Fabrinet's financial and operating results for the fourth quarter and fiscal year 2022, which ended June 24, 2022. With me on the call today are Seamus Grady, Chief Executive Officer; and Csaba Sverha, Chief Financial Officer. This call is being webcast, and a replay will be available on the Investors section of our website located at investor.fabrinet.com.

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

In addition, today's discussion will contain forward-looking statements about the future financial performance of the company. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from management's current expectations. These statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise them in light of new information or future events, except as required by law. For a description of the risk factors that may affect our results, please refer to our recent SEC filings in particular, the section captioned Risk Factors in our Form 10-Q filed on May 3, 2022.

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

Seamus Grady

Thank you, Garo. Good afternoon, everyone, and thank you for joining us on our call today. We delivered a strong fourth quarter performance with revenue that was at the upper end of our guidance range and non-GAAP earnings per share that is above our guidance. We produced these results in spite of ongoing supply chain headwinds. Strong demand across our key end markets helped drive revenue of $587.9 million, an increase of 15% from a year ago and 4% from Q3. Record non-GAAP earnings per share of $1.68 was a result of strong execution and exceptionally strong margins, with non-GAAP operating margin reaching a new quarterly high of 10.7%.