Q4 2022 Fabrinet Earnings Call
And good afternoon, welcome to <unk> 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 <unk> VP of Investor Relations.
Thank you operator, and good afternoon, everyone. Thank you for joining us on today's conference call to discuss <unk> 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 Charles <unk>, Chief Financial Officer. This call is being webcast and a replay will be available on the investors section of our website located at Investor <unk> net dot 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.
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 three 2022.
We will begin the call with remarks from Seamus and Charbagh, followed by time for questions I would now like to turn the call over to fabricate CEO Seamus Grady Seamus.
Thank you Garrett and 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.
Ballpark guidance, we produced these results in spite of ongoing supply chain headwinds.
Strong demand across our key end markets helps 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.
As a result of strong execution and exceptionally strong margins with non-GAAP operating margin, reaching a new quarterly high of 10, 7%.
Our results for the year as a whole represented several records for farmers.
2022 revenue up to $2 $6 billion increased 20% from the prior year and with non-GAAP operating margin of 10, 3% for the year, we generated $6 13, and non-GAAP earnings per share an.
An increase of 31% from a year ago.
Selecting strong execution throughout the year.
Looking at the quarter more closely we delivered record optical communications revenue with both telecom and Datacom revenue up sequentially and year over year.
Automotive, which remains our largest non optical communications category also had a record quarter one industry laser was down sequentially, but remains within the range of the last several quarters.
Overall demand for our services continues to be very strong.
As demand in revenue have increased over the course of the year. So long as the corresponding impact of supply constraints that we've discussed for the last several quarters.
Parts and components that are in tight supply are still largely commodity parts that impact all of our end markets.
While we have started to see some improvements and supply availability for certain products. The most significant constraints to our growth continues to be the supply environment, which we're managing as effectively as possible.
To ensure the capacity does not become a limiting factor for our growth we have been constructing our largest manufacturing building today's.
We are pleased to announce that we recently opened our 1 million square foot building at our Chonburi campus.
This wouldn't be able to expand our global footprint by approximately 50% and provides us with ample capacity to continue growing our business over the next several years.
As we mentioned last quarter, we are in discussions with a number of customers looking to expand in our new building and we're making good progress on that front. In fact, we have already begun installing equipment for first customer building nine and expect that if all goes well we could start to see revenue from this facility by the end of the September quarter and <unk>.
We are in the process of installing equipment for two additional customers who are slated to start production by the end of the calendar year.
Looking ahead to the first quarter and fiscal 2023, we're very optimistic about our long term prospects for continued growth and strong profitability.
And the last two years, we've demonstrated our ability to improve margins, while simultaneously delivering double digit revenue growth.
These rates that our long term strategy is working.
As we look ahead, we are optimistic that we'll be able to continue to deliver on our goals of driving topline growth and expanding operating margins as.
As a result, we are confident that we can now targets non-GAAP operating margins of above 10% compared to our prior targets in the upper 9% range.
In summary, our strong fourth quarter was a high note on which to end an accident year.
Despite the supply challenges the industry is experiencing we delivered strong topline growth with record earnings demonstrating the inherent leverage in our business model.
We are optimistic that we can extend his track record of profitable growth as our business continues to scale in fiscal 2023 and in the years ahead now.
Now I'd like to turn the call over to China for additional financial details on our fourth quarter and our guidance for the first quarter of fiscal 2023 tomo.
Thank you Seamus and good afternoon, everyone.
Strong demand trends will continue to be in a supply constrained environment.
We managed to achieve revenue that was at the upper end of our guidance range at $587 $9 million.
Rather than seeing 15% growth from a year ago, and 4% growth from the third quarter.
With improving margins and our bottom line grew faster than the top line with non-GAAP earnings per share of $1 68.
Which was <unk> <unk> above the top end of our guidance range and 28% increase from a year ago and 12% increase from Q3.
I would like to point out that people are able to achieve these results without including expedite fees in our revenue.
We passed all of these expenses directly to customers. So there is no impact on our income statement.
This is important because it means we do not expect to be negatively impacted by the removal of these fees at supply constraints begin to ease.
By end markets optical communications revenue was $464 $7 million up 20% from a year ago and 6% from Q T <unk>.
<unk> optical telecom revenue was a record $371 $9 million up 20% from a year ago and 4% sequentially.
Data comm revenue of $92 $8 million increased 20% from a year ago and 14% sequentially.
By technology Silicon Photonics revenue was $161 1 million, an increase of 37% from a year ago and 4% sequentially.
Revenue from products rated at speeds of 400 gig or more was $178 9 million.
Up 34% from a year ago, but down 5% from Q3 as the supply constraint impact increased on some of these products in the quarter.
Meanwhile, revenue from 100 gig products increased 14% sequentially.
Largely due to revenue that was pushed from Q3 to Q4 as we quantified alternative parts for a certain program as we discussed last quarter.
Non optical communications revenue was $123 2 million and represented 21% of total revenue.
We then non optical communications automotive revenue reached a record $56 million.
Up 5% from last quarter assisted by improvement in supply availability.
Industrial laser revenue was $37 $2 million down 5% sequentially, but remaining stable trends over the last three years.
Other non optical communications revenue was $13 million.
As I discuss the details of our P&L expense and profitability metrics provided on a non-GAAP basis.
Otherwise noted a reconciliation of GAAP to non-GAAP measures is included in our earnings press release, and Investor presentation, which you can find in the Investor Relations section of our website.
Strong execution produced very healthy margins in the quarter.
Gross margin reached 13% with a foreign exchange tailwind contributing about 20 basis points.
We expect gross margin to moderate in the first quarter due primarily to an annual merit increases.
Operating expenses in the quarter at $13 $5 million or two 3% of revenue in line with expectations.
This produced record operating income of $62 8 million or 10, 7% of revenue.
While we expect operating margin to dump in a small amount in the first quarter Optima.
Optimistic that many of the operating efficiencies we have enjoyed in fiscal 2022 will endure as we look ahead.
We are excited to be able to deliver on our commitment to increase margins over time and as such we are now targeting trend in operating margins to be above 10% Dolby could see quarterly dips below that level from time to time.
Effective tax rate of three 3% for the fourth quarter.
non-GAAP net income of $62 $6 million or $1 68 per diluted share, which is a quarterly record and above our guidance range.
On a GAAP basis net income was $1 51 per diluted share.
For the full fiscal year 2022 revenue was a record $2 $6 billion, an increase of 20% for fiscal 2021.
Operating margins of 10, 3% for the year non-GAAP net income was also a record at $6 13 per share an increase of 31% from a year ago.
Turning to the balance sheet and cash flow statements at the end of the fourth quarter cash restricted cash and investments at $478 $5 million down $36 6 million from the end of the third quarter.
Operating cash flow of $16 2 million with Capex of $14 3 million free cash flow was $2 $1 million in the quarter.
For the year free cash flow was $34 $7 million.
With construction of building nine now complete we expect free cash flow to increase significantly in fiscal 2023.
During the quarter, our buyback activity increased to both our <unk>, one plan and open market purchases.
We repurchased approximately 353000 shares at an average price of $88 67 per share.
Our cash outlay of $31 $2 million.
For the year, we repurchased approximately 630000 shares, but our total cash outlay of nearly $60 million, reflecting our commitment to return value to shareholders.
As a result, $21 $3 million remained in our share repurchase authorization at the end of the quarter.
And then our board has authorized an additional $78 $7 million for repurchases, increasing the total optimization to $100 million.
Now I will turn to our guidance for the first quarter of fiscal year 2023.
Demand for our services remains very strong across our business those supply chain constraints persists and have gotten worse in some areas. You are encouraged to see some pockets of improvement and we anticipate the supply chain headwinds will be slightly lower than in Q4 at approximately $25 million to $30 million.
Keep in mind that Q1 is a 14 week quarter.
She is one week longer than a typical quarter and this should be considered by making comparisons to other periods.
The estimate the impact of this extra week to be $20 million of additional revenue in Q1, which may be or not see in Q2.
With these factors in mind, we anticipate revenue of $620 million to $640 million in Q1.
Due to our annual Merit increases, which I mentioned, you expect gross margin and operating margin to moderate from the fourth quarter.
As such we anticipate non-GAAP net income to be in the range of $1.
The $1 79 per diluted share.
In summary, we are very pleased with our strong execution in the fourth quarter and all of fiscal 2022, we are optimistic that positive demand trends can continue.
And then coupled with a potential easing of supply constraints.
I have confidence that we can continue to deliver strong top line growth and increasing margins over the long term.
Operator, we are now ready to open the call for questions.
Thank you to ask a question. Please press star one one on your telephone please standby, while we compile the Q&A roster.
Our first question comes from the line of Alexanderson of Needham <unk> Company.
Alex Anderson your line is open great. Thank you very much.
First off congratulations great quarter, obviously executing superbly.
Which is what we would expect from it.
Clearly the exchange rates are helping your numbers considerably as a result of the <unk>.
That you sell in dollars.
Cost sharing.
Local currencies can you talk a little bit about.
The structure of your hedges as we go into FY 'twenty three.
I assume that you are fully hedged near in and then lesser and lesser over time, but how does that.
How does the current exchange rates impact.
The structure and relative to the offset against that obviously.
The economy in Thailand is doing quite well there is obviously inflation to deal with sorry seniors team wage inflation as an offset can you talk a little bit about those two in context of each other.
Alright, I'd like this is sheila thanks.
Let me address first the exchange rate question. So we haven't really changed our hedging profile.
So we maintain our hedging program, which is a layered hedge.
Our hedged out 100% for the next quarter, 50% for the.
Quarter, after and 25% in the third quarter. So obviously in the last two quarters it has or is it.
Alrighty resulted a 20 basis point gross margin tailwind in our numbers. So obviously in the last.
Quarter by about half continue to depreciate. So we continue to expect that this is going to represent a tailwind as you.
The wind down our hedges and continue or buying the currencies.
As we execute the program so that's one part.
It's been 20 basis points last quarter at 20 basis points in Q3. So we expect this to continue in the future.
Now.
When it comes to inflation and headwinds, we typically have our annual merit increases.
Our fiscal first quarter.
Given the higher inflationary rates. That's also reflected in our annual merit increases. So that's certainly going to represent a headwind in Q1, which we anticipate that.
Can make it up in the next couple of quarters by efficiency improvement. So again why do they have.
<unk>.
Tailwind from exchange rate in the first quarter, we anticipate a little bit of deterioration on the gross margins from the inflation.
No merit increases, but overall.
In Q4 hour.
Bottom line has benefited about <unk> from exchange rates.
It's been a nice pickup over the last six months.
So if I look out into the FY 'twenty three periods, where year end 'twenty two on the sprint.
You posted a very nice 20% growth rate.
15% of the most recent quarter you've got.
Our significant backlog.
On the supply chain customers have significant backlogs.
And their customers have significant backlogs.
As you think through the mechanics of all of that I mean looking at CN, It's got over 100% of our full year product sales and backlog and we've never had seen cancellation, how do you mechanically pick through the growth rates should we be thinking 15% to 20% per 20 threes.
Attainable level or are you do you have other macro concerns that you're winning against that.
I think Alex Hi, this is seamus.
Sure.
We're just going to guide one quarter at a time, we're not going to get too far ahead.
Head of ourselves, we do continue to see very strong demand for let's say the encouraging part.
We are limited by component supply things like everybody right now, but demand continues to be very strong.
We're not seeing really any let up in demand, we're seeing a slight improvement in supply. So that's a little bit encouraging much too early to declare victory, but it is encouraging to see.
Are you beginning to alleviate somewhat.
We're not going to guide really beyond Q1 at this point.
But we do remain like I said, we do remain quite optimistic about the overall demand.
Environment that we see.
Well you can't blame a guy for trying.
One more question and I'll cede the floor.
So.
Relative to the supply chain issues, obviously parts availability is a big piece of it but the other piece of it is.
Those expedite fees that youre, passing through and not recognizing and your costs are those.
And what about the spot market and pricing parts in general any news flow on those particular issues.
The expedite fees Youre correct, we pass those through to our customers, we don't mark them up or anything like that and we don't count it as revenue so.
The nice thing about that is as the expedite fees go away hopefully over the coming quarters with zero impact to us.
Terms of our revenue.
On the the expedite fees and the brokers and whatnot, no particular change maybe prices coming down a little bit in the broker market, that's a bit anecdotal, but we are seeing.
Some reduction in the big premiums, we were seeing a year ago. It has begun to ease a little bit in the broker market puts us a bit anecdotal at this stage.
Early to draw any big conclusions, but may be improving a little bit.
Alright ill cede the floor. Thanks.
Thanks, Alex Thanks, a lot.
Thank you once again to ask a question. Please press star one one on your telephone again Thats Star one one on your telephone to ask a question.
Our next question comes from the line of Tim <unk>.
Northland capital markets.
Your line is open.
Okay. Thanks.
Sorry, good afternoon, and congrats on the great results.
So looking at your kind of segment commentary.
It does seem like you saw some strength or pick up.
On the road side in the quarter or at least on your kind of non speed rated.
Products.
I wanted to confirm if that's the case.
Whether that is indicative of improving supply given that that's been a real.
Pain point there.
And then whether you expect that to continue if you look at your apples to apples guide.
587% to 610, I guess would be comparable.
Mid range.
We expect telecom to continue to drive that or or any other particular.
Segments moving around there in the guide.
I think on the Rotem strengths have it's hard for us to comment on that.
Maybe inadvertently giving guide.
<unk> for one or two of our customers. So we've.
Maybe leave R. R.
Our results speak for themselves, we have more than <unk> and non speed races.
Several other components and products in there.
But yes, so we won't really comment on <unk>, specifically, but you are right on our our non fleet related business is quite strong.
The.
The midpoint of our guidance when you when you adjust for.
The additional $20 million, we're getting for the 14th week Youre exactly right the midpoint of the guidance would be $6 10.
When you back out the 20 million that we're picking up with the 14th week.
<unk>.
So I think.
We believe nice growth quarter on quarter nice growth year on year.
We're just really limited by component survival doing our very best and I think our team has done a fantastic job to get our share of the components and maybe in some cases, our unfair share of the components. So I would like to thank our team for the great job they've been doing there too to help us get through the supply.
Situation.
Yes, 6% at the midpoint of the guidance and the overall the overall very very strong demand and just purely limited by supply to them.
Okay, maybe I'll try one more time, yes, but if you look at that 6% I guess.
In terms of the sequential growth or you can take a year over year. However, you want.
Did you look for broad based strengths across the various element of your business or.
You saw a nice pickup in Datacom last quarter as well.
So anything like that to call out in terms of particular drivers across the segments. I think telecom are quite strong datacom was strong with some of that growth in Datacom came from you may recall, we had $15 million because of a qualification issue the prior quarter the cut that got pushed into Q4.
But still even with that Datacom remains quite strong we feel I think we feel good about all of the markets. We serve laser continues to be a little bit soft but.
Datacom is.
We see it being strong telecom is strong.
Automotive is very strong for us and particularly light or we have some really good growth in lidar.
We're also starting to see some good growth.
And the 400 ZR some very good growth in 400, <unk>, a little bit early to start calling it out separately as its own category.
But it's probably getting there over the next few quarters. So good good solid growth drivers across all the segments. We serve maybe with exception of laser which is.
Which is a bit flat for us.
Great. Thanks.
Okay.
Thank you. Our next question is a follow up from Alex Henderson with Needham <unk> Company Alexanderson. Your line is open.
Super Thanks.
So I was hoping we could talk a little bit about the systems business, so whether you've seen any progress.
Bringing additional customers on.
And how you see the systems portion of your business.
Yeah.
<unk> in the quarter that you reported and the outlook going forward.
Yeah.
Yes so.
Sure.
We continue to pursue.
Rightly pointed outside of X, we continue to pursue new systems business.
Both existing customers and new customers.
And really in situations, where we are already making a lot of the content.
Just to build vertical on its own isn't really a good fit for us, but when were already producing a lot of the content that can be really good fit for us.
Timing of new wins, its very hard to predict.
So usually driven by maybe external catalyst to do with program changes and other suppliers and partners. So there's usually a number of external catalysts that we don't particularly control. So it's hard to predict the timing of those but like I said why we're optimistic there will be more system business for us to announce in the future.
We can't really predict when that might be again, the current supply environment is not helping things because of course with any big system transfer. The first thing you have to do is build a buffer of inventory and it's as you'd appreciate it's hard to build a buffer when most companies are struggling to get enough parts to build just to the minimum thats required to satisfy the demand.
So.
But it's still very much in our focus and I think we've shown.
With the significant wins, we've had over the last few years.
But to bring on that business in a way that actually helps our margin because we can do it without having any really any incremental operating expenses. Our operating expenses have remained quite flat over the last several years as we've grown the revenue nicely.
But nothing specific to announce at this point, Alex but still very much in focus for us.
Yes, it sounds like you just dig into that a little bit. So can you talk about whether it's growing faster or slower than the corporate average and.
Can you talk about whether the net impact on margins.
Positive negative neutral.
Relative to that business.
It's very hard to say.
It really does vary by program some programs are a little bit higher than the average loan programs or lower.
Overall in terms of growth.
It's probably a net contributor to growth because we've been we've been bringing on those those big programs and then growing those programs both both with the same with the programs. We originally transferred let's say, but also new wins since we transfer those programs. So we've grown both.
That volume with the programs with transport. We've also won additional programs with those customers. So overall I think it's been a net contributor to growth.
Margin is probably at or above the corporate average.
But like I say, we're able to do it without any.
Any incremental opex. So it does it just helps the overall situation.
I understand.
You've now grandfathered the original Handoffs, that's fully apples to apples plus.
Incremental program growth, so I assume that that.
It's an ongoing kind of trajectory.
Since that.
The existing customers have a fair amount of additional business that they can hand off to you or do you think that they are relatively stated in terms of.
The transference.
I think it depends on really which company, we're talking about which companies. We are talking about obviously some companies are bigger than others and would have a lot of a lot of business that they outsource still.
Still with our competitors so we like to make sure we maximize our market share we don't need we don't need to produce everything for our customers, but we do like to be.
The.
An important and significant supplier for our customers. So I think there's certainly plenty of headroom left to grow with the system business that we've already won we've already got some very nice growth, but I think there's still a lot of runway left to continue to grow that business.
One more question around technology.
Co packaged optics.
And then kind of just off the edge of their headlights for awhile.
Has there been any change in that sector.
Is it something that's starting to.
Percolate through your opportunity set or is it still pretty far out.
Plus the headlines.
I think it's a little bit of both so we are working on core packaged optics.
<unk>.
Let's say products that are co packaged optics with our customers to develop the processes that would be required to produce those co packaged optics products in the future when they become more mainstream so we're working on dash because another school of thought that says of course co packaged optics that applicable plausible plausible optics will continue for a very long time and we're working with.
Thats a separate number of customers, who are very focused on making sure. The applicable to continue for a long time, we're quite feel like agnostic to the technology.
Whichever one wins, we don't mind, where we're happy to work with all our customers in terms of co packaged optics, becoming mainstream I think youre right its a bit beyond the the headlights right now it's probably if.
If I had to put a.
To put a date on it it would be hard to see it happening anytime soon and probably three years out 253 years or something like that.
So were working like I said, we're working with customers on co Packers optics.
We're also working with other customers on all kinds of exotic pivotal solutions that whats.
I mean, the political this will continue for a very long time.
Just the last.
Last question, then I'll cede the floor again.
So in the 400 gig plus arena, obviously very nice growth.
I assume that you're also seeing additional.
New products coming.
Coming into the pipeline that have yet to ramp can you talk just about.
What that pipeline looks like relative to the.
The 400 gig plus segment.
A continuation of additional products that are going to drive that growth.
At strong rates.
For an extended period of time.
Yes.
There's a couple of categories I would say there is 400 400 ZR.
Sure.
In the telecom space, that's really just starting to get going like I said, we're seeing some nice revenue from US is growing very nicely. We have three customers in particular that have that have.
While for customers I should say a three year shipping one is may be struggling a little bit with the with the design and the power envelope, but three of our customers are shipping shifting volume to varying degrees of volume.
Three of our customers are shipping 400, ZR product right now and then of course, we have 800 gig.
Obviously that the adoption of 800 gig.
Inside the data center about to take place as well so there's a nice.
I would say a nice pipeline of.
Again for us it falls into the category of 400 gig and above.
We don't like to give too much detail beyond that because again, we're always.
Alex we're always concerned that we don't want to act and importantly announced products on behalf of one of our customers.
Suffice to say, we have a nice pipeline of over 400 ZR.
At 800, 800 gig products that we're working on.
Perfect. Thank you very much.
Thank you very much.
Thank you. Our next question comes from Ethan <unk> B Riley Ethan Waddell Your line is open.
Hi, Thanks for taking my question I was wondering.
Sure component shortage chart are concentrated and any of your reporting segments or verticals or if they are more broadly distributed.
They are very broad in Australia that actually and it's it's not typically its not any particularly exotic component.
And question is usually.
<unk> standards.
Commodity type of electronic components.
But no it is not unique to one and all of our industry segments that we support.
Our our equally.
Equally affected by the component shortages.
Okay. Thanks, that's helpful and then.
One follow up you mentioned, having a ball.
Or is inventory and I was wondering if you could provide any color as to kind of how you expect to see that change as conditions normalize.
Yes, we have.
Our inventory has grown over the last while.
As we've tried to position inventory to support our customers' demand and sometimes you have.
If you need 100 components, you have 99 of them and if you don't have that last one you can't ship. So so we ended up carrying maybe a little bit more inventory on the balance sheet and we'd like to in an ideal world.
But the good news is it's it's good inventory.
And its inventory thats tied to specific customer demand and customer order. So there's no. There's no particular particular risk.
It presents an opportunity for us as we clear, let's say the components that were sharp that caused the inventory to increase in the first place.
As we pair those component issues.
And begin to get match sets, we should begin to see that hit those inventory levels alleviate as we convert inventory to cash and ship product to our customers. So.
It does give us hopefully a little bit of an advantage in the coming quarters as we start to see those component charges. So we can satisfy the customers' needs.
Certainly thank you.
Youre welcome.
Thank you we have a follow up question from Tim <unk> of Northland capital markets.
Your line is open.
Thanks, I wanted to follow up on the 400 gig.
And you called out.
<unk> is getting.
Increasingly driving growth there I wonder if you can.
Maybe quantify that a little bit I know, you're probably off a small base but.
Any sense for.
Where that contribution is right now or where you expect it to be.
And you know despite that what I assume would be a very strong sequential increase in ZR you did see an overall decline in 400 gig revenues and I'm wondering if you could talk about the drivers there.
Yeah.
Hi, This is Gerald let me take that so overall 400 ZR has been ramping over the last quarter fourth quarter. So on an annual basis.
And it represents.
High single digits portion of our revenue.
So we said, we're able to start calling out when it reaches 10%, it's not quiet there, but the growth in this segment has been quite significant over the last couple of quarters.
Sequentially.
It grew in Q4 to Q3, but overall the on a yearly basis is now representing about a.
About the St High single digit of our revenue.
Now in terms of the other part of the 400.
Portfolio.
Mentioned in my prepared remarks that we did have a little bit of surprise in that segment from material constraints. So that took a set us back a little bit otherwise.
Those components, they could've been higher.
The sequential helping in that segment. So the temporary decline is supply related but overall this trend is that from the are in the.
The high single digits.
Great really appreciate that color and.
Don't see a filing out yet, but I'm wondering if you can comment for us on.
10% customers.
Maybe number in and what they were in the aggregate or to the extent you can disclose something part of the filings. Yes. Sure 10-K is coming out tomorrow. So you'll have that disclosed in our 10-K.
The three customers over 10%.
Descending order Cisco was up 95 slightly.
Slightly higher than 25% customer.
Infinera was above 12% and elemental and was about 10%.
So these three customers have represented overall I think about 48% of total revenue.
Awesome. Thanks again.
Hello.
You're welcome.
Thank you at this time I'd like to turn the call back over to Seamus Grady for closing remarks, Sir.
Thank you for joining our call today, we're excited to deliver a strong performance in Q4 and all of fiscal 2022, despite supply chain issues impacting many industries.
We are optimistic that with continued strong demand and significant new capacity.
We will be able to deliver more strong performances in the quarters and years ahead we.
We look forward to speaking with you again and seeing those of you who will be attending the Jefferies conference at the end of the month, Thank you and goodbye.
Yes.
Ladies and gentlemen that does conclude today's program. Thank you for your participation you may now disconnect.
Ladies and gentlemen that does conclude today's program. Thank you for your participation you may now disconnect.
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