Q1 2025 Fabrinet Earnings Call
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Speaker Change: Good afternoon. Welcome to the Federal Rebernets Financial Results Conference call for the first quarter of fiscal year 2025.
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 for today, Garo Toomajanian, Vice President of Investor Relations. Please go ahead.
Garo Toomajanian: Thank you, Operator, and good afternoon, everyone. Thank you for joining us on today's conference call to discuss Fabrinets Financial and Operating Results for the first quarter of fiscal year 2025, which ended September 27, 2024. With me on the call today are Seamus Grady, Chief Executive Officer, and Csaba Sverha, Chief Financial Officer.
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, as well as additional details of our revenue breakdown.
Speaker Change: 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-K filed on August 20, 2024.
Garo Toomajanian: 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? Thank you, Garo. Good afternoon, and thanks to those of you joining our call today.
Seamus Grady: We start the fiscal year 2025 with significant momentum across our business.
Garo Toomajanian: First quarter revenue of $804 million was well above the top end of our guidance range, increasing 17% from a year ago and 7% from Q4. Margins were very healthy, with operating margin of 10.7% in the quarter.
Garo Toomajanian: These results enabled us to deliver non-GAAP EPS at the upper end of our guidance range of $2.39, even after a 19 cent headwind from foreign exchange revaluations in the quarter. All in all, we're very proud of these results and our strong start to the fiscal year.
As we anticipated, revenue was up sequentially and year over year for every major product group.
In optical communications, Datacom revenue grew 36% from a year ago, driven mainly by optical interconnect products for AI applications.
We remain optimistic about positive long-term data count trends for our business and our position as a leading contract manufacturer serving this rapidly expanding market.
Garo Toomajanian: We are encouraged by the results of our telecom business in the quarter, which saw year-over-year revenue growth for the first time in six quarters.
Garo Toomajanian: Demand for traditional telecom products appears to have leveled out while growth continues to come from data center interconnect products as well as telecom systems where we continue to win business.
Garo Toomajanian: We are optimistic that over time, the telecom headwinds that the industry has been experiencing will turn into tailwinds, and that our telecom revenue growth will be further bolstered by continued demand for DCI and telecom system products.
Garo Toomajanian: Turning to non-optical communications, we saw accelerating revenue growth in the quarter driven mostly by strong automotive revenue that exceeded $100 million for the first time. Within the automotive market, EV charging infrastructure products continue to see excellent momentum.
Garo Toomajanian: Industrial laser revenue was also strong, reaching its highest level in two years. We believe these strong automotive and industrial laser trends can continue into the second quarter.
Garo Toomajanian: As you know, last quarter we announced that we would be breaking ground on Building 10 during the fiscal year.
I am happy to report that we are making significant progress in lining up contractors.
Garo Toomajanian: and receiving the necessary approvals. We're optimistic that construction will begin by the end of the calendar year on this facility, which will increase our total footprint by more than 50% and help support our growth for the next several years.
Garo Toomajanian: In summary,
Garo Toomajanian: We had an excellent start to fiscal year 2025, highlighted by continued acceleration in revenue growth, while also continuing to deliver industry-leading operating margins.
Garo Toomajanian: We're optimistic that her positive business momentum will extend into the second quarter, as reflected in the outlook that Csaba will discuss in a moment. Now I'll turn the call over to Csaba for more financial details on our first quarter and our guidance for the second quarter of fiscal 2025. Csaba.
Csaba: Thank You Seamus and good afternoon everyone. We had a great start to the year. First quarter revenue of 804 million dollars increased 17% from a year ago and 7% from Q4 and represented a new record level of revenue for the company.
Csaba: The higher exchange rate for the TAIBAT meant that our FX evaluation loss was higher than expected in the quarter, at $7 million, or $0.19 per diluted share. Even with that headwind, non-GAP EPS was at the upper end of our guidance range, at $2.39.
Csaba: Details of our revenue breakdown are included in the investor presentation on our website, and I will focus my comments on some of the more notable metrics.
Csaba: In the first quarter, optical communications revenue was $626 million, or 78% of total revenue, up 17% from a year ago and 5% from Q4.
Csaba: Within Optical Communications, Datacom revenue was $329 million, or 53% of Optical Communications revenue, an increase of 36% from a year ago and 5% from the prior quarter.
Csaba: Telecom revenue was $297 million, or 47% of optical communications revenue, and increased 2% from a year ago and 6% from Q4.
Csaba: Looking at the optical communication strength by data rate, the most noteworthy result was the relative strength of products rated below 800 gig. Revenue from products below 800 gig was 262 million dollars in the first quarter, up 30 percent from a year ago and 17 percent from Q4.
Csaba: His strong performance was due to strength from datacom programs and from certain data center interconnect products such as 400ZR, which are classified as telecom products. As in the fourth quarter, 400ZR products were 10% of optical communications revenue.
Csaba: Revenue from products rated 800GB or faster was $257 million, up 19% from a year ago and down 1% from Q4, as new customer programs are early in their product ramps.
Csaba: Revenue from optical communications products that are non-speed rated, including RODEMs, amplifiers, fiber arrays, and other devices was $107 million, down $7 million from Q4.
Csaba: Revenue from non-optical communications saw strong growth in the first quarter, at $178 million, up 17% from a year ago and 13% from Q4. This growth continues to be driven mainly by EV charging infrastructure programs in the automotive market.
Csaba: As I discussed the details of our P&L, expense and profitability metrics will be on a non-gap basis unless otherwise noted.
Csaba: Gross Margin in the first quarter was 12.7%, an increase of 20 basis points from the fourth quarter.
Csaba: Interest income of $11 million in the quarter was in line with Q4. A large part of this income was offset by the greater-than-expected foreign exchange revaluation loss of $7 million.
Csaba: Non-GAAP net income was $87 million, or $2.39 per diluted share.
Csaba: Turning to our balance sheet, we ended the first quarter with cash and short-term investments of $909 million, up $50 million from the end of the fourth quarter.
Csaba: During the first quarter, we did not repurchase any shares. We anticipate being more active in our repurchase program during the remainder of the fiscal year and have $200 million authorized for share buybacks.
Csaba: Now, I will turn to our guidance for the second quarter of fiscal year 2025.
Csaba: We are optimistic that after delivering five quarters in a row of record-breaking revenue, we are well positioned for another record quarter. For the second quarter, we expect total revenue to be between $800 and $820 million.
Csaba: By major product area, we anticipate year-over-year growth from each of Datacom, Telecom, and Auto. On a sequential basis, we anticipate growth in total revenue as well, driven mainly by Telecom, with Datacom and Auto flat to slightly up from Q1.
Csaba: We expect topline strength to also be reflected in our profitability results. We anticipate that a strengthening tie-box will begin putting increased pressure on gross margins.
Csaba: We believe we can largely offset that impact with continued operating leverage, which should result in operating margins consistent with our recent performance.
Csaba: As a result, we anticipate EPS to be between $2.44 to $2.52 per diluted share.
Csaba: In summary, we are excited with our strong start to Fiscal 2025 and are confident that we will see continued momentum in our business as we look ahead.
Csaba: Operator, we are now ready to open the call for questions.
Csaba: Thank you.
Speaker Change: As a reminder, to ask a question, please press star one one on your telephone and wait for your name and your company to be announced before you proceed with your question. Also, to withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster.
Speaker Change: And our first question for the day will be coming from Carl Ackerman of BNP. Your line is open.
Carl Ackerman: Yes, thank you.
Carl Ackerman: I appreciate the outlook for the December quarter with regard to the yen markets themselves. Specifically though, with regard to Datacom,
Carl Ackerman: and Atul, they sound to be largely flattish sequentially in December, but if we could just drill down a bit further, do you anticipate growth of 800 gig transceiver revenue in the December quarter? Or should we anticipate that 800 gig transceiver revenue may be flatted down?
Carl Ackerman: through the first half of 2025 until 800 gig network interface cards are more readily available in the market. And I have a follow-up, please.
Speaker Change: Hi Cara, thanks for the question.
Atul: If you look at our Datacom growth, we're very optimistic about the long-term Datacom trends and we believe we will continue to be the beneficiary of growth in the Datacom market.
Carl Ackerman: There's a little bit of a mix shift in the quarter, our datacom business is up but the mix has shifted around between 400 gig and 800 gig.
Carl Ackerman: really while we transition to 1.6. So we still have 100% market share of the NVIDIA-designed transceivers, irrespective of data rate, but the exact timing of, let's say, when 1.6 will begin to ramp in earnest.
Speaker Change: and what the outlook is for 800 versus 400. We wouldn't really be prepared to give that level of granularity but 800 gig remains robust, 400 gig remains robust and you know we have a lot of installed capacity for really all of those speeds.
Speaker Change: and we're getting geared up, I guess, to ramp 1.6 once the product that it goes into becomes more generally available.
Carl Ackerman: Our overall relationship with NVIDIA remains very strong. We do a very good job for them. They're very happy with our performance.
Carl Ackerman: and we continue to, you know, to install capacity to support their needs.
Speaker Change: Thank you for that. I appreciate that.
Speaker Change: For my follow-up, is the pickup in 400 gig revenue entirely weighted toward growth of coherent ZR pluggables, or is there a new business win or something else with regard to 400 gig datacom that's driving that sequential uptick?
Speaker Change: Thank you.
Speaker Change: is primarily responsive for the growth in. It's a mix. Some of it is mixed shift with our main customer between 800 and 400, but there's also a nice chunk of growth with a new win at 400 gig.
Speaker Change: Perfect. Thank you. I'll see the floor. Thank you, Carl.
Speaker Change: Thank you. One moment for the next question.
Speaker Change: And our next question will be coming from the line of Tim Savage of Northland Capital. Your line is open.
Tim Savage: Hi, good afternoon. Can you guys hear me okay?
Tim Savage: I just wanted to follow up on that discussion you were just having with regard to a new business when...
Tim Savage: I'm assuming that's for the current customer and just sort of extending your your reach there or is that a new customer and did you say whether that was telecom or datacom?
Speaker Change: It's with an existing customer, in fact you're right Tim, it is a telecom product actually, it's a DCI
Speaker Change: products with an existing customer. So it's actually not a Datacom win, it's a Telecom win, although it is, you know, a 400 gig transceiver.
Speaker Change: other customers doing 400 gig that's driving that mix shift? I think it was the former. Yeah, the former. The mix shift that I talked about is the mix between 800 and 400 gig, which again, we don't fully have visibility as to what's causing that at all times. But for us,
Tim Savage: Again, our focus is on making sure we're servicing what the customer needs.
Tim Savage: from us for their design products and sometimes, like we saw last quarter, there's a little bit of a mixed shift.
Tim Savage: little bit more 400 gig than we would have thought maybe going into the quarter maybe a little bit less 800 gig and Then you know 1.6 We're getting geared up to ship as soon as the you know to ship in volume as soon as the customer Gives us a signal to start ramping that but yeah that mix shift was was within our main customer there
Speaker Change: Okay, but I'm, and once again, just following what you're just discussing there on 1.6, sounds like it's safe to assume there's no 1.6 revenue in the December quarter guide.
Speaker Change: There would be some, but not that we'd break that up. But yeah, there would be some. I mean, we would have to have already been shipping some level of 1.6. You know, we're not going to go from a standing start to ramp.
Speaker Change: So, you know, we have been shipping a little bit, we continue to ship, but, you know, the significant ramp is in front of us.
Speaker Change: https://www.youtube.com
Speaker Change: Okay, great. And last one for me, speaking of new customers, I wonder if you can give us an update or...
Speaker Change: You know, over the course of the quarter, you haven't eaten.
Speaker Change: greater visibility into when you expect material business with Ciena to ramp.
Speaker Change: Yeah, I think the timeline we spoke about last quarter is still pretty much accurate. You know, I think it's probably at this stage.
Speaker Change: you know nine months or so away from from being significant revenue for us
Speaker Change: but you know everything's on track no no no major changes there since that since last time we spoke we're still very excited about that very happy with that win and and working very hard to make sure we we do a good job for for Siena
Speaker Change: But no big changes since we last spoke. We have picked up additional...
Speaker Change: non-Siena new business in the quarter as well but not that we can not one that we can name unfortunately we look to our customers to
Speaker Change: to give us a go ahead if we can name them or not but we have picked up additional business new business to us in one case you know a new program and in the other case it's a share gain in the in the optical space but back to your question Tim no big change since we last spoke on you
Speaker Change: Okay, if I just...
Speaker Change: One more quick one in there, just with regard to what you just mentioned in terms of the
Speaker Change: new so that's
Speaker Change: Optical Systems Business that you're referencing in these new programs at AKO or ShareGain.
Speaker Change: Yes, in one case it's a new product that we've been working with the customer on for some time and in the other case, same customer, it's a share gain where we're taking a piece of system business away from one of our competitors.
Speaker Change: Thanks very much. Thank you, Tim.
Speaker Change: And our next question will be coming from the line of Sameek Chatterjee of J.P. Morgan. Your line is open.
Sameek Chatterjee: Hi, thank you for taking my questions.
Sameek Chatterjee: Seamus, you talked about the 800GB revenue or the mix between 800GB and 400GB with your primary.
Sameek Chatterjee: Primary customers' willingness to use outside suppliers with different designs versus the in-house design where you are the 100% supplier? Are you seeing any mix-shift relative to internal versus external design and their willingness to use that within the 800 gig as well?
Sameek Chatterjee: Thank you.
Seamus Grady: Yes, we don't really have, you know, visibility into how the customer makes makes those decisions, you know.
Speaker Change: Yeah, as you rightly say, our biggest datacom program with Nvidia, we're the sole source for their designed products, their designed transceivers 400, 800 and 1.6 etc.
Sameek Chatterjee: but they have designed or they have approved for use in their network.
Sameek Chatterjee: transceivers from merchant vendors to complement the transceivers of their own design, which again are manufactured by us.
Sameek Chatterjee: This really helps them to secure, you know, secure supply, not from any manufacturing constraints on our side, but more so, you know, their ability to access alternate parts and components.
Sameek Chatterjee: alternatives to those that are designed into their own transceivers. We don't control or even really have any visibility into how our customer decides which devices to use where.
Sameek Chatterjee: However, our customers, including NVIDIA, our largest Datacom customers, our largest Datacom customer, they commit significant resources for equipment and capacity at our sites, and it's specific to their products.
Sameek Chatterjee: and of course they're motivated to leverage that capacity and those investments as much as they can. That said, we do have visibility into demand for current and upcoming products that we are manufacturing for our customers and based on that visibility we're very optimistic and we're well positioned to see continued growth.
Sameek Chatterjee: but they, you know...
Sameek Chatterjee: I think it's, you know, they've approved, like I said, they've approved a number of merchant suppliers for transceivers.
Sameek Chatterjee: Transceivers
Speaker Change: I'm driving confidence that what you're seeing in terms of auto and systematic demand is not an inventory refail but there is a more sustainable sort of demand improvement there and thank you that's all from my side thank you.
Sameek Chatterjee: any of the speeds at 800 gig 400 1.6 we have no capacity constraints for our main customer there on on automotive yeah we have seen some nice growth in automotive
Sameek Chatterjee: and it's driven by share gain, not by inventory correction or anything like that or inventory correction rebound.
Sameek Chatterjee: It's share game, where we have taken business away from a competitor.
Sameek Chatterjee: in the, you know, again, with our main customer there on the automotive EV charging infrastructure side of the business. So, it's share game. You know, we're quitely optimistic that that's sustainable. We have to perform, we have to deliver, of course.
Sameek Chatterjee: and what the customer giveth the customer can take it away but we're you know we're quietly optimistic that that business is growing nicely and we're very happy with that relationship so it's share game not inventory rebound
Speaker Change: Thank you. Thanks for taking my questions.
Speaker Change: No problem. Thank you, Sumitra. Thank you. As a reminder, if you would like to ask a question, please press star 11 on your telephone. If you would like to remove yourself from the queue, press star 11 again.
Speaker Change: And one moment for the next question.
Speaker Change: Our next question will be coming from the line of George Notter of Jaffray's. Your line is open.
George Notter: Hi there. Thank you very much. I guess I wanted to ask more about 1.6 terabit transceivers for your primary customer.
Sameek Chatterjee: You guys have to go through in order to generate, you know, much more significant revenue, is it?
Sameek Chatterjee: It's simply a matter of them shipping the Blackwell platform in greater quantities, and that's the catalyst for you guys, or are there other milestones like specific qualifications or anything like that? I'd love to learn more about that. Thanks.
Speaker Change: Thank you, George. Yeah, so it really is down to our main customer there, Shipping Blackwell, you know, they have talked...
Speaker Change: publicly about they had some I think some design challenges some yield issues I think they called it some yield challenges for Blackwell not nothing to do with what we're doing I think it's more at the Foundry level so really you know once once those issues are behind them and Blackwell begins to ramp in in earnest
Speaker Change: We're ready to go. So it's really a question of, you know, when the customers is beginning to start shipping Blackwell, we should start to see 1.6 ramp up.
Sameek Chatterjee: There's a whole, you know, range of steps we have to go through to get qualified, but that's just normal business you know in terms of throughput and cost and yield and everything else and we work very closely with our with our customer and all of those details
Sameek Chatterjee: milestones, but nothing too unusual about that. It's really just a case of Blackwell beginning to ramp. That, we believe, will drive the demand increase that we're hoping to see from 1.6.
Speaker Change: Any constraints on componentry? I know in the marketplace people have been talking about constraints on EMLs, other components, anything that feeds into that opportunity that you see as a constraint component-wise?
Speaker Change: None that we can really speak to, no, I think the customer has done a really outstanding job making sure that there's ample supply and capacity and also alternatives in place for several of the critical components.
Speaker Change: you know maybe one of the one of the good things about if Blackwell has been delayed by a little bit one of the good things about that is it has given the customer and of course ourselves extra time to make sure we have ample sources for each of the critical components so
Speaker Change: So we're quite optimistic about that. We think once 1.6 begins to ramp, we should be in good shape.
Speaker Change: Great. Super. Thanks very much. I appreciate it. No problem. Thank you, George.
Speaker Change: Thank you. One moment for the next question.
Speaker Change: And our next question will be coming from the line of Ryan Kuntz.
Speaker Change: of Needham. Your line is open.
Ryan Kuntz: Great, thanks for the question. Hoping to unpack telecom a little bit here, sounds like.
Ryan Kuntz: Coherent ZR for ZR is the main driver there and you talked about some systems business that's a share gain so I assume that means the balance of the business is you know remains relatively stalled
Speaker Change: So, A, if you can confirm that, and then, B, do you see ZR potentially cannibalizing some of that legacy business? Have you seen any of that in your thoughts with your customers in terms of forecasts and such?
Speaker Change: Thanks Ryan. So yeah, what we've seen in the quarter, if you take our telecom business and you kind of break it into
Speaker Change: a couple of different buckets, if you like. There's the growth that we had that we had been seeing in telecom while the overall business had been down for a while, you know, ZR, DCI as a category has been quite strong for us and primarily ZR. We did see
Speaker Change: what we would call traditional telecom begin to flatten out. So we're now starting to see some growth in traditional telecom.
Speaker Change: I suppose we're optimistic that traditional telecom business, which for some time has been a headwind, we think that's about to turn to a tailwind in the coming quarters.
Speaker Change: ZR and the degree to which ZR is cannibalizing you know other products you know that there probably is a degree of that going on we wouldn't be best positioned really to talk about that because of course we don't make we don't make every product for every customer so we don't have
Speaker Change: Perfect visibility into that but certainly we've been very happy with the growth in ZR and as you said the win, the new business win that we had in the quarter was also a ZR product.
Speaker Change: Thank you. Thank you.
Speaker Change: So we're quite excited about ZR. From our point of view, you know, if it cannibalizes something else, as long as we're making the ZR, we're okay with that. But again, not too sure if it's cannibalizing existing products or not. Yeah, that's fair. That's fair, Seamus. And on the ZR side then,
Speaker Change: How many major customers do you have for that and do you have any idea what kind of global share you might have for ZR, pluggable, coherent?
Speaker Change: Right now we have six.
Speaker Change: ZR customers of varying sizes and they have varying market shares we think we have a you know a couple of the leaders in the space but we have six
Speaker Change: ZR customers overall. Our share of ZR, we don't have great visibility to, it's a pretty new, it's a pretty new, relatively new market.
Speaker Change: So, I guess we know what the numerator is, the denominator we're not clear on, but we're just focused on winning, you know, as many of those.
Speaker Change: customers as we can and all of the critical, the key new products with those customers and then making sure you know that where we can we're helping those customers.
Speaker Change: and answer your question. We have six ZR customers right now. Great, and I'm sure your strong position at 400 positions you well for 800 ZR when that turns up. Do you have a rough idea when you think you might see some volume there at 800 ZR?
Speaker Change: Yes, it's already shipping.
Speaker Change: Alright, that's all I've got. Thanks so much. Thank you, Ryan. Thank you.
Speaker Change: Thank you. One moment for the next question.
Speaker Change: And our next question will be coming from the line of Mike Genovese.
Speaker Change: of Rosenblatt Securities. Your line is open.
Mike Genovese: Great, thanks.
Mike Genovese: Thank you. Bye bye. Bye bye.
Speaker Change: We can't hear you, Mike.
Mike Genovese: Okay I can't do anything about that so I'll have to I'll have to pass. We can hear you know, we can hear you know. Go ahead, we can hear you know. Okay, okay perfect. I'm just curious have you won any systems business with your main Datacom customer that you can talk about?
Speaker Change: This is in business with our main Datacom customer. Our place, if you like, in the supply chain with our main Datacom customer is we're their prime contract manufacturer for their optical interconnect products.
Speaker Change: You know, that's really our focus. We're not trying to be greedy and go after everything. They have other suppliers and other contract manufacturers that they use.
Speaker Change: So our focus is on making sure we satisfy everything that they need on the optical interconnect side. That's our primary focus.
Speaker Change: Yeah, there's a number of, I would say, new component sources that are being qualified and have been qualified already. So I think, you know, in the early days of any of these products, there's always component constraints. Somewhere along the line, there's always component constraints.
Speaker Change: But overall, I think, you know, I'm pretty impressed with the job that our customer has done and making sure they have ample Ample supply and ample sources for all of the main components that go into the product So I could be wrong, but I'm not expecting there to be huge constraints on the component side
Speaker Change: And then finally, just on the model, how should we model interest and other income for 2Q and then beyond that? What would you encourage us to put in the model?
Speaker Change: Hey Mike, this is Csaba, obviously we are gaining one quarter at a time and as you have seen our interest income was somewhat flat in the last two quarters so I think there will be two dynamics going on as interest rates will be coming down obviously it would present some headwinds.
Speaker Change: But at the same time, our cash position has been increasing over time as well, so this helped us to maintain. So I would be reluctant to give you any outlook beyond Q2, but on the longer term, as interest rates are coming down, obviously that will present some sort of headwinds.
Speaker Change: Thanks very much. Thank you.
Speaker Change: Thank you. This does conclude the Q&A session for today. And I would like to go ahead and turn the call back over to Seamus for closing remarks. Please go ahead.
Seamus Grady: Thank you for joining our call today. We're off to a great start in fiscal year 2025 with another quarter of record revenue with significant business momentum and several growth drivers benefiting us. We're optimistic the Q2 will represent another strong quarter for the company.
Speaker Change: We look forward to speaking with you again and to seeing those of you who will be attending the Needham virtual conference in a couple of weeks. Goodbye.
Speaker Change: Thank you. Thank you. Thank you.
Speaker Change: Thank you all for joining today's conference call. You may now disconnect.
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