0001408710-24-000019 | 10-Q | XBRL Viewer

Cash, cash equivalents and short-term investments (Tables)

9 Months Ended

Mar. 29, 2024

Cash and Cash Equivalents [Abstract]

Summary of Components of Cash, Cash Equivalents, and Short-Term Investments

The Company’s cash, cash equivalents, and short-term investments are as follows:


					Fair Value
(in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of March 29, 2024
Cash	$	382,652	$	—	$	382,652	$	—	$	—
Cash equivalents	2,459		—		2,459		—		—
Liquidity funds	32,213		—		—		—		32,213
Certificates of deposit and time deposits	90,436		338		—		90,774		—
Corporate debt securities	138,243		(1,331)		—		136,912		—
U.S. agency and U.S. treasury securities	149,145		(129)		—		149,016		—
Total	$	795,148	$	(1,122)	$	385,111	$	376,702	$	32,213
As of June 30, 2023
Cash	$	230,967	$	—	$	230,967	$	—	$	—
Cash equivalents	401		—		401		—		—
Liquidity funds	41,104		—		—		—		41,104
Certificates of deposit and time deposits	64,278		329		—		64,607		—
Corporate debt securities	161,453		(3,375)		—		158,078		—
U.S. agency and U.S. treasury securities	55,542		(231)		—		55,311		—
Total	$	553,745	$	(3,277)	$	231,368	$	277,996	$	41,104

Schedule of Available-for-Sale Securities Based on Stated Effective Maturities

The following table summarizes the cost and estimated fair value of short-term investments classified as available-for-sale securities based on stated effective maturities as of March 29, 2024 and June 30, 2023:


	March 29, 2024				June 30, 2023
(in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	101,042	$	101,379	$	172,992	$	173,137
Due between one to five years	308,995		307,536		149,385		145,963
Total	$	410,037	$	408,915	$	322,377	$	319,100

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Subparagraph (aa)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Inventories

9 Months Ended

Mar. 29, 2024

Inventory Disclosure [Abstract]

Inventories


(in thousands)	As of March 29, 2024		As of June 30, 2023
Raw materials	$	115,766	$	157,379
Work in progress	260,965		305,627
Finished goods	44,075		28,608
Goods in transit	33,328		27,962
Total inventories	$	454,134	$	519,576

Accumulated other comprehensive income (loss) (Tables)

9 Months Ended

Mar. 29, 2024

Equity [Abstract]

Schedule of Changes in AOCI

The changes in AOCI for the nine months ended March 29, 2024 and March 31, 2023 were as follows:


(in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 30, 2023	$	(3,279)	$	(3,541)	$	(330)	$	(965)	$	(8,115)
Other comprehensive income (loss) before reclassification	2,154		1,240		—		(31)		3,363
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	1		(485)		250		—		(234)
Tax effects	—		307		21		—		328
Other comprehensive income (loss)	$	2,155	$	1,062	$	271	$	(31)	$	3,457
Balance as of March 29, 2024	$	(1,124)	$	(2,479)	$	(59)	$	(996)	$	(4,658)


(in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 24, 2022	$	(6,018)	$	(5,082)	$	(803)	$	(890)	$	(12,793)
Other comprehensive income (loss) before reclassification	1,675		7,762		—		(29)		9,408
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	93		(3,327)		338		—		(2,896)
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	1,768	$	4,435	$	338	$	(29)	$	6,512
Balance as of March 31, 2023	$	(4,250)	$	(647)	$	(465)	$	(919)	$	(6,281)

Shareholders' equity (Details) - USD ($)	3 Months Ended		9 Months Ended
Shareholders' equity (Details) - USD ($)	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023	Aug. 31, 2023	Jun. 30, 2023	Aug. 31, 2022	Aug. 31, 2020	May 31, 2019	Feb. 28, 2018	Aug. 31, 2017
Shareholders Equity [Line Items]
Ordinary shares, authorized share capital (in shares)	500,000,000		500,000,000			500,000,000
Ordinary shares, par value (in USD per share)	$ 0.01		$ 0.01			$ 0.01
Preferred shares, shares authorized (in shares)	5,000,000		5,000,000			5,000,000
Preferred shares, par value (in USD per share)	$ 0.01		$ 0.01			$ 0.01
Share repurchase program, approved amount											$ 30,000,000
Share repurchase program, increase in shares authorized for repurchase					$ 47,600,000		$ 78,700,000	$ 58,500,000	$ 50,000,000	$ 30,000,000
Treasury stock, carrying basis	$ 64,100,000		$ 64,100,000		$ 294,800,000
Treasury stock acquired (in shares)	152,600	35,232	190,839	83,857
Treasury stock acquired, average cost (in USD per share)			$ 188.32
Repurchase of shares held as treasury shares	$ 29,571,000	$ 4,113,000	$ 35,943,000	$ 9,217,000
1999 and 2010 Stock Plan
Shareholders Equity [Line Items]
Ordinary shares issued upon vesting of restricted shares (in shares)	15,080	23,202	166,258	226,083

Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,611,382	$ 1,384,131	$ 1,468,658	$ 1,253,682
Other comprehensive income (loss) before reclassification			3,363	9,408
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			(234)	(2,896)
Tax effects			328	0
Total other comprehensive income (loss), net of tax	(8,855)	(3,567)	3,457	6,512
Ending balance	1,660,235	1,441,581	1,660,235	1,441,581
Unrealized net (Losses)/Gains on Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(3,279)	(6,018)
Other comprehensive income (loss) before reclassification			2,154	1,675
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			1	93
Tax effects			0	0
Total other comprehensive income (loss), net of tax			2,155	1,768
Ending balance	(1,124)	(4,250)	(1,124)	(4,250)
Unrealized net (Losses)/Gains on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(3,541)	(5,082)
Other comprehensive income (loss) before reclassification			1,240	7,762
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			(485)	(3,327)
Tax effects			307	0
Total other comprehensive income (loss), net of tax			1,062	4,435
Ending balance	(2,479)	(647)	(2,479)	(647)
Retirement benefit plan - Prior service cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(330)	(803)
Other comprehensive income (loss) before reclassification			0	0
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			250	338
Tax effects			21	0
Total other comprehensive income (loss), net of tax			271	338
Ending balance	(59)	(465)	(59)	(465)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(965)	(890)
Other comprehensive income (loss) before reclassification			(31)	(29)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			0	0
Tax effects			0	0
Total other comprehensive income (loss), net of tax			(31)	(29)
Ending balance	(996)	(919)	(996)	(919)
AOCI Attributable to parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4,197	(2,714)	(8,115)	(12,793)
Total other comprehensive income (loss), net of tax	(8,855)	(3,567)	3,457	6,512
Ending balance	$ (4,658)	$ (6,281)	$ (4,658)	$ (6,281)

Shareholders' equity	9 Months Ended
Shareholders' equity	Mar. 29, 2024
Equity [Abstract]
Shareholders' equity	Shareholders’ equity Share capital Fabrinet’s authorized share capital is 500,000,000 ordinary shares, par value of $0.01 per ordinary share, and 5,000,000 preferred shares, par value of $0.01 per preferred share. For the three and nine months ended March 29, 2024, Fabrinet issued 15,080 and 166,258 ordinary shares, respectively, upon the vesting of restricted share units and performance share units under the Equity Incentive Plans, net of shares withheld. For the three and nine months ended March 31, 2023, Fabrinet issued 23,202 and 226,083 ordinary shares, respectively, upon the vesting of restricted share units and performance share units under the Equity Incentive Plans, net of shares withheld. All such issued shares are fully paid. Treasury shares In August 2017, the Company’s board of directors approved a share repurchase program to permit the Company to repurchase up to $30.0 million worth of its issued and outstanding ordinary shares in the open market in accordance with applicable rules and regulations. In February 2018, May 2019, August 2020, August 2022, and August 2023, the Company’s board of directors approved an increase of $30.0 million, $50.0 million, $58.5 million, $78.7 million, and $47.6 million, respectively, to the original share repurchase authorization, bringing the aggregate authorization to $294.8 million. During the nine months ended March 29, 2024, 190,839 shares were repurchased under the program, at an average price per share (excluding other direct costs) of $188.32, for an aggregate purchase price of $35.9 million. As of March 29, 2024, the Company had a remaining authorization to repurchase up to $64.1 million worth of its ordinary shares under the share repurchase program. Shares repurchased under the share repurchase program are held as treasury shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per ordinary share (Tables)

9 Months Ended

Mar. 29, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Ordinary Share

Earnings per ordinary share was calculated as follows:


	Three Months Ended				Nine Months Ended
(in thousands, except per share data)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Net income attributable to shareholders	$	80,916	$	59,355	$	215,115	$	187,127
Weighted-average number of ordinary shares outstanding	36,250		36,608		36,278		36,575
Incremental shares arising from the assumed vesting of restricted share units and performance share units	353		381		296		320
Weighted-average number of ordinary shares for diluted earnings per ordinary share	36,603		36,989		36,574		36,895
Basic earnings per ordinary share	$	2.23	$	1.62	$	5.93	$	5.12
Diluted earnings per ordinary share	$	2.21	$	1.60	$	5.88	$	5.07

Revenues from contracts with customers - Schedule of Revenues by End Market and Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 731,535	$ 665,281	$ 2,129,706	$ 1,989,366
Revenue from contract with customer benchmark \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
Revenue from contract with customer benchmark \| Product concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
Optical communications
Disaggregation of Revenue [Line Items]
Revenues	$ 591,448	$ 502,615	$ 1,692,639	$ 1,506,232
Optical communications \| Revenue from contract with customer benchmark \| Product concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	80.90%	75.50%	79.50%	75.70%
Datacom
Disaggregation of Revenue [Line Items]
Revenues	$ 305,478	$ 122,385	$ 835,642	$ 328,271
Telecom
Disaggregation of Revenue [Line Items]
Revenues	285,970	380,230	856,997	1,177,961
Non-optical communications
Disaggregation of Revenue [Line Items]
Revenues	$ 140,087	$ 162,666	$ 437,067	$ 483,134
Non-optical communications \| Revenue from contract with customer benchmark \| Product concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	19.10%	24.50%	20.50%	24.30%
Automotive
Disaggregation of Revenue [Line Items]
Revenues	$ 73,636	$ 94,107	$ 241,166	$ 275,704
Industrial laser
Disaggregation of Revenue [Line Items]
Revenues	30,319	31,040	90,582	97,396
Others
Disaggregation of Revenue [Line Items]
Revenues	$ 36,132	$ 37,519	$ 105,319	$ 110,034

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,838	$ 965
Preferred shares, shares authorized (in shares)	5,000,000	5,000,000
Preferred shares, par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares, shares issued (in shares)	0	0
Preferred shares, shares outstanding (in shares)	0	0
Ordinary shares, shares authorized (in shares)	500,000,000	500,000,000
Ordinary shares, par value (in USD per share)	$ 0.01	$ 0.01
Ordinary shares, shares issued (in shares)	39,450,434	39,284,176
Ordinary shares, shares outstanding (in shares)	36,159,101	36,183,682
Treasury stocks, shares (in shares)	3,291,333	3,100,494

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 80,916	$ 59,355	$ 215,115	$ 187,127

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash, cash equivalents and short-term investments

9 Months Ended

Mar. 29, 2024

Cash and Cash Equivalents [Abstract]

Cash, cash equivalents and short-term investments

The Company’s cash, cash equivalents, and short-term investments are as follows:


					Fair Value
(in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of March 29, 2024
Cash	$	382,652	$	—	$	382,652	$	—	$	—
Cash equivalents	2,459		—		2,459		—		—
Liquidity funds	32,213		—		—		—		32,213
Certificates of deposit and time deposits	90,436		338		—		90,774		—
Corporate debt securities	138,243		(1,331)		—		136,912		—
U.S. agency and U.S. treasury securities	149,145		(129)		—		149,016		—
Total	$	795,148	$	(1,122)	$	385,111	$	376,702	$	32,213
As of June 30, 2023
Cash	$	230,967	$	—	$	230,967	$	—	$	—
Cash equivalents	401		—		401		—		—
Liquidity funds	41,104		—		—		—		41,104
Certificates of deposit and time deposits	64,278		329		—		64,607		—
Corporate debt securities	161,453		(3,375)		—		158,078		—
U.S. agency and U.S. treasury securities	55,542		(231)		—		55,311		—
Total	$	553,745	$	(3,277)	$	231,368	$	277,996	$	41,104

All highly liquid investments with original maturities of three months or less at the date of purchase are classified as cash equivalents. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the designations at each balance sheet date. The Company may sell certain of its short-term investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s short-term investments generally range from three months to three years.


	March 29, 2024				June 30, 2023
(in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	101,042	$	101,379	$	172,992	$	173,137
Due between one to five years	308,995		307,536		149,385		145,963
Total	$	410,037	$	408,915	$	322,377	$	319,100

Share-based compensation - Summary of Effect of Recording Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Share-based compensation expense by type of award:
Restricted share units	$ 3,833	$ 3,945	$ 12,800	$ 12,845
Performance share units	2,893	2,774	8,640	8,372
Total share-based compensation expense	6,726	6,719	21,440	21,217
Tax effect on share-based compensation expense	0	0	0	0
Net effect on share-based compensation expense	$ 6,726	$ 6,719	$ 21,440	$ 21,217

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Mar. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Bank guarantees As of March 29, 2024 and June 30, 2023, there were outstanding bank guarantees on behalf of the Company's subsidiary in Thailand for electricity usage and other normal business expenses totaling $2.0 million and $1.5 million, respectively, or Thai baht 73.2 million and 53.0 million, respectively. In addition, there were other immaterial bank guarantees on behalf of the Company's subsidiary in Israel to support the subsidiary's operations related to the Israeli Customs department. Purchase obligations Purchase obligations represent legally binding commitments to purchase inventory and other commitments made in the normal course of business to meet operational requirements. Although open purchase orders are considered enforceable and legally binding, their terms generally give the Company the option to cancel, reschedule and/or adjust its requirements based on its business needs prior to the delivery of goods or performance of services. Obligations to purchase inventory and other commitments are generally expected to be fulfilled within one year. As of March 29, 2024, the Company had purchase obligations and other commitments to third parties of $850.9 million. Capital expenditures As of March 29, 2024, the Company had total capital expenditure commitments to third parties of $27.7 million. Indemnification of directors and officers Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Fabrinet’s amended and restated memorandum and articles of association provide for indemnification of directors and officers for actions, costs, charges, losses, damages and expenses incurred in their capacities as such, except that such indemnification does not extend to any matter in respect of any fraud or dishonesty that may attach to any of them. In accordance with Fabrinet’s form of indemnification agreement for its directors and officers, Fabrinet has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons in connection with claims by reason of their being such a director or officer. Fabrinet maintains a director and officer liability insurance policy that may enable it to recover a portion of any future amounts paid under the indemnification agreements.

Fair value of financial instruments (Tables)

9 Months Ended

Mar. 29, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following table provides details of the financial instruments measured at fair value on a recurring basis, including:


	Fair Value Measurements at Reporting Date Using
(in thousands)	Level 1		Level 2			Level 3		Total
As of March 29, 2024
Assets
Cash equivalents	$	—	$	2,459		$	—	$	2,459
Liquidity funds	—		32,213			—		32,213
Certificates of deposit and time deposits	—		90,774			—		90,774
Corporate debt securities	—		136,912			—		136,912
U.S. agency and U.S. treasury securities	—		149,016			—		149,016
Derivative assets – current portion	—		21		(1)	—		21

Total	$	—	$	411,395		$	—	$	411,395
Liabilities
Derivative liabilities – current portion	$	—	$	(3,799)		$	—	$	(3,799)

Total	$	—	$	(3,799)	(2)	$	—	$	(3,799)


	Fair Value Measurements at Reporting Date Using
(in thousands)	Level 1		Level 2			Level 3		Total
As of June 30, 2023
Assets
Cash equivalents	$	—	$	401		$	—	$	401
Liquidity funds	—		41,104			—		41,104
Certificates of deposit and time deposits	—		64,607			—		64,607
Corporate debt securities	—		158,078			—		158,078
U.S. agency and U.S. treasury securities	—		55,311			—		55,311
Derivative assets – current portion	—		221		(3)	—		221
Total	$	—	$	319,722		$	—	$	319,722
Liabilities
Derivative liabilities – current portion	$	—	$	(5,236)		$	—	$	(5,236)

Total	$	—	$	(5,236)	(4)	$	—	$	(5,236)

(1)Interest rate swap agreement with a notional amount of $60.9 million.

(2)Foreign currency forward contracts with an aggregate notional amount of $135.0 million and 0.2 million Canadian dollars.

(3)Foreign currency forward contracts with an aggregate notional amount of $3.0 million and 0.2 million Canadian dollars and an interest rate swap agreement with a notional amount of $60.9 million.

(4)Foreign currency forward contracts with an aggregate notional amount of $140.0 million.

Schedule of Impacts of Derivative Gain (Loss) of Cash Flow Hedges

The following table provides a summary of the impact of derivative gain (loss) of the Company’s foreign currency forward contracts and interest rate swaps which were designated as cash flow hedges on the unaudited condensed consolidated statements of operations and other comprehensive income:


		Three Months Ended				Nine Months Ended
(in thousands)	Financial statements line item	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	(8,120)	$	(5,068)	$	1,434	$	6,694
Interest rate swaps	Other comprehensive income	(41)		242		(194)		1,068
Total derivatives gain (loss) recognized in other comprehensive income (loss)		$	(8,161)	$	(4,826)	$	1,240	$	7,762
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Foreign currency forward contracts	Cost of revenues	$	(2,805)	$	(3,245)	$	5,650	$	6,083
Foreign currency forward contracts	SG&A	(121)		(140)		233		250
Foreign currency forward contracts	Foreign exchange loss, net	4,250		2,807		(6,170)		(9,183)
Interest rate swaps	Interest expense	(44)		(131)		(198)		(477)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings		$	1,280	$	(709)	$	(485)	$	(3,327)
Change in net unrealized gain (loss) on derivatives instruments		$	(6,881)	$	(5,535)	$	755	$	4,435

Schedule of Derivative Financial Instruments

The following table provides the fair values of the Company’s derivative financial instruments for the periods presented:


	March 29, 2024				June 30, 2023
(in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	—	$	(901)	$	2	$	(1,256)

Derivatives designated as hedging instruments
Foreign currency forward contracts	—		(2,898)		4		(3,980)
Interest rate swaps	21		—		215		—
Derivatives, gross balances	$	21	$	(3,799)	$	221	$	(5,236)

Schedule of Derivative Financial Instruments in the Unaudited Condensed Consolidated Balance Sheets

The Company recorded the fair value of derivative financial instruments in the unaudited condensed consolidated balance sheets as follows:


Derivative Financial Instruments			Balance Sheet line item

Fair Value of Derivative Assets			Other current assets, Other non-current assets


Fair Value of Derivative Liabilities			Accrued expenses, Other non-current liabilities

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Intangibles, net	$ 2,427	$ 2,394
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,253	10,533
Accumulated Amortization	(8,826)	(8,139)
Intangibles, net	$ 2,427	$ 2,394

Revenues from contracts with customers

9 Months Ended

Mar. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Revenue by Geographic Area, End Market and Product Category

Revenues are attributed to a particular geographic area based on the bill-to-location of the Company’s customers. The Company operates in three geographic regions: North America; Asia-Pacific and others; and Europe.

The following table presents total revenues by geographic region:


(in thousands, except percentages)	Three Months Ended March 29, 2024		As a % of Total Revenues		Nine Months Ended March 29, 2024		As a % of Total Revenues
North America
U.S.	$	268,475			$	761,622
Others (1)	3,401				10,192
Total revenue in North America	271,876		37.2	%	771,814		36.3	%
Asia-Pacific and others
Israel (2)	275,022				752,736
India	63,055				208,865
Malaysia	30,993				100,938
Hong Kong	15,147				43,085
Thailand	13,059				36,489
China	12,309				53,831
Japan	5,772				18,408
Others	1,655				4,390
Total revenue in Asia-Pacific and others	417,012		57.0	%	1,218,742		57.2	%
Europe
U.K.	18,164				66,808
Germany	10,148				33,323
Others	14,335				39,019
Total revenue in Europe	$	42,647	5.8	%	$	139,150	6.5	%
Total revenue	$	731,535	100.0	%	$	2,129,706	100.0	%


(in thousands, except percentages)	Three Months Ended March 31, 2023		As a % of Total Revenues		Nine Months Ended March 31, 2023		As a % of Total Revenues
North America
U.S.	$	310,100			$	975,098
Others (1)	6,035				13,693
Total revenue in North America	316,135		47.5	%	988,791		49.7	%
Asia-Pacific and others
India	85,731				247,942
Israel	85,562				182,732
Hong Kong	37,120				109,315
Malaysia	30,688				130,402
Thailand	16,706				45,420
China	11,194				60,738
Japan	10,044				32,129
Others	2,896				7,957
Total revenue in Asia-Pacific and others	279,941		42.1	%	816,635		41.1	%
Europe
U.K.	40,292				103,440
Germany	14,532				40,975
Others	14,381				39,525
Total revenue in Europe	$	69,205	10.4	%	$	183,940	9.2	%
Total revenue	$	665,281	100.0	%	$	1,989,366	100.0	%

(1)Others includes revenues from external customers based in our country of domicile, the Cayman Islands, which for each year presented is $0.

(2)Due to increase in revenue from a significant customer.

The following table presents revenues by end market and product category:


(in thousands, except percentages)	Three Months Ended March 29, 2024		As a % of Total Revenues		Nine Months Ended March 29, 2024		As a % of Total Revenues
Optical communications
Datacom	$	305,478			$	835,642
Telecom	285,970				856,997
Total revenue - Optical communications	$	591,448	80.9	%	$	1,692,639	79.5	%
Non-optical communications
Automotive	$	73,636			$	241,166
Industrial laser	30,319				90,582
Others	36,132				105,319
Total revenue - Non-optical communications	$	140,087	19.1	%	$	437,067	20.5	%
Total revenue	$	731,535	100.0	%	$	2,129,706	100.0	%


(in thousands, except percentages)	Three Months Ended March 31, 2023		As a % of Total Revenues		Nine Months Ended March 31, 2023		As a % of Total Revenues
Optical communications
Datacom	$	122,385			$	328,271
Telecom	380,230				1,177,961
Total revenue - Optical communications	$	502,615	75.5	%	$	1,506,232	75.7	%
Non-optical communications
Automotive	$	94,107			$	275,704
Industrial laser	31,040				97,396
Others	37,519				110,034
Total revenue - Non-optical communications	$	162,666	24.5	%	$	483,134	24.3	%
Total revenue	$	665,281	100.0	%	$	1,989,366	100.0	%

Contract Assets and Liabilities

A contract asset is recognized when the Company has recognized revenues, but has not yet issued an invoice to its customer for payment. Contract assets are recognized in the unaudited condensed consolidated balance sheets under other current assets and transferred to accounts receivable when rights to payment become unconditional.

As of March 29, 2024 and June 30, 2023, the Company's contract assets are de minimis.

A contract liability is recognized when the Company has advance payment arrangements with customers. Contract liabilities are recognized in the unaudited condensed consolidated balance sheets under other payables. The contract liabilities balance is normally recognized as revenue within six months.

The following tables summarize the activity in the Company’s contract liabilities during the nine months ended March 29, 2024:


(in thousands)	Contract Liabilities
Beginning balance, June 30, 2023	$	3,036
Advance payments received during the period	9,131
Revenue recognized	(5,301)
Ending balance, March 29, 2024	$	6,866

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income for the period	$ 215,115	$ 187,127
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	36,602	32,504
Non-cash restructuring charges and other related costs	0	2,201
(Gain) loss on disposal and impairment of property, plant and equipment and intangibles	(147)	(1,630)
(Gain) loss from sales and maturities of available-for-sale securities	(1)	92
Amortization of discount (premium) of short-term investments	(2,317)	300
(Reversal of) allowance for expected credit losses	1,874	(240)
Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts	(2,135)	693
Amortization of fair value at hedge inception of interest rate swaps	(198)	(478)
Share-based compensation	21,440	21,217
Deferred income tax	1,125	(276)
Other non-cash expenses	194	(127)
Changes in operating assets and liabilities
Trade accounts receivable	(54,089)	(105,932)
Inventories	65,442	2,720
Other current assets and non-current assets	(33,548)	(11,704)
Trade accounts payable	48,268	(5,028)
Income tax payable	(1,068)	(262)
Severance liabilities	2,249	1,917
Other current liabilities and non-current liabilities	31,278	19,128
Net cash provided by operating activities	330,084	142,222
Cash flows from investing activities
Purchase of short-term investments	(268,461)	(154,033)
Proceeds from sales of short-term investments	10,000	30,179
Proceeds from maturities of short-term investments	173,120	97,408
Purchase of property, plant and equipment	(34,825)	(43,422)
Purchase of intangibles	(768)	(698)
Proceeds from disposal of property, plant and equipment	2,319	117
Net cash used in investing activities	(118,615)	(70,449)
Cash flows from financing activities
Repayment of long-term borrowings	(9,141)	(12,187)
Repayment of finance lease liability	0	(7)
Repurchase of ordinary shares	(35,943)	(9,217)
Withholding tax related to net share settlement of restricted share units	(12,716)	(17,740)
Net cash used in financing activities	(57,800)	(39,151)
Net increase (decrease) in cash, cash equivalents and restricted cash	153,669	32,622
Movement in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at the beginning of period	231,368	198,365
Increase (decrease) in cash, cash equivalents and restricted cash	153,669	32,622
Effect of exchange rate on cash, cash equivalents and restricted cash	74	(244)
Cash, cash equivalents and restricted cash at the end of period	385,111	230,743
Non-cash investing and financing activities
Construction, software and equipment-related payables	$ 9,229	$ 20,116

Leases (Tables)

9 Months Ended

Mar. 29, 2024

Leases [Abstract]

Schedule of Operating Lease Liabilities

As of March 29, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
2024 (remaining three months)	$	444
2025	1,342
2026	1,272
2027	477
2028	15
Thereafter	1
Total undiscounted lease payments	3,551
Less imputed interest	(215)
Total present value of lease liabilities	$	3,336	(1)

(1)Includes current portion of operating lease liabilities of $1.3 million.

Summary of Additional Information Related to Operating and Finance Lease

The following summarizes additional information related to the Company’s operating leases:


	As of March 29, 2024		As of June 30, 2023
Weighted-average remaining lease term (in years)	2.5		1.2
Weighted-average discount rate	4.6	%	3.4	%

Schedule of Supplemental Cash Flow and Other Information Related to Leases

The following table presents supplemental disclosure for the unaudited condensed consolidated statements of cash flows related to operating and finance leases for the three and nine months ended March 29, 2024 and March 31, 2023:


	Three Months Ended				Nine Months Ended
(in thousands)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	442	$	575	$	2,186	$	1,877
Financing cash flows from finance leases	$	—	$	2	$	—	$	7
ROU assets obtained in exchange for lease liabilities	$	632	$	—	$	3,406	$	79

Borrowings - Schedule of Total Borrowings, Including Revolving and Long-Term Borrowings (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 29, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
3-month LIBOR +1.35% per annum	$ 3,047	$ 12,188
Less: Unamortized debt issuance costs, current portion	(8)	(32)
Long-term borrowings, current portion, net	$ 3,039	$ 12,156
Loan payable due June 2024 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.35%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Current assets
Cash and cash equivalents	$ 385,111	$ 231,368
Short-term investments	408,915	319,100
Trade accounts receivable, net of allowance for expected credit losses of $2,838 and $965, respectively	583,882	531,767
Inventories	454,134	519,576
Prepaid expenses	9,369	7,849
Other current assets	74,731	42,880
Total current assets	1,916,142	1,652,540
Non-current assets
Property, plant and equipment, net	303,118	310,350
Intangibles, net	2,427	2,394
Operating right-of-use assets	3,742	1,634
Deferred tax assets	10,966	12,095
Other non-current assets	630	635
Total non-current assets	320,883	327,108
Total Assets	2,237,025	1,979,648
Current liabilities
Long-term borrowings, current portion, net	3,039	12,156
Trade accounts payable	429,021	381,129
Fixed assets payable	9,229	13,526
Operating lease liabilities, current portion	1,333	1,201
Income tax payable	4,828	6,024
Accrued payroll, bonus and related expenses	23,727	23,748
Accrued expenses	20,742	20,447
Other payables	52,348	23,654
Total current liabilities	544,267	481,885
Non-current liabilities
Deferred tax liability	4,641	4,799
Operating lease liability, non-current portion	2,003	66
Severance liabilities	23,820	22,159
Other non-current liabilities	2,059	2,081
Total non-current liabilities	32,523	29,105
Total Liabilities	576,790	510,990
Commitments and contingencies (Note 15)
Shareholders’ equity
Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of March 29, 2024 and June 30, 2023)	0	0
Ordinary shares ($500,000,000 shares authorized, $0.01 par value; 39,450,434 shares and 39,284,176 shares issued as of March 29, 2024 and June 30, 2023, respectively; and 36,159,101 shares and 36,183,682 shares outstanding as of March 29, 2024 and June 30, 2023, respectively)	395	393
Additional paid-in capital	215,570	206,624
Less: Treasury shares (3,291,333 shares and 3,100,494 shares as of March 29, 2024 and June 30, 2023, respectively)	(230,776)	(194,833)
Accumulated other comprehensive income (loss)	(4,658)	(8,115)
Retained earnings	1,679,704	1,464,589
Total Shareholders’ Equity	1,660,235	1,468,658
Total Liabilities and Shareholders’ Equity	$ 2,237,025	$ 1,979,648

Share-based compensation - Share-based award activity (Details) - shares	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 24, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	1,865,252
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	1,753,905
2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	111,347
Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	311,565	368,765	374,038	459,626
Restricted share units \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	311,565
Restricted share units \| 2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	0
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	171,078	204,016	204,016	285,882
Performance share units \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	171,078
Performance share units \| 2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 731,535	$ 665,281	$ 2,129,706	$ 1,989,366
Cost of revenues	(640,600)	(579,274)	(1,866,037)	(1,735,388)
Gross profit	90,935	86,007	263,669	253,978
Selling, general and administrative expenses	(19,628)	(18,309)	(59,373)	(57,804)
Restructuring and other related costs	0	(5,872)	0	(5,872)
Operating income	71,307	61,826	204,296	190,302
Interest income	8,509	3,317	22,155	7,210
Interest expense	(26)	(399)	(107)	(1,179)
Foreign exchange gain (loss), net	3,348	(1,303)	(25)	(3,122)
Other income (expense), net	175	31	60	(178)
Income before income taxes	83,313	63,472	226,379	193,033
Income tax expense	(2,397)	(4,117)	(11,264)	(5,906)
Net income	80,916	59,355	215,115	187,127
Other comprehensive income (loss), net of tax:
Change in net unrealized gain (loss) on available-for-sale securities	(1,739)	2,046	2,155	1,768
Change in net unrealized gain (loss) on derivative instruments	(7,328)	(5,535)	1,062	4,435
Change in net retirement benefits plan – prior service cost	137	113	271	338
Change in foreign currency translation adjustment	75	(191)	(31)	(29)
Total other comprehensive income (loss), net of tax	(8,855)	(3,567)	3,457	6,512
Net comprehensive income	$ 72,061	$ 55,788	$ 218,572	$ 193,639
Earnings per share
Basic (in USD per share)	$ 2.23	$ 1.62	$ 5.93	$ 5.12
Diluted (in USD per share)	$ 2.21	$ 1.60	$ 5.88	$ 5.07
Weighted-average number of ordinary shares outstanding (thousands of shares)
Basic (in shares)	36,250	36,608	36,278	36,575
Diluted (in shares)	36,603	36,989	36,574	36,895

Leases - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 29, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 29, 2024 USD ($) lease	Mar. 31, 2023 USD ($)
Leases [Abstract]
Number of intercompany lease \| lease			1
Operating lease rental expense, long term	$ 0.4	$ 0.6	$ 1.5	$ 1.8
Operating lease rental expense, short term	$ 0.1	$ 0.2	$ 0.8	$ 0.3

Share-based compensation

9 Months Ended

Mar. 29, 2024

Share-Based Payment Arrangement [Abstract]

Share-based compensation

The grant date fair value of restricted share units and performance share units is based on the market value of Fabrinet's ordinary shares on the date of grant.

The effect of recording share-based compensation expense for the three and nine months ended March 29, 2024 and March 31, 2023 was as follows:


	Three Months Ended				Nine Months Ended
(in thousands)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Share-based compensation expense by type of award:
Restricted share units	$	3,833	$	3,945	$	12,800	$	12,845
Performance share units	2,893		2,774		8,640		8,372
Total share-based compensation expense	6,726		6,719		21,440		21,217
Tax effect on share-based compensation expense	—		—		—		—
Net effect on share-based compensation expense	$	6,726	$	6,719	$	21,440	$	21,217

Share-based compensation expense was recorded in the unaudited condensed consolidated statements of operations and comprehensive income as follows:


	Three Months Ended				Nine Months Ended
(in thousands)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Cost of revenue	$	1,561	$	1,453	$	5,427	$	5,028
Selling, general and administrative expense	5,165		5,080		16,013		16,003
Restructuring and other related costs	—		186		—		186
Total share-based compensation expense	$	6,726	$	6,719	$	21,440	$	21,217

The Company did not capitalize any share-based compensation expense as part of any asset costs during the three and nine months ended March 29, 2024 and March 31, 2023.

Share-based award activity

On December 12, 2019, the Company’s shareholders approved Fabrinet’s 2020 Equity Incentive Plan (the “2020 Plan”). Upon the approval of the 2020 Plan, Fabrinet’s Amended and Restated 2010 Performance Incentive Plan (the “2010 Plan”) was simultaneously terminated. The 2020 Plan provides for the grant of equity awards thereunder with respect to (i) 1,700,000 ordinary shares, plus (ii) up to 1,300,000 ordinary shares that, as of immediately prior to the termination of the 2010 Plan, had been reserved but not issued pursuant to any awards granted under the 2010 Plan and are not subject to any awards thereunder. Upon termination of the 2010 Plan, 1,281,619 ordinary shares were reserved for issuance under the 2020 Plan pursuant to clause (ii) of the preceding sentence.

On November 2, 2017, the Company adopted the 2017 Inducement Equity Incentive Plan (the “2017 Inducement Plan”) with a reserve of 160,000 ordinary shares authorized for future issuance solely for the granting of inducement share options and equity awards to new employees. The 2017 Inducement Plan was adopted without shareholder approval in reliance on the “employment inducement exemption” provided under the New York Stock Exchange Listed Company Manual.

The 2020 Plan, 2010 Plan and 2017 Inducement Plan are collectively referred to as the “Equity Incentive Plans.”

The following table summarizes the number of equity awards outstanding and ordinary shares available for grant under each of the Equity Incentive Plans as of March 29, 2024:


(share units)	Restricted Share Units outstanding	Performance Share Units outstanding	Ordinary Shares available for future grant
2020 Plan	311,565	171,078	1,753,905
2017 Inducement Plan	—	—	111,347
Total	311,565	171,078	1,865,252

Restricted share units and performance share units

Restricted share units and performance share units have been granted under the Equity Incentive Plans.

Restricted share units granted to employees generally vest in equal installments over three or four years on each anniversary of the vesting commencement date. Restricted share units granted to non-employee directors generally cliff vest 100% on the first of January, approximately one year from the grant date, provided the director continues to serve through such date.

Performance share units granted to executives will vest, if at all, at the end of a two-year performance period based on the Company’s achievement of pre-defined performance criteria, which consist of revenue and non-GAAP operating margin targets. The actual number of performance share units that may vest at the end of the performance period ranges from 0% to 100% of the award grant.

The following table summarizes restricted share unit activity under the Equity Incentive Plans:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 30, 2023	368,765	$	97.49
Granted	119,097	$	162.02
Vested	(161,927)	$	88.75
Forfeited	(14,370)	$	119.71
Balance as of March 29, 2024	311,565	$	125.67


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 24, 2022	459,626	$	75.14
Granted	154,113	$	119.23
Vested	(220,004)	$	67.23
Forfeited	(19,697)	$	91.84
Balance as of March 31, 2023	374,038	$	97.08

The following table summarizes performance share unit activity under the Equity Incentive Plans:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 30, 2023	204,016	$	108.81
Granted	73,936	$	158.91
Vested	(106,874)	$	101.05
Forfeited	—	$	—
Balance as of March 29, 2024	171,078	$	135.31


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 24, 2022	285,882	$	81.64
Granted	97,142	$	117.35
Vested	(179,008)	70.05
Forfeited	—	$	—
Balance as of March 31, 2023	204,016	$	108.81

As of March 29, 2024, there was $16.3 million and $9.7 million of unrecognized share-based compensation expense related to restricted share units and performance share units, respectively, under the Equity Incentive Plans that is expected to be recorded over a weighted-average period of 2.6 and 1.1 years, respectively.

For the nine months ended March 29, 2024 and March 31, 2023, the Company withheld an aggregate of 102,543 shares and 172,929 shares, respectively, upon the vesting of restricted share units and performance shares units, based upon the closing share price on the vesting date to settle employee tax withholding obligations. For the nine months ended March 29, 2024 and March 31, 2023, the Company then remitted cash of $12.7 million and $17.7 million, respectively, to the appropriate taxing authorities and presented it as a financing activity within the unaudited condensed consolidated statements of cash flows. The payment was recorded as a reduction of additional paid-in capital.

Leases - Schedule of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Leases [Abstract]
2024 (remaining three months)	$ 444
2025	1,342
2026	1,272
2027	477
2028	15
Thereafter	1
Total undiscounted lease payments	3,551
Less imputed interest	(215)
Total present value of lease liabilities	3,336
Operating lease liabilities, current portion	$ 1,333	$ 1,201

Accounting policies	9 Months Ended
Accounting policies	Mar. 29, 2024
Accounting Policies [Abstract]
Accounting policies	Accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements for Fabrinet as of March 29, 2024 and for the three and nine months ended March 29, 2024 and March 31, 2023 include normal recurring adjustments necessary for a fair statement of the financial statements set forth herein, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or "GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such information does not include all of the information and footnotes required by U.S. GAAP for annual financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in Fabrinet’s Annual Report on Form 10-K for the year ended June 30, 2023. The balance sheet as of June 30, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The results for the three and nine months ended March 29, 2024 may not be indicative of results for the year ending June 28, 2024 or any future periods. Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of total revenues and expenses during the year. The Company bases estimates on historical experience and various assumptions about the future that are believed to be reasonable based on available information. The Company’s reported financial position or results of operations may be materially different under different conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies, which are discussed below. Significant assumptions are used in accounting for share-based compensation, allowance for expected credit losses, income taxes, inventory obsolescence, goodwill and valuation of intangible assets related to business acquisitions, among others. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. In the event that the Company's estimates or assumptions prove to be different from actual results, adjustments will be made in subsequent periods to reflect more current information. Fiscal years The Company utilizes a 52-53 week fiscal year ending on the Friday in June closest to June 30. The three months ended March 29, 2024 and March 31, 2023 consisted of 13 weeks. The nine months ended March 29, 2024 and March 31, 2023 consisted of 39 and 40 weeks, respectively. Fiscal year 2024 will comprise 52 weeks and will end on June 28, 2024. Adoption of New Accounting Standards No new accounting standard was adopted during the nine months ended March 29, 2024. New Accounting Standards—not yet adopted by the Company In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU will be effective for the Company in the first quarter of fiscal year 2025. The Company is currently assessing the impact to its disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures,” which requires more detailed income tax disclosures. This ASU requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. This ASU is effective for all entities for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will be effective for the Company in the first quarter of fiscal year 2026. The Company is currently assessing the impact to its disclosures.

Revenues from contracts with customers (Tables)

9 Months Ended

Mar. 29, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Geographical Regions

The following table presents total revenues by geographic region:


(in thousands, except percentages)	Three Months Ended March 29, 2024		As a % of Total Revenues		Nine Months Ended March 29, 2024		As a % of Total Revenues
North America
U.S.	$	268,475			$	761,622
Others (1)	3,401				10,192
Total revenue in North America	271,876		37.2	%	771,814		36.3	%
Asia-Pacific and others
Israel (2)	275,022				752,736
India	63,055				208,865
Malaysia	30,993				100,938
Hong Kong	15,147				43,085
Thailand	13,059				36,489
China	12,309				53,831
Japan	5,772				18,408
Others	1,655				4,390
Total revenue in Asia-Pacific and others	417,012		57.0	%	1,218,742		57.2	%
Europe
U.K.	18,164				66,808
Germany	10,148				33,323
Others	14,335				39,019
Total revenue in Europe	$	42,647	5.8	%	$	139,150	6.5	%
Total revenue	$	731,535	100.0	%	$	2,129,706	100.0	%


(in thousands, except percentages)	Three Months Ended March 31, 2023		As a % of Total Revenues		Nine Months Ended March 31, 2023		As a % of Total Revenues
North America
U.S.	$	310,100			$	975,098
Others (1)	6,035				13,693
Total revenue in North America	316,135		47.5	%	988,791		49.7	%
Asia-Pacific and others
India	85,731				247,942
Israel	85,562				182,732
Hong Kong	37,120				109,315
Malaysia	30,688				130,402
Thailand	16,706				45,420
China	11,194				60,738
Japan	10,044				32,129
Others	2,896				7,957
Total revenue in Asia-Pacific and others	279,941		42.1	%	816,635		41.1	%
Europe
U.K.	40,292				103,440
Germany	14,532				40,975
Others	14,381				39,525
Total revenue in Europe	$	69,205	10.4	%	$	183,940	9.2	%
Total revenue	$	665,281	100.0	%	$	1,989,366	100.0	%

(1)Others includes revenues from external customers based in our country of domicile, the Cayman Islands, which for each year presented is $0.

(2)Due to increase in revenue from a significant customer.

Schedule of Revenues by End Market and Product

The following table presents revenues by end market and product category:


(in thousands, except percentages)	Three Months Ended March 29, 2024		As a % of Total Revenues		Nine Months Ended March 29, 2024		As a % of Total Revenues
Optical communications
Datacom	$	305,478			$	835,642
Telecom	285,970				856,997
Total revenue - Optical communications	$	591,448	80.9	%	$	1,692,639	79.5	%
Non-optical communications
Automotive	$	73,636			$	241,166
Industrial laser	30,319				90,582
Others	36,132				105,319
Total revenue - Non-optical communications	$	140,087	19.1	%	$	437,067	20.5	%
Total revenue	$	731,535	100.0	%	$	2,129,706	100.0	%


(in thousands, except percentages)	Three Months Ended March 31, 2023		As a % of Total Revenues		Nine Months Ended March 31, 2023		As a % of Total Revenues
Optical communications
Datacom	$	122,385			$	328,271
Telecom	380,230				1,177,961
Total revenue - Optical communications	$	502,615	75.5	%	$	1,506,232	75.7	%
Non-optical communications
Automotive	$	94,107			$	275,704
Industrial laser	31,040				97,396
Others	37,519				110,034
Total revenue - Non-optical communications	$	162,666	24.5	%	$	483,134	24.3	%
Total revenue	$	665,281	100.0	%	$	1,989,366	100.0	%

Schedule of Activity in the Company's Contract Assets and Liabilities

The following tables summarize the activity in the Company’s contract liabilities during the nine months ended March 29, 2024:


(in thousands)	Contract Liabilities
Beginning balance, June 30, 2023	$	3,036
Advance payments received during the period	9,131
Revenue recognized	(5,301)
Ending balance, March 29, 2024	$	6,866

Income taxes	9 Months Ended
Income taxes	Mar. 29, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes As of March 29, 2024 and June 30, 2023, the liability for uncertain tax positions including accrued interest and penalties was $1.2 million and $1.5 million, respectively. The Company expects the estimated amount of liability associated with its uncertain tax positions to increase within the next 12 months due to additional provisions associated with uncertain tax positions from one of the Company's subsidiaries and interest on these positions. The Company files income tax returns in the United States and foreign tax jurisdictions. The tax years from 2016 to 2022 remain open to examination by U.S. federal and state, and foreign tax authorities. The Company’s income tax is recognized based on the best estimate of the expected annual effective tax rate for the full financial year of each entity in the Company, adjusted for discrete items arising in that quarter. If the Company’s estimated annual effective tax rate changes, the Company makes a cumulative adjustment in that quarter. The effective tax rate for the Company for the three months ended March 29, 2024 and March 31, 2023 was 2.9% and 6.5%, respectively, of net income. The decrease was due to a decrease in income subject to tax during the three months ended March 29, 2024 as compared to the three months ended March 31, 2023. The effective tax rate for the Company for the nine months ended March 29, 2024 and March 31, 2023 was 5.0% and 3.1%, respectively, of net income. The increase was primarily due to a full valuation allowance of $2.1 million for deferred tax assets being set up during the nine months ended March 29, 2024 due to management's belief that the Company's subsidiary in Israel would continue to have losses in the foreseeable future such that the deferred tax assets of such subsidiary would not be utilized. In addition, a full valuation allowance of $1.6 million from the Company's subsidiary in the U.K. was released during the nine months ended March 31, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Business segments and geographic information (Tables)

9 Months Ended

Mar. 29, 2024

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-lived Assets

The following table presents long-lived assets by the country in which they are based:


(in thousands)	March 29, 2024		June 30, 2023
Long-Lived Assets:
Thailand	$	257,510	$	264,382
U.S.	27,812		25,267
China	15,083		17,407
Israel	2,268		2,796
Others	445		498

Total	$	303,118	$	310,350

Borrowings - Narrative (Details) ฿ in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 29, 2024 USD ($)	Mar. 29, 2024 USD ($)	Mar. 09, 2023 USD ($)	Sep. 27, 2019 USD ($)	Sep. 03, 2019 USD ($)	Aug. 20, 2019 USD ($)	Aug. 20, 2019 THB (฿)
Loan payable due June 2024 \| LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.35%
Line of Credit \| 2023 Credit Facility Agreement
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity			$ 55.0
Loan to value ratio			0.60
Minimum service coverage ratio			1.25
Maximum debt to equity ratio			1.0
Service coverage ratio, minimum at payment of a dividend			1.50
Long term debt outstanding	$ 0.0	$ 0.0
Term loan agreement
Line of Credit Facility [Line Items]
Long term debt outstanding	3.0	3.0
Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Debt instrument, periodic payment		3.0
Interest expense on debt	$ 0.1	$ 0.3
Bank of Ayudhya Public Company Limited \| Term loan agreement
Line of Credit Facility [Line Items]
Loan to value ratio	0.65	0.65
Minimum service coverage ratio	1.25	1.25
Maximum debt to equity ratio	1.0	1.0
Service coverage ratio, minimum at payment of a dividend	1.50	1.50
Bank of Ayudhya Public Company Limited \| 2019 Credit Facility Agreement
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity				$ 3.6		$ 160.9	฿ 110.0
Bank of Ayudhya Public Company Limited \| Term loan agreement
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 60.9

Commitments and contingencies (Details) ฿ in Millions, $ in Millions	Mar. 29, 2024 USD ($)	Mar. 29, 2024 THB (฿)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 THB (฿)
Commitments and Contingencies Disclosure [Line Items]
Outstanding bank guarantees given by banks on behalf of the company	$ 2.0	฿ 73.2	$ 1.5	฿ 53.0
Inventories
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties	850.9
Thailand
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties	$ 27.7

Fair value of financial instruments - Narrative (Details) $ in Millions, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 29, 2024 USD ($) contract	Mar. 31, 2023 USD ($)	Mar. 29, 2024 USD ($) contract	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) contract	Mar. 29, 2024 CAD ($) contract	Jun. 30, 2023 CAD ($) contract	Sep. 27, 2019 contract	Sep. 03, 2019	Jul. 25, 2018
Foreign Currency Fair Value Hedge Derivative [Line Items]
Fixed interest rate										2.86%
Foreign currency forward contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative assets, notional amount					$ 3.0
Gain/(loss) from accumulated other comprehensive income expected to be reclassified			$ (2.9)		$ (4.0)
Unrealized gain (loss) on derivatives	$ (3.7)	$ (2.1)	$ (0.8)	$ 1.8
Foreign currency forward contracts \| Designated as hedging instrument \| Thailand, baht
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding \| contract	135		135		143	135	143
Derivative, notional amount	$ 135.0		$ 135.0		$ 143.0
Foreign currency forward contracts \| Designated as hedging instrument \| Canada, dollars
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding \| contract	1		1		1	1	1
Derivative assets, notional amount						$ 0.2	$ 0.2
Interest rate swaps
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding \| contract	1		1		1	1	1	2
Derivative, notional amount	$ 60.9		$ 60.9		$ 60.9
Gain/(loss) from accumulated other comprehensive income expected to be reclassified					$ 0.4
Number of hedges matured \| contract					1		1
Interest rate swaps \| Bank of Ayudhya Public Company \| Bank of America Credit Facility
Foreign Currency Fair Value Hedge Derivative [Line Items]
Debt instrument stated interest percentage									4.36%

Revenues from contracts with customers - Narrative (Details)	9 Months Ended
	Mar. 29, 2024 region
Revenue from Contract with Customer [Abstract]
Number of geographic regions	3

Inventories (Tables)

9 Months Ended

Mar. 29, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory


(in thousands)	As of March 29, 2024		As of June 30, 2023
Raw materials	$	115,766	$	157,379
Work in progress	260,965		305,627
Finished goods	44,075		28,608
Goods in transit	33,328		27,962
Total inventories	$	454,134	$	519,576

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business segments and geographic information - Schedule of Revenue from External Customers and Long-lived Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 303,118	$ 310,350
Thailand
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	257,510	264,382
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	27,812	25,267
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	15,083	17,407
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	2,268	2,796
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 445	$ 498

Share-based compensation - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 29, 2024	Mar. 29, 2024	Mar. 31, 2023	Dec. 12, 2019	Nov. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs capitalized	$ 0		$ 0
Number of ordinary shares available for future grant (in shares)	1,865,252	1,865,252
Shares withheld to settle employee minimum statutory obligation for applicable income and other employment taxes (in shares)		102,543	172,929
Tax withholdings related to net share settlement of restricted share units		$ 12,716,000	$ 17,740,000
Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 16,300,000	$ 16,300,000
Unrecognized compensation expense, weighted-average period for recognition		2 years 7 months 6 days
Restricted share units \| Vesting option one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year		3 years
Restricted share units \| Vesting option two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year		4 years
Restricted share units \| Non-employee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year		1 year
Restricted share units \| Non-employee director \| Vest on the first of January
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		100.00%
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 9,700,000	$ 9,700,000
Unrecognized compensation expense, weighted-average period for recognition		1 year 1 month 6 days
Performance share units \| Executive of the company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year		2 years
Performance share units \| Executive of the company \| Vest at the end of the performance period \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		0.00%
Performance share units \| Executive of the company \| Vest at the end of the performance period \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		100.00%
Equity Incentive 2020 plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)				1,700,000
Shares reserved for future issuance (in shares)				1,300,000
Shares authorized for future issuance (in shares)				1,281,619
2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	111,347	111,347
Shares authorized for future issuance (in shares)					160,000

Fair value of financial instruments - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) $ in Thousands, $ in Millions	Mar. 29, 2024 USD ($)	Mar. 29, 2024 CAD ($)	Jun. 30, 2023 USD ($)
Foreign currency forward contracts
Liabilities
Derivative assets, notional amount			$ 3,000
Derivative liability, notional amount	$ (135,000)	$ (0.2)	(140,000)
Fair value, measurements, recurring
Assets
Derivative assets – current portion	21		221
Total	411,395		319,722
Liabilities
Derivative liabilities – current portion	(3,799)		(5,236)
Total	(3,799)		(5,236)
Fair value, measurements, recurring \| Interest rate swaps
Liabilities
Derivative assets, notional amount	60,900		60,900
Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	2,459		401
Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities	32,213		41,104
Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	90,774		64,607
Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	136,912		158,078
Fair value, measurements, recurring \| U.S. agency and U.S. treasury securities
Assets
Marketable securities	149,016		55,311
Level 1 \| Fair value, measurements, recurring
Assets
Derivative assets – current portion	0		0
Total	0		0
Liabilities
Derivative liabilities – current portion	0		0
Total	0		0
Level 1 \| Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| U.S. agency and U.S. treasury securities
Assets
Marketable securities	0		0
Level 2 \| Fair value, measurements, recurring
Assets
Derivative assets – current portion	21		221
Total	411,395		319,722
Liabilities
Derivative liabilities – current portion	(3,799)		(5,236)
Total	(3,799)		(5,236)
Level 2 \| Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	2,459		401
Level 2 \| Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities	32,213		41,104
Level 2 \| Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	90,774		64,607
Level 2 \| Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	136,912		158,078
Level 2 \| Fair value, measurements, recurring \| U.S. agency and U.S. treasury securities
Assets
Marketable securities	149,016		55,311
Level 3 \| Fair value, measurements, recurring
Assets
Derivative assets – current portion	0		0
Total	0		0
Liabilities
Derivative liabilities – current portion	0		0
Total	0		0
Level 3 \| Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| U.S. agency and U.S. treasury securities
Assets
Marketable securities	$ 0		$ 0

Revenues from contracts with customers - Schedule of Disaggregation of Revenue by Geographical Regions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 731,535	$ 665,281	$ 2,129,706	$ 1,989,366
Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
North America
Disaggregation of Revenue [Line Items]
Revenues	$ 271,876	$ 316,135	$ 771,814	$ 988,791
North America \| Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	37.20%	47.50%	36.30%	49.70%
U.S.
Disaggregation of Revenue [Line Items]
Revenues	$ 268,475	$ 310,100	$ 761,622	$ 975,098
Others
Disaggregation of Revenue [Line Items]
Revenues	3,401	6,035	10,192	13,693
Cayman Islands
Disaggregation of Revenue [Line Items]
Revenues	0		0
Asia-Pacific and others
Disaggregation of Revenue [Line Items]
Revenues	$ 417,012	$ 279,941	$ 1,218,742	$ 816,635
Asia-Pacific and others \| Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	57.00%	42.10%	57.20%	41.10%
Israel
Disaggregation of Revenue [Line Items]
Revenues	$ 275,022	$ 85,562	$ 752,736	$ 182,732
India
Disaggregation of Revenue [Line Items]
Revenues	63,055	85,731	208,865	247,942
Malaysia
Disaggregation of Revenue [Line Items]
Revenues	30,993	30,688	100,938	130,402
Hong Kong
Disaggregation of Revenue [Line Items]
Revenues	15,147	37,120	43,085	109,315
Thailand
Disaggregation of Revenue [Line Items]
Revenues	13,059	16,706	36,489	45,420
China
Disaggregation of Revenue [Line Items]
Revenues	12,309	11,194	53,831	60,738
Japan
Disaggregation of Revenue [Line Items]
Revenues	5,772	10,044	18,408	32,129
Others
Disaggregation of Revenue [Line Items]
Revenues	1,655	2,896	4,390	7,957
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 42,647	$ 69,205	$ 139,150	$ 183,940
Europe \| Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	5.80%	10.40%	6.50%	9.20%
U.K.
Disaggregation of Revenue [Line Items]
Revenues	$ 18,164	$ 40,292	$ 66,808	$ 103,440
Germany
Disaggregation of Revenue [Line Items]
Revenues	10,148	14,532	33,323	40,975
Others
Disaggregation of Revenue [Line Items]
Revenues	$ 14,335	$ 14,381	$ 39,019	$ 39,525

Leases

9 Months Ended

Mar. 29, 2024

Leases [Abstract]

Leases

The Company leases facilities under non-cancelable operating lease agreements. The Company leases a portion of its capital equipment and vehicles, certain land and buildings for its facilities in Thailand, the Cayman Islands, the PRC, the U.S., Israel and Singapore under operating lease arrangements that expire at various dates through 2029. Certain of these lease arrangements provide the Company the ability to extend the lease term following the expiration of the current term. However, the Company has excluded all lease extension options from its right of use (“ROU”) assets and lease liabilities as the Company is not reasonably assured that it will exercise these options. None of the lease agreements contain residual value guarantees provided by the lessee. The Company also has one intercompany lease transaction in the form of a lease of office and manufacturing space.

Operating leases

As of March 29, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
2024 (remaining three months)	$	444
2025	1,342
2026	1,272
2027	477
2028	15
Thereafter	1
Total undiscounted lease payments	3,551
Less imputed interest	(215)
Total present value of lease liabilities	$	3,336	(1)

(1)Includes current portion of operating lease liabilities of $1.3 million.

Rental expense related to the Company’s operating leases is recognized on a straight-line basis over the lease term.

Rental expense for long-term leases for the three and nine months ended March 29, 2024 was $0.4 million and $1.5 million, respectively, and for the three and nine months ended March 31, 2023 was $0.6 million and $1.8 million, respectively.

Rental expense for short-term leases for the three and nine months ended March 29, 2024 was $0.1 million and $0.8 million, respectively, and for the three and nine months ended March 31, 2023 was $0.2 million and $0.3 million, respectively.

The following summarizes additional information related to the Company’s operating leases:


	As of March 29, 2024		As of June 30, 2023
Weighted-average remaining lease term (in years)	2.5		1.2
Weighted-average discount rate	4.6	%	3.4	%


	Three Months Ended				Nine Months Ended
(in thousands)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	442	$	575	$	2,186	$	1,877
Financing cash flows from finance leases	$	—	$	2	$	—	$	7
ROU assets obtained in exchange for lease liabilities	$	632	$	—	$	3,406	$	79

Borrowings (Tables)

9 Months Ended

Mar. 29, 2024

Debt Disclosure [Abstract]

Schedule of Total Borrowings, Including Revolving and Long-Term Borrowings

The Company’s total borrowings, including current and non-current portions of long-term borrowings, consisted of the following:


(in thousands)
Rate	Conditions	Maturity	As of March 29, 2024		As of June 30, 2023
Long-term borrowings, current portion, net:
Term loan borrowings:
3-month LIBOR +1.35% per annum (1)	Repayable in quarterly installments	June 2024	$	3,047	$	12,188
Less: Unamortized debt issuance costs, current portion			(8)		(32)
Long-term borrowings, current portion, net			$	3,039	$	12,156

(1)The Company has entered into interest rate swaps that effectively fix a series of future interest payments on its term loans. Refer to Note 6.

Schedule of Movements of Long-Term Loans

The movements of long-term borrowings for the nine months ended March 29, 2024 and March 31, 2023 were as follows:


	Nine Months Ended
(in thousands)	March 29, 2024		March 31, 2023
Opening balance	$	12,188	$	27,421

Repayments during the period	(9,141)		(12,187)
Closing balance	$	3,047	$	15,234

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Intangibles - Schedule of Estimated Future Amortization of Intangibles Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining three months)	$ 324
2025	831
2026	609
2027	402
2028	229
Thereafter	32
Total	$ 2,427	$ 2,394

Restructuring and other related costs	9 Months Ended
Restructuring and other related costs	Mar. 29, 2024
Restructuring and Related Activities [Abstract]
Restructuring and other related costs	Restructuring and other related costs Restructuring and other related costs may consist of severance-related charges, asset-related charges and other costs due to exit activities. The Company recognizes severance-related charges depending on whether the termination benefits are provided under an ongoing benefit arrangement or under a one-time benefit arrangement. The Company recognizes the charges once the benefits have been communicated to employees.

Revenues from contracts with customers - Schedule of Activity in the Company's Contract Assets and Liabilities (Details) $ in Thousands	9 Months Ended
	Mar. 29, 2024 USD ($)
Contract Liabilities
Beginning balance, June 30, 2023	$ 3,036
Advance payments received during the period	9,131
Revenue recognized	(5,301)
Ending balance, March 29, 2024	$ 6,866

Share-based compensation - Schedule of Performance Share Unit Activity (Details) - Performance share units - $ / shares	9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Number of Shares
Number of share units, beginning balance (in shares)	204,016	285,882
Number of share units, granted (in shares)	73,936	97,142
Number of share units, vested (in shares)	(106,874)	(179,008)
Number of share units, forfeited (in shares)	0	0
Number of share units, ending balance (in shares)	171,078	204,016
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in USD per share)	$ 108.81	$ 81.64
Weighted-average grant date fair value per share, granted (in USD per share)	158.91	117.35
Weighted-average grant date fair value per share, vested (in USD per share)	101.05	70.05
Weighted-average grant date fair value per share, forfeited (in USD per share)	0	0
Weighted-average grant date fair value per share, ending balance (in USD per share)	$ 135.31	$ 108.81

Share-based compensation (Tables)

9 Months Ended

Mar. 29, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Effect of Recording Share-Based Compensation Expense

The effect of recording share-based compensation expense for the three and nine months ended March 29, 2024 and March 31, 2023 was as follows:


	Three Months Ended				Nine Months Ended
(in thousands)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Share-based compensation expense by type of award:
Restricted share units	$	3,833	$	3,945	$	12,800	$	12,845
Performance share units	2,893		2,774		8,640		8,372
Total share-based compensation expense	6,726		6,719		21,440		21,217
Tax effect on share-based compensation expense	—		—		—		—
Net effect on share-based compensation expense	$	6,726	$	6,719	$	21,440	$	21,217

Schedule of Share-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations and Comprehensive Income

Share-based compensation expense was recorded in the unaudited condensed consolidated statements of operations and comprehensive income as follows:


	Three Months Ended				Nine Months Ended
(in thousands)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Cost of revenue	$	1,561	$	1,453	$	5,427	$	5,028
Selling, general and administrative expense	5,165		5,080		16,013		16,003
Restructuring and other related costs	—		186		—		186
Total share-based compensation expense	$	6,726	$	6,719	$	21,440	$	21,217

Share-Based Payment Arrangement, Activity

The following table summarizes the number of equity awards outstanding and ordinary shares available for grant under each of the Equity Incentive Plans as of March 29, 2024:


(share units)	Restricted Share Units outstanding	Performance Share Units outstanding	Ordinary Shares available for future grant
2020 Plan	311,565	171,078	1,753,905
2017 Inducement Plan	—	—	111,347
Total	311,565	171,078	1,865,252

Schedule of Restricted Share Unit Activity

The following table summarizes restricted share unit activity under the Equity Incentive Plans:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 30, 2023	368,765	$	97.49
Granted	119,097	$	162.02
Vested	(161,927)	$	88.75
Forfeited	(14,370)	$	119.71
Balance as of March 29, 2024	311,565	$	125.67


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 24, 2022	459,626	$	75.14
Granted	154,113	$	119.23
Vested	(220,004)	$	67.23
Forfeited	(19,697)	$	91.84
Balance as of March 31, 2023	374,038	$	97.08

Schedule of Performance Share Unit Activity

The following table summarizes performance share unit activity under the Equity Incentive Plans:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 30, 2023	204,016	$	108.81
Granted	73,936	$	158.91
Vested	(106,874)	$	101.05
Forfeited	—	$	—
Balance as of March 29, 2024	171,078	$	135.31


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 24, 2022	285,882	$	81.64
Granted	97,142	$	117.35
Vested	(179,008)	70.05
Forfeited	—	$	—
Balance as of March 31, 2023	204,016	$	108.81

Business and organization	9 Months Ended
Business and organization	Mar. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and organization	Business and organization General Fabrinet (“Fabrinet” or the “Parent Company”) was incorporated on August 12, 1999, and commenced operations on January 1, 2000. The Parent Company is an exempted company incorporated in the Cayman Islands, British West Indies. The “Company” refers to Fabrinet and its subsidiaries as a group. The Company provides advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, automotive components, industrial lasers, medical devices and sensors. The Company offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and testing. The Company focuses primarily on the production of low-volume, high-mix products. The principal subsidiaries of Fabrinet include Fabrinet Co., Ltd. (“Fabrinet Thailand”), Casix, Inc. (“Casix”), Fabrinet West, Inc. (“Fabrinet West”) and Fabrinet Israel Ltd. (“Fabrinet Israel”).

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income taxes (Details) - USD ($) $ in Millions	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Liability for uncertain tax positions including accrued interest and penalties	$ 1.2		$ 1.2		$ 1.5
Corporate effective income tax rate	2.90%	6.50%	5.00%	3.10%
Deferred tax assets, valuation allowance	$ 2.1		$ 2.1
Deferred tax assets, valuation allowance reversal				$ 1.6

Share-based compensation - Schedule of Share-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 6,726	$ 6,719	$ 21,440	$ 21,217
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,561	1,453	5,427	5,028
Selling, general and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	5,165	5,080	16,013	16,003
Restructuring and other related costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 0	$ 186	$ 0	$ 186

Fair value of financial instruments - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Derivatives designated as hedging instruments
Derivative assets, gross balances	$ 21	$ 221
Derivative liabilities, gross balances	(3,799)	(5,236)
Foreign currency forward and option contracts
Derivatives not designated as hedging instruments
Derivative Assets	0	2
Derivative Liabilities	(901)	(1,256)
Foreign currency forward contracts
Derivatives designated as hedging instruments
Derivative Assets	0	4
Derivative Liabilities	(2,898)	(3,980)
Interest rate swaps
Derivatives designated as hedging instruments
Derivative Assets	21	215
Derivative Liabilities	$ 0	$ 0

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Intangibles - Narrative (Details) - USD ($) $ in Millions	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangibles	$ 0.2	$ 0.3	$ 0.8	$ 1.1

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Treasury stock acquired (in shares)	152,600	35,232	190,839	83,857

Fair value of financial instruments - Schedule of Impacts of Derivative Gain (Loss) of Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Derivatives gain (loss) recognized in other comprehensive income (loss):
Total derivatives gain (loss) recognized in other comprehensive income (loss)	$ (8,161)	$ (4,826)	$ 1,240	$ 7,762
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	1,280	(709)	(485)	(3,327)
Change in net unrealized gain (loss) on derivatives instruments	(6,881)	(5,535)	755	4,435
Foreign currency forward contracts \| Cost of revenues
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(2,805)	(3,245)	5,650	6,083
Foreign currency forward contracts \| SG&A
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(121)	(140)	233	250
Foreign currency forward contracts \| Foreign exchange loss, net
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	4,250	2,807	(6,170)	(9,183)
Foreign currency forward contracts \| Other comprehensive income
Derivatives gain (loss) recognized in other comprehensive income (loss):
Total derivatives gain (loss) recognized in other comprehensive income (loss)	(8,120)	(5,068)	1,434	6,694
Interest rate swaps \| Interest expense
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(44)	(131)	(198)	(477)
Interest rate swaps \| Other comprehensive income
Derivatives gain (loss) recognized in other comprehensive income (loss):
Total derivatives gain (loss) recognized in other comprehensive income (loss)	$ (41)	$ 242	$ (194)	$ 1,068

Business segments and geographic information

9 Months Ended

Mar. 29, 2024

Segment Reporting [Abstract]

Business segments and geographic information

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is Fabrinet’s Chief Executive Officer. As of March 29, 2024, the Company operated and internally managed a single operating segment. Accordingly, the Company does not accumulate discrete information with respect to separate product lines and does not have separate reportable segments.

For the Company’s revenues by geographic region, see “Revenue by Geographic Area, End Market and Product Category” in Note 3.

The following table presents long-lived assets by the country in which they are based:


(in thousands)	March 29, 2024		June 30, 2023
Long-Lived Assets:
Thailand	$	257,510	$	264,382
U.S.	27,812		25,267
China	15,083		17,407
Israel	2,268		2,796
Others	445		498

Total	$	303,118	$	310,350

Significant customers

The Company had three customers that each contributed to 10% or more of the Company's total trade accounts receivable as of March 29, 2024 and June 30, 2023.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangibles - Schedule of Weighted-Average Remaining Life of Intangible Assets (Details)	9 Months Ended	12 Months Ended
	Mar. 29, 2024	Jun. 30, 2023
Software
Finite-Lived Intangible Liabilities [Line Items]
Weighted average remaining life of acquired intangible assets	2 years 2 months 12 days	3 years 1 month 6 days

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Ordinary Share	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Jun. 24, 2022		39,048,700
Beginning balance at Jun. 24, 2022	$ 1,253,682	$ 390	$ 196,667	$ (147,258)	$ (12,793)	$ 1,216,676
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	187,127					187,127
Other comprehensive income (loss)	6,512				6,512
Share-based compensation	21,217		21,217
Issuance of ordinary shares (in shares)		226,083
Issuance of ordinary shares	0	$ 3	(3)
Repurchase of shares held as treasury shares	(9,217)			(9,217)
Tax withholdings related to net share settlement of restricted share units	(17,740)		(17,740)
Ending balance (in shares) at Mar. 31, 2023		39,274,783
Ending balance at Mar. 31, 2023	1,441,581	$ 393	200,141	(156,475)	(6,281)	1,403,803
Beginning balance (in shares) at Dec. 30, 2022		39,251,581
Beginning balance at Dec. 30, 2022	1,384,131	$ 393	194,366	(152,362)	(2,714)	1,344,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59,355					59,355
Other comprehensive income (loss)	(3,567)				(3,567)
Share-based compensation	6,719		6,719
Issuance of ordinary shares (in shares)		23,202
Issuance of ordinary shares	0
Repurchase of shares held as treasury shares	(4,113)			(4,113)
Tax withholdings related to net share settlement of restricted share units	(944)		(944)
Ending balance (in shares) at Mar. 31, 2023		39,274,783
Ending balance at Mar. 31, 2023	1,441,581	$ 393	200,141	(156,475)	(6,281)	1,403,803
Beginning balance (in shares) at Jun. 30, 2023		39,284,176
Beginning balance at Jun. 30, 2023	1,468,658	$ 393	206,624	(194,833)	(8,115)	1,464,589
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	215,115					215,115
Other comprehensive income (loss)	3,457				3,457
Share-based compensation	21,664		21,664
Issuance of ordinary shares (in shares)		166,258
Issuance of ordinary shares	0	$ 2	(2)
Repurchase of shares held as treasury shares	(35,943)			(35,943)
Tax withholdings related to net share settlement of restricted share units	(12,716)		(12,716)
Ending balance (in shares) at Mar. 29, 2024		39,450,434
Ending balance at Mar. 29, 2024	1,660,235	$ 395	215,570	(230,776)	(4,658)	1,679,704
Beginning balance (in shares) at Dec. 29, 2023		39,435,354
Beginning balance at Dec. 29, 2023	1,611,382	$ 394	209,208	(201,205)	4,197	1,598,788
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	80,916					80,916
Other comprehensive income (loss)	(8,855)				(8,855)
Share-based compensation	6,726		6,726
Issuance of ordinary shares (in shares)		15,080
Issuance of ordinary shares	0	$ 1	(1)
Repurchase of shares held as treasury shares	(29,571)			(29,571)
Tax withholdings related to net share settlement of restricted share units	(363)		(363)
Ending balance (in shares) at Mar. 29, 2024		39,450,434
Ending balance at Mar. 29, 2024	$ 1,660,235	$ 395	$ 215,570	$ (230,776)	$ (4,658)	$ 1,679,704

Earnings per ordinary share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to shareholders	$ 80,916	$ 59,355	$ 215,115	$ 187,127
Weighted-average number of ordinary shares outstanding (in shares)	36,250	36,608	36,278	36,575
Incremental shares arising from the assumed vesting of restricted share units and performance share units (in shares)	353	381	296	320
Weighted-average number of ordinary shares for diluted earnings per ordinary share (in shares)	36,603	36,989	36,574	36,895
Basic earnings per ordinary share (in USD per share)	$ 2.23	$ 1.62	$ 5.93	$ 5.12
Diluted earnings per ordinary share (in USD per share)	$ 2.21	$ 1.60	$ 5.88	$ 5.07

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

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-Subparagraph (f)
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.7-04(23))
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings per ordinary share

9 Months Ended

Mar. 29, 2024

Earnings Per Share [Abstract]

Earnings per ordinary share

Basic earnings per ordinary share is computed by dividing reported net income by the weighted-average number of ordinary shares outstanding during each period. Diluted earnings per ordinary share is computed by calculating the effect of potential dilutive ordinary shares outstanding during the period using the treasury stock method. Dilutive ordinary equivalent shares consist of restricted share units and performance share units.

Earnings per ordinary share was calculated as follows:


	Three Months Ended				Nine Months Ended
(in thousands, except per share data)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Net income attributable to shareholders	$	80,916	$	59,355	$	215,115	$	187,127
Weighted-average number of ordinary shares outstanding	36,250		36,608		36,278		36,575
Incremental shares arising from the assumed vesting of restricted share units and performance share units	353		381		296		320
Weighted-average number of ordinary shares for diluted earnings per ordinary share	36,603		36,989		36,574		36,895
Basic earnings per ordinary share	$	2.23	$	1.62	$	5.93	$	5.12
Diluted earnings per ordinary share	$	2.21	$	1.60	$	5.88	$	5.07

Intangibles

9 Months Ended

Mar. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

The following tables present details of the Company’s intangibles:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net
As of March 29, 2024
Software	$	11,253	$	(8,826)	$	2,427


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net
As of June 30, 2023
Software	$	10,533	$	(8,139)	$	2,394

The Company recorded amortization expense relating to intangibles of $0.2 million and $0.3 million for the three months ended March 29, 2024 and March 31, 2023, respectively, and $0.8 million and $1.1 million for the nine months ended March 29, 2024 and March 31, 2023, respectively.

The weighted-average remaining life of software was:


(years)	As of March 29, 2024	As of June 30, 2023
Software	2.2	3.1

Based on the carrying amount of intangibles as of March 29, 2024, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows:


(in thousands)
2024 (remaining three months)	$	324
2025	831
2026	609
2027	402
2028	229
Thereafter	32
Total	$	2,427

Cash, cash equivalents and short-term investments - Narrative (Details)	9 Months Ended
	Mar. 29, 2024
Minimum
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities	3 months
Maximum
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities	3 years

Cash, cash equivalents and short-term investments - Schedule of Available-for-Sale Securities Based on Stated Effective Maturities (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Investments Classified by Contractual Maturity Date [Line Items]
Carrying cost, total	$ 410,037	$ 322,377
Fair value, total	376,702	277,996
Carrying Cost
Investments Classified by Contractual Maturity Date [Line Items]
Carrying cost, due within one year	101,042	172,992
Carrying cost, due between one to five years	308,995	149,385
Fair Value
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, due within one year	101,379	173,137
Fair value, due between one to five years	307,536	145,963
Fair value, total	$ 408,915	$ 319,100

Leases - Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 442	$ 575	$ 2,186	$ 1,877
Financing cash flows from finance leases	0	2	0	7
ROU assets obtained in exchange for lease liabilities	$ 632	$ 0	$ 3,406	$ 79

Accounting policies (Policies)	9 Months Ended
Accounting policies (Policies)	Mar. 29, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements for Fabrinet as of March 29, 2024 and for the three and nine months ended March 29, 2024 and March 31, 2023 include normal recurring adjustments necessary for a fair statement of the financial statements set forth herein, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or "GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such information does not include all of the information and footnotes required by U.S. GAAP for annual financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in Fabrinet’s Annual Report on Form 10-K for the year ended June 30, 2023. The balance sheet as of June 30, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The results for the three and nine months ended March 29, 2024 may not be indicative of results for the year ending June 28, 2024 or any future periods.
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of total revenues and expenses during the year. The Company bases estimates on historical experience and various assumptions about the future that are believed to be reasonable based on available information. The Company’s reported financial position or results of operations may be materially different under different conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies, which are discussed below. Significant assumptions are used in accounting for share-based compensation, allowance for expected credit losses, income taxes, inventory obsolescence, goodwill and valuation of intangible assets related to business acquisitions, among others. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. In the event that the Company's estimates or assumptions prove to be different from actual results, adjustments will be made in subsequent periods to reflect more current information.
Fiscal years	Fiscal years The Company utilizes a 52-53 week fiscal year ending on the Friday in June closest to June 30. The three months ended March 29, 2024 and March 31, 2023 consisted of 13 weeks. The nine months ended March 29, 2024 and March 31, 2023 consisted of 39 and 40 weeks, respectively. Fiscal year 2024 will comprise 52 weeks and will end on June 28, 2024.
Adoption of New Accounting Standards	Adoption of New Accounting Standards No new accounting standard was adopted during the nine months ended March 29, 2024. New Accounting Standards—not yet adopted by the Company In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU will be effective for the Company in the first quarter of fiscal year 2025. The Company is currently assessing the impact to its disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures,” which requires more detailed income tax disclosures. This ASU requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. This ASU is effective for all entities for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will be effective for the Company in the first quarter of fiscal year 2026. The Company is currently assessing the impact to its disclosures.
Contract Assets and Liabilities	Contract Assets and Liabilities A contract asset is recognized when the Company has recognized revenues, but has not yet issued an invoice to its customer for payment. Contract assets are recognized in the unaudited condensed consolidated balance sheets under other current assets and transferred to accounts receivable when rights to payment become unconditional. As of March 29, 2024 and June 30, 2023, the Company's contract assets are de minimis. A contract liability is recognized when the Company has advance payment arrangements with customers. Contract liabilities are recognized in the unaudited condensed consolidated balance sheets under other payables. The contract liabilities balance is normally recognized as revenue within six months.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Inventories - Schedule of inventory (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 115,766	$ 157,379
Work in progress	260,965	305,627
Finished goods	44,075	28,608
Goods in transit	33,328	27,962
Total inventories	$ 454,134	$ 519,576

Accumulated other comprehensive income (loss)

9 Months Ended

Mar. 29, 2024

Equity [Abstract]

Accumulated other comprehensive income (loss)

The changes in AOCI for the nine months ended March 29, 2024 and March 31, 2023 were as follows:


(in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 30, 2023	$	(3,279)	$	(3,541)	$	(330)	$	(965)	$	(8,115)
Other comprehensive income (loss) before reclassification	2,154		1,240		—		(31)		3,363
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	1		(485)		250		—		(234)
Tax effects	—		307		21		—		328
Other comprehensive income (loss)	$	2,155	$	1,062	$	271	$	(31)	$	3,457
Balance as of March 29, 2024	$	(1,124)	$	(2,479)	$	(59)	$	(996)	$	(4,658)


(in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 24, 2022	$	(6,018)	$	(5,082)	$	(803)	$	(890)	$	(12,793)
Other comprehensive income (loss) before reclassification	1,675		7,762		—		(29)		9,408
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	93		(3,327)		338		—		(2,896)
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	1,768	$	4,435	$	338	$	(29)	$	6,512
Balance as of March 31, 2023	$	(4,250)	$	(647)	$	(465)	$	(919)	$	(6,281)

Cash, cash equivalents and short-term investments - Summary of Components of Cash, Cash Equivalents, and Short-Term Investments (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Jun. 30, 2023
Cash and Cash Equivalents [Line Items]
Carrying cost, total	$ 410,037	$ 322,377
Cash and cash equivalents and marketable securities, carrying cost	795,148	553,745
Unrealized Gain/ (Loss)	(1,122)	(3,277)
Cash and cash equivalents	385,111	231,368
Marketable Securities	376,702	277,996
Other Investments	32,213	41,104
Cash
Cash and Cash Equivalents [Line Items]
Carrying Cost	382,652	230,967
Cash and cash equivalents	382,652	230,967
Cash equivalents
Cash and Cash Equivalents [Line Items]
Carrying Cost	2,459	401
Unrealized Gain/ (Loss)	0
Cash and cash equivalents	2,459	401
Liquidity funds
Cash and Cash Equivalents [Line Items]
Carrying Cost	32,213	41,104
Other Investments	32,213	41,104
Certificates of deposit and time deposits
Cash and Cash Equivalents [Line Items]
Carrying cost, total	90,436	64,278
Unrealized Gain/ (Loss)	338	329
Marketable Securities	90,774	64,607
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Carrying cost, total	138,243	161,453
Unrealized Gain/ (Loss)	(1,331)	(3,375)
Marketable Securities	136,912	158,078
U.S. agency and U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Carrying cost, total	149,145	55,542
Unrealized Gain/ (Loss)	(129)	(231)
Marketable Securities	$ 149,016	$ 55,311

Borrowings

9 Months Ended

Mar. 29, 2024

Debt Disclosure [Abstract]

Borrowings

The Company’s total borrowings, including current and non-current portions of long-term borrowings, consisted of the following:


(in thousands)
Rate	Conditions	Maturity	As of March 29, 2024		As of June 30, 2023
Long-term borrowings, current portion, net:
Term loan borrowings:
3-month LIBOR +1.35% per annum (1)	Repayable in quarterly installments	June 2024	$	3,047	$	12,188
Less: Unamortized debt issuance costs, current portion			(8)		(32)
Long-term borrowings, current portion, net			$	3,039	$	12,156

(1)The Company has entered into interest rate swaps that effectively fix a series of future interest payments on its term loans. Refer to Note 6.

The movements of long-term borrowings for the nine months ended March 29, 2024 and March 31, 2023 were as follows:


	Nine Months Ended
(in thousands)	March 29, 2024		March 31, 2023
Opening balance	$	12,188	$	27,421

Repayments during the period	(9,141)		(12,187)
Closing balance	$	3,047	$	15,234

Credit facility agreements:

On August 20, 2019, Fabrinet Thailand (the “Borrower”) and Bank of Ayudhya Public Company Limited (the “Bank”) entered into a credit facility agreement (the “2019 Credit Facility Agreement”), which provides for a facility of 110.0 million Thai baht (approximately $3.6 million based on the applicable exchange rate as of September 27, 2019) and $160.9 million that may be used for, among other things, an overdraft facility, short-term loans against promissory notes, a letter of guarantee facility, a term loan facility and foreign exchange facilities. The Bank may approve any request for extension of credit under the 2019 Credit Facility Agreement and may increase or decrease any facility amount in its sole discretion.

Under the 2019 Credit Facility Agreement, on August 20, 2019, the Borrower and the Bank entered into a term loan agreement (the "Term Loan Agreement") pursuant to which the Borrower drew down on September 3, 2019 a term loan in the original principal amount of $60.9 million. The proceeds from the term loan, together with cash on hand, were used to repay outstanding obligations under the Company's previous syndicated senior credit facility agreement.

The term loan accrues interest at 3-month LIBOR plus 1.35% and is repayable in quarterly installments of $3.0 million, commencing on September 30, 2019. On March 9, 2023, the Borrower and the Bank amended the Term Loan Agreement to replace the interest rate reference from LIBOR to the Secured Overnight Financing Rate ("SOFR") effective from September 29, 2023. The term loan will mature on June 30, 2024. The Borrower may prepay the term loan in whole or in part at any time without premium or penalty. Any portion of the term loan repaid or prepaid may not be borrowed again. During the three and nine months ended March 29, 2024, the Company recorded $0.1 million and $0.3 million, respectively, of interest expense in connection with this term loan, including the impact from interest rate swaps.

Any borrowings under the 2019 Credit Facility Agreement, including those borrowings under the Term Loan Agreement, are guaranteed by Fabrinet and secured by land and buildings owned by the Borrower in the Pathumthani and Chonburi Provinces in Thailand.

The Term Loan Agreement contains affirmative and negative covenants applicable to the Borrower, including delivery of financial statements and other information, compliance with laws, maintenance of insurance, and restrictions on granting security interests or liens on its assets, disposing of its assets, incurring indebtedness and making acquisitions. While the term loan is outstanding, the Borrower is required to maintain a loan to value of the mortgaged real property ratio of not greater than 65%. If the loan to value ratio is not maintained, the Borrower will be required to provide additional security or prepay a portion of the term loan in order to restore the required ratio. The Company is also required to maintain a debt service coverage ratio of at least 1.25 times and a debt-to-equity ratio of less than or equal to 1.0 times. In the case of any

payment of a dividend by the Company, its debt service coverage ratio must be at least 1.50 times. As of March 29, 2024, the Company was in compliance with all of its financial covenants under the Term Loan Agreement.

The events of default under the Term Loan Agreement include failure to timely pay amounts due under the Term Loan Agreement or the related finance documents, failure to comply with the covenants under the Term Loan Agreement or the related finance documents, cross default with other indebtedness of the Borrower, events of bankruptcy or insolvency in respect of the Borrower, and the occurrence of any event or series of events that in the opinion of the Bank has or is reasonably likely to have a material adverse effect.

As of March 29, 2024, there was $3.0 million outstanding under the term loan.

On March 9, 2023, Fabrinet Thailand and the Parent Company (the “Borrowers”) and the Bank entered into a credit facility agreement (the “2023 Credit Facility Agreement”), which provides a facility of $55.0 million.

Any borrowings under the 2023 Credit Facility Agreement are secured by land and buildings owned by the Borrowers in the Pathumthani and Chonburi Provinces in Thailand.

Under the 2023 Credit Facility Agreement, the Borrowers are required to maintain a loan to value of the mortgaged real property ratio of not greater than 60%. The Borrowers are also required to maintain a debt service coverage ratio of at least 1.25 times and a debt-to-equity ratio of less than or equal to 1.0 times. In the case of any payment of a dividend by the Company, its debt service coverage ratio must be at least 1.50 times.

As of March 29, 2024, there was no amount outstanding under the 2023 Credit Facility Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Intangibles (Tables)

9 Months Ended

Mar. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The following tables present details of the Company’s intangibles:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net
As of March 29, 2024
Software	$	11,253	$	(8,826)	$	2,427


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net
As of June 30, 2023
Software	$	10,533	$	(8,139)	$	2,394

Schedule of Weighted-Average Remaining Life of Intangible Assets

The weighted-average remaining life of software was:


(years)	As of March 29, 2024	As of June 30, 2023
Software	2.2	3.1

Schedule of Estimated Future Amortization of Intangibles Assets

Based on the carrying amount of intangibles as of March 29, 2024, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows:


(in thousands)
2024 (remaining three months)	$	324
2025	831
2026	609
2027	402
2028	229
Thereafter	32
Total	$	2,427

Fair value of financial instruments

9 Months Ended

Mar. 29, 2024

Fair Value Disclosures [Abstract]

Fair value of financial instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy is established, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs for the valuation of an asset or liability as of the measurement date. The three levels of inputs that may be used to measure fair value are defined as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly or indirectly. If the assets or liabilities have a specified (contractual) term, Level 2 inputs must be observable for substantially the full term of assets or liabilities.

Level 3 inputs are unobservable inputs for assets or liabilities, which require the reporting entity to develop its own valuation techniques and assumptions.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

The following table provides details of the financial instruments measured at fair value on a recurring basis, including:


	Fair Value Measurements at Reporting Date Using
(in thousands)	Level 1		Level 2			Level 3		Total
As of March 29, 2024
Assets
Cash equivalents	$	—	$	2,459		$	—	$	2,459
Liquidity funds	—		32,213			—		32,213
Certificates of deposit and time deposits	—		90,774			—		90,774
Corporate debt securities	—		136,912			—		136,912
U.S. agency and U.S. treasury securities	—		149,016			—		149,016
Derivative assets – current portion	—		21		(1)	—		21

Total	$	—	$	411,395		$	—	$	411,395
Liabilities
Derivative liabilities – current portion	$	—	$	(3,799)		$	—	$	(3,799)

Total	$	—	$	(3,799)	(2)	$	—	$	(3,799)


	Fair Value Measurements at Reporting Date Using
(in thousands)	Level 1		Level 2			Level 3		Total
As of June 30, 2023
Assets
Cash equivalents	$	—	$	401		$	—	$	401
Liquidity funds	—		41,104			—		41,104
Certificates of deposit and time deposits	—		64,607			—		64,607
Corporate debt securities	—		158,078			—		158,078
U.S. agency and U.S. treasury securities	—		55,311			—		55,311
Derivative assets – current portion	—		221		(3)	—		221
Total	$	—	$	319,722		$	—	$	319,722
Liabilities
Derivative liabilities – current portion	$	—	$	(5,236)		$	—	$	(5,236)

Total	$	—	$	(5,236)	(4)	$	—	$	(5,236)

(1)Interest rate swap agreement with a notional amount of $60.9 million.

(2)Foreign currency forward contracts with an aggregate notional amount of $135.0 million and 0.2 million Canadian dollars.

(3)Foreign currency forward contracts with an aggregate notional amount of $3.0 million and 0.2 million Canadian dollars and an interest rate swap agreement with a notional amount of $60.9 million.

(4)Foreign currency forward contracts with an aggregate notional amount of $140.0 million.

Derivative Financial Instruments

The Company utilizes derivative financial instruments to hedge (i) foreign exchange risk associated with certain foreign currency denominated assets and liabilities and other foreign currency transactions, and (ii) interest rate risk associated with its long-term debt.

The Company minimizes the credit risk associated with its derivative instruments by limiting the exposure to any single counterparty and by entering into derivative instruments only with counterparties that meet the Company’s minimum credit quality standard.

Foreign currency forward and option contracts

As a result of foreign currency rate fluctuations, the U.S. dollar equivalent values of the Company’s foreign currency denominated assets and liabilities fluctuate. The Company uses foreign currency forward and option contracts to manage the foreign exchange risk associated with a portion of its foreign currency denominated assets and liabilities and other foreign currency transactions. The Company enters into foreign currency forward and option contracts to hedge fluctuations in the U.S. dollar value of forecasted transactions denominated in Thai baht and Canadian dollars with counterparties that meet the Company’s minimum credit quality standard.

The Company may enter into foreign currency forward contracts with maturities of up to 12 months to hedge fluctuations in the U.S. dollar value of forecasted transactions denominated in Thai baht, including inventory purchases, payroll and other operating expenses. The Company considers these forward contracts as dual-purpose hedges, that hedge both the foreign exchange fluctuation (i) from inception through the forecasted expenditure, and (ii) any subsequent revaluation of the account payable or accrual. The Company may designate the forward contracts that hedge the foreign exchange fluctuation from inception through the forecasted expenditure as cash flow hedges. The gain or loss on a derivative instrument designated and qualified as a cash flow hedging instrument is recorded as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The reclassified amounts are presented in the same income statement line item as the earnings effect of the hedged item. Once the forecasted transactions are recorded, the Company will discontinue the hedging relationship by de-designating the derivative instrument and recording subsequent changes in fair value through contract maturity to foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income as a natural hedge against the Thai baht denominated assets and liabilities.

The Company may also enter into non-designated foreign currency forward and option contracts to provide an offset to the re-measurement of foreign currency denominated assets and liabilities and to hedge certain forecasted exposures. Changes in the fair value of these non-designated derivatives are recorded as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income.

As of March 29, 2024, the Company had 135 outstanding U.S. dollar foreign currency forward contracts against Thai baht, with an aggregate notional amount of $135.0 million and maturity dates ranging from April 2024 through October 2024 and one outstanding Canadian dollar foreign currency forward contract with a notional amount of 0.2 million Canadian dollars and a maturity date in June 2024.

As of June 30, 2023, the Company had 143 outstanding U.S. dollar foreign currency forward contracts against Thai baht with an aggregate notional amount of $143.0 million and maturity dates ranging from July 2023 through January 2024, and one outstanding Canadian dollar foreign currency forward contract with a notional amount of 0.2 million Canadian dollars and a maturity date in September 2023.

As of March 29, 2024, the hedging relationship over foreign currency forward contracts designated for hedge accounting was determined to be highly effective based on the performance of retrospective and prospective regression testing. As of March 29, 2024, the amount in accumulated other comprehensive income (“AOCI”) expected to be reclassified into earnings within 12 months was a loss of $2.9 million.

As of June 30, 2023, the hedging relationship over foreign currency forward contracts designated for hedge accounting had been tested to be highly effective based on the performance of retrospective and prospective regression testing. As of June 30, 2023, the amount in AOCI expected to be reclassified into earnings within 12 months was a loss of $4.0 million.

During the three and nine months ended March 29, 2024, the Company included an unrealized loss of $3.7 million and $0.8 million, respectively, from changes in the fair value of a foreign currency forward contract that was not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income.

During the three and nine months ended March 31, 2023, the Company included an unrealized loss of $2.1 million and an unrealized gain of $1.8 million, respectively, from changes in the fair value of a foreign currency forward contract that was

not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income.

Interest Rate Swap Agreements

The Company has entered into interest rate swap agreements to mitigate interest rate risk and improve the interest rate profile of the Company’s debt obligations. As of March 29, 2024 and June 30, 2023, the Company had one outstanding interest rate swap agreement with a notional amount of $60.9 million.

On July 25, 2018, Fabrinet Thailand entered into an interest rate swap agreement to effectively convert the floating interest rate of the term loan under the Company's previous syndicated senior credit facility agreement to a fixed interest rate of 2.86% per annum through the scheduled maturity of the term loan in June 2023 (see Note 10). The Company did not designate this interest rate swap for hedge accounting.

On September 3, 2019, Fabrinet Thailand entered into a term loan agreement under a credit facility agreement with Bank of Ayudhya Public Company Limited, and on September 10, 2019, the Company repaid in full the outstanding term loan under the Company's previous syndicated senior credit facility agreement (see Note 10). In conjunction with the funding of the new term loan, the Company entered into a second interest rate swap agreement. The combination of both of these interest rate swaps effectively converts the floating interest rate of the Company’s term loan with Bank of Ayudhya Public Company Limited to a fixed interest rate of 4.36% per annum through the maturity of the term loan in June 2024.

On September 27, 2019, the Company designated these two interest rate swaps as a cash flow hedge for the Company’s term loan under the credit facility agreement with Bank of Ayudhya Public Company Limited. The combination of these two interest rate swaps qualified for hedge accounting because the hedges were highly effective, and the Company had designated and documented contemporaneously the hedging relationships involving these interest rate swaps, one of which matured in June 2023. While the Company intends to continue to meet the conditions for hedge accounting, if hedges do not qualify as highly effective, the changes in the fair value of the derivatives used as hedges would be reflected in earnings. From September 27, 2019, any gains or losses related to these interest rate swaps are recorded in AOCI in the unaudited condensed consolidated balance sheets. The Company reclassifies a portion of the gains or losses from AOCI into earnings at each reporting period based on either the accrued interest amount or the interest payment.

As of March 29, 2024, the amount in AOCI that is expected to be reclassified into earnings within 12 months was de minimis.

As of June 30, 2023, the amount in AOCI that is expected to be reclassified into earnings within 12 months was a gain of $0.4 million.


		Three Months Ended				Nine Months Ended
(in thousands)	Financial statements line item	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	(8,120)	$	(5,068)	$	1,434	$	6,694
Interest rate swaps	Other comprehensive income	(41)		242		(194)		1,068
Total derivatives gain (loss) recognized in other comprehensive income (loss)		$	(8,161)	$	(4,826)	$	1,240	$	7,762
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Foreign currency forward contracts	Cost of revenues	$	(2,805)	$	(3,245)	$	5,650	$	6,083
Foreign currency forward contracts	SG&A	(121)		(140)		233		250
Foreign currency forward contracts	Foreign exchange loss, net	4,250		2,807		(6,170)		(9,183)
Interest rate swaps	Interest expense	(44)		(131)		(198)		(477)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings		$	1,280	$	(709)	$	(485)	$	(3,327)
Change in net unrealized gain (loss) on derivatives instruments		$	(6,881)	$	(5,535)	$	755	$	4,435

Fair Value of derivatives

The following table provides the fair values of the Company’s derivative financial instruments for the periods presented:


	March 29, 2024				June 30, 2023
(in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	—	$	(901)	$	2	$	(1,256)

Derivatives designated as hedging instruments
Foreign currency forward contracts	—		(2,898)		4		(3,980)
Interest rate swaps	21		—		215		—
Derivatives, gross balances	$	21	$	(3,799)	$	221	$	(5,236)

The Company recorded the fair value of derivative financial instruments in the unaudited condensed consolidated balance sheets as follows:


Derivative Financial Instruments			Balance Sheet line item

Fair Value of Derivative Assets			Other current assets, Other non-current assets


Fair Value of Derivative Liabilities			Accrued expenses, Other non-current liabilities

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cover - shares	9 Months Ended
Cover - shares	Mar. 29, 2024	Apr. 26, 2024
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Mar. 29, 2024
Document transition report	false
Entity file number	001-34775
Entity registrant name	FABRINET
Entity incorporation, state or country code	E9
Entity tax identification number	98-1228572
Entity address, address line one	c/o Intertrust Corporate Services
Entity address, address line two	One Nexus Way, Camana Bay
Entity address, city or town	Grand Cayman
Entity address, country	KY
Entity address, postal zip code	KY1-9005
City area code	66 2
Local phone number	524-9600
Title of 12(b) security	Ordinary Shares, $0.01 par value
Trading symbol	FN
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding (in shares)		36,145,246
Current fiscal year end date	--06-28
Amendment flag	false
Document fiscal year focus	2024
Document fiscal period focus	Q3
Entity central index key	0001408710

Leases - Summary of Additional Information Related to Operating and Finance Lease (Details)	Mar. 29, 2024	Jun. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	2 years 6 months	1 year 2 months 12 days
Weighted-average discount rate	4.60%	3.40%

Borrowings - Schedule of Movements of Long-Term Loans (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Opening balance	$ 12,188	$ 27,421
Repayments during the period	(9,141)	(12,187)
Closing balance	$ 3,047	$ 15,234

Business segments and geographic information - Narrative (Details)	9 Months Ended	12 Months Ended
	Mar. 29, 2024	Jun. 30, 2023
Three Customers \| Trade accounts receivable \| Customer Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, percentage	10.00%	10.00%

Share-based compensation - Schedule of Restricted Share Unit Activity (Details) - Restricted share units - $ / shares	9 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Number of Shares
Number of share units, beginning balance (in shares)	368,765	459,626
Number of share units, granted (in shares)	119,097	154,113
Number of share units, vested (in shares)	(161,927)	(220,004)
Number of share units, forfeited (in shares)	(14,370)	(19,697)
Number of share units, ending balance (in shares)	311,565	374,038
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in USD per share)	$ 97.49	$ 75.14
Weighted-average grant date fair value per share, granted (in USD per share)	162.02	119.23
Weighted-average grant date fair value per share, vested (in USD per share)	88.75	67.23
Weighted-average grant date fair value per share, forfeited (in USD per share)	119.71	91.84
Weighted-average grant date fair value per share, ending balance (in USD per share)	$ 125.67	$ 97.08