SMART Global Holdings Reports Fourth Quarter and Full Year Fiscal 2019 Financial Results

NEWARK, Calif., Oct. 03, 2019 (GLOBE NEWSWIRE) -- SMART Global Holdings, Inc. (“SMART” or the “Company”) (NASDAQ: SGH), today reported financial results for the fourth quarter and full year fiscal 2019 ended August 30, 2019.

      
Fourth Quarter Fiscal 2019 Highlights: 
     
  • Net sales of $278.4 million
  •  
  • GAAP operating income of $11.4 million
  •  
  • GAAP net income of $5.6 million
  •  
  • Adjusted EBITDA of $25.2 million
  •  
  • GAAP diluted EPS of $0.24
  •  
  • Non-GAAP diluted EPS of $0.50
  •  
 
Full Year Fiscal 2019 Highlights: 
     
  • Net sales of $1.2 billion
  •  
  • GAAP operating income of $89.1 million
  •  
  • GAAP net income of $51.3 million
  •  
  • Adjusted EBITDA of $134.7 million
  •  
  • GAAP diluted EPS of $2.19
  •  
  • Non-GAAP diluted EPS of $3.34
  •  
  • Cash increase of $66.8 million
  •  
 
 

“Fiscal 2019 was a year of two halves.  In the first half we experienced a healthy memory pricing environment and our financial results benefited from that strength.  In the second half of fiscal 2019 component pricing in the memory market declined significantly, which primarily impacted our business in Brazil and, to a lesser extent, our Specialty Memory Products, and resulted in overall revenues in fiscal 2019 declining year-over-year by 6%,” commented Ajay Shah, Chairman and CEO.  

“Despite this challenging business environment, our Specialty Memory Products business grew year-over-year, and our Specialty Compute and Storage Solutions business finished strong representing 30% of total net sales for the fourth quarter of fiscal 2019. Additionally, during the year we added $66.8 million in cash while utilizing an additional $75 million to complete two significant acquisitions that are both accretive to earnings in the first full quarter of operations.”

“In Brazil, the new points-based system for local manufacturing became effective July 1, 2019. We are encouraged by the rebound in our forecasted unit volumes since the new rules went into effect,” continued Mr. Shah.

Jack Pacheco, Chief Operating Officer and Chief Financial Officer, added, “Fourth quarter fiscal 2019 financial results were below our previous guidance primarily due to weakness in our supply chain services business, which is reported as part of Specialty Memory Products.” 

                                                                                                                      
        
Quarterly Financial ResultsGAAP (1) Non-GAAP (2)
(In millions, except per share amounts)Q4 FY19Q3 FY19Q4 FY18 Q4 FY19Q3 FY19Q4 FY18
Net sales$278.4$235.7$374.0 $278.4$235.7$374.0
Gross profit$52.3$43.0$82.7 $53.4$43.7$83.8
Operating income$11.4$7.4$45.0 $18.0$13.2$51.8
Net income$5.6$1.9$29.7 $11.9$7.9$40.0
Diluted earnings per share (EPS)$0.24$0.08$1.28 $0.50$0.34$1.72
        
 


                                                                                                   
    
Annual Financial ResultsGAAP (1) Non-GAAP (2)
(In millions, except per share amounts)FY19FY18 FY19FY18
Net sales$1,212.0$1,288.8 $1,212.0$1,288.8
Gross profit$237.5$291.6 $240.6$293.6
Operating income$89.1$170.2 $113.2$188.8
Net income$51.3$119.5 $78.3$147.0
Diluted earnings per share (EPS)$2.19$5.17 $3.34$6.36
      
(1)  GAAP represents U.S. Generally Accepted Accounting Principles.   
(2)  Please refer to the “Non-GAAP Information” section and the "Reconciliation of Non-GAAP Financial Measures" tables below for further detail on the non-GAAP financial reporting referenced above and a reconciliation of such measures to our nearest GAAP measures.
 

Business Outlook
The following statements are based upon management's current expectations for the first quarter of fiscal 2020 ending November 29, 2019. These statements are forward-looking and actual results may differ materially. SMART undertakes no obligation to update these statements.

                                                    
   
Net Sales$275 to $285 million
Gross Margin - GAAP / Non-GAAP21% to 23%
Diluted EPS - GAAP$0.30 to $0.40
  
Share-based compensation per share$0.22
Intangible amortization per share$0.16
  
Diluted EPS - Non-GAAP$0.68 to $0.78
  
Expected diluted share count23.9 million
   
 

Conference Call Details
SMART will host a conference call today for analysts and investors at 1:30 p.m. Pacific time, 4:30 p.m. Eastern time. Dial-in US toll free +1-866-487-6452 using access code 6379732.

A replay of the conference call will be available for one week following today’s call through the Events section of the SMART website at www.smartgh.com or by calling US toll free +1-855-859-2056; Passcode: 6379732.

Forward-Looking Statements
This release contains, and statements made during the above-referenced conference call will contain "forward-looking statements" including among other things, statements regarding future events and the future financial performance of SMART (including the business outlook for the next fiscal quarter) and statements regarding growth drivers in SMART’s industries and markets. These statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including but not limited to: business and economic conditions and growth trends in the technology industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; trade regulations and relations; changes in currency exchange rates; overall information technology spending; appropriations for government spending; the success of our strategic initiatives including additional investments in new products, additional capacity and acquisitions; the DRAM market and the temporary and volatile nature of pricing trends; deterioration in customer relationships; production or manufacturing difficulties; competitive factors; technological changes; difficulties with or delays in the introduction of new products;  slowing or contraction of growth in the memory market in Brazil; reduction in or termination of local content requirements in Brazil;  changes to applicable tax regimes or rates; prices for the end products of our customers; fluctuations in material costs and availability; strikes or labor disputes; deterioration in or loss of relations with any of our limited number of key vendors;  changes in the availability of supply of materials, components or memory products; the inability of Penguin Computing to obtain and retain security clearances to expand its government business; and other factors and risks detailed in SMART’s filings with the Securities and Exchange Commission. Such factors and risks as outlined above and in such filings may not constitute all factors and risks that could cause actual results of SMART to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. SMART and its subsidiaries operate in a continually changing business environment and new factors emerge from time to time. SMART cannot predict such factors, nor can it assess the impact, if any, from such factors on SMART or its subsidiaries’ results. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements should not be relied upon as a prediction of actual results. These forward-looking statements are made as of today, and SMART does not intend, and has no obligation, to update or revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release, except as required by law.

Non-GAAP Information
Certain non-GAAP financial measures are contained in this press release or will be discussed on our conference call, including non-GAAP gross profit, non-GAAP operating income, Adjusted EBITDA, non-GAAP net income, and non-GAAP net income per diluted share. We define Adjusted EBITDA as GAAP net income plus net interest expense, income tax expense, depreciation and amortization expense, share-based compensation expense, acquisition-related expenses and other infrequent or unusual items. Adjusted EBITDA is not a measure of financial performance calculated in accordance with U.S. GAAP and should be viewed as a supplement to, not a substitute for, our results of operations presented on the basis of U.S. GAAP. Adjusted EBITDA also does not purport to represent cash flow provided by, or used in, operating activities in accordance with U.S. GAAP and should not be used as a measure of liquidity.

The non-GAAP financial results presented herein exclude share-based compensation expense, intangible amortization expense, acquisition-related expenses and other infrequent or unusual expenses, and with respect to non-GAAP diluted EPS, foreign currency gains (losses). These non-GAAP financial measures are provided to enhance the user's overall understanding of our financial performance. By excluding these charges, as well as any related tax effects, our non-GAAP results provide information to management and investors that is useful in assessing SMART's core operating performance and in evaluating and comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results, to plan and forecast future periods, and to assess performance of certain executives for compensation purposes. The presentation of this additional information is not meant to be a substitute for the corresponding financial measures prepared in accordance with U.S. GAAP. In addition, these measures may not be used similarly by other companies and therefore may not be comparable between companies.

Investors are encouraged to review the “Reconciliation of Non-GAAP Financial Measures to GAAP Results” and “Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA” tables below for more detail on non-GAAP calculations.

About SMART Global Holdings
The SMART lines of business are leading designers and manufacturers of electronic products focused on memory and computing technology areas. The company specializes in application specific product development and support for customers in enterprise, government and OEM sales channels. Customers rely on SMART as a strategic supplier with top tier customer service, product quality, and technical support with engineering, sales, manufacturing, supply chain and logistics capabilities worldwide. The company targets customers in markets such as communications, storage, networking, mobile, industrial automation, industrial internet of things, government, military, edge computing and high performance computing.  SMART operates in three primary product areas: specialty memory products, Brazil products and specialty compute and storage solutions.

See www.smartgh.com, www.smartm.comwww.smartembedded.com, www.smartsscs.com and www.penguincomputing.com  for more information.

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 
SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
               
      Three Months Ended Fiscal Year Ended
      August 30, 2019 May 31, 2019 August 31, 2018 August 30, 2019 August 31, 2018
Net sales:            
 Brazil   $89,123  $100,982  $198,624  $536,495  $797,849 
 Specialty Memory    104,634   98,755   122,820   458,946   438,446 
 Specialty Compute and Storage Solutions    84,643   35,920   52,526   216,558   52,526 
  Total net sales    278,400   235,657   373,970   1,211,999   1,288,821 
Cost of sales (1)(2)    226,108   192,622   291,291   974,472   997,235 
 Gross profit    52,292   43,035   82,679   237,527   291,586 
Operating expenses:            
 Research and development (1) (2)    13,536   11,330   11,659   47,920   39,824 
 Selling, general and administrative (1) (2)    30,024   24,306   29,039   103,226   84,541 
 Change in estimated fair value of acquisition-related contingent consideration    (2,700)  —    (3,000)  (2,700)  (3,000)
  Total operating expenses    40,860   35,636   37,698   148,446   121,365 
  Income from operations    11,432   7,399   44,981   89,081   170,221 
Other income (expense):            
 Interest expense, net    (4,567)  (5,001)  (6,217)  (20,716)  (19,144)
 Other income (expense), net    819   97   (5,987)  (2,161)  (13,299)
  Total other expense    (3,748)  (4,904)  (12,204)  (22,877)  (32,443)
  Income before income taxes    7,684   2,495   32,777   66,204   137,778 
Provision for income taxes    2,059   550   3,059   14,872   18,315 
  Net income   $5,625  $1,945  $29,718  $51,332  $119,463 
               
Earnings per share:            
 Basic   $0.24  $0.08  $1.33  $2.24  $5.42 
 Diluted   $0.24  $0.08  $1.28  $2.19  $5.17 
               
Shares used in computing earnings per share:            
 Basic    23,366   23,005   22,383   22,959   22,051 
 Diluted    23,825   23,330   23,270   23,468   23,119 
               
(1) Includes share-based compensation expense as follows:          
 Cost of sales   $682  $651  $475  $2,485  $1,334 
 Research and development    687   673   572   2,654   1,459 
 Selling, general and administrative    4,194   3,109   2,911   13,060   7,764 
  Total stock-based compensation expense   $5,563  $4,433  $3,958  $18,199  $10,557 
               
(2) Includes amortization of intangible assets expense as follows:          
 Cost of sales   $436  $16  $7  $566  $7 
 Research and development    —    —    252   —    987 
 Selling, general and administrative    2,165   961   2,144   5,048   5,136 
  Total amortization expense   $2,601  $977  $2,403  $5,614  $6,130 
               
 


 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 
SMART Global Holdings, Inc.
and Subsidiaries
Reconciliation of Non-GAAP Financial Measures to GAAP Results
(In thousands, except per share data)
              
     Three Months Ended Fiscal Year Ended
     August 30, 2019 May 31, 2019 August 31, 2018 August 30, 2019 August 31, 2018
Reconciliation of gross profit:           
GAAP gross profit  $52,292  $43,035  $82,679  $237,527  $291,586 
 GAAP gross margin   18.8%  18.3%  22.1%  19.6%  22.6%
              
Add: Share-based compensation included in cost of sales   682   651   475   2,485   1,334 
Add: Intangible amortization included in cost of sales   436   16   7   566   7 
Add: Purchase accounting adjustment   —    —    631   —    631 
              
Non-GAAP gross profit  $ 53,410  $ 43,702  $ 83,792  $ 240,578  $ 293,558 
 Non-GAAP gross margin   19.2%  18.5%  22.4%  19.8%  22.8%
              
Reconciliation of operating expenses:           
GAAP operating expenses  $40,860  $35,636  $37,698  $148,446  $121,365 
              
Less: Share-based compensation expense included in opex          
 Research and development   687   673   572   2,654   1,459 
 Selling, general and administrative   4,194   3,109   2,911   13,060   7,764 
  Total   4,881   3,782   3,483   15,714   9,223 
              
Less: Amortization of intangible assets included in opex           
 Research and development   —    —    252   —    987 
 Selling, general and administrative   2,165   961   2,144   5,048   5,136 
  Total   2,165   961   2,396   5,048   6,123 
              
Less: S-1 related costs   —    —    —    —    813 
Less: Legal fees - term loan (payment holiday)   —    —    —    126   —  
Less: Acquisition-related expenses   1,068   431      2,844   2,922   3,435 
Less: Contingent consideration fair value adjustment   (2,700)  —    (3,000)  (2,700)  (3,000)
              
Non-GAAP operating expenses  $ 35,446  $ 30,462  $ 31,975  $ 127,336  $ 104,771 
              
Reconciliation of income from operations:           
GAAP income from operations  $11,432  $7,399  $44,981  $89,081  $170,221 
 GAAP operating margin   4.1%  3.1%  12.0%  7.3%  13.2%
              
Add: Share-based compensation expense   5,563   4,433   3,958   18,199   10,557 
Add: Amortization of intangible assets   2,601   977   2,403   5,614   6,130 
Add: Purchase accounting adjustment   —    —    631   —    631 
Add: S-1 related costs   —    —    —    —    813 
Add: Legal fees - term loan (payment holiday)   —    —    —    126   —  
Add: Acquisition-related expenses   1,068   431      2,844   2,922   3,435 
Add: Contingent consideration fair value adjustment   (2,700)  —    (3,000)  (2,700)  (3,000)
              
Non-GAAP income from operations  $ 17,964  $ 13,240  $ 51,817  $ 113,242  $ 188,787 
 Non-GAAP operating margin   6.5%  5.6%  13.9%  9.3%  14.6%
              
 


 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 
SMART Global Holdings, Inc.
and Subsidiaries
Reconciliation of Non-GAAP Financial Measures to GAAP Results
(In thousands, except per share data)
              
     Three Months Ended Fiscal Year Ended
     August 30, 2019 May 31, 2019 August 31, 2018 August 30, 2019 August 31, 2018
              
Reconciliation of income before income taxes:           
GAAP income before income taxes  $7,684  $2,495  $32,777  $66,204  $137,778 
Add: Share-based compensation expense   5,563   4,433   3,958   18,199   10,557 
Add: Amortization of intangible assets   2,601   977   2,403   5,614   6,130 
Add: Purchase accounting adjustment   —    —    631   —    631 
Add: S-1 related costs   —    —    —    —    813 
Add: Legal fees - Term loan (payment holiday)   —    —    —    126   —  
Add: Acquisition-related expenses   1,068   431   2,844   2,922   3,435 
Add: Contingent consideration fair value adjustment   (2,700)  —    (3,000)  (2,700)  (3,000)
Add: Foreign currency (gains)/losses   (332)  144   5,968   3,149   13,227 
Non-GAAP income before income taxes  $ 13,884  $ 8,480  $ 45,581  $ 93,514  $ 169,571 
              
Reconciliation of provision for income taxes:           
GAAP provision for income taxes  $2,059  $550  $3,059  $14,872  $18,315 
 GAAP effective tax rate   26.8%  22.0%  9.3%  22.5%  13.3%
              
Tax effect of adjustments to GAAP results   33   (14)  (2,529)  (314)  (4,273)
Non-GAAP provision for income taxes  $2,026  $564  $5,588  $15,186  $22,588 
 Non-GAAP effective tax rate   14.6%  6.7%  12.3%  16.2%  13.3%
              
Reconciliation of net income and earnings per share (diluted):         
GAAP net income  $ 5,625  $ 1,945  $ 29,718  $ 51,332  $ 119,463 
              
Adjustments to GAAP net income:           
 Share-based compensation   5,563   4,433   3,958   18,199   10,557 
 Amortization of intangible assets   2,601   977   2,403   5,614   6,130 
 Purchase accounting adjustment   —    —    631   —    631 
 S-1 related costs   —    —    —    —    813 
 Legal fees - Term loan (payment holiday)   —    —    —    126   —  
 Acquisition related expenses   1,068   431   2,844   2,922   3,435 
 Contingent consideration fair value adjustment   (2,700)  —    (3,000)  (2,700)  (3,000)
 Foreign currency (gains)/losses   (332)  144   5,968   3,149   13,227 
 Tax effect of items excluded from non-GAAP results   33   (14)  (2,529)  (314)  (4,273)
              
Non-GAAP net income  $ 11,858  $ 7,916  $ 39,993  $ 78,328  $ 146,983 
              
Shares used in computing earnings per share (diluted)   23,825   23,330   23,270   23,468   23,119 
              
Non-GAAP earnings per share (diluted)  $ 0.50  $ 0.34  $ 1.72  $ 3.34  $ 6.36 
              
GAAP earnings per share (diluted)  $0.24  $0.08  $1.28  $2.19  $5.17 
              
 


 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 
SMART Global Holdings, Inc.
and Subsidiaries
Reconciliation of GAAP Net Income to Adjusted EBITDA
(In thousands)
              
     Three Months Ended Fiscal Year Ended
     August 30, 2019 May 31, 2019 August 31, 2018 August 30, 2019 August 31, 2018
              
GAAP net income  $ 5,625  $ 1,945 $ 29,718  $ 51,332  $ 119,463 
              
 Share-based compensation expense   5,563   4,433  3,958   18,199   10,557 
 Amortization of intangible assets   2,601   977  2,403   5,614   6,130 
 Interest expense, net   4,567   5,001  6,217   20,716   19,144 
 Provision for income tax   2,059   550  3,059   14,872   18,315 
 Depreciation   6,452   5,841  5,124   23,592   20,052 
 S-1 related costs   —    —   —    —    813 
 Legal fees - term loan (payment holiday)   —    —   —    126   —  
 Purchase accounting adjustment(1)   —    —   631   —    631 
 Acquisition-related expenses(1)   1,068   431     2,844   2,922   3,435 
 Contingent consideration fair value adjustment(1)  (2,700)  —   (3,000)  (2,700)  (3,000)
            —    —  
 Adjusted EBITDA  $ 25,235  $ 19,178 $ 50,954  $ 134,673  $ 195,540 
              
              
 (1) Amounts in FY19 & FY18 related to acquisitions of SMART EC & Inforce (July 2019) and Penguin Computing (June 2018).      
              
 


 

                                                                                                                                                                                                                                                                                                                   
 
SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Balance Sheets
(In thousands)
           
        August 30, August 31,
  2019 2018
Assets    
Current assets:     
 Cash and cash equivalents $ 98,139 $ 31,375
 Accounts receivable, net 233,351 237,212
 Inventories   118,738 221,419
 Prepaid expenses and other current assets 37,950 32,043
     Total current assets 488,178 522,049
Property and equipment, net 68,345 56,615
Other noncurrent assets 12,784 22,449
Intangible assets, net 69,325 26,255
Goodwill    79,888 45,394
     Total assets $ 718,520 $ 672,762
Liabilities and Shareholders’ Equity    
Current liabilities:    
 Accounts payable $ 164,866 $ 223,186
 Accrued liabilities 64,898 45,190
 Current portion of long-term debt 24,054 27,409
     Total current liabilities 253,818 295,785
Long-term debt  182,450 184,190
Other long-term liabilities 10,327 5,659
     Total liabilities 446,595 485,634
Shareholders’ equity:    
 Ordinary shares 712 678
 Additional paid-in capital 284,459 250,191
 Accumulated other comprehensive loss (177,866) (175,995)
 Retained earnings 164,620 112,254
     Total shareholders’ equity 271,925 187,128
     Total liabilities and shareholders’ equity $ 718,520 $ 672,762
           
 


 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 
SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
                           
        Three Months Ended Fiscal Year Ended
        August 30, 2019 May 31, 2019 August 31, 2018 August 30, 2019 August 31, 2018
Cash flows from operating activities:          
 Net income  $5,625  $1,945  $29,718  $51,332  $119,463 
 Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
   Depreciation and amortization  9,054   6,817   7,526   29,206   26,182 
   Share-based compensation  5,563   4,433   3,958   18,199   10,557 
   Provision for doubtful accounts receivable and sales returns  (66)  46   (73)  (90)  (86)
   Deferred income tax benefit  (1,149)  677   (1,444)  (719)  (2,820)
   Loss on disposal of property and equipment  56   22   461   77   691 
   Write off of long-term asset  —    —    —    —    250 
   Amortization of debt discounts and issuance costs  718   706   807   2,803   2,972 
   Change in fair value of contingent consideration  (2,700)  —    (3,000)  (2,700)  (3,000)
   Changes in operating assets and liabilities:          
    Accounts receivable  11,665   91,430   31,409   19,323   (55,297)
    Inventories  19,312   35,111   (14,495)  102,083   (42,435)
    Prepaid expenses and other assets  (3,393)  (2,455)  (5,241)  (1,606)  (8,736)
    Accounts payable  (19,684)  (76,442)  (66,331)  (64,569)  17,548 
    Accrued expenses and other liabilities  23,939   (15,980)  7,321   16,317   2,618 
     Net cash provided by (used in) operating activities  48,940   46,310   (9,384)  169,656   67,907 
Cash flows from investing activities:          
 Capital expenditures and deposits on equipment  (3,321)  (10,496)  (7,487)  (33,433)  (25,738)
 Proceeds from sale of property and equipment  10   18   204   81   305 
 Acquisitions of business, net of cash acquired  (75,940)  —    (42,316)  (76,088)  (42,316)
     Net cash used in investing activities  (79,251)  (10,478)  (49,599)  (109,440)  (67,749)
Cash flows from financing activities:          
 Long-term debt payment  (1,680)  (1,704)  (5,865)  (6,753)  (24,267)
 Proceeds from issuance of long-term debt, net of costs paid  —    —    59,365   —    59,365 
 Fees paid for revolving line of credit refinancing  —    —    —    —    (768)
 Payment of costs related to initial public offering  —    —    —    —    (1,591)
 Proceeds from borrowings under revolving line of credit  19,000   67,500   151,895   254,500   429,395 
 Repayments of borrowings under revolving line of credit  (19,000)  (67,500)  (184,184)  (254,500)  (461,684)
 Proceeds from issuance of ordinary shares from share option exercises 1,301   297   1,324   5,071   7,494 
 Proceeds from issuance of ordinary shares from ESPP  —    1,335   —    2,303   —  
 Withholding tax on restricted stock units  (290)  (11)  —    (520)  —  
     Net cash provided by (used in) financing activities  (669)  (83)  22,535   101   7,944 
 Effect of exchange rate changes on the cash, cash equivalents and restricted cash *  3,020   (4,824)  2,867   588   (331)
     Net increase (decrease) in cash and cash equivalents and restricted cash *  (27,960)  30,925   (33,581)  60,905   7,771 
Cash, cash equivalents, and restricted cash at beginning of period *  126,099   95,174   70,815   37,234   29,463 
Cash, cash equivalents, and restricted cash at end of period * $98,139  $126,099  $37,234  $98,139  $37,234 
                 
                 
* Cash balance was adjusted to include restricted cash upon adoption of ASU 2016-18 in fiscal 2019.        
                 
 

 

Investor Contact: 

 Suzanne Schmidt
Investor Relations for SMART Global Holdings, Inc. 
(510) 360-8596
 ir@smartm.com

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Source: SMART Global Holdings, Inc.