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SGH Reports Second Quarter Fiscal 2022 Financial Results

04/05/2022

8th Consecutive Quarter of Year-over-Year Revenue Growth;
Board of Directors Approves $75 Million Share Repurchase Authorization

SMART Global Holdings, Inc. ("SGH" or the "Company") (NASDAQ: SGH) today reported financial results for the second quarter of fiscal 2022. Per share measures for all periods reflect the effect of the February 2022 two-for-one share split.

Second Quarter Fiscal 2022 Highlights

  • Net sales of $449 million, up 48% versus the year ago quarter
  • GAAP gross margin of 25.1%, up 750 basis points versus the year ago quarter
  • Non-GAAP gross margin of 26.0%, up 660 basis points versus the year ago quarter
  • GAAP EPS of $0.04, down 67% versus the year ago quarter
  • Non-GAAP EPS of $0.87, up 98% versus the year ago quarter

YTD Fiscal 2022 Highlights

  • Net sales of $919 million, up 54% versus the year ago period
  • GAAP gross margin of 25.6%, up 780 basis points versus the year ago period
  • Non-GAAP gross margin of 26.5%, up 750 basis points versus the year ago period
  • GAAP EPS of $0.40, up 150% versus the year ago period
  • Non-GAAP EPS of $1.95, up 135% versus the year ago period

"We delivered solid financial results for the second quarter of fiscal 2022, culminating a strong first half of the fiscal year, and demonstrating the strength of our growth and diversification strategy," commented CEO Mark Adams. "The results reflect our commitment to operational excellence by focusing on specialty solutions targeting growth markets such as AI, machine learning, data analytics, enterprise storage and edge/IoT. Across all of our businesses, we are investing to capitalize on the growth opportunities in these market segments. In addition, our Board approved a $75 million share repurchase authorization, reflecting their confidence in the strength of our financial position while providing us the flexibility to return capital to our shareholders in a disciplined manner."

Under the share repurchase authorization, the Company may repurchase its outstanding ordinary shares from time to time through open market purchases, privately-negotiated transactions or otherwise. The share repurchase authorization has no expiration date but may be suspended or terminated by the Board of Directors at any time.

During the second quarter, the Company issued a share dividend of one ordinary share for every one outstanding ordinary share owned. Ordinary shares and per share data in this press release have been adjusted for the impact of the share dividend.

Quarterly Financial Results

 

GAAP (1)

 

Non-GAAP (2)

(in millions, except per share amounts)

Q2 FY22

 

Q1 FY22

 

Q2 FY21

 

Q2 FY22

 

Q1 FY22

 

Q2 FY21

Net sales

$

449.2

 

$

469.9

 

$

304.0

 

$

449.2

 

$

469.9

 

$

304.0

Gross profit

 

112.7

 

 

122.2

 

 

53.5

 

 

116.9

 

 

127.0

 

 

59.3

Operating income

 

16.8

 

 

34.8

 

 

12.9

 

 

57.4

 

 

69.2

 

 

27.2

Net income attributable to SGH

 

2.5

 

 

20.0

 

 

5.8

 

 

47.6

 

 

56.3

 

 

21.9

Diluted earnings per share (3)

$

0.04

 

$

0.37

 

$

0.12

 

$

0.87

 

$

1.08

 

$

0.44

(1)

 

GAAP represents U.S. Generally Accepted Accounting Principles.

(2)

 

Non-GAAP represents GAAP excluding the impact of certain activities. Further information regarding our use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures is included within this press release.

(3)

 

Diluted earnings per share reflect the impact of the share dividend.

Business Outlook

As of April 5, 2022, SGH is providing the following financial outlook for its third quarter of fiscal 2022:

 

GAAP
Outlook

Adjustments

Non-GAAP
Outlook

Net sales

$435 to $475 million

 

$435 to $475 million

Gross margin

23% to 25%

1%

(A)

24% to 26%

Diluted earnings per share

$0.35 +/- $0.08

$0.40

(A)(B)(C)

$0.75 +/- $0.08

Diluted shares

57 million

(3) million

 

54 million

Non-GAAP adjustments: (in millions)

 

 

(A) Share-based compensation and amortization of acquisition-related intangibles included in cost of sales

 

$

4

(B) Share-based compensation and amortization of acquisition-related intangibles included in R&D and SG&A

 

 

11

(C) Amortization of debt discount and other costs

 

 

5

 

 

$

20

Second Quarter Fiscal 2022 Earnings Conference Call and Webcast Details

SGH will hold a conference call and webcast to discuss the Q2 fiscal 2022 results and related matters at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Tuesday, April 5, 2022. Interested parties may access the call by dialing +1-888-550-5584 in the U.S. or +1-646-960-0157 from international locations using access code 2316162. The webcast link is located on the SGH Investor Relations section of our website at https://sghcorp.com. We will also post the presentation to our website prior to the call.

Shortly after the conclusion of the conference call, a replay of the audio webcast will be available on the SGH Investor Relations website for approximately seven days.

Use of Forward-Looking Statements

This press 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 SGH (including the business outlook for the next fiscal quarter) and statements regarding growth drivers in SGH's industries and markets. These forward-looking statements are based on current expectations and preliminary assumptions that are subject to factors and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside SGH's control, including, among others: global business and economic conditions and growth trends in technology and lighting industries, our customer markets and various geographic regions; uncertainties in the geopolitical environment; disruptions in our operations or our supply chain as a result of COVID-19 pandemic or otherwise; changes in trade regulations or adverse developments in international trade relations and agreements; 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 and additional capacity; acquisitions of companies or technologies, the failure to successfully integrate and operate them, or customers' negative reactions to them; limitations on or changes in the availability of supply of materials and components; fluctuations in material costs; the temporary or volatile nature of pricing trends in memory or elsewhere; 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 incentives for local manufacturing in Brazil; changes to applicable tax regimes or rates; prices for the end products of our customers; strikes or labor disputes; deterioration in or loss of relations with any of our limited number of key vendors; the inability to maintain or expand government business; and other factors and risks detailed in SGH's filings with the U.S. Securities and Exchange Commission, which include SGH's most recent reports on Form 10-K and Form 10-Q, including SGH's future filings.

Such factors and risks as outlined above and in such filings do not constitute all factors and risks that could cause actual results of SGH to be materially different from our forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of today, and SGH 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.

Statement Regarding Use of Non-GAAP Financial Measures

SGH management uses non-GAAP measures to supplement SGH's financial results under GAAP. Management uses these measures to analyze its operations and make decisions as to future operational plans, and believes that this supplemental non-GAAP information is useful to investors in analyzing and assessing the Company's past and future operating performance. These non-GAAP measures exclude certain items, such as share-based compensation expense, amortization of acquisition-related intangible assets (consisting of amortization of developed technology, customer relationships, trademarks/trade names and backlog acquired in connection with business combinations), acquisition-related inventory adjustments, acquisition-related expenses, restructure charges and integration expenses, changes in the fair value of contingent consideration, (gains) losses from changes in currency exchange rates, COVID-19 expenses, amortization of debt discount and other costs and other infrequent or unusual items. While amortization of acquisition-related intangible assets is excluded, the revenues from acquired companies is reflected in our non-GAAP measures and these intangible assets contribute to revenue generation. Management believes the presentation of operating results that exclude certain items provides useful supplemental information to investors and facilitates the analysis of the Company's core operating results and comparison of operating results across reporting periods. Management also uses adjusted EBITDA, which represents GAAP net income (loss), adjusted for net interest expense, income tax expense, depreciation and amortization expense, share-based compensation expense, acquisition-related inventory adjustments, acquisition-related expenses, restructure charges and integration expenses, changes in the fair value of contingent consideration, COVID-19 expenses and other infrequent or unusual items.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, as they exclude important information about our financial results, as noted above. The presentation of these adjusted amounts varies from amounts presented in accordance with GAAP and therefore may not be comparable to amounts reported by other companies. In addition, adjusted EBITDA does not purport to represent cash flow provided by, or used in, operating activities in accordance with GAAP and should not be used as a measure of liquidity. Investors are encouraged to review the "Reconciliation of GAAP to Non-GAAP Measures" tables below.

About SMART Global Holdings – SGH

At SGH, our companies are united by a drive to raise the bar, execute with discipline and focus on what's next for the technologies that support and advance the world. Across computing, memory and LED lighting solutions, we build long-term strategic partnerships with our customers.

Backed by a proven leadership team, we operate with excellence around the globe while unlocking new avenues of growth for our business and industry.

Learn more about us at SGHcorp.com.

 

SMART Global Holdings, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

 

Three Months Ended

 

Six Month Ended

 

Feb 25, 2022

 

Nov 26, 2021

 

Feb 26, 2021

 

Feb 25, 2022

 

Feb 26, 2021

Net sales:

 

 

 

 

 

 

 

 

 

Memory Solutions

$

260,081

 

$

239,401

 

$

218,597

 

$

499,482

 

$

444,421

Intelligent Platform Solutions

 

82,257

 

 

118,654

 

 

85,412

 

 

200,911

 

 

151,284

LED Solutions

 

106,833

 

 

111,889

 

 

 

 

218,722

 

 

Total net sales

 

449,171

 

 

469,944

 

 

304,009

 

 

919,115

 

 

595,705

Cost of sales

 

336,458

 

 

347,743

 

 

250,553

 

 

684,201

 

 

489,606

Gross profit

 

112,713

 

 

122,201

 

 

53,456

 

 

234,914

 

 

106,099

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

18,794

 

 

17,657

 

 

8,852

 

 

36,451

 

 

15,816

Selling, general and administrative

 

53,114

 

 

52,550

 

 

31,664

 

 

105,664

 

 

69,720

Change in fair value of contingent consideration

 

24,000

 

 

17,200

 

 

 

 

41,200

 

 

Total operating expenses

 

95,908

 

 

87,407

 

 

40,516

 

 

183,315

 

 

85,536

Operating income

 

16,805

 

 

34,794

 

 

12,940

 

 

51,599

 

 

20,563

 

 

 

 

 

 

 

 

 

 

Non-operating (income) expense:

 

 

 

 

 

 

 

 

 

Interest expense, net

 

4,462

 

 

5,106

 

 

4,365

 

 

9,568

 

 

7,518

Other non-operating (income) expense

 

1,785

 

 

1,235

 

 

1,531

 

 

3,020

 

 

699

Total non-operating (income) expense

 

6,247

 

 

6,341

 

 

5,896

 

 

12,588

 

 

8,217

Income before taxes

 

10,558

 

 

28,453

 

 

7,044

 

 

39,011

 

 

12,346

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

7,586

 

 

7,755

 

 

1,200

 

 

15,341

 

 

4,475

Net income

 

2,972

 

 

20,698

 

 

5,844

 

 

23,670

 

 

7,871

Net income attributable to noncontrolling interest

 

514

 

 

671

 

 

 

 

1,185

 

 

Net income attributable to SGH

$

2,458

 

$

20,027

 

$

5,844

 

$

22,485

 

$

7,871

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

$

0.05

 

$

0.41

 

$

0.12

 

$

0.46

 

$

0.16

Diluted

$

0.04

 

$

0.37

 

$

0.12

 

$

0.40

 

$

0.16

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculations:

 

 

 

 

 

 

 

 

 

Basic

 

49,522

 

 

49,011

 

 

48,435

 

 

49,267

 

 

48,778

Diluted

 

57,636

 

 

54,635

 

 

50,407

 

 

56,135

 

 

50,307

Earnings per share and shares used in per share calculations reflect the impact of the share dividend. 

SMART Global Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(In thousands)

 

Three Months Ended

 

Six Months Ended

 

Feb 25, 2022

 

Nov 26, 2021

 

Feb 26, 2021

 

Feb 25, 2022

 

Feb 26, 2021

GAAP gross profit

$

112,713

 

 

$

122,201

 

 

$

53,456

 

 

$

234,914

 

 

$

106,099

 

Share-based compensation expense

 

1,648

 

 

 

1,731

 

 

 

804

 

 

 

3,379

 

 

 

1,641

 

Amortization of acquisition-related intangibles

 

2,582

 

 

 

3,096

 

 

 

647

 

 

 

5,678

 

 

 

1,294

 

Out of period import tax expense

 

 

 

 

 

 

 

4,345

 

 

 

 

 

 

4,345

 

Non-GAAP gross profit

$

116,943

 

 

$

127,028

 

 

$

59,252

 

 

$

243,971

 

 

$

113,379

 

 

 

 

 

 

 

 

 

 

 

GAAP operating expenses

$

95,908

 

 

$

87,407

 

 

$

40,516

 

 

$

183,315

 

 

$

85,536

 

Share-based compensation expense

 

(8,325

)

 

 

(8,044

)

 

 

(4,594

)

 

 

(16,369

)

 

 

(14,845

)

Amortization of acquisition-related intangibles

 

(3,247

)

 

 

(3,247

)

 

 

(2,766

)

 

 

(6,494

)

 

 

(5,533

)

Change in fair value of contingent consideration

 

(24,000

)

 

 

(17,200

)

 

 

 

 

 

(41,200

)

 

 

 

Other

 

(828

)

 

 

(1,038

)

 

 

(1,064

)

 

 

(1,866

)

 

 

(2,681

)

Non-GAAP operating expenses

$

59,508

 

 

$

57,878

 

 

$

32,092

 

 

$

117,386

 

 

$

62,477

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income

$

16,805

 

 

$

34,794

 

 

$

12,940

 

 

$

51,599

 

 

$

20,563

 

Share-based compensation expense

 

9,973

 

 

 

9,775

 

 

 

5,398

 

 

 

19,748

 

 

 

16,486

 

Amortization of acquisition-related intangibles

 

5,829

 

 

 

6,343

 

 

 

3,413

 

 

 

12,172

 

 

 

6,827

 

Change in fair value of contingent consideration

 

24,000

 

 

 

17,200

 

 

 

 

 

 

41,200

 

 

 

 

Out of period import tax expense

 

 

 

 

 

 

 

4,345

 

 

 

 

 

 

4,345

 

Other

 

828

 

 

 

1,038

 

 

 

1,064

 

 

 

1,866

 

 

 

2,681

 

Non-GAAP operating income

$

57,435

 

 

$

69,150

 

 

$

27,160

 

 

$

126,585

 

 

$

50,902

 

 

 

 

 

 

 

 

 

 

 

GAAP net income attributable to SGH

$

2,458

 

 

$

20,027

 

 

$

5,844

 

 

$

22,485

 

 

$

7,871

 

Share-based compensation expense

 

9,973

 

 

 

9,775

 

 

 

5,398

 

 

 

19,748

 

 

 

16,486

 

Amortization of acquisition-related intangibles

 

5,829

 

 

 

6,343

 

 

 

3,413

 

 

 

12,172

 

 

 

6,827

 

Change in fair value of contingent consideration

 

24,000

 

 

 

17,200

 

 

 

 

 

 

41,200

 

 

 

 

Out of period import tax expense

 

 

 

 

 

 

 

3,358

 

 

 

 

 

 

3,358

 

Amortization of debt discount and other costs

 

2,296

 

 

 

2,210

 

 

 

2,098

 

 

 

4,506

 

 

 

4,160

 

Foreign currency (gains) losses

 

1,408

 

 

 

1,467

 

 

 

843

 

 

 

2,875

 

 

 

201

 

Other

 

1,481

 

 

 

1,038

 

 

 

1,064

 

 

 

2,519

 

 

 

2,681

 

Estimated tax effects of non-GAAP adjustments

 

126

 

 

 

(1,752

)

 

 

(84

)

 

 

(1,626

)

 

 

(20

)

Non-GAAP net income attributable to SGH

$

47,571

 

 

$

56,308

 

 

$

21,934

 

 

$

103,879

 

 

$

41,564

 

SMART Global Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(In thousands, except per share amounts)

 

Three Months Ended

 

Six Months Ended

 

Feb 25, 2022

 

Nov 26, 2021

 

Feb 26, 2021

 

Feb 25, 2022

 

Feb 26, 2021

Weighted-average shares outstanding - Diluted:

 

 

 

 

 

 

 

 

 

GAAP weighted-average shares outstanding

 

57,636

 

 

 

54,635

 

 

 

50,407

 

 

56,135

 

 

 

50,307

Adjustment for capped calls

 

(2,759

)

 

 

(2,583

)

 

 

 

 

(2,670

)

 

 

Non-GAAP weighted-average shares outstanding

 

54,877

 

 

 

52,052

 

 

 

50,407

 

 

53,465

 

 

 

50,307

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

GAAP diluted earnings per share

$

0.04

 

 

$

0.37

 

 

$

0.12

 

$

0.40

 

 

$

0.16

Effect of above adjustments

 

0.83

 

 

 

0.71

 

 

 

0.32

 

 

1.55

 

 

 

0.67

Non-GAAP diluted earnings per share

$

0.87

 

 

$

1.08

 

 

$

0.44

 

$

1.95

 

 

$

0.83

 

 

 

 

 

 

 

 

 

 

Net income attributable to SGH

$

2,458

 

 

$

20,027

 

 

$

5,844

 

$

22,485

 

 

$

7,871

Interest expense, net

 

4,462

 

 

 

5,106

 

 

 

4,365

 

 

9,568

 

 

 

7,518

Income tax provision

 

7,586

 

 

 

7,755

 

 

 

1,200

 

 

15,341

 

 

 

4,475

Depreciation expense and amortization of intangible assets

 

16,077

 

 

 

15,813

 

 

 

8,793

 

 

31,890

 

 

 

17,160

Share-based compensation expense

 

9,973

 

 

 

9,775

 

 

 

5,398

 

 

19,748

 

 

 

16,486

Change in fair value of contingent consideration

 

24,000

 

 

 

17,200

 

 

 

 

 

41,200

 

 

 

Out of period import tax expense

 

 

 

 

 

 

 

4,345

 

 

 

 

 

4,345

Other

 

1,481

 

 

 

1,038

 

 

 

1,064

 

 

2,518

 

 

 

2,681

Adjusted EBITDA

$

66,037

 

 

$

76,714

 

 

$

31,009

 

$

142,750

 

 

$

60,536

Weighted average shares outstanding and diluted earnings per share reflect the impact of the share dividend.

SMART Global Holdings, Inc.

Consolidated Balance Sheets

(In thousands)

As of

February 25,
2022

 

August 27,
2021

Assets

 

 

 

Cash and cash equivalents

$

365,768

 

 

$

222,986

 

Accounts receivable, net

 

385,925

 

 

 

313,393

 

Inventories

 

334,148

 

 

 

363,601

 

Other current assets

 

45,876

 

 

 

50,838

 

Total current assets

 

1,131,717

 

 

 

950,818

 

Property and equipment, net

 

149,059

 

 

 

156,266

 

Operating lease right-of-use assets

 

35,816

 

 

 

40,869

 

Intangible assets, net

 

88,887

 

 

 

101,073

 

Goodwill

 

73,413

 

 

 

74,255

 

Other noncurrent assets

 

29,621

 

 

 

21,517

 

Total assets

$

1,508,513

 

 

$

1,344,798

 

 

 

 

 

Liabilities and Equity

 

 

 

Accounts payable and accrued expenses

$

440,983

 

 

$

484,107

 

Current debt

 

6,425

 

 

 

25,354

 

Other current liabilities

 

86,396

 

 

 

74,337

 

Total current liabilities

 

533,804

 

 

 

583,798

 

Long-term debt

 

483,911

 

 

 

340,484

 

Acquisition-related contingent consideration

 

101,700

 

 

 

60,500

 

Noncurrent operating lease liabilities

 

27,047

 

 

 

32,419

 

Other noncurrent liabilities

 

7,139

 

 

 

8,673

 

Total liabilities

 

1,153,601

 

 

 

1,025,874

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

SMART Global Holdings shareholders’ equity:

 

 

 

Ordinary shares

 

1,535

 

 

 

1,504

 

Additional paid-in-capital

 

423,136

 

 

 

396,120

 

Retained earnings

 

207,272

 

 

 

184,787

 

Treasury shares

 

(53,440

)

 

 

(50,545

)

Accumulated other comprehensive income (loss)

 

(229,676

)

 

 

(221,615

)

Total SGH shareholders’ equity

 

348,827

 

 

 

310,251

 

Noncontrolling interest in subsidiary

 

6,085

 

 

 

8,673

 

Total equity

 

354,912

 

 

 

318,924

 

Total liabilities and equity

$

1,508,513

 

 

$

1,344,798

 

SMART Global Holdings, Inc.

Consolidated Statements of Cash Flows

(In thousands)

 

Three Months Ended

 

Six Months Ended

 

Feb 25, 2022

 

Nov 26, 2021

 

Feb 26, 2021

 

Feb 25, 2022

 

Feb 26, 2021

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

$

2,972

 

 

$

20,698

 

 

$

5,844

 

 

$

23,670

 

 

$

7,871

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation expense and amortization of intangible assets

 

16,077

 

 

 

15,813

 

 

 

8,793

 

 

 

31,890

 

 

 

17,160

 

Amortization of debt discount and issuance costs

 

2,438

 

 

 

2,332

 

 

 

2,191

 

 

 

4,770

 

 

 

4,307

 

Share-based compensation expense

 

9,973

 

 

 

9,775

 

 

 

5,398

 

 

 

19,748

 

 

 

16,486

 

Change in fair value of contingent consideration

 

24,000

 

 

 

17,200

 

 

 

 

 

 

41,200

 

 

 

 

Amortization of operating lease right-of-use assets

 

2,417

 

 

 

2,548

 

 

 

1,500

 

 

 

5,245

 

 

 

2,913

 

Other

 

1,533

 

 

 

(192

)

 

 

994

 

 

 

1,341

 

 

 

981

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(39,526

)

 

 

(36,053

)

 

 

12,012

 

 

 

(75,579

)

 

 

10,082

 

Inventories

 

(13,225

)

 

 

39,640

 

 

 

(41,053

)

 

 

26,415

 

 

 

(28,134

)

Other current assets

 

6,132

 

 

 

(932

)

 

 

(9,849

)

 

 

5,200

 

 

 

(19,126

)

Accounts payable and accrued expenses

 

22,105

 

 

 

(53,751

)

 

 

35,780

 

 

 

(31,646

)

 

 

45,921

 

Operating lease liabilities

 

(2,075

)

 

 

(2,141

)

 

 

(1,238

)

 

 

(4,496

)

 

 

(2,742

)

Deferred income taxes, net

 

(656

)

 

 

209

 

 

 

49

 

 

 

(447

)

 

 

271

 

Net cash provided by operating activities

 

32,165

 

 

 

15,146

 

 

 

20,421

 

 

 

47,311

 

 

 

55,990

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Capital expenditures and deposits on equipment

 

(7,376

)

 

 

(12,766

)

 

 

(20,151

)

 

 

(20,142

)

 

 

(34,795

)

Other

 

(81

)

 

 

(611

)

 

 

151

 

 

 

(692

)

 

 

167

 

Net cash used for investing activities

 

(7,457

)

 

 

(13,377

)

 

 

(20,000

)

 

 

(20,834

)

 

 

(34,628

)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds from debt

 

270,775

 

 

 

 

 

 

11,439

 

 

 

270,775

 

 

 

11,439

 

Proceeds from borrowing under line of credit

 

24,000

 

 

 

60,000

 

 

 

23,000

 

 

 

84,000

 

 

 

42,500

 

Proceeds from issuance of shares

 

2,431

 

 

 

5,029

 

 

 

2,546

 

 

 

7,460

 

 

 

5,651

 

Repayments of debt

 

(125,000

)

 

 

 

 

 

(23,000

)

 

 

(125,000

)

 

 

 

Repayments of borrowings under line of credit

 

(59,000

)

 

 

(50,000

)

 

 

 

 

 

(109,000

)

 

 

(42,500

)

Distribution to noncontrolling interest

 

(3,773

)

 

 

 

 

 

 

 

 

(3,773

)

 

 

 

Payments to acquire ordinary shares

 

(230

)

 

 

(2,666

)

 

 

(44,481

)

 

 

(2,895

)

 

 

(47,964

)

Other

 

(3,840

)

 

 

 

 

 

 

 

 

(3,841

)

 

 

 

Net cash provided by (used for) financing activities

 

105,363

 

 

 

12,363

 

 

 

(30,496

)

 

 

117,726

 

 

 

(30,874

)

 

 

 

 

 

 

 

 

 

 

Effect of changes in currency exchange rates on cash and cash equivalents

 

2,647

 

 

 

(4,068

)

 

 

5,781

 

 

 

(1,421

)

 

 

(1,496

)

Net increase (decrease) in cash and cash equivalents

 

132,718

 

 

 

10,064

 

 

 

(24,294

)

 

 

142,782

 

 

 

(11,008

)

Cash and cash equivalents at beginning of period

 

233,050

 

 

 

222,986

 

 

 

164,097

 

 

 

222,986

 

 

 

150,811

 

Cash and cash equivalents at end of period

$

365,768

 

 

$

233,050

 

 

$

139,803

 

 

$

365,768

 

 

$

139,803

 

 

Investor Contact:
Suzanne Schmidt
Investor Relations
+1-510-360-8596
ir@sghcorp.com

PR Contact:
Valerie Sassani
VP of Marketing and Communications
+1-510-941-8921
pr@sghcorp.com

Source: SMART Global Holdings, Inc.

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