0001564590-18-006569.txt : 20180322 0001564590-18-006569.hdr.sgml : 20180322 20180322162013 ACCESSION NUMBER: 0001564590-18-006569 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180322 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180322 DATE AS OF CHANGE: 20180322 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMART Global Holdings, Inc. CENTRAL INDEX KEY: 0001616533 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 981013909 STATE OF INCORPORATION: E9 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38102 FILM NUMBER: 18707175 BUSINESS ADDRESS: STREET 1: 39870 EUREKA DRIVE CITY: NEWARK STATE: CA ZIP: 94560-4809 BUSINESS PHONE: (510) 623-1231 MAIL ADDRESS: STREET 1: 39870 EUREKA DRIVE CITY: NEWARK STATE: CA ZIP: 94560-4809 8-K 1 sgh-8k_20180322.htm 8-K sgh-8k_20180322.htm

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 22, 2018

 

SMART GLOBAL HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Cayman Islands

001-38102

98-1013909

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

c/o Maples Corporate Services Limited

P.O. Box 309

Ugland House

Grand Cayman

 

KY1-1104

Cayman Islands

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (510) 623-1231

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ⌧

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

On March 22, 2018, SMART Global Holdings, Inc. (the “Company”) issued a press release and will hold a conference call announcing its financial results for the second quarter of fiscal 2018 ended February 23, 2018. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The Company refers to non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.  

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit Number

 

Description

 

 

 

99.1

 

Press release issued on March 22, 2018. 

 

 

1

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

SMART GLOBAL HOLDINGS, INC.

 

 

 

By:

 /s/ JACK PACHECO

 

 Name:

 Jack Pacheco

 

 Title: 

 Executive Vice President and Chief Financial Officer

 

 

(Principal Financial and Accounting Officer)

 

 

 

Date: March 22, 2018

 

 

2

 EX-99.1 2 sgh-ex991_6.htm EX-99.1 sgh-ex991_6.htm

Exhibit 99.1

Press Release

FOR IMMEDIATE RELEASE

 

SMART Global Holdings Reports

Second Quarter Fiscal 2018 Financial Results

 

 

NEWARK, CA – March 22, 2018 – SMART Global Holdings, Inc. (“SMART”) (NASDAQ: SGH), parent company of SMART Modular Technologies, Inc., today reported financial results for the second quarter of fiscal 2018 ended February 23, 2018.

 

Second Quarter Fiscal 2018 Highlights:

 

•     Net sales of $314.0 million, 83% higher than prior year quarter

•     GAAP operating income of $45.1 million

•     GAAP net income of $36.8 million

•     Adjusted EBITDA of $56.2 million

•     GAAP diluted EPS of $1.60(1)

•     Non-GAAP diluted EPS of $1.73(1)

(1)  GAAP and Non-GAAP diluted EPS include $0.10 of EPS due to FX gains

 

“The second quarter of fiscal 2018 came in above expectations as we benefited from multiple growth drivers.  The overall memory industry supply and demand dynamics remained favorable with respect to increasing memory densities and pricing.  Additionally, in Brazil, the economy continued to improve and we benefited from local content requirements.  Lastly, we once again demonstrated exceptional operating expense control and operating leverage in our financial model,” commented Iain MacKenzie, President and Co-Chief Executive Officer of SMART Global Holdings.

 

“We remain confident in our ability to drive additional growth and improvement in both SMART Brazil and our Specialty Memory businesses as the global memory market and economic trends in Brazil remain positive, and we see increasing demand from our OEM customers, particularly in the storage and networking end markets,” added Mr. MacKenzie.

 

“As we announced on March 14, 2018, I am very pleased that Ajay Shah has agreed to accept the role of President and CEO.  Ajay’s extensive industry knowledge and long history with SMART make him the ideal executive to lead SMART through this next phase of growth.  I look forward to working closely with Ajay through this transition,” concluded Mr. MacKenzie.

 

Quarterly Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

Q2 FY18

 

Q1 FY18

 

Q2 FY17

 

 

Q2 FY18

 

Q1 FY18

 

Q2 FY17

 

Net sales

$

314.0

 

$

265.4

 

$

172.0

 

 

$

314.0

 

$

265.4

 

$

172.0

 

Gross profit

$

73.0

 

$

57.8

 

$

37.2

 

 

$

73.2

 

$

58.1

 

$

37.3

 

Operating income

$

45.1

 

$

31.5

 

$

9.3

 

 

$

48.5

 

$

34.6

 

$

13.3

 

Net income (loss)

$

36.8

 

$

21.0

 

$

(2.3

)

 

$

39.9

 

$

23.8

 

$

4.9

 

Earnings (loss) per share - diluted

$

1.60

 

$

0.92

 

$

(0.17

)

 

$

1.73

 

$

1.05

 

$

0.35

 

 

(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" table 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 third quarter of fiscal 2018 ending May 25, 2018. These statements are forward-looking and actual results may differ materially. SMART undertakes no obligation to update these statements.

 

Net Sales - GAAP / Non-GAAP

$320 to $340 million

Gross Margin - GAAP / Non-GAAP

21% to 23%

Diluted EPS - GAAP

$1.61 to $1.69

 

 

Intangible amortization per share

$0.05

Stock-based compensation per share

$0.08

 

 

Diluted EPS - Non-GAAP

$1.74 to $1.82

 

 

Expected diluted share count

23.2 million

 

 

Conference Call Details

SMART will host a conference call today for analysts and investors at 2:30pm Pacific Time, 5:30 pm Eastern Time. Dial-in US toll free +1-866-487-6452 using access code 9983539.

 

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: 9983539.

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 industry 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; overall information technology spending; the success of our strategic initiatives including additional investments in new products and additional capacity; 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; deterioration in or loss of relations with any of our limited number of key vendors;  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 operates 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 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 Adjusted EBITDA, non-GAAP net income, non-GAAP net income per diluted share and non-GAAP diluted EPS. We define Adjusted EBITDA as GAAP net income plus net interest expense, income tax expense, depreciation and amortization expense, stock-based compensation expense, restructuring charges,  amortization of non-cash debt discount related to warrants, non-cash charges in connection with refinancing, 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 do not include stock-based compensation expense, intangible amortization expense, amortization of non-cash debt discount related to warrants and non-cash charges in connection with refinancing. These non-GAAP financial measures are provided to enhance the user's overall understanding of our financial performance. By excluding these charges and gains, 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 Adjusted EBITDA and non-GAAP calculations.

 

About SMART Global Holdings

The SMART family of companies are global leaders in specialty memory, storage and hybrid solutions serving the electronics industry with standard and custom products for over 25 years. SMART delivers components, modules and solutions to a broad customer base, including OEMs in computing, networking, communications, storage, mobile and industrial markets. Customers rely on SMART as a strategic supplier with custom designs, product quality, technical support, a global footprint, and the ability to provide locally manufactured memory products in multiple geographies. See www.smartgh.com, www.smartm.com, www.smarth.com or www.smartsscs.com for more information.

SMART Global Holdings, Inc.

and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

February 23, 2018

 

 

November 24, 2017

 

 

February 24, 2017

 

 

February 23, 2018

 

 

February 24, 2017

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil DRAM

 

$

67,322

 

 

$

51,959

 

 

$

28,695

 

 

$

119,281

 

 

$

48,023

 

Brazil Mobile Memory

 

 

141,311

 

 

 

105,891

 

 

 

49,932

 

 

 

247,202

 

 

 

106,143

 

Specialty Memory

 

 

105,332

 

 

 

107,559

 

 

 

93,327

 

 

 

212,891

 

 

 

177,132

 

Total net sales

 

 

313,965

 

 

 

265,409

 

 

 

171,954

 

 

 

579,374

 

 

 

331,298

 

Cost of sales (1)

 

 

240,948

 

 

 

207,573

 

 

 

134,797

 

 

 

448,521

 

 

 

264,431

 

Gross profit

 

 

73,017

 

 

 

57,836

 

 

 

37,157

 

 

 

130,853

 

 

 

66,867

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (1) (2)

 

 

9,852

 

 

 

8,550

 

 

 

9,948

 

 

 

18,402

 

 

 

19,645

 

Selling, general and administrative (1) (2)

 

 

18,087

 

 

 

17,818

 

 

 

16,434

 

 

 

35,905

 

 

 

31,844

 

Management advisory fees

 

 

—

 

 

 

—

 

 

 

1,000

 

 

 

—

 

 

 

2,000

 

Restructuring

 

 

—

 

 

 

—

 

 

 

471

 

 

 

—

 

 

 

457

 

Total operating expenses

 

 

27,939

 

 

 

26,368

 

 

 

27,853

 

 

 

54,307

 

 

 

53,946

 

Income from operations

 

 

45,078

 

 

 

31,468

 

 

 

9,304

 

 

 

76,546

 

 

 

12,921

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(4,230

)

 

 

(4,599

)

 

 

(8,512

)

 

 

(8,829

)

 

 

(14,778

)

Other income (expense), net

 

 

2,548

 

 

 

(2,715

)

 

 

(1,005

)

 

 

(167

)

 

 

(902

)

Total other expense

 

 

(1,682

)

 

 

(7,314

)

 

 

(9,517

)

 

 

(8,996

)

 

 

(15,680

)

Income (loss) before income taxes

 

 

43,396

 

 

 

24,154

 

 

 

(213

)

 

 

67,550

 

 

 

(2,759

)

Provision for income taxes

 

 

6,602

 

 

 

3,149

 

 

 

2,124

 

 

 

9,751

 

 

 

2,785

 

Net income (loss)

 

$

36,794

 

 

$

21,005

 

 

$

(2,337

)

 

$

57,799

 

 

$

(5,544

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.68

 

 

$

0.97

 

 

$

(0.17

)

 

$

2.65

 

 

$

(0.40

)

Diluted

 

$

1.60

 

 

$

0.92

 

 

$

(0.17

)

 

$

2.53

 

 

$

(0.40

)

Shares used in computing per-share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

21,915

 

 

 

21,673

 

 

 

13,870

 

 

 

21,794

 

 

 

13,870

 

Diluted

 

 

23,038

 

 

 

22,715

 

 

 

13,870

 

 

 

22,877

 

 

 

13,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes share-based compensation expense as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

$

227

 

 

$

218

 

 

$

142

 

 

$

445

 

 

$

268

 

Research and development

 

 

288

 

 

 

274

 

 

 

230

 

 

 

562

 

 

$

445

 

Selling, general and administrative

 

 

1,182

 

 

 

1,113

 

 

 

722

 

 

 

2,295

 

 

$

1,431

 

Total stock-based compensation expense

 

$

1,697

 

 

$

1,605

 

 

$

1,094

 

 

$

3,302

 

 

$

2,144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes amortization of intangible assets expense as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

245

 

 

$

245

 

 

$

1,224

 

 

$

490

 

 

$

2,448

 

Selling, general and administrative

 

 

993

 

 

 

1,023

 

 

 

1,723

 

 

 

2,016

 

 

 

3,522

 

Total amortization expense

 

$

1,238

 

 

$

1,268

 

 

$

2,947

 

 

$

2,506

 

 

$

5,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SMART Global Holdings, Inc.

and Subsidiaries

Reconciliation of Non-GAAP Financial Measures to GAAP Results

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

February 23, 2018

 

 

November 24, 2017

 

 

February 24, 2017

 

 

February 23, 2018

 

 

February 24, 2017

 

Reconciliation of gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

73,017

 

 

$

57,836

 

 

$

37,157

 

 

$

130,853

 

 

$

66,867

 

GAAP gross margin

 

 

23.3

%

 

 

21.8

%

 

 

21.6

%

 

 

22.6

%

 

 

20.2

%

Add: Share-based compensation included in cost of sales

 

 

227

 

 

 

218

 

 

 

142

 

 

 

445

 

 

 

268

 

Non-GAAP gross profit

 

$

73,244

 

 

$

58,054

 

 

$

37,299

 

 

$

131,298

 

 

$

67,135

 

Non-GAAP gross margin

 

 

23.3

%

 

 

21.9

%

 

 

21.7

%

 

 

22.7

%

 

 

20.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating expenses

 

$

27,939

 

 

$

26,368

 

 

$

27,853

 

 

$

54,307

 

 

$

53,946

 

Less: Share-based compensation expense included in opex

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

288

 

 

 

274

 

 

 

230

 

 

 

562

 

 

 

445

 

Selling, general and administrative

 

 

1,182

 

 

 

1,113

 

 

 

722

 

 

 

2,295

 

 

 

1,431

 

Total

 

 

1,470

 

 

 

1,387

 

 

 

952

 

 

 

2,857

 

 

 

1,876

 

Less: Amortization of intangible assets included in opex

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

245

 

 

 

245

 

 

 

1,224

 

 

 

490

 

 

 

2,448

 

Selling, general and administrative

 

 

993

 

 

 

1,023

 

 

 

1,723

 

 

 

2,016

 

 

 

3,522

 

Total

 

 

1,238

 

 

 

1,268

 

 

 

2,947

 

 

 

2,506

 

 

 

5,970

 

Less: S-1 related costs

 

 

513

 

 

 

300

 

 

 

—

 

 

 

813

 

 

 

—

 

Non-GAAP operating expenses

 

$

24,718

 

 

$

23,413

 

 

$

23,954

 

 

$

48,131

 

 

$

46,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of income from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP income from operations

 

$

45,078

 

 

$

31,468

 

 

$

9,304

 

 

$

76,546

 

 

$

12,921

 

GAAP operating margin

 

 

14.4

%

 

 

11.9

%

 

 

5.4

%

 

 

13.2

%

 

 

3.9

%

Add: Share-based compensation expense

 

 

1,697

 

 

 

1,605

 

 

 

1,094

 

 

 

3,302

 

 

 

2,144

 

Add: Amortization of intangible assets

 

 

1,238

 

 

 

1,268

 

 

 

2,947

 

 

 

2,506

 

 

 

5,970

 

Add: S-1 related costs

 

 

513

 

 

 

300

 

 

 

—

 

 

 

813

 

 

 

—

 

Non-GAAP income from operations

 

$

48,526

 

 

$

34,641

 

 

$

13,345

 

 

$

83,167

 

 

$

21,035

 

Non-GAAP operating margin

 

 

15.5

%

 

 

13.1

%

 

 

7.8

%

 

 

14.4

%

 

 

6.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of provision for income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP provision for income taxes

 

$

6,602

 

 

$

3,149

 

 

$

2,124

 

 

$

9,751

 

 

$

2,785

 

GAAP effective tax rate

 

 

15.2

%

 

 

13.0

%

 

 

-997.2

%

 

 

14.4

%

 

 

-100.9

%

Tax effect of adjustments to GAAP results

 

 

(338

)

 

 

(348

)

 

 

(365

)

 

 

(686

)

 

 

(702

)

Non-GAAP provision for income taxes

 

$

6,940

 

 

$

3,497

 

 

$

2,489

 

 

$

10,437

 

 

$

3,487

 

Non-GAAP effective tax rate

 

 

14.8

%

 

 

12.8

%

 

 

33.7

%

 

 

14.1

%

 

 

39.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net income (loss) and earnings per share (diluted):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

36,794

 

 

$

21,005

 

 

$

(2,337

)

 

$

57,799

 

 

$

(5,544

)

Adjustments to GAAP net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

1,697

 

 

 

1,605

 

 

 

1,094

 

 

 

3,302

 

 

 

2,144

 

Amortization of intangible assets

 

 

1,238

 

 

 

1,268

 

 

 

2,947

 

 

 

2,506

 

 

 

5,970

 

Amortization of debt discount related to warrants

 

 

—

 

 

 

—

 

 

 

2,180

 

 

 

—

 

 

 

2,180

 

S-1 related costs

 

 

513

 

 

 

300

 

 

 

—

 

 

 

813

 

 

 

—

 

Loss on extinguishment of LT debt

 

 

—

 

 

 

—

 

 

 

1,385

 

 

 

—

 

 

 

1,385

 

Tax effect of items excluded from non-GAAP results

 

 

(338

)

 

 

(348

)

 

 

(365

)

 

 

(686

)

 

 

(702

)

Non-GAAP net income

 

$

39,904

 

 

$

23,830

 

 

$

4,904

 

 

$

63,734

 

 

$

5,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share (diluted)

 

 

23,038

 

 

 

22,715

 

 

 

14,142

 

 

 

22,877

 

 

 

14,137

 

Non-GAAP earnings per share (diluted)

 

$

1.73

 

 

$

1.05

 

 

$

0.35

 

 

$

2.79

 

 

$

0.38

 

SMART Global Holdings, Inc.

and Subsidiaries

Reconciliation of GAAP Net Income (loss) to Adjusted EBITDA

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

February 23, 2018

 

 

November 24, 2017

 

 

February 24, 2017

 

 

February 23, 2018

 

 

February 24, 2017

 

GAAP net income (loss)

 

$

36,794

 

 

$

21,005

 

 

$

(2,337

)

 

$

57,799

 

 

$

(5,544

)

Share-based compensation expense

 

 

1,697

 

 

 

1,605

 

 

 

1,094

 

 

 

3,302

 

 

 

2,144

 

Amortization of intangible assets

 

 

1,238

 

 

 

1,268

 

 

 

2,947

 

 

 

2,506

 

 

 

5,970

 

Interest expense, net

 

 

4,230

 

 

 

4,599

 

 

 

8,512

 

 

 

8,829

 

 

 

14,778

 

Provision for income tax

 

 

6,602

 

 

 

3,149

 

 

 

2,124

 

 

 

9,751

 

 

 

2,785

 

Depreciation

 

 

5,120

 

 

 

5,002

 

 

 

6,044

 

 

 

10,122

 

 

 

11,583

 

S-1 related costs

 

 

513

 

 

 

300

 

 

 

—

 

 

 

813

 

 

 

—

 

Management advisory fees

 

 

—

 

 

 

—

 

 

 

1,000

 

 

 

—

 

 

 

2,000

 

Debt extension costs*

 

 

—

 

 

 

—

 

 

 

1,745

 

 

 

—

 

 

 

1,745

 

Loss on extinguishment of LT debt**

 

 

—

 

 

 

—

 

 

 

1,385

 

 

 

—

 

 

 

1,385

 

Restructuring

 

 

—

 

 

 

—

 

 

 

471

 

 

 

—

 

 

 

457

 

Special retention bonuses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

25

 

Investment advisory fees

 

 

—

 

 

 

—

 

 

 

134

 

 

 

—

 

 

 

540

 

Obsolete inventory related to restructuring

 

 

—

 

 

 

—

 

 

 

372

 

 

 

—

 

 

 

372

 

Adjusted EBITDA

 

$

56,194

 

 

$

36,928

 

 

$

23,491

 

 

$

93,122

 

 

$

38,240

 

* Debt extension costs consist of $1.7 million associated with the amendment of our senior secured term loan and revolving credit facility in November 2016.

** Loss on extinguishment of long-term debt consists of $1.4 million loss on a February 2017 extinguishment.

SMART Global Holdings, Inc.

and Subsidiaries

Consolidated Balance Sheets

(In thousands)

 

 

February 23,

 

 

August 25,

 

 

 

2018

 

 

2017

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

51,816

 

 

$

22,436

 

Accounts receivable, net

 

 

223,500

 

 

 

183,303

 

Inventories

 

 

148,577

 

 

 

127,135

 

Prepaid expenses and other current assets

 

 

18,181

 

 

 

14,115

 

Total current assets

 

 

442,074

 

 

 

346,989

 

Property and equipment, net

 

 

53,238

 

 

 

55,182

 

Other noncurrent assets

 

 

21,556

 

 

 

26,728

 

Intangible assets, net

 

 

2,533

 

 

 

5,107

 

Goodwill

 

 

45,709

 

 

 

46,022

 

Total assets

 

$

565,110

 

 

$

480,028

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

225,718

 

 

$

189,717

 

Accrued liabilities

 

 

24,151

 

 

 

27,316

 

Current portion of long-term debt

 

 

22,954

 

 

 

22,841

 

Total current liabilities

 

 

272,823

 

 

 

239,874

 

Long-term debt

 

 

142,752

 

 

 

154,450

 

Deferred tax liabilities

 

 

730

 

 

 

1,439

 

Other long-term liabilities

 

 

1,897

 

 

 

1,869

 

Total liabilities

 

$

418,202

 

 

$

397,632

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Ordinary shares

 

 

666

 

 

 

653

 

Additional paid-in capital

 

 

239,628

 

 

 

232,162

 

Accumulated other comprehensive loss

 

 

(143,976

)

 

 

(143,210

)

Retained earnings

 

 

50,590

 

 

 

(7,209

)

Total shareholders’ equity

 

 

146,908

 

 

 

82,396

 

Total liabilities and shareholders’ equity

 

$

565,110

 

 

$

480,028

 

 

 

 

 

 

 

 

 

 

SMART Global Holdings, Inc.

and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

February 23, 2018

 

 

November 24, 2017

 

 

February 24, 2017

 

 

February 23, 2018

 

 

February 24, 2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

36,794

 

 

$

21,005

 

 

$

(2,337

)

 

$

57,799

 

 

$

(5,544

)

Adjustments to reconcile net income (loss) to net cash

   provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

6,358

 

 

 

6,270

 

 

 

8,991

 

 

 

12,628

 

 

 

17,553

 

Share-based compensation

 

 

1,697

 

 

 

1,605

 

 

 

1,094

 

 

 

3,302

 

 

 

2,144

 

Provision for doubtful accounts receivable and sales returns

 

 

39

 

 

 

28

 

 

 

18

 

 

 

67

 

 

 

(174

)

Deferred income tax benefit

 

 

(734

)

 

 

(220

)

 

 

(806

)

 

 

(954

)

 

 

(1,111

)

Loss on disposal of property and equipment

 

 

244

 

 

 

—

 

 

 

129

 

 

 

244

 

 

 

129

 

Extinguishment loss on long-term debt

 

 

—

 

 

 

—

 

 

 

1,386

 

 

 

—

 

 

 

1,386

 

Amortization of debt discounts and issuance costs

 

 

722

 

 

 

729

 

 

 

2,922

 

 

 

1,451

 

 

 

3,944

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

14,894

 

 

 

(55,801

)

 

 

(18,235

)

 

 

(40,907

)

 

 

3,375

 

Inventories

 

 

(17,810

)

 

 

(3,746

)

 

 

(35,351

)

 

 

(21,556

)

 

 

(26,351

)

Prepaid expenses and other assets

 

 

(67

)

 

 

1,758

 

 

 

852

 

 

 

1,691

 

 

 

1,476

 

Accounts payable

 

 

(10,145

)

 

 

47,492

 

 

 

40,674

 

 

 

37,347

 

 

 

(15,726

)

Accrued expenses and other liabilities

 

 

2,705

 

 

 

(4,863

)

 

 

2,036

 

 

 

(2,158

)

 

 

3,251

 

Net cash provided by (used in) operating activities

 

 

34,697

 

 

 

14,257

 

 

 

1,373

 

 

 

48,954

 

 

 

(15,648

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures and deposits on equipment

 

 

(4,418

)

 

 

(6,039

)

 

 

(4,320

)

 

 

(10,457

)

 

 

(7,395

)

Proceeds from sale of property and equipment

 

 

66

 

 

 

—

 

 

 

42

 

 

 

66

 

 

 

42

 

Net cash used in investing activities

 

 

(4,352

)

 

 

(6,039

)

 

 

(4,278

)

 

 

(10,391

)

 

 

(7,353

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt payment

 

 

(6,125

)

 

 

(6,184

)

 

 

(6,404

)

 

 

(12,309

)

 

 

(11,735

)

Payment for extinguishment of long-term debt

 

 

—

 

 

 

—

 

 

 

(938

)

 

 

—

 

 

 

(938

)

Fees paid for revolving line of credit refinancing

 

 

(469

)

 

 

(299

)

 

 

—

 

 

 

(768

)

 

 

—

 

Payment of costs related to initial public offering

 

 

(302

)

 

 

(1,289

)

 

 

—

 

 

 

(1,591

)

 

 

—

 

Proceeds from borrowings under revolving line of credit

 

 

103,000

 

 

 

105,500

 

 

 

105,000

 

 

 

208,500

 

 

 

215,250

 

Repayments of borrowings under revolving line of credit

 

 

(103,000

)

 

 

(105,500

)

 

 

(105,000

)

 

 

(208,500

)

 

 

(215,250

)

Proceeds from issuance of ordinary shares from share option exercise

 

 

3,638

 

 

 

539

 

 

 

—

 

 

 

4,177

 

 

 

—

 

Net cash used in financing activities

 

 

(3,258

)

 

 

(7,233

)

 

 

(7,342

)

 

 

(10,491

)

 

 

(12,673

)

Effect of exchange rate changes on cash and cash equivalents

 

 

1,226

 

 

 

82

 

 

 

(98

)

 

 

1,308

 

 

 

381

 

Net increase (decrease) in cash and cash equivalents

 

 

28,313

 

 

 

1,067

 

 

 

(10,345

)

 

 

29,380

 

 

 

(35,293

)

Cash and cash equivalents at beginning of period

 

 

23,503

 

 

 

22,436

 

 

 

33,686

 

 

 

22,439

 

 

 

58,634

 

Cash and cash equivalents at end of period

 

$

51,816

 

 

$

23,503

 

 

$

23,341

 

 

$

51,819

 

 

$

23,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# # #

 

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

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