Exhibit 99.1

Press Release

FOR IMMEDIATE RELEASE

 

SMART Global Holdings Reports

Fourth Quarter and Full Year Fiscal 2020 Financial Results

 

NEWARK, CA – October 1, 2020

 SMART Global Holdings, Inc. (“SMART” or the “Company”) (NASDAQ: SGH), today reported financial results for the fourth quarter and full year fiscal 2020 ended August 28, 2020.

 

Fourth Quarter Fiscal 2020 Highlights:

 

Net sales of $297.0 million, 6.7% higher than the year ago quarter.

 

GAAP net income of $7.5 million, or $0.30 per share, 33.8% and 28.3% higher than the year ago quarter, respectively.

 

Non-GAAP net income of $20.4 million or $0.82 per share, 72.2% and 65.2% higher than the year ago quarter, respectively.

 

Adjusted EBITDA of $33.0 million, 30.6% higher than the year ago quarter.

 

Fiscal 2020 Highlights:

 

Net sales of $1.1 billion, versus $1.2 billion for the prior fiscal year.

 

GAAP net loss of $1.1 million, or $0.05 per share.

 

Non-GAAP net income of $63.7 million, or $2.59 per share.

 

Adjusted EBITDA of $104.2 million.

 

Ending cash and equivalents balance exceeded $150 million.

 

 

“I am pleased to announce a strong conclusion to our fiscal 2020,” commented Mark Adams, President and CEO.  “Our fourth fiscal quarter results demonstrate the strength of our business during these challenging times.  Fourth quarter revenue grew by 5.6 percent sequentially, driven by strength in both our Specialty Compute and Storage Solutions and Brazil businesses.  Additionally, reflecting the operating leverage in our business model, we achieved non-GAAP earnings per share of $0.82, more than 17 percent higher than the previous quarter.”

 

“Given our strong balance sheet, we believe we are well-positioned to build on our growth and diversification strategy while leveraging our strong customer relationships, established global manufacturing and supply chain capabilities, and our track record of operational excellence,” concluded Mr. Adams.

 

Quarterly Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

Q4 FY20

 

Q3 FY20

 

Q4 FY19

 

 

Q4 FY20

 

Q3 FY20

 

Q4 FY19

 

Net sales

$

297.0

 

$

281.3

 

$

278.4

 

 

$

297.0

 

$

281.3

 

$

278.4

 

Gross profit

$

56.3

 

$

54.2

 

$

52.3

 

 

$

57.8

 

$

55.9

 

$

53.4

 

Operating income

$

17.2

 

$

10.1

 

$

11.4

 

 

$

28.4

 

$

20.3

 

$

18.0

 

Net income

$

7.5

 

$

0.8

 

$

5.6

 

 

$

20.4

 

$

17.1

 

$

11.9

 

Diluted earnings per share (EPS)

$

0.30

 

$

0.03

 

$

0.24

 

 

$

0.82

 

$

0.70

 

$

0.50

 

 

Annual Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

FY20

 

FY19

 

 

FY20

 

FY19

 

Net sales

$

1,122.4

 

$

1,212.0

 

 

$

1,122.4

 

$

1,212.0

 

Gross profit

$

216.4

 

$

237.5

 

 

$

222.3

 

$

240.6

 

Operating income

$

41.3

 

$

89.1

 

 

$

84.2

 

$

113.2

 

Net income

$

(1.1

)

$

51.3

 

 

$

63.7

 

$

78.3

 

Diluted earnings per share (EPS)(3)

$

(0.05

)

$

2.19

 

 

$

2.59

 

$

3.34

 

 

(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.


The following information was filed by Smart Global Holdings, Inc. (SGH) on Thursday, October 1, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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