Smart Global Holdings, Inc. (SGH) SEC Filing 10-Q Quarterly report for the period ending Friday, February 23, 2018

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Smart Global Holdings, Inc.
Ticker: SGH CIK: 1616533

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.

The following information was filed by Smart Global Holdings, Inc. (SGH) on Thursday, March 22, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Smart Global Holdings, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Smart Global Holdings, Inc..

Continue

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1616533/000156459018006586/sgh-10q_20180223.htm