SMART Global Holdings Reports Fourth Quarter and Full Year Fiscal 2020 Financial Results - GlobeNewswire

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NEWARK, Calif., Oct. 01, 2020 (GLOBE NEWSWIRE) -- 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 (loss)	$	(1.1	)	$	51.3		$	63.7	$	78.3
Diluted earnings per share (EPS)	$	(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" 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 2021 ending November 27, 2020. These statements are forward-looking and actual results may differ materially. SMART undertakes no obligation to update these statements.

Net Sales	$280 to $300 million
Gross Margin - GAAP / Non-GAAP	18% to 19%
Diluted EPS - GAAP	$0.28 ± $0.05
Share-based compensation per share	$0.20
Intangible amortization per share	$0.14
Convertible debt discount OID and fees per share	$0.08
Diluted EPS - Non-GAAP	$0.70 ± $0.05
Expected diluted share count	25.0 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, or International toll free +1-213-660-0710 using access code 4779109.  We will post an accompanying slide presentation to our website prior to the beginning of the call.

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, or International toll free +1 404-537-3406; Passcode: 4779109.

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; disruptions in our operations or in global markets as a result of the outbreak of COVID-19; 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, 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 incentives for local manufacturing 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 (loss) plus net interest expense, income tax expense, depreciation and amortization expense, share-based compensation expense, loss on extinguishment of debt/revolver, capped call mark to market (MTM) adjustment, restructuring expenses, integration expenses, COVID-19 expenses, acquisition-related expenses, gain on settlements 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, loss on extinguishment of debt/revolver, capped call MTM adjustment, convertible debt original issue discount (OID) and fees, restructuring expenses, integration expenses, COVID-19 expenses, acquisition-related expenses, gain on settlements 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.

For more information about  SMART Global Holdings business units, visit: SMART Modular Technologies; SMART Embedded Computing; SMART Supply Chain Services;  and Penguin Computing.

SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
				Three Months Ended												Fiscal Year Ended
				August 28, 2020				May 29, 2020				August 30, 2019				August 28, 2020				August 30, 2019
Net sales:
	Specialty Memory Products			$	125,142			$	127,700			$	104,634			$	467,826			$	458,946
	Brazil Products				105,011				92,701				89,123				389,411				536,495
	Specialty Compute and Storage Solutions				66,877				60,886				84,643				265,140				216,558
		Total net sales			297,030				281,287				278,400				1,122,377				1,211,999
Cost of sales (1) (2)					240,693				227,054				226,108				905,981				974,472
	Gross profit				56,337				54,233				52,292				216,396				237,527
Operating expenses:
	Research and development (1)				8,032				14,436				13,536				52,056				47,920
	Selling, general and administrative (1) (2)				27,587				29,733				30,024				119,523				103,226
	Restructuring charge				3,487				—				—				3,487				—
	Change in estimated fair value of acquisition-related contingent consideration				—				—				(2,700	)			—				(2,700	)
		Total operating expenses			39,107				44,169				40,860				175,065				148,446
		Income from operations			17,230				10,064				11,432				41,330				89,081
Other income (expense):
	Interest expense, net				(3,265	)			(3,094	)			(4,567	)			(15,000	)			(20,716	)
	Other income (expense), net				(299	)			(3,445	)			819				(16,970	)			(2,161	)
		Total other expense			(3,564	)			(6,539	)			(3,748	)			(31,970	)			(22,877	)
		Income before income taxes			13,666				3,525				7,684				9,360				66,204
Provision for income taxes					6,139				2,700				2,059				10,503				14,872
		Net income (loss)		$	7,527			$	825			$	5,625			$	(1,143	)		$	51,332
Earnings per share:
	Basic			$	0.31			$	0.03			$	0.24			$	(0.05	)		$	2.24
	Diluted			$	0.30			$	0.03			$	0.24			$	(0.05	)		$	2.19
Shares used in computing earnings per share:
	Basic				24,290				24,066				23,366				23,994				22,959
	Diluted				24,839				24,431				23,825				23,994				23,468
(1) Includes share-based compensation expense as follows:
	Cost of sales			$	861			$	699			$	682			$	3,022			$	2,485
	Research and development				763				780				687				3,069				2,654
	Selling, general and administrative				1,582				3,428				4,194				12,625				13,060
		Total stock-based compensation expense		$	3,206			$	4,907			$	5,563			$	18,716			$	18,199
(2) Includes amortization of intangible assets expense as follows:
	Cost of sales			$	647			$	647			$	436			$	2,588			$	566
	Selling, general and administrative				2,767				2,767				2,165				11,066				5,048
		Total amortization expense		$	3,414			$	3,414			$	2,601			$	13,654			$	5,614

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 28, 2020				May 29, 2020				August 30, 2019				August 28, 2020				August 30, 2019
Reconciliation of gross profit:
GAAP gross profit				$	56,337			$	54,233			$	52,292			$	216,396			$	237,527
	GAAP gross margin				19.0	%			19.3	%			18.8	%			19.3	%			19.6	%
Add: Share-based compensation included in cost of sales					861				699				682				3,022				2,485
Add: Intangible amortization included in cost of sales					647				647				436				2,588				566
Add: COVID-19 expenses					—				282				—				282				—
Non-GAAP gross profit				$	57,845			$	55,861			$	53,410			$	222,288			$	240,578
	Non-GAAP gross margin				19.5	%			19.9	%			19.2	%			19.8	%			19.8	%
Reconciliation of operating expenses:
GAAP operating expenses				$	39,107			$	44,169			$	40,860			$	175,065				148,446
Less: Share-based compensation expense included in opex
	Research and development				763				780				687				3,069				2,654
	Selling, general and administrative				1,582				3,428				4,194				12,625				13,060
		Total			2,345				4,208				4,881				15,694				15,714
Less: Amortization of intangible assets included in opex
	Selling, general and administrative				2,767				2,767				2,165				11,066				5,048
		Total			2,767				2,767				2,165				11,066				5,048
Less: Legal fees - term loan (payment holiday)					—				—				—				—				126
Less: Acquisition-related expenses					—				—				1,068				946				2,922
Less: Integration/Restructuring expenses					4,548				1,432				—				9,072				—
Less: COVID-19 expenses					—				228				—				228				—
Less: Contingent consideration fair value adjustment					—				—				(2,700	)			—				(2,700	)
Non-GAAP operating expenses				$	29,447			$	35,534			$	35,446			$	138,060			$	127,336
Reconciliation of income from operations:
GAAP income from operations				$	17,230			$	10,064			$	11,432			$	41,330			$	89,081
	GAAP operating margin				5.8	%			3.6	%			4.1	%			3.7	%			7.3	%
Add: Share-based compensation expense					3,206				4,907				5,563				18,716				18,199
Add: Amortization of intangible assets					3,414				3,414				2,601				13,654				5,614
Add: Legal fees - term loan (payment holiday)					—				—				—				—				126
Add: Acquisition-related expenses					—				—				1,068				946				2,922
Add: Integration/Restructuring expenses					4,548				1,432				—				9,072				—
Add: COVID-19 expenses					—				510				—				510				—
Add: Contingent consideration fair value adjustment					—				—				(2,700	)			—				(2,700	)
Non-GAAP income from operations				$	28,398			$	20,327			$	17,964			$	84,228			$	113,242
	Non-GAAP operating margin				9.6	%			7.2	%			6.5	%			7.5	%			9.3	%

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 28, 2020				May 29, 2020				August 30, 2019				August 28, 2020				August 30, 2019
Reconciliation of income before income taxes:
GAAP income before income taxes			$	13,666			$	3,525			$	7,684			$	9,360			$	66,204
Add: Share-based compensation expense				3,206				4,907				5,563				18,716				18,199
Add: Amortization of intangible assets				3,414				3,414				2,601				13,654				5,614
Add: Legal fees - term loan (payment holiday)				—				—				—				—				126
Add: Acquisition-related expenses				—				—				1,068				946				2,922
Add: Integration/Restructuring expenses				4,548				1,432				—				9,072				—
Add: COVID-19 expenses				—				510				—				510				—
Add: Gain on settlement of indemnity claim				(364	)											(364	)
Add: Extinguishment of term loan/revolver				—				192				—				6,822				—
Add: Capped call MTM adjustment				—				2,924				—				7,719				—
Add: Convertible debt discount OID and fees				2,026				1,960				—				4,385				—
Add: Contingent consideration fair value adjustment				—				—				(2,700	)			—				(2,700	)
Add: Foreign currency (gains)/losses				822				484				(332	)			3,408				3,149
Non-GAAP income before income taxes			$	27,318			$	19,348			$	13,884			$	74,228			$	93,514
Reconciliation of provision for income taxes:
GAAP provision for income taxes			$	6,139			$	2,700			$	2,059			$	10,503			$	14,872
	GAAP effective tax rate			44.9	%			76.6	%			26.8	%			112.2	%			22.5	%
Less: Goodwill tax credit				(673	)			484				—				295				—
Tax effect of adjustments to GAAP results				(82	)			(48	)			33				(340	)			(314	)
Non-GAAP provision for income taxes			$	6,894			$	2,264			$	2,026			$	10,548			$	15,186
	Non-GAAP effective tax rate			25.2	%			11.7	%			14.6	%			14.2	%			16.2	%
Reconciliation of net income (loss) and earnings per share (diluted):
GAAP net income (loss)			$	7,527			$	825			$	5,625			$	(1,143	)		$	51,332
Adjustments to GAAP net income (loss):
	Share-based compensation			3,206				4,907				5,563				18,716				18,199
	Amortization of intangible assets			3,414				3,414				2,601				13,654				5,614
	Legal fees - term loan (payment holiday)			—				—				—				—				126
	Acquisition related expenses			—				—				1,068				946				2,922
	Integration/Restructuring expenses			4,548				1,432				—				9,072				—
	COVID-19 expenses			—				510				—				510				—
	Extinguishment of term loan/revolver			—				192				—				6,822				—
	Capped call MTM adjustment			—				2,924				—				7,719				—
	Convertible debt discount OID and fees			2,026				1,960				—				4,385				—
	Gain on settlement of indemnity claim			(364	)			—				—				(364	)			—
	Goodwill tax credit			(673	)			484				—				295				—
	Contingent consideration fair value adjustment			—				—				(2,700	)			—				(2,700	)
	Foreign currency (gains)/losses			822				484				(332	)			3,408				3,149
	Tax effect of items excluded from non-GAAP results			(82	)			(48	)			33				(340	)			(314	)
Non-GAAP net income			$	20,424			$	17,084			$	11,858			$	63,680			$	78,328
Shares used in computing earnings per share (diluted)				24,839				24,431				23,825				24,566				23,468
Non-GAAP earnings per share (diluted)			$	0.82			$	0.70			$	0.50			$	2.59			$	3.34
GAAP earnings per share (diluted)			$	0.30			$	0.03			$	0.24			$	(0.05	)		$	2.19

SMART Global Holdings, Inc.
and Subsidiaries
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
(In thousands)
			Three Months Ended												Fiscal Year Ended
			August 28, 2020				May 29, 2020				August 30, 2019				August 28, 2020				August 30, 2019
GAAP net income (loss)			$	7,527			$	825			$	5,625			$	(1,143	)		$	51,332
	Share-based compensation expense			3,206				4,907				5,563				18,716				18,199
	Amortization of intangible assets			3,414				3,414				2,601				13,654				5,614
	Interest expense, net			3,265				3,094				4,567				15,000				20,716
	Provision for income tax			6,139				2,700				2,059				10,504				14,872
	Depreciation			5,219				5,405				6,452				22,776				23,592
	Legal fees - term loan (payment holiday)			—				—				—				—				126
	Acquisition-related expenses(1)			—				—				1,068				946				2,922
	Integration/Restructuring expenses			4,548				1,432				—				9,072				—
	COVID-19 expenses			—				510				—				510				—
	Extinguishment of term loan/revolver			—				192				—				6,822				—
	Capped call MTM adjustment			—				2,924				—				7,719				—
	Gain on settlement of indemnity claim			(364	)			—				—				(364	)			—
	Contingent consideration fair value adjustment(1)			—				—				(2,700	)			—				(2,700	)
	Adjusted EBITDA		$	32,954			$	25,403			$	25,235			$	104,212			$	134,673
	(1) Amounts related to acquisitions of new businesses, SMART EC & Wireless (July 2019).
																-				-

SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Balance Sheets
(In thousands)
				August 28,				August 30,
					2020				2019
Assets
Current assets:
	Cash and cash equivalents			$	150,811			$	98,139
	Accounts receivable, net				215,918				217,433
	Inventories				162,991				118,738
	Prepaid expenses and other current assets				26,990				37,950
		Total current assets			556,710				472,260
Property and equipment, net					54,705				68,345
Operating lease right-of-use assets					25,013				—
Other noncurrent assets					20,554				12,784
Intangible assets, net					55,671				69,325
Goodwill					73,955				81,423
		Total assets		$	786,608			$	704,137
Liabilities and Shareholders’ Equity
Current liabilities:
	Accounts payable			$	224,660			$	164,866
	Accrued liabilities				57,829				48,980
	Current portion of long-term debt				—				24,054
		Total current liabilities			282,489				237,900
Long-term debt					195,573				182,450
Long-term operating lease liabilities					20,829				—
Other long-term liabilities					5,613				10,327
		Total liabilities			504,504				430,677
Shareholders’ equity:
	Ordinary shares				737				712
	Additional paid-in capital				346,131				285,994
	Accumulated other comprehensive loss				(228,240	)			(177,866	)
	Retained earnings				163,476				164,620
		Total shareholders’ equity			282,104				273,460
		Total liabilities and shareholders’ equity		$	786,608			$	704,137

SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
						Three Months Ended												Fiscal Year Ended
						August 28, 2020				May 29, 2020				August 30, 2019				August 28, 2020				August 30, 2019
Cash flows from operating activities:
	Net income (loss)					$	7,527			$	825			$	5,625			$	(1,143	)		$	51,332
	Adjustments to reconcile net income (loss) to net cash provided by operating activities:
		Depreciation and amortization					8,633				8,818				9,054				36,430				29,206
		Share-based compensation					3,206				4,907				5,563				18,716				18,199
		Provision for doubtful accounts receivable and sales returns					(118	)			70				(66	)			(75	)			(90	)
		Deferred income tax benefit					(2,181	)			425				(1,149	)			(2,115	)			(719	)
		(Gain) Loss on disposal of property and equipment					2,565				41				56				2,546				77
		Loss on mark-to-market adjustment of the capped call					—				2,924				—				7,719				—
		Loss on extinguishment of debt/revolver					—				192				—				6,822				—
		Amortization of debt discounts and issuance costs					2,080				2,005				718				5,866				2,803
		Amortization of operating lease right-of-use assets					1,491				1,287				—				5,060				—
		Change in fair value of contingent consideration					—				—				(2,700	)			—				(2,700	)
		Changes in operating assets and liabilities:
			Accounts receivable				5,537				(13,396	)			27,582				(12,348	)			35,240
			Inventories				20,641				(26,932	)			19,312				(51,840	)			102,083
			Prepaid expenses and other assets				(1,291	)			(7,615	)			(3,393	)			(2,410	)			(1,606	)
			Accounts payable				(26,251	)			39,031				(19,684	)			69,436				(64,569	)
			Operating lease liabilities				(1,260	)			(1,362	)			—				(4,763	)			—
			Accrued expenses and other liabilities				(4,421	)			2,401				8,023				482				401
				Net cash provided by operating activities			16,159				13,623				48,941				78,382				169,657
Cash flows from investing activities:
	Capital expenditures and deposits on equipment						(7,386	)			(7,521	)			(3,321	)			(24,275	)			(33,433	)
	Proceeds from sale of property and equipment						250				58				10				404				81
	Acquisitions of business, net of cash acquired						—				—				(75,940	)			—				(76,088	)
				Net cash used in investing activities			(7,136	)			(7,462	)			(79,251	)			(23,871	)			(109,440	)
Cash flows from financing activities:
	Long-term debt payment - Term Loan						—				—				—				(5,625	)			—
	Long-term debt payment - BNDES						(615	)			(685	)			(1,680	)			(2,907	)			(6,753	)
	Purchase of capped call						—				—				—				(21,825	)			—
	Proceeds from convertible notes due 2026, net of discount						—				—				—				243,125				—
	Payment for extinguishment of long-term debt						—				—				—				(204,904	)			—
	Proceeds from borrowings under revolving line of credit						42,500				42,000				19,000				103,000				254,500
	Repayments of borrowings under revolving line of credit						(42,500	)			(42,000	)			(19,000	)			(103,000	)			(254,500	)
	Proceeds from issuance of ordinary shares from share option exercises						554				134				1,300				2,495				5,070
	Proceeds from issuance of ordinary shares from ESPP						—				1,742				—				2,984				2,303
	Withholding tax on restricted stock units						(96	)			(282	)			(290	)			(749	)			(520	)
				Net cash provided by (used in) financing activities			(157	)			909				(670	)			12,594				100
	Effect of exchange rate changes on the cash and cash equivalents						10,100				(17,084	)			3,020				(14,434	)			588
				Net increase (decrease) in cash and cash equivalents			18,966				(10,015	)			(27,960	)			52,672				60,905
Cash and cash equivalents at beginning of period							131,845				141,860				126,099				98,139				37,234
Cash and cash equivalents at end of period						$	150,811			$	131,845			$	98,139			$	150,811			$	98,139

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

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