Home Business Wire SGH Reports Third Quarter Fiscal 2022 Financial Results

SGH Reports Third Quarter Fiscal 2022 Financial Results

9th Consecutive Quarter of Year-over-Year Revenue Growth

Signed Definitive Agreement to Acquire Stratus Technologies to Expand High-Availability, Fault-Tolerant Solutions for Data Center and Edge Markets

MILPITAS, Calif.–(BUSINESS WIRE)–$SGH #FinancialResults–SMART Global Holdings, Inc. (“SGH” or the “Company”) (NASDAQ: SGH) today reported financial results for the third quarter of fiscal 2022. Per share measures for all periods reflect the effect of the February 2022 two-for-one share split.

Third Quarter Fiscal 2022 Highlights

  • Announced entry into a definitive agreement to acquire Stratus Technologies

    (see separate press release issued on June 29, 2022 for details)
  • Net sales of $463 million, up 6% versus the year-ago quarter
  • GAAP gross margin of 24.7%, up 540 basis points versus the year-ago quarter
  • Non-GAAP gross margin of 25.7%, up 380 basis points versus the year-ago quarter
  • GAAP EPS of $0.44 versus GAAP loss per share of $(0.15) in the year-ago quarter
  • Non-GAAP EPS of $0.87, up 24% versus the year-ago quarter
  • Repurchased ~450 thousand shares for $10.2 million in cash

YTD Fiscal 2022 Highlights

  • Net sales of $1.38 billion, up 34% versus the year-ago period
  • GAAP gross margin of 25.3%, up 690 basis points versus the year-ago period
  • Non-GAAP gross margin of 26.3%, up 610 basis points versus the year-ago period
  • GAAP EPS of $0.84 versus GAAP EPS of $0.01 for the year-ago period
  • Non-GAAP EPS of $2.81, up 85% versus the year-ago period

I am extremely proud of our team’s execution in Q3 in the midst of the macro-economic headwinds that all companies are facing,” commented CEO Mark Adams. “We achieved strong financial results, with our ninth consecutive quarter of year-over-year revenue growth, coupled with strong gross margins and EPS, both of which exceeded our third quarter guidance.”

The Company also announced its entry into a definitive agreement to acquire Stratus Technologies, a leader in high-availability, fault-tolerant systems and software in the data center and at the Edge.

Today, we are taking another important step in our transformation with the announcement of our entry into a definitive agreement to acquire Stratus Technologies, a global leader in simplified, protected, and autonomous computing solutions in the data center and at the Edge,” continued Mr. Adams. “Following the close of the transaction, expected to occur in the second half of calendar 2022, Stratus will operate as part of SGH’s Intelligent Platform Solutions (IPS) business line. We are excited to welcome the Stratus team to SGH as we continue to expand our capabilities with their high-availability, fault-tolerant computing platforms, software and services.”

Quarterly Financial Results

 

GAAP (1)

 

Non-GAAP (2)

(in millions, except per share amounts)

Q3 FY22

 

Q2 FY22

 

Q3 FY21

 

Q3 FY22

 

Q2 FY22

 

Q3 FY21

Net sales

$

462.5

$

449.2

$

437.7

 

$

462.5

$

449.2

$

437.7

Gross profit

 

114.5

 

112.7

 

84.5

 

 

118.9

 

116.9

 

95.7

Operating income

 

35.3

 

16.8

 

2.9

 

 

54.3

 

57.4

 

43.3

Net income (loss) attributable to SGH

 

24.1

 

2.5

 

(7.2

)

 

45.9

 

47.6

 

35.5

Diluted earnings (loss) per share (3)

$

0.44

$

0.04

$

(0.15

)

$

0.87

$

0.87

$

0.70

(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 (loss) per share reflect the impact of the share dividend paid in February 2022.

 

Business Outlook

As of June 29, 2022, SGH is providing the following financial outlook for its fourth quarter of fiscal 2022:

GAAP

Outlook

 

Adjustments

 

Non-GAAP

Outlook

Net sales

$420 to $460 million

 

 

 

$420 to $460 million

Gross margin

22.5% to 24.5%

 

1%

(A)

 

23.5% to 25.5%

Diluted earnings per share

$0.22 +/- $.10

 

$0.43

(A)(B)(C)

 

$0.65 +/- $.10

Diluted shares

55 million

 

(2) million

 

 

53 million

 
Non-GAAP adjustments: (in millions)

 

 

(A)

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

 

$

5

(B)

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

 

 

12

(C)

Amortization of debt discount and other costs

 

 

5

 

 

$

22

 

Third Quarter Fiscal 2022 Earnings Conference Call and Webcast Details

SGH will hold a conference call and webcast to discuss the Q3 fiscal 2022 results and related matters at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Wednesday, June 29, 2022. Interested parties may access the call by dialing +1-844-200-6205 in the U.S. or +1-929-526-1599 from international locations using access code 421527. 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: inability to obtain or delays in obtaining all regulatory approvals and otherwise completing all steps required to close on the acquisition of Stratus; issues, delays or complications in completing the acquisition of Stratus; global business and economic conditions and growth trends in technology 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 8-K, 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

 

Nine Months Ended

 

May 27,
2022

 

Feb 25,
2022

 

May 28,
2021

 

May 27,
2022

 

May 28,
2021

Net sales:

 

 

 

 

 

Memory Solutions

$

265,850

$

260,081

$

240,116

 

$

765,332

$

684,537

Intelligent Platform Solutions

 

95,345

 

 

82,257

 

 

95,857

 

 

296,256

 

 

247,141

 

LED Solutions

 

101,345

 

 

106,833

 

 

101,755

 

 

320,067

 

 

101,755

 

Total net sales

 

462,540

 

 

449,171

 

 

437,728

 

 

1,381,655

 

 

1,033,433

 

Cost of sales

 

348,077

 

 

336,458

 

 

353,241

 

 

1,032,278

 

 

842,847

 

Gross profit

 

114,463

 

 

112,713

 

 

84,487

 

 

349,377

 

 

190,586

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Research and development

 

20,298

 

 

18,794

 

 

16,718

 

 

56,749

 

 

32,534

 

Selling, general and administrative

 

58,732

 

 

53,114

 

 

48,475

 

 

164,396

 

 

118,195

 

Change in fair value of contingent consideration

 

124

 

 

24,000

 

 

16,400

 

 

41,324

 

 

16,400

 

Total operating expenses

 

79,154

 

 

95,908

 

 

81,593

 

 

262,469

 

 

167,129

 

Operating income

 

35,309

 

 

16,805

 

 

2,894

 

 

86,908

 

 

23,457

 

 

 

 

 

 

 

Non-operating (income) expense:

 

 

 

 

 

Interest expense, net

 

5,110

 

 

4,462

 

 

5,049

 

 

14,678

 

 

12,568

 

Other non-operating (income) expense

 

550

 

 

1,785

 

 

489

 

 

3,570

 

 

1,187

 

Total non-operating (income) expense

 

5,660

 

 

6,247

 

 

5,538

 

 

18,248

 

 

13,755

 

Income (loss) before taxes

 

29,649

 

 

10,558

 

 

(2,644

)

 

68,660

 

 

9,702

 

 

 

 

 

 

 

Income tax provision

 

5,154

 

 

7,586

 

 

4,010

 

 

20,495

 

 

8,485

 

Net income (loss)

 

24,495

 

 

2,972

 

 

(6,654

)

 

48,165

 

 

1,217

 

Net income attributable to noncontrolling interest

 

382

 

 

514

 

 

557

 

 

1,567

 

 

557

 

Net income (loss) attributable to SGH

$

24,113

 

$

2,458

 

$

(7,211

)

$

46,598

 

$

660

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

Basic

$

0.48

 

$

0.05

 

$

(0.15

)

$

0.94

 

$

0.01

 

Diluted

$

0.44

 

$

0.04

 

$

(0.15

)

$

0.84

 

$

0.01

 

 

 

 

 

 

 

Shares used in per share calculations:

 

 

 

 

 

Basic

 

50,095

 

 

49,522

 

 

48,071

 

 

49,543

 

 

48,542

 

Diluted

 

54,998

 

 

57,636

 

 

48,071

 

 

55,756

 

 

51,167

 

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

 

Nine Months Ended

 

May 27,
2022

 

Feb 25,
2022

 

May 28,
2021

 

May 27,
2022

 

May 28,
2021

GAAP gross profit

$

114,463

 

$

112,713

 

$

84,487

 

$

349,377

 

$

190,586

 

Share-based compensation expense

 

1,724

 

 

1,648

 

 

1,166

 

 

5,103

 

 

2,807

 

Amortization of acquisition-related intangibles

 

2,696

 

 

2,582

 

 

2,937

 

 

8,374

 

 

4,231

 

Flow-through of inventory step up

 

 

 

 

 

7,090

 

 

 

 

7,090

 

Out of period import tax expense

 

 

 

 

 

 

 

 

 

4,345

 

Non-GAAP gross profit

$

118,883

 

$

116,943

 

$

95,680

 

$

362,854

 

$

209,059

 

 

 

 

 

 

 

GAAP operating expenses

$

79,154

 

$

95,908

 

$

81,593

 

$

262,469

 

$

167,129

 

Share-based compensation expense

 

(8,823

)

 

(8,325

)

 

(7,215

)

 

(25,192

)

 

(22,060

)

Amortization of acquisition-related intangibles

 

(3,247

)

 

(3,247

)

 

(3,247

)

 

(9,741

)

 

(8,780

)

Change in fair value of contingent consideration

 

(124

)

 

(24,000

)

 

(16,400

)

 

(41,324

)

 

(16,400

)

Other

 

(2,349

)

 

(828

)

 

(2,356

)

 

(4,215

)

 

(5,037

)

Non-GAAP operating expenses

$

64,611

 

$

59,508

 

$

52,375

 

$

181,997

 

$

114,852

 

 

 

 

 

 

 

GAAP operating income

$

35,309

 

$

16,805

 

$

2,894

 

$

86,908

 

$

23,457

 

Share-based compensation expense

 

10,547

 

 

9,973

 

 

8,381

 

 

30,295

 

 

24,867

 

Amortization of acquisition-related intangibles

 

5,943

 

 

5,829

 

 

6,184

 

 

18,115

 

 

13,011

 

Flow-through of inventory step up

 

 

 

 

 

7,090

 

 

 

 

7,090

 

Change in fair value of contingent consideration

 

124

 

 

24,000

 

 

16,400

 

 

41,324

 

 

16,400

 

Out of period import tax expense

 

 

 

 

 

 

 

 

 

4,345

 

Other

 

2,349

 

 

828

 

 

2,356

 

 

4,215

 

 

5,037

 

Non-GAAP operating income

$

54,272

 

$

57,435

 

$

43,305

 

$

180,857

 

$

94,207

 

 

 

 

 

 

 

GAAP net income (loss) attributable to SGH

$

24,113

 

$

2,458

 

$

(7,211

)

$

46,598

 

$

660

 

Share-based compensation expense

 

10,547

 

 

9,973

 

 

8,381

 

 

30,295

 

 

24,867

 

Amortization of acquisition-related intangibles

 

5,943

 

 

5,829

 

 

6,184

 

 

18,115

 

 

13,011

 

Flow-through of inventory step up

 

 

 

 

 

7,090

 

 

 

 

7,090

 

Change in fair value of contingent consideration

 

124

 

 

24,000

 

 

16,400

 

 

41,324

 

 

16,400

 

Out of period import tax expense

 

 

 

 

 

 

 

 

 

3,358

 

Amortization of debt discount and other costs

 

2,705

 

 

2,296

 

 

2,088

 

 

7,211

 

 

6,247

 

Foreign currency (gains) losses

 

641

 

 

1,408

 

 

994

 

 

3,516

 

 

1,195

 

Other

 

2,349

 

 

1,481

 

 

2,356

 

 

4,868

 

 

5,037

 

Estimated tax effects of non-GAAP adjustments

 

(513

)

 

126

 

 

(768

)

 

(2,139

)

 

(788

)

Non-GAAP net income attributable to SGH

$

45,909

 

$

47,571

 

$

35,514

 

$

149,788

 

$

77,077

 

 

SMART Global Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Nine Months Ended

 

May 27,
2022

 

Feb 25,
2022

 

May 28,
2021

 

May 27,
2022

 

May 28,
2021

Weighted-average shares outstanding – Diluted:

 

 

 

 

 

GAAP weighted-average shares outstanding

 

54,998

 

 

57,636

 

 

48,071

 

 

55,756

 

 

51,167

 

Adjustment for capped calls

 

(2,063

)

 

(2,759

)

 

2,961

 

 

(2,468

)

 

(618

)

Non-GAAP weighted-average shares outstanding

 

52,935

 

 

54,877

 

 

51,032

 

 

53,288

 

 

50,549

 

 

 

 

 

 

 

Diluted earnings (loss) per share:

 

 

 

 

 

GAAP diluted earnings (loss) per share

$

0.44

 

$

0.04

 

$

(0.15

)

$

0.84

 

$

0.01

 

Effect of above adjustments

 

0.43

 

 

0.83

 

 

0.85

 

 

1.97

 

 

1.51

 

Non-GAAP diluted earnings per share

$

0.87

 

$

0.87

 

$

0.70

 

$

2.81

 

$

1.52

 

 

 

 

 

 

 

Net income (loss) attributable to SGH

$

24,113

 

$

2,458

 

$

(7,211

)

$

46,598

 

$

660

 

Interest expense, net

 

5,110

 

 

4,462

 

 

5,049

 

 

14,678

 

 

12,568

 

Income tax provision

 

5,154

 

 

7,586

 

 

4,010

 

 

20,495

 

 

8,485

 

Depreciation expense and amortization of intangible assets

 

16,571

 

 

16,077

 

 

15,308

 

 

48,461

 

 

32,468

 

Share-based compensation expense

 

10,547

 

 

9,973

 

 

8,381

 

 

30,295

 

 

24,867

 

Flow-through of inventory step up

 

 

 

 

 

7,090

 

 

 

 

7,090

 

Change in fair value of contingent consideration

 

124

 

 

24,000

 

 

16,400

 

 

41,324

 

 

16,400

 

Out of period import tax expense

 

 

 

 

 

 

 

 

 

4,345

 

Other

 

2,349

 

 

1,481

 

 

2,356

 

 

4,868

 

 

5,037

 

Adjusted EBITDA

$

63,968

 

$

66,037

 

$

51,383

 

$

206,719

 

$

111,920

 

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

May 27,
2022

August 27,
2021

Assets

 

 

Cash and cash equivalents

$

387,326

 

$

222,986

 

Accounts receivable, net

 

357,457

 

 

313,393

 

Inventories

 

365,258

 

 

363,601

 

Other current assets

 

57,525

 

 

50,838

 

Total current assets

 

1,167,566

 

 

950,818

 

Property and equipment, net

 

159,111

 

 

156,266

 

Operating lease right-of-use assets

 

43,524

 

 

40,869

 

Intangible assets, net

 

83,219

 

 

101,073

 

Goodwill

 

75,043

 

 

74,255

 

Other noncurrent assets

 

25,589

 

 

21,517

 

Total assets

$

1,554,052

 

$

1,344,798

 

 

 

 

Liabilities and Equity

 

 

Accounts payable and accrued expenses

$

448,012

 

$

484,107

 

Current debt

 

8,795

 

 

25,354

 

Other current liabilities

 

68,089

 

 

74,337

 

Total current liabilities

 

524,896

 

 

583,798

 

Long-term debt

 

485,026

 

 

340,484

 

Acquisition-related contingent consideration

 

101,824

 

 

60,500

 

Noncurrent operating lease liabilities

 

36,594

 

 

32,419

 

Other noncurrent liabilities

 

6,643

 

 

8,673

 

Total liabilities

 

1,154,983

 

 

1,025,874

 

 

 

 

Commitments and contingencies

 

 

 

 

 

SMART Global Holdings shareholders’ equity:

 

 

Ordinary shares

 

1,573

 

 

1,504

 

Additional paid-in-capital

 

437,863

 

 

396,120

 

Retained earnings

 

231,385

 

 

184,787

 

Treasury shares

 

(67,345

)

 

(50,545

)

Accumulated other comprehensive income (loss)

 

(210,874

)

 

(221,615

)

Total SGH shareholders’ equity

 

392,602

 

 

310,251

 

Noncontrolling interest in subsidiary

 

6,467

 

 

8,673

 

Total equity

 

399,069

 

 

318,924

 

Total liabilities and equity

$

1,554,052

 

$

1,344,798

 

 

SMART Global Holdings, Inc.

Consolidated Statements of Cash Flows

(In thousands)

 

 

Three Months Ended

 

Nine Months Ended

 

May 27,
2022

 

February 25,
2022

 

May 28,
2021

 

May 27,
2022

 

May 28,
2021

Cash flows from operating activities:

 

 

 

 

 

Net income (loss)

$

24,495

 

$

2,972

 

$

(6,654

)

$

48,165

 

$

1,217

 

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

 

 

 

 

 

Depreciation expense and amortization of intangible assets

 

16,571

 

 

16,077

 

 

15,308

 

 

48,461

 

 

32,468

 

Amortization of debt discount and issuance costs

 

2,706

 

 

2,438

 

 

2,196

 

 

7,476

 

 

6,503

 

Share-based compensation expense

 

10,547

 

 

9,973

 

 

8,381

 

 

30,295

 

 

24,867

 

Change in fair value of contingent consideration

 

124

 

 

24,000

 

 

16,400

 

 

41,324

 

 

16,400

 

Amortization of operating lease right-of-use assets

 

2,708

 

 

2,697

 

 

2,031

 

 

7,953

 

 

4,944

 

Other

 

(47

)

 

1,533

 

 

(493

)

 

1,294

 

 

488

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

34,089

 

 

(39,526

)

 

(25,537

)

 

(41,490

)

 

(15,455

)

Inventories

 

(26,531

)

 

(13,225

)

 

(38,359

)

 

(116

)

 

(66,493

)

Other current assets

 

(11,084

)

 

6,132

 

 

4,963

 

 

(5,884

)

 

(14,163

)

Accounts payable and accrued expenses

 

(15,323

)

 

22,105

 

 

76,174

 

 

(46,969

)

 

122,095

 

Operating lease liabilities

 

(2,709

)

 

(2,355

)

 

(1,718

)

 

(7,205

)

 

(4,460

)

Deferred income taxes, net

 

1,168

 

 

(656

)

 

(3,354

)

 

721

 

 

(3,083

)

Net cash provided by operating activities

 

36,714

 

 

32,165

 

 

49,338

 

 

84,025

 

 

105,328

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Capital expenditures and deposits on equipment

 

(9,156

)

 

(7,376

)

 

(5,222

)

 

(29,298

)

 

(40,017

)

Acquisition of business, net of cash acquired

 

 

 

 

 

(28,613

)

 

 

 

(28,613

)

Other

 

(54

)

 

(81

)

 

55

 

 

(746

)

 

222

 

Net cash used for investing activities

 

(9,210

)

 

(7,457

)

 

(33,780

)

 

(30,044

)

 

(68,408

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Proceeds from debt

 

 

 

270,775

 

 

 

 

270,775

 

 

11,439

 

Proceeds from borrowing under line of credit

 

 

 

24,000

 

 

80,000

 

 

84,000

 

 

122,500

 

Proceeds from issuance of ordinary shares

 

4,389

 

 

2,431

 

 

7,506

 

 

11,849

 

 

13,157

 

Repayments of debt

 

 

 

(125,000

)

 

 

 

(125,000

)

 

 

Repayments of borrowings under line of credit

 

 

 

(59,000

)

 

(55,000

)

 

(109,000

)

 

(97,500

)

Distribution to noncontrolling interest

 

 

 

(3,773

)

 

 

 

(3,773

)

 

 

Payments to acquire ordinary shares

 

(13,905

)

 

(230

)

 

(337

)

 

(16,800

)

 

(48,301

)

Other

 

 

 

(3,840

)

 

 

 

(3,841

)

 

 

Net cash provided by (used for) financing activities

 

(9,516

)

 

105,363

 

 

32,169

 

 

108,210

 

 

1,295

 

 

 

 

 

 

 

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

 

3,570

 

 

2,647

 

 

1,462

 

 

2,149

 

 

(34

)

Net increase in cash and cash equivalents

 

21,558

 

 

132,718

 

 

49,189

 

 

164,340

 

 

38,181

 

Cash and cash equivalents at beginning of period

 

365,768

 

 

233,050

 

 

139,803

 

 

222,986

 

 

150,811

 

Cash and cash equivalents at end of period

$

387,326

 

$

365,768

 

$

188,992

 

$

387,326

 

$

188,992

 

 

Contacts

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

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