Form 8-K SMART Global Holdings, For: Apr 05
Exhibit 99.1
Press Release
FOR IMMEDIATE RELEASE
SGH REPORTS SECOND QUARTER FISCAL 2022 FINANCIAL RESULTS
8th Consecutive Quarter of Year-over-Year Revenue Growth;
Board of Directors Approves $75 Million Share Repurchase Authorization
Milpitas, Calif. – April 5, 2022 – SMART Global Holdings, Inc. ("SGH" or the "Company") (NASDAQ: SGH) today reported financial results for the second quarter of fiscal 2022. Per share measures for all periods reflect the effect of the February 2022 two-for-one share split.
Second Quarter Fiscal 2022 Highlights
•Net sales of $449 million, up 48% versus the year ago quarter
•GAAP gross margin of 25.1%, up 750 basis points versus the year ago quarter
•Non-GAAP gross margin of 26.0%, up 660 basis points versus the year ago quarter
•GAAP EPS of $0.04, down 67% versus the year ago quarter
•Non-GAAP EPS of $0.87, up 98% versus the year ago quarter
YTD Fiscal 2022 Highlights
•Net sales of $919 million, up 54% versus the year ago period
•GAAP gross margin of 25.6%, up 780 basis points versus the year ago period
•Non-GAAP gross margin of 26.5%, up 750 basis points versus the year ago period
•GAAP EPS of $0.40, up 150% versus the year ago period
•Non-GAAP EPS of $1.95, up 135% versus the year ago period
"We delivered solid financial results for the second quarter of fiscal 2022, culminating a strong first half of the fiscal year, and demonstrating the strength of our growth and diversification strategy," commented CEO Mark Adams. "The results reflect our commitment to operational excellence by focusing on specialty solutions targeting growth markets such as AI, machine learning, data analytics, enterprise storage and edge/IoT. Across all of our businesses, we are investing to capitalize on the growth opportunities in these market segments. In addition, our Board approved a $75 million share repurchase authorization, reflecting their confidence in the strength of our financial position while providing us the flexibility to return capital to our shareholders in a disciplined manner."
Under the share repurchase authorization, the Company may repurchase its outstanding ordinary shares from time to time through open market purchases, privately-negotiated transactions or otherwise. The share repurchase authorization has no expiration date but may be suspended or terminated by the Board of Directors at any time.
During the second quarter, the Company issued a share dividend of one ordinary share for every one outstanding ordinary share owned. Ordinary shares and per share data in this press release have been adjusted for the impact of the share dividend.
Quarterly Financial Results
GAAP (1) | Non-GAAP (2) | ||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | Q2 FY22 | Q1 FY22 | Q2 FY21 | Q2 FY22 | Q1 FY22 | Q2 FY21 | |||||||||||||||||||||||||||||
| Net sales | $ | 449.2 | $ | 469.9 | $ | 304.0 | $ | 449.2 | $ | 469.9 | $ | 304.0 | |||||||||||||||||||||||
| Gross profit | 112.7 | 122.2 | 53.5 | 116.9 | 127.0 | 59.3 | |||||||||||||||||||||||||||||
| Operating income | 16.8 | 34.8 | 12.9 | 57.4 | 69.2 | 27.2 | |||||||||||||||||||||||||||||
| Net income attributable to SGH | 2.5 | 20.0 | 5.8 | 47.6 | 56.3 | 21.9 | |||||||||||||||||||||||||||||
Diluted earnings per share (3) | $ | 0.04 | $ | 0.37 | $ | 0.12 | $ | 0.87 | $ | 1.08 | $ | 0.44 | |||||||||||||||||||||||
(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 per share reflect the impact of the share dividend.
Business Outlook
As of April 5, 2022, SGH is providing the following financial outlook for its third quarter of fiscal 2022:
GAAP Outlook | Adjustments | Non-GAAP Outlook | ||||||||||||
| Net sales | $435 to $475 million | — | $435 to $475 million | |||||||||||
| Gross margin | 23% to 25% | 1% | (A) | 24% to 26% | ||||||||||
Diluted earnings per share | $0.35 +/- $0.08 | $0.40 | (A)(B)(C) | $0.75 +/- $0.08 | ||||||||||
Diluted shares | 57 million | (3) million | 54 million | |||||||||||
| Non-GAAP adjustments: (in millions) | ||||||||
| (A) Share-based compensation and amortization of acquisition-related intangibles included in cost of sales | $ | 4 | ||||||
| (B) Share-based compensation and amortization of acquisition-related intangibles included in R&D and SG&A | 11 | |||||||
| (C) Amortization of debt discount and other costs | 5 | |||||||
| $ | 20 | |||||||
Second Quarter Fiscal 2022 Earnings Conference Call and Webcast Details
SGH will hold a conference call and webcast to discuss the Q2 fiscal 2022 results and related matters at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Tuesday, April 5, 2022. Interested parties may access the call by dialing +1-888-550-5584 in the U.S. or +1-646-960-0157 from international locations using access code 2316162. 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: global business and economic conditions and growth trends in technology and lighting 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 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 | Six Month Ended | ||||||||||||||||||||||||||||
Feb 25, 2022 | Nov 26, 2021 | Feb 26, 2021 | Feb 25, 2022 | Feb 26, 2021 | |||||||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||||||||
| Memory Solutions | $ | 260,081 | $ | 239,401 | $ | 218,597 | $ | 499,482 | $ | 444,421 | |||||||||||||||||||
| Intelligent Platform Solutions | 82,257 | 118,654 | 85,412 | 200,911 | 151,284 | ||||||||||||||||||||||||
| LED Solutions | 106,833 | 111,889 | — | 218,722 | — | ||||||||||||||||||||||||
| Total net sales | 449,171 | 469,944 | 304,009 | 919,115 | 595,705 | ||||||||||||||||||||||||
| Cost of sales | 336,458 | 347,743 | 250,553 | 684,201 | 489,606 | ||||||||||||||||||||||||
| Gross profit | 112,713 | 122,201 | 53,456 | 234,914 | 106,099 | ||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||
| Research and development | 18,794 | 17,657 | 8,852 | 36,451 | 15,816 | ||||||||||||||||||||||||
| Selling, general and administrative | 53,114 | 52,550 | 31,664 | 105,664 | 69,720 | ||||||||||||||||||||||||
| Change in fair value of contingent consideration | 24,000 | 17,200 | — | 41,200 | — | ||||||||||||||||||||||||
| Total operating expenses | 95,908 | 87,407 | 40,516 | 183,315 | 85,536 | ||||||||||||||||||||||||
| Operating income | 16,805 | 34,794 | 12,940 | 51,599 | 20,563 | ||||||||||||||||||||||||
| Non-operating (income) expense: | |||||||||||||||||||||||||||||
| Interest expense, net | 4,462 | 5,106 | 4,365 | 9,568 | 7,518 | ||||||||||||||||||||||||
| Other non-operating (income) expense | 1,785 | 1,235 | 1,531 | 3,020 | 699 | ||||||||||||||||||||||||
| Total non-operating (income) expense | 6,247 | 6,341 | 5,896 | 12,588 | 8,217 | ||||||||||||||||||||||||
| Income before taxes | 10,558 | 28,453 | 7,044 | 39,011 | 12,346 | ||||||||||||||||||||||||
| Income tax provision | 7,586 | 7,755 | 1,200 | 15,341 | 4,475 | ||||||||||||||||||||||||
| Net income | 2,972 | 20,698 | 5,844 | 23,670 | 7,871 | ||||||||||||||||||||||||
| Net income attributable to noncontrolling interest | 514 | 671 | — | 1,185 | — | ||||||||||||||||||||||||
| Net income attributable to SGH | $ | 2,458 | $ | 20,027 | $ | 5,844 | $ | 22,485 | $ | 7,871 | |||||||||||||||||||
| Earnings per share: | |||||||||||||||||||||||||||||
| Basic | $ | 0.05 | $ | 0.41 | $ | 0.12 | $ | 0.46 | $ | 0.16 | |||||||||||||||||||
| Diluted | $ | 0.04 | $ | 0.37 | $ | 0.12 | $ | 0.40 | $ | 0.16 | |||||||||||||||||||
| Shares used in per share calculations: | |||||||||||||||||||||||||||||
| Basic | 49,522 | 49,011 | 48,435 | 49,267 | 48,778 | ||||||||||||||||||||||||
| Diluted | 57,636 | 54,635 | 50,407 | 56,135 | 50,307 | ||||||||||||||||||||||||
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 | Six Months Ended | ||||||||||||||||||||||||||||
Feb 25, 2022 | Nov 26, 2021 | Feb 26, 2021 | Feb 25, 2022 | Feb 26, 2021 | |||||||||||||||||||||||||
| GAAP gross profit | $ | 112,713 | $ | 122,201 | $ | 53,456 | $ | 234,914 | $ | 106,099 | |||||||||||||||||||
| Share-based compensation expense | 1,648 | 1,731 | 804 | 3,379 | 1,641 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangibles | 2,582 | 3,096 | 647 | 5,678 | 1,294 | ||||||||||||||||||||||||
| Out of period import tax expense | — | — | 4,345 | — | 4,345 | ||||||||||||||||||||||||
| Non-GAAP gross profit | $ | 116,943 | $ | 127,028 | $ | 59,252 | $ | 243,971 | $ | 113,379 | |||||||||||||||||||
| GAAP operating expenses | $ | 95,908 | $ | 87,407 | $ | 40,516 | $ | 183,315 | $ | 85,536 | |||||||||||||||||||
| Share-based compensation expense | (8,325) | (8,044) | (4,594) | (16,369) | (14,845) | ||||||||||||||||||||||||
| Amortization of acquisition-related intangibles | (3,247) | (3,247) | (2,766) | (6,494) | (5,533) | ||||||||||||||||||||||||
| Change in fair value of contingent consideration | (24,000) | (17,200) | — | (41,200) | — | ||||||||||||||||||||||||
| Other | (828) | (1,038) | (1,064) | (1,866) | (2,681) | ||||||||||||||||||||||||
| Non-GAAP operating expenses | $ | 59,508 | $ | 57,878 | $ | 32,092 | $ | 117,386 | $ | 62,477 | |||||||||||||||||||
| GAAP operating income | $ | 16,805 | $ | 34,794 | $ | 12,940 | $ | 51,599 | $ | 20,563 | |||||||||||||||||||
| Share-based compensation expense | 9,973 | 9,775 | 5,398 | 19,748 | 16,486 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangibles | 5,829 | 6,343 | 3,413 | 12,172 | 6,827 | ||||||||||||||||||||||||
| Change in fair value of contingent consideration | 24,000 | 17,200 | — | 41,200 | — | ||||||||||||||||||||||||
| Out of period import tax expense | — | — | 4,345 | — | 4,345 | ||||||||||||||||||||||||
| Other | 828 | 1,038 | 1,064 | 1,866 | 2,681 | ||||||||||||||||||||||||
| Non-GAAP operating income | $ | 57,435 | $ | 69,150 | $ | 27,160 | $ | 126,585 | $ | 50,902 | |||||||||||||||||||
| GAAP net income attributable to SGH | $ | 2,458 | $ | 20,027 | $ | 5,844 | $ | 22,485 | $ | 7,871 | |||||||||||||||||||
| Share-based compensation expense | 9,973 | 9,775 | 5,398 | 19,748 | 16,486 | ||||||||||||||||||||||||
| Amortization of acquisition-related intangibles | 5,829 | 6,343 | 3,413 | 12,172 | 6,827 | ||||||||||||||||||||||||
| Change in fair value of contingent consideration | 24,000 | 17,200 | — | 41,200 | — | ||||||||||||||||||||||||
| Out of period import tax expense | — | — | 3,358 | — | 3,358 | ||||||||||||||||||||||||
| Amortization of debt discount and other costs | 2,296 | 2,210 | 2,098 | 4,506 | 4,160 | ||||||||||||||||||||||||
| Foreign currency (gains) losses | 1,408 | 1,467 | 843 | 2,875 | 201 | ||||||||||||||||||||||||
| Other | 1,481 | 1,038 | 1,064 | 2,519 | 2,681 | ||||||||||||||||||||||||
| Estimated tax effects of non-GAAP adjustments | 126 | (1,752) | (84) | (1,626) | (20) | ||||||||||||||||||||||||
| Non-GAAP net income attributable to SGH | $ | 47,571 | $ | 56,308 | $ | 21,934 | $ | 103,879 | $ | 41,564 | |||||||||||||||||||
SMART Global Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(In thousands, except per share amounts)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| Feb 25, 2022 | Nov 26, 2021 | Feb 26, 2021 | Feb 25, 2022 | Feb 26, 2021 | |||||||||||||||||||||||||
| Weighted-average shares outstanding - Diluted: | |||||||||||||||||||||||||||||
| GAAP weighted-average shares outstanding | 57,636 | 54,635 | 50,407 | 56,135 | 50,307 | ||||||||||||||||||||||||
| Adjustment for capped calls | (2,759) | (2,583) | — | (2,670) | — | ||||||||||||||||||||||||
| Non-GAAP weighted-average shares outstanding | 54,877 | 52,052 | 50,407 | 53,465 | 50,307 | ||||||||||||||||||||||||
| Diluted earnings per share: | |||||||||||||||||||||||||||||
| GAAP diluted earnings per share | $ | 0.04 | $ | 0.37 | $ | 0.12 | $ | 0.40 | $ | 0.16 | |||||||||||||||||||
| Effect of above adjustments | 0.83 | 0.71 | 0.32 | 1.55 | 0.67 | ||||||||||||||||||||||||
| Non-GAAP diluted earnings per share | $ | 0.87 | $ | 1.08 | $ | 0.44 | $ | 1.95 | $ | 0.83 | |||||||||||||||||||
| Net income attributable to SGH | $ | 2,458 | $ | 20,027 | $ | 5,844 | $ | 22,485 | $ | 7,871 | |||||||||||||||||||
| Interest expense, net | 4,462 | 5,106 | 4,365 | 9,568 | 7,518 | ||||||||||||||||||||||||
| Income tax provision | 7,586 | 7,755 | 1,200 | 15,341 | 4,475 | ||||||||||||||||||||||||
| Depreciation expense and amortization of intangible assets | 16,077 | 15,813 | 8,793 | 31,890 | 17,160 | ||||||||||||||||||||||||
| Share-based compensation expense | 9,973 | 9,775 | 5,398 | 19,748 | 16,486 | ||||||||||||||||||||||||
| Change in fair value of contingent consideration | 24,000 | 17,200 | — | 41,200 | — | ||||||||||||||||||||||||
| Out of period import tax expense | — | — | 4,345 | — | 4,345 | ||||||||||||||||||||||||
| Other | 1,481 | 1,038 | 1,064 | 2,518 | 2,681 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 66,037 | $ | 76,714 | $ | 31,009 | $ | 142,750 | $ | 60,536 | |||||||||||||||||||
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 | February 25, 2022 | August 27, 2021 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 365,768 | $ | 222,986 | |||||||
| Accounts receivable, net | 385,925 | 313,393 | |||||||||
| Inventories | 334,148 | 363,601 | |||||||||
| Other current assets | 45,876 | 50,838 | |||||||||
| Total current assets | 1,131,717 | 950,818 | |||||||||
| Property and equipment, net | 149,059 | 156,266 | |||||||||
| Operating lease right-of-use assets | 35,816 | 40,869 | |||||||||
| Intangible assets, net | 88,887 | 101,073 | |||||||||
| Goodwill | 73,413 | 74,255 | |||||||||
| Other noncurrent assets | 29,621 | 21,517 | |||||||||
| Total assets | $ | 1,508,513 | $ | 1,344,798 | |||||||
| Liabilities and Equity | |||||||||||
| Accounts payable and accrued expenses | $ | 440,983 | $ | 484,107 | |||||||
| Current debt | 6,425 | 25,354 | |||||||||
| Other current liabilities | 86,396 | 74,337 | |||||||||
| Total current liabilities | 533,804 | 583,798 | |||||||||
| Long-term debt | 483,911 | 340,484 | |||||||||
| Acquisition-related contingent consideration | 101,700 | 60,500 | |||||||||
| Noncurrent operating lease liabilities | 27,047 | 32,419 | |||||||||
| Other noncurrent liabilities | 7,139 | 8,673 | |||||||||
| Total liabilities | 1,153,601 | 1,025,874 | |||||||||
| Commitments and contingencies | |||||||||||
| SMART Global Holdings shareholders’ equity: | |||||||||||
| Ordinary shares | 1,535 | 1,504 | |||||||||
| Additional paid-in-capital | 423,136 | 396,120 | |||||||||
| Retained earnings | 207,272 | 184,787 | |||||||||
| Treasury shares | (53,440) | (50,545) | |||||||||
| Accumulated other comprehensive income (loss) | (229,676) | (221,615) | |||||||||
| Total SGH shareholders’ equity | 348,827 | 310,251 | |||||||||
| Noncontrolling interest in subsidiary | 6,085 | 8,673 | |||||||||
| Total equity | 354,912 | 318,924 | |||||||||
| Total liabilities and equity | $ | 1,508,513 | $ | 1,344,798 | |||||||
SMART Global Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| Feb 25, 2022 | Nov 26, 2021 | Feb 26, 2021 | Feb 25, 2022 | Feb 26, 2021 | |||||||||||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||||||||||||
| Net income | $ | 2,972 | $ | 20,698 | $ | 5,844 | $ | 23,670 | $ | 7,871 | |||||||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||
| Depreciation expense and amortization of intangible assets | 16,077 | 15,813 | 8,793 | 31,890 | 17,160 | ||||||||||||||||||||||||
| Amortization of debt discount and issuance costs | 2,438 | 2,332 | 2,191 | 4,770 | 4,307 | ||||||||||||||||||||||||
| Share-based compensation expense | 9,973 | 9,775 | 5,398 | 19,748 | 16,486 | ||||||||||||||||||||||||
| Change in fair value of contingent consideration | 24,000 | 17,200 | — | 41,200 | — | ||||||||||||||||||||||||
| Amortization of operating lease right-of-use assets | 2,417 | 2,548 | 1,500 | 5,245 | 2,913 | ||||||||||||||||||||||||
| Other | 1,533 | (192) | 994 | 1,341 | 981 | ||||||||||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||
| Accounts receivable | (39,526) | (36,053) | 12,012 | (75,579) | 10,082 | ||||||||||||||||||||||||
| Inventories | (13,225) | 39,640 | (41,053) | 26,415 | (28,134) | ||||||||||||||||||||||||
| Other current assets | 6,132 | (932) | (9,849) | 5,200 | (19,126) | ||||||||||||||||||||||||
| Accounts payable and accrued expenses | 22,105 | (53,751) | 35,780 | (31,646) | 45,921 | ||||||||||||||||||||||||
| Operating lease liabilities | (2,075) | (2,141) | (1,238) | (4,496) | (2,742) | ||||||||||||||||||||||||
| Deferred income taxes, net | (656) | 209 | 49 | (447) | 271 | ||||||||||||||||||||||||
| Net cash provided by operating activities | 32,165 | 15,146 | 20,421 | 47,311 | 55,990 | ||||||||||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||||||||||
| Capital expenditures and deposits on equipment | (7,376) | (12,766) | (20,151) | (20,142) | (34,795) | ||||||||||||||||||||||||
| Other | (81) | (611) | 151 | (692) | 167 | ||||||||||||||||||||||||
| Net cash used for investing activities | (7,457) | (13,377) | (20,000) | (20,834) | (34,628) | ||||||||||||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||||||||||
| Proceeds from debt | 270,775 | — | 11,439 | 270,775 | 11,439 | ||||||||||||||||||||||||
| Proceeds from borrowing under line of credit | 24,000 | 60,000 | 23,000 | 84,000 | 42,500 | ||||||||||||||||||||||||
| Proceeds from issuance of shares | 2,431 | 5,029 | 2,546 | 7,460 | 5,651 | ||||||||||||||||||||||||
| Repayments of debt | (125,000) | — | (23,000) | (125,000) | — | ||||||||||||||||||||||||
| Repayments of borrowings under line of credit | (59,000) | (50,000) | — | (109,000) | (42,500) | ||||||||||||||||||||||||
| Distribution to noncontrolling interest | (3,773) | — | — | (3,773) | — | ||||||||||||||||||||||||
| Payments to acquire ordinary shares | (230) | (2,666) | (44,481) | (2,895) | (47,964) | ||||||||||||||||||||||||
| Other | (3,840) | — | — | (3,841) | — | ||||||||||||||||||||||||
| Net cash provided by (used for) financing activities | 105,363 | 12,363 | (30,496) | 117,726 | (30,874) | ||||||||||||||||||||||||
| Effect of changes in currency exchange rates on cash and cash equivalents | 2,647 | (4,068) | 5,781 | (1,421) | (1,496) | ||||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | 132,718 | 10,064 | (24,294) | 142,782 | (11,008) | ||||||||||||||||||||||||
| Cash and cash equivalents at beginning of period | 233,050 | 222,986 | 164,097 | 222,986 | 150,811 | ||||||||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 365,768 | $ | 233,050 | $ | 139,803 | $ | 365,768 | $ | 139,803 | |||||||||||||||||||
| Investor Contact: | PR Contact: | ||||
| Suzanne Schmidt | Valerie Sassani | ||||
| Investor Relations | VP of Marketing and Communications | ||||
| +1-510-360-8596 | +1-510-941-8921 | ||||
| ir@sghcorp.com | pr@sghcorp.com | ||||