SMART Global Holdings Reports First Quarter Fiscal 2021 Financial Results

Rhea-AI Summary

SMART Global Holdings, Inc. (NASDAQ: SGH) reported its Q1 fiscal 2021 results, showing net sales of $291.7 million, a 7.2% increase year-over-year. The GAAP net income rose to $2 million or $0.08 per share, compared to $0.2 million or $0.01 per share last year. Non-GAAP net income was $19.6 million or $0.78 per share, reflecting a significant growth of 46.4% from the prior year. Additionally, Adjusted EBITDA reached $29.5 million, up 25.4% year-over-year.

Positive

• Net sales increased by 7.2% year-over-year to $291.7 million.
• Non-GAAP earnings per share rose by 41.8% to $0.78, exceeding guidance.
• Adjusted EBITDA increased by 25.4% to $29.5 million.

Negative

• GAAP net income increased marginally to $2 million, indicating limited profitability growth.

SMART Global Holdings, Inc. (“SMART” or the “Company”) (NASDAQ: SGH), today reported financial results for the first quarter fiscal 2021 ended November 27, 2020.

First Quarter Fiscal 2021 Highlights:

• Net sales of $291.7 million, 7.2% higher than the year ago quarter.
• GAAP net income of $2.0 million, or $0.08 per share, compared with $0.2 million or $0.01 per share in the year ago quarter.
• Non-GAAP net income of $19.6 million or $0.78 per share, 46.4% and 41.8% higher than the year ago quarter, respectively.
• Adjusted EBITDA of $29.5 million, 25.4% higher than the year ago quarter.

“I am proud of the results our team delivered in the first quarter of fiscal 2021 during these challenging times. Total revenue grew by 7% when compared to the first quarter a year ago, and non-GAAP earnings per share of $0.78 exceeded the high end of our guidance range,” commented Mark Adams, President and CEO.

“With our continuing focus on delivering differentiated solutions to our valued customers and driving operational excellence across each of our businesses, we remain optimistic about the future and our ability to deliver strong returns for our shareholders,” concluded Mr. Adams.

Quarterly Financial Results		GAAP (1)										Non-GAAP (2)
(In millions, except per share amounts)		Q1 FY21			Q4 FY20			Q1 FY20				Q1 FY21			Q4 FY20			Q1 FY20
Net sales		$	291.7		$	297.0		$	272.0			$	291.7

FAQ

What were SMART Global Holdings' Q1 FY21 earnings results?

SMART Global Holdings reported net sales of $291.7 million and a GAAP net income of $2 million for Q1 FY21.

How did SMART Global Holdings' non-GAAP earnings perform in Q1 FY21?

Non-GAAP earnings were $19.6 million, or $0.78 per share, a 46.4% increase year-over-year.

What is the Adjusted EBITDA for SMART Global Holdings in Q1 FY21?

SMART Global Holdings achieved an Adjusted EBITDA of $29.5 million, up 25.4% compared to the previous year.

What guidance did SMART Global Holdings provide for future performance?

The CEO expressed optimism about delivering strong returns for shareholders.