Smart Global Holdings: Fiscal 2Q21 Financial Results

(in $ million)	2Q20	2Q21	6 mo. 20	6 mo. 21
Revenue	272	304	544.1	595.7
*Growth*		12%		*-9%*
Net income (loss)	(9.7)	5.8	(9.4)	7.9

SMART Global Holdings, Inc. reported financial results for the second quarter fiscal 2021 ended February 26, 2021.

“Our second quarter sales of $304 million, which represented an 11.8% increase compared to the same quarter of fiscal 2020, enabled us to achieve non-GAAP earnings per share of $0.87, exceeding the high end of our guidance,” commented Mark Adams, president and CEO. “The Intelligent Platform Solutions business, formerly referred to as Specialty Compute and Storage Solutions, grew sales 30% Q/Q, and when coupled with the newly acquired Cree LED, illustrates the continued progress of a growing and diversified SGH.“

2FQ21 Highlights:
• Net sales of $304.0 million, up 11.8% compared to 2FQ20.
• GAAP net income of $5.8 million, or $0.23 per share, compared to a GAAP net loss of $9.7 million or ($0.41) per share in 2FQ20.
• Non-GAAP net income of $21.9 million or $0.87 per share, up 71.1% and 67.3%, respectively, compared to 2FQ20.
• Adjusted EBITDA of $31.0 million, up 38.9% compared to 2FQ20.

Smart Global Holdings Fiscal 2q21 Financial Results

Outlook for 3Q21: Net sales from $400 to $430 million