Cayman Islands | 98-1013909 | ||||
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
c/o Walkers Corporate Limited | |||||
190 Elgin Avenue | |||||
George Town, Grand Cayman | |||||
Cayman Islands | KY1-9008 | ||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Ordinary shares, $0.03 par value per share | SGH | Nasdaq Global Select Market |
Exhibit No. |
Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: April 9, 2024 |
SMART Global Holdings, Inc. | |||||||
By: | /s/ Ken Rizvi | |||||||
Senior Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
GAAP (1) |
Non-GAAP (2) |
||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | Q2 FY24 | Q1 FY24 | Q2 FY23 | Q2 FY24 | Q1 FY24 | Q2 FY23 | |||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||
Memory Solutions | $ | 83,297 | $ | 85,668 | $ | 110,339 | $ | 83,297 | $ | 85,668 | $ | 110,339 | |||||||||||||||||||||||
Intelligent Platform Solutions | 141,405 | 118,824 | 222,451 | 141,405 | 118,824 | 222,451 | |||||||||||||||||||||||||||||
LED Solutions | 60,119 | 69,755 | 55,587 | 60,119 | 69,755 | 55,587 | |||||||||||||||||||||||||||||
Total net sales | $ | 284,821 | $ | 274,247 | $ | 388,377 | $ | 284,821 | $ | 274,247 | $ | 388,377 | |||||||||||||||||||||||
Gross profit | $ | 81,934 | $ | 82,850 | $ | 111,008 | $ | 89,735 | $ | 91,277 | $ | 124,483 | |||||||||||||||||||||||
Operating income (loss) | (3,312) | 1,305 | (2,077) | 26,514 | 26,679 | 55,784 | |||||||||||||||||||||||||||||
Net income (loss) attributable to SGH | (13,620) | (11,773) | (33,396) | 14,141 | 12,538 | 43,180 | |||||||||||||||||||||||||||||
Diluted earnings (loss) per share | $ | (0.26) | $ | (0.23) | $ | (0.68) | $ | 0.27 | $ | 0.24 | $ | 0.87 |
GAAP
Outlook
|
Adjustments |
Non-GAAP
Outlook
|
||||||||||||
Net sales | $300 million +/- $25 million | — | $300 million +/- $25 million | |||||||||||
Gross margin | 29% +/- 1.5% | 3% | (A) | 32% +/- 1.5% | ||||||||||
Operating expenses | $80 million +/- $2 million | ($14) million | (B)(C) | $66 million +/- $2 million | ||||||||||
Diluted earnings (loss) per share |
$(0.07) +/- $0.15 | $0.37 | (A)(B)(C)(D) | $0.30 +/- $0.15 | ||||||||||
Diluted shares |
52.6 million | 1.8 million | 54.4 million |
Non-GAAP adjustments (in millions) | |||||
(A) Share-based compensation and amortization of acquisition-related intangibles included in cost of sales | $ | 8 | |||
(B) Share-based compensation and amortization of acquisition-related intangibles included in R&D and SG&A | 13 | ||||
(C) Other adjustments |
1 | ||||
(D) Estimated income tax effects | (2) | ||||
$ | 20 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
March 1, 2024 |
December 1, 2023 |
February 24, 2023 |
March 1, 2024 |
February 24, 2023 |
|||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||
Memory Solutions | $ | 83,297 | $ | 85,668 | $ | 110,339 | $ | 168,965 | $ | 228,625 | |||||||||||||||||||
Intelligent Platform Solutions | 141,405 | 118,824 | 222,451 | 260,229 | 433,422 | ||||||||||||||||||||||||
LED Solutions | 60,119 | 69,755 | 55,587 | 129,874 | 118,127 | ||||||||||||||||||||||||
Total net sales | 284,821 | 274,247 | 388,377 | 559,068 | 780,174 | ||||||||||||||||||||||||
Cost of sales | 202,887 | 191,397 | 277,369 | 394,284 | 557,068 | ||||||||||||||||||||||||
Gross profit | 81,934 | 82,850 | 111,008 | 164,784 | 223,106 | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Research and development | 20,526 | 21,389 | 25,272 | 41,915 | 49,344 | ||||||||||||||||||||||||
Selling, general and administrative | 61,385 | 57,217 | 60,074 | 118,602 | 127,782 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 17,558 | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 6,400 | — | 10,100 | ||||||||||||||||||||||||
Other operating (income) expense | 3,335 | 2,939 | 3,781 | 6,274 | 5,552 | ||||||||||||||||||||||||
Total operating expenses | 85,246 | 81,545 | 113,085 | 166,791 | 210,336 | ||||||||||||||||||||||||
Operating income (loss) | (3,312) | 1,305 | (2,077) | (2,007) | 12,770 | ||||||||||||||||||||||||
Non-operating (income) expense: | |||||||||||||||||||||||||||||
Interest expense, net | 7,249 | 9,559 | 9,430 | 16,808 | 17,924 | ||||||||||||||||||||||||
Other non-operating (income) expense | 248 | (576) | 13,307 | (328) | 11,945 | ||||||||||||||||||||||||
Total non-operating (income) expense | 7,497 | 8,983 | 22,737 | 16,480 | 29,869 | ||||||||||||||||||||||||
Income (loss) before taxes | (10,809) | (7,678) | (24,814) | (18,487) | (17,099) | ||||||||||||||||||||||||
Income tax provision (benefit) | 2,198 | 3,534 | 8,149 | 5,732 | 19,471 | ||||||||||||||||||||||||
Net income (loss) from continuing operations | (13,007) | (11,212) | (32,963) | (24,219) | (36,570) | ||||||||||||||||||||||||
Net income (loss) from discontinued operations | — | (8,148) | 6,177 | (8,148) | 15,108 | ||||||||||||||||||||||||
Net income (loss) | (13,007) | (19,360) | (26,786) | (32,367) | (21,462) | ||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 613 | 561 | 433 | 1,174 | 765 | ||||||||||||||||||||||||
Net income (loss) attributable to SGH | $ | (13,620) | $ | (19,921) | $ | (27,219) | $ | (33,541) | $ | (22,227) | |||||||||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||||||||||||||
Continuing operations | $ | (0.26) | $ | (0.23) | $ | (0.68) | $ | (0.49) | $ | (0.76) | |||||||||||||||||||
Discontinued operations | — | (0.15) | 0.13 | (0.15) | 0.31 | ||||||||||||||||||||||||
$ | (0.26) | $ | (0.38) | $ | (0.55) | $ | (0.64) | $ | (0.45) | ||||||||||||||||||||
Diluted earnings (loss) per share: | |||||||||||||||||||||||||||||
Continuing operations | $ | (0.26) | $ | (0.23) | $ | (0.68) | $ | (0.49) | $ | (0.76) | |||||||||||||||||||
Discontinued operations | — | (0.15) | 0.13 | (0.15) | 0.31 | ||||||||||||||||||||||||
$ | (0.26) | $ | (0.38) | $ | (0.55) | $ | (0.64) | $ | (0.45) | ||||||||||||||||||||
Shares used in per share calculations: | |||||||||||||||||||||||||||||
Basic | 52,031 | 52,068 | 49,116 | 52,050 | 49,039 | ||||||||||||||||||||||||
Diluted | 52,031 | 52,068 | 49,116 | 52,050 | 49,039 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
March 1, 2024 |
December 1, 2023 |
February 24, 2023 |
March 1, 2024 |
February 24, 2023 |
|||||||||||||||||||||||||
GAAP gross profit | $ | 81,934 | $ | 82,850 | $ | 111,008 | $ | 164,784 | $ | 223,106 | |||||||||||||||||||
Share-based compensation expense | 1,691 | 1,815 | 1,308 | 3,506 | 2,950 | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | 5,894 | 5,944 | 6,615 | 11,838 | 13,081 | ||||||||||||||||||||||||
Flow-through of inventory step up | — | — | — | — | 2,599 | ||||||||||||||||||||||||
Cost of sales-related restructure | 216 | 668 | 5,552 | 884 | 5,552 | ||||||||||||||||||||||||
Non-GAAP gross profit | $ | 89,735 | $ | 91,277 | $ | 124,483 | $ | 181,012 | $ | 247,288 | |||||||||||||||||||
GAAP gross margin | 28.8 | % | 30.2 | % | 28.6 | % | 29.5 | % | 28.6 | % | |||||||||||||||||||
Effect of adjustments | 2.7 | % | 3.1 | % | 3.5 | % | 2.9 | % | 3.1 | % | |||||||||||||||||||
Non-GAAP gross margin | 31.5 | % | 33.3 | % | 32.1 | % | 32.4 | % | 31.7 | % | |||||||||||||||||||
GAAP operating expenses | $ | 85,246 | $ | 81,545 | $ | 113,085 | $ | 166,791 | $ | 210,336 | |||||||||||||||||||
Share-based compensation expense | (8,948) | (9,155) | (8,723) | (18,103) | (17,062) | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | (3,857) | (4,064) | (4,200) | (7,921) | (8,592) | ||||||||||||||||||||||||
Diligence, acquisition and integration expense | (5,885) | (789) | (2,824) | (6,674) | (9,556) | ||||||||||||||||||||||||
Impairment of goodwill | — | — | (17,558) | — | (17,558) | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | (6,400) | — | (10,100) | ||||||||||||||||||||||||
Restructure charge | (3,335) | (2,939) | (3,781) | (6,274) | (5,552) | ||||||||||||||||||||||||
Other | — | — | (900) | — | (1,800) | ||||||||||||||||||||||||
Non-GAAP operating expenses | $ | 63,221 | $ | 64,598 | $ | 68,699 | $ | 127,819 | $ | 140,116 | |||||||||||||||||||
GAAP operating income (loss) | $ | (3,312) | $ | 1,305 | $ | (2,077) | $ | (2,007) | $ | 12,770 | |||||||||||||||||||
Share-based compensation expense | 10,639 | 10,970 | 10,031 | 21,609 | 20,012 | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | 9,751 | 10,008 | 10,815 | 19,759 | 21,673 | ||||||||||||||||||||||||
Flow-through of inventory step up | — | — | — | — | 2,599 | ||||||||||||||||||||||||
Cost of sales-related restructure | 216 | 668 | 5,552 | 884 | 5,552 | ||||||||||||||||||||||||
Diligence, acquisition and integration expense | 5,885 | 789 | 2,824 | 6,674 | 9,556 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 17,558 | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 6,400 | — | 10,100 | ||||||||||||||||||||||||
Restructure charge | 3,335 | 2,939 | 3,781 | 6,274 | 5,552 | ||||||||||||||||||||||||
Other | — | — | 900 | — | 1,800 | ||||||||||||||||||||||||
Non-GAAP operating income | $ | 26,514 | $ | 26,679 | $ | 55,784 | $ | 53,193 | $ | 107,172 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
March 1, 2024 |
December 1, 2023 |
February 24, 2023 |
March 1, 2024 |
February 24, 2023 |
|||||||||||||||||||||||||
GAAP net income (loss) attributable to SGH | $ | (13,620) | $ | (11,773) | $ | (33,396) | $ | (25,393) | $ | (37,335) | |||||||||||||||||||
Share-based compensation expense | 10,639 | 10,970 | 10,031 | 21,609 | 20,012 | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | 9,751 | 10,008 | 10,815 | 19,759 | 21,673 | ||||||||||||||||||||||||
Flow-through of inventory step up | — | — | — | — | 2,599 | ||||||||||||||||||||||||
Cost of sales-related restructure | 216 | 668 | 5,552 | 884 | 5,552 | ||||||||||||||||||||||||
Diligence, acquisition and integration expense | 5,885 | 789 | 2,824 | 6,674 | 9,556 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 17,558 | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 6,400 | — | 10,100 | ||||||||||||||||||||||||
Restructure charge | 3,335 | 2,939 | 3,781 | 6,274 | 5,552 | ||||||||||||||||||||||||
Amortization of debt discount and other costs | 968 | 1,042 | 1,048 | 2,010 | 2,117 | ||||||||||||||||||||||||
Loss (gain) on extinguishment or prepayment of debt | 325 | — | 16,691 | 325 | 15,924 | ||||||||||||||||||||||||
Foreign currency (gains) losses | 182 | (546) | 165 | (364) | (355) | ||||||||||||||||||||||||
Other | — | — | 900 | — | 1,800 | ||||||||||||||||||||||||
Income tax effects | (3,540) | (1,559) | 811 | (5,099) | 5,791 | ||||||||||||||||||||||||
Non-GAAP net income attributable to SGH | $ | 14,141 | $ | 12,538 | $ | 43,180 | $ | 26,679 | $ | 80,544 | |||||||||||||||||||
Weighted-average shares outstanding - Diluted: | |||||||||||||||||||||||||||||
GAAP weighted-average shares outstanding | 52,031 | 52,068 | 49,116 | 52,050 | 49,039 | ||||||||||||||||||||||||
Adjustment for dilutive securities and capped calls | 1,043 | 1,213 | 726 | 1,128 | 777 | ||||||||||||||||||||||||
Non-GAAP weighted-average shares outstanding | 53,074 | 53,281 | 49,842 | 53,178 | 49,816 | ||||||||||||||||||||||||
Diluted earnings (loss) per share from continuing operations: | |||||||||||||||||||||||||||||
GAAP diluted earnings (loss) per share | $ | (0.26) | $ | (0.23) | $ | (0.68) | $ | (0.49) | $ | (0.76) | |||||||||||||||||||
Effect of adjustments | 0.53 | 0.47 | 1.55 | 0.99 | 2.38 | ||||||||||||||||||||||||
Non-GAAP diluted earnings per share | $ | 0.27 | $ | 0.24 | $ | 0.87 | $ | 0.50 | $ | 1.62 | |||||||||||||||||||
Net income (loss) attributable to SGH | $ | (13,620) | $ | (11,773) | $ | (33,396) | $ | (25,393) | $ | (37,335) | |||||||||||||||||||
Interest expense, net | 7,249 | 9,559 | 9,430 | 16,808 | 17,924 | ||||||||||||||||||||||||
Income tax provision (benefit) | 2,198 | 3,534 | 8,149 | 5,732 | 19,471 | ||||||||||||||||||||||||
Depreciation expense and amortization of intangible assets | 17,156 | 17,654 | 17,199 | 34,810 | 34,248 | ||||||||||||||||||||||||
Share-based compensation expense | 10,639 | 10,970 | 10,031 | 21,609 | 20,012 | ||||||||||||||||||||||||
Flow-through of inventory step up | — | — | — | — | 2,599 | ||||||||||||||||||||||||
Cost of sales-related restructure | 216 | 668 | 5,552 | 884 | 5,552 | ||||||||||||||||||||||||
Diligence, acquisition and integration expense | 5,885 | 789 | 2,824 | 6,674 | 9,556 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 17,558 | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 6,400 | — | 10,100 | ||||||||||||||||||||||||
Restructure charge | 3,335 | 2,939 | 3,781 | 6,274 | 5,552 | ||||||||||||||||||||||||
Loss on extinguishment of debt | 325 | — | 16,691 | 325 | 15,924 | ||||||||||||||||||||||||
Other | — | — | 900 | — | 1,800 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 33,383 | $ | 34,340 | $ | 65,119 | $ | 67,723 | $ | 122,961 |
As of | March 1, 2024 |
August 25, 2023 |
|||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 442,329 | $ | 365,563 | |||||||
Short-term investments | 23,439 | 25,251 | |||||||||
Accounts receivable, net | 169,718 | 219,247 | |||||||||
Inventories | 172,763 | 174,977 | |||||||||
Other current assets | 76,481 | 51,790 | |||||||||
Current assets of discontinued operations | — | 70,574 | |||||||||
Total current assets | 884,730 | 907,402 | |||||||||
Property and equipment, net | 109,516 | 118,734 | |||||||||
Operating lease right-of-use assets | 62,529 | 68,444 | |||||||||
Intangible assets, net | 140,923 | 160,185 | |||||||||
Goodwill | 161,958 | 161,958 | |||||||||
Deferred tax assets | 73,914 | 74,085 | |||||||||
Other noncurrent assets | 83,884 | 15,150 | |||||||||
Total assets | $ | 1,517,454 | $ | 1,505,958 | |||||||
Liabilities and Equity | |||||||||||
Accounts payable and accrued expenses | $ | 182,021 | $ | 182,035 | |||||||
Current debt | — | 35,618 | |||||||||
Deferred revenue | 37,228 | 48,096 | |||||||||
Other current liabilities | 48,710 | 32,731 | |||||||||
Acquisition-related contingent consideration | — | 50,000 | |||||||||
Current liabilities of discontinued operations | — | 77,770 | |||||||||
Total current liabilities | 267,959 | 426,250 | |||||||||
Long-term debt | 740,663 | 754,820 | |||||||||
Noncurrent operating lease liabilities | 62,585 | 66,407 | |||||||||
Other noncurrent liabilities | 34,743 | 29,248 | |||||||||
Total liabilities | 1,105,950 | 1,276,725 | |||||||||
Commitments and contingencies | |||||||||||
SMART Global Holdings shareholders’ equity: | |||||||||||
Ordinary shares | 1,769 | 1,726 | |||||||||
Additional paid-in capital | 502,560 | 476,703 | |||||||||
Retained earnings | 48,916 | 82,457 | |||||||||
Treasury shares | (148,309) | (132,447) | |||||||||
Accumulated other comprehensive income (loss) | 106 | (205,964) | |||||||||
Total SGH shareholders’ equity | 405,042 | 222,475 | |||||||||
Noncontrolling interest in subsidiary | 6,462 | 6,758 | |||||||||
Total equity | 411,504 | 229,233 | |||||||||
Total liabilities and equity | $ | 1,517,454 | $ | 1,505,958 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
March 1, 2024 |
December 1, 2023 |
February 24, 2023 |
March 1, 2024 |
February 24, 2023 |
|||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||
Net income (loss) | $ | (13,007) | $ | (19,360) | $ | (26,786) | $ | (32,367) | $ | (21,462) | |||||||||||||||||||
Net income (loss) from discontinued operations | — | (8,148) | 6,177 | (8,148) | 15,108 | ||||||||||||||||||||||||
Net income (loss) from continuing operations | (13,007) | (11,212) | (32,963) | (24,219) | (36,570) | ||||||||||||||||||||||||
Adjustments to reconcile net income (loss) from continuing operations to cash provided by (used for) operating activities | |||||||||||||||||||||||||||||
Depreciation expense and amortization of intangible assets | 17,156 | 17,654 | 17,199 | 34,810 | 34,248 | ||||||||||||||||||||||||
Amortization of debt discount and issuance costs | 968 | 1,042 | 1,048 | 2,010 | 2,117 | ||||||||||||||||||||||||
Share-based compensation expense | 10,639 | 10,970 | 10,031 | 21,609 | 20,012 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | 17,558 | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 6,400 | — | 10,100 | ||||||||||||||||||||||||
(Gain) loss on extinguishment or prepayment of debt | 325 | — | 16,691 | 325 | 15,924 | ||||||||||||||||||||||||
Deferred income taxes, net | 476 | (282) | (88) | 194 | 1,630 | ||||||||||||||||||||||||
Other | (208) | 664 | 3,759 | 456 | 4,116 | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||
Accounts receivable | 872 | 48,658 | 48,936 | 49,530 | 172,033 | ||||||||||||||||||||||||
Inventories | 35,678 | (33,464) | 112,287 | 2,214 | 10,240 | ||||||||||||||||||||||||
Other assets | (23,229) | 2,102 | (3,065) | (21,127) | (9,893) | ||||||||||||||||||||||||
Accounts payable and accrued expenses and other liabilities | (22,587) | 23,581 | (119,996) | 994 | (174,745) | ||||||||||||||||||||||||
Payment of acquisition-related contingent consideration | (29,000) | — | — | (29,000) | (73,724) | ||||||||||||||||||||||||
Net cash provided by (used for) operating activities from continuing operations | (21,917) | 59,713 | 77,797 | 37,796 | (6,954) | ||||||||||||||||||||||||
Net cash provided by (used for) operating activities from discontinued operations | — | (28,235) | 22,738 | (28,235) | 33,504 | ||||||||||||||||||||||||
Net cash provided by (used for) operating activities | (21,917) | 31,478 | 100,535 | 9,561 | 26,550 | ||||||||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||
Capital expenditures and deposits on equipment | (5,204) | (4,648) | (11,699) | (9,852) | (19,690) | ||||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | — | (2,800) | — | (213,073) | ||||||||||||||||||||||||
Proceeds from maturities of investment securities | 12,290 | 9,665 | — | 21,955 | — | ||||||||||||||||||||||||
Purchases of held-to-maturity investment securities | (11,034) | (8,469) | — | (19,503) | — | ||||||||||||||||||||||||
Other | (558) | (188) | 1,998 | (746) | 239 | ||||||||||||||||||||||||
Net cash used for investing activities from continuing operations | (4,506) | (3,640) | (12,501) | (8,146) | (232,524) | ||||||||||||||||||||||||
Net cash provided by (used for) investing activities from discontinued operations | — | 118,938 | (852) | 118,938 | (4,472) | ||||||||||||||||||||||||
Net cash provided by (used for) investing activities | $ | (4,506) | $ | 115,298 | $ | (13,353) | $ | 110,792 | $ | (236,996) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
March 1, 2024 |
December 1, 2023 |
February 24, 2023 |
March 1, 2024 |
February 24, 2023 |
|||||||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||
Proceeds from debt | $ | — | $ | — | $ | — | $ | — | $ | 295,287 | |||||||||||||||||||
Proceeds from issuance of ordinary shares | 792 | 3,455 | 308 | 4,247 | 4,250 | ||||||||||||||||||||||||
Payment of acquisition-related contingent consideration | (21,000) | — | — | (21,000) | (28,100) | ||||||||||||||||||||||||
Payments to acquire ordinary shares | (2,732) | (13,130) | (11,564) | (15,862) | (16,223) | ||||||||||||||||||||||||
Repayments of debt | (37,211) | (14,423) | (3,605) | (51,634) | (7,211) | ||||||||||||||||||||||||
Payment of premium in connection with convertible note exchange | — | — | (14,141) | — | (14,141) | ||||||||||||||||||||||||
Net cash paid for settlement and purchase of Capped Calls | — | — | (4,304) | — | (4,304) | ||||||||||||||||||||||||
Distribution to noncontrolling interest | — | (1,470) | (2,009) | (1,470) | (2,009) | ||||||||||||||||||||||||
Other | (1) | (582) | (4,289) | (583) | (5,077) | ||||||||||||||||||||||||
Net cash provided by (used for) financing activities from continuing operations | (60,152) | (26,150) | (39,604) | (86,302) | 222,472 | ||||||||||||||||||||||||
Net cash used for financing activities from discontinued operations | — | (606) | (27) | (606) | (124) | ||||||||||||||||||||||||
Net cash provided by (used for) financing activities | (60,152) | (26,756) | (39,631) | (86,908) | 222,348 | ||||||||||||||||||||||||
Effect of changes in currency exchange rates | (155) | (1,025) | 1,712 | (1,180) | 1,917 | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (86,730) | 118,995 | 49,263 | 32,265 | 13,819 | ||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 529,059 | 410,064 | 327,621 | 410,064 | 363,065 | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 442,329 | $ | 529,059 | $ | 376,884 | $ | 442,329 | $ | 376,884 |
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 |