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: July 9, 2024 |
SMART Global Holdings, Inc. | |||||||
By: | /s/ Nate Olmstead |
|||||||
Nate Olmstead |
||||||||
Senior Vice President and Chief Financial Officer |
||||||||
(Principal Financial and Accounting Officer) |
GAAP (1) |
Non-GAAP (2) |
||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | Q3 FY24 | Q2 FY24 | Q3 FY23 | Q3 FY24 | Q2 FY24 | Q3 FY23 | |||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||
Memory Solutions | $ | 91,629 | $ | 83,297 | $ | 109,458 | $ | 91,629 | $ | 83,297 | $ | 109,458 | |||||||||||||||||||||||
Intelligent Platform Solutions | 144,968 | 141,405 | 170,854 | 144,968 | 141,405 | 170,854 | |||||||||||||||||||||||||||||
LED Solutions | 63,983 | 60,119 | 64,106 | 63,983 | 60,119 | 64,106 | |||||||||||||||||||||||||||||
Total net sales | $ | 300,580 | $ | 284,821 | $ | 344,418 | $ | 300,580 | $ | 284,821 | $ | 344,418 | |||||||||||||||||||||||
Gross profit | $ | 88,906 | $ | 81,934 | $ | 100,480 | $ | 96,962 | $ | 89,735 | $ | 108,990 | |||||||||||||||||||||||
Operating income (loss) | 11,511 | (3,312) | (2,386) | 33,325 | 26,514 | 42,327 | |||||||||||||||||||||||||||||
Net income (loss) attributable to SGH | 5,616 | (13,620) | (19,648) | 20,221 | 14,141 | 28,731 | |||||||||||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.10 | $ | (0.26) | $ | (0.40) | $ | 0.37 | $ | 0.27 | $ | 0.57 |
GAAP
Outlook
|
Adjustments |
Non-GAAP
Outlook
|
||||||||||||
Net sales | $325 million +/- $25 million | — | $325 million +/- $25 million | |||||||||||
Gross margin | 29.5% +/- 1.5% | 2% | (A) | 31.5% +/- 1.5% | ||||||||||
Operating expenses | $81 million +/- $2 million | ($15) million | (B)(C) | $66 million +/- $2 million | ||||||||||
Diluted earnings (loss) per share |
$0.03 +/- $0.15 | $0.37 | (A)(B)(C)(D) | $0.40 +/- $0.15 | ||||||||||
Diluted shares |
55.7 million | (1) million | 54.7 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 | 12 | ||||
(C) Other adjustments |
3 | ||||
(D) Estimated income tax effects | (2) | ||||
$ | 21 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
May 31, 2024 |
March 1, 2024 |
May 26, 2023 |
May 31, 2024 |
May 26, 2023 |
|||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||
Memory Solutions | $ | 91,629 | $ | 83,297 | $ | 109,458 | $ | 260,594 | $ | 338,083 | |||||||||||||||||||
Intelligent Platform Solutions | 144,968 | 141,405 | 170,854 | 405,197 | 604,276 | ||||||||||||||||||||||||
LED Solutions | 63,983 | 60,119 | 64,106 | 193,857 | 182,233 | ||||||||||||||||||||||||
Total net sales | 300,580 | 284,821 | 344,418 | 859,648 | 1,124,592 | ||||||||||||||||||||||||
Cost of sales | 211,674 | 202,887 | 243,938 | 605,958 | 801,006 | ||||||||||||||||||||||||
Gross profit | 88,906 | 81,934 | 100,480 | 253,690 | 323,586 | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Research and development | 19,681 | 20,526 | 20,338 | 61,596 | 69,682 | ||||||||||||||||||||||||
Selling, general and administrative | 57,249 | 61,385 | 67,914 | 175,851 | 195,696 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | — | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 14,800 | — | 24,900 | ||||||||||||||||||||||||
Other operating (income) expense | 465 | 3,335 | (186) | 6,739 | 5,366 | ||||||||||||||||||||||||
Total operating expenses | 77,395 | 85,246 | 102,866 | 244,186 | 313,202 | ||||||||||||||||||||||||
Operating income (loss) | 11,511 | (3,312) | (2,386) | 9,504 | 10,384 | ||||||||||||||||||||||||
Non-operating (income) expense: | |||||||||||||||||||||||||||||
Interest expense, net | 6,167 | 7,249 | 9,314 | 22,975 | 27,238 | ||||||||||||||||||||||||
Other non-operating (income) expense | 441 | 248 | 354 | 113 | 12,299 | ||||||||||||||||||||||||
Total non-operating (income) expense | 6,608 | 7,497 | 9,668 | 23,088 | 39,537 | ||||||||||||||||||||||||
Income (loss) before taxes | 4,903 | (10,809) | (12,054) | (13,584) | (29,153) | ||||||||||||||||||||||||
Income tax provision (benefit) | (1,323) | 2,198 | 7,216 | 4,409 | 26,687 | ||||||||||||||||||||||||
Net income (loss) from continuing operations | 6,226 | (13,007) | (19,270) | (17,993) | (55,840) | ||||||||||||||||||||||||
Net income (loss) from discontinued operations | — | — | (4,807) | (8,148) | 10,301 | ||||||||||||||||||||||||
Net income (loss) | 6,226 | (13,007) | (24,077) | (26,141) | (45,539) | ||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 610 | 613 | 378 | 1,784 | 1,143 | ||||||||||||||||||||||||
Net income (loss) attributable to SGH | $ | 5,616 | $ | (13,620) | $ | (24,455) | $ | (27,925) | $ | (46,682) | |||||||||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||||||||||||||
Continuing operations | $ | 0.11 | $ | (0.26) | $ | (0.40) | $ | (0.38) | $ | (1.16) | |||||||||||||||||||
Discontinued operations | — | — | (0.10) | (0.15) | 0.21 | ||||||||||||||||||||||||
$ | 0.11 | $ | (0.26) | $ | (0.50) | $ | (0.53) | $ | (0.95) | ||||||||||||||||||||
Diluted earnings (loss) per share: | |||||||||||||||||||||||||||||
Continuing operations | $ | 0.10 | $ | (0.26) | $ | (0.40) | $ | (0.38) | $ | (1.16) | |||||||||||||||||||
Discontinued operations | — | — | (0.10) | (0.15) | 0.21 | ||||||||||||||||||||||||
$ | 0.10 | $ | (0.26) | $ | (0.50) | $ | (0.53) | $ | (0.95) | ||||||||||||||||||||
Shares used in per share calculations: | |||||||||||||||||||||||||||||
Basic | 52,570 | 52,031 | 49,380 | 52,219 | 49,152 | ||||||||||||||||||||||||
Diluted | 54,283 | 52,031 | 49,380 | 52,219 | 49,152 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
May 31, 2024 |
March 1, 2024 |
May 26, 2023 |
May 31, 2024 |
May 26, 2023 |
|||||||||||||||||||||||||
GAAP gross profit | $ | 88,906 | $ | 81,934 | $ | 100,480 | $ | 253,690 | $ | 323,586 | |||||||||||||||||||
Share-based compensation expense | 1,760 | 1,691 | 1,595 | 5,266 | 4,545 | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | 5,909 | 5,894 | 6,704 | 17,747 | 19,785 | ||||||||||||||||||||||||
Flow-through of inventory step up | — | — | — | — | 2,599 | ||||||||||||||||||||||||
Cost of sales-related restructure | 387 | 216 | 211 | 1,271 | 5,763 | ||||||||||||||||||||||||
Non-GAAP gross profit | $ | 96,962 | $ | 89,735 | $ | 108,990 | $ | 277,974 | $ | 356,278 | |||||||||||||||||||
GAAP gross margin | 29.6 | % | 28.8 | % | 29.2 | % | 29.5 | % | 28.8 | % | |||||||||||||||||||
Effect of adjustments | 2.7 | % | 2.7 | % | 2.4 | % | 2.8 | % | 2.9 | % | |||||||||||||||||||
Non-GAAP gross margin | 32.3 | % | 31.5 | % | 31.6 | % | 32.3 | % | 31.7 | % | |||||||||||||||||||
GAAP operating expenses | $ | 77,395 | $ | 85,246 | $ | 102,866 | $ | 244,186 | $ | 313,202 | |||||||||||||||||||
Share-based compensation expense | (9,432) | (8,948) | (8,047) | (27,535) | (25,109) | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | (3,857) | (3,857) | (4,905) | (11,778) | (13,497) | ||||||||||||||||||||||||
Diligence, acquisition and integration expense | (4) | (5,885) | (8,637) | (6,678) | (18,193) | ||||||||||||||||||||||||
Impairment of goodwill | — | — | — | — | (17,558) | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | (14,800) | — | (24,900) | ||||||||||||||||||||||||
Restructure charge | (465) | (3,335) | 186 | (6,739) | (5,366) | ||||||||||||||||||||||||
Other | — | — | — | — | (1,800) | ||||||||||||||||||||||||
Non-GAAP operating expenses | $ | 63,637 | $ | 63,221 | $ | 66,663 | $ | 191,456 | $ | 206,779 | |||||||||||||||||||
GAAP operating income (loss) | $ | 11,511 | $ | (3,312) | $ | (2,386) | $ | 9,504 | $ | 10,384 | |||||||||||||||||||
Share-based compensation expense | 11,192 | 10,639 | 9,642 | 32,801 | 29,654 | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | 9,766 | 9,751 | 11,609 | 29,525 | 33,282 | ||||||||||||||||||||||||
Flow-through of inventory step up | — | — | — | — | 2,599 | ||||||||||||||||||||||||
Cost of sales-related restructure | 387 | 216 | 211 | 1,271 | 5,763 | ||||||||||||||||||||||||
Diligence, acquisition and integration expense | 4 | 5,885 | 8,637 | 6,678 | 18,193 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | — | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 14,800 | — | 24,900 | ||||||||||||||||||||||||
Restructure charge | 465 | 3,335 | (186) | 6,739 | 5,366 | ||||||||||||||||||||||||
Other | — | — | — | — | 1,800 | ||||||||||||||||||||||||
Non-GAAP operating income | $ | 33,325 | $ | 26,514 | $ | 42,327 | $ | 86,518 | $ | 149,499 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
May 31, 2024 |
March 1, 2024 |
May 26, 2023 |
May 31, 2024 |
May 26, 2023 |
|||||||||||||||||||||||||
GAAP net income (loss) attributable to SGH | $ | 5,616 | $ | (13,620) | $ | (19,648) | $ | (19,777) | $ | (56,983) | |||||||||||||||||||
Share-based compensation expense | 11,192 | 10,639 | 9,642 | 32,801 | 29,654 | ||||||||||||||||||||||||
Amortization of acquisition-related intangibles | 9,766 | 9,751 | 11,609 | 29,525 | 33,282 | ||||||||||||||||||||||||
Flow-through of inventory step up | — | — | — | — | 2,599 | ||||||||||||||||||||||||
Cost of sales-related restructure | 387 | 216 | 211 | 1,271 | 5,763 | ||||||||||||||||||||||||
Diligence, acquisition and integration expense | 4 | 5,885 | 8,637 | 6,678 | 18,193 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | — | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 14,800 | — | 24,900 | ||||||||||||||||||||||||
Restructure charge | 465 | 3,335 | (186) | 6,739 | 5,366 | ||||||||||||||||||||||||
Amortization of debt discount and other costs | 817 | 968 | 937 | 2,827 | 3,054 | ||||||||||||||||||||||||
Loss (gain) on extinguishment or prepayment of debt | 792 | 325 | — | 1,117 | 15,924 | ||||||||||||||||||||||||
Foreign currency (gains) losses | 606 | 182 | 410 | 242 | 55 | ||||||||||||||||||||||||
Other | — | — | — | — | 1,800 | ||||||||||||||||||||||||
Income tax effects | (9,424) | (3,540) | 2,319 | (14,523) | 8,110 | ||||||||||||||||||||||||
Non-GAAP net income attributable to SGH | $ | 20,221 | $ | 14,141 | $ | 28,731 | $ | 46,900 | $ | 109,275 | |||||||||||||||||||
Weighted-average shares outstanding - Diluted: | |||||||||||||||||||||||||||||
GAAP weighted-average shares outstanding | 54,283 | 52,031 | 49,380 | 52,219 | 49,152 | ||||||||||||||||||||||||
Adjustment for dilutive securities and capped calls | (333) | 1,043 | 754 | 1,216 | 770 | ||||||||||||||||||||||||
Non-GAAP weighted-average shares outstanding | 53,950 | 53,074 | 50,134 | 53,435 | 49,922 | ||||||||||||||||||||||||
Diluted earnings (loss) per share from continuing operations: | |||||||||||||||||||||||||||||
GAAP diluted earnings (loss) per share | $ | 0.10 | $ | (0.26) | $ | (0.40) | $ | (0.38) | $ | (1.16) | |||||||||||||||||||
Effect of adjustments | 0.27 | 0.53 | 0.97 | 1.26 | 3.35 | ||||||||||||||||||||||||
Non-GAAP diluted earnings per share | $ | 0.37 | $ | 0.27 | $ | 0.57 | $ | 0.88 | $ | 2.19 | |||||||||||||||||||
Net income (loss) attributable to SGH | $ | 5,616 | $ | (13,620) | $ | (19,648) | $ | (19,777) | $ | (56,983) | |||||||||||||||||||
Interest expense, net | 6,167 | 7,249 | 9,314 | 22,975 | 27,238 | ||||||||||||||||||||||||
Income tax provision (benefit) | (1,323) | 2,198 | 7,216 | 4,409 | 26,687 | ||||||||||||||||||||||||
Depreciation expense and amortization of intangible assets | 15,525 | 17,156 | 18,554 | 50,335 | 52,802 | ||||||||||||||||||||||||
Share-based compensation expense | 11,192 | 10,639 | 9,642 | 32,801 | 29,654 | ||||||||||||||||||||||||
Flow-through of inventory step up | — | — | — | — | 2,599 | ||||||||||||||||||||||||
Cost of sales-related restructure | 387 | 216 | 211 | 1,271 | 5,763 | ||||||||||||||||||||||||
Diligence, acquisition and integration expense | 4 | 5,885 | 8,637 | 6,678 | 18,193 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | — | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 14,800 | — | 24,900 | ||||||||||||||||||||||||
Restructure charge | 465 | 3,335 | (186) | 6,739 | 5,366 | ||||||||||||||||||||||||
Loss on extinguishment of debt | 792 | 325 | — | 1,117 | 15,924 | ||||||||||||||||||||||||
Other | — | — | — | — | 1,800 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 38,825 | $ | 33,383 | $ | 48,540 | $ | 106,548 | $ | 171,501 |
As of | May 31, 2024 |
August 25, 2023 |
|||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 453,791 | $ | 365,563 | |||||||
Short-term investments | 13,746 | 25,251 | |||||||||
Accounts receivable, net | 211,842 | 219,247 | |||||||||
Inventories | 177,299 | 174,977 | |||||||||
Other current assets | 85,649 | 51,790 | |||||||||
Current assets of discontinued operations | — | 70,574 | |||||||||
Total current assets | 942,327 | 907,402 | |||||||||
Property and equipment, net | 107,646 | 118,734 | |||||||||
Operating lease right-of-use assets | 61,729 | 68,444 | |||||||||
Intangible assets, net | 131,380 | 160,185 | |||||||||
Goodwill | 161,958 | 161,958 | |||||||||
Deferred tax assets | 77,903 | 74,085 | |||||||||
Other noncurrent assets | 63,190 | 15,150 | |||||||||
Total assets | $ | 1,546,133 | $ | 1,505,958 | |||||||
Liabilities and Equity | |||||||||||
Accounts payable and accrued expenses | $ | 230,646 | $ | 182,035 | |||||||
Current debt | — | 35,618 | |||||||||
Deferred revenue | 88,719 | 48,096 | |||||||||
Other current liabilities | 31,777 | 32,731 | |||||||||
Acquisition-related contingent consideration | — | 50,000 | |||||||||
Current liabilities of discontinued operations | — | 77,770 | |||||||||
Total current liabilities | 351,142 | 426,250 | |||||||||
Long-term debt | 667,042 | 754,820 | |||||||||
Noncurrent operating lease liabilities | 62,054 | 66,407 | |||||||||
Other noncurrent liabilities | 35,374 | 29,248 | |||||||||
Total liabilities | 1,115,612 | 1,276,725 | |||||||||
Commitments and contingencies | |||||||||||
SMART Global Holdings shareholders’ equity: | |||||||||||
Ordinary shares | 1,790 | 1,726 | |||||||||
Additional paid-in capital | 517,548 | 476,703 | |||||||||
Retained earnings | 54,532 | 82,457 | |||||||||
Treasury shares | (150,438) | (132,447) | |||||||||
Accumulated other comprehensive income (loss) | 17 | (205,964) | |||||||||
Total SGH shareholders’ equity | 423,449 | 222,475 | |||||||||
Noncontrolling interest in subsidiary | 7,072 | 6,758 | |||||||||
Total equity | 430,521 | 229,233 | |||||||||
Total liabilities and equity | $ | 1,546,133 | $ | 1,505,958 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
May 31, 2024 |
March 1, 2024 |
May 26, 2023 |
May 31, 2024 |
May 26, 2023 |
|||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||
Net income (loss) | $ | 6,226 | $ | (13,007) | $ | (24,077) | $ | (26,141) | $ | (45,539) | |||||||||||||||||||
Net income (loss) from discontinued operations | — | — | (4,807) | (8,148) | 10,301 | ||||||||||||||||||||||||
Net income (loss) from continuing operations | 6,226 | (13,007) | (19,270) | (17,993) | (55,840) | ||||||||||||||||||||||||
Adjustments to reconcile net income (loss) from continuing operations to cash provided by (used for) operating activities | |||||||||||||||||||||||||||||
Depreciation expense and amortization of intangible assets | 15,525 | 17,156 | 18,554 | 50,335 | 52,802 | ||||||||||||||||||||||||
Amortization of debt discount and issuance costs | 817 | 968 | 937 | 2,827 | 3,054 | ||||||||||||||||||||||||
Share-based compensation expense | 11,192 | 10,639 | 9,642 | 32,801 | 29,654 | ||||||||||||||||||||||||
Impairment of goodwill | — | — | — | — | 17,558 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | 14,800 | — | 24,900 | ||||||||||||||||||||||||
(Gain) loss on extinguishment or prepayment of debt | 792 | 325 | — | 1,117 | 15,924 | ||||||||||||||||||||||||
Deferred income taxes, net | (3,840) | 476 | (5) | (3,646) | 1,625 | ||||||||||||||||||||||||
Other | (3,228) | (208) | (809) | (2,772) | 3,307 | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||
Accounts receivable | (42,124) | 872 | (12,525) | 7,406 | 159,508 | ||||||||||||||||||||||||
Inventories | (4,535) | 35,678 | 56,413 | (2,321) | 66,653 | ||||||||||||||||||||||||
Other assets | 15,424 | (23,229) | 16,950 | (5,703) | 7,057 | ||||||||||||||||||||||||
Accounts payable and accrued expenses and other liabilities | 83,632 | (22,587) | (51,612) | 84,626 | (226,357) | ||||||||||||||||||||||||
Payment of acquisition-related contingent consideration | — | (29,000) | — | (29,000) | (73,724) | ||||||||||||||||||||||||
Net cash provided by (used for) operating activities from continuing operations | 79,881 | (21,917) | 33,075 | 117,677 | 26,121 | ||||||||||||||||||||||||
Net cash provided by (used for) operating activities from discontinued operations | (101) | — | 7,963 | (28,336) | 41,467 | ||||||||||||||||||||||||
Net cash provided by (used for) operating activities | 79,780 | (21,917) | 41,038 | 89,341 | 67,588 | ||||||||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||
Capital expenditures and deposits on equipment | (3,777) | (5,204) | (11,984) | (13,629) | (31,674) | ||||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | — | — | — | (213,073) | ||||||||||||||||||||||||
Proceeds from maturities of investment securities | 9,915 | 12,290 | — | 31,870 | — | ||||||||||||||||||||||||
Purchases of held-to-maturity investment securities | (1,000) | (11,034) | — | (20,503) | — | ||||||||||||||||||||||||
Other | (518) | (558) | 431 | (1,264) | 670 | ||||||||||||||||||||||||
Net cash provided by (used for) investing activities from continuing operations | 4,620 | (4,506) | (11,553) | (3,526) | (244,077) | ||||||||||||||||||||||||
Net cash provided by (used for) investing activities from discontinued operations | 451 | — | (1,273) | 119,389 | (5,745) | ||||||||||||||||||||||||
Net cash provided by (used for) investing activities | $ | 5,071 | $ | (4,506) | $ | (12,826) | $ | 115,863 | $ | (249,822) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
May 31, 2024 |
March 1, 2024 |
May 26, 2023 |
May 31, 2024 |
May 26, 2023 |
|||||||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||
Repayments of debt | $ | (75,000) | $ | (37,211) | $ | (7,211) | $ | (126,634) | $ | (14,422) | |||||||||||||||||||
Payment of acquisition-related contingent consideration | — | (21,000) | — | (21,000) | (28,100) | ||||||||||||||||||||||||
Payments to acquire ordinary shares | (2,129) | (2,732) | (660) | (17,991) | (16,883) | ||||||||||||||||||||||||
Distribution to noncontrolling interest | — | — | — | (1,470) | (2,009) | ||||||||||||||||||||||||
Proceeds from issuance of ordinary shares | 3,817 | 792 | 4,180 | 8,064 | 8,430 | ||||||||||||||||||||||||
Proceeds from debt | — | — | — | — | 295,287 | ||||||||||||||||||||||||
Payment of premium in connection with convertible note exchange | — | — | — | — | (14,141) | ||||||||||||||||||||||||
Net cash paid for settlement and purchase of Capped Calls | — | — | — | — | (4,304) | ||||||||||||||||||||||||
Other | (1) | (1) | (688) | (584) | (5,765) | ||||||||||||||||||||||||
Net cash used for financing activities from continuing operations | (73,313) | (60,152) | (4,379) | (159,615) | 218,093 | ||||||||||||||||||||||||
Net cash used for financing activities from discontinued operations | — | — | (255) | (606) | (379) | ||||||||||||||||||||||||
Net cash provided by (used for) financing activities | (73,313) | (60,152) | (4,634) | (160,221) | 217,714 | ||||||||||||||||||||||||
Effect of changes in currency exchange rates | (76) | (155) | 813 | (1,256) | 2,730 | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 11,462 | (86,730) | 24,391 | 43,727 | 38,210 | ||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 442,329 | 529,059 | 376,884 | 410,064 | 363,065 | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 453,791 | $ | 442,329 | $ | 401,275 | $ | 453,791 | $ | 401,275 |
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 |