SMART Global Holdings, Inc. (SGH) · 10+ Years of Financial statements

Income Statement	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	643	534	761	1,289	1,212	1,122	1,501	1,819	1,441
+ Sales & Services Revenue	643	534	761	1,289	1,212	1,122	1,501	1,819	1,441
- Cost of Revenue	512	427	599	997	974	906	1,193	1,366	1,026
+ Cost of Goods & Services	512	427	599	997	974	906	1,193	1,366	1,026
Gross Profit	131	107	162	292	238	216	308	453	415
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	137	100	108	124	151	172	221	297	358
+ Selling, General & Admin	93	61	70	85	103	120	169	220	261
+ Research & Development	44	38	38	40	48	52	49	77	91
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	2	- -	7
Operating Income (Loss)	-6	7	54	167	86	45	88	156	57
- Non-Operating (Income) Loss	34	25	52	29	20	35	50	67	96
+ Interest Expense, Net	28	26	29	19	21	15	18	21	36
+ Interest Expense	28	26	29	19	21	15	18	21	36
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	7	-1	23	10	-1	20	32	46	60
Pretax Income	-40	-18	2	138	66	9	38	89	-40
- Income Tax Expense (Benefit)	7	2	10	18	15	11	15	20	-49
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-46	-20	-8	119	51	-1	23	69	10
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	2	4	199
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	64	44	-195
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	-62	-40	394
Income (Loss) Incl. MI	-46	-20	-8	119	51	-1	20	65	-189
- Minority Interest	- -	- -	- -	- -	- -	- -	-1	-2	-2
Net Income, GAAP	-46	-20	-8	119	51	-1	21	67	-188
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-46	-20	-8	119	51	-1	21	67	-188
Basic Weighted Avg Shares	41	41	32	44	46	48	49	49	50
Basic EPS, GAAP	-1.12	-0.48	-0.25	2.71	1.12	-0.02	0.44	1.35	-3.78
Basic EPS from Cont Ops	-1.12	-0.48	-0.25	2.71	1.12	-0.02	0.46	1.39	0.2
Diluted Weighted Avg Shares	41	41	32	46	47	48	49	54	51
Diluted EPS, GAAP	-1.12	-0.48	-0.25	2.58	1.09	-0.02	0.44	1.22	-3.65
Diluted EPS from Cont Ops	-1.12	-0.48	-0.25	2.58	1.09	-0.02	0.46	1.26	0.19
EBITDA	45	39	88	193	116	86	144	221	128
EBITDA Margin (%)	6.93	7.26	11.5	15.01	9.54	7.69	9.61	12.13	8.91
EBITA	-6	7	54	167	86	45	88	156	57
EBIT	-6	7	54	167	86	45	88	156	57
Gross Margin (%)	20.43	20.01	21.31	22.62	19.6	19.28	20.54	24.91	28.81
Operating Margin (%)	-0.87	1.37	7.14	12.97	7.13	3.99	5.84	8.57	3.94
Profit Margin (%)	-7.22	-3.73	-1.02	9.27	4.24	-0.1	1.42	3.66	-13.01
Sales per Employee	- -	- -	651,233	837,985	707,943	639,896	382,359	505,376	480,417
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	50	31	33	26	29	41	57	65	72

Balance Sheet	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	411	319	347	522	488	557	951	1,152	907
+ Cash, Cash Equivalents & STI	68	59	22	31	98	151	223	363	391
+ Cash & Cash Equivalents	68	59	22	31	98	151	223	363	366
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	25
+ Accounts & Notes Receiv	200	148	183	237	233	216	313	410	219
+ Accounts Receivable, Net	188	142	183	237	233	216	313	410	219
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	11	5	- -	- -	- -	- -	- -	- -	- -
+ Inventories	133	103	127	221	119	163	364	323	175
+ Raw Materials	58	47	42	105	68	90	164	151	90
+ Work In Process	11	11	23	36	11	17	93	39	24
+ Finished Goods	64	45	62	80	41	56	107	134	60
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	11	10	14	32	38	27	51	55	122
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	154	139	133	151	230	230	394	420	599
+ Property, Plant & Equip, Net	60	58	-27	-29	-39	-28	69	67	90
+ Property, Plant & Equip	108	126	55	57	68	80	197	231	187
- Accumulated Depreciation	48	68	83	86	107	108	128	165	97
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	93	82	160	180	269	258	325	354	509
+ Total Intangible Assets	74	62	51	72	149	130	175	152	322
+ Goodwill	44	45	46	45	80	74	74	74	162
+ Other Intangible Assets	30	17	5	26	69	56	101	78	160
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	19	20	109	108	120	128	149	202	187
Total Assets	565	459	480	673	719	787	1,345	1,572	1,506
+ Payables & Accruals	295	203	217	268	230	282	484	413	182
+ Accounts Payable	284	198	190	223	165	225	484	413	135
+ Accrued Taxes	5	3	4	5	4	7	14	18	13
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	6	2	24	40	61	50	-14	-18	34
+ ST Debt	12	17	23	27	24	5	25	12	36
+ ST Borrowings	12	17	23	27	24	- -	25	12	36
+ ST Finance Leases	- -	- -	- -	- -	- -	5	- -	- -	- -
+ Other ST Liabilities	6	9	- -	- -	- -	-5	74	90	209
+ Deferred Revenue	- -	- -	- -	8	19	21	- -	31	48
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	6	9	- -	-8	-19	-26	74	59	161
Total Current Liabilities	313	229	240	296	254	282	584	516	426
+ LT Debt	235	226	154	184	182	216	373	663	821
+ LT Borrowings	235	226	154	184	182	196	340	591	755
+ LT Finance Leases	- -	- -	- -	- -	- -	21	32	72	66
+ Other LT Liabilities	8	5	3	6	10	6	69	15	29
+ Accrued Liabilities	4	3	1	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	4	2	2	6	10	6	69	15	29
Total Noncurrent Liabilities	243	231	158	190	193	222	442	678	850
Total Liabilities	556	460	398	486	447	505	1,026	1,194	1,277
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	142	146	233	251	285	347	398	450	478
+ Common Stock	- -	- -	1	1	1	1	1	2	2
+ Additional Paid in Capital	141	145	232	250	284	346	397	448	477
- Treasury Stock	- -	- -	- -	- -	- -	-2	51	108	132
+ Retained Earnings	21	1	-7	112	165	163	185	251	82
+ Other Equity	-154	-148	-143	-176	-178	-228	-222	-222	-206
Equity Before Minority Interest	9	-1	82	187	272	282	310	372	222
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	9	7	7
Total Equity	9	-1	82	187	272	282	319	379	229
Total Liabilities & Equity	565	459	480	673	719	787	1,345	1,572	1,506
Shares Outstanding	41	41	43	45	47	49	49	49	52
Capital Leases - Total	- -	- -	- -	- -	- -	26	32	72	66
Net Debt	179	184	155	180	108	45	143	240	425
Net Debt to Equity	2,070.9	-14,880.27	187.94	96.31	39.85	15.87	44.79	63.49	185.35
Tangible Common Equity Ratio	-13.28	-15.9	7.29	19.21	21.55	23.21	12.28	15.96	-7.85
Current Ratio	1.31	1.39	1.45	1.76	1.92	1.97	1.63	2.23	2.13
Cash Conversion Cycle	- -	-7.68	34.68	54.3	53.33	54.99	52.09	40.77	54.33
Number of Employees	- -	- -	1,169	1,538	1,712	1,754	3,926	3,600	3,000

Cash Flow Statement	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-46	-20	-8	119	51	-1	23	69	10
+ Depreciation & Amortization	50	31	33	26	29	41	57	65	72
+ Non-Cash Items	14	7	35	9	18	39	45	27	-3
+ Stock-Based Compensation	6	4	5	11	18	19	34	40	39
+ Deferred Income Taxes	-2	-1	-2	-3	-1	-2	-2	- -	-64
+ Asset Impairment Charge	6	- -	- -	- -	- -	- -	- -	- -	19
+ Other Non-Cash Adj	5	5	32	1	- -	23	13	-13	2
+ Chg in Non-Cash Work Cap	23	-4	-61	-86	72	-1	-2	-122	-55
+ (Inc) Dec in Accts Receiv	9	45	-40	-55	19	-12	-51	-98	163
+ (Inc) Dec in Inventories	-20	31	-22	-42	102	-52	-138	40	95
+ (Inc) Dec in Prepaid Assets	- -	11	- -	-9	-2	-2	- -	- -	- -
+ Inc (Dec) in Accts Payable	35	-91	1	20	-48	70	215	-62	-256
+ Inc (Dec) in Other	- -	- -	- -	- -	- -	-5	-27	-2	-57
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	31	66	41
Cash from Operating Activities	41	15	-1	68	170	78	153	105	64
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	1	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	1	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-32	-14	-19	-26	-33	-32	-17	-20	-39
+ Acq of Fixed Prod Assets	-32	-14	-19	-26	-33	-32	-17	-20	-39
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	-25
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	-25
+ Net Cash From Acq & Div	- -	- -	- -	-42	-76	- -	-36	- -	-213
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	-42	-76	- -	-36	- -	-213
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	23	- -	- -	- -	- -	8	-32	-19	-4
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	-31	-18	-17
Cash from Investing Activities	-9	-13	-18	-68	-109	-24	-84	-39	-281
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	1	-11	76	3	-7	235	36	127	274
+ Cash From Debt	371	285	615	471	254	346	176	363	295
+ Repayments of Debt	-370	-296	-539	-469	-261	-112	-140	-236	-22
+ Cash (Repurchase) of Equity	- -	- -	64	- -	7	5	-34	-45	18
+ Increase in Capital Stock	- -	- -	64	- -	7	5	15	12	43
+ Decrease in Capital Stock	- -	- -	- -	- -	-1	-1	-49	-57	-25
+ Other Financing Activities	-33	- -	-157	5	- -	-227	- -	-8	-55
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-33	-11	-17	8	- -	13	3	74	237
Effect of Foreign Exchange Rates	-9	- -	- -	1	1	-14	- -	- -	5
Net Changes in Cash	-1	-9	-36	8	60	67	72	140	20
EBITDA	45	39	88	193	116	86	144	221	128
EBITDA Margin (%)	6.93	7.26	11.5	15.01	9.54	7.69	9.61	12.13	8.91
Net Cash Paid for Acquisitions	- -	- -	- -	42	76	- -	36	- -	213
Free Cash Flow	9	1	-20	42	136	46	137	85	24
Free Cash Flow to Firm	- -	- -	-127	59	152	44	147	101	- -
Free Cash Flow to Equity	- -	-9	57	45	130	281	173	211	298
Free Cash Flow per Basic Share	0.22	0.03	-0.62	0.96	2.97	0.96	2.81	1.71	0.49
Price/Free Cash Flow	- -	- -	16.76	7.99	3.17	5.37	6.87	8.19	12.76
Cash Flow to Net Income	-0.88	-0.75	0.12	0.57	3.31	-68.58	7.2	1.58	-0.34

SMART Global Holdings, Inc.

SGH US

22.54