Business
SGH Reports Second Quarter Fiscal 2022 Financial Results
8th Consecutive Quarter of Year-over-Year Revenue Growth; Board of Directors Approves $75 Million Share Repurchase Authorization MILPITAS, Calif.--(BUSINESS
About this update from Penguin Solutions, Inc.
[{"type":"text","content":"\n8th Consecutive Quarter of Year-over-Year Revenue Growth;\nBoard of Directors Approves $75 Million Share Repurchase Authorization\n\n MILPITAS, Calif.--(BUSINESS WIRE)--\nSMART Global Holdings, Inc. (\"SGH\" or the \"Company\") (NASDAQ: SGH) today reported financial results for the second quarter of fiscal 2022. Per share measures for all periods reflect the effect of the February 2022 two-for-one share split.\n\nSecond Quarter Fiscal 2022 Highlights\n\n\nNet sales of $449 million, up 48% versus the year ago quarter\n\n\n\nGAAP gross margin of 25.1%, up 750 basis points versus the year ago quarter\n\n\n\nNon-GAAP gross margin of 26.0%, up 660 basis points versus the year ago quarter\n\n\n\nGAAP EPS of $0.04, down 67% versus the year ago quarter\n\n\n\nNon-GAAP EPS of $0.87, up 98% versus the year ago quarter\n\n\nYTD Fiscal 2022 Highlights\n\n\nNet sales of $919 million, up 54% versus the year ago period\n\n\n\nGAAP gross margin of 25.6%, up 780 basis points versus the year ago period\n\n\n\nNon-GAAP gross margin of 26.5%, up 750 basis points versus the year ago period\n\n\n\nGAAP EPS of $0.40, up 150% versus the year ago period\n\n\n\nNon-GAAP EPS of $1.95, up 135% versus the year ago period\n\n\n\"We delivered solid financial results for the second quarter of fiscal 2022, culminating a strong first half of the fiscal year, and demonstrating the strength of our growth and diversification strategy,\" commented CEO Mark Adams. \"The results reflect our commitment to operational excellence by focusing on specialty solutions targeting growth markets such as AI, machine learning, data analytics, enterprise storage and edge/IoT. Across all of our businesses, we are investing to capitalize on the growth opportunities in these market segments. In addition, our Board approved a $75 million share repurchase authorization, reflecting their confidence in the strength of our financial position while providing us the flexibility to return capital to our shareholders in a disciplined manner.\"\n\nUnder the share repurchase authorization, the Company may repurchase its outstanding ordinary shares from time to time through open market purchases, privately-negotiated transactions or otherwise. The share repurchase authorization has no expiration date but may be suspended or terminated by the Board of Directors at any time.\n\nDuring the second...