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SGH Reports Second Quarter Fiscal 2023 Financial Results
Record IPS revenue of $222 million MILPITAS, Calif.--(BUSINESS WIRE)-- SMART Global Holdings, Inc. (“SGH” or the “Company”) (NASDAQ: SGH) today reported
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[{"type":"text","content":"\nRecord IPS revenue of $222 million\n\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 2023.\n\n\nSecond Quarter Fiscal 2023 Highlights\n\n\n\nNet sales of $429 million, down 4.5% versus the year-ago quarter\n\n\n\nGAAP gross margin of 25.7%, up 60 basis points versus the year-ago quarter\n\n\n\nNon-GAAP gross margin of 28.9%, up 290 basis points versus the year-ago quarter\n\n\n\nGAAP EPS of $(0.55) versus $0.04 in the year-ago quarter\n\n\n\nNon-GAAP EPS of $0.76 versus $0.87 in the year-ago quarter\n\n\n\nCash and cash equivalents of $376 million\n\n\n\n“Our second quarter fiscal 2023 results demonstrate the resilience of our business, highlighted by strong non-GAAP gross margin of 28.9% and non-GAAP EPS of $0.76, which was above the high end of our guidance range. We exited Q2 with a strong balance sheet, including $376 million in cash and cash equivalents,” commented CEO Mark Adams. “We remain disciplined in managing our expenses given the continued challenging economic environment, while maintaining strategic investments to capitalize on the tailwinds of AI, machine learning, data analytics, networking and specialty lighting, which we believe will drive long-term growth for SGH and create value for our shareholders,” concluded Adams.\n\n\nQuarterly Financial Results\n\n\n\n\n \n\n\n\n\n\n\nGAAP (1)\n\n\n\n\n\n\n \n\n\n\n\n\n\nNon-GAAP (2)\n\n\n\n\n\n\n\n\n(in millions, except per share amounts)\n\n\n\n\n\n\nQ2 FY23\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 FY23\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 FY22\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 FY23\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 FY23\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 FY22\n\n\n\n\n\n\n\n\nNet sales\n\n\n\n\n\n\n$\n\n\n\n\n\n\n429.2\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n465.5\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n449.2\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n429.2\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n465.5\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n449.2\n\n\n\n\n\n\n\n\nGross profit\n\n\n\n\n\n\n \n\n\n\n\n\n\n110.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n118.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n112.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n123.9\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n129.2\n\n\n\n\n\n\n \n\n\n\n\...