EX-99.1 2 sgh-ex991_6.htm EX-99.1 sgh-ex991_6.htm
SMART Global Holdings, Inc.
8-K on 10/12/2021   Download
SEC Document
SEC Filing

 

 

 

Exhibit 99.1

Press Release

FOR IMMEDIATE RELEASE

 

 

SGH Reports Fourth Quarter and
Full Year Fiscal 2021 Financial Results

Record Quarterly and Annual Revenue with Strong Performance Across all Businesses

 

Milpitas, Calif.October 12, 2021SMART Global Holdings, Inc. (“SGH” or the “Company”) (NASDAQ: SGH) today reported financial results for the fourth quarter and full year fiscal 2021.

 

Fourth Quarter Fiscal 2021 Financial Highlight

 

Net sales of $467.7 million, up 57% from the year ago quarter

 

GAAP gross margin of 25.2%, up 620 basis points versus the year ago quarter

 

Non-GAAP gross margin of 26.4%, up 690 basis points versus the year ago quarter

 

GAAP EPS of $0.78, up 160% versus the year ago quarter

 

Non-GAAP EPS of $2.16, up 163% versus the year ago quarter

 

Fiscal 2021 Highlights

 

Net sales of $1.5 billion, up 34% versus the prior year

 

GAAP gross margin of 20.5%, up 120 basis points versus the prior year

 

Non-GAAP gross margin of 22.2%, up 240 basis points versus the prior year

 

GAAP EPS of $0.83 compared with ($0.05) in the prior year  

 

Non-GAAP EPS of $5.22, up 102% versus the prior year

 

Fiscal 2021 has been a transformative year for SGH.  We are proud of the team’s many accomplishments across each of our lines of business, Intelligent Platform Solutions, Memory Solutions, and LED solutions,” commented CEO Mark Adams. “As we enter fiscal 2022, we believe we have the right platform to continue to execute our growth and diversification strategy while increasing value for our stakeholders.”

 

 


 

 

 

Fourth Quarter Fiscal 2021 and Historical Financial Data

 

Quarterly Financial Results

 

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

 

Q4 FY21

 

 

Q3 FY21

 

 

Q4 FY20

 

 

Q4 FY21

 

 

Q3 FY21

 

 

Q4 FY20

 

Net sales

 

$

467.7

 

 

$

437.7

 

 

$

297.0

 

 

$

467.7

 

 

$

437.7

 

 

$

297.0

 

Gross profit

 

$

117.8

 

 

$

84.5

 

 

$

56.3

 

 

$

123.6

 

 

$

95.7

 

 

$

57.8

 

Operating income

 

$

31.7

 

 

$

2.9

 

 

$

17.2

 

 

$

66.6

 

 

$

43.3

 

 

$

28.4

 

Net income (loss)(3)

 

$

20.7

 

 

$

(7.2

)

 

$

7.5

 

 

$

55.1

 

 

$

35.5

 

 

$

20.4

 

Diluted earnings per share (EPS)

 

$

0.78

 

 

$

(0.30

)

 

$

0.30

 

 

$

2.16

 

 

$

1.39

 

 

$

0.82

 

 


Annual Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

FY21

 

FY20

 

 

FY21

 

FY20

 

Net sales

$

1,501.1

 

$

1,122.4

 

 

$

1,501.1

 

$

1,122.4

 

Gross profit

$

308.4

 

$

216.4

 

 

$

332.6

 

$

222.3

 

Operating income

$

55.2

 

$

41.3

 

 

$

160.8

 

$

84.2

 

Net income (loss) (3)

$

21.3

 

$

(1.1

)

 

$

132.2

 

$

63.7

 

Diluted earnings (loss) per share (EPS)

$

0.83

 

$

(0.05

)

 

$

5.22

 

$

2.59

 

 

(1)   GAAP represents U.S. Generally Accepted Accounting Principles.

(2)   Please refer to the “Non-GAAP Information” section and the "Reconciliation of Non-GAAP Financial Measures"

table below for further detail on the non-GAAP financial reporting referenced above and a reconciliation of such measures to our nearest GAAP measures.

(3)   Refers to net income (loss) attributable to SGH.

 

Business Outlook

As of October 12, 2021, SGH is providing the following financial outlook for its fourth quarter of fiscal 2021:

 

 

 

GAAP

Outlook

Adjustments

 

Non-GAAP

Outlook

 

Net Sales

 

$440 to $480 million

 

 

$440 to $480 million

 

Gross Margin

 

24% to 26%

1% (A)

 

25% to 27%

 

Diluted EPS

 

$1.20 ± $0.20

$0.80 (A,B,C)

 

$2.00 ± $0.20

 

Diluted shares

 

27 million

(1) million

 

26 million

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments (in millions):

 

 

 

 

 

 

 

 

   (A) Share-based compensation and amortization of intangible assets - Cost of sales

 

$

6

 

   (B) Share-based compensation and amortization of intangible assets - R&D and SG&A

 

$

11

 

   (C) Convertible debt discount OID and fees, integration costs and other adjustments

 

$

3

 

 

 

 

 

 

 

$

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

Fourth Quarter 2021 Earnings Conference Call and Webcast Details

SGH will hold a conference call and webcast to discuss the Q4 and full year fiscal 2021 results and related matters at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Tuesday, October 12, 2021. Interested parties may access the call by dialing +1-844-912-3896 in the U.S. or +1-236-714-3344 from international locations using access code 4873779. The webcast link is located on the SGH Investor Relations section of the website at https://sghcorp.com.  We will also post the presentation to our website prior to the call.  

 

Shortly after the conclusion of the conference call, a replay of the audio webcast will be available on the SGH Investor Relations website for approximately seven days.

 

2022 Annual Meeting of Shareholders

SGH will hold its Annual Meeting of Shareholders on February 11, 2022 at 10:00 a.m. Pacific Time.

 

Use of Forward-Looking Statements

This press release contains, and statements made during the above-referenced conference call will contain, "forward-looking statements," including, among other things, statements regarding future events and the future financial performance of SGH (including the business outlook for the next fiscal quarter) and statements regarding growth drivers in SGH’s industries and markets. These forward-looking statements are based on current expectations and preliminary assumptions that are subject to factors and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.  These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside SGH’s control, including, among others: global business and economic conditions and growth trends in technology and lighting industries, our customer markets and various geographic regions; uncertainties in the geopolitical environment; disruptions in our operations or our supply chain as a result of COVID-19 pandemic or otherwise; changes in trade regulations or adverse developments in international trade relations and agreements; changes in currency exchange rates; overall information technology spending; appropriations for government spending; the success of our strategic initiatives including additional investments in new products and additional capacity; acquisitions of companies or technologies, the failure to successfully integrate and operate them, or customers’ negative reactions to them; limitations on or changes in the availability of supply of materials and components; fluctuations in material costs; temporary or volatile nature of pricing trends in memory or elsewhere; deterioration in customer relationships; production or manufacturing difficulties; competitive factors; technological changes; difficulties with or delays in the introduction of new products; slowing or contraction of growth in the memory market in Brazil; reduction in or termination of incentives for local manufacturing in Brazil;  changes to applicable tax regimes or rates; prices for the end products of our customers; strikes or labor disputes; deterioration in or loss of relations with any of our limited number of key vendors; the inability to maintain or expand government business; and other factors and risks detailed in SGH’s filings with the U.S. Securities and Exchange Commission, which include SGH’s most recent reports on Form 10-K and Form 10-Q, including SGH’s future filings.

 

Such factors and risks as outlined above and, in such filings, do not constitute all factors and risks that could cause actual results of SGH to be materially different from our forward-looking statements.

 

Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of today, and SGH does not intend, and has no obligation, to update or revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release, except as required by law.

 



 

 

 

 

Statement Regarding Use of Non-GAAP Financial Measures

SGH management uses non-GAAP measures to supplement SGH’s financial results under GAAP. Management uses these measures to analyze its operations and make decisions as to future operational plans, and believes that this supplemental non-GAAP information is useful to investors in analyzing and assessing the Company’s past and future operating performance. The non-GAAP measures management uses include non-GAAP gross profit, operating income, net income/(loss) and earnings/(loss) per share.  These non-GAAP measures exclude share-based compensation expense, amortization of intangible assets, contingent consideration fair value adjustment, acquisition-related inventory adjustment, integration and restructuring expenses, acquisition-related expenses, foreign currency gains/(losses), COVID-19 expenses, convertible debt OID and fees, transaction tax refunds and other expenses that are nonrecurring. Management believes the presentation of operating results that exclude these items provides useful supplemental information to investors and facilitates the analysis of the Company’s core operating results and comparison of operating results across reporting periods. Management also uses Adjusted EBITDA, which is calculated as GAAP net income (loss) plus net interest expense, income tax expense, depreciation and amortization expense, share-based compensation expense, contingent consideration fair value adjustment, acquisition-related inventory adjustment, out-of-period adjustments related to import taxes, loss on extinguishment of debt/revolver, capped call mark to market (MTM) adjustment, restructuring expenses, integration expenses, COVID-19 expenses, acquisition-related expenses, gain on settlements and other infrequent or unusual items.

 

Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP, as they exclude important information about our financial results, as noted above.  In addition, adjusted EBITDA does not purport to represent cash flow provided by, or used in, operating activities in accordance with GAAP and should not be used as a measure of liquidity.

 

Investors are encouraged to review the “Reconciliation of GAAP Results to Non-GAAP Financial Measures” and “Reconciliation of GAAP Net Income to Adjusted EBITDA” tables below for more detail on non-GAAP calculations.

 

 

About SMART Global Holdings – SGH

At SGH, our companies are united by a drive to raise the bar, execute with discipline and focus on what’s next for the technologies that support and advance the world. Across computing, memory, and LED lighting solutions, we build long-term strategic partnerships with our customers.

 

Backed by a proven leadership team, we operate with excellence around the globe while unlocking new avenues of growth for our business and industry.

 

Learn more about us at SGHcorp.com.

 


 

 

 

SMART Global Holdings, Inc.

and Subsidiaries

Consolidated Income Statements

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

August 27,

2021

 

 

May 28,

2021

 

 

August 28,

2020

 

 

August 27,

2021

 

 

August 28,

2020

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Memory Solutions

 

$

247,281

 

 

$

240,116

 

 

$

230,153

 

 

$

931,818

 

 

$

857,237

 

Intelligent Platform Solutions

 

 

97,616

 

 

 

95,857

 

 

 

66,877

 

 

 

344,757

 

 

 

265,140

 

LED Solutions

 

 

122,812

 

 

 

101,755

 

 

 

 

 

 

224,567

 

 

 

 

Total net sales

 

 

467,709

 

 

 

437,728

 

 

 

297,030

 

 

 

1,501,142

 

 

 

1,122,377

 

Cost of sales

 

 

349,915

 

 

 

353,241

 

 

 

240,693

 

 

 

1,192,762

 

 

 

905,981

 

Gross profit

 

 

117,794

 

 

 

84,487

 

 

 

56,337

 

 

 

308,380

 

 

 

216,396

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

16,740

 

 

 

16,718

 

 

 

8,032

 

 

 

49,274

 

 

 

52,056

 

Selling, general and administrative

 

 

51,261

 

 

 

48,475

 

 

 

27,587

 

 

 

169,455

 

 

 

119,523

 

Change in fair value of contingent consideration

 

 

16,000

 

 

 

16,400

 

 

 

 

 

 

32,400

 

 

 

 

Other operating expense

 

 

2,054

 

 

 

 

 

 

3,487

 

 

 

2,054

 

 

 

3,487

 

Total operating expenses

 

 

86,055

 

 

 

81,593

 

 

 

39,107

 

 

 

253,183

 

 

 

175,066

 

Income from operations

 

 

31,739

 

 

 

2,894

 

 

 

17,230

 

 

 

55,197

 

 

 

41,330

 

Non-operating (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

5,031

 

 

 

5,049

 

 

 

3,265

 

 

 

17,600

 

 

 

15,000

 

Other non-operarting (income) expense

 

 

(1,563

)

 

 

489

 

 

 

299

 

 

 

(375

)

 

 

16,970

 

Total other non-operating expense

 

 

3,468

 

 

 

5,538

 

 

 

3,564

 

 

 

17,225

 

 

 

31,970

 

Income (loss) before income taxes

 

 

28,271

 

 

 

(2,644

)

 

 

13,666

 

 

 

37,972

 

 

 

9,360

 

Provision for income taxes

 

 

6,981

 

 

 

4,010

 

 

 

6,139

 

 

 

15,466

 

 

 

10,503

 

Net income (loss)

 

 

21,290

 

 

 

(6,654

)

 

 

7,527

 

 

 

22,506

 

 

 

(1,143

)

Net income (loss) attributable to noncontrolling interest

 

 

638

 

 

 

557

 

 

 

 

 

 

1,196

 

 

 

 

Net income (loss) attributable to SGH

 

$

20,652

 

 

$

(7,211

)

 

$

7,527

 

 

$

21,310

 

 

$

(1,143

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.85

 

 

$

(0.30

)

 

$

0.31

 

 

$

0.88

 

 

$

(0.05

)

Diluted

 

$

0.78

 

 

$

(0.30

)

 

$

0.30

 

 

$

0.83

 

 

$

(0.05

)

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,302

 

 

 

24,035

 

 

 

24,290

 

 

 

24,279

 

 

 

23,994

 

Diluted

 

 

26,417

 

 

 

24,035

 

 

 

24,803

 

 

 

25,792

 

 

 

23,994

 


 

 

 

SMART Global Holdings, Inc.

and Subsidiaries

Reconciliation of GAAP Results to Non-GAAP Financial Measures

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

August 27,

2021

 

 

May 28,

2021

 

 

August 28,

2020

 

 

August 27,

2021

 

 

August 28,

2020

 

Reconciliation of gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

117,794

 

 

$

84,487

 

 

$

56,337

 

 

$

308,380

 

 

$

216,396

 

GAAP gross margin

 

 

25.2

%

 

 

19.3

%

 

 

19.0

%

 

 

20.5

%

 

 

19.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Share-based compensation included in cost of sales

 

 

1,785

 

 

 

1,166

 

 

 

861

 

 

 

4,593

 

 

 

3,022

 

Add: Intangible amortization included in cost of sales

 

 

3,997

 

 

 

2,937

 

 

 

647

 

 

 

8,228

 

 

 

2,588

 

Add: LED - Inventory adjustment

 

 

 

 

 

7,090

 

 

 

 

 

 

7,090

 

 

 

 

Add: Import taxes - Out of period adjustment

 

 

 

 

 

 

 

 

 

 

 

4,345

 

 

 

 

Add: COVID-19 expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

282

 

Non-GAAP gross profit

 

$

123,576

 

 

$

95,680

 

 

$

57,845

 

 

$

332,636

 

 

$

222,288

 

Non-GAAP gross margin

 

 

26.4

%

 

 

21.9

%

 

 

19.5

%

 

 

22.2

%

 

 

19.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating expenses

 

$

86,055

 

 

$

81,593

 

 

$

39,107

 

 

$

253,183

 

 

$

175,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Share-based compensation expense included in opex

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

1,374

 

 

 

1,468

 

 

 

763

 

 

 

4,430

 

 

 

3,069

 

Selling, general and administrative

 

 

5,851

 

 

 

5,747

 

 

 

1,582

 

 

 

24,854

 

 

 

12,625

 

Total

 

 

7,225

 

 

 

7,215

 

 

 

2,345

 

 

 

29,284

 

 

 

15,694

 

Less: Amortization of intangible assets included in opex

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

3,247

 

 

 

3,247

 

 

 

2,767

 

 

 

12,027

 

 

 

11,066

 

Total

 

 

3,247

 

 

 

3,247

 

 

 

2,767

 

 

 

12,027

 

 

 

11,066

 

Less: Acquisition-related expenses

 

 

542

 

 

 

2,355

 

 

 

 

 

 

5,578

 

 

 

946

 

Less: Integration/restructuring expenses

 

 

2,054

 

 

 

 

 

 

4,548

 

 

 

2,054

 

 

 

9,072

 

Less: Change in fair value of contingent consideration

 

 

16,000

 

 

 

16,400

 

 

 

 

 

 

32,400

 

 

 

 

Less: COVID-19 expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

228

 

Non-GAAP operating expenses

 

$

56,987

 

 

$

52,376

 

 

$

29,447

 

 

$

171,841

 

 

$

138,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.

 

Reconciliation of operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income

 

$

31,739

 

 

$

2,894

 

 

$

17,230

 

 

$

55,197

 

 

$

41,330

 

GAAP operating margin

 

 

6.8

%

 

 

0.7

%

 

 

5.8

%

 

 

3.7

%

 

 

3.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Share-based compensation expense

 

 

9,010

 

 

 

8,381

 

 

 

3,206

 

 

 

33,877

 

 

 

18,716

 

Add: Amortization of intangible assets

 

 

7,244

 

 

 

6,184

 

 

 

3,414

 

 

 

20,255

 

 

 

13,654

 

Add: Change in fair value of contingent consideration

 

 

16,000

 

 

 

16,400

 

 

 

 

 

 

32,400

 

 

 

 

Add: Acquisition-related costs

 

 

542

 

 

 

2,355

 

 

 

 

 

 

5,578

 

 

 

946

 

Add: LED - Inventory adjustment

 

 

 

 

 

7,090

 

 

 

 

 

 

7,090

 

 

 

 

Add: Integration/restructuring expenses

 

 

2,054

 

 

 

 

 

 

4,548

 

 

 

2,054

 

 

 

9,072

 

Add: Import taxes - Out of period adjustment

 

 

 

 

 

 

 

 

 

 

 

4,345

 

 

 

 

Add: COVID-19 expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

510

 

Non-GAAP operating income

 

$

66,589

 

 

$

43,304

 

 

$

28,398

 

 

$

160,796

 

 

$

84,228

 

Non-GAAP operating margin

 

 

14.2

%

 

 

9.9

%

 

 

9.6

%

 

 

10.7

%

 

 

7.5

%


 

 

 

SMART Global Holdings, Inc.

and Subsidiaries

Reconciliation of GAAP Results to Non-GAAP Financial Measures

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

August 27,

2021

 

 

May 28,

2021

 

 

 

 

August 28,

2020

 

 

August 27,

2021

 

 

August 28,

2020

 

Reconciliation of income/(loss) before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP income/(loss) before income taxes

 

$

28,271

 

 

$

(2,644

)

 

 

 

$

13,666

 

 

$

37,972

 

 

$

9,360

 

Add: Share-based compensation expense

 

 

9,010

 

 

 

8,381

 

 

 

 

 

3,206

 

 

 

33,877

 

 

 

18,716

 

Add: Amortization of intangible assets

 

 

7,244

 

 

 

6,184

 

 

 

 

 

3,414

 

 

 

20,255

 

 

 

13,654

 

Add: Acquisition-related expenses

 

 

542

 

 

 

2,355

 

 

 

 

 

 

 

 

5,578

 

 

 

946

 

Add: LED -Inventory adjustment

 

 

 

 

 

7,090

 

 

 

 

 

 

 

 

7,090

 

 

 

 

Add: Integration/restructuring expenses

 

 

 

 

 

 

 

 

 

 

4,548

 

 

 

2,054

 

 

 

9,072

 

Add: COVID-19 expenses

 

 

2,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

510

 

Add: Gain on settlement of indemnity claim

 

 

 

 

 

 

 

 

 

 

(364

)

 

 

 

 

 

(364

)

Add: Import taxes - Out of period adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

5,085

 

 

 

 

Add: Extinguishment of term loan/revolver

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,822

 

Add: Capped call MTM adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,719

 

Add: Convertible debt discount OID and fees

 

 

2,172

 

 

 

2,088

 

 

 

 

 

2,026

 

 

 

8,420

 

 

 

4,385

 

Add: Change in fair value of contingent consideration

 

 

16,000

 

 

 

16,400

 

 

 

 

 

 

 

 

32,400

 

 

 

 

Add:  Foreign currency (gains)/losses

 

 

(477

)

 

 

994

 

 

 

 

 

822

 

 

 

718

 

 

 

3,408

 

Add: Transaction tax refund

 

 

(1,002

)

 

 

 

 

#

 

 

 

 

 

(1,002

)

 

 

 

Non-GAAP income before income taxes

 

$

63,814

 

 

$

40,849

 

 

 

 

$

27,318

 

 

$

152,446

 

 

$

74,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of provision for income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP provision for income taxes

 

$

6,981

 

 

$

4,010

 

 

 

 

$

6,139

 

 

$

15,466

 

 

$

10,503

 

GAAP effective tax rate

 

 

24.7

%

 

 

-151.7

%

 

 

 

 

44.9

%

 

 

40.7

%

 

 

112.2

%

Less: Goodwill tax credit

 

 

 

 

 

 

 

 

 

 

(673

)

 

 

 

 

 

295

 

Add: Import taxes - Out of period adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

1,727

 

 

 

 

Tax effect of adjustments to GAAP results

 

 

(1,057

)

 

 

(767

)

 

 

 

 

(82

)

 

 

(1,844

)

 

 

(340

)

Non-GAAP provision for income taxes

 

$

8,038

 

 

$

4,777

 

 

 

 

$

6,894

 

 

$

19,036

 

 

$

10,548

 

Non-GAAP effective tax rate

 

 

12.6

%

 

 

11.7

%