Q2 2024 SMART Global Holdings Inc. Earnings Call Transcript
Key Points
- Revenues totaled $285 million, in line with the midpoint of guidance.
- Non-GAAP earnings per share of $0.27, above the midpoint of guidance.
- Strong balance sheet with cash and short-term investments totaling $466 million.
- Intelligent Platform Solutions Group (IPS) revenue up 19% from prior quarter, representing 50% of total SGH revenue.
- Expanded capabilities at the edge with the new Stratus ZTC, the endurance server, seeing strong demand.
- Non-GAAP gross margin was at the lower end of guidance due to a higher portion of hardware mix.
- Services revenue totaled $49 million, down from the $55 million in the year-ago quarter.
- Memory revenue declined slightly from Q1 levels due to elevated inventory levels at large customers.
- LED Solutions revenue was lower sequentially, primarily due to seasonality.
- Cash flows used in operating activities totaled $22 million compared to $60 million provided by operating activities in the prior quarter.
Good afternoon, and thank you for joining the SMART Global Holdings Second Quarter Fiscal 2024 earnings call. My name is Kate, and I will be the moderator for today's call. At this time, all lines are in a listen only mode and will be until the question-and-answer portion of the call. So I would now like to turn the call over to Suzanne Schmidt, Investor Relations are smart global, so that you may proceed.
Thank you, operator. Good afternoon, and thank you for joining us on today's earnings conference call and webcast to discuss SGH's Second Quarter Fiscal 2024 results. On the call today are Mark Adams, Chief Executive Officer; Jack Pacheco, Chief Operating Officer; and Ken Rizvi, Chief Financial Officer. You can find the accompanying slide presentation and press release for this call on the Investor Relations section of our website. We encourage you to go to the site throughout the quarter for the most current information on the Company.
I would also like to remind everyone to read the
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