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  "documentTitle": "SMART Global Holdings, Inc. (SGH)",
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  "authorName": "Wolfpack Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "The slide uses a 'Wolfpack vs. Sell Side' comparison to highlight discrepancies in financial modeling.",
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      "text": "The loss of the PPB will undoubtedly hit margins. While the sell-side optimistically projects a gross margin rebound and a reversal in R&D and SG&A as a percentage of revenue, the changes to tax policy make this scenario absurd.",
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      "text": "Note: We are not incorporating the collapse in margins to which our analysis points. Again, we believe the gross margin estimates we use above are optimistic.",
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      "text": "Gross Margin: 19.8%",
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      "text": "The above revenue projections still assume a major reversal in Brazil's downward revenue trend. We do not believe SMART Brazil will reverse its downward revenue trend and we see material downside risk to these numbers.",
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      "text": "Although we strongly believe that SGH's Brazil revenue will continue to roll off over the coming quarters, we gave the Company the benefit of the doubt by using sell-side consensus estimates for all three segments' revenue:",
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      "text": "Even given the benefit of an assumed reversal of the declining sales trend, we cannot ignore the facts on the ground. The loss of the PPB will undoubtedly hit margins...",
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      "text": "Revenue table for SMART Global Holdings segments from Nov-18 to Aug-20",
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