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  "documentTitle": "SMART Global Holdings, Inc. (SGH)",
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  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "The slide uses a quote from the CEO of SMART Brazil to frame the regulatory risk, followed by a narrative critique of SGH's management and corporate governance.",
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      "text": "Brazil revenues represented 62% of the Company's total in 2018 and regression on SGH's historic financial performance shows that Brazil has been the key driver of its profits.",
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      "text": "SMART Global Holdings, Inc. (SGH US, “SGH”, the “Company”) faces an existential threat to its Brazilian memory business... Brazil revenues represented 62% of the Company’s total in 2018...",
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      "text": "This reduction of the Import Tax diminishes the protection of the national industry... it may be big enough that there is no longer interest of a company... to produce in Brazil",
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      "text": "\"This reduction of the Import Tax diminishes the protection of the national industry and, if it comes along with the reduction of the tax benefit that we have today in the Computer Law, it may be big enough that there is no longer interest of a company, multinational company to produce in Brazil\" — Rogerio Nunes, CEO of SMART Brazil and President of ABISEMI (industry association), June 12, 2019.",
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      "text": "INTRODUCTION",
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