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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": "This is a research note page from Wolfpack Research, focusing on corporate governance and financial performance concerns.",
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      "text": "SGH has obfuscated the margins of its segments through simple non-disclosure.",
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      "text": "Acquisitions of Artesyn and Inforce are viewed as steps backward given SGH's past failure in embedded computing.",
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      "text": "SGH obfuscated segment margins; profits are tied to the Brazilian unit which required minimal SG&A/R&D.",
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      "text": "Penguin Computing acquisition diluted margins (6% operating margin vs SGH's 14%) and added fixed costs.",
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      "text": "Corporate governance concerns regarding Shah's dual roles and lack of disclosure on the Inforce transaction.",
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      "text": "Inforce acquisition appears to be a self-dealing transaction involving Chairman/CEO Ajay Shah at a 13x revenue multiple.",
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      "text": "SGH shifted rhetoric from 'growth in Brazil' to 'diversification away from Brazil' following adverse developments.",
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      "text": "2. Diversification Away from Brazil – And from Profitability",
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