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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 narrative structure to expose the fragility of a business model dependent on government subsidies.",
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      "text": "SMART Brazil is highly dependent on the PPB. Its niche business no longer has a competitive advantage now that they are unshielded from the free market.",
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      "text": "For example, Dell (an OEM) sells notebook computers in Brazil. In the table above, you can see that the specified percentage for “Notebook SSD IC Package” was 50% in 2018...",
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      "text": "Our manufacturing capabilities in Brazil consist of receiving unmounted ICs in wafer form from third-party wafer fabs, preparing and packaging the ICs into semiconductor components, testing the components, and in some cases placing these components on substrates or printed circuit boards to make modules or multi-chip packages. — SGH 2018 SEC Form 10-K",
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      "text": "5 SGH 2018 SEC Form 10-K, p. 13\n6 SGH 2018 SEC Form 10-K, p. 7",
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