SGH SMART Global Holdings Inc.

SMART Global Holdings Reports Third Quarter Fiscal 2020 Financial Results

SMART Global Holdings Reports Third Quarter Fiscal 2020 Financial Results

NEWARK, Calif., July 07, 2020 (GLOBE NEWSWIRE) -- (“SMART” or the “Company”) (NASDAQ: SGH), today reported financial results for the third quarter of fiscal 2020 ended May 29, 2020.

Third Quarter Fiscal 2020 Highlights:

  • Net sales of $281.3 million, 19.4% higher than the year ago quarter.
  • GAAP net income of $0.8 million, or $0.03 per share, 57.6% and 59.5% lower than the year ago quarter, respectively.
  • Non-GAAP net income of $17.1 million, or $0.70 per share, 115.8% and 106.1% higher than the year ago quarter, respectively.
  • Adjusted EBITDA of $25.4 million,  32.5% higher than the year ago quarter.

“Thanks to the outstanding execution from our team in these challenging times we were able to achieve growth in revenue and gross profit over the previous quarter, and over the same period last year. This, combined with the operating leverage in our financial model, drove a strong increase in non-GAAP earnings per share and another quarter of operating cash flow generation,” commented Ajay Shah, Chairman and CEO.    

        
Quarterly Financial ResultsGAAP (1) Non-GAAP (2)
(In millions, except per share amounts)Q3 FY20Q2 FY20Q3 FY19 Q3 FY20Q2 FY20Q3 FY19
Net sales$281.3 $272.0 $235.7  $281.3 $272.0 $235.7 
Gross profit$54.2 $51.5 $43.0  $55.9 $52.9 $43.7 
Operating income$10.1 $8.2 $7.4  $20.3 $17.3 $13.2 
Net income (loss)$0.8 $(9.7)$1.9  $17.1 $12.8 $7.9 
Diluted earnings per share (EPS)$0.03 $(0.41)$0.08  $0.70 $0.52 $0.34 
        
(1)  GAAP represents U.S. Generally Accepted Accounting Principles.    
(2)  Please refer to the “Non-GAAP Information” section and the "Reconciliation of Non-GAAP Financial Measures" tables below
       for further detail on the non-GAAP financial reporting referenced above and a reconciliation of such measures
       to our nearest GAAP measures.       
        

Business Outlook

The following statements are based upon management's current expectations for the fourth quarter of fiscal 2020 ending August 28, 2020. These statements are forward-looking and actual results may differ materially. SMART undertakes no obligation to update these statements.

   
Net Sales$290 to $310 million
Gross Margin - GAAP / Non-GAAP20% to 22%
Diluted EPS - GAAP$0.34 ± $0.08
  
Share-based compensation per share$0.21
Intangible amortization per share$0.15
Convertible debt discount OID and fees per share$0.08
  
Diluted EPS - Non-GAAP$0.78 ± $0.08
  
Expected diluted share count24.5 million
   

Conference Call Details

SMART will host a conference call today for analysts and investors at 1:30 p.m. Pacific time, 4:30 p.m. Eastern time. Dial-in US toll free using access code 5089819.  We will post an accompanying slide presentation to our website prior to the beginning of the call.

A replay of the conference call will be available for one week following today’s call through the Events section of the SMART website at  or by calling US toll free ; Passcode: 5089819.

Forward-Looking Statements

This release contains, and statements made during the above-referenced conference call will contain "forward-looking statements" including among other things, statements regarding future events and the future financial performance of SMART (including the business outlook for the next fiscal quarter) and statements regarding growth drivers in SMART’s industries and markets. These statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including but not limited to: business and economic conditions and growth trends in the technology industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; disruptions in our operations or in global markets as a result of the outbreak of COVID-19; changes in trade regulations or adverse developments in international trade relations and agreements; changes in currency exchange rates; overall information technology spending; appropriations for government spending; the success of our strategic initiatives including additional investments in new products, additional capacity and acquisitions; the DRAM market and the temporary and volatile nature of pricing trends; deterioration in customer relationships; production or manufacturing difficulties; competitive factors; technological changes; difficulties with or delays in the introduction of new products;  slowing or contraction of growth in the memory market in Brazil; reduction in or termination of local content requirements in Brazil;  changes to applicable tax regimes or rates; prices for the end products of our customers; fluctuations in material costs and availability; strikes or labor disputes; deterioration in or loss of relations with any of our limited number of key vendors;  changes in the availability of supply of materials, components or memory products; the inability of Penguin Computing to obtain and retain security clearances to expand its government business; and other factors and risks detailed in SMART’s filings with the Securities and Exchange Commission. Such factors and risks as outlined above and in such filings may not constitute all factors and risks that could cause actual results of SMART to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. SMART and its subsidiaries operate in a continually changing business environment and new factors emerge from time to time. SMART cannot predict such factors, nor can it assess the impact, if any, from such factors on SMART or its subsidiaries’ results. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements should not be relied upon as a prediction of actual results. These forward-looking statements are made as of today, and SMART does not intend, and has no obligation, to update or revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release, except as required by law.

Non-GAAP Information

Certain non-GAAP financial measures are contained in this press release or will be discussed on our conference call, including non-GAAP gross profit, non-GAAP operating income, Adjusted EBITDA, non-GAAP net income, and non-GAAP net income per diluted share. We define Adjusted EBITDA as GAAP net income (loss) plus net interest expense, income tax expense, depreciation and amortization expense, share-based compensation expense, loss on extinguishment of debt/revolver, capped call mark to market (MTM) adjustment, integration expenses, COVID-19 expenses, acquisition-related expenses and other infrequent or unusual items. Adjusted EBITDA is not a measure of financial performance calculated in accordance with U.S. GAAP and should be viewed as a supplement to, not a substitute for, our results of operations presented on the basis of U.S. GAAP. Adjusted EBITDA also does not purport to represent cash flow provided by, or used in, operating activities in accordance with U.S. GAAP and should not be used as a measure of liquidity.

The non-GAAP financial results presented herein exclude share-based compensation expense, intangible amortization expense, loss on extinguishment of debt/revolver, capped call MTM adjustment, convertible debt original issue discount (OID), integration expenses, COVID-19 expenses, acquisition-related expenses and other infrequent or unusual expenses, and with respect to non-GAAP diluted EPS, foreign currency gains (losses). These non-GAAP financial measures are provided to enhance the user's overall understanding of our financial performance. By excluding these charges, as well as any related tax effects, our non-GAAP results provide information to management and investors that is useful in assessing SMART's core operating performance and in evaluating and comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results, to plan and forecast future periods, and to assess performance of certain executives for compensation purposes. The presentation of this additional information is not meant to be a substitute for the corresponding financial measures prepared in accordance with U.S. GAAP. In addition, these measures may not be used similarly by other companies and therefore may not be comparable between companies.

Investors are encouraged to review the “Reconciliation of Non-GAAP Financial Measures to GAAP Results” and “Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA” tables below for more detail on non-GAAP calculations.

About SMART Global Holdings

The SMART lines of business are leading designers and manufacturers of electronic products focused on memory and computing technology areas. The Company specializes in application specific product development and support for customers in enterprise, government and OEM sales channels. Customers rely on SMART as a strategic supplier with top tier customer service, product quality, and technical support with engineering, sales, manufacturing, supply chain and logistics capabilities worldwide. The Company targets customers in markets such as communications, storage, networking, mobile, industrial automation, industrial internet of things, government, military, edge computing and high performance computing.  SMART operates in three primary product areas: Specialty Memory products, Brazil products and Specialty Compute and Storage Solutions.

See , , ,  and   for more information.

  
SMART Global Holdings, Inc. 
and Subsidiaries 
Consolidated Income Statements 
(In thousands, except per share data) 
                
      Three Months Ended Nine Months Ended 
      May 29, 2020 February 28, 2020 May 31, 2019 May 29, 2020 May 31, 2019 
Net sales:             
 Specialty Memory Products   $127,700  $111,455  $98,755  $342,685  $354,312  
 Brazil Products    92,701   97,700   100,982   284,400   447,373  
 Specialty Compute and Storage Solutions    60,886   62,887   35,920   198,262   131,914  
  Total net sales    281,287   272,042   235,657   825,347   933,599  
Cost of sales (1) (2)    227,054   220,536   192,622   665,288   748,364  
 Gross profit    54,233   51,506   43,035   160,059   185,235  
Operating expenses:             
 Research and development (1)    14,436   14,702   11,330   44,023   34,384  
 Selling, general and administrative (1) (2)    29,733   28,648   24,306   91,935   73,202  
  Total operating expenses    44,169   43,350   35,636   135,958   107,586  
                
  Income from operations    10,064   8,156   7,399   24,101   77,649  
Other income (expense):             
 Interest expense, net    (3,094)  (4,150)  (5,001)  (11,736)  (16,149) 
 Other income (expense), net    (3,445)  (12,386)  97   (16,671)  (2,980) 
  Total other expense    (6,539)  (16,536)  (4,904)  (28,407)  (19,129) 
  Income (loss) before income taxes    3,525   (8,380)  2,495   (4,306)  58,520  
Provision for income taxes    2,700   1,340   550   4,365   12,813  
  Net income (loss)   $825  $(9,720) $1,945  $(8,671) $45,707  
                
Earnings per share:             
 Basic   $0.03  $(0.41) $0.08  $(0.36) $2.00  
 Diluted   $0.03  $(0.41) $0.08  $(0.36) $1.96  
                
Shares used in computing earnings per share:             
 Basic    24,066   23,906   23,005   23,895   22,824  
 Diluted    24,431   23,906   23,330   23,895   23,374  
                
(1) Includes share-based compensation expense as follows:           
 Cost of sales   $699  $731  $651  $2,161  $1,803  
 Research and development    780   783   673   2,306   1,967  
 Selling, general and administrative    3,428   3,133   3,109   11,043   8,866  
  Total stock-based compensation expense   $4,907  $4,647  $4,433  $15,510  $12,636  
                
(2) Includes amortization of intangible assets expense as follows:          
 Cost of sales   $647  $647  $16  $1,941  $130  
 Selling, general and administrative    2,767   2,766   960   8,299   2,882  
  Total amortization expense   $3,414  $3,413  $976  $10,240  $3,012  
                



 
SMART Global Holdings, Inc.
and Subsidiaries
Reconciliation of Non-GAAP Financial Measures to GAAP Results
(In thousands, except per share data)
               
      Three Months Ended Nine Months Ended
      May 29, 2020 February 28, 2020 May 31, 2019 May 29, 2020 May 31, 2019
Reconciliation of gross profit:            
GAAP gross profit   $54,233  $51,506  $43,035  $160,059  $185,235 
 GAAP gross margin    19.3%  18.9%  18.3%  19.4%  19.8%
               
Add: Share-based compensation included in cost of sales   699   731   651   2,161   1,803 
Add: Intangible amortization included in cost of sales    647   647   16   1,941   130 
Add: COVID-19 expenses    282         282    
               
Non-GAAP gross profit   $ 55,861  $ 52,884  $ 43,702  $ 164,443  $ 187,168 
 Non-GAAP gross margin    19.9%  19.4%  18.5%  19.9%  20.0%
               
Reconciliation of operating expenses:            
GAAP operating expenses   $44,169  $43,350  $35,636  $135,958   107,586 
               
Less: Share-based compensation expense included in opex          
 Research and development    780   783   673   2,306   1,967 
 Selling, general and administrative    3,428   3,133   3,109   11,043   8,866 
  Total    4,208 - 3,916 - 3,782   13,349 - 10,833 
Less: Amortization of intangible assets included in opex            
 Selling, general and administrative    2,767   2,766   960   8,299   2,882 
  Total    2,767   2,766   960   8,299   2,882 
               
Less: Legal fees - term loan (payment holiday)                126 
Less: Acquisition-related expenses          431   946   1,854 
Less: Integration expenses    1,432   1,040      4,524    
Less: COVID-19 expenses    228         228    
               
Non-GAAP operating expenses   $ 35,534  $ 35,628  $ 30,463  $ 108,612  $ 91,891 
               
Reconciliation of income from operations:            
GAAP income from operations   $10,064  $8,156  $7,399  $24,101  $77,649 
 GAAP operating margin    3.6%  3.0%  3.1%  2.9%  8.3%
               
Add: Share-based compensation expense    4,907   4,647   4,433   15,510   12,636 
Add: Amortization of intangible assets    3,414   3,413   976   10,240   3,012 
Add: Legal fees - term loan (payment holiday)                126 
Add: Acquisition-related expenses          431   946   1,854 
Add: Integration expenses    1,432   1,040      4,524    
Add: COVID-19 expenses    510         510    
               
Non-GAAP income from operations   $ 20,327  $ 17,256  $ 13,239  $ 55,831  $ 95,277 
 Non-GAAP operating margin    7.2%  6.3%  5.6%  6.8%  10.2%
               



 
SMART Global Holdings, Inc.
and Subsidiaries
Reconciliation of Non-GAAP Financial Measures to GAAP Results
(In thousands, except per share data)
               
      Three Months Ended Nine Months Ended
      May 29, 2020 February 28, 2020 May 31, 2019 May 29, 2020 May 31, 2019
Reconciliation of income (loss) before income taxes:            
GAAP income (loss) before income taxes   $3,525  $(8,380) $2,495  $(4,306) $58,520 
Add: Share-based compensation expense    4,907   4,647   4,433   15,510   12,636 
Add: Amortization of intangible assets    3,414   3,413   976   10,240   3,012 
Add: Legal fees - term loan (payment holiday)                126 
Add: Acquisition-related expenses          431   946   1,854 
Add: Integration expenses    1,432   1,040      4,524    
Add: COVID-19 expenses    510         510    
Add: Extinguishment of term loan/revolver    192   6,630      6,822    
Add: Capped call MTM adjustment    2,924   4,795      7,719    
Add: Convertible debt discount OID and fees    1,960   399      2,359    
Add: Foreign currency (gains)/losses    484   1,191   144   2,586   3,481 
               
Non-GAAP income before income taxes   $ 19,348  $ 13,735  $ 8,479  $ 46,910  $ 79,629 
               
Reconciliation of provision for income taxes:            
GAAP provision for income taxes   $2,700  $1,340  $550  $4,365  $12,813 
 GAAP effective tax rate    76.6%  -16.0%  22.0%  -101.4%  21.9%
               
Less: Goodwill tax credit    484   484      968    
Tax effect of adjustments to GAAP results    (48)  (119)  (14)  (258)  (347)
               
Non-GAAP provision for income taxes   $2,264  $975  $564  $3,655  $13,160 
 Non-GAAP effective tax rate    11.7%  7.1%  6.7%  7.8%  16.5%
               
Reconciliation of net income (loss) and earnings per share (diluted):           
GAAP net income (loss)   $ 825  $ (9,720) $ 1,945  $ (8,671) $ 45,707 
               
Adjustments to GAAP net income (loss):            
 Share-based compensation    4,907   4,647   4,433   15,510   12,636 
 Amortization of intangible assets    3,414   3,413   976   10,240   3,012 
 Legal fees - term loan (payment holiday)                126 
 Acquisition related expenses          431   946   1,854 
 Integration expenses    1,432   1,040      4,524    
 COVID-19 expenses    510         510    
 Extinguishment of term loan/revolver    192   6,630      6,822    
 Capped call MTM adjustment    2,924   4,795      7,719    
 Convertible debt discount OID and fees    1,960   399      2,359    
 Goodwill tax credit    484   484      968    
 Foreign currency (gains)/losses    484   1,191   144   2,586   3,481 
 Tax effect of items excluded from non-GAAP results   (48)  (119)  (14)  (258)  (347)
               
Non-GAAP net income   $ 17,084  $ 12,760  $ 7,915  $ 43,255  $ 66,469 
               
Shares used in computing earnings per share (diluted)    24,431   24,567   23,330   24,450   23,374 
               
Non-GAAP earnings per share (diluted)   $ 0.70  $ 0.52  $ 0.34  $ 1.77  $ 2.84 
               
GAAP earnings per share (diluted)   $0.03  $(0.41) $0.08  $(0.36) $1.96 
               



  
SMART Global Holdings, Inc. 
and Subsidiaries 
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA 
(In thousands) 
               
     Three Months Ended Nine Months Ended 
     May 29, 2020 February 28, 2020 May 31, 2019 May 29, 2020 May 31, 2019 
               
GAAP net income (loss)  $ 825 $ (9,720) $ 1,945 $ (8,671) $ 45,707 
               
 Share-based compensation expense   4,907  4,647   4,433  15,510   12,636 
 Amortization of intangible assets   3,414  3,413   976  10,240   3,012 
 Interest expense, net   3,094  4,150   5,001  11,736   16,149 
 Provision for income tax   2,700  1,340   550  4,365   12,813 
 Depreciation   5,405  6,021   5,841  17,557   17,140 
 Legal fees - term loan (payment holiday)            126 
 Acquisition-related expenses(1)        431  946   1,854 
 Integration expenses    1,432  1,040     4,524    
 COVID-19 expenses   510       510    
 Extinguishment of term loan/revolver  192  6,630    6,822    
 Capped call MTM adjustment   2,924  4,795    7,719    
               
 Adjusted EBITDA  $ 25,403 $ 22,316  $ 19,177 $ 71,258  $ 109,437 
               
               
 (1) Amounts related to acquisitions of new businesses, SMART EC & Wireless (July 2019).         
               



  
SMART Global Holdings, Inc. 
and Subsidiaries 
Consolidated Balance Sheets 
(In thousands) 
            
        May 29, August 30, 
         2020   2019  
Assets     
Current assets:     
 Cash and cash equivalents $131,845  $98,139  
 Accounts receivable, net  223,211   217,433  
 Inventories   180,554   118,738  
 Prepaid expenses and other current assets  31,496   37,950  
     Total current assets  567,106   472,260  
Property and equipment, net  53,760   68,345  
Operating lease right-of-use assets  26,289     
Other noncurrent assets  12,609   12,784  
Intangible assets, net  59,085   69,325  
Goodwill     73,451   81,423  
     Total assets $792,300  $704,137  
Liabilities and Shareholders’ Equity     
Current liabilities:     
 Accounts payable $245,774  $164,866  
 Accrued liabilities  59,878   48,980  
 Current portion of long-term debt  608   24,054  
     Total current liabilities  306,260   237,900  
Long-term debt  193,547   182,450  
Long-term operating lease liabilities  21,847     
Other long-term liabilities  6,127   10,327  
     Total liabilities  527,781   430,677  
Shareholders’ equity:     
 Ordinary shares  728   712  
 Additional paid-in capital  342,476   285,994  
 Accumulated other comprehensive loss  (234,634)  (177,866) 
 Retained earnings  155,949   164,620  
     Total shareholders’ equity  264,519   273,460  
     Total liabilities and shareholders’ equity$792,300  $704,137  
            



 
SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
                 
        Three Months Ended Nine Months Ended
        May 29, 2020 February 28, 2020 May 31, 2019 May 29, 2020 May 31, 2019
Cash flows from operating activities:          
 Net income (loss) $825  $(9,720) $1,945  $(8,671) $45,707 
 Adjustments to reconcile net income (loss) to net cash          
  provided by operating activities:          
   Depreciation and amortization  8,818   9,435   6,817   27,797   20,152 
   Share-based compensation  4,907   4,647   4,433   15,510   12,636 
   Provision for doubtful accounts receivable and sales returns  74   (100)  46   47   (24)
   Deferred income tax benefit  425   610   677   65   430 
   (Gain) Loss on disposal of property and equipment  41   (18)  22   (19)  21 
   Loss on mark-to-market adjustment of the capped call  2,924   4,795   —    7,719   —  
   Loss on extinguishment of debt/revolver  192   6,630   —    6,822   —  
   Amortization of debt discounts and issuance costs  2,005   1,047   706   3,786   2,085 
   Amortization of operating lease right-of-use assets  1,287   1,168   —    3,569   —  
   Changes in operating assets and liabilities:          
    Accounts receivable  (13,395)  9,198   91,430   (17,885)  7,658 
    Inventories  (26,932)  (3,343)  35,111   (72,481)  82,771 
    Prepaid expenses and other assets  (7,615)  1,386   (2,455)  (1,119)  1,787 
    Accounts payable  39,031   (3,782)  (76,442)  95,687   (44,885)
    Operating lease liabilities  (1,363)  (1,058)  —    (3,503)  —  
    Accrued expenses and other liabilities  2,402   2,439   (15,980)  4,903   (7,622)
     Net cash provided by operating activities  13,626   23,334   46,310   62,227   120,716 
Cash flows from investing activities:          
 Capital expenditures and deposits on equipment  (7,521)  (4,210)  (10,496)  (16,889)  (30,112)
 Proceeds from sale of property and equipment  58   54   18   154   71 
 Acquisitions of business, net of cash acquired  —    —    —    —    (148)
     Net cash used in investing activities  (7,463)  (4,156)  (10,478)  (16,735)  (30,189)
Cash flows from financing activities:          
 Long-term debt payment - Term Loan  —    —    —    (5,625)  —  
 Long-term debt payment - BNDES  (685)  (797)  (1,704)  (2,292)  (5,073)
 Purchase of capped call  —    (21,825)  —    (21,825)  —  
 Proceeds from convertible notes due 2026, net of discount  —    243,125   —    243,125   —  
 Payment for extinguishment of long-term debt  —    (204,904)  —    (204,904)  —  
 Proceeds from borrowings under revolving line of credit  42,000   6,000   67,500   60,500   235,500 
 Repayments of borrowings under revolving line of credit  (42,000)  (6,000)  (67,500)  (60,500)  (235,500)
 Proceeds from issuance of ordinary shares from share option exercises 134   641   297   1,941   3,770 
 Proceeds from issuance of ordinary shares from ESPP  1,742   —    1,335   2,984   2,303 
 Withholding tax on restricted stock units  (282)  (351)  (11)  (653)  (230)
     Net cash provided by (used in) financing activities  909   15,889   (83)  12,751   770 
                 
 Effect of exchange rate changes on the cash and cash equivalents (17,087)  (4,596)  (4,824)  (24,537)  (2,432)
                 
     Net increase (decrease) in cash and cash equivalents  (10,015)  30,471   30,925   33,706   88,865 
Cash and cash equivalents at beginning of period  141,860   111,389   95,174   98,139   37,234 
Cash and cash equivalents at end of period $131,845  $141,860  $126,099  $131,845  $126,099 
                 

Investor Contact: 

Suzanne Schmidt

Investor Relations for SMART Global Holdings, Inc.

(510) 360-8596

EN
07/07/2020

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