Penguin Solutions Files 2024 Annual Report

TL;DR

PENG filed its 2024 10-K, all good on reporting requirements.

AI Summary

Penguin Solutions, Inc. filed its annual report for the fiscal year ended August 30, 2024. The company is incorporated in the Cayman Islands and its ordinary shares trade on the Nasdaq Global Select Market under the symbol PENG. The filing indicates that Penguin Solutions has met all reporting requirements for the preceding 12 months and the past 90 days.

Why It Matters

This 10-K filing provides a comprehensive overview of Penguin Solutions' financial performance and operational status for the fiscal year, which is crucial for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative disclosures.

Key Players & Entities

• Penguin Solutions, Inc. (company) — Registrant
• August 30, 2024 (date) — Fiscal year end
• Cayman Islands (location) — Jurisdiction of incorporation
• PENG (ticker) — Trading Symbol
• Nasdaq Global Select Market (exchange) — Exchange where shares are registered

FAQ

Key Financial Figures

• $0.03 — e on which registered Ordinary shares, $0.03 par value per share PENG Nasdaq Global
• $225.0 m — osing, we paid a cash purchase price of $225.0 million, subject to certain adjustments.
• $50.0 million — pay, contingent consideration of up to $50.0 million (the "Stratus Earnout") based on the gr
• $554.6 m — nced Computing segment had net sales of $554.6 million, $749.7 million and $441.0 millio
• $749.7 million — egment had net sales of $554.6 million, $749.7 million and $441.0 million in 2024, 2023 and 20
• $441.0 million — s of $554.6 million, $749.7 million and $441.0 million in 2024, 2023 and 2022, respectively.
• $356.4 m — egrated Memory segment had net sales of $356.4 million, $443.3 million and $551.7 millio
• $443.3 million — egment had net sales of $356.4 million, $443.3 million and $551.7 million in 2024, 2023 and 20
• $551.7 million — s of $356.4 million, $443.3 million and $551.7 million in 2024, 2023 and 2022, respectively.
• $259.8 m — Optimized LED segment had net sales of $259.8 million, $248.3 million and $403.2 millio
• $248.3 million — egment had net sales of $259.8 million, $248.3 million and $403.2 million in 2024, 2023 and 20
• $403.2 million — s of $259.8 million, $248.3 million and $403.2 million in 2024, 2023 and 2022, respectively.

Filing Documents

• peng-20240830.htm (10-K) — 2379KB
• pengq4-24form10xkex1015.htm (EX-10.15) — 60KB
• pengq4-24form10xkex1016.htm (EX-10.16) — 23KB
• pengq4-24form10xkex1026.htm (EX-10.26) — 86KB
• pengq4-24form10xkex1027.htm (EX-10.27) — 91KB
• pengq4-24form10xkex191.htm (EX-19.1) — 56KB
• pengq4-24form10xkex211.htm (EX-21.1) — 7KB
• pengq4-24form10xkex231.htm (EX-23.1) — 3KB
• pengq4-24form10xkex311.htm (EX-31.1) — 10KB
• pengq4-24form10xkex312.htm (EX-31.2) — 10KB
• pengq4-24form10xkex321.htm (EX-32.1) — 4KB
• pengq4-24form10xkex322.htm (EX-32.2) — 4KB
• pengq4-24form10xkex971.htm (EX-97.1) — 22KB
• pengq4-24form10xkex972.htm (EX-97.2) — 27KB
• peng-20240830_g1.jpg (GRAPHIC) — 70KB
• peng-20240830_g2.jpg (GRAPHIC) — 2436KB
• peng-20240830_g3.jpg (GRAPHIC) — 81KB
• 0001628280-24-043646.txt ( ) — 19995KB
• peng-20240830.xsd (EX-101.SCH) — 98KB
• peng-20240830_cal.xml (EX-101.CAL) — 179KB
• peng-20240830_def.xml (EX-101.DEF) — 568KB
• peng-20240830_lab.xml (EX-101.LAB) — 1143KB
• peng-20240830_pre.xml (EX-101.PRE) — 878KB
• peng-20240830_htm.xml (XML) — 1933KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 16 Item 1B Unresolved Staff Comments 48 I tem 1C C ybersecu rity 48 Item 2

Properties

Properties 49 Item 3

Legal Proceedings

Legal Proceedings 50 Item 4 Mine Safety Disclosures 50 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 51 Item 6 [Reserved] 52 Item 7 Management ' s Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 64 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 108 Item 9A

Controls and Procedures

Controls and Procedures 108 Item 9B Other Information 110 Item 9C Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 110 PART III Item 10 Directors, Executive Officers and Corporate Governance 111 Item 11

Executive Compensation

Executive Compensation 111 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 111 Item 13 Certain Relationships and Related Transactions, and Director Independence 111 Item 14 Principal Accountant Fees and Services 111 PART IV Item 15 Exhibits and Financial Statement Schedules 112 Item 16 Form 10-K Summary 115

Signatures

Signatures 116 2 Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K ("Annual Report") and the documents incorporated herein by reference contain "forward-looking statements" that are not historical in nature, that are predictive or that depend upon or refer to future events or conditions. These statements include, but are not limited to, statements regarding future events or our future financial or operating performance, the extent and timing of, and expectations regarding, our future revenues and expenses and customer demand, statements regarding the deployment of our products and services, statements regarding our reliance on third parties, statements regarding our rebranding initiatives and strategy, and statements using words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "plan," "potential," "should" and similar words and the negatives thereof constitute forward-looking statements. These forward-looking statements are based on our current expectations or forecasts of future events, circumstances, results or aspirations and are subject to a number of significant risks, uncertainties and other factors, many of which are outside of our control, including but not limited to, global business and economic conditions and growth trends in technology industries (including trends and markets related to artificial intelligence ("AI")), our customer markets and various geographic regions; uncertainties in the geopolitical environment; our ability to manage our cost structure; disruptions in our operations or supply chain as a result of global pandemics or otherwise; 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 our rebranding and related strategy, any potential collaborations

Business

Item 1. Business Overview At Penguin Solutions, we understand the boundless potential of technology and support our customers in turning cutting-edge ideas into outcomes—faster, and at any scale. With over two decades of experience as trusted advisors, Penguin Solutions is an end-to-end technology company solving complex challenges in computing, memory and LED solutions. Penguin Solutions designs, builds, deploys and manages high-performance, high-availability enterprise solutions, allowing customers to achieve their breakthrough innovations. We do this in partnership with our customers—customizing solutions while facilitating rapid time to production, optimized long-term performance, high availability and enhanced value. As of the end of fiscal 2024, Penguin Solutions employed approximately 2,700 employees worldwide, with most located in the United States, China and Malaysia. We believe that our employees are the cornerstone of our success. To support their efforts, we aim to provide diverse, inclusive and equitable workplaces that we maintain through ongoing intentional actions. On October 15, 2024, we changed our corporate name from "SMART Global Holdings, Inc." to "Penguin Solutions, Inc." and changed our Nasdaq Global Select Market ticker symbol from "SGH" to "PENG." The changes to the corporate name and ticker symbol did not have any impact on our legal entity structure, financial statements or previously reported financial information. Business Segments The most exciting technological advancements are also the most challenging for companies to adopt. We support our customers in achieving their ambitions across our computing, memory and LED solutions. With our expert skills, experience and partnerships, we help turn our customers' most complex challenges into compelling opportunities. We aim to deliver the highest quality products and services through our customer-centered approach. Drawing on our extensive knowledge in specialized domains, we bring c

View Full Filing

View this 10-K filing on SEC EDGAR