SMART Global Holdings Is Now Penguin
Solutions Q4 FY24 Revenue Across All Business Segments Up
Sequentially
Penguin Solutions, Inc. (“Penguin Solutions,” “we,” “us,” or the
“Company”) (NASDAQ: PENG) today announced its new company name and
reported financial results for the fourth quarter and full year
fiscal 2024.
New Company Name and Ticker Symbol
The Company is pleased to announce the successful completion of
its name change from SMART Global Holdings, Inc. to Penguin
Solutions, Inc., a move that reflects the Company’s strategic
transformation and evolving focus on key areas such as artificial
intelligence (“AI”) infrastructure deployment, advanced memory
enterprise solutions and high-performance computing. Effective
today, the Company’s ordinary shares are trading under the new
ticker symbol “PENG” on Nasdaq.
Fiscal 2024 Highlights
- Net sales of $1.2 billion versus $1.4 billion in fiscal year
2023
- GAAP gross margin of 29.1%, up 30 basis points versus fiscal
year 2023
- Non-GAAP gross margin of 31.9%, up 20 basis points versus
fiscal year 2023
- GAAP EPS of $(0.85) versus $0.15 in fiscal year 2023
- Non-GAAP EPS of $1.25 versus $2.52 in fiscal year 2023
Fourth Quarter Fiscal 2024 Highlights
- Net sales of $311 million, down 1.7% versus the year-ago
quarter
- GAAP gross margin of 28.0%, down 90 basis points versus the
year-ago quarter
- Non-GAAP gross margin of 30.9%, down 80 basis points versus the
year-ago quarter
- GAAP EPS of $(0.46) versus $1.17 in the year-ago quarter
- Non-GAAP EPS of $0.37 versus $0.35 in the year-ago quarter
“We are pleased with our Q4 results, highlighted by our third
consecutive quarter of sequential top line growth,” said Mark
Adams, CEO of Penguin Solutions. “Our Company’s transition to
Penguin Solutions reinforces our commitment to solving the
complexities of AI infrastructure, managing our customers’
implementations with the design, build, deployment, and management
of cutting-edge AI solutions,” concluded Adams.
Annual Financial Results
GAAP (1)
Non-GAAP (2)
(in thousands, except per share
amounts)
FY24
FY23
FY24
FY23
Net sales:
Intelligent Platform Solutions
$
554,552
$
749,708
$
554,552
$
749,708
Memory Solutions
356,426
443,264
356,426
443,264
LED Solutions
259,818
248,278
259,818
248,278
Total net sales
$
1,170,796
$
1,441,250
$
1,170,796
$
1,441,250
Gross profit
$
340,776
$
415,171
$
373,981
$
456,578
Operating income
18,295
8,745
120,257
179,794
Net income (loss) attributable to Penguin
Solutions
(44,324
)
7,858
66,907
127,681
Diluted earnings (loss) per share
$
(0.85
)
$
0.15
$
1.25
$
2.52
Quarterly Financial Results
GAAP (1)
Non-GAAP (2)
(in thousands, except per share
amounts)
Q4 FY24
Q3 FY24
Q4 FY23
Q4 FY24
Q3 FY24
Q4 FY23
Net sales:
Intelligent Platform Solutions
$
149,355
$
144,968
$
145,432
$
149,355
$
144,968
$
145,432
Memory Solutions
95,832
91,629
105,181
95,832
91,629
105,181
LED Solutions
65,961
63,983
66,045
65,961
63,983
66,045
Total net sales
$
311,148
$
300,580
$
316,658
$
311,148
$
300,580
$
316,658
Gross profit
$
87,086
$
88,906
$
91,585
$
96,007
$
96,962
$
100,300
Operating income (loss)
8,791
11,511
(1,639
)
33,739
33,325
30,295
Net income (loss) attributable to Penguin
Solutions
(24,547
)
5,616
64,841
20,007
20,221
18,406
Diluted earnings (loss) per share
$
(0.46
)
$
0.10
$
1.17
$
0.37
$
0.37
$
0.35
(1)
GAAP represents U.S. Generally Accepted
Accounting Principles.
(2)
Non-GAAP represents GAAP excluding the
impact of certain activities. Further information regarding the
Company’s use of non-GAAP measures and reconciliations between GAAP
and non-GAAP measures is included within this press release.
Business Outlook
As of October 15, 2024, Penguin Solutions is providing the
following financial outlook for fiscal year 2025:
GAAP
Outlook
Adjustments
Non-GAAP
Outlook
Net sales
15% YoY Growth +/- 5%
—
15% YoY Growth +/- 5%
Gross margin
30% +/- 1%
2%
(A)
32% +/- 1%
Operating expenses
$335 million +/- $15 million
($60) million
(B)(C)
$275 million +/- $15 million
Diluted earnings per share
$0.30 +/- $0.20
$1.40
(A)(B)(C)(D)
$1.70 +/- $0.20
Diluted shares
56.3 million
—
56.3 million
Non-GAAP adjustments (in
millions)
(A) Share-based compensation and
amortization of acquisition-related intangibles included in cost of
sales
$
31
(B) Share-based compensation and
amortization of acquisition-related intangibles included in R&D
and SG&A
48
(C) Other adjustments
12
(D) Estimated income tax effects
(12
)
$
79
Fourth Quarter and Full Year Fiscal 2024 Earnings Conference
Call and Webcast Details
Penguin Solutions will hold a conference call and webcast to
discuss the fourth quarter and full year fiscal 2024 results and
related matters today, October 15, 2024, at 1:30 p.m. Pacific Time
(4:30 p.m. Eastern Time). Interested parties may access the call by
dialing +1-833-470-1428 in the United States or +1-929-526-1599
from international locations, using the access code 916986. The
earnings presentation and a live webcast of the conference call can
be accessed from the Company’s investor relations website
(https://ir.penguinsolutions.com/investors/default.aspx) where they
will remain available for approximately one year.
Use of Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
These statements include, but are not limited to, statements
concerning or regarding future events and the future financial and
operating performance of Penguin Solutions; statements regarding
the extent and timing of and expectations regarding Penguin
Solutions’ future revenues and expenses; statements regarding
Penguin Solutions’ strategic transformation and priorities;
statements regarding long-term effective tax rates; and statements
regarding the business and financial outlook for the next fiscal
year described under “Business Outlook” above.
These statements can be identified by the fact that they do not
relate strictly to historical or current facts. Forward-looking
statements often use words such as “anticipate,” “target,”
“expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” “could,”
and other words of similar meaning. Forward-looking statements
provide 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 AI),
our customer markets and various geographic regions; uncertainties
in the geopolitical environment; the 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 and additional investments in new products and
additional capacity; acquisitions of companies or technologies and
the failure to successfully integrate and operate them or
customers’ negative reactions to them; issues, delays or
complications in integrating the operations of Stratus
Technologies; failure to achieve the intended benefits of the sale
of SMART Brazil and its business; limitations on or changes in the
availability of supply of materials and components; fluctuations in
material costs; the temporary or volatile nature of pricing trends
in memory or elsewhere; deterioration in customer relationships;
our dependence on a select number of customers and the timing and
volume of customer orders; 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, LED market
or other markets in which we participate; changes to applicable tax
regimes or rates; changes to the valuation allowance for our
deferred tax assets, including any potential inability to realize
these assets in the future; prices for the end products of our
customers; strikes or labor disputes; deterioration in or loss of
relations with any of our limited number of key vendors; the
inability to maintain or expand government business; and the
continuing availability of borrowings under term loans and
revolving lines of credit and our ability to raise capital through
debt or equity financings.
These and other risks, uncertainties and factors are described
in greater detail under the sections titled “Risk Factors,”
“Critical Accounting Estimates,” “Results of Operations,”
“Quantitative and Qualitative Disclosures About Market Risk” and
“Liquidity and Capital Resources” contained in our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q and our other filings
with the U.S. Securities and Exchange Commission. In addition, such
risks, uncertainties and factors as outlined above and in such
filings do not constitute all risks, uncertainties and factors that
could cause our actual results to be materially different from such
forward-looking statements. Accordingly, investors are cautioned
not to place undue reliance on any forward-looking statements. Any
forward-looking statements that we make in this press release speak
only as of the date of this press release. Except as required by
law, we do not undertake to update the forward-looking statements
contained in this press release to reflect the impact of
circumstances or events that may arise after the date that the
forward-looking statements were made.
Statement Regarding Use of Non-GAAP Financial
Measures
This press release and the accompanying tables contain the
following non-GAAP financial measures: non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
operating income, non-GAAP effective tax rate, non-GAAP net income,
non-GAAP weighted-average shares outstanding, non-GAAP diluted
earnings per share and Adjusted EBITDA. Penguin Solutions
management uses these non-GAAP measures to supplement Penguin
Solutions’ financial results under GAAP. Management uses these
measures to analyze its operations and make decisions as to future
operational plans and believes that this supplemental non-GAAP
information is useful to investors in analyzing and assessing the
Company’s past and future operating performance. These non-GAAP
measures exclude certain items, such as share-based compensation
expense; amortization of acquisition-related intangible assets
(consisting of amortization of developed technology, customer
relationships and trademarks/trade names acquired in connection
with business combinations); acquisition-related inventory
adjustments; diligence, acquisition and integration expense;
restructure charges; impairment of goodwill; changes in the fair
value of contingent consideration; gains (losses) from changes in
currency exchange rates; amortization of debt issuance costs; gain
(loss) on extinguishment or prepayment of debt; other infrequent or
unusual items and related tax effects and other tax adjustments.
While amortization of acquisition-related intangible assets is
excluded, the revenues from acquired companies is reflected in the
Company’s non-GAAP measures and these intangible assets contribute
to revenue generation. Management believes the presentation of
operating results that exclude certain items provides useful
supplemental information to investors and facilitates the analysis
of the Company’s core operating results and comparison of operating
results across reporting periods. Management also uses adjusted
EBITDA, which represents GAAP net income (loss), adjusted for net
interest expense; income tax provision (benefit); depreciation and
amortization expense; share-based compensation expense;
acquisition-related inventory adjustments; diligence, acquisition
and integration expense; restructure charges; impairment of
goodwill; changes in the fair value of contingent consideration;
gain (loss) on extinguishment or prepayment of debt and other
infrequent or unusual items.
In fiscal 2024, for our non-GAAP reporting, we began to utilize
a long-term projected non-GAAP effective tax rate of 28%, which
includes the tax impact of pre-tax non-GAAP adjustments and
reflects currently available information as well as other factors
and assumptions. While we expect to use this normalized non-GAAP
effective tax rate through fiscal 2025, this long-term non-GAAP
effective tax rate may be subject to change for a variety of
reasons, including the rapidly evolving global tax environment,
significant changes in our geographic earnings mix or changes to
our strategy or business operations. Our GAAP effective tax rate
can vary significantly from quarter to quarter based on a variety
of factors, including, but not limited to, discrete items which are
recorded in the period they occur, the tax effects of certain items
of income or expense, significant changes in our geographic
earnings mix or changes to our strategy or business operations. We
are unable to predict the timing and amounts of these items, which
could significantly impact our GAAP effective tax rate, and
therefore we are unable to reconcile our forward-looking non-GAAP
effective tax rate measure to our GAAP effective tax rate.
Non-GAAP financial measures should not be considered as a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP, as they exclude important
information about Penguin Solutions’ financial results, as noted
above. The presentation of these adjusted amounts varies from
amounts presented in accordance with GAAP and therefore may not be
comparable to amounts reported by other companies. In addition,
adjusted EBITDA does not purport to represent cash flow provided
by, or used for, operating activities in accordance with GAAP and
should not be used as a measure of liquidity. Investors are
encouraged to review the “Reconciliation of GAAP to Non-GAAP
Measures” tables below.
About Penguin Solutions
The most exciting technological advancements are also the most
challenging for companies to adopt. At Penguin Solutions, we
support our customers in achieving their ambitions across our
computing, memory, and LED lines of business. With our expert
skills, experience, and partnerships, we turn our customers’ most
complex challenges into compelling opportunities.
For more information, visit www.penguinsolutions.com.
Penguin Solutions, Inc.
Consolidated Statements of
Operations
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended
Year Ended
August 30, 2024
May 31, 2024
August 25, 2023
August 30, 2024
August 25, 2023
Net sales:
Intelligent Platform Solutions
$
149,355
$
144,968
$
145,432
$
554,552
$
749,708
Memory Solutions
95,832
91,629
105,181
356,426
443,264
LED Solutions
65,961
63,983
66,045
259,818
248,278
Total net sales
311,148
300,580
316,658
1,170,796
1,441,250
Cost of sales
224,062
211,674
225,073
830,020
1,026,079
Gross profit
87,086
88,906
91,585
340,776
415,171
Operating expenses:
Research and development
19,941
19,681
20,883
81,537
90,565
Selling, general and administrative
58,029
57,249
65,026
233,880
260,722
Impairment of goodwill
—
—
1,534
—
19,092
Change in fair value of contingent
consideration
—
—
4,100
—
29,000
Other operating (income) expense
325
465
1,681
7,064
7,047
Total operating expenses
78,295
77,395
93,224
322,481
406,426
Operating income (loss)
8,791
11,511
(1,639
)
18,295
8,745
Non-operating (income) expense:
Interest expense, net
5,403
6,167
9,183
28,378
36,421
Other non-operating (income) expense
20,971
441
(462
)
21,084
11,837
Total non-operating (income) expense
26,374
6,608
8,721
49,462
48,258
Income (loss) before taxes
(17,583
)
4,903
(10,360
)
(31,167
)
(39,513
)
Income tax provision (benefit)
6,209
(1,323
)
(75,890
)
10,618
(49,203
)
Net income (loss) from continuing
operations
(23,792
)
6,226
65,530
(41,785
)
9,690
Net loss from discontinued operations
—
—
(205,685
)
(8,148
)
(195,384
)
Net income (loss)
(23,792
)
6,226
(140,155
)
(49,933
)
(185,694
)
Net income attributable to noncontrolling
interest
755
610
689
2,539
1,832
Net income (loss) attributable to Penguin
Solutions
$
(24,547
)
$
5,616
$
(140,844
)
$
(52,472
)
$
(187,526
)
Basic earnings (loss) per share:
Continuing operations
$
(0.46
)
$
0.11
$
1.28
$
(0.85
)
$
0.16
Discontinued operations
—
—
(4.05
)
(0.15
)
(3.94
)
$
(0.46
)
$
0.11
$
(2.77
)
$
(1.00
)
$
(3.78
)
Diluted earnings (loss) per share:
Continuing operations
$
(0.46
)
$
0.10
$
1.17
$
(0.85
)
$
0.15
Discontinued operations
—
—
(3.71
)
(0.15
)
(3.80
)
$
(0.46
)
$
0.10
$
(2.54
)
$
(1.00
)
$
(3.65
)
Shares used in per share calculations:
Basic
53,071
52,570
50,807
52,428
49,566
Diluted
53,071
54,283
55,523
52,428
51,322
Penguin Solutions, Inc.
Reconciliation of GAAP to Non-GAAP
Measures
(In thousands, except percentages)
(Unaudited)
Three Months Ended
Year Ended
August 30, 2024
May 31, 2024
August 25, 2023
August 30, 2024
August 25, 2023
GAAP gross profit
$
87,086
$
88,906
$
91,585
$
340,776
$
415,171
Share-based compensation expense
1,847
1,760
1,789
7,113
6,334
Amortization of acquisition-related
intangibles
5,909
5,909
5,876
23,656
25,661
Flow-through of inventory step up
—
—
—
—
2,599
Cost of sales-related restructure
865
387
1,050
2,136
6,813
Non-GAAP gross profit
$
96,007
$
96,962
$
100,300
$
373,981
$
456,578
GAAP gross margin
28.0
%
29.6
%
28.9
%
29.1
%
28.8
%
Effect of adjustments
2.9
%
2.7
%
2.8
%
2.8
%
2.9
%
Non-GAAP gross margin
30.9
%
32.3
%
31.7
%
31.9
%
31.7
%
GAAP operating expenses
$
78,295
$
77,395
$
93,224
$
322,481
$
406,426
Share-based compensation expense
(8,512
)
(9,432
)
(7,785
)
(36,047
)
(32,894
)
Amortization of acquisition-related
intangibles
(3,838
)
(3,857
)
(5,443
)
(15,616
)
(18,940
)
Diligence, acquisition and integration
expense
(2,094
)
(4
)
(2,676
)
(8,772
)
(20,869
)
Impairment of goodwill
—
—
(1,534
)
—
(19,092
)
Change in fair value of contingent
consideration
—
—
(4,100
)
—
(29,000
)
Restructure charge
(325
)
(465
)
(1,681
)
(7,064
)
(7,047
)
Other
(1,258
)
—
—
(1,258
)
(1,800
)
Non-GAAP operating expenses
$
62,268
$
63,637
$
70,005
$
253,724
$
276,784
GAAP operating income (loss)
$
8,791
$
11,511
$
(1,639
)
$
18,295
$
8,745
Share-based compensation expense
10,359
11,192
9,574
43,160
39,228
Amortization of acquisition-related
intangibles
9,747
9,766
11,319
39,272
44,601
Flow-through of inventory step up
—
—
—
—
2,599
Cost of sales-related restructure
865
387
1,050
2,136
6,813
Diligence, acquisition and integration
expense
2,094
4
2,676
8,772
20,869
Impairment of goodwill
—
—
1,534
—
19,092
Change in fair value of contingent
consideration
—
—
4,100
—
29,000
Restructure charge
325
465
1,681
7,064
7,047
Other
1,558
—
—
1,558
1,800
Non-GAAP operating income
$
33,739
$
33,325
$
30,295
$
120,257
$
179,794
Penguin Solutions, Inc.
Reconciliation of GAAP to Non-GAAP
Measures
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended
Year Ended
August 30, 2024
May 31, 2024
August 25, 2023
August 30, 2024
August 25, 2023
GAAP net income (loss) attributable to
Penguin Solutions
$
(24,547
)
$
5,616
$
64,841
$
(44,324
)
$
7,858
Share-based compensation expense
10,359
11,192
9,574
43,160
39,228
Amortization of acquisition-related
intangibles
9,747
9,766
11,319
39,272
44,601
Flow-through of inventory step up
—
—
—
—
2,599
Cost of sales-related restructure
865
387
1,050
2,136
6,813
Diligence, acquisition and integration
expense
2,094
4
2,676
8,772
20,869
Impairment of goodwill
—
—
1,534
—
19,092
Change in fair value of contingent
consideration
—
—
4,100
—
29,000
Restructure charge
325
465
1,681
7,064
7,047
Amortization of debt issuance costs
897
817
1,010
3,724
4,064
Loss (gain) on extinguishment or
prepayment of debt
21,646
792
—
22,763
15,924
Foreign currency (gains) losses
(1,072
)
606
(276
)
(830
)
(221
)
Other
1,558
—
—
1,558
1,800
Income tax effects
(1,865
)
(9,424
)
(79,103
)
(16,388
)
(70,993
)
Non-GAAP net income attributable to
Penguin Solutions
$
20,007
$
20,221
$
18,406
$
66,907
$
127,681
Weighted-average shares outstanding -
Diluted:
GAAP weighted-average shares
outstanding
53,071
54,283
55,523
52,428
51,322
Adjustment for dilutive securities and
capped calls
1,434
(333
)
(2,233
)
1,268
(558
)
Non-GAAP weighted-average shares
outstanding
54,505
53,950
53,290
53,696
50,764
Diluted earnings (loss) per share from
continuing operations:
GAAP diluted earnings (loss) per share
$
(0.46
)
$
0.10
$
1.17
$
(0.85
)
$
0.15
Effect of adjustments
0.83
0.27
(0.82
)
2.10
2.37
Non-GAAP diluted earnings per share
$
0.37
$
0.37
$
0.35
$
1.25
$
2.52
Net income (loss) attributable to
Penguin Solutions
$
(24,547
)
$
5,616
$
64,841
$
(44,324
)
$
7,858
Interest expense, net
5,403
6,167
9,183
28,378
36,421
Income tax provision (benefit)
6,209
(1,323
)
(75,890
)
10,618
(49,203
)
Depreciation expense and amortization of
intangible assets
15,381
15,525
18,830
65,716
71,632
Share-based compensation expense
10,359
11,192
9,574
43,160
39,228
Flow-through of inventory step up
—
—
—
—
2,599
Cost of sales-related restructure
865
387
1,050
2,136
6,813
Diligence, acquisition and integration
expense
2,094
4
2,676
8,772
20,869
Impairment of goodwill
—
—
1,534
—
19,092
Change in fair value of contingent
consideration
—
—
4,100
—
29,000
Restructure charge
325
465
1,681
7,064
7,047
Loss on extinguishment of debt
21,646
792
—
22,763
15,924
Other
1,558
—
—
1,558
1,800
Adjusted EBITDA
$
39,293
$
38,825
$
37,579
$
145,841
$
209,080
Penguin Solutions, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
As of
August 30, 2024
August 25, 2023
Assets
Cash and cash equivalents
$
383,147
$
365,563
Short-term investments
6,337
25,251
Accounts receivable, net
251,743
219,247
Inventories
151,213
174,977
Other current assets
75,264
51,790
Current assets of discontinued
operations
—
70,574
Total current assets
867,704
907,402
Property and equipment, net
106,548
118,734
Operating lease right-of-use assets
60,349
68,444
Intangible assets, net
121,454
160,185
Goodwill
161,958
161,958
Deferred tax assets
85,078
74,085
Other noncurrent assets
71,415
15,150
Total assets
$
1,474,506
$
1,505,958
Liabilities and Equity
Accounts payable and accrued expenses
$
219,090
$
182,035
Current debt
—
35,618
Deferred revenue
63,954
48,096
Other current liabilities
44,552
32,731
Acquisition-related contingent
consideration
—
50,000
Current liabilities of discontinued
operations
—
77,770
Total current liabilities
327,596
426,250
Long-term debt
657,347
754,820
Noncurrent operating lease liabilities
60,542
66,407
Other noncurrent liabilities
29,813
29,248
Total liabilities
1,075,298
1,276,725
Commitments and contingencies
Penguin Solutions shareholders’
equity:
Preferred shares
—
—
Ordinary shares
1,807
1,726
Additional paid-in capital
513,335
476,703
Retained earnings
29,985
82,457
Treasury shares
(153,756
)
(132,447
)
Accumulated other comprehensive income
(loss)
10
(205,964
)
Total Penguin Solutions shareholders’
equity
391,381
222,475
Noncontrolling interest in subsidiary
7,827
6,758
Total equity
399,208
229,233
Total liabilities and equity
$
1,474,506
$
1,505,958
Penguin Solutions, Inc.
Consolidated Statements of Cash
Flows
(In thousands)
(Unaudited)
Three Months Ended
Year Ended
August 30, 2024
May 31, 2024
August 25, 2023
August 30, 2024
August 25, 2023
Cash flows from operating
activities
Net income (loss)
$
(23,792
)
$
6,226
$
(140,155
)
$
(49,933
)
$
(185,694
)
Net income (loss) from discontinued
operations
—
—
(205,685
)
(8,148
)
(195,384
)
Net income (loss) from continuing
operations
(23,792
)
6,226
65,530
(41,785
)
9,690
Adjustments to reconcile net income (loss)
from continuing operations to cash provided by (used for) operating
activities
Depreciation expense and amortization of
intangible assets
15,381
15,525
18,830
65,716
71,632
Amortization of debt issuance costs
897
817
1,010
3,724
4,064
Share-based compensation expense
10,359
11,192
9,574
43,160
39,228
Impairment of goodwill
—
—
1,534
—
19,092
Change in fair value of contingent
consideration
—
—
4,100
—
29,000
Loss on extinguishment or prepayment of
debt
21,646
792
—
22,763
15,924
Deferred income taxes, net
(7,396
)
(3,840
)
(65,228
)
(11,042
)
(63,603
)
Other
83
(3,228
)
701
(2,689
)
4,008
Changes in operating assets and
liabilities:
Accounts receivable
(39,901
)
(42,124
)
3,007
(32,495
)
162,515
Inventories
26,086
(4,535
)
28,564
23,765
95,217
Other assets
14,801
15,424
(290
)
9,098
6,767
Accounts payable and accrued expenses and
other liabilities
(30,320
)
83,632
(29,776
)
54,306
(256,133
)
Payment of acquisition-related contingent
consideration
—
—
—
(29,000
)
(73,724
)
Net cash provided by (used for) operating
activities from continuing operations
(12,156
)
79,881
37,556
105,521
63,677
Net cash provided by (used for) operating
activities from discontinued operations
—
(101
)
(757
)
(28,336
)
40,710
Net cash provided by (used for) operating
activities
(12,156
)
79,780
36,799
77,185
104,387
Cash flows from investing
activities
Capital expenditures and deposits on
equipment
(5,795
)
(3,777
)
(7,747
)
(19,424
)
(39,421
)
Acquisition of business, net of cash
acquired
—
—
—
—
(213,073
)
Proceeds from maturities of investment
securities
7,525
9,915
—
39,395
—
Purchases of held-to-maturity investment
securities
—
—
(25,015
)
(19,503
)
(25,015
)
Purchases of non-marketable
investments
(10,000
)
(1,000
)
(4,150
)
(11,000
)
(4,150
)
Other
(8
)
(518
)
(195
)
(1,272
)
475
Net cash provided by (used for) investing
activities from continuing operations
(8,278
)
4,620
(37,107
)
(11,804
)
(281,184
)
Net cash provided by (used for) investing
activities from discontinued operations
—
451
(11,640
)
119,389
(17,385
)
Net cash provided by (used for) investing
activities
$
(8,278
)
$
5,071
$
(48,747
)
$
107,585
$
(298,569
)
Penguin Solutions, Inc.
Consolidated Statements of Cash Flows,
Continued
(In thousands)
(Unaudited)
Three Months Ended
Year Ended
August 30, 2024
May 31, 2024
August 25, 2023
August 30, 2024
August 25, 2023
Cash flows from financing
activities
Repayments of debt
$
(224,703
)
$
(75,000
)
$
(7,212
)
$
(351,337
)
$
(21,634
)
Payments to acquire ordinary shares
(3,318
)
(2,129
)
(7,788
)
(21,309
)
(24,671
)
Payment of acquisition-related contingent
consideration
—
—
—
(21,000
)
(28,100
)
Net cash paid for settlement and purchase
of capped calls
(16,300
)
—
—
(16,300
)
(4,304
)
Distribution to noncontrolling
interest
—
—
—
(1,470
)
(2,009
)
Repayments of borrowings under line of
credit
—
—
—
—
—
Proceeds from debt
192,694
—
—
192,694
295,287
Proceeds from issuance of ordinary
shares
1,745
3,817
34,615
9,809
43,045
Proceeds from borrowing under line of
credit
—
—
—
—
—
Payment of premium in connection with
convertible note exchange
—
—
—
—
(14,141
)
Other
2
(1
)
(487
)
(582
)
(6,252
)
Net cash provided by (used for) financing
activities from continuing operations
(49,880
)
(73,313
)
19,128
(209,495
)
237,221
Net cash used for financing activities
from discontinued operations
—
—
(426
)
(606
)
(805
)
Net cash provided by (used for) financing
activities
(49,880
)
(73,313
)
18,702
(210,101
)
236,416
Effect of changes in currency exchange
rates
—
(76
)
2,035
(1,256
)
4,765
Net increase (decrease) in cash, cash
equivalents and restricted cash
(70,314
)
11,462
8,789
(26,587
)
46,999
Cash, cash equivalents and restricted cash
at beginning of period
453,791
442,329
401,275
410,064
363,065
Cash, cash equivalents and restricted cash
at end of period
$
383,477
$
453,791
$
410,064
$
383,477
$
410,064
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241015031458/en/
Investor Contact: Suzanne Schmidt Investor Relations
+1-510-360-8596 ir@penguinsolutions.com
PR Contact: Maureen O’Leary Director, Communications
+1-602-330-6846 pr@penguinsolutions.com
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