Penguin Solutions (PENG) 10-Q 9 Jan 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 01, 2023	Jan. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 01, 2023
Document Transition Report	false
Entity File Number	001-38102
Entity Registrant Name	SMART GLOBAL HOLDINGS, INC.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1013909
Entity Address, Address Line One	c/o Walkers Corporate Limited
Entity Address, Address Line Two	190 Elgin Avenue
Entity Address, City or Town	George Town, Grand Cayman
Entity Address, Country	KY
Entity Address, Postal Zip Code	KY1-9008
City Area Code	510
Local Phone Number	623-1231
Title of 12(b) Security	Ordinary shares, $0.03 par value per share
Trading Symbol	SGH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,830,117
Entity Central Index Key	0001616533
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--08-30

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023
Assets
Cash and cash equivalents	$ 529,059	$ 365,563
Short-term investments	24,385	25,251
Accounts receivable, net	170,590	219,247
Inventories	208,441	174,977
Other current assets	54,373	51,790
Current assets of discontinued operations	0	70,574
Total current assets	986,848	907,402
Property and equipment, net	112,328	118,734
Operating lease right-of-use assets	64,637	68,444
Intangible assets, net	150,283	160,185
Goodwill	161,958	161,958
Deferred tax assets	74,365	74,085
Other noncurrent assets	80,446	15,150
Total assets	1,630,865	1,505,958
Liabilities and Equity
Accounts payable and accrued expenses	219,082	182,035
Current debt	28,511	35,618
Deferred revenue	39,096	48,096
Acquisition-related contingent consideration	50,000	50,000
Other current liabilities	32,115	32,731
Current liabilities of discontinued operations	0	77,770
Total current liabilities	368,804	426,250
Long-term debt	748,299	754,820
Noncurrent operating lease liabilities	64,407	66,407
Other noncurrent liabilities	33,346	29,248
Total liabilities	1,214,856	1,276,725
Commitments and contingencies
SMART Global Holdings shareholders’ equity:
Ordinary shares, $0.03 par value; authorized 200,000 shares; 58,447 shares issued and 51,906 outstanding as of December 1, 2023; 57,542 shares issued and 51,901 outstanding as of August 25, 2023	1,753	1,726
Additional paid-in capital	491,145	476,703
Retained earnings	62,536	82,457
Treasury shares, 6,541 and 5,641 shares held as of December 1, 2023 and August 25, 2023, respectively	(145,577)	(132,447)
Accumulated other comprehensive income (loss)	303	(205,964)
Total SGH shareholders’ equity	410,160	222,475
Noncontrolling interest in subsidiary	5,849	6,758
Total equity	416,009	229,233
Total liabilities and equity	$ 1,630,865	$ 1,505,958

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 01, 2023	Aug. 25, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value (in usd per share)	$ 0.03	$ 0.03
Ordinary shares, authorized (in shares)	200,000	200,000
Ordinary shares, issued (in shares)	58,447	57,542
Ordinary shares, outstanding (in shares)	51,906	51,901
Treasury shares (in shares)	6,541	5,641

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Total net sales	$ 274,247	$ 391,797
Total cost of sales	191,397	279,699
Gross profit	82,850	112,098
Operating expenses:
Research and development	21,389	24,072
Selling, general and administrative	57,217	67,708
Change in fair value of contingent consideration	0	3,700
Other operating (income) expense	2,939	1,771
Total operating expenses	81,545	97,251
Operating income (loss)	1,305	14,847
Non-operating (income) expense:
Interest expense, net	9,559	8,494
Other non-operating (income) expense	(576)	(1,362)
Total non-operating (income) expense	8,983	7,132
Income (loss) before taxes	(7,678)	7,715
Income tax provision (benefit)	3,534	11,322
Net income (loss) from continuing operations	(11,212)	(3,607)
Net income (loss) from discontinued operations	(8,148)	8,931
Net income (loss)	(19,360)	5,324
Net income attributable to noncontrolling interest	561	332
Net income (loss) attributable to SGH	$ (19,921)	$ 4,992
Basic earnings (loss) per share:
Continuing Operations (in usd per share)	$ (0.23)	$ (0.08)
Discontinued Operations (in usd per share)	(0.15)	0.18
Basic (in usd per share)	(0.38)	0.10
Diluted earnings (loss) per share:
Continuing Operations (in usd per share)	(0.23)	(0.08)
Discontinued Operations (in usd per share)	(0.15)	0.18
Diluted (in usd per share)	$ (0.38)	$ 0.10
Shares used in per share calculations:
Basic (in shares)	52,068	48,962
Diluted (in shares)	52,068	48,962
Products
Total net sales	$ 206,430	$ 316,508
Total cost of sales	163,413	251,291
Services
Total net sales	67,817	75,289
Total cost of sales	$ 27,984	$ 28,408

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (19,360)	$ 5,324
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment	(6,142)	(2,008)
Cumulative translation adjustment reclassified to net income	212,397	0
Gains (losses) on derivative instruments	0	20
Gains (losses) on investments	12	(7)
Comprehensive income (loss)	186,907	3,329
Comprehensive income attributable to noncontrolling interest	561	332
Comprehensive income (loss) attributable to SGH	$ 186,346	$ 2,997

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Ordinary shares	Additional Paid-in Capital	Additional Paid-in Capital Revision of Prior Period, Accounting Standards Update, Adjustment	Retained Earnings	Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Total SGH Shareholders’ Equity	Total SGH Shareholders’ Equity Revision of Prior Period, Accounting Standards Update, Adjustment	Non- controlling Interest in Subsidiary
Common stock, beginning balance (in shares) at Aug. 26, 2022			52,880
Beginning balance at Aug. 26, 2022	$ 378,546		$ 1,586	$ 448,112		$ 251,344		$ (107,776)	$ (221,655)	$ 371,611		$ 6,935
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,324					4,992				4,992		332
Other comprehensive income (loss)	(1,995)								(1,995)	(1,995)
Shares issued under equity plans (in shares)			1,060
Shares issued under equity plans	3,942		$ 32	3,910						3,942
Repurchase of ordinary shares	(4,659)							(4,659)		(4,659)
Share-based compensation expense	10,412			10,412						10,412
Common stock, ending balance (in shares) at Nov. 25, 2022			53,940
Ending balance at Nov. 25, 2022	$ 359,387	$ (32,183)	$ 1,618	411,612	$ (50,822)	274,975	$ 18,639	(112,435)	(223,650)	352,120	$ (32,183)	7,267
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Common stock, beginning balance (in shares) at Aug. 25, 2023	51,901		57,542
Beginning balance at Aug. 25, 2023	$ 229,233		$ 1,726	476,703		82,457		(132,447)	(205,964)	222,475		6,758
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(19,360)					(19,921)				(19,921)		561
Other comprehensive income (loss)	206,267								206,267	206,267
Shares issued under equity plans (in shares)			905
Shares issued under equity plans	3,455		$ 27	3,428						3,455
Repurchase of ordinary shares	(13,130)							(13,130)		(13,130)
Share-based compensation expense	11,014			11,014						11,014
Distribution to noncontrolling interest	$ (1,470)											(1,470)
Common stock, ending balance (in shares) at Dec. 01, 2023	51,906		58,447
Ending balance at Dec. 01, 2023	$ 416,009		$ 1,753	$ 491,145		$ 62,536		$ (145,577)	$ 303	$ 410,160		$ 5,849

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Feb. 24, 2023	Nov. 25, 2022
Cash flows from operating activities
Net income (loss)	$ (19,360)		$ 5,324
Net income (loss) from discontinued operations	(8,148)		8,931
Net income (loss) from continuing operations	(11,212)		(3,607)
Adjustments to reconcile net loss from continuing operations to net cash provided by (used for) operating activities:
Depreciation expense and amortization of intangible assets	17,654		17,049
Amortization of debt discount and issuance costs	1,042		1,069
Share-based compensation expense	10,970		9,981
Change in fair value of contingent consideration	0		3,700
Loss (gain) on extinguishment of debt	0	$ 16,700	(767)
Deferred income taxes, net	(282)		1,718
Other	664		357
Changes in operating assets and liabilities:
Accounts receivable	48,658		123,097
Inventories	(33,464)		(102,047)
Other assets	2,102		(6,828)
Accounts payable and accrued expenses and other liabilities	23,581		(54,749)
Payment of acquisition-related contingent consideration	0		(73,724)
Net cash provided by (used for) operating activities from continuing operations	59,713		(84,751)
Net cash provided by (used for) operating activities from discontinued operations	(28,235)		10,766
Net cash provided by (used for) operating activities	31,478		(73,985)
Cash flows from investing activities
Capital expenditures and deposits on equipment	(4,648)		(7,991)
Proceeds from maturities of investment securities	9,665		0
Purchases of held-to-maturity investment securities	(8,469)		0
Acquisition of business, net of cash acquired	0		(210,273)
Other	(188)		(1,759)
Net cash used for investing activities from continuing operations	(3,640)		(220,023)
Net cash provided by (used for) investing activities from discontinued operations	118,938		(3,620)
Net cash provided by (used for) investing activities	115,298		(223,643)
Cash flows from financing activities
Proceeds from debt	0		295,287
Proceeds from issuance of ordinary shares	3,455		3,942
Payment of acquisition-related contingent consideration	0		(28,100)
Payments to acquire ordinary shares	(13,130)		(4,659)
Repayments of debt	(14,423)		(3,606)
Distribution to noncontrolling interest	(1,470)		0
Other	(582)		(788)
Net cash provided by (used for) financing activities from continuing operations	(26,150)		262,076
Net cash used for financing activities from discontinued operations	(606)		(97)
Net cash provided by (used for) financing activities	(26,756)		261,979
Effect of changes in currency exchange rates	(1,025)		205
Net increase (decrease) in cash and cash equivalents	118,995		(35,444)
Cash and cash equivalents at beginning of period	410,064	327,621	363,065
Cash and cash equivalents at end of period	529,059		327,621
Continuing operations
Cash flows from financing activities
Cash and cash equivalents at beginning of period		284,398
Cash and cash equivalents at end of period	529,059		284,398
Discontinued operations
Cash flows from financing activities
Cash and cash equivalents at beginning of period		$ 43,223
Cash and cash equivalents at end of period	$ 0		$ 43,223

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Dec. 01, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of SMART Global Holdings, Inc. and its consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) consistent in all material respects with those applied in our Annual Report on Form 10-K for the fiscal year ended August 25, 2023 and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of our management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, consisting of a normal recurring nature, to fairly state the financial information set forth herein. These consolidated interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended August 25, 2023. Presentation of SMART Brazil as Discontinued Operations : On June 13, 2023, we entered into an agreement to divest of an 81% interest in SMART Modular Technologies do Brasil – Indústria e Comercio de Componentes Ltda. (“SMART Brazil”). We concluded that, as of August 25, 2023, (i) the net assets of SMART Brazil met the criteria for classification as held for sale and (ii) the proposed sale represented a strategic shift that was expected to have a major effect on our operations and financial results. On November 29, 2023, we completed the divestiture. The balance sheets, results of operations and cash flows of SMART Brazil have been presented as discontinued operations for all periods presented. SMART Brazil was previously included within our Memory Solutions segment. See “Divestiture of SMART Brazil.” Unless otherwise noted, amounts and discussion within these notes to the consolidated financial statements relate to our continuing operations. Prior period comparative information has been conformed to current period presentation for continuing operations. Reclassifications : Certain reclassifications have been made to prior period amounts to conform to current period presentation. Fiscal Year : Our fiscal year is the 52- or 53-week period ending on the last Friday in August. Fiscal year 2024 and 2023 contain 53 weeks and 52 weeks, respectively. All period references are to our fiscal periods unless otherwise indicated. Financial information for our subsidiaries in Brazil was included in our consolidated financial statements on a one-month lag because their fiscal years ended on July 31 of each year. In connection with the completion of the divestiture of an 81% interest in SMART Brazil, we ceased consolidating the operations of SMART Brazil in our financial statements as of the November 29, 2023 disposal date. As a result, financial information for SMART Brazil in the first quarter of 2024 includes the four-month period from August 1, 2023 to November 29, 2023.

Divestiture of SMART Brazil

Divestiture of SMART Brazil	3 Months Ended
	Dec. 01, 2023
Discontinued Operations and Disposal Groups [Abstract]
Divestiture of SMART Brazil	Divestiture of SMART Brazil Overview of Transaction On November 29, 2023, we completed the previously announced divestiture of SMART Brazil pursuant to the terms of that certain Stock Purchase Agreement (the “Brazil Purchase Agreement”), by and among SMART Modular Technologies (LX) S.à r.l., a société à responsabilité limitée governed by the laws of Grand Duchy of Luxembourg and a wholly owned subsidiary of SGH (the “Brazil Seller”), Lexar Europe B.V., a company organized under the laws of The Netherlands (the “Brazil Purchaser”), Shenzhen Longsys Electronics Co., Ltd., a company limited by shares governed by the laws of the People’s Republic of China (“Longsys”), solely with respect to certain provisions therein, Shanghai Intelligent Memory Semiconductor Co., Ltd., a limited liability company governed by the laws of the People’s Republic of China and, solely with respect to certain provisions therein, SGH. Pursuant to the Brazil Purchase Agreement, Brazil Seller sold to Brazil Purchaser, and Brazil Purchaser purchased from Brazil Seller, 81% of Brazil Seller’s right, title and interest in and to the outstanding quotas of SMART Brazil, with Brazil Seller retaining a 19% interest in SMART Brazil (the “Retained Interest”) (the “Brazil Divestiture”). At the closing of the Brazil Divestiture, Brazil Purchaser paid to Brazil Seller (based on a total enterprise value of $205 million for SMART Brazil) an upfront cash purchase price, subject to certain customary adjustments as set forth in the Brazil Purchase Agreement. In addition, pursuant to the Brazil Purchase Agreement, we have a right to receive, and Brazil Purchaser is obligated to pay, (i) a deferred payment due eighteen months following the closing and (ii) subject to and at the time of exercise of the Put/Call Option (as defined below), an additional deferred cash adjustment equal to 19% of the amount of SMART Brazil’s net cash as of the closing (as calculated pursuant to the Brazil Purchase Agreement). Put/Call Option : Pursuant to the Brazil Purchase Agreement, at the closing, SMART Brazil, Brazil Seller, Brazil Purchaser and Longsys entered into a Quotaholders Agreement, which provides Brazil Seller with a put option to sell the Retained Interest in SMART Brazil to Brazil Purchaser (the “Put Option”) during three exercise windows following its fiscal years ending December 31, 2026, December 31, 2027 or December 31, 2028 (the “Exercise Windows”), with such Exercise Windows beginning on June 15, 2027 and ending on July 15, 2027, beginning on June 15, 2028 and ending on July 15, 2028 and beginning on June 15, 2029 and ending on July 15, 2029, respectively. A call option has also been granted to Brazil Purchaser to require Brazil Seller to sell the Retained Interest to Brazil Purchaser during the Exercise Windows (together with the Put Option, the “Put/Call Option”). The price for the Put/Call Option is based on a 100% enterprise value of 7.5x net income for SMART Brazil for the preceding fiscal year at the time of exercise. Consideration : The following is a summary of total consideration in exchange for the sale of an 81% interest in SMART Brazil: Cash received at closing (1) $ 164,487 Post-closing adjustment for net cash and net working capital (2) 451 Deferred payment (3) 25,433 Deferred cash adjustment (4) 3,721 Total consideration $ 194,092 (1) Includes $26.8 million of cash received at closing for an estimated amount of net cash and an estimated net working capital amount (in excess of a minimum target amount) as of the closing. (2) Represents the post-closing adjustment for net cash and net working capital, which is expected to be received in the second or third quarter of 2024 upon completion of the review of the final net cash and final working capital amounts. The post closing adjustment is included in other current assets in the accompanying consolidated balance sheet. (3) Represents the fair value of the deferred payment, comprised of a notional amount of $28.4 million, discounted at 7.5% and due May 2025. The deferred payment is included in other noncurrent assets in the accompanying consolidated balance sheet. (4) Represents the fair value of the deferred cash adjustment, comprised of a notional amount of $4.8 million, discounted at 7.5%, equal to 19% of the amount of SMART Brazil’s net cash as of the closing (as calculated pursuant to the Brazil Purchase Agreement). The deferred cash adjustment is accounted for as a derivative financial instrument, is due at the time of exercise of the Put/Call Option and is included in other noncurrent assets in the accompanying consolidated balance sheet. Presentation of SMART Brazil Operations As of August 25, 2023, we concluded that the net assets of SMART Brazil met the criteria for classification as held for sale. In addition, the divestiture of SMART Brazil is expected to have a major effect on our operations and financial results. As a result, we have presented the results of operations, cash flows and financial position of SMART Brazil as discontinued operations in the accompanying consolidated financial statements and notes for all periods presented. A disposal group classified as held for sale is measured at the lower of its carrying amount or fair value less costs to sell. Accordingly, we evaluated the carrying value of the net assets of SMART Brazil (including $206.3 million recognized within shareholders’ equity related to the cumulative translation adjustment from SMART Brazil), estimated costs to sell and expected proceeds and concluded the net assets were impaired as of August 25, 2023. As a result, we recognized an impairment charge of $153.0 million in the fourth quarter of 2023 to write down the carrying value of the net assets of SMART Brazil. In addition, we concluded that the outside basis of SMART Brazil inclusive of any withholding taxes should be recognized upon the classification as held for sale as of August 25, 2023. Accordingly, we recognized withholding taxes on the expected capital gain and deferred tax liabilities of $28.6 million in 2023. Assets and liabilities of SMART Brazil as of the November 29, 2023 disposal date and as of August 25, 2023 were as follows: As of November 29, August 25, Cash and cash equivalents $ 40,927 $ 44,501 Accounts receivable, net 16,482 17,055 Inventories 26,103 25,877 Other current assets 17,800 17,732 Total current assets 101,312 105,165 Property and equipment, net 66,870 58,321 Operating lease right-of-use assets 6,912 5,213 Goodwill 19,856 20,668 Other noncurrent assets 27,490 34,243 Total assets 222,440 223,610 Impairment of SMART Brazil assets (153,036) (153,036) Total assets, net of impairment $ 69,404 $ 70,574 Accounts payable and accrued expenses $ 20,576 $ 25,867 Current debt 3,872 4,006 Other current liabilities 1,023 1,030 Total current liabilities 25,471 30,903 Long-term debt 11,938 13,689 Noncurrent operating lease liabilities 5,686 4,614 Noncurrent deferred tax liabilities 28,564 28,564 Other noncurrent liabilities 93 $ — Total liabilities $ 71,752 $ 77,770 Net assets of discontinued operations $ (2,348) $ (7,196) Reported as: Current assets of discontinued operations $ 70,574 Current liabilities of discontinued operations 77,770 Net assets of discontinued operations $ (7,196) The following table presents the results of operations for SMART Brazil: Three Months Ended December 1, November 25, Net sales $ 55,159 $ 73,681 Cost of sales 50,560 67,369 Gross profit 4,599 6,312 Operating expenses: Research and development 157 (16) Selling, general and administrative 5,421 3,314 Other operating (income) expense 64 270 Total operating expenses 5,642 3,568 Operating income (loss) (1,043) 2,744 Non-operating (income) expense: Loss from divestiture of 81% interest in SMART Brazil 10,888 — Interest (income) expense, net (1,262) (457) Other non-operating (income) expense 138 702 Total non-operating (income) expense 9,764 245 Income (loss) before taxes (10,807) 2,499 Income tax provision (benefit) (2,659) (6,432) Net income (loss) from discontinued operations $ (8,148) $ 8,931 Loss from Divestiture of SMART Brazil The following table presents the calculation of the loss from the divestiture of an 81% interest in SMART Brazil: Proceeds, less costs to sell and other expenses: Consideration $ 194,092 Costs to sell and other expenses (4,150) 189,942 Basis in 81% interest in SMART Brazil: Net assets of SMART Brazil 145,194 Cumulative translation adjustment (1) 212,397 357,591 Gain on revalue of 19% Retained Interest in SMART Brazil (2) 3,725 Pre-tax loss on divestiture of 81% interest in SMART Brazil 163,924 Income tax provision 26,580 Loss on divestiture of 81% interest in SMART Brazil $ 190,504 (1) The sale of an 81% interest in SMART Brazil resulted in the de-consolidation of SMART Brazil and, accordingly, the release of the related cumulative translation adjustment. Included in the basis calculation above is the balance of cumulative translation adjustment for SMART Brazil as of the closing. The release of the cumulative translation adjustment is included in net income (loss) from discontinued operations in the accompanying consolidated statement of operations. (2) In connection with the transaction, we revalued our 19% Retained Interest in SMART Brazil based on the implied value for 100% of SMART Brazil, adjusted for lack of control premium. As of the end of the first quarter of 2024, the carrying value of our remaining 19% interest in SMART Brazil was $37.8 million. Recognition Periods : The loss from the divestiture of an 81% interest in SMART Brazil was recognized as follows: Three Months Ended December 1, August 25, Total Pre-tax loss on divestiture of 81% interest in SMART Brazil $ 10,888 $ 153,036 $ 163,924 Income tax provision (benefit) (1,984) 28,564 26,580 Loss on divestiture of 81% interest in SMART Brazil $ 8,904 $ 181,600 $ 190,504

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	3 Months Ended
	Dec. 01, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06 – Debt – Debt with Conversion and Other Options and Derivatives and Hedging – Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible debt instruments by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. This ASU requires a convertible debt instrument to be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives, and requires an entity to use the if-converted method in the diluted earnings per share calculation for convertible instruments. This ASU was effective for us in the first quarter of 2023 and permitted the use of either the modified retrospective or fully retrospective method of transition. We adopted ASU 2020-06 in the first quarter of 2023 under the modified retrospective method. Upon adoption, the previously separated equity component and associated issuance costs for our 2.25% convertible senior notes due 2026 were reclassified from additional paid-in capital to long-term debt, thereby eliminating future amortization of the debt discount as interest expense. The following table summarizes the effects of adopting ASU 2020-06: Ending Adoption of Beginning Long-term debt $ 575,682 $ 32,183 $ 607,865 Additional paid-in capital 448,112 (50,822) 397,290 Retained earnings 251,344 18,639 269,983 Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures , which will require an entity to provide more detailed information about its reportable segment expenses that are included within management’s measurement of profit and loss and will require certain annual disclosures to be provided on an interim basis. The amendments in this ASU are effective for us in 2025 for annual reporting and in 2026 for interim reporting, with early adoption permitted beginning in 2024, and is required to be applied using the full retrospective method of transition. We are evaluating the timing and effects of adoption of this ASU on the Company’s segment disclosures.

Business Acquisition

Business Acquisition	3 Months Ended
	Dec. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Business Acquisition	Business Acquisition Stratus Technologies On August 29, 2022 (the “Stratus Acquisition Date”), we completed the acquisition of Storm Private Holdings I Ltd., a Cayman Islands exempted company (“Stratus Holding Company” and together with its subsidiaries, “Stratus Technologies”), pursuant to the terms of that certain Share Purchase Agreement (the “Stratus Purchase Agreement”), dated as of June 28, 2022, by and among SGH, Stratus Holding Company and Storm Private Investments LP, a Cayman Islands exempted limited partnership (the “Stratus Seller”). Pursuant to the Stratus Purchase Agreement, among other matters, the Stratus Seller sold to SGH, and SGH purchased from the Stratus Seller, all of the Stratus Seller’s right, title and interest in and to the outstanding equity securities of Stratus Holding Company. Stratus Technologies is a global leader in simplified, protected and autonomous computing platforms and services in the data center and at the Edge. For more than 40 years, Stratus Technologies has provided high-availability fault-tolerant computing, allowing Fortune 500 companies and small-to-medium sized businesses to securely and remotely turn data into actionable intelligence at the Edge, data center and cloud - driving uptime and efficiency. Stratus Technologies operates as part of SGH’s Intelligent Platform Solutions (“IPS”) segment and further enhances SGH’s growth and diversification strategy and complements and expands SGH’s IPS business in data center and edge environments. Purchase Price : At the closing of the transaction, we paid the Stratus Seller a cash purchase price of $225 million, subject to certain adjustments. In addition, the Stratus Seller has the right to receive, and we are obligated to pay, contingent consideration of up to $50 million (the “Stratus Earnout”) based on the gross profit performance of Stratus Technologies during the first full 12 fiscal months following the closing of the acquisition. Pursuant to the terms of the Stratus Purchase Agreement, we had the option to settle the Stratus Earnout amount owed to the Stratus Seller in cash, ordinary shares of SGH, or a mix of cash and ordinary shares of SGH. On June 28, 2023, we provided notice to the Stratus Seller of our election to settle the Stratus Earnout in cash. Based on the gross profit achieved by Stratus Technologies during the 12 fiscal months following the closing of the acquisition, as of December 1, 2023, current liabilities included $50.0 million for the amount payable in connection with the Stratus Earnout. In December 2023, subsequent to the end of our first quarter of 2024, we paid in full the $50.0 million related to the Stratus Earnout. Cash paid at closing was utilized, in part, to settle the outstanding debt of Stratus Technologies as of the closing of the transaction and was recognized as a component of consideration transferred. As a result, the assets acquired and liabilities assumed do not include an assumed liability for the outstanding debt of Stratus Technologies. The purchase price for Stratus Technologies was as follows: Cash $ 225,000 Additional payment for net working capital adjustment (1) 17,246 Fair value of Stratus Earnout 20,800 $ 263,046 (1) Includes $14.4 million paid at closing and $2.8 million paid in the second quarter of 2023 upon completion of the review of the working capital assets acquired and liabilities assumed. Contingent Consideration : The Stratus Earnout was accounted for as contingent consideration. As of the Stratus Acquisition Date, the fair value of the Stratus Earnout was estimated to be $20.8 million and was valued using a Monte Carlo simulation analysis in a risk-neutral framework with assumptions for volatility, market price of risk adjustment, risk-free rate and cost of debt. The fair value measurement was based on significant inputs, not observable in the market, including forecasted gross profit, comparable company volatility, discount rate and cost of debt. The fair value of the Stratus Earnout was estimated based on the Company’s evaluation of the probability and amount of the Stratus Earnout to be achieved based on the expected gross profit of Stratus Technologies, using an estimated gross profit volatility of 33.4% and a discount rate of 7.3% as of the Stratus Acquisition Date. Valuation : The purchase price was allocated to the tangible and intangible assets acquired and liabilities assumed as follows: Cash and cash equivalents $ 29,174 Accounts receivable 26,685 Inventories 10,890 Other current assets 6,536 Property and equipment 7,292 Operating lease right-of-use assets 9,216 Intangible assets 123,700 Goodwill 125,929 Other noncurrent assets 11,661 Accounts payable and accrued expenses (32,656) Other current liabilities (36,723) Noncurrent operating lease liabilities (7,067) Other noncurrent liabilities (11,591) Total net assets acquired $ 263,046 The goodwill arising from the acquisition of Stratus Technologies was assigned to our IPS segment. None of the goodwill recognized is deductible for income tax purposes. The fair values and useful lives of identifiable intangible assets were as follows: Amount Estimated useful life (in years) Technology $ 82,000 5 Customer relationships 27,800 8 Trademarks/trade names 10,000 9 In-process research and development 3,900 N/A $ 123,700 • Technology intangible assets were valued using the multi-period excess earnings method based on the discounted cash flow and technology obsolescence rate. Discounted cash flow requires the use of significant unobservable inputs, including projected revenue, expenses, capital expenditures and other costs and discount rates calculated based on the cost of equity adjusted for various risks, including the size of the acquiree, industry risk and other risk factors. • Customer relationship intangible assets were valued using the multi-period excess earnings method, which is the present value of the projected cash flows that are expected to be generated by the existing intangible assets after reduction by an estimated fair rate of return on contributory assets required to generate the customer relationship revenues. Key assumptions included discounted cash flow, estimated life cycle and customer attrition rates. • Trademark/trade name intangible assets were valued using the relief from royalty method, which is the discounted cash flow savings accruing to the owner by virtue of the fact that the owner is not required to license the trademarks/trade names from a third party. Key assumptions included attributable revenue expected from the trademarks/trade names, royalty rates and assumed asset life. • In-process research and development (“IPR&D”) relates to next generation fault tolerant architecture. IPR&D is indefinite-lived and will be reviewed for impairment at least annually. Amortization will commence upon completion of research and development efforts. IPR&D was valued based on discounted cash flow, which requires the use of significant unobservable inputs, including projected revenue, expenses, capital expenditures and other costs.

Cash and Investments

Cash and Investments	3 Months Ended
	Dec. 01, 2023
Investments, Debt and Equity Securities [Abstract]
Cash and Investments	Cash and Investments As of December 1, 2023 and August 25, 2023, all of our debt securities, the fair values of which approximated their carrying values, were classified as held to maturity. Cash, cash equivalents and investments were as follows: As of December 1, 2023 As of Cash and Cash Equivalents Short-term Investments Cash and Cash Equivalents Short-term Investments Cash and cash equivalents $ 443,245 $ — $ 321,937 $ — Level 1: Money market funds 70,814 — 43,626 — U.S. Treasury securities — 24,385 — 25,251 Level 2: Time deposits 15,000 — — — $ 529,059 $ 24,385 $ 365,563 $ 25,251

Accounts Receivable

Accounts Receivable	3 Months Ended
	Dec. 01, 2023
Receivables [Abstract]
Accounts Receivable	Accounts Receivable In the third quarter of 2023, we entered into a trade accounts receivable sale program with a third-party financial institution to sell certain of our trade accounts receivable on a non-recourse basis pursuant to a factoring arrangement. This program allows us to sell certain of our trade accounts receivables up to $60 million. There were no trade accounts receivable sold during the first quarter of 2024.

Inventories

Inventories	3 Months Ended
	Dec. 01, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories As of December 1, August 25, Raw materials $ 97,853 $ 90,085 Work in process 57,192 24,485 Finished goods 53,396 60,407 $ 208,441 $ 174,977 As of December 1, 2023 and August 25, 2023, 8% of total inventories were owned and held under our logistics services.

Property and Equipment

Property and Equipment	3 Months Ended
	Dec. 01, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment As of December 1, August 25, Equipment $ 87,528 $ 86,429 Buildings and building improvements 67,683 69,325 Furniture, fixtures and software 43,082 44,121 Land 16,126 16,126 214,419 216,001 Accumulated depreciation (102,091) (97,267) $ 112,328 $ 118,734 Depreciation expense for property and equipment was $7.5 million and $6.1 million in the first quarter of 2024 and 2023, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Dec. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill As of December 1, 2023 As of August 25, 2023 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Technology $ 141,491 $ (40,698) $ 141,201 $ (34,569) Customer relationships 72,500 (36,996) 72,500 (33,990) Trademarks/trade names 28,300 (14,314) 28,300 (13,257) $ 242,291 $ (92,008) $ 242,001 $ (81,816) Goodwill by segment: Intelligent Platform Solutions $ 147,238 $ 147,238 Memory Solutions 14,720 14,720 $ 161,958 $ 161,958 In the first quarter of 2024 and 2023, we capitalized $0.3 million and $126.4 million, respectively, for intangible assets with weighted-average useful lives of 19.0 years and 6.0 years, respectively. Amortization expense for intangible assets was $10.2 million and $10.9 million in the first quarter of 2024 and 2023, respectively. Amortization expense is expected to be $29.8 million for the remainder of 2024, $35.6 million for 2025, $30.2 million for 2026, $29.5 million for 2027, $13.9 million for 2028 and $11.2 million for 2029 and thereafter. Impairment of Penguin Edge Goodwill During the second quarter of 2023, we initiated a plan within our IPS segment pursuant to which we intend to wind down manufacturing and discontinue the sale of legacy products offered through our Penguin Edge business by approximately the end of calendar 2024. In connection therewith, we performed a quantitative assessment of the fair value of goodwill using an income approach with assumptions that are considered Level 3 measurements and concluded that the carrying value of the Penguin Edge reporting unit goodwill exceeded its fair value. The fair value of the Penguin Edge reporting unit was determined primarily by discounting estimated future cash flows, which were determined based on revenue and expense assumptions over the next two years, at a weighted-average cost of capital of 14.5%. As a result, we recorded aggregate charges of $19.1 million in 2023 to impair the carrying value of Penguin Edge goodwill. We concluded that long-lived assets other than goodwill, primarily consisting of customer relationship intangible assets, had fair values in excess of their carrying amounts and, accordingly, recorded no impairments of such assets. These assets will continue to be amortized over their remaining useful lives through the date of our anticipated completion of wind-down activities. At each reporting date through the end of the wind-down period, we will reassess the estimated remaining cash flows of the Penguin Edge business. We currently anticipate that the remaining goodwill of the Penguin Edge reporting unit of $16.1 million as of the end of the first quarter of 2024 may become further impaired in future periods.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Dec. 01, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses As of December 1, August 25, Accounts payable (1) $ 181,791 $ 134,980 Salaries, wages and benefits 19,666 27,665 Income and other taxes 13,317 13,370 Other 4,308 6,020 $ 219,082 $ 182,035 (1) Includes accounts payable for property and equipment of $1.7 million and $5.2 million as of December 1, 2023 and August 25, 2023, respectively.

Debt

Debt	3 Months Ended
	Dec. 01, 2023
Debt Disclosure [Abstract]
Debt	Debt As of December 1, August 25, Amended 2027 TLA $ 531,019 $ 544,943 2029 Notes 147,034 146,886 2026 Notes 98,757 98,609 776,810 790,438 Less current debt (28,511) (35,618) Long-term debt $ 748,299 $ 754,820 Credit Facility As of December 1, 2023, there was $537.2 million of principal amount outstanding under the Amended 2027 TLA, unamortized issuance costs were $6.2 million and the effective interest rate was 8.51%. As of December 1, 2023, there were no amounts outstanding under the 2027 Revolver and unamortized issuance costs were $2.9 million. Convertible Senior Notes Convertible Senior Notes Exchange On January 18, 2023, SGH entered into separate, privately negotiated exchange agreements with a limited number of holders of its 2.25% Convertible Senior Notes due 2026 (the “2026 Notes”) to exchange $150.0 million principal amount of the 2026 Notes for (i) $150.0 million in aggregate principal amount of new 2.00% Convertible Senior Notes due 2029 (the “2029 Notes”) and (ii) an aggregate of $15.6 million in cash, with such cash payment representing $14.1 million of premium paid for the 2026 Notes in excess of par value and $1.5 million of accrued and unpaid interest on the 2026 Notes (collectively, the “Exchange Transactions”). The 2029 Notes were issued pursuant to, and are governed by, an indenture (the “2029 Indenture”), dated as of January 23, 2023, between the Company and U.S. Bank Trust Company, National Association, as trustee. Transactions involving contemporaneous exchanges between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation are accounted for as debt extinguishments if the debt instruments have substantially different terms. An exchange is deemed to have substantially different terms if: • The present value of the remaining cash flows of the old instrument differs by more than 10% of the present value of the cash flows of the new instrument, or • The change in the fair value of the conversion option immediately before and after the exchange is greater than 10% of the carrying value of the debt instrument immediately prior to the exchange. We concluded that the exchanged 2026 Notes and the 2029 Notes had substantially different terms and, accordingly, accounted for the Exchange Transactions as the extinguishment of the 2026 Notes and the issuance of the 2029 Notes. As a result, we recognized an extinguishment loss in the second quarter of 2023, included in other non-operating expense, of $16.7 million consisting of $14.1 million of premium paid to extinguish the 2026 Notes and $2.5 million for the write-off of unamortized issuance costs. Convertible Senior Notes Interest Unamortized debt discount and issuance costs are amortized over the terms of our 2026 Notes and 2029 Notes using the effective interest method. As of December 1, 2023 and August 25, 2023, the effective interest rate for our 2026 Notes was 2.83%. As of December 1, 2023 and August 25, 2023, the effective interest rate for our 2029 Notes was 2.40%. Aggregate interest expense for our convertible notes consisted of contractual stated interest and amortization of discount and issuance costs and included the following: Three Months Ended December 1, November 25, Contractual stated interest $ 1,400 $ 1,391 Amortization of discount and issuance costs 297 337 $ 1,697 $ 1,728 As of August 26, 2022, the carrying amount of the equity components of the 2026 Notes, which was included in additional paid-in capital, was $50.8 million. As of the beginning of 2023, we adopted ASU 2020-06. In connection therewith, we reclassified $32.2 million from additional paid-in-capital to long-term debt and $18.6 million from additional paid-in-capital to retained earnings. See “Recently Adopted Accounting Standards.” Maturities of Debt As of December 1, 2023, maturities of debt were as follows: Remainder of 2024 $ 21,633 2025 28,844 2026 128,844 2027 457,904 2028 — 2029 and thereafter 150,000 Less unamortized discount and issuance costs (10,415) $ 776,810

Leases

Leases	3 Months Ended
	Dec. 01, 2023
Leases [Abstract]
Leases	Leases We have operating leases through which we utilize facilities, offices and equipment in our manufacturing operations, research and development activities and selling, general and administrative functions. Sublease income was not significant in any period presented. The components of operating lease expense were as follows: Three Months Ended December 1, November 25, Fixed lease cost $ 3,505 $ 4,611 Variable lease cost 449 384 Short-term lease cost 639 499 $ 4,593 $ 5,494 Cash flows used for operating activities in the first quarter of 2024 and 2023 included payments for operating leases of $2.5 million and $2.5 million, respectively. Acquisitions of right-of-use assets were $9.4 million in the first quarter of 2023. As of December 1, 2023 and August 25, 2023, the weighted-average remaining lease term for our operating leases was 10.5 years and the weighted-average discount rate was 6.0%. Certain of our operating leases include one or more options to extend the lease term for periods from two As of December 1, 2023, minimum payments of lease liabilities were as follows: Remainder of 2024 $ 9,994 2025 11,252 2026 9,921 2027 7,678 2028 7,901 2029 and thereafter 54,395 101,141 Less imputed interest (27,586) Present value of total lease liabilities $ 73,555

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Product Warranty and Indemnities We generally provide a limited warranty that our products are in compliance with applicable specifications existing at the time of delivery. Under our standard terms and conditions of sale, liability for certain failures of product during a stated warranty period is usually limited to repair or replacement of defective items or return of amounts paid for such items. Our warranty obligations are not material. We are party to a number of agreements in which we have agreed to defend, indemnify and hold harmless our customers and suppliers from damages and costs, which may arise from product defects as well as from any alleged infringement by our products of third-party patents, trademarks or other proprietary rights. We believe our internal development processes and other policies and practices limit our exposure related to such indemnities. Maximum potential future payments cannot be estimated because many of these agreements do not have a maximum stated liability. However, to date, we have not had to reimburse any of our customers or suppliers for any losses related to these indemnities. We have not recorded any liability for such indemnities. Contingencies From time to time, we may be involved in legal matters that arise in the normal course of business. Litigation in general, and intellectual property, employment and shareholder litigation in particular, can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict. We regularly review contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made.

Equity

Equity	3 Months Ended
	Dec. 01, 2023
Equity [Abstract]
Equity	Equity SGH Shareholders’ Equity Share Repurchase Authorization On April 4, 2022, our Board of Directors approved a $75.0 million share repurchase authorization, under which we may repurchase our outstanding ordinary shares from time to time through open market purchases, privately-negotiated transactions or otherwise. The share repurchase authorization has no expiration date but may be suspended or terminated by the Board of Directors at any time. In the first quarter of 2024 and 2023, we repurchased 825 thousand and 182 thousand shares for $12.1 million and $2.8 million, respectively, under the repurchase authorization. As of December 1, 2023, $4.5 million of this authorization remained available for the repurchase of our ordinary shares. On January 8, 2024, the Audit Committee of the Board of Directors approved an additional $75.0 million share repurchase authorization, under which we may repurchase our outstanding ordinary shares from time to time through open market purchases, privately-negotiated transactions or otherwise. The share repurchase authorization has no expiration date but may be suspended or terminated by the Audit Committee at any time and does not obligate the Company to acquire any amount of ordinary shares. Other Share Repurchases Ordinary shares withheld as payment of withholding taxes and exercise prices in connection with the vesting or exercise of equity awards are treated as ordinary share repurchases. In the first quarter of 2024 and 2023, we repurchased 75 thousand and 143 thousand ordinary shares as payment of withholding taxes for $1.1 million and $1.9 million, respectively. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component in the first quarter of 2024 were as follows: Cumulative Translation Adjustment Gains (Losses) on Investments Total As of August 25, 2023 $ (205,969) $ 5 $ (205,964) Other comprehensive income (loss) before reclassifications (6,142) 12 (6,130) Reclassifications out of accumulated other comprehensive income 212,397 — 212,397 Other comprehensive income (loss) 206,255 12 206,267 As of December 1, 2023 $ 286 $ 17 $ 303 In connection with our divestiture of an 81% interest in SMART Brazil, we reclassified $212.4 million of cumulative translation adjustment related to SMART Brazil from other accumulated comprehensive income to results of operations in the first quarter of 2024. See “Divestiture of SMART Brazil.”

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 01, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of December 1, 2023 As of August 25, 2023 Fair Carrying Fair Carrying Assets: Derivative financial instruments $ 3,721 $ 3,721 $ — $ — Liabilities: Amended 2027 TLA $ 537,226 $ 531,019 $ 551,648 $ 544,943 2029 Notes 148,649 147,034 195,426 146,886 2026 Notes 105,714 98,757 131,864 98,609 The deferred cash adjustment resulting from the divestiture of an 81% interest in SMART Brazil is accounted for as a derivative financial instrument and is revalued at the end of each reporting period. The fair value as of December 1, 2023, as measured on a recurring basis, was based on Level 2 measurements, including market-based observable inputs of interest rates and credit-risk spreads.

Equity Plans

Equity Plans	3 Months Ended
	Dec. 01, 2023
Share-Based Payment Arrangement [Abstract]
Equity Plans	Equity Plans As of December 1, 2023, 7.3 million of our ordinary shares were available for future awards under our equity plans. The disclosures related to our restricted awards, share options and employee share purchase plan include both our continuing and discontinued operations. Restricted Share Awards and Restricted Share Units Awards (“Restricted Awards”) Aggregate Restricted Award activity was as follows: Three Months Ended December 1, November 25, Awards granted 419 1,010 Weighted-average grant date fair value per share $ 30.49 $ 19.51 Aggregate vesting date fair value of shares vested $ 8,733 $ 8,949 As of December 1, 2023, total unrecognized compensation costs for unvested Restricted Awards was $79.0 million, which was expected to be recognized over a weighted-average period of 2.3 years. Share Options As of December 1, 2023, total aggregate unrecognized compensation costs for unvested options was $0.8 million, which was expected to be recognized over a weighted-average period of 0.7 years. Employee Share Purchase Plan (“ESPP”) Under our ESPP, employees purchased 298 thousand ordinary shares for $3.3 million in the first quarter of 2024 and 265 thousand shares for $2.9 million in the first quarter of 2023. Share-Based Compensation Expense Share-based compensation expense for our continuing operations was as follows: Three Months Ended December 1, November 25, Share-based compensation expense by caption: Cost of sales $ 1,815 $ 1,642 Research and development 1,597 1,556 Selling, general and administrative 7,558 6,783 $ 10,970 $ 9,981 Income tax benefits for share-based awards were $1.8 million in the first quarter of 2024 and 2023.

Revenue and Customer Contract B

Revenue and Customer Contract Balances	3 Months Ended
	Dec. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Customer Contract Balances	Revenue and Customer Contract Balances Net Sales and Gross Billings We provide certain logistics services on an agent basis, whereby we procure materials and services on behalf of our customers and then resell such materials and services to our customers. Our materials logistics business includes procurement, logistics, inventory management, temporary warehousing, kitting and/or packaging services. While we take title to inventory under such arrangements, control of such inventory does not transfer to us as we do not, at any point, have the ability to direct the use, and thereby obtain the benefits of, the inventory. Gross amounts invoiced to customers in connection with these agent services include amounts related to the services performed by us in addition to the cost of the materials and services procured. However, only the amount related to the agent component is recognized as revenue in our results of operations. We generally recognize revenue for these procurement, logistics and inventory management services upon the completion of such services, which typically occurs at the time of shipment of product to the customer. The cost of materials and services invoiced to our customers under these arrangements, but not recognized as revenue or cost of sales in our results of operations, were as follows: Three Months Ended December 1, November 25, Cost of materials and services invoiced in connection with logistics services $ 108,969 $ 377,751 Customer Contract Balances As of December 1, August 25, Contract assets (1) $ 2,391 $ — Contract liabilities: (2) Deferred revenue $ 59,082 $ 69,326 Customer advances 4,124 5,565 $ 63,206 $ 74,891 (1) Contract assets are included in other current and noncurrent assets. (2) Contract liabilities are included in other current and noncurrent liabilities based on the timing of when our customer is expected to take control of the asset or receive the benefit of the service. Contract assets represent amounts recognized as revenue for which we do not have the unconditional right to consideration. Deferred revenue represents amounts received from customers in advance of satisfying performance obligations. As of December 1, 2023, we expect to recognize revenue of $39.1 million of the $59.1 million balance in the next 12 months and the remaining amount thereafter. In the first quarter of 2024, we recognized revenue of $23.9 million from satisfying performance obligations related to amounts included in deferred revenue as of August 25, 2023. Deferred revenue includes $7.3 million and $10.9 million as of December 1, 2023 and August 25, 2023, respectively, related to contracts that contain termination rights. Customer advances represent amounts received from customers for advance payments to secure product. In the first quarter of 2024, we recognized revenue of $1.0 million from satisfying performance obligations related to amounts included in customer advances as of August 25, 2023. As of December 1, 2023 and August 25, 2023, other current liabilities included $14.2 million and $12.5 million, respectively, for estimates of consideration payable to customers, including estimates for pricing adjustments and returns.

Other Operating (Income) Expens

Other Operating (Income) Expense	3 Months Ended
	Dec. 01, 2023
Other Income and Expenses [Abstract]
Other Operating (Income) Expense	Other Operating (Income) Expense In 2024 and 2023, we initiated plans that included workforce reductions and the elimination of certain projects across our businesses. In connection therewith, we recorded restructure charges of $2.9 million and $1.8 million in the first quarter of 2024 and 2023, respectively, primarily for employee severance costs and other benefits. We anticipate that these activities will continue into future quarters and anticipate recording additional restructure charges. As of December 1, 2023, $2.3 million remained unpaid, which is expected to be paid in 2024.

Other Non-operating (Income) Ex

Other Non-operating (Income) Expense	3 Months Ended
	Dec. 01, 2023
Nonoperating Income (Expense) [Abstract]
Other Non-operating (Income) Expense	Other Non-operating (Income) Expense Three Months Ended December 1, November 25, Loss (gain) on extinguishment of debt $ — $ (767) Loss (gain) from changes in foreign currency exchange rates (546) (520) Loss (gain) on disposition of assets 45 (41) Other (75) (34) $ (576) $ (1,362)

Income Taxes

Income Taxes	3 Months Ended
	Dec. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three Months Ended December 1, November 25, Income (loss) before taxes $ (7,678) $ 7,715 Income tax provision (benefit) 3,534 11,322 Income taxes include a provision for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to us and our subsidiaries, adjusted for certain discrete items, which are fully recognized in the period they occur. We have historically determined our interim income tax provision (benefit) by applying the annual estimated effective income tax rate expected to be applicable for the full fiscal year to the income (loss) before taxes for jurisdictions which are subject to income tax. In determining the full year estimate, we do not include the impact of unusual and/or infrequent items, which may cause significant variations in the customary relationship between income tax provision (benefit) and income (loss) before taxes. Accordingly, the interim effective tax rate may not be reflective of the annual estimated effective tax rate. Additionally, our income tax provision (benefit) is subject to volatility and could be impacted by changes in our geographic earnings, non-deductible share-based compensation and certain tax credits. Determining the consolidated income tax provision (benefit), income tax liabilities and deferred tax assets and liabilities involves judgment. We calculate and provide for income taxes in each of the tax jurisdictions in which we operate, which involves estimating current tax exposures as well as making judgments regarding the recoverability of deferred tax assets in each jurisdiction. The estimates used could differ from actual results, which may have a significant impact on operating results in future periods.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 01, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended December 1, November 25, Net income (loss) from continuing operations $ (11,773) $ (3,939) Net income (loss) from discontinued operations (8,148) 8,931 Net income (loss) attributable to SGH – Basic and Diluted $ (19,921) $ 4,992 Weighted-average shares outstanding – Basic 52,068 48,962 Dilutive effect of equity plans and convertible notes — — Weighted-average shares outstanding – Diluted 52,068 48,962 Basic earnings (loss) per share: Continuing operations $ (0.23) $ (0.08) Discontinued operations (0.15) 0.18 $ (0.38) $ 0.10 Diluted earnings (loss) per share: Continuing operations $ (0.23) $ (0.08) Discontinued operations (0.15) 0.18 $ (0.38) $ 0.10 Below are unweighted potentially dilutive shares that were not included in the computation of diluted earnings per share because to do so would have been antidilutive: Three Months Ended December 1, November 25, Equity plans 6,060 8,432 Stratus Technologies contingently issuable shares — 1,715 6,060 10,147

Segment and Other Information

Segment and Other Information	3 Months Ended
	Dec. 01, 2023
Segment Reporting [Abstract]
Segment and Other Information	Segment and Other Information Segment information presented below is consistent with how our chief operating decision maker evaluates operating results to make decisions about allocating resources and assessing performance. We have the following three business units, which are our reportable segments: • Memory Solutions : Our Memory Solutions group, under our SMART Modular brand, provides high performance and reliable memory solutions through the design, development and advanced packaging of leading-edge to extended lifecycle products. These specialty products are tailored to meet customer-specific requirements across networking and communications, enterprise storage and computing, including server applications and other vertical markets. These products are marketed to original equipment manufacturers and to commercial and government customers. The Memory Solutions group also offers SMART Supply Chain Services, which provides customized, integrated supply chain services to enable our customers to better manage supply chain planning and execution, reduce costs and increase productivity. • Intelligent Platform Solutions : Our IPS group, under our Penguin Solutions and Stratus Technologies brands, offers specialized platform solutions and services for high-performance computing, artificial intelligence, machine learning, advanced modeling and the internet of things that span the continuum of edge, core and cloud. Our solutions are designed specifically for customers across multiple markets, including government, hyperscale, energy, financial services, health care, education and others. • LED Solutions : Our LED Solutions group, under our CreeLED brand, offers a broad portfolio of application-optimized LEDs focused on improving lumen density, intensity, efficacy, optical control and/or reliability. Backed by expert design assistance and superior sales support, our LED products enable our customers to develop and market LED-based products for general lighting, video screens and specialty lighting applications. Segments are determined based on sources of revenue, types of customers and operating performance. There are no differences between the accounting policies for our segment reporting and our consolidated results of operations. Operating expenses directly associated with the activities of a specific segment are charged to that segment. Certain other indirect operating income and expenses are generally allocated to segments based on their respective percentage of net sales. We do not identify (other than goodwill) or report internally our assets nor allocate certain expenses and amortization, interest, other non-operating (income) expense or taxes to segments. Three Months Ended December 1, November 25, Net sales: Memory Solutions $ 85,668 $ 118,286 Intelligent Platform Solutions 118,824 210,971 LED Solutions 69,755 62,540 Total net sales $ 274,247 $ 391,797 Segment operating income: Memory Solutions $ 7,195 $ 19,039 Intelligent Platform Solutions 17,901 32,985 LED Solutions 1,583 (636) Total segment operating income 26,679 51,388 Unallocated: Share-based compensation expense (10,970) (9,981) Amortization of acquisition-related intangibles (10,008) (10,858) Flow through of inventory step up — (2,599) Cost of sales-related restructure (668) — Acquisition and integration expenses (789) (6,732) Change in fair value of contingent consideration — (3,700) Restructure charge (2,939) (1,771) Other — (900) Total unallocated (25,374) (36,541) Consolidated operating income (loss) $ 1,305 $ 14,847

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (19,921)	$ 4,992

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 01, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of SMART Global Holdings, Inc. and its consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) consistent in all material respects with those applied in our Annual Report on Form 10-K for the fiscal year ended August 25, 2023 and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of our management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, consisting of a normal recurring nature, to fairly state the financial information set forth herein. These consolidated interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended August 25, 2023. Presentation of SMART Brazil as Discontinued Operations : On June 13, 2023, we entered into an agreement to divest of an 81% interest in SMART Modular Technologies do Brasil – Indústria e Comercio de Componentes Ltda. (“SMART Brazil”). We concluded that, as of August 25, 2023, (i) the net assets of SMART Brazil met the criteria for classification as held for sale and (ii) the proposed sale represented a strategic shift that was expected to have a major effect on our operations and financial results. On November 29, 2023, we completed the divestiture. The balance sheets, results of operations and cash flows of SMART Brazil have been presented as discontinued operations for all periods presented. SMART Brazil was previously included within our Memory Solutions segment. See “Divestiture of SMART Brazil.” Unless otherwise noted, amounts and discussion within these notes to the consolidated financial statements relate to our continuing operations. Prior period comparative information has been conformed to current period presentation for continuing operations. Reclassifications : Certain reclassifications have been made to prior period amounts to conform to current period presentation. Fiscal Year : Our fiscal year is the 52- or 53-week period ending on the last Friday in August. Fiscal year 2024 and 2023 contain 53 weeks and 52 weeks, respectively. All period references are to our fiscal periods unless otherwise indicated. Financial information for our subsidiaries in Brazil was included in our consolidated financial statements on a one-month lag because their fiscal years ended on July 31 of each year. In connection with the completion of the divestiture of an 81% interest in SMART Brazil, we ceased consolidating the operations of SMART Brazil in our financial statements as of the November 29, 2023 disposal date. As a result, financial information for SMART Brazil in the first quarter of 2024 includes the four-month period from August 1, 2023 to November 29, 2023.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06 – Debt – Debt with Conversion and Other Options and Derivatives and Hedging – Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible debt instruments by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. This ASU requires a convertible debt instrument to be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives, and requires an entity to use the if-converted method in the diluted earnings per share calculation for convertible instruments. This ASU was effective for us in the first quarter of 2023 and permitted the use of either the modified retrospective or fully retrospective method of transition. We adopted ASU 2020-06 in the first quarter of 2023 under the modified retrospective method. Upon adoption, the previously separated equity component and associated issuance costs for our 2.25% convertible senior notes due 2026 were reclassified from additional paid-in capital to long-term debt, thereby eliminating future amortization of the debt discount as interest expense. The following table summarizes the effects of adopting ASU 2020-06: Ending Adoption of Beginning Long-term debt $ 575,682 $ 32,183 $ 607,865 Additional paid-in capital 448,112 (50,822) 397,290 Retained earnings 251,344 18,639 269,983 Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures , which will require an entity to provide more detailed information about its reportable segment expenses that are included within management’s measurement of profit and loss and will require certain annual disclosures to be provided on an interim basis. The amendments in this ASU are effective for us in 2025 for annual reporting and in 2026 for interim reporting, with early adoption permitted beginning in 2024, and is required to be applied using the full retrospective method of transition. We are evaluating the timing and effects of adoption of this ASU on the Company’s segment disclosures.

Divestiture of SMART Brazil (Ta

Divestiture of SMART Brazil (Tables)	3 Months Ended
	Dec. 01, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Noncash or Part Noncash Divestitures	Consideration : The following is a summary of total consideration in exchange for the sale of an 81% interest in SMART Brazil: Cash received at closing (1) $ 164,487 Post-closing adjustment for net cash and net working capital (2) 451 Deferred payment (3) 25,433 Deferred cash adjustment (4) 3,721 Total consideration $ 194,092 (1) Includes $26.8 million of cash received at closing for an estimated amount of net cash and an estimated net working capital amount (in excess of a minimum target amount) as of the closing. (2) Represents the post-closing adjustment for net cash and net working capital, which is expected to be received in the second or third quarter of 2024 upon completion of the review of the final net cash and final working capital amounts. The post closing adjustment is included in other current assets in the accompanying consolidated balance sheet. (3) Represents the fair value of the deferred payment, comprised of a notional amount of $28.4 million, discounted at 7.5% and due May 2025. The deferred payment is included in other noncurrent assets in the accompanying consolidated balance sheet. (4) Represents the fair value of the deferred cash adjustment, comprised of a notional amount of $4.8 million, discounted at 7.5%, equal to 19% of the amount of SMART Brazil’s net cash as of the closing (as calculated pursuant to the Brazil Purchase Agreement). The deferred cash adjustment is accounted for as a derivative financial instrument, is due at the time of exercise of the Put/Call Option and is included in other noncurrent assets in the accompanying consolidated balance sheet.
Disposal Groups, Including Discontinued Operations	Assets and liabilities of SMART Brazil as of the November 29, 2023 disposal date and as of August 25, 2023 were as follows: As of November 29, August 25, Cash and cash equivalents $ 40,927 $ 44,501 Accounts receivable, net 16,482 17,055 Inventories 26,103 25,877 Other current assets 17,800 17,732 Total current assets 101,312 105,165 Property and equipment, net 66,870 58,321 Operating lease right-of-use assets 6,912 5,213 Goodwill 19,856 20,668 Other noncurrent assets 27,490 34,243 Total assets 222,440 223,610 Impairment of SMART Brazil assets (153,036) (153,036) Total assets, net of impairment $ 69,404 $ 70,574 Accounts payable and accrued expenses $ 20,576 $ 25,867 Current debt 3,872 4,006 Other current liabilities 1,023 1,030 Total current liabilities 25,471 30,903 Long-term debt 11,938 13,689 Noncurrent operating lease liabilities 5,686 4,614 Noncurrent deferred tax liabilities 28,564 28,564 Other noncurrent liabilities 93 $ — Total liabilities $ 71,752 $ 77,770 Net assets of discontinued operations $ (2,348) $ (7,196) Reported as: Current assets of discontinued operations $ 70,574 Current liabilities of discontinued operations 77,770 Net assets of discontinued operations $ (7,196) The following table presents the results of operations for SMART Brazil: Three Months Ended December 1, November 25, Net sales $ 55,159 $ 73,681 Cost of sales 50,560 67,369 Gross profit 4,599 6,312 Operating expenses: Research and development 157 (16) Selling, general and administrative 5,421 3,314 Other operating (income) expense 64 270 Total operating expenses 5,642 3,568 Operating income (loss) (1,043) 2,744 Non-operating (income) expense: Loss from divestiture of 81% interest in SMART Brazil 10,888 — Interest (income) expense, net (1,262) (457) Other non-operating (income) expense 138 702 Total non-operating (income) expense 9,764 245 Income (loss) before taxes (10,807) 2,499 Income tax provision (benefit) (2,659) (6,432) Net income (loss) from discontinued operations $ (8,148) $ 8,931 The following table presents the calculation of the loss from the divestiture of an 81% interest in SMART Brazil: Proceeds, less costs to sell and other expenses: Consideration $ 194,092 Costs to sell and other expenses (4,150) 189,942 Basis in 81% interest in SMART Brazil: Net assets of SMART Brazil 145,194 Cumulative translation adjustment (1) 212,397 357,591 Gain on revalue of 19% Retained Interest in SMART Brazil (2) 3,725 Pre-tax loss on divestiture of 81% interest in SMART Brazil 163,924 Income tax provision 26,580 Loss on divestiture of 81% interest in SMART Brazil $ 190,504 (1) The sale of an 81% interest in SMART Brazil resulted in the de-consolidation of SMART Brazil and, accordingly, the release of the related cumulative translation adjustment. Included in the basis calculation above is the balance of cumulative translation adjustment for SMART Brazil as of the closing. The release of the cumulative translation adjustment is included in net income (loss) from discontinued operations in the accompanying consolidated statement of operations. (2) In connection with the transaction, we revalued our 19% Retained Interest in SMART Brazil based on the implied value for 100% of SMART Brazil, adjusted for lack of control premium. As of the end of the first quarter of 2024, the carrying value of our remaining 19% interest in SMART Brazil was $37.8 million. Recognition Periods : The loss from the divestiture of an 81% interest in SMART Brazil was recognized as follows: Three Months Ended December 1, August 25, Total Pre-tax loss on divestiture of 81% interest in SMART Brazil $ 10,888 $ 153,036 $ 163,924 Income tax provision (benefit) (1,984) 28,564 26,580 Loss on divestiture of 81% interest in SMART Brazil $ 8,904 $ 181,600 $ 190,504

Recently Adopted Accounting S_2

Recently Adopted Accounting Standards (Tables)	3 Months Ended
	Dec. 01, 2023
Accounting Changes and Error Corrections [Abstract]
Accounting Standards Update and Change in Accounting Principle	The following table summarizes the effects of adopting ASU 2020-06: Ending Adoption of Beginning Long-term debt $ 575,682 $ 32,183 $ 607,865 Additional paid-in capital 448,112 (50,822) 397,290 Retained earnings 251,344 18,639 269,983

Business Acquisition (Tables)

Business Acquisition (Tables)	3 Months Ended
	Dec. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price	The purchase price for Stratus Technologies was as follows: Cash $ 225,000 Additional payment for net working capital adjustment (1) 17,246 Fair value of Stratus Earnout 20,800 $ 263,046 (1) Includes $14.4 million paid at closing and $2.8 million paid in the second quarter of 2023 upon completion of the review of the working capital assets acquired and liabilities assumed.
Summary of Assets Acquired and Liabilities Assumed at the Acquisition Date	The purchase price was allocated to the tangible and intangible assets acquired and liabilities assumed as follows: Cash and cash equivalents $ 29,174 Accounts receivable 26,685 Inventories 10,890 Other current assets 6,536 Property and equipment 7,292 Operating lease right-of-use assets 9,216 Intangible assets 123,700 Goodwill 125,929 Other noncurrent assets 11,661 Accounts payable and accrued expenses (32,656) Other current liabilities (36,723) Noncurrent operating lease liabilities (7,067) Other noncurrent liabilities (11,591) Total net assets acquired $ 263,046
Summary of Intangible Assets	The fair values and useful lives of identifiable intangible assets were as follows: Amount Estimated useful life (in years) Technology $ 82,000 5 Customer relationships 27,800 8 Trademarks/trade names 10,000 9 In-process research and development 3,900 N/A $ 123,700

Cash and Investments (Tables)

Cash and Investments (Tables)	3 Months Ended
	Dec. 01, 2023
Investments, Debt and Equity Securities [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	Cash, cash equivalents and investments were as follows: As of December 1, 2023 As of Cash and Cash Equivalents Short-term Investments Cash and Cash Equivalents Short-term Investments Cash and cash equivalents $ 443,245 $ — $ 321,937 $ — Level 1: Money market funds 70,814 — 43,626 — U.S. Treasury securities — 24,385 — 25,251 Level 2: Time deposits 15,000 — — — $ 529,059 $ 24,385 $ 365,563 $ 25,251

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 01, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	As of December 1, August 25, Raw materials $ 97,853 $ 90,085 Work in process 57,192 24,485 Finished goods 53,396 60,407 $ 208,441 $ 174,977

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Dec. 01, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	As of December 1, August 25, Equipment $ 87,528 $ 86,429 Buildings and building improvements 67,683 69,325 Furniture, fixtures and software 43,082 44,121 Land 16,126 16,126 214,419 216,001 Accumulated depreciation (102,091) (97,267) $ 112,328 $ 118,734

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Dec. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill by Segment	As of December 1, 2023 As of August 25, 2023 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Technology $ 141,491 $ (40,698) $ 141,201 $ (34,569) Customer relationships 72,500 (36,996) 72,500 (33,990) Trademarks/trade names 28,300 (14,314) 28,300 (13,257) $ 242,291 $ (92,008) $ 242,001 $ (81,816) Goodwill by segment: Intelligent Platform Solutions $ 147,238 $ 147,238 Memory Solutions 14,720 14,720 $ 161,958 $ 161,958

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Dec. 01, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	As of December 1, August 25, Accounts payable (1) $ 181,791 $ 134,980 Salaries, wages and benefits 19,666 27,665 Income and other taxes 13,317 13,370 Other 4,308 6,020 $ 219,082 $ 182,035 (1) Includes accounts payable for property and equipment of $1.7 million and $5.2 million as of December 1, 2023 and August 25, 2023, respectively.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Dec. 01, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt	As of December 1, August 25, Amended 2027 TLA $ 531,019 $ 544,943 2029 Notes 147,034 146,886 2026 Notes 98,757 98,609 776,810 790,438 Less current debt (28,511) (35,618) Long-term debt $ 748,299 $ 754,820
Interest Income and Interest Expense Disclosure	Aggregate interest expense for our convertible notes consisted of contractual stated interest and amortization of discount and issuance costs and included the following: Three Months Ended December 1, November 25, Contractual stated interest $ 1,400 $ 1,391 Amortization of discount and issuance costs 297 337 $ 1,697 $ 1,728
Summary of Maturities of Debt	As of December 1, 2023, maturities of debt were as follows: Remainder of 2024 $ 21,633 2025 28,844 2026 128,844 2027 457,904 2028 — 2029 and thereafter 150,000 Less unamortized discount and issuance costs (10,415) $ 776,810

Leases (Tables)

Leases (Tables)	3 Months Ended
	Dec. 01, 2023
Leases [Abstract]
Summary of Components of Operating Lease Expense	The components of operating lease expense were as follows: Three Months Ended December 1, November 25, Fixed lease cost $ 3,505 $ 4,611 Variable lease cost 449 384 Short-term lease cost 639 499 $ 4,593 $ 5,494
Schedule of Minimum Payments of Lease Liabilities	of December 1, 2023, minimum payments of lease liabilities were as follows: Remainder of 2024 $ 9,994 2025 11,252 2026 9,921 2027 7,678 2028 7,901 2029 and thereafter 54,395 101,141 Less imputed interest (27,586) Present value of total lease liabilities $ 73,555

Equity (Tables)

Equity (Tables)	3 Months Ended
	Dec. 01, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income (loss) by component in the first quarter of 2024 were as follows: Cumulative Translation Adjustment Gains (Losses) on Investments Total As of August 25, 2023 $ (205,969) $ 5 $ (205,964) Other comprehensive income (loss) before reclassifications (6,142) 12 (6,130) Reclassifications out of accumulated other comprehensive income 212,397 — 212,397 Other comprehensive income (loss) 206,255 12 206,267 As of December 1, 2023 $ 286 $ 17 $ 303

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 01, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements of Other Assets and Liabilities	As of December 1, 2023 As of August 25, 2023 Fair Carrying Fair Carrying Assets: Derivative financial instruments $ 3,721 $ 3,721 $ — $ — Liabilities: Amended 2027 TLA $ 537,226 $ 531,019 $ 551,648 $ 544,943 2029 Notes 148,649 147,034 195,426 146,886 2026 Notes 105,714 98,757 131,864 98,609

Equity Plans (Tables)

Equity Plans (Tables)	3 Months Ended
	Dec. 01, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Aggregate Restricted Award Activity and Assumptions	Aggregate Restricted Award activity was as follows: Three Months Ended December 1, November 25, Awards granted 419 1,010 Weighted-average grant date fair value per share $ 30.49 $ 19.51 Aggregate vesting date fair value of shares vested $ 8,733 $ 8,949
Schedule of Share Based Compensation Expense Allocation	Three Months Ended December 1, November 25, Share-based compensation expense by caption: Cost of sales $ 1,815 $ 1,642 Research and development 1,597 1,556 Selling, general and administrative 7,558 6,783 $ 10,970 $ 9,981

Revenue and Customer Contract_2

Revenue and Customer Contract Balances (Tables)	3 Months Ended
	Dec. 01, 2023
Revenue from Contract with Customer [Abstract]
Summary of Net Sales by Products and Services and Gross Amounts Billed for Services	The cost of materials and services invoiced to our customers under these arrangements, but not recognized as revenue or cost of sales in our results of operations, were as follows: Three Months Ended December 1, November 25, Cost of materials and services invoiced in connection with logistics services $ 108,969 $ 377,751
Summary of Customer Contract Balances	As of December 1, August 25, Contract assets (1) $ 2,391 $ — Contract liabilities: (2) Deferred revenue $ 59,082 $ 69,326 Customer advances 4,124 5,565 $ 63,206 $ 74,891 (1) Contract assets are included in other current and noncurrent assets. (2) Contract liabilities are included in other current and noncurrent liabilities based on the timing of when our customer is expected to take control of the asset or receive the benefit of the service.

Other Non-operating (Income) _2

Other Non-operating (Income) Expense (Tables)	3 Months Ended
	Dec. 01, 2023
Nonoperating Income (Expense) [Abstract]
Schedule of Other Non-operating (Income) Expense	Three Months Ended December 1, November 25, Loss (gain) on extinguishment of debt $ — $ (767) Loss (gain) from changes in foreign currency exchange rates (546) (520) Loss (gain) on disposition of assets 45 (41) Other (75) (34) $ (576) $ (1,362)

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Dec. 01, 2023
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) before Income Taxes and Components of Income Tax Provision (Benefit)	Three Months Ended December 1, November 25, Income (loss) before taxes $ (7,678) $ 7,715 Income tax provision (benefit) 3,534 11,322

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 01, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Three Months Ended December 1, November 25, Net income (loss) from continuing operations $ (11,773) $ (3,939) Net income (loss) from discontinued operations (8,148) 8,931 Net income (loss) attributable to SGH – Basic and Diluted $ (19,921) $ 4,992 Weighted-average shares outstanding – Basic 52,068 48,962 Dilutive effect of equity plans and convertible notes — — Weighted-average shares outstanding – Diluted 52,068 48,962 Basic earnings (loss) per share: Continuing operations $ (0.23) $ (0.08) Discontinued operations (0.15) 0.18 $ (0.38) $ 0.10 Diluted earnings (loss) per share: Continuing operations $ (0.23) $ (0.08) Discontinued operations (0.15) 0.18 $ (0.38) $ 0.10
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Below are unweighted potentially dilutive shares that were not included in the computation of diluted earnings per share because to do so would have been antidilutive: Three Months Ended December 1, November 25, Equity plans 6,060 8,432 Stratus Technologies contingently issuable shares — 1,715 6,060 10,147

Segment and Other Information (

Segment and Other Information (Tables)	3 Months Ended
	Dec. 01, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Segments are determined based on sources of revenue, types of customers and operating performance. There are no differences between the accounting policies for our segment reporting and our consolidated results of operations. Operating expenses directly associated with the activities of a specific segment are charged to that segment. Certain other indirect operating income and expenses are generally allocated to segments based on their respective percentage of net sales. We do not identify (other than goodwill) or report internally our assets nor allocate certain expenses and amortization, interest, other non-operating (income) expense or taxes to segments. Three Months Ended December 1, November 25, Net sales: Memory Solutions $ 85,668 $ 118,286 Intelligent Platform Solutions 118,824 210,971 LED Solutions 69,755 62,540 Total net sales $ 274,247 $ 391,797 Segment operating income: Memory Solutions $ 7,195 $ 19,039 Intelligent Platform Solutions 17,901 32,985 LED Solutions 1,583 (636) Total segment operating income 26,679 51,388 Unallocated: Share-based compensation expense (10,970) (9,981) Amortization of acquisition-related intangibles (10,008) (10,858) Flow through of inventory step up — (2,599) Cost of sales-related restructure (668) — Acquisition and integration expenses (789) (6,732) Change in fair value of contingent consideration — (3,700) Restructure charge (2,939) (1,771) Other — (900) Total unallocated (25,374) (36,541) Consolidated operating income (loss) $ 1,305 $ 14,847

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details)	Nov. 29, 2023	Jun. 13, 2023
Significant Accounting Policies [Line Items]
Stock repurchase agreement, ownership rights, percentage	1
SMART Modular Technologies
Significant Accounting Policies [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19
SMART Modular Technologies | Lexar Europe B.V.
Significant Accounting Policies [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.81	0.81

Divestiture of SMART Brazil - N

Divestiture of SMART Brazil - Narrative (Details) $ in Thousands	12 Months Ended
	Aug. 25, 2023 USD ($)	Nov. 29, 2023 USD ($)	Jun. 13, 2023
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage		1
Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge related to proposed divestiture of SMART Brazil	$ 153,000
Noncurrent deferred tax liabilities	28,564	$ 28,564
SMART Modular Technologies
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage		0.19
SMART Modular Technologies
Disposal Groups, Including Discontinued Operations [Line Items]
Total enterprise value		$ 205,000
Net income ratio		7.5
Foreign currency translation gains (losses)	(206,300)
SMART Modular Technologies | Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent deferred tax liabilities	$ 28,600
Lexar Europe B.V. | SMART Modular Technologies
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage		0.81	0.81
Lexar Europe B.V. | SMART Modular Technologies
Disposal Groups, Including Discontinued Operations [Line Items]
Total enterprise value, percentage		1

Divestiture of SMART Brazil - T

Divestiture of SMART Brazil - Total Consideration (Details) $ in Thousands	Nov. 29, 2023 USD ($)	Jun. 13, 2023
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of interest in consolidated subsidiaries, net cash and working capital	$ 26,800
Deferred payment	$ 28,400
Deferred payment, discount rate	7.50%
Deferred net cash adjustment, nominal amount	$ 4,800
Stock repurchase agreement, ownership rights, percentage	1
SMART Modular Technologies
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19
SMART Modular Technologies | Lexar Europe B.V.
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.81	0.81
SMART Modular Technologies
Disposal Groups, Including Discontinued Operations [Line Items]
Noncash or part noncash divestiture, amount of consideration received, deferred net cash adjustment, discount rate	7.50%
SMART Modular Technologies | Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Cash received at closing	$ 164,487
Post-closing adjustment for net cash and net working capital	451
Deferred payment	25,433
Deferred cash adjustment	$ 3,721

Divestiture of SMART Brazil - A

Divestiture of SMART Brazil - Assets and Liabilities of Brazil Operations (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	Nov. 29, 2023	Aug. 25, 2023
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Cash and cash equivalents	$ 40,927	$ 44,501
Accounts receivable, net	16,482	17,055
Inventories	26,103	25,877
Other current assets	17,800	17,732
Total current assets	101,312	105,165
Property and equipment, net	66,870	58,321
Operating lease right-of-use assets	6,912	5,213
Goodwill	19,856	20,668
Other noncurrent assets	27,490	34,243
Total assets	222,440	223,610
Impairment of SMART Brazil assets	(153,036)	(153,036)
Total assets, net of impairment	69,404	70,574
Accounts payable and accrued expenses	20,576	25,867
Current debt	3,872	4,006
Other current liabilities	1,023	1,030
Total current liabilities	25,471	30,903
Long-term debt	11,938	13,689
Noncurrent operating lease liabilities	5,686	4,614
Noncurrent deferred tax liabilities	28,564	28,564
Other noncurrent liabilities	93	0
Total liabilities	71,752	77,770
Net assets of discontinued operations	$ (2,348)	$ (7,196)

Divestiture of SMART Brazil - R

Divestiture of SMART Brazil - Results of out SMART Brazil operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ (8,148)	$ 8,931
Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	55,159	73,681
Cost of sales	50,560	67,369
Gross profit	4,599	6,312
Research and development	157	(16)
Selling, general and administrative	5,421	3,314
Other operating (income) expense	64	270
Total operating expenses	5,642	3,568
Operating income (loss)	(1,043)	2,744
Loss from divestiture of 81% interest in SMART Brazil	10,888	0
Interest (income) expense, net	(1,262)	(457)
Other non-operating (income) expense	138	702
Total non-operating (income) expense	9,764	245
Income (loss) before taxes	(10,807)	2,499
Income tax provision (benefit)	(2,659)	(6,432)
Net income (loss) from discontinued operations	$ (8,148)	$ 8,931

Divestiture of SMART Brazil - L

Divestiture of SMART Brazil - Loss From Divestiture (Details) $ in Thousands		3 Months Ended
	Nov. 29, 2023 USD ($)	Dec. 01, 2023 USD ($)	Aug. 25, 2023 USD ($)	Jun. 13, 2023
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	1
Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration	$ 194,092
Costs to sell and other expenses	(4,150)
Proceeds, less costs to sell and other expenses:	189,942
Net assets of SMART Brazil	145,194
Cumulative translation adjustment	212,397
Assets net of cumulative translation adjustment	357,591
Revaluation of 19% retained interest in SMART Brazil	3,725
Pre-tax loss on divestiture of 81% interest in SMART Brazil	163,924
Income tax provision (benefit)	(26,580)
Loss from divestiture of 81% interest in SMART Brazil	190,504
SMART Modular Technologies
Disposal Groups, Including Discontinued Operations [Line Items]
Equity securities, FV-NI	37,800
SMART Modular Technologies | Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration	194,092
Pre-tax loss on divestiture of 81% interest in SMART Brazil	(163,924)	$ (10,888)	$ (153,036)
Income tax provision (benefit)	26,580	(1,984)	28,564
Loss from divestiture of 81% interest in SMART Brazil	$ (190,504)	$ (8,904)	$ (181,600)
SMART Modular Technologies
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19
SMART Modular Technologies | Lexar Europe B.V.
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.81			0.81

Recently Adopted Accounting S_3

Recently Adopted Accounting Standards - Accounting Standards Update and Change in Accounting Principle (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023	Jan. 18, 2023	Aug. 27, 2022	Aug. 26, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Long-term debt	$ 748,299	$ 754,820
Additional paid-in capital				$ 397,290	$ 448,112
Retained earnings	$ 62,536	$ 82,457		269,983	251,344
Cumulative Translation Adjustment
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Additional paid-in capital				(50,822)
Retained earnings				18,639
2.25% Convertible Senior Notes Due 2026
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Note interest rate			2.25%
Long-term debt				607,865	$ 575,682
2.25% Convertible Senior Notes Due 2026 | Cumulative Translation Adjustment
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Long-term debt				$ 32,183

Business Acquisition - Addition

Business Acquisition - Additional Information (Details) $ in Thousands	Aug. 29, 2022 USD ($)	Dec. 01, 2023 USD ($)	Aug. 25, 2023 USD ($)
Business Acquisition [Line Items]
Acquisition-related contingent consideration		$ 50,000	$ 50,000
Measurement Input, Price Volatility | Valuation Technique, Monte Carlo Simulation
Business Acquisition [Line Items]
Measurement input	0.334
Measurement Input, Discount Rate | Valuation Technique, Monte Carlo Simulation
Business Acquisition [Line Items]
Measurement input	0.073
Stratus Technologies
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 225,000
Contingent consideration (up to)	50,000
Acquisition-related contingent consideration		$ 50,000
Acquisition-related contingent consideration	$ 20,800

Business Acquisition - Schedule

Business Acquisition - Schedule of Purchase Price (Details) - Stratus Technologies - USD ($) $ in Thousands	Aug. 29, 2022	Aug. 25, 2023
Business Acquisition [Line Items]
Cash	$ 225,000
Additional payment for net working capital adjustment	17,246
Change in fair value of contingent consideration	20,800
Total consideration	$ 263,046
Assets acquired		$ 14,400
Liabilities assumed		$ 2,800

Business Acquisition - Summary

Business Acquisition - Summary of Assets Acquired and Liabilities Assumed at the Acquisition Date (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023	Nov. 25, 2022	Aug. 29, 2022
Business Acquisition [Line Items]
Intangible assets	$ 300		$ 126,400
Goodwill	$ 161,958	$ 161,958
Stratus Technologies
Business Acquisition [Line Items]
Cash and cash equivalents				$ 29,174
Accounts receivable				26,685
Inventories				10,890
Other current assets				6,536
Property and equipment				7,292
Operating lease right-of-use assets				9,216
Intangible assets				123,700
Goodwill				125,929
Other noncurrent assets				11,661
Accounts payable and accrued expenses				(32,656)
Other current liabilities				(36,723)
Noncurrent operating lease liabilities				(7,067)
Other noncurrent liabilities				(11,591)
Total net assets acquired				$ 263,046

Business Acquisition - Summar_2

Business Acquisition - Summary of Intangible Assets (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 29, 2022	Dec. 01, 2023	Nov. 25, 2022
Business Acquisition [Line Items]
Amount		$ 300	$ 126,400
Estimated useful life (in years)		19 years	6 years
Stratus Technologies
Business Acquisition [Line Items]
Amount	$ 123,700
Stratus Technologies | Technology
Business Acquisition [Line Items]
Amount	$ 82,000
Estimated useful life (in years)	5 years
Stratus Technologies | Customer relationships
Business Acquisition [Line Items]
Amount	$ 27,800
Estimated useful life (in years)	8 years
Stratus Technologies | Trademarks/trade names
Business Acquisition [Line Items]
Amount	$ 10,000
Estimated useful life (in years)	9 years
Stratus Technologies | In-process research and development
Business Acquisition [Line Items]
Amount	$ 3,900

Cash and Investments (Details)

Cash and Investments (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 529,059	$ 365,563
Short-term investments	24,385	25,251
Level 2:
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	15,000	0
Short-term investments	0	0
Money market funds | Level 1:
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	70,814	43,626
Short-term investments	0	0
U.S. Treasury securities | Level 1:
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	0	0
Short-term investments	24,385	25,251
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	443,245	321,937
Short-term investments	$ 0	$ 0

Accounts Receivable (Details)

Accounts Receivable (Details)	3 Months Ended
	Dec. 01, 2023 USD ($)
Receivables [Abstract]
Trade accounts receivable, available-for-sale (up to)	$ 60,000,000
Trade accounts receivable, sale	$ 0

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 97,853	$ 90,085
Work in process	57,192	24,485
Finished goods	53,396	60,407
Total inventories	$ 208,441	$ 174,977

Inventories - Additional Inform

Inventories - Additional Information (Details)	Dec. 01, 2023	Aug. 25, 2023
Inventory Disclosure [Abstract]
Percentage of inventories	8%	8%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022	Aug. 25, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 214,419		$ 216,001
Accumulated depreciation	(102,091)		(97,267)
Net property and equipment	112,328		118,734
Depreciation expense	7,500	$ 6,100
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	87,528		86,429
Buildings and building improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	67,683		69,325
Furniture, fixtures and software
Property Plant And Equipment [Line Items]
Property and equipment, gross	43,082		44,121
Land
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 16,126		$ 16,126

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Intangible Assets and Goodwill by Segment (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Amount	$ 242,291	$ 242,001
Intangible assets, Accumulated Amortization	(92,008)	(81,816)
Goodwill	161,958	161,958
Intelligent Platform Solutions
Finite Lived Intangible Assets [Line Items]
Goodwill	147,238	147,238
Memory Solutions
Finite Lived Intangible Assets [Line Items]
Goodwill	14,720	14,720
Technology
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Amount	141,491	141,201
Intangible assets, Accumulated Amortization	(40,698)	(34,569)
Customer relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Amount	72,500	72,500
Intangible assets, Accumulated Amortization	(36,996)	(33,990)
Trademarks/trade names
Finite Lived Intangible Assets [Line Items]
Intangible assets, Gross Amount	28,300	28,300
Intangible assets, Accumulated Amortization	$ (14,314)	$ (13,257)

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 01, 2023 USD ($)	Nov. 25, 2022 USD ($)	Aug. 25, 2023 USD ($)
Finite Lived Intangible Assets [Line Items]
Amount	$ 300	$ 126,400
Estimated useful life (in years)	19 years	6 years
Amortization of intangible assets	$ 10,200	$ 10,900
Finite-lived intangible assets, expected amortization remainder of fiscal year	29,800
Finite-lived intangible assets, expected amortization for 2025	35,600
Finite-lived intangible assets, expected amortization for 2026	30,200
Finite-lived intangible assets, expected amortization for 2027	29,500
Finite-lived intangible assets, expected amortization for 2028	13,900
Finite-lived intangible asset, expected amortization, 2029 and after	$ 11,200
Penguin Edge
Finite Lived Intangible Assets [Line Items]
Weighted-average cost of capital	0.145
Goodwill, impairment loss	$ 16,100		$ 19,100

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 181,791	$ 134,980
Salaries, wages and benefits	19,666	27,665
Income and other taxes	13,317	13,370
Other	4,308	6,020
Total	219,082	182,035
Accounts payable for property and equipment	$ 1,700	$ 5,200

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023	Aug. 27, 2022	Aug. 26, 2022
Debt Instrument [Line Items]
Debt	$ 776,810	$ 790,438
Less current debt	(28,511)	(35,618)
Long-term debt	748,299	754,820
Amended 2027 TLA
Debt Instrument [Line Items]
Debt	531,019	544,943
2029 Notes
Debt Instrument [Line Items]
Debt	147,034	146,886
2026 Notes
Debt Instrument [Line Items]
Debt	$ 98,757	$ 98,609
Long-term debt			$ 607,865	$ 575,682

Debt - Credit Facility (Details

Debt - Credit Facility (Details)	Dec. 01, 2023 USD ($)
Debt Instrument [Line Items]
Unamortized debt discounts and issuance costs	$ (10,415,000)
Amended 2027 TLA | The Credit Facility Agreement
Debt Instrument [Line Items]
Debt instrument outstanding amount	537,200,000
Unamortized debt discounts and issuance costs	$ (6,200,000)
Debt instrument, effective interest rate	8.51%
Revolving Credit Facility | The Credit Facility Agreement
Debt Instrument [Line Items]
Debt instrument outstanding amount	$ 0
Unamortized debt issuance expense	$ 2,900,000

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 18, 2023	Dec. 01, 2023	Feb. 24, 2023	Nov. 25, 2022	Aug. 25, 2023	Aug. 27, 2022	Aug. 26, 2022
Debt Instrument [Line Items]
Convertible notes, cash payment	$ 15,600
Payment of premium for convertible notes in excess of par value	14,100
Convertible notes, payment for accrued and unpaid interest	$ 1,500
Gain (loss) on extinguishment of debt		$ 0	$ (16,700)	$ 767
Long-term debt		776,810			$ 790,438
Retained earnings		$ 62,536			82,457	$ 269,983	$ 251,344
Cumulative Translation Adjustment
Debt Instrument [Line Items]
Retained earnings						$ 18,639
Cumulative Translation Adjustment | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Long-term debt					32,200
Retained earnings					$ 18,600
2.25% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Note interest rate	2.25%
Debt instrument, face amount	$ 150,000
Payment of premium for convertible notes in excess of par value	14,100
Write off of unamortized debt issuance cost	$ 2,500
Debt instrument, effective interest rate		2.83%			2.83%
Long-term debt		$ 98,757			$ 98,609
2.25% Convertible Senior Notes Due 2026 | Additional Paid-in Capital
Debt Instrument [Line Items]
Debt instrument, carrying amount of equity component					$ 50,800
2.00% Convertible Senior Notes Due 2029
Debt Instrument [Line Items]
Note interest rate	2%
Debt instrument, face amount	$ 150,000
Debt instrument, effective interest rate		2.40%			2.40%
Long-term debt		$ 147,034			$ 146,886

Debt - Interest Expense Disclos

Debt - Interest Expense Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs	$ 1,042	$ 1,069
Convertible Notes
Debt Instrument [Line Items]
Contractual stated interest	1,400	1,391
Amortization of debt discount and issuance costs	297	337
Total interest cost recognized	$ 1,697	$ 1,728

Debt - Summary of Maturities of

Debt - Summary of Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 21,633
2025	28,844
2026	128,844
2027	457,904
2028	0
2029 and thereafter	150,000
Less unamortized discount and issuance costs	(10,415)
Debt	$ 776,810	$ 790,438

Leases - Summary of Components

Leases - Summary of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Leases [Abstract]
Fixed lease cost	$ 3,505	$ 4,611
Variable lease cost	449	384
Short-term lease cost	639	499
Total lease cost	$ 4,593	$ 5,494

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022	Aug. 25, 2023
Lessee Lease Description [Line Items]
Operating lease payments	$ 2.5	$ 2.5
Right-of-use assets obtained in exchange for operating lease liabilities		$ 9.4
Weighted-average remaining lease term for operating leases	10 years 6 months		10 years 6 months
Weighted-average discount rate for operating leases	6%
Minimum
Lessee Lease Description [Line Items]
Operating lease term	2 years
Maximum
Lessee Lease Description [Line Items]
Operating lease term	5 years

Leases - Schedule of Minimum Pa

Leases - Schedule of Minimum Payments of Lease Liabilities (Details) $ in Thousands	Dec. 01, 2023 USD ($)
Leases [Abstract]
Remainder of 2024	$ 9,994
2025	11,252
2026	9,921
2027	7,678
2028	7,901
2029 and thereafter	54,395
Total	101,141
Less imputed interest	(27,586)
Present value of total lease liabilities	$ 73,555

Equity - Additional Information

Equity - Additional Information (Details) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 01, 2023 USD ($) shares	Nov. 25, 2022 USD ($) shares	Jan. 08, 2024 USD ($)	Nov. 29, 2023	Jun. 13, 2023	Apr. 04, 2022 USD ($)
Class Of Stock [Line Items]
Shares acquired, value	$ 13,130	$ 4,659
Stock repurchase agreement, ownership rights, percentage				1
Reclassifications out of accumulated other comprehensive income	212,397
Cumulative Translation Adjustment
Class Of Stock [Line Items]
Reclassifications out of accumulated other comprehensive income	212,397
SMART Modular Technologies
Class Of Stock [Line Items]
Stock repurchase agreement, ownership rights, percentage				0.19
SMART Modular Technologies | Lexar Europe B.V.
Class Of Stock [Line Items]
Stock repurchase agreement, ownership rights, percentage				0.81	0.81
Share Repurchase Authorization
Class Of Stock [Line Items]
Stock repurchase program, authorized amount	$ 4,500					$ 75,000
Repurchase of ordinary shares (in shares) | shares	825	182
Shares acquired, value	$ 12,100	$ 2,800
Share Repurchase Authorization | Subsequent Event
Class Of Stock [Line Items]
Stock repurchase program, authorized amount			$ 75,000
Silver Lake Partners III Cayman (AIV III), L.P., Silver Lake Technology Investors III Cayman, L.P., Silver Lake Sumeru Fund Cayman, L.P. and Silver Lake Technology Investors Sumeru Cayman, L.P. | Exchange Transaction
Class Of Stock [Line Items]
Repurchase of ordinary shares (in shares) | shares	75
Silver Lake Partners III Cayman (AIV III), L.P., Silver Lake Technology Investors III Cayman, L.P., Silver Lake Sumeru Fund Cayman, L.P. and Silver Lake Technology Investors Sumeru Cayman, L.P. | Silver Lake Partners, Repurchase
Class Of Stock [Line Items]
Repurchase of ordinary shares (in shares) | shares	75	143
Shares acquired, value	$ 1,100	$ 1,900

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands	3 Months Ended
	Dec. 01, 2023 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 229,233
Components of Other Comprehensive Income (Loss):
Other comprehensive income (loss) before reclassifications	(6,130)
Reclassifications out of accumulated other comprehensive income	212,397
Other comprehensive income (loss)	206,267
Ending balance	416,009
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(205,964)
Components of Other Comprehensive Income (Loss):
Ending balance	303
Cumulative Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(205,969)
Components of Other Comprehensive Income (Loss):
Other comprehensive income (loss) before reclassifications	(6,142)
Reclassifications out of accumulated other comprehensive income	212,397
Other comprehensive income (loss)	206,255
Ending balance	286
Gains (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5
Components of Other Comprehensive Income (Loss):
Other comprehensive income (loss) before reclassifications	12
Reclassifications out of accumulated other comprehensive income	0
Other comprehensive income (loss)	12
Ending balance	$ 17

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements of Other Assets and Liabilities (Details) - Level 2: - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023
Fair Value | Derivative financial instruments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative financial instrument asset	$ 3,721	$ 0
Fair Value | Amended 2027 TLA
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	537,226	551,648
Fair Value | 2029 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	148,649	195,426
Fair Value | 2026 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	105,714	131,864
Carrying Value | Derivative financial instruments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative financial instrument asset	3,721	0
Carrying Value | Amended 2027 TLA
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	531,019	544,943
Carrying Value | 2029 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	147,034	146,886
Carrying Value | 2026 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	$ 98,757	$ 98,609

Equity Plans - Additional Infor

Equity Plans - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares, available for issuance (in shares)	7,300
Unrecognized compensation costs related to awards	$ 0.8
Unrecognized compensation costs recognition period	8 months 12 days
Income tax benefits for share-based awards	$ 1.8	$ 1.8
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share issued under purchase plan (in shares)	298	265
Share issued under purchase plan	$ 3.3	$ 2.9
Restricted Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs related to awards	$ 79
Unrecognized compensation costs recognition period	2 years 3 months 18 days

Equity Plans - Summary of Aggre

Equity Plans - Summary of Aggregate Restricted Award Activity and Assumptions (Details) - Restricted Award Activity - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted (in shares)	419	1,010
Weighted average grant-date fair value per share (in usd per share)	$ 30.49	$ 19.51
Aggregate vesting date fair value of shares vested	$ 8,733	$ 8,949

Equity Plans - Summary of Share

Equity Plans - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 10,970	$ 9,981
Cost of sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	1,815	1,642
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	1,597	1,556
Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 7,558	$ 6,783

Revenue and Customer Contract_3

Revenue and Customer Contract Balances - Summary of Net Sales by Products and Services and Gross Amounts Billed for Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Revenue from Contract with Customer [Abstract]
Cost of materials and services invoiced in connection with logistics services	$ 108,969	$ 377,751

Revenue and Customer Contract_4

Revenue and Customer Contract Balances - Summary of Customer Contract Balances (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Aug. 25, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 2,391	$ 0
Contract liabilities:
Deferred revenue	59,082	69,326
Customer advances	4,124	5,565
Contract liabilities	$ 63,206	$ 74,891

Revenue and Customer Contract_5

Revenue and Customer Contract Balances - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 01, 2023	Aug. 25, 2023
Disaggregation Of Revenue [Line Items]
Expected revenue recognized on remaining performance obligations	$ 59.1
Termination fees	7.3	$ 10.9
Revenue recognized	23.9
Estimates of consideration payable to customers, including estimates for pricing adjustments and returns	14.2	$ 12.5
Customer Advances
Disaggregation Of Revenue [Line Items]
Revenue recognized	1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-12-02
Disaggregation Of Revenue [Line Items]
Expected revenue recognized on remaining performance obligations	$ 39.1
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Other Operating (Income) Expe_2

Other Operating (Income) Expense - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Other Income and Expenses [Abstract]
Restructure charge	$ 2.9	$ 1.8
Restructuring costs payable	$ 2.3

Other Non-operating (Income) _3

Other Non-operating (Income) Expense - Schedule of Other Non-operating (Income) Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Feb. 24, 2023	Nov. 25, 2022
Nonoperating Income (Expense) [Abstract]
Loss (gain) on extinguishment of debt	$ 0	$ 16,700	$ (767)
Loss (gain) from changes in foreign currency exchange rates	(546)		(520)
Loss (gain) on disposition of assets	45		(41)
Other	(75)		(34)
Other non-operating (income) expense	$ (576)		$ (1,362)

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income (Loss) before Income Taxes and Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Income Tax Disclosure [Abstract]
Income (loss) before taxes	$ (7,678)	$ 7,715
Income tax provision (benefit)	$ 3,534	$ 11,322

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ (11,773)	$ (3,939)
Net income (loss) from discontinued operations	(8,148)	8,931
Net income (loss) attributable to SGH – diluted	(19,921)	4,992
Net income (loss) attributable to SGH – basic	$ (19,921)	$ 4,992
Weighted-average shares outstanding – Basic (in shares)	52,068	48,962
Dilutive effect of equity plans and convertible notes (in shares)	0	0
Weighted-average shares outstanding – Diluted (in shares)	52,068	48,962
Basic earnings (loss) per share:
Continuing Operations (in usd per share)	$ (0.23)	$ (0.08)
Discontinued Operations (in usd per share)	(0.15)	0.18
Basic (in usd per share)	(0.38)	0.10
Diluted earnings (loss) per share:
Continuing Operations (in usd per share)	(0.23)	(0.08)
Discontinued Operations (in usd per share)	(0.15)	0.18
Diluted (in usd per share)	$ (0.38)	$ 0.10

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,060	10,147
Equity plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,060	8,432
Stratus Technologies contingently issuable shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	1,715

Segment and Other Information -

Segment and Other Information - Additional Information (Details)	3 Months Ended
	Dec. 01, 2023 businessUnit
Segment Reporting [Abstract]
Number of business units	3

Segment and Other Information_2

Segment and Other Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 01, 2023	Nov. 25, 2022
Segment Reporting Information [Line Items]
Total net sales	$ 274,247	$ 391,797
Total segment operating income	1,305	14,847
Share-based compensation expense	(10,970)	(9,981)
Amortization of acquisition-related intangibles	(10,200)	(10,900)
Change in fair value of contingent consideration	0	(3,700)
Restructure charge	(2,900)	(1,800)
Total unallocated	(81,545)	(97,251)
Unallocated:
Segment Reporting Information [Line Items]
Share-based compensation expense	(10,970)	(9,981)
Amortization of acquisition-related intangibles	(10,008)	(10,858)
Flow through of inventory step up	0	(2,599)
Cost of sales-related restructure	(668)	0
Acquisition and integration expenses	(789)	(6,732)
Change in fair value of contingent consideration	0	(3,700)
Restructure charge	(2,939)	(1,771)
Other	0	(900)
Total unallocated	(25,374)	(36,541)
Operating Segments
Segment Reporting Information [Line Items]
Total net sales	274,247	391,797
Total segment operating income	26,679	51,388
Operating Segments | Memory Solutions
Segment Reporting Information [Line Items]
Total net sales	85,668	118,286
Total segment operating income	7,195	19,039
Operating Segments | Intelligent Platform Solutions
Segment Reporting Information [Line Items]
Total net sales	118,824	210,971
Total segment operating income	17,901	32,985
Operating Segments | LED Solutions
Segment Reporting Information [Line Items]
Total net sales	69,755	62,540
Total segment operating income	$ 1,583	$ (636)