Penguin Solutions (PENG) 10-Q 9 Apr 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Mar. 01, 2024	Apr. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 01, 2024
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		52,297,047
Entity Central Index Key	0001616533
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--08-30

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 01, 2024	Aug. 25, 2023
Assets
Cash and cash equivalents	$ 442,329	$ 365,563
Short-term investments	23,439	25,251
Accounts receivable, net	169,718	219,247
Inventories	172,763	174,977
Other current assets	76,481	51,790
Current assets of discontinued operations	0	70,574
Total current assets	884,730	907,402
Property and equipment, net	109,516	118,734
Operating lease right-of-use assets	62,529	68,444
Intangible assets, net	140,923	160,185
Goodwill	161,958	161,958
Deferred tax assets	73,914	74,085
Other noncurrent assets	83,884	15,150
Total assets	1,517,454	1,505,958
Liabilities and Equity
Accounts payable and accrued expenses	182,021	182,035
Current debt	0	35,618
Deferred revenue	37,228	48,096
Acquisition-related contingent consideration	0	50,000
Other current liabilities	48,710	32,731
Current liabilities of discontinued operations	0	77,770
Total current liabilities	267,959	426,250
Long-term debt	740,663	754,820
Noncurrent operating lease liabilities	62,585	66,407
Other noncurrent liabilities	34,743	29,248
Total liabilities	1,105,950	1,276,725
Commitments and contingencies
SMART Global Holdings shareholders’ equity:
Ordinary shares, $0.03 par value; authorized 200,000 shares; 58,972 shares issued and 52,287 outstanding as of March 1, 2024; 57,542 shares issued and 51,901 outstanding as of August 25, 2023	1,769	1,726
Additional paid-in capital	502,560	476,703
Retained earnings	48,916	82,457
Treasury shares, 6,685 and 5,641 shares held as of March 1, 2024 and August 25, 2023, respectively	(148,309)	(132,447)
Accumulated other comprehensive income (loss)	106	(205,964)
Total SGH shareholders’ equity	405,042	222,475
Noncontrolling interest in subsidiary	6,462	6,758
Total equity	411,504	229,233
Total liabilities and equity	$ 1,517,454	$ 1,505,958

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 01, 2024	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)	58,972	57,542
Ordinary shares, outstanding (in shares)	52,287	51,901
Treasury shares (in shares)	6,685	5,641

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Total net sales	$ 284,821	$ 388,377	$ 559,068	$ 780,174
Total cost of sales	202,887	277,369	394,284	557,068
Gross profit	81,934	111,008	164,784	223,106
Operating expenses:
Research and development	20,526	25,272	41,915	49,344
Selling, general and administrative	61,385	60,074	118,602	127,782
Impairment of goodwill	0	17,558	0	17,558
Change in fair value of contingent consideration	0	6,400	0	10,100
Other operating (income) expense	3,335	3,781	6,274	5,552
Total operating expenses	85,246	113,085	166,791	210,336
Operating income (loss)	(3,312)	(2,077)	(2,007)	12,770
Non-operating (income) expense:
Interest expense, net	7,249	9,430	16,808	17,924
Other non-operating (income) expense	248	13,307	(328)	11,945
Total non-operating (income) expense	7,497	22,737	16,480	29,869
Income (loss) before taxes	(10,809)	(24,814)	(18,487)	(17,099)
Income tax provision (benefit)	2,198	8,149	5,732	19,471
Net income (loss) from continuing operations	(13,007)	(32,963)	(24,219)	(36,570)
Net income (loss) from discontinued operations	0	6,177	(8,148)	15,108
Net income (loss)	(13,007)	(26,786)	(32,367)	(21,462)
Net income attributable to noncontrolling interest	613	433	1,174	765
Net income (loss) attributable to SGH	$ (13,620)	$ (27,219)	$ (33,541)	$ (22,227)
Basic earnings (loss) per share:
Continuing Operations (in usd per share)	$ (0.26)	$ (0.68)	$ (0.49)	$ (0.76)
Discontinued Operations (in usd per share)	0	0.13	(0.15)	0.31
Basic (in usd per share)	(0.26)	(0.55)	(0.64)	(0.45)
Diluted earnings (loss) per share:
Continuing Operations (in usd per share)	(0.26)	(0.68)	(0.49)	(0.76)
Discontinued Operations (in usd per share)	0	0.13	(0.15)	0.31
Diluted (in usd per share)	$ (0.26)	$ (0.55)	$ (0.64)	$ (0.45)
Shares used in per share calculations:
Basic (in shares)	52,031	49,116	52,050	49,039
Diluted (in shares)	52,031	49,116	52,050	49,039
Products
Total net sales	$ 235,457	$ 333,052	$ 441,887	$ 649,560
Total cost of sales	179,889	255,710	343,302	507,001
Services
Total net sales	49,364	55,325	117,181	130,614
Total cost of sales	$ 22,998	$ 21,659	$ 50,982	$ 50,067

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (13,007)	$ (26,786)	$ (32,367)	$ (21,462)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment	(210)	6,121	(6,352)	4,113
Cumulative translation adjustment reclassified to net income (loss)	0	0	212,397	0
Gains (losses) on derivative instruments	0	(24)	0	(4)
Gains (losses) on investments	13	(4)	25	(11)
Comprehensive income (loss)	(13,204)	(20,693)	173,703	(17,364)
Comprehensive income attributable to noncontrolling interest	613	433	1,174	765
Comprehensive income (loss) attributable to SGH	$ (13,817)	$ (21,126)	$ 172,529	$ (18,129)

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. 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)	(21,462)
Common stock, ending balance (in shares) at Feb. 24, 2023			54,383
Ending balance at Feb. 24, 2023	331,520		$ 1,631	417,998		247,756		(123,999)	(217,557)	325,829		5,691
Common stock, beginning balance (in shares) at Nov. 25, 2022			53,940
Beginning 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]
Net income (loss)	(26,786)					(27,219)				(27,219)		433
Other comprehensive income (loss)	6,093								6,093	6,093
Shares issued under equity plans (in shares)			443
Shares issued under equity plans	308		$ 13	295						308
Repurchase of ordinary shares	(11,564)							(11,564)		(11,564)
Purchase of Capped Calls	(15,090)			(15,090)						(15,090)
Settlement of Capped Calls	10,786			10,786						10,786
Share-based compensation expense	10,395			10,395						10,395
Distribution to noncontrolling interest	(2,009)											(2,009)
Common stock, ending balance (in shares) at Feb. 24, 2023			54,383
Ending balance at Feb. 24, 2023	$ 331,520		$ 1,631	417,998		247,756		(123,999)	(217,557)	325,829		5,691
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			58,447
Ending balance at Dec. 01, 2023	$ 416,009		$ 1,753	491,145		62,536		(145,577)	303	410,160		5,849
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)	$ (32,367)
Common stock, ending balance (in shares) at Mar. 01, 2024	52,287		58,972
Ending balance at Mar. 01, 2024	$ 411,504		$ 1,769	502,560		48,916		(148,309)	106	405,042		6,462
Common stock, beginning balance (in shares) at Dec. 01, 2023			58,447
Beginning balance at Dec. 01, 2023	416,009		$ 1,753	491,145		62,536		(145,577)	303	410,160		5,849
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(13,007)					(13,620)				(13,620)		613
Other comprehensive income (loss)	(197)								(197)	(197)
Shares issued under equity plans (in shares)			525
Shares issued under equity plans	792		$ 16	776						792
Repurchase of ordinary shares	(2,732)							(2,732)		(2,732)
Share-based compensation expense	$ 10,639			10,639						10,639
Common stock, ending balance (in shares) at Mar. 01, 2024	52,287		58,972
Ending balance at Mar. 01, 2024	$ 411,504		$ 1,769	$ 502,560		$ 48,916		$ (148,309)	$ 106	$ 405,042		$ 6,462

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		12 Months Ended
	Mar. 01, 2024	Dec. 01, 2023	May 26, 2023	Feb. 24, 2023	Nov. 25, 2022	Mar. 01, 2024	Feb. 24, 2023	Aug. 25, 2023
Cash flows from operating activities
Net income (loss)	$ (13,007)	$ (19,360)		$ (26,786)	$ 5,324	$ (32,367)	$ (21,462)
Net income (loss) from discontinued operations	0			6,177		(8,148)	15,108
Net income (loss) from continuing operations	(13,007)			(32,963)		(24,219)	(36,570)
Adjustments to reconcile net loss from continuing operations to net cash provided by (used for) operating activities:
Depreciation expense and amortization of intangible assets						34,810	34,248
Amortization of debt discount and issuance costs						2,010	2,117
Share-based compensation expense	10,639			10,031		21,609	20,012
Impairment of goodwill	0			17,558		0	17,558
Change in fair value of contingent consideration	0			6,400		0	10,100
Loss (gain) on extinguishment or prepayment of debt	325		$ 16,700	16,691		325	15,924
Deferred income taxes, net						194	1,630
Other						456	4,116
Changes in operating assets and liabilities:
Accounts receivable						49,530	172,033
Inventories						2,214	10,240
Other assets						(21,127)	(9,893)
Accounts payable and accrued expenses and other liabilities						994	(174,745)
Payment of acquisition-related contingent consideration						(29,000)	(73,724)
Net cash provided by (used for) operating activities from continuing operations						37,796	(6,954)
Net cash provided by (used for) operating activities from discontinued operations						(28,235)	33,504
Net cash provided by (used for) operating activities						9,561	26,550
Cash flows from investing activities
Capital expenditures and deposits on equipment						(9,852)	(19,690)
Proceeds from maturities of investment securities						21,955	0
Purchases of held-to-maturity investment securities						(19,503)	0
Acquisition of business, net of cash acquired						0	(213,073)
Other						(746)	239
Net cash used for investing activities from continuing operations						(8,146)	(232,524)
Net cash provided by (used for) investing activities from discontinued operations						118,938	(4,472)
Net cash provided by (used for) investing activities						110,792	(236,996)
Cash flows from financing activities
Proceeds from debt						0	295,287
Proceeds from issuance of ordinary shares						4,247	4,250
Payment of acquisition-related contingent consideration						(21,000)	(28,100)
Payments to acquire ordinary shares						(15,862)	(16,223)
Repayments of debt						(51,634)	(7,211)
Payment of premium in connection with convertible note exchange						0	(14,141)
Net cash paid for settlement and purchase of Capped Calls						0	(4,304)
Distribution to noncontrolling interest						(1,470)	(2,009)
Other						(583)	(5,077)
Net cash provided by (used for) financing activities from continuing operations						(86,302)	222,472
Net cash used for financing activities from discontinued operations						(606)	(124)
Net cash provided by (used for) financing activities						(86,908)	222,348
Effect of changes in currency exchange rates						(1,180)	1,917
Net increase (decrease) in cash and cash equivalents						32,265	13,819
Cash and cash equivalents at beginning of period		$ 410,064	376,884		$ 363,065	410,064	363,065	$ 363,065
Cash and cash equivalents at end of period	442,329			376,884		442,329	376,884	$ 410,064
Continuing operations
Cash flows from financing activities
Cash and cash equivalents at beginning of period			310,377
Cash and cash equivalents at end of period	442,329			310,377		442,329	310,377
Discontinued operations
Cash flows from financing activities
Cash and cash equivalents at beginning of period			$ 66,507
Cash and cash equivalents at end of period	$ 0			$ 66,507		$ 0	$ 66,507

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Mar. 01, 2024
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 years 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 the first quarter of 2024 includes the four-month period for our SMART Brazil operations from August 1, 2023 to November 29, 2023.

Divestiture of SMART Brazil

Divestiture of SMART Brazil	6 Months Ended
	Mar. 01, 2024
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 was received subsequent to the second 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 as of March 1, 2024 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, which 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 Six Months Ended February 24, March 1, February 24, Net sales $ 40,797 $ 55,159 $ 114,478 Cost of sales 41,424 50,560 108,793 Gross profit (627) 4,599 5,685 Operating expenses: Research and development 1,393 157 1,377 Selling, general and administrative 2,697 5,421 6,011 Other operating (income) expense 373 64 643 Total operating expenses 4,463 5,642 8,031 Operating income (loss) (5,090) (1,043) (2,346) Non-operating (income) expense: Loss from divestiture of 81% interest in SMART Brazil — 10,888 — Interest (income) expense, net (1,424) (1,262) (1,881) Other non-operating (income) expense 22 138 724 Total non-operating (income) expense (1,402) 9,764 (1,157) Income (loss) before taxes (3,688) (10,807) (1,189) Income tax provision (benefit) (9,865) (2,659) (16,297) Net income (loss) from discontinued operations $ 6,177 $ (8,148) $ 15,108 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 March 1, 2024, the carrying value of our remaining 19% interest in SMART Brazil was $37.8 million and is included in other noncurrent assets in the accompanying consolidated balance sheet as a non-marketable equity investment. 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	6 Months Ended
	Mar. 01, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Standards	Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU are intended to increase transparency through improvements to annual disclosures primarily related to income tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for us in 2026 for annual reporting, with early adoption permitted. The ASU may be applied on a prospective basis, although retrospective application is permitted. We are evaluating the timing and effects of this ASU on our income tax disclosures. In November 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 our segment disclosures.

Business Acquisition

Business Acquisition	6 Months Ended
	Mar. 01, 2024
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. 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 had the right to receive, and we were obligated to pay, contingent consideration of up to $50.0 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. In the second quarter of 2024, we paid in full $50.0 million related to the Stratus Earnout.

Cash and Investments

Cash and Investments	6 Months Ended
	Mar. 01, 2024
Investments, Debt and Equity Securities [Abstract]
Cash and Investments	Cash and Investments As of March 1, 2024 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 short-term investments were as follows: As of March 1, 2024 As of August 25, 2023 Cash and Cash Equivalents Short-term Investments Cash and Cash Equivalents Short-term Investments Cash and cash equivalents $ 415,962 $ — $ 321,937 $ — Level 1: Money market funds 16,167 — 43,626 — U.S. Treasury securities — 23,439 — 25,251 Level 2: Time deposits 10,200 — — — $ 442,329 $ 23,439 $ 365,563 $ 25,251 Non-marketable Equity Investments As of March 1, 2024 and August 25, 2023, other noncurrent assets included $41.9 million and $4.2 million, respectively, of non-marketable equity investments, which are accounted for under the measurement alternative at cost less impairment, if any. In the event an observable price change occurs in an orderly transaction for an identical or a similar investment, the carrying value of investments would be remeasured to fair value as of the date that the observable transaction occurred, with any resulting gains or losses recorded in earnings.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Mar. 01, 2024
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. As of March 1, 2024, there have been no trade accounts receivable sold under this program.

Inventories

Inventories	6 Months Ended
	Mar. 01, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories As of March 1, August 25, Raw materials $ 85,131 $ 90,085 Work in process 32,426 24,485 Finished goods 55,206 60,407 $ 172,763 $ 174,977 As of March 1, 2024 and August 25, 2023, 13% and 8%, respectively, of total inventories were owned and held under our logistics services program.

Property and Equipment

Property and Equipment	6 Months Ended
	Mar. 01, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment As of March 1, August 25, Equipment $ 90,730 $ 86,429 Buildings and building improvements 67,832 69,325 Furniture, fixtures and software 43,696 44,121 Land 16,126 16,126 218,384 216,001 Accumulated depreciation (108,868) (97,267) $ 109,516 $ 118,734 Depreciation expense for property and equipment was $7.2 million and $14.7 million in the second quarter and first six months of 2024, respectively, and $6.2 million and $12.4 million in the second quarter and first six months of 2023, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Mar. 01, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill As of March 1, 2024 As of August 25, 2023 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Technology $ 142,054 $ (46,766) $ 141,201 $ (34,569) Customer relationships 72,500 (39,849) 72,500 (33,990) Trademarks/trade names 28,300 (15,316) 28,300 (13,257) $ 242,854 $ (101,931) $ 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 six months of 2024 and 2023, we capitalized $0.9 million and $127.0 million, respectively, for intangible assets with weighted-average useful lives of 19.0 years and 6.1 years, respectively. Amortization expense for intangible assets was $9.9 million and $20.1 million in the second quarter and first six months of 2024, respectively, and $11.0 million and $21.9 million in the second quarter and first six months of 2023, respectively. Amortization expense is expected to be $19.9 million for the remainder of 2024, $35.7 million for 2025, $30.3 million for 2026, $29.6 million for 2027, $9.9 million for 2028 and $15.6 million for 2029 and thereafter. In connection with our acquisition of Stratus Technologies in the first quarter of 2023, we capitalized $3.9 million of in-process research and development (“IPR&D”) related to next generation fault tolerant architecture. Amortization of this technology commenced in the second quarter of 2024. 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. As a result, we recorded aggregate charges of $19.1 million in 2023 to impair the carrying value of Penguin Edge goodwill. 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 second quarter of 2024 may become further impaired in future periods.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Mar. 01, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses As of March 1, August 25, Accounts payable (1) $ 148,008 $ 134,980 Salaries, wages and benefits 19,801 27,665 Income and other taxes 10,139 13,370 Other 4,073 6,020 $ 182,021 $ 182,035 (1) Included accounts payable for property and equipment of $0.9 million and $5.2 million as of March 1, 2024 and August 25, 2023, respectively.

Debt

Debt	6 Months Ended
	Mar. 01, 2024
Debt Disclosure [Abstract]
Debt	Debt As of March 1, August 25, Amended 2027 TLA $ 494,607 $ 544,943 2029 Notes 147,165 146,886 2026 Notes 98,891 98,609 740,663 790,438 Less current debt — (35,618) Long-term debt $ 740,663 $ 754,820 Credit Facility On February 7, 2022, SGH and SMART Modular Technologies, Inc. (collectively, the “Borrowers”) entered into a credit agreement (the “Original Credit Agreement”) with a syndicate of banks and Citizens Bank, N.A., as administrative agent (the “Administrative Agent”) that provided for (i) a term loan credit facility in an aggregate principal amount of $275.0 million (the “2027 TLA”) and (ii) a revolving credit facility in an aggregate principal amount of $250.0 million (the “2027 Revolver”), in each case, maturing on February 7, 2027 (subject to certain earlier “springing maturity” dates upon certain conditions specified in the Original Credit Agreement). On August 29, 2022, the Borrowers entered into the First Amendment (the “Incremental Amendment”; the Original Credit Agreement as amended by the Incremental Amendment, the “Amended Credit Agreement”) with and among the lenders party thereto and the Administrative Agent. The Incremental Amendment amended the Original Credit Agreement and (i) provides for incremental term loans under the Amended Credit Agreement in an aggregate amount of $300.0 million (the “Incremental Term Loans” and together with the 2027 TLA, the “Amended 2027 TLA”) which Incremental Term Loans are on the same terms as the term loans incurred under the Original Credit Agreement, (ii) increases the maximum First Lien Leverage Ratio (as defined in the Amended Credit Agreement) financial covenant from 3.00:1.00 to 3.25:1.00 and (iii) increases the aggregate amount of unrestricted cash and permitted investments netted from the definitions of Consolidated First Lien Debt and Consolidated Net Debt under the Amended Credit Agreement from $100 million to $125 million. As of March 1, 2024, there was $500.0 million of principal amount outstanding under the Amended 2027 TLA, unamortized issuance costs were $5.4 million and the effective interest rate was 8.47%. As of March 1, 2024, there were no amounts outstanding under the 2027 Revolver and unamortized issuance costs were $2.7 million. Amended 2027 TLA On February 29, 2024, we prepaid $30.0 million outstanding under the Amended 2027 TLA. In connection therewith, we wrote off $0.3 million of unamortized issuance costs. On March 29, 2024, subsequent to the end of our second quarter ended March 1, 2024, we prepaid $75.0 million outstanding under the Amended 2027 TLA. In connection therewith, we wrote off $0.8 million of unamortized issuance costs. Convertible Senior Notes Convertible Senior Notes Exchange In the second quarter of 2023, we exchanged $150.0 million principal amount of 2.25% Convertible Senior Notes due 2026 (the “2026 Notes”) for $150.0 million in aggregate principal amount of 2.00% Convertible Senior Notes due 2029 (the “2029 Notes”), together with 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. The exchange was accounted for as an extinguishment of the 2026 Notes and the issuance of the 2029 Notes. In connection therewith, 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 March 1, 2024 and August 25, 2023, the effective interest rate for our 2026 Notes was 2.83% . As of March 1, 2024 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 Six Months Ended March 1, February 24, March 1, February 24, Contractual stated interest $ 1,312 $ 1,366 $ 2,712 $ 2,757 Amortization of discount and issuance costs 264 317 561 654 $ 1,576 $ 1,683 $ 3,273 $ 3,411 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. Maturities of Debt As of March 1, 2024, maturities of debt were as follows: Remainder of 2024 $ — 2025 13,267 2026 128,844 2027 457,904 2028 — 2029 and thereafter 150,000 Less unamortized discount and issuance costs (9,352) $ 740,663

Leases

Leases	6 Months Ended
	Mar. 01, 2024
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 Six Months Ended March 1, February 24, March 1, February 24, Fixed lease cost $ 3,181 $ 4,724 $ 6,686 $ 9,335 Variable lease cost 399 299 848 683 Short-term lease cost 563 558 1,202 1,057 $ 4,143 $ 5,581 $ 8,736 $ 11,075 Cash flows used for operating activities in the first six months of 2024 and 2023 included payments for operating leases of $4.5 million and $4.8 million, respectively. Acquisitions of right-of-use assets were $0.3 million in the first six months of 2024 and $10.5 million in the first six months of 2023. As of March 1, 2024 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 March 1, 2024, minimum payments of lease liabilities were as follows: Remainder of 2024 $ 6,503 2025 10,969 2026 9,663 2027 7,723 2028 7,939 2029 and thereafter 54,412 97,209 Less imputed interest (26,163) Present value of total lease liabilities $ 71,046

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 01, 2024
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 significant 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	6 Months Ended
	Mar. 01, 2024
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. On January 8, 2024, the Audit Committee of the Board of Directors approved an additional $75.0 million share repurchase authorization. In the first six months of 2024 and 2023, we repurchased 931 thousand and 533 thousand shares for $13.9 million and $8.4 million, respectively, under the initial authorization. As of March 1, 2024, an aggregate of $77.7 million of these authorizations remained available for the repurchase of our 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 six months of 2024 and 2023, we repurchased 113 thousand and 176 thousand ordinary shares as payment of withholding taxes for $1.9 million and $2.4 million, respectively. In connection with the exchange transactions in the second quarter of 2023, we repurchased 326 thousand ordinary shares for $5.4 million. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component for the first six months 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 (6,352) 25 (6,327) Reclassifications out of accumulated other comprehensive income 212,397 — 212,397 Other comprehensive income (loss) 206,045 25 206,070 As of March 1, 2024 $ 76 $ 30 $ 106 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	6 Months Ended
	Mar. 01, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of March 1, 2024 As of August 25, 2023 Fair Carrying Fair Carrying Assets: Derivative financial instrument $ 3,790 $ 3,790 $ — $ — Liabilities: Amended 2027 TLA $ 500,015 $ 494,607 $ 551,648 $ 544,943 2029 Notes 184,455 147,165 195,426 146,886 2026 Notes 125,987 98,891 131,864 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 March 1, 2024, 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	6 Months Ended
	Mar. 01, 2024
Share-Based Payment Arrangement [Abstract]
Equity Plans	Equity Plans As of March 1, 2024, 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 Six Months Ended March 1, February 24, March 1, February 24, Awards granted 205 82 624 1,222 Weighted-average grant date fair value per share $ 21.15 $ 17.15 $ 22.75 $ 19.05 Aggregate vesting date fair value of shares vested $ 10,222 $ 6,665 $ 18,955 $ 15,614 As of March 1, 2024, total unrecognized compensation costs for unvested Restricted Awards was $70.0 million, which was expected to be recognized over a weighted-average period of 2.1 years. Share Options As of March 1, 2024, total aggregate unrecognized compensation costs for unvested options was $0.5 million, which was expected to be recognized over a weighted-average period of 0.5 years. Employee Share Purchase Plan (“ESPP”) Under our ESPP, employees purchased 298 thousand ordinary shares for $3.3 million in the first six months of 2024 and 265 thousand shares for $2.9 million in the first six months of 2023. Share-Based Compensation Expense Share-based compensation expense for our continuing operations was as follows: Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Share-based compensation expense by caption: Cost of sales $ 1,691 $ 1,308 $ 3,541 $ 2,950 Research and development 1,781 1,385 3,414 2,941 Selling, general and administrative 7,167 7,338 14,907 14,121 $ 10,639 $ 10,031 $ 21,862 $ 20,012 Income tax benefits for share-based awards were $1.7 million and $3.5 million in the second quarter and first six months of 2024, respectively, and $1.6 million and $3.4 million in the second quarter and first six months of 2023, respectively.

Revenue and Customer Contract B

Revenue and Customer Contract Balances	6 Months Ended
	Mar. 01, 2024
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 generally 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 Six Months Ended March 1, February 24, March 1, February 24, Cost of materials and services invoiced in connection with logistics services $ 90,670 $ 143,984 $ 199,639 $ 521,735 Customer Contract Balances As of March 1, August 25, Contract assets (1) $ 1,189 $ — Contract liabilities: (2) Deferred revenue $ 58,776 $ 69,326 Customer advances 24,050 5,565 $ 82,826 $ 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 March 1, 2024, we expect to recognize revenue of $37.2 million of the $58.8 million balance in the next 12 months and the remaining amount thereafter. In the first six months of 2024, we recognized revenue of $38.6 million from satisfying performance obligations related to amounts included in deferred revenue as of August 25, 2023. Deferred revenue includes $7.9 million and $10.9 million as of March 1, 2024 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 six months of 2024, we recognized revenue of $1.2 million from satisfying performance obligations related to amounts included in customer advances as of August 25, 2023. As of March 1, 2024 and August 25, 2023, other current liabilities included $13.0 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	6 Months Ended
	Mar. 01, 2024
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 $6.3 million and $5.6 million in the first six months 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 March 1, 2024, $3.0 million remained unpaid, which is expected to be paid in 2024.

Other Non-operating (Income) Ex

Other Non-operating (Income) Expense	6 Months Ended
	Mar. 01, 2024
Nonoperating Income (Expense) [Abstract]
Other Non-operating (Income) Expense	Other Non-operating (Income) Expense Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Loss (gain) on extinguishment or prepayment of debt $ 325 $ 16,691 $ 325 $ 15,924 Loss (gain) from changes in foreign currency exchange rates 182 165 (364) (355) Loss (gain) on disposition of assets 41 (2,984) 86 (3,025) Other (300) (565) (375) (599) $ 248 $ 13,307 $ (328) $ 11,945

Income Taxes

Income Taxes	6 Months Ended
	Mar. 01, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Income (loss) before taxes $ (10,809) $ (24,814) $ (18,487) $ (17,099) Income tax provision (benefit) 2,198 8,149 5,732 19,471 Income tax provision (benefit) for federal, state and foreign taxes is 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	6 Months Ended
	Mar. 01, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Net income (loss) from continuing operations $ (13,620) $ (33,396) $ (25,393) $ (37,335) Net income (loss) from discontinued operations — 6,177 (8,148) 15,108 Net income (loss) attributable to SGH – Basic and Diluted $ (13,620) $ (27,219) $ (33,541) $ (22,227) Weighted-average shares outstanding – Basic 52,031 49,116 52,050 49,039 Dilutive effect of equity plans and convertible notes — — — — Weighted-average shares outstanding – Diluted 52,031 49,116 52,050 49,039 Basic earnings (loss) per share: Continuing operations $ (0.26) $ (0.68) $ (0.49) $ (0.76) Discontinued operations — 0.13 (0.15) 0.31 $ (0.26) $ (0.55) $ (0.64) $ (0.45) Diluted earnings (loss) per share: Continuing operations $ (0.26) $ (0.68) $ (0.49) $ (0.76) Discontinued operations — 0.13 (0.15) 0.31 $ (0.26) $ (0.55) $ (0.64) $ (0.45) 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 Six Months Ended March 1, February 24, March 1, February 24, Equity plans 5,396 7,861 5,396 7,861 Stratus Technologies contingently issuable shares — 1,787 — 1,787 5,396 9,648 5,396 9,648

Segment and Other Information

Segment and Other Information	6 Months Ended
	Mar. 01, 2024
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 hyperscale, financial services, energy, government, education, healthcare 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 Six Months Ended March 1, February 24, March 1, February 24, Net sales: Memory Solutions $ 83,297 $ 110,339 $ 168,965 $ 228,625 Intelligent Platform Solutions 141,405 222,451 260,229 433,422 LED Solutions 60,119 55,587 129,874 118,127 Total net sales $ 284,821 $ 388,377 $ 559,068 $ 780,174 Segment operating income: Memory Solutions $ 6,016 $ 20,366 $ 13,211 $ 39,405 Intelligent Platform Solutions 22,291 36,645 40,192 69,630 LED Solutions (1,793) (1,227) (210) (1,863) Total segment operating income 26,514 55,784 53,193 107,172 Unallocated: Share-based compensation expense (10,639) (10,031) (21,609) (20,012) Amortization of acquisition-related intangibles (9,751) (10,815) (19,759) (21,673) Flow through of inventory step up — — — (2,599) Cost of sales-related restructure (216) (5,552) (884) (5,552) Diligence, acquisition and integration expense (5,885) (2,824) (6,674) (9,556) Impairment of goodwill — (17,558) — (17,558) Change in fair value of contingent consideration — (6,400) — (10,100) Restructure charge (3,335) (3,781) (6,274) (5,552) Other — (900) — (1,800) Total unallocated (29,826) (57,861) (55,200) (94,402) Consolidated operating income (loss) $ (3,312) $ (2,077) $ (2,007) $ 12,770

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (13,620)	$ (27,219)	$ (33,541)	$ (22,227)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 01, 2024
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)	6 Months Ended
	Mar. 01, 2024
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 years 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 the first quarter of 2024 includes the four-month period for our SMART Brazil operations from August 1, 2023 to November 29, 2023.
Recently Adopted and Issued Accounting Standards	Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU are intended to increase transparency through improvements to annual disclosures primarily related to income tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for us in 2026 for annual reporting, with early adoption permitted. The ASU may be applied on a prospective basis, although retrospective application is permitted. We are evaluating the timing and effects of this ASU on our income tax disclosures. In November 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 our segment disclosures.

Divestiture of SMART Brazil (Ta

Divestiture of SMART Brazil (Tables)	6 Months Ended
	Mar. 01, 2024
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 was received subsequent to the second 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 as of March 1, 2024 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, which 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 Six Months Ended February 24, March 1, February 24, Net sales $ 40,797 $ 55,159 $ 114,478 Cost of sales 41,424 50,560 108,793 Gross profit (627) 4,599 5,685 Operating expenses: Research and development 1,393 157 1,377 Selling, general and administrative 2,697 5,421 6,011 Other operating (income) expense 373 64 643 Total operating expenses 4,463 5,642 8,031 Operating income (loss) (5,090) (1,043) (2,346) Non-operating (income) expense: Loss from divestiture of 81% interest in SMART Brazil — 10,888 — Interest (income) expense, net (1,424) (1,262) (1,881) Other non-operating (income) expense 22 138 724 Total non-operating (income) expense (1,402) 9,764 (1,157) Income (loss) before taxes (3,688) (10,807) (1,189) Income tax provision (benefit) (9,865) (2,659) (16,297) Net income (loss) from discontinued operations $ 6,177 $ (8,148) $ 15,108 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 March 1, 2024, the carrying value of our remaining 19% interest in SMART Brazil was $37.8 million and is included in other noncurrent assets in the accompanying consolidated balance sheet as a non-marketable equity investment. 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

Cash and Investments (Tables)

Cash and Investments (Tables)	6 Months Ended
	Mar. 01, 2024
Investments, Debt and Equity Securities [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	Cash, cash equivalents and short-term investments were as follows: As of March 1, 2024 As of August 25, 2023 Cash and Cash Equivalents Short-term Investments Cash and Cash Equivalents Short-term Investments Cash and cash equivalents $ 415,962 $ — $ 321,937 $ — Level 1: Money market funds 16,167 — 43,626 — U.S. Treasury securities — 23,439 — 25,251 Level 2: Time deposits 10,200 — — — $ 442,329 $ 23,439 $ 365,563 $ 25,251

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Mar. 01, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	As of March 1, August 25, Raw materials $ 85,131 $ 90,085 Work in process 32,426 24,485 Finished goods 55,206 60,407 $ 172,763 $ 174,977

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Mar. 01, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	As of March 1, August 25, Equipment $ 90,730 $ 86,429 Buildings and building improvements 67,832 69,325 Furniture, fixtures and software 43,696 44,121 Land 16,126 16,126 218,384 216,001 Accumulated depreciation (108,868) (97,267) $ 109,516 $ 118,734

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Mar. 01, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill by Segment	As of March 1, 2024 As of August 25, 2023 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Technology $ 142,054 $ (46,766) $ 141,201 $ (34,569) Customer relationships 72,500 (39,849) 72,500 (33,990) Trademarks/trade names 28,300 (15,316) 28,300 (13,257) $ 242,854 $ (101,931) $ 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)	6 Months Ended
	Mar. 01, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	As of March 1, August 25, Accounts payable (1) $ 148,008 $ 134,980 Salaries, wages and benefits 19,801 27,665 Income and other taxes 10,139 13,370 Other 4,073 6,020 $ 182,021 $ 182,035 (1) Included accounts payable for property and equipment of $0.9 million and $5.2 million as of March 1, 2024 and August 25, 2023, respectively.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Mar. 01, 2024
Debt Disclosure [Abstract]
Summary of Long-Term Debt	As of March 1, August 25, Amended 2027 TLA $ 494,607 $ 544,943 2029 Notes 147,165 146,886 2026 Notes 98,891 98,609 740,663 790,438 Less current debt — (35,618) Long-term debt $ 740,663 $ 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 Six Months Ended March 1, February 24, March 1, February 24, Contractual stated interest $ 1,312 $ 1,366 $ 2,712 $ 2,757 Amortization of discount and issuance costs 264 317 561 654 $ 1,576 $ 1,683 $ 3,273 $ 3,411
Summary of Maturities of Debt	As of March 1, 2024, maturities of debt were as follows: Remainder of 2024 $ — 2025 13,267 2026 128,844 2027 457,904 2028 — 2029 and thereafter 150,000 Less unamortized discount and issuance costs (9,352) $ 740,663

Leases (Tables)

Leases (Tables)	6 Months Ended
	Mar. 01, 2024
Leases [Abstract]
Summary of Components of Operating Lease Expense	The components of operating lease expense were as follows: Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Fixed lease cost $ 3,181 $ 4,724 $ 6,686 $ 9,335 Variable lease cost 399 299 848 683 Short-term lease cost 563 558 1,202 1,057 $ 4,143 $ 5,581 $ 8,736 $ 11,075
Schedule of Minimum Payments of Lease Liabilities	As of March 1, 2024, minimum payments of lease liabilities were as follows: Remainder of 2024 $ 6,503 2025 10,969 2026 9,663 2027 7,723 2028 7,939 2029 and thereafter 54,412 97,209 Less imputed interest (26,163) Present value of total lease liabilities $ 71,046

Equity (Tables)

Equity (Tables)	6 Months Ended
	Mar. 01, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income (loss) by component for the first six months 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 (6,352) 25 (6,327) Reclassifications out of accumulated other comprehensive income 212,397 — 212,397 Other comprehensive income (loss) 206,045 25 206,070 As of March 1, 2024 $ 76 $ 30 $ 106

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 01, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements of Other Assets and Liabilities	As of March 1, 2024 As of August 25, 2023 Fair Carrying Fair Carrying Assets: Derivative financial instrument $ 3,790 $ 3,790 $ — $ — Liabilities: Amended 2027 TLA $ 500,015 $ 494,607 $ 551,648 $ 544,943 2029 Notes 184,455 147,165 195,426 146,886 2026 Notes 125,987 98,891 131,864 98,609

Equity Plans (Tables)

Equity Plans (Tables)	6 Months Ended
	Mar. 01, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Aggregate Restricted Award Activity and Assumptions	Aggregate Restricted Award activity was as follows: Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Awards granted 205 82 624 1,222 Weighted-average grant date fair value per share $ 21.15 $ 17.15 $ 22.75 $ 19.05 Aggregate vesting date fair value of shares vested $ 10,222 $ 6,665 $ 18,955 $ 15,614
Schedule of Share Based Compensation Expense Allocation	Share-based compensation expense for our continuing operations was as follows: Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Share-based compensation expense by caption: Cost of sales $ 1,691 $ 1,308 $ 3,541 $ 2,950 Research and development 1,781 1,385 3,414 2,941 Selling, general and administrative 7,167 7,338 14,907 14,121 $ 10,639 $ 10,031 $ 21,862 $ 20,012

Revenue and Customer Contract_2

Revenue and Customer Contract Balances (Tables)	6 Months Ended
	Mar. 01, 2024
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 Six Months Ended March 1, February 24, March 1, February 24, Cost of materials and services invoiced in connection with logistics services $ 90,670 $ 143,984 $ 199,639 $ 521,735
Summary of Customer Contract Balances	As of March 1, August 25, Contract assets (1) $ 1,189 $ — Contract liabilities: (2) Deferred revenue $ 58,776 $ 69,326 Customer advances 24,050 5,565 $ 82,826 $ 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)	6 Months Ended
	Mar. 01, 2024
Nonoperating Income (Expense) [Abstract]
Schedule of Other Non-operating (Income) Expense	Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Loss (gain) on extinguishment or prepayment of debt $ 325 $ 16,691 $ 325 $ 15,924 Loss (gain) from changes in foreign currency exchange rates 182 165 (364) (355) Loss (gain) on disposition of assets 41 (2,984) 86 (3,025) Other (300) (565) (375) (599) $ 248 $ 13,307 $ (328) $ 11,945

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Mar. 01, 2024
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) before Income Taxes and Components of Income Tax Provision (Benefit)	Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Income (loss) before taxes $ (10,809) $ (24,814) $ (18,487) $ (17,099) Income tax provision (benefit) 2,198 8,149 5,732 19,471

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 01, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Net income (loss) from continuing operations $ (13,620) $ (33,396) $ (25,393) $ (37,335) Net income (loss) from discontinued operations — 6,177 (8,148) 15,108 Net income (loss) attributable to SGH – Basic and Diluted $ (13,620) $ (27,219) $ (33,541) $ (22,227) Weighted-average shares outstanding – Basic 52,031 49,116 52,050 49,039 Dilutive effect of equity plans and convertible notes — — — — Weighted-average shares outstanding – Diluted 52,031 49,116 52,050 49,039 Basic earnings (loss) per share: Continuing operations $ (0.26) $ (0.68) $ (0.49) $ (0.76) Discontinued operations — 0.13 (0.15) 0.31 $ (0.26) $ (0.55) $ (0.64) $ (0.45) Diluted earnings (loss) per share: Continuing operations $ (0.26) $ (0.68) $ (0.49) $ (0.76) Discontinued operations — 0.13 (0.15) 0.31 $ (0.26) $ (0.55) $ (0.64) $ (0.45)
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 Six Months Ended March 1, February 24, March 1, February 24, Equity plans 5,396 7,861 5,396 7,861 Stratus Technologies contingently issuable shares — 1,787 — 1,787 5,396 9,648 5,396 9,648

Segment and Other Information (

Segment and Other Information (Tables)	6 Months Ended
	Mar. 01, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended Six Months Ended March 1, February 24, March 1, February 24, Net sales: Memory Solutions $ 83,297 $ 110,339 $ 168,965 $ 228,625 Intelligent Platform Solutions 141,405 222,451 260,229 433,422 LED Solutions 60,119 55,587 129,874 118,127 Total net sales $ 284,821 $ 388,377 $ 559,068 $ 780,174 Segment operating income: Memory Solutions $ 6,016 $ 20,366 $ 13,211 $ 39,405 Intelligent Platform Solutions 22,291 36,645 40,192 69,630 LED Solutions (1,793) (1,227) (210) (1,863) Total segment operating income 26,514 55,784 53,193 107,172 Unallocated: Share-based compensation expense (10,639) (10,031) (21,609) (20,012) Amortization of acquisition-related intangibles (9,751) (10,815) (19,759) (21,673) Flow through of inventory step up — — — (2,599) Cost of sales-related restructure (216) (5,552) (884) (5,552) Diligence, acquisition and integration expense (5,885) (2,824) (6,674) (9,556) Impairment of goodwill — (17,558) — (17,558) Change in fair value of contingent consideration — (6,400) — (10,100) Restructure charge (3,335) (3,781) (6,274) (5,552) Other — (900) — (1,800) Total unallocated (29,826) (57,861) (55,200) (94,402) Consolidated operating income (loss) $ (3,312) $ (2,077) $ (2,007) $ 12,770

Significant Accounting Polici_3

Significant Accounting Policies - (Details)	Mar. 01, 2024	Nov. 29, 2023	Jun. 13, 2023
Significant Accounting Policies [Line Items]
Stock repurchase agreement, ownership rights, percentage		1
SMART Brazil
Significant Accounting Policies [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19	0.19
SMART Brazil | 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	3 Months Ended
	Dec. 01, 2023 USD ($)	Mar. 01, 2024	Nov. 29, 2023 USD ($) exerciseWindow	Aug. 25, 2023 USD ($)	Jun. 13, 2023
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage			1
Payment deferral, duration			18 months
Put option exercise windows | exerciseWindow			3
Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent deferred tax liabilities			$ 28,564	$ 28,564
SMART Brazil
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage		0.19	0.19
SMART Brazil | Lexar Europe B.V.
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage			0.81		0.81
SMART Brazil
Disposal Groups, Including Discontinued Operations [Line Items]
Total enterprise value			$ 205,000
Total enterprise value, percentage			1
Net income ratio			7.5
Foreign currency translation gains (losses)	$ (206,300)

Divestiture of SMART Brazil - T

Divestiture of SMART Brazil - Total Consideration (Details) $ in Thousands	Nov. 29, 2023 USD ($)	Mar. 01, 2024
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 Brazil
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19	0.19
Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration	$ 194,092
SMART Brazil
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 Brazil | 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
Total consideration	$ 194,092

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		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ 0	$ 6,177	$ (8,148)	$ 15,108
Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		40,797	55,159	114,478
Cost of sales		41,424	50,560	108,793
Gross profit		(627)	4,599	5,685
Research and development		1,393	157	1,377
Selling, general and administrative		2,697	5,421	6,011
Other operating (income) expense		373	64	643
Total operating expenses		4,463	5,642	8,031
Operating income (loss)		(5,090)	(1,043)	(2,346)
Loss from divestiture of 81% interest in SMART Brazil		0	10,888	0
Interest (income) expense, net		(1,424)	(1,262)	(1,881)
Other non-operating (income) expense		22	138	724
Total non-operating (income) expense		(1,402)	9,764	(1,157)
Income (loss) before taxes		(3,688)	(10,807)	(1,189)
Income tax provision (benefit)		(9,865)	(2,659)	(16,297)
Net income (loss) from discontinued operations		$ 6,177	$ (8,148)	$ 15,108

Divestiture of SMART Brazil - L

Divestiture of SMART Brazil - Loss From Divestiture (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 29, 2023 USD ($)	Dec. 01, 2023 USD ($)	Aug. 25, 2023 USD ($)	Dec. 01, 2023 USD ($)	Mar. 01, 2024 USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	1
SMART Brazil
Disposal Groups, Including Discontinued Operations [Line Items]
Equity securities, FV-NI					$ 37,800
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
Discontinued Operations, Disposed of by Sale | SMART Brazil
Disposal Groups, Including Discontinued Operations [Line Items]
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 from divestiture of 81% interest in SMART Brazil		$ 8,904	$ 181,600	$ 190,504
SMART Brazil | Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration	$ 194,092
SMART Brazil
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19				0.19

Business Acquisition - Addition

Business Acquisition - Additional Information (Details) - Stratus Technologies - USD ($) $ in Thousands		3 Months Ended
	Aug. 29, 2022	Mar. 01, 2024
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 225,000
Contingent consideration (up to)	$ 50,000
Payment for contingent consideration liability		$ 50,000

Cash and Investments - Schedule

Cash and Investments - Schedule of Cash, Cash Equivalents, and Short-term Investments (Details) - USD ($) $ in Thousands	Mar. 01, 2024	Aug. 25, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 442,329	$ 365,563
Short-term investments	23,439	25,251
Level 2:
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	10,200	0
Short-term investments	0	0
Money market funds | Level 1:
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	16,167	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	23,439	25,251
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	415,962	321,937
Short-term investments	$ 0	$ 0

Cash and Investments - Narrativ

Cash and Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 01, 2024	Aug. 25, 2023
Cash and Cash Equivalents [Abstract]
Equity securities, FV-NI, noncurrent	$ 41,900	$ 4,200

Accounts Receivable (Details)

Accounts Receivable (Details)	3 Months Ended
	Mar. 01, 2024 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	Mar. 01, 2024	Aug. 25, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 85,131	$ 90,085
Work in process	32,426	24,485
Finished goods	55,206	60,407
Total inventories	$ 172,763	$ 174,977

Inventories - Additional Inform

Inventories - Additional Information (Details)	Mar. 01, 2024	Aug. 25, 2023
Inventory Disclosure [Abstract]
Percentage of inventories	13%	8%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023	Aug. 25, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 218,384		$ 218,384		$ 216,001
Accumulated depreciation	(108,868)		(108,868)		(97,267)
Net property and equipment	109,516		109,516		118,734
Depreciation expense	7,200	$ 6,200	14,700	$ 12,400
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	90,730		90,730		86,429
Buildings and building improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	67,832		67,832		69,325
Furniture, fixtures and software
Property Plant And Equipment [Line Items]
Property and equipment, gross	43,696		43,696		44,121
Land
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 16,126		$ 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	Mar. 01, 2024	Aug. 25, 2023
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 242,854	$ 242,001
Accumulated Amortization	(101,931)	(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]
Gross amount	142,054	141,201
Accumulated Amortization	(46,766)	(34,569)
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross amount	72,500	72,500
Accumulated Amortization	(39,849)	(33,990)
Trademarks/trade names
Finite Lived Intangible Assets [Line Items]
Gross amount	28,300	28,300
Accumulated Amortization	$ (15,316)	$ (13,257)

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Nov. 25, 2022	Mar. 01, 2024	Feb. 24, 2023	Aug. 25, 2023
Finite Lived Intangible Assets [Line Items]
Identifiable assets acquired finite-lived intangibles	$ 900	$ 127,000		$ 900	$ 127,000
Acquired finite-lived intangible assets, weighted average useful life				19 years	6 years 1 month 6 days
Amortization of intangible assets	9,900	11,000		$ 20,100	$ 21,900
Finite-lived intangible assets, expected amortization remainder of fiscal year	19,900			19,900
Finite-lived intangible assets, expected amortization for 2025	35,700			35,700
Finite-lived intangible assets, expected amortization for 2026	30,300			30,300
Finite-lived intangible assets, expected amortization for 2027	29,600			29,600
Finite-lived intangible assets, expected amortization for 2028	9,900			9,900
Finite-lived intangible asset, expected amortization, 2029 and after	15,600			15,600
Impairment of goodwill	0	$ 17,558		0	$ 17,558
Goodwill	161,958			161,958		$ 161,958
In Process Research and Development | Stratus Technologies
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, period increase (decrease)			$ 3,900
Penguin Edge
Finite Lived Intangible Assets [Line Items]
Impairment of goodwill						$ 19,100
Goodwill	$ 16,100			$ 16,100

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - (Details) - USD ($) $ in Thousands	Mar. 01, 2024	Aug. 25, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 148,008	$ 134,980
Salaries, wages and benefits	19,801	27,665
Income and other taxes	10,139	13,370
Other	4,073	6,020
Total	182,021	182,035
Accounts payable for property and equipment	$ 900	$ 5,200

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 01, 2024	Aug. 25, 2023
Debt Instrument [Line Items]
Debt	$ 740,663	$ 790,438
Less current debt	0	(35,618)
Long-term debt	740,663	754,820
Amended 2027 TLA
Debt Instrument [Line Items]
Debt	494,607	544,943
2029 Notes
Debt Instrument [Line Items]
Debt	147,165	146,886
2026 Notes
Debt Instrument [Line Items]
Debt	$ 98,891	$ 98,609

Debt - Credit Facility (Details

Debt - Credit Facility (Details)	Mar. 29, 2024 USD ($)	Feb. 29, 2024 USD ($)	Aug. 29, 2022 USD ($)	Feb. 07, 2022 USD ($)	Mar. 01, 2024 USD ($)
Debt Instrument [Line Items]
Unamortized debt discounts and issuance costs					$ (9,352,000)
Amended 2027 TLA
Debt Instrument [Line Items]
Debt instrument outstanding amount					500,000,000
Unamortized debt discounts and issuance costs					$ (5,400,000)
Debt instrument, effective interest rate					8.47%
Repayments of long-term debt		$ 30,000,000
Write off of unamortized debt issuance cost		$ 300,000
Amended 2027 TLA | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument outstanding amount					$ 0
Unamortized debt issuance expense					$ 2,700,000
Amended 2027 TLA | Subsequent Event
Debt Instrument [Line Items]
Repayments of long-term debt	$ 75,000,000
Write off of unamortized debt issuance cost	$ 800,000
The Credit Facility Agreement
Debt Instrument [Line Items]
Debt covenant, first lien leverage ratio			3.25	3
Debt covenant, reduction of debt amount used for the purposes of calculating debt covenant ratios			$ 125,000,000	$ 100,000,000
The Credit Facility Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount				250,000,000
The Credit Facility Agreement | Amended 2027 TLA
Debt Instrument [Line Items]
Debt instrument, face amount			$ 300,000,000	$ 275,000,000

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	Jan. 18, 2023	Mar. 01, 2024	May 26, 2023	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023	Aug. 25, 2023
Debt Instrument [Line Items]
Convertible notes, cash payment	$ 15,600
Payment for debt extinguishment or debt prepayment cost	14,100				$ 0	$ 14,141
Gain (loss) on extinguishment of debt		$ (325)	$ (16,700)	$ (16,691)	(325)	$ (15,924)
Long-term debt		740,663			740,663		$ 790,438
Retained earnings		$ 48,916			$ 48,916		82,457
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]
Converted instrument, amount				$ 150,000
Note interest rate				2.25%		2.25%
Payment for debt extinguishment or debt prepayment cost	14,100
Interest paid, excluding capitalized interest, operating activities	1,500
Write off of unamortized debt issuance cost	2,500
Debt instrument, effective interest rate		2.83%			2.83%		2.83%
Long-term debt		$ 98,891			$ 98,891		$ 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]
Debt instrument, face amount	$ 150,000
Note interest rate				2%		2%
Debt instrument, effective interest rate		2.40%			2.40%		2.40%
Long-term debt		$ 147,165			$ 147,165		$ 146,886

Debt - Interest Expense Disclos

Debt - Interest Expense Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs			$ 2,010	$ 2,117
Convertible Notes
Debt Instrument [Line Items]
Contractual stated interest	$ 1,312	$ 1,366	2,712	2,757
Amortization of debt discount and issuance costs	264	317	561	654
Total interest cost recognized	$ 1,576	$ 1,683	$ 3,273	$ 3,411

Debt - Summary of Maturities of

Debt - Summary of Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 01, 2024	Aug. 25, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 0
2025	13,267
2026	128,844
2027	457,904
2028	0
2029 and thereafter	150,000
Less unamortized discount and issuance costs	(9,352)
Debt	$ 740,663	$ 790,438

Leases - Summary of Components

Leases - Summary of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Leases [Abstract]
Fixed lease cost	$ 3,181	$ 4,724	$ 6,686	$ 9,335
Variable lease cost	399	299	848	683
Short-term lease cost	563	558	1,202	1,057
Total lease cost	$ 4,143	$ 5,581	$ 8,736	$ 11,075

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Aug. 25, 2023
Lessee Lease Description [Line Items]
Operating lease payments	$ 4,500	$ 4,800
Right-of-use assets obtained in exchange for operating lease liabilities	$ 300	$ 10,500
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	Mar. 01, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 6,503
2025	10,969
2026	9,663
2027	7,723
2028	7,939
2029 and thereafter	54,412
Total	97,209
Less imputed interest	(26,163)
Present value of total lease liabilities	$ 71,046

Equity - Additional Information

Equity - Additional Information (Details) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Mar. 01, 2024 USD ($)	Dec. 01, 2023 USD ($)	Feb. 24, 2023 USD ($) shares	Nov. 25, 2022 USD ($)	Mar. 01, 2024 USD ($) shares	Feb. 24, 2023 USD ($) shares	Jan. 08, 2024 USD ($)	Nov. 29, 2023	Jun. 13, 2023	Apr. 04, 2022 USD ($)
Class Of Stock [Line Items]
Shares acquired, value	$ 2,732	$ 13,130	$ 11,564	$ 4,659
Stock repurchase agreement, ownership rights, percentage								1
Cumulative Translation Adjustment
Class Of Stock [Line Items]
Reclassifications out of accumulated other comprehensive income					$ 212,397
SMART Brazil
Class Of Stock [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19				0.19			0.19
SMART Brazil | 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							$ 75,000			$ 75,000
Repurchase of ordinary shares (in shares) | shares					931	533
Shares acquired, value					$ 13,900	$ 8,400
Remaining authorized repurchase amount	$ 77,700				$ 77,700
Exchange Transaction
Class Of Stock [Line Items]
Repurchase of ordinary shares (in shares) | shares			326
Shares acquired, value			$ 5,400
Silver Lake Partners, Repurchase
Class Of Stock [Line Items]
Repurchase of ordinary shares (in shares) | shares					113	176
Shares acquired, value					$ 1,900	$ 2,400

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands	6 Months Ended
	Mar. 01, 2024 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 229,233
Ending balance	411,504
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(205,964)
Other comprehensive income (loss) before reclassifications	(6,327)
Reclassifications out of accumulated other comprehensive income	212,397
Other comprehensive income (loss)	206,070
Ending balance	106
Cumulative Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(205,969)
Other comprehensive income (loss) before reclassifications	(6,352)
Reclassifications out of accumulated other comprehensive income	212,397
Other comprehensive income (loss)	206,045
Ending balance	76
Gains (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5
Other comprehensive income (loss) before reclassifications	25
Reclassifications out of accumulated other comprehensive income	0
Other comprehensive income (loss)	25
Ending balance	$ 30

Fair Value Measurements - (Deta

Fair Value Measurements - (Details) $ in Thousands	Mar. 01, 2024 USD ($)	Nov. 29, 2023	Aug. 25, 2023 USD ($)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stock repurchase agreement, ownership rights, percentage		1
SMART Brazil
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19	0.19
Fair Value | Level 2: | Derivative financial instrument
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative financial instrument asset	$ 3,790		$ 0
Fair Value | Level 2: | Amended 2027 TLA
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	500,015		551,648
Fair Value | Level 2: | 2029 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	184,455		195,426
Fair Value | Level 2: | 2026 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	125,987		131,864
Carrying Value | Level 2: | Derivative financial instrument
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative financial instrument asset	3,790		0
Carrying Value | Level 2: | Amended 2027 TLA
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	494,607		544,943
Carrying Value | Level 2: | 2029 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	147,165		146,886
Carrying Value | Level 2: | 2026 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	$ 98,891		$ 98,609

Equity Plans - Additional Infor

Equity Plans - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares, available for issuance (in shares)	7,300		7,300
Unrecognized compensation costs related to awards	$ 0.5		$ 0.5
Unrecognized compensation costs recognition period			6 months
Income tax benefits for share-based awards	1.7	$ 1.6	$ 3.5	$ 3.4
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	$ 70		$ 70
Unrecognized compensation costs recognition period			2 years 1 month 6 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		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted (in shares)	205	82	624	1,222
Weighted average grant-date fair value per share (in usd per share)	$ 21.15	$ 17.15	$ 22.75	$ 19.05
Aggregate vesting date fair value of shares vested	$ 10,222	$ 6,665	$ 18,955	$ 15,614

Equity Plans - Summary of Share

Equity Plans - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 10,639	$ 10,031	$ 21,862	$ 20,012
Cost of sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	1,691	1,308	3,541	2,950
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	1,781	1,385	3,414	2,941
Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 7,167	$ 7,338	$ 14,907	$ 14,121

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		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Revenue from Contract with Customer [Abstract]
Cost of materials and services invoiced in connection with logistics services	$ 90,670	$ 143,984	$ 199,639	$ 521,735

Revenue and Customer Contract_4

Revenue and Customer Contract Balances - Summary of Customer Contract Balances (Details) - USD ($) $ in Thousands	Mar. 01, 2024	Aug. 25, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 1,189	$ 0
Contract liabilities:
Deferred revenue	58,776	69,326
Customer advances	24,050	5,565
Contract liabilities	$ 82,826	$ 74,891

Revenue and Customer Contract_5

Revenue and Customer Contract Balances - Additional information (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 01, 2024	Aug. 25, 2023
Disaggregation Of Revenue [Line Items]
Expected revenue recognized on remaining performance obligations	$ 58.8
Termination fees	7.9	$ 10.9
Revenue recognized	38.6
Contract with customer, liability, revenue recognized, customer advances	1.2
Estimates of consideration payable to customers, including estimates for pricing adjustments and returns	13	$ 12.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-03-02
Disaggregation Of Revenue [Line Items]
Expected revenue recognized on remaining performance obligations	$ 37.2
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 Thousands	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Other Income and Expenses [Abstract]
Restructure charge	$ 3,335	$ 3,781	$ 6,274	$ 5,552
Restructuring costs payable	$ 3,000		$ 3,000

Other Non-operating (Income) _3

Other Non-operating (Income) Expense - Schedule of Other Non-operating (Income) Expense (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 01, 2024	May 26, 2023	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Nonoperating Income (Expense) [Abstract]
Loss (gain) on extinguishment or prepayment of debt	$ 325	$ 16,700	$ 16,691	$ 325	$ 15,924
Loss (gain) from changes in foreign currency exchange rates	182		165	(364)	(355)
Loss (gain) on disposition of assets	41		(2,984)	86	(3,025)
Other	(300)		(565)	(375)	(599)
Other non-operating (income) expense	$ 248		$ 13,307	$ (328)	$ 11,945

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		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Income Tax Disclosure [Abstract]
Income (loss) before taxes	$ (10,809)	$ (24,814)	$ (18,487)	$ (17,099)
Income tax provision (benefit)	$ 2,198	$ 8,149	$ 5,732	$ 19,471

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		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ (13,620)	$ (33,396)	$ (25,393)	$ (37,335)
Net income (loss) from discontinued operations	0	6,177	(8,148)	15,108
Net income (loss) attributable to SGH – diluted	(13,620)	(27,219)	(33,541)	(22,227)
Net income (loss) attributable to SGH – basic	$ (13,620)	$ (27,219)	$ (33,541)	$ (22,227)
Weighted-average shares outstanding – Basic (in shares)	52,031	49,116	52,050	49,039
Dilutive effect of equity plans and convertible notes (in shares)	0	0	0	0
Weighted-average shares outstanding – Diluted (in shares)	52,031	49,116	52,050	49,039
Basic earnings (loss) per share:
Continuing Operations (in usd per share)	$ (0.26)	$ (0.68)	$ (0.49)	$ (0.76)
Discontinued Operations (in usd per share)	0	0.13	(0.15)	0.31
Basic (in usd per share)	(0.26)	(0.55)	(0.64)	(0.45)
Diluted earnings (loss) per share:
Continuing Operations (in usd per share)	(0.26)	(0.68)	(0.49)	(0.76)
Discontinued Operations (in usd per share)	0	0.13	(0.15)	0.31
Diluted (in usd per share)	$ (0.26)	$ (0.55)	$ (0.64)	$ (0.45)

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		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,396	9,648	5,396	9,648
Equity plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,396	7,861	5,396	7,861
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	1,787	0	1,787

Segment and Other Information -

Segment and Other Information - Additional Information (Details)	6 Months Ended
	Mar. 01, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment and Other Information_2

Segment and Other Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 24, 2023	Mar. 01, 2024	Feb. 24, 2023
Segment Reporting Information [Line Items]
Total net sales	$ 284,821	$ 388,377	$ 559,068	$ 780,174
Total segment operating income	(3,312)	(2,077)	(2,007)	12,770
Share-based compensation expense	(10,639)	(10,031)	(21,609)	(20,012)
Amortization of acquisition-related intangibles	(9,751)	(10,815)	(19,759)	(21,673)
Flow through of inventory step up	0	0	0	(2,599)
Cost of sales-related restructure	(216)	(5,552)	(884)	(5,552)
Diligence, acquisition and integration expense	(5,885)	(2,824)	(6,674)	(9,556)
Impairment of goodwill	0	(17,558)	0	(17,558)
Change in fair value of contingent consideration	0	(6,400)	0	(10,100)
Restructure charge	(3,335)	(3,781)	(6,274)	(5,552)
Other	0	(900)	0	(1,800)
Total unallocated	(85,246)	(113,085)	(166,791)	(210,336)
Operating Segments
Segment Reporting Information [Line Items]
Total net sales	284,821	388,377	559,068	780,174
Total segment operating income	26,514	55,784	53,193	107,172
Operating Segments | Memory Solutions
Segment Reporting Information [Line Items]
Total net sales	83,297	110,339	168,965	228,625
Total segment operating income	6,016	20,366	13,211	39,405
Operating Segments | Intelligent Platform Solutions
Segment Reporting Information [Line Items]
Total net sales	141,405	222,451	260,229	433,422
Total segment operating income	22,291	36,645	40,192	69,630
Operating Segments | LED Solutions
Segment Reporting Information [Line Items]
Total net sales	60,119	55,587	129,874	118,127
Total segment operating income	(1,793)	(1,227)	(210)	(1,863)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total unallocated	$ (29,826)	$ (57,861)	$ (55,200)	$ (94,402)