Penguin Solutions (PENG) 10-Q 8 Jan 25 2025 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Nov. 29, 2024	Jan. 02, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 29, 2024
Document Transition Report	false
Entity File Number	001-38102
Entity Registrant Name	PENGUIN SOLUTIONS, 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	PENG
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		53,290,750
Entity Central Index Key	0001616533
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--08-29

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 29, 2024	Aug. 30, 2024
Assets
Cash and cash equivalents	$ 370,295	$ 383,147
Short-term investments	23,430	6,337
Accounts receivable, net	275,629	251,743
Inventories	246,952	151,213
Other current assets	79,273	75,264
Total current assets	995,579	867,704
Property and equipment, net	100,239	106,548
Operating lease right-of-use assets	58,317	60,349
Intangible assets, net	111,926	121,454
Goodwill	161,958	161,958
Deferred tax assets	84,934	85,078
Other noncurrent assets	70,062	71,415
Total assets	1,583,015	1,474,506
Liabilities and Equity
Accounts payable and accrued expenses	284,636	219,090
Deferred revenue	41,326	63,954
Other current liabilities	100,924	44,552
Total current liabilities	426,886	327,596
Long-term debt	658,070	657,347
Noncurrent operating lease liabilities	58,611	60,542
Other noncurrent liabilities	30,499	29,813
Total liabilities	1,174,066	1,075,298
Commitments and contingencies
Penguin Solutions shareholders’ equity:
Preferred shares, $0.03 par value; authorized 30,000 shares; none issued or outstanding	0	0
Ordinary shares, $0.03 par value; authorized 200,000 shares; 61,067 shares issued and 53,438 outstanding as of November 29, 2024; 60,226 shares issued and 53,277 outstanding as of August 30, 2024	1,832	1,807
Additional paid-in capital	528,201	513,335
Retained earnings	35,202	29,985
Treasury shares, 7,629 and 6,949 shares held as of November 29, 2024 and August 30, 2024, respectively	(164,879)	(153,756)
Accumulated other comprehensive income (loss)	19	10
Total Penguin Solutions shareholders’ equity	400,375	391,381
Noncontrolling interest in subsidiary	8,574	7,827
Total equity	408,949	399,208
Total liabilities and equity	$ 1,583,015	$ 1,474,506

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 29, 2024	Aug. 30, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.03	$ 0.03
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Preferred stock, authorized (in shares)	30,000,000	30,000,000
Ordinary shares, par value (in usd per share)	$ 0.03	$ 0.03
Ordinary shares, authorized (in shares)	200,000,000	200,000,000
Ordinary shares, issued (in shares)	61,067,000	60,226,000
Ordinary shares, outstanding (in shares)	53,438,000	53,277,000
Treasury shares (in shares)	7,629,000	6,949,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Total net sales	$ 341,102	$ 274,247
Total cost of sales	243,290	191,397
Gross profit	97,812	82,850
Operating expenses:
Research and development	19,811	21,389
Selling, general and administrative	60,536	57,217
Other operating (income) expense	109	2,939
Total operating expenses	80,456	81,545
Operating income	17,356	1,305
Non-operating (income) expense:
Interest expense, net	4,396	9,559
Other non-operating (income) expense	636	(576)
Total non-operating (income) expense	5,032	8,983
Income (loss) before taxes	12,324	(7,678)
Income tax provision	6,360	3,534
Net income (loss) from continuing operations	5,964	(11,212)
Net loss from discontinued operations	0	(8,148)
Net income (loss)	5,964	(19,360)
Net income attributable to noncontrolling interest	747	561
Net income (loss) attributable to Penguin Solutions	$ 5,217	$ (19,921)
Basic earnings (loss) per share:
Continuing Operations (in usd per share)	$ 0.10	$ (0.23)
Discontinued Operations (in usd per share)	0	(0.15)
Basic (in usd per share)	0.10	(0.38)
Diluted earnings (loss) per share:
Continuing Operations (in usd per share)	0.10	(0.23)
Discontinued Operations (in usd per share)	0	(0.15)
Diluted (in usd per share)	$ 0.10	$ (0.38)
Shares used in per share calculations:
Basic (in shares)	53,482	52,068
Diluted (in shares)	54,312	52,068
Products
Total net sales	$ 270,260	$ 206,430
Total cost of sales	215,149	163,413
Services
Total net sales	70,842	67,817
Total cost of sales	$ 28,141	$ 27,984

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5,964	$ (19,360)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustment	0	(6,142)
Cumulative translation adjustment reclassified to net income (loss)	0	212,397
Gain (loss) on investments	9	12
Comprehensive income	5,973	186,907
Comprehensive income attributable to noncontrolling interest	747	561
Comprehensive income attributable to Penguin Solutions	$ 5,226	$ 186,346

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Ordinary shares	Additional Paid-in Capital	Retained Earnings	Treasury Shares	Total	Total Penguin Solutions Shareholders’ Equity	Non- controlling Interest in Subsidiary
Common stock, beginning balance (in shares) at Aug. 25, 2023		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 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. 30, 2024	53,277	60,226
Beginning balance at Aug. 30, 2024	$ 399,208	$ 1,807	513,335	29,985	(153,756)	10	391,381	7,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,964			5,217			5,217	747
Other comprehensive income (loss)	9					9	9
Shares issued under equity plans (in shares)		841
Shares issued under equity plans	3,360	$ 25	3,335				3,360
Repurchase of shares	(11,123)				(11,123)		(11,123)
Share-based compensation expense	$ 11,531		11,531				11,531
Common stock, ending balance (in shares) at Nov. 29, 2024	53,438	61,067
Ending balance at Nov. 29, 2024	$ 408,949	$ 1,832	$ 528,201	$ 35,202	$ (164,879)	$ 19	$ 400,375	$ 8,574

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Cash flows from operating activities
Net income (loss)	$ 5,964	$ (19,360)
Net loss from discontinued operations	0	(8,148)
Net income (loss) from continuing operations	5,964	(11,212)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities:
Depreciation expense and amortization of intangible assets	14,961	17,654
Amortization of debt issuance costs	953	1,042
Share-based compensation expense	11,531	10,970
Deferred income taxes, net	211	(282)
Other	(712)	664
Changes in operating assets and liabilities:
Accounts receivable	(23,885)	48,658
Inventories	(93,380)	(33,464)
Other assets	705	2,102
Accounts payable and accrued expenses and other liabilities	97,471	23,581
Net cash provided by operating activities from continuing operations	13,819	59,713
Net cash used for operating activities from discontinued operations	0	(28,235)
Net cash provided by operating activities	13,819	31,478
Cash flows from investing activities
Capital expenditures and deposits on equipment	(1,836)	(4,648)
Proceeds from maturities of investment securities	3,780	9,665
Purchases of held-to-maturity investment securities	(20,723)	(8,469)
Other	(143)	(188)
Net cash used for investing activities from continuing operations	(18,922)	(3,640)
Net cash provided by investing activities from discontinued operations	0	118,938
Net cash provided by (used for) investing activities	(18,922)	115,298
Cash flows from financing activities
Repayments of debt	0	(14,423)
Payments to acquire ordinary shares	(11,123)	(13,130)
Distribution to noncontrolling interest	0	(1,470)
Proceeds from issuance of ordinary shares	3,360	3,455
Other	0	(582)
Net cash used for financing activities from continuing operations	(7,763)	(26,150)
Net cash used for financing activities from discontinued operations	0	(606)
Net cash used for financing activities	(7,763)	(26,756)
Effect of changes in currency exchange rates	0	(1,025)
Net increase (decrease) in cash, cash equivalents and restricted cash	(12,866)	118,995
Cash, cash equivalents and restricted cash at beginning of period	383,477	410,064
Cash, cash equivalents and restricted cash at end of period	$ 370,611	$ 529,059

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Nov. 29, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Penguin Solutions, Inc. (“Penguin Solutions,” “we,” “us,” “our,” the “Company” or similar terms) 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 30, 2024 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 30, 2024. 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 Integrated Memory 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. Fiscal Year : Our fiscal year is the 52- or 53-week period ending on the last Friday in August. Fiscal years 2025 and 2024 contain 52 weeks and 53 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.

Preferred Share Investment

Preferred Share Investment	3 Months Ended
	Nov. 29, 2024
Equity [Abstract]
Preferred Share Investment	Preferred Share Investment On December 13, 2024, we closed the Investment (as defined below) by SK Telecom Co., Ltd. (“SKT”). Pursuant to the terms of the Securities Purchase Agreement by and between Penguin Solutions and SKT (the “SKT Purchase Agreement”), we sold to Astra AI Infra LLC (“Astra AI Infra”), an affiliate of SKT, 200,000 convertible preferred shares, par value $0.03 per share, of Penguin Solutions (the “CPS”), at a price of $1,000 per share or an aggregate price of $200 million (the “Investment”). The CPS have an initial liquidation preference of 1x and are only redeemable at our option in one installment upon notice, provided that no such notice shall be sent until at least five years after the date of the closing of the Investment. The CPS vote together with the ordinary shares, par value $0.03 per share, of Penguin Solutions, on an as-converted basis, and entitle the holder to receive dividends of six percent per annum, cumulative, payable quarterly in-kind or in cash at our option, subject to certain conditions. The holder of the CPS may convert the CPS into ordinary shares at any time, provided that the CPS may, at our option, automatically be converted into ordinary shares on any date following the second anniversary of the closing of the Investment upon which the volume-weighted average price of the ordinary shares for any 15 consecutive trading day period equals or exceeds 150% of the then-applicable conversion price. The CPS are convertible into ordinary shares at a conversion price of $32.81 per preferred share, subject to adjustment upon the occurrence of certain events. Holders of the CPS are also entitled to certain protective provisions. Additionally, on the closing date of the Investment, we and Astra AI Infra entered into an Investor Agreement, and the Certificate of Designation relating to the CPS (the “Certificate of Designation”) became effective. The Investor Agreement and the Certificate of Designation provide for certain rights and restrictions relating to the Investment, including but not limited to board representation rights, pro rata rights, registration rights and consent rights, and standstill provisions, disposition restrictions and voting obligations. Equity Penguin Solutions Shareholders’ Equity Share Repurchase Authorization On April 4, 2022, our Board of Directors approved a $75.0 million share repurchase authorization (the “Initial Authorization”), under which we may repurchase our outstanding ordinary shares from time to time through open market purchases, privately-negotiated transactions or otherwise. On January 9, 2024, we announced that the Audit Committee of the Board of Directors approved an additional $75.0 million share repurchase authorization (the “Additional Authorization,” and together with the Initial Authorization, the “Current Authorization”). The Current Authorization has no expiration date but may be suspended or terminated by the Board of Directors at any time. In the first quarter of 2025 and 2024, we repurchased 467 thousand and 825 thousand ordinary shares for $7.8 million and $12.1 million, respectively, under the Current Authorization. As of November 29, 2024, an aggregate of $69.9 million remained available for the repurchase of our ordinary shares under the Current Authorization. Certain of our agreements, including the Amended Credit Agreement and the Certificate of Designation, contain restrictions that limit our ability to repurchase 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 quarter of 2025 and 2024, we repurchased 213 thousand and 75 thousand ordinary shares as payment of withholding taxes for $3.3 million and $1.1 million, respectively. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component in the first quarter of 2025 were as follows: Gains (Losses) on Investments As of August 30, 2024 $ 10 Other comprehensive income (loss) before reclassifications 9 Reclassifications out of accumulated other comprehensive income — Other comprehensive income (loss) 9 As of November 29, 2024 $ 19

Divestiture of SMART Brazil

Divestiture of SMART Brazil	3 Months Ended
	Nov. 29, 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 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 Penguin Solutions (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, Penguin Solutions. 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”). Pursuant to the Brazil Purchase Agreement, Brazil Seller has a right to receive, and Brazil Purchaser is obligated to pay, (i) a deferred payment due 18 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). 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 SMART Brazil’s 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. Total consideration in exchange for the sale of an 81% interest in SMART Brazil amounted to $194.1 million which included cash at closing of $164.9 million, a deferred payment with fair value of $25.4 million and a deferred cash adjustment with a fair value of $3.7 million. The deferred payment, comprised of a notional amount of $28.4 million, discounted at 7.5% due May 2025. The deferred payment is included in other current assets in the accompanying consolidated balance sheets. 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 was 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 was 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 were as follows: As of November 29, Cash and cash equivalents $ 40,927 Accounts receivable, net 16,482 Inventories 26,103 Other current assets 17,800 Total current assets 101,312 Property and equipment, net 66,870 Operating lease right-of-use assets 6,912 Goodwill 19,856 Other noncurrent assets 27,490 Total assets 222,440 Impairment of SMART Brazil assets (153,036) Total assets, net of impairment $ 69,404 Accounts payable and accrued expenses $ 20,576 Current debt 3,872 Other current liabilities 1,023 Total current liabilities 25,471 Long-term debt 11,938 Noncurrent operating lease liabilities 5,686 Noncurrent deferred tax liabilities 28,564 Other noncurrent liabilities 93 Total liabilities $ 71,752 Net assets (liabilities) of discontinued operations $ (2,348) The following table presents the results of operations for SMART Brazil: Three Months Ended December 1, Net sales $ 55,159 Cost of sales 50,560 Gross profit 4,599 Operating expenses: Research and development 157 Selling, general and administrative 5,421 Other operating (income) expense 64 Total operating expenses 5,642 Operating loss (1,043) Non-operating (income) expense: Loss from divestiture of 81% interest in SMART Brazil 10,888 Interest (income) expense, net (1,262) Other non-operating (income) expense 138 Total non-operating (income) expense 9,764 Loss before taxes (10,807) Income tax benefit (2,659) Net loss from discontinued operations $ (8,148) 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 November 29, 2024, the carrying value of our remaining 19% interest in SMART Brazil was $37.8 million and was included in other noncurrent assets in the accompanying consolidated balance sheets 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, Pre-tax loss on divestiture of 81% interest in SMART Brazil $ 10,888 Income tax provision (benefit) (1,984) Loss on divestiture of 81% interest in SMART Brazil $ 8,904

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Nov. 29, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses, as well as a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. This ASU also requires disclosure of the total amount of selling expenses and an entity’s definition of selling expenses. The amendments in this ASU are effective for us in 2028 for annual reporting and in 2029 for interim reporting, with early adoption permitted and may be applied prospectively or retrospectively. We do not expect ASU 2024-03 to have an impact on our financial position, results of operations and cash flows. We are currently evaluating the impact on our consolidated financial statement disclosures. In December 2023, the FASB issued 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 and are required to be applied using the full retrospective method of transition. We are evaluating the effects of adoption of this ASU on our segment disclosures.

Cash and Investments

Cash and Investments	3 Months Ended
	Nov. 29, 2024
Investments, Debt and Equity Securities [Abstract]
Cash and Investments	Cash and Investments As of November 29, 2024 and August 30, 2024, all of our debt securities, the fair values of which approximated their carrying values, were classified as held to maturity. As of November 29, 2024, restricted cash, which is included in other noncurrent assets, was $0.3 million. Cash, cash equivalents and short-term investments were as follows: As of November 29, 2024 As of August 30, 2024 Cash and Cash Equivalents Short-term Investments Cash and Cash Equivalents Short-term Investments Cash $ 343,759 $ — $ 354,037 $ — Level 1: Money market funds 22,322 — 29,110 — U.S. Treasury securities 4,214 23,430 — 6,337 $ 370,295 $ 23,430 $ 383,147 $ 6,337 Non-marketable Equity Investments As of both November 29, 2024 and August 30, 2024, other noncurrent assets included $53.0 million 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 results of operations.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Nov. 29, 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 $60.0 million. As of November 29, 2024, there have been no trade accounts receivable sold under this program.

Inventories

Inventories	3 Months Ended
	Nov. 29, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories As of November 29, August 30, Raw materials $ 87,041 $ 75,514 Work in process 37,918 18,742 Finished goods 121,993 56,957 $ 246,952 $ 151,213 As of November 29, 2024 and August 30, 2024, 12% and 14%, respectively, of total inventories were owned and held under our logistics services program.

Property and Equipment

Property and Equipment	3 Months Ended
	Nov. 29, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment As of November 29, August 30, Equipment $ 88,943 $ 89,848 Buildings and building improvements 67,398 70,462 Furniture, fixtures and software 48,120 48,027 Land 15,064 16,126 219,525 224,463 Accumulated depreciation (119,286) (117,915) $ 100,239 $ 106,548 Depreciation expense for property and equipment was $5.0 million and $7.5 million in the first quarter of 2025 and 2024, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Nov. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill As of November 29, 2024 As of August 30, 2024 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Technology $ 142,942 $ (65,045) $ 142,539 $ (58,948) Customer relationships 72,500 (48,410) 72,500 (45,556) Trademarks/trade names 27,966 (18,027) 27,964 (17,045) $ 243,408 $ (131,482) $ 243,003 $ (121,549) Goodwill by segment: Advanced Computing $ 147,238 $ 147,238 Integrated Memory 14,720 14,720 $ 161,958 $ 161,958 In the first quarter of 2025 and 2024, we capitalized $0.4 million and $0.3 million, respectively, for intangible assets with weighted-average useful lives of 18.5 years and 19.0 years, respectively. Amortization expense for intangible assets was $9.9 million and $10.2 million in the first quarter of 2025 and 2024, respectively. Amortization expense is expected to be $25.7 million for the remainder of 2025, $30.2 million for 2026, $29.6 million for 2027, $9.9 million for 2028, $6.0 million for 2029 and $10.5 million for 2030 and thereafter. During the second quarter of 2023, we initiated a plan within our Advanced Computing 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 2025. At each reporting date, we reassess the estimated remaining cash flows of the Penguin Edge business. We currently anticipate that the goodwill of the Penguin Edge reporting unit of $16.1 million as of November 29, 2024 may become further impaired in future periods.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Nov. 29, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses As of November 29, August 30, Accounts payable (1) $ 244,271 $ 182,037 Salaries, wages and benefits 23,320 22,819 Income and other taxes 13,613 11,863 Other 3,432 2,371 $ 284,636 $ 219,090 (1) Included accounts payable for property and equipment of $0.9 million and $0.4 million as of November 29, 2024 and August 30, 2024, respectively.

Debt

Debt	3 Months Ended
	Nov. 29, 2024
Debt Disclosure [Abstract]
Debt	Debt As of November 29, August 30, Amended 2027 TLA $ 297,561 $ 297,297 2030 Notes 193,066 192,778 2029 Notes 147,581 147,439 2026 Notes 19,862 19,833 658,070 657,347 Less current debt — — Long-term debt $ 658,070 $ 657,347 Credit Facility On February 7, 2022, Penguin Solutions and SMART Modular Technologies, Inc. (collectively, the “Borrowers”) entered into a credit agreement, as subsequently amended, with a syndicate of banks and Citizens Bank, N.A., as administrative agent that provided for a term loan credit facility (the “Amended 2027 TLA”) and a revolving credit facility (the “2027 Revolver”), in each case, maturing on February 7, 2027. As of November 29, 2024, there was $300.0 million of principal amount outstanding under the Amended 2027 TLA, unamortized issuance costs were $2.5 million and the effective interest rate was 7.68%. As of November 29, 2024, there were no amounts outstanding under the 2027 Revolver and unamortized issuance costs were $2.0 million. Convertible Senior Notes Repurchase of Convertible Senior Notes On August 6, 2024, we repurchased $80.0 million aggregate principal amount of our 2.25% Convertible Senior Notes due 2026 (the “2026 Notes”) for $100.6 million cash (including payment for accrued interest) in privately-negotiated transactions. The repurchase was accounted for as debt extinguishment. Accordingly, we recognized a loss in the fourth quarter of 2024, included in other non-operating expense, of $20.4 million, consisting of $19.7 million premium paid to extinguish the 2026 Notes and $0.7 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, our 2.00% Convertible Senior Notes due 2029 (the “2029 Notes”) and our 2.00% Convertible Senior Notes due 2030 (the “2030 Notes”) using the effective interest method. As of November 29, 2024 and August 30, 2024, the effective interest rate for our 2026 Notes was 2.83% . As of November 29, 2024 and August 30, 2024, the effective interest rate for our 2029 Notes was 2.40%. As of November 29, 2024 and August 30, 2024, the effective interest rate for our 2030 Notes was 2.65%. Aggregate interest expense for our convertible senior notes consisted of contractual stated interest and amortization of issuance costs and included the following: Three Months Ended November 29, December 1, Contractual stated interest $ 1,842 $ 1,400 Amortization of debt issuance costs 458 297 $ 2,300 $ 1,697 Maturities of Debt As of November 29, 2024, maturities of debt were as follows: Remainder of 2025 $ — 2026 20,000 2027 300,015 2028 — 2029 150,000 2030 and thereafter 200,000 Less unamortized discount and issuance costs (11,945) $ 658,070

Leases

Leases	3 Months Ended
	Nov. 29, 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 November 29, December 1, Fixed lease cost $ 2,975 $ 3,505 Variable lease cost 448 449 Short-term lease cost 468 639 $ 3,891 $ 4,593 Cash flows used for operating activities included payments for operating leases of $2.3 million and $2.5 million in the first quarter of 2025 and 2024, respectively. As of November 29, 2024 and August 30, 2024, the weighted-average remaining lease term for our operating leases was 10.1 years and 10.1 years, respectively, and the weighted-average discount rate was 6.0% and 6.1%, respectively. Certain of our operating leases include one or more options to extend the lease term for periods from two As of November 29, 2024, minimum payments of lease liabilities were as follows: Remainder of 2025 $ 9,503 2026 10,417 2027 7,985 2028 7,920 2029 8,097 2030 and thereafter 46,322 90,244 Less imputed interest (24,006) Present value of total lease liabilities $ 66,238

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Nov. 29, 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	3 Months Ended
	Nov. 29, 2024
Equity [Abstract]
Equity	Preferred Share Investment On December 13, 2024, we closed the Investment (as defined below) by SK Telecom Co., Ltd. (“SKT”). Pursuant to the terms of the Securities Purchase Agreement by and between Penguin Solutions and SKT (the “SKT Purchase Agreement”), we sold to Astra AI Infra LLC (“Astra AI Infra”), an affiliate of SKT, 200,000 convertible preferred shares, par value $0.03 per share, of Penguin Solutions (the “CPS”), at a price of $1,000 per share or an aggregate price of $200 million (the “Investment”). The CPS have an initial liquidation preference of 1x and are only redeemable at our option in one installment upon notice, provided that no such notice shall be sent until at least five years after the date of the closing of the Investment. The CPS vote together with the ordinary shares, par value $0.03 per share, of Penguin Solutions, on an as-converted basis, and entitle the holder to receive dividends of six percent per annum, cumulative, payable quarterly in-kind or in cash at our option, subject to certain conditions. The holder of the CPS may convert the CPS into ordinary shares at any time, provided that the CPS may, at our option, automatically be converted into ordinary shares on any date following the second anniversary of the closing of the Investment upon which the volume-weighted average price of the ordinary shares for any 15 consecutive trading day period equals or exceeds 150% of the then-applicable conversion price. The CPS are convertible into ordinary shares at a conversion price of $32.81 per preferred share, subject to adjustment upon the occurrence of certain events. Holders of the CPS are also entitled to certain protective provisions. Additionally, on the closing date of the Investment, we and Astra AI Infra entered into an Investor Agreement, and the Certificate of Designation relating to the CPS (the “Certificate of Designation”) became effective. The Investor Agreement and the Certificate of Designation provide for certain rights and restrictions relating to the Investment, including but not limited to board representation rights, pro rata rights, registration rights and consent rights, and standstill provisions, disposition restrictions and voting obligations. Equity Penguin Solutions Shareholders’ Equity Share Repurchase Authorization On April 4, 2022, our Board of Directors approved a $75.0 million share repurchase authorization (the “Initial Authorization”), under which we may repurchase our outstanding ordinary shares from time to time through open market purchases, privately-negotiated transactions or otherwise. On January 9, 2024, we announced that the Audit Committee of the Board of Directors approved an additional $75.0 million share repurchase authorization (the “Additional Authorization,” and together with the Initial Authorization, the “Current Authorization”). The Current Authorization has no expiration date but may be suspended or terminated by the Board of Directors at any time. In the first quarter of 2025 and 2024, we repurchased 467 thousand and 825 thousand ordinary shares for $7.8 million and $12.1 million, respectively, under the Current Authorization. As of November 29, 2024, an aggregate of $69.9 million remained available for the repurchase of our ordinary shares under the Current Authorization. Certain of our agreements, including the Amended Credit Agreement and the Certificate of Designation, contain restrictions that limit our ability to repurchase 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 quarter of 2025 and 2024, we repurchased 213 thousand and 75 thousand ordinary shares as payment of withholding taxes for $3.3 million and $1.1 million, respectively. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component in the first quarter of 2025 were as follows: Gains (Losses) on Investments As of August 30, 2024 $ 10 Other comprehensive income (loss) before reclassifications 9 Reclassifications out of accumulated other comprehensive income — Other comprehensive income (loss) 9 As of November 29, 2024 $ 19

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Nov. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of November 29, 2024 As of August 30, 2024 Fair Carrying Fair Carrying Assets: Derivative financial instruments $ 4,001 $ 4,001 $ 3,929 $ 3,929 Liabilities: Amended 2027 TLA $ 300,015 $ 297,561 $ 300,015 $ 297,297 2030 Notes 191,236 193,066 199,160 192,778 2029 Notes 164,118 147,581 178,760 147,439 2026 Notes 22,001 19,862 23,918 19,833 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 asset’s fair value, as measured on a recurring basis, was based on Level 2 measurements, including market-based observable inputs of interest rates and credit-risk spreads.

Equity Plans

Equity Plans	3 Months Ended
	Nov. 29, 2024
Share-Based Payment Arrangement [Abstract]
Equity Plans	Equity Plans As of November 29, 2024, 7.7 million of our ordinary shares were available for future awards under our equity plans. The disclosures related to our restricted awards and employee share purchase plan include both our continuing and discontinued operations. Restricted Share Awards and Restricted Share Units Awards (“Restricted Awards”) Restricted Award activity was as follows: Three Months Ended November 29, December 1, Restricted awards granted 635 419 Weighted-average grant date fair value per share $ 30.25 $ 30.49 Aggregate vesting date fair value of shares vested $ 9,028 $ 8,733 As of November 29, 2024, total unrecognized compensation costs for unvested Restricted Awards were $78.7 million, which were expected to be recognized over a weighted-average period of 2.5 years. Employee Share Purchase Plan (“ESPP”) Under our ESPP, employees purchased 253 thousand ordinary shares for $3.2 million in the first quarter of 2025 and 298 thousand ordinary shares for $3.3 million in the first quarter of 2024. Share-Based Compensation Expense Share-based compensation expense for our continuing operations was as follows: Three Months Ended November 29, December 1, Share-based compensation expense by caption: Cost of sales $ 1,643 $ 1,815 Research and development 1,689 1,597 Selling, general and administrative 8,199 7,558 $ 11,531 $ 10,970 Income tax benefits for share-based awards were $1.5 million and $1.8 million in the first quarter of 2025 and 2024, respectively.

Revenue and Customer Contract B

Revenue and Customer Contract Balances	3 Months Ended
	Nov. 29, 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 services on an agent basis, whereby we procure product, materials and services on behalf of our customers and then resell such product, materials or services to our customers. As a result, we recognize only the amount related to the agent component as revenue in our results of operations. The cost of products, 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 November 29, December 1, Cost of materials and services invoiced in connection with logistics services $ 212,947 $ 108,969 Customer Contract Balances As of November 29, August 30, Contract assets (1) $ 1,389 $ 1,801 Contract liabilities: (2) Deferred revenue $ 53,960 $ 76,178 Customer advances 57,869 6,036 $ 111,829 $ 82,214 (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 customers are 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 November 29, 2024, we expect to recognize revenue of $41.3 million of the balance of $54.0 million in the next 12 months and the remaining amount thereafter. In the first quarter of 2025, we recognized revenue of $34.6 million from satisfying performance obligations related to amounts included in deferred revenue as of August 30, 2024. In addition, as of November 29, 2024, other current liabilities included $19.9 million that is not included in the above remaining performance obligations. While this liability relates to amounts received from customers in connection with arrangements that are cancellable at the customer’s discretion, we have not had to refund any such amounts to our customers in the periods presented. Customer advances, which is included in other current liabilities in the accompanying consolidated balance sheets, represent amounts received from customers for advance payments to secure product. In the first quarter of 2025, we recognized revenue of $0.7 million from satisfying performance obligations related to amounts included in customer advances as of August 30, 2024. As of November 29, 2024 and August 30, 2024, other current liabilities included $14.5 million and $12.2 million, respectively, for estimates of consideration payable to customers, including estimates for pricing adjustments and returns.

Other Operating (Income) Expens

Other Operating (Income) Expense	3 Months Ended
	Nov. 29, 2024
Other Income and Expenses [Abstract]
Other Operating (Income) Expense	Other Operating (Income) Expense In recent periods, we initiated plans that included workforce reductions and the elimination of certain projects across our businesses. In connection therewith, we recorded restructuring charges of $0.1 million and $2.9 million in the first quarter of 2025 and 2024, respectively, primarily for employee severance costs and other benefits. We anticipate that these activities will continue into future quarters and anticipate recording additional restructuring charges. As of November 29, 2024, $0.7 million remained unpaid, which is expected to be paid by the end of fiscal 2025.

Other Non-operating (Income) Ex

Other Non-operating (Income) Expense	3 Months Ended
	Nov. 29, 2024
Nonoperating Income (Expense) [Abstract]
Other Non-operating (Income) Expense	Other Non-operating (Income) Expense Three Months Ended November 29, December 1, Loss (gain) from changes in foreign currency exchange rates $ 1,028 $ (546) Loss (gain) on disposition of assets (20) 45 Other (372) (75) $ 636 $ (576)

Income Taxes

Income Taxes	3 Months Ended
	Nov. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three Months Ended November 29, December 1, Income (loss) before taxes $ 12,324 $ (7,678) Income tax provision 6,360 3,534 Effective tax rate 51.6 % (46.0) % Income taxes includes a provision (benefit) for federal, state and foreign taxes based on the annual estimated effective tax rate applicable to us and our subsidiaries, adjusted for certain discrete items, which are fully recognized in the period they occur. We have historically determined our interim income tax provision (benefit) by applying the annual estimated effective income tax rate expected to be applicable for the full fiscal year to the income (loss) before taxes for jurisdictions which are subject to income tax. In determining the full year estimate, we do not include the impact of unusual and/or infrequent items, which may cause significant variations in the customary relationship between income tax provision (benefit) and income (loss) before taxes. Accordingly, the interim effective tax rate may not be reflective of the annual estimated effective tax rate. Additionally, our income tax provision (benefit) is subject to volatility and could be impacted by changes in our geographic earnings, non-deductible share-based compensation and certain tax credits. Our effective tax rate was 51.6% in the first quarter of 2025, and differed from the U.S. statutory rate primarily due to losses generated in a jurisdiction where no tax benefit can be recognized and to withholding taxes and state income taxes. Our effective tax rate was (46.0)% in the first quarter of 2024, and differed from the U.S. statutory rate primarily due to losses generated in a jurisdiction where no tax benefit can be recognized, withholding taxes and state income taxes. Determining the consolidated income tax provision (benefit), income tax liabilities and deferred tax assets and liabilities involves judgment. We calculate and provide for income taxes in each of the tax jurisdictions in which we operate, which involves estimating current tax exposures as well as making judgments regarding the recoverability of deferred tax assets in each jurisdiction. The estimates used could differ from actual results, which may have a significant impact on operating results in future periods.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Nov. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended November 29, December 1, Net income (loss) from continuing operations $ 5,217 $ (11,773) Net income (loss) from discontinued operations — (8,148) Net income (loss) attributable to Penguin Solutions – Basic and Diluted $ 5,217 $ (19,921) Weighted-average shares outstanding – Basic 53,482 52,068 Dilutive effect of equity plans and convertible senior notes 830 — Weighted-average shares outstanding – Diluted 54,312 52,068 Basic earnings (loss) per share: Continuing operations $ 0.10 $ (0.23) Discontinued operations — (0.15) $ 0.10 $ (0.38) Diluted earnings (loss) per share: Continuing operations $ 0.10 $ (0.23) Discontinued operations — (0.15) $ 0.10 $ (0.38) Unweighted antidilutive employee share-based awards excluded from the computation of diluted earnings per share 1,371 6,060 Upon any conversion of our convertible senior notes, we will be required to pay cash in an amount at least equal to the principal portion and have the option to settle any amount in excess of the principal portion in cash and/or ordinary shares. As a result, only the amounts expected to be settled in excess of the principal portion are considered in calculating diluted earnings per share under the if-converted method.

Segment and Other Information

Segment and Other Information	3 Months Ended
	Nov. 29, 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: • Advanced Computing : Our Advanced Computing group, under our Penguin Computing and Stratus brands, offers specialized platform solutions and services for artificial intelligence, high-performance computing, 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. • Integrated Memory : Our Integrated Memory group, under our SMART Modular Technologies brand, provides high-performance and reliable integrated 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 Integrated Memory 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. • Optimized LED : Our Optimized LED group, under our Cree LED 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 displays 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 November 29, December 1, Net sales: Advanced Computing $ 177,426 $ 118,824 Integrated Memory 96,706 85,668 Optimized LED 66,970 69,755 Total net sales $ 341,102 $ 274,247 Segment operating income: Advanced Computing $ 30,117 $ 17,901 Integrated Memory 7,116 7,195 Optimized LED 3,685 1,583 Total segment operating income 40,918 26,679 Unallocated: Share-based compensation expense (11,531) (10,970) Amortization of acquisition-related intangibles (9,755) (10,008) Cost of sales-related restructuring 42 (668) Diligence, acquisition and integration expense (833) (789) Restructuring charges (109) (2,939) Other (1,376) — Total unallocated (23,562) (25,374) Consolidated operating income (loss) $ 17,356 $ 1,305

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,217	$ (19,921)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Nov. 29, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Penelope Hersher [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 7, 2024, Penelope Herscher, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement (the “Herscher 10b5-1 Plan”) that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Herscher 10b5-1 Plan provides for the sale of up to 2,728 ordinary shares acquired by Ms. Herscher upon the future vesting of restricted share units, subject to pre-established limit prices, commencing on February 10, 2025 and continuing until all shares are sold or until November 7, 2025, whichever occurs first.
Name	Penelope Herscher
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 7, 2024
Expiration Date	November 7, 2025
Arrangement Duration	270 days
Aggregate Available	2,728

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Nov. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of Penguin Solutions, Inc. (“Penguin Solutions,” “we,” “us,” “our,” the “Company” or similar terms) 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 30, 2024 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 30, 2024. 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 Integrated Memory 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. Fiscal Year : Our fiscal year is the 52- or 53-week period ending on the last Friday in August. Fiscal years 2025 and 2024 contain 52 weeks and 53 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 Issued Accounting Standards	Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses, as well as a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. This ASU also requires disclosure of the total amount of selling expenses and an entity’s definition of selling expenses. The amendments in this ASU are effective for us in 2028 for annual reporting and in 2029 for interim reporting, with early adoption permitted and may be applied prospectively or retrospectively. We do not expect ASU 2024-03 to have an impact on our financial position, results of operations and cash flows. We are currently evaluating the impact on our consolidated financial statement disclosures. In December 2023, the FASB issued 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 and are required to be applied using the full retrospective method of transition. We are evaluating the effects of adoption of this ASU on our segment disclosures.

Divestiture of SMART Brazil (Ta

Divestiture of SMART Brazil (Tables)	3 Months Ended
	Nov. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Assets and liabilities of SMART Brazil as of the November 29, 2023 disposal date were as follows: As of November 29, Cash and cash equivalents $ 40,927 Accounts receivable, net 16,482 Inventories 26,103 Other current assets 17,800 Total current assets 101,312 Property and equipment, net 66,870 Operating lease right-of-use assets 6,912 Goodwill 19,856 Other noncurrent assets 27,490 Total assets 222,440 Impairment of SMART Brazil assets (153,036) Total assets, net of impairment $ 69,404 Accounts payable and accrued expenses $ 20,576 Current debt 3,872 Other current liabilities 1,023 Total current liabilities 25,471 Long-term debt 11,938 Noncurrent operating lease liabilities 5,686 Noncurrent deferred tax liabilities 28,564 Other noncurrent liabilities 93 Total liabilities $ 71,752 Net assets (liabilities) of discontinued operations $ (2,348) The following table presents the results of operations for SMART Brazil: Three Months Ended December 1, Net sales $ 55,159 Cost of sales 50,560 Gross profit 4,599 Operating expenses: Research and development 157 Selling, general and administrative 5,421 Other operating (income) expense 64 Total operating expenses 5,642 Operating loss (1,043) Non-operating (income) expense: Loss from divestiture of 81% interest in SMART Brazil 10,888 Interest (income) expense, net (1,262) Other non-operating (income) expense 138 Total non-operating (income) expense 9,764 Loss before taxes (10,807) Income tax benefit (2,659) Net loss from discontinued operations $ (8,148) 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 November 29, 2024, the carrying value of our remaining 19% interest in SMART Brazil was $37.8 million and was included in other noncurrent assets in the accompanying consolidated balance sheets 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, Pre-tax loss on divestiture of 81% interest in SMART Brazil $ 10,888 Income tax provision (benefit) (1,984) Loss on divestiture of 81% interest in SMART Brazil $ 8,904

Cash and Investments (Tables)

Cash and Investments (Tables)	3 Months Ended
	Nov. 29, 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 November 29, 2024 As of August 30, 2024 Cash and Cash Equivalents Short-term Investments Cash and Cash Equivalents Short-term Investments Cash $ 343,759 $ — $ 354,037 $ — Level 1: Money market funds 22,322 — 29,110 — U.S. Treasury securities 4,214 23,430 — 6,337 $ 370,295 $ 23,430 $ 383,147 $ 6,337

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Nov. 29, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	As of November 29, August 30, Raw materials $ 87,041 $ 75,514 Work in process 37,918 18,742 Finished goods 121,993 56,957 $ 246,952 $ 151,213

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Nov. 29, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	As of November 29, August 30, Equipment $ 88,943 $ 89,848 Buildings and building improvements 67,398 70,462 Furniture, fixtures and software 48,120 48,027 Land 15,064 16,126 219,525 224,463 Accumulated depreciation (119,286) (117,915) $ 100,239 $ 106,548

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Nov. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill by Segment	As of November 29, 2024 As of August 30, 2024 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Technology $ 142,942 $ (65,045) $ 142,539 $ (58,948) Customer relationships 72,500 (48,410) 72,500 (45,556) Trademarks/trade names 27,966 (18,027) 27,964 (17,045) $ 243,408 $ (131,482) $ 243,003 $ (121,549) Goodwill by segment: Advanced Computing $ 147,238 $ 147,238 Integrated Memory 14,720 14,720 $ 161,958 $ 161,958

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Nov. 29, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	As of November 29, August 30, Accounts payable (1) $ 244,271 $ 182,037 Salaries, wages and benefits 23,320 22,819 Income and other taxes 13,613 11,863 Other 3,432 2,371 $ 284,636 $ 219,090 (1) Included accounts payable for property and equipment of $0.9 million and $0.4 million as of November 29, 2024 and August 30, 2024, respectively.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Nov. 29, 2024
Debt Disclosure [Abstract]
Summary of Long-Term Debt	As of November 29, August 30, Amended 2027 TLA $ 297,561 $ 297,297 2030 Notes 193,066 192,778 2029 Notes 147,581 147,439 2026 Notes 19,862 19,833 658,070 657,347 Less current debt — — Long-term debt $ 658,070 $ 657,347
Interest Income and Interest Expense Disclosure	Aggregate interest expense for our convertible senior notes consisted of contractual stated interest and amortization of issuance costs and included the following: Three Months Ended November 29, December 1, Contractual stated interest $ 1,842 $ 1,400 Amortization of debt issuance costs 458 297 $ 2,300 $ 1,697
Summary of Maturities of Debt	As of November 29, 2024, maturities of debt were as follows: Remainder of 2025 $ — 2026 20,000 2027 300,015 2028 — 2029 150,000 2030 and thereafter 200,000 Less unamortized discount and issuance costs (11,945) $ 658,070

Leases (Tables)

Leases (Tables)	3 Months Ended
	Nov. 29, 2024
Leases [Abstract]
Summary of Components of Operating Lease Expense	The components of operating lease expense were as follows: Three Months Ended November 29, December 1, Fixed lease cost $ 2,975 $ 3,505 Variable lease cost 448 449 Short-term lease cost 468 639 $ 3,891 $ 4,593
Schedule of Minimum Payments of Lease Liabilities	As of November 29, 2024, minimum payments of lease liabilities were as follows: Remainder of 2025 $ 9,503 2026 10,417 2027 7,985 2028 7,920 2029 8,097 2030 and thereafter 46,322 90,244 Less imputed interest (24,006) Present value of total lease liabilities $ 66,238

Equity (Tables)

Equity (Tables)	3 Months Ended
	Nov. 29, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income (loss) by component in the first quarter of 2025 were as follows: Gains (Losses) on Investments As of August 30, 2024 $ 10 Other comprehensive income (loss) before reclassifications 9 Reclassifications out of accumulated other comprehensive income — Other comprehensive income (loss) 9 As of November 29, 2024 $ 19

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Nov. 29, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements of Other Assets and Liabilities	As of November 29, 2024 As of August 30, 2024 Fair Carrying Fair Carrying Assets: Derivative financial instruments $ 4,001 $ 4,001 $ 3,929 $ 3,929 Liabilities: Amended 2027 TLA $ 300,015 $ 297,561 $ 300,015 $ 297,297 2030 Notes 191,236 193,066 199,160 192,778 2029 Notes 164,118 147,581 178,760 147,439 2026 Notes 22,001 19,862 23,918 19,833

Equity Plans (Tables)

Equity Plans (Tables)	3 Months Ended
	Nov. 29, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Aggregate Restricted Award Activity and Assumptions	Restricted Award activity was as follows: Three Months Ended November 29, December 1, Restricted awards granted 635 419 Weighted-average grant date fair value per share $ 30.25 $ 30.49 Aggregate vesting date fair value of shares vested $ 9,028 $ 8,733
Schedule of Share Based Compensation Expense Allocation	Share-based compensation expense for our continuing operations was as follows: Three Months Ended November 29, December 1, Share-based compensation expense by caption: Cost of sales $ 1,643 $ 1,815 Research and development 1,689 1,597 Selling, general and administrative 8,199 7,558 $ 11,531 $ 10,970

Revenue and Customer Contract_2

Revenue and Customer Contract Balances (Tables)	3 Months Ended
	Nov. 29, 2024
Revenue from Contract with Customer [Abstract]
Summary of Net Sales by Products and Services and Gross Amounts Billed for Services	Three Months Ended November 29, December 1, Cost of materials and services invoiced in connection with logistics services $ 212,947 $ 108,969
Summary of Customer Contract Balances	As of November 29, August 30, Contract assets (1) $ 1,389 $ 1,801 Contract liabilities: (2) Deferred revenue $ 53,960 $ 76,178 Customer advances 57,869 6,036 $ 111,829 $ 82,214 (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 customers are expected to take control of the asset or receive the benefit of the service.

Other Non-operating (Income) _2

Other Non-operating (Income) Expense (Tables)	3 Months Ended
	Nov. 29, 2024
Nonoperating Income (Expense) [Abstract]
Schedule of Other Non-operating (Income) Expense	Three Months Ended November 29, December 1, Loss (gain) from changes in foreign currency exchange rates $ 1,028 $ (546) Loss (gain) on disposition of assets (20) 45 Other (372) (75) $ 636 $ (576)

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Nov. 29, 2024
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) before Income Taxes and Components of Income Tax Provision (Benefit)	Three Months Ended November 29, December 1, Income (loss) before taxes $ 12,324 $ (7,678) Income tax provision 6,360 3,534 Effective tax rate 51.6 % (46.0) %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Nov. 29, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Three Months Ended November 29, December 1, Net income (loss) from continuing operations $ 5,217 $ (11,773) Net income (loss) from discontinued operations — (8,148) Net income (loss) attributable to Penguin Solutions – Basic and Diluted $ 5,217 $ (19,921) Weighted-average shares outstanding – Basic 53,482 52,068 Dilutive effect of equity plans and convertible senior notes 830 — Weighted-average shares outstanding – Diluted 54,312 52,068 Basic earnings (loss) per share: Continuing operations $ 0.10 $ (0.23) Discontinued operations — (0.15) $ 0.10 $ (0.38) Diluted earnings (loss) per share: Continuing operations $ 0.10 $ (0.23) Discontinued operations — (0.15) $ 0.10 $ (0.38) Unweighted antidilutive employee share-based awards excluded from the computation of diluted earnings per share 1,371 6,060

Segment and Other Information (

Segment and Other Information (Tables)	3 Months Ended
	Nov. 29, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended November 29, December 1, Net sales: Advanced Computing $ 177,426 $ 118,824 Integrated Memory 96,706 85,668 Optimized LED 66,970 69,755 Total net sales $ 341,102 $ 274,247 Segment operating income: Advanced Computing $ 30,117 $ 17,901 Integrated Memory 7,116 7,195 Optimized LED 3,685 1,583 Total segment operating income 40,918 26,679 Unallocated: Share-based compensation expense (11,531) (10,970) Amortization of acquisition-related intangibles (9,755) (10,008) Cost of sales-related restructuring 42 (668) Diligence, acquisition and integration expense (833) (789) Restructuring charges (109) (2,939) Other (1,376) — Total unallocated (23,562) (25,374) Consolidated operating income (loss) $ 17,356 $ 1,305

Preferred Share Investment (Det

Preferred Share Investment (Details) $ / shares in Units, shares in Thousands, $ in Millions	Dec. 13, 2024 USD ($) day tradingDay $ / shares shares	Nov. 29, 2024 $ / shares	Aug. 30, 2024 $ / shares
Stockholders' Equity [Line Items]
Preferred stock, par value (in dollars per share)		$ 0.03	$ 0.03
Private Placement | Subsequent Event
Stockholders' Equity [Line Items]
Issued in transaction (in shares) | shares	200
Preferred stock, par value (in dollars per share)	$ 0.03
Price per share (in dollars per share)	$ 1,000
Consideration received on transaction | $	$ 200
Liquidation preference	100%
Number of stock redemption installments | tradingDay	1
Redemption notice period	5 years
Dividend rate	6%
Number of consecutive trading days | day	15
Conversion price threshold	150%
Conversion price	$ 32.81

Divestiture of SMART Brazil - A

Divestiture of SMART Brazil - Additional Information (Details) $ in Thousands		3 Months Ended			12 Months Ended
	Nov. 29, 2023 USD ($) exerciseWindow	Nov. 29, 2024 USD ($)	Dec. 01, 2023 USD ($)	Aug. 25, 2023 USD ($)	Aug. 25, 2023 USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Payment deferral, duration	18 months
Put option exercise windows | exerciseWindow	3
Deferred payment	$ 28,400
Deferred payment, discount rate	7.50%
Deferred net cash adjustment, nominal amount	$ 4,800
Other comprehensive income (loss)		$ 9	$ 206,267
Total Penguin Solutions Shareholders’ Equity
Disposal Groups, Including Discontinued Operations [Line Items]
Other comprehensive income (loss)		$ 9	206,267		$ 206,300
Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent deferred tax liabilities	28,564
Consideration	194,092
Pre-tax loss on divestiture of 81% interest in SMART Brazil	163,924
Income tax benefit	$ 26,580
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	$ 153,000
Income tax benefit			$ (1,984)		$ 28,600
SMART Brazil
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19
SMART Brazil | Lexar Europe B.V.
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.81
SMART Brazil
Disposal Groups, Including Discontinued Operations [Line Items]
Total enterprise value, percentage	1
Net income ratio	7.5
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]
Consideration	$ 194,100
Cash received at closing	164,900
Deferred payment	25,400
Deferred cash adjustment	$ 3,700

Divestiture of SMART Brazil -_2

Divestiture of SMART Brazil - Assets and Liabilities of Brazil Operations (Details) - Discontinued Operations, Disposed of by Sale $ in Thousands	Nov. 29, 2023 USD ($)
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Cash and cash equivalents	$ 40,927
Accounts receivable, net	16,482
Inventories	26,103
Other current assets	17,800
Total current assets	101,312
Property and equipment, net	66,870
Operating lease right-of-use assets	6,912
Goodwill	19,856
Other noncurrent assets	27,490
Total assets	222,440
Impairment of SMART Brazil assets	(153,036)
Total assets, net of impairment	69,404
Accounts payable and accrued expenses	20,576
Current debt	3,872
Other current liabilities	1,023
Total current liabilities	25,471
Long-term debt	11,938
Noncurrent operating lease liabilities	5,686
Noncurrent deferred tax liabilities	28,564
Other noncurrent liabilities	93
Total liabilities	71,752
Net assets (liabilities) of discontinued operations	$ (2,348)

Divestiture of SMART Brazil - R

Divestiture of SMART Brazil - Results of out SMART Brazil operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ 0	$ (8,148)
Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Other non-operating (income) expense	138
Discontinued Operations, Held-for-Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	55,159
Cost of sales	50,560
Gross profit	4,599
Research and development	157
Selling, general and administrative	5,421
Other operating (income) expense	64
Total operating expenses	5,642
Operating loss	(1,043)
Loss from divestiture of 81% interest in SMART Brazil	10,888
Interest (income) expense, net	(1,262)
Total non-operating (income) expense	9,764
Loss before taxes	(10,807)
Income tax benefit	(2,659)
Net income (loss) from discontinued operations	$ (8,148)

Divestiture of SMART Brazil - L

Divestiture of SMART Brazil - Loss From Divestiture (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Nov. 29, 2023 USD ($)	Dec. 01, 2023 USD ($)	Aug. 25, 2023 USD ($)	Aug. 25, 2023 USD ($)	Mar. 01, 2024 USD ($)
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]
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 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	$ 153,000
Income tax benefit		(1,984)		$ 28,600
Loss from divestiture of 81% interest in SMART Brazil		$ 8,904
SMART Brazil | Discontinued Operations, Disposed of by Sale
Disposal Groups, Including Discontinued Operations [Line Items]
Consideration	$ 194,100
SMART Brazil
Disposal Groups, Including Discontinued Operations [Line Items]
Stock repurchase agreement, ownership rights, percentage	0.19

Cash and Investments - Narrativ

Cash and Investments - Narrative (Details) $ in Thousands	Nov. 29, 2024 USD ($)
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 300
Equity securities, FV-NI, noncurrent	$ 53,000

Cash and Investments - Schedule

Cash and Investments - Schedule of Cash, Cash Equivalents, and Short-term Investments (Details) - USD ($) $ in Thousands	Nov. 29, 2024	Aug. 30, 2024
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 370,295	$ 383,147
Short-term investments	23,430	6,337
Money market funds | Level 1:
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	22,322	29,110
Short-term investments	0	0
U.S. Treasury securities | Level 1:
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	4,214	0
Short-term investments	23,430	6,337
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	343,759	354,037
Short-term investments	$ 0	$ 0

Accounts Receivable (Details)

Accounts Receivable (Details) $ in Millions	3 Months Ended
	Nov. 29, 2024 USD ($)
Receivables [Abstract]
Trade accounts receivable, available-for-sale (up to)	$ 60
Trade accounts receivable, sale	$ 0

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Nov. 29, 2024	Aug. 30, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 87,041	$ 75,514
Work in process	37,918	18,742
Finished goods	121,993	56,957
Total inventories	$ 246,952	$ 151,213

Inventories - Additional Inform

Inventories - Additional Information (Details)	Nov. 29, 2024	Aug. 30, 2024
Inventory Disclosure [Abstract]
Percentage of inventories	12%	14%

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023	Aug. 30, 2024
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 219,525		$ 224,463
Accumulated depreciation	(119,286)		(117,915)
Net property and equipment	100,239		106,548
Depreciation expense	5,000	$ 7,500
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	88,943		89,848
Buildings and building improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	67,398		70,462
Furniture, fixtures and software
Property Plant And Equipment [Line Items]
Property and equipment, gross	48,120		48,027
Land
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 15,064		$ 16,126

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Intangible Assets and Goodwill by Segment (Details) - USD ($) $ in Thousands	Nov. 29, 2024	Aug. 30, 2024
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 243,408	$ 243,003
Accumulated Amortization	(131,482)	(121,549)
Goodwill	161,958	161,958
Advanced Computing
Finite Lived Intangible Assets [Line Items]
Goodwill	147,238	147,238
Integrated Memory
Finite Lived Intangible Assets [Line Items]
Goodwill	14,720	14,720
Technology
Finite Lived Intangible Assets [Line Items]
Gross amount	142,942	142,539
Accumulated Amortization	(65,045)	(58,948)
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross amount	72,500	72,500
Accumulated Amortization	(48,410)	(45,556)
Trademarks/trade names
Finite Lived Intangible Assets [Line Items]
Gross amount	27,966	27,964
Accumulated Amortization	$ (18,027)	$ (17,045)

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023	Aug. 30, 2024
Finite Lived Intangible Assets [Line Items]
Identifiable assets acquired finite-lived intangibles	$ 400	$ 300
Acquired finite-lived intangible assets, weighted average useful life	18 years 6 months	19 years
Amortization of intangible assets	$ 9,900	$ 10,200
Finite-lived intangible assets, expected amortization remainder of fiscal year	25,700
Finite-lived intangible assets, expected amortization for 2025	30,200
Finite-lived intangible assets, expected amortization for 2026	29,600
Finite-lived intangible assets, expected amortization for 2027	9,900
Finite-lived intangible assets, expected amortization for 2028	6,000
Finite-lived intangible asset, expected amortization, 2029 and after	10,500
Goodwill	161,958		$ 161,958
Penguin Edge
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 16,100

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Nov. 29, 2024	Aug. 30, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 244,271	$ 182,037
Salaries, wages and benefits	23,320	22,819
Income and other taxes	13,613	11,863
Other	3,432	2,371
Total	284,636	219,090
Accounts payable for property and equipment	$ 900	$ 400

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Nov. 29, 2024	Aug. 30, 2024
Debt Instrument [Line Items]
Debt	$ 658,070	$ 657,347
Less current debt	0	0
Long-term debt	658,070	657,347
Amended 2027 TLA
Debt Instrument [Line Items]
Debt	297,561	297,297
2030 Notes
Debt Instrument [Line Items]
Debt	193,066	192,778
2029 Notes
Debt Instrument [Line Items]
Debt	147,581	147,439
2026 Notes
Debt Instrument [Line Items]
Debt	$ 19,862	$ 19,833

Debt - Credit Facility (Details

Debt - Credit Facility (Details) - USD ($)	Nov. 29, 2024	Aug. 30, 2024
Debt Instrument [Line Items]
Unamortized debt discounts and issuance costs	$ (11,945,000)
Amended 2027 TLA
Debt Instrument [Line Items]
Debt instrument outstanding amount	300,000,000
Unamortized debt discounts and issuance costs	$ 2,500,000
Debt instrument, effective interest rate	7.68%
Amended 2027 TLA | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument outstanding amount	$ 0
Unamortized debt issuance expense	$ 2,000,000
2.25% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Debt instrument, effective interest rate	2.83%	2.83%

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 06, 2024	Aug. 30, 2024	Nov. 29, 2024	Aug. 14, 2024	Jan. 18, 2023
2.25% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 80,000
Note interest rate					2.25%
Repayments of long-term debt	$ 100,600
Loss on extinguishment or prepayment of debt		$ 20,400
Gain (loss) on extinguishment of debt, before debt issuance cost writeoff		19,700
Write off of unamortized debt issuance cost		$ 700
Debt instrument, effective interest rate		2.83%	2.83%
2029 Notes
Debt Instrument [Line Items]
Note interest rate					2%
Debt instrument, effective interest rate		2.40%	2.40%
2030 Notes
Debt Instrument [Line Items]
Debt instrument, effective interest rate		2.65%
Two Percent Convertible Senior Notes Due 2030
Debt Instrument [Line Items]
Note interest rate				2%

Debt - Interest Expense Disclos

Debt - Interest Expense Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 953	$ 1,042
Convertible Notes
Debt Instrument [Line Items]
Contractual stated interest	1,842	1,400
Amortization of debt issuance costs	458	297
2.25% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Total interest cost recognized	$ 2,300	$ 1,697

Debt - Summary of Maturities of

Debt - Summary of Maturities of Debt (Details) - USD ($) $ in Thousands	Nov. 29, 2024	Aug. 30, 2024
Debt Disclosure [Abstract]
Remainder of 2025	$ 0
2026	20,000
2027	300,015
2028	0
2029	150,000
2030 and thereafter	200,000
Less unamortized discount and issuance costs	(11,945)
Debt	$ 658,070	$ 657,347

Leases - Summary of Components

Leases - Summary of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Leases [Abstract]
Fixed lease cost	$ 2,975	$ 3,505
Variable lease cost	448	449
Short-term lease cost	468	639
Total lease cost	$ 3,891	$ 4,593

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023	Aug. 30, 2024
Lessee Lease Description [Line Items]
Operating lease payments	$ 2.3	$ 2.5
Weighted-average remaining lease term for operating leases	10 years 1 month 6 days		10 years 1 month 6 days
Weighted-average discount rate for operating leases	6%		6.10%
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	Nov. 29, 2024 USD ($)
Leases [Abstract]
Remainder of 2025	$ 9,503
2026	10,417
2027	7,985
2028	7,920
2029	8,097
2030 and thereafter	46,322
Total	90,244
Less imputed interest	(24,006)
Present value of total lease liabilities	$ 66,238

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023	Jan. 09, 2024	Apr. 04, 2022
Class Of Stock [Line Items]
Shares acquired, value	$ 11,123	$ 13,130
Share Repurchase Authorization
Class Of Stock [Line Items]
Stock repurchase program, authorized amount			$ 75,000	$ 75,000
Repurchase of ordinary shares (in shares)	467	825
Shares acquired, value	$ 7,800	$ 12,100
Initial Authorization
Class Of Stock [Line Items]
Remaining authorized repurchase amount	$ 69,900
Silver Lake Partners, Repurchase
Class Of Stock [Line Items]
Repurchase of ordinary shares (in shares)	213	75
Shares acquired, value	$ 3,300	$ 1,100

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands	3 Months Ended
	Nov. 29, 2024 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 399,208
Ending balance	408,949
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	10
Ending balance	19
Gains (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	10
Other comprehensive income (loss) before reclassifications	9
Reclassifications out of accumulated other comprehensive income	0
Other comprehensive income (loss)	9
Ending balance	$ 19

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Nov. 29, 2024 USD ($)	Aug. 30, 2024 USD ($)	Nov. 29, 2023
SMART Brazil
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stock repurchase agreement, ownership rights, percentage			0.19
Fair Value | Fair Value, Inputs, Level 2 | Derivative financial instruments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative financial instrument asset	$ 4,001	$ 3,929
Fair Value | Fair Value, Inputs, Level 2 | Amended 2027 TLA
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	300,015	300,015
Fair Value | Fair Value, Inputs, Level 2 | 2030 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	191,236	199,160
Fair Value | Fair Value, Inputs, Level 2 | 2029 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	164,118	178,760
Fair Value | Fair Value, Inputs, Level 2 | 2026 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	22,001	23,918
Carrying Value | Fair Value, Inputs, Level 2 | Derivative financial instruments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative financial instrument asset	4,001	3,929
Carrying Value | Fair Value, Inputs, Level 2 | Amended 2027 TLA
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	297,561	297,297
Carrying Value | Fair Value, Inputs, Level 2 | 2030 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	193,066	192,778
Carrying Value | Fair Value, Inputs, Level 2 | 2029 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	147,581	147,439
Carrying Value | Fair Value, Inputs, Level 2 | 2026 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments fair value	$ 19,862	$ 19,833

Equity Plans - Additional Infor

Equity Plans - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares, available for issuance (in shares)	7,700
Income tax benefits for share-based awards	$ 1.5	$ 1.8
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share issued under purchase plan (in shares)	253	298
Share issued under purchase plan	$ 3.2	$ 3.3
Restricted Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs related to awards	$ 78.7
Unrecognized compensation costs recognition period	2 years 6 months

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
	Nov. 29, 2024	Dec. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted (in shares)	635	419
Weighted average grant-date fair value per share (in usd per share)	$ 30.25	$ 30.49
Aggregate vesting date fair value of shares vested	$ 9,028	$ 8,733

Equity Plans - Summary of Share

Equity Plans - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 11,531	$ 10,970
Cost of sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	1,643	1,815
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	1,689	1,597
Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 8,199	$ 7,558

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
	Nov. 29, 2024	Dec. 01, 2023
Revenue from Contract with Customer [Abstract]
Cost of materials and services invoiced in connection with logistics services	$ 212,947	$ 108,969

Revenue and Customer Contract_4

Revenue and Customer Contract Balances - Summary of Customer Contract Balances (Details) - USD ($) $ in Thousands	Nov. 29, 2024	Aug. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 1,389	$ 1,801
Contract liabilities:
Deferred revenue	53,960	76,178
Customer advances	57,869	6,036
Contract liabilities	$ 111,829	$ 82,214

Revenue and Customer Contract_5

Revenue and Customer Contract Balances - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 29, 2024	Aug. 30, 2024
Disaggregation Of Revenue [Line Items]
Expected revenue recognized on remaining performance obligations	$ 54
Revenue recognized	34.6
Customer refund liability, current	19.9
Contract with customer, liability, revenue recognized, customer advances	0.7
Estimates of consideration payable to customers, including estimates for pricing adjustments and returns	14.5	$ 12.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-11-30
Disaggregation Of Revenue [Line Items]
Expected revenue recognized on remaining performance obligations	$ 41.3
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Other Operating (Income) Expe_2

Other Operating (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Other Income and Expenses [Abstract]
Restructuring charges	$ 0.1	$ 2.9
Restructuring costs payable	$ 0.7

Other Non-operating (Income) _3

Other Non-operating (Income) Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Nonoperating Income (Expense) [Abstract]
Loss (gain) from changes in foreign currency exchange rates	$ 1,028	$ (546)
Loss (gain) on disposition of assets	(20)	45
Other	(372)	(75)
Other non-operating (income) expense	$ 636	$ (576)

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
	Nov. 29, 2024	Dec. 01, 2023
Income Tax Disclosure [Abstract]
Income (loss) before taxes	$ 12,324	$ (7,678)
Income tax provision	$ 6,360	$ 3,534
Effective tax rate	51.60%	(46.00%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	51.60%	(46.00%)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 29, 2024	Dec. 01, 2023
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 5,217	$ (11,773)
Net income (loss) from discontinued operations	0	(8,148)
Net income (loss) attributable to SGH – diluted	$ 5,217	$ (19,921)
Weighted-average shares outstanding – Basic (in shares)	53,482	52,068
Dilutive effect of equity plans and convertible senior notes (in shares)	830	0
Weighted-average shares outstanding – Diluted (in shares)	54,312	52,068
Basic earnings (loss) per share:
Continuing Operations (in usd per share)	$ 0.10	$ (0.23)
Discontinued Operations (in usd per share)	0	(0.15)
Basic (in usd per share)	0.10	(0.38)
Diluted earnings (loss) per share:
Continuing Operations (in usd per share)	0.10	(0.23)
Discontinued Operations (in usd per share)	0	(0.15)
Diluted (in usd per share)	$ 0.10	$ (0.38)
Antidilutive securities excluded from computation of earnings per share (in shares)	1,371	6,060

Segment and Other Information -

Segment and Other Information - Additional Information (Details)	3 Months Ended
	Nov. 29, 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
	Nov. 29, 2024	Dec. 01, 2023
Segment Reporting Information [Line Items]
Total net sales	$ 341,102	$ 274,247
Total segment operating income	17,356	1,305
Share-based compensation expense	(11,531)	(10,970)
Restructuring charges	(100)	(2,900)
Total unallocated	(80,456)	(81,545)
Operating Segments
Segment Reporting Information [Line Items]
Total segment operating income	40,918	26,679
Operating Segments | Advanced Computing
Segment Reporting Information [Line Items]
Total net sales	177,426	118,824
Total segment operating income	30,117	17,901
Operating Segments | Integrated Memory
Segment Reporting Information [Line Items]
Total net sales	96,706	85,668
Total segment operating income	7,116	7,195
Operating Segments | Optimized LED
Segment Reporting Information [Line Items]
Total net sales	66,970	69,755
Total segment operating income	3,685	1,583
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Share-based compensation expense	(11,531)	(10,970)
Amortization of acquisition-related intangibles	(9,755)	(10,008)
Cost of sales-related restructuring	42	(668)
Diligence, acquisition and integration expense	(833)	(789)
Restructuring charges	(109)	(2,939)
Other	(1,376)	0
Total unallocated	$ (23,562)	$ (25,374)