Company: PENG
Filing Date: 2025-07-08
Form Type: 10-Q
Source: 0001628280-25-034541
Chunk: 7

Company: Penguin Solutions, Inc.
Filing Date: 2025-07-08
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 of goodwill; changes in the fair value of contingent consideration; redomiciliation costs; and other infrequent or unusual items. While amortization of acquisition-related intangible assets is excluded, the revenues from acquired companies is reflected in our non-GAAP measures and these intangible assets contribute to revenue generation. See “Item 1. Financial Statements – Notes to Consolidated Financial Statements – Segment and Other Information.”

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, as they exclude important information about our financial results, as noted above. The presentation of these adjusted amounts varies from amounts presented in accordance with GAAP and therefore may not be comparable to amounts reported by other companies.

Three Months EndedNine Months EndedMay 30,2025May 31,2024May 30,2025May 31,2024GAAP operating income$9,843 $11,511 $45,687 $9,504 Share-based compensation expense10,251 11,192 33,362 32,801 Amortization of acquisition-related intangibles8,439 9,766 27,033 29,525 Cost of sales-related restructuring369 387 404 1,271 Diligence, acquisition and integration expense296 4 1,696 6,678 Redomiciliation costs (1)3,702 — 7,304 — Impairment of goodwill5,294 — 11,373 — Restructuring charges— 465 968 6,739 Other (1)280 — 655 — Non-GAAP operating income$38,474 $33,325 $128,482 $86,518 Non-GAAP operating income by segment:  Advanced Computing$24,684 $28,921 $91,734 $69,113 Integrated Memory12,457 4,471 30,543 17,682 Optimized LED1,333 (67)6,205 (277)Total non-GAAP operating income by segment$38,474 $33,325 $128,482 $86,518 (1) In the second quarter of 2025 we began breaking out redomiciliation costs from “Other.” All periods presented have been adjusted to reflect this change.

Advanced Computing operating income decreased by $4.2