Company: PENG
Filing Date: 2025-07-08
Form Type: 10-Q
Source: 0001628280-25-034541
Chunk: 147

Company: Penguin Solutions, Inc.
Filing Date: 2025-07-08
Form: 10-Q
Item: Part II, Item 8
Chunk 147
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 operations.

Accounts ReceivableIn 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 May 30, 2025, there have been no trade accounts receivable sold under this program.

InventoriesAs ofMay 30,2025August 30,2024Raw materials$85,062 $75,514 Work in process26,615 18,742 Finished goods72,671 56,957  $184,348 $151,213 As of May 30, 2025 and August 30, 2024, 19% and 14%, respectively, of total inventories were owned and held under our logistics services program.

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Property and EquipmentAs ofMay 30,2025August 30,2024Equipment$90,291 $89,848 Buildings and building improvements67,984 70,462 Furniture, fixtures and software48,138 48,027 Land14,983 16,126 221,396 224,463 Accumulated depreciation(127,514)(117,915) $93,882 $106,548 Depreciation expense for property and equipment was $5.0 million and $15.4 million in the third quarter and first nine months of 2025, respectively, and $5.6 million and $20.3 million in the third quarter and first nine months of 2024, respectively.

Intangible Assets and GoodwillGrossAmountAccumulatedAmortizationGrossAmountAccumulatedAmortizationAs ofMay 30, 2025August 30, 2024Intangible assets:Technology$143,809 $(77,254)$142,539 $(58,948)Customer relationships47,700 (27,107)72,500 (45,556)Trademarks/trade names27,974 (19,992)27,964 (17,045)$219,483 $(124,353)$243,003 $(121,549)Goodwill by segment:Advanced Computing$135,865 $147,238 Integrated Memory14,720 14,720 $