Company: PENG
Filing Date: 2025-01-08
Form Type: 10-Q
Source: 0001628280-25-000944
Chunk: 34

Company: Penguin Solutions, Inc.
Filing Date: 2025-01-08
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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)27,964 (17,045)$243,408 $(131,482)$243,003 $(121,549)Goodwill by segment:Advanced Computing$147,238 $147,238 Integrated Memory14,720 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 ExpensesAs ofNovember 29,2024August 30,2024Accounts payable (1)$244,271 $182,037 Salaries, wages and benefits23,320 22,819 Income and other taxes13,613 11,863 Other3,432 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.

DebtAs ofNovember 29,2024August 30,2024Amended 2027 TLA$297,561 $297,297 2030 Notes193,066 192,778 2029 Notes147,581 147,439 2026