<SEC-DOCUMENT>0001193125-25-151564.txt : 20250915
<SEC-HEADER>0001193125-25-151564.hdr.sgml : 20250915
<ACCEPTANCE-DATETIME>20250627183827
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-151564
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Penguin Solutions, Inc.
		CENTRAL INDEX KEY:			0001616533
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				981013909
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0830

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1390 MCCARTHY BLVD
		CITY:			MILPITAS
		STATE:			CA
		ZIP:			95035
		BUSINESS PHONE:		(510) 623-1231

	MAIL ADDRESS:	
		STREET 1:		1390 MCCARTHY BLVD
		CITY:			MILPITAS
		STATE:			CA
		ZIP:			95035

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMART Global Holdings, Inc.
		DATE OF NAME CHANGE:	20140813
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SIDLEY AUSTIN LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1501 K STREET, N.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WASHINGTON, D.C. 20005</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 202 736 8000</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">+1 202 736 8711 FAX</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 202 736 8715</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">SVONALTHANN@SIDLEY.COM</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">June&nbsp;27, 2025 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Claire Erlanger </P></TD></TR></TABLE>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">&#8199;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Eiko Yaoita Pyles </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Penguin Solutions, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended August&nbsp;30, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Filed October&nbsp;24, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarterly Period Ended February&nbsp;28, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Filed April&nbsp;2, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38102</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client,
Penguin Solutions, Inc. (the &#147;Company&#148;), we submit this letter in response to comments from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission received by letter dated June&nbsp;23, 2025 concerning the
Company&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended August&nbsp;30, 2024, filed October&nbsp;24, 2024, and the Company&#146;s quarterly report on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the fiscal quarter ended February&nbsp;28, 2025, filed April&nbsp;2, 2025. We have reviewed and discussed your comments with representatives of the Company, which has instructed us to submit the
responses set forth in this letter on its behalf. For your convenience, each comment is repeated in italics below. The Company&#146;s prior response letter dated June&nbsp;18, 2025, in response to the Staff&#146;s comments dated May&nbsp;20, 2025,
are referred to herein as the &#147;June 18, 2025 Response Letter.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results
of Operations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Impairment of Goodwill, page 31 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1. <I>We note your response to prior comment 2. Please provide a more detailed analysis supporting your conclusion that a full impairment of
the remaining $10&nbsp;million in goodwill is not necessary when impairment became probable. Specifically, explain to us the last sentence of your response that as the Penguin Edge business continues to wind down, cash flows from the business will
be received by the Company, decreasing the remaining cash flows from customer contracts and resulting in further declines in the fair value of the business and</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Sidley Austin (DC)&nbsp;LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with
other Sidley Austin partnerships. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>additional impairments of goodwill. In this regard, we would expect that the remaining
cash flows have already been considered in the fair value calculation at the time of measurement. Please advise. Additionally, in your response, please be more specific in discussing the methods and key assumptions you used to estimate the fair
value of the Penguin Edge business in connection with your goodwill impairment assessment during the second quarter of 2025. See guidance in ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-10-50-2.</FONT></FONT></FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:
</B>We respectfully acknowledge the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed in the Company&#146;s periodic reports, in the second fiscal quarter of
2023, the Company initiated a plan to wind down manufacturing and discontinue the sale of legacy products offered through its Penguin Edge business. As of February&nbsp;28, 2025, the Company determined that it was more likely than not that the fair
value of the Penguin Edge business was less than its carrying amount and elected to bypass the qualitative assessment as allowed under ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-35-70.</FONT></FONT></FONT> Following the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">350-20-35-4</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">35-8</FONT> to perform the quantitative goodwill impairment test, the Company determined that as of February&nbsp;28, 2025, the fair value of the
Penguin Edge business of $20.3M was lower than its carrying amount of $26.4M, resulting in a goodwill impairment charge of $6.1M. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the Penguin Edge
business&#146;s goodwill will become fully impaired upon the cessation of the Penguin Edge business, as of February&nbsp;28, 2025, a full impairment of its goodwill was not appropriate because, after the partial $6.1M impairment, the reporting
unit&#146;s carrying amount was equal to its fair value (including remaining goodwill). As provided in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-35-73,</FONT></FONT></FONT> &#147;A
goodwill impairment loss, if any, shall be measured as the amount by which the carrying amount of a reporting unit including goodwill exceeds its fair value,&nbsp;limited to the total amount of goodwill of the entity.&#148; A key assumption in
determining the fair value of the Penguin Edge business as of February&nbsp;28, 2025 was the Company&#146;s expectation that the business would continue to be profitable and generate positive free cash flow through the wind down of the business.
Another key assumption was the business&#146;s estimated remaining free cash flows, which included operating income from sales of inventory, through the end of fiscal 2025 pursuant to existing contracts and future orders, as described in more detail
below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of the Penguin Edge business was determined in accordance with ASC 820, which refers to the price that would be received to sell
the reporting unit as a whole in an orderly transaction between market participants at the measurement date. As noted in the June&nbsp;18, 2025 Response Letter, for purposes of its discounted cash flow model used in determining fair value, the
Company assumed that market participants would value the Penguin Edge business based on expected future cash flows to be received through the expected completion of the wind down of the Penguin Edge business. The Company calculated its expected
remaining cash flows based on existing contracts, future expected orders based on historical order volumes, and future expected orders identified through customer engagements for last-time buy planning, which were expected to fully consume all
inventory on hand. Net estimated discounted cash flows were calculated by taking the total proceeds expected from sales, minus cash outflows for costs associated with fulfilling customer contracts, operating expenses, collection of receivables
recognized as of February&nbsp;28, 2025, and costs associated with the wind down of the Penguin Edge business. The Company assumed no capital expenditures because it is no longer investing in the business. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Using this valuation model, as of February&nbsp;28, 2025, the fair value of the Penguin Edge business,
excluding cash held by the reporting unit, was determined to be $20.3&nbsp;million, which resulted in an impairment charge of $6.1&nbsp;million for that period in order to adjust the carrying amount to the fair value. To expand upon the last
sentence of our June&nbsp;18, 2025 Response Letter: as Penguin Edge fulfills customer orders through the remainder of calendar 2025 and consumes its inventory, the fair value associated with net cash flows, which previously supported the continued
recognition of the goodwill as of February&nbsp;28, 2025, will be converted into cash. Additionally, as inventory is sold, the expected future cash flows of the Penguin Edge business will simultaneously decline from current levels, resulting in the
Company converting any remaining inventory with its associated operating margin into cash. As a result, the fair value of the reporting unit (excluding any cash on hand) will decrease without a corresponding decrease to goodwill. The Company&#146;s
remaining goodwill, however, will become impaired as the carrying amount of the business, including the goodwill (but excluding cash), will not decrease at the same rate as expected cash flows. The resulting goodwill impairments in future periods
will appropriately offset the operating income earned from sales, resulting in no net income statement benefit or loss during the wind-down period. Because the Company expects that substantially all cash flows from Penguin Edge will cease by the end
of calendar 2025, the Company expects the goodwill of the Penguin Edge business to be fully impaired by that time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In future filings, if the
Company&#146;s situation requires and to the extent material, the Company will disclose additional information regarding its method of determining fair value, consistent with ASC 350. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please feel free to contact me at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">202-736-8715</FONT></FONT> or <U>svonalthann@sidley.com</U> or Sonia Barros at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">202-736-8387</FONT></FONT> or <U>sbarros@sidley.com</U> with any questions or
comments. Thank you for your time and attention with respect to this matter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Sara von Althann</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sara von Althann</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nate Olmstead, Chief Financial Officer, Penguin Solutions, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Anne Kuykendall, Chief Legal Officer, Penguin Solutions, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Jason Rissanen, Partner, Deloitte&nbsp;&amp; Touche LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sonia Barros, Partner, Sidley Austin LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Martin Wellington, Partner, Sidley Austin LLP </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
