Penguin Solutions (NASDAQ: PENG) held its third-quarter earnings conference call on Tuesday. Below is the complete transcript from the call.

Penguin Solutions（纳斯达克股票代码：PENG）于周二召开了 2026 财年第三季度财报电话会议。以下是会议的完整记录。

This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.

此内容由 Benzinga API 提供。有关全面的财务数据和记录，请访问 https://www.benzinga.com/apis/。

View the webcast at https://events.q4inc.com/attendee/735199556

观看网络直播请访问 https://events.q4inc.com/attendee/735199556

Summary

摘要

Penguin Solutions Inc delivered record net sales of $479 million in Q3 FY2026, up 48% year over year, with a significant increase in non-GAAP EPS, which rose 79% year over year to $0.84.

Penguin Solutions Inc 在 2026 财年第三季度实现了创纪录的净销售额 4.79 亿美元，同比增长 48%，非 GAAP 每股收益显著增长，同比上升 79% 至 0.84 美元。

The company raised its full-year outlook for both net sales growth, now expected at 22%, and non-GAAP EPS, now projected at $2.60, citing strong demand for AI-driven memory products and infrastructure solutions.

公司提高了全年净销售增长的预期，现在预计为 22%，非 GAAP 每股收益的预期也上调至 2.60 美元，原因是对 AI 驱动的内存产品和基础设施解决方案的强劲需求。

Strategically, Penguin Solutions is focusing on its AI factory platform, memory solutions, and expanding customer base, with AI-driven businesses representing 74% of total sales and growing 104% year over year.

从战略上看，Penguin Solutions 专注于其 AI 工厂平台、内存解决方案和扩展客户基础，AI 驱动的业务占总销售额的 74%，同比增长 104%。

Management highlighted the successful transition to agentic AI and the importance of their integrated platform that includes Clusterware AI software and Memory AI solutions.

管理层强调了成功转型为自主 AI 的重要性，以及其集成平台的关键性，该平台包括 Clusterware AI 软件和 Memory AI 解决方案。

A leadership transition was announced with CFO Nate Olmstead stepping down and Aaron Johnson taking over as interim CFO, with a search initiated for a permanent successor.

宣布了领导层的变动，首席财务官 Nate Olmstead 将辞职，Aaron Johnson 将担任临时首席财务官，并已启动寻找永久继任者的工作。

Full Transcript

完整记录

OPERATOR

操作员

Welcome to the Penguin Solutions third quarter fiscal 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press Star one to raise your hand. To withdraw your question, press Star one again. I will now hand the conference over to Suzanne Schmidt with Investor Relations.

欢迎参加 Penguin Solutions 2026 财年第三季度财报电话会议。在今天的准备发言后，我们将举行问答环节。如果您想提问，请按星号 1 举手。要撤回您的问题，请再次按星号 1。现在我将会议交给投资者关系部的 Suzanne Schmidt。

Suzanne Schmidt, Investor Relations

Suzanne Schmidt，投资者关系部

Thank you, Operator. Good afternoon and thank you for joining us on today's earnings conference call and webcast to discuss Penguin Solutions' third quarter fiscal 2026 results. On the call today are Kash Shaikh, Chief Executive Officer, and Nate Olmstead, Chief Financial Officer. You can find the accompanying slide presentation and press release for this call on the Investor Relations section of our website. We encourage you to go to the site throughout the quarter for the most current information on the company.

谢谢你，操作员。下午好，感谢您参加今天的财报电话会议和网络直播，讨论 Penguin Solutions 2026 财年第三季度的业绩。今天参加会议的有首席执行官 Kash Shaikh 和首席财务官 Nate Olmstead。您可以在我们网站的投资者关系部分找到本次会议的配套幻灯片和新闻稿。我们鼓励您在整个季度访问该网站，以获取公司最新信息。

I would also like to remind everyone to read the note on the use of forward-looking statements that is included in the press release and the earnings call presentation. Please note that during this conference call, the Company will make projections and forward-looking statements including, but not limited to, statements about the Company's growth trajectory, financial outlook and preliminary expectations for future fiscal periods, business plans and strategy, product development and innovation, market demand and shifts, supply chain conditions and cost assumptions, leadership transitions, strategic agreements, and existing and potential collaborations.

我还想提醒大家阅读新闻稿和财报电话会议演示文稿中包含的关于前瞻性声明的说明。请注意，在本次电话会议中，公司将做出预测和前瞻性声明，包括但不限于关于公司增长轨迹、财务展望和未来财务期间的初步预期、商业计划和战略、产品开发和创新、市场需求和变化、供应链状况和成本假设、领导层变动、战略协议以及现有和潜在的合作关系的声明。

Forward-looking statements are based on current beliefs and assumptions and are not guarantees of future performance and are subject to risks and uncertainties, including without limitation the risks and uncertainties reflected in the press release and the earnings call presentation filed today, as well as in the Company's most recent annual and quarterly reports. The forward-looking statements are representative only as of the date they are made and except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements.

前瞻性声明基于当前的信念和假设，并不保证未来的表现，且受到风险和不确定性的影响，包括但不限于在今天发布的新闻稿和财报电话会议演示文稿中反映的风险和不确定性，以及公司最近的年度和季度报告。前瞻性声明仅代表其发布之日的观点，除非法律要求，否则我们不承担公开更新或修订任何前瞻性声明的责任。

We will also discuss both GAAP and non-GAAP financial measures. Non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to our GAAP results. We encourage you to consider all measures when analyzing our performance. A reconciliation of the GAAP to non-GAAP measures is included in today's press release and the accompanying slide presentation. And with that, let me now turn the call over to Kash Shaikh, CEO.

我们还将讨论 GAAP 和非 GAAP 财务指标。非 GAAP 指标不应单独考虑，也不应替代或优于我们的 GAAP 结果。我们鼓励您在分析我们的业绩时考虑所有指标。GAAP 与非 GAAP 指标的对比在今天的新闻稿和配套幻灯片中包含。接下来，我将把会议交给首席执行官 Kash Shaikh。

Kash Shaikh, President and CEO

Kash Shaikh，总裁兼首席执行官

Good afternoon and thank you for joining our third quarter fiscal 2026 earnings call. Penguin Solutions delivered an exceptional quarter with record results that reflect disciplined execution and strong customer traction for our AI factory platform strategy. At the Company level, we delivered record net sales and significantly higher than anticipated EPS. Building on our excellent third quarter, we are again raising our full year outlook for both net sales and EPS.

下午好，感谢您参加我们的 2026 财年第三季度财报电话会议。Penguin Solutions 在这一季度表现出色，创下了反映出严格执行和强劲客户吸引力的记录业绩，符合我们的 AI 工厂平台战略。在公司层面，我们实现了创纪录的净销售额和显著高于预期的每股收益。在我们出色的第三季度基础上，我们再次提高了全年净销售额和每股收益的预期。

All of our business units performed well. Growth was outstanding in our AI-driven businesses. In Q3, our AI-driven businesses represented 74% of total company net sales and grew 104% year over year. These businesses consist of integrated memory and non-hyperscale AI infrastructure solutions. In these businesses, AI-driven demand continued to outpace net sales growth, contributing to a growing backlog. This gives us confidence that the AI opportunity is expanding as enterprises increasingly adopt agentic AI workloads powered by inference at scale.

我们的所有业务部门表现良好。我们的 AI 驱动业务增长突出。在第三季度，我们的 AI 驱动业务占公司总净销售额的 74%，同比增长 104%。这些业务包括集成内存和非超大规模 AI 基础设施解决方案。在这些业务中，AI 驱动的需求持续超过净销售增长，导致积压订单增加。这让我们对 AI 机会的扩展充满信心，因为企业越来越多地采用由推理驱动的大规模自主 AI 工作负载。

Our results this quarter demonstrate that Penguin Solutions is evolving into a leading AI factory platform company. We believe we are still in the early stages of a significant, long-term profitable growth opportunity. Before discussing our performance in more detail, I want to address our finance leadership transition. As announced on June 1, Nate Olmsted will step down as Chief Financial Officer on July 8 to pursue an opportunity in a different industry.

本季度的业绩表明，Penguin Solutions 正在发展成为一家领先的 AI 工厂平台公司。我们相信，我们仍处于一个显著的长期盈利增长机会的早期阶段。在详细讨论我们的业绩之前，我想谈谈我们的财务领导层变动。正如 6 月 1 日宣布的，Nate Olmstead 将于 7 月 8 日辞去首席财务官职务，去追求其他行业的机会。

Nate has been an important partner during a meaningful period of transformation for Penguin Solutions. His leadership helped strengthen our financial and operational foundation, and I want to thank him for his contributions and wish him well. I am also pleased that Aaron Johnson, our Vice President of Finance and Accounting, will serve as interim CFO effective July 9th. Aaron brings more than 16 years of public company experience in the technology sector and a deep understanding of our business.

Nate 在企鹅解决方案转型的重要时期一直是我们的重要合作伙伴。他的领导帮助我们巩固了财务和运营基础，我想感谢他的贡献，并祝他一切顺利。我也很高兴我们的财务和会计副总裁 Aaron Johnson 将于 7 月 9 日起担任临时首席财务官。Aaron 在科技行业拥有超过 16 年的上市公司经验，并对我们的业务有深刻的理解。

We have also initiated a search for a permanent CFO. This transition does not change our operating priorities, financial discipline, or focus on execution. Today, I'll cover four key topics before reviewing our third quarter performance. First, the market environment as AI moves into production scale, inference, and agentic AI. Second, how our AI factory platform is positioned to address this opportunity. Third, the customer and partner momentum that validates our strategy, and fourth, how we are executing across product innovation, operations, and go-to-market.

我们还启动了对永久首席财务官的搜索。这一过渡不会改变我们的运营优先事项、财务纪律或执行重点。今天，我将讨论四个关键主题，然后回顾我们的第三季度业绩。首先，随着人工智能进入生产规模、推理和自主 AI，市场环境的变化。第二，我们的 AI 工厂平台如何定位以应对这一机会。第三，客户和合作伙伴的势头如何验证我们的战略，第四，我们在产品创新、运营和市场推广方面的执行情况。

Since our April earnings call, the demand environment has strengthened as AI continues to transition from early prompt and response experimentation to production scale, inference, and agentic AI. A simple way to think about the shift is that early AI answered questions while agentic AI performs work. In the early phase of AI adoption, many workloads were transactional. A user asked a question, AI generated an answer, and the session ended. Agentic AI is different.

自四月份的财报电话会议以来，需求环境有所增强，因为人工智能继续从早期的提示和响应实验过渡到生产规模、推理和自主 AI。简单来说，早期的 AI 回答问题，而自主 AI 则执行工作。在人工智能采用的早期阶段，许多工作负载是事务性的。用户提出问题，AI 生成答案，会议结束。自主 AI 则有所不同。

Agents are persistent, context-rich, and task-oriented. They can operate continuously across workflows, applications, and data sources, moving AI from an advisor to an operator. For example, in software development, each engineer can now have multiple agents that write, test, review, document, and monitor code. In business operations, agents can monitor customer activity, analyze supply chain risk, prepare follow-ups, and update workflows. As inference workload scales and agentic AI deployments accelerate, infrastructure requirements for production AI environments continue to expand across the full AI data center technology stack.

自主代理是持久的、富有上下文的和以任务为导向的。它们可以在工作流、应用程序和数据源之间持续操作，将 AI 从顾问转变为操作员。例如，在软件开发中，每个工程师现在可以拥有多个代理来编写、测试、审查、记录和监控代码。在业务运营中，代理可以监控客户活动、分析供应链风险、准备后续工作并更新工作流。随着推理工作负载的扩大和自主 AI 部署的加速，生产 AI 环境的基础设施需求在整个 AI 数据中心技术堆栈中持续扩大。

Demand is increasing not only for GPUs and accelerator-attached high-bandwidth memory or HBM, but also for general-purpose compute including CPU as well as memory, storage, and networking. Every GPU deployment depends on a surrounding layer of general-purpose compute and memory to feed data, coordinate workflows, manage context, and connect agents to enterprise applications. We believe this trend is strengthening demand for our memory solutions. These persistent, context-rich workloads require more memory capacity, faster access to context, and better orchestration.

对 GPU 和加速器附加的高带宽内存（HBM）的需求正在增加，同时对包括 CPU 在内的通用计算、内存、存储和网络的需求也在上升。每个 GPU 部署都依赖于一层通用计算和内存，以提供数据、协调工作流、管理上下文并将代理连接到企业应用程序。我们相信这一趋势正在增强对我们内存解决方案的需求。这些持久的、富有上下文的工作负载需要更多的内存容量、更快的上下文访问和更好的编排。

As AI moves to inference at scale, the industry is increasingly recognizing that memory, not compute alone, is becoming one of the primary bottlenecks for large context AI inference performance. We designed our memory AI appliances specifically to address this bottleneck and improve both inference performance and token economics. We believe that for enterprises, sovereign AI initiatives, and new cloud customers, AI factories are becoming essential for optimizing time to force token performance and token economics for inference.

随着人工智能向大规模推理发展，行业越来越认识到，内存而非单纯的计算，正成为大型上下文 AI 推理性能的主要瓶颈之一。我们专门设计了我们的内存 AI 设备，以解决这一瓶颈并改善推理性能和代币经济学。我们相信，对于企业、主权 AI 项目和新的云客户而言，AI 工厂正在成为优化推理的代币性能和代币经济学的关键。

These developments reinforce the strategic premise behind Penguin Solutions. Production scale AI infrastructure requires a full-stack AI factory platform approach. Our platform connects AI infrastructure, memory operation, software, and operational execution to help customers deploy and operate at scale. Our second topic today is how Penguin is becoming a leading AI factory platform company at the intersection of memory and AI infrastructure. Our platform combines five core elements with our partner ecosystem.

这些发展强化了企鹅解决方案背后的战略前提。生产规模的 AI 基础设施需要全面的 AI 工厂平台方法。我们的平台连接 AI 基础设施、内存操作、软件和运营执行，帮助客户以规模部署和运营。我们今天的第二个主题是企鹅如何成为在内存和 AI 基础设施交汇处的领先 AI 工厂平台公司。我们的平台结合了五个核心元素和我们的合作伙伴生态系统。

First, Clusterware AI, our operating system software for AI factories; second, Memory AI and integrated memory solutions; third, advanced computing systems under our COMPUTE AI brand; fourth, Origin AI factory architectures; and fifth, end-to-end design, build, deploy, and managed services. We believe our platform differentiation comes from combining these proprietary products and services into an integrated offering. Customers increasingly need more than just AI hardware procurement.

首先是 Clusterware AI，我们的 AI 工厂操作系统软件；第二是内存 AI 和集成内存解决方案；第三是我们 COMPUTE AI 品牌下的先进计算系统；第四是 Origin AI 工厂架构；第五是端到端的设计、构建、部署和管理服务。我们相信我们的平台差异化来自于将这些专有产品和服务整合成一个综合解决方案。客户越来越需要的不仅仅是 AI 硬件采购。

They need architecture that performs in production at scale, an accelerated deployment path, and an operating model that helps them generate profitable revenue or deliver operational efficiencies in production. AI time to production deployment is directly tied to time to revenue, and our platform is designed to compress both. Customers need the ROI and superior token economics that our Penguin AI factory platform can provide. Thanks, Cash. I will focus my remarks on our non-GAAP results, which are reconciled to GAAP in our earnings release tables and in the investor materials available on our website. With that, let me now turn to our third-quarter performance. In the quarter, both net sales and profits were significantly higher than expected, driven primarily by accelerating AI-driven demand for our memory products and continued adoption of AI infrastructure solutions, which drove a 40% sequential increase in our overall net sales and a 42% sequential increase in our non-GAAP operating income for Q3 FY26.

他们需要在生产中表现出色的架构、加速的部署路径，以及帮助他们在生产中产生盈利收入或提供运营效率的运营模式。AI 的生产部署时间与收入时间直接相关，我们的平台旨在压缩这两者。客户需要我们的企鹅 AI 工厂平台所能提供的投资回报率和优越的代币经济学。谢谢，Cash。我将重点讨论我们的非 GAAP 结果，这些结果在我们的财报发布表格和我们网站上的投资者材料中与 GAAP 进行了对账。接下来，让我转向我们的第三季度业绩。在本季度，净销售额和利润均显著高于预期，主要受到对我们内存产品的 AI 驱动需求加速和 AI 基础设施解决方案持续采用的推动，这使我们的整体净销售额环比增长了 40%，非 GAAP 运营收入环比增长了 42%。

Total Penguin Solutions net sales were a record $479 million, up 48% year over year. Non-GAAP gross margin came in at 28.1%, above our expectations and down 3.6 percentage points versus Q3 last year. Non-GAAP operating margin was 13.4%, up 1.5 percentage points versus last year, and non-GAAP diluted earnings per share were $0.84, up 79% year over year and up 62% versus last quarter. In the third quarter of fiscal 2026, our overall product net sales were $414 million, representing 87% of total company net sales and growing 60% versus the prior year.

企鹅解决方案的总净销售额创下了 4.79 亿美元的记录，同比增长 48%。非 GAAP 毛利率为 28.1%，高于我们的预期，同比下降 3.6 个百分点。非 GAAP 运营利润率为 13.4%，同比上升 1.5 个百分点，非 GAAP 稀释每股收益为 0.84 美元，同比增长 79%，环比增长 62%。在 2026 财年的第三季度，我们的整体产品净销售额为 4.14 亿美元，占公司总净销售额的 87%，同比增长 60%。

Services net sales totaled $65 million or 13% of total net sales and were down 1% versus the prior year. Net sales by business segment were as follows. In advanced computing, Q3 net sales were $138 million, representing 29% of total company net sales and grew 4% year over year and 19% sequentially. This sales increase reflects stronger AI infrastructure sales to enterprise customers, which more than offset reduced sales to hyperscale customers. Within advanced computing, our non-hyperscale AI infrastructure business continues to scale rapidly with net sales up 81% year over year in the quarter.

服务净销售额总计为 6500 万美元，占总净销售额的 13%，较去年下降了 1%。各业务部门的净销售额如下。在先进计算领域，第三季度净销售额为 1.38 亿美元，占公司总净销售额的 29%，同比增长 4%，环比增长 19%。这一销售增长反映了对企业客户的 AI 基础设施销售强劲，弥补了对超大规模客户销售的减少。在先进计算领域，我们的非超大规模 AI 基础设施业务继续快速扩展，季度净销售额同比增长 81%。

In addition to accelerating growth in this part of our business, we continue to make good progress on diversifying our net sales to new customer categories. In Q3, the non-hyperscale AI infrastructure business represented 58% of total advanced computing net sales versus 33% in the third quarter of last year. We continue to see strong demand from enterprise, NEO, cloud, and sovereign AI customers and expect these customer categories to represent an increasing share of our advanced computing net sales over time.

除了加速这一部分业务的增长外，我们在将净销售额多样化到新客户类别方面也取得了良好进展。在第三季度，非超大规模 AI 基础设施业务占总先进计算净销售额的 58%，而去年第三季度为 33%。我们继续看到来自企业、NEO、云计算和主权 AI 客户的强劲需求，并预计这些客户类别在未来将占据我们先进计算净销售额的越来越大份额。

In integrated memory, Q3 net sales were $275 million, representing 57% of total company net sales, up 111% year over year and 60% sequentially. In optimized LED, Q3 net sales were $66 million, representing 14% of total company net sales and were up 7% versus the same quarter last year. Non-GAAP gross margin for Penguin Solutions in the third quarter was 28.1%, down 3.6 percentage points year over year and down 3.1 percentage points sequentially, primarily attributable to the ongoing wind-down of our Penguin Edge business and a shift in the overall mix of sales across our business units.

在集成内存方面，第三季度净销售额为 2.75 亿美元，占公司总净销售额的 57%，同比增长 111%，环比增长 60%。在优化 LED 方面，第三季度净销售额为 6600 万美元，占公司总净销售额的 14%，较去年同期增长 7%。第三季度 Penguin Solutions 的非 GAAP 毛利率为 28.1%，同比下降 3.6 个百分点，环比下降 3.1 个百分点，主要归因于我们 Penguin Edge 业务的持续缩减以及各业务单元销售整体组合的变化。

These factors were partially offset by AI-driven demand, which supported favorable pricing in our integrated memory business during the quarter. Non-GAAP operating expenses for the third quarter were $70 million, up 9% year over year and up 14% versus last quarter. The increase in operating expenses sequentially is due to normal seasonality, increased investments in R&D, including for our Clusterware AI software and memory AI solutions, and higher variable compensation as a result of our strong net sales and profit performance.

这些因素部分被 AI 驱动的需求所抵消，后者在本季度支持了我们集成内存业务的有利定价。第三季度的非 GAAP 运营费用为 7000 万美元，同比上升 9%，环比上升 14%。运营费用的环比增加是由于正常的季节性、对研发的增加投资，包括我们的 Clusterware AI 软件和内存 AI 解决方案，以及由于我们强劲的净销售和利润表现而导致的更高的可变薪酬。

Q3 non-GAAP operating income was $64 million, a third-quarter record, up 67% year over year and up 42% sequentially. Operating margins were up 1.5 percentage points versus the prior year and 0.2 points sequentially, driven by strong operating leverage. Non-GAAP diluted earnings per share for the third quarter were $0.84, up 79% versus Q3 last year and up 62% versus the prior quarter. Adjusted EBITDA for the third quarter was $68 million, up 51% year over year and up 34% versus the prior quarter.

第三季度的非 GAAP 运营收入为 6400 万美元，创下第三季度纪录，同比增长 67%，环比增长 42%。运营利润率较去年上升 1.5 个百分点，环比上升 0.2 个百分点，得益于强劲的运营杠杆。第三季度的非 GAAP 稀释每股收益为 0.84 美元，同比增长 79%，环比增长 62%。第三季度的调整后 EBITDA 为 6800 万美元，同比增长 51%，环比增长 34%。

Turning to the balance sheet for working capital, our net accounts receivable totaled $704 million compared to $293 million a year ago, with the increase primarily driven by significantly higher memory sales volumes and prices. Days sales outstanding remained healthy at 53 days, up from 47 days a year ago and up from 50 days last quarter. Inventory totaled $498 million at the end of the third quarter, up from $184 million a year ago, reflecting increased memory costs, growth in our memory and AI infrastructure businesses, and strategic purchases to maximize supply for anticipated future memory demand.

转向资产负债表的营运资金，我们的净应收账款总计为 7.04 亿美元，而去年为 2.93 亿美元，增加主要是由于内存销售量和价格显著上升。应收账款周转天数保持健康，为 53 天，较去年同期的 47 天和上季度的 50 天有所上升。第三季度末库存总计为 4.98 亿美元，较去年同期的 1.84 亿美元有所上升，反映了内存成本的增加、内存和 AI 基础设施业务的增长，以及为了最大化未来内存需求的战略采购。

Days of inventory were 42 days, up from 36 days a year ago and down from 51 days last quarter, primarily due to the timing of receipts and shipments. Accounts payable were $736 million at the end of the quarter, up from $272 million a year ago due primarily to higher memory costs, growth in our memory and AI infrastructure businesses, and the timing of purchases and payments. Days payable outstanding were 62 days compared to 53 days last year and 63 days last quarter.

库存周转天数为 42 天，较去年同期的 36 天上升，较上季度的 51 天下降，主要是由于收货和发货的时机。第三季度末应付账款为 7.36 亿美元，较去年同期的 2.72 亿美元上升，主要是由于内存成本的上升、内存和 AI 基础设施业务的增长，以及采购和付款的时机。应付账款周转天数为 62 天，较去年同期的 53 天和上季度的 63 天有所上升。

The year-over-year and quarter-over-quarter movements were due to the timing of purchases and payments. Despite the significant growth in our net working capital, our cash conversion cycle remained within our typical range at 33 days, an improvement of 5 days compared to Q2 and up 3 days versus last year due to the timing of purchases and payments consistent with past practice. Days sales outstanding, days payables outstanding, and inventory days are calculated on a gross sales and gross cost of goods sold basis, which were $1.22 billion and $1.09 billion respectively in the third quarter.

同比和环比的变动主要是由于采购和付款的时机。尽管我们的净营运资金显著增长，但我们的现金转换周期仍保持在典型范围内，为 33 天，较第二季度改善了 5 天，较去年上升了 3 天，这与过去的采购和付款时机一致。应收账款周转天数、应付账款周转天数和库存天数是基于毛销售额和毛销售成本计算的，第三季度分别为 12.2 亿美元和 10.9 亿美元。

As a reminder, the difference between gross and net sales is primarily related to our memory businesses' logistics services, which are accounted for on an agent basis, meaning that we only recognize the net profit on logistics services as net sales. Cash, cash equivalents, and short-term investments totaled $440 million at the end of the third quarter, down $295 million from Q3 last year and down $49 million sequentially. The year-over-year decrease was primarily due to proceeds from the issuance of preferred shares in Q2 of last year offset by debt repayments for our term loan in Q4 of last year.

提醒一下，毛销售额和净销售额之间的差异主要与我们内存业务的物流服务有关，这些服务按代理方式核算，意味着我们仅将物流服务的净利润作为净销售额确认。第三季度末现金、现金等价物和短期投资总计为 4.4 亿美元，较去年第三季度下降 2.95 亿美元，环比下降 4900 万美元。同比下降主要是由于去年第二季度发行优先股的收益被去年第四季度的贷款偿还所抵消。

Sequentially, the cash decrease was primarily due to investments in working capital to fund our growth and partially offset by approximately $40 million received from proceeds from the disposition of our 19% equity investment in Zillia Technologies. Third-quarter cash flows used for operating activities totaled $75 million compared to $97 million provided by operating activities in the prior year quarter. The decrease in cash flow in the quarter versus last year was due primarily to investments in networking capital to support the significant growth in our memory and AI infrastructure businesses.

环比现金减少主要是由于对营运资金的投资以支持我们的增长，部分被来自处置我们在 Zillia Technologies 中 19% 股权投资的约 4000 万美元收益所抵消。第三季度用于经营活动的现金流为 7500 万美元，而去年同期为 9700 万美元。与去年同期相比，本季度现金流的减少主要是由于对营运资金的投资，以支持我们内存和 AI 基础设施业务的显著增长。

For those of you tracking capital expenditures and depreciation, capital expenditures were $3 million in the quarter and depreciation was $5 million for the quarter. Wrapping up our cash flow activities, we spent $9 million to repurchase approximately 466,000 shares in the third quarter under our stock repurchase program. As of May 29, 2026, an aggregate of $56 million remained available for the repurchase of our common stock under our current authorizations.

对于关注资本支出和折旧的朋友们，季度资本支出为 300 万美元，折旧为 500 万美元。总结我们的现金流活动，我们在第三季度根据股票回购计划花费了 900 万美元回购约 466,000 股。截至2026年5月29日，仍有 5600 万美元可用于根据我们当前的授权回购普通股。

And now turning to our outlook, given our solid performance over the first nine months and an improved Q4 outlook for our memory business, we are raising our full company net sales and non-GAAP diluted EPS outlook for the year, which at the midpoint now calls for 22% net sales growth and $2.60 of non-GAAP diluted EPS, up from our previous outlook of 12% net sales growth and $2.15 of non-GAAP diluted EPS. As a reminder, our full-year outlook assumes that we will continue to diversify our customer sales mix and does not include any advanced computing AI hardware sales to hyperscale customers.

现在转向我们的展望，鉴于我们在前九个月的稳健表现以及对内存业务的改善的第四季度展望，我们提高了全公司的净销售额和非 GAAP 稀释每股收益的展望，目前中值预计净销售增长为 22%，非 GAAP 稀释每股收益为 2.60 美元，较之前的展望 12% 的净销售增长和 2.15 美元的非 GAAP 稀释每股收益有所上升。请注意，我们的全年展望假设我们将继续多样化客户销售组合，并不包括对超大规模客户的任何先进计算 AI 硬件销售。

Also consistent with our assumptions from last quarter, our FY26 financial outlook reflects the ongoing wind-down of our high-margin Penguin Edge business. We expect sales from this business to essentially cease by the end of fiscal 2026. The combined effect of these two assumptions reduces our FY26 growth outlook by approximately 14 percentage points at the total company level year over year and approximately 30 percentage points within advanced computing.

与我们上季度的假设一致，我们的 FY26 财务展望反映了我们高利润的 Penguin Edge 业务的持续缩减。我们预计该业务的销售将在 2026 财年结束时基本停止。这两个假设的综合影响使我们的 FY26 增长展望在公司整体层面上同比减少约 14 个百分点，在先进计算领域减少约 30 个百分点。

With that said, our full-year net sales outlook reflects the following full-year growth ranges by segment. For advanced computing, we are improving our full-year outlook compared with our previous outlook and now expect net sales to decline 15 to 20% year over year. As it has previously, this outlook reflects the Penguin Edge and hyperscale hardware sales impacts mentioned earlier. For memory, we are increasing our full-year outlook and we now expect net sales to grow between 90 and 95% year over year, driven by continued AI-related demand and a favorable memory market environment.

也就是说，我们的全年净销售展望反映了各个细分市场的全年增长范围。对于先进计算，我们改善了与之前展望相比的全年展望，现在预计净销售同比下降 15% 至 20%。如之前所述，这一展望反映了前面提到的 Penguin Edge 和超大规模硬件销售的影响。对于内存，我们提高了全年展望，现在预计净销售同比增长 90% 至 95%，这得益于持续的 AI 相关需求和有利的内存市场环境。

And for LED, we are also improving our full-year outlook and now expect net sales to decline approximately 5% year over year. Our non-GAAP gross margin outlook for the full year is now 28.5% plus or minus 0.5 percentage points. We adjusted our gross margin outlook up by half a percentage point to account for favorable memory pricing, which helped our Q3 gross margins. Our Q4 outlook assumes less pricing favorability than we experienced in Q3, and we therefore expect some downward pressure on gross margins as we exit the year.

对于 LED，我们也改善了全年展望，现在预计净销售同比下降约 5%。我们对全年非 GAAP 毛利率的展望现在为 28.5%，上下浮动 0.5 个百分点。我们将毛利率展望上调了 0.5 个百分点，以考虑有利的内存定价，这帮助了我们第三季度的毛利率。我们的第四季度展望假设定价的有利性低于第三季度，因此我们预计在年末时毛利率会面临一些下行压力。

Our full-year expectation for total non-GAAP operating expenses has increased to $260 million plus or minus $5 million for the full year FY26. We now expect a non-GAAP diluted share count of approximately 56 million shares, up from our prior outlook, primarily reflecting the expected dilutive impact from our convertible debt as a result of higher share prices. As a result of this dilutive impact, we expect our non-GAAP diluted share count in Q4 FY26 to be approximately 62 million shares.

我们对 FY26 全年非 GAAP 运营费用的预期已增加至 2.6 亿美元，浮动范围为 500 万美元。我们现在预计非 GAAP 稀释股本约为 5600 万股，较之前的展望有所上升，主要反映了由于股价上涨而导致的可转换债务的稀释影响。因此，我们预计 FY26 第四季度的非 GAAP 稀释股本约为 6200 万股。

Our non-GAAP full-year diluted earnings per share is now expected to be approximately $2.60 plus or minus $0.05. Our forecasted FY26 non-GAAP tax rate is now 20%, down from 22%, reflecting increased pre-tax income in jurisdictions with lower tax rates. Note, our Q3 non-GAAP tax rate was 17.3%, which reflects the year-to-date true-up of this new lower full-year tax rate. While we expect to use this normalized non-GAAP tax rate throughout FY26 and beyond, the long-term non-GAAP tax rate may be subject to changes for a variety of reasons, including the rapidly evolving global and US tax environment, significant changes in our geographic earnings mix, or changes to our strategy or business operations. Given the strength of current AI-driven demand trends, we want to give some preliminary color on our initial expectations for net sales and non-GAAP EPS growth in fiscal 2027 based on our current customer signals and our expectations about ongoing AI-driven demand. Our preliminary fiscal 2027 view contemplates both total company net sales growth and non-GAAP EPS growth of approximately 30% from the midpoint of our full-year FY26 outlook.

我们对全年非 GAAP 稀释每股收益的预期现在约为 2.60 美元，浮动范围为 0.05 美元。我们预测的 FY26 非 GAAP 税率现在为 20%，低于 22%，反映了在低税率地区的税前收入增加。请注意，我们第三季度的非 GAAP 税率为 17.3%，这反映了截至目前的新低全年税率的调整。虽然我们预计在 FY26 及以后将使用这一标准化的非 GAAP 税率，但长期的非 GAAP 税率可能会因多种原因而发生变化，包括全球和美国税收环境的快速变化、我们地理收益组合的重大变化，或我们战略或业务运营的变化。鉴于当前 AI 驱动的需求趋势强劲，我们希望根据当前客户信号和对持续 AI 驱动需求的预期，提供对 2027 财年净销售和非 GAAP 每股收益增长的初步预期。我们对 2027 财年的初步展望考虑了公司整体净销售增长和非 GAAP 每股收益增长约 30%。

The EPS outlook factors in the higher share count beginning in Q4 26 that I mentioned earlier. This is an initial planning view, and we expect to provide a full FY27 outlook on our next earnings call. Our outlook for fiscal year 2026 and our preliminary view of FY27 are based on the current environment and our current assumptions, including, among other things, assumptions relating to customer demand, the global macroeconomic environment, ongoing supply chain constraints and supply costs, especially as they relate to our advanced computing and integrated memory businesses.

每股收益的展望考虑了我之前提到的从 FY26 第四季度开始的更高股本。这是一个初步的规划视图，我们预计将在下次财报电话会议上提供完整的 FY27 展望。我们对 2026 财年的展望和对 FY27 的初步看法基于当前环境和我们当前的假设，包括与客户需求、全球宏观经济环境、持续的供应链限制和供应成本相关的假设，特别是与我们的先进计算和集成内存业务相关的假设。

This includes extended lead times for certain components that are incorporated into our overall solutions, impacting how quickly we can ramp existing and new customer projects and fulfill customer orders. Our outlook also contemplates the industry-wide higher cost for memory, which may slow customer demand for our products and solutions and may lower our gross margins in our advanced computing and memory businesses. We believe the combination of accelerating AI-related demand, an expanding enterprise NEO cloud and sovereign AI customer base, and our disciplined operating model positions Penguin well for continued profitable growth.

这包括某些组件的交货时间延长，这些组件被纳入我们的整体解决方案，影响我们能够多快启动现有和新客户项目以及满足客户订单。我们的展望还考虑了行业普遍的内存成本上升，这可能会减缓客户对我们产品和解决方案的需求，并可能降低我们在先进计算和内存业务中的毛利率。我们相信，AI 相关需求的加速、企业 NEO 云和主权 AI 客户基础的扩展，以及我们严格的运营模式，使 Penguin 在持续盈利增长方面具备良好条件。

Please refer to the Non-GAAP Financial Information section and the reconciliation of GAAP to Non-GAAP measures tables in our earnings release and the investor materials on our website for further details. With that, operator, we are ready for Q&A.

有关更多详细信息，请参阅我们财报中的非 GAAP 财务信息部分以及 GAAP 与非 GAAP 指标的对账表，以及我们网站上的投资者材料。至此，操作员，我们准备好进行问答环节。

OPERATOR

操作员

We will now begin the question and answer session. Please limit yourself to one question. If you would like to ask a question, please press Star one to raise your hand. To withdraw your question, press Star one. Again, we ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Your first question comes from Catherine Murphy with Goldman Sachs. Please go ahead.

现在我们将开始问答环节。请限制自己提问一个问题。如果您想提问，请按星号键一以举手。要撤回您的问题，请再次按星号键一。再次提醒您，在提问时请拿起听筒，以确保最佳音质。如果您在本地被静音，请记得取消静音。您的第一个问题来自高盛的凯瑟琳·墨菲。请继续。

Catherine Murphy, Goldman Sachs

凯瑟琳·墨菲，高盛

Thank you. Thank you for the question. It was great to see the integrated memory guidance raised up to 90 to 95% for the full year after the strong results of the quarter. Can you talk about how much of this is driven by the higher pricing environment versus demand for new products that you talk to like the CXL cards? And then to ask my follow-up now, you also discussed the broadening customer set for your memory products to hyperscale. Can you elaborate on what exactly you're shipping into that market and how much of this contributes to the preliminary outlook for 30% growth in total company sales for fiscal 27?

谢谢。感谢您的提问。看到集成内存指导在季度强劲业绩后上调至全年 90% 至 95% 非常高兴。您能谈谈这其中有多少是由于更高的价格环境驱动的，而有多少是由于您提到的新产品需求，比如 CXL 卡吗？然后我现在想问我的后续问题，您还讨论了内存产品的客户群体向超大规模客户的拓展。您能详细说明一下您具体向该市场发货的产品，以及这对 2027 财年公司总销售额 30% 增长的初步展望贡献了多少吗？

Thank you very much.

非常感谢。

Kash Shaikh, President and CEO

卡什·谢赫，总裁兼首席执行官

Thank you, Catherine. So at the high level for our memory business, the higher outlook takes into consideration both the volumes as well as the pricing, and this is for the overall business. CXL is a part of our business. It's a new product line that is growing, but it is a part of the business versus the majority of the business, which is the data center-focused products. These are the products we create specialized memory modules for data center products for our OEM customers.

谢谢你，凯瑟琳。从我们内存业务的高层来看，较高的展望考虑了销量和价格，这适用于整体业务。CXL 是我们业务的一部分，它是一个正在增长的新产品线，但它只是业务的一部分，而大部分业务是集中在数据中心的产品。这些是我们为 OEM 客户创建的数据中心产品的专用内存模块。

To answer your second question, one of the customers is a hyperscaler, and we provide memory modules for their data center product for this hyperscaler. But it is a portion of the overall business in terms of having multiple customers, having multiple products, and it's one of the customers that we serve with our memory business.

回答您的第二个问题，其中一个客户是超大规模客户，我们为该超大规模客户的数据中心产品提供内存模块。但在整体业务中，这只是多个客户和多个产品中的一部分，这是我们内存业务服务的客户之一。

Catherine Murphy, Goldman Sachs

凯瑟琳·墨菲，高盛

Thank you both very much.

非常感谢你们。

OPERATOR

操作员

Your next question comes from Brian Chin with Stifel. Please go ahead.

您的下一个问题来自斯蒂菲尔的布莱恩·钦。请继续。

Brian Chin, Stifel

布莱恩·钦，斯蒂菲尔

Hi there, good afternoon. Thanks for letting us ask a few questions and best wishes to you. Nate, maybe for the first question, I appreciate firstly you're providing a preliminary fiscal 27 guide for top line overall and EPS. I understand you may not want to hone in too much at this stage, but if we kind of look at your implied fiscal 4Q26 maybe memory revenue, it could approach let's say 300 million quarterly. If I just kind of flatline that and it probably grows on pricing, et cetera, next year that this could easily grow sort of mid-30, maybe, you know, more percent year over year so above sort of that baseline.

你好，下午好。感谢您让我们提问，祝您一切顺利。内特，也许第一个问题，我首先感谢您提供 2027 财年整体收入和每股收益的初步指导。我理解您可能不想在这个阶段过于具体，但如果我们看看您暗示的 2026 财年第四季度的内存收入，可能接近每季度 3 亿美元。如果我将其平稳处理，并且明年可能在价格等方面增长，这可能轻松地实现 30% 左右的年增长，甚至更多。

But to say led maybe is not, you know, super growthy in your assumption set for next year. Can you put some guardrails maybe on what the advanced computing growth could be in fiscal 27?

但要说可能不是您对明年的假设集中的超级增长。您能否为 2027 财年的先进计算增长设定一些界限？

Kash Shaikh, President and CEO

卡什·谢赫，总裁兼首席执行官

Yeah. Hey Brian, you know it is preliminary, right? We're just kind of, we're in the middle of our own planning for next year. We have pretty good visibility, I'd say, into the first half at this point with backlog and customer conversations that we're having. But I would say for advanced computing, probably mid-teens, something like that would be kind of the starting point. Of course, we still have some of the impact year over year from the wind down of the edge business and kind of the transition away from meta, but a lot of that would have been believed.

是的。嘿，布莱恩，您知道这是初步的，对吧？我们正在进行明年的规划。目前我们对上半年的可见性相当不错，得益于积压订单和与客户的对话。但我会说，对于先进计算，可能是中等十几的增长，这将是一个起点。当然，我们仍然会受到边缘业务逐步退出和与 Meta 的转型的影响，但很多影响是可以预见的。

So what you're starting to see next year in advanced computing is more of the growth coming through from the non-hyperscale AI infrastructure business.

所以您明年在先进计算中看到的更多增长将来自非超大规模 AI 基础设施业务。

Brian Chin, Stifel

布莱恩·钦，斯蒂菲尔

Great, that's very helpful. And then I think Cash and you both referenced a little bit about the dynamic of order to revenue cycle and advanced computing extending somewhat. That's new customers. It's also components, key components perhaps, I guess. How much of a swing factor do you think that could be in fiscal 27? Are you being pretty conservative about that in terms of anticipating some continued scarcity of memory or other key components to grow those key segments next year?

很好，这非常有帮助。我认为 Cash 和您都提到了一些关于订单到收入周期的动态，以及先进计算的延长。这是新客户，也可能是关键组件。我想知道这在 2027 财年可能会成为多大的影响因素？您在预期明年继续稀缺的内存或其他关键组件方面是否比较保守？

Kash Shaikh, President and CEO

卡什·谢赫，总裁兼首席执行官

I think the perspective from the overall business, if we look at our advanced computing, especially non-hyperscale AI infrastructure business, some of the advantage we are going to have going into the next year is the bookings for, let's say, AI infrastructure business will deliver the revenues or the net sales going into the first half. So that would be the advantage. As we discussed in the last earnings call, our bookings to revenue is for that part of the business.

我认为从整体业务的角度来看，如果我们看一下我们的先进计算，特别是非超大规模 AI 基础设施业务，明年我们将拥有的优势之一是，假设 AI 基础设施业务的订单将为上半年的收入或净销售额提供支持。这将是一个优势。正如我们在上次财报电话会议中讨论的，我们的订单到收入周期对于该部分业务来说是 3 到 6 个月。因此，这显然为我们明年提供了优势。我们看到至少在上半年，订单到收入的滞后时间大约也是 3 到 6 个月。

AI infrastructure business within advanced computing is between three to six months. So that obviously provides us an advantage going into the next year. And we see at least for the first half the same time frame in terms of bookings to revenue lag of about three to six months.

布莱恩·钦，斯蒂菲尔

Brian Chin, Stifel

好的，太好了。

Okay, great, great.

操作员

OPERATOR

您的下一个问题来自 Loop Capital 的阿南达·巴鲁亚。请继续。

Your next question comes from Ananda Barua with Loop Capital. Please go ahead.

阿南达·巴鲁亚，Loop Capital

Ananda Barua, Loop Capital

是的，谢谢大家。祝贺你们，感谢您接受我的提问。我想问两个问题。如果可以的话，我会同时问关于先进解决方案和客户基础扩展的问题。您在服务能力方面的参与情况如何？您在新客户群体中正在做些什么？您是否看到人们更倾向于使用代理？第二个问题是，随着内存业务的扩大，您们在进入市场时是否需要做出任何不同的调整，因为它在更广泛的背景下变得更加战略性？这就是我的问题，内特。再次很高兴与您合作，我相信我们会在某个时候再次合作。

Yeah, thanks guys. Congrats on all and thanks for taking the question. I guess just two. If I could, I'll ask them at the same time on advanced solutions in the broadening customer base. What are you seeing in terms of engagement from a services capability perspective? I mean, what are you doing increasingly for across the new broader customer base? Are you seeing people move towards more of agentic usage? And then the second question is just as memory gets, you know, as the memory business gets bigger and you guys are playing hooking into the ecosystem and increasing role, are you guys having to do anything different with the business as you go to market, as it becomes more strategic in any broader context? And that's it for me and Nate. Great working with you again. I'm sure we'll work together again at some point.

Kash Shaikh, President and CEO

卡什·谢赫，董事长兼首席执行官

Thanks, Anand. Yeah. So for our AI infrastructure business within advanced computing, services is a strategic advantage for us. So as opposed to alternatives where customers may procure hardware and then they have to stitch it together, the value we provide to our customers is full system integration, both our products as well as other products that will include the full AI factories or AI data centers for those customers, including design, build, deploy, and manage.

谢谢，阿南德。是的。在我们的先进计算的人工智能基础设施业务中，服务是我们的战略优势。因此，与客户可能采购硬件然后需要将其拼凑在一起的替代方案相比，我们为客户提供的价值是全面的系统集成，包括我们的产品以及其他产品，这将包括为这些客户提供完整的人工智能工厂或人工智能数据中心的设计、构建、部署和管理。

That becomes an advantage for us. In some cases, we are also managing these factories for the customers for three to five years, which again is an advantage for the customers to be able to get ROI from the solution we deliver. In terms of the memory business and our strategic direction, one of the things we have done in the last, I'd say, three months and increasingly going forward, is focusing on the data centers. The data centers are where the demand is exploding, especially both obviously accelerated compute and then now the general-purpose compute and memory because of Agent Aki is driving the demand.

这对我们来说成为了一种优势。在某些情况下，我们还为客户管理这些工厂三到五年，这再次为客户提供了从我们交付的解决方案中获得投资回报的优势。在内存业务和我们的战略方向方面，过去三个月我们所做的一件事，越来越多地向前推进，就是专注于数据中心。数据中心是需求爆炸的地方，尤其是显然加速计算，以及现在由于 Agent Aki 推动的通用计算和内存。

So strategically, we are focusing on the data center at the high level in terms of the strategy.

因此，从战略上讲，我们在高层次上专注于数据中心的战略。

Ananda Barua, Loop Capital

阿南达·巴鲁亚，Loop Capital

Great. Thanks so much.

非常感谢。

OPERATOR

操作员

Your next question comes from Rustam Kanga with Citizens. Please go ahead.

下一个问题来自公民公司的鲁斯塔姆·康加。请继续。

Rustam Kanga, Citizens

鲁斯塔姆·康加，公民公司

Great. Thank you all for taking my questions. Congrats on the strong set of results and improved outlook. And Nate, sad to see you go but it sounds like you're certainly going on a high note. My question is on the enhancements to the clusterware with the AI factory operations agent. So as these capabilities increasingly are able to sort of simplify cluster operations and increase the administrators' productivity, Kash, could you maybe just talk about the relationship between the customer uptake and services adoption and, you know, as these capabilities evolve from more conversational LLM towards more agentic capabilities, is there a potential for sort of further monetization on that customerware portion of the business? Thanks.

非常感谢大家回答我的问题。恭喜你们取得强劲的业绩和改善的前景。内特，很遗憾看到你离开，但听起来你确实是以高昂的姿态离开的。我的问题是关于集群软件与人工智能工厂操作代理的增强功能。随着这些能力越来越能够简化集群操作并提高管理员的生产力，卡什，你能否谈谈客户采纳与服务采用之间的关系，以及随着这些能力从更对话的 LLM 向更具代理能力的演变，是否有潜在的进一步货币化客户软件部分的机会？谢谢。

Kash Shaikh, President and CEO

卡什·谢赫，董事长兼首席执行官

So the AI agent that we introduced is a first agent in the family of the agents. And the way to think about it is obviously helping our services differentiate in terms of providing a software that can create automation for both monitoring deployment and monitoring of the infrastructure so that further provides them the value through our services. And we discuss services and advantage for our customers when we provide both product and services. In terms of creating the agentic experiences with clusterware AI, the benefit we are going to have is in cases where we have not fully deployed our solution or in an existing data center or an AI factory, we can have the clusterware AI provided to the customer so that the customer can start managing their existing data center or an AI factory and realize the efficiency that they may not be getting with the traditional deployment. So that creates additional opportunity for us to increase our software revenues over time.

我们推出的人工智能代理是代理家族中的第一个代理。可以这样理解，它显然帮助我们的服务在提供能够为监控部署和基础设施监控创建自动化的软件方面有所区别，从而通过我们的服务为他们提供价值。当我们同时提供产品和服务时，我们讨论服务对客户的优势。在创建集群软件人工智能的代理体验方面，我们将获得的好处是在我们尚未完全部署解决方案的情况下，或者在现有的数据中心或人工智能工厂中，我们可以将集群软件人工智能提供给客户，以便客户可以开始管理他们现有的数据中心或人工智能工厂，并实现他们可能未能通过传统部署获得的效率。因此，这为我们提供了增加软件收入的额外机会。

OPERATOR

操作员

Your next question comes from Matthew Calitri with Needham and Company. Please go ahead.

下一个问题来自尼达姆公司的马修·卡利特里。请继续。

Matthew Calitri, Needham and Company

马修·卡利特里，尼达姆公司

Hey guys, thanks for taking my questions. And Nate, I'll echo my regards. It's been great working with you and best of luck. I'm curious if you guys saw any change in trends in the memory pricing and supply environment over the last quarter and if there's any color you can share on how much of the quarterly performance was driven by pricing and if enterprise customers are starting to balk at prices at all, so the demand continues to increase.

嘿，大家，谢谢你们回答我的问题。内特，我也向你致以问候。和你一起工作很愉快，祝你好运。我很好奇你们是否在过去一个季度内看到内存定价和供应环境的趋势变化，以及你们能否分享一下季度业绩中有多少是由定价驱动的，企业客户是否开始对价格感到不满，因此需求仍在继续增加。

Kash Shaikh, President and CEO

卡什·谢赫，董事长兼首席执行官

So while the prices are going up and they may stabilize at some point, we see increased demand and it is, as we discussed earlier, a combination of if you look at the total demand between the backlog and the revenue that we were able to ship, the demand is increasing and our backlog is increasing.

虽然价格在上涨，并且可能在某个时候会稳定下来，但我们看到需求在增加，正如我们之前讨论的那样，如果你查看总需求，包括积压和我们能够发货的收入，需求正在增加，我们的积压也在增加。

Matthew Calitri, Needham and Company

马修·卡利特里，尼达姆公司

Okay, that's great to hear. And then was there any change to the guidance philosophy with Nate's departure? And is there any update on where you are in the CFO search or what sort of qualities you're looking for in a successor?

好的，听到这个消息真是太好了。然后，内特离开后，指导方针的哲学是否有任何变化？关于你们在寻找首席财务官方面的进展或你们在寻找继任者时希望具备的品质有什么更新吗？

Kash Shaikh, President and CEO

卡什·谢赫，董事长兼首席执行官

So first of all, no change in our operating model or our strategy as a result of the transition. We have a very strong finance team and accounting team and we are fortunate to have Aaron Johnson be our interim CFO while we look for the permanent CFO. And he's been with the company and he's been with Nate and been working with me, so that provides the continuity to the business. We are doing a formal search with an executive search firm where we are looking at both internal and external candidates.

首先，由于过渡，我们的运营模式或战略没有变化。我们有一支非常强大的财务团队和会计团队，我们很幸运有亚伦·约翰逊担任我们的临时首席财务官，同时我们寻找永久的首席财务官。他在公司工作过，并且与内特一起工作过，和我一起工作，这为业务提供了连续性。我们正在与一家高管搜索公司进行正式搜索，正在考虑内部和外部候选人。

So the philosophy will be primarily how do we have the continued focus and disciplined execution as we have had in Q3 and before, and how we look at our business in terms of being very mindful of delivering on our commitments. So no change in strategy and pretty smooth transition from my perspective.

因此，哲学将主要是我们如何继续保持专注和有纪律的执行，正如我们在第三季度及之前所做的那样，以及我们如何在履行承诺时非常谨慎地看待我们的业务。因此，战略没有变化，从我的角度来看，过渡非常顺利。

OPERATOR

操作员

This concludes the Q and A. We will now hand the conversation over for closing remarks to Kash.

这结束了问答环节。现在我们将把时间交给卡什进行结束语。

Kash Shaikh, President and CEO

卡什·谢赫，董事长兼首席执行官

Thank you, Operator. Our third quarter results demonstrate strong execution in a market with durable AI-driven demand. We are excited about the opportunity ahead.

谢谢你，操作员。我们的第三季度业绩展示了在一个具有持久人工智能驱动需求的市场中的强劲执行。我们对未来的机会感到兴奋。

Thank you.

谢谢。

OPERATOR

操作员

This concludes today's call. You may now disconnect.

今天的电话会议到此结束。您现在可以断开连接。

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Penguin Solutions 2026 年第三季度财报电话会议：完整文字记录