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

Penguin Solutions（納斯達克股票代碼：PENG）於週二召開了 2026 財年第三季度財報電話會議。以下是會議的完整記錄。

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

此內容由 Benzinga API 提供。有關全面的財務數據和記錄，請訪問 https://www.benzinga.com/apis/。

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

觀看網絡直播請訪問 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 財年第三季度實現了創紀錄的淨銷售額 4.79 億美元，同比增長 48%，非 GAAP 每股收益顯著增長，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.

公司提高了全年淨銷售增長的預期，現在預計為 22%，非 GAAP 每股收益的預期也上調至 2.60 美元，原因是對 AI 驅動的內存產品和基礎設施解決方案的強勁需求。

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.

從戰略上看，Penguin Solutions 專注於其 AI 工廠平台、內存解決方案和擴展客户基礎，AI 驅動的業務佔總銷售額的 74%，同比增長 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.

管理層強調了成功轉型為自主 AI 的重要性，以及其集成平台的關鍵性，該平台包括 Clusterware AI 軟件和 Memory AI 解決方案。

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.

宣佈了領導層的變動，首席財務官 Nate Olmstead 將辭職，Aaron Johnson 將擔任臨時首席財務官，並已啓動尋找永久繼任者的工作。

Full Transcript

完整記錄

OPERATOR

操作員

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.

歡迎參加 Penguin Solutions 2026 財年第三季度財報電話會議。在今天的準備發言後，我們將舉行問答環節。如果您想提問，請按星號 1 舉手。要撤回您的問題，請再次按星號 1。現在我將會議交給投資者關係部的 Suzanne Schmidt。

Suzanne Schmidt, Investor Relations

Suzanne Schmidt，投資者關係部

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.

謝謝你，操作員。下午好，感謝您參加今天的財報電話會議和網絡直播，討論 Penguin Solutions 2026 財年第三季度的業績。今天參加會議的有首席執行官 Kash Shaikh 和首席財務官 Nate Olmstead。您可以在我們網站的投資者關係部分找到本次會議的配套幻燈片和新聞稿。我們鼓勵您在整個季度訪問該網站，以獲取公司最新信息。

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.

我還想提醒大家閲讀新聞稿和財報電話會議演示文稿中包含的關於前瞻性聲明的説明。請注意，在本次電話會議中，公司將做出預測和前瞻性聲明，包括但不限於關於公司增長軌跡、財務展望和未來財務期間的初步預期、商業計劃和戰略、產品開發和創新、市場需求和變化、供應鏈狀況和成本假設、領導層變動、戰略協議以及現有和潛在的合作關係的聲明。

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.

前瞻性聲明基於當前的信念和假設，並不保證未來的表現，且受到風險和不確定性的影響，包括但不限於在今天發佈的新聞稿和財報電話會議演示文稿中反映的風險和不確定性，以及公司最近的年度和季度報告。前瞻性聲明僅代表其發佈之日的觀點，除非法律要求，否則我們不承擔公開更新或修訂任何前瞻性聲明的責任。

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.

我們還將討論 GAAP 和非 GAAP 財務指標。非 GAAP 指標不應單獨考慮，也不應替代或優於我們的 GAAP 結果。我們鼓勵您在分析我們的業績時考慮所有指標。GAAP 與非 GAAP 指標的對比在今天的新聞稿和配套幻燈片中包含。接下來，我將把會議交給首席執行官 Kash Shaikh。

Kash Shaikh, President and CEO

Kash Shaikh，總裁兼首席執行官

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，感謝您參加我們的 2026 財年第三季度財報電話會議。Penguin Solutions 在這一季度表現出色，創下了反映出嚴格執行和強勁客户吸引力的記錄業績，符合我們的 AI 工廠平台戰略。在公司層面，我們實現了創紀錄的淨銷售額和顯著高於預期的每股收益。在我們出色的第三季度基礎上，我們再次提高了全年淨銷售額和每股收益的預期。

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.

我們的所有業務部門表現良好。我們的 AI 驅動業務增長突出。在第三季度，我們的 AI 驅動業務佔公司總淨銷售額的 74%，同比增長 104%。這些業務包括集成內存和非超大規模 AI 基礎設施解決方案。在這些業務中，AI 驅動的需求持續超過淨銷售增長，導致積壓訂單增加。這讓我們對 AI 機會的擴展充滿信心，因為企業越來越多地採用由推理驅動的大規模自主 AI 工作負載。

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.

本季度的業績表明，Penguin Solutions 正在發展成為一家領先的 AI 工廠平台公司。我們相信，我們仍處於一個顯著的長期盈利增長機會的早期階段。在詳細討論我們的業績之前，我想談談我們的財務領導層變動。正如 6 月 1 日宣佈的，Nate Olmstead 將於 7 月 8 日辭去首席財務官職務，去追求其他行業的機會。

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 在企鵝解決方案轉型的重要時期一直是我們的重要合作伙伴。他的領導幫助我們鞏固了財務和運營基礎，我想感謝他的貢獻，並祝他一切順利。我也很高興我們的財務和會計副總裁 Aaron Johnson 將於 7 月 9 日起擔任臨時首席財務官。Aaron 在科技行業擁有超過 16 年的上市公司經驗，並對我們的業務有深刻的理解。

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.

我們還啓動了對永久首席財務官的搜索。這一過渡不會改變我們的運營優先事項、財務紀律或執行重點。今天，我將討論四個關鍵主題，然後回顧我們的第三季度業績。首先，隨着人工智能進入生產規模、推理和自主 AI，市場環境的變化。第二，我們的 AI 工廠平台如何定位以應對這一機會。第三，客户和合作夥伴的勢頭如何驗證我們的戰略，第四，我們在產品創新、運營和市場推廣方面的執行情況。

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.

自四月份的財報電話會議以來，需求環境有所增強，因為人工智能繼續從早期的提示和響應實驗過渡到生產規模、推理和自主 AI。簡單來説，早期的 AI 回答問題，而自主 AI 則執行工作。在人工智能採用的早期階段，許多工作負載是事務性的。用户提出問題，AI 生成答案，會議結束。自主 AI 則有所不同。

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務為導向的。它們可以在工作流、應用程序和數據源之間持續操作，將 AI 從顧問轉變為操作員。例如，在軟件開發中，每個工程師現在可以擁有多個代理來編寫、測試、審查、記錄和監控代碼。在業務運營中，代理可以監控客户活動、分析供應鏈風險、準備後續工作並更新工作流。隨着推理工作負載的擴大和自主 AI 部署的加速，生產 AI 環境的基礎設施需求在整個 AI 數據中心技術堆棧中持續擴大。

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.

對 GPU 和加速器附加的高帶寬內存（HBM）的需求正在增加，同時對包括 CPU 在內的通用計算、內存、存儲和網絡的需求也在上升。每個 GPU 部署都依賴於一層通用計算和內存，以提供數據、協調工作流、管理上下文並將代理連接到企業應用程序。我們相信這一趨勢正在增強對我們內存解決方案的需求。這些持久的、富有上下文的工作負載需要更多的內存容量、更快的上下文訪問和更好的編排。

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.

隨着人工智能向大規模推理發展，行業越來越認識到，內存而非單純的計算，正成為大型上下文 AI 推理性能的主要瓶頸之一。我們專門設計了我們的內存 AI 設備，以解決這一瓶頸並改善推理性能和代幣經濟學。我們相信，對於企業、主權 AI 項目和新的雲客户而言，AI 工廠正在成為優化推理的代幣性能和代幣經濟學的關鍵。

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.

這些發展強化了企鵝解決方案背後的戰略前提。生產規模的 AI 基礎設施需要全面的 AI 工廠平台方法。我們的平台連接 AI 基礎設施、內存操作、軟件和運營執行，幫助客户以規模部署和運營。我們今天的第二個主題是企鵝如何成為在內存和 AI 基礎設施交匯處的領先 AI 工廠平台公司。我們的平台結合了五個核心元素和我們的合作伙伴生態系統。

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，我們的 AI 工廠操作系統軟件；第二是內存 AI 和集成內存解決方案；第三是我們 COMPUTE AI 品牌下的先進計算系統；第四是 Origin AI 工廠架構；第五是端到端的設計、構建、部署和管理服務。我們相信我們的平台差異化來自於將這些專有產品和服務整合成一個綜合解決方案。客户越來越需要的不僅僅是 AI 硬件採購。

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.

他們需要在生產中表現出色的架構、加速的部署路徑，以及幫助他們在生產中產生盈利收入或提供運營效率的運營模式。AI 的生產部署時間與收入時間直接相關，我們的平台旨在壓縮這兩者。客户需要我們的企鵝 AI 工廠平台所能提供的投資回報率和優越的代幣經濟學。謝謝，Cash。我將重點討論我們的非 GAAP 結果，這些結果在我們的財報發佈表格和我們網站上的投資者材料中與 GAAP 進行了對賬。接下來，讓我轉向我們的第三季度業績。在本季度，淨銷售額和利潤均顯著高於預期，主要受到對我們內存產品的 AI 驅動需求加速和 AI 基礎設施解決方案持續採用的推動，這使我們的整體淨銷售額環比增長了 40%，非 GAAP 運營收入環比增長了 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.

企鵝解決方案的總淨銷售額創下了 4.79 億美元的記錄，同比增長 48%。非 GAAP 毛利率為 28.1%，高於我們的預期，同比下降 3.6 個百分點。非 GAAP 運營利潤率為 13.4%，同比上升 1.5 個百分點，非 GAAP 稀釋每股收益為 0.84 美元，同比增長 79%，環比增長 62%。在 2026 財年的第三季度，我們的整體產品淨銷售額為 4.14 億美元，佔公司總淨銷售額的 87%，同比增長 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.

服務淨銷售額總計為 6500 萬美元，佔總淨銷售額的 13%，較去年下降了 1%。各業務部門的淨銷售額如下。在先進計算領域，第三季度淨銷售額為 1.38 億美元，佔公司總淨銷售額的 29%，同比增長 4%，環比增長 19%。這一銷售增長反映了對企業客户的 AI 基礎設施銷售強勁，彌補了對超大規模客户銷售的減少。在先進計算領域，我們的非超大規模 AI 基礎設施業務繼續快速擴展，季度淨銷售額同比增長 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.

除了加速這一部分業務的增長外，我們在將淨銷售額多樣化到新客户類別方面也取得了良好進展。在第三季度，非超大規模 AI 基礎設施業務佔總先進計算淨銷售額的 58%，而去年第三季度為 33%。我們繼續看到來自企業、NEO、雲計算和主權 AI 客户的強勁需求，並預計這些客户類別在未來將佔據我們先進計算淨銷售額的越來越大份額。

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.

在集成內存方面，第三季度淨銷售額為 2.75 億美元，佔公司總淨銷售額的 57%，同比增長 111%，環比增長 60%。在優化 LED 方面，第三季度淨銷售額為 6600 萬美元，佔公司總淨銷售額的 14%，較去年同期增長 7%。第三季度 Penguin Solutions 的非 GAAP 毛利率為 28.1%，同比下降 3.6 個百分點，環比下降 3.1 個百分點，主要歸因於我們 Penguin Edge 業務的持續縮減以及各業務單元銷售整體組合的變化。

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.

這些因素部分被 AI 驅動的需求所抵消，後者在本季度支持了我們集成內存業務的有利定價。第三季度的非 GAAP 運營費用為 7000 萬美元，同比上升 9%，環比上升 14%。運營費用的環比增加是由於正常的季節性、對研發的增加投資，包括我們的 Clusterware AI 軟件和內存 AI 解決方案，以及由於我們強勁的淨銷售和利潤表現而導致的更高的可變薪酬。

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 運營收入為 6400 萬美元，創下第三季度紀錄，同比增長 67%，環比增長 42%。運營利潤率較去年上升 1.5 個百分點，環比上升 0.2 個百分點，得益於強勁的運營槓桿。第三季度的非 GAAP 稀釋每股收益為 0.84 美元，同比增長 79%，環比增長 62%。第三季度的調整後 EBITDA 為 6800 萬美元，同比增長 51%，環比增長 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.

轉向資產負債表的營運資金，我們的淨應收賬款總計為 7.04 億美元，而去年為 2.93 億美元，增加主要是由於內存銷售量和價格顯著上升。應收賬款週轉天數保持健康，為 53 天，較去年同期的 47 天和上季度的 50 天有所上升。第三季度末庫存總計為 4.98 億美元，較去年同期的 1.84 億美元有所上升，反映了內存成本的增加、內存和 AI 基礎設施業務的增長，以及為了最大化未來內存需求的戰略採購。

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.

庫存週轉天數為 42 天，較去年同期的 36 天上升，較上季度的 51 天下降，主要是由於收貨和發貨的時機。第三季度末應付賬款為 7.36 億美元，較去年同期的 2.72 億美元上升，主要是由於內存成本的上升、內存和 AI 基礎設施業務的增長，以及採購和付款的時機。應付賬款週轉天數為 62 天，較去年同期的 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.

同比和環比的變動主要是由於採購和付款的時機。儘管我們的淨營運資金顯著增長，但我們的現金轉換週期仍保持在典型範圍內，為 33 天，較第二季度改善了 5 天，較去年上升了 3 天，這與過去的採購和付款時機一致。應收賬款週轉天數、應付賬款週轉天數和庫存天數是基於毛銷售額和毛銷售成本計算的，第三季度分別為 12.2 億美元和 10.9 億美元。

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，毛銷售額和淨銷售額之間的差異主要與我們內存業務的物流服務有關，這些服務按代理方式核算，意味着我們僅將物流服務的淨利潤作為淨銷售額確認。第三季度末現金、現金等價物和短期投資總計為 4.4 億美元，較去年第三季度下降 2.95 億美元，環比下降 4900 萬美元。同比下降主要是由於去年第二季度發行優先股的收益被去年第四季度的貸款償還所抵消。

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.

環比現金減少主要是由於對營運資金的投資以支持我們的增長，部分被來自處置我們在 Zillia Technologies 中 19% 股權投資的約 4000 萬美元收益所抵消。第三季度用於經營活動的現金流為 7500 萬美元，而去年同期為 9700 萬美元。與去年同期相比，本季度現金流的減少主要是由於對營運資金的投資，以支持我們內存和 AI 基礎設施業務的顯著增長。

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.

對於關注資本支出和折舊的朋友們，季度資本支出為 300 萬美元，折舊為 500 萬美元。總結我們的現金流活動，我們在第三季度根據股票回購計劃花費了 900 萬美元回購約 466,000 股。截至2026年5月29日，仍有 5600 萬美元可用於根據我們當前的授權回購普通股。

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.

現在轉向我們的展望，鑑於我們在前九個月的穩健表現以及對內存業務的改善的第四季度展望，我們提高了全公司的淨銷售額和非 GAAP 稀釋每股收益的展望，目前中值預計淨銷售增長為 22%，非 GAAP 稀釋每股收益為 2.60 美元，較之前的展望 12% 的淨銷售增長和 2.15 美元的非 GAAP 稀釋每股收益有所上升。請注意，我們的全年展望假設我們將繼續多樣化客户銷售組合，並不包括對超大規模客户的任何先進計算 AI 硬件銷售。

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.

與我們上季度的假設一致，我們的 FY26 財務展望反映了我們高利潤的 Penguin Edge 業務的持續縮減。我們預計該業務的銷售將在 2026 財年結束時基本停止。這兩個假設的綜合影響使我們的 FY26 增長展望在公司整體層面上同比減少約 14 個百分點，在先進計算領域減少約 30 個百分點。

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.

也就是説，我們的全年淨銷售展望反映了各個細分市場的全年增長範圍。對於先進計算，我們改善了與之前展望相比的全年展望，現在預計淨銷售同比下降 15% 至 20%。如之前所述，這一展望反映了前面提到的 Penguin Edge 和超大規模硬件銷售的影響。對於內存，我們提高了全年展望，現在預計淨銷售同比增長 90% 至 95%，這得益於持續的 AI 相關需求和有利的內存市場環境。

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.

對於 LED，我們也改善了全年展望，現在預計淨銷售同比下降約 5%。我們對全年非 GAAP 毛利率的展望現在為 28.5%，上下浮動 0.5 個百分點。我們將毛利率展望上調了 0.5 個百分點，以考慮有利的內存定價，這幫助了我們第三季度的毛利率。我們的第四季度展望假設定價的有利性低於第三季度，因此我們預計在年末時毛利率會面臨一些下行壓力。

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.

我們對 FY26 全年非 GAAP 運營費用的預期已增加至 2.6 億美元，浮動範圍為 500 萬美元。我們現在預計非 GAAP 稀釋股本約為 5600 萬股，較之前的展望有所上升，主要反映了由於股價上漲而導致的可轉換債務的稀釋影響。因此，我們預計 FY26 第四季度的非 GAAP 稀釋股本約為 6200 萬股。

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.

我們對全年非 GAAP 稀釋每股收益的預期現在約為 2.60 美元，浮動範圍為 0.05 美元。我們預測的 FY26 非 GAAP 税率現在為 20%，低於 22%，反映了在低税率地區的税前收入增加。請注意，我們第三季度的非 GAAP 税率為 17.3%，這反映了截至目前的新低全年税率的調整。雖然我們預計在 FY26 及以後將使用這一標準化的非 GAAP 税率，但長期的非 GAAP 税率可能會因多種原因而發生變化，包括全球和美國税收環境的快速變化、我們地理收益組合的重大變化，或我們戰略或業務運營的變化。鑑於當前 AI 驅動的需求趨勢強勁，我們希望根據當前客户信號和對持續 AI 驅動需求的預期，提供對 2027 財年淨銷售和非 GAAP 每股收益增長的初步預期。我們對 2027 財年的初步展望考慮了公司整體淨銷售增長和非 GAAP 每股收益增長約 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.

每股收益的展望考慮了我之前提到的從 FY26 第四季度開始的更高股本。這是一個初步的規劃視圖，我們預計將在下次財報電話會議上提供完整的 FY27 展望。我們對 2026 財年的展望和對 FY27 的初步看法基於當前環境和我們當前的假設，包括與客户需求、全球宏觀經濟環境、持續的供應鏈限制和供應成本相關的假設，特別是與我們的先進計算和集成內存業務相關的假設。

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.

這包括某些組件的交貨時間延長，這些組件被納入我們的整體解決方案，影響我們能夠多快啓動現有和新客户項目以及滿足客户訂單。我們的展望還考慮了行業普遍的內存成本上升，這可能會減緩客户對我們產品和解決方案的需求，並可能降低我們在先進計算和內存業務中的毛利率。我們相信，AI 相關需求的加速、企業 NEO 雲和主權 AI 客户基礎的擴展，以及我們嚴格的運營模式，使 Penguin 在持續盈利增長方面具備良好條件。

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.

有關更多詳細信息，請參閲我們財報中的非 GAAP 財務信息部分以及 GAAP 與非 GAAP 指標的對賬表，以及我們網站上的投資者材料。至此，操作員，我們準備好進行問答環節。

OPERATOR

操作員

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.

現在我們將開始問答環節。請限制自己提問一個問題。如果您想提問，請按星號鍵一以舉手。要撤回您的問題，請再次按星號鍵一。再次提醒您，在提問時請拿起聽筒，以確保最佳音質。如果您在本地被靜音，請記得取消靜音。您的第一個問題來自高盛的凱瑟琳·墨菲。請繼續。

Catherine Murphy, Goldman Sachs

凱瑟琳·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?

謝謝。感謝您的提問。看到集成內存指導在季度強勁業績後上調至全年 90% 至 95% 非常高興。您能談談這其中有多少是由於更高的價格環境驅動的，而有多少是由於您提到的新產品需求，比如 CXL 卡嗎？然後我現在想問我的後續問題，您還討論了內存產品的客户羣體向超大規模客户的拓展。您能詳細説明一下您具體向該市場發貨的產品，以及這對 2027 財年公司總銷售額 30% 增長的初步展望貢獻了多少嗎？

Thank you very much.

非常感謝。

Kash Shaikh, President and CEO

卡什·謝赫，總裁兼首席執行官

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.

謝謝你，凱瑟琳。從我們內存業務的高層來看，較高的展望考慮了銷量和價格，這適用於整體業務。CXL 是我們業務的一部分，它是一個正在增長的新產品線，但它只是業務的一部分，而大部分業務是集中在數據中心的產品。這些是我們為 OEM 客户創建的數據中心產品的專用內存模塊。

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.

回答您的第二個問題，其中一個客户是超大規模客户，我們為該超大規模客户的數據中心產品提供內存模塊。但在整體業務中，這只是多個客户和多個產品中的一部分，這是我們內存業務服務的客户之一。

Catherine Murphy, Goldman Sachs

凱瑟琳·墨菲，高盛

Thank you both very much.

非常感謝你們。

OPERATOR

操作員

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

您的下一個問題來自斯蒂菲爾的布萊恩·欽。請繼續。

Brian Chin, Stifel

布萊恩·欽，斯蒂菲爾

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。感謝您讓我們提問，祝您一切順利。內特，也許第一個問題，我首先感謝您提供 2027 財年整體收入和每股收益的初步指導。我理解您可能不想在這個階段過於具體，但如果我們看看您暗示的 2026 財年第四季度的內存收入，可能接近每季度 3 億美元。如果我將其平穩處理，並且明年可能在價格等方面增長，這可能輕鬆地實現 30% 左右的年增長，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?

但要説可能不是您對明年的假設集中的超級增長。您能否為 2027 財年的先進計算增長設定一些界限？

Kash Shaikh, President and CEO

卡什·謝赫，總裁兼首席執行官

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，布萊恩，您知道這是初步的，對吧？我們正在進行明年的規劃。目前我們對上半年的可見性相當不錯，得益於積壓訂單和與客户的對話。但我會説，對於先進計算，可能是中等十幾的增長，這將是一個起點。當然，我們仍然會受到邊緣業務逐步退出和與 Meta 的轉型的影響，但很多影響是可以預見的。

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.

所以您明年在先進計算中看到的更多增長將來自非超大規模 AI 基礎設施業務。

Brian Chin, Stifel

布萊恩·欽，斯蒂菲爾

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，這非常有幫助。我認為 Cash 和您都提到了一些關於訂單到收入週期的動態，以及先進計算的延長。這是新客户，也可能是關鍵組件。我想知道這在 2027 財年可能會成為多大的影響因素？您在預期明年繼續稀缺的內存或其他關鍵組件方面是否比較保守？

Kash Shaikh, President and CEO

卡什·謝赫，總裁兼首席執行官

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.

我認為從整體業務的角度來看，如果我們看一下我們的先進計算，特別是非超大規模 AI 基礎設施業務，明年我們將擁有的優勢之一是，假設 AI 基礎設施業務的訂單將為上半年的收入或淨銷售額提供支持。這將是一個優勢。正如我們在上次財報電話會議中討論的，我們的訂單到收入週期對於該部分業務來説是 3 到 6 個月。因此，這顯然為我們明年提供了優勢。我們看到至少在上半年，訂單到收入的滯後時間大約也是 3 到 6 個月。

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.

布萊恩·欽，斯蒂菲爾

Brian Chin, Stifel

好的，太好了。

Okay, great, great.

操作員

OPERATOR

您的下一個問題來自 Loop Capital 的阿南達·巴魯亞。請繼續。

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

阿南達·巴魯亞，Loop Capital

Ananda Barua, Loop Capital

是的，謝謝大家。祝賀你們，感謝您接受我的提問。我想問兩個問題。如果可以的話，我會同時問關於先進解決方案和客户基礎擴展的問題。您在服務能力方面的參與情況如何？您在新客户羣體中正在做些什麼？您是否看到人們更傾向於使用代理？第二個問題是，隨着內存業務的擴大，您們在進入市場時是否需要做出任何不同的調整，因為它在更廣泛的背景下變得更加戰略性？這就是我的問題，內特。再次很高興與您合作，我相信我們會在某個時候再次合作。

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·謝赫，董事長兼首席執行官

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.

謝謝，阿南德。是的。在我們的先進計算的人工智能基礎設施業務中，服務是我們的戰略優勢。因此，與客户可能採購硬件然後需要將其拼湊在一起的替代方案相比，我們為客户提供的價值是全面的系統集成，包括我們的產品以及其他產品，這將包括為這些客户提供完整的人工智能工廠或人工智能數據中心的設計、構建、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.

這對我們來説成為了一種優勢。在某些情況下，我們還為客户管理這些工廠三到五年，這再次為客户提供了從我們交付的解決方案中獲得投資回報的優勢。在內存業務和我們的戰略方向方面，過去三個月我們所做的一件事，越來越多地向前推進，就是專注於數據中心。數據中心是需求爆炸的地方，尤其是顯然加速計算，以及現在由於 Agent Aki 推動的通用計算和內存。

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

因此，從戰略上講，我們在高層次上專注於數據中心的戰略。

Ananda Barua, Loop Capital

阿南達·巴魯亞，Loop Capital

Great. Thanks so much.

非常感謝。

OPERATOR

操作員

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

下一個問題來自公民公司的魯斯塔姆·康加。請繼續。

Rustam Kanga, Citizens

魯斯塔姆·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.

非常感謝大家回答我的問題。恭喜你們取得強勁的業績和改善的前景。內特，很遺憾看到你離開，但聽起來你確實是以高昂的姿態離開的。我的問題是關於集羣軟件與人工智能工廠操作代理的增強功能。隨着這些能力越來越能夠簡化集羣操作並提高管理員的生產力，卡什，你能否談談客户採納與服務採用之間的關係，以及隨着這些能力從更對話的 LLM 向更具代理能力的演變，是否有潛在的進一步貨幣化客户軟件部分的機會？謝謝。

Kash Shaikh, President and CEO

卡什·謝赫，董事長兼首席執行官

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.

我們推出的人工智能代理是代理家族中的第一個代理。可以這樣理解，它顯然幫助我們的服務在提供能夠為監控部署和基礎設施監控創建自動化的軟件方面有所區別，從而通過我們的服務為他們提供價值。當我們同時提供產品和服務時，我們討論服務對客户的優勢。在創建集羣軟件人工智能的代理體驗方面，我們將獲得的好處是在我們尚未完全部署解決方案的情況下，或者在現有的數據中心或人工智能工廠中，我們可以將集羣軟件人工智能提供給客户，以便客户可以開始管理他們現有的數據中心或人工智能工廠，並實現他們可能未能通過傳統部署獲得的效率。因此，這為我們提供了增加軟件收入的額外機會。

OPERATOR

操作員

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

下一個問題來自尼達姆公司的馬修·卡利特里。請繼續。

Matthew Calitri, Needham and Company

馬修·卡利特里，尼達姆公司

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，謝謝你們回答我的問題。內特，我也向你致以問候。和你一起工作很愉快，祝你好運。我很好奇你們是否在過去一個季度內看到內存定價和供應環境的趨勢變化，以及你們能否分享一下季度業績中有多少是由定價驅動的，企業客户是否開始對價格感到不滿，因此需求仍在繼續增加。

Kash Shaikh, President and CEO

卡什·謝赫，董事長兼首席執行官

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.

雖然價格在上漲，並且可能在某個時候會穩定下來，但我們看到需求在增加，正如我們之前討論的那樣，如果你查看總需求，包括積壓和我們能夠發貨的收入，需求正在增加，我們的積壓也在增加。

Matthew Calitri, Needham and Company

馬修·卡利特里，尼達姆公司

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，聽到這個消息真是太好了。然後，內特離開後，指導方針的哲學是否有任何變化？關於你們在尋找首席財務官方面的進展或你們在尋找繼任者時希望具備的品質有什麼更新嗎？

Kash Shaikh, President and CEO

卡什·謝赫，董事長兼首席執行官

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，由於過渡，我們的運營模式或戰略沒有變化。我們有一支非常強大的財務團隊和會計團隊，我們很幸運有亞倫·約翰遜擔任我們的臨時首席財務官，同時我們尋找永久的首席財務官。他在公司工作過，並且與內特一起工作過，和我一起工作，這為業務提供了連續性。我們正在與一家高管搜索公司進行正式搜索，正在考慮內部和外部候選人。

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，哲學將主要是我們如何繼續保持專注和有紀律的執行，正如我們在第三季度及之前所做的那樣，以及我們如何在履行承諾時非常謹慎地看待我們的業務。因此，戰略沒有變化，從我的角度來看，過渡非常順利。

OPERATOR

操作員

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

這結束了問答環節。現在我們將把時間交給卡什進行結束語。

Kash Shaikh, President and CEO

卡什·謝赫，董事長兼首席執行官

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.

謝謝你，操作員。我們的第三季度業績展示了在一個具有持久人工智能驅動需求的市場中的強勁執行。我們對未來的機會感到興奮。

Thank you.

謝謝。

OPERATOR

操作員

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

今天的電話會議到此結束。您現在可以斷開連接。

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Penguin Solutions 2026 年第三季度財報電話會議：完整文字記錄