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    Supermicro Announces Third Quarter Fiscal Year 2024 Financial Results

    4/30/24 4:05:00 PM ET
    $SMCI
    Computer Manufacturing
    Technology
    Get the next $SMCI alert in real time by email

    Super Micro Computer, Inc. (NASDAQ:SMCI), a Total IT Solution Provider for AI, Cloud, Storage and 5G/Edge, today announced financial results for its third quarter of fiscal year 2024 ended March 31, 2024.

    Third Quarter Fiscal Year 2024 Highlights

    • Net sales of $3.85 billion versus $3.66 billion in the second quarter of fiscal year 2024 and $1.28 billion in the same quarter of last year.
    • Gross margin of 15.5% versus 15.4% in the second quarter of fiscal year 2024 and 17.6% in the same quarter of last year.
    • Net income of $402 million versus $296 million in the second quarter of fiscal year 2024 and $86 million in the same quarter of last year.
    • Diluted net income per common share of $6.56 versus $5.10 in the second quarter of fiscal year 2024 and $1.53 in the same quarter of last year.
    • Non-GAAP diluted net income per common share of $6.65 versus $5.59 in the second quarter of fiscal year 2024 and $1.63 in the same quarter of last year.
    • Cash flow used in operations for the third quarter of fiscal year 2024 of $1,520 million and capital expenditures of $93 million.

    Non-GAAP gross margin for the third quarter of fiscal year 2024 was 15.6% with adjustments for stock-based compensation expenses of $3 million. Non-GAAP diluted net income per common share for the third quarter of fiscal year 2024 was $6.65, with adjustments for stock-based compensation expenses of $9 million, net of the related tax effect of $47 million.

    As of March 31, 2024, total cash and cash equivalents was $2,115 million and total bank debt and convertible notes were $1,863 million.

    "We had yet another record quarter with fiscal Q3 revenue of $3.85 billion with non-GAAP EPS of $6.65 per share. This year-over-year revenue growth of 200% and year-over-year non-GAAP EPS growth of 308% was well above our industry peers," said Charles Liang, President and CEO of Supermicro. "Strong demand for AI rack scale PnP solutions, along with our team's ability to develop innovative DLC designs, enabled us to expand our market leadership in AI infrastructure. As new solutions ramp, including fully production ready DLC, we expect to continue gaining market share. As such, we are raising our fiscal year 2024 revenue outlook from $14.3 to $14.7 billion to a new range of $14.7 to $15.1 billion."

    Business Outlook and Management Commentary

    For the fourth quarter of fiscal year 2024 ending June 30, 2024, the Company expects net sales of $5.1 billion to $5.5 billion, GAAP net income per diluted share of $7.20 to $8.05 and non-GAAP net income per diluted share of $7.62 to $8.42. The Company's projections for GAAP and non-GAAP net income per diluted share assume a tax rate of approximately -2.9% and 2.6%, respectively, and a fully diluted share count of 64.8 million shares for GAAP and fully diluted share count of 65.3 million shares for non-GAAP. The outlook for fourth quarter of fiscal year 2024 GAAP net income per diluted share includes approximately $30 million in expected stock-based compensation, net of related tax effects of $28 million that are excluded from non-GAAP net income per diluted share.

    For fiscal year 2024 ending June 30, 2024, the Company is raising its guidance for revenues from a range of $14.3 billion to $14.7 billion to a range of $14.7 billion to $15.1 billion and establishing guidance for GAAP net income per diluted share of $21.61 to $22.46 and non-GAAP net income per diluted share of $23.29 to $24.09. The Company's projections for GAAP and non-GAAP net income per diluted share assume a tax rate of approximately 3.6% and 9.2%, respectively, and a fully diluted share count of 61.2 million shares for GAAP and fully diluted share count of 61.8 million shares for non-GAAP. The outlook for fiscal year 2024 GAAP net income per diluted share includes approximately $116 million in expected stock-based compensation, net of related tax effects of $98 million that are excluded from non-GAAP net income per diluted share.

    Conference Call and Webcast Information

    Supermicro will present a live audio webcast of a conference call to review its third quarter of fiscal year 2024 on Tuesday, April 30, 2024, at 5:00 p.m. ET / 2:00 p.m. PT.

    The webcast will be available at https://ir.supermicro.com.

    A replay of the webcast will be available shortly after the call at the same website and will remain accessible for one year.

    Cautionary Statement Regarding Forward Looking Statements

    Statements contained in this press release that are not historical fact may be forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may relate to, among other things, the fourth quarter of fiscal year 2024 and updated full year fiscal 2024 guidance, the ability of the team to develop innovative DLC designs, the ability to expand market leadership in AI infrastructure, the ability of new systems to ramp, and the ability to continue to gain market share. Such forward looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from those anticipated, including: (i) our quarterly operating results may fluctuate, which could cause rapid declines in our stock price, (ii) as we increasingly target larger customers and larger sales opportunities, our customer base may become more concentrated, our cost of sales may increase, our margins may be lower and our sales may be less predictable, (iii) if we fail to meet publicly announced financial guidance or other expectations about our business, our stock could decline in value, (iv) the average sales prices for our server solutions could decline if customers do not continue to purchase our latest generation products or additional components, and (v) adverse economic conditions may harm our business. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward looking statements are contained in our filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in such filings, particularly in our Annual Report on Form 10-K for our fiscal year ended June 30, 2023, and Quarterly Reports on Form 10-Q filed thereafter.

    Use of Non-GAAP Financial Measures

    Non-GAAP gross margin discussed in this press release adds back stock-based compensation expenses. Non-GAAP diluted net income per common share discussed in this press release adds back stock-based compensation expenses and litigation recovery adjusted for the related tax effects. Management presents non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. A reconciliation of GAAP gross margin to non-GAAP gross margin and from GAAP diluted net income per common share to non-GAAP diluted net income per common share is included in the tables below.

    About Super Micro Computer, Inc.

    Supermicro (NASDAQ:SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first to market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions manufacturer with server, AI, storage, IoT, switch systems, software, and support services. Supermicro's motherboard, power, and chassis design expertise further enable our development and production, enabling next generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling).

    Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.

    SUPER MICRO COMPUTER, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands)

    (unaudited)

     

     

    March 31,

     

    June 30,

     

    2024

     

    2023

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    2,115,476

     

    $

    440,459

    Accounts receivable, net of allowance for credit losses

     

    1,650,153

     

     

    1,148,259

    Inventories

     

    4,124,587

     

     

    1,445,564

    Prepaid expenses and other current assets

     

    173,716

     

     

    145,144

    Total current assets

     

    8,063,932

     

     

    3,179,426

    Property, plant and equipment, net

     

    385,566

     

     

    290,240

    Deferred income taxes, net

     

    330,248

     

     

    162,654

    Other assets

     

    83,035

     

     

    42,409

    Total assets

    $

    8,862,781

     

    $

    3,674,729

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    1,092,445

     

    $

    776,831

    Accrued liabilities

     

    290,370

     

     

    163,865

    Income taxes payable

     

    20,021

     

     

    129,166

    Short-term debt

     

    81,566

     

     

    170,123

    Deferred revenue

     

    233,293

     

     

    134,667

    Total current liabilities

     

    1,717,695

     

     

    1,374,652

    Deferred revenue, non-current

     

    203,198

     

     

    169,781

    Long-term debt

     

    85,646

     

     

    120,179

    Convertible notes

     

    1,696,255

     

     

    —

    Other long-term liabilities

     

    65,831

     

     

    37,947

    Total liabilities

     

    3,768,625

     

     

    1,702,559

    Stockholders' equity:

     

     

     

    Common stock and additional paid-in capital

     

    2,805,008

     

     

    538,352

    Accumulated other comprehensive income

     

    549

     

     

    639

    Retained earnings

     

    2,288,436

     

     

    1,433,014

    Total Super Micro Computer, Inc. stockholders' equity

     

    5,093,993

     

     

    1,972,005

    Noncontrolling interest

     

    163

     

     

    165

    Total stockholders' equity

     

    5,094,156

     

     

    1,972,170

    Total liabilities and stockholders' equity

    $

    8,862,781

     

    $

    3,674,729

    SUPER MICRO COMPUTER, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except per share amounts)

    (unaudited)

     

     

    Three Months Ended

    March 31,

     

    Nine Months Ended

    March 31,

     

    2024

     

     

    2023

     

    2024

     

    2023

    Net sales

    $

    3,850,066

     

     

    $

    1,283,296

     

     

    $

    9,634,662

     

     

    $

    4,938,621

     

    Cost of sales

     

    3,252,698

     

     

     

    1,056,937

     

     

     

    8,119,281

     

     

     

    4,027,305

     

    Gross profit

     

    597,368

     

     

     

    226,359

     

     

     

    1,515,381

     

     

     

    911,316

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development

     

    116,226

     

     

     

    77,515

     

     

     

    336,077

     

     

     

    222,458

     

    Sales and marketing

     

    49,691

     

     

     

    25,312

     

     

     

    133,775

     

     

     

    83,120

     

    General and administrative

     

    53,137

     

     

     

    24,450

     

     

     

    123,241

     

     

     

    71,351

     

    Total operating expenses

     

    219,054

     

     

     

    127,277

     

     

     

    593,093

     

     

     

    376,929

     

    Income from operations

     

    378,314

     

     

     

    99,082

     

     

     

    922,288

     

     

     

    534,387

     

    Other income (expense), net

     

    10,035

     

     

     

    (78

    )

     

     

    8,762

     

     

     

    1,641

     

    Interest expense

     

    (6,246

    )

     

     

    (1,288

    )

     

     

    (16,240

    )

     

     

    (6,982

    )

    Income before income tax provision

     

    382,103

     

     

     

    97,716

     

     

     

    914,810

     

     

     

    529,046

     

    Income tax benefit (provision)

     

    19,983

     

     

     

    (10,857

    )

     

     

    (61,735

    )

     

     

    (79,364

    )

    Share of income (loss) from equity investee, net of taxes

     

    373

     

     

     

    (1,013

    )

     

     

    2,347

     

     

     

    (3,253

    )

    Net income

    $

    402,459

     

     

    $

    85,846

     

     

    $

    855,422

     

     

    $

    446,429

     

    Net income per common share:

     

     

     

     

     

     

     

    Basic

    $

    7.13

     

     

    $

    1.61

     

     

    $

    15.68

     

     

    $

    8.42

     

    Diluted

    $

    6.56

     

     

    $

    1.53

     

     

    $

    14.53

     

     

    $

    8.00

     

    Weighted-average shares used in calculation of net income per common share:

     

     

     

     

     

     

     

    Basic

     

    56,478

     

     

     

    53,280

     

     

     

    54,562

     

     

     

    53,011

     

    Diluted

     

    61,431

     

     

     

    56,233

     

     

     

    58,889

     

     

     

    55,796

     

    Stock-based compensation is included in the following cost and expense categories by period (in thousands):

     

    Three Months Ended

    March 31,

     

    Nine Months Ended

    March 31,

     

    2024

     

    2023

     

    2024

     

    2023

    Cost of sales

    $

    3,221

     

     

    $

    1,215

     

     

    $

    12,680

     

     

    $

    3,585

     

    Research and development

     

    24,856

     

     

    8,097

     

     

    86,005

     

     

    23,549

    Sales and marketing

     

    4,993

     

     

     

    1,214

     

     

     

    14,998

     

     

     

    3,471

     

    General and administrative

     

    23,037

     

     

     

    3,126

     

     

     

    42,864

     

     

     

    11,042

     

    Stock-based compensation expense

    $

    56,107

     

     

    $

    13,652

     

     

    $

    156,547

     

     

    $

    41,647

     

    SUPER MICRO COMPUTER, INC.

    SELECTED CASH FLOW INFORMATION

    (in thousands)

    (unaudited)

     

     

    Nine Months Ended

    March 31,

     

    2024

     

    2023

    Net cash (used in) provided by operating activities

    $

    (1,844,158

    )

     

    $

    672,919

     

    Net cash used in investing activities

     

    (131,969

    )

     

     

    (28,618

    )

    Net cash provided by (used in) financing activities

     

    3,652,783

     

     

     

    (547,291

    )

    Effect of exchange rate fluctuations on cash

     

    (1,634

    )

     

     

    (2,269

    )

    Net increase in cash, cash equivalents and restricted cash

     

    1,675,022

     

     

     

    94,741

     

    Cash, cash equivalents and restricted cash at the beginning of the period

     

    440,960

     

     

     

    268,559

     

    Cash, cash equivalents and restricted cash at the end of the period

    $

    2,115,982

     

     

    $

    363,300

     

    SUPER MICRO COMPUTER, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (in thousands, except per share amounts)

    (unaudited)

     

     

    Three Months Ended

     

    Nine Months Ended

     

    March 31, 2024

     

    March 31, 2023

     

    March 31, 2024

     

    March 31, 2023

    GAAP GROSS PROFIT

    $

    597,368

     

     

    $

    226,359

     

     

    $

    1,515,381

     

     

    $

    911,316

     

    Stock-based compensation

     

    3,221

     

     

     

    1,215

     

     

     

    12,680

     

     

     

    3,585

     

    NON-GAAP GROSS PROFIT

    $

    600,589

     

     

    $

    227,574

     

     

    $

    1,528,061

     

     

    $

    914,901

     

     

     

     

     

     

     

     

     

    GAAP GROSS MARGIN

     

    15.5

    %

     

     

    17.6

    %

     

     

    15.7

    %

     

     

    18.5

    %

    Stock-based compensation

     

    0.1

    %

     

     

    0.1

    %

     

     

    0.1

    %

     

     

    0.1

    %

    NON-GAAP GROSS MARGIN

     

    15.6

    %

     

     

    17.7

    %

     

     

    15.8

    %

     

     

    18.6

    %

     

     

     

     

     

     

     

     

    GAAP OPERATING EXPENSE

    $

    219,054

     

     

    $

    127,277

     

     

    $

    593,093

     

     

    $

    376,929

     

    Stock-based compensation

     

    (52,886

    )

     

     

    (12,437

    )

     

     

    (143,867

    )

     

     

    (38,062

    )

    Litigation recovery

     

    —

     

     

     

    1,540

     

     

     

    —

     

     

     

    3,770

     

    NON-GAAP OPERATING EXPENSE

    $

    166,168

     

     

    $

    116,380

     

     

    $

    449,226

     

     

    $

    342,637

     

     

     

     

     

     

     

     

     

    GAAP INCOME FROM OPERATIONS

    $

    378,314

     

     

    $

    99,082

     

     

    $

    922,288

     

     

    $

    534,387

     

    Stock-based compensation

     

    56,107

     

     

     

    13,652

     

     

     

    156,547

     

     

     

    41,647

     

    Litigation recovery

     

    —

     

     

     

    (1,540

    )

     

     

    —

     

     

     

    (3,770

    )

    NON-GAAP INCOME FROM OPERATIONS

    $

    434,421

     

     

    $

    111,194

     

     

    $

    1,078,835

     

     

    $

    572,264

     

     

     

     

     

     

     

     

     

    GAAP OPERATING MARGIN

     

    9.8

    %

     

     

    7.7

    %

     

     

    9.6

    %

     

     

    10.8

    %

    Stock-based compensation

     

    1.5

    %

     

     

    1.1

    %

     

     

    1.6

    %

     

     

    0.8

    %

    Litigation recovery

     

    —

    %

     

     

    (0.1

    )%

     

     

    —

    %

     

     

    (0.1

    )%

    NON-GAAP OPERATING MARGIN

     

    11.3

    %

     

     

    8.7

    %

     

     

    11.2

    %

     

     

    11.5

    %

     

     

     

     

     

     

     

     

    GAAP TAX (BENEFIT) EXPENSE

    $

    (19,983

    )

     

    $

    10,857

     

     

    $

    61,735

     

     

    $

    79,364

     

    Adjustments to tax provision

     

    47,023

     

     

     

    4,433

     

     

     

    72,641

     

     

     

    11,963

     

    NON-GAAP TAX EXPENSE

    $

    27,040

     

     

    $

    15,290

     

     

    $

    134,376

     

     

    $

    91,327

     

     

     

     

     

     

     

     

     

    GAAP NET INCOME

    $

    402,459

     

     

    $

    85,846

     

     

    $

    855,422

     

     

    $

    446,429

     

    Stock-based compensation

     

    56,107

     

     

     

    13,652

     

     

     

    156,547

     

     

     

    41,647

     

    Litigation recovery

     

    —

     

     

     

    (1,540

    )

     

     

    —

     

     

     

    (3,770

    )

    Adjustments to tax provision

     

    (47,023

    )

     

     

    (4,433

    )

     

     

    (72,641

    )

     

     

    (11,963

    )

    NON-GAAP NET INCOME

    $

    411,543

     

     

    $

    93,525

     

     

    $

    939,328

     

     

    $

    472,343

     

     

     

     

     

     

     

     

     

    GAAP NET INCOME - BASIC

    $

    402,459

     

     

    $

    85,846

     

     

    $

    855,422

     

     

    $

    446,429

     

    Convertible notes interest charge, net of tax

     

    385

     

     

     

    —

     

     

     

    385

     

     

     

    —

     

    GAAP NET INCOME - DILUTED

    $

    402,844

     

     

    $

    85,846

     

     

    $

    855,807

     

     

    $

    446,429

     

    NON-GAAP NET INCOME - DILUTED

    $

    411,928

     

     

    $

    93,525

     

     

    $

    939,713

     

     

    $

    472,343

     

     

     

     

     

     

     

     

     

    GAAP NET INCOME PER COMMON SHARE – BASIC

    $

    7.13

     

     

    $

    1.61

     

     

    $

    15.68

     

     

    $

    8.42

     

    Impact of Non-GAAP adjustments

     

    0.16

     

     

     

    0.15

     

     

     

    1.54

     

     

     

    0.49

     

    NON-GAAP NET INCOME PER COMMON SHARE – BASIC

    $

    7.29

     

     

    $

    1.76

     

     

    $

    17.22

     

     

    $

    8.91

     

     

     

     

     

     

     

     

     

    GAAP NET INCOME PER COMMON SHARE – DILUTED

    $

    6.56

     

     

    $

    1.53

     

     

    $

    14.53

     

     

    $

    8.00

     

    Impact of Non-GAAP adjustments

     

    0.09

     

     

     

    0.10

     

     

     

    1.24

     

     

     

    0.29

     

    NON-GAAP NET INCOME PER COMMON SHARE – DILUTED

    $

    6.65

     

     

    $

    1.63

     

     

    $

    15.77

     

     

    $

    8.29

     

     

     

     

     

     

     

     

     

    WEIGHTED-AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    BASIC – GAAP

     

    56,478

     

     

     

    53,280

     

     

     

    54,562

     

     

     

    53,011

     

    BASIC – NON-GAAP

     

    56,478

     

     

     

    53,280

     

     

     

    54,562

     

     

     

    53,011

     

     

     

     

     

     

     

     

     

    DILUTED – GAAP

     

    61,431

     

     

     

    56,233

     

     

     

    58,889

     

     

     

    55,796

     

    DILUTED – NON-GAAP

     

    61,953

     

     

     

    57,315

     

     

     

    59,578

     

     

     

    56,966

     

    Non-GAAP diluted net income per common share for the second quarter of fiscal year 2024 was $5.59, with adjustments for stock-based compensation expenses of $33 million, net of the related tax effects of $10 million.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240430682820/en/

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