Super Micro Computer, Inc. (Nasdaq: SMCI), a Total IT
Solution Manufacturer for AI, Cloud, Storage and 5G/Edge, today
announced financial results for its first quarter of fiscal year
2024 ended September 30, 2023.
First Quarter Fiscal Year 2024 Highlights
- Net sales of $2.12 billion versus $2.18 billion in the fourth
quarter of fiscal year 2023 and $1.85 billion in the same quarter
of last year.
- Gross margin of 16.7% versus 17.0% in the fourth quarter of
fiscal year 2023 and 18.8% in the same quarter of last year.
- Net income of $157 million versus $194 million in the fourth
quarter of fiscal year 2023 and $184 million in the same quarter of
last year.
- Diluted net income per common share of $2.75 versus $3.43 in
the fourth quarter of fiscal year 2023 and $3.35 in the same
quarter of last year.
- Non-GAAP diluted net income per common share of $3.43 versus
$3.51 in the fourth quarter of fiscal year 2023 and $3.42 in the
same quarter of last year.
- Cash flow provided by operations for the first quarter of
fiscal year 2024 of $271 million and capital expenditures of $3
million.
Non-GAAP gross margin for the first quarter of fiscal year 2024
was 17.0% which adds back stock-based compensation expenses of $6
million. Non-GAAP diluted net income per common share for the first
quarter of fiscal year 2024 was $3.43, with adjustments for
stock-based compensation expenses of $41 million, net of the
related tax effects of $16 million.
As of September 30, 2023, total cash and cash equivalents was
$543 million and total bank debt was $146 million.
“I am pleased to announce that we are off to a good start to
fiscal 2024, achieving first quarter revenue of $2.12B,” said
Charles Liang, President and CEO of Supermicro. “Our teams executed
with passion and precision despite the ongoing GPU supply
constraints. We are working diligently to meet these challenges and
given my confidence in my team and the strong demand we are seeing
for AI infrastructure and compelling new and upcoming compute and
storage products we are now raising our fiscal year 2024 outlook to
$10B - $11B in revenue.”
Business Outlook and Management Commentary
For the second quarter of fiscal year 2024 ending December 31,
2023, the Company expects net sales of $2.7 billion to $2.9
billion, GAAP net income per diluted share of $3.75 to $4.24 and
non-GAAP net income per diluted share of $4.40 to $4.88. The
Company’s projections for GAAP and non-GAAP net income per diluted
share assume a tax rate of approximately 15.7% and 17.1%,
respectively, and a fully diluted share count of 57.6 million
shares for GAAP and fully diluted share count of 58.3 million
shares for non-GAAP. The outlook for second quarter of fiscal year
2024 GAAP net income per diluted share includes approximately $40
million in expected stock-based compensation, net of related tax
effects of $13 million that are excluded from non-GAAP net income
per diluted share.
For fiscal year 2024 ending June 30, 2024, the Company maintains
its guidance for net sales from a range of $10 billion to $11
billion.
Conference Call and Webcast Information
Supermicro will hold a public webcast at 2:00 p.m. PDT today to
discuss the results for its first quarter of fiscal year 2024.
Those wishing to access the live webcast may use the following
link:
https://events.q4inc.com/attendee/484918945
The conference call can be accessed by registering online
at:
https://conferencingportals.com/event/dteAMPMM
After registering, a confirmation will be sent through email,
including dial-in details and unique conference call codes for
entry. Registration is open during the live call, but to ensure
connectivity for the full call, it is
recommended that participants register a day in advance and
dial-in for the call at least 10 minutes before the start of the
call.
A replay of the webcast will be available shortly after the call
on the Company’s investor relations website
(https://ir.supermicro.com) 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 second quarter of
fiscal year 2024 and updated full year fiscal 2024 guidance and the
Company's ability to meet supply constraint challenges. 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 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/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 enables 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)
September 30,
June 30,
2023
2023
ASSETS
Current assets:
Cash and cash equivalents
$
543,156
$
440,459
Accounts receivable, net of allowance for
credit losses
845,729
1,148,259
Inventories
2,052,805
1,445,564
Prepaid expenses and other current
assets
129,144
145,144
Total current assets
3,570,834
3,179,426
Property, plant and equipment, net
291,669
290,240
Deferred income taxes, net
185,675
162,654
Other assets
47,786
42,409
Total assets
$
4,095,964
$
3,674,729
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
1,084,058
$
776,831
Accrued liabilities
152,500
163,865
Income taxes payable
161,395
129,166
Short-term debt
40,843
170,123
Deferred revenue
166,025
134,667
Total current liabilities
1,604,821
1,374,652
Deferred revenue, non-current
174,478
169,781
Long-term debt
105,389
120,179
Other long-term liabilities
45,737
37,947
Total liabilities
1,930,425
1,702,559
Stockholders’ equity:
Common stock and additional paid-in
capital
574,718
538,352
Accumulated other comprehensive income
651
639
Retained earnings
1,590,009
1,433,014
Total Super Micro Computer, Inc.
stockholders’ equity
2,165,378
1,972,005
Noncontrolling interest
161
165
Total stockholders’ equity
2,165,539
1,972,170
Total liabilities and stockholders’
equity
$
4,095,964
$
3,674,729
SUPER MICRO COMPUTER,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts)
(unaudited)
Three Months Ended
September 30,
2023
2022
Net sales
$
2,119,672
$
1,852,130
Cost of sales
1,765,981
1,504,595
Gross profit
353,691
347,535
Operating expenses:
Research and development
111,027
74,243
Sales and marketing
37,230
29,363
General and administrative
32,924
23,806
Total operating expenses
181,181
127,412
Income from operations
172,510
220,123
Other income, net
6,613
8,054
Interest expense
(1,863
)
(3,938
)
Income before income tax provision
177,260
224,239
Income tax provision
(20,215
)
(38,934
)
Share of loss from equity investee, net of
taxes
(50
)
(889
)
Net income
$
156,995
$
184,416
Net income per common share:
Basic
$
2.96
$
3.51
Diluted
$
2.75
$
3.35
Weighted-average shares used in
calculation of net income per common share:
Basic
53,093
52,598
Diluted
57,185
55,017
Stock-based compensation is included in the
following cost and expense categories by period (in thousands):
Three Months Ended
September 30,
2023
2022
Cost of sales
$
5,904
$
884
Research and development
35,710
6,118
Sales and marketing
5,665
809
General and administrative
10,100
3,203
Stock-based compensation expense
$
57,379
$
11,014
SUPER MICRO COMPUTER,
INC.
SELECTED CASH FLOW
INFORMATION
(in thousands)
(unaudited)
Three Months Ended
September 30,
2023
2022
Net cash provided by operating
activities
$
270,465
$
313,587
Net cash used in investing activities
(7,631
)
(10,746
)
Net cash used in financing activities
(159,941
)
(331,183
)
Effect of exchange rate fluctuations on
cash
(203
)
(1,472
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
102,690
(29,813
)
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
$
543,650
$
238,746
SUPER MICRO COMPUTER,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands, except per
share amounts)
(unaudited)
Three Months Ended
September 30, 2023
June 30, 2023
September 30, 2022
GAAP GROSS PROFIT
$
353,691
$
371,696
$
347,535
Stock-based compensation
5,904
989
884
NON-GAAP GROSS PROFIT
$
359,595
$
372,685
$
348,419
GAAP GROSS MARGIN
16.7
%
17.0
%
18.8
%
Stock-based compensation
0.3
%
0.1
%
0.0
%
NON-GAAP GROSS MARGIN
17.0
%
17.1
%
18.8
%
GAAP OPERATING EXPENSE
$
181,181
$
144,941
$
127,412
Stock-based compensation
(51,475
)
(11,797
)
(10,130
)
NON-GAAP OPERATING EXPENSE
$
129,706
$
133,144
$
117,282
GAAP INCOME FROM OPERATIONS
$
172,510
$
226,755
$
220,123
Stock-based compensation
57,379
12,786
11,014
NON-GAAP INCOME FROM OPERATIONS
$
229,889
$
239,541
$
231,137
GAAP OPERATING MARGIN
8.1
%
10.4
%
11.9
%
Stock-based compensation
2.7
%
0.6
%
0.6
%
NON-GAAP OPERATING MARGIN
10.8
%
11.0
%
12.5
%
GAAP TAX EXPENSE
$
20,215
$
31,302
$
38,934
Adjustments to tax provision
16,049
5,304
3,230
NON-GAAP TAX EXPENSE
$
36,264
$
36,606
$
42,164
GAAP NET INCOME
$
156,995
$
193,569
$
184,416
Stock-based compensation
57,379
12,786
11,014
Adjustments to tax provision
(16,049
)
(5,304
)
(3,230
)
NON-GAAP NET INCOME
$
198,325
$
201,051
$
192,200
GAAP NET INCOME PER COMMON SHARE –
BASIC
$
2.96
$
3.67
$
3.51
Impact of Non-GAAP adjustments
0.78
0.15
0.14
NON-GAAP NET INCOME PER COMMON SHARE –
BASIC
$
3.74
$
3.82
$
3.65
GAAP NET INCOME PER COMMON SHARE –
DILUTED
$
2.75
$
3.43
$
3.35
Impact of Non-GAAP adjustments
0.68
0.08
0.07
NON-GAAP NET INCOME PER COMMON SHARE –
DILUTED
$
3.43
$
3.51
$
3.42
WEIGHTED-AVERAGE SHARES USED IN COMPUTING
NET INCOME PER COMMON SHARE
BASIC – GAAP
53,093
52,679
52,598
BASIC – NON-GAAP
53,093
52,679
52,598
DILUTED – GAAP
57,185
56,505
55,017
DILUTED – NON-GAAP
57,846
57,222
56,271
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101019078/en/
Investor Relations Contact Nicole Noutsios email:
ir@supermicro.com
Super Micro Computer (NASDAQ:SMCI)
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