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

 

 

Investor Relations Contact Nicole Noutsios email: ir@supermicro.com

Super Micro Computer (NASDAQ:SMCI)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024 Click aqui para mais gráficos Super Micro Computer.
Super Micro Computer (NASDAQ:SMCI)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024 Click aqui para mais gráficos Super Micro Computer.