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/
Investor Relations Contact Nicole Noutsios email:
ir@supermicro.com
Super Micro Computer (NASDAQ:SMCI)
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