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Supermicro Announces Fourth Quarter and Full Fiscal Year 2024 Financial Results

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Supermicro (NASDAQ: SMCI) reported strong financial results for Q4 and full fiscal year 2024. Q4 highlights include:

- Net sales of $5.31 billion, up from $3.85 billion in Q3 and $2.18 billion year-over-year
- Gross margin of 11.2%, down from 15.5% in Q3 and 17.0% year-over-year
- Net income of $353 million, down from $402 million in Q3 but up from $194 million year-over-year
- Diluted EPS of $5.51, down from $6.56 in Q3 but up from $3.43 year-over-year

For fiscal year 2024, net sales reached $14.94 billion, a 110% increase year-over-year. The company announced a 10-for-1 stock split effective October 1, 2024. Supermicro expects Q1 FY2025 net sales between $6.0-$7.0 billion and projects FY2025 net sales of $26.0-$30.0 billion.

Supermicro (NASDAQ: SMCI) ha riportato risultati finanziari solidi per il Q4 e l'intero anno fiscale 2024. I punti salienti del Q4 includono:

- Vendite nette di $5,31 miliardi, in aumento rispetto ai $3,85 miliardi del Q3 e ai $2,18 miliardi su base annua
- Margine lordo dell'11,2%, in diminuzione rispetto al 15,5% del Q3 e al 17,0% su base annua
- Utile netto di $353 milioni, in calo dai $402 milioni del Q3 ma in aumento rispetto ai $194 milioni su base annua
- EPS diluito di $5,51, in calo rispetto ai $6,56 del Q3 ma in aumento rispetto ai $3,43 su base annua

Per l'anno fiscale 2024, le vendite nette hanno raggiunto $14,94 miliardi, con un aumento del 110% su base annua. L'azienda ha annunciato uno scorporo azionario di 10 per 1, efficace dal 1 ottobre 2024. Supermicro prevede vendite nette tra $6,0-$7,0 miliardi per il Q1 FY2025 e proietta vendite nette di FY2025 tra $26,0-$30,0 miliardi.

Supermicro (NASDAQ: SMCI) reportó resultados financieros sólidos para el cuarto trimestre y el año fiscal completo 2024. Los aspectos destacados del cuarto trimestre incluyen:

- Ventas netas de $5.31 mil millones, un aumento desde los $3.85 mil millones en el tercer trimestre y $2.18 mil millones en comparación interanual
- Margen bruto del 11.2%, por debajo del 15.5% en el tercer trimestre y del 17.0% interanual
- Ingreso neto de $353 millones, disminuyendo desde $402 millones en el tercer trimestre pero aumentando desde $194 millones interanualmente
- EPS diluido de $5.51, disminuyendo desde $6.56 en el tercer trimestre pero aumentando desde $3.43 interanualmente

Para el año fiscal 2024, las ventas netas alcanzaron $14.94 mil millones, un aumento del 110% en comparación interanual. La empresa anunció un desdoblamiento de acciones de 10 por 1, efectivo el 1 de octubre de 2024. Supermicro espera ventas netas de entre $6.0 y $7.0 mil millones para el primer trimestre del FY2025 y proyecta ventas netas de FY2025 de entre $26.0 y $30.0 mil millones.

슈퍼마이크로 (NASDAQ: SMCI)는 2024 회계연도 4분기 및 전체 회계연도에 대한 강력한 재무 성과를 보고했습니다. 4분기 주요 사항은 다음과 같습니다:

- 순매출 약 $53억 1000만 달러로, 3분기의 38억 5000만 달러 및 전년 대비 21억 8000만 달러에서 증가
- 총 이익률 11.2%, 3분기의 15.5% 및 전년 대비 17.0%에서 감소
- 순이익 $3억 5300만 달러로, 3분기의 4억 2000만 달러에서 감소하였으나 전년 대비 1억 9400만 달러에서 증가
- 희석 EPS가 $5.51로, 3분기의 $6.56에서 감소하였으나 전년 대비 $3.43에서 증가

2024 회계연도 동안 순매출은 $149억 4000만 달러로, 전년 대비 110% 증가했습니다. 회사는 2024년 10월 1일부터 시행되는 10대 1의 주식 분할을 발표했습니다. 슈퍼마이크로는 FY2025 1분기 순매출을 $60억-$70억 달러로 예상하며, FY2025 순매출을 $260억-$300억 달러로 전망하고 있습니다.

Supermicro (NASDAQ: SMCI) a annoncé des résultats financiers solides pour le quatrième trimestre et pour l'ensemble de l'exercice 2024. Les faits marquants du quatrième trimestre incluent :

- Chiffre d'affaires net de 5,31 milliards de dollars, en hausse par rapport à 3,85 milliards de dollars au troisième trimestre et 2,18 milliards de dollars d'une année sur l'autre
- Marge brute de 11,2 %, en baisse par rapport à 15,5 % au troisième trimestre et 17,0 % d'une année sur l'autre
- Résultat net de 353 millions de dollars, en baisse par rapport à 402 millions de dollars au troisième trimestre mais en hausse par rapport à 194 millions de dollars d'une année sur l'autre
- BPA dilué de 5,51 dollars, en baisse par rapport à 6,56 dollars au troisième trimestre mais en hausse par rapport à 3,43 dollars d'une année sur l'autre

Pour l'exercice 2024, le chiffre d'affaires net a atteint 14,94 milliards de dollars, une augmentation de 110 % d'une année sur l'autre. L'entreprise a annoncé un fractionnement d'actions de 10 pour 1, prenant effet le 1er octobre 2024. Supermicro prévoit un chiffre d'affaires net compris entre 6,0 et 7,0 milliards de dollars pour le premier trimestre de l'exercice 2025 et prévoit un chiffre d'affaires net de 26,0 à 30,0 milliards de dollars pour l'exercice 2025.

Supermicro (NASDAQ: SMCI) hat starke Finanzresultate für das vierte Quartal und das gesamte Geschäftsjahr 2024 bekannt gegeben. Die Höhepunkte des vierten Quartals sind:

- Nettoumsatz von 5,31 Milliarden Dollar, ein Anstieg von 3,85 Milliarden Dollar im dritten Quartal und 2,18 Milliarden Dollar im Jahresvergleich
- Bruttomarge von 11,2 %, ein Rückgang von 15,5 % im dritten Quartal und 17,0 % im Jahresvergleich
- Nettogewinn von 353 Millionen Dollar, ein Rückgang von 402 Millionen Dollar im dritten Quartal, jedoch ein Anstieg von 194 Millionen Dollar im Jahresvergleich
- Verwässerter EPS von 5,51 Dollar, ein Rückgang von 6,56 Dollar im dritten Quartal, aber eine Steigerung gegenüber 3,43 Dollar im Jahresvergleich

Für das Geschäftsjahr 2024 erreichte der Nettoumsatz 14,94 Milliarden Dollar, was einem Anstieg von 110 % im Jahresvergleich entspricht. Das Unternehmen kündigte einen Aktiensplit im Verhältnis 10 zu 1 an, der am 1. Oktober 2024 wirksam wird. Supermicro erwartet für das erste Quartal FY2025 einen Nettoumsatz zwischen 6,0 und 7,0 Milliarden Dollar und prognostiziert für das Geschäftsjahr 2025 einen Nettoumsatz zwischen 26,0 und 30,0 Milliarden Dollar.

Positive
  • Record Q4 net sales of $5.31 billion, a 143% increase year-over-year
  • Fiscal year 2024 net sales reached $14.94 billion, up 110% year-over-year
  • Net income for fiscal year 2024 was $1.21 billion, nearly doubling from $640 million in FY2023
  • Strong Q1 FY2025 guidance with projected net sales of $6.0-$7.0 billion
  • Ambitious FY2025 outlook with expected net sales of $26.0-$30.0 billion
Negative
  • Q4 gross margin decreased to 11.2% from 15.5% in Q3 and 17.0% year-over-year
  • Q4 net income of $353 million decreased from $402 million in Q3
  • Q4 diluted EPS of $5.51 decreased from $6.56 in Q3
  • Cash flow used in operations for Q4 was $635 million

Insights

Supermicro's Q4 FY2024 results showcase impressive growth but with some concerning trends. Revenue surged to $5.31 billion, a 143% YoY increase, driven by strong AI infrastructure demand. However, gross margin declined to 11.2% from 17.0% YoY, indicating potential pricing pressures or higher costs.

The full-year performance is stellar, with revenue up 110% to $14.94 billion and non-GAAP EPS growing 87% to $22.09. The company's forward guidance of $26-$30 billion for FY2025 suggests continued strong growth expectations.

Investors should monitor the balance sheet closely, as cash flow from operations was negative $635 million this quarter and total debt stands at $2.17 billion. This could indicate working capital challenges as the company scales rapidly.

Supermicro's explosive growth underscores the booming AI infrastructure market. Their focus on rack-scale DLC liquid cooling and Datacenter Building Block Solutions positions them well in the high-performance computing space. The planned 10-for-1 stock split could improve liquidity and accessibility for retail investors.

However, the declining gross margins are a red flag. This could be due to increased competition, component shortages, or aggressive pricing to gain market share. The company's ability to maintain profitability while scaling will be crucial.

The expansion in Malaysia is a strategic move to diversify the supply chain and potentially reduce costs. This, coupled with Silicon Valley expansions, shows Supermicro's commitment to meeting the surging demand and improving operational efficiency.

Supermicro's results reflect the broader AI infrastructure boom. The company's 110% YoY revenue growth outpaces the overall server market, indicating significant market share gains. Their focus on AI-optimized solutions is clearly paying off.

The forward guidance of $26-$30 billion for FY2025 implies continued strong growth of 74-101%. This bullish outlook suggests that Supermicro expects the AI infrastructure demand to remain robust, potentially for several years.

However, investors should be cautious about potential market saturation or a slowdown in AI investments. The declining gross margins and negative cash flow from operations could also indicate challenges in managing this rapid growth efficiently. Monitoring competitor actions and overall market demand will be important in the coming quarters.

SAN JOSE, Calif.--(BUSINESS WIRE)-- Super Micro Computer, Inc. (Nasdaq: SMCI), a Total IT Solution Provider for AI, Cloud, Storage and 5G/Edge, today announced fourth quarter and full-year financial results for fiscal year 2024 ended June 30, 2024.

Fourth Quarter of Fiscal Year 2024 Highlights

  • Net sales of $5.31 billion versus $3.85 billion in the third quarter of fiscal year 2024 and $2.18 billion in the same quarter of last year.
  • Gross margin of 11.2% versus 15.5% in the third quarter of fiscal year 2024 and 17.0% in the same quarter of last year.
  • Net income of $353 million versus $402 million in the third quarter of fiscal year 2024 and $194 million in the same quarter of last year.
  • Diluted net income per common share of $5.51 versus $6.56 in the third quarter of fiscal year 2024 and $3.43 in the same quarter of last year.
  • Non-GAAP diluted net income per common share of $6.25 versus $6.65 in the third quarter of fiscal year 2024 and $3.51 in the same quarter of last year.
  • Cash flow used in operations for the fourth quarter of fiscal year 2024 of $635 million and capital expenditures of $27 million.
  • The Company’s Board of Directors has authorized a 10-for-1 forward split of its common stock and we expect trading to commence on a split-adjusted basis on October 1, 2024.

Non-GAAP gross margin for the fourth quarter of fiscal year 2024 was 11.3%, which adds back stock-based compensation expense of $3 million. Non-GAAP diluted net income per common share for the fourth quarter of fiscal year 2024 was $6.25, with adjustments for stock-based compensation expenses of $52 million, net of the related tax effects of $20 million.

As of June 30, 2024, total cash and cash equivalents was $1,670 million and total bank debt and convertible notes were $2,174 million.

“Supermicro continues to experience record demand of new AI infrastructures propelling fiscal 2024 revenue up 110% year over year to $14.9 billion and non-GAAP earnings per share up 87% to $22.09,” said Charles Liang, President and CEO of Supermicro, “We are well positioned to become the largest IT infrastructure company, driven by our technology leadership including rack-scale DLC liquid cooling and business values of our new Datacenter Building Block Solutions. The investments in Malaysia and Silicon Valley expansions will further strengthen our supply chain, security, and economies of scale necessary for the growing AI revolution.”

Fiscal Year 2024 Summary

Net sales for the fiscal year ended June 30, 2024, were $14.94 billion versus $7.12 billion for the fiscal year ended June 30, 2023. Net income for fiscal year 2024 was $1.21 billion, or $20.09 per diluted share, versus $640 million, or $11.43 per diluted share, for fiscal year 2023. Non-GAAP net income for fiscal year 2024 was $1.34 billion, or $22.09 per diluted share, versus $673 million, or $11.81 per diluted share, for fiscal year 2023. Non-GAAP net income for fiscal year 2024 adds back stock-based compensation expense of $135 million, net of the related tax effects of $93 million.

Business Outlook and Management Commentary

For the first quarter of fiscal year 2025 ending September 30, 2024, the Company expects net sales of $6.0 billion to $7.0 billion, GAAP net income per diluted share of $5.97 to $7.66 and non-GAAP net income per diluted share of $6.69 to $8.27. The Company’s projections for GAAP and non-GAAP net income per diluted share assume a tax rate of approximately 9.9% and 14.6%, respectively, and a fully diluted share count of 65 million shares for GAAP and fully diluted share count of 66 million shares for non-GAAP. The outlook for Q1 of fiscal year 2025 GAAP net income per diluted share includes approximately $48 million in expected stock-based compensation expense and other expenses, net of related tax effects of $35 million, which are excluded from non-GAAP net income per diluted share.

For fiscal year 2025 ending June 30, 2025, the Company expects net sales of $26.0 billion to $30.0 billion.

Conference Call and Webcast Information

Supermicro will present a live audio webcast of a conference call to review its fourth quarter of fiscal year 2024 on Tuesday, August 6, 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 first quarter of fiscal year 2025 and full year fiscal 2025 guidance, the ability to continue to see record demand for new AI infrastructure, the ability to become a dominant IT infrastructure Company, and the ability of investments in certain expansions to strengthen the supply chain, security, and economies of scale for growth. 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 expense 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 Provider 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)

 

 

June 30,

 

June 30,

 

2024

 

2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,669,766

 

$

440,459

Accounts receivable, net of allowance for credit losses

 

2,668,415

 

 

1,148,259

Inventories

 

4,407,972

 

 

1,445,564

Prepaid expenses and other current assets

 

308,471

 

 

145,144

Total current assets

 

9,054,624

 

 

3,179,426

Property, plant and equipment, net

 

414,008

 

 

290,240

Deferred income taxes, net

 

359,656

 

 

162,654

Other assets

 

114,952

 

 

42,409

Total assets

$

9,943,240

 

$

3,674,729

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

1,545,050

 

$

776,831

Accrued liabilities

 

237,921

 

 

163,865

Income taxes payable

 

18,268

 

 

129,166

Lines of credit and current portion of term loans

 

402,346

 

 

170,123

Deferred revenue

 

200,360

 

 

134,667

Total current liabilities

 

2,403,945

 

 

1,374,652

Deferred revenue, non-current

 

226,493

 

 

169,781

Term loans

 

74,083

 

 

120,179

Convertible notes

 

1,697,716

 

 

Other long-term liabilities

 

71,343

 

 

37,947

Total liabilities

 

4,473,580

 

 

1,702,559

Stockholders’ equity:

 

 

 

Common stock and additional paid in capital

 

2,827,627

 

 

538,352

Accumulated other comprehensive income

 

706

 

 

639

Retained earnings

 

2,641,163

 

 

1,433,014

Total Super Micro Computer, Inc. stockholders’ equity

 

5,469,496

 

 

1,972,005

Noncontrolling interest

 

164

 

 

165

Total stockholders’ equity

 

5,469,660

 

 

1,972,170

Total liabilities and stockholders’ equity

$

9,943,240

 

$

3,674,729

SUPER MICRO COMPUTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended June 30,

 

Years Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net sales

$

5,308,192

 

 

$

2,184,861

 

 

$

14,942,854

 

 

$

7,123,482

 

Cost of sales

 

4,711,844

 

 

 

1,813,165

 

 

 

12,831,125

 

 

 

5,840,470

 

Gross profit

 

596,348

 

 

 

371,696

 

 

 

2,111,729

 

 

 

1,283,012

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

126,849

 

 

 

84,802

 

 

 

462,926

 

 

 

307,260

 

Sales and marketing

 

55,740

 

 

 

31,905

 

 

 

189,515

 

 

 

115,025

 

General and administrative

 

70,355

 

 

 

28,234

 

 

 

193,596

 

 

 

99,585

 

Total operating expenses

 

252,944

 

 

 

144,941

 

 

 

846,037

 

 

 

521,870

 

Income from operations

 

343,404

 

 

 

226,755

 

 

 

1,265,692

 

 

 

761,142

 

Other income, net

 

13,955

 

 

 

2,005

 

 

 

22,717

 

 

 

3,646

 

Interest expense

 

(3,112

)

 

 

(3,509

)

 

 

(19,352

)

 

 

(10,491

)

Income before income tax provision

 

354,247

 

 

 

225,251

 

 

 

1,269,057

 

 

 

754,297

 

Income tax provision

 

(994

)

 

 

(31,302

)

 

 

(62,729

)

 

 

(110,666

)

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

 

(526

)

 

 

(380

)

 

 

1,821

 

 

 

(3,633

)

Net income(1)

$

352,727

 

 

$

193,569

 

 

$

1,208,149

 

 

$

639,998

 

Net income per common share:

 

 

 

 

 

 

 

Basic

$

6.01

 

 

$

3.67

 

 

$

21.73

 

 

$

12.09

 

Diluted

$

5.51

 

 

$

3.43

 

 

$

20.09

 

 

$

11.43

 

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

 

 

 

 

 

 

 

Basic

 

58,688

 

 

 

52,679

 

 

 

55,588

 

 

 

52,925

 

Diluted

 

64,208

 

 

 

56,505

 

 

 

60,215

 

 

 

55,970

 

 

(1) Net income for diluted net income per share calculation includes the add-backs of convertible notes interest charge, net of tax of $1,095 and $0, for the three months ended June 30, 2024 and 2023, respectively. Net income for diluted net income per share calculation includes the add-backs of convertible notes interest charge, net of tax of $1,480 and $0, for the year ended June 30, 2024 and 2023, respectively.

SUPER MICRO COMPUTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

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

 

 

Three Months Ended June 30,

 

Years Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

Cost of sales

$

3,185

 

$

989

 

$

15,865

 

$

4,574

Research and development

 

28,890

 

 

7,187

 

 

114,895

 

 

30,736

Sales and marketing

 

6,197

 

 

1,128

 

 

21,195

 

 

4,599

General and administrative

 

33,380

 

 

3,482

 

 

76,244

 

 

14,524

Stock-based compensation expense

$

71,652

 

$

12,786

 

$

228,199

 

$

54,433

SUPER MICRO COMPUTER, INC.

SELECTED CASH FLOW INFORMATION

(in thousands)

(unaudited)

 

 

Years Ended June 30,

 

 

2024

 

 

 

2023

 

Net cash (used in) provided by operating activities

$

(2,479,437

)

 

$

663,580

 

Net cash used in investing activities

 

(200,783

)

 

 

(39,486

)

Net cash provided by (used in) financing activities

 

3,911,724

 

 

 

(448,293

)

Effect of exchange rate fluctuations on cash

 

(2,191

)

 

 

(3,400

)

Net increase in cash, cash equivalents and restricted cash

 

1,229,313

 

 

 

172,401

 

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

 

440,960

 

 

 

268,559

 

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

$

1,670,273

 

 

$

440,960

 

SUPER MICRO COMPUTER, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended

June 30,

 

Twelve Months Ended

June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

GAAP GROSS PROFIT

$

596,348

 

 

$

371,696

 

 

$

2,111,729

 

 

$

1,283,012

 

Stock-based compensation

 

3,185

 

 

 

989

 

 

 

15,865

 

 

 

4,574

 

NON-GAAP GROSS PROFIT

$

599,533

 

 

$

372,685

 

 

$

2,127,594

 

 

$

1,287,586

 

 

 

 

 

 

 

 

 

GAAP GROSS MARGIN

 

11.2

%

 

 

17.0

%

 

 

14.1

%

 

 

18.0

%

Stock-based compensation

 

0.1

%

 

 

0.1

%

 

 

0.1

%

 

 

0.1

%

NON-GAAP GROSS MARGIN

 

11.3

%

 

 

17.1

%

 

 

14.2

%

 

 

18.1

%

 

 

 

 

 

 

 

 

GAAP OPERATING EXPENSES

$

252,944

 

 

$

144,941

 

 

$

846,037

 

 

$

521,870

 

Stock-based compensation

 

(68,467

)

 

 

(11,797

)

 

 

(212,334

)

 

 

(49,859

)

Litigation expense recovery

 

 

 

 

 

 

 

 

 

 

3,770

 

NON-GAAP OPERATING EXPENSES

$

184,477

 

 

$

133,144

 

 

$

633,703

 

 

$

475,781

 

 

 

 

 

 

 

 

 

GAAP INCOME FROM OPERATIONS

$

343,404

 

 

$

226,755

 

 

$

1,265,692

 

 

$

761,142

 

Stock-based compensation

 

71,652

 

 

 

12,786

 

 

 

228,199

 

 

 

54,433

 

Litigation expense recovery

 

 

 

 

 

 

 

 

 

 

(3,770

)

NON-GAAP INCOME FROM OPERATIONS

$

415,056

 

 

$

239,541

 

 

$

1,493,891

 

 

$

811,805

 

 

 

 

 

 

 

 

 

GAAP OPERATING MARGIN

 

6.5

%

 

 

10.4

%

 

 

8.5

%

 

 

10.7

%

Stock-based compensation

 

1.3

%

 

 

0.6

%

 

 

1.5

%

 

 

0.8

%

Litigation expense recovery

 

%

 

 

%

 

 

%

 

 

(0.1

)%

NON-GAAP OPERATING MARGIN

 

7.8

%

 

 

11.0

%

 

 

10.0

%

 

 

11.4

%

 

 

 

 

 

 

 

 

GAAP TAX EXPENSE

$

994

 

 

$

31,302

 

 

$

62,729

 

 

$

110,666

 

Adjustments to tax provision

 

20,167

 

 

 

5,304

 

 

 

92,808

 

 

 

17,267

 

NON-GAAP TAX EXPENSE

$

21,161

 

 

$

36,606

 

 

$

155,537

 

 

$

127,933

 

 

 

 

 

 

 

 

 

GAAP NET INCOME

$

352,727

 

 

$

193,569

 

 

$

1,208,149

 

 

$

639,998

 

Stock-based compensation

 

71,652

 

 

 

12,786

 

 

 

228,199

 

 

 

54,433

 

Litigation expense recovery

 

 

 

 

 

 

 

 

 

 

(3,770

)

Adjustments to tax provision

 

(20,167

)

 

 

(5,304

)

 

 

(92,808

)

 

 

(17,267

)

NON-GAAP NET INCOME

$

404,212

 

 

$

201,051

 

 

$

1,343,540

 

 

$

673,394

 

 

 

 

 

 

 

 

 

GAAP NET INCOME - BASIC

$

352,727

 

 

$

193,569

 

 

$

1,208,149

 

 

$

639,998

 

Convertible notes interest charge, net of tax

 

1,095

 

 

 

 

 

 

1,480

 

 

 

 

GAAP NET INCOME - DILUTED

$

353,822

 

 

$

193,569

 

 

$

1,209,629

 

 

$

639,998

 

 

 

 

 

 

 

 

 

NON-GAAP NET INCOME - BASIC

$

404,212

 

 

$

201,051

 

 

$

1,343,540

 

 

$

673,394

 

Convertible notes interest charge, net of tax

 

1,095

 

 

 

 

 

 

1,480

 

 

 

 

NON-GAAP NET INCOME - DILUTED

$

405,307

 

 

$

201,051

 

 

$

1,345,020

 

 

$

673,394

 

 

 

 

 

 

 

 

 

GAAP NET INCOME PER COMMON SHARE – BASIC

$

6.01

 

 

$

3.67

 

 

$

21.73

 

 

$

12.09

 

Impact of NON-GAAP adjustments

 

0.88

 

 

 

0.15

 

 

 

2.44

 

 

 

0.63

 

NON-GAAP NET INCOME PER COMMON SHARE – BASIC

$

6.89

 

 

$

3.82

 

 

$

24.17

 

 

$

12.72

 

 

 

 

 

 

 

 

 

GAAP NET INCOME PER COMMON SHARE – DILUTED

$

5.51

 

 

$

3.43

 

 

$

20.09

 

 

$

11.43

 

Impact of Non-GAAP adjustments

 

0.74

 

 

 

0.08

 

 

 

2.00

 

 

 

0.38

 

NON-GAAP NET INCOME PER COMMON SHARE – DILUTED

$

6.25

 

 

$

3.51

 

 

$

22.09

 

 

$

11.81

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC – GAAP

 

58,688

 

 

 

52,679

 

 

 

55,588

 

 

 

52,925

 

BASIC – NON-GAAP

 

58,688

 

 

 

52,679

 

 

 

55,588

 

 

 

52,925

 

 

 

 

 

 

 

 

 

DILUTED – GAAP

 

64,208

 

 

 

56,505

 

 

 

60,215

 

 

 

55,970

 

DILUTED – NON-GAAP

 

64,827

 

 

 

57,222

 

 

 

60,886

 

 

 

57,027

 

 

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.

 

Investor Relations Contact:

Nicole Noutsios

email: ir@supermicro.com

Source: Super Micro Computer, Inc.

FAQ

What were Supermicro's (SMCI) Q4 2024 financial results?

Supermicro reported Q4 2024 net sales of $5.31 billion, net income of $353 million, and diluted EPS of $5.51.

How did Supermicro's (SMCI) fiscal year 2024 performance compare to 2023?

Supermicro's fiscal year 2024 net sales were $14.94 billion, up 110% from $7.12 billion in 2023. Net income increased to $1.21 billion from $640 million in 2023.

What is Supermicro's (SMCI) financial outlook for Q1 and full fiscal year 2025?

Supermicro expects Q1 FY2025 net sales of $6.0-$7.0 billion and projects full fiscal year 2025 net sales of $26.0-$30.0 billion.

Is Supermicro (SMCI) planning a stock split in 2024?

Yes, Supermicro announced a 10-for-1 forward stock split, with trading on a split-adjusted basis expected to commence on October 1, 2024.

Super Micro Computer, Inc.

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