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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  
__________________________________________________________________________

FORM 8-K
 
__________________________________________________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 1, 2023
 

SUPER MICRO COMPUTER, INC.
(Exact name of registrant as specified in its charter)
 

Delaware 001-33383 77-0353939
(State or other jurisdiction
of incorporation)		 (Commission File Number) (I.R.S. Employer
Identification No.)
980 Rock Avenue, San Jose, California 95131
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (408) 503-8000
Not Applicable
(Former name or former address, if changed since last report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class   Trading
Symbol(s)		   Name of each exchange
on which registered
Common Stock, $0.001 par value   SMCI   The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02 Results of Operations and Financial Condition
On November 1, 2023, Super Micro Computer, Inc. (the “Company”) issued a press release (the “Press Release”) announcing financial results for the quarter ended September 30, 2023. A copy of the Press Release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.

The information in, and the exhibit furnished pursuant to, Item 2.02 of this report, including Exhibit 99.1, are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are not to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing, unless otherwise expressly stated in such filing.

Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number		 Description
99.1
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
SUPER MICRO COMPUTER, INC.
Date: November 1, 2023
 By: /s/ Charles Liang
President, Chief Executive Officer and Chairman of the Board
(Principal Executive Officer)


EX-99.1 2 exhibit991_20230930.htm EX-99.1 Document

Exhibit 99.1

Supermicro Announces First Quarter Fiscal Year 2024 Financial Results

SAN JOSE, Calif. -- November 1, 2023 (BUSINESS WIRE) -- 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.

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


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 


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
DILUTED – GAAP 57,185  56,505  55,017 
DILUTED – NON-GAAP 57,846  57,222  56,271