Delaware | 001-33383 | 77-0353939 | ||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
☐ | 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)) |
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 |
Emerging growth company | ☐ |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File |
SUPER MICRO COMPUTER, INC. | ||||||||||||||||||||||||||
Date: May 6, 2025 | By: | /s/ Charles Liang | ||||||||||||||||||||||||
President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer) |
March 31, | June 30, | ||||||||||
2025 | 2024 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 2,536,101 | $ | 1,669,766 | |||||||
Accounts receivable, net of allowance for credit losses | 2,642,556 | 2,737,331 | |||||||||
Inventories | 3,870,243 | 4,333,029 | |||||||||
Prepaid expenses and other current assets | 464,689 | 191,834 | |||||||||
Total current assets | 9,513,589 | 8,931,960 | |||||||||
Property, plant and equipment, net | 492,565 | 414,008 | |||||||||
Deferred income taxes, net | 481,216 | 365,172 | |||||||||
Other assets | 251,155 | 114,952 | |||||||||
Total assets | $ | 10,738,525 | $ | 9,826,092 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 643,050 | $ | 1,472,381 | |||||||
Accrued liabilities | 344,679 | 259,674 | |||||||||
Income taxes payable | 23,633 | 18,268 | |||||||||
Lines of credit and current portion of term loans | 63,971 | 402,346 | |||||||||
Deferred revenue | 352,803 | 193,052 | |||||||||
Total current liabilities | 1,428,136 | 2,345,721 | |||||||||
Deferred revenue, non-current | 312,994 | 223,324 | |||||||||
Term loans, non-current | 43,003 | 74,083 | |||||||||
Convertible notes | 2,385,320 | 1,697,716 | |||||||||
Other long-term liabilities | 189,593 | 67,878 | |||||||||
Total liabilities | 4,359,046 | 4,408,722 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock and additional paid-in capital | 2,939,276 | 2,830,820 | |||||||||
Accumulated other comprehensive income | 663 | 706 | |||||||||
Retained earnings | 3,439,380 | 2,585,680 | |||||||||
Total Super Micro Computer, Inc. stockholders’ equity | 6,379,319 | 5,417,206 | |||||||||
Noncontrolling interest | 160 | 164 | |||||||||
Total stockholders’ equity | 6,379,479 | 5,417,370 | |||||||||
Total liabilities and stockholders’ equity | $ | 10,738,525 | $ | 9,826,092 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Net sales | $ | 4,599,913 | $ | 3,850,066 | $ | 16,215,131 | $ | 9,634,662 | |||||||||||||||
Cost of sales | 4,159,695 | 3,252,698 | 14,329,311 | 8,119,281 | |||||||||||||||||||
Gross profit | 440,218 | 597,368 | 1,885,820 | 1,515,381 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 162,857 | 116,226 | 453,329 | 336,077 | |||||||||||||||||||
Sales and marketing | 59,978 | 49,691 | 208,400 | 133,775 | |||||||||||||||||||
General and administrative | 70,603 | 53,137 | 199,488 | 123,241 | |||||||||||||||||||
Total operating expenses | 293,438 | 219,054 | 861,217 | 593,093 | |||||||||||||||||||
Income from operations | 146,780 | 378,314 | 1,024,603 | 922,288 | |||||||||||||||||||
Other (expense) income, net | (18,313) | 10,035 | 1,879 | 8,762 | |||||||||||||||||||
Interest expense | (13,402) | (6,246) | (37,291) | (16,240) | |||||||||||||||||||
Income before income tax provision | 115,065 | 382,103 | 989,191 | 914,810 | |||||||||||||||||||
Income tax (provision) benefit | (5,843) | 19,983 | (137,544) | (61,735) | |||||||||||||||||||
Share of (expense) income from equity investee, net of taxes | (445) | 373 | 2,053 | 2,347 | |||||||||||||||||||
Net income | $ | 108,777 | $ | 402,459 | $ | 853,700 | $ | 855,422 | |||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.71 | $ | 1.44 | $ | 1.57 | |||||||||||||||
Diluted | $ | 0.17 | $ | 0.66 | $ | 1.37 | $ | 1.45 | |||||||||||||||
Weighted-average shares used in the calculation of net income per common share: | |||||||||||||||||||||||
Basic | 595,041 | 564,780 | 592,349 | 545,620 | |||||||||||||||||||
Diluted | 621,809 | 614,310 | 625,272 | 588,890 | |||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Cost of sales | $ | 7,060 | $ | 3,221 | $ | 17,713 | $ | 12,680 | |||||||||||||||
Research and development | 54,254 | 24,856 | 141,590 | 86,005 | |||||||||||||||||||
Sales and marketing | 9,923 | 4,993 | 27,245 | 14,998 | |||||||||||||||||||
General and administrative | 13,467 | 23,037 | 44,292 | 42,864 | |||||||||||||||||||
Stock-based compensation expense, before taxes | $ | 84,704 | $ | 56,107 | $ | 230,840 | $ | 156,547 |
Nine Months Ended March 31, | |||||||||||
2025 | 2024 | ||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 853,700 | $ | 855,422 | |||||||
Reconciliation of net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 39,708 | 29,174 | |||||||||
Stock-based compensation expense | 230,840 | 156,547 | |||||||||
Share of income from equity investee | (2,053) | (2,347) | |||||||||
Unrealized foreign currency exchange loss (gain) | 2,742 | (282) | |||||||||
Loss on extinguishment of convertible notes | 30,251 | — | |||||||||
Deferred income taxes, net | (134,401) | (144,485) | |||||||||
Other | 5,577 | 3,186 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | 94,782 | (501,870) | |||||||||
Inventories | 457,897 | (2,679,023) | |||||||||
Prepaid expenses and other assets | (284,356) | (25,673) | |||||||||
Accounts payable | (811,690) | 309,613 | |||||||||
Accrued liabilities | 52,714 | 123,937 | |||||||||
Income taxes payable | 5,365 | (99,824) | |||||||||
Deferred revenue | 249,421 | 132,043 | |||||||||
Other long-term liabilities | 5,414 | 5,424 | |||||||||
Net cash provided by (used in) operating activities | 795,911 | (1,838,158) | |||||||||
INVESTING ACTIVITIES: | |||||||||||
Purchases of property, plant and equipment | (104,536) | (110,296) | |||||||||
Investment in equity securities | — | (27,673) | |||||||||
Net cash used in investing activities | (104,536) | (137,969) | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Proceeds from lines of credit and term loans | 1,357,991 | 1,818,850 | |||||||||
Repayment of lines of credit and term loans | (1,731,366) | (1,939,590) | |||||||||
Proceeds from exercise of stock options | 14,452 | 25,114 | |||||||||
Payment for withholding taxes related to settlement of equity awards | (118,960) | (119,285) | |||||||||
Issuances of common stock in public offerings, net of issuance costs | — | 2,313,990 | |||||||||
Debt issuance costs in connection with amended 2029 Convertibles Notes | (31,217) | — | |||||||||
Proceeds from issuance of 2029 Convertible Notes, net of issuance costs | — | 1,695,768 | |||||||||
Proceeds from issuance of 2028 Convertible Notes, net of issuance costs | 683,696 | — | |||||||||
Purchase of capped calls | — | (142,140) | |||||||||
Other | 22 | 76 | |||||||||
Net cash provided by financing activities | 174,618 | 3,652,783 | |||||||||
Effect of exchange rate fluctuations on cash | 826 | (1,634) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 866,819 | 1,675,022 | |||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 1,670,273 | 440,960 | |||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 2,537,092 | $ | 2,115,982 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | 24,046 | $ | 14,813 | |||||||
Cash paid for taxes, net of refunds | $ | 270,392 | $ | 300,596 | |||||||
Unpaid property, plant and equipment purchases | $ | 18,283 | $ | 9,345 | |||||||
Right of use assets obtained in exchange for operating lease commitments | $ | 128,617 | $ | 24,140 | |||||||
Transfer of inventory to property, plant and equipment | $ | 4,889 | $ | — |
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |||||||||||||||||||||||||||||||||||
GAAP Net Income | $ | 156,995 | $ | 295,968 | $ | 402,459 | $ | 297,244 | $ | 424,327 | $ | 320,596 | $ | 108,777 | |||||||||||||||||||||||||||
Interest expense | 1,863 | 8,131 | 6,246 | 3,112 | 17,354 | 6,535 | 13,402 | ||||||||||||||||||||||||||||||||||
Income tax provision (benefit) | 20,215 | 61,503 | (19,983) | 1,559 | 74,732 | 56,969 | 5,843 | ||||||||||||||||||||||||||||||||||
Depreciation & Amortization | 9,097 | 9,479 | 9,830 | 10,287 | 11,776 | 12,725 | 15,207 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 57,379 | 43,061 | 56,107 | 74,960 | 64,014 | 82,122 | 84,704 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of convertible notes | — | — | — | — | — | — | 30,251 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 245,549 | $ | 418,142 | $ | 454,659 | $ | 387,162 | $ | 592,203 | $ | 478,947 | $ | 258,184 | |||||||||||||||||||||||||||
Adjusted EBITDA % of net sales | 11.6% | 11.4% | 11.8% | 7.2% | 10.0% | 8.4% | 5.6% |
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |||||||||||||||||||||||||||||||||||
GAAP Gross Profit | $ | 353,691 | $ | 564,322 | $ | 597,368 | $ | 546,029 | $ | 775,580 | $ | 670,022 | $ | 440,218 | |||||||||||||||||||||||||||
Stock-based compensation | 5,904 | 3,555 | 3,221 | 3,185 | 3,959 | 6,694 | 7,060 | ||||||||||||||||||||||||||||||||||
Non-GAAP Gross Profit | $ | 359,595 | $ | 567,877 | $ | 600,589 | $ | 549,214 | $ | 779,539 | $ | 676,716 | $ | 447,278 | |||||||||||||||||||||||||||
GAAP gross margin (%) | 16.7 | % | 15.4 | % | 15.5 | % | 10.2 | % | 13.1 | % | 11.8 | % | 9.6 | % | |||||||||||||||||||||||||||
Stock-based compensation (%) | 0.3 | % | 0.1 | % | 0.1 | % | 0.1 | % | — | % | * | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||
Non-GAAP gross margin (%) | 17.0 | % | 15.5 | % | 15.6 | % | 10.3 | % | 13.1 | % | 11.9 | % | 9.7 | % |
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |||||||||||||||||||||||||||||||||||
GAAP Operating Expenses | $ | 181,181 | $ | 192,858 | $ | 219,054 | $ | 257,543 | $ | 266,381 | $ | 301,398 | $ | 293,438 | |||||||||||||||||||||||||||
Adjustments to operating expenses | |||||||||||||||||||||||||||||||||||||||||
GAAP R&D operating expenses | 111,027 | 108,824 | 116,226 | 127,471 | 132,243 | 158,229 | 162,857 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 35,710 | 25,439 | 24,856 | 28,890 | 36,527 | 50,809 | 54,254 | ||||||||||||||||||||||||||||||||||
Non-GAAP R&D operating expenses | 75,317 | 83,385 | 91,370 | 98,581 | 95,716 | 107,420 | 108,603 | ||||||||||||||||||||||||||||||||||
GAAP S&M operating expenses | 37,230 | 46,854 | 49,691 | 55,963 | 68,854 | 79,568 | 59,978 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 5,665 | 4,340 | 4,993 | 6,197 | 7,763 | 9,559 | 9,923 | ||||||||||||||||||||||||||||||||||
Non-GAAP S&M operating expenses | 31,565 | 42,514 | 44,698 | 49,766 | 61,091 | 70,009 | 50,055 | ||||||||||||||||||||||||||||||||||
GAAP G&A operating expenses | 32,924 | 37,180 | 53,137 | 74,109 | 65,284 | 63,601 | 70,603 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 10,100 | 9,727 | 23,037 | 36,688 | 15,765 | 15,060 | 13,467 | ||||||||||||||||||||||||||||||||||
Non-GAAP G&A operating expenses | 22,824 | 27,453 | 30,100 | 37,421 | 49,519 | 48,541 | 57,136 | ||||||||||||||||||||||||||||||||||
Non-GAAP Operating Expenses | $ | 129,706 | $ | 153,352 | $ | 166,168 | $ | 185,768 | $ | 206,326 | $ | 225,970 | $ | 215,794 |
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |||||||||||||||||||||||||||||||||||
GAAP net income | $ | 156,995 | $ | 295,968 | $ | 402,459 | $ | 297,244 | $ | 424,327 | $ | 320,596 | $ | 108,777 | |||||||||||||||||||||||||||
Adjustments related to stock-based compensation: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 5,904 | 3,555 | 3,221 | 3,185 | 3,959 | 6,694 | 7,060 | ||||||||||||||||||||||||||||||||||
Operating expenses | 51,475 | 39,506 | 52,886 | 71,775 | 60,055 | 75,428 | 77,644 | ||||||||||||||||||||||||||||||||||
Total adjustments to GAAP income from operations | 57,379 | 43,061 | 56,107 | 74,960 | 64,014 | 82,122 | 84,704 | ||||||||||||||||||||||||||||||||||
Adjustments related to loss on extinguishment of convertible notes: | |||||||||||||||||||||||||||||||||||||||||
Other expense | — | — | — | — | — | — | 30,251 | ||||||||||||||||||||||||||||||||||
Total adjustments to GAAP Other expense | — | — | — | — | — | — | 30,251 | ||||||||||||||||||||||||||||||||||
Total adjustments to GAAP income before income tax provision | 57,379 | 43,061 | 56,107 | 74,960 | 64,014 | 82,122 | 114,955 | ||||||||||||||||||||||||||||||||||
Income tax effect of non-GAAP adjustments | (16,049) | (9,569) | (47,023) | (20,169) | (15,873) | (19,136) | (29,706) | ||||||||||||||||||||||||||||||||||
Non-GAAP net income | $ | 198,325 | $ | 329,460 | $ | 411,543 | $ | 352,035 | $ | 472,468 | $ | 383,582 | $ | 194,026 | |||||||||||||||||||||||||||
GAAP net income - diluted | $ | 156,995 | $ | 295,968 | $ | 402,844 | $ | 298,339 | $ | 427,076 | $ | 321,706 | $ | 108,777 | |||||||||||||||||||||||||||
Convertible note interest charge, net of tax | — | — | 385 | 1,095 | 2,749 | 1,110 | — | ||||||||||||||||||||||||||||||||||
Non-GAAP net income - diluted | $ | 198,325 | $ | 329,460 | $ | 411,928 | $ | 353,130 | $ | 475,217 | $ | 384,692 | $ | 194,026 | |||||||||||||||||||||||||||
Weighted-average shares used in the calculation of net income per common share: | |||||||||||||||||||||||||||||||||||||||||
Basic - GAAP | 530,928 | 541,354 | 564,780 | 586,883 | 589,558 | 592,507 | 595,041 | ||||||||||||||||||||||||||||||||||
Basic - Non-GAAP | 530,928 | 541,354 | 564,780 | 586,883 | 589,558 | 592,507 | 595,041 | ||||||||||||||||||||||||||||||||||
Diluted - GAAP | 571,853 | 580,777 | 614,310 | 642,081 | 639,148 | 636,047 | 621,809 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 6,607 | 8,843 | 5,220 | 6,186 | 8,930 | 10,624 | 14,108 | ||||||||||||||||||||||||||||||||||
Diluted - Non-GAAP | 578,460 | 589,620 | 619,530 | 648,267 | 648,078 | 646,671 | 635,917 |
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |||||||||||||||||||||||||||||||||||
GAAP Net Income per common share - basic | $ | 0.30 | $ | 0.55 | $ | 0.71 | $ | 0.51 | $ | 0.72 | $ | 0.54 | $ | 0.18 | |||||||||||||||||||||||||||
Adjustments to GAAP: | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation - basic | 0.11 | 0.08 | 0.10 | 0.13 | 0.11 | 0.14 | 0.14 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of convertible notes - basic | — | — | — | — | — | — | 0.05 | ||||||||||||||||||||||||||||||||||
Income tax - basic | (0.04) | (0.02) | (0.08) | (0.04) | (0.03) | (0.03) | (0.04) | ||||||||||||||||||||||||||||||||||
Non-GAAP Net Income per common share - basic | $ | 0.37 | $ | 0.61 | $ | 0.73 | $ | 0.60 | $ | 0.80 | $ | 0.65 | $ | 0.33 | |||||||||||||||||||||||||||
GAAP net income per common share - dilutive | $ | 0.27 | $ | 0.51 | $ | 0.66 | $ | 0.46 | $ | 0.67 | $ | 0.51 | $ | 0.17 | |||||||||||||||||||||||||||
Adjustments to GAAP: | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation - diluted | 0.10 | 0.07 | 0.09 | 0.12 | 0.09 | 0.12 | 0.14 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of convertible notes - diluted | — | — | — | — | — | — | 0.05 | ||||||||||||||||||||||||||||||||||
Income tax - diluted | (0.03) | (0.02) | (0.09) | (0.04) | (0.03) | (0.04) | (0.05) | ||||||||||||||||||||||||||||||||||
Non-GAAP Net Income per common share – diluted | $ | 0.34 | $ | 0.56 | $ | 0.66 | $ | 0.54 | $ | 0.73 | $ | 0.59 | $ | 0.31 |
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |||||||||||||||||||||||||||||||||||
GAAP effective tax rate | 11.4 | % | 17.3 | % | (5.2) | % | 0.5 | % | 15.0 | % | 15.2 | % | 5.1 | % | |||||||||||||||||||||||||||
Total adjustments to GAAP provision to income tax | 4.1 | % | 0.5 | % | 11.4 | % | 5.3 | % | 1.1 | % | 1.4 | % | 10.4 | % | |||||||||||||||||||||||||||
Non-GAAP effective tax rate | 15.5 | % | 17.8 | % | 6.2 | % | 5.8 | % | 16.1 | % | 16.6 | % | 15.5 | % |