SAN JOSE, Calif., Nov. 3, 2021 — Super Micro Computer, Inc., a global leader in high-performance, high-efficiency server and storage technology and green computing, announced financial results for its first quarter of fiscal year 2022 ended September 30, 2021.
First Quarter Fiscal Year 2022 Highlights
- Net sales of $1.03 billion versus $1.07 billion in the fourth quarter of fiscal year 2021 and $762 million in the same quarter of last year.
- Gross margin of 13.4% versus 13.6% in the fourth quarter of fiscal year 2021 and 17.0% in the same quarter of last year.
- Net income of $25 million versus $39 million in the fourth quarter of fiscal year 2021 and $27 million in the same quarter of last year.
- Diluted net income per common share of $0.48 versus $0.74 in the fourth quarter of fiscal year 2021 and $0.49 in the same quarter of last year.
- Non-GAAP diluted net income per common share of $0.58 versus $0.81 in the fourth quarter of fiscal year 2021 and $0.55 in the same quarter of last year.
- Cash flow used in operations of $135 million and capital expenditures of $12 million.
Non-GAAP gross margin for the first quarter of fiscal year 2022 was 13.4%, which adds back stock-based compensation expenses of $0.4 million and special performance bonuses and other expenses of $0.3 million. Non-GAAP diluted net income per common share for the first quarter of fiscal year 2022 was $0.58, which adds back stock-based compensation expenses of $7.0 million, special performance bonuses of $0.5 million and controls remediation and litigation expenses of $1.3 million, net of the related tax effects.
As of September 30, 2021, total cash and cash equivalents was $270 million and total bank debt was $279 million.
“For Q1, we are pleased to announce that our quarterly revenue exceeded $1 billion again with revenue growth of 35% year over year, and significantly exceeded industry growth. We continue to gain market share and are executing well against our plan to achieve $10 billion in annual revenue,” said Charles Liang, Chairman and CEO. “Supermicro is transforming from a server hardware company into a Total IT Solutions company. Our Q1 revenue growth was driven by strong design win momentum and shipment growth to our key global customers in the large enterprise, cloud, AI, and Telco markets. This initiative is helping Supermicro mitigate the impact of the global supply chain disruptions by precise forecasting, building inventories in scale and prioritizing with our strategic partners. Our new 5S business program, APAC production expansion in Taiwan, database-driven intelligent auto-configurator, and B2B/B2C automation platform are key drivers to accelerate our strong growth.”
Business Outlook and Management Commentary
For the second quarter of fiscal year 2022 ending December 31, 2021, the Company expects net sales of $1.1 billion to $1.2 billion, GAAP net income per diluted share of $0.60 to $0.80 and non-GAAP net income per diluted share of $0.70 to $0.90. The Company’s projections for GAAP and non-GAAP net income per diluted share both assume a tax rate of approximately 16% and a fully diluted share count of 53.5 million shares for GAAP and fully diluted share count of 55.0 million shares for non-GAAP. The outlook for Q2 of fiscal year 2022 GAAP net income per diluted share includes approximately $8 million in expected stock-based compensation expense and other expenses that are excluded from non-GAAP net income per diluted share.
For fiscal year 2022 ending June 30, 2022, the Company expects net sales of $4.2 billion to $4.6 billion, GAAP net income per diluted share of at least $2.77 and non-GAAP net income per diluted share of at least $3.20. The Company’s projections for GAAP and non-GAAP net income per diluted share both assume a tax rate of approximately 16% and a fully diluted share count of 54.1 million shares for GAAP and fully diluted share count of 55.6 million shares for non-GAAP. The outlook for fiscal year 2022 GAAP net income per diluted share includes approximately $33 million in expected stock-based compensation expense and other expenses that are excluded from non-GAAP net income per diluted share.
About Super Micro Computer, Inc.
Supermicro, a leading innovator in high-performance, high-efficiency server and storage technology is a premier provider of advanced server Building Block Solutions for Enterprise Data Center, Cloud Computing, Artificial Intelligence, and Edge Computing Systems worldwide. Supermicro is committed to protecting the environment through its “We Keep IT Green” initiative and provides customers with the most energy-efficient, environmentally-friendly solutions available on the market.
Source: Supermicro