Supermicro Reports Strong Second Quarter Fiscal Year 2024 Financial Results and Raises Full-Year Guidance

Super Micro Computer, Inc. (Nasdaq: SMCI), a leading Total IT Solution Provider specializing in AI, Cloud, Storage, and 5G/Edge, has just disclosed its financial results for the second quarter of fiscal year 2024, concluding on December 31, 2023. Let’s dive into the key highlights and what lies ahead for Supermicro.

Second Quarter Fiscal Year 2024 Highlights:

  • Net sales reached an impressive $3.66 billion, showcasing substantial growth compared to $2.12 billion in the first quarter of fiscal year 2024 and $1.80 billion in the same quarter of the previous year.
  • Gross margin stood at 15.4%, reflecting the company’s strong financial performance.
  • Net income reached $296 million, a notable increase from $157 million in the first quarter of fiscal year 2024 and $176 million in the same quarter of the prior year.
  • Diluted net income per common share was reported at $5.10, marking a significant uptick from $2.75 in the first quarter of fiscal year 2024 and $3.14 in the same quarter of the previous year.
  • The non-GAAP diluted net income per common share was an impressive $5.59, demonstrating the company’s commitment to sustained excellence.

Financial Outlook and Management Commentary:

Looking ahead, Supermicro is optimistic about its performance for the third quarter of fiscal year 2024, ending March 31, 2024. The company anticipates net sales ranging from $3.7 billion to $4.1 billion, showcasing confidence in continued growth. For the full fiscal year ending June 30, 2024, Supermicro has raised its revenue guidance significantly, now projecting a range of $14.3 billion to $14.7 billion.

CEO Commentary:

Charles Liang, President and CEO of Supermicro, expressed his satisfaction with the results, stating, “We continued to demonstrate our market leadership in fiscal Q2 2024, reporting record revenue results of $3.66B, year-over-year growth of 103%.” Liang emphasized the increasing demand for Supermicro’s optimized AI computer platforms and Total IT Solutions, positioning the company as a trusted partner for current and future endeavors.

Conference Call and Webcast Information:

Supermicro will host a live audio webcast of a conference call to discuss its second-quarter fiscal year 2024 results on Monday, January 29, 2024, at 5:00 p.m. ET / 2:00 p.m. PT. The webcast can be accessed here. A replay will be available shortly after the call, accessible on the same website for one year.

Cautionary Statement Regarding Forward-Looking Statements:

Supermicro acknowledges that certain statements in this press release are forward-looking and subject to various risks and uncertainties. Factors like quarterly operating results, customer base concentration, meeting financial guidance, average sales prices, and economic conditions could impact actual results. A detailed discussion of these factors can be found in Supermicro’s filings with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures:

Supermicro’s management uses non-GAAP financial measures to provide additional insight into the company’s performance. Non-GAAP gross margin and non-GAAP diluted net income per common share are highlighted in this release, reflecting adjustments for stock-based compensation expenses and litigation recovery. While these measures offer valuable insights, they have limitations and are not a substitute for GAAP financial measures.

Please refer to the tables below for a reconciliation of GAAP to non-GAAP financial measures.

Stay tuned for further updates as Supermicro continues to make waves in the IT industry, showcasing robust financial performance and strategic growth.

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