Super Micro Computer(SMCI) - 2024 Q4 - Annual Results

Financial Performance - Net sales for Q4 FY2024 were $5.31 billion, up from $3.85 billion in Q3 FY2024 and $2.18 billion in the same quarter last year[1] - Gross margin for Q4 FY2024 was 11.2%, down from 15.5% in Q3 FY2024 and 17.0% in the same quarter last year[1] - Net income for Q4 FY2024 was $353 million, compared to $402 million in Q3 FY2024 and $194 million in the same quarter last year[1] - Fiscal year 2024 net sales were $14.94 billion, up 110% year-over-year from $7.12 billion in FY2023[3] - Net sales for Q3 2024 increased to $5.31 billion, up 143% from $2.18 billion in Q3 2023[12] - Gross profit for Q3 2024 rose to $596.3 million, a 60% increase from $371.7 million in Q3 2023[12] - Net income for Q3 2024 reached $352.7 million, up 82% from $193.6 million in Q3 2023[12] - Non-GAAP net income for Q3 2024 was $404.2 million, a 101% increase from $201.1 million in Q3 2023[15] Non-GAAP Metrics - Non-GAAP diluted net income per common share for Q4 FY2024 was $6.25, compared to $6.65 in Q3 FY2024 and $3.51 in the same quarter last year[2] - Non-GAAP net income for FY2024 was $1.34 billion, or $22.09 per diluted share, compared to $673 million, or $11.81 per diluted share, in FY2023[3] - Non-GAAP gross margin for Q3 2024 was 11.3%, compared to 17.1% in Q3 2023[15] - Non-GAAP operating margin for Q3 2024 was 7.8%, down from 11.0% in Q3 2023[15] - Diluted non-GAAP net income per share for Q3 2024 was $5.51, up from $3.43 in Q3 2023[15] - Non-GAAP net income per common share (basic) for the three months ended June 30, 2024, was $6.89, compared to $3.82 for the same period in 2023[16] - Non-GAAP net income per common share (diluted) for the twelve months ended June 30, 2024, was $22.09, compared to $11.81 for the same period in 2023[16] - 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 and a related tax effect of $47 million[17] Cash and Debt - Total cash and cash equivalents as of June 30, 2024, was $1,670 million, with total bank debt and convertible notes at $2,174 million[3] - Net cash provided by financing activities for FY 2024 was $3.91 billion, compared to a net cash used of $448.3 million in FY 2023[14] - Cash, cash equivalents, and restricted cash at the end of FY 2024 stood at $1.67 billion, up from $441.0 million at the end of FY 2023[14] Stock and Share Information - The company's Board of Directors has authorized a 10-for-1 forward split of its common stock, with trading expected to commence on a split-adjusted basis on October 1, 2024[2] - Stock-based compensation expense for Q3 2024 totaled $71.7 million, a 460% increase from $12.8 million in Q3 2023[13] - Weighted-average shares used in computing diluted GAAP net income per common share for the twelve months ended June 30, 2024, were 60,215, compared to 55,970 for the same period in 2023[17] - Weighted-average shares used in computing diluted Non-GAAP net income per common share for the twelve months ended June 30, 2024, were 60,886, compared to 57,027 for the same period in 2023[17] Future Guidance - For Q1 FY2025, the company expects net sales of $6.0 billion to $7.0 billion and non-GAAP net income per diluted share of $6.69 to $8.27[4] - For FY2025, the company expects net sales of $26.0 billion to $30.0 billion[4] GAAP Metrics - GAAP net income per common share (basic) for the three months ended June 30, 2024, was $6.01, compared to $3.67 for the same period in 2023[16] - GAAP net income per common share (diluted) for the twelve months ended June 30, 2024, was $20.09, compared to $11.43 for the same period in 2023[16]