Business
Supermicro Announces First Quarter Fiscal Year 2021 Financial Results and New Stock Repurchase Authorization
SAN JOSE, Calif.--(BUSINESS WIRE)-- Super Micro Computer, Inc. (Nasdaq: SMCI), a global leader in high-performance, high-efficiency server and storage
About this update from Super Micro Computer, Inc.
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nSuper Micro Computer, Inc. (Nasdaq: SMCI), a global leader in high-performance, high-efficiency server and storage technology and green computing, today announced financial results for its first quarter of fiscal year 2021 ended September 30, 2020.\n\nFirst Quarter Fiscal Year 2021 Highlights\n\n\nNet sales of $762 million versus $896 million in the fourth quarter of fiscal year 2020 and $800 million in the same quarter of last year.\n\n\n\nGross margin of 17.0% versus 13.8% in the fourth quarter of fiscal year 2020 and 16.4% in the same quarter of last year.\n\n\n\nNet income of $27 million versus $18 million in the fourth quarter of fiscal year 2020 and $26 million in the same quarter of last year.\n\n\n\nDiluted net income per common share of $0.49 versus $0.34 in the fourth quarter of fiscal year 2020 and $0.51 in the same quarter of last year.\n\n\n\nNon-GAAP diluted net income per common share of $0.55 versus $0.68 in the fourth quarter of fiscal year 2020 and $0.68 in the same quarter of last year.\n\n\n\nCash flow from operations of $121 million and capital expenditures of $12 million.\n\n\nNon-GAAP gross margin for the first quarter of fiscal year 2021 was 17.1%, which adds back stock-based compensation expenses of $0.5 million. Non-GAAP diluted net income per common share for the first quarter of fiscal year 2021 was $0.55, which adds back stock-based compensation expenses of $7.2 million, special performance bonuses of $0.1 million, and other non-recurring expenses of $0.2 million, and excludes a credit of $2.1 million from an executive SEC settlement, all net of the related tax effects.\n\nAs of September 30, 2020, total cash, cash equivalents and restricted cash was $302 million and total bank debt was $36 million. Supermicro completed its previously announced $30 million share purchase program during Q1 2020.\n\n“We were pleased to deliver Q1 revenue above the midpoint of our guidance range in a turbulent demand environment,\" said Charles Liang, Chairman and CEO. \"As expected, a number of our enterprise customers slowed their spending last quarter, but we are encouraged to see significant progress and growth with several high profile customers last quarter. A recent improvement in business trends gives us confidence in our outlook to resume sequential growth. We are excited a...