SAN JOSE, Calif.--(BUSINESS WIRE)--
Super Micro Computer, Inc. (NASDAQ:SMCI), a leader in application
optimized, high performance server solutions, today announced second
quarter fiscal 2011 financial results for the quarter ended December 31,
2010.
Fiscal 2nd Quarter Highlights
-
Quarterly net sales of $240.8 million, up 16.2% from the first quarter
of fiscal year 2011 and up 32.3% from the same quarter of last year.
-
Net income of $11.6 million, up 60.3% from the first quarter of fiscal
year 2011 and up 52.1% from the same quarter of last year.
-
Gross margin of 16.7%, up from 15.9% in the first quarter of fiscal
year 2011 and consistent with the same quarter of last year.
-
Server Solutions accounted for 40.5% of net sales compared with 35.7%
in the first quarter of fiscal year 2011 and 36.0% in the same quarter
of last year.
Net sales for the second quarter ended December 31, 2010 totaled $240.8
million, up 32.3% from $182.0 million in the first quarter of fiscal
year 2010. No customer accounted for more than 10% of net sales during
the quarter.
Net income for the second quarter of fiscal year 2011 was $11.6 million
or $0.27 per diluted share, an increase of 52.1% from the net income of
$7.6 million, or $0.19 per diluted share in the same period a year ago.
Included in net income for the quarter is $1.8 million of stock-based
compensation expense (pre-tax). Excluding this item and the related tax
effect, non-GAAP net income for the second quarter was $13.3 million, or
$0.31 per diluted share, compared to non-GAAP net income of $9.2
million, or $0.22 per diluted share, in the same quarter of last year.
On a sequential basis, non-GAAP net income increased from the first
quarter of fiscal year 2011 by $4.1 million or $0.09 per diluted share.
Gross margin for the second quarter was 16.7%, unchanged from the same
period a year ago. Non-GAAP gross margin for the second quarter was
16.8% compared to 16.7% in the same period a year ago. Non-GAAP gross
margin was 16.0% for the first quarter of fiscal year 2011.
The Company's cash and cash equivalents and short and long term
investments at December 31, 2010 were $92.7 million compared to $79.4
million at June 30, 2010. Free cash flow in the six months ended
December 31, 2010 was $12.6 million.
Business Outlook & Management Commentary
The Company expects net sales of $235 million to $245 million for the
third quarter of fiscal year 2011 ending March 31, 2011. The Company
expects non-GAAP earnings per diluted share of approximately $0.25 to
$0.29 for the third quarter.
"Our second quarter was a historic record high again for revenue and net
income due to our high-end server solutions and was accompanied by an
improvement in our gross margin. Our investments in the continued
development of our global operations as well as enhancements to our
product lines are paying off with strong results across the board. The
IT market continues to associate the Supermicro Brand with leading
technology and best performance," said Charles Liang, President and
Chief Executive Officer. "We are well positioned to seize the
opportunity of upcoming technology changes planned for 2011."
It is currently expected that the outlook will not be updated until the
Company's next quarterly earnings announcement, notwithstanding
subsequent developments. However, the Company may update the outlook or
any portion thereof at any time. Such updates will take place only by
way of a news release or other broadly disseminated disclosure available
to all interested parties in accordance with Regulation FD.
Conference Call Information
Super Micro Computer will discuss these financial results in a
conference call at 2:00 p.m. PT, today. To participate the conference,
please call 1-888-213-3920 (international callers dial 1-913-312-0714)
10 minutes prior. A recording of the conference will be available until
11:59 pm ET on Tuesday, February 8, 2011 by dialing 877-870-5176
(international callers dial 1-858-384-5517) and entering replay PIN
2548129. The live web cast and recording of the call will be available
on the Investor Relations section at www.supermicro.com
two hours after the conference conclusion. They will remain available
until the Company's next earnings call.
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical fact
may be forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements may relate, among other
things, to our expected financial and operating results, our ability to
build and grow Super Micro Computer, the benefits of our products and
our ability to achieve our goals, plans and objectives. Such
forward-looking statements do not constitute guarantees of future
performance and are subject to a variety of risks and uncertainties that
could cause our actual results to differ materially from those
anticipated. These include, but are not limited to: our dependence on
continued growth in the markets for X86, blade servers and embedded
applications, increased competition, difficulties of predicting timing,
introduction and customer acceptance of new products, poor product
sales, difficulties in establishing and maintaining successful
relationships with our distributors and vendors, shortages or price
fluctuations in our supply chain, our ability to protect our
intellectual property rights, our ability to control the rate of
expansion domestically and internationally, difficulty managing rapid
growth and general political, economic and market conditions and events.
Additional factors that could cause actual results to differ materially
from those projected or suggested in any forward-looking statements are
contained in our filings with the Securities and Exchange Commission,
including those factors discussed under the caption "Risk Factors" in
such filings.
Use of Non-GAAP Financial Measures
Non-GAAP gross margin discussed in this press release excludes
stock-based compensation expense. Non-GAAP net income and net income per
share discussed in this press release exclude stock-based compensation
expense, a provision for litigation costs and the related tax effect of
the applicable items. Management presents non-GAAP financial measures
because it considers them to be important supplemental measures of
performance. Management uses the non-GAAP financial measures for
planning purposes, including analysis of the Company's performance
against prior periods, the preparation of operating budgets and to
determine appropriate levels of operating and capital investments.
Management also believes that the non-GAAP financial measures provide
additional insight for analysts and investors in evaluating the
Company's financial and operational performance. However, these non-GAAP
financial measures have limitations as an analytical tool, and are not
intended to be an alternative to financial measures prepared in
accordance with GAAP. Pursuant to the requirements of SEC Regulation G,
detailed reconciliations between the Company's GAAP and non-GAAP
financial results is provided at the end of this press release.
Investors are advised to carefully review and consider this information
as well as the GAAP financial results that are disclosed in the
Company's SEC filings.
About Super Micro Computer, Inc.
Supermicro, the leader in server technology innovation and green
computing, provides customers around the world with
application-optimized server, workstation, blade, storage and GPU
systems. Based on its advanced Server Building Block Solutions,
Supermicro offers the most optimized selection for IT, datacenter and
HPC deployments. The company's system architecture innovations include
the Twin server, double-sided storage and SuperBlade® product families.
Offering the most comprehensive product lines in the industry,
Supermicro provides businesses of all sizes with energy-efficient,
earth-friendly solutions that deliver unmatched performance and value.
Founded in 1993, Supermicro is headquartered in Silicon Valley with
worldwide operations and manufacturing centers in Europe and Asia. For
more information, visit www.supermicro.com.
|
SUPER MICRO COMPUTER, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
December 31,
|
|
|
June 30,
|
|
|
|
|
2010
|
|
|
2010
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
87,216
|
|
|
|
$
|
72,644
|
|
|
Short-term investments
|
|
|
|
59
|
|
|
|
|
845
|
|
|
Accounts receivable, net
|
|
|
|
77,790
|
|
|
|
|
72,963
|
|
|
Inventory, net
|
|
|
|
187,646
|
|
|
|
|
135,584
|
|
|
Deferred income taxes — current
|
|
|
|
8,551
|
|
|
|
|
9,756
|
|
|
Prepaid income taxes
|
|
|
|
4,755
|
|
|
|
|
2,737
|
|
|
Prepaid expenses and other current assets
|
|
|
|
3,162
|
|
|
|
|
2,328
|
|
|
Total current assets
|
|
|
|
369,179
|
|
|
|
|
296,857
|
|
|
Long-term investments
|
|
|
|
5,388
|
|
|
|
|
5,901
|
|
|
Property, plant and equipment, net
|
|
|
|
68,842
|
|
|
|
|
62,691
|
|
|
Deferred income taxes — noncurrent
|
|
|
|
2,703
|
|
|
|
|
4,825
|
|
|
Restricted assets
|
|
|
|
368
|
|
|
|
|
286
|
|
|
Other assets
|
|
|
|
2,494
|
|
|
|
|
202
|
|
|
Total assets
|
|
|
$
|
448,974
|
|
|
|
$
|
370,762
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
143,996
|
|
|
|
$
|
95,416
|
|
|
Accrued liabilities
|
|
|
|
25,951
|
|
|
|
|
19,432
|
|
|
Income taxes payable
|
|
|
|
1,096
|
|
|
|
|
3,219
|
|
|
Advances from receivable financing arrangements
|
|
|
|
1,012
|
|
|
|
|
1,193
|
|
|
Short-term debt
|
|
|
|
-
|
|
|
|
|
18,553
|
|
|
Current portion of long-term debt
|
|
|
|
555
|
|
|
|
|
-
|
|
|
Current portion of capital lease obligations
|
|
|
|
38
|
|
|
|
|
62
|
|
|
Total current liabilities
|
|
|
|
172,648
|
|
|
|
|
137,875
|
|
|
|
|
|
|
|
|
|
|
Long-term capital lease obligations-net of current portion
|
|
|
|
36
|
|
|
|
|
46
|
|
|
Long term debt-net of current portion
|
|
|
|
18,019
|
|
|
|
|
-
|
|
|
Other long-term liabilities
|
|
|
|
9,548
|
|
|
|
|
8,140
|
|
|
Total liabilities
|
|
|
|
200,251
|
|
|
|
|
146,061
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Common stock and additional paid-in capital
|
|
|
|
105,586
|
|
|
|
|
100,350
|
|
|
Treasury stock (at cost)
|
|
|
|
(2,030
|
)
|
|
|
|
(2,030
|
)
|
|
Accumulated other comprehensive loss
|
|
|
|
(204
|
)
|
|
|
|
(204
|
)
|
|
Retained earnings
|
|
|
|
145,371
|
|
|
|
|
126,585
|
|
|
Total stockholders' equity
|
|
|
|
248,723
|
|
|
|
|
224,701
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
448,974
|
|
|
|
$
|
370,762
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except share and per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
Net sales
|
|
$
|
240,813
|
|
|
|
$
|
181,977
|
|
|
|
$ 447,991
|
|
|
|
$
|
330,498
|
|
|
Cost of sales
|
|
|
200,634
|
|
|
|
|
151,668
|
|
|
|
374,775
|
|
|
|
|
275,680
|
|
|
Gross profit
|
|
|
40,179
|
|
|
|
|
30,309
|
|
|
|
73,216
|
|
|
|
|
54,818
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
12,297
|
|
|
|
|
8,754
|
|
|
|
22,743
|
|
|
|
|
17,381
|
|
|
Sales and marketing
|
|
|
6,701
|
|
|
|
|
5,138
|
|
|
|
12,909
|
|
|
|
|
9,672
|
|
|
General and administrative
|
|
|
4,257
|
|
|
|
|
4,050
|
|
|
|
8,631
|
|
|
|
|
7,849
|
|
|
Provision for litigation loss
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
1,089
|
|
|
Total operating expenses
|
|
|
23,255
|
|
|
|
|
17,942
|
|
|
|
44,283
|
|
|
|
|
35,991
|
|
|
Income from operations
|
|
|
16,924
|
|
|
|
|
12,367
|
|
|
|
28,933
|
|
|
|
|
18,827
|
|
|
Interest and other income, net
|
|
|
15
|
|
|
|
|
26
|
|
|
|
35
|
|
|
|
|
58
|
|
|
Interest expense
|
|
|
(169
|
)
|
|
|
|
(90
|
)
|
|
|
(328
|
)
|
|
|
|
(223
|
)
|
|
Income before income tax provision
|
|
|
16,770
|
|
|
|
|
12,303
|
|
|
|
28,640
|
|
|
|
|
18,662
|
|
|
Income tax provision
|
|
|
5,201
|
|
|
|
|
4,699
|
|
|
|
9,854
|
|
|
|
|
7,195
|
|
|
Net income
|
|
$
|
11,569
|
|
|
|
$
|
7,604
|
|
|
|
$ 18,786
|
|
|
|
$
|
11,467
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (a)
|
|
$
|
0.30
|
|
|
|
$
|
0.21
|
|
|
|
$ 0.49
|
|
|
|
$
|
0.32
|
|
|
Diluted (b)
|
|
$
|
0.27
|
|
|
|
$
|
0.19
|
|
|
|
$ 0.45
|
|
|
|
$
|
0.28
|
|
|
Weighted-average shares used in calculation of net income per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
37,543,015
|
|
|
|
|
35,539,085
|
|
|
|
37,383,440
|
|
|
|
|
35,242,301
|
|
|
Diluted
|
|
|
41,619,344
|
|
|
|
|
39,830,349
|
|
|
|
41,508,541
|
|
|
|
|
39,370,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation is included in the following cost and
expense categories by period (in thousands):
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
2009
|
|
Cost of sales
|
|
$
|
173
|
|
|
|
$
|
158
|
|
|
|
$
|
367
|
|
$ 302
|
|
|
Research and development
|
|
|
928
|
|
|
|
|
756
|
|
|
|
|
1,792
|
|
1,426
|
|
|
Sales and marketing
|
|
|
249
|
|
|
|
|
247
|
|
|
|
|
531
|
|
453
|
|
|
General and administrative
|
|
|
480
|
|
|
|
|
550
|
|
|
|
|
964
|
|
1,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPER MICRO COMPUTER, INC.
|
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
|
|
2010
|
|
|
2009
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
|
$
|
18,786
|
|
|
|
$
|
11,467
|
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
2,604
|
|
|
|
|
2,238
|
|
|
Stock-based compensation expense
|
|
|
3,654
|
|
|
|
|
3,238
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
(1,216
|
)
|
|
|
|
(1,116
|
)
|
|
Allowance for doubtful accounts
|
|
|
409
|
|
|
|
|
204
|
|
|
Allowance for sales returns
|
|
|
2,987
|
|
|
|
|
2,013
|
|
|
Provision for inventory
|
|
|
489
|
|
|
|
|
1,150
|
|
|
Deferred income taxes
|
|
|
3,327
|
|
|
|
|
(123
|
)
|
|
Gain on short-term investments
|
|
|
-
|
|
|
|
|
(1
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(8,223
|
)
|
|
|
|
(11,405
|
)
|
|
Inventory
|
|
|
(52,551
|
)
|
|
|
|
(45,389
|
)
|
|
Prepaid expenses and other assets
|
|
|
(3,127
|
)
|
|
|
|
(344
|
)
|
|
Accounts payable
|
|
|
48,100
|
|
|
|
|
38,771
|
|
|
Income taxes payable, net
|
|
|
(2,267
|
)
|
|
|
|
6,160
|
|
|
Accrued liabilities
|
|
|
6,519
|
|
|
|
|
3,919
|
|
|
Other long-term liabilities
|
|
|
1,408
|
|
|
|
|
744
|
|
|
Net cash provided by operating activities
|
|
|
20,899
|
|
|
|
|
11,526
|
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from investments
|
|
|
1,300
|
|
|
|
|
8,740
|
|
|
Purchases of property, plant and equipment
|
|
|
(8,275
|
)
|
|
|
|
(1,675
|
)
|
|
Restricted assets
|
|
|
(82
|
)
|
|
|
|
(2
|
)
|
|
Net cash provided by (used in) investing activities
|
|
|
(7,057
|
)
|
|
|
|
7,063
|
|
|
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
13,875
|
|
|
|
|
-
|
|
|
Repayment of debt
|
|
|
(13,854
|
)
|
|
|
|
(9,994
|
)
|
|
Proceeds from exercise of stock options
|
|
|
1,142
|
|
|
|
|
2,084
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
1,216
|
|
|
|
|
1,116
|
|
|
Payment of obligations under capital leases
|
|
|
(34
|
)
|
|
|
|
(21
|
)
|
|
Advances (payment) under receivable financing arrangements
|
|
|
(181
|
)
|
|
|
|
206
|
|
|
Minimum tax withholding paid on behalf of an employee for restricted
stock awards
|
|
|
(1,434
|
)
|
|
|
|
-
|
|
|
Net cash provided by (used in) financing activities
|
|
|
730
|
|
|
|
|
(6,609
|
)
|
|
Net increase in cash and cash equivalents
|
|
|
14,572
|
|
|
|
|
11,980
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
72,644
|
|
|
|
|
70,295
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
87,216
|
|
|
|
$
|
82,275
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
299
|
|
|
|
$
|
224
|
|
|
Cash paid for taxes, net of refunds
|
|
$
|
7,473
|
|
|
|
$
|
793
|
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
Accrued costs for property, plant and equipment purchases
|
|
$
|
971
|
|
|
|
$
|
768
|
|
|
Changes in fair values of investments
|
|
$
|
-
|
|
|
|
$
|
686
|
|
|
|
|
|
|
|
|
|
SUPER MICRO COMPUTER, INC
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
|
(In thousands, except share and per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
GAAP GROSS PROFIT
|
|
$
|
40,179
|
|
|
|
$
|
30,309
|
|
|
|
$
|
73,216
|
|
|
|
$
|
54,818
|
|
|
Add back stock-based compensation (c)
|
|
|
173
|
|
|
|
|
158
|
|
|
|
|
367
|
|
|
|
|
302
|
|
|
Non-GAAP GROSS PROFIT
|
|
$
|
40,352
|
|
|
|
$
|
30,467
|
|
|
|
$
|
73,583
|
|
|
|
$
|
55,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP GROSS MARGIN
|
|
|
16.7
|
%
|
|
|
|
16.7
|
%
|
|
|
|
16.3
|
%
|
|
|
|
16.6
|
%
|
|
Add back stock-based compensation (c)
|
|
|
0.1
|
%
|
|
|
|
0.0
|
%
|
|
|
|
0.1
|
%
|
|
|
|
0.1
|
%
|
|
Non-GAAP GROSS MARGIN
|
|
|
16.8
|
%
|
|
|
|
16.7
|
%
|
|
|
|
16.4
|
%
|
|
|
|
16.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP INCOME FROM OPERATIONS
|
|
$
|
16,924
|
|
|
|
$
|
12,303
|
|
|
|
$
|
28,933
|
|
|
|
$
|
18,827
|
|
|
Add back stock-based compensation (c)
|
|
|
1,830
|
|
|
|
|
1,711
|
|
|
|
|
3,654
|
|
|
|
|
3,238
|
|
|
Add back provision for litigation loss (d)
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
729
|
|
|
|
|
1,089
|
|
|
Non-GAAP INCOME FROM OPERATIONS
|
|
$
|
18,754
|
|
|
|
$
|
14,014
|
|
|
|
$
|
33,316
|
|
|
|
$
|
23,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME
|
|
$
|
11,569
|
|
|
|
$
|
7,604
|
|
|
|
$
|
18,786
|
|
|
|
$
|
11,467
|
|
|
Add back stock-based compensation (c)
|
|
|
1,830
|
|
|
|
|
1,711
|
|
|
|
|
3,654
|
|
|
|
|
3,238
|
|
|
Add back provision for litigation loss (d)
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
729
|
|
|
|
|
1,089
|
|
|
Add back adjustments to tax provision (e)
|
|
|
(65
|
)
|
|
|
|
(84
|
)
|
|
|
|
(570
|
)
|
|
|
|
(734
|
)
|
|
Non-GAAP NET INCOME
|
|
$
|
13,334
|
|
|
|
$
|
9,231
|
|
|
|
$
|
22,599
|
|
|
|
$
|
15,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER COMMON SHARE — BASIC (a)
|
|
$
|
0.30
|
|
|
|
$
|
0.21
|
|
|
|
$
|
0.49
|
|
|
|
$
|
0.32
|
|
|
Add back stock-based compensation, provision for litigation loss and
adjustments to tax provision (c) (d) (e)
|
|
|
0.05
|
|
|
|
|
0.04
|
|
|
|
|
0.10
|
|
|
|
|
0.10
|
|
|
Non-GAAP NET INCOME PER COMMON SHARE — BASIC (f)
|
|
$
|
0.35
|
|
|
|
$
|
0.25
|
|
|
|
$
|
0.59
|
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER COMMON SHARE — DILUTED (b)
|
|
$
|
0.27
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.45
|
|
|
|
$
|
0.28
|
|
|
Add back stock-based compensation, provision for litigation loss and
adjustments to tax provision (c) (d) (e)
|
|
|
0.04
|
|
|
|
|
0.03
|
|
|
|
|
0.08
|
|
|
|
|
0.09
|
|
|
Non-GAAP NET INCOME PER COMMON SHARE — DILUTED (g)
|
|
$
|
0.31
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.53
|
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC —GAAP (h)
|
|
|
37,543,015
|
|
|
|
|
35,539,085
|
|
|
|
|
37,383,440
|
|
|
|
|
35,242,301
|
|
|
BASIC - Non-GAAP (i)
|
|
|
38,165,304
|
|
|
|
|
35,539,085
|
|
|
|
|
38,087,199
|
|
|
|
|
35,242,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED — GAAP (h)
|
|
|
41,619,344
|
|
|
|
|
39,830,349
|
|
|
|
|
41,508,541
|
|
|
|
|
39,370,693
|
|
|
DILUTED - Non-GAAP (i)
|
|
|
42,690,844
|
|
|
|
|
40,531,236
|
|
|
|
|
42,703,890
|
|
|
|
|
40,010,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Approximately $189,000 and $347,000 of undistributed earnings
allocated to participating securities were not included in the
determination of GAAP basic net income per common share for the
three and six months ended December 31, 2010, respectively, and
approximately $196,000 and $323,000 for the three and six months
ended December 31, 2009, respectively.
|
|
|
|
(b) Approximately $170,000 and $313,000 of undistributed earnings
allocated to participating securities were not included in the
determination of GAAP diluted net income per common share for the
three and six months ended December 31, 2010, respectively, and
approximately $175,000 and $290,000 for the three and six months
ended December 31, 2009, respectively.
|
|
|
|
(c) Amortization of ASC Topic 718 (SFAS No. 123R, APB 25 and SFAS
No. 123) stock-based compensation for the three and six months ended
December 31, 2010 and 2009.
|
|
|
|
(d) Provision for litigation costs for the six months ended December
31, 2010 was related to a settlement of a patent litigation in
September 2010. Provision for litigation costs for the six months
ended December 31, 2009 was related to a commercial lawsuit filed in
1999.
|
|
|
|
(e) The provision of income taxes used in arriving at the non-GAAP
net income was computed using an income tax rate of 28.3% and 34.1%
for the three months ended December 31, 2010 and 2009, respectively,
and 31.6% and 34.5% for the six months ended December 31, 2010 and
2009, respectively.
|
|
|
|
(f) Approximately $217,000 and $418,000 of undistributed earnings
allocated to participating securities were not included in the
determination of Non-GAAP basic net income per common share for the
three and six months ended December 31, 2010, respectively.
|
|
|
|
(g) Approximately $194,000 and $372,000 of undistributed earnings
allocated to participating securities were not included in the
determination of Non-GAAP diluted net income per common share for
the three and six months ended December 31, 2010, respectively.
|
|
|
|
(h) 622,289 and 703,759 shares of unvested restricted stock awards
were not included in the determination of GAAP basic and diluted net
income per common share for the three and six months ended December
31, 2010, respectively. 938,888 and 1,020,357 shares of unvested
restricted stock awards were not included in the determination of
GAAP basic and diluted net income per common share for the three and
six months ended December 31, 2009, respectively.
|
|
|
|
(i) 622,289 and 703,759 shares of unvested restricted stock awards
were included in the determination of Non-GAAP basic and diluted net
income per share for the three and six months ended December 31,
2010, respectively.
|
SMCI-F
Super Micro Computer, Inc.
Howard Hideshima, 408-503-8000
Chief
Financial Officer
ir@supermicro.com
or
Perry
G. Hayes
SVP, Investor Relations
ir@supermicro.com
Source: Super Micro Computer, Inc.
News Provided by Acquire Media