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 2012 financial results for the quarter ended December 31,
2011. The final results are in line with the preliminary results
announced by the Company on January 10, 2012.
Fiscal 2nd Quarter Highlights
-
Quarterly net sales of $249.9 million, up 0.8% from the first quarter
of fiscal year 2012 and up 3.8% from the same quarter of last year.
-
Net income of $8.8 million, up 3.3% from the first quarter of fiscal
year 2012 and down 24.2% from the same quarter of last year.
-
Gross margin of 17.1%, up from 16.0% in the first quarter of fiscal
year 2012 and up 0.4% from the same quarter of last year.
-
Server Solutions accounted for 44.0% of net sales compared with 39.4%
in the first quarter of fiscal year 2012 and 40.5% in the same quarter
of last year.
Net sales for the second quarter ended December 31, 2011 totaled $249.9
million, up 0.8% from $247.9 million in the first quarter of fiscal year
2012. No customer accounted for more than 10% of net sales during the
quarter ended December 31, 2011.
Net income for the second quarter of fiscal year 2012 was $8.8 million
or $0.20 per diluted share, a decrease of 24.2% from the net income of
$11.6 million, or $0.27 per diluted share in the same period a year ago.
Included in net income for the quarter is $2.5 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 $11.2 million, or
$0.25 per diluted share, compared to non-GAAP net income of $13.3
million, or $0.31 per diluted share, in the same quarter of the prior
year. On a sequential basis, non-GAAP net income increased from the
first quarter of fiscal year 2012 by $0.7 million or $0.01 per diluted
share.
Gross margin for the second quarter was 17.1% compared to 16.7% in the
same period a year ago. Non-GAAP gross margin for the second quarter was
17.1% compared to 16.8% in the same period a year ago. Non-GAAP gross
margin was 16.1% for the first quarter of fiscal year 2012.
The Company's cash and cash equivalents and short and long term
investments at December 31, 2011 were $106.1 million compared to $75.2
million at June 30, 2011. Free cash flow in the six months ended
December 31, 2011 was $21.5 million.
Business Outlook & Management Commentary
The Company expects net sales of $240 million to $270 million for the
third quarter of fiscal year 2012 ending March 31, 2012. The Company
expects non-GAAP earnings per diluted share of approximately $0.19 to
$0.27 for the third quarter.
"We've previously said that the third fiscal quarter was challenging
principally due to impact on the hard disk drive supply chain resulting
from the flooding in Thailand. We are continuing to work with our
vendors to recover hard disk drive supplies that will help us meet the
strong growing demand for our products," said Charles Liang, CEO of
Supermicro. "2012 will be a significant year to us due to the coming
launch of Sandy Bridge. During the quarter, we continued our R&D
investment to be able to offer the broadest product offering in the
industry for the Sandybridge launch. Also, we opened our new Taiwan
facility which will increase our efficiency and lower the cost to
deliver products to our customers. Backlog for our products is high. We
are confident that our new product architectures including Fat Twin and
full digital power subsystem and expansion of our production will
provide broad opportunity for us in the coming quarters."
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 1-888-812-8589 (international callers dial 1-913-312-0407)
10 minutes prior. A recording of the conference will be available until
11:59 pm ET on Tuesday, February 7, 2012 by dialing 1-877-870-5176
(international callers dial 1-858-384-5517) and entering replay PIN
4396394. 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, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. 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 based
servers, blade servers and embedded applications, increased competition,
difficulties of predicting timing of new product introductions, 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 and accrued customs fee for prior
periods. Non-GAAP net income and net income per share discussed in this
press release exclude stock-based compensation expense, accrued customs
fee for prior periods, 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® (NASDAQ: SMCI), a global leader in
high-performance, high-efficiency server technology innovation is a
premier provider of end-to-end green computing solutions for Enterprise
IT, Datacenter, Cloud Computing, HPC and Embedded Systems worldwide.
Supermicro's advanced server Building Block Solutions® offers
a vast array of modular, interoperable components for building
energy-efficient, application-optimized computing solutions. This broad
line of products includes servers, blades, GPU systems, workstations,
motherboards, chassis, power supplies, storage technologies, networking
solutions and SuperRack® cabinets/accessories. Architecture
innovations include Twin Architecture, SuperServer®,
SuperBlade®, MicroCloud, Super Storage Bridge Bay (SBB),
Double-Sided Storage™, Universal I/O (UIO) and WIO expansion
technology all of which deliver unrivaled performance and value.
Supermicro is committed to protecting the environment through its "We
Keep IT Green®" initiative by providing customers with the
most energy-efficient, environmentally-friendly solutions available on
the market. 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.
Supermicro, Building Block Solutions, SuperServer, SuperBlade,
SuperRack, Double-Sided Storage and We Keep IT Green are trademarks
and/or registered trademarks of Super Micro Computer, Inc.
|
SUPER MICRO COMPUTER, INC. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
June 30,
|
|
|
|
2011
|
|
2011
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
102,377
|
|
|
$
|
69,943
|
|
|
Accounts receivable, net
|
|
|
80,100
|
|
|
|
85,005
|
|
|
Inventory, net
|
|
|
193,360
|
|
|
|
192,711
|
|
|
Deferred income taxes — current
|
|
|
11,114
|
|
|
|
10,250
|
|
|
Prepaid income taxes
|
|
|
2,270
|
|
|
|
7,207
|
|
|
Prepaid expenses and other current assets
|
|
|
5,477
|
|
|
|
4,506
|
|
|
Total current assets
|
|
|
394,698
|
|
|
|
369,622
|
|
|
Long-term investments
|
|
|
3,669
|
|
|
|
5,188
|
|
|
Property, plant and equipment, net
|
|
|
96,051
|
|
|
|
74,438
|
|
|
Deferred income taxes — noncurrent
|
|
|
2,323
|
|
|
|
2,792
|
|
|
Other assets
|
|
|
3,256
|
|
|
|
12,580
|
|
|
Total assets
|
|
$
|
499,997
|
|
|
$
|
464,620
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
115,859
|
|
|
$
|
113,340
|
|
|
Accrued liabilities
|
|
|
27,638
|
|
|
|
25,816
|
|
|
Income taxes payable
|
|
|
756
|
|
|
|
936
|
|
|
Short-term debt
|
|
|
9,855
|
|
|
|
-
|
|
|
Current portion of long-term debt
|
|
|
2,800
|
|
|
|
555
|
|
|
Total current liabilities
|
|
|
156,908
|
|
|
|
140,647
|
|
|
|
|
|
|
|
|
Long term debt-net of current portion
|
|
|
22,003
|
|
|
|
27,596
|
|
|
Other long-term liabilities
|
|
|
9,609
|
|
|
|
9,120
|
|
|
Total liabilities
|
|
|
188,520
|
|
|
|
177,363
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Common stock and additional paid-in capital
|
|
|
129,552
|
|
|
|
122,693
|
|
|
Treasury stock (at cost)
|
|
|
(2,030
|
)
|
|
|
(2,030
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(109
|
)
|
|
|
(204
|
)
|
|
Retained earnings
|
|
|
184,064
|
|
|
|
166,798
|
|
|
Total stockholders' equity
|
|
|
311,477
|
|
|
|
287,257
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
499,997
|
|
|
$
|
464,620
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Net sales
|
|
$
|
249,915
|
|
|
$
|
240,813
|
|
|
$
|
497,800
|
|
|
$
|
447,991
|
|
|
Cost of sales
|
|
|
207,301
|
|
|
|
200,634
|
|
|
|
415,560
|
|
|
|
374,775
|
|
|
Gross profit
|
|
|
42,614
|
|
|
|
40,179
|
|
|
|
82,240
|
|
|
|
73,216
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
15,657
|
|
|
|
12,297
|
|
|
|
29,481
|
|
|
|
22,743
|
|
|
Sales and marketing
|
|
|
8,032
|
|
|
|
6,701
|
|
|
|
15,742
|
|
|
|
12,909
|
|
|
General and administrative
|
|
|
5,207
|
|
|
|
4,257
|
|
|
|
9,785
|
|
|
|
8,631
|
|
|
Total operating expenses
|
|
|
28,896
|
|
|
|
23,255
|
|
|
|
55,008
|
|
|
|
44,283
|
|
|
Income from operations
|
|
|
13,718
|
|
|
|
16,924
|
|
|
|
27,232
|
|
|
|
28,933
|
|
|
Interest and other income, net
|
|
|
20
|
|
|
|
15
|
|
|
|
37
|
|
|
|
35
|
|
|
Interest expense
|
|
|
(173
|
)
|
|
|
(169
|
)
|
|
|
(367
|
)
|
|
|
(328
|
)
|
|
Income before income tax provision
|
|
|
13,565
|
|
|
|
16,770
|
|
|
|
26,902
|
|
|
|
28,640
|
|
|
Income tax provision
|
|
|
4,791
|
|
|
|
5,201
|
|
|
|
9,636
|
|
|
|
9,854
|
|
|
Net income
|
|
$
|
8,774
|
|
|
$
|
11,569
|
|
|
$
|
17,266
|
|
|
$
|
18,786
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.21
|
|
|
$
|
0.30
|
|
|
$
|
0.42
|
|
|
$
|
0.49
|
|
|
Diluted
|
|
$
|
0.20
|
|
|
$
|
0.27
|
|
|
$
|
0.39
|
|
|
$
|
0.45
|
|
|
Weighted-average shares used in calculation of net income per common
share:
|
|
|
|
|
|
|
|
|
|
Basic (a)
|
|
|
40,555
|
|
|
|
37,543
|
|
|
|
40,456
|
|
|
|
37,383
|
|
|
Diluted (b)
|
|
|
43,816
|
|
|
|
41,619
|
|
|
|
43,603
|
|
|
|
41,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Cost of sales
|
|
$
|
200
|
|
|
$
|
173
|
|
|
$
|
408
|
|
|
$
|
367
|
|
|
Research and development
|
|
|
1,328
|
|
|
|
928
|
|
|
|
2,600
|
|
|
|
1,792
|
|
|
Sales and marketing
|
|
|
362
|
|
|
|
249
|
|
|
|
640
|
|
|
|
531
|
|
|
General and administrative
|
|
|
617
|
|
|
|
480
|
|
|
|
1,189
|
|
|
|
964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPER MICRO COMPUTER, INC
|
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
|
|
2011
|
|
2010
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
$
|
17,266
|
|
|
$
|
18,786
|
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
3,147
|
|
|
|
2,604
|
|
|
Stock-based compensation expense
|
|
|
4,837
|
|
|
|
3,654
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
(1,084
|
)
|
|
|
(1,216
|
)
|
|
Allowance for doubtful accounts
|
|
|
25
|
|
|
|
409
|
|
|
Allowance for sales returns
|
|
|
4,348
|
|
|
|
2,987
|
|
|
Provision for inventory
|
|
|
3,902
|
|
|
|
489
|
|
|
Deferred income taxes, net
|
|
|
(421
|
)
|
|
|
3,327
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable, net
|
|
|
532
|
|
|
|
(8,223
|
)
|
|
Inventory
|
|
|
(4,551
|
)
|
|
|
(52,551
|
)
|
|
Prepaid expenses and other assets
|
|
|
(813
|
)
|
|
|
(3,127
|
)
|
|
Accounts payable
|
|
|
1,887
|
|
|
|
48,100
|
|
|
Income taxes payable/receivable, net
|
|
|
5,962
|
|
|
|
(2,267
|
)
|
|
Accrued liabilities
|
|
|
1,345
|
|
|
|
6,519
|
|
|
Other long-term liabilities
|
|
|
508
|
|
|
|
1,408
|
|
|
Net cash provided by operating activities
|
|
|
36,890
|
|
|
|
20,899
|
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
|
Proceeds from investments
|
|
|
1,675
|
|
|
|
1,300
|
|
|
Purchases of property, plant and equipment
|
|
|
(18,260
|
)
|
|
|
(8,275
|
)
|
|
Restricted cash
|
|
|
(29
|
)
|
|
|
(82
|
)
|
|
Land deposit refund
|
|
|
2,868
|
|
|
|
-
|
|
|
Net cash used in investing activities
|
|
|
(13,746
|
)
|
|
|
(7,057
|
)
|
|
FINANCING ACTIVITIES:
|
|
|
|
|
|
Proceeds from debt
|
|
|
31,021
|
|
|
|
13,875
|
|
|
Repayment of debt
|
|
|
(23,962
|
)
|
|
|
(13,854
|
)
|
|
Proceeds from exercise of stock options
|
|
|
1,926
|
|
|
|
1,142
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
1,084
|
|
|
|
1,216
|
|
|
Payment of obligations under capital leases
|
|
|
(18
|
)
|
|
|
(34
|
)
|
|
Advances (Payment) under receivable financing arrangements
|
|
|
441
|
|
|
|
(181
|
)
|
|
Minimum tax withholding paid on behalf of officers and an employee
for restricted stock awards
|
|
|
(1,109
|
)
|
|
|
(1,434
|
)
|
|
Net cash provided by financing activities
|
|
|
9,383
|
|
|
|
730
|
|
|
Effect of exchange rate fluctuations on cash and cash equivalents
|
|
|
(93
|
)
|
|
|
-
|
|
|
Net increase in cash and cash equivalents
|
|
|
32,434
|
|
|
|
14,572
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
69,943
|
|
|
|
72,644
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
102,377
|
|
|
$
|
87,216
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
376
|
|
|
$
|
299
|
|
|
Cash paid for taxes, net of refunds
|
|
$
|
3,485
|
|
|
$
|
7,473
|
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
Accrued costs for property, plant and equipment purchases
|
|
$
|
2,114
|
|
|
$
|
971
|
|
|
Deposit applied to property acquisition
|
|
$
|
5,867
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
GAAP GROSS PROFIT
|
|
$
|
42,614
|
|
|
$
|
40,179
|
|
|
$
|
82,240
|
|
|
$
|
73,216
|
|
|
Add back stock-based compensation (c)
|
|
|
200
|
|
|
|
173
|
|
|
|
408
|
|
|
|
367
|
|
|
Non-GAAP GROSS PROFIT
|
|
$
|
42,814
|
|
|
$
|
40,352
|
|
|
$
|
82,648
|
|
|
$
|
73,583
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP GROSS MARGIN
|
|
|
17.1
|
%
|
|
|
16.7
|
%
|
|
|
16.5
|
%
|
|
|
16.3
|
%
|
|
Add back stock-based compensation (c)
|
|
|
0.0
|
%
|
|
|
0.1
|
%
|
|
|
0.1
|
%
|
|
|
0.1
|
%
|
|
Non-GAAP GROSS MARGIN
|
|
|
17.1
|
%
|
|
|
16.8
|
%
|
|
|
16.6
|
%
|
|
|
16.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP INCOME FROM OPERATIONS
|
|
$
|
13,718
|
|
|
$
|
16,924
|
|
|
$
|
27,232
|
|
|
$
|
28,933
|
|
|
Add back stock-based compensation (c)
|
|
|
2,507
|
|
|
|
1,830
|
|
|
|
4,837
|
|
|
|
3,654
|
|
|
Add back provision for litigation loss (d)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
729
|
|
|
Non-GAAP INCOME FROM OPERATIONS
|
|
$
|
16,225
|
|
|
$
|
18,754
|
|
|
$
|
32,069
|
|
|
$
|
33,316
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME
|
|
$
|
8,774
|
|
|
$
|
11,569
|
|
|
$
|
17,266
|
|
|
$
|
18,786
|
|
|
Add back stock-based compensation (c)
|
|
|
2,507
|
|
|
|
1,830
|
|
|
|
4,837
|
|
|
|
3,654
|
|
|
Add back provision for litigation loss (d)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
729
|
|
|
Add back adjustments to tax provision (e)
|
|
|
(116
|
)
|
|
|
(65
|
)
|
|
|
(453
|
)
|
|
|
(570
|
)
|
|
Non-GAAP NET INCOME
|
|
$
|
11,165
|
|
|
$
|
13,334
|
|
|
$
|
21,650
|
|
|
$
|
22,599
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER COMMON SHARE — BASIC (a)
|
|
$
|
0.21
|
|
|
$
|
0.30
|
|
|
$
|
0.42
|
|
|
$
|
0.49
|
|
|
Add back stock-based compensation, provision for litigation loss and
adjustments to tax provision (c) (d) (e)
|
|
|
0.06
|
|
|
|
0.05
|
|
|
|
0.11
|
|
|
|
0.10
|
|
|
Non-GAAP NET INCOME PER COMMON SHARE — BASIC (f)
|
|
$
|
0.27
|
|
|
$
|
0.35
|
|
|
$
|
0.53
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER COMMON SHARE — DILUTED (b)
|
|
$
|
0.20
|
|
|
$
|
0.27
|
|
|
$
|
0.39
|
|
|
$
|
0.45
|
|
|
Add back stock-based compensation, provision for litigation loss and
adjustments to tax provision (c) (d) (e)
|
|
|
0.05
|
|
|
|
0.04
|
|
|
|
0.10
|
|
|
|
0.08
|
|
|
Non-GAAP NET INCOME PER COMMON SHARE — DILUTED (g)
|
|
$
|
0.25
|
|
|
$
|
0.31
|
|
|
$
|
0.49
|
|
|
$
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
BASIC —GAAP (h)
|
|
|
40,555
|
|
|
|
37,543
|
|
|
|
40,456
|
|
|
|
37,383
|
|
|
BASIC - Non-GAAP (i)
|
|
|
40,915
|
|
|
|
38,165
|
|
|
|
40,869
|
|
|
|
38,087
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED — GAAP (h)
|
|
|
43,816
|
|
|
|
41,619
|
|
|
|
43,603
|
|
|
|
41,509
|
|
|
DILUTED - Non-GAAP (i)
|
|
|
44,625
|
|
|
|
42,691
|
|
|
|
44,472
|
|
|
|
42,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Approximately $77,000 and $175,000 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, 2011, respectively, and
approximately $189,000 and $347,000 for the three and six months
ended December 31, 2010, respectively.
|
|
|
|
(b) Approximately $71,000 and $162,000 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, 2011, respectively, and
approximately $170,000 and $313,000 for the three and six months
ended December 31, 2010, 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, 2011 and 2010.
|
|
|
|
(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.
|
|
|
|
(e) The provision of income taxes used in arriving at the non-GAAP
net income was computed using an income tax rate of 30.5% and 31.8%
for the three and six months ended December 31, 2011, respectively,
and 28.3% and 31.6% for the three and six months ended December 31,
2010, respectively.
|
|
|
|
(f) Approximately $98,000 and $219,000 of undistributed earnings
allocated to participating securities were included in the
determination of Non-GAAP basic net income per common share for the
three and six months ended December 31, 2011, respectively, and
approximately $217,000 and $418,000 of undistributed earnings
allocated to participating securities were 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 $90,000 and $202,000 of undistributed earnings
allocated to participating securities were included in the
determination of Non-GAAP diluted net income per common share for
the three and six months ended December 31, 2011, respectively, and
approximately $194,000 and $372,000 of undistributed earnings
allocated to participating securities were 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) 359,282 and 413,955 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, 2011, respectively. 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.
|
|
|
|
(i) 359,282 and 413,955 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,
2011, respectively. 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