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Sep 30, 2022
Supermicro Q1 2023 Earnings Report
Reported record revenue and YoY growth.
Key Takeaways
Supermicro announced its Q1 fiscal year 2023 financial results, with record net sales of $1.85 billion, a gross margin of 18.8%, and net income of $184 million. The company's revenue reached a record $1.85 billion, marking the 7th consecutive quarter of accelerating YoY growth. The 79% YoY quarterly growth is about ten times faster than the current industry average.
Net sales reached $1.85 billion, compared to $1.03 billion in the same quarter of last year.
Gross margin was 18.8%, versus 13.4% in the same quarter of last year.
Net income was $184 million, compared to $25 million in the same quarter of last year.
Non-GAAP diluted net income per common share was $3.42, compared to $0.58 in the same quarter of last year.
Supermicro
Supermicro
Forward Guidance
For the second quarter of fiscal year 2023, the Company expects net sales of $1.7 billion to $1.8 billion, GAAP net income per diluted share of $2.54 to $2.81 and non-GAAP net income per diluted share of $2.64 to $2.90. For fiscal year 2023, the Company raises its guidance for net sales from a range of $6.2 billion to $7.0 billion to $6.5 billion to $7.5 billion, GAAP net income per diluted share from at least $7.27 to a range of $8.50 to $11.00, and non-GAAP net income per diluted share from at least $7.50 to a range of $9.00 to $11.30.
Positive Outlook
- The Company expects net sales of $1.7 billion to $1.8 billion for Q2 2023.
- GAAP net income per diluted share is expected to be $2.54 to $2.81 for Q2 2023.
- Non-GAAP net income per diluted share is expected to be $2.64 to $2.90 for Q2 2023.
- The Company raises its guidance for net sales to $6.5 billion to $7.5 billion for fiscal year 2023.
- GAAP net income per diluted share is expected to be $8.50 to $11.00 for fiscal year 2023.
Challenges Ahead
- Guidance assumes a tax rate of approximately 17.4% and 19.4% for GAAP and non-GAAP, respectively.
- Guidance assumes a fully diluted share count of 55.7 million shares for GAAP.
- Guidance assumes a fully diluted share count of 57.0 million shares for non-GAAP.
- The outlook for Q2 includes approximately $11.8 million in expected stock-based compensation expense.
- The outlook for fiscal year 2023 GAAP net income per diluted share includes approximately $32.7 million in expected stock-based compensation and other expenses.