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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________________________
Form 10-Q
__________________________________________________________________________
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2023
or
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-33383
__________________________________________________________________________
Super Micro Computer, Inc.
(Exact name of registrant as specified in its charter)
_________________________________________________________________________
| | | | | | | | |
Delaware | | 77-0353939 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
980 Rock Avenue
San Jose, CA 95131
(Address of principal executive offices, including zip code)
(408) 503-8000
(Registrant’s telephone number, including area code)
__________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, $0.001 par value per share | SMCI | NASDAQ Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | x | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of January 31, 2024 there were 55,933,330 shares of the registrant’s common stock, $0.001 par value, outstanding, which is the only class of common stock of the registrant issued.
SUPER MICRO COMPUTER, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE THREE MONTHS ENDED DECEMBER 31, 2023
TABLE OF CONTENTS
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| | Page |
PART I | | |
ITEM 1. | | |
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ITEM 2. | | |
ITEM 3. | | |
ITEM 4. | | |
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PART II | | |
ITEM 1. | | |
ITEM 1A. | | |
ITEM 2. | | |
ITEM 3. | | |
ITEM 4. | | |
ITEM 5. | | |
ITEM 6. | | |
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Unless the context requires otherwise, the words “Super Micro,” “Supermicro,” “we,” “Company,” “us” and “our” in this document refer to Super Micro Computer, Inc. and where appropriate, our wholly owned subsidiaries. Supermicro, the Company logo and our other registered or common law trademarks, service marks, or trade names appearing in this Quarterly Report on Form 10-Q are the property of Super Micro Computer, Inc. or its affiliates. Other trademarks, service marks, or trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners.
The information contained on our website, or available by hyperlink from our website, is not incorporated into this Quarterly Report on Form 10-Q or other documents we file with, or furnish to, the SEC. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the "Investor Relations" section of our website. Accordingly, investors should monitor that section of our website, in addition to following our press releases, investor presentations, SEC filings and public conference calls and webcasts.
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value per share amounts)
(unaudited) | | | | | | | | | | | |
| December 31, | | June 30, |
| 2023 | | 2023 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 725,660 | | | $ | 440,459 | |
Accounts receivable, net of allowance for credit losses of $77 and $82 at December 31, 2023 and June 30, 2023, respectively (including accounts receivable from related parties of $3,859 and $5,473 at December 31, 2023 and June 30, 2023, respectively) | 1,502,971 | | | 1,148,259 | |
Inventories | 2,466,997 | | | 1,445,564 | |
| | | |
Prepaid expenses and other current assets (including receivables from related parties of $34,293 and $27,732 at December 31, 2023 and June 30, 2023, respectively) | 146,727 | | | 145,144 | |
Total current assets | 4,842,355 | | | 3,179,426 | |
| | | |
| | | |
Property, plant and equipment, net | 297,102 | | | 290,240 | |
Deferred income taxes, net | 218,274 | | | 162,654 | |
Other assets | 47,269 | | | 42,409 | |
Total assets | $ | 5,405,000 | | | $ | 3,674,729 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Accounts payable (including amounts due to related parties of $101,700 and $89,134 at December 31, 2023 and June 30, 2023, respectively) | $ | 1,261,533 | | | $ | 776,831 | |
Accrued liabilities (including amounts due to related parties of $18,509 and $14,017 at December 31, 2023 and June 30, 2023, respectively) | 214,462 | | | 163,865 | |
Income taxes payable | 46,453 | | | 129,166 | |
Short-term debt | 276,307 | | | 170,123 | |
Deferred revenue | 193,334 | | | 134,667 | |
Total current liabilities | 1,992,089 | | | 1,374,652 | |
Deferred revenue, non-current | 190,342 | | | 169,781 | |
Long-term debt | 99,322 | | | 120,179 | |
Other long-term liabilities | 46,173 | | | 37,947 | |
Total liabilities | 2,327,926 | | | 1,702,559 | |
Commitments and contingencies (Note 11) | | | |
Stockholders’ equity: | | | |
Common stock and additional paid-in capital, $0.001 par value | | | |
Authorized shares: 100,000; Issued and outstanding shares: 55,917 and 52,901 at December 31, 2023 and June 30, 2023, respectively | 1,190,276 | | | 538,352 | |
| | | |
| | | |
Accumulated other comprehensive income | 657 | | | 639 | |
Retained earnings | 1,885,977 | | | 1,433,014 | |
Total Super Micro Computer, Inc. stockholders’ equity | 3,076,910 | | | 1,972,005 | |
Noncontrolling interest | 164 | | | 165 | |
Total stockholders’ equity | 3,077,074 | | | 1,972,170 | |
Total liabilities and stockholders’ equity | $ | 5,405,000 | | | $ | 3,674,729 | |
See accompanying notes to condensed consolidated financial statements.
SMCI | Q2 2024 Form 10-Q | 1
SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net sales (including related party sales of $15,781 and $20,073 in the three months ended December 31, 2023 and 2022, respectively, and $33,177 and $45,126 in the six months ended December 31, 2023 and 2022, respectively) | $ | 3,664,924 | | | $ | 1,803,195 | | | $ | 5,784,596 | | | $ | 3,655,325 | |
Cost of sales (including related party purchases of $112,445 and $98,743 in the three months ended December 31, 2023 and 2022, respectively, and $225,552 and $195,279 in the six months ended December 31, 2023 and 2022, respectively) | 3,100,602 | | | 1,465,773 | | | 4,866,583 | | | 2,970,368 | |
Gross profit | 564,322 | | | 337,422 | | | 918,013 | | | 684,957 | |
Operating expenses: | | | | | | | |
Research and development | 108,824 | | | 70,700 | | | 219,851 | | | 144,943 | |
Sales and marketing | 46,854 | | | 28,445 | | | 84,084 | | | 57,808 | |
General and administrative | 37,180 | | | 23,095 | | | 70,104 | | | 46,901 | |
Total operating expenses | 192,858 | | | 122,240 | | | 374,039 | | | 249,652 | |
Income from operations | 371,464 | | | 215,182 | | | 543,974 | | | 435,305 | |
Other (expense) income, net | (7,886) | | | (6,335) | | | (1,273) | | | 1,719 | |
Interest expense | (8,131) | | | (1,756) | | | (9,994) | | | (5,694) | |
Income before income tax provision | 355,447 | | | 207,091 | | | 532,707 | | | 431,330 | |
Income tax provision | (61,503) | | | (29,573) | | | (81,718) | | | (68,507) | |
Share of income (loss) from equity investee, net of taxes | 2,024 | | | (1,351) | | | 1,974 | | | (2,240) | |
Net income | $ | 295,968 | | | $ | 176,167 | | | $ | 452,963 | | | $ | 360,583 | |
Net income per common share: | | | | | | | |
Basic | $ | 5.47 | | | $ | 3.31 | | | $ | 8.45 | | | $ | 6.84 | |
Diluted | $ | 5.10 | | | $ | 3.14 | | | $ | 7.86 | | | $ | 6.51 | |
Weighted-average shares used in the calculation of net income per common share: | | | | | | | |
Basic | 54,135 | | | 53,160 | | | 53,614 | | | 52,726 | |
Diluted | 58,078 | | | 56,144 | | | 57,632 | | | 55,427 | |
| | | | | | | |
| | | | | | | |
See accompanying notes to condensed consolidated financial statements.
SMCI | Q2 2024 Form 10-Q | 2
SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net income | $ | 295,968 | | | $ | 176,167 | | | $ | 452,963 | | | $ | 360,583 | |
Other comprehensive income (loss), net of tax: | | | | | | | |
| | | | | | | |
Foreign currency translation gain (loss) | 6 | | | 98 | | | 18 | | | (299) | |
Total other comprehensive income (loss), net of tax | 6 | | | 98 | | | 18 | | | (299) | |
Total comprehensive income | $ | 295,974 | | | $ | 176,265 | | | $ | 452,981 | | | $ | 360,284 | |
See accompanying notes to condensed consolidated financial statements.
SMCI | Q2 2024 Form 10-Q | 3
SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended December 31, 2023 | Common Stock and Additional Paid-In Capital | | | | Accumulated Other Comprehensive Income | | Retained Earnings | | Non-controlling Interest | | Total Stockholders’ Equity |
| Shares | | Amount | | | | | |
Balance at September 30, 2023 | 53,294,998 | | | $ | 574,718 | | | | | | | $ | 651 | | | $ | 1,590,009 | | | $ | 161 | | | $ | 2,165,539 | |
Exercise of stock options, net of taxes | 152,452 | | | 5,287 | | | | | | | — | | | — | | | — | | | 5,287 | |
Release of common stock shares upon vesting of restricted stock units | 213,366 | | | — | | | | | | | — | | | — | | | — | | | — | |
Shares withheld for the withholding tax on vesting of restricted stock units | (58,617) | | | (15,594) | | | | | | | — | | | — | | | — | | | (15,594) | |
Issuance of common stock in a public offering, net of issuance costs
| 2,315,105 | | | 582,804 | | | | | | | — | | | — | | | — | | | 582,804 | |
Stock-based compensation | — | | | 43,061 | | | | | | | — | | | — | | | — | | | 43,061 | |
| | | | | | | | | | | | | | | |
Other comprehensive income | — | | | — | | | | | | | 6 | | | — | | | — | | | 6 | |
Net income | — | | | — | | | | | | | — | | | 295,968 | | | 3 | | | 295,971 | |
Balance at December 31, 2023 | 55,917,304 | | | $ | 1,190,276 | | | | | | | $ | 657 | | | $ | 1,885,977 | | | $ | 164 | | | $ | 3,077,074 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended December 31, 2022 | Common Stock and Additional Paid-In Capital | | | | Accumulated Other Comprehensive Income | | Retained Earnings | | Non-controlling Interest | | Total Stockholders’ Equity |
| Shares | | Amount | | | | | |
Balance at September 30, 2022 | 52,851,469 | | | $ | 497,183 | | | | | | | $ | 514 | | | $ | 1,127,339 | | | $ | 167 | | | $ | 1,625,203 | |
Exercise of stock options, net of taxes | 347,666 | | | 7,183 | | | | | | | — | | | — | | | — | | | 7,183 | |
Release of common stock shares upon vesting of restricted stock units | 290,471 | | | — | | | | | | | — | | | — | | | — | | | — | |
Shares withheld for the withholding tax on vesting of restricted stock units | (89,305) | | | (6,788) | | | | | | | — | | | — | | | — | | | (6,788) | |
Stock-based compensation | — | | | 16,981 | | | | | | | — | | | — | | | — | | | 16,981 | |
Other comprehensive income | — | | | — | | | | | | | 98 | | | — | | | — | | | 98 | |
Net income (loss) | — | | | — | | | | | | | — | | | 176,167 | | | (2) | | | 176,165 | |
Balance at December 31, 2022 | 53,400,301 | | | $ | 514,559 | | | | | | | $ | 612 | | | $ | 1,303,506 | | | $ | 165 | | | $ | 1,818,842 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
SMCI | Q2 2024 Form 10-Q | 4
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended December 31, 2023 | Common Stock and Additional Paid-In Capital | | | | Accumulated Other Comprehensive Income | | Retained Earnings | | Non-controlling Interest | | Total Stockholders’ Equity |
| Shares | | Amount | | | | | |
Balance at June 30, 2023 | 52,901,358 | | | $ | 538,352 | | | | | | | $ | 639 | | | $ | 1,433,014 | | | $ | 165 | | | $ | 1,972,170 | |
Exercise of stock options, net of taxes | 341,409 | | | 9,574 | | | | | | | — | | | — | | | — | | | 9,574 | |
Release of common stock shares upon vesting of restricted stock units | 511,022 | | | — | | | | | | | — | | | — | | | — | | | — | |
Shares withheld for the withholding tax on vesting of restricted stock units | (151,590) | | | (40,894) | | | | | | | — | | | — | | | — | | | (40,894) | |
Issuance of common stock in a public offering, net of issuance costs | 2,315,105 | | | 582,804 | | | | | | | — | | | — | | | — | | | 582,804 | |
Stock-based compensation | — | | | 100,440 | | | | | | | — | | | — | | | — | | | 100,440 | |
Other comprehensive income | — | | | — | | | | | | | 18 | | | — | | | — | | | 18 | |
Net income (loss) | — | | | — | | | | | | | — | | | 452,963 | | | (1) | | | 452,962 | |
Balance at December 31, 2023 | 55,917,304 | | | $ | 1,190,276 | | | | | | | $ | 657 | | | $ | 1,885,977 | | | $ | 164 | | | $ | 3,077,074 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended December 31, 2022 | Common Stock and Additional Paid-In Capital | | | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Non-controlling Interest | | Total Stockholders’ Equity |
| Shares | | Amount | | | | | |
Balance at June 30, 2022 | 52,311,014 | | | $ | 481,741 | | | | | | | $ | 911 | | | $ | 942,923 | | | $ | 172 | | | $ | 1,425,747 | |
Exercise of stock options, net of taxes | 752,892 | | | 15,327 | | | | | | | — | | | — | | | — | | | 15,327 | |
Release of common stock shares upon vesting of restricted stock units | 484,003 | | | — | | | | | | | — | | | — | | | — | | | — | |
Shares withheld for the withholding tax on vesting of restricted stock units | (147,608) | | | (10,504) | | | | | | | — | | | — | | | — | | | (10,504) | |
Stock-based compensation | — | | | 27,995 | | | | | | | — | | | — | | | — | | | 27,995 | |
Other comprehensive loss | — | | | — | | | | | | | (299) | | | — | | | — | | | (299) | |
Net income (loss) | — | | | — | | | | | | | — | | | 360,583 | | | (7) | | | 360,576 | |
Balance at December 31, 2022 | 53,400,301 | | | $ | 514,559 | | | | | | | $ | 612 | | | $ | 1,303,506 | | | $ | 165 | | | $ | 1,818,842 | |
See accompanying notes to condensed consolidated financial statements.
SMCI | Q2 2024 Form 10-Q | 5
SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited) | | | | | | | | | | | |
| Six Months Ended December 31, |
| 2023 | | 2022 |
OPERATING ACTIVITIES: | | | |
Net income | $ | 452,963 | | | $ | 360,583 | |
Reconciliation of net income to net cash (used in) provided by operating activities: | | | |
Depreciation and amortization | 18,775 | | | 17,196 | |
Stock-based compensation expense | 100,440 | | | 27,995 | |
| | | |
| | | |
| | | |
| | | |
| | | |
Share of (income) loss from equity investee | (1,974) | | | 2,240 | |
Foreign currency exchange loss (gain) | 5,680 | | | (4,614) | |
Deferred income taxes, net | (55,620) | | | (25,812) | |
Other | 2,700 | | | (430) | |
Changes in operating assets and liabilities: | | | |
Accounts receivable, net (including changes in related party balances of $1,614 and $3,178 during the six months ended December 31, 2023 and 2022, respectively) | (354,685) | | | 68,036 | |
Inventories | (1,021,433) | | | 123,789 | |
Prepaid expenses and other assets (including changes in related party balances of $(6,561) and $(22,925) during the six months ended December 31, 2023 and 2022, respectively) | 3,343 | | | 518 | |
Accounts payable (including changes in related party balances of $12,566 and $751 during the six months ended December 31, 2023 and 2022, respectively) | 479,613 | | | (90,908) | |
Income taxes payable | (82,713) | | | (3,030) | |
Accrued liabilities (including changes in related party balances of $4,492 and $851 during the six months ended December 31, 2023 and 2022, respectively) | 48,979 | | | (44,092) | |
Deferred revenue | 79,228 | | | 46,243 | |
Other long-term liabilities (including changes in related party balances of $(152) and $(168) during the six months ended December 31, 2023 and 2022, respectively) | 84 | | | (3,040) | |
Net cash (used in) provided by operating activities | (324,620) | | | 474,674 | |
INVESTING ACTIVITIES: | | | |
Purchases of property, plant and equipment (including payments to related parties of $4,528 and $4,514 during the six months ended December 31, 2023 and 2022, respectively) | (17,351) | | | (20,631) | |
| | | |
| | | |
Investment in equity securities | (5,184) | | | — | |
| | | |
Net cash used in investing activities | (22,535) | | | (20,631) | |
FINANCING ACTIVITIES: | | | |
Proceeds from borrowings | 857,683 | | | 144,037 | |
Repayment of debt | (776,987) | | | (564,662) | |
| | | |
| | | |
Proceeds from exercise of stock options, net of taxes | 9,574 | | | 15,327 | |
Payment of withholding tax on vesting of restricted stock units | (40,894) | | | (10,504) | |
| | | |
Issuance of common stock in a public offering, net of issuance costs | 582,804 | | | — | |
Other | 14 | | | (19) | |
Net cash provided by (used in) financing activities | 632,194 | | | (415,821) | |
Effect of exchange rate fluctuations on cash | 170 | | | (1,693) | |
Net increase in cash, cash equivalents and restricted cash | 285,209 | | | 36,529 | |
Cash, cash equivalents and restricted cash at the beginning of the period | 440,960 | | | 268,559 | |
Cash, cash equivalents and restricted cash at the end of the period | $ | 726,169 | | | $ | 305,088 | |
| | | |
Supplemental disclosure of cash flow information: | | | |
Cash paid for interest | $ | 9,344 | | | $ | 6,084 | |
Cash paid for taxes, net of refunds | $ | 217,788 | | | $ | 96,156 | |
| | | |
| | | |
SMCI | Q2 2024 Form 10-Q | 6
| | | | | | | | | | | |
Non-cash investing and financing activities: | | | |
Unpaid property, plant and equipment purchases (including due to related parties of $2,577 and $1,764 as of December 31, 2023 and 2022, respectively) | $ | 6,163 | | | $ | 3,333 | |
Right of use ("ROU") assets obtained in exchange for operating lease commitments | $ | 9,749 | | | $ | 1,024 | |
| | | |
| | | |
| | | |
| | | |
| | | |
See accompanying notes to condensed consolidated financial statements.
SMCI | Q2 2024 Form 10-Q | 7
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Summary of Significant Accounting Policies
Significant Accounting Policies and Estimates
No material changes have been made to the significant accounting policies of Super Micro Computer, Inc., a corporation incorporated under the laws of Delaware, and its consolidated entities (together, the “Company”), disclosed in Part II, Item 8, Note 1, "Organization and Summary of Significant Accounting Policies," in its Annual Report on Form 10-K, filed on August 28, 2023, for the year ended June 30, 2023. Management's estimates take into consideration, as applicable, general macroeconomic conditions, inflation, changes in interest rates and geopolitical events.
Basis of Presentation
The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations.
The unaudited condensed consolidated financial statements included herein reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the periods presented. The consolidated results of operations for the three and six months ended December 31, 2023 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending June 30, 2024.
Certain prior year amounts within cash from operating activities in the condensed consolidated statements of cash flows have been reclassified to conform to current year presentation. These changes in presentation do not affect previously reported results.
Concentration of Supplier Risk
Certain materials used by the Company in the manufacturing of its products are available from a limited number of suppliers. Shortages could occur in these materials due to an interruption of supply or increased demand in the industry. Two suppliers accounted for 68.1% and 7.3% of total purchases for the three months ended December 31, 2023, and the same two suppliers accounted for 17.6% and 14.1% of total purchases for the three months ended December 31, 2022. Two suppliers accounted for 62.9% and 8.6% of total purchases for the six months ended December 31, 2023, and the same two suppliers accounted for 22.3% and 15.3% of total purchases for the six months ended December 31, 2022. The increase in concentration of total purchases to one of the Company's suppliers to 68.1% and 62.9% of total purchases for the three and six months ended December 31, 2023, respectively, is as a result of the purchase of key components to build its solutions for the Company's customers. Purchases from Ablecom, and Compuware, related parties of the Company (see Part I, Item 1, Note 8, "Related Party Transactions") accounted for a combined 3.6% and 6.7% of total cost of sales for the three months ended December 31, 2023 and 2022, respectively, and a combined 4.6% and 6.6% of total cost of sales for the six months ended December 31, 2023 and 2022, respectively.
Concentration of Credit and Customer Risk
Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable.
Four customers accounted for 26.7%, 16.3%, 13.0% and 11.3% of accounts receivable, net as of December 31, 2023. Two customers accounted for 22.9% and 19.3% of accounts receivable, net as of June 30, 2023. These accounts receivable represent a concentration of credit risk to the Company.
SMCI | Q2 2024 Form 10-Q | 8
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Two customers accounted for 25.5% and 10.4% of the net sales for the three months ended December 31, 2023 and one customer accounted for 25.3% of the net sales for the six months ended December 31, 2023. No single customer accounted for 10% or more of the net sales for the three months ended December 31, 2022, and one customer accounted for 15.8% of the net sales for the six months ended December 31, 2022.
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. This ASU requires that a public entity provide additional segment disclosures on an interim and annual basis. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements unless impracticable. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning July 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
Note 2. Revenue
Disaggregation of Revenue
The Company disaggregates revenue by type of product and by the geographical market. Service revenues, which are less than 10%, are not a significant component of total revenue, and are aggregated within the respective categories.
The following is a summary of net sales by product type (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Server and storage systems | $ | 3,435,562 | | | $ | 1,660,931 | | | $ | 5,402,170 | | | $ | 3,373,987 | |
Subsystems and accessories | 229,362 | | | 142,264 | | | 382,426 | | | 281,338 | |
Total | $ | 3,664,924 | | | $ | 1,803,195 | | | $ | 5,784,596 | | | $ | 3,655,325 | |
Server and storage systems constitute an assembly and integration of subsystems and accessories, and related services. Subsystems and accessories are comprised of server boards, chassis and accessories.
SMCI | Q2 2024 Form 10-Q | 9
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
International net sales are based on the country and geographic region to which the products were shipped. The following is a summary for the three and six months ended December 31, 2023 and 2022, of net sales by geographic region (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
United States | $ | 2,605,585 | | | $ | 1,091,391 | | | $ | 4,225,099 | | | $ | 2,386,895 | |
Asia | 656,220 | | | 330,711 | | | 881,688 | | | 600,735 | |
Europe | 288,448 | | | 312,533 | | | 479,296 | | | 547,607 | |
Other | 114,671 | | | 68,560 | | | 198,513 | | | 120,088 | |
Total | $ | 3,664,924 | | | $ | 1,803,195 | | | $ | 5,784,596 | | | $ | 3,655,325 | |
Contract Balances
Generally, the payment terms of the Company’s offerings range from 30 to 60 days. In certain instances, customers may prepay for products and services in advance of delivery. Receivables relate to the Company’s unconditional right to consideration for performance obligations either partially or fully completed.
Contract assets are rights to consideration in exchange for goods or services that the Company has transferred to a customer when such right is conditional on something other than the passage of time. Such contract assets are insignificant to the Company’s condensed consolidated financial statements.
Contract liabilities consist of deferred revenue and relate to amounts invoiced to or advance consideration received from customers, which precede the Company’s satisfaction of the associated performance obligations. The Company’s deferred revenue primarily results from customer payments received upfront for extended warranties and on-site services because these performance obligations are satisfied over time. Additionally, at times, deferred revenue may fluctuate due to the timing of advance consideration received from non-cancellable non-refundable contract liabilities relating to the sale of future products. Revenue recognized during the three and six months ended December 31, 2023, which was included in the opening deferred revenue balance as of June 30, 2023, of $304.4 million, was $31.5 million and $75.2 million, respectively.
Deferred revenue increased $79.2 million as of December 31, 2023 as compared to the fiscal year ended June 30, 2023. This increase was mainly due to a $44.3 million increase in non-cancellable non-refundable advance consideration or cash consideration received from customers which preceded the Company's satisfaction of the associated performance obligations relating to product sales expected to be fulfilled in the next 12 months.
Transaction Price Allocated to the Remaining Performance Obligations
Remaining performance obligations represent in aggregate the amount of transaction price that has been allocated to performance obligations not delivered, or only partially delivered, as of the end of the reporting period. The Company applies the exemption to not disclose information about remaining performance obligations that are part of a contract that has an original expected duration of one year or less. These performance obligations generally consist of services, such as on-site services, including integration services and extended warranty services that are contracted for one year or less, and products for which control has not yet been transferred. The value of the transaction price allocated to remaining performance obligations as of December 31, 2023 was approximately $383.6 million. The Company expects to recognize approximately 50% of remaining performance obligations as revenue in the next 12 months, and the remainder thereafter.
SMCI | Q2 2024 Form 10-Q | 10
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Capitalized Contract Acquisition Costs and Fulfillment Cost
Contract acquisition costs are those incremental costs that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. Contract acquisition costs consist primarily of incentive bonuses paid to Company employees. Contract acquisition costs are considered incremental and recoverable costs of obtaining and fulfilling a contract with a customer and are therefore capitalizable. The Company applies the practical expedient to expense incentive bonus costs as incurred if the amortization period would be one year or less, generally upon delivery of the associated server and storage systems or components. Where the amortization period of the contract cost would be more than a year, the Company applies judgment in the allocation of the incentive bonus cost asset between hardware and service performance obligations and expenses the cost allocated to the hardware performance obligations upon delivery of associated server and storage systems or components and amortizes the cost allocated to service performance obligations over the period the services are expected to be provided. Contract acquisition costs allocated to service performance obligations that are subject to capitalization are insignificant to the Company’s condensed consolidated financial statements.
Contract fulfillment costs consist of costs paid in advance for outsourced services provided by third parties to the extent they are not in the scope of other guidance. Fulfillment costs paid in advance for outsourced services provided by third parties are capitalized and amortized over the period the services are expected to be provided. Such fulfillment costs are insignificant to the Company’s condensed consolidated financial statements.
Note 3. Net Income Per Common Share
The following table shows the computation of basic and diluted net income per common share for the three and six months ended December 31, 2023 and 2022 (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Numerator: | | | | | | | |
Net income | $ | 295,968 | | | $ | 176,167 | | | $ | 452,963 | | | $ | 360,583 | |
| | | | | | | |
Denominator: | | | | | | | |
Weighted-average shares outstanding | 54,135 | | | 53,160 | | | 53,614 | | | 52,726 | |
Effect of dilutive securities | 3,943 | | | 2,984 | | | 4,017 | | | 2,701 | |
Weighted-average diluted shares | 58,078 | | | 56,144 | | | 57,632 | | | 55,427 | |
| | | | | | | |
Basic net income per common share | $ | 5.47 | | | $ | 3.31 | | | $ | 8.45 | | | $ | 6.84 | |
Diluted net income per common share | $ | 5.10 | | | $ | 3.14 | | | $ | 7.86 | | | $ | 6.51 | |
For the three and six months ended December 31, 2023 and 2022, the Company had stock options and restricted stock units ("RSUs") outstanding that could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted net income per share in the periods presented, as their effect would have been anti-dilutive. The anti-dilutive common share equivalents resulting from outstanding equity awards were 584,855 and 211,729 for the three months ended December 31, 2023 and 2022, respectively, and 461,292 and 259,562 for the six months ended December 31, 2023 and 2022, respectively.
SMCI | Q2 2024 Form 10-Q | 11
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Note 4. Balance Sheet Components
The following tables provide details of the selected balance sheet items (in thousands):
Cash, Cash Equivalents and Restricted Cash:
| | | | | | | | | | | |
| December 31, 2023 | | June 30, 2023 |
Cash and cash equivalents | $ | 725,660 | | | $ | 440,459 | |
| | | |
Restricted cash included in other assets | 509 | | | 501 | |
Total cash, cash equivalents and restricted cash | $ | 726,169 | | | $ | 440,960 | |
Inventories:
| | | | | | | | | | | |
| December 31, 2023 | | June 30, 2023 |
Finished goods | $ | 1,566,278 | | | $ | 1,045,177 | |
Work in process | 516,331 | | | 71,874 | |
Purchased parts and raw materials | 384,388 | | | 328,513 | |
Total inventories | $ | 2,466,997 | | | $ | 1,445,564 | |
Property, Plant, and Equipment:
| | | | | | | | | | | |
| December 31, 2023 | | June 30, 2023 |
Buildings | $ | 143,496 | | | $ | 143,496 | |
Machinery and equipment | 138,256 | | | 130,151 | |
Land | 90,754 | | | 86,642 | |
Building and leasehold improvements | 61,708 | | | 59,634 | |
Furniture and fixtures | 38,820 | | | 36,303 | |
Software | 23,823 | | | 23,098 | |
Building construction in progress | 1,941 | | | 303 | |
| 498,798 | | | 479,627 | |
Accumulated depreciation and amortization | (201,696) | | | (189,387) | |
Property, plant and equipment, net | $ | 297,102 | | | $ | 290,240 | |
SMCI | Q2 2024 Form 10-Q | 12
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Accrued Liabilities:
| | | | | | | | | | | |
| December 31, 2023 | | June 30, 2023 |
Accrued payroll and related expenses | $ | 64,237 | | | $ | 53,439 | |
Customer deposits | 35,965 | | | 16,577 | |
Contract manufacturers liabilities | 24,565 | | | 23,634 | |
| | | |
Accrued cooperative marketing expenses | 12,153 | | | 9,744 | |
Accrued warranty costs | 9,554 | | | 9,079 | |
| | | |
Operating lease liability | 8,940 | | | 7,292 | |
Accrued professional fees | 756 | | | 2,363 | |
| | | |
Other | 58,292 | | | 41,737 | |
Total accrued liabilities | $ | 214,462 | | | $ | 163,865 | |
Product Warranties:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Balance, beginning of the period | $ | 15,629 | | | $ | 12,703 | | | $ | 14,859 | | | $ | 12,136 | |
Provision for warranty | 10,515 | | | 8,933 | | | 23,044 | | | 17,550 | |
Costs utilized | (9,587) | | | (8,553) | | | (21,391) | | | (17,026) | |
Change in estimated liability for pre-existing warranties | 59 | | | 193 | | | 104 | | | 616 | |
Balance, end of the period | 16,616 | | | 13,276 | | | 16,616 | | | 13,276 | |
Current portion | 9,554 | | | 8,668 | | | 9,554 | | | 8,668 | |
Non-current portion | $ | 7,062 | | | $ | 4,608 | | | $ | 7,062 | | | $ | 4,608 | |
Note 5. Fair Value Disclosure
The financial instruments of the Company measured at fair value on a recurring basis are included in cash equivalents, other assets and accrued liabilities. The Company classifies its financial instruments, except for its investment in an auction rate security, within Level 1 or Level 2 in the fair value hierarchy because the Company uses quoted prices in active markets or alternative pricing sources and models using market observable inputs to determine their fair value.
The Company’s investment in an auction rate security is classified within Level 3 of the fair value hierarchy as the determination of its fair value was not based on observable inputs as of December 31, 2023 and June 30, 2023. The Company is using the discounted cash flow method to estimate the fair value of the auction rate security at each period end and the following assumptions: (i) the expected yield based on observable market rate of similar securities, (ii) the security coupon rate that is reset monthly, (iii) the estimated holding period and (iv) a liquidity discount. The liquidity discount assumption is based on the management estimate of lack of marketability discount of similar securities and is determined based on the analysis of financial market trends over time, recent redemptions of securities and other market activities.
SMCI | Q2 2024 Form 10-Q | 13
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Financial Assets and Liabilities Measured on a Recurring Basis
The following table sets forth the Company’s financial instruments as of December 31, 2023 and June 30, 2023, which are measured at fair value on a recurring basis by level within the fair value hierarchy. These are classified based on the lowest level of input that is significant to the fair value measurement (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2023 | Level 1 | | Level 2 | | Level 3 | | Asset at Fair Value |
Assets | | | | | | | |
Money market funds (1) | $ | 284 | | | $ | — | | | $ | — | | | $ | 284 | |
Certificates of deposit (2) | — | | | 465 | | | — | | | 465 | |
Investment in marketable equity security | 4,176 | | | — | | | — | | | 4,176 | |
Auction rate security | — | | | — | | | 1,843 | | | 1,843 | |
Total assets measured at fair value | $ | 4,460 | | | $ | 465 | | | $ | 1,843 | | | $ | 6,768 | |
| | | | | | | |
| | | | | | | |
June 30, 2023 | Level 1 | | Level 2 | | Level 3 | | Asset at Fair Value |
Assets | | | | | | | |
Money market funds (1) | $ | 20,823 | | | $ | — | | | $ | — | | | $ | 20,823 | |
Certificates of deposit (2) | — | | | 462 | | | — | | | 462 | |
Auction rate security | — | | | — | | | 1,843 | | | 1,843 | |
Total assets measured at fair value | $ | 20,823 | | | $ | 462 | | | $ | 1,843 | | | $ | 23,128 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
(1) $0.1 million and $20.6 million in money market funds are included cash and cash equivalents and $0.2 million and $0.2 million in money market funds are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of December 31, 2023 and June 30, 2023, respectively.
(2) $0.2 million and $0.2 million in certificates of deposit are included in cash and cash equivalents, $0.1 million and $0.1 million in certificates of deposit are included in prepaid expenses and other assets, and $0.2 million and $0.2 million in certificates of deposit are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of December 31, 2023 and June 30, 2023, respectively.
The carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, other assets, accounts payable and accrued liabilities approximate their fair values. The investment in marketable equity security is carried at fair value using values available on a public exchange and is based on a Level 1 input. The unrealized gains and losses of the investment is included in earnings. The condensed consolidated statement of operations for the three and six months ended December 31, 2023, includes an unrealized gain of $0.3 million and a loss of $0.8 million, respectively, which have been recorded in Other income, net.
On a quarterly basis, the Company also evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. For the three and six months ended December 31, 2023, the credit losses related to the Company’s investments were not material.
There was immaterial movement in the balances of the Company's financial assets measured at fair value on a recurring basis, consisting of investment in an auction rate security, using significant unobservable inputs (Level 3) for the three and six months ended December 31, 2023 and 2022.
There were no transfers between Level 1, Level 2 or Level 3 financial instruments in the three and six months ended December 31, 2023 and 2022.
SMCI | Q2 2024 Form 10-Q | 14
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
The following is a summary of the Company’s investment in an auction rate security as of December 31, 2023 and June 30, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Cost Basis | | Gross Unrealized Holding Gains | | Gross Unrealized Holding Losses | | Fair Value |
Auction rate security | $ | 1,750 | | | $ | 287 | | | $ | (194) | | | $ | 1,843 | |
No gain or loss was recognized in other comprehensive income for the auction rate security for the three and six months ended December 31, 2023 and 2022.
The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis. As of December 31, 2023 and June 30, 2023, total debt of $375.6 million and $290.3 million, respectively, was reported at amortized cost. This outstanding debt was classified as Level 2 as it was not actively traded. The amortized cost of the outstanding debt approximates the fair value.
Other Financial Assets - Investments into Non-Marketable Equity Securities
The Company's non-marketable equity securities are investments in privately held companies without readily determinable fair values in the amount of $0.1 million and $1.7 million as of December 31, 2023 and June 30, 2023, respectively. The Company accounts for these investments at cost less impairment, if any, plus or minus changes from observable price changes in orderly transactions for the identical or similar investments by the same issuer. During the three and six months ended December 31, 2023, the Company performed a qualitative assessment and identified impairment indicators. The Company recorded a $0.2 million and $1.8 million impairment during the three and six months ended December 31, 2023, respectively, in Other income, net on the condensed consolidated statement of operations. The Company did not have any impairment to the carrying values of the non-marketable equity securities during the three and six months ended December 31, 2022.
SMCI | Q2 2024 Form 10-Q | 15
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Note 6. Short-term and Long-term Debt
Short-term and long-term debt obligations as of December 31, 2023 and June 30, 2023 consisted of the following (in thousands):
| | | | | | | | | | | |
| December 31, | | June 30, |
| 2023 | | 2023 |
Line of credit: | | | |
2018 Bank of America Credit Facility | $ | — | | | $ | — | |
2022 Bank of America Credit Facility | 20,000 | | | — | |
Cathay Bank Line of Credit | 131,583 | | | 131,583 | |
2023 CTBC Credit Lines | 36,873 | | | — | |
| | | |
HSBC Bank Credit Facility | 29,704 | | | — | |
| | | |
Mega Bank Credit Facility | 15,526 | | | — | |
Total line of credit | 233,686 | | | 131,583 | |
Term loan facilities: | | | |
Chang Hwa Bank Credit Facility due October 15, 2026 | 22,911 | | | 26,853 | |
CTBC Term Loan Facility, due June 4, 2030 | 35,579 | | | 38,208 | |
2021 CTBC Credit Lines, due August 15, 2026 | 3,991 | | | 4,721 | |
2021 E.SUN Bank Credit Facility, due September 15, 2026 | 28,463 | | | 33,513 | |
2022 ESUN Bank Credit Facility, due August 15, 2027 | 15,419 | | | 16,756 | |
Mega Bank Credit Facility, due September 15, 2026 | 35,580 | | | 38,668 | |
Total term loans | 141,943 | | | 158,719 | |
Total debt | 375,629 | | | 290,302 | |
Short-term debt and current portion of long-term debt | 276,307 | | | 170,123 | |
Debt, non-current | $ | 99,322 | | | $ | 120,179 | |
SMCI | Q2 2024 Form 10-Q | 16
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Activities under Revolving Lines of Credit and Term Loans
Available borrowings and interest rates as of December 31, 2023 and June 30, 2023 consisted of the following (in thousands except for percentages):
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2023 | | June 30, 2023 |
| Available borrowings | | Interest rate | | Available borrowings | | Interest rate |
Line of credit: | | | | | | | |
2018 Bank of America Credit Facility | $ | 350,000 | | | 6.82% | | $ | 350,000 | | | 6.57% |
2022 Bank of America Credit Facility | $ | — | | | 6.49% | | $ | 20,000 | | | 3.36% |
Cathay Bank Line of Credit | $ | 417 | | | 7.36% | | $ | 417 | | | 7.08% |
2022 CTBC Credit Lines | $ | — | | | — | | $ | 105,000 | | | 3.33% |
2023 CTBC Credit Line | $ | 68,127 | | | 1.96% - 6.52% | | $ | — | | | — |
Chang Hwa Bank Credit Facility | $ | 20,000 | | | 6.38% | | $ | 20,000 | | | 6.58% |
HSBC Bank Credit Facility | $ | 20,296 | | | 1.90% - 6.37% | | $ | 50,000 | | | 4.50% |
| | | | | | | |
2022 E.SUN Bank Credit Facility | $ | 30,000 | | | 6.67% | | $ | 30,000 | | | 4.18% |
Mega Bank Credit Facility | $ | 4,474 | | | 1.90% | | $ | 20,000 | | | 2.55% |
| | | | | | | |
Term loan facilities: | | | | | | | |
Chang Hwa Bank Credit Facility due October 15, 2026 | $ | — | | | 1.55% | | $ | — | | | 1.55% |
CTBC Term Loan Facility, due June 4, 2030 | $ | — | | | 1.20% | | $ | — | | | 1.20% |
2021 CTBC Credit Lines, due August 15, 2026 | $ | — | | | 1.40% | | $ | — | | | 1.40% |
2021 E.SUN Bank Credit Facility, due September 15, 2026 | $ | — | | | 1.75% | | $ | 7,734 | | | 1.75% |
2022 ESUN Bank Credit Facility, due August 15, 2027 | $ | — | | | 1.75% | | $ | — | | | 1.75% |
Mega Bank Credit Facility, due September 15, 2026 | $ | — | | | 1.40% - 1.60% | | $ | — | | | 1.40% - 1.60% |
See “Part II. Item 8. Financial Statements and Supplementary Data – Note 7. Short-term and Long-term Debt” of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 for a more complete description of the Company's credit facilities.
The Company entered into new agreements during the six months ended December 31, 2023 with the following terms:
CTBC Bank
2023 CTBC Bank Credit Lines
On September 28, 2023 (the “Effective Date”), the Company's Taiwan subsidiary entered into a new general agreement for omnibus credit lines with CTBC Bank, which replaces the prior CTBC credit lines in their entirety and permits for borrowings, from time to time, thereunder pursuant to various individual credit arrangements and includes the previously issued long and medium term loan facility of NTD 1,550.0 million entered in 2021 and 2020 (the “Long and Medium Loan Facility”), and each of (i) a short-term loan and guarantee line providing credit of up to NTD1,250.0 million and NTD100.0 million, respectively (the “NTD Short Term Loan/Guarantee Line”), (ii) a short-term loan providing a line of credit of up to $40.0 million (the “USD Short Term Loan Line”), and (iii) an export/import o/a loan line providing a line of credit of up to $105.0 million for exports and $50.0 million for imports (the “Export/Import Line,” and, together with the NTD Short Term Loan/Guarantee Line and the USD Short Term Loan Line, the “New CTBC Credit Lines”). Aggregate borrowings under the New CTBC Credit Lines together is subject to a cap of $105.0 million.
SMCI | Q2 2024 Form 10-Q | 17
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Interest rates under each of the individual New CTBC Credit Lines are to be established according to individual credit arrangements, which interest rates shall be subject to adjustment depending on the satisfaction of certain conditions. Each of the NTD Short Term Loan/Guarantee Line and USD Short Term Loan Line are secured by certain of the Company's Taiwan subsidiary’s assets, including certain property, land, and plant. The tenor for each of the individual New CTBC Credit Lines is one year. For the Long and Medium Loan Facility, the Taiwan subsidiary is subject to various financial covenants, including current ratio, debt service coverage ratio, and financial debt ratio requirements. In the event the Taiwan subsidiary does not satisfy such financial covenants, CTBC Bank is permitted to, among other things, reduce the permitted total borrowings to a cap of $70.0 million from $105.0 million. Additional covenants require, among other things, the Company to maintain ownership of all of the capital stock of its Taiwan subsidiary and prohibit secondary mortgages on certain assets securing various of the New CTBC Credit Lines. The New CTBC Credit Lines have customary default provisions permitting CTBC Bank to suspend the extension of credit, reduce the credit line, shorten the credit extension term, or declare all principal and interest amounts immediately due and payable upon the occurrence of an event of default.
The Company's Taiwan subsidiary intends to use borrowings under the New CTBC Credit Lines in connection with financing of eligible accounts receivable and accounts payable (vendor invoices) and to finance additional improvements to the Company’s Bade Manufacturing Facility located in Taiwan.
As of December 31, 2023, the outstanding borrowings under the 2023 CTBC Bank Credit Lines were $36.9 million. The interest rate for these loans were 1.96% - 6.52% per annum as of December 31, 2023.
HSBC Bank
2023 HSBC Bank Credit Lines
On December 7, 2023, the Company's Taiwan subsidiary entered into a new Facility Letter with the Taiwan affiliate of HSBC Bank. The New Facility Letter is substantially identical to the prior Facility Letter entered into with HSBC Bank on February 7, 2023. The New Facility Letter permits borrowings up to a combined aggregate limit of $50 million which may be comprised of borrowings under a New Taiwan Dollar revolving facility with a sub-limit of NTD 300 million (the “NTD Revolver”) and an export/seller facility with a sub-limit of $50 million (the “Export/Seller Facility”, and together with the NTD Revolver, the "HSBC Bank Credit Lines"). Interest under both the NTD Revolver and Export/Seller Facility is based on HSBC Bank’s base rate plus a fixed margin, subject to adjustment under certain circumstances. Interest payments thereunder are due on a monthly basis, or such other interest period as agreed by HSBC Bank, and principal is repayable on the due date.
Amounts due under the New Facility Letter are currently not secured, but subject to HSBC Bank’s right of set-off and right to repayment on demand and call for cash coverage.
As of December 31, 2023, the outstanding borrowings under HSBC Bank Credit Lines were $29.7 million. The interest rates for these loans were 1.90% - 6.37% per annum as of December 31, 2023.
Principal payments on short-term and long-term obligations are due as follows (in thousands):
Fiscal Year Principal Payments
| | | | | | | | |
Remainder of 2024 | | $ | 254,997 | |
2025 | | 42,621 | |
2026 | | 42,621 | |
2027 | | 18,517 | |
2028 | | 6,246 | |
2029 and thereafter | | 10,627 | |
Total short-term and long-term debt | | $ | 375,629 | |
The Company is in compliance with all the covenants for the outstanding debt.
SMCI | Q2 2024 Form 10-Q | 18
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Note 7. Leases
The Company leases offices, warehouses and other premises, vehicles and certain equipment leased under non-cancelable operating leases. Operating lease expense recognized and supplemental cash flow information related to operating leases for the three and six months ended December 31, 2023 and 2022 were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Operating lease expense (including expense for lease agreements with related parties of $139 and $140 for the three months ended December 31, 2023 and 2022, respectively, and $277 and $284 for the six months ended December 31, 2023 and 2022, respectively) | $ | 2,354 | | | $ | 2,115 | | | $ | 4,539 | | | $ | 4,225 | |
Cash payments for operating leases (including payments to related parties of $129 and $127 for the three months ended December 31, 2023 and 2022, respectively, and $257 and $257 for the six months ended December 31, 2023 and 2022, respectively) | $ | 2,204 | | | $ | 2,025 | | | $ | 4,287 | | | $ | 4,063 | |
New operating lease assets obtained in exchange for operating lease liabilities | $ | 572 | | | $ | 274 | | | $ | 9,749 | | | $ | 1,024 | |
During the three and six months ended December 31, 2023 and 2022, the Company’s costs related to short-term lease arrangements for real estate and non-real estate assets were immaterial. Non-lease variable payments expensed in the three and six months ended December 31, 2023 were $0.5 million and $0.9 million, respectively. Non-lease variable payments expensed in the three and six months ended December 31, 2022 were $0.4 million and $0.9 million, respectively.
As of December 31, 2023, the weighted average remaining lease term for operating leases was 3.1 years and the weighted average discount rate was 4.2%. Maturities of operating lease liabilities under noncancelable operating lease arrangements as of December 31, 2023 were as follows (in thousands):
| | | | | | | | |
Fiscal Year: | | Maturities of operating leases |
Remainder of 2024 | | $ | 4,839 | |
2025 | | 9,436 | |
2026 | | 5,600 | |
2027 | | 3,885 | |
2028 | | 2,827 | |
2029 and beyond | | 429 | |
Total future lease payments | | 27,016 | |
Less: Imputed interest | | (1,991) | |
Present value of operating lease liabilities | | $ | 25,025 | |
The Company has entered into lease agreements with related parties. See Part I, Item 1, Note 8, “Related Party Transactions,” for a further discussion.
SMCI | Q2 2024 Form 10-Q | 19
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Note 8. Related Party Transactions
The Company has a variety of business relationships with Ablecom and Compuware. Ablecom and Compuware are both Taiwan corporations. Ablecom is one of the Company’s major contract manufacturers; Compuware is both a distributor of the Company’s products and a contract manufacturer for the Company. Ablecom’s Chief Executive Officer, Steve Liang, is the brother of Charles Liang, the Company’s President, Chief Executive Officer and Chairman of the Board. Steve Liang and his family members owned approximately 36.0% of Ablecom’s stock and Charles Liang and his spouse, Sara Liu, who is also an officer and director of the Company, collectively owned approximately 10.5% of Ablecom’s capital stock as of December 31, 2023. Bill Liang, a brother of both Charles Liang and Steve Liang, is a member of the Board of Directors of Ablecom. Bill Liang is also the Chief Executive Officer of Compuware, a member of Compuware’s Board of Directors and a holder of a significant equity interest in Compuware. Steve Liang is also a member of Compuware’s Board of Directors and is an equity holder of Compuware. Neither Charles Liang nor Sara Liu own any capital stock of Compuware and the Company does not own any of Ablecom or Compuware’s capital stock. In addition, a sibling of Yih-Shyan (Wally) Liaw, who is our Senior Vice President, Business Development and a director, owns approximately 11.7% of Ablecom’s capital stock and 8.7% of Compuware’s capital stock.
Dealings with Ablecom
The Company has entered into a series of agreements with Ablecom, including multiple product development, production and service agreements, product manufacturing agreements, manufacturing services agreements and lease agreements for warehouse space.
Under these agreements, the Company outsources to Ablecom a portion of its design activities and a significant part of its server chassis manufacturing as well as an immaterial portion of other components. Ablecom manufactured approximately 87.2% and 95.5% of the chassis included in the products sold by the Company during the three months ended December 31, 2023 and 2022, respectively, and 86.3% and 91.8% of the chassis included in the products sold by the Company during the six months ended December 31, 2023 and 2022, respectively. With respect to design activities, Ablecom generally agrees to design certain agreed-upon products according to the Company’s specifications, and further agrees to build the tools needed to manufacture the products. The Company pays Ablecom for the design and engineering services, and further agrees to pay Ablecom for the tooling. The Company retains full ownership of any intellectual property resulting from the design of these products and tooling.
With respect to the manufacturing aspects of the relationship, Ablecom purchases most of materials needed to manufacture the chassis from third parties and the Company provides certain components used in the manufacturing process (such as power supplies) to Ablecom through consignment or sales transactions. Ablecom uses these materials and components to manufacture the completed chassis and then sell them back to the Company. For the components purchased from the Company, Ablecom sells the components back to the Company at a price equal to the price at which the Company sold the components to Ablecom. The Company and Ablecom frequently review and negotiate the prices of the chassis the Company purchases from Ablecom. In addition to inventory purchases, the Company also incurs other costs associated with design services, tooling and other miscellaneous costs from Ablecom.
The Company’s exposure to financial loss as a result of its involvement with Ablecom is limited to potential losses on its purchase orders in the event of an unforeseen decline in the market price and/or demand of the Company’s products such that the Company incurs a loss on the sale or cannot sell the products. Outstanding cancellable and non-cancellable purchase orders from the Company to Ablecom on December 31, 2023 were $49.1 million and $37.5 million, respectively, and outstanding cancellable and non-cancellable purchase orders from the Company to Ablecom on June 30, 2023 were $37.4 million and $23.7 million, respectively, effectively representing the exposure to financial loss. The Company does not directly or indirectly guarantee any obligations of Ablecom, or any losses that the equity holders of Ablecom may suffer. Since Ablecom manufactures substantially all the chassis that the Company incorporates into its products, if Ablecom were to suddenly be unable to manufacture chassis for the Company, the Company’s business could suffer if the Company is unable to quickly qualify substitute suppliers who can supply high-quality chassis to the Company in volume and at acceptable prices.
SMCI | Q2 2024 Form 10-Q | 20
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Dealings with Compuware
The Company has entered into a distribution agreement with Compuware, under which the Company appointed Compuware as a non-exclusive distributor of the Company’s products in Taiwan, China and Australia. Compuware assumes the responsibility to install the Company’s products at the site of the end customer, if required, and administers customer support in exchange for a discount from the Company’s standard price for its purchases.
The Company also has entered into a series of agreements with Compuware, including multiple product development, production and service agreements, product manufacturing agreements, and lease agreements for office space.
Under these agreements, the Company outsources to Compuware a portion of its design activities and a significant part of its power supplies manufacturing as well as an immaterial portion of other components. With respect to design activities, Compuware generally agrees to design certain agreed-upon products according to the Company’s specifications, and further agrees to build the tools needed to manufacture the products. The Company pays Compuware for the design and engineering services, and further agrees to pay Compuware for the tooling. The Company retains full ownership of any intellectual property resulting from the design of these products and tooling. With respect to the manufacturing aspects of the relationship, Compuware purchases most of materials needed to manufacture the power supplies from outside markets and uses these materials to manufacture the products and then sell those products to the Company. The Company and Compuware frequently review and negotiate the prices of the power supplies the Company purchases from Compuware.
Compuware also manufactures motherboards, backplanes and other components used on printed circuit boards for the Company. The Company sells to Compuware most of the components needed to manufacture the above products. Compuware uses the components to manufacture the products and then sells the products back to the Company at a purchase price equal to the price at which the Company sold the components to Compuware, plus a “manufacturing value added” fee and other miscellaneous material charges and costs including overhead and labor. The Company and Compuware frequently review and negotiate the amount of the “manufacturing value added” fee that will be included in the price of the products the Company purchases from Compuware. In addition to the inventory purchases, the Company also incurs costs associated with design services, tooling assets, and miscellaneous costs.
The Company’s exposure to financial loss as a result of its involvement with Compuware is limited to potential losses on its purchase orders in the event of an unforeseen decline in the market price and/or demand of the Company’s products such that the Company incurs a loss on the sale or cannot sell the products. Outstanding cancellable and non-cancellable purchase orders from the Company to Compuware on December 31, 2023 were $121.6 million and $49.9 million, respectively, and outstanding cancellable and non-cancellable purchase orders from the Company to Compuware on June 30, 2023 were $156.2 million and $46.8 million, respectively, effectively representing the exposure to financial loss. The Company does not directly or indirectly guarantee any obligations of Compuware, or any losses that the equity holders of Compuware may suffer.
Dealings with Investment in a Corporate Venture
In October 2016, the Company entered into agreements pursuant to which the Company contributed certain technology rights in connection with an investment in a privately-held company (the “Corporate Venture”) located in China to expand the Company’s presence in China. The Corporate Venture is 30% owned by the Company and 70% owned by another company in China. The transaction was closed in the third fiscal quarter of 2017 and the investment is accounted for using the equity method. As such, the Corporate Venture is also a related party.
The Company recorded a deferred gain related to the contribution of certain technology rights. There was no balance in the deferred gain in the consolidated balance sheets as of December 31, 2023 and June 30, 2023.
SMCI | Q2 2024 Form 10-Q | 21
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
The Company monitors the investment for events or circumstances indicative of potential impairment and makes appropriate reductions in carrying values if it determines that an impairment charge is required. In June 2020, the third-party parent company that controls the Corporate Venture was placed on a U.S. government export control list, along with several of such third-party parent’s related entities and a separate listing for one of its subsidiaries. The Corporate Venture is not itself a restricted party. The Company has concluded that the Corporate Venture is in compliance with the new restrictions. The Company does not believe that the equity investment carrying value is impacted as of December 31, 2023. No impairment charge was recorded for the three and six months ended December 31, 2023 or 2022.
The Company sold products worth $11.4 million and $6.0 million to the Corporate Venture during the three months ended December 31, 2023 and 2022, respectively, and $12.2 million and $17.3 million to the Corporate Venture during the six months ended December 31, 2023 and 2022, respectively. The Company’s share of intra-entity profits on the products that remained unsold by the Corporate Venture as of December 31, 2023 and June 30, 2023 have been eliminated and have reduced the carrying value of the Company’s investment in the Corporate Venture. To the extent that the elimination of intra-entity profits reduces the investment balance below zero, such amounts are recorded within accrued liabilities. The Company had $3.5 million and $1.9 million due from the Corporate Venture in accounts receivable, net as of December 31, 2023 and June 30, 2023, respectively.
The Company had the following balances related to transactions with its related parties as of December 31, 2023 and June 30, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ablecom | | Compuware | | Corporate Venture | | | Total |
| December 31, 2023 | | June 30, 2023 | | December 31, 2023 | | June 30, 2023 | | December 31, 2023 | | June 30, 2023 | | | | December 31, 2023 | | June 30, 2023 |
| | | | | | | | | | | | | | | | | |
Accounts receivable | $ | 2 | | | $ | 2 | | | $ | 289 | | | $ | 3,528 | | | $ | 3,568 | | | $ | 1,943 | | | | | $ | 3,859 | | | $ | 5,473 | |
Other receivable (1) | $ | 2,270 | | | $ | 2,841 | | | $ | 32,023 | | | $ | 24,891 | | | $ | — | | | $ | — | | | | | $ | 34,293 | | | $ | 27,732 | |
Accounts payable | $ | 46,649 | | | $ | 35,711 | | | $ | 55,051 | | | $ | 53,423 | | | $ | — | | | $ | — | | | | | $ | 101,700 | | | $ | 89,134 | |
Accrued liabilities (2) | $ | 1,074 | | | $ | 1,230 | | | $ | 17,435 | | | $ | 12,787 | | | $ | — | | | $ | — | | | | | $ | 18,509 | | | $ | 14,017 | |
| | |
(1) Other receivables include receivables from vendors included in prepaid and other current assets. |
(2) Includes current portion of operating lease liabilities included in other current liabilities. |
|
The Company’s results from transactions with its related parties for each of the three months ended December 31, 2023 and 2022, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ablecom | | Compuware | | Corporate Venture | | | Total |
| Three months ended December 31, | | Three months ended December 31, | | Three months ended December 31, | | | Three months ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2023 | | 2022 |
| | | | | | | | | | | | | | | | | |
Net sales | $ | 4 | | | $ | 2 | | | $ | 4,392 | | | $ | 14,113 | | | $ | 11,385 | | | $ | 5,958 | | | | | $ | 15,781 | | | $ | 20,073 | |
Purchases - inventory | $ | 50,586 | | | $ | 46,715 | | | $ | 61,859 | | | $ | 52,028 | | | $ | — | | | $ | — | | | | | $ | 112,445 | | | $ | 98,743 | |
Purchases - other miscellaneous items | $ | 3,456 | | | $ | 2,763 | | | $ | 332 | | | $ | 279 | | | $ | — | | | $ | — | | | | | $ | 3,788 | | | $ | 3,042 | |
SMCI | Q2 2024 Form 10-Q | 22
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
The Company’s results from transactions with its related parties for each of the six months ended December 31, 2023 and 2022, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ablecom | | Compuware | | Corporate Venture | | | Total |
| Six months ended December 31, | | Six months ended December 31, | | Six months ended December 31, | | | Six months ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2023 | | 2022 |
| | | | | | | | | | | | | | | | | |
Net sales | $ | 6 | | | $ | 3 | | | $ | 20,998 | | | $ | 27,872 | | | $ | 12,173 | | | $ | 17,251 | | | | | $ | 33,177 | | | $ | 45,126 | |
Purchases - inventory | $ | 97,199 | | | $ | 94,562 | | | $ | 128,353 | | | $ | 100,717 | | | $ | — | | | $ | — | | | | | $ | 225,552 | | | $ | 195,279 | |
Purchases - other miscellaneous items | $ | 8,215 | | | $ | 7,526 | | | $ | 749 | | | $ | 537 | | | $ | — | | | $ | — | | | | | $ | 8,964 | | | $ | 8,063 | |
The Company’s cash flow impact from transactions with its related parties for each of the six months ended December 31, 2023 and 2022, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ablecom | | Compuware | | Corporate Venture | | | Total |
| Six months ended December 31, | | Six months ended December 31, | | Six months ended December 31, | | | Six months ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2023 | | 2022 |
| | | | | | | | | | | | | | | | | |
Changes in accounts receivable | $ | — | | | $ | — | | | $ | 3,239 | | | $ | 137 | | | $ | (1,625) | | | $ | 3,041 | | | | | $ | 1,614 | | | $ | 3,178 | |
Changes in other receivable | $ | 571 | | | $ | 1,364 | | | $ | (7,132) | | | $ | (24,289) | | | $ | — | | | $ | — | | | | | $ | (6,561) | | | $ | (22,925) | |
Changes in accounts payable | $ | 10,938 | | | $ | (3,589) | | | $ | 1,628 | | | $ | 4,340 | | | $ | — | | | $ | — | | | | | $ | 12,566 | | | $ | 751 | |
Changes in accrued liabilities | $ | (156) | | | $ | (2,009) | | | $ | 4,648 | | | $ | 2,860 | | | $ | — | | | $ | — | | | | | $ | 4,492 | | | $ | 851 | |
Changes in other long-term liabilities | $ | — | | | $ | — | | | $ | (152) | | | $ | (168) | | | $ | — | | | $ | — | | | | | $ | (152) | | | $ | (168) | |
Purchases of property, plant and equipment | $ | 4,460 | | | $ | 4,366 | | | $ | 68 | | | $ | 148 | | | $ | — | | | $ | — | | | | | $ | 4,528 | | | $ | 4,514 | |
Unpaid property, plant and equipment | $ | 2,570 | | | $ | 1,764 | | | $ | 7 | | | $ | — | | | $ | — | | | $ | — | | | | | $ | 2,577 | | | $ | 1,764 | |
SMCI | Q2 2024 Form 10-Q | 23
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Note 9. Stock-based Compensation and Stockholders’ Equity
Equity Incentive Plan
On June 5, 2020, the stockholders of the Company approved the 2020 Equity and Incentive Compensation Plan (the “Original 2020 Plan”). The maximum number of shares available under the Original 2020 Plan was 5,000,000 plus 1,045,000 shares of common stock that remained available for future awards under the 2016 Equity Incentive Plan (the “2016 Plan”), at the time of adoption of the Original 2020 Plan. No other awards can be granted under the 2016 Plan and 7,246,000 shares of common stock remained reserved for outstanding awards issued under the Original 2016 Plan at the time of adoption of the Original 2020 Plan. On May 18, 2022, the stockholders of the Company approved an amendment and restatement of the Original 2020 Plan which, among other things, increased the number of shares available for award under the 2020 Plan by an additional 2,000,000 shares.
On January 22, 2024, the stockholders of the Company approved a further amendment and restatement of the Original 2020 Plan (as amended and restated from time to time, the “2020 Plan”) which, among other things, further increased the number of shares available for award under the 2020 Plan by an additional 1,500,000 shares.
Under the 2020 Plan, the Company can grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, dividend equivalents, and certain other awards, including those denominated or payable in, or otherwise based on, the Company’s common stock. The exercise price per share for incentive stock options granted to employees owning shares representing more than 10% of the Company’s outstanding voting stock at the time of grant cannot be less than 110% of the fair value of the underlying shares on the grant date. Nonqualified stock options and incentive stock options granted to all other persons are granted at a price not less than 100% of the fair value. Options generally expire ten years after the date of grant. Stock options and RSUs generally vest over four years; 25% at the end of one year and one sixteenth per quarter thereafter.
As of December 31, 2023, the Company had 483,780 authorized shares available for future issuance under the 2020 Plan.
Offering of Common Stock
On December 5, 2023, the Company completed a public offering of 2,415,805 shares of the Company's common stock at $262.00 per share, with 2,315,105 shares sold by the Company and 100,700 shares sold by selling stockholders.
The Company received net proceeds of approximately $582.8 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company did not receive any proceeds from the sale of the shares of common stock by the selling stockholders.
Common Stock Repurchase and Retirement
On August 3, 2022, after the expiration of a prior share repurchase program on July 31, 2022, a duly authorized subcommittee of the Company’s Board approved a new share repurchase program to repurchase shares of the Company’s common stock for up to $200 million at prevailing prices in the open market. Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The number of shares purchased and the timing of such purchases are based on working capital requirements, market and general business conditions, and other factors, including alternative investment opportunities.
No shares were repurchased under the share repurchase program during the three and six months ended December 31, 2023. As of December 31, 2023, $50.0 million was available for additional repurchases of common stock. The share repurchase program was effective until January 31, 2024, at which time the remaining unutilized portion of such program expired.
SMCI | Q2 2024 Form 10-Q | 24
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Determining Fair Value
The Company’s fair value of RSUs is based on the closing market price of the Company’s common stock on the date of grant. The Company estimates the fair value of stock options granted using the Black-Scholes-option-pricing model. This fair value is then amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The key inputs in using the Black-Scholes-option-pricing model were as follows:
Expected Term—The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding and was determined based on the Company’s historical experience.
Expected Volatility—Expected volatility is based on the Company’s implied and historical volatility.
Expected Dividend—The Black-Scholes valuation model calls for a single expected dividend yield as an input and the Company has no plans to pay dividends.
Risk-Free Interest Rate—The risk-free interest rate used in the Black-Scholes valuation method is based on the United States Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option.
The fair value of stock option grants for the three and six months ended December 31, 2023 and 2022 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Risk-free interest rate | 4.78% | | 4.16% - 4.25% | | 4.15% - 4.78% | | 2.81% - 4.25% |
Expected term | 5.99 years | | 6.07 years | | 3.00 years - 5.99 years | | 6.07 years |
Dividend yield | —% | | —% | | —% | | —% |
Volatility | 58.89% | | 51.64% - 51.68% | | 56.87% - 58.89% | | 50.62% - 51.68% |
Weighted-average fair value | $156.09 | | $36.37 | | $179.16 | | $34.60 |
The following table shows total stock-based compensation expense included in the condensed consolidated statements of operations for the three and six months ended December 31, 2023 and 2022 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Cost of sales | $ | 3,555 | | | $ | 1,486 | | | $ | 9,459 | | | $ | 2,370 | |
Research and development | 25,439 | | | 9,334 | | | 61,149 | | | 15,452 | |
Sales and marketing | 4,340 | | | 1,448 | | | 10,005 | | | 2,257 | |
General and administrative | 9,727 | | | 4,713 | | | 19,827 | | | 7,916 | |
Stock-based compensation expense before taxes | 43,061 | | | 16,981 | | | 100,440 | | | 27,995 | |
Income tax impact | (9,569) | | | (3,381) | | | (25,434) | | | (4,720) | |
Stock-based compensation expense, net | $ | 33,492 | | | $ | 13,600 | | | $ | 75,006 | | | $ | 23,275 | |
As of December 31, 2023, $73.5 million of unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 3.26 years and $237.0 million of unrecognized compensation cost related to unvested RSUs is expected to be recognized over a weighted-average period of 2.65 years. As described below, there is no unrecognized compensation cost related to the 2021 CEO Performance Stock Option as of December 31, 2023. Additionally, $27.4 million of unrecognized compensation cost related to the 2023 CEO Performance Stock Option is expected to be recognized over a period of 1.75 years.
SMCI | Q2 2024 Form 10-Q | 25
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Stock Option Activity
2021 CEO Performance Award
In March 2021, the Company’s Compensation Committee of the Board of Directors (the “Compensation Committee”) approved the grant of a stock option award for 1,000,000 shares of common stock to the Company’s CEO (the “2021 CEO Performance Stock Option”). The 2021 CEO Performance Stock Option has five vesting tranches with a vesting schedule based entirely on the attainment of operational milestones (performance conditions) and market conditions, assuming (1) continued employment either as the CEO or in such capacity as agreed upon between the Company’s CEO and the Board and (2) service through each vesting date. Each of the five vesting tranches of the 2021 CEO Performance Stock Option will vest upon certification by the Compensation Committee that both (i) the market price milestone for such tranche, which begins at $45.00 per share for the first tranche and increases up to $120.00 per share thereafter (based on a 60 trading day average stock price), has been achieved, and (ii) any one of five operational milestones focused on total revenue, as reported under U.S. GAAP, have been achieved for the previous four consecutive fiscal quarters. Upon vesting and exercise, including the payment of the exercise price of $45.00 per share, prior to March 2, 2024, the Company’s CEO must hold shares that he acquires until March 2, 2024, other than those shares sold pursuant to a cashless exercise where shares are simultaneously sold to pay for the exercise price and any required tax withholding.
The achievement status of the operational and stock price milestones as of December 31, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | | | |
Annualized Revenue Milestone (in billions) | | Achievement Status | | Stock Price Milestone | | Achievement Status | | |
$4.0 | | Achieved | | $45 | | Achieved (1) | | |
$4.8 | | Achieved | | $60 | | Achieved (2) | | |
$5.8 | | Achieved | | $75 | | Achieved (3) | | |
$6.8 | | Achieved | | $95 | | Achieved (4) | | |
$8.0 | | Achieved (5) | | $120 | | Achieved (6) | | |
| | | | | | | | |
(1)The vesting of the first tranche of 200,000 option shares under the 2021 CEO Performance Stock Option, representing one-fifth of such award, was certified by the Company’s Compensation Committee in August 2022.
(2)The vesting of the second tranche of 200,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in October 2022.
(3)The vesting of the third tranche of 200,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in January 2023.
(4)The vesting of the fourth tranche of 200,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in September 2023.
(5)Revenue reported for the four quarters ended December 31, 2023 was $9.3 billion. Achievement of the $8.0 billion revenue goal has not yet been certified by the Company’s Compensation Committee.
(6)On June 19, 2023, the Compensation Committee certified achievement of the $120 stock price milestone based upon the 60 trading day average stock price from March 6, 2023 through May 30, 2023.
During the three and six months ended December 31, 2023, the Company recognized compensation expense related to the 2021 CEO Performance Stock Option of $0.5 million and $0.7 million, respectively. During the three and six months ended December 31, 2022, the Company recognized compensation expense related to the 2021 CEO Performance Stock Option of $1.9 million and $3.2 million, respectively. As of December 31, 2023 and June 30, 2023, the Company had $0.0 million and $0.7 million, respectively, in unrecognized compensation cost related to the 2021 CEO Performance Stock Option.
SMCI | Q2 2024 Form 10-Q | 26
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
2023 CEO Performance Award
In November 2023, the Compensation Committee approved the grant of a stock option award for 500,000 shares of common stock to the Company’s CEO (the “2023 CEO Performance Stock Option”). The 2023 CEO Performance Stock Option has five vesting tranches with a vesting schedule based entirely on the attainment of operational milestones (performance conditions) and market conditions, assuming (1) continued employment either as the CEO or in such capacity as agreed upon between the Company’s CEO and the Board and (2) service through each vesting date. Each of the five vesting tranches of the 2023 CEO Performance Stock Option will vest upon certification by the Compensation Committee that both (i) the market price milestone for such tranche, which begins at $450.00 per share for the first tranche and increases up to $1,100.00 per share thereafter (based on a 60 trading day average stock price), has been achieved, and (ii) any one of five operational milestones focused on total revenue, as reported under U.S. GAAP, have been achieved for the previous four consecutive fiscal quarters. Upon vesting and exercise, including the payment of the exercise price of $450.00 per share, prior to November 14, 2026, the Company’s CEO must hold shares that he acquires until November 14, 2026, other than those shares sold pursuant to a cashless exercise where shares are simultaneously sold to pay for the exercise price and any required tax withholding.
SMCI | Q2 2024 Form 10-Q | 27
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
The achievement status of the operational and stock price milestones as of December 31, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | |
Annualized Revenue Milestone (in billions) | | Achievement Status | | Stock Price Milestone | | Achievement Status |
$13.0 | | Probable | | $450 | | Not met |
$15.0 | | Not Probable | | $600 | | Not met |
$17.0 | | Not Probable | | $750 | | Not met |
$19.0 | | Not Probable | | $900 | | Not met |
$21.0 | | Not Probable | | $1,100 | | Not met |
During the three and six months ended December 31, 2023, the Company recognized compensation expense related to the 2023 CEO Performance Stock Option of $2.5 million. As of December 31, 2023 , the Company had $27.4 million in unrecognized compensation cost related to the 2023 CEO Performance Stock Option. The unrecognized compensation cost as of December 31, 2023 is expected to be recognized over a period of 1.75 years.
On the respective grant dates of each of the 2021 CEO Performance Award and the 2023 CEO Performance Award, a Monte Carlo simulation was used to determine for each tranche of each award (i) a fixed expense amount for such tranche and (ii) the future time when the market price milestone for such tranche was expected to be achieved, or its “expected market price milestone achievement time.” Separately, based on a subjective assessment of the Company’s future financial performance, each quarter, the Company will determine whether achievement is probable for each operational milestone that has not previously been achieved or deemed probable of achievement, and, if so, the future time when the Company expects to achieve that operational milestone, or its “expected operational milestone achievement time.” When the Company first determines that an operational milestone has become probable of being achieved, the Company will allocate the entire expense for the related tranche over the number of quarters between the grant date and the then-applicable “expected vesting time.” The “expected vesting time” at any given time is the later of (i) the expected operational milestone achievement time (if the related operational milestone has not yet been achieved) and (ii) the expected market price milestone achievement time (if the related market price milestone has not yet been achieved). The Company will immediately recognize a catch-up expense for all accumulated expenses from the respective grant date through the quarter in which the operational milestone was first deemed probable of being achieved. Each quarter thereafter, the Company will recognize the prorated portion of the then-remaining expense for the tranche based on the number of quarters between such quarter and the then-applicable expected vesting time, except that upon vesting of a tranche, all remaining expenses for that tranche will be immediately recognized.
The following table summarizes stock option activity during the six months ended December 31, 2023 under all plans: | | | | | | | | | | | | | | | | | | | | | | |
| | Options Outstanding | | Weighted Average Exercise Price per Share | | Weighted Average Remaining Contractual Term (in Years) | | |
Balance as of June 30, 2023 | | 3,302,533 | | | $ | 40.47 | | | | | |
Granted | | 844,242 | | | $ | 393.40 | | | | | |
Exercised | | (341,409) | | | $ | 28.68 | | | | | |
Forfeited/Cancelled | | (7,127) | | | $ | 60.76 | | | | | |
Balance as of December 31, 2023 | | 3,798,239 | | | $ | 119.94 | | | 7.00 | | |
| | | | | | | | |
Options vested and exercisable at December 31, 2023 | | 2,044,524 | | | $ | 36.57 | | | 5.36 | | |
SMCI | Q2 2024 Form 10-Q | 28
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
RSU Activity
The following table summarizes RSU activity during the six months ended December 31, 2023 under all plans:
| | | | | | | | | | | | | | | | |
| Time-Based RSUs Outstanding | | Weighted Average Grant-Date Fair Value per Share | | | | | |
Balance as of June 30, 2023 | 2,042,986 | | | $ | 55.94 | | | | | | |
Granted | 724,048 | | | $ | 309.00 | | | | | | |
Released | (511,022) | | | $ | 96.34 | | | | | | |
Forfeited | (45,329) | | | $ | 91.53 | | | | | | |
Balance as of December 31, 2023 | 2,210,683 | | | $ | 128.75 | | | | | | |
SMCI | Q2 2024 Form 10-Q | 29
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Note 10. Income Taxes
The Company recorded a provision for income taxes of $61.5 million and $81.7 million for the three and six months ended December 31, 2023, respectively, and $29.6 million and $68.5 million for the three and six months ended December 31, 2022, respectively. The effective tax rate was 17.3% and 15.3% for the three and six months ended December 31, 2023, respectively, and 14.3% and 15.9% for the three and six months ended December 31, 2022, respectively. The effective tax rate for the three months ended December 31, 2023 is higher than that for the three months ended December 31, 2022, primarily due to a 2% increase caused by a reduction of foreign derived intangible income which is subject to lower income tax rate than a statutory tax rate of 21%. In addition, there was a 1% increase caused by more non tax deductible stock-based compensation for officers over one million dollars threshold. The effective tax rate for the six months ended December 31, 2023 is lower than that for the six months ended December 31, 2022, primarily due to an increase in the tax deduction for stock-based compensation in the six months ended December 31, 2023.
The Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development (“R&D”) expenses in the year incurred and instead requires taxpayers to capitalize R&D expenses, including software development cost, and subsequently amortize such expenses over five years for R&D activities conducted in the United States and over fifteen years for R&D activities conducted outside of the United States beginning in the Company's fiscal year 2023. Although Congress has considered legislation that would defer, modify, and repeal the capitalization and amortization requirement, there is no assurance the provision will be deferred, repealed, or otherwise modified.
The Company believes that it has adequately provided reserves for all uncertain tax positions; however, amounts asserted by tax authorities could be greater or less than the Company’s current position. Accordingly, the Company’s provision on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or as the underlying matters are settled or otherwise resolved.
In general, the federal statute of limitations remains open for tax years ended June 30, 2020 through 2023. Various states’ statutes of limitations remain open in general for tax years ended June 30, 2019 through 2023. Certain statutes of limitations in major foreign jurisdictions remain open for the tax years ended June 30, 2018 through 2023. It is reasonably possible that the Company’s gross unrecognized tax benefits will decrease by approximately $3.2 million, in the next 12 months, due to the lapse of the statute of limitations. These adjustments, if recognized, would positively impact the Company’s effective tax rate, and would be recognized as additional tax benefits.
Note 11. Commitments and Contingencies
Legal proceedings and indemnifications
From time to time, the Company has been involved in various legal proceedings arising from the normal course of business activities. The resolution of any such matters have not had a material impact on the Company’s consolidated financial condition, results of operations or liquidity as of December 31, 2023 and any prior periods.
The Company has entered into indemnification agreements with its current and former directors and executive officers.
Under these agreements, the Company has agreed to indemnify such individuals to the fullest extent permitted by law against liabilities that arise by reason of their status as directors or officers and to advance expenses incurred by such individuals in connection with related legal proceedings. It is not possible to determine the maximum potential amount of payments the Company could be required to make under these agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each claim. However, the Company maintains directors and officers liability insurance coverage to reduce its exposure to such obligations.
Purchase Commitments— The Company has agreements to purchase inventory and non-inventory items primarily through the next 12 months. As of December 31, 2023, these remaining noncancelable commitments were $1.9 billion, including $87.4 million for related parties.
SMCI | Q2 2024 Form 10-Q | 30
SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Note 12. Segment Reporting
The Company operates in one operating segment that develops and provides high-performance server and storage solutions based upon an innovative, modular and open-standard architecture. The Company’s chief operating decision maker is the Chief Executive Officer.
The following is a summary of property, plant and equipment, net (in thousands):
| | | | | | | | | | | |
| December 31, | | June 30, |
| 2023 | | 2023 |
Long-lived assets: | | | |
United States | $ | 183,896 | | | $ | 183,485 | |
Asia | 110,676 | | | 104,094 | |
Europe | 2,530 | | | 2,661 | |
| $ | 297,102 | | | $ | 290,240 | |
The Company’s revenue is presented on a disaggregated basis in Part I, Item 1, Note 2, “Revenue,” by type of product and by geographical market.
Note 13. Subsequent Events
On January 26, 2024, the Company entered into an agreement to purchase real estate for an aggregate price of $80.0 million, subject to certain adjustments to be determined at closing. The transaction is expected to close during the third quarter of fiscal 2024. The Company plans to acquire this property using its own cash.
On January 31, 2024, the Company entered into a lease for approximately 260,000 square feet of space in San Jose, California for a term of 79 months. The Company currently intends to use such premises for additional warehouse space. The lease also provides that the Company is required to rent an additional approximate 198,000 square feet of space in the same building after such space becomes available for the remainder of the term stated above. Aggregate payment under the lease for both the primary space and additional space is approximately $0.6 million per month, subject to annual increase.
.
SMCI | Q2 2024 Form 10-Q | 31
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Quarterly Report contain “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, as amended (the “Exchange Act”) that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including “would,” “could,” “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “probable of achievement,” or “continue,” the negative of these terms or other comparable terminology. In evaluating these statements, you should specifically consider various factors, including the risks discussed under “Risk Factors” in Part II, Item 1A of this filing. These factors may cause our actual results to differ materially from those anticipated or implied in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We cannot guarantee future results, levels of activity, performance or achievements.
The following discussion and analysis of the financial condition and results of our operations should be read in conjunction with our condensed consolidated financial statements and related footnotes included elsewhere in this Quarterly Report and included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 (the “2023 10-K”), which includes our condensed consolidated financial statements for the fiscal years ended June 30, 2023 and 2022.
Overview
We are a Silicon Valley-based provider of accelerated compute platforms that are comprised of application-optimized high performance and high-efficiency server and storage systems for a variety of markets, including enterprise data centers, cloud computing, artificial intelligence (“AI”), 5G and edge computing. Our Total IT Solutions include complete servers, storage systems, modular blade servers, blades, workstations, full rack scale solutions, networking devices, server sub-systems, server management and security software. We also provide global support and services to help our customers install, upgrade and maintain their computing infrastructure.
We commenced operations in 1993 and have been profitable every year since inception. In order to increase our sales and profits, we believe that we must continue to develop customized and application optimized server and storage solutions and be among the first to market with new features and products. We continue to expand our software, customer service and support offerings, as we increasingly focus on larger enterprise customers. We measure our financial success based on various indicators, including growth in net sales, gross profit margin and operating margin. Among the key non-financial indicators of our success is our ability to rapidly introduce new products and deliver the latest application-optimized server and storage solutions. In this regard, we work closely with microprocessor, GPU and other key component vendors to take advantage of new technologies as they are introduced. Historically, our ability to introduce new products rapidly has allowed us to benefit from technology transitions such as the introduction of new microprocessors, accelerators and storage technologies, and as a result, we monitor the product introduction cycles of Intel Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., Samsung Electronics Company Limited, Micron Technology, Inc. and others closely and carefully. This also impacts our research and development expenditures as we continue to invest more in our current and future product development efforts.
Financial Highlights
The following is a summary of our financial highlights of the second quarter of fiscal year 2024:
•Net sales increased by 103.2% in the three months ended December 31, 2023 as compared to the three months ended December 31, 2022.
•Gross margin decreased to 15.4% in the three months ended December 31, 2023 from 18.7% in the three months ended December 31, 2022.
•Operating expenses increased by 57.8% as compared to the three months ended December 31, 2022 and were equal to 5.3% and 6.7% of net sales in the three months ended December 31, 2023 and 2022, respectively.
•Effective tax rate increased to 17.3% in the three months ended December 31, 2023 from 14.3% in the three months ended December 31, 2022.
SMCI | Q2 2024 Form 10-Q | 32
Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales and expenses. We evaluate our estimates on an on-going basis based on a) historical experience and b) assumptions we believe to be reasonable under the circumstances and are not readily apparent from other sources, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Because these estimates can vary depending on the situation, actual results may differ from these estimates. Making estimates and judgments about future events is inherently unpredictable and is subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to have been incorrect, it could have a material impact on our results of operations, financial position and statement of cash flows.
There have been no material changes to our critical accounting policies and estimates as compared to those disclosed in our 2023 10-K. For a description of our critical accounting policies and estimates, see Part I, Item 1, Note 1, "Summary of Significant Accounting Policies" in our notes to condensed consolidated financial statements in this Quarterly Report.
Results of Operations
The following table presents certain items of our condensed consolidated statements of operations expressed as a percentage of revenue.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Six Months Ended December 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net sales | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
Cost of sales | 84.6 | % | | 81.3 | % | | 84.1 | % | | 81.3 | % |
Gross profit | 15.4 | % | | 18.7 | % | | 15.9 | % | | 18.7 | % |
Operating expenses: | | | | | | | |
Research and development | 3.0 | % | | 3.9 | % | | 3.8 | % | | 4.0 | % |
Sales and marketing | 1.3 | % | | 1.6 | % | | 1.5 | % | | 1.6 | % |
General and administrative | 1.0 | % | | 1.2 | % | | 1.2 | % | | 1.2 | % |
Total operating expenses | 5.3 | % | | 6.7 | % | | 6.5 | % | | 6.8 | % |
Income from operations | 10.1 | % | | 12.0 | % | | 9.4 | % | | 11.9 | % |
Other (expense) income, net | (0.2) | % | | (0.4) | % | | 0.0 | % | | 0.1 | % |
Interest expense | (0.2) | % | | (0.1) | % | | (0.2) | % | | (0.2) | % |
Income before income tax provision | 9.7 | % | | 11.5 | % | | 9.2 | % | | 11.8 | % |
Income tax provision | (1.7) | % | | (1.6) | % | | (1.4) | % | | (1.9) | % |
Share of income (loss) from equity investee, net of taxes | 0.1 | % | | (0.1) | % | | 0.0 | % | | (0.1) | % |
Net income | 8.1 | % | | 9.8 | % | | 7.8 | % | | 9.8 | % |
Net Sales
Net sales consist of sales of our server and storage solutions, including systems and related services and subsystems and accessories. The prices for our server and storage systems range widely depending upon the configuration, as well as the level of integration of key components such as CPUs, GPUs, SSDs and memory. The prices for our subsystems and accessories can also vary widely based on whether a customer is purchasing power supplies, server boards, chassis or other accessories.
As with most electronics-based product life cycles, average selling prices typically are highest at the time of introduction of new products that utilize the latest technology and tend to decrease over time as such products mature in the market and are replaced by next generation products. Additionally, in order to remain competitive throughout all industry cycles, we actively change our selling price per unit in response to changes in costs for key components such as CPUs, GPUs, SSDs and memory.
SMCI | Q2 2024 Form 10-Q | 33
The following table presents net sales by product type for the three and six months ended December 31, 2023 and 2022 (dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Change | | Six Months Ended December 31, | | Change |
| 2023 | | 2022 | | $ | | % | | 2023 | | 2022 | | $ | | % |
Server and storage systems | $ | 3,435.6 | | | $ | 1,660.9 | | | $ | 1,774.7 | | | 106.9 | % | | $ | 5,402.2 | | | $ | 3,374.0 | | | $ | 2,028.2 | | | 60.1 | % |
Percentage of total net sales | 93.7 | % | | 92.1 | % | | | | | | 93.4 | % | | 92.3 | % | | | | |
Subsystems and accessories | $ | 229.3 | | | $ | 142.3 | | | $ | 87.0 | | | 61.1 | % | | $ | 382.4 | | | $ | 281.3 | | | $ | 101.1 | | | 35.9 | % |
Percentage of total net sales | 6.3 | % | | 7.9 | % | | | | | | 6.6 | % | | 7.7 | % | | | | |
Total net sales | $ | 3,664.9 | | | $ | 1,803.2 | | | $ | 1,861.7 | | | 103.2 | % | | $ | 5,784.6 | | | $ | 3,655.3 | | | $ | 2,129.3 | | | 58.3 | % |
Server and storage systems constitute an assembly and integration of subsystems and accessories and related services. Subsystems and accessories are comprised of server-boards, chassis and accessories.
Comparison of Three Months Ended December 31, 2023 and 2022
The period-over-period increase in net sales of our server and storage systems was primarily due to the strong demand from customers for GPU, high performance computing (“HPC"), and rack-scale solutions which are generally more complex and of higher value, resulting in an increase of average selling price ("ASP").
The period-over-period increase in net sales for our subsystems and accessories is primarily due to increased demand of accessories sold to data center customers as more accessories and spares were purchased in conjunction with the strong sales of full systems and servers.
Comparison of Six Months Ended December 31, 2023 and 2022
The period-over-period increase in net sales of our server and storage systems was primarily due to the strong demand from customers for GPU, high performance computing (“HPC"), and rack-scale solutions which are generally more complex and of higher value, resulting in an increase of average selling price ("ASP").
The period-over-period increase in net sales for our subsystems and accessories is primarily due to increased demand of accessories sold to data center customers as more accessories and spares were purchased in conjunction with the strong sales of full systems and servers.
The following table presents net sales by geographic region for the three and six months ended December 31, 2023 and 2022 (dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Change | | Change | | Six Months Ended December 31, | | Change | | Change |
| 2023 | | 2022 | | $ | | % | | 2023 | | 2022 | | $ | | % |
United States | $ | 2,605.6 | | | $ | 1,091.4 | | | $ | 1,514.2 | | | 138.7 | % | | $ | 4,225.1 | | | $ | 2,386.9 | | | $ | 1,838.2 | | | 77.0 | % |
Percentage of total net sales | 71.1 | % | | 60.5 | % | | | | | | 73.0 | % | | 65.3 | % | | | | |
Asia | $ | 656.2 | | | $ | 330.7 | | | $ | 325.5 | | | 98.4 | % | | $ | 881.7 | | | $ | 600.7 | | | $ | 281.0 | | | 46.8 | % |
Percentage of total net sales | 17.9 | % | | 18.4 | % | | | | | | 15.2 | % | | 16.4 | % | | | | |
Europe | $ | 288.4 | | | $ | 312.5 | | | $ | (24.1) | | | (7.7) | % | | $ | 479.3 | | | $ | 547.6 | | | $ | (68.3) | | | (12.5) | % |
Percentage of total net sales | 7.9 | % | | 17.3 | % | | | | | | 8.3 | % | | 15.0 | % | | | | |
Others | $ | 114.7 | | | $ | 68.6 | | | $ | 46.1 | | | 67.2 | % | | $ | 198.5 | | | $ | 120.1 | | | $ | 78.4 | | | 65.3 | % |
Percentage of total net sales | 3.1 | % | | 3.8 | % | | | | | | 3.5 | % | | 3.3 | % | | | | |
Total net sales | $ | 3,664.9 | | | $ | 1,803.2 | | | | | | | $ | 5,784.6 | | | $ | 3,655.3 | | | | | |
SMCI | Q2 2024 Form 10-Q | 34
Comparison of Three Months Ended December 31, 2023 and 2022
The period-over-period increase in overall net sales is the result of higher ASPs, especially for large enterprise and data center customers. United States sales experienced significant growth due to increased demand from data center customers for GPU, HPC, and rack-scale solutions. The period-over-period increase of net sales in Asia and other regions is mainly due to an increase in net sales in Taiwan, Singapore, Canada and South Africa. The period-over-period decrease in sales in Europe is mainly due to decreases in net sales in Germany, United Kingdom, and France.
Two customers accounted for 25.5% and 10.4% of the net sales for the three months ended December 31, 2023. We had no customers with net sales over 10% for the three months ended December 31, 2022, however, we expect to continue to have customers exceeding 10% of net sales in future quarters.
Comparison of Six Months Ended December 31, 2023 and 2022
The period-over-period increase in overall net sales is the result of higher ASPs, especially for large enterprise and data center customers. United States sales experienced significant growth due to increased demand from data center customers for GPU, HPC, and rack-scale solutions. The period-over-period increase of net sales in Asia and other regions is mainly due to an increase in net sales in Taiwan, Canada and South Africa. The period-over-period decrease in sales in Europe is mainly due to decreases in net sales in Germany, United Kingdom, and France.
One customer accounted for 25.3% of the net sales for the six months ended December 31, 2023. The same customer accounted for 15.8% of net sales for the six months ended December 31, 2022. We expect to continue to have customers exceeding 10% of net sales in future quarters.
Cost of Sales and Gross Margin
Cost of sales primarily consists of the costs to manufacture our products, which includes: the costs of materials, contract manufacturing, shipping, personnel expenses (salaries, benefits, stock-based compensation and incentive bonuses), equipment and facility expenses, warranty costs and inventory reserve charges. The primary factors that impact our cost of sales are the mix of products sold, changes in the cost of components, changes in logistic costs, changes in salary and benefits and overhead costs related to production as well as economies of scale gained from higher production volume in our facilities. Cost of sales as a percentage of net sales may increase or decrease over time if the changes in our costs are not matched by corresponding changes in our ASPs. Our cost of sales as a percentage of net sales is also impacted by the timing and extent to which we add to, and are able to efficiently utilize, our manufacturing capacity. Because we generally do not have long-term fixed supply agreements, our cost of sales is subject to frequent change based on the availability of materials and other market conditions. Certain materials used in the manufacturing of our products are available from a limited number of suppliers and we expect that this trend will continue in the future.
We use several suppliers and contract manufacturers to design and manufacture subsystems in accordance with our specifications, with most final assembly and testing generally performed at our manufacturing facilities in the same region where our products are sold. We work with Ablecom, one of our key contract manufacturers and also a related party to optimize modular designs for our chassis and certain other components. We also outsource to Compuware, also a related party, a portion of our design activities and a significant part of the manufacturing of certain components, particularly power supplies.
Cost of sales and gross margin for the three and six months ended December 31, 2023 and 2022 are as follows (dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Change | | Six Months Ended December 31, | | Change |
| 2023 | | 2022 | | $ | | % | | 2023 | | 2022 | | $ | | % |
Cost of sales | $ | 3,100.6 | | | $ | 1,465.8 | | | $ | 1,634.8 | | | 111.5 | % | | $ | 4,866.6 | | | $ | 2,970.4 | | | $ | 1,896.2 | | | 63.8 | % |
Gross profit | $ | 564.3 | | | $ | 337.4 | | | $ | 226.9 | | | 67.2 | % | | $ | 918.0 | | | $ | 685.0 | | | $ | 233.0 | | | 34.0 | % |
Gross margin | 15.4 | % | | 18.7 | % | | | | (3.3) | % | | 15.9 | % | | 18.7 | % | | | | (2.8) | % |
SMCI | Q2 2024 Form 10-Q | 35
Comparison of Three Months Ended December 31, 2023 and 2022
The period-over-period increase in cost of sales was primarily attributed to an increase in sales volume, which resulted in an increase of $1,639.1 million in costs of materials and contract manufacturing expenses, and a $3.1 million increase in overhead costs, partially offset by a $7.4 million decrease in inventory reserve charges.
The period-over-period decrease in the gross margin percentage was primarily due to product and customer mix, partially offset by lower cost of goods sold from manufacturing efficiency and other factors.
Comparison of Six Months Ended December 31, 2023 and 2022
The period-over-period increase in cost of sales was primarily attributed to an increase in sales volume, which resulted in an increase of $1,918.6 million in costs of materials and contract manufacturing expenses, and a $0.9 million increase in overhead costs, partially offset by a $12.7 million decrease in inventory reserve charges and a $10.6 million decrease in freight costs due to an improved supply chain.
The period-over-period decrease in the gross margin percentage was primarily due to product and customer mix, partially offset by lower cost of goods sold from manufacturing efficiency and other factors.
Operating Expenses
Research and development expenses consist of personnel expenses including salaries, benefits, stock-based compensation and incentive bonuses for our research and development personnel, as well as product development costs such as materials and supplies, consulting services, third-party testing services and equipment and facility expenses related to our research and development activities. All research and development costs are expensed as incurred. We occasionally receive non-recurring engineering funding from certain suppliers and customers for joint development. Under these arrangements, we are reimbursed for certain research and development costs that we incur as part of the joint development efforts with our suppliers and customers. These reimbursed costs offset a portion of the related research and development expenses and have the effect of reducing our reported research and development expenses.
Sales and marketing expenses consist primarily of personnel expenses including salaries, benefits, stock-based compensation and incentive bonuses for our sales and marketing personnel, cost for trade shows, independent sales representative fees and marketing programs. From time to time, we receive marketing development funding from certain suppliers. Under these arrangements, we are reimbursed for certain marketing costs that we incur as part of the joint promotion of our products and those of our suppliers. These reimbursed costs offset a portion of the related expenses and have the effect of reducing our reported sales and marketing expenses. The timing, magnitude and estimated usage of these programs can result in significant variations in reported sales and marketing expenses from period to period. Spending on cooperative marketing, reimbursed by our suppliers, typically increases in connection with new product releases by our suppliers.
General and administrative expenses consist primarily of general corporate costs, including personnel expenses such as salaries, benefits, stock-based compensation and incentive bonuses for our general and administrative personnel, financial reporting, information technology, corporate governance and compliance, outside legal, audit, tax fees, insurance and bad debt reserves on accounts receivable.
SMCI | Q2 2024 Form 10-Q | 36
Operating expenses for the three and six months ended December 31, 2023 and 2022 are as follows (dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Change | | Six Months Ended December 31, | | Change |
| 2023 | | 2022 | | $ | | % | | 2023 | | 2022 | | $ | | % |
Research and development | $ | 108.8 | | | $ | 70.7 | | | $ | 38.1 | | | 53.9 | % | | $ | 219.8 | | | $ | 145.0 | | | $ | 74.8 | | | 51.6 | % |
Percentage of total net sales | 3.0 | % | | 3.9 | % | | | | | | 3.8 | % | | 4.0 | % | | | | |
Sales and marketing | $ | 46.9 | | | $ | 28.4 | | | $ | 18.5 | | | 65.1 | % | | $ | 84.1 | | | $ | 57.8 | | | $ | 26.3 | | | 45.5 | % |
Percentage of total net sales | 1.3 | % | | 1.6 | % | | | | | | 1.5 | % | | 1.6 | % | | | | |
General and administrative | $ | 37.2 | | | $ | 23.1 | | | $ | 14.1 | | | 61.0 | % | | $ | 70.1 | | | $ | 46.9 | | | $ | 23.2 | | | 49.5 | % |
Percentage of total net sales | 1.0 | % | | 1.2 | % | | | | | | 1.2 | % | | 1.2 | % | | | | |
Total operating expenses | $ | 192.9 | | | $ | 122.2 | | | $ | 70.7 | | | 57.9 | % | | $ | 374.0 | | | $ | 249.7 | | | $ | 124.3 | | | 49.8 | % |
Percentage of total net sales | 5.3 | % | | 6.7 | % | | | | | | 6.5 | % | | 6.8 | % | | | | |
Comparison of Three Months Ended December 31, 2023 and 2022
Research and development expenses. The period-over-period increase in research and development expenses was primarily driven by a $33.5 million increase in compensation expenses due to salary increases, higher headcount and the cost of equity awards as we expanded our workforce and invested in key talent, a $1.0 million increase in product development costs to support the development of next generation products and technologies and a $3.6 million decrease in research and development credits received from certain suppliers and customers. We believe that research and development expenses will continue to increase as we continue to expand our workforce and invest in key talent to stay at the forefront of development of next generation products and technologies.
Sales and marketing expenses. The period-over-period increase in sales and marketing expenses was primarily driven by a $14.9 million increase in compensation expenses due to salary increases, higher headcount and cost of equity awards, a $5.5 million increase in advertising and other expenses and a $1.9 million decrease in marketing development funds received. We believe that sales and marketing expenses will continue to increase as we continue to expand our workforce and invest in key talent.
General and administrative expenses. The period-over-period increase in general and administrative expenses was primarily due to a $7.8 million increase in compensation expenses associated with higher headcount and the cost of equity awards and a $6.3 million increase in professional and service fees and other expenses. We believe that general and administrative expenses will continue to increase as we continue to expand our workforce and invest in key talent.
SMCI | Q2 2024 Form 10-Q | 37
Comparison of Six Months Ended December 31, 2023 and 2022
Research and development expenses. The period-over-period increase in research and development expenses was primarily driven by a $72.4 million increase in compensation expenses due to salary increases, higher headcount and the cost of equity awards as we expanded our workforce and invested in key talent, a $1.9 million increase in product development costs to support the development of next generation products and technologies and a $0.5 million decrease in research and development credits received from certain suppliers and customers. We believe that research and development expenses will continue to increase as we continue to expand our workforce and invest in key talent to stay at the forefront of development of next generation products and technologies.
Sales and marketing expenses. The period-over-period increase in sales and marketing expenses was primarily driven by a $24.0 million increase in compensation expenses due to salary increases, higher headcount and the cost of equity awards, a $3.5 million increase in advertising and other expenses and a $1.2 million decrease in marketing development funds received. We believe that sales and marketing expenses will continue to increase as we continue to expand our workforce and invest in key talent.
General and administrative expenses. The period-over-period increase in general and administrative expenses was primarily due to a $16.4 million increase in compensation expenses associated with higher headcount and the cost of equity awards and a $3.8 million increase in professional and service fees and other expenses. We believe that general and administrative expenses will continue to increase as we continue to expand our workforce and invest in key talent.
Interest Expense and Other Expense, Net
Other (expense) income, net consists primarily of interest earned on our investment and cash balances and foreign exchange gains and losses.
Interest expense represents interest expense on our term loans and lines of credit.
Interest expense and other income (expense), net for the three and six months ended December 31, 2023 and 2022 are as follows (dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Change | | Six Months Ended December 31, | | Change |
| 2023 | | 2022 | | $ | | % | | 2023 | | 2022 | | $ | | % |
Other (expense) income, net | $ | (7.9) | | | $ | (6.3) | | | $ | (1.6) | | | 25.4 | % | | $ | (1.3) | | | $ | 1.7 | | | $ | (3.0) | | | (176.5) | % |
Interest expense | (8.1) | | | (1.8) | | | (6.3) | | | 350.0 | % | | (10.0) | | | (5.7) | | | (4.3) | | | 75.4 | % |
Interest expense and other expense, net | $ | (16.0) | | | $ | (8.1) | | | $ | (7.9) | | | 97.5 | % | | $ | (11.3) | | | $ | (4.0) | | | $ | (7.3) | | | 182.5 | % |
Comparison of Three Months Ended December 31, 2023 and 2022
The increase of $7.9 million in interest expense and other expense, net was primarily attributable to an increase in interest expense of $6.3 million due to an increase in outstanding loan balances and a $1.6 million increase in other expense driven by increase in foreign exchange losses of $3.0 million due to weakening of US dollars offset by a $1.4 million increase in interest and other income.
Comparison of Six Months Ended December 31, 2023 and 2022
The increase of $7.3 million in interest expense and other expense, net was primarily attributable to an increase in interest expense of $4.3 million due to an increase in outstanding loan balances and a $3.0 million increase in other expense driven by investment impairment and increase in foreign exchange losses of $6.0 million due to weakening of US dollars offset by an increase of $3.0 million in interest and other income.
SMCI | Q2 2024 Form 10-Q | 38
Income Tax Provision
Our income tax provision is based on our taxable income generated in the jurisdictions in which we operate, which primarily include the United States, Taiwan, and the Netherlands. Our effective tax rate differs from the statutory rate primarily due to research and development tax credits, certain non-deductible expenses, tax benefits from foreign derived intangible income and stock-based compensation.
Provision for income taxes and effective tax rates for the three and six months ended December 31, 2023 and 2022 are as follows (dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Change | | Six Months Ended December 31, | | Change |
| 2023 | | 2022 | | $ | | % | | 2023 | | 2022 | | $ | | % |
Income tax provision | $ | 61.5 | | | $ | 29.6 | | | $ | 31.9 | | | 107.8 | % | | $ | 81.7 | | | $ | 68.5 | | | $ | 13.2 | | | 19.3 | % |
Percentage of total net sales | 1.7 | % | | 1.6 | % | | | | | | 1.4 | % | | 1.9 | % | | | | |
Effective tax rate | 17.3 | % | | 14.3 | % | | | | | | 15.3 | % | | 15.9 | % | | | | |
Comparison of Three Months Ended December 31, 2023 and 2022
Our quarterly effective income tax rate is based on the estimated annual income tax rate forecast and discrete tax items recognized in the period. The income tax provision and effective tax rate for the three months ended December 31, 2023 is higher than that for the three months ended December 31, 2022, primarily due to a 2% increase caused by a reduction of foreign derived intangible income which is subject to lower income tax rate than a statutory tax rate of 21%. In addition, there was a 1% increase caused by more non tax deductible stock-based compensation for officers over one million dollars threshold.
Comparison of Six Months Ended December 31, 2023 and 2022
Our quarterly effective income tax rate is based on the estimated annual income tax rate forecast and discrete tax items recognized in the period. The income tax provision for the six months ended December 31, 2023 is higher than that for the six months ended December 31, 2022, primarily due to a significant increase in annual forecasted taxable income. The effective tax rate for the six months ended December 31, 2023 is lower than that for the six months ended December 31, 2022, primarily due to an increase in the tax deduction for stock compensation.
Share of Income (Loss) from Equity Investee, Net of Taxes
Share of income (loss) from equity investee, net of taxes represents our share of income (loss) from the Corporate Venture in which we have 30% ownership.
Share of income (loss) from equity investee, net of taxes for the three and six months ended December 31, 2023 and 2022 are as follows (dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Change | Six Months Ended December 31, | | Change |
| 2023 | | 2022 | | $ | | % | | 2023 | | 2022 | | $ | | % |
Share of income (loss) from equity investee, net of taxes | $ | 2.0 | | | $ | (1.4) | | | $ | 3.4 | | | n/m (1) | | $ | 2.0 | | | $ | (2.2) | | | $ | 4.2 | | | n/m (1) |
Percentage of total net sales | 0.1 | % | | (0.1) | % | | | | | | — | % | | (0.1) | % | | | | |
(1) n/m - Not meaningful
SMCI | Q2 2024 Form 10-Q | 39
Comparison of Three Months Ended December 31, 2023 and 2022
The period-over-period increase of $3.4 million in share of income from equity investee, net of taxes was primarily due to a net income recognized by the Corporate Venture.
Comparison of Six Months Ended December 31, 2023 and 2022
The period-over-period increase of $4.2 million in share of income from equity investee, net of taxes was primarily due to a net income recognized by the Corporate Venture.
Liquidity and Capital Resources
We have financed our growth primarily with funds generated from operations, in addition to utilizing borrowing facilities and selling our common stock. Our recent drivers of liquidity changes have included an increase in the need for working capital due to higher levels of inventory required by growing revenues and to a lesser extent, longer supply chain lead times on certain key components. Our cash and cash equivalents were $725.7 million and $440.5 million as of December 31, 2023 and June 30, 2023, respectively. Our cash and cash equivalents in foreign locations were $193.8 million and $192.3 million as of December 31, 2023 and June 30, 2023, respectively.
Amounts held outside of the U.S. are generally utilized to support non-U.S. liquidity needs. Repatriations generally will not be taxable from a U.S. federal tax perspective but may be subject to state income or foreign withholding tax. Where local restrictions prevent an efficient intercompany transfer of funds, our intent is to keep cash balances outside of the U.S. and to meet liquidity needs through operating cash flows, external borrowings, or both. We do not expect restrictions or potential taxes incurred on repatriation of amounts held outside of the U.S. to have a material effect on our overall liquidity, financial condition or results of operations.
We believe that our current cash, cash equivalents, borrowing capacity available from our credit facilities and internally generated cash flows will be sufficient to support our operating businesses and maturing debt and interest payments for the 12 months following the filing of this Quarterly Report on Form 10-Q. On December 7, 2023, our Taiwan subsidiary entered into a new Facility Letter with the Taiwan affiliate of HSBC Bank. The New Facility Letter permits borrowings up to a combined aggregate limit of $50 million which may be comprised of borrowings under a New Taiwan Dollar revolving facility with a sub-limit of NTD 300 million and an export/seller facility with a sub-limit of $50 million. We continue to evaluate financing options that may be required to support the growth of our business, if it occurs more rapidly than anticipated.
On August 3, 2022, after the expiration of a prior share repurchase program on July 31, 2022, a duly authorized subcommittee of our Board approved a new share repurchase program to repurchase shares of our common stock for up to $200 million at prevailing prices in the open market. The share repurchase program was effective until January 31, 2024. We repurchased 1,553,350 shares of common stock for $150 million during the fiscal year ended June 30, 2023 under this program and had $50.0 million of remaining availability as of December 31, 2023 and at the time the program expired on January 31, 2024.
On December 5, 2023, the Company completed a public offering of 2,415,805 shares of the Company's common stock at $262.00 per share, with 2,315,105 shares sold by the Company and 100,700 shares sold by selling stockholders.
We received net proceeds of approximately $582.8 million, after deducting underwriting discounts and commissions and offering expenses payable by us. We did not receive any proceeds from the sale of the shares of common stock by the selling stockholders. We intend to utilize the proceeds to support our operations, including working capital needs, manufacturing capacity expansion and increased R&D investments.
SMCI | Q2 2024 Form 10-Q | 40
Our key cash flow metrics were as follows (dollars in millions):
| | | | | | | | | | | | | | | | | | | | |
| Six Months Ended December 31, | | Change | | | |
| 2023 | | 2022 | | | | |
Net cash (used in) provided by operating activities | $ | (324.6) | | | $ | 474.7 | | | $ | (799.3) | | | | |
Net cash used in investing activities | $ | (22.5) | | | $ | (20.6) | | | $ | (1.9) | | | | |
Net cash provided by (used in) financing activities | $ | 632.2 | | | $ | (415.8) | | | $ | 1,048.0 | | | | |
Net increase in cash, cash equivalents and restricted cash | $ | 285.2 | | | $ | 36.5 | | | $ | 248.7 | | | | |
Operating Activities
Net cash provided by operating activities decreased by $799.3 million for the six months ended December 31, 2023 as compared to the six months ended December 31, 2022. The decrease was primarily due to an increase in net cash required for net working capital of $945.1 million to manufacture products in order to meet customer demand and support expected business growth and a $19.0 million decrease in non-cash items. These decreases are partially offset by increase in net income of $92.4 million and stock-based compensation expense of $72.4 million. The key changes in net working capital of $945.1 million includes an increase in inventory of $1,145.2 million, and an increase in accounts receivable of $422.7 million offset by an increase in accounts payable of $570.5 million.
Investing Activities
Net cash used in investing activities increased by $1.9 million for the six months ended December 31, 2023 as compared to the six months ended December 31, 2022 primarily due to an increase in investment of $5.2 million made in the six months ended December 31, 2023 offset by a decrease of $3.3 million in purchases of property, plant and equipment.
Financing Activities
Net cash provided by financing activities increased by $1,048.0 million for the six months ended December 31, 2023 as compared to the six months ended December 31, 2022 primarily due to proceeds from our offering of common stock, net of issuance costs of $582.8 million and an increase of $501.3 million in proceeds from borrowings, net of repayment.
Other Factors Affecting Liquidity and Capital Resources
Refer to Part I, Item 1, Note 6, “Short-term and Long-term Debt,” in our notes to condensed consolidated financial statements in this Quarterly Report on Form 10-Q for further information on our outstanding debt.
Capital Expenditure Requirements
We anticipate our capital expenditures for the remainder of fiscal year 2024 will be in range of $170.0 million to $180.0 million, relating primarily to costs associated with our manufacturing capabilities, including tooling for new products, new information technology investments, and facilities upgrades and expansion. During the second quarter of fiscal year 2023, we entered into a letter of understanding to acquire land in Malaysia to expand our manufacturing operations. A definitive agreement to acquire such land, subject to various conditions, was subsequently executed in January 2023. We obtained early access to such land prior to the acquisition, and we anticipate additional capital expenditures for the remainder of fiscal year 2024 of $28.0 million (included in the above range) for such initiative. In addition, in January 2024, we entered into a purchase and sale agreement (the “Purchase Agreement’) to purchase real estate comprising approximately 19.72 acres of land and 293,906 square feet of buildings and improvements located in proximity to the Company’s headquarters space in San Jose, California “as is” for an aggregate purchase price of $80.0 million, subject to certain adjustments to be determined at closing. Under the Purchase Agreement, we made a deposit of $10.0 million which is non-refundable except in limited circumstances. The transaction, currently expected to close in February 2024, is subject to customary closing conditions. We will also continue to evaluate new business opportunities and new markets. As a result, our future growth within the existing business or new opportunities and markets may dictate the need for additional facilities and capital expenditures to support that growth. We evaluate capital expenditure projects based on a variety of factors, including expected strategic impacts (such as forecasted impact on revenue growth, productivity, expenses, service levels and customer retention) and our expected return on investment.
SMCI | Q2 2024 Form 10-Q | 41
We intend to continue to focus our capital expenditures in fiscal year 2024 to support the growth of our operations. Our future capital requirements will depend on many factors including our growth rate, the timing and extent of spending to support development efforts, the expansion of sales and marketing activities, the introduction of new and enhanced software and services offerings and investments in our office facilities and our IT system infrastructure.
Recent Accounting Pronouncements
For a description of recent accounting pronouncements, including the expected dates of adoption and estimated effects, if any, on our condensed consolidated financial statements, see Part I, Item 1, Note 1, “Summary of Significant Accounting Policies,” to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.
SMCI | Q2 2024 Form 10-Q | 42
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Interest Rate Risk
The primary objectives of our investment activities are to preserve principal, provide liquidity and maximize income without significantly increasing the risk. Some of the securities we invest in are subject to market risk. This means that a change in prevailing interest rates may cause the fair value of the investment to fluctuate. To minimize this risk, we maintain our portfolio of cash equivalents and short-term investments in money market funds and certificates of deposit, all of which are held for purposes other than trading. Our investment in an auction rate security has been classified as non-current due to the lack of a liquid market for these securities. Since our results of operations are not dependent on investments, the risk associated with fluctuating interest rates is limited to our investment portfolio, and we believe that a 10% change in interest rates would not have a significant impact on our results of operations. As of December 31, 2023, our investments were in money market funds, certificates of deposits and auction rate securities.
We are exposed to changes in interest rates as a result of our borrowings under our term loans and revolving lines of credit. The interest rates for the term loans and the revolving lines of credit ranged from 1.2% to 6.8% at December 31, 2023 and 1.20% to 7.08% at June 30, 2023. Based on the outstanding principal indebtedness of $375.6 million under our credit facilities as of December 31, 2023, we believe that a 10% change in interest rates would not have a significant impact on our results of operations.
Foreign Currency Risk
To date, our international customer and supplier agreements have been denominated primarily in U.S. dollars and accordingly, we have limited exposure to foreign currency exchange rate fluctuations from customer agreements, and do not currently engage in foreign currency hedging transactions. The functional currency of our subsidiaries in the Netherlands and Taiwan is the U.S. dollar. However, certain loans and transactions in these entities are denominated in a currency other than the U.S. dollar, and thus we are subject to foreign currency exchange rate fluctuations associated with re-measurement to U.S. dollars. Realized and unrealized foreign exchange loss for the three months ended December 31, 2023 was $9.9 million and realized and unrealized loss for the six months ended December 31, 2023 was $2.4 million. Realized and unrealized foreign exchange loss for the three months ended December 31, 2022 was $6.9 million and realized and unrealized gain for the six months ended December 31, 2022 was $0.9 million.
SMCI | Q2 2024 Form 10-Q | 43
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision, and with the participation, of our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), we evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of December 31, 2023. Based on this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2023.
Changes in Internal Control over Financial Reporting
Under applicable SEC rules (Exchange Act Rules 13a-15(d) and 15d-15(d)), management is required to evaluate, with the participation of our CEO and CFO, any changes in internal control over financial reporting that occurred during each fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. There were no changes in our internal control over financial reporting during the quarter ended December 31, 2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
The effectiveness of any system of internal control over financial reporting is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, any system of internal control over financial reporting can only provide reasonable, not absolute, assurances that its objectives will be met. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business, but we cannot assure that such improvements will be sufficient to provide us with effective internal control over financial reporting.
SMCI | Q2 2024 Form 10-Q | 44
PART II: OTHER INFORMATION
Item 1. Legal Proceedings
The information required by this item is incorporated herein by reference to the information set forth under the caption “Legal proceedings and indemnifications” in Part I, Item 1, Note 11 “Commitments and Contingencies” of our notes to condensed consolidated financial statements included in this quarterly report.
Due to the inherent uncertainties of legal proceedings, we cannot predict the outcome of the proceedings at this time, and we can give no assurance that they will not have a material adverse effect on our financial position or results of operations.
Item 1A. Risk Factors
Important risk factors that could affect our operations and financial performance, or that could cause results or events to differ from current expectations, are described in Part I, Item 1A “Risk Factors” of our 2023 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Recent Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
During the three and six months ended December 31, 2023, we did not repurchase shares of our common stock.
On August 3, 2022, after the expiration of a prior share repurchase program on July 31, 2022, a duly authorized subcommittee of our Board approved a new share repurchase program to repurchase shares of our common stock for up to $200 million at prevailing prices in the open market. The share repurchase program was effective until January 31, 2024. We repurchased 1,553,350 shares of common stock for $150 million during the fiscal year ended June 30, 2023 under this program and had $50.0 million of remaining availability as of December 31, 2023 and at the time the program expired on January 31, 2024.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the three months ended December 31, 2023, none of the Company’s executive officers or directors entered into trading plans pursuant to Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, no pre-existing trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) were terminated or modified by the Company’s executive officers and directors, and no other written trading arrangements not intended to qualify for the Rule 10b5-1(c) affirmative defense were adopted, modified, or terminated by the Company’s executive officers and directors.
SMCI | Q2 2024 Form 10-Q | 45
Item 6. Exhibits
(a) Exhibits.
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Exhibit Number | | Description | | |
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10.1 | | | | |
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10.2 + | | | | |
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10.3 | | | | |
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10.4 | | | | |
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10.5 | | | | |
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31.1+ | | | | |
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31.2+ | | | | |
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32.1+ | | | | |
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32.2+ | | | | |
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101.INS+ | | XBRL Instance Document | | |
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101.SCH+ | | XBRL Taxonomy Extension Schema Document | | |
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101.CAL+ | | XBRL Taxonomy Extension Calculation Linkbase Document | | |
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101.DEF+ | | XBRL Taxonomy Extension Definition Linkbase Document | | |
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101.LAB+ | | XBRL Taxonomy Extension Label Linkbase Document | | |
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101.PRE+ | | XBRL Taxonomy Extension Presentation Linkbase Document | | |
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104+ | | The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL | | |
+ Filed herewith
SMCI | Q2 2024 Form 10-Q | 46
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SUPER MICRO COMPUTER, INC.
| | | | | | | | | | | |
Date: | February 2, 2024 | | /s/ CHARLES LIANG |
| | | Charles Liang President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer) |
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Date: | February 2, 2024 | | /s/ DAVID WEIGAND |
| | | David Weigand Senior Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) |
SMCI | Q2 2024 Form 10-Q | 47
Execution Version 1 233447437_4 SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT This SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT, dated to be effective as of November 28, 2023 (this “Amendment”) is made among SUPER MICRO COMPUTER, INC., a Delaware corporation (“SMCI”, together with any other party hereto as a Borrower, individually, a “Borrower” and, collectively, the “Borrowers”), the Lenders (as defined below) party to this Amendment, and BANK OF AMERICA, N.A., a national banking association (“Bank of America”), as administrative agent for the Lenders (in such capacity, “Agent”). Background A. WHEREAS, Borrowers, Agent and the financial institutions party thereto from time to time (the “Lenders”) have entered into that certain Loan and Security Agreement, dated as of April 19, 2018, (as amended, restated, amended and restated, modified or supplemented from time to time, the “Loan Agreement”). All capitalized terms used and not otherwise defined in this Amendment are used as defined in the Loan Agreement, as amended hereby. B. WHEREAS, Agent and Lenders have agreed to amend certain terms of the Loan Agreement subject to the terms and conditions set forth herein. NOW THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth and for other good and valuable consideration, Borrowers, Agent and Lenders hereby agree as follows: Agreement 1. Amendments to the Loan Agreement. (a) Amendment to Section 1.1. (i) The definition of “Dominion Trigger Period” Set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: Dominion Trigger Period: the period (a) commencing on any day that (i) an Event of Default occurs, or (ii) Global Availability is less than the greater of (x) $35,000,000 and (y) 15% of the Global Borrowing Base; and (b) continuing until, during each of the preceding 60 consecutive days, no Event of Default has existed and Global Availability has been more than the greater of (x) $35,000,000 and (y) 15% of the Global Borrowing Base; provided that during the Cash Dominion Waiver Period, solely with respect to Sections 5.7 and 8.2.4, no Dominion Trigger Period shall be deemed to have occurred. (ii) The following definitions are added to Section 1.1 of the Loan Agreement in alphabetical order to read as follows:
2 233447437_4 Cash Dominion Waiver Period: the period commencing on October 17, 2023 and ending on December 31, 2023. (b) Amendment to Section 8.1. Section 8.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 8.1 Borrowing Base Reports. (i) So long as no Dominion Trigger Period exists and no Revolver Loans were outstanding during such quarter, by the 20th day of each quarter, Borrowers shall deliver to Agent (and Agent shall promptly deliver to Lenders) a Borrowing Base Report as of the close of business of the previous month, (ii) so long as no Dominion Trigger Period exists but Revolver Loans are outstanding for more than 5 consecutive Business Days during the previous month, by the 20th day of each month, Borrowers shall deliver to Agent (and Agent shall promptly deliver to Lenders) a Borrowing Base Report as of the close of business of the previous month and (iii) during the existence of a Dominion Trigger Period, by the third Business Day of each week, Borrowers shall deliver to Agent (and Agent shall promptly deliver to Lenders) a Borrowing Base Report as of the close of business of the previous week; provided, that with respect to such weekly reporting in clause (iii) above, during the Cash Dominion Waiver Period or at any other times as approved by Agent, each Borrowing Base Report delivered under clause (iii) shall only be required to update Accounts and Inventory which are ineligible as of the last day of the previous month. All information (including calculation of Global Availability) in a Borrowing Base Report shall be certified by Borrowers. Agent may from time to time adjust such report (a) to reflect Agent’s reasonable estimate of declines in Value of Collateral, due to collections received in the applicable Dominion Account or otherwise; (b) to adjust advance rates to reflect changes in dilution, quality, mix and other factors affecting Collateral; and (c) to the extent any information or calculation does not comply with this Agreement. 2. Representations and Warranties. In order to induce Agent and each Lender to enter into this Amendment, each Borrower represents and warrants to Agent and each Lender that the following statements are true, correct and complete on and as of the date hereof: (a) Representations and Warranties. The execution, delivery and performance of this Amendment has been duly authorized and this Amendment constitutes the legal, valid and binding obligation of each Borrower enforceable in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally. Each Borrower hereby represents and warrants to Agent and each Lender as of the date hereof no Default or Event of Default shall have occurred and be continuing. The information included in any Beneficial Ownership Certification is true and correct in all respects.
3 233447437_4 (b) Incorporation of Representations and Warranties from Loan Agreement. After giving effect to this Amendment, the representations and warranties contained in Section 9 of the Loan Agreement are true, correct and complete in all material respects on and as of the date hereof to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such earlier date. 3. Effectiveness. This Amendment shall become effective, as of the date first set forth above upon receipt by the Agent of the executed counterparts of this Amendment from the Borrowers and each of the Lenders. 4. Binding Effect; Ratification. (a) Upon the effectiveness of this Amendment and thereafter this Amendment shall be binding on the Agent, Borrowers and Lenders and their respective successors and assigns. (b) On and after the execution and delivery hereof, this Amendment shall be a part of the Loan Agreement and each reference in the Loan Agreement to “this Loan Agreement” or “hereof”, “hereunder” or words of like import, and each reference in any other Loan Document to the Loan Agreement shall mean and be a reference to such Loan Agreement as amended hereby. (c) Except as expressly amended hereby, the Loan Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto. 5. Miscellaneous. (a) THIS AMENDMENT SHALL BE SUBJECT TO SECTIONS 14.15, 14.16 AND 14.17 OF THE LOAN AGREEMENT, WHICH ARE INCORPORATED HEREIN BY REFERENCE. (b) Borrowers agree to pay on demand all reasonable and documented out of pocket costs and expenses incurred by Agent in connection with the preparation, negotiation and execution of this Amendment and the other Loan Documents executed pursuant hereto. (c) Headings used herein are for convenience of reference only and shall not affect the meaning of this Amendment. (d) This Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement. 6. Release. (a) In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Borrower, on behalf of itself and its successors, assigns and other legal representatives (each Borrower and all such other persons being hereinafter referred to collectively as “Releasors” and individually as a “Releasor”), hereby absolutely, unconditionally and
4 233447437_4 irrevocably releases, remises and forever discharges Agent and each Lender, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent and each Lender and all such other persons being hereinafter referred to collectively as “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Releasors may now or hereafter own, hold, have or claim to have against Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, for or on account of, or in relation to, or in any way in connection with the Loan Agreement or any of the other Loan Documents or transactions thereunder or related thereto. (b) It is the intention of Borrowers that this Amendment and the release set forth above shall constitute a full and final accord and satisfaction of all Claims that they may have or hereafter be deemed to have against Releasees as set forth herein. In furtherance of this intention, each Borrower, on behalf of itself and each other Releasor, expressly waives any statutory or common law provision that would otherwise prevent the release set forth above from extending to Claims that are not currently known or suspected to exist in any Releasor’s favor at the time of executing this Amendment and which, if known by Releasors, might have materially affected the agreement as provided for hereunder. Each Borrower, on behalf of itself and each other Releasor, acknowledges that it is familiar with Section 1542 of California Civil Code: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY. (c) Each Borrower, on behalf of itself and each other Releasor, waives and releases any rights or benefits that it may have under Section 1542 to the full extent that it may lawfully waive such rights and benefits, and each Borrower, on behalf of itself and each other Releasor, acknowledges that it understands the significance and consequences of the waiver of the provisions of Section 1542 and that it has been advised by its attorney as to the significance and consequences of this waiver. (d) Each Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. (e) Each Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written. BORROWER: SUPER MICRO COMPUTER, INC., a Delaware corporation By: ___ f---'C�--+c-------- Name: Title: SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (SMC!) SIGNATURE PAGE
SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (SMCI) SIGNATURE PAGE ING CAPITAL LLC, as a Lender By: Name: Jean Grasso Title: Managing Director By: Name: Jeff Chu Title: Director
EXHIBIT 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Charles Liang, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Super Micro Computer, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
Date: | February 2, 2024 | /s/ CHARLES LIANG |
| | Charles Liang President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, David Weigand, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Super Micro Computer, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
Date: | February 2, 2024 | /s/ DAVID WEIGAND |
| | David Weigand Senior Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) |
EXHIBIT 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Charles Liang, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Super Micro Computer, Inc. on Form 10-Q for the period ended December 31, 2023, as filed with the Securities and Exchange Commission on the date thereof, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Super Micro Computer, Inc.
| | | | | | | | |
Date: | February 2, 2024 | /s/ CHARLES LIANG |
| | Charles Liang President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer) |
EXHIBIT 32.2
CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, David Weigand, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Super Micro Computer, Inc. on Form 10-Q for the period ended December 31, 2023, as filed with the Securities and Exchange Commission on the date thereof, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Super Micro Computer, Inc.
| | | | | | | | |
Date: | February 2, 2024 | /s/ DAVID WEIGAND |
| | David Weigand Senior Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) |
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v3.24.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 725,660
|
$ 440,459
|
Accounts receivable, net of allowance for credit losses of $77 and $82 at December 31, 2023 and June 30, 2023, respectively (including accounts receivable from related parties of $3,859 and $5,473 at December 31, 2023 and June 30, 2023, respectively) |
1,502,971
|
1,148,259
|
Inventories |
2,466,997
|
1,445,564
|
Prepaid expenses and other current assets (including receivables from related parties of $34,293 and $27,732 at December 31, 2023 and June 30, 2023, respectively) |
146,727
|
145,144
|
Total current assets |
4,842,355
|
3,179,426
|
Property, plant and equipment, net |
297,102
|
290,240
|
Deferred income taxes, net |
218,274
|
162,654
|
Other assets |
47,269
|
42,409
|
Total assets |
5,405,000
|
3,674,729
|
Current liabilities: |
|
|
Accounts payable (including amounts due to related parties of $101,700 and $89,134 at December 31, 2023 and June 30, 2023, respectively) |
1,261,533
|
776,831
|
Accrued liabilities (including amounts due to related parties of $18,509 and $14,017 at December 31, 2023 and June 30, 2023, respectively) |
214,462
|
163,865
|
Income taxes payable |
46,453
|
129,166
|
Short-term debt |
276,307
|
170,123
|
Deferred revenue |
193,334
|
134,667
|
Total current liabilities |
1,992,089
|
1,374,652
|
Deferred revenue, non-current |
190,342
|
169,781
|
Long-term debt |
99,322
|
120,179
|
Other long-term liabilities |
46,173
|
37,947
|
Total liabilities |
2,327,926
|
1,702,559
|
Commitments and contingencies (Note 11) |
|
|
Stockholders’ equity: |
|
|
Common stock and additional paid-in capital, $0.001 par value authorized shares: 100,000; issued and outstanding shares: 53,295 and 52,901 at december 31, 2023 and june 30, 2023, respectively |
1,190,276
|
538,352
|
Accumulated other comprehensive income |
657
|
639
|
Retained earnings |
1,885,977
|
1,433,014
|
Total Super Micro Computer, Inc. stockholders’ equity |
3,076,910
|
1,972,005
|
Noncontrolling interest |
164
|
165
|
Total stockholders’ equity |
3,077,074
|
1,972,170
|
Total liabilities and stockholders’ equity |
$ 5,405,000
|
$ 3,674,729
|
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v3.24.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Current assets: |
|
|
Accounts receivable, allowance for credit loss |
$ 77
|
$ 82
|
Accounts receivable, after allowance for credit loss, current |
1,502,971
|
1,148,259
|
Prepaid expenses and other current assets (including receivables from related parties of $34,293 and $27,732 at December 31, 2023 and June 30, 2023, respectively) |
146,727
|
145,144
|
Current liabilities: |
|
|
Accounts payable, related parties |
1,261,533
|
776,831
|
Accrued liabilities, related parties |
$ 214,462
|
$ 163,865
|
Stockholders’ equity: |
|
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
100,000
|
100,000
|
Common stock, shares issued (in shares) |
55,917
|
52,901
|
Common stock, shares outstanding (in shares) |
55,917
|
52,901
|
Related Party |
|
|
Current assets: |
|
|
Accounts receivable, after allowance for credit loss, current |
$ 3,859
|
$ 5,473
|
Prepaid expenses and other current assets (including receivables from related parties of $34,293 and $27,732 at December 31, 2023 and June 30, 2023, respectively) |
34,293
|
27,732
|
Current liabilities: |
|
|
Accounts payable, related parties |
101,700
|
89,134
|
Accrued liabilities, related parties |
$ 18,509
|
$ 14,017
|
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net sales (including related party sales of $15,781 and $20,073 in the three months ended December 31, 2023 and 2022, respectively, and $33,177 and $45,126 in the six months ended December 31, 2023 and 2022, respectively) |
$ 3,664,924
|
$ 1,803,195
|
$ 5,784,596
|
$ 3,655,325
|
Cost of sales (including related party purchases of $112,445 and $98,743 in the three months ended December 31, 2023 and 2022, respectively, and $225,552 and $195,279 in the six months ended December 31, 2023 and 2022, respectively) |
3,100,602
|
1,465,773
|
4,866,583
|
2,970,368
|
Gross profit |
564,322
|
337,422
|
918,013
|
684,957
|
Operating expenses: |
|
|
|
|
Research and development |
108,824
|
70,700
|
219,851
|
144,943
|
Sales and marketing |
46,854
|
28,445
|
84,084
|
57,808
|
General and administrative |
37,180
|
23,095
|
70,104
|
46,901
|
Total operating expenses |
192,858
|
122,240
|
374,039
|
249,652
|
Income from operations |
371,464
|
215,182
|
543,974
|
435,305
|
Other (expense) income, net |
(7,886)
|
(6,335)
|
(1,273)
|
1,719
|
Interest expense |
(8,131)
|
(1,756)
|
(9,994)
|
(5,694)
|
Income before income tax provision |
355,447
|
207,091
|
532,707
|
431,330
|
Income tax provision |
(61,503)
|
(29,573)
|
(81,718)
|
(68,507)
|
Share of income (loss) from equity investee, net of taxes |
2,024
|
(1,351)
|
1,974
|
(2,240)
|
Net income |
$ 295,968
|
$ 176,167
|
$ 452,963
|
$ 360,583
|
Net income per common share: |
|
|
|
|
Basic (in dollars per share) |
$ 5.47
|
$ 3.31
|
$ 8.45
|
$ 6.84
|
Diluted (in dollars per share) |
$ 5.10
|
$ 3.14
|
$ 7.86
|
$ 6.51
|
Weighted-average shares used in the calculation of net income per common share: |
|
|
|
|
Basic (in shares) |
54,135
|
53,160
|
53,614
|
52,726
|
Diluted (in shares) |
58,078
|
56,144
|
57,632
|
55,427
|
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Net sales |
$ 3,664,924
|
$ 1,803,195
|
$ 5,784,596
|
$ 3,655,325
|
Cost of sales |
3,100,602
|
1,465,773
|
4,866,583
|
2,970,368
|
Related Party |
|
|
|
|
Net sales |
15,781
|
20,073
|
33,177
|
45,126
|
Cost of sales |
$ 112,445
|
$ 98,743
|
$ 225,552
|
$ 195,279
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 295,968
|
$ 176,167
|
$ 452,963
|
$ 360,583
|
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|
|
|
|
Foreign currency translation gain (loss) |
6
|
98
|
18
|
(299)
|
Total other comprehensive income (loss), net of tax |
6
|
98
|
18
|
(299)
|
Total comprehensive income |
$ 295,974
|
$ 176,265
|
$ 452,981
|
$ 360,284
|
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands |
Total |
Common Stock and Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Non-controlling Interest |
Shares outstanding, beginning balance (in shares) at Jun. 30, 2022 |
|
52,311,014
|
|
|
|
Stockholders' equity, beginning balance at Jun. 30, 2022 |
$ 1,425,747
|
$ 481,741
|
$ 911
|
$ 942,923
|
$ 172
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Exercise of stock options, net of taxes (in shares) |
|
752,892
|
|
|
|
Exercise of stock options, net of taxes |
15,327
|
$ 15,327
|
|
|
|
Release of common stock shares upon vesting of restricted stock units (in shares) |
|
484,003
|
|
|
|
Shares withheld for the withholding tax on vesting of restricted stock units (in shares) |
|
(147,608)
|
|
|
|
Shares withheld for the withholding tax on vesting of restricted stock units |
(10,504)
|
$ (10,504)
|
|
|
|
Stock-based compensation |
27,995
|
$ 27,995
|
|
|
|
Other comprehensive income (loss) |
(299)
|
|
(299)
|
|
|
Net income (loss) |
360,576
|
|
|
360,583
|
(7)
|
Shares outstanding, ending balance (in shares) at Dec. 31, 2022 |
|
53,400,301
|
|
|
|
Stockholders' equity, ending balance at Dec. 31, 2022 |
1,818,842
|
$ 514,559
|
612
|
1,303,506
|
165
|
Shares outstanding, beginning balance (in shares) at Sep. 30, 2022 |
|
52,851,469
|
|
|
|
Stockholders' equity, beginning balance at Sep. 30, 2022 |
1,625,203
|
$ 497,183
|
514
|
1,127,339
|
167
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Exercise of stock options, net of taxes (in shares) |
|
347,666
|
|
|
|
Exercise of stock options, net of taxes |
7,183
|
$ 7,183
|
|
|
|
Release of common stock shares upon vesting of restricted stock units (in shares) |
|
290,471
|
|
|
|
Shares withheld for the withholding tax on vesting of restricted stock units (in shares) |
|
(89,305)
|
|
|
|
Shares withheld for the withholding tax on vesting of restricted stock units |
(6,788)
|
$ (6,788)
|
|
|
|
Stock-based compensation |
16,981
|
$ 16,981
|
|
|
|
Other comprehensive income (loss) |
98
|
|
98
|
|
|
Net income (loss) |
176,165
|
|
|
176,167
|
(2)
|
Shares outstanding, ending balance (in shares) at Dec. 31, 2022 |
|
53,400,301
|
|
|
|
Stockholders' equity, ending balance at Dec. 31, 2022 |
$ 1,818,842
|
$ 514,559
|
612
|
1,303,506
|
165
|
Shares outstanding, beginning balance (in shares) at Jun. 30, 2023 |
52,901,000
|
52,901,358
|
|
|
|
Stockholders' equity, beginning balance at Jun. 30, 2023 |
$ 1,972,170
|
$ 538,352
|
639
|
1,433,014
|
165
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Exercise of stock options, net of taxes (in shares) |
341,409
|
341,409
|
|
|
|
Exercise of stock options, net of taxes |
$ 9,574
|
$ 9,574
|
|
|
|
Release of common stock shares upon vesting of restricted stock units (in shares) |
|
511,022
|
|
|
|
Shares withheld for the withholding tax on vesting of restricted stock units (in shares) |
|
(151,590)
|
|
|
|
Shares withheld for the withholding tax on vesting of restricted stock units |
(40,894)
|
$ (40,894)
|
|
|
|
Issuance of common stock in a public offering, net of issuance costs (in shares) |
|
2,315,105
|
|
|
|
Issuance of common stock in a public offering, net of issuance costs |
582,804
|
$ 582,804
|
|
|
|
Stock-based compensation |
100,440
|
$ 100,440
|
|
|
|
Other comprehensive income (loss) |
18
|
|
18
|
|
|
Net income (loss) |
$ 452,962
|
|
|
452,963
|
(1)
|
Shares outstanding, ending balance (in shares) at Dec. 31, 2023 |
55,917,000
|
55,917,304
|
|
|
|
Stockholders' equity, ending balance at Dec. 31, 2023 |
$ 3,077,074
|
$ 1,190,276
|
657
|
1,885,977
|
164
|
Shares outstanding, beginning balance (in shares) at Sep. 30, 2023 |
|
53,294,998
|
|
|
|
Stockholders' equity, beginning balance at Sep. 30, 2023 |
2,165,539
|
$ 574,718
|
651
|
1,590,009
|
161
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Exercise of stock options, net of taxes (in shares) |
|
152,452
|
|
|
|
Exercise of stock options, net of taxes |
5,287
|
$ 5,287
|
|
|
|
Release of common stock shares upon vesting of restricted stock units (in shares) |
|
213,366
|
|
|
|
Shares withheld for the withholding tax on vesting of restricted stock units (in shares) |
|
(58,617)
|
|
|
|
Shares withheld for the withholding tax on vesting of restricted stock units |
(15,594)
|
$ (15,594)
|
|
|
|
Issuance of common stock in a public offering, net of issuance costs (in shares) |
|
2,315,105
|
|
|
|
Issuance of common stock in a public offering, net of issuance costs |
582,804
|
$ 582,804
|
|
|
|
Stock-based compensation |
43,061
|
$ 43,061
|
|
|
|
Other comprehensive income (loss) |
6
|
|
6
|
|
|
Net income (loss) |
$ 295,971
|
|
|
295,968
|
3
|
Shares outstanding, ending balance (in shares) at Dec. 31, 2023 |
55,917,000
|
55,917,304
|
|
|
|
Stockholders' equity, ending balance at Dec. 31, 2023 |
$ 3,077,074
|
$ 1,190,276
|
$ 657
|
$ 1,885,977
|
$ 164
|
X |
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
OPERATING ACTIVITIES: |
|
|
Net income |
$ 452,963
|
$ 360,583
|
Reconciliation of net income to net cash (used in) provided by operating activities: |
|
|
Depreciation and amortization |
18,775
|
17,196
|
Stock-based compensation expense |
100,440
|
27,995
|
Share of (income) loss from equity investee |
(1,974)
|
2,240
|
Foreign currency exchange loss (gain) |
5,680
|
(4,614)
|
Deferred income taxes, net |
(55,620)
|
(25,812)
|
Other |
2,700
|
(430)
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable, net (including changes in related party balances of $1,614 and $3,178 during the six months ended December 31, 2023 and 2022, respectively) |
(354,685)
|
68,036
|
Inventories |
(1,021,433)
|
123,789
|
Prepaid expenses and other assets (including changes in related party balances of $(6,561) and $(22,925) during the six months ended December 31, 2023 and 2022, respectively) |
3,343
|
518
|
Accounts payable (including changes in related party balances of $12,566 and $751 during the six months ended December 31, 2023 and 2022, respectively) |
479,613
|
(90,908)
|
Income taxes payable |
(82,713)
|
(3,030)
|
Accrued liabilities (including changes in related party balances of $4,492 and $851 during the six months ended December 31, 2023 and 2022, respectively) |
48,979
|
(44,092)
|
Deferred revenue |
79,228
|
46,243
|
Other long-term liabilities (including changes in related party balances of $(152) and $(168) during the six months ended December 31, 2023 and 2022, respectively) |
84
|
(3,040)
|
Net cash (used in) provided by operating activities |
(324,620)
|
474,674
|
INVESTING ACTIVITIES: |
|
|
Purchases of property, plant and equipment (including payments to related parties of $4,528 and $4,514 during the six months ended December 31, 2023 and 2022, respectively) |
(17,351)
|
(20,631)
|
Investment in equity securities |
(5,184)
|
0
|
Net cash used in investing activities |
(22,535)
|
(20,631)
|
FINANCING ACTIVITIES: |
|
|
Proceeds from borrowings |
857,683
|
144,037
|
Repayment of debt |
(776,987)
|
(564,662)
|
Proceeds from exercise of stock options, net of taxes |
9,574
|
15,327
|
Payment of withholding tax on vesting of restricted stock units |
(40,894)
|
(10,504)
|
Issuance of common stock in a public offering, net of issuance costs |
582,804
|
0
|
Other |
14
|
(19)
|
Net cash provided by (used in) financing activities |
632,194
|
(415,821)
|
Effect of exchange rate fluctuations on cash |
170
|
(1,693)
|
Net increase in cash, cash equivalents and restricted cash |
285,209
|
36,529
|
Cash, cash equivalents and restricted cash at the beginning of the period |
440,960
|
268,559
|
Cash, cash equivalents and restricted cash at the end of the period |
726,169
|
305,088
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for interest |
9,344
|
6,084
|
Cash paid for taxes, net of refunds |
217,788
|
96,156
|
Non-cash investing and financing activities: |
|
|
Unpaid property, plant and equipment purchases (including due to related parties of $2,577 and $1,764 as of December 31, 2023 and 2022, respectively) |
6,163
|
3,333
|
Right of use ("ROU") assets obtained in exchange for operating lease commitments |
$ 9,749
|
$ 1,024
|
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v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Non-cash investing and financing activities: |
|
|
Changes in accounts receivable |
$ (354,685)
|
$ 68,036
|
Changes in other receivable |
3,343
|
518
|
Accounts payable, related party |
479,613
|
(90,908)
|
Accrued liabilities, related party |
48,979
|
(44,092)
|
Other long-term liabilities, related party |
84
|
(3,040)
|
Purchases of property, plant and equipment, related party |
17,351
|
20,631
|
Unpaid property, plant and equipment purchases, related party |
6,163
|
3,333
|
Related Party |
|
|
Non-cash investing and financing activities: |
|
|
Changes in accounts receivable |
1,614
|
3,178
|
Changes in other receivable |
(6,561)
|
(22,925)
|
Accounts payable, related party |
12,566
|
751
|
Accrued liabilities, related party |
4,492
|
851
|
Other long-term liabilities, related party |
(152)
|
(168)
|
Purchases of property, plant and equipment, related party |
4,528
|
4,514
|
Unpaid property, plant and equipment purchases, related party |
$ 2,577
|
$ 1,764
|
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v3.24.0.1
Summary of Significant Accounting Policies
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Significant Accounting Policies and Estimates
No material changes have been made to the significant accounting policies of Super Micro Computer, Inc., a corporation incorporated under the laws of Delaware, and its consolidated entities (together, the “Company”), disclosed in Part II, Item 8, Note 1, "Organization and Summary of Significant Accounting Policies," in its Annual Report on Form 10-K, filed on August 28, 2023, for the year ended June 30, 2023. Management's estimates take into consideration, as applicable, general macroeconomic conditions, inflation, changes in interest rates and geopolitical events.
Basis of Presentation
The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations.
The unaudited condensed consolidated financial statements included herein reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the periods presented. The consolidated results of operations for the three and six months ended December 31, 2023 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending June 30, 2024.
Certain prior year amounts within cash from operating activities in the condensed consolidated statements of cash flows have been reclassified to conform to current year presentation. These changes in presentation do not affect previously reported results.
Concentration of Supplier Risk
Certain materials used by the Company in the manufacturing of its products are available from a limited number of suppliers. Shortages could occur in these materials due to an interruption of supply or increased demand in the industry. Two suppliers accounted for 68.1% and 7.3% of total purchases for the three months ended December 31, 2023, and the same two suppliers accounted for 17.6% and 14.1% of total purchases for the three months ended December 31, 2022. Two suppliers accounted for 62.9% and 8.6% of total purchases for the six months ended December 31, 2023, and the same two suppliers accounted for 22.3% and 15.3% of total purchases for the six months ended December 31, 2022. The increase in concentration of total purchases to one of the Company's suppliers to 68.1% and 62.9% of total purchases for the three and six months ended December 31, 2023, respectively, is as a result of the purchase of key components to build its solutions for the Company's customers. Purchases from Ablecom, and Compuware, related parties of the Company (see Part I, Item 1, Note 8, "Related Party Transactions") accounted for a combined 3.6% and 6.7% of total cost of sales for the three months ended December 31, 2023 and 2022, respectively, and a combined 4.6% and 6.6% of total cost of sales for the six months ended December 31, 2023 and 2022, respectively.
Concentration of Credit and Customer Risk
Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable.
Four customers accounted for 26.7%, 16.3%, 13.0% and 11.3% of accounts receivable, net as of December 31, 2023. Two customers accounted for 22.9% and 19.3% of accounts receivable, net as of June 30, 2023. These accounts receivable represent a concentration of credit risk to the Company. Two customers accounted for 25.5% and 10.4% of the net sales for the three months ended December 31, 2023 and one customer accounted for 25.3% of the net sales for the six months ended December 31, 2023. No single customer accounted for 10% or more of the net sales for the three months ended December 31, 2022, and one customer accounted for 15.8% of the net sales for the six months ended December 31, 2022.
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. This ASU requires that a public entity provide additional segment disclosures on an interim and annual basis. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements unless impracticable. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning July 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
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v3.24.0.1
Revenue
|
6 Months Ended |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Revenue Disaggregation of Revenue
The Company disaggregates revenue by type of product and by the geographical market. Service revenues, which are less than 10%, are not a significant component of total revenue, and are aggregated within the respective categories.
The following is a summary of net sales by product type (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Server and storage systems | $ | 3,435,562 | | | $ | 1,660,931 | | | $ | 5,402,170 | | | $ | 3,373,987 | | Subsystems and accessories | 229,362 | | | 142,264 | | | 382,426 | | | 281,338 | | Total | $ | 3,664,924 | | | $ | 1,803,195 | | | $ | 5,784,596 | | | $ | 3,655,325 | |
Server and storage systems constitute an assembly and integration of subsystems and accessories, and related services. Subsystems and accessories are comprised of server boards, chassis and accessories. International net sales are based on the country and geographic region to which the products were shipped. The following is a summary for the three and six months ended December 31, 2023 and 2022, of net sales by geographic region (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | United States | $ | 2,605,585 | | | $ | 1,091,391 | | | $ | 4,225,099 | | | $ | 2,386,895 | | Asia | 656,220 | | | 330,711 | | | 881,688 | | | 600,735 | | Europe | 288,448 | | | 312,533 | | | 479,296 | | | 547,607 | | Other | 114,671 | | | 68,560 | | | 198,513 | | | 120,088 | | Total | $ | 3,664,924 | | | $ | 1,803,195 | | | $ | 5,784,596 | | | $ | 3,655,325 | |
Contract Balances
Generally, the payment terms of the Company’s offerings range from 30 to 60 days. In certain instances, customers may prepay for products and services in advance of delivery. Receivables relate to the Company’s unconditional right to consideration for performance obligations either partially or fully completed.
Contract assets are rights to consideration in exchange for goods or services that the Company has transferred to a customer when such right is conditional on something other than the passage of time. Such contract assets are insignificant to the Company’s condensed consolidated financial statements.
Contract liabilities consist of deferred revenue and relate to amounts invoiced to or advance consideration received from customers, which precede the Company’s satisfaction of the associated performance obligations. The Company’s deferred revenue primarily results from customer payments received upfront for extended warranties and on-site services because these performance obligations are satisfied over time. Additionally, at times, deferred revenue may fluctuate due to the timing of advance consideration received from non-cancellable non-refundable contract liabilities relating to the sale of future products. Revenue recognized during the three and six months ended December 31, 2023, which was included in the opening deferred revenue balance as of June 30, 2023, of $304.4 million, was $31.5 million and $75.2 million, respectively.
Deferred revenue increased $79.2 million as of December 31, 2023 as compared to the fiscal year ended June 30, 2023. This increase was mainly due to a $44.3 million increase in non-cancellable non-refundable advance consideration or cash consideration received from customers which preceded the Company's satisfaction of the associated performance obligations relating to product sales expected to be fulfilled in the next 12 months.
Transaction Price Allocated to the Remaining Performance Obligations
Remaining performance obligations represent in aggregate the amount of transaction price that has been allocated to performance obligations not delivered, or only partially delivered, as of the end of the reporting period. The Company applies the exemption to not disclose information about remaining performance obligations that are part of a contract that has an original expected duration of one year or less. These performance obligations generally consist of services, such as on-site services, including integration services and extended warranty services that are contracted for one year or less, and products for which control has not yet been transferred. The value of the transaction price allocated to remaining performance obligations as of December 31, 2023 was approximately $383.6 million. The Company expects to recognize approximately 50% of remaining performance obligations as revenue in the next 12 months, and the remainder thereafter. Capitalized Contract Acquisition Costs and Fulfillment Cost
Contract acquisition costs are those incremental costs that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. Contract acquisition costs consist primarily of incentive bonuses paid to Company employees. Contract acquisition costs are considered incremental and recoverable costs of obtaining and fulfilling a contract with a customer and are therefore capitalizable. The Company applies the practical expedient to expense incentive bonus costs as incurred if the amortization period would be one year or less, generally upon delivery of the associated server and storage systems or components. Where the amortization period of the contract cost would be more than a year, the Company applies judgment in the allocation of the incentive bonus cost asset between hardware and service performance obligations and expenses the cost allocated to the hardware performance obligations upon delivery of associated server and storage systems or components and amortizes the cost allocated to service performance obligations over the period the services are expected to be provided. Contract acquisition costs allocated to service performance obligations that are subject to capitalization are insignificant to the Company’s condensed consolidated financial statements.
Contract fulfillment costs consist of costs paid in advance for outsourced services provided by third parties to the extent they are not in the scope of other guidance. Fulfillment costs paid in advance for outsourced services provided by third parties are capitalized and amortized over the period the services are expected to be provided. Such fulfillment costs are insignificant to the Company’s condensed consolidated financial statements.
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v3.24.0.1
Net Income Per Common Share
|
6 Months Ended |
Dec. 31, 2023 |
Earnings Per Share [Abstract] |
|
Net Income Per Common Share |
Net Income Per Common Share The following table shows the computation of basic and diluted net income per common share for the three and six months ended December 31, 2023 and 2022 (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Numerator: | | | | | | | | Net income | $ | 295,968 | | | $ | 176,167 | | | $ | 452,963 | | | $ | 360,583 | | | | | | | | | | Denominator: | | | | | | | | Weighted-average shares outstanding | 54,135 | | | 53,160 | | | 53,614 | | | 52,726 | | Effect of dilutive securities | 3,943 | | | 2,984 | | | 4,017 | | | 2,701 | | Weighted-average diluted shares | 58,078 | | | 56,144 | | | 57,632 | | | 55,427 | | | | | | | | | | Basic net income per common share | $ | 5.47 | | | $ | 3.31 | | | $ | 8.45 | | | $ | 6.84 | | Diluted net income per common share | $ | 5.10 | | | $ | 3.14 | | | $ | 7.86 | | | $ | 6.51 | |
For the three and six months ended December 31, 2023 and 2022, the Company had stock options and restricted stock units ("RSUs") outstanding that could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted net income per share in the periods presented, as their effect would have been anti-dilutive. The anti-dilutive common share equivalents resulting from outstanding equity awards were 584,855 and 211,729 for the three months ended December 31, 2023 and 2022, respectively, and 461,292 and 259,562 for the six months ended December 31, 2023 and 2022, respectively.
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v3.24.0.1
Balance Sheet Components
|
6 Months Ended |
Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] |
|
Balance Sheet Components |
Balance Sheet Components The following tables provide details of the selected balance sheet items (in thousands):
Cash, Cash Equivalents and Restricted Cash: | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | Cash and cash equivalents | $ | 725,660 | | | $ | 440,459 | | | | | | Restricted cash included in other assets | 509 | | | 501 | | Total cash, cash equivalents and restricted cash | $ | 726,169 | | | $ | 440,960 | |
Inventories: | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | Finished goods | $ | 1,566,278 | | | $ | 1,045,177 | | Work in process | 516,331 | | | 71,874 | | Purchased parts and raw materials | 384,388 | | | 328,513 | | Total inventories | $ | 2,466,997 | | | $ | 1,445,564 | |
Property, Plant, and Equipment: | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | Buildings | $ | 143,496 | | | $ | 143,496 | | Machinery and equipment | 138,256 | | | 130,151 | | Land | 90,754 | | | 86,642 | | Building and leasehold improvements | 61,708 | | | 59,634 | | Furniture and fixtures | 38,820 | | | 36,303 | | Software | 23,823 | | | 23,098 | | Building construction in progress | 1,941 | | | 303 | | | 498,798 | | | 479,627 | | Accumulated depreciation and amortization | (201,696) | | | (189,387) | | Property, plant and equipment, net | $ | 297,102 | | | $ | 290,240 | |
Accrued Liabilities: | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | Accrued payroll and related expenses | $ | 64,237 | | | $ | 53,439 | | Customer deposits | 35,965 | | | 16,577 | | Contract manufacturers liabilities | 24,565 | | | 23,634 | | | | | | Accrued cooperative marketing expenses | 12,153 | | | 9,744 | | Accrued warranty costs | 9,554 | | | 9,079 | | | | | | Operating lease liability | 8,940 | | | 7,292 | | Accrued professional fees | 756 | | | 2,363 | | | | | | Other | 58,292 | | | 41,737 | | Total accrued liabilities | $ | 214,462 | | | $ | 163,865 | |
Product Warranties: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Balance, beginning of the period | $ | 15,629 | | | $ | 12,703 | | | $ | 14,859 | | | $ | 12,136 | | Provision for warranty | 10,515 | | | 8,933 | | | 23,044 | | | 17,550 | | Costs utilized | (9,587) | | | (8,553) | | | (21,391) | | | (17,026) | | Change in estimated liability for pre-existing warranties | 59 | | | 193 | | | 104 | | | 616 | | Balance, end of the period | 16,616 | | | 13,276 | | | 16,616 | | | 13,276 | | Current portion | 9,554 | | | 8,668 | | | 9,554 | | | 8,668 | | Non-current portion | $ | 7,062 | | | $ | 4,608 | | | $ | 7,062 | | | $ | 4,608 | |
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- DefinitionThe entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.
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v3.24.0.1
Fair Value Disclosure
|
6 Months Ended |
Dec. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Disclosure |
Fair Value Disclosure The financial instruments of the Company measured at fair value on a recurring basis are included in cash equivalents, other assets and accrued liabilities. The Company classifies its financial instruments, except for its investment in an auction rate security, within Level 1 or Level 2 in the fair value hierarchy because the Company uses quoted prices in active markets or alternative pricing sources and models using market observable inputs to determine their fair value.
The Company’s investment in an auction rate security is classified within Level 3 of the fair value hierarchy as the determination of its fair value was not based on observable inputs as of December 31, 2023 and June 30, 2023. The Company is using the discounted cash flow method to estimate the fair value of the auction rate security at each period end and the following assumptions: (i) the expected yield based on observable market rate of similar securities, (ii) the security coupon rate that is reset monthly, (iii) the estimated holding period and (iv) a liquidity discount. The liquidity discount assumption is based on the management estimate of lack of marketability discount of similar securities and is determined based on the analysis of financial market trends over time, recent redemptions of securities and other market activities. Financial Assets and Liabilities Measured on a Recurring Basis
The following table sets forth the Company’s financial instruments as of December 31, 2023 and June 30, 2023, which are measured at fair value on a recurring basis by level within the fair value hierarchy. These are classified based on the lowest level of input that is significant to the fair value measurement (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | Level 1 | | Level 2 | | Level 3 | | Asset at Fair Value | Assets | | | | | | | | Money market funds (1) | $ | 284 | | | $ | — | | | $ | — | | | $ | 284 | | Certificates of deposit (2) | — | | | 465 | | | — | | | 465 | | Investment in marketable equity security | 4,176 | | | — | | | — | | | 4,176 | | Auction rate security | — | | | — | | | 1,843 | | | 1,843 | | Total assets measured at fair value | $ | 4,460 | | | $ | 465 | | | $ | 1,843 | | | $ | 6,768 | | | | | | | | | | | | | | | | | | June 30, 2023 | Level 1 | | Level 2 | | Level 3 | | Asset at Fair Value | Assets | | | | | | | | Money market funds (1) | $ | 20,823 | | | $ | — | | | $ | — | | | $ | 20,823 | | Certificates of deposit (2) | — | | | 462 | | | — | | | 462 | | Auction rate security | — | | | — | | | 1,843 | | | 1,843 | | Total assets measured at fair value | $ | 20,823 | | | $ | 462 | | | $ | 1,843 | | | $ | 23,128 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) $0.1 million and $20.6 million in money market funds are included cash and cash equivalents and $0.2 million and $0.2 million in money market funds are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of December 31, 2023 and June 30, 2023, respectively.
(2) $0.2 million and $0.2 million in certificates of deposit are included in cash and cash equivalents, $0.1 million and $0.1 million in certificates of deposit are included in prepaid expenses and other assets, and $0.2 million and $0.2 million in certificates of deposit are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of December 31, 2023 and June 30, 2023, respectively.
The carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, other assets, accounts payable and accrued liabilities approximate their fair values. The investment in marketable equity security is carried at fair value using values available on a public exchange and is based on a Level 1 input. The unrealized gains and losses of the investment is included in earnings. The condensed consolidated statement of operations for the three and six months ended December 31, 2023, includes an unrealized gain of $0.3 million and a loss of $0.8 million, respectively, which have been recorded in Other income, net.
On a quarterly basis, the Company also evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. For the three and six months ended December 31, 2023, the credit losses related to the Company’s investments were not material.
There was immaterial movement in the balances of the Company's financial assets measured at fair value on a recurring basis, consisting of investment in an auction rate security, using significant unobservable inputs (Level 3) for the three and six months ended December 31, 2023 and 2022.
There were no transfers between Level 1, Level 2 or Level 3 financial instruments in the three and six months ended December 31, 2023 and 2022. The following is a summary of the Company’s investment in an auction rate security as of December 31, 2023 and June 30, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Cost Basis | | Gross Unrealized Holding Gains | | Gross Unrealized Holding Losses | | Fair Value | Auction rate security | $ | 1,750 | | | $ | 287 | | | $ | (194) | | | $ | 1,843 | |
No gain or loss was recognized in other comprehensive income for the auction rate security for the three and six months ended December 31, 2023 and 2022. The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis. As of December 31, 2023 and June 30, 2023, total debt of $375.6 million and $290.3 million, respectively, was reported at amortized cost. This outstanding debt was classified as Level 2 as it was not actively traded. The amortized cost of the outstanding debt approximates the fair value.
Other Financial Assets - Investments into Non-Marketable Equity Securities
The Company's non-marketable equity securities are investments in privately held companies without readily determinable fair values in the amount of $0.1 million and $1.7 million as of December 31, 2023 and June 30, 2023, respectively. The Company accounts for these investments at cost less impairment, if any, plus or minus changes from observable price changes in orderly transactions for the identical or similar investments by the same issuer. During the three and six months ended December 31, 2023, the Company performed a qualitative assessment and identified impairment indicators. The Company recorded a $0.2 million and $1.8 million impairment during the three and six months ended December 31, 2023, respectively, in Other income, net on the condensed consolidated statement of operations. The Company did not have any impairment to the carrying values of the non-marketable equity securities during the three and six months ended December 31, 2022.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.0.1
Short-term and Long-term Debt
|
6 Months Ended |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
Short-term and Long-term Debt |
Short-term and Long-term Debt Short-term and long-term debt obligations as of December 31, 2023 and June 30, 2023 consisted of the following (in thousands): | | | | | | | | | | | | | December 31, | | June 30, | | 2023 | | 2023 | Line of credit: | | | | 2018 Bank of America Credit Facility | $ | — | | | $ | — | | 2022 Bank of America Credit Facility | 20,000 | | | — | | Cathay Bank Line of Credit | 131,583 | | | 131,583 | | 2023 CTBC Credit Lines | 36,873 | | | — | | | | | | HSBC Bank Credit Facility | 29,704 | | | — | | | | | | Mega Bank Credit Facility | 15,526 | | | — | | Total line of credit | 233,686 | | | 131,583 | | Term loan facilities: | | | | Chang Hwa Bank Credit Facility due October 15, 2026 | 22,911 | | | 26,853 | | CTBC Term Loan Facility, due June 4, 2030 | 35,579 | | | 38,208 | | 2021 CTBC Credit Lines, due August 15, 2026 | 3,991 | | | 4,721 | | 2021 E.SUN Bank Credit Facility, due September 15, 2026 | 28,463 | | | 33,513 | | 2022 ESUN Bank Credit Facility, due August 15, 2027 | 15,419 | | | 16,756 | | Mega Bank Credit Facility, due September 15, 2026 | 35,580 | | | 38,668 | | Total term loans | 141,943 | | | 158,719 | | Total debt | 375,629 | | | 290,302 | | Short-term debt and current portion of long-term debt | 276,307 | | | 170,123 | | Debt, non-current | $ | 99,322 | | | $ | 120,179 | |
Activities under Revolving Lines of Credit and Term Loans
Available borrowings and interest rates as of December 31, 2023 and June 30, 2023 consisted of the following (in thousands except for percentages):
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | | Available borrowings | | Interest rate | | Available borrowings | | Interest rate | Line of credit: | | | | | | | | 2018 Bank of America Credit Facility | $ | 350,000 | | | 6.82% | | $ | 350,000 | | | 6.57% | 2022 Bank of America Credit Facility | $ | — | | | 6.49% | | $ | 20,000 | | | 3.36% | Cathay Bank Line of Credit | $ | 417 | | | 7.36% | | $ | 417 | | | 7.08% | 2022 CTBC Credit Lines | $ | — | | | — | | $ | 105,000 | | | 3.33% | 2023 CTBC Credit Line | $ | 68,127 | | | 1.96% - 6.52% | | $ | — | | | — | Chang Hwa Bank Credit Facility | $ | 20,000 | | | 6.38% | | $ | 20,000 | | | 6.58% | HSBC Bank Credit Facility | $ | 20,296 | | | 1.90% - 6.37% | | $ | 50,000 | | | 4.50% | | | | | | | | | 2022 E.SUN Bank Credit Facility | $ | 30,000 | | | 6.67% | | $ | 30,000 | | | 4.18% | Mega Bank Credit Facility | $ | 4,474 | | | 1.90% | | $ | 20,000 | | | 2.55% | | | | | | | | | Term loan facilities: | | | | | | | | Chang Hwa Bank Credit Facility due October 15, 2026 | $ | — | | | 1.55% | | $ | — | | | 1.55% | CTBC Term Loan Facility, due June 4, 2030 | $ | — | | | 1.20% | | $ | — | | | 1.20% | 2021 CTBC Credit Lines, due August 15, 2026 | $ | — | | | 1.40% | | $ | — | | | 1.40% | 2021 E.SUN Bank Credit Facility, due September 15, 2026 | $ | — | | | 1.75% | | $ | 7,734 | | | 1.75% | 2022 ESUN Bank Credit Facility, due August 15, 2027 | $ | — | | | 1.75% | | $ | — | | | 1.75% | Mega Bank Credit Facility, due September 15, 2026 | $ | — | | | 1.40% - 1.60% | | $ | — | | | 1.40% - 1.60% |
See “Part II. Item 8. Financial Statements and Supplementary Data – Note 7. Short-term and Long-term Debt” of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 for a more complete description of the Company's credit facilities.
The Company entered into new agreements during the six months ended December 31, 2023 with the following terms:
CTBC Bank
2023 CTBC Bank Credit Lines
On September 28, 2023 (the “Effective Date”), the Company's Taiwan subsidiary entered into a new general agreement for omnibus credit lines with CTBC Bank, which replaces the prior CTBC credit lines in their entirety and permits for borrowings, from time to time, thereunder pursuant to various individual credit arrangements and includes the previously issued long and medium term loan facility of NTD 1,550.0 million entered in 2021 and 2020 (the “Long and Medium Loan Facility”), and each of (i) a short-term loan and guarantee line providing credit of up to NTD1,250.0 million and NTD100.0 million, respectively (the “NTD Short Term Loan/Guarantee Line”), (ii) a short-term loan providing a line of credit of up to $40.0 million (the “USD Short Term Loan Line”), and (iii) an export/import o/a loan line providing a line of credit of up to $105.0 million for exports and $50.0 million for imports (the “Export/Import Line,” and, together with the NTD Short Term Loan/Guarantee Line and the USD Short Term Loan Line, the “New CTBC Credit Lines”). Aggregate borrowings under the New CTBC Credit Lines together is subject to a cap of $105.0 million. Interest rates under each of the individual New CTBC Credit Lines are to be established according to individual credit arrangements, which interest rates shall be subject to adjustment depending on the satisfaction of certain conditions. Each of the NTD Short Term Loan/Guarantee Line and USD Short Term Loan Line are secured by certain of the Company's Taiwan subsidiary’s assets, including certain property, land, and plant. The tenor for each of the individual New CTBC Credit Lines is one year. For the Long and Medium Loan Facility, the Taiwan subsidiary is subject to various financial covenants, including current ratio, debt service coverage ratio, and financial debt ratio requirements. In the event the Taiwan subsidiary does not satisfy such financial covenants, CTBC Bank is permitted to, among other things, reduce the permitted total borrowings to a cap of $70.0 million from $105.0 million. Additional covenants require, among other things, the Company to maintain ownership of all of the capital stock of its Taiwan subsidiary and prohibit secondary mortgages on certain assets securing various of the New CTBC Credit Lines. The New CTBC Credit Lines have customary default provisions permitting CTBC Bank to suspend the extension of credit, reduce the credit line, shorten the credit extension term, or declare all principal and interest amounts immediately due and payable upon the occurrence of an event of default.
The Company's Taiwan subsidiary intends to use borrowings under the New CTBC Credit Lines in connection with financing of eligible accounts receivable and accounts payable (vendor invoices) and to finance additional improvements to the Company’s Bade Manufacturing Facility located in Taiwan.
As of December 31, 2023, the outstanding borrowings under the 2023 CTBC Bank Credit Lines were $36.9 million. The interest rate for these loans were 1.96% - 6.52% per annum as of December 31, 2023.
HSBC Bank
2023 HSBC Bank Credit Lines
On December 7, 2023, the Company's Taiwan subsidiary entered into a new Facility Letter with the Taiwan affiliate of HSBC Bank. The New Facility Letter is substantially identical to the prior Facility Letter entered into with HSBC Bank on February 7, 2023. The New Facility Letter permits borrowings up to a combined aggregate limit of $50 million which may be comprised of borrowings under a New Taiwan Dollar revolving facility with a sub-limit of NTD 300 million (the “NTD Revolver”) and an export/seller facility with a sub-limit of $50 million (the “Export/Seller Facility”, and together with the NTD Revolver, the "HSBC Bank Credit Lines"). Interest under both the NTD Revolver and Export/Seller Facility is based on HSBC Bank’s base rate plus a fixed margin, subject to adjustment under certain circumstances. Interest payments thereunder are due on a monthly basis, or such other interest period as agreed by HSBC Bank, and principal is repayable on the due date.
Amounts due under the New Facility Letter are currently not secured, but subject to HSBC Bank’s right of set-off and right to repayment on demand and call for cash coverage.
As of December 31, 2023, the outstanding borrowings under HSBC Bank Credit Lines were $29.7 million. The interest rates for these loans were 1.90% - 6.37% per annum as of December 31, 2023.
Principal payments on short-term and long-term obligations are due as follows (in thousands):
Fiscal Year Principal Payments | | | | | | | | | Remainder of 2024 | | $ | 254,997 | | 2025 | | 42,621 | | 2026 | | 42,621 | | 2027 | | 18,517 | | 2028 | | 6,246 | | 2029 and thereafter | | 10,627 | | Total short-term and long-term debt | | $ | 375,629 | |
The Company is in compliance with all the covenants for the outstanding debt.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.0.1
Leases
|
6 Months Ended |
Dec. 31, 2023 |
Leases [Abstract] |
|
Leases |
Leases The Company leases offices, warehouses and other premises, vehicles and certain equipment leased under non-cancelable operating leases. Operating lease expense recognized and supplemental cash flow information related to operating leases for the three and six months ended December 31, 2023 and 2022 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Operating lease expense (including expense for lease agreements with related parties of $139 and $140 for the three months ended December 31, 2023 and 2022, respectively, and $277 and $284 for the six months ended December 31, 2023 and 2022, respectively) | $ | 2,354 | | | $ | 2,115 | | | $ | 4,539 | | | $ | 4,225 | | Cash payments for operating leases (including payments to related parties of $129 and $127 for the three months ended December 31, 2023 and 2022, respectively, and $257 and $257 for the six months ended December 31, 2023 and 2022, respectively) | $ | 2,204 | | | $ | 2,025 | | | $ | 4,287 | | | $ | 4,063 | | New operating lease assets obtained in exchange for operating lease liabilities | $ | 572 | | | $ | 274 | | | $ | 9,749 | | | $ | 1,024 | |
During the three and six months ended December 31, 2023 and 2022, the Company’s costs related to short-term lease arrangements for real estate and non-real estate assets were immaterial. Non-lease variable payments expensed in the three and six months ended December 31, 2023 were $0.5 million and $0.9 million, respectively. Non-lease variable payments expensed in the three and six months ended December 31, 2022 were $0.4 million and $0.9 million, respectively.
As of December 31, 2023, the weighted average remaining lease term for operating leases was 3.1 years and the weighted average discount rate was 4.2%. Maturities of operating lease liabilities under noncancelable operating lease arrangements as of December 31, 2023 were as follows (in thousands): | | | | | | | | | Fiscal Year: | | Maturities of operating leases | Remainder of 2024 | | $ | 4,839 | | 2025 | | 9,436 | | 2026 | | 5,600 | | 2027 | | 3,885 | | 2028 | | 2,827 | | 2029 and beyond | | 429 | | Total future lease payments | | 27,016 | | Less: Imputed interest | | (1,991) | | Present value of operating lease liabilities | | $ | 25,025 | |
The Company has entered into lease agreements with related parties. See Part I, Item 1, Note 8, “Related Party Transactions,” for a further discussion.
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v3.24.0.1
Related Party Transactions
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6 Months Ended |
Dec. 31, 2023 |
Related Party Transactions [Abstract] |
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Related Party Transactions |
Related Party Transactions The Company has a variety of business relationships with Ablecom and Compuware. Ablecom and Compuware are both Taiwan corporations. Ablecom is one of the Company’s major contract manufacturers; Compuware is both a distributor of the Company’s products and a contract manufacturer for the Company. Ablecom’s Chief Executive Officer, Steve Liang, is the brother of Charles Liang, the Company’s President, Chief Executive Officer and Chairman of the Board. Steve Liang and his family members owned approximately 36.0% of Ablecom’s stock and Charles Liang and his spouse, Sara Liu, who is also an officer and director of the Company, collectively owned approximately 10.5% of Ablecom’s capital stock as of December 31, 2023. Bill Liang, a brother of both Charles Liang and Steve Liang, is a member of the Board of Directors of Ablecom. Bill Liang is also the Chief Executive Officer of Compuware, a member of Compuware’s Board of Directors and a holder of a significant equity interest in Compuware. Steve Liang is also a member of Compuware’s Board of Directors and is an equity holder of Compuware. Neither Charles Liang nor Sara Liu own any capital stock of Compuware and the Company does not own any of Ablecom or Compuware’s capital stock. In addition, a sibling of Yih-Shyan (Wally) Liaw, who is our Senior Vice President, Business Development and a director, owns approximately 11.7% of Ablecom’s capital stock and 8.7% of Compuware’s capital stock.
Dealings with Ablecom
The Company has entered into a series of agreements with Ablecom, including multiple product development, production and service agreements, product manufacturing agreements, manufacturing services agreements and lease agreements for warehouse space.
Under these agreements, the Company outsources to Ablecom a portion of its design activities and a significant part of its server chassis manufacturing as well as an immaterial portion of other components. Ablecom manufactured approximately 87.2% and 95.5% of the chassis included in the products sold by the Company during the three months ended December 31, 2023 and 2022, respectively, and 86.3% and 91.8% of the chassis included in the products sold by the Company during the six months ended December 31, 2023 and 2022, respectively. With respect to design activities, Ablecom generally agrees to design certain agreed-upon products according to the Company’s specifications, and further agrees to build the tools needed to manufacture the products. The Company pays Ablecom for the design and engineering services, and further agrees to pay Ablecom for the tooling. The Company retains full ownership of any intellectual property resulting from the design of these products and tooling.
With respect to the manufacturing aspects of the relationship, Ablecom purchases most of materials needed to manufacture the chassis from third parties and the Company provides certain components used in the manufacturing process (such as power supplies) to Ablecom through consignment or sales transactions. Ablecom uses these materials and components to manufacture the completed chassis and then sell them back to the Company. For the components purchased from the Company, Ablecom sells the components back to the Company at a price equal to the price at which the Company sold the components to Ablecom. The Company and Ablecom frequently review and negotiate the prices of the chassis the Company purchases from Ablecom. In addition to inventory purchases, the Company also incurs other costs associated with design services, tooling and other miscellaneous costs from Ablecom.
The Company’s exposure to financial loss as a result of its involvement with Ablecom is limited to potential losses on its purchase orders in the event of an unforeseen decline in the market price and/or demand of the Company’s products such that the Company incurs a loss on the sale or cannot sell the products. Outstanding cancellable and non-cancellable purchase orders from the Company to Ablecom on December 31, 2023 were $49.1 million and $37.5 million, respectively, and outstanding cancellable and non-cancellable purchase orders from the Company to Ablecom on June 30, 2023 were $37.4 million and $23.7 million, respectively, effectively representing the exposure to financial loss. The Company does not directly or indirectly guarantee any obligations of Ablecom, or any losses that the equity holders of Ablecom may suffer. Since Ablecom manufactures substantially all the chassis that the Company incorporates into its products, if Ablecom were to suddenly be unable to manufacture chassis for the Company, the Company’s business could suffer if the Company is unable to quickly qualify substitute suppliers who can supply high-quality chassis to the Company in volume and at acceptable prices. Dealings with Compuware
The Company has entered into a distribution agreement with Compuware, under which the Company appointed Compuware as a non-exclusive distributor of the Company’s products in Taiwan, China and Australia. Compuware assumes the responsibility to install the Company’s products at the site of the end customer, if required, and administers customer support in exchange for a discount from the Company’s standard price for its purchases.
The Company also has entered into a series of agreements with Compuware, including multiple product development, production and service agreements, product manufacturing agreements, and lease agreements for office space.
Under these agreements, the Company outsources to Compuware a portion of its design activities and a significant part of its power supplies manufacturing as well as an immaterial portion of other components. With respect to design activities, Compuware generally agrees to design certain agreed-upon products according to the Company’s specifications, and further agrees to build the tools needed to manufacture the products. The Company pays Compuware for the design and engineering services, and further agrees to pay Compuware for the tooling. The Company retains full ownership of any intellectual property resulting from the design of these products and tooling. With respect to the manufacturing aspects of the relationship, Compuware purchases most of materials needed to manufacture the power supplies from outside markets and uses these materials to manufacture the products and then sell those products to the Company. The Company and Compuware frequently review and negotiate the prices of the power supplies the Company purchases from Compuware.
Compuware also manufactures motherboards, backplanes and other components used on printed circuit boards for the Company. The Company sells to Compuware most of the components needed to manufacture the above products. Compuware uses the components to manufacture the products and then sells the products back to the Company at a purchase price equal to the price at which the Company sold the components to Compuware, plus a “manufacturing value added” fee and other miscellaneous material charges and costs including overhead and labor. The Company and Compuware frequently review and negotiate the amount of the “manufacturing value added” fee that will be included in the price of the products the Company purchases from Compuware. In addition to the inventory purchases, the Company also incurs costs associated with design services, tooling assets, and miscellaneous costs.
The Company’s exposure to financial loss as a result of its involvement with Compuware is limited to potential losses on its purchase orders in the event of an unforeseen decline in the market price and/or demand of the Company’s products such that the Company incurs a loss on the sale or cannot sell the products. Outstanding cancellable and non-cancellable purchase orders from the Company to Compuware on December 31, 2023 were $121.6 million and $49.9 million, respectively, and outstanding cancellable and non-cancellable purchase orders from the Company to Compuware on June 30, 2023 were $156.2 million and $46.8 million, respectively, effectively representing the exposure to financial loss. The Company does not directly or indirectly guarantee any obligations of Compuware, or any losses that the equity holders of Compuware may suffer.
Dealings with Investment in a Corporate Venture
In October 2016, the Company entered into agreements pursuant to which the Company contributed certain technology rights in connection with an investment in a privately-held company (the “Corporate Venture”) located in China to expand the Company’s presence in China. The Corporate Venture is 30% owned by the Company and 70% owned by another company in China. The transaction was closed in the third fiscal quarter of 2017 and the investment is accounted for using the equity method. As such, the Corporate Venture is also a related party. The Company recorded a deferred gain related to the contribution of certain technology rights. There was no balance in the deferred gain in the consolidated balance sheets as of December 31, 2023 and June 30, 2023. The Company monitors the investment for events or circumstances indicative of potential impairment and makes appropriate reductions in carrying values if it determines that an impairment charge is required. In June 2020, the third-party parent company that controls the Corporate Venture was placed on a U.S. government export control list, along with several of such third-party parent’s related entities and a separate listing for one of its subsidiaries. The Corporate Venture is not itself a restricted party. The Company has concluded that the Corporate Venture is in compliance with the new restrictions. The Company does not believe that the equity investment carrying value is impacted as of December 31, 2023. No impairment charge was recorded for the three and six months ended December 31, 2023 or 2022. The Company sold products worth $11.4 million and $6.0 million to the Corporate Venture during the three months ended December 31, 2023 and 2022, respectively, and $12.2 million and $17.3 million to the Corporate Venture during the six months ended December 31, 2023 and 2022, respectively. The Company’s share of intra-entity profits on the products that remained unsold by the Corporate Venture as of December 31, 2023 and June 30, 2023 have been eliminated and have reduced the carrying value of the Company’s investment in the Corporate Venture. To the extent that the elimination of intra-entity profits reduces the investment balance below zero, such amounts are recorded within accrued liabilities. The Company had $3.5 million and $1.9 million due from the Corporate Venture in accounts receivable, net as of December 31, 2023 and June 30, 2023, respectively.
The Company had the following balances related to transactions with its related parties as of December 31, 2023 and June 30, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ablecom | | Compuware | | Corporate Venture | | | Total | | December 31, 2023 | | June 30, 2023 | | December 31, 2023 | | June 30, 2023 | | December 31, 2023 | | June 30, 2023 | | | | December 31, 2023 | | June 30, 2023 | | | | | | | | | | | | | | | | | | | Accounts receivable | $ | 2 | | | $ | 2 | | | $ | 289 | | | $ | 3,528 | | | $ | 3,568 | | | $ | 1,943 | | | | | $ | 3,859 | | | $ | 5,473 | | Other receivable (1) | $ | 2,270 | | | $ | 2,841 | | | $ | 32,023 | | | $ | 24,891 | | | $ | — | | | $ | — | | | | | $ | 34,293 | | | $ | 27,732 | | Accounts payable | $ | 46,649 | | | $ | 35,711 | | | $ | 55,051 | | | $ | 53,423 | | | $ | — | | | $ | — | | | | | $ | 101,700 | | | $ | 89,134 | | Accrued liabilities (2) | $ | 1,074 | | | $ | 1,230 | | | $ | 17,435 | | | $ | 12,787 | | | $ | — | | | $ | — | | | | | $ | 18,509 | | | $ | 14,017 | |
| | | (1) Other receivables include receivables from vendors included in prepaid and other current assets. | (2) Includes current portion of operating lease liabilities included in other current liabilities. | |
The Company’s results from transactions with its related parties for each of the three months ended December 31, 2023 and 2022, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ablecom | | Compuware | | Corporate Venture | | | Total | | Three months ended December 31, | | Three months ended December 31, | | Three months ended December 31, | | | Three months ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Net sales | $ | 4 | | | $ | 2 | | | $ | 4,392 | | | $ | 14,113 | | | $ | 11,385 | | | $ | 5,958 | | | | | $ | 15,781 | | | $ | 20,073 | | Purchases - inventory | $ | 50,586 | | | $ | 46,715 | | | $ | 61,859 | | | $ | 52,028 | | | $ | — | | | $ | — | | | | | $ | 112,445 | | | $ | 98,743 | | Purchases - other miscellaneous items | $ | 3,456 | | | $ | 2,763 | | | $ | 332 | | | $ | 279 | | | $ | — | | | $ | — | | | | | $ | 3,788 | | | $ | 3,042 | |
The Company’s results from transactions with its related parties for each of the six months ended December 31, 2023 and 2022, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ablecom | | Compuware | | Corporate Venture | | | Total | | Six months ended December 31, | | Six months ended December 31, | | Six months ended December 31, | | | Six months ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Net sales | $ | 6 | | | $ | 3 | | | $ | 20,998 | | | $ | 27,872 | | | $ | 12,173 | | | $ | 17,251 | | | | | $ | 33,177 | | | $ | 45,126 | | Purchases - inventory | $ | 97,199 | | | $ | 94,562 | | | $ | 128,353 | | | $ | 100,717 | | | $ | — | | | $ | — | | | | | $ | 225,552 | | | $ | 195,279 | | Purchases - other miscellaneous items | $ | 8,215 | | | $ | 7,526 | | | $ | 749 | | | $ | 537 | | | $ | — | | | $ | — | | | | | $ | 8,964 | | | $ | 8,063 | |
The Company’s cash flow impact from transactions with its related parties for each of the six months ended December 31, 2023 and 2022, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ablecom | | Compuware | | Corporate Venture | | | Total | | Six months ended December 31, | | Six months ended December 31, | | Six months ended December 31, | | | Six months ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Changes in accounts receivable | $ | — | | | $ | — | | | $ | 3,239 | | | $ | 137 | | | $ | (1,625) | | | $ | 3,041 | | | | | $ | 1,614 | | | $ | 3,178 | | Changes in other receivable | $ | 571 | | | $ | 1,364 | | | $ | (7,132) | | | $ | (24,289) | | | $ | — | | | $ | — | | | | | $ | (6,561) | | | $ | (22,925) | | Changes in accounts payable | $ | 10,938 | | | $ | (3,589) | | | $ | 1,628 | | | $ | 4,340 | | | $ | — | | | $ | — | | | | | $ | 12,566 | | | $ | 751 | | Changes in accrued liabilities | $ | (156) | | | $ | (2,009) | | | $ | 4,648 | | | $ | 2,860 | | | $ | — | | | $ | — | | | | | $ | 4,492 | | | $ | 851 | | Changes in other long-term liabilities | $ | — | | | $ | — | | | $ | (152) | | | $ | (168) | | | $ | — | | | $ | — | | | | | $ | (152) | | | $ | (168) | | Purchases of property, plant and equipment | $ | 4,460 | | | $ | 4,366 | | | $ | 68 | | | $ | 148 | | | $ | — | | | $ | — | | | | | $ | 4,528 | | | $ | 4,514 | | Unpaid property, plant and equipment | $ | 2,570 | | | $ | 1,764 | | | $ | 7 | | | $ | — | | | $ | — | | | $ | — | | | | | $ | 2,577 | | | $ | 1,764 | |
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.0.1
Stock-based Compensation and Stockholders' Equity
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6 Months Ended |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
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Stock-based Compensation and Stockholders' Equity |
Stock-based Compensation and Stockholders’ Equity Equity Incentive Plan
On June 5, 2020, the stockholders of the Company approved the 2020 Equity and Incentive Compensation Plan (the “Original 2020 Plan”). The maximum number of shares available under the Original 2020 Plan was 5,000,000 plus 1,045,000 shares of common stock that remained available for future awards under the 2016 Equity Incentive Plan (the “2016 Plan”), at the time of adoption of the Original 2020 Plan. No other awards can be granted under the 2016 Plan and 7,246,000 shares of common stock remained reserved for outstanding awards issued under the Original 2016 Plan at the time of adoption of the Original 2020 Plan. On May 18, 2022, the stockholders of the Company approved an amendment and restatement of the Original 2020 Plan which, among other things, increased the number of shares available for award under the 2020 Plan by an additional 2,000,000 shares.
On January 22, 2024, the stockholders of the Company approved a further amendment and restatement of the Original 2020 Plan (as amended and restated from time to time, the “2020 Plan”) which, among other things, further increased the number of shares available for award under the 2020 Plan by an additional 1,500,000 shares.
Under the 2020 Plan, the Company can grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, dividend equivalents, and certain other awards, including those denominated or payable in, or otherwise based on, the Company’s common stock. The exercise price per share for incentive stock options granted to employees owning shares representing more than 10% of the Company’s outstanding voting stock at the time of grant cannot be less than 110% of the fair value of the underlying shares on the grant date. Nonqualified stock options and incentive stock options granted to all other persons are granted at a price not less than 100% of the fair value. Options generally expire ten years after the date of grant. Stock options and RSUs generally vest over four years; 25% at the end of one year and one sixteenth per quarter thereafter.
As of December 31, 2023, the Company had 483,780 authorized shares available for future issuance under the 2020 Plan.
Offering of Common Stock
On December 5, 2023, the Company completed a public offering of 2,415,805 shares of the Company's common stock at $262.00 per share, with 2,315,105 shares sold by the Company and 100,700 shares sold by selling stockholders.
The Company received net proceeds of approximately $582.8 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company did not receive any proceeds from the sale of the shares of common stock by the selling stockholders.
Common Stock Repurchase and Retirement
On August 3, 2022, after the expiration of a prior share repurchase program on July 31, 2022, a duly authorized subcommittee of the Company’s Board approved a new share repurchase program to repurchase shares of the Company’s common stock for up to $200 million at prevailing prices in the open market. Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The number of shares purchased and the timing of such purchases are based on working capital requirements, market and general business conditions, and other factors, including alternative investment opportunities.
No shares were repurchased under the share repurchase program during the three and six months ended December 31, 2023. As of December 31, 2023, $50.0 million was available for additional repurchases of common stock. The share repurchase program was effective until January 31, 2024, at which time the remaining unutilized portion of such program expired. Determining Fair Value
The Company’s fair value of RSUs is based on the closing market price of the Company’s common stock on the date of grant. The Company estimates the fair value of stock options granted using the Black-Scholes-option-pricing model. This fair value is then amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The key inputs in using the Black-Scholes-option-pricing model were as follows:
Expected Term—The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding and was determined based on the Company’s historical experience.
Expected Volatility—Expected volatility is based on the Company’s implied and historical volatility.
Expected Dividend—The Black-Scholes valuation model calls for a single expected dividend yield as an input and the Company has no plans to pay dividends.
Risk-Free Interest Rate—The risk-free interest rate used in the Black-Scholes valuation method is based on the United States Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option.
The fair value of stock option grants for the three and six months ended December 31, 2023 and 2022 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Risk-free interest rate | 4.78% | | 4.16% - 4.25% | | 4.15% - 4.78% | | 2.81% - 4.25% | Expected term | 5.99 years | | 6.07 years | | 3.00 years - 5.99 years | | 6.07 years | Dividend yield | —% | | —% | | —% | | —% | Volatility | 58.89% | | 51.64% - 51.68% | | 56.87% - 58.89% | | 50.62% - 51.68% | Weighted-average fair value | $156.09 | | $36.37 | | $179.16 | | $34.60 |
The following table shows total stock-based compensation expense included in the condensed consolidated statements of operations for the three and six months ended December 31, 2023 and 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Cost of sales | $ | 3,555 | | | $ | 1,486 | | | $ | 9,459 | | | $ | 2,370 | | Research and development | 25,439 | | | 9,334 | | | 61,149 | | | 15,452 | | Sales and marketing | 4,340 | | | 1,448 | | | 10,005 | | | 2,257 | | General and administrative | 9,727 | | | 4,713 | | | 19,827 | | | 7,916 | | Stock-based compensation expense before taxes | 43,061 | | | 16,981 | | | 100,440 | | | 27,995 | | Income tax impact | (9,569) | | | (3,381) | | | (25,434) | | | (4,720) | | Stock-based compensation expense, net | $ | 33,492 | | | $ | 13,600 | | | $ | 75,006 | | | $ | 23,275 | |
As of December 31, 2023, $73.5 million of unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 3.26 years and $237.0 million of unrecognized compensation cost related to unvested RSUs is expected to be recognized over a weighted-average period of 2.65 years. As described below, there is no unrecognized compensation cost related to the 2021 CEO Performance Stock Option as of December 31, 2023. Additionally, $27.4 million of unrecognized compensation cost related to the 2023 CEO Performance Stock Option is expected to be recognized over a period of 1.75 years. Stock Option Activity
2021 CEO Performance Award
In March 2021, the Company’s Compensation Committee of the Board of Directors (the “Compensation Committee”) approved the grant of a stock option award for 1,000,000 shares of common stock to the Company’s CEO (the “2021 CEO Performance Stock Option”). The 2021 CEO Performance Stock Option has five vesting tranches with a vesting schedule based entirely on the attainment of operational milestones (performance conditions) and market conditions, assuming (1) continued employment either as the CEO or in such capacity as agreed upon between the Company’s CEO and the Board and (2) service through each vesting date. Each of the five vesting tranches of the 2021 CEO Performance Stock Option will vest upon certification by the Compensation Committee that both (i) the market price milestone for such tranche, which begins at $45.00 per share for the first tranche and increases up to $120.00 per share thereafter (based on a 60 trading day average stock price), has been achieved, and (ii) any one of five operational milestones focused on total revenue, as reported under U.S. GAAP, have been achieved for the previous four consecutive fiscal quarters. Upon vesting and exercise, including the payment of the exercise price of $45.00 per share, prior to March 2, 2024, the Company’s CEO must hold shares that he acquires until March 2, 2024, other than those shares sold pursuant to a cashless exercise where shares are simultaneously sold to pay for the exercise price and any required tax withholding.
The achievement status of the operational and stock price milestones as of December 31, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | Annualized Revenue Milestone (in billions) | | Achievement Status | | Stock Price Milestone | | Achievement Status | | | $4.0 | | Achieved | | $45 | | Achieved (1) | | | $4.8 | | Achieved | | $60 | | Achieved (2) | | | $5.8 | | Achieved | | $75 | | Achieved (3) | | | $6.8 | | Achieved | | $95 | | Achieved (4) | | | $8.0 | | Achieved (5) | | $120 | | Achieved (6) | | | | | | | | | | | |
(1)The vesting of the first tranche of 200,000 option shares under the 2021 CEO Performance Stock Option, representing one-fifth of such award, was certified by the Company’s Compensation Committee in August 2022. (2)The vesting of the second tranche of 200,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in October 2022. (3)The vesting of the third tranche of 200,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in January 2023. (4)The vesting of the fourth tranche of 200,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in September 2023. (5)Revenue reported for the four quarters ended December 31, 2023 was $9.3 billion. Achievement of the $8.0 billion revenue goal has not yet been certified by the Company’s Compensation Committee. (6)On June 19, 2023, the Compensation Committee certified achievement of the $120 stock price milestone based upon the 60 trading day average stock price from March 6, 2023 through May 30, 2023.
During the three and six months ended December 31, 2023, the Company recognized compensation expense related to the 2021 CEO Performance Stock Option of $0.5 million and $0.7 million, respectively. During the three and six months ended December 31, 2022, the Company recognized compensation expense related to the 2021 CEO Performance Stock Option of $1.9 million and $3.2 million, respectively. As of December 31, 2023 and June 30, 2023, the Company had $0.0 million and $0.7 million, respectively, in unrecognized compensation cost related to the 2021 CEO Performance Stock Option. 2023 CEO Performance Award
In November 2023, the Compensation Committee approved the grant of a stock option award for 500,000 shares of common stock to the Company’s CEO (the “2023 CEO Performance Stock Option”). The 2023 CEO Performance Stock Option has five vesting tranches with a vesting schedule based entirely on the attainment of operational milestones (performance conditions) and market conditions, assuming (1) continued employment either as the CEO or in such capacity as agreed upon between the Company’s CEO and the Board and (2) service through each vesting date. Each of the five vesting tranches of the 2023 CEO Performance Stock Option will vest upon certification by the Compensation Committee that both (i) the market price milestone for such tranche, which begins at $450.00 per share for the first tranche and increases up to $1,100.00 per share thereafter (based on a 60 trading day average stock price), has been achieved, and (ii) any one of five operational milestones focused on total revenue, as reported under U.S. GAAP, have been achieved for the previous four consecutive fiscal quarters. Upon vesting and exercise, including the payment of the exercise price of $450.00 per share, prior to November 14, 2026, the Company’s CEO must hold shares that he acquires until November 14, 2026, other than those shares sold pursuant to a cashless exercise where shares are simultaneously sold to pay for the exercise price and any required tax withholding. The achievement status of the operational and stock price milestones as of December 31, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | | Annualized Revenue Milestone (in billions) | | Achievement Status | | Stock Price Milestone | | Achievement Status | $13.0 | | Probable | | $450 | | Not met | $15.0 | | Not Probable | | $600 | | Not met | $17.0 | | Not Probable | | $750 | | Not met | $19.0 | | Not Probable | | $900 | | Not met | $21.0 | | Not Probable | | $1,100 | | Not met |
During the three and six months ended December 31, 2023, the Company recognized compensation expense related to the 2023 CEO Performance Stock Option of $2.5 million. As of December 31, 2023 , the Company had $27.4 million in unrecognized compensation cost related to the 2023 CEO Performance Stock Option. The unrecognized compensation cost as of December 31, 2023 is expected to be recognized over a period of 1.75 years. On the respective grant dates of each of the 2021 CEO Performance Award and the 2023 CEO Performance Award, a Monte Carlo simulation was used to determine for each tranche of each award (i) a fixed expense amount for such tranche and (ii) the future time when the market price milestone for such tranche was expected to be achieved, or its “expected market price milestone achievement time.” Separately, based on a subjective assessment of the Company’s future financial performance, each quarter, the Company will determine whether achievement is probable for each operational milestone that has not previously been achieved or deemed probable of achievement, and, if so, the future time when the Company expects to achieve that operational milestone, or its “expected operational milestone achievement time.” When the Company first determines that an operational milestone has become probable of being achieved, the Company will allocate the entire expense for the related tranche over the number of quarters between the grant date and the then-applicable “expected vesting time.” The “expected vesting time” at any given time is the later of (i) the expected operational milestone achievement time (if the related operational milestone has not yet been achieved) and (ii) the expected market price milestone achievement time (if the related market price milestone has not yet been achieved). The Company will immediately recognize a catch-up expense for all accumulated expenses from the respective grant date through the quarter in which the operational milestone was first deemed probable of being achieved. Each quarter thereafter, the Company will recognize the prorated portion of the then-remaining expense for the tranche based on the number of quarters between such quarter and the then-applicable expected vesting time, except that upon vesting of a tranche, all remaining expenses for that tranche will be immediately recognized.
The following table summarizes stock option activity during the six months ended December 31, 2023 under all plans: | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Weighted Average Exercise Price per Share | | Weighted Average Remaining Contractual Term (in Years) | | | Balance as of June 30, 2023 | | 3,302,533 | | | $ | 40.47 | | | | | | Granted | | 844,242 | | | $ | 393.40 | | | | | | Exercised | | (341,409) | | | $ | 28.68 | | | | | | Forfeited/Cancelled | | (7,127) | | | $ | 60.76 | | | | | | Balance as of December 31, 2023 | | 3,798,239 | | | $ | 119.94 | | | 7.00 | | | | | | | | | | | | Options vested and exercisable at December 31, 2023 | | 2,044,524 | | | $ | 36.57 | | | 5.36 | | |
RSU Activity
The following table summarizes RSU activity during the six months ended December 31, 2023 under all plans:
| | | | | | | | | | | | | | | | | | Time-Based RSUs Outstanding | | Weighted Average Grant-Date Fair Value per Share | | | | | | Balance as of June 30, 2023 | 2,042,986 | | | $ | 55.94 | | | | | | | Granted | 724,048 | | | $ | 309.00 | | | | | | | Released | (511,022) | | | $ | 96.34 | | | | | | | Forfeited | (45,329) | | | $ | 91.53 | | | | | | | Balance as of December 31, 2023 | 2,210,683 | | | $ | 128.75 | | | | | | |
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.0.1
Income Taxes
|
6 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes The Company recorded a provision for income taxes of $61.5 million and $81.7 million for the three and six months ended December 31, 2023, respectively, and $29.6 million and $68.5 million for the three and six months ended December 31, 2022, respectively. The effective tax rate was 17.3% and 15.3% for the three and six months ended December 31, 2023, respectively, and 14.3% and 15.9% for the three and six months ended December 31, 2022, respectively. The effective tax rate for the three months ended December 31, 2023 is higher than that for the three months ended December 31, 2022, primarily due to a 2% increase caused by a reduction of foreign derived intangible income which is subject to lower income tax rate than a statutory tax rate of 21%. In addition, there was a 1% increase caused by more non tax deductible stock-based compensation for officers over one million dollars threshold. The effective tax rate for the six months ended December 31, 2023 is lower than that for the six months ended December 31, 2022, primarily due to an increase in the tax deduction for stock-based compensation in the six months ended December 31, 2023.
The Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development (“R&D”) expenses in the year incurred and instead requires taxpayers to capitalize R&D expenses, including software development cost, and subsequently amortize such expenses over five years for R&D activities conducted in the United States and over fifteen years for R&D activities conducted outside of the United States beginning in the Company's fiscal year 2023. Although Congress has considered legislation that would defer, modify, and repeal the capitalization and amortization requirement, there is no assurance the provision will be deferred, repealed, or otherwise modified.
The Company believes that it has adequately provided reserves for all uncertain tax positions; however, amounts asserted by tax authorities could be greater or less than the Company’s current position. Accordingly, the Company’s provision on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or as the underlying matters are settled or otherwise resolved.
In general, the federal statute of limitations remains open for tax years ended June 30, 2020 through 2023. Various states’ statutes of limitations remain open in general for tax years ended June 30, 2019 through 2023. Certain statutes of limitations in major foreign jurisdictions remain open for the tax years ended June 30, 2018 through 2023. It is reasonably possible that the Company’s gross unrecognized tax benefits will decrease by approximately $3.2 million, in the next 12 months, due to the lapse of the statute of limitations. These adjustments, if recognized, would positively impact the Company’s effective tax rate, and would be recognized as additional tax benefits.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.0.1
Commitments and Contingencies
|
6 Months Ended |
Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Legal proceedings and indemnifications
From time to time, the Company has been involved in various legal proceedings arising from the normal course of business activities. The resolution of any such matters have not had a material impact on the Company’s consolidated financial condition, results of operations or liquidity as of December 31, 2023 and any prior periods.
The Company has entered into indemnification agreements with its current and former directors and executive officers.
Under these agreements, the Company has agreed to indemnify such individuals to the fullest extent permitted by law against liabilities that arise by reason of their status as directors or officers and to advance expenses incurred by such individuals in connection with related legal proceedings. It is not possible to determine the maximum potential amount of payments the Company could be required to make under these agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each claim. However, the Company maintains directors and officers liability insurance coverage to reduce its exposure to such obligations.
Purchase Commitments— The Company has agreements to purchase inventory and non-inventory items primarily through the next 12 months. As of December 31, 2023, these remaining noncancelable commitments were $1.9 billion, including $87.4 million for related parties.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.0.1
Segment Reporting
|
6 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
|
Segment Reporting |
Segment Reporting The Company operates in one operating segment that develops and provides high-performance server and storage solutions based upon an innovative, modular and open-standard architecture. The Company’s chief operating decision maker is the Chief Executive Officer.
The following is a summary of property, plant and equipment, net (in thousands): | | | | | | | | | | | | | December 31, | | June 30, | | 2023 | | 2023 | Long-lived assets: | | | | United States | $ | 183,896 | | | $ | 183,485 | | Asia | 110,676 | | | 104,094 | | Europe | 2,530 | | | 2,661 | | | $ | 297,102 | | | $ | 290,240 | |
The Company’s revenue is presented on a disaggregated basis in Part I, Item 1, Note 2, “Revenue,” by type of product and by geographical market.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.0.1
Subsequent Events
|
6 Months Ended |
Dec. 31, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Subsequent Events On January 26, 2024, the Company entered into an agreement to purchase real estate for an aggregate price of $80.0 million, subject to certain adjustments to be determined at closing. The transaction is expected to close during the third quarter of fiscal 2024. The Company plans to acquire this property using its own cash.
On January 31, 2024, the Company entered into a lease for approximately 260,000 square feet of space in San Jose, California for a term of 79 months. The Company currently intends to use such premises for additional warehouse space. The lease also provides that the Company is required to rent an additional approximate 198,000 square feet of space in the same building after such space becomes available for the remainder of the term stated above. Aggregate payment under the lease for both the primary space and additional space is approximately $0.6 million per month, subject to annual increase.
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v3.24.0.1
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Pay vs Performance Disclosure |
|
|
|
|
Net income |
$ 295,968
|
$ 176,167
|
$ 452,963
|
$ 360,583
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v3.24.0.1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations.
The unaudited condensed consolidated financial statements included herein reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the periods presented. The consolidated results of operations for the three and six months ended December 31, 2023 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending June 30, 2024.
|
Reclassifications |
Certain prior year amounts within cash from operating activities in the condensed consolidated statements of cash flows have been reclassified to conform to current year presentation. These changes in presentation do not affect previously reported results.
|
Concentration of Supplier and Credit and Customer Risk |
Concentration of Supplier Risk Certain materials used by the Company in the manufacturing of its products are available from a limited number of suppliers.Concentration of Credit and Customer Risk
Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable.
|
Accounting Pronouncements Not Yet Adopted |
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. This ASU requires that a public entity provide additional segment disclosures on an interim and annual basis. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements unless impracticable. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning July 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
|
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- DefinitionDisclosure of accounting policy for credit risk.
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v3.24.0.1
Revenue (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Disaggregation of Revenue |
The following is a summary of net sales by product type (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Server and storage systems | $ | 3,435,562 | | | $ | 1,660,931 | | | $ | 5,402,170 | | | $ | 3,373,987 | | Subsystems and accessories | 229,362 | | | 142,264 | | | 382,426 | | | 281,338 | | Total | $ | 3,664,924 | | | $ | 1,803,195 | | | $ | 5,784,596 | | | $ | 3,655,325 | |
The following is a summary for the three and six months ended December 31, 2023 and 2022, of net sales by geographic region (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | United States | $ | 2,605,585 | | | $ | 1,091,391 | | | $ | 4,225,099 | | | $ | 2,386,895 | | Asia | 656,220 | | | 330,711 | | | 881,688 | | | 600,735 | | Europe | 288,448 | | | 312,533 | | | 479,296 | | | 547,607 | | Other | 114,671 | | | 68,560 | | | 198,513 | | | 120,088 | | Total | $ | 3,664,924 | | | $ | 1,803,195 | | | $ | 5,784,596 | | | $ | 3,655,325 | |
|
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v3.24.0.1
Net Income Per Common Share (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Computation of Basic and Diluted Net Income Per Share |
The following table shows the computation of basic and diluted net income per common share for the three and six months ended December 31, 2023 and 2022 (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Numerator: | | | | | | | | Net income | $ | 295,968 | | | $ | 176,167 | | | $ | 452,963 | | | $ | 360,583 | | | | | | | | | | Denominator: | | | | | | | | Weighted-average shares outstanding | 54,135 | | | 53,160 | | | 53,614 | | | 52,726 | | Effect of dilutive securities | 3,943 | | | 2,984 | | | 4,017 | | | 2,701 | | Weighted-average diluted shares | 58,078 | | | 56,144 | | | 57,632 | | | 55,427 | | | | | | | | | | Basic net income per common share | $ | 5.47 | | | $ | 3.31 | | | $ | 8.45 | | | $ | 6.84 | | Diluted net income per common share | $ | 5.10 | | | $ | 3.14 | | | $ | 7.86 | | | $ | 6.51 | |
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v3.24.0.1
Balance Sheet Components (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] |
|
Schedule of Cash, Cash Equivalents and Restricted Cash |
The following tables provide details of the selected balance sheet items (in thousands):
Cash, Cash Equivalents and Restricted Cash: | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | Cash and cash equivalents | $ | 725,660 | | | $ | 440,459 | | | | | | Restricted cash included in other assets | 509 | | | 501 | | Total cash, cash equivalents and restricted cash | $ | 726,169 | | | $ | 440,960 | |
|
Schedule of Inventories |
Inventories: | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | Finished goods | $ | 1,566,278 | | | $ | 1,045,177 | | Work in process | 516,331 | | | 71,874 | | Purchased parts and raw materials | 384,388 | | | 328,513 | | Total inventories | $ | 2,466,997 | | | $ | 1,445,564 | |
|
Schedule of Property, Plant, and Equipment |
Property, Plant, and Equipment: | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | Buildings | $ | 143,496 | | | $ | 143,496 | | Machinery and equipment | 138,256 | | | 130,151 | | Land | 90,754 | | | 86,642 | | Building and leasehold improvements | 61,708 | | | 59,634 | | Furniture and fixtures | 38,820 | | | 36,303 | | Software | 23,823 | | | 23,098 | | Building construction in progress | 1,941 | | | 303 | | | 498,798 | | | 479,627 | | Accumulated depreciation and amortization | (201,696) | | | (189,387) | | Property, plant and equipment, net | $ | 297,102 | | | $ | 290,240 | |
|
Schedule of Accrued Liabilities |
Accrued Liabilities: | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | Accrued payroll and related expenses | $ | 64,237 | | | $ | 53,439 | | Customer deposits | 35,965 | | | 16,577 | | Contract manufacturers liabilities | 24,565 | | | 23,634 | | | | | | Accrued cooperative marketing expenses | 12,153 | | | 9,744 | | Accrued warranty costs | 9,554 | | | 9,079 | | | | | | Operating lease liability | 8,940 | | | 7,292 | | Accrued professional fees | 756 | | | 2,363 | | | | | | Other | 58,292 | | | 41,737 | | Total accrued liabilities | $ | 214,462 | | | $ | 163,865 | |
|
Schedule of Product Warranties |
Product Warranties: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Balance, beginning of the period | $ | 15,629 | | | $ | 12,703 | | | $ | 14,859 | | | $ | 12,136 | | Provision for warranty | 10,515 | | | 8,933 | | | 23,044 | | | 17,550 | | Costs utilized | (9,587) | | | (8,553) | | | (21,391) | | | (17,026) | | Change in estimated liability for pre-existing warranties | 59 | | | 193 | | | 104 | | | 616 | | Balance, end of the period | 16,616 | | | 13,276 | | | 16,616 | | | 13,276 | | Current portion | 9,554 | | | 8,668 | | | 9,554 | | | 8,668 | | Non-current portion | $ | 7,062 | | | $ | 4,608 | | | $ | 7,062 | | | $ | 4,608 | |
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v3.24.0.1
Fair Value Disclosure (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Cash Equivalents and Long-Term Investments Measured at Fair value on a Recurring Basis |
The following table sets forth the Company’s financial instruments as of December 31, 2023 and June 30, 2023, which are measured at fair value on a recurring basis by level within the fair value hierarchy. These are classified based on the lowest level of input that is significant to the fair value measurement (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | Level 1 | | Level 2 | | Level 3 | | Asset at Fair Value | Assets | | | | | | | | Money market funds (1) | $ | 284 | | | $ | — | | | $ | — | | | $ | 284 | | Certificates of deposit (2) | — | | | 465 | | | — | | | 465 | | Investment in marketable equity security | 4,176 | | | — | | | — | | | 4,176 | | Auction rate security | — | | | — | | | 1,843 | | | 1,843 | | Total assets measured at fair value | $ | 4,460 | | | $ | 465 | | | $ | 1,843 | | | $ | 6,768 | | | | | | | | | | | | | | | | | | June 30, 2023 | Level 1 | | Level 2 | | Level 3 | | Asset at Fair Value | Assets | | | | | | | | Money market funds (1) | $ | 20,823 | | | $ | — | | | $ | — | | | $ | 20,823 | | Certificates of deposit (2) | — | | | 462 | | | — | | | 462 | | Auction rate security | — | | | — | | | 1,843 | | | 1,843 | | Total assets measured at fair value | $ | 20,823 | | | $ | 462 | | | $ | 1,843 | | | $ | 23,128 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) $0.1 million and $20.6 million in money market funds are included cash and cash equivalents and $0.2 million and $0.2 million in money market funds are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of December 31, 2023 and June 30, 2023, respectively. (2) $0.2 million and $0.2 million in certificates of deposit are included in cash and cash equivalents, $0.1 million and $0.1 million in certificates of deposit are included in prepaid expenses and other assets, and $0.2 million and $0.2 million in certificates of deposit are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of December 31, 2023 and June 30, 2023, respectively.
|
Schedule of Long-Term Investments |
The following is a summary of the Company’s investment in an auction rate security as of December 31, 2023 and June 30, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Cost Basis | | Gross Unrealized Holding Gains | | Gross Unrealized Holding Losses | | Fair Value | Auction rate security | $ | 1,750 | | | $ | 287 | | | $ | (194) | | | $ | 1,843 | |
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v3.24.0.1
Short-term and Long-term Debt (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Short-term and Long-term Debt Obligations |
Short-term and long-term debt obligations as of December 31, 2023 and June 30, 2023 consisted of the following (in thousands): | | | | | | | | | | | | | December 31, | | June 30, | | 2023 | | 2023 | Line of credit: | | | | 2018 Bank of America Credit Facility | $ | — | | | $ | — | | 2022 Bank of America Credit Facility | 20,000 | | | — | | Cathay Bank Line of Credit | 131,583 | | | 131,583 | | 2023 CTBC Credit Lines | 36,873 | | | — | | | | | | HSBC Bank Credit Facility | 29,704 | | | — | | | | | | Mega Bank Credit Facility | 15,526 | | | — | | Total line of credit | 233,686 | | | 131,583 | | Term loan facilities: | | | | Chang Hwa Bank Credit Facility due October 15, 2026 | 22,911 | | | 26,853 | | CTBC Term Loan Facility, due June 4, 2030 | 35,579 | | | 38,208 | | 2021 CTBC Credit Lines, due August 15, 2026 | 3,991 | | | 4,721 | | 2021 E.SUN Bank Credit Facility, due September 15, 2026 | 28,463 | | | 33,513 | | 2022 ESUN Bank Credit Facility, due August 15, 2027 | 15,419 | | | 16,756 | | Mega Bank Credit Facility, due September 15, 2026 | 35,580 | | | 38,668 | | Total term loans | 141,943 | | | 158,719 | | Total debt | 375,629 | | | 290,302 | | Short-term debt and current portion of long-term debt | 276,307 | | | 170,123 | | Debt, non-current | $ | 99,322 | | | $ | 120,179 | |
Activities under Revolving Lines of Credit and Term Loans
Available borrowings and interest rates as of December 31, 2023 and June 30, 2023 consisted of the following (in thousands except for percentages): | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | June 30, 2023 | | Available borrowings | | Interest rate | | Available borrowings | | Interest rate | Line of credit: | | | | | | | | 2018 Bank of America Credit Facility | $ | 350,000 | | | 6.82% | | $ | 350,000 | | | 6.57% | 2022 Bank of America Credit Facility | $ | — | | | 6.49% | | $ | 20,000 | | | 3.36% | Cathay Bank Line of Credit | $ | 417 | | | 7.36% | | $ | 417 | | | 7.08% | 2022 CTBC Credit Lines | $ | — | | | — | | $ | 105,000 | | | 3.33% | 2023 CTBC Credit Line | $ | 68,127 | | | 1.96% - 6.52% | | $ | — | | | — | Chang Hwa Bank Credit Facility | $ | 20,000 | | | 6.38% | | $ | 20,000 | | | 6.58% | HSBC Bank Credit Facility | $ | 20,296 | | | 1.90% - 6.37% | | $ | 50,000 | | | 4.50% | | | | | | | | | 2022 E.SUN Bank Credit Facility | $ | 30,000 | | | 6.67% | | $ | 30,000 | | | 4.18% | Mega Bank Credit Facility | $ | 4,474 | | | 1.90% | | $ | 20,000 | | | 2.55% | | | | | | | | | Term loan facilities: | | | | | | | | Chang Hwa Bank Credit Facility due October 15, 2026 | $ | — | | | 1.55% | | $ | — | | | 1.55% | CTBC Term Loan Facility, due June 4, 2030 | $ | — | | | 1.20% | | $ | — | | | 1.20% | 2021 CTBC Credit Lines, due August 15, 2026 | $ | — | | | 1.40% | | $ | — | | | 1.40% | 2021 E.SUN Bank Credit Facility, due September 15, 2026 | $ | — | | | 1.75% | | $ | 7,734 | | | 1.75% | 2022 ESUN Bank Credit Facility, due August 15, 2027 | $ | — | | | 1.75% | | $ | — | | | 1.75% | Mega Bank Credit Facility, due September 15, 2026 | $ | — | | | 1.40% - 1.60% | | $ | — | | | 1.40% - 1.60% |
|
Schedule of Maturities of Short-term and Long-term Debt Obligations |
Principal payments on short-term and long-term obligations are due as follows (in thousands):
Fiscal Year Principal Payments | | | | | | | | | Remainder of 2024 | | $ | 254,997 | | 2025 | | 42,621 | | 2026 | | 42,621 | | 2027 | | 18,517 | | 2028 | | 6,246 | | 2029 and thereafter | | 10,627 | | Total short-term and long-term debt | | $ | 375,629 | |
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v3.24.0.1
Leases (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Leases [Abstract] |
|
Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow Information |
Operating lease expense recognized and supplemental cash flow information related to operating leases for the three and six months ended December 31, 2023 and 2022 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Operating lease expense (including expense for lease agreements with related parties of $139 and $140 for the three months ended December 31, 2023 and 2022, respectively, and $277 and $284 for the six months ended December 31, 2023 and 2022, respectively) | $ | 2,354 | | | $ | 2,115 | | | $ | 4,539 | | | $ | 4,225 | | Cash payments for operating leases (including payments to related parties of $129 and $127 for the three months ended December 31, 2023 and 2022, respectively, and $257 and $257 for the six months ended December 31, 2023 and 2022, respectively) | $ | 2,204 | | | $ | 2,025 | | | $ | 4,287 | | | $ | 4,063 | | New operating lease assets obtained in exchange for operating lease liabilities | $ | 572 | | | $ | 274 | | | $ | 9,749 | | | $ | 1,024 | |
|
Schedule of Future Minimum Lease Payments Under Noncancelable Operating Lease Arrangements |
Maturities of operating lease liabilities under noncancelable operating lease arrangements as of December 31, 2023 were as follows (in thousands): | | | | | | | | | Fiscal Year: | | Maturities of operating leases | Remainder of 2024 | | $ | 4,839 | | 2025 | | 9,436 | | 2026 | | 5,600 | | 2027 | | 3,885 | | 2028 | | 2,827 | | 2029 and beyond | | 429 | | Total future lease payments | | 27,016 | | Less: Imputed interest | | (1,991) | | Present value of operating lease liabilities | | $ | 25,025 | |
|
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v3.24.0.1
Related Party Transactions (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of Related Party Transactions |
The Company had the following balances related to transactions with its related parties as of December 31, 2023 and June 30, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ablecom | | Compuware | | Corporate Venture | | | Total | | December 31, 2023 | | June 30, 2023 | | December 31, 2023 | | June 30, 2023 | | December 31, 2023 | | June 30, 2023 | | | | December 31, 2023 | | June 30, 2023 | | | | | | | | | | | | | | | | | | | Accounts receivable | $ | 2 | | | $ | 2 | | | $ | 289 | | | $ | 3,528 | | | $ | 3,568 | | | $ | 1,943 | | | | | $ | 3,859 | | | $ | 5,473 | | Other receivable (1) | $ | 2,270 | | | $ | 2,841 | | | $ | 32,023 | | | $ | 24,891 | | | $ | — | | | $ | — | | | | | $ | 34,293 | | | $ | 27,732 | | Accounts payable | $ | 46,649 | | | $ | 35,711 | | | $ | 55,051 | | | $ | 53,423 | | | $ | — | | | $ | — | | | | | $ | 101,700 | | | $ | 89,134 | | Accrued liabilities (2) | $ | 1,074 | | | $ | 1,230 | | | $ | 17,435 | | | $ | 12,787 | | | $ | — | | | $ | — | | | | | $ | 18,509 | | | $ | 14,017 | |
| | | (1) Other receivables include receivables from vendors included in prepaid and other current assets. | (2) Includes current portion of operating lease liabilities included in other current liabilities. | |
The Company’s results from transactions with its related parties for each of the three months ended December 31, 2023 and 2022, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ablecom | | Compuware | | Corporate Venture | | | Total | | Three months ended December 31, | | Three months ended December 31, | | Three months ended December 31, | | | Three months ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Net sales | $ | 4 | | | $ | 2 | | | $ | 4,392 | | | $ | 14,113 | | | $ | 11,385 | | | $ | 5,958 | | | | | $ | 15,781 | | | $ | 20,073 | | Purchases - inventory | $ | 50,586 | | | $ | 46,715 | | | $ | 61,859 | | | $ | 52,028 | | | $ | — | | | $ | — | | | | | $ | 112,445 | | | $ | 98,743 | | Purchases - other miscellaneous items | $ | 3,456 | | | $ | 2,763 | | | $ | 332 | | | $ | 279 | | | $ | — | | | $ | — | | | | | $ | 3,788 | | | $ | 3,042 | |
The Company’s results from transactions with its related parties for each of the six months ended December 31, 2023 and 2022, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ablecom | | Compuware | | Corporate Venture | | | Total | | Six months ended December 31, | | Six months ended December 31, | | Six months ended December 31, | | | Six months ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Net sales | $ | 6 | | | $ | 3 | | | $ | 20,998 | | | $ | 27,872 | | | $ | 12,173 | | | $ | 17,251 | | | | | $ | 33,177 | | | $ | 45,126 | | Purchases - inventory | $ | 97,199 | | | $ | 94,562 | | | $ | 128,353 | | | $ | 100,717 | | | $ | — | | | $ | — | | | | | $ | 225,552 | | | $ | 195,279 | | Purchases - other miscellaneous items | $ | 8,215 | | | $ | 7,526 | | | $ | 749 | | | $ | 537 | | | $ | — | | | $ | — | | | | | $ | 8,964 | | | $ | 8,063 | |
The Company’s cash flow impact from transactions with its related parties for each of the six months ended December 31, 2023 and 2022, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ablecom | | Compuware | | Corporate Venture | | | Total | | Six months ended December 31, | | Six months ended December 31, | | Six months ended December 31, | | | Six months ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | Changes in accounts receivable | $ | — | | | $ | — | | | $ | 3,239 | | | $ | 137 | | | $ | (1,625) | | | $ | 3,041 | | | | | $ | 1,614 | | | $ | 3,178 | | Changes in other receivable | $ | 571 | | | $ | 1,364 | | | $ | (7,132) | | | $ | (24,289) | | | $ | — | | | $ | — | | | | | $ | (6,561) | | | $ | (22,925) | | Changes in accounts payable | $ | 10,938 | | | $ | (3,589) | | | $ | 1,628 | | | $ | 4,340 | | | $ | — | | | $ | — | | | | | $ | 12,566 | | | $ | 751 | | Changes in accrued liabilities | $ | (156) | | | $ | (2,009) | | | $ | 4,648 | | | $ | 2,860 | | | $ | — | | | $ | — | | | | | $ | 4,492 | | | $ | 851 | | Changes in other long-term liabilities | $ | — | | | $ | — | | | $ | (152) | | | $ | (168) | | | $ | — | | | $ | — | | | | | $ | (152) | | | $ | (168) | | Purchases of property, plant and equipment | $ | 4,460 | | | $ | 4,366 | | | $ | 68 | | | $ | 148 | | | $ | — | | | $ | — | | | | | $ | 4,528 | | | $ | 4,514 | | Unpaid property, plant and equipment | $ | 2,570 | | | $ | 1,764 | | | $ | 7 | | | $ | — | | | $ | — | | | $ | — | | | | | $ | 2,577 | | | $ | 1,764 | |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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v3.24.0.1
Stock-based Compensation and Stockholders' Equity (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted Using Black-Scholes Option Pricing Model |
The fair value of stock option grants for the three and six months ended December 31, 2023 and 2022 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Risk-free interest rate | 4.78% | | 4.16% - 4.25% | | 4.15% - 4.78% | | 2.81% - 4.25% | Expected term | 5.99 years | | 6.07 years | | 3.00 years - 5.99 years | | 6.07 years | Dividend yield | —% | | —% | | —% | | —% | Volatility | 58.89% | | 51.64% - 51.68% | | 56.87% - 58.89% | | 50.62% - 51.68% | Weighted-average fair value | $156.09 | | $36.37 | | $179.16 | | $34.60 |
|
Schedule of Stock-based Compensation Expense |
The following table shows total stock-based compensation expense included in the condensed consolidated statements of operations for the three and six months ended December 31, 2023 and 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | Six Months Ended December 31, | | 2023 | | 2022 | | 2023 | | 2022 | Cost of sales | $ | 3,555 | | | $ | 1,486 | | | $ | 9,459 | | | $ | 2,370 | | Research and development | 25,439 | | | 9,334 | | | 61,149 | | | 15,452 | | Sales and marketing | 4,340 | | | 1,448 | | | 10,005 | | | 2,257 | | General and administrative | 9,727 | | | 4,713 | | | 19,827 | | | 7,916 | | Stock-based compensation expense before taxes | 43,061 | | | 16,981 | | | 100,440 | | | 27,995 | | Income tax impact | (9,569) | | | (3,381) | | | (25,434) | | | (4,720) | | Stock-based compensation expense, net | $ | 33,492 | | | $ | 13,600 | | | $ | 75,006 | | | $ | 23,275 | |
|
Schedule of Operational And Stock Price Milestones |
The achievement status of the operational and stock price milestones as of December 31, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | Annualized Revenue Milestone (in billions) | | Achievement Status | | Stock Price Milestone | | Achievement Status | | | $4.0 | | Achieved | | $45 | | Achieved (1) | | | $4.8 | | Achieved | | $60 | | Achieved (2) | | | $5.8 | | Achieved | | $75 | | Achieved (3) | | | $6.8 | | Achieved | | $95 | | Achieved (4) | | | $8.0 | | Achieved (5) | | $120 | | Achieved (6) | | | | | | | | | | | |
(1)The vesting of the first tranche of 200,000 option shares under the 2021 CEO Performance Stock Option, representing one-fifth of such award, was certified by the Company’s Compensation Committee in August 2022. (2)The vesting of the second tranche of 200,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in October 2022. (3)The vesting of the third tranche of 200,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in January 2023. (4)The vesting of the fourth tranche of 200,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in September 2023. (5)Revenue reported for the four quarters ended December 31, 2023 was $9.3 billion. Achievement of the $8.0 billion revenue goal has not yet been certified by the Company’s Compensation Committee. (6)On June 19, 2023, the Compensation Committee certified achievement of the $120 stock price milestone based upon the 60 trading day average stock price from March 6, 2023 through May 30, 2023. The achievement status of the operational and stock price milestones as of December 31, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | | Annualized Revenue Milestone (in billions) | | Achievement Status | | Stock Price Milestone | | Achievement Status | $13.0 | | Probable | | $450 | | Not met | $15.0 | | Not Probable | | $600 | | Not met | $17.0 | | Not Probable | | $750 | | Not met | $19.0 | | Not Probable | | $900 | | Not met | $21.0 | | Not Probable | | $1,100 | | Not met |
|
Schedule of Stock Option Activity |
The following table summarizes stock option activity during the six months ended December 31, 2023 under all plans: | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Weighted Average Exercise Price per Share | | Weighted Average Remaining Contractual Term (in Years) | | | Balance as of June 30, 2023 | | 3,302,533 | | | $ | 40.47 | | | | | | Granted | | 844,242 | | | $ | 393.40 | | | | | | Exercised | | (341,409) | | | $ | 28.68 | | | | | | Forfeited/Cancelled | | (7,127) | | | $ | 60.76 | | | | | | Balance as of December 31, 2023 | | 3,798,239 | | | $ | 119.94 | | | 7.00 | | | | | | | | | | | | Options vested and exercisable at December 31, 2023 | | 2,044,524 | | | $ | 36.57 | | | 5.36 | | |
|
Schedule of Restricted Stock Unit Activity |
The following table summarizes RSU activity during the six months ended December 31, 2023 under all plans:
| | | | | | | | | | | | | | | | | | Time-Based RSUs Outstanding | | Weighted Average Grant-Date Fair Value per Share | | | | | | Balance as of June 30, 2023 | 2,042,986 | | | $ | 55.94 | | | | | | | Granted | 724,048 | | | $ | 309.00 | | | | | | | Released | (511,022) | | | $ | 96.34 | | | | | | | Forfeited | (45,329) | | | $ | 91.53 | | | | | | | Balance as of December 31, 2023 | 2,210,683 | | | $ | 128.75 | | | | | | |
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v3.24.0.1
Segment Reporting (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
|
Summary of Property, Plant and Equipment |
The following is a summary of property, plant and equipment, net (in thousands): | | | | | | | | | | | | | December 31, | | June 30, | | 2023 | | 2023 | Long-lived assets: | | | | United States | $ | 183,896 | | | $ | 183,485 | | Asia | 110,676 | | | 104,094 | | Europe | 2,530 | | | 2,661 | | | $ | 297,102 | | | $ | 290,240 | |
|
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v3.24.0.1
Revenue - Summary of Net Sales by Product Type (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 3,664,924
|
$ 1,803,195
|
$ 5,784,596
|
$ 3,655,325
|
Server and storage systems |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
3,435,562
|
1,660,931
|
5,402,170
|
3,373,987
|
Subsystems and accessories |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 229,362
|
$ 142,264
|
$ 382,426
|
$ 281,338
|
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v3.24.0.1
Revenue - Summary of Net Sales by Location (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 3,664,924
|
$ 1,803,195
|
$ 5,784,596
|
$ 3,655,325
|
United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
2,605,585
|
1,091,391
|
4,225,099
|
2,386,895
|
Asia |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
656,220
|
330,711
|
881,688
|
600,735
|
Europe |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
288,448
|
312,533
|
479,296
|
547,607
|
Other |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 114,671
|
$ 68,560
|
$ 198,513
|
$ 120,088
|
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v3.24.0.1
Revenue - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Description of payment terms |
|
Generally, the payment terms of the Company’s offerings range from 30 to 60 days.
|
|
|
Deferred revenue |
|
|
|
$ 304,400
|
Contract with customer liability, revenue recognized in the period |
$ 31,500
|
$ 75,200
|
|
|
Increase in deferred revenue |
|
79,228
|
$ 46,243
|
|
Increase in deferred revenue due to non-cancellable non-refundable advance or cash consideration from customers |
|
$ 44,300
|
|
|
Minimum |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Payment terms |
|
30 days
|
|
|
Maximum |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
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|
60 days
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v3.24.0.1
Revenue - Performance Obligation (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
Revenue from Contract with Customer [Abstract] |
|
Remaining revenue performance obligation, amount |
$ 383.6
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 |
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|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 |
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v3.24.0.1
Net Income Per Common Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Numerator: |
|
|
|
|
Net income - basic |
$ 295,968
|
$ 176,167
|
$ 452,963
|
$ 360,583
|
Net income - diluted |
$ 295,968
|
$ 176,167
|
$ 452,963
|
$ 360,583
|
Denominator: |
|
|
|
|
Weighted-average shares outstanding (in shares) |
54,135
|
53,160
|
53,614
|
52,726
|
Effect of dilutive securities (in shares) |
3,943
|
2,984
|
4,017
|
2,701
|
Weighted-average diluted shares (in shares) |
58,078
|
56,144
|
57,632
|
55,427
|
Basic net income per common share (in dollars per share) |
$ 5.47
|
$ 3.31
|
$ 8.45
|
$ 6.84
|
Diluted net income per common share (in dollars per share) |
$ 5.10
|
$ 3.14
|
$ 7.86
|
$ 6.51
|
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- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.0.1
Net Income Per Common Share - Narrative (Details) - shares
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Employee stock options and restricted stock units |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive outstanding equity awards (in shares) |
584,855,000
|
211,729,000
|
461,292,000
|
259,562,000
|
X |
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v3.24.0.1
Balance Sheet Components - Schedule of Cash, Cash Equivalents, Restricted Cash (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Balance Sheet Related Disclosures [Abstract] |
|
|
|
|
Cash and cash equivalents |
$ 725,660
|
$ 440,459
|
|
|
Restricted cash included in other assets |
509
|
501
|
|
|
Total cash, cash equivalents and restricted cash |
$ 726,169
|
$ 440,960
|
$ 305,088
|
$ 268,559
|
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v3.24.0.1
Balance Sheet Components - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Inventory, Net [Abstract] |
|
|
Finished goods |
$ 1,566,278
|
$ 1,045,177
|
Work in process |
516,331
|
71,874
|
Purchased parts and raw materials |
384,388
|
328,513
|
Total inventories |
$ 2,466,997
|
$ 1,445,564
|
X |
- DefinitionCarrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.
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v3.24.0.1
Balance Sheet Components - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 498,798
|
$ 479,627
|
Accumulated depreciation and amortization |
(201,696)
|
(189,387)
|
Property, plant and equipment, net |
297,102
|
290,240
|
Buildings |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
143,496
|
143,496
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
138,256
|
130,151
|
Land |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
90,754
|
86,642
|
Building and leasehold improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
61,708
|
59,634
|
Furniture and fixtures |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
38,820
|
36,303
|
Software |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
23,823
|
23,098
|
Building construction in progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 1,941
|
$ 303
|
X |
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v3.24.0.1
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Accrued Liabilities [Abstract] |
|
|
|
Accrued payroll and related expenses |
$ 64,237
|
$ 53,439
|
|
Customer deposits |
35,965
|
16,577
|
|
Contract manufacturers liabilities |
24,565
|
23,634
|
|
Accrued cooperative marketing expenses |
12,153
|
9,744
|
|
Accrued warranty costs |
9,554
|
9,079
|
$ 8,668
|
Operating lease liability |
8,940
|
7,292
|
|
Accrued professional fees |
756
|
2,363
|
|
Other |
58,292
|
41,737
|
|
Total accrued liabilities |
$ 214,462
|
$ 163,865
|
|
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v3.24.0.1
Balance Sheet Components - Schedule of Product Warranties (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2021 |
Product Warranties: |
|
|
|
|
|
|
Balance, beginning of the period |
$ 15,629
|
$ 12,703
|
|
$ 14,859
|
|
|
Provision for warranty |
10,515
|
8,933
|
$ 23,044
|
17,550
|
|
|
Costs utilized |
(9,587)
|
(8,553)
|
(21,391)
|
(17,026)
|
|
|
Change in estimated liability for pre-existing warranties |
59
|
193
|
104
|
616
|
|
|
Balance, end of the period |
16,616
|
13,276
|
16,616
|
13,276
|
|
|
Total product warranty |
16,616
|
13,276
|
16,616
|
13,276
|
|
$ 12,136
|
Current portion |
9,554
|
8,668
|
9,554
|
8,668
|
$ 9,079
|
|
Non-current portion |
$ 7,062
|
$ 4,608
|
$ 7,062
|
$ 4,608
|
|
|
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v3.24.0.1
Fair Value Disclosure - Schedule of Cash Equivalents and Long-Term Investments Measured at Fair value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Total assets measured at fair value |
$ 6,768
|
$ 23,128
|
Level 1 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Total assets measured at fair value |
4,460
|
20,823
|
Level 2 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Total assets measured at fair value |
465
|
462
|
Level 3 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Total assets measured at fair value |
1,843
|
1,843
|
Auction rate security |
|
|
Asset at Fair Value |
|
|
Auction rate security |
1,843
|
1,843
|
Auction rate security | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Auction rate security |
1,843
|
1,843
|
Auction rate security | Level 1 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Auction rate security |
0
|
0
|
Auction rate security | Level 2 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Auction rate security |
0
|
0
|
Auction rate security | Level 3 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Auction rate security |
1,843
|
1,843
|
Money Market Funds |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
100
|
20,600
|
Money Market Funds | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
284
|
20,823
|
Money Market Funds | Level 1 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
284
|
20,823
|
Money Market Funds | Level 2 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
0
|
0
|
Money Market Funds | Level 3 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
0
|
0
|
Certificates of Deposit |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
200
|
200
|
Prepaid expense and other assets |
|
100
|
Certificates of Deposit | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
465
|
462
|
Certificates of Deposit | Level 1 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
0
|
0
|
Certificates of Deposit | Level 2 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
465
|
462
|
Certificates of Deposit | Level 3 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
0
|
$ 0
|
Marketable Securities | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
4,176
|
|
Marketable Securities | Level 1 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
4,176
|
|
Marketable Securities | Level 2 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
0
|
|
Marketable Securities | Level 3 | Fair Value, Measurements, Recurring |
|
|
Asset at Fair Value |
|
|
Cash and cash equivalents |
$ 0
|
|
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v3.24.0.1
Fair Value Disclosure - Narrative (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Equity securities without readily determinable fair value, amount |
$ 100,000
|
|
$ 100,000
|
|
$ 1,700,000
|
Equity securities without readily determinable fair value, impairment loss, annual amount |
200,000
|
$ 0
|
1,800,000
|
$ 0
|
|
Auction rate security |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Gain (loss) on auction rate security |
0
|
$ 0
|
0
|
$ 0
|
|
Level 1 |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Unrealized gain (loss) on investments |
300,000
|
|
(800,000)
|
|
|
Level 2 | Fair Value, Measurements, Recurring |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Fair value of debt outstanding |
$ 375,600,000
|
|
$ 375,600,000
|
|
$ 290,300,000
|
X |
- DefinitionFair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.
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v3.24.0.1
Short-term and Long-term Debt - Schedule of Short-term and Long-term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Short-term Debt [Line Items] |
|
|
Total debt |
$ 375,629
|
$ 290,302
|
Short-term debt and current portion of long-term debt |
276,307
|
170,123
|
Debt, non-current |
99,322
|
120,179
|
Secured debt | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Total term loans |
141,943
|
158,719
|
Secured debt | Mega Bank Credit Facility | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Total term loans |
35,580
|
38,668
|
Secured debt | Chang Hwa Bank Credit Facility due October 15, 2026 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Total term loans |
22,911
|
26,853
|
Secured debt | CTBC Term Loan Facility, due June 4, 2030 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Total term loans |
35,579
|
38,208
|
Secured debt | 2021 CTBC Credit Lines, due August 15, 2026 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Total term loans |
3,991
|
4,721
|
Secured debt | 2021 E.SUN Bank Credit Facility, due September 15, 2026 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Total term loans |
28,463
|
33,513
|
Secured debt | 2022 ESUN Bank Credit Facility, due August 15, 2027 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Total term loans |
15,419
|
16,756
|
Line of Credit | Revolving Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Total line of credit |
233,686
|
131,583
|
Line of Credit | Revolving Credit Facility | 2018 Bank of America Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Total line of credit |
0
|
0
|
Line of Credit | Revolving Credit Facility | 2022 Bank of America Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Total line of credit |
20,000
|
0
|
Line of Credit | Revolving Credit Facility | Cathay Bank Line of Credit |
|
|
Short-term Debt [Line Items] |
|
|
Total line of credit |
131,583
|
131,583
|
Line of Credit | Revolving Credit Facility | 2023 CTBC Credit Lines |
|
|
Short-term Debt [Line Items] |
|
|
Total line of credit |
36,873
|
0
|
Line of Credit | Revolving Credit Facility | HSBC Bank Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Total line of credit |
29,704
|
0
|
Line of Credit | Revolving Credit Facility | Mega Bank Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Total line of credit |
$ 15,526
|
$ 0
|
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v3.24.0.1
Short-term and Long-term Debt - Schedule of Available Borrowings and Interest Rates for Short-term and Long-term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Secured debt | Chang Hwa Bank Credit Facility due October 15, 2026 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 0
|
$ 0
|
Interest rate (as a percent) |
1.55%
|
1.55%
|
Secured debt | CTBC Term Loan Facility, due June 4, 2030 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 0
|
$ 0
|
Interest rate (as a percent) |
1.20%
|
1.20%
|
Secured debt | 2021 CTBC Credit Lines, due August 15, 2026 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 0
|
$ 0
|
Interest rate (as a percent) |
1.40%
|
1.40%
|
Secured debt | 2021 E.SUN Bank Credit Facility, due September 15, 2026 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 0
|
$ 7,734
|
Interest rate (as a percent) |
1.75%
|
1.75%
|
Secured debt | 2022 ESUN Bank Credit Facility, due August 15, 2027 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 0
|
$ 0
|
Interest rate (as a percent) |
1.75%
|
1.75%
|
Secured debt | Mega Bank Credit Facility, due September 15, 2026 | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 0
|
$ 0
|
Secured debt | Mega Bank Credit Facility, due September 15, 2026 | Minimum | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Interest rate (as a percent) |
1.40%
|
1.40%
|
Secured debt | Mega Bank Credit Facility, due September 15, 2026 | Maximum | Term loan |
|
|
Short-term Debt [Line Items] |
|
|
Interest rate (as a percent) |
1.60%
|
1.60%
|
Line of Credit | Revolving Credit Facility | 2018 Bank of America Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 350,000
|
$ 350,000
|
Interest rate (as a percent) |
6.82%
|
6.57%
|
Line of Credit | Revolving Credit Facility | 2022 Bank of America Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 0
|
$ 20,000
|
Interest rate (as a percent) |
6.49%
|
3.36%
|
Line of Credit | Revolving Credit Facility | Cathay Bank Line of Credit |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 417
|
$ 417
|
Interest rate (as a percent) |
7.36%
|
7.08%
|
Line of Credit | Revolving Credit Facility | 2022 CTBC Credit Lines |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 0
|
$ 105,000
|
Interest rate (as a percent) |
0.00%
|
3.33%
|
Line of Credit | Revolving Credit Facility | 2023 CTBC Credit Line |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 68,127
|
$ 0
|
Interest rate (as a percent) |
|
0.00%
|
Line of Credit | Revolving Credit Facility | 2023 CTBC Credit Line | Minimum |
|
|
Short-term Debt [Line Items] |
|
|
Interest rate (as a percent) |
1.96%
|
|
Line of Credit | Revolving Credit Facility | 2023 CTBC Credit Line | Maximum |
|
|
Short-term Debt [Line Items] |
|
|
Interest rate (as a percent) |
6.52%
|
|
Line of Credit | Revolving Credit Facility | Chang Hwa Bank Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 20,000
|
$ 20,000
|
Interest rate (as a percent) |
6.38%
|
6.58%
|
Line of Credit | Revolving Credit Facility | HSBC Bank Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 20,296
|
$ 50,000
|
Interest rate (as a percent) |
|
4.50%
|
Line of Credit | Revolving Credit Facility | HSBC Bank Credit Facility | Minimum |
|
|
Short-term Debt [Line Items] |
|
|
Interest rate (as a percent) |
1.90%
|
|
Line of Credit | Revolving Credit Facility | HSBC Bank Credit Facility | Maximum |
|
|
Short-term Debt [Line Items] |
|
|
Interest rate (as a percent) |
6.37%
|
|
Line of Credit | Revolving Credit Facility | 2022 E.SUN Bank Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 30,000
|
$ 30,000
|
Interest rate (as a percent) |
6.67%
|
4.18%
|
Line of Credit | Revolving Credit Facility | Mega Bank Credit Facility |
|
|
Short-term Debt [Line Items] |
|
|
Credit facility, remaining borrowing capacity |
$ 4,474
|
$ 20,000
|
Interest rate (as a percent) |
1.90%
|
2.55%
|
X |
- DefinitionEffective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.
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v3.24.0.1
Short-term and Long-term Debt - 2023 CTBC Bank Credit Lines (Details) - Revolving Credit Facility - CTBC Bank
|
Dec. 31, 2023
USD ($)
|
Sep. 28, 2023
TWD ($)
|
Sep. 28, 2023
USD ($)
|
2020 And 2021 CTBC Credit Lines | Term loan |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Credit facility, maximum borrowing capacity |
|
$ 1,550,000,000
|
|
NTD Short Term Loan | Term loan |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Credit facility, maximum borrowing capacity |
|
1,250,000,000
|
|
Guarantee Line | Term loan |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Credit facility, maximum borrowing capacity |
|
$ 100,000,000
|
|
USD Short Term Loan Line | Term loan |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Credit facility, maximum borrowing capacity |
|
|
$ 40,000,000
|
Export/Import O/A Loan Line - Exports | Term loan |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Credit facility, maximum borrowing capacity |
|
|
105,000,000
|
Export/Import O/A Loan Line - Imports | Term loan |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Credit facility, maximum borrowing capacity |
|
|
50,000,000
|
2023 CTBC Credit Lines |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Outstanding borrowings |
$ 36,900,000
|
|
|
2023 CTBC Credit Lines | Term loan |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Credit facility, maximum borrowing capacity |
|
|
105,000,000
|
2023 CTBC Credit Lines | Minimum |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Interest rate (as a percent) |
1.96%
|
|
|
2023 CTBC Credit Lines | Minimum | Term loan |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Credit facility, covenant not satisfied, maximum borrowing capacity |
|
|
70,000,000
|
2023 CTBC Credit Lines | Maximum |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Interest rate (as a percent) |
6.52%
|
|
|
2023 CTBC Credit Lines | Maximum | Term loan |
|
|
|
Short-term Debt [Line Items] |
|
|
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Credit facility, maximum borrowing capacity |
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v3.24.0.1
Short-term and Long-term Debt - 2023 HSBC Bank Credit Lines (Details) - Revolving Credit Facility - HSBC Bank Credit Facility - HSBC Bank - Export Seller Trade Loan
|
Dec. 31, 2023
USD ($)
|
Dec. 07, 2023
TWD ($)
|
Dec. 07, 2023
USD ($)
|
Short-term Debt [Line Items] |
|
|
|
Credit facility, maximum borrowing capacity |
|
$ 300,000,000
|
$ 50,000,000
|
Outstanding borrowings |
$ 29,700,000
|
|
|
Minimum |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Interest rate (as a percent) |
1.90%
|
|
|
Maximum |
|
|
|
Short-term Debt [Line Items] |
|
|
|
Interest rate (as a percent) |
6.37%
|
|
|
X |
- DefinitionEffective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.
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v3.24.0.1
Short-term and Long-term Debt - Schedule of Maturities of Short-term and Long-term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
|
Remainder of 2024 |
$ 254,997
|
|
2025 |
42,621
|
|
2026 |
42,621
|
|
2027 |
18,517
|
|
2028 |
6,246
|
|
2029 and thereafter |
10,627
|
|
Total debt |
$ 375,629
|
$ 290,302
|
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v3.24.0.1
Leases - Schedule of Lease Costs and Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
Operating lease expense (including expense for lease agreements with related parties of $139 and $140 for the three months ended December 31, 2023 and 2022, respectively, and $277 and $284 for the six months ended December 31, 2023 and 2022, respectively) |
$ 2,354
|
$ 2,115
|
$ 4,539
|
$ 4,225
|
Cash payments for operating leases (including payments to related parties of $129 and $127 for the three months ended December 31, 2023 and 2022, respectively, and $257 and $257 for the six months ended December 31, 2023 and 2022, respectively) |
2,204
|
2,025
|
4,287
|
4,063
|
New operating lease assets obtained in exchange for operating lease liabilities |
572
|
274
|
9,749
|
1,024
|
Related Party |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Operating lease expense (including expense for lease agreements with related parties of $139 and $140 for the three months ended December 31, 2023 and 2022, respectively, and $277 and $284 for the six months ended December 31, 2023 and 2022, respectively) |
139
|
140
|
277
|
284
|
Cash payments for operating leases (including payments to related parties of $129 and $127 for the three months ended December 31, 2023 and 2022, respectively, and $257 and $257 for the six months ended December 31, 2023 and 2022, respectively) |
$ 129
|
$ 127
|
$ 257
|
$ 257
|
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v3.24.0.1
Related Party Transactions - Narrative (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Outstanding purchase order |
$ 1,900,000,000
|
|
$ 1,900,000,000
|
|
|
Cost of sales |
3,100,602,000
|
$ 1,465,773,000
|
4,866,583,000
|
$ 2,970,368,000
|
|
Corporate Venture |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Cost of sales |
$ 11,400,000
|
6,000,000
|
$ 12,200,000
|
17,300,000
|
|
Corporate Venture |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Equity method investment, ownership percentage |
30.00%
|
|
30.00%
|
|
|
Unamortized deferred gain from sale |
$ 0
|
|
$ 0
|
|
$ 0
|
Impairment on investments |
0
|
0
|
0
|
0
|
|
Accounts receivable |
$ 3,500,000
|
|
$ 3,500,000
|
|
1,900,000
|
Investor in China | Corporate Venture |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Equity method investment, ownership percentage |
70.00%
|
|
70.00%
|
|
|
Related Party |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Outstanding purchase order |
$ 87,400,000
|
|
$ 87,400,000
|
|
|
Cost of sales |
$ 112,445,000
|
$ 98,743,000
|
$ 225,552,000
|
$ 195,279,000
|
|
Ablecom |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Product sold percent |
87.20%
|
95.50%
|
86.30%
|
91.80%
|
|
Ablecom | Management | Steve Liang and other family members |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Ownership percentage (as a percent) |
36.00%
|
|
36.00%
|
|
|
Ablecom | Management | Charles Liang and wife |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Ownership percentage (as a percent) |
10.50%
|
|
10.50%
|
|
|
Ablecom | Management | Sibling of Yih-Shyan (Wally) Liaw |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Ownership percentage (as a percent) |
11.70%
|
|
11.70%
|
|
|
Ablecom | Related Party | Cancellable Purchase Obligation |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Outstanding purchase order |
$ 49,100,000
|
|
$ 49,100,000
|
|
37,400,000
|
Ablecom | Related Party | No-Cancellable Purchase Obligation |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Outstanding purchase order |
$ 37,500,000
|
|
$ 37,500,000
|
|
23,700,000
|
Compuware | Management | Sibling of Yih-Shyan (Wally) Liaw |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Ownership percentage (as a percent) |
8.70%
|
|
8.70%
|
|
|
Compuware | Related Party | Cancellable Purchase Obligation |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Outstanding purchase order |
$ 121,600,000
|
|
$ 121,600,000
|
|
156,200,000
|
Compuware | Related Party | No-Cancellable Purchase Obligation |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Outstanding purchase order |
$ 49,900,000
|
|
$ 49,900,000
|
|
$ 46,800,000
|
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v3.24.0.1
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts receivable, related parties |
$ 1,502,971
|
|
$ 1,502,971
|
|
$ 1,148,259
|
Other receivable, related parties |
146,727
|
|
146,727
|
|
145,144
|
Accounts payable, related parties |
1,261,533
|
|
1,261,533
|
|
776,831
|
Accrued liabilities, related parties |
214,462
|
|
214,462
|
|
163,865
|
Net sales |
3,664,924
|
$ 1,803,195
|
5,784,596
|
$ 3,655,325
|
|
Cost of sales |
3,100,602
|
1,465,773
|
4,866,583
|
2,970,368
|
|
Changes in accounts receivable |
|
|
(354,685)
|
68,036
|
|
Changes in other receivable |
|
|
3,343
|
518
|
|
Changes in accounts payable |
|
|
479,613
|
(90,908)
|
|
Changes in accrued liabilities |
|
|
48,979
|
(44,092)
|
|
Changes in other long-term liabilities |
|
|
84
|
(3,040)
|
|
Purchases of property, plant and equipment |
|
|
17,351
|
20,631
|
|
Unpaid property, plant and equipment |
|
|
6,163
|
3,333
|
|
Related Party |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts receivable, related parties |
3,859
|
|
3,859
|
|
5,473
|
Other receivable, related parties |
34,293
|
|
34,293
|
|
27,732
|
Accounts payable, related parties |
101,700
|
|
101,700
|
|
89,134
|
Accrued liabilities, related parties |
18,509
|
|
18,509
|
|
14,017
|
Net sales |
15,781
|
20,073
|
33,177
|
45,126
|
|
Cost of sales |
112,445
|
98,743
|
225,552
|
195,279
|
|
Changes in accounts receivable |
|
|
1,614
|
3,178
|
|
Changes in other receivable |
|
|
(6,561)
|
(22,925)
|
|
Changes in accounts payable |
|
|
12,566
|
751
|
|
Changes in accrued liabilities |
|
|
4,492
|
851
|
|
Changes in other long-term liabilities |
|
|
(152)
|
(168)
|
|
Purchases of property, plant and equipment |
|
|
4,528
|
4,514
|
|
Unpaid property, plant and equipment |
|
|
2,577
|
1,764
|
|
Related Party | Purchases - inventory |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Cost of sales |
112,445
|
98,743
|
225,552
|
195,279
|
|
Related Party | Purchases - other miscellaneous items |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Cost of sales |
3,788
|
3,042
|
8,964
|
8,063
|
|
Ablecom | Related Party |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts receivable, related parties |
2
|
|
2
|
|
2
|
Other receivable, related parties |
2,270
|
|
2,270
|
|
2,841
|
Accounts payable, related parties |
46,649
|
|
46,649
|
|
35,711
|
Accrued liabilities, related parties |
1,074
|
|
1,074
|
|
1,230
|
Net sales |
4
|
2
|
6
|
3
|
|
Changes in accounts receivable |
|
|
0
|
0
|
|
Changes in other receivable |
|
|
571
|
1,364
|
|
Changes in accounts payable |
|
|
10,938
|
(3,589)
|
|
Changes in accrued liabilities |
|
|
(156)
|
(2,009)
|
|
Changes in other long-term liabilities |
|
|
0
|
0
|
|
Purchases of property, plant and equipment |
|
|
4,460
|
4,366
|
|
Unpaid property, plant and equipment |
|
|
2,570
|
1,764
|
|
Ablecom | Related Party | Purchases - inventory |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Cost of sales |
50,586
|
46,715
|
97,199
|
94,562
|
|
Ablecom | Related Party | Purchases - other miscellaneous items |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Cost of sales |
3,456
|
2,763
|
8,215
|
7,526
|
|
Compuware | Related Party |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts receivable, related parties |
289
|
|
289
|
|
3,528
|
Other receivable, related parties |
32,023
|
|
32,023
|
|
24,891
|
Accounts payable, related parties |
55,051
|
|
55,051
|
|
53,423
|
Accrued liabilities, related parties |
17,435
|
|
17,435
|
|
12,787
|
Net sales |
4,392
|
14,113
|
20,998
|
27,872
|
|
Changes in accounts receivable |
|
|
3,239
|
137
|
|
Changes in other receivable |
|
|
(7,132)
|
(24,289)
|
|
Changes in accounts payable |
|
|
1,628
|
4,340
|
|
Changes in accrued liabilities |
|
|
4,648
|
2,860
|
|
Changes in other long-term liabilities |
|
|
(152)
|
(168)
|
|
Purchases of property, plant and equipment |
|
|
68
|
148
|
|
Unpaid property, plant and equipment |
|
|
7
|
0
|
|
Compuware | Related Party | Purchases - inventory |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Cost of sales |
61,859
|
52,028
|
128,353
|
100,717
|
|
Compuware | Related Party | Purchases - other miscellaneous items |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Cost of sales |
332
|
279
|
749
|
537
|
|
Corporate Venture | Related Party |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts receivable, related parties |
3,568
|
|
3,568
|
|
1,943
|
Other receivable, related parties |
0
|
|
0
|
|
0
|
Accounts payable, related parties |
0
|
|
0
|
|
0
|
Accrued liabilities, related parties |
0
|
|
0
|
|
$ 0
|
Net sales |
11,385
|
5,958
|
12,173
|
17,251
|
|
Changes in accounts receivable |
|
|
(1,625)
|
3,041
|
|
Changes in other receivable |
|
|
0
|
0
|
|
Changes in accounts payable |
|
|
0
|
0
|
|
Changes in accrued liabilities |
|
|
0
|
0
|
|
Changes in other long-term liabilities |
|
|
0
|
0
|
|
Purchases of property, plant and equipment |
|
|
0
|
0
|
|
Unpaid property, plant and equipment |
|
|
0
|
0
|
|
Corporate Venture | Related Party | Purchases - inventory |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Cost of sales |
0
|
0
|
0
|
0
|
|
Corporate Venture | Related Party | Purchases - other miscellaneous items |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Cost of sales |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
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v3.24.0.1
Stock-based Compensation and Stockholders' Equity - Equity Incentive Plan Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
Jan. 22, 2024 |
Dec. 05, 2023 |
May 18, 2022 |
Jun. 05, 2020 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Shares reserved for outstanding awards (in shares) |
|
|
|
|
3,798,239
|
3,302,533
|
Underwritten Public Offering |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction (in shares) |
|
2,415,805
|
|
|
|
|
Common stock (USD per share) |
|
$ 262.00
|
|
|
|
|
Underwritten Public Offering - Shares from Company |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction (in shares) |
|
2,315,105
|
|
|
|
|
Received net proceeds, amount |
|
$ 582.8
|
|
|
|
|
Underwritten Public Offering - Shares from Selling Stockholders |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction (in shares) |
|
100,700
|
|
|
|
|
Equity Incentive Plan, 2020 |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Number of shares authorized (in shares) |
|
|
|
5,000,000
|
|
|
Shares reserved for future issuance (in shares) |
|
|
|
1,045,000
|
|
|
Authorized shares available for future issuance (in shares) |
|
|
|
|
483,780
|
|
Additional shares authorized (in shares) |
|
|
2,000,000
|
|
|
|
Ownership percentage threshold for employee owned incentive stock options to qualify for exercise price per share |
|
|
|
10.00%
|
|
|
Equity Incentive Plan, 2020 | Subsequent Event |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Additional shares authorized (in shares) |
1,500,000
|
|
|
|
|
|
Equity Incentive Plan, 2016 |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Authorized shares available for future issuance (in shares) |
|
|
|
0
|
|
|
Shares reserved for outstanding awards (in shares) |
|
|
|
7,246,000
|
|
|
Equity Incentive Plan, 2020, More Than Ten Percent Ownership |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Percentage of fair market value |
|
|
|
110.00%
|
|
|
Equity Incentive Plan, 2020, Less Than Ten Percent Ownership |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Percentage of fair market value |
|
|
|
100.00%
|
|
|
Tranche One | Equity Incentive Plan, 2020 |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Stock option and restricted stock units vesting rights, percentage |
|
|
|
25.00%
|
|
|
Remaining Tranches | Equity Incentive Plan, 2020 |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Stock option and restricted stock units vesting rights, percentage |
|
|
|
6.25%
|
|
|
Employee stock option | Equity Incentive Plan, 2020 |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Stock option expected life (in years) |
|
|
|
10 years
|
|
|
Employee stock options and restricted stock units | Equity Incentive Plan, 2020 |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Vesting period (in years) |
|
|
|
4 years
|
|
|
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v3.24.0.1
Stock-based Compensation and Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense before taxes |
$ 43,061
|
$ 16,981
|
$ 100,440
|
$ 27,995
|
Income tax impact |
(9,569)
|
(3,381)
|
(25,434)
|
(4,720)
|
Stock-based compensation expense, net |
33,492
|
13,600
|
75,006
|
23,275
|
Cost of sales |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense before taxes |
3,555
|
1,486
|
9,459
|
2,370
|
Research and development |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense before taxes |
25,439
|
9,334
|
61,149
|
15,452
|
Sales and marketing |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense before taxes |
4,340
|
1,448
|
10,005
|
2,257
|
General and administrative |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense before taxes |
$ 9,727
|
$ 4,713
|
$ 19,827
|
$ 7,916
|
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v3.24.0.1
Stock-based Compensation and Stockholders' Equity - Determining Fair Value Narrative (Details) - USD ($)
|
6 Months Ended |
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Employee stock option |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Unrecognized compensation cost related to non-vested stock-based awards |
$ 73,500,000
|
|
Unrecognized compensation cost related to non-vested stock based awards, period for recognition (in years) |
3 years 3 months 3 days
|
|
Restricted stock units (RSUs) |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Unrecognized compensation cost related to non-vested stock-based awards |
$ 237,000,000
|
|
Unrecognized compensation cost related to non-vested stock based awards, period for recognition (in years) |
2 years 7 months 24 days
|
|
2021 CEO Performance Stock Option |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Unrecognized compensation cost related to non-vested stock-based awards |
$ 0
|
$ 700,000
|
2023 CEO Performance Award |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Unrecognized compensation cost related to non-vested stock-based awards |
$ 27,400,000
|
|
Unrecognized compensation cost related to non-vested stock based awards, period for recognition (in years) |
1 year 9 months
|
|
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v3.24.0.1
Stock-based Compensation and Stockholders' Equity - Stock Option Activity Narrative (Details)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Jun. 19, 2023
tradingDay
|
Mar. 31, 2021
operationalMilestone
tranche
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|
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|
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|
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|
Dec. 31, 2022
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|
Jun. 30, 2023
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|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Grants in period (in shares) | shares |
|
|
|
|
844,242
|
|
|
Stock-based compensation expense before taxes |
|
|
$ 43,061,000
|
$ 16,981,000
|
$ 100,440,000
|
$ 27,995,000
|
|
2021 CEO Performance Stock Option |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Grants in period (in shares) | shares |
|
1,000,000
|
|
|
|
|
|
Number of vesting tranches | tranche |
|
5
|
|
|
|
|
|
Market price milestone, number of trading days | tradingDay |
60
|
60
|
|
|
|
|
|
Number of operational milestones | operationalMilestone |
|
5
|
|
|
|
|
|
Stock-based compensation expense before taxes |
|
|
500,000
|
$ 1,900,000
|
700,000
|
$ 3,200,000
|
|
Unrecognized compensation cost related to non-vested stock-based awards |
|
|
$ 0
|
|
$ 0
|
|
$ 700,000
|
2021 CEO Performance Stock Option | Tranche One |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Market price milestone (in dollars per share) | $ / shares |
|
$ 45.00
|
|
|
|
|
|
2021 CEO Performance Stock Option | Tranche Five |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Market price milestone (in dollars per share) | $ / shares |
|
$ 120.00
|
|
|
|
|
|
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v3.24.0.1
Stock-based Compensation and Stockholders' Equity - Schedule of Operational and Stock Price Milestones (Details) $ / shares in Units, $ in Thousands |
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 19, 2023
tradingDay
$ / shares
|
Nov. 30, 2023
tradingDay
|
Sep. 30, 2023
shares
|
Jan. 31, 2023
shares
|
Oct. 31, 2022
shares
|
Aug. 31, 2022
shares
|
Mar. 31, 2021
tradingDay
|
Dec. 31, 2023
USD ($)
$ / shares
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
$ / shares
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
$ / shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
$ 3,664,924
|
$ 1,803,195
|
$ 5,784,596
|
$ 3,655,325
|
|
2021 CEO Performance Stock Option |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
$ 9,300,000
|
Market price milestone, number of trading days | tradingDay |
60
|
|
|
|
|
|
60
|
|
|
|
|
|
2023 CEO Performance Award |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Market price milestone, number of trading days | tradingDay |
|
60
|
|
|
|
|
|
|
|
|
|
|
Milestone One |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of units per vesting tranche (in shares) | shares |
|
|
|
|
|
200,000
|
|
|
|
|
|
|
Milestone One | 2021 CEO Performance Stock Option |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 4,000,000
|
|
|
Share price milestone (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
$ 45
|
|
$ 45
|
|
$ 45
|
Milestone One | 2023 CEO Performance Award |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 13,000,000
|
|
|
Share price milestone (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
450
|
|
$ 450
|
|
450
|
Milestone Two |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of units per vesting tranche (in shares) | shares |
|
|
|
|
200,000
|
|
|
|
|
|
|
|
Milestone Two | 2021 CEO Performance Stock Option |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 4,800,000
|
|
|
Share price milestone (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
60
|
|
$ 60
|
|
60
|
Milestone Two | 2023 CEO Performance Award |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 15,000,000
|
|
|
Share price milestone (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
600
|
|
$ 600
|
|
600
|
Milestone Three |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of units per vesting tranche (in shares) | shares |
|
|
|
200,000
|
|
|
|
|
|
|
|
|
Milestone Three | 2021 CEO Performance Stock Option |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 5,800,000
|
|
|
Share price milestone (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
75
|
|
$ 75
|
|
75
|
Milestone Three | 2023 CEO Performance Award |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 17,000,000
|
|
|
Share price milestone (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
750
|
|
$ 750
|
|
750
|
Milestone Four |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of units per vesting tranche (in shares) | shares |
|
|
200,000
|
|
|
|
|
|
|
|
|
|
Milestone Four | 2021 CEO Performance Stock Option |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 6,800,000
|
|
|
Share price milestone (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
95
|
|
$ 95
|
|
95
|
Milestone Four | 2023 CEO Performance Award |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 19,000,000
|
|
|
Share price milestone (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
900
|
|
$ 900
|
|
$ 900
|
Milestone Five | 2021 CEO Performance Stock Option |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 8,000,000
|
|
$ 8,000,000
|
Share price milestone (in dollars per share) | $ / shares |
$ 120
|
|
|
|
|
|
|
120
|
|
$ 120
|
|
$ 120
|
Milestone Five | 2023 CEO Performance Award |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
$ 21,000,000
|
|
|
Share price milestone (in dollars per share) | $ / shares |
|
|
|
|
|
|
|
$ 1,100
|
|
$ 1,100
|
|
$ 1,100
|
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v3.24.0.1
Stock-based Compensation and Stockholders' Equity - 2023 CEO Performance Awards Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
Nov. 30, 2023
tranche
operationalMilestone
tradingDay
$ / shares
shares
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2022
USD ($)
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Grants in period (in shares) | shares |
|
|
|
844,242
|
|
Stock-based compensation expense before taxes |
|
$ 43,061
|
$ 16,981
|
$ 100,440
|
$ 27,995
|
2023 CEO Performance Award |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Grants in period (in shares) | shares |
500,000
|
|
|
|
|
Number of vesting tranches | tranche |
5
|
|
|
|
|
Market price milestone, number of trading days | tradingDay |
60
|
|
|
|
|
Number of operational milestones | operationalMilestone |
5
|
|
|
|
|
Stock-based compensation expense before taxes |
|
2,500
|
|
2,500
|
|
Unrecognized compensation cost related to non-vested stock-based awards |
|
$ 27,400
|
|
$ 27,400
|
|
Unrecognized compensation cost related to non-vested stock based awards, period for recognition (in years) |
|
|
|
1 year 9 months
|
|
2023 CEO Performance Award | Tranche One |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
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Market price milestone (in dollars per share) | $ / shares |
$ 450.00
|
|
|
|
|
2023 CEO Performance Award | Tranche Five |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Market price milestone (in dollars per share) | $ / shares |
$ 1,100
|
|
|
|
|
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v3.24.0.1
Stock-based Compensation and Stockholders' Equity - Stock Option Activity (Details) - $ / shares
|
6 Months Ended |
Dec. 31, 2023 |
Options Outstanding |
|
Balance at beginning of period (in shares) |
3,302,533
|
Granted (in shares) |
844,242
|
Exercised (in shares) |
(341,409)
|
Forfeited/cancelled (in shares) |
(7,127)
|
Balance at end of period (in shares) |
3,798,239
|
Options vested and exercisable (in shares) |
2,044,524
|
Weighted Average Exercise Price per Share |
|
Balance at beginning of period (in dollars per share) |
$ 40.47
|
Granted (in dollars per share) |
393.40
|
Exercised (in dollars per share) |
28.68
|
Forfeited/cancelled (in dollars per share) |
60.76
|
Balance at end of period (in dollars per share) |
119.94
|
Options vested and exercisable (in dollars per share) |
$ 36.57
|
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value |
|
Weighted average remaining contractual term, options outstanding (in years) |
7 years
|
Weighted average remaining contractual term, options vested and exercisable (in years) |
5 years 4 months 9 days
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Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Income tax provision |
$ 61,503
|
$ 29,573
|
$ 81,718
|
$ 68,507
|
Effective tax rate (as a percent) |
17.30%
|
14.30%
|
15.30%
|
15.90%
|
Effective tax rate caused by a reduction (as a percent) |
|
|
2.00%
|
|
Non tax deductible stock compensation (as a percent) |
|
1.00%
|
|
|
Expected decrease in unrecognized tax benefits over next twelve months |
$ 3,200
|
|
$ 3,200
|
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Segment Reporting - Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Property, plant and equipment, net |
$ 297,102
|
$ 290,240
|
United States |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
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Property, plant and equipment, net |
183,896
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183,485
|
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|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Property, plant and equipment, net |
110,676
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104,094
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Revenues from External Customers and Long-Lived Assets [Line Items] |
|
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Property, plant and equipment, net |
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