Super Micro Computer, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q2 FY23 revenue was 1.803 billion dollars, up 54 percent year-over-year and slightly above the high end of guidance.
  • Non-GAAP EPS was 3.26 dollars, up 271 percent year-over-year and above all provided guidance ranges.
  • This marks the company’s eighth consecutive quarter of strong growth, effectively doubling annual revenue over the period.
  • No customer contributed more than 10 percent of revenue, highlighting increased account diversification compared to prior periods.

Business & Product Performance

  • AI and GPU-based systems grew more than 100 percent year-over-year driven by increased AI application demand.
  • Storage systems revenue grew 41 percent year-over-year.
  • Strong traction in rack-scale and plug-and-play Total IT solutions contributed materially to growth.
  • New products based on Intel Sapphire Rapids, AMD Genoa, and NVIDIA H100 are expected to ramp significantly starting June quarter (Q4 FY23).

Guidance Commentary

  • The company expects macroeconomic headwinds to continue through the first half of calendar 2023 but anticipates a recovery in the second half as next‑generation platforms scale.
  • Fiscal year 2023 revenue growth is expected to be in the mid‑30 percent range year-over-year, consistent with earlier commentary.

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Operator: Good morning. My name is Devin and I will be your conference operator today. At this time I would like to welcome everyone to the Super Micro Computer, Inc. Fiscal Q2 2023 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions] Thank you for your patience. Mr. Michael Staiger, you may begin your conference. Michael Staiger: Good afternoon and thank you for attending Supermicro’s call to discuss financial results for the second quarter, which ended December 31, 2022. With me today are Charles Liang, Founder, Chairman and Chief Executive Officer, and David Weigand, Chief Financial Officer. By now, you should have received a copy of the news release from the Company that was distributed at the close of regular trading and is available on the Company’s website. As a reminder, during today’s call, the Company will refer to a presentation that is available to participants in the Investor Relations section of the Company’s website under the Events & Presentations tab. We’ve also published management’s scripted commentary on our website. Please note that some of the information you’ll hear during our discussion today will consist of forward-looking statements, including without limitation those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation, and future business outlook, including guid

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