Super Micro Computer, Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter & Full-Year Financial Performance

  • Q4 revenue was $5.31 billion, up 143% year-over-year and 38% quarter-over-quarter. For comparison, Q4 FY2023 revenue was approximately $2.19 billion.
  • Full-year FY2024 revenue reached $14.94 billion, up 110% from FY2023 revenue of $7.1 billion.
  • Q4 non-GAAP EPS was $6.25, up 78% from $3.51 in Q4 FY2023 but below guidance of $7.62–$8.42 due to margin pressure and higher operating costs.
  • Operating margin for Q4 was 7.8%, below expectations due to:
    • Higher mix of hyperscale datacenter shipments
    • Expedite costs from liquid cooling component shortages
  • Approximately $800 million of revenue was delayed into July due to component shortages, primarily related to DLC (direct liquid cooling) systems.
  • Q4 gross margin was 11.3%, down from 15.6% in Q3 FY2024 and below FY2023 levels (18.1%).
  • FY2024 non-GAAP diluted EPS was $22.09, up 87% from $11.81 in FY2023.

Business & Strategic Highlights

  • Supermicro was added to the NASDAQ 100 index last quarter.
  • Strong AI infrastructure demand continues to drive growth, with more than 70% of Q4 revenue tied to air- and liquid-cooled AI GPU platforms.

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Operator: Thank you for standing by. My name is Harry and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer Incorporated SMCI US Q4 2024 Earnings Call. With us today, Charles Liang, Founder, President and Chief Executive Officer; David Weigand, CFO; and Michael Staiger, Vice President of Corporate Development. 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. Michael Staiger: Good afternoon and thank you for attending Supermicro's call to discuss financial results for the fourth quarter, which ended June 30th, 2024. With me today are Charles Liang, Founder, Chairman and Chief Executive Officer; and David Weigand, Chief Financial Officer. At the end of today's prepared remarks, we will have a Q&A session for sell-side analysts. Our press release was issued after close of market and is posted on our website, where this call is being simultaneously webcast. The slides that accompany this webcast can be downloaded at ir.supermicro.com. These include statements regarding our financial outlook and operations, our strategy, technology and its advantages, our current and new product offerings, and competitive, industry and economic trends. Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them. Our actual result

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