Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT ON FORM 8-K - Super Micro Computer, Inc. | d288830d8k.htm |
| EX-99.1 - PRESS RELEASE - Super Micro Computer, Inc. | d288830dex991.htm |
 ©
Supermicro 2012
Second Quarter Fiscal 2012
Earnings Conference Presentation
January 24, 2012
Exhibit 99.2 |
 2
This presentation contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements may relate, among other things, to our expected financial
and operating results, our ability to build and grow Supermicro, the benefit of our products
and our ability to achieve our goals, plans and objectives.
Such forward-looking statements do not constitute guarantees of future
performance and are subject to a variety of risks and uncertainties that
could cause our actual results to differ materially from those anticipated.
These include, but are not limited to: our dependence on continued growth in the markets
for X86 based servers, blade servers and embedded applications, increased
competition, difficulties of predicting timing of new product
introductions, customer acceptance of new products, poor product sales,
difficulties in establishing and maintaining successful relationships with our distributors and
vendors, shortages or price fluctuations in our supply chain, our ability to
protect our intellectual property rights, our ability to control the rate
of expansion domestically and internationally, difficulty managing
rapid
growth
and
general
political,
economic
and
market
conditions
and
events.
For a further list and description of risks and uncertainties, see the reports
filed by Supermicro with the
Securities
and
Exchange
Commission.
Supermicro
disclaims
any
intention
or
obligation
to
update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Supplemental information,
condensed balance sheets and statements of operations follow. All monetary
amounts are stated in U.S. dollars. Safe Harbor Statement
|
 3
Non-GAAP Financial Measures
Non-GAAP gross margin in this presentation excludes stock-based
compensation expense and accrued customs fee for prior periods.
Non-GAAP net income and net income per share in this presentation
exclude stock-based compensation expense, accrued customs fee for prior periods, a
provision
for
litigation
costs
and
the
related
tax
effect
of
the
applicable
items.
Management
presents
non-GAAP financial measures because it considers them to be important
supplemental measures of performance. Management uses the non-GAAP
financial measures for planning purposes, including analysis
of
the
Company's
performance
against
prior
periods,
the
preparation
of
operating
budgets
and to determine appropriate levels of operating and capital investments.
Management also believes that the non-GAAP financial measures provide
additional insight for analysts and investors in evaluating the Company's
financial and operational performance. However,
these non-GAAP financial measures have limitations as an analytical tool, and
are not intended to be an alternative to financial measures prepared in
accordance with GAAP.
Pursuant to the requirements of SEC Regulation G, detailed reconciliations between
the Company's GAAP and non-GAAP financial results is provided at the
end of the press release that was issued announcing
the
Company’s
operating
and
financial
results
for
the
quarter
ended
December
31,
2011.
In addition, a reconciliation from GAAP to non-GAAP results is contained in
the financial summary attached to today’s presentation and is
available in the Investor Relations section of our website at
www.supermicro.com
in the Events and Presentations section. Investors are advised to carefully
review and consider this information as well as the GAAP financial results that
are disclosed in the Company's SEC filings. |
 4
Q2’FY2012 Non-GAAP Financial Highlights
(in millions, except per share data)
Q2'12
YoY
Sequential
Revenue
$249.9
3.8%
0.8%
Profit after Tax
$11.2
-16.3%
6.5%
EPS
$0.25
-19.4%
4.2%
Change |
 5
Summary of Results
Revenues 0.8% higher year over year, and impacted by the
HDD shortage
OEM and Direct business was 44.2% of total revenues and
Internet Data Center was 9.7% of total revenues
System business was 44.0% of total revenues
Revenues by Geography:
US –
56.7%
Europe –
23.0%
Asia –
18%
Other –
2.3%
Product focus remains on preparation for Sandy Bridge
Grand opening of the new Taiwan facility was Jan. 6 and is
in production |
 Leading Application Optimized Solutions
X9 Romley Solutions in Sampling and early deployment
H8 Interlagos Solutions in Volume
Twin Architecture
2U Twin (6x 3.5”
HDD or 12x 2.5”
HDD per node)
Fat Twin Architecture coming soon (418, 424, 442, 414)
SuperBlade™
-
GPU Blade and TwinBlade™
GPU blade (20GPUs in 7U, most dense in the industry)
20/28 DP nodes in 7U, support 40Gb/s Infiniband or 10G Ethernet
connectivity
GPU optimized product lines (1U, 2U and 4U)
1U, 2U New High Density GPU product line are completely ready
IPC and Embedded Applications
Atom and Core-based low power server: fan-less / long life cycle, for
embedded and server appliances
Workstation and Everest product line
Chassis 415 for Intel Everest CPU optimization?
Twin Architectures
TwinBlade™
Industrial Solution
GPU Blade
GPU-optimized
Workstation
6 |
 HPC/Enterprise 8-way/4-way Systems
8-way
5U
high-end
high-margin
solution
–
80
cores
and
2TB
Nehalem-EX MP and G34 MP system in 1U/2U/4U
Storage Product Lines
Double-Sided, Growing SBB product line with
software solutions SuperRack™
Double side access, cable management, water cooling
Hadoop mini-rack solution
Switch Products: 10GbE, IB, FCoE
10GbE onboard and 10GbE standalone switch
FCoE solution coming soon
MicroCloud™
Optimized for IaaS
Power Subsystems
High efficiency (94%+), digital switching, UPS w/ battery
Software Opportunities
Remote management, power management
HPC/DC management toolset (DCM & SSM)
Window OS Integration/Bundle
Front
Back
Super-SBB
Double-Sided Storage
1U / 4-way
5U / 8-way
SuperRack
MicroCloud
Leading Application Optimized Solutions
High Efficiency Power
7 |
 8
Revenue Trend
Y/Y
32.3%
23.8%
29.1%
19.6%
3.8%
Seq.
16.2%
-2.7%
11.1%
-4.8%
0.8%
$0
$40
$80
$120
$160
$200
$240
$280
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
$241
$234
$260
$248
$250
$'s millions
Supermicro Revenue Trend |
 9
Revenue Analysis
$50
$100
$150
$200
$250
$300
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
$143
$160
$155
$150
$140
$98
$74
$105
$98
$110
$'s millions
Supermicro Subsystems/System Revenue
Subsystems
Systems |
 Non-GAAP Gross Margins
14.0%
17.0%
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
16.8%
16.2%
15.5%
16.1%
17.1%
10 |
 11
Non-GAAP Gross Profit
$40.4
$38.1
$40.5
$39.8
$42.8
$-
$10.0
$20.0
$30.0
$40.0
$50.0
Gross Profit
$'s millions
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12 |
 12
Summary P&L non-GAAP
(in millions, except per share data)
Q2'12
YoY
Sequential
Q2'11
Q1'12
Operating Expense
$26.6
$5.0
$2.6
$21.6
$24.0
Operating Expense Ratio
10.6%
1.6%
0.9%
9.0%
9.7%
Operating Income
$16.2
-$2.5
$0.4
$18.8
$15.8
Net Income
$11.2
-$2.2
$0.7
$13.3
$10.5
EPS
$0.25
-$0.06
$0.01
$0.31
$0.24
Diluted Common Share Count
44.6
42.7
44.3
Effective Quarterly
Tax Rate
30.5%
28.3%
33.1%
Change |
 13
Q2 FY2012 YTD Summary Statement of Cash Flows
($’s millions)
6 Months Ended
6 Months Ended
31-Dec-11
31-Dec-10
Net Income
$17.3
$18.8
Depreciation and amortization
$3.1
$2.6
Stock comp expense
$4.8
$3.7
Other reserves
$6.8
$6.0
Net change in AR, Inventory, AP
-$2.1
-$12.7
Other prepaids and liabilities
$7.0
$2.5
Cash flow from operations
$36.9
$20.9
Capital expenditures
-$15.4
-$8.3
Free cash flow
$21.5
$12.6
Net
cash
-
investing
activities
$1.6
$1.3
Net cash -
financing activities
$9.4
$0.7
Effect of exchange rate fluctuations
on cash and cash equivalents
-$0.1
$0.0
Net change in cash
$32.4
$14.6 |
     141 414
141
4
Q2 FY 2012 Summary of Balance Sheet Metrics
($’s millions)
Q2'12
Q1'12
Change
Cash Equivalents & Investments
106.1
$
96.0
$
10.1
$
Accounts Receivable
80.1
$
87.8
$
(7.7)
$
Inventory
193.4
$
189.0
$
4.4
$
Accounts Payable
115.9
$
123.6
$
(7.7)
$
DSO
31
32
-1
DIO
85
84
1
DPO
53
52
1
Cash Cycle Days
63
64
-1 |
 15
Supplemental Financials
Second Quarter Fiscal 2012
Ended December 31, 2011 |
 16
Non-GAAP Financial Summary
(in millions, except per share data)
Q2'12
Q1'12
Q2'11
Net Sales
249.9
$
247.9
$
240.8
$
Non-GAAP Gross Margin
17.1%
16.1%
16.8%
Non-GAAP Operating Expenses
26.6
$
24.0
$
21.6
$
Non-GAAP Operating Income
16.2
$
15.8
$
18.8
$
Non-GAAP Net Income
11.2
$
10.5
$
13.3
$
Non-GAAP Net Income per share
0.25
$
0.24
$
0.31
$
Fully diluted shares for calculation
44.6
44.3
42.7 |
 17
Prior Period Net Income Comparisons
(in millions, except per share data)
* Note: Non-GAAP, please see Non-GAAP financial measures on page 3.
Q2'12
Q1'12
Q2'11
Net Income (GAAP)
8.8
$
8.5
$
11.6
$
Stock Comp & Other Unusual Expense (tax affected)*
2.4
$
2.0
$
1.8
$
Net Income (Non-GAAP)*
11.2
$
10.5
$
13.3
$
Diluted Net Income per common share (GAAP)
0.20
$
0.19
$
0.27
$
Stock Comp & Other Unusual Expense (tax affected)*
0.05
$
0.05
$
0.04
$
Diluted Net Income per share (Non-GAAP)*
0.25
$
0.24
$
0.31
$
Shares used in diluted EPS calculation
44.6
44.3
42.7 |
 18
Quarterly Net Income (Loss)
GAAP to Non-GAAP Reconciliation
(in millions, except per share data)
Q2'12
Q1'12
Q4'11
Q3'11
Q2'11
Net income (GAAP)
8.8
$
8.5
$
10.7
$
10.7
$
11.6
$
Adjustments:
Stock-based compensation expense
2.5
2.3
2.3
2.1
1.8
Accrued customs fee
0
0
0.8
0
0
Income tax effects of adjustments
(0.1)
(0.3)
(0.9)
(0.5)
(0.1)
Net income (Non-GAAP)
11.2
$
10.5
$
13.0
$
12.3
$
13.3
$
Diluted Net Income per share (GAAP)
0.20
$
0.19
$
0.24
$
0.25
$
0.27
$
Adjustments:
0.05
$
0.05
$
0.05
$
0.03
$
0.04
$
Diluted Net Income per share (Non-GAAP)
0.25
$
0.24
$
0.29
$
0.28
$
0.31
$
Diluted shares used in GAAP per share calculation
43.8
43.4
43.7
42.9
41.6
Diluted shares used in Non-GAAP per share calculation
44.6
44.3
44.9
44.0
42.7 |