Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Super Micro Computer Inc., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Federal	149,217)	34,711)	3,406)	4,568)	12,308)	11,090)
State	23,096)	4,327)	1,077)	1,727)	2,917)	815)
Foreign	31,063)	20,495)	10,843)	10,399)	16,531)	12,984)
Current	203,376)	59,533)	15,326)	16,694)	31,756)	24,889)
Federal	(80,975)	(4,030)	(5,489)	(10,108)	(13,078)	14,304)
State	(9,633)	(257)	(409)	(1,621)	(2,888)	265)
Foreign	(2,102)	(2,370)	(2,492)	(2,043)	(906)	(1,015)
Deferred	(92,710)	(6,657)	(8,390)	(13,772)	(16,872)	13,554)
Income tax provision	110,666)	52,876)	6,936)	2,922)	14,884)	38,443)

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Super Micro Computer Inc. current increased from 2021 to 2022 and from 2022 to 2023.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Super Micro Computer Inc. deferred increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Income tax provision	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Super Micro Computer Inc. income tax provision increased from 2021 to 2022 and from 2022 to 2023.

Super Micro Computer Inc., effective income tax rate (EITR) reconciliation

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	28.10%
State income tax, net of federal tax benefit	1.10%	0.90%	0.30%	0.00%	0.50%	-0.10%
Foreign rate differential	0.80%	-0.30%	-0.50%	0.00%	1.10%	-6.00%
Research and development tax credit	-3.30%	-3.90%	-10.50%	-13.10%	-9.50%	-8.70%
Uncertain tax positions, net of (settlement) with Tax Authorities	0.10%	0.30%	2.00%	-2.30%	4.10%	6.30%
Foreign derived intangible/Subpart F income inclusion	-1.90%	-1.40%	-2.50%	-3.80%	-2.10%	0.70%
Stock-based compensation	-3.40%	-1.50%	-3.30%	-2.80%	2.10%	1.80%
Non deductible penalty on SEC matter	0.00%	0.00%	0.00%	4.40%	0.00%	0.00%
Provision to return true-up	-0.10%	0.10%	-1.90%	-1.10%	-1.60%	1.50%
Tax reform related charge	0.00%	0.00%	0.00%	0.00%	0.00%	17.90%
Qualified production activity deduction	0.00%	0.00%	0.00%	0.00%	0.00%	-1.30%
Other, net	0.40%	0.50%	1.20%	1.10%	1.00%	3.40%
Effective tax rate	14.70%	15.70%	5.80%	3.40%	16.60%	43.60%

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Super Micro Computer Inc. effective tax rate increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Super Micro Computer Inc., components of deferred tax assets and liabilities

US$ in thousands

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Research and development credits	34,722)	33,080)	30,540)	24,304)	20,858)	16,281)
Deferred revenue	32,376)	24,370)	18,584)	20,354)	18,963)	10,347)
Inventory valuation	23,022)	16,792)	13,831)	13,946)	11,856)	7,354)
Capitalized research and development costs	94,050)	14,589)	15,206)	7,509)	—)	—)
Stock-based compensation	4,589)	3,762)	3,868)	4,075)	6,080)	5,119)
Lease obligations	3,162)	4,035)	2,861)	3,632)	—)	—)
Accrued vacation and bonus	5,310)	6,052)	5,098)	3,281)	2,681)	2,276)
Prepaid and accrued expenses	—)	1,298)	1,179)	2,560)	—)	—)
Warranty accrual	3,038)	2,134)	2,154)	2,051)	1,948)	1,669)
Bad debt and other reserves	910)	1,183)	1,668)	1,917)	1,283)	—)
Marketing fund accrual	1,436)	1,308)	720)	548)	554)	678)
Other	5,978)	5,169)	4,460)	3,652)	3,276)	3,644)
Deferred income tax assets	208,593)	113,772)	100,169)	87,829)	67,499)	47,368)
Valuation allowance	(36,679)	(33,665)	(29,913)	(24,891)	(20,967)	(16,281)
Deferred income tax assets, net of valuation allowance	171,914)	80,107)	70,256)	62,938)	46,532)	31,087)
Depreciation and other	(6,216)	(6,259)	(4,137)	(4,428)	(5,406)	(5,504)
Right of use asset	(3,044)	(3,919)	(2,831)	(3,612)	—)	—)
Deferred tax liabilities	(9,260)	(10,178)	(6,968)	(8,040)	(5,406)	(5,504)
Deferred income tax assets (liabilities), net	162,654)	69,929)	63,288)	54,898)	41,126)	25,583)

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

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Item	Description	The company
Deferred income tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Super Micro Computer Inc. deferred income tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred income tax assets, net of valuation allowance	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Super Micro Computer Inc. deferred income tax assets, net of valuation allowance increased from 2021 to 2022 and from 2022 to 2023.
Deferred income tax assets (liabilities), net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Super Micro Computer Inc. deferred income tax assets (liabilities), net increased from 2021 to 2022 and from 2022 to 2023.

Super Micro Computer Inc., deferred tax assets and liabilities, classification

US$ in thousands

		Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
	Deferred income tax assets	162,654)	69,929)	63,288)	54,898)	41,126)	25,583)

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

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Item	Description	The company
Deferred income tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Super Micro Computer Inc. deferred income tax assets increased from 2021 to 2022 and from 2022 to 2023.

Super Micro Computer Inc., adjustments to financial statements

US$ in thousands

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Adjustment to Total Assets
Total assets (as reported)	3,674,729)	3,205,077)	2,241,964)	1,918,646)	1,682,594)	1,769,505)
Less: Noncurrent deferred tax assets, net	162,654)	69,929)	63,288)	54,898)	41,126)	25,583)
Total assets (adjusted)	3,512,075)	3,135,148)	2,178,676)	1,863,748)	1,641,468)	1,743,922)
Adjustment to Total Super Micro Computer, Inc. Stockholders’ Equity
Total Super Micro Computer, Inc. stockholders’ equity (as reported)	1,972,005)	1,425,575)	1,096,225)	1,065,540)	941,015)	843,495)
Less: Net deferred tax assets (liabilities)	162,654)	69,929)	63,288)	54,898)	41,126)	25,583)
Total Super Micro Computer, Inc. stockholders’ equity (adjusted)	1,809,351)	1,355,646)	1,032,937)	1,010,642)	899,889)	817,912)
Adjustment to Net Income
Net income (as reported)	639,998)	285,163)	111,865)	84,308)	71,918)	46,165)
Add: Deferred income tax expense (benefit)	(92,710)	(6,657)	(8,390)	(13,772)	(16,872)	13,554)
Net income (adjusted)	547,288)	278,506)	103,475)	70,536)	55,046)	59,719)

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

Super Micro Computer Inc., Financial Data: Reported vs. Adjusted

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Super Micro Computer Inc., adjusted financial ratios

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Net Profit Margin
Reported net profit margin	8.98%	5.49%	3.14%	2.52%	2.05%	1.37%
Adjusted net profit margin	7.68%	5.36%	2.91%	2.11%	1.57%	1.78%
Total Asset Turnover
Reported total asset turnover	1.94	1.62	1.59	1.74	2.08	1.90
Adjusted total asset turnover	2.03	1.66	1.63	1.79	2.13	1.93
Financial Leverage
Reported financial leverage	1.86	2.25	2.05	1.80	1.79	2.10
Adjusted financial leverage	1.94	2.31	2.11	1.84	1.82	2.13
Return on Equity (ROE)
Reported ROE	32.45%	20.00%	10.20%	7.91%	7.64%	5.47%
Adjusted ROE	30.25%	20.54%	10.02%	6.98%	6.12%	7.30%
Return on Assets (ROA)
Reported ROA	17.42%	8.90%	4.99%	4.39%	4.27%	2.61%
Adjusted ROA	15.58%	8.88%	4.75%	3.78%	3.35%	3.42%

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Super Micro Computer Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Super Micro Computer Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Super Micro Computer Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Super Micro Computer Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Super Micro Computer Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Super Micro Computer Inc., Financial Ratios: Reported vs. Adjusted

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	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	639,998)	285,163)	111,865)	84,308)	71,918)	46,165)
Net sales	7,123,482)	5,196,099)	3,557,422)	3,339,281)	3,500,360)	3,360,492)
Profitability Ratio
Net profit margin¹	8.98%	5.49%	3.14%	2.52%	2.05%	1.37%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	547,288)	278,506)	103,475)	70,536)	55,046)	59,719)
Net sales	7,123,482)	5,196,099)	3,557,422)	3,339,281)	3,500,360)	3,360,492)
Profitability Ratio
Adjusted net profit margin²	7.68%	5.36%	2.91%	2.11%	1.57%	1.78%

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Net sales
= 100 × 639,998 ÷ 7,123,482 = 8.98%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 547,288 ÷ 7,123,482 = 7.68%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Super Micro Computer Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net sales	7,123,482)	5,196,099)	3,557,422)	3,339,281)	3,500,360)	3,360,492)
Total assets	3,674,729)	3,205,077)	2,241,964)	1,918,646)	1,682,594)	1,769,505)
Activity Ratio
Total asset turnover¹	1.94	1.62	1.59	1.74	2.08	1.90
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales	7,123,482)	5,196,099)	3,557,422)	3,339,281)	3,500,360)	3,360,492)
Adjusted total assets	3,512,075)	3,135,148)	2,178,676)	1,863,748)	1,641,468)	1,743,922)
Activity Ratio
Adjusted total asset turnover²	2.03	1.66	1.63	1.79	2.13	1.93

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

2023 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 7,123,482 ÷ 3,674,729 = 1.94

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 7,123,482 ÷ 3,512,075 = 2.03

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Super Micro Computer Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
As Reported
Selected Financial Data (US$ in thousands)
Total assets	3,674,729)	3,205,077)	2,241,964)	1,918,646)	1,682,594)	1,769,505)
Total Super Micro Computer, Inc. stockholders’ equity	1,972,005)	1,425,575)	1,096,225)	1,065,540)	941,015)	843,495)
Solvency Ratio
Financial leverage¹	1.86	2.25	2.05	1.80	1.79	2.10
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets	3,512,075)	3,135,148)	2,178,676)	1,863,748)	1,641,468)	1,743,922)
Adjusted total Super Micro Computer, Inc. stockholders’ equity	1,809,351)	1,355,646)	1,032,937)	1,010,642)	899,889)	817,912)
Solvency Ratio
Adjusted financial leverage²	1.94	2.31	2.11	1.84	1.82	2.13

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

2023 Calculations

¹ Financial leverage = Total assets ÷ Total Super Micro Computer, Inc. stockholders’ equity
= 3,674,729 ÷ 1,972,005 = 1.86

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Super Micro Computer, Inc. stockholders’ equity
= 3,512,075 ÷ 1,809,351 = 1.94

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Super Micro Computer Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	639,998)	285,163)	111,865)	84,308)	71,918)	46,165)
Total Super Micro Computer, Inc. stockholders’ equity	1,972,005)	1,425,575)	1,096,225)	1,065,540)	941,015)	843,495)
Profitability Ratio
ROE¹	32.45%	20.00%	10.20%	7.91%	7.64%	5.47%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	547,288)	278,506)	103,475)	70,536)	55,046)	59,719)
Adjusted total Super Micro Computer, Inc. stockholders’ equity	1,809,351)	1,355,646)	1,032,937)	1,010,642)	899,889)	817,912)
Profitability Ratio
Adjusted ROE²	30.25%	20.54%	10.02%	6.98%	6.12%	7.30%

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

2023 Calculations

¹ ROE = 100 × Net income ÷ Total Super Micro Computer, Inc. stockholders’ equity
= 100 × 639,998 ÷ 1,972,005 = 32.45%

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total Super Micro Computer, Inc. stockholders’ equity
= 100 × 547,288 ÷ 1,809,351 = 30.25%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Super Micro Computer Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	639,998)	285,163)	111,865)	84,308)	71,918)	46,165)
Total assets	3,674,729)	3,205,077)	2,241,964)	1,918,646)	1,682,594)	1,769,505)
Profitability Ratio
ROA¹	17.42%	8.90%	4.99%	4.39%	4.27%	2.61%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	547,288)	278,506)	103,475)	70,536)	55,046)	59,719)
Adjusted total assets	3,512,075)	3,135,148)	2,178,676)	1,863,748)	1,641,468)	1,743,922)
Profitability Ratio
Adjusted ROA²	15.58%	8.88%	4.75%	3.78%	3.35%	3.42%

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 639,998 ÷ 3,674,729 = 17.42%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 547,288 ÷ 3,512,075 = 15.58%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Super Micro Computer Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Super Micro Computer Inc. (NASDAQ:SMCI)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Super Micro Computer Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Super Micro Computer Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)