Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Super Micro Computer Inc., consolidated income statement

US$ in thousands

12 months ended:	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Net sales	14,989,251)	7,123,482)	5,196,099)	3,557,422)	3,339,281)	3,500,360)
Cost of sales	(12,927,841)	(5,840,470)	(4,396,098)	(3,022,884)	(2,813,071)	(3,004,838)
Gross profit	2,061,410)	1,283,012)	800,001)	534,538)	526,210)	495,522)
Research and development	(463,548)	(307,260)	(272,273)	(224,369)	(221,478)	(179,907)
Sales and marketing	(189,738)	(115,025)	(90,126)	(85,683)	(85,137)	(77,154)
General and administrative	(197,350)	(99,585)	(102,435)	(100,539)	(133,941)	(141,228)
Operating expenses	(850,636)	(521,870)	(464,834)	(410,591)	(440,556)	(398,289)
Income from operations	1,210,774)	761,142)	335,167)	123,947)	85,654)	97,233)
Other income (expense), net	22,717)	3,646)	8,079)	(2,834)	1,410)	(1,020)
Interest expense	(19,352)	(10,491)	(6,413)	(2,485)	(2,236)	(6,690)
Income before income tax provision	1,214,139)	754,297)	336,833)	118,628)	84,828)	89,523)
Income tax provision	(63,294)	(110,666)	(52,876)	(6,936)	(2,922)	(14,884)
Share of income (loss) from equity investee, net of taxes	1,821)	(3,633)	1,206)	173)	2,402)	(2,721)
Net income	1,152,666)	639,998)	285,163)	111,865)	84,308)	71,918)

Based on: 10-K (reporting date: 2024-06-30), 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).

Net Sales

Net sales exhibit a generally upward trajectory over the period analyzed. Initial sales stood at approximately 3.5 billion USD in mid-2019, with a slight dip in mid-2020. Thereafter, a steady increase ensued, culminating in a substantial rise to nearly 15 billion USD by mid-2024. This dramatic increase in the latest period more than doubles the previous year’s figure, indicating strong growth momentum.

Cost of Sales

The cost of sales mirrors the upward trend seen in net sales, increasing from around 3.0 billion USD in 2019 to over 12.9 billion USD in 2024. The cost closely tracks sales figures, with a proportional rise each year, suggesting consistent cost structures relative to revenue generation.

Gross Profit

Gross profit has grown steadily alongside sales, rising from just under 500 million USD in 2019 to over 2.0 billion USD in 2024. The gross profit margin appears to have improved, particularly noticeable from 2021 onwards, reflecting enhanced operational efficiency or more favorable pricing.

Operating Expenses

Operating expenses show an upward trend with fluctuations in their components:

Research and Development (R&D): R&D spending increased consistently from approximately 180 million USD in 2019 to nearly 464 million USD in 2024, indicating ongoing investment in product development or innovation.
Sales and Marketing: Sales and marketing expenses rose steadily from about 77 million USD in 2019 to nearly 190 million USD in 2024, potentially reflecting efforts to support elevated sales volumes.
General and Administrative (G&A): G&A expenses remained relatively stable between 2019 and 2022, around 100 to 140 million USD, before a sharp increase to approximately 197 million USD in 2024.

Overall, total operating expenses climbed from roughly 398 million USD in 2019 to over 850 million USD in 2024, consistent with growth in company scale and activities.

Income from Operations

Income from operations showed significant improvement over the observed period. Starting at approximately 97 million USD in 2019, it decreased slightly in 2020, then grew markedly, especially from 2021 onward, reaching over 1.2 billion USD in 2024. This reflects successful scaling and improved profitability at the operational level.

Other Income (Expense), Net

This category fluctuated, occasionally showing gains and losses; it started slightly negative in 2019, became positive from 2020 onwards, and rose to about 23 million USD in 2024, contributing modestly to overall profitability.

Interest Expense

Interest expense decreased sharply in 2020 and 2021 compared to 2019 but rose substantially thereafter, reaching nearly 19.4 million USD in 2024. The increase in later years may indicate higher borrowings or increased interest rates impacting financial costs.

Income before Income Tax Provision

Income before tax showed a pattern similar to income from operations, with growth from 89 million USD in 2019 to over 1.2 billion USD in 2024. This indicates strong core earnings performance despite fluctuations in other income and interest expense.

Income Tax Provision

The income tax provision remained relatively low and stable until 2021, then increased significantly, peaking at over 110 million USD in 2023 before decreasing to approximately 63 million USD in 2024. This variation may be linked to changes in taxable income and tax strategies.

Share of Income (Loss) from Equity Investee, Net of Taxes

This item showed minor fluctuations without a clear trend, with small positive and negative values, indicating limited influence on overall profitability from equity investments.

Net Income

Net income follows a strong upward trend from 72 million USD in 2019 to over 1.15 billion USD in 2024. The notable increase especially after 2021 corresponds with higher sales and improved operating income. While tax provision changes affected net income variability, overall profitability expanded substantially over the period.

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Super Micro Computer Inc. (NASDAQ:SMCI)

Income Statement