Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Super Micro Computer Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020
Net income	1,048,854)	1,152,666)	639,998)	285,163)	111,865)	84,308)
Depreciation and amortization	58,344)	38,693)	34,904)	32,471)	28,185)	28,472)
Amortization of debt discount and issuance costs	10,268)	2,292)	—)	—)	—)	—)
Stock-based compensation expense	314,452)	231,507)	54,433)	32,816)	28,549)	20,189)
Share of (income) loss from equity investee	6,211)	(1,821)	3,633)	(1,206)	(173)	(2,402)
Unrealized foreign currency exchange (gain) loss	18,832)	(531)	(2,619)	(13,747)	2,482)	1,008)
Loss on extinguishment of convertible notes	30,251)	—)	—)	—)	—)	—)
Deferred income taxes, net	(214,638)	(168,499)	(92,969)	(6,817)	(8,390)	(13,772)
Other non-cash (income) expense, net	(3,077)	12,343)	(668)	368)	(1,044)	1,364)
Accounts receivable, net	533,341)	(1,589,187)	(311,897)	(372,438)	(60,145)	(10,104)
Inventories	(355,606)	(2,899,996)	100,042)	(504,642)	(189,466)	(181,310)
Prepaid expenses and other assets	(229,107)	(44,646)	8,313)	(28,794)	(5,291)	(29,869)
Accounts payable	(180,968)	679,190)	127,135)	50,145)	189,309)	59,889)
Accrued liabilities	272,404)	92,942)	(50,311)	35,891)	24,705)	27,865)
Income taxes payable	32,043)	(110,897)	87,423)	29,002)	8,041)	(8,321)
Deferred revenue	315,006)	111,927)	70,587)	31,544)	(1,452)	350)
Other long-term liabilities	2,914)	8,045)	(4,424)	(10,557)	(4,220)	(8,001)
Changes in operating assets and liabilities	390,027)	(3,752,622)	26,868)	(769,849)	(38,519)	(149,501)
Reconciliation of net income to net cash provided by (used in) operating activities	610,670)	(3,638,638)	23,582)	(725,964)	11,090)	(114,642)
Net cash provided by (used in) operating activities	1,659,524)	(2,485,972)	663,580)	(440,801)	122,955)	(30,334)
Purchases of property, plant, and equipment	(127,214)	(124,279)	(36,793)	(45,182)	(58,016)	(44,338)
Investment in equity securities	(56,000)	(69,673)	(500)	(1,100)	—)	—)
Acquisition, net of cash acquired	—)	(296)	(2,193)	—)	—)	—)
Proceeds from sale of investment in a privately-held company	—)	—)	—)	—)	—)	750)
Net cash used in investing activities	(183,214)	(194,248)	(39,486)	(46,282)	(58,016)	(43,588)
Proceeds from lines of credit and term loans	1,387,991)	2,156,529)	1,093,860)	1,153,317)	127,059)	164,791)
Repayment of lines of credit and term loans	(1,768,650)	(1,967,545)	(1,394,391)	(640,695)	(60,629)	(159,191)
Net borrowings (repayment) on asset-backed revolving line of credit, net of costs	—)	—)	—)	—)	—)	(1,116)
Payment of other fees for debt financing	—)	—)	—)	(592)	(561)	(650)
Proceeds from exercise of stock options	20,898)	29,453)	30,466)	20,994)	28,387)	28,343)
Payment for withholding taxes related to settlement of equity awards	(142,457)	(174,354)	(28,197)	(10,081)	(8,721)	(8,243)
Stock repurchases	(200,000)	—)	(149,998)	—)	(130,000)	—)
Issuances of common stock in public offerings, net of issuance costs	—)	2,313,983)	—)	—)	—)	—)
Debt issuance costs in connection with amended 2029 Convertibles Notes	(31,217)	—)	—)	—)	—)	—)
Proceeds from issuance of 2029 Convertible Notes, net of issuance costs	—)	1,695,768)	—)	—)	—)	—)
Proceeds from issuance of 2028 Convertible Notes, net of issuance costs	683,696)	—)	—)	—)	—)	—)
Proceeds from issuance of 2030 Convertible Notes, net of issuance costs	2,255,973)	—)	—)	—)	—)	—)
Purchase of capped calls	(182,215)	(142,140)	—)	—)	—)	—)
Other	26)	30)	(33)	(72)	25)	(138)
Net cash provided by (used in) financing activities	2,024,045)	3,911,724)	(448,293)	522,871)	(44,440)	23,796)
Effect of exchange rate fluctuations on cash	1,673)	(2,191)	(3,400)	(678)	560)	376)
Net increase (decrease) in cash, cash equivalents and restricted cash	3,502,028)	1,229,313)	172,401)	35,110)	21,059)	(49,750)
Cash, cash equivalents and restricted cash at beginning of year	1,670,273)	440,960)	268,559)	233,449)	212,390)	262,140)
Cash, cash equivalents and restricted cash at end of year	5,172,301)	1,670,273)	440,960)	268,559)	233,449)	212,390)

Based on: 10-K (reporting date: 2025-06-30), 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).

Net Income Trend: Net income has exhibited a strong upward trajectory from 2020 through 2024, peaking at over 1.15 billion in 2024 before slightly declining in 2025. This reflects substantial profitability growth over the period, with a significant surge occurring between 2021 and 2023.
Non-Cash Expenses and Adjustments: Depreciation and amortization expenses have gradually increased year over year, suggesting ongoing investment in capital assets. Stock-based compensation expense shows a remarkable rise, particularly from 2023 onward, indicating increased issuance or valuation of equity awards. Amortization of debt discount and issuance costs appeared in 2024 and grew significantly in 2025, marking increased debt-related costs. The share of income from equity investees fluctuated mildly, with no consistent trend. Unrealized foreign currency exchange gains and losses varied, with notable losses in 2022 and gains in 2025, indicating foreign exchange volatility. Deferred income taxes have increasingly moved into negative, with large net decreases in tax liabilities in recent years, highlighting deferred tax asset utilization or tax strategy shifts.
Working Capital and Operating Assets/Liabilities: Changes in operating assets and liabilities exhibit volatile patterns, with a significant outflow in 2024 offset by a large positive change in 2025. Accounts receivable showed large decreases through 2024 but an unusual positive change in 2025, indicating collection or sales pattern changes. Inventories had major negative changes in 2024 and 2025, suggesting large inventory drawdowns or revaluations. Accounts payable and accrued liabilities showed generally increasing trends, with large payables growth in 2024 supported by a reversal in 2025. Deferred revenue increased progressively, indicating growth in advance payments or subscriptions.
Cash Flow from Operating Activities: The net cash provided by operating activities was positive in 2021, 2023, and 2025, with a large negative outflow in 2024. This suggests variability in cash generation, with 2024 reflecting substantial net cash use in operations, possibly due to working capital changes or timing differences.
Investing Activities: Purchases of property, plant, and equipment demonstrate consistent capital expenditure across all years, with a sharp increase in 2024 and 2025, indicating expansion or upgrades. Investments in equity securities increased notably in 2024 and remained elevated in 2025. Cash used in investing activities grew accordingly, showing increased investment outflow.
Financing Activities: There is significant fluctuation in net cash flows from financing activities, with notable inflows in 2022 and 2024, largely driven by proceeds from issuing convertible notes and public offerings. Borrowings and repayments of lines of credit and term loans show extensive debt refinancing activities, with high volumes of both proceeds and repayments, especially from 2022 onward. Stock repurchases occurred intermittently, with major repurchases in 2021 and 2023. Payments related to withholding taxes on equity awards escalated substantially in 2024 and 2025, correlating with increased stock-based compensation expense.
Liquidity Position: Overall cash and cash equivalents increased dramatically, more than doubling in 2024 and further rising in 2025, supported by strong financing inflows and positive operating cash flows in these years. The company’s liquidity position appears robust at the end of 2025.
Summary of Financial Patterns: The financial data reveals a period of significant growth and investment, characterized by rising net income, increasing capital expenditures, and active debt management. The company has expanded stock-based compensation substantially, impacting non-cash expenses and financing cash flow profiles. Working capital experienced volatile swings, with large impacts on operating cash flows. Financing activities indicate heavy reliance on convertible debt issuances and capital markets for funding. Despite volatility in operating cash flows during 2024, the overall liquidity position strengthened considerably by the end of the period.

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Super Micro Computer Inc. (NASDAQ:SMCI)

Cash Flow Statement