Stock Analysis on Net

Super Micro Computer Inc. (NASDAQ:SMCI)

Cash Flow Statement 
Quarterly Data

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 (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018
Net income 108,777 320,596 424,327 297,244 402,459 295,968 156,995 193,569 85,846 176,167 184,416 140,822 76,972 41,932 25,437 39,162 18,428 27,674 26,601 18,450 15,807 23,706 26,345 23,710 10,646 18,220 19,342
Depreciation and amortization 10,745 14,883 14,080 11,811 10,399 9,620 9,155 8,972 8,736 8,649 8,547 8,422 8,368 8,133 7,548 6,881 6,877 6,910 7,517 7,500 7,083 7,063 6,826 6,017 6,076 6,163 5,946
Stock-based compensation expense 84,704 82,122 64,014 74,960 56,107 43,061 57,379 12,786 13,652 16,981 11,014 8,884 7,741 9,176 7,015 7,432 7,494 6,453 7,170 5,366 4,805 4,964 5,054 5,103 4,960 5,247 5,874
Impairment of investments 2,661
Share of (income) loss from equity investee 445 (2,517) 19 526 (373) (2,024) 50 380 1,013 1,351 889 (324) (255) (239) (388) (582) 264 1,475 (1,330) (3,468) 1,057 1,020 (1,011) (851) 359 1,794 1,419
Unrealized foreign currency exchange (gain) loss 3,042 (1,224) 924 (249) (5,962) 11,872 (6,192) (122) 2,117 4,589 (9,203) (5,590) (5,419) (2,783) 45 1,385 (1,808) 2,287 618 697 (117) 989 (561) (21) (180) (290) 178
Loss on extinguishment of convertible notes 30,251
Deferred income taxes, net (58,323) (29,526) (46,552) (24,014) (88,865) (32,599) (23,021) (14,340) (52,817) (6,586) (19,226) (3,587) (4,681) 1,432 19 (5,664) (1,843) (659) (224) (9,336) (3,547) (304) (585) (7,349) (1,772) (3,704) (4,275)
Other 9,702 (779) (3,346) 9,157 486 43 2,657 (19) (219) (124) (306) (639) (38) 1,040 5 (252) (93) 20 (719) 259 524 292 289 (190) 1,048 (134) 9
Accounts receivable, net 414,156 (334,662) 15,288 (1,081,317) (153,185) (657,186) 302,501 (477,780) 97,847 (27,052) 95,088 (155,159) (183,152) (39,862) 5,735 (56,480) (84,345) (201) 80,881 (70,583) 26,992 (3,909) 37,396 (66,257) 102,197 21,822 34,323
Inventories (275,748) 1,331,362 (597,717) (220,973) (1,657,590) (414,192) (607,241) 94,855 (118,602) 314,238 (190,449) 42,936 (194,870) (209,099) (143,609) (137,061) (96,472) (33,575) 77,642 14,728 (161,796) (19,199) (15,043) 90,925 68,053 (8,193) 1,475
Prepaid expenses and other assets 114,413 (485,543) 86,774 (18,973) (29,016) (16,647) 19,990 (6,775) 14,570 12,509 (11,991) 3,956 (8,269) (30,590) 6,109 19,748 (52,465) (16,298) 43,724 4,921 660 (4,362) (31,088) (17,982) 30,370 (3,806) (172)
Accounts payable 95,226 (1,127,269) 220,353 369,577 (170,000) 176,640 302,973 136,255 81,788 (223,210) 132,302 (122,886) 89,843 137,531 (54,343) 144,008 70,597 60,408 (85,704) (43,991) 71,465 57,280 (24,865) 28,214 (131,515) (5,385) (64,724)
Accrued liabilities 112,368 (85,628) 25,974 (30,995) 74,958 61,998 (13,019) 12,328 (18,547) (44,100) 8 31,247 7,151 (1,177) (1,330) 30,512 14,812 15,838 (36,457) (22,059) 32,114 5,117 12,693 1,750 859 (376) 9,223
Income taxes payable (91,480) 35,405 61,440 (11,073) (17,111) (114,942) 32,229 36,568 53,885 (29,698) 26,668 24,330 2,949 191 1,532 3,125 (939) 4,230 1,625 2,721 (1,550) (277) (9,215) 4,293 (995) (1,208) 3,741
Deferred revenue 67,145 40,470 141,806 (20,116) 52,815 43,173 36,055 (5,475) 29,819 (39,746) 85,989 4,110 (22,801) 37,120 13,115 12,274 (4,862) (6,918) (1,946) (1,713) (10,129) 13,721 (1,529) 10,090 11,541 14,031 24,138
Other long-term liabilities 1,341 2,553 1,520 2,621 5,340 130 (46) (541) (843) (2,881) (159) (1,665) (1,475) (5,956) (1,461) (925) (55) (4,397) 1,157 458 (4,805) (4,508) 854 1,741 (2,049) (741) 1,165
Changes in operating assets and liabilities 437,421 (623,312) (44,562) (1,011,249) (1,893,789) (921,026) 73,442 (210,565) 139,917 (39,940) 137,456 (173,131) (310,624) (111,842) (174,252) 15,201 (153,729) 19,087 80,922 (115,518) (47,049) 43,863 (30,797) 52,774 78,461 16,144 9,169
Reconciliation of net income to net cash provided by (used in) operating activities 517,987 (560,353) (15,423) (939,058) (1,921,997) (891,053) 113,470 (202,908) 112,399 (15,080) 129,171 (165,965) (304,908) (95,083) (160,008) 24,401 (142,838) 35,573 93,954 (114,500) (37,244) 57,887 (20,785) 58,144 88,952 25,220 18,320
Net cash provided by (used in) operating activities 626,764 (239,757) 408,904 (641,814) (1,519,538) (595,085) 270,465 (9,339) 198,245 161,087 313,587 (25,143) (227,936) (53,151) (134,571) 63,563 (124,410) 63,247 120,555 (96,050) (21,437) 81,593 5,560 81,854 99,598 43,440 37,662
Purchases of property, plant and equipment (32,700) (27,536) (44,300) (13,983) (92,945) (14,720) (2,631) (8,175) (7,987) (9,885) (10,746) (11,025) (10,951) (12,404) (10,802) (13,389) (19,076) (13,700) (11,851) (9,452) (10,797) (10,764) (13,325) (9,068) (6,475) (6,135) (3,171)
Investment in equity securities (48,000) (16,489) (184) (5,000) (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 (32,700) (27,536) (44,300) (62,279) (109,434) (14,904) (7,631) (10,868) (7,987) (9,885) (10,746) (11,025) (10,951) (12,404) (11,902) (13,389) (19,076) (13,700) (11,851) (9,452) (10,797) (10,014) (13,325) (9,068) (6,475) (6,135) (3,171)
Proceeds from lines of credit and term loans 51,214 121,743 1,185,034 337,679 961,167 857,683 929,534 20,289 64,896 79,141 215,242 350,356 317,913 269,806 64,834 47,556 8,261 6,408 154,791 10,000 15,860 25,900
Repayment of lines of credit and term loans (157,307) (467,881) (1,106,178) (27,955) (1,162,603) (638,049) (138,938) (823,945) (5,784) (149,925) (414,737) (159,900) (113,500) (277,819) (89,476) (53,329) (6,763) (266) (271) (159,191) (31,800) (35,900)
Net borrowings (repayment) on asset-backed revolving line of credit, net of costs (1,116) 1,154 (25,455) (15,121) (26,523)
Payment of other fees for debt financing (592) (561) (650) (250) (375)
Proceeds from exercise of stock options 7,583 342 6,527 4,339 15,540 5,286 4,288 5,644 9,495 7,183 8,144 5,043 4,363 5,570 6,018 8,043 9,577 5,747 5,020 5,290 20,349 2,704
Payment for withholding taxes related to settlement of equity awards (41,924) (41,499) (35,537) (55,069) (78,391) (15,593) (25,301) (8,755) (8,938) (6,788) (3,716) (3,274) (2,006) (2,732) (2,069) (2,941) (2,062) (1,713) (2,005) (1,809) (2,860) (2,994) (580) (728) (722) (542) (1,059)
Stock repurchases (3,472) (146,526) (12,032) (43,144) (46,371) (28,453)
Issuance of common stock in a public offerings, net of issuance costs (7) 1,731,186 582,804
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
Purchase of capped calls (142,140)
Other 7 7 8 (46) 62 4 10 (8) (6) (4) (15) (13) (21) (21) (17) (9) 88 (28) (26) (16) (32) (71) (19) (61) (67) (68) (71)
Net cash provided by (used in) financing activities 512,052 (387,288) 49,854 258,941 3,020,589 792,135 (159,941) 98,998 (131,470) (84,638) (331,183) 56,506 239,192 42,911 184,262 4,005 5,252 (34,370) (19,327) (1,585) 27,457 (361) (1,715) 115 (26,619) (31,671) (37,653)
Effect of exchange rate fluctuations on cash (11) (3,663) 4,500 (557) (1,804) 373 (203) (1,131) (576) (222) (1,471) (374) (295) 2 (11) 198 (178) 355 185 213 (12) 213 (38) (31) 13 (29) (72)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,106,105 (658,244) 418,958 (445,709) 1,389,813 182,519 102,690 77,660 58,212 66,342 (29,813) 19,964 10 (22,642) 37,778 54,377 (138,412) 15,532 89,562 (106,874) (4,789) 71,431 (9,518) 72,870 66,517 5,605 (3,234)

Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).


Net Income Trend
Net income demonstrated considerable volatility over the periods, with an initial moderate range in 2018 and early 2019, followed by a substantial increase commencing in late 2021. Peaks were observed during March 2022 through December 2023, reaching the highest values in those quarters, suggesting improved profitability. However, there was a notable decline in net income in the most recent quarter.
Depreciation and Amortization
This expense exhibited a steady upward trend over the entire period, reflecting ongoing investment in fixed assets or capitalized software. The incremental increase was consistent quarter over quarter, indicating escalating non-cash charges related to asset usage or amortization schedules.
Stock-based Compensation Expense
Stock-based compensation expenses fluctuated with pronounced increases in multiple quarters, especially from 2021 onwards, where a sharp rise occurred. Peaks reached were significantly higher than earlier periods, highlighting increased reliance on equity incentives as part of remuneration.
Impairment of Investments
Reported only once during the periods analyzed, in the first quarter of 2019, suggesting a one-time adjustment rather than a recurring expense, impacting net results solely for that quarter.
Share of (Income) Loss from Equity Investee
This item was irregular, with alternating positive and negative contributions across periods. Significant negative impacts appeared in mid-2020, while positive amounts were scattered, indicating variable performance or results from equity investments.
Unrealized Foreign Currency Exchange (Gain) Loss
Exchange rate impacts showed high volatility, including both gains and losses with large magnitude swings, notably high losses near the end of 2021 and strong gains and losses in subsequent quarters, reflecting significant exposure to foreign currency risks.
Loss on Extinguishment of Convertible Notes
A notable non-recurring loss was recorded only in the final period, indicating an extraordinary charge related to debt refinancing or extinguishment at that time.
Deferred Income Taxes, Net
This line item showed substantial fluctuations, with large negative amounts occurring in recent quarters, representing considerable deferred tax liabilities or asset revaluations impacting taxes payable in the future.
Operating Working Capital Components
Accounts receivable and inventories were highly volatile, with abrupt and large volume changes quarter to quarter, including significant negative values at times, likely due to accounting adjustments or unusual transactions. Accounts payable and accrued liabilities also demonstrated large swings, indicative of changing operational or payment cycles. Deferred revenue and other liabilities showed inconsistent patterns, with some quarters exhibiting large positive or negative balances, suggesting fluctuations in advance payments and long-term obligations.
Cash Flow from Operating Activities
Cash generated from operations generally mirrored net income fluctuations but showed sharper reversals with some quarters exhibiting large negative cash flow despite positive net income, pointing to cash collection or working capital management challenges during those periods.
Investing Activities
Capital expenditures on property, plant, and equipment consistently remained negative and sizable, reflecting ongoing investments in asset base. Occasional proceeds from equity security sales or acquisitions occurred but did not markedly alter the investing cash flow trend, which predominantly indicated cash outflows.
Financing Activities
Financing cash flows were characterized by substantial borrowings and repayments of debt with significant net inflows in recent quarters, supported by public equity issuances and convertible note transactions. Stock repurchases were intermittent but materially negative in some periods. Overall financing showed considerable variability, linked to strategic capital structure adjustments.
Effect of Exchange Rate Fluctuations on Cash
Exchange impacts on cash balance changed notably over time but were small relative to other cash flow items, with periodic positive and negative effects reflecting global currency movements.
Net Cash Position Changes
Aggregate changes in cash and equivalents reflected the cumulative effects of operating, investing, and financing activities with periods of sizeable increases and decreases. Large fluctuations, including significant cash inflows in late 2023 and early 2024, point to active liquidity management amid fluctuating operational performance and capital transactions.