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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________________________
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 001-33383
__________________________________________________________________________
Super Micro Computer, Inc.
(Exact name of registrant as specified in its charter)
Delaware 77-0353939
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
980 Rock Avenue
San Jose, CA 95131
(Address of principal executive offices, including zip code)
(408) 503-8000
(Registrant’s telephone number, including area code)
__________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.001 par value per shareSMCINASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No      
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerx  Accelerated filer
Non-accelerated filer
  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of April 30, 2022 there were 51,906,873 shares of the registrant’s common stock, $0.001 par value, outstanding, which is the only class of common stock of the registrant issued.




SUPER MICRO COMPUTER, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE THREE MONTHS ENDED MARCH 31, 2022

TABLE OF CONTENTS
 
  Page
PART I
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.

    Unless the context requires otherwise, the words “Super Micro,” “Supermicro,” “we,” “Company,” “us” and “our” in this document refer to Super Micro Computer, Inc. and where appropriate, our wholly owned subsidiaries. Supermicro, the Company logo and our other registered or common law trademarks, service marks, or trade names appearing in this Quarterly Report on Form 10-Q are the property of Super Micro Computer, Inc. or its affiliates. Other trademarks, service marks, or trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners.



PART I: FINANCIAL INFORMATION

Item 1.        Financial Statements

SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
 (unaudited) 
March 31,June 30,
20222021
ASSETS
Current assets:
Cash and cash equivalents$247,424 $232,266 
Accounts receivable, net of allowances of $1,776 and $2,591 at March 31, 2022 and June 30, 2021, respectively (including accounts receivable from related parties of $34,084 and $8,678 at March 31, 2022 and June 30, 2021, respectively)
679,785 463,834 
Inventories1,588,542 1,040,964 
Prepaid expenses and other current assets (including receivables from related parties of $29,561 and $23,837 at March 31, 2022 and June 30, 2021, respectively)
162,964 130,195 
Total current assets2,678,715 1,867,259 
Investment in equity investee4,778 4,578 
Property, plant and equipment, net282,319 274,713 
Deferred income taxes, net66,518 63,288 
Other assets38,847 32,126 
Total assets$3,071,177 $2,241,964 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable (including amounts due to related parties of $87,266 and $70,096 at March 31, 2022 and June 30, 2021, respectively)
$779,561 $612,336 
Accrued liabilities (including amounts due to related parties of $15,315 and $18,528 at March 31, 2022 and June 30, 2021, respectively)
181,448 178,850 
Income taxes payable17,413 12,741 
Short-term debt403,045 63,490 
Deferred revenue114,688 101,479 
Total current liabilities1,496,155 968,896 
Deferred revenue, non-current115,063 100,838 
Long-term debt144,423 34,700 
Other long-term liabilities 41,617 41,132 
Total liabilities1,797,258 1,145,566 
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock and additional paid-in capital, $0.001 par value
Authorized shares: 100,000; Outstanding shares: 51,870 and 50,582 at March 31, 2022 and June 30, 2021, respectively
Issued shares: 51,870 and 50,582 at March 31, 2022 and June 30, 2021, respectively
471,088 438,012 
Accumulated other comprehensive income554 453 
Retained earnings802,101 657,760 
Total Super Micro Computer, Inc. stockholders’ equity1,273,743 1,096,225 
Noncontrolling interest176 173 
Total stockholders’ equity1,273,919 1,096,398 
Total liabilities and stockholders’ equity$3,071,177 $2,241,964 
See accompanying notes to condensed consolidated financial statements.
1


SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited) 
 Three Months Ended
March 31,
Nine Months Ended
March 31,
 2022202120222021
Net sales (including related party sales of $47,669 and $20,432 in the three months ended March 31, 2022 and 2021, respectively, and $120,206 and $58,853 in the nine months ended March 31, 2022 and 2021, respectively)
$1,355,490 $895,881 $3,560,639 $2,488,437 
Cost of sales (including related party purchases of $95,479 and $57,454 in the three months ended March 31, 2022 and 2021, respectively, and $279,893 and $167,845 in the nine months ended March 31, 2022 and 2021, respectively)
1,144,715 772,864 3,047,982 2,099,410 
Gross profit210,775 123,017 512,657 389,027 
Operating expenses:
Research and development 70,869 57,912 201,483 165,439 
Sales and marketing22,356 21,826 65,940 62,858 
General and administrative27,773 26,224 75,280 75,864 
Total operating expenses120,998 105,962 342,703 304,161 
Income from operations89,777 17,055 169,954 84,866 
Other (expense) income, net 4,663 2,017 4,106 (1,363)
Interest expense(1,531)(607)(3,485)(1,850)
Income before income tax provision92,909 18,465 170,575 81,653 
Income tax benefit (provision)(16,192)227 (27,116)(8,541)
Share of income (loss) from equity investee, net of taxes255 (264)882 (409)
Net income$76,972 $18,428 $144,341 $72,703 
Net income per common share:
Basic$1.49 $0.36 $2.82 $1.41 
Diluted$1.43 $0.35 $2.70 $1.35 
Weighted-average shares used in calculation of net income per common share:
Basic51,708 50,553 51,269 51,465 
Diluted53,786 53,218 53,401 53,747 


See accompanying notes to condensed consolidated financial statements.
2


SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited) 
 Three Months Ended
March 31,
Nine Months Ended
March 31,
 2022202120222021
Net income$76,972 $18,428 $144,341 $72,703 
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)5 (34)101 514 
Total other comprehensive income (loss)5 (34)101 514 
Total comprehensive income $76,977 $18,394 $144,442 $73,217 

See accompanying notes to condensed consolidated financial statements.
3


SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)
(unaudited)

Three Months Ended March 31, 2022Common Stock and
Additional Paid-In
Capital
Treasury StockAccumulated
Other
Comprehensive
Income
Retained
Earnings
Non-controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at December 31, 202151,508,616 $460,990  $ $549 $725,129 $177 $1,186,845 
Exercise of stock options, net of taxes251,598 4,363 — — — — — 4,363 
Release of common stock shares upon vesting of restricted stock units161,873 — — — — — — — 
Shares withheld for the withholding tax on vesting of restricted stock units(51,914)(2,006)— — — — — (2,006)
Stock-based compensation— 7,741 — — — — — 7,741 
Foreign currency translation gain— — — — 5 — — 5 
Net income— — — — — 76,972 (1)76,971 
Balance at March 31, 202251,870,173 $471,088  $ $554 $802,101 $176 $1,273,919 


Three Months Ended March 31, 2021Common Stock and
Additional Paid-In
Capital
Treasury StockAccumulated
Other
Comprehensive (Loss) Income
Retained
Earnings
Non-controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at December 31, 202050,651,054 $410,522  $ $396 $653,129 $173 $1,064,220 
Exercise of stock options, net of taxes511,801 9,577 — — — — — 9,577 
Release of common stock shares upon vesting of restricted stock units186,034 — — — — — — — 
Shares withheld for the withholding tax on vesting of restricted stock units(61,982)(2,062)— — — — — (2,062)
Stock repurchases and retirement(1,250,539)(42)— — — (43,628)— (43,670)
Stock-based compensation— 7,494 — — — — — 7,494 
Foreign currency translation loss— — — — (34)— — (34)
Net income— — — — — 18,428 (5)18,423 
Balance at March 31, 202150,036,368 $425,489  $ $362 $627,929 $168 $1,053,948 


4


Nine Months Ended March 31, 2022Common Stock and
Additional Paid-In
Capital
Treasury StockAccumulated
Other
Comprehensive
Income
Retained
Earnings
Non-controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at June 30, 202150,582,078 $438,012  $ $453 $657,760 $173 $1,096,398 
Exercise of stock options, net of taxes921,001 15,951 — — — — — 15,951 
Release of common stock shares upon vesting of restricted stock units535,469 — — — — — — — 
Shares withheld for the withholding tax on vesting of restricted stock units(168,375)(6,807)— — — — — (6,807)
Shares repurchase and retirement— — — — — — — 
Stock-based compensation— 23,932 — — — — — 23,932 
Foreign currency translation gain— — — — 101 — — 101 
Net income— — — — — 144,341 3 144,344 
Balance at March 31, 202251,870,173 $471,088  $ $554 $802,101 $176 $1,273,919 


Nine Months Ended March 31, 2021Common Stock and
Additional Paid-In
Capital
Treasury StockAccumulated
Other
Comprehensive
(Loss) Income
Retained
Earnings
Non-controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at June 30, 202053,741,828 $389,972 (1,333,125)$(20,491)$(152)$696,211 $167 $1,065,707 
Exercise of stock options, net of taxes1,195,414 20,344 — — — — — 20,344 
Release of common stock shares upon vesting of restricted stock units596,570 — — — — — — — 
Shares withheld for the withholding tax on vesting of restricted stock units(191,279)(5,780)— — — — — (5,780)
Share repurchase and retirement(5,306,165)(164)1,333,125 20,491 — (140,985)— (120,658)
Stock-based compensation— 21,117 — — — — — 21,117 
Foreign currency translation gain— — — — 514 — — 514 
Net income— — — — — 72,703 1 72,704 
Balance at March 31, 202150,036,368 $425,489  $ $362 $627,929 $168 $1,053,948 


See accompanying notes to condensed consolidated financial statements.
5


SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
March 31,
 20222021
OPERATING ACTIVITIES:
Net income$144,341 $72,703 
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization24,049 21,304 
Stock-based compensation expense23,932 21,117 
Recovery of allowance for doubtful accounts(815)(629)
Provision for excess and obsolete inventories13,875 4,844 
Share of (income) loss from equity investee(882)409 
Foreign currency exchange (gain) loss(8,157)1,097 
Deferred income taxes, net(3,230)(2,726)
Other1,007 (792)
Changes in operating assets and liabilities:
Accounts receivable, net (including changes in related party balances of $(25,405) and $(3,532) during the nine months ended March 31, 2022 and 2021, respectively)
(216,464)(3,036)
Inventories(561,453)(57,249)
Prepaid expenses and other assets (including changes in related party balances of $(5,726) and $(442) during the nine months ended March 31, 2022 and 2021, respectively)
(32,750)(25,039)
Accounts payable (including changes in related party balances of $17,170 and $(18,296) during the nine months ended March 31, 2022 and 2021, respectively)
173,031 45,301 
Income taxes payable4,672 4,916 
Deferred revenue27,434 (13,726)
Accrued liabilities (including changes in related party balances of $(3,213) and $(180) during the nine months ended March 31, 2022 and 2021, respectively)
4,644 (5,807)
Other long-term liabilities (including changes in related party balances of $596 and $(1,699) during the nine months ended March 31, 2022 and 2021, respectively)
(8,892)(3,295)
Net cash provided by (used in) operating activities(415,658)59,392 
INVESTING ACTIVITIES:
Purchases of property, plant and equipment (including payments to related parties of $2,505 and $5,845 during the nine months ended March 31, 2022 and 2021, respectively)
(34,157)(44,627)
Investment in a privately-held company(1,100) 
Net cash used in investing activities(35,257)(44,627)
FINANCING ACTIVITIES:
Proceeds from borrowings, net of debt issuance costs938,075 62,225 
Repayment of debt(480,795)(7,300)
Proceeds from exercise of stock options, net of taxes15,951 20,344 
Payment of withholding tax on vesting of restricted stock units(6,807)(5,780)
Stock repurchases (117,968)
Payments of obligations under finance leases(59)34 
Net cash provided by (used in) by financing activities
466,365 (48,445)
Effect of exchange rate fluctuations on cash(304)362 
Net increase (decrease) in cash, cash equivalents and restricted cash15,146 (33,318)
Cash, cash equivalents and restricted cash at the beginning of the period233,449 212,390 
Cash, cash equivalents and restricted cash at the end of the period$248,595 $179,072 
6


Supplemental disclosure of cash flow information:
Cash paid for interest$2,990 $1,400 
Cash paid for taxes, net of refunds11,623 2,213 
Non-cash investing and financing activities:
Unpaid property, plant and equipment purchases (including due to related parties of $729 and $1,502 as of March 31, 2022 and 2021, respectively)
$7,464 $7,662 
Right of use ("ROU") assets obtained in exchange for operating lease commitments 11,108 2,715 
Unpaid stock repurchases 2,690 


See accompanying notes to condensed consolidated financial statements.

7



SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1.        Summary of Significant Accounting Policies

Significant Accounting Policies and Estimates

No material changes have been made to the significant accounting policies of Super Micro Computer, Inc., a corporation incorporated under the laws of Delaware, and its consolidated entities (together, the “Company”), disclosed in Note 1, "Organization and Summary of Significant Accounting Policies," in its Annual Report on Form 10-K, filed on August 27, 2021, for the year ended June 30, 2021. Management's estimates include, as applicable, the anticipated impacts of the coronavirus ("COVID-19") pandemic.

Basis of Presentation

The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations.

The unaudited condensed consolidated financial statements included herein reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the periods presented. The consolidated results of operations for the three and nine months ended March 31, 2022 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending June 30, 2022.

Concentration of Supplier Risk

Certain materials used by the Company in the manufacturing of its products are available from a limited number of suppliers. Shortages could occur in these materials due to an interruption of supply or increased demand in the industry. Two suppliers accounted for 13.0% and 19.4% of total purchases for the three months ended March 31, 2022, and two suppliers accounted for 21.4% and 14.7% of total purchases for the three months ended March 31, 2021. Two suppliers accounted for 18.0% and 11.4% of total purchases for the nine months ended March 31, 2022, and two suppliers accounted for 21.1% and 13.8% of total purchases for the nine months ended March 31, 2021. Purchases from Ablecom, and Compuware, related parties of the Company (see Note 8, "Related Party Transactions") accounted for a combined 8.2% and 7.3% of total cost of sales for the three months ended March 31, 2022 and 2021, respectively, and a combined 9.0% and 7.9% of total cost of sales for the nine months ended March 31, 2022 and 2021, respectively.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, investment in an auction rate security and accounts receivable. One customer accounted for 10.2% of the net sales for the three months ended March 31, 2022 and no customer accounted for 10% or more of the net sales for the nine months ended March 31, 2022 or for the three and nine months ended March 31, 2021. No customer accounted for greater than 10% of the Company's accounts receivable, net as of March 31, 2022, whereas one customer accounted for 13.5% of accounts receivable, net as of June 30, 2021.

Accounting Pronouncements Recently Adopted

In December 2019, the FASB issued amended guidance, Simplifying the Accounting for Income Taxes, to remove certain exceptions to the general principles from ASC 740 - Income Taxes, and to improve consistent application of U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. The guidance is effective for the Company from July 1, 2021. The adoption of the guidance did not have a material impact on its condensed consolidated financial statements and disclosures.

8



SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Accounting Pronouncements Not Yet Adopted

In March 2020, the FASB issued authoritative guidance, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The guidance also establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. The amendments in this update do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship. In January 2021, the FASB issued further guidance on this topic, which clarified the scope and application of the original guidance. The amendments are effective for all entities on December 31, 2022, with early adoption permitted for an interim period beginning after March 12, 2020. The Company has loans and lines of credit with various financial institutions. Benchmark interest rates are used to calculate the interest on borrowings under the Chang Hwa Bank, CTBC, HSBC, Mega Bank Credit Facilities. LIBOR is used to calculate the interest on borrowings under the Company's 2018 Bank of America Credit Facility and E.SUN Credit Facility. The 2018 Bank of America Credit Facility was amended on June 28, 2021 which provided for a new maturity date of June 28, 2026 and fallback terms related to LIBOR replacement mechanics. On March 3, 2022, the 2018 Bank of America Credit Facility was amended to, among other items, increase the size of the facility from $200.0 million to $350.0 million and update provisions relating to payments and LIBOR replacement mechanics to secured overnight financing rate (“SOFR"). As these amendments had other contemporaneous changes to the facility including the amount and not just directly related to LIBOR replacement, optional expedients under this guidance cannot be elected. The Company is currently evaluating the overall impact of adoption of the guidance on its consolidated financial statements and disclosures.

Note 2.         Revenue

Disaggregation of Revenue

The Company disaggregates revenue by type of product and by geographical market in order to depict the nature, amount, and timing of revenue and cash flows. Service revenues, which are less than 10%, are not a significant component of total revenue, and are aggregated within the respective categories.

The following is a summary of net sales by product type (in thousands):
 Three Months Ended
March 31,
Nine Months Ended
March 31,
 2022202120222021
Server and storage systems$1,145,869 $693,339 $2,981,777 $1,953,838 
Subsystems and accessories209,621 202,542 578,862 534,599 
Total$1,355,490 $895,881 $3,560,639 $2,488,437 

Server and storage systems constitute an assembly and integration of subsystems and accessories, and related services. Subsystems and accessories are comprised of server boards, chassis and accessories.

9



SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
International net sales are based on the country and geographic region to which the products were shipped. The following is a summary for the three and nine months ended March 31, 2022 and 2021, of net sales by geographic region (in thousands):

 Three Months Ended
March 31,
Nine Months Ended
March 31,
 2022202120222021
United States$762,418 $499,061 $1,961,573 $1,458,249 
Asia309,972 207,204 857,165 495,326 
Europe205,444 162,285 600,589 429,193 
Other77,656 27,331 141,312 105,669 
$1,355,490 $895,881 $3,560,639 $2,488,437 

Contract Balances

Generally, the payment terms of the Company’s offerings range from 30 to 60 days. In certain instances, customers may prepay for products and services in advance of delivery. Receivables relate to the Company’s unconditional right to consideration for performance obligations either partially or fully completed.

Contract assets are rights to consideration in exchange for goods or services that the Company has transferred to a customer when such right is conditional on something other than the passage of time. Such contract assets are insignificant to the Company’s condensed consolidated financial statements.

Contract liabilities consist of deferred revenue and relate to amounts invoiced to or advance consideration received from customers, which precede the Company’s satisfaction of the associated performance obligation(s). The Company’s deferred revenue primarily results from customer payments received upfront for extended warranties and on-site services because these performance obligations are satisfied over time. Additionally, at times, deferred revenue may fluctuate due to the timing of advance consideration received from non-cancellable non-refundable contract liabilities relating to the sale of future products. Revenue recognized during the three and nine months ended March 31, 2022, which was included in the deferred revenue balance as of June 30, 2021 of $202.3 million, was $23.0 million and $79.7 million, respectively.

Deferred revenue increased $27.4 million as of March 31, 2022 as compared to the fiscal year ended June 30, 2021 mainly because the deferral on invoiced amounts for service contracts during the period exceeded the recognition of revenue from contracts entered into in prior periods.

Transaction Price Allocated to the Remaining Performance Obligations

Remaining performance obligations represent in aggregate the amount of transaction price that has been allocated to performance obligations not delivered, or only partially delivered, as of the end of the reporting period. The Company applies the exemption to not disclose information about remaining performance obligations that are part of a contract that has an original expected duration of one year or less. These performance obligations generally consist of services, such as on-site services, including integration services and extended warranty services that are contracted for one year or less, and products for which control has not yet been transferred. The value of the transaction price allocated to remaining performance obligations as of March 31, 2022 was $229.8 million. The Company expects to recognize approximately 50% of remaining performance obligations as revenue in the next 12 months, and the remainder thereafter.

10



SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Capitalized Contract Acquisition Costs and Fulfillment Cost

Contract acquisition costs are those incremental costs that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. Contract acquisition costs consist primarily of incentive bonuses. Contract acquisition costs are considered incremental and recoverable costs of obtaining and fulfilling a contract with a customer and are therefore capitalizable. The Company applies the practical expedient to expense incentive bonus costs as incurred if the amortization period would be one year or less, generally upon delivery of the associated server and storage systems or components. Where the amortization period of the contract cost would be more than a year, the Company applies judgment in the allocation of the incentive bonus cost asset between hardware and service performance obligations and expenses the cost allocated to the hardware performance obligations upon delivery of associated server and storage systems or components and amortizes the cost allocated to service performance obligations over the period the services are expected to be provided. Contract acquisition costs allocated to service performance obligations that are subject to capitalization are insignificant to the Company’s condensed consolidated financial statements.

Contract fulfillment costs consist of costs paid in advance for outsourced services provided by third parties to the extent they are not in the scope of other guidance. Fulfillment costs paid in advance for outsourced services provided by third parties are capitalized and amortized over the period the services are expected to be provided. Such fulfillment costs are insignificant to the Company’s condensed consolidated financial statements.

Note 3.        Net Income Per Common Share

The following table shows the computation of basic and diluted net income per common share for the three and nine months ended March 31, 2022 and 2021 (in thousands, except per share amounts): 

 Three Months Ended
March 31,
Nine Months Ended
March 31,
 2022202120222021
Numerator:
Net income$76,972 $18,428 $144,341 $72,703 
Denominator:
Weighted-average shares outstanding51,708 50,553 51,269 51,465 
Effect of dilutive securities2,079 2,665 2,132 2,282 
Weighted-average diluted shares53,786 53,218 53,401 53,747 
Basic net income per common share$1.49 $0.36 $2.82 $1.41 
Diluted net income per common share$1.43 $0.35 $2.70 $1.35 

For the three and nine months ended March 31, 2022 and 2021, the Company had stock options, restricted stock units ("RSUs") and performance based restricted stock units ("PRSUs") outstanding that could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted net income per share in the periods presented, as their effect would have been anti-dilutive. The anti-dilutive common share equivalents resulting from outstanding equity awards were 452,611 and 578,892 for the three months ended March 31, 2022 and 2021, respectively, and 452,182 and 617,807 for the nine months ended March 31, 2022 and 2021, respectively.

11


SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Note 4.        Balance Sheet Components

The following tables provide details of the selected balance sheet items (in thousands):

Inventories:
March 31, 2022June 30, 2021
Finished goods$994,184 $761,694 
Work in process253,246 80,472 
Purchased parts and raw materials341,112 198,798 
Total inventories$1,588,542 $1,040,964 
    
During the three and nine months ended March 31, 2022, the Company recorded a net provision for excess and obsolete inventory to cost of sales totaling $10.2 million and $13.9 million, respectively, and $2.9 million and $4.6 million for the three and nine months ended March 31, 2021, respectively. The Company classifies subsystems and accessories that may be sold separately or incorporated into systems as finished goods.

Prepaid Expenses and Other Current Assets:
 March 31, 2022June 30, 2021
Other receivables (1)$139,380 $99,921 
Prepaid expenses7,3026,719
Deferred service costs5,3654,900
Prepaid income tax34112,288
Restricted cash251 251 
Others10,325 6,116 
Total prepaid expenses and other current assets$162,964 $130,195 
__________________________
(1) Includes other receivables from contract manufacturers based on certain buy-sell arrangements of $96.0 million and $76.2 million as of March 31, 2022 and June 30, 2021, respectively.


Cash, cash equivalents and restricted cash:
 March 31, 2022June 30, 2021
Cash and cash equivalents$247,424 $232,266 
Restricted cash included in prepaid expenses and other current assets251 251 
Restricted cash included in other assets920 932 
Total cash, cash equivalents and restricted cash$248,595 $233,449 

12

SUPER MICRO COMPUTER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Property, Plant, and Equipment:
 March 31, 2022June 30, 2021
Buildings$143,509 $86,930 
Machinery and equipment111,714 97,671 
Land84,616 76,421 
Building and leasehold improvements48,846 26,640 
Furniture and fixtures32,590 22,843 
Software23,333