Super Micro Computer, Inc.
For the period ended Jun 30, 2025. Filed Aug 28, 2025.
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FY2025 · Filed Aug 28, 2025
SMCI$27.79-2.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years Ended June 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| OPERATING ACTIVITIES: | |||
| Net income | $1,048,854 | $1,152,666 | $639,998 |
| Reconciliation of net income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 58,344 | 38,693 | 34,904 |
| Amortization of debt discount and issuance costs | 10,268 | 2,292 | — |
| Stock-based compensation expense | 314,452 | 231,507 | 54,433 |
| Share of loss (income) from equity investee | 6,211 | (1,821) | 3,633 |
| Unrealized foreign currency exchange loss (gain) | 18,832 | (531) | (2,619) |
| Loss on extinguishment of convertible notes | 30,251 | — | — |
| Deferred income taxes, net | (214,638) | (168,499) | (92,969) |
| Other non-cash (income) expense, net | (3,077) | 12,343 | (668) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net (including changes in related party balances of $5,801, $(721), and $2,925 in fiscal years 2025, 2024, and 2023, respectively) | 533,341 | (1,589,187) | (311,897) |
| Inventories | (355,606) | (2,899,996) | 100,042 |
| Prepaid expenses and other assets (including changes in related party balances of $(1,806), $15,793, and $(3,320) in fiscal years 2025, 2024, and 2023, respectively) | (229,107) | (44,646) | 8,313 |
| Accounts payable (including changes in related party balances of $(35,543), $76,161, and $1,779 in fiscal years 2025, 2024, and 2023, respectively) | (180,968) | 679,190 | 127,135 |
| Accrued liabilities (including changes in related party balances of $874, $(13,847), and $(4,659) in fiscal years 2025, 2024, and 2023, respectively) | 272,404 | 92,942 | (50,311) |
| Income taxes payable | 32,043 | (110,897) | 87,423 |
| Deferred revenue | 315,006 | 111,927 | 70,587 |
| Other long-term liabilities (including changes in related party balances of $608, $(178), and $(321) in fiscal years 2025, 2024, and 2023, respectively) | 2,914 | 8,045 | (4,424) |
| Net cash provided by (used in) operating activities | 1,659,524 | (2,485,972) | 663,580 |
| INVESTING ACTIVITIES: | |||
| Purchases of property, plant, and equipment (including payments to related parties of $17,677, $10,625, and $7,844 in fiscal years 2025, 2024, and 2023, respectively) | (127,214) | (124,279) | (36,793) |
| Investment in equity securities | (56,000) | (69,673) | (500) |
| Acquisition, net of cash acquired | — | (296) | (2,193) |
| Net cash used in investing activities | (183,214) | (194,248) | (39,486) |
| FINANCING ACTIVITIES: | |||
| Proceeds from lines of credit and term loans | 1,387,991 | 2,156,529 | 1,093,860 |
| Repayment of lines of credit and term loans | (1,768,650) | (1,967,545) | (1,394,391) |
| Proceeds from exercise of stock options | 20,898 | 29,453 | 30,466 |
| Payment for withholding taxes related to settlement of equity awards | (142,457) | (174,354) | (28,197) |
| Stock repurchases | (200,000) | — | (149,998) |
| Issuances of common stock in public offerings, net of issuance costs of $42,575 | — | 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 of $29,232 | — | 1,695,768 | — |
| Proceeds from issuance of 2028 Convertible Notes, net of issuance costs of $16,304 | 683,696 | — | — |
| Years Ended June 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Proceeds from issuance of 2030 Convertible Notes, net of issuance costs of $44,027 | 2,255,973 | — | — |
| Purchase of capped calls | (182,215) | (142,140) | — |
| Other | 26 | 30 | (33) |
| Net cash provided by (used in) financing activities | 2,024,045 | 3,911,724 | (448,293) |
| Effect of exchange rate fluctuations on cash | 1,673 | (2,191) | (3,400) |
| Net increase in cash, cash equivalents and restricted cash | 3,502,028 | 1,229,313 | 172,401 |
| Cash, cash equivalents and restricted cash at beginning of year | 1,670,273 | 440,960 | 268,559 |
| Cash, cash equivalents and restricted cash at end of year | $5,172,301 | $1,670,273 | $440,960 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $25,490 | $16,015 | $8,541 |
| Cash paid for taxes, net of refunds | $327,158 | $392,020 | $114,963 |
| Non-cash investing and financing activities: | |||
| Unpaid property, plant, and equipment purchases (including due to related parties of $3,879, $2,339, and $810 as of June 30, 2025, 2024, and 2023, respectively) | $16,208 | $19,613 | $2,181 |
| Right of use (“ROU”) assets obtained in exchange for operating lease commitments | $276,170 | $32,581 | $3,197 |
| Transfer of inventory to property, plant, and equipment, net | $8,260 | $12,535 | $— |
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