David Weigand on audit
From 🔴WATCH LIVE: Super Micro Computer Q1 2025 Earnings Call | $SMCI · · Benzinga
“We are working diligently to select a new independent registered public accounting firm and complete our fiscal year audit; we'll file plans with Nasdaq as appropriate — we remain focused on resolving the audit and reporting matters as quickly as possible.”
On , David Weigand, Senior Vice President, Chief Financial Officer, Company Secretary & Chief Compliance Officer at Supermicro, spoke about audit during 🔴WATCH LIVE: Super Micro Computer Q1 2025 Earnings Call | $SMCI on Benzinga.
About David Weigand
David Weigand, Senior Vice President, Chief Financial Officer, Company Secretary & Chief Compliance Officer at Supermicro, participated in the company's Q1 2025 business update call on November 5, 2024. During the call, Weigand stated that the company is "working diligently to select a new independent registered public accounting firm and complete our fiscal year audit," adding that they remain focused on resolving audit and reporting matters "as quickly as possible." He declined to address further questions about the special committee's findings or the audit timeline during the call. Weigand also discussed the company's financial position, noting that in the prior eight to nine months Supermicro raised approximately $4 billion via two equity raises and a convertible, which he said left the company with a strong working capital position exiting Q4. He stated that the company does not believe it will have impediments accessing capital going forward. Regarding operating cash flow, Weigand attributed an improvement to higher profitability and an increase in accounts payable, while acknowledging that rapid growth required investing hundreds of millions into inventory and accounts receivable, which had previously impacted cash flow.