Aspeed Technology, Inc. · TPEX:5274

Aspeed Technology — Q4 2023 Earnings Presentation

24 slides from Aspeed Technology's earnings presentation, Mar 26, 2024

  1. Slide 1: ASPEED Technology Investor Conference

    信驊科技2023年第四季法人說明會 ASPEED Technology Investor Conference 2024年3月26日 © ASPEED Technology. Property and Confidential​

  2. Slide 2: Safe Harbor Notice

    投資安全聲明 信驊科技所提供之資訊 (除歷史資訊外)屬預測性陳述，受到各種風險及不確定性因素影響，可能造成實際結果 與陳述內容發生顯著不符，這些不確定性因素包括: 受到競爭性產品及定價之影響、設計是否及時被客戶接受、 新技術是否及時導入利用、新產品大量量產之能力、產業及市場對產品之供給及需求移轉、產業及市場是否供 給過剩、製造產能可得利用情況、終端市場之財務穩定性、人才留任困難之可能性、無法預期之成本和費用、 任何併購相關之不確定性，如主管機關核准之取得 或整合延遲、重要客戶之流失、法律或行政訴訟之涉及、可 能會影響營運之新法規、外匯匯率之波動、全球經濟因素或非經濟因素之影響及其他風險因素等。

  3. Slide 3: Agenda

    Agenda ● 4Q23 & Year 2023 Financial Results ● 2024 Business Outlook ● Product & Technology Development ● Q&A © ASPEED Technology. Proprietary and Confidential.

  4. Slide 4: 4Q23 & Year 2023 Financial Results

    4Q23 & Year 2023 Financial Results © ASPEED Technology. Proprietary and Confidential.

  5. Slide 5: Income Statement

    Income Statement QoQ YoY In NT$ thousands FY23 4Q23 3Q23 4Q22 4Q23 over 3Q23 4Q23 over 4Q22 Operating Revenue 3,130,395 984,247 796,713 1,326,707 23.54% -25.81% Gross Profit 2,007,918 633,213 498,395 859,687 27.05% -26.34% Gross Margin (%) 64.14% 64.33% 62.56% 64.80% +1.77ppts -0.47ppts Operating Ex

  6. Slide 6: Consolidated Revenue

    Consolidated Revenue Unit : NTD 1,000 1,400,000 66% 1,200,000 65% 1,000,000 800,000 64% 600,000 63% 400,000 62% 200,000 - 61% 4Q22 1Q23 2Q23 3Q23 4Q23 Revenue Gross Margin 4Q22 1Q23 2Q23 3Q23 4Q23 YoY QoQ Revenue 1,326,707 669,396 680,039 796,713 984,247 -25.81% 23.54% Gross Margin 64.80% 64.24% 65.

  7. Slide 7: Operating Profit

    Operating Profit Unit : NTD 1,000 700,000 50% 600,000 40% 500,000 400,000 30% 300,000 20% 200,000 10% 100,000 - 0% 4Q22 1Q23 2Q23 3Q23 4Q23 Operating Profit Operating Margin (%) 4Q22 1Q23 2Q23 3Q23 4Q23 YoY QoQ Operating Profit 616,597 209,445 214,939 263,209 392,015 -36.42% 48.94% Operating Margin

  8. Slide 8: Operating Expenses

    Operating Expenses Unit : NTD 1,000 300,000 250,000 200,000 150,000 100,000 50,000 - 4Q22 1Q23 2Q23 3Q23 4Q23 R&D Admin Sales 4Q22 1Q23 2Q23 3Q23 4Q23 YoY QoQ R&D 158,516 149,743 155,374 159,511 168,378 6.22% 5.56% Admin 59,884 52,289 54,089 55,330 50,962 -14.90% -7.89% Sales 24,690 18,517 21,914 20

  9. Slide 9: Net Income

    Net Income Unit : NTD 1,000 500,000 40% 35% 400,000 30% 300,000 25% 20% 200,000 15% 10% 100,000 5% - 0% 4Q22 1Q23 2Q23 3Q23 4Q23 Net Income Net Profit Margin (%) 4Q22 1Q23 2Q23 3Q23 4Q23 YoY QoQ Net Income 475,794 186,309 240,352 270,455 309,694 -34.91% 14.51% Net Profit Margin (%) 35.86% 27.83% 35.

  10. Slide 10: Effective Tax Rate

    Effective Tax Rate Unit : NTD 1,000 Effective Tax Rate for FY23 = 15.75% 100,000 25% 80,000 20% 60,000 15% 40,000 10% 20,000 5% - 0% 4Q22 1Q23 2Q23 3Q23 4Q23 Tax Effective Tax Rate (%) 4Q22 1Q23 2Q23 3Q23 4Q23 FY23 YoY QoQ Tax 92,522 43,140 42,961 69,092 32,954 188,147 -64.38% -52.30% Effective Tax

  11. Slide 11: Earnings Per Share

    Earnings Per Share Unit : NTD 14 12 10 8 6 4 2 - 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 YoY QoQ EPS 12.59 4.93 6.37 7.16 8.20 -34.87% 14.53% © ASPEED Technology. Proprietary and Confidential.

  12. Slide 12: Dividend Policy

    Dividend Policy 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Cash Dividend (F) 5.5 7 8 12 15 18 22 26 35 45 20* Stock Dividend (F) 0 2 0 0 0 0 0 0 0 0 0* Dividend from Capital Reserves 1 0 0 0 0 0 0 0 1 0 0* Total Dividend 6.5 9 8 12 15 18 22 26 36 45 20* EPS 7.4 10.72 10.79 14.07 15.7 20.

  13. Slide 13: 2024 Business Outlook

    2024 Business Outlook © ASPEED Technology. Proprietary and Confidential.

  14. Slide 14: Business Outlook

    Business Outlook For 2024 Q1, we currently expect: ⚫ Consolidated Revenue: Around NT$967 million ~ 1,026 million ⚫ Gross margin: 62.8% ~ 64.3% For 2024 Q2, we currently expect: ⚫ Consolidated Revenue: Around NT$1,058 million ~ 1,134 million ⚫ Gross margin: 64.0% ~ 65.5% © ASPEED Technology. Propriet

  15. Slide 15: Business Outlook

    Business Outlook Cloud & Enterprise Solutions ⚫ Flat global server shipments in 2024. ⚫ Capex cannibalization by AI servers will reduce, and BMC density in AI servers increases. ⚫ Maximize the dollar value per server. ⚫ Server board modularization. Smart AV ⚫ AVoIP is expected to maintain its double

  16. Slide 16: Comparison of AI Servers

    Comparison of AI Servers ⚫ Demand for AI inference will quickly ramp up. ⚫ BMC density in AI server rack will increase significantly. Feature Regular Server AI Inference Server AI Training Server Main Processor CPU Low-end GPU, ASIC High-end GPU AI Training General Server, 36% Purpose Server, Server

  17. Slide 17: The Shipment Estimate of AI Servers

    The Shipment Estimate of AI Servers ⚫ Hyperscalers’ capex will grow by 20%+ YoY driven by AI servers. ⚫ Hyperscalers will wait for the newest GPU and cause cyclical GPU shipments. Shipments of the Latest GPUs B100 H100 MI300 MI250 Before launch of the latest GPU Source: Bloomberg, Morgan Stanley © A

  18. Slide 18: AVoIP Market Outlook

    AVoIP Market Outlook ⚫ AVoIP shipments will grow at a Thousand units 1,200 CAGR 15.9%. 1,000 ⚫ Being the market leader of 1G 800 AVoIP, ASPEED will continue to 600 extend into new markets for AVoIP. 400 200 - 2023 2024 2025 2026 2027 2028 1G 10G Source: Futuresource © ASPEED Technology. Proprietary

  19. Slide 19: Growth Strategy of Cupola360

    Growth Strategy of Cupola360 ⚫ Targeting enterprise customers with turnkey solutions and leading technology. ⚫ Creating high-value use cases, such as smart factories and smart cities. ⚫ Collaborating with system integrators to significantly expand global reach. Smart Patrolling Smart Factory Immersi

  20. Slide 20: Product & Technology Development

    Product & Technology Development © ASPEED Technology. Proprietary and Confidential.

  21. Slide 21: Product Portfolio

    Product Portfolio BMC：AST2500, AST2600, AST2700 Cloud & BIC：AST1030 Enterprise PFR：AST1060 I/O Expander：AST1700 AV Matrix：AST1520, AST1530, A1540 Smart AV AV Extender: AST1620, AST1630 Cupola360：AST1220, AST1230, AST1240 © ASPEED Technology. Proprietary and Confidential.

  22. Slide 22: Product Roadmap

    Product Roadmap BMC AST2600 AST2700 AST2700 AST2700 Ramp-up Design-in Phase Production-ready Ramp-up BIC AST1300 Ramp-up PFR AST1060 AST1060 Production-ready Ramp-up I/O Expander AST1700 AST1700 AST1700 Design-in Phase Production-ready Ramp-up AVoIP AST1530 & AST1535 AST1630 AST1532 AST1540 Dual Chi

  23. Slide 23: Q&A

    Q&A © ASPEED Technology. Proprietary and Confidential.

  24. Slide 24: © ASPEED Technology. Proprietary and Confidential.

    © ASPEED Technology. Proprietary and Confidential.

ASPEED Technology — Q4 2023 Earnings Presentation on 6ix