Aspeed Technology, Inc. · TPEX:5274

Aspeed Technology — Q2 2024 Earnings Presentation

31 slides from Aspeed Technology's earnings presentation, Aug 22, 2024

  1. Slide 1: ASPEED Technology Investor Conference

    信驊科技2024年第二季法人說明會 ASPEED Technology Investor Conference August 22nd, 2024 © ASPEED Technology. Property and Confidential​

  2. Slide 2: Safe Harbor Notice

    Safe Harbor Notice ASPEED’s statements of its current expectations are forward-looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward- looking statements. Except as required by law, we undertake no obligation to

  3. Slide 3: Agenda

    Agenda ● Company Profile ● 2Q24 Financial Results ● BMC in AI Servers ● 2024 H2 Outlook ● Q&A © ASPEED Technology. Proprietary and Confidential.

  4. Slide 4: Company Profile

    Company Profile © ASPEED Technology. Proprietary and Confidential.

  5. Slide 5: Company Profile

    Company Profile ● Founded in 2004 ● Fabless-lite IC design company ● Number of employees: 125 (as of Nov. 2023) ● Product lineup (as of FY2023) - Cloud & Enterprise (BMC/BIC/PFR): 89% of revenue, #1 in BMC - Smart AV (Cupola360 & AVoIP SoC): 11% of revenue, #1 in AV over IP (1G Ethernet) #1 in Comme

  6. Slide 6: Historical Revenue

    Historical Revenue Million TWD 6,000 5,000 4,000 3,000 2,000 1,000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 © ASPEED Technology. Proprietary and Confidential.

  7. Slide 7: Milestones

    Milestones ASPEED founded • ISO 9001:2000 certified • Listed on the Taiwan OTC • Joined Open Compute Project (OPC) stock market • Introduced new product line: • Introduced 2nd gen BMC SoC AST2100/2050/1100 • Listed on Taipei Exchange Cupola360 Spherical Image Processor • Introduced 3rd gen BMC • Int

  8. Slide 8: Awards & Recognition

    Awards & Recognition 2014 - 2023 2020 2021 2022 2023 Forbes Asia’s Best Lenovo Technology Chairman & President COO Mr. CJ Hsieh Chairman & President Under A Billion Innovation Award Mr. Chris Lin received received SEMI Industry Mr. Chris Lin received for 10 consecutive Outstanding ICT Elite Contribu

  9. Slide 9: 2Q24 Financial Results

    2Q24 Financial Results © ASPEED Technology. Proprietary and Confidential.

  10. Slide 10: Income Statement

    Income Statement QoQ (%) YoY (%) 2Q24 2Q24 In NT$ thousands 2Q24 1Q24 2Q23 over over 1Q24 2Q23 Operating Revenue 1,356,045 1,013,473 680,039 33.80% 99.41% Gross Profit 859,222 640,916 446,316 34.06% 92.51% Gross Margin (%) 63.36% 63.24% 65.63% +0.12ppts -2.27ppts Operating Expenses 279,069 254,490 2

  11. Slide 11: Consolidated Revenue

    Consolidated Revenue Unit : NTD 1,000 1,600,000 66% 1,400,000 65% 1,200,000 1,000,000 64% 800,000 600,000 63% 400,000 62% 200,000 - 61% 2Q23 3Q23 4Q23 1Q24 2Q24 Revenue Gross Margin 2Q23 3Q23 4Q23 1Q24 2Q24 QoQ YoY Revenue 680,039 796,713 984,247 1,013,473 1,356,045 33.80% 99.41% Gross Margin 65.63%

  12. Slide 12: Operating Profit

    Operating Profit Unit : NTD 1,000 700,000 45% 600,000 40% 35% 500,000 30% 400,000 25% 300,000 20% 15% 200,000 10% 100,000 5% - 0% 2Q23 3Q23 4Q23 1Q24 2Q24 Operating Profit Operating Margin (%) 2Q23 3Q23 4Q23 1Q24 2Q24 QoQ YoY Operating Profit 214,939 263,209 392,015 386,426 580,153 50.13% 169.92% Op

  13. Slide 13: Operating Expenses

    Operating Expenses Unit : NTD 1,000 300,000 250,000 200,000 150,000 100,000 50,000 - 2Q23 3Q23 4Q23 1Q24 2Q24 R&D Admin Sales 2Q23 3Q23 4Q23 1Q24 2Q24 QoQ YoY R&D 155,374 159,511 168,378 171,554 183,548 6.99% 18.13% Admin 54,089 55,330 50,962 59,731 68,944 15.42% 27.46% Sales 21,914 20,345 21,858 23

  14. Slide 14: Net Income

    Net Income Unit : NTD 1,000 600,000 45% 40% 500,000 35% 400,000 30% 25% 300,000 20% 200,000 15% 10% 100,000 5% - 0% 2Q23 3Q23 4Q23 1Q24 2Q24 Net Income Net Profit Margin (%) 2Q23 3Q23 4Q23 1Q24 2Q24 QoQ YoY Net Income 240,352 270,455 309,694 391,350 507,796 29.75% 111.27% Net Profit Margin (%) 35.34

  15. Slide 15: Effective Tax Rate

    Effective Tax Rate Unit : NTD 1,000 140,000 25% 120,000 20% 100,000 80,000 15% 60,000 10% 40,000 5% 20,000 - 0% 2Q23 3Q23 4Q23 1Q24 2Q24 Tax Effective Tax Rate (%) 2Q23 3Q23 4Q23 1Q24 2Q24 QoQ YoY Tax 42,961 69,092 32,954 76,868 125,804 63.66% 192.83% Effective Tax Rate (%) 15.16% 20.35% 9.62% 16.42

  16. Slide 16: Earnings Per Share

    Earnings Per Share Unit : NTD 16 14 12 10 8 6 4 2 - 2Q23 3Q23 4Q23 1Q24 2Q24 Quarterly 2Q23 3Q23 4Q23 1Q24 2Q24 QoQ YoY EPS 6.37 7.16 8.20 10.36 13.44 29.73% 110.99% © ASPEED Technology. Proprietary and Confidential.

  17. Slide 17: BMC in AI Servers

    BMC in AI Servers © ASPEED Technology. Proprietary and Confidential.

  18. Slide 18: BMC as the Key Component in AI Servers

    BMC as the Key Component in AI Servers For Hopper HGX ⚫ 12 BMCs in 4 compute trays ⚫ ⚫ 12 BMCs ⚫ ⚫ © ASPEED Technology. Proprietary and Confidential.

  19. Slide 19: BMC Count in GB200A NVL36

    BMC Count in GB200A NVL36 There are 39 BMCs in GB200A NVL36 2 BMCs ⚫ 27 BMCs in 9 compute trays ⚫ ⚫ 9 BMCs in 9 switch trays ⚫ 2 BMCs in 2 power shelves ⚫ ⚫ 1 BMC in 1 out-of-band switches 9 BMCs 27 BMCs Simplified layout of a compute tray ⚫ ⚫ Note: 1) are compute trays, represents switch trays, and

  20. Slide 20: BMC Count in GB200 NVL36

    BMC Count in GB200 NVL36 There are 49 BMCs in GB200 NVL36 2 BMCs ⚫ 36 BMCs in 9 compute trays ⚫ ⚫ 9 BMCs in 9 switch trays ⚫ 2 BMCs in 2 power shelves ⚫ ⚫ 2 BMCs in 2 out-of-band switches 9 BMCs 36 BMCs Simplified layout of a compute tray ⚫ ⚫ Note: 1) are compute trays, represents switch trays, and

  21. Slide 21: BMC Count in GB200 NVL72

    BMC Count in GB200 NVL72 There are 87 BMCs in GB200 NVL72 4 BMCs ⚫ 72 BMCs in 18 compute trays ⚫ ⚫ 9 BMCs in 9 switch trays ⚫ 4 BMCs in 4 power shelves ⚫ ⚫ 2 BMCs in 2 out-of-band switches 9 BMCs 72 BMCs Simplified layout of a compute tray ⚫ ⚫ Note: 1) are compute trays, represents switch trays, and

  22. Slide 22: BMC Count Comparison by Performance

    BMC Count Comparison by Performance Assuming similar performance of 4x GB200A NVL36, 2x GB200 NVL36, and 1x GB200 NVL72, using the reference design for BMC count, the more shipment of GB200A NVL36 is favorable for BMC demand. Similar Performance BMC Count Rack Count Total BMC Count GB200A NVL36 39 4

  23. Slide 23: BMC Count Comparison by Budget

    BMC Count Comparison by Budget Assuming the same budge and the prices of GB200A NVL36, GB200 NVL36, and GB200 NVL72 are US$1.08M, $1.8M and $3.0M. Same Budget BMC Count Rack Count Total BMC Count GB200A NVL36 39 2.78 108.3 GB200 NVL36 49 1.67 81.7 GB200 NVL72 87 1.00 87 © ASPEED Technology. Propriet

  24. Slide 24: BMC per Rack

    BMC per Rack BMC Count 105 90 75 60 45 87 30 49 15 39 12 0 H100 HGX Server GB200A NVL36 GB200 NVL36 GB200 NVL72 BMC / rack © ASPEED Technology. Proprietary and Confidential.

  25. Slide 25: Capex Efficiency

    Capex Efficiency Thousand USD 120 100 80 60 100 40 20 37 34 20 28 0 General Server H100 Server GB200A NVL36 GB200 NVL36 GB200 NVL72 Capex Efficiency Note: 1. Capex efficiency is defined as the amount of server spend that will contribute to one BMC demand. 2. Assuming the prices of GB200A NVL36, GB20

  26. Slide 26: BMC Count per Million Spend

    BMC Count per Million Spend BMC Count 60 50 40 30 50 20 36 27 29 10 10 - General Server H100 HGX Server GB200A NVL36 GB200 NVL36 GB200 NVL72 BMC / $M Note: Assuming the prices of GB200A NVL36, GB200 NVL36, and GB200 NVL72 are US$1.08M, $1.8M and $3.0M © ASPEED Technology. Proprietary and Confidentia

  27. Slide 27: 2024 H2 Outlook

    2024 H2 Outlook © ASPEED Technology. Proprietary and Confidential.

  28. Slide 28: Business Outlook

    Business Outlook Cloud & Enterprise Solutions ⚫ Surprisingly strong demand from both general servers and AI servers. ⚫ Accelerating penetration of AST2600 series. ⚫ Increasing adoption of Bridge IC. Smart AV ⚫ From a challenging first half to a recovery in 2H 2024 for AVoIP. ⚫ Cupola360 is gaining m

  29. Slide 29: Business Outlook

    Business Outlook For 2024 Q3, we currently expect: ⚫ Consolidated Revenue: Around NT$1.75 billion ~ 1.85 billion ⚫ Gross margin: 63.2% ~ 64.7% (unchanged) For 2024 Q4, we currently expect: ⚫ Consolidated Revenue: Around NT$1.75 billion ~ 1.85 billion ⚫ Gross margin: 64.0% ~ 65.5% © ASPEED Technology

  30. Slide 30: Q&A

    Q&A © ASPEED Technology. Proprietary and Confidential.

  31. Slide 31: © ASPEED Technology. Proprietary and Confidential.

    © ASPEED Technology. Proprietary and Confidential.

ASPEED Technology — Q2 2024 Earnings Presentation on 6ix