TSMC(US:TSM)2025-01-16 06:03Financial Performance - TSMC reported consolidated revenue of NT$868.46 billion for Q4 2024, a 38.8% increase year-over-year and a 14.3% increase from Q3 2024[40]. - Net income attributable to shareholders was NT$374.68 billion, reflecting a 57.0% year-over-year increase and a 15.2% increase from the previous quarter[40]. - Gross margin for Q4 2024 was 59.0%, operating margin was 49.0%, and net profit margin was 43.1%, showing improvements from previous quarters[41]. - TSMC's net revenue for the full year 2024 reached NT$2,894.31 billion, a 33.9% increase compared to 2023[32]. - TSMC's diluted earnings per share (EPS) for Q4 2024 was NT$14.45, a 57.0% increase year-over-year[40]. - In 2024, TSMC's total net revenue was NT$2,894.31 billion, a 33.9% increase from 2023[49]. - Net revenue for TSMC in 4Q24 was NT$868.46 billion, a 14.3% increase from NT$759.69 billion in 3Q24 and a 38.8% increase from NT$625.53 billion in 4Q23[57]. - Gross profit for 4Q24 was NT$512.38 billion, with a gross margin of 59.0%, up 1.2 percentage points from 3Q24[58]. - Operating income in Q4 2024 reached NT$425.71 billion, an 18.0% increase from Q3 2024 and a 63.6% increase from Q4 2023[47]. - Net income for Q4 2024 was $11,592 million, reflecting a 15.2% increase QoQ and a 57.1% increase YoY[82]. Cash Flow and Assets - Free cash flow for Q4 2024 was NT$258.26 billion, significantly up from NT$224.67 billion in Q4 2023[30]. - Cash and marketable securities increased to NT$2,422.02 billion, a 43.5% increase from NT$1,687.65 billion in 2023[32]. - The company maintained a current ratio of 2.4 in Q4 2024, consistent with the previous quarter[27]. - TSMC's total assets reached NT$6,691.94 billion, reflecting a strong balance sheet position[27]. - Total current assets increased by NT$314.44 billion to NT$3,088.35 billion in 4Q24, driven by a NT$254.42 billion increase in cash and marketable securities[63]. - TSMC's cash and cash equivalents increased to $64.93 billion, representing a 12.8% quarter-over-quarter growth and a 45.2% year-over-year increase[80]. - Total cash and cash equivalents at the end of 4Q 2024 amounted to $66,221 million (NTD 2,127,627 million), compared to NTD 1,465,428 million at the end of 4Q 2023[86]. Investments and Expenditures - Capital expenditures for TSMC totaled US$11.23 billion in 4Q24 and US$29.76 billion for the full year[76]. - Acquisitions of property, plant, and equipment in 4Q 2024 were NTD 361,949 million, significantly higher than NTD 170,160 million in 4Q 2023, indicating ongoing investment in capacity expansion[86]. - The net cash used in investing activities for 4Q 2024 was NTD 311,919 million, up from NTD 132,319 million in 4Q 2023, reflecting increased capital expenditures[86]. Revenue Sources and Market Segmentation - Shipments of 3-nanometer technology accounted for 26% of total wafer revenue, while 5-nanometer technology represented 34%[41]. - Revenue from High Performance Computing (HPC) and Smartphone platforms represented 53% and 35% of net revenue in Q4 2024, respectively[53]. - North America accounted for 75% of total net revenue in Q4 2024, while China and Asia Pacific accounted for 9% each[54]. - In 2024, revenue from customers based in North America accounted for 70% of total net revenue, with China at 11%[56]. - Advanced technologies (7nm and below) accounted for 74% of total wafer revenue in Q4 2024, with 3nm contributing 26% and 5nm contributing 34%[52]. Operational Efficiency - Days of receivable decreased to 27 days in 4Q24, while days of inventory decreased to 80 days, indicating improved efficiency[64]. - Total operating expenses for Q4 2024 decreased by 10.0% QoQ, totaling $2,673 million[82]. Tax and Financial Metrics - The effective tax rate for 4Q24 was 16.6%, up from 15.4% in 3Q24, impacting net income calculations[61]. - The company reported a net interest income of $673 million for Q4 2024, an increase of 8.9% QoQ[82]. Sustainability and Corporate Initiatives - The inauguration of the Taichung Zero Waste Manufacturing Center marks a significant milestone in TSMC's sustainable manufacturing efforts[78]. - TSMC recognized outstanding suppliers at the 2024 Supply Chain Management Forum, emphasizing its commitment to supply chain excellence[78].