Taiwan Semiconductor Manufacturing Co Ltd 6-K, filed Apr 20, 2023
Taiwan Semiconductor Manufacturing Co Ltd (TSM)
6-K
2023-04-20
For: 2023-03-31
View Original
Added on
April 07, 2026
About this 6-K
Taiwan Semiconductor Manufacturing Co Ltd filed this 6-K on April 20, 2023.
1934 Act Registration No. 1-14700
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 6-K
_____________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2023
(Commission File Number: 001-14700)
_____________________________
Taiwan Semiconductor Manufacturing Company Ltd.
(Translation of Registrant’s Name Into English)
_____________________________
No. 8, Li-Hsin Rd. 6,
Hsinchu Science Park,
Taiwan, R.O.C.
(Address of Principal Executive Offices)
_____________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(1):o
Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(7):o
| SIGNATURES | |||||||||||||||||||||||
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | |||||||||||||||||||||||
| Taiwan Semiconductor Manufacturing Company Ltd. | |||||||||||||||||
| Date: April 20, 2023 | By | /s/ Wendell Huang | |||||||||||||||
| Wendell Huang | |||||||||||||||||
| Vice President & Chief Financial Officer | |||||||||||||||||
Exhibits
| Exhibit Number | Exhibit Description | ||||
| 99.1 | |||||
| 99.2 | |||||
 | ||
TSMC Reports First Quarter EPS of NT$7.98
HSINCHU, Taiwan, R.O.C., Apr. 20, 2023 -- TSMC (TWSE: 2330, NYSE: TSM) today announced consolidated revenue of NT$508.63 billion, net income of NT$206.99 billion, and diluted earnings per share of NT$7.98 (US$1.31 per ADR unit) for the first quarter ended March 31, 2023.
Year-over-year, first quarter revenue increased 3.6% while net income and diluted EPS both increased 2.1%. Compared to fourth quarter 2022, first quarter results represented an 18.7% decrease in revenue and a 30.0% decrease in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.
In US dollars, first quarter revenue was $16.72 billion, which decreased 4.8% year-over-year and decreased 16.1% from the previous quarter.
Gross margin for the quarter was 56.3%, operating margin was 45.5%, and net profit margin was 40.7%.
In the first quarter, shipments of 5-nanometer accounted for 31% of total wafer revenue; 7-nanometer accounted for 20%. Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 51% of total wafer revenue.
“Our first quarter business was impacted by weakening macroeconomic conditions and softening end market demand, which led customers to adjust their demand accordingly” said Wendell Huang, VP and Chief Financial Officer of TSMC. “Moving into second quarter 2023, we expect our business to continue to be impacted by customers’ further inventory adjustment.”
Based on the Company’s current business outlook, management expects the overall performance for second quarter 2023 to be as follows:
•Revenue is expected to be between US$15.2 billion and US$16.0 billion;
And, based on the exchange rate assumption of 1 US dollar to 30.4 NT dollars,
•Gross profit margin is expected to be between 52% and 54%;
•Operating profit margin is expected to be between 39.5% and 41.5%.
| ||
TSMC’s 2023 first quarter consolidated results:
(Unit: NT$ million, except for EPS)
1Q23 Amounta | 1Q22 Amount | YoY Inc. (Dec.) % | 4Q22 Amount | QoQ Inc. (Dec.) % | |||||||||||||
Net sales | 508,633 | 491,076 | 3.6 | 625,532 | (18.7) | ||||||||||||
Gross profit | 286,500 | 273,203 | 4.9 | 389,185 | (26.4) | ||||||||||||
Income from operations | 231,238 | 223,790 | 3.3 | 325,041 | (28.9) | ||||||||||||
Income before tax | 244,275 | 226,832 | 7.7 | 334,670 | (27.0) | ||||||||||||
Net income | 206,987 | 202,733 | 2.1 | 295,904 | (30.0) | ||||||||||||
EPS (NT$) | 7.98b | 7.82c | 2.1 | 11.41b | (30.0) | ||||||||||||
a: 1Q2023 figures have not been approved by Board of Directors
b: Based on 25,929 million weighted average outstanding shares
c: Based on 25,930 million weighted average outstanding shares
About TSMC
TSMC pioneered the pure-play foundry business model when it was founded in 1987, and has been the world’s leading dedicated semiconductor foundry ever since. The Company supports a thriving ecosystem of global customers and partners with the industry’s leading process technologies and portfolio of design enablement solutions to unleash innovation for the global semiconductor industry. With global operations spanning Asia, Europe, and North America, TSMC serves as a committed corporate citizen around the world.
TSMC deployed 288 distinct process technologies, and manufactured 12,698 products for 532 customers in 2022 by providing broadest range of advanced, specialty and advanced packaging technology services. TSMC is the first foundry to provide 5-nanometer production capabilities, the most advanced semiconductor process technology available in the world. The Company is headquartered in Hsinchu, Taiwan. For more information please visit https://www.tsmc.com.
# # #
TSMC Spokesperson: Wendell Huang Vice President and CFO Tel: 886-3-505-5901 | Media Contacts: Nina Kao Head of Public Relations Tel: 886-3-563-6688 ext.7125036 Mobile: 886-988-239-163 E-Mail: nina_kao@tsmc.com | Ulric Kelly Public Relations Tel: 886-3-563-6688 ext. 7126541 Mobile: 886-978-111-503 E-Mail: ukelly@tsmc.com | |||||||||
Unleash Innovation TSMC, Ltd© 02023 TSMC Property Unleash Innovation 2023 First Quarter Earnings Conference April 20, 2023
Unleash Innovation TSMC, Ltd© 12023 TSMC Property Agenda • Welcome Jeff Su, IR Director • 1Q23 Financial Results and 2Q23 Outlook Wendell Huang, CFO • Key Messages Wendell Huang, CFO C.C. Wei, CEO • Q&A
Unleash Innovation TSMC, Ltd© 22023 TSMC Property Safe Harbor Notice • TSMC’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. • Information as to those factors that could cause actual results to vary can be found in TSMC’s 2021 Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the “SEC”) on April 14, 2022 and such other documents as TSMC may file with, or submit to, the SEC from time to time. • Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Unleash Innovation TSMC, Ltd© 32023 TSMC Property Statements of Comprehensive Income Selected Items from Statements of Comprehensive Income 1Q23 (In NT$ billions unless otherwise noted) Guidance Net Revenue (US$ billions) 16.72 16.7-17.5 19.93 17.57 -16.1% -4.8% Net Revenue 508.63 625.53 491.08 -18.7% +3.6% Gross Margin 56.3% 53.5%-55.5% 62.2% 55.6% -5.9 ppts +0.7 ppt Operating Expenses (55.31) (64.54) (48.61) -14.3% +13.8% Operating Margin 45.5% 41.5%-43.5% 52.0% 45.6% -6.5 ppts -0.1 ppt Non-Operating Items 13.04 9.63 3.04 +35.4% +328.6% Net Income to Shareholders of the Parent Company 206.99 295.90 202.73 -30.0% +2.1% Net Profit Margin 40.7% 47.3% 41.3% -6.6 ppts -0.6 ppt EPS (NT Dollar) 7.98 11.41 7.82 -30.0% +2.1% ROE 27.5% 41.7% 36.2% -14.2 ppts -8.7 ppts Shipment (Kpcs, 12"-equiv. Wafer) 3,227 3,702 3,778 -12.8% -14.6% Average Exchange Rate--USD/NTD 30.42 30.70 31.39 27.95 -3.1% +8.8% * Diluted weighted average outstanding shares were 25,929mn units in 1Q23. ** ROE figures are annualized based on average equity attributable to shareholders of the parent company. 1Q23 4Q22 1Q22 1Q23 Over 4Q22 1Q23 Over 1Q22
Unleash Innovation TSMC, Ltd© 42023 TSMC Property 1Q23 Revenue by Technology - 50 100 150 200 250 300 R e v e n u e ( N T $ B ) 7nm 5nm 0.11/0.13um 2% 90nm 2% 0.25um and above 1%40/45nm 7% 28nm 12% 7nm and Below Revenue 16nm 13% 0.15/0.18um 5%65nm 6% 7nm 20% 5nm 31%20nm 1%
Unleash Innovation TSMC, Ltd© 52023 TSMC Property 1Q23 Revenue by Platform -14% -27% -19% +5% -5% -18% Growth Rate by Platform (QoQ) Smartphone 34% Automotive 7% HPC 44% DCE 2% Others 4% IoT 9% Smartphone Automotive OthersHPC IoT DCE
Unleash Innovation TSMC, Ltd© 62023 TSMC Property Balance Sheets & Key Indices Selected Items from Balance Sheets (In NT$ b illions) Amount % Amount % Amount % Cash & Marketable Securities 1,589.19 31.6% 1,561.49 31.4% 1,282.06 32.1% Accounts Receivable 148.05 2.9% 231.34 4.7% 213.43 5.3% Inventories 216.07 4.3% 221.15 4.4% 200.12 5.0% Long-term Investments 69.91 1.4% 68.93 1.4% 45.74 1.2% Net PP&E 2,833.40 56.1% 2,693.84 54.3% 2,104.33 52.7% Total Assets 5,045.84 100.0% 4,964.78 100.0% 3,992.68 100.0% Current Liabilities 873.09 17.3% 944.23 19.0% 822.87 20.6% Long-term Interest-bearing Debts 854.79 16.9% 839.10 16.9% 632.74 15.8% Total Liabilities 1,952.95 38.7% 2,004.29 40.4% 1,671.21 41.9% Total Shareholders' Equity 3,092.89 61.3% 2,960.49 59.6% 2,321.47 58.1% Key Indices A/R Turnover Days Inventory Turnover Days Current Ratio (x) Asset Productivity (x) * Total outstanding shares were 25,932 mn units at 3/31/23 ** Asset productivity = Annualized net revenue / Average net PP&E 96 1Q23 4Q22 1Q22 34 36 38 93 88 2.3 2.2 2.1 0.7 1.0 1.0
Unleash Innovation TSMC, Ltd© 72023 TSMC Property Cash Flows * Free cash flow = Cash from operating activities – Capital expenditures * (In NT$ billions) 1Q23 4Q22 1Q22 Beginning Balance 1,342.81 1,296.01 1,064.99 Cash from operating activities 385.24 486.88 372.17 Capital expenditures (302.50) (336.84) (262.13) Cash dividends (71.30) (71.30) (71.31) Short-term loans 0.00 0.00 30.53 Bonds payable 7.30 5.80 19.60 Investments and others 23.68 (37.74) (2.26) Ending Balance 1,385.23 1,342.81 1,151.59 Free Cash Flow 82.74 150.04 110.04
Unleash Innovation TSMC, Ltd© 82023 TSMC Property 2Q23 Guidance ◼ Revenue to be between US$ 15.2 billion and US$ 16.0 billion Based on our current business outlook, management expects: And, based on the exchange rate assumption of 1 US dollar to 30.4 NT dollars, management expects: ◼ Gross profit margin to be between 52% and 54% ◼ Operating profit margin to be between 39.5% and 41.5%
Unleash Innovation TSMC, Ltd© 92023 TSMC Property Recap of Recent Major Events • Please visit TSMC's website (https://www.tsmc.com) and Market Observation Post System (https://mops.twse.com.tw) for details and other announcements • TSMC Board of Directors Approved NT$2.75 Cash Dividend for the Fourth Quarter of 2022 and Set June 15 as the Ex-Dividend Date, June 21 as the Record Date and July 13, 2023 as the Distribution Date (2023/02/14) • TSMC Board of Directors Approved the Issuance of Unsecured Corporate Bonds in the Domestic Market for An Amount Not to Exceed NT$60 Billion (2023/02/14) • TSMC Board of Directors Approved the Issuance of 2,110,000 Shares of 2022 Employee Restricted Stock Awards (RSAs). In Addition, the Board Approved the Issuance of No More Than 6,249,000 Common Shares of RSAs for the Year 2023, Which Will Be Submitted to the 2023 Annual Shareholders’ Meeting for Approval (2023/02/14) • TSMC Board of Directors Approved the Convening of the 2023 AGM on June 6, 2023 (2023/02/14) • TSMC Offers the Industry’s Most Successful FinFET Technology to Academia (2023/02/03) • TSMC Presents 2022 Excellent Performance Award to Outstanding Suppliers (2023/01/18)
Unleash Innovation TSMC, Ltd© 102023 TSMC Property https://www.tsmc.com invest@tsmc.com