TSMC Form 6-K Summary: November 2024 Revenue Report
Business Context and Reporting Period
Taiwan Semiconductor Manufacturing Company Ltd. (TSMC) filed this Form 6-K on December 10, 2024, reporting consolidated financial results for the month of November 2024 and the year-to-date period ending November 30, 2024. The filing includes revenue data, details on funds lent to subsidiaries, endorsements and guarantees, and financial derivative transactions.
Key Financial Metrics
| Metric | November 2024 | Jan-Nov 2024 |
|---|---|---|
| Net Revenue | NT$276.06 billion | NT$2,616.15 billion |
| MoM Change (Nov vs Oct) | -12.2% | N/A |
| YoY Change (Nov vs Nov 2023) | +34.0% | +31.8% (Jan-Nov) |
| Profit, Cash Flow, Margins | Not provided in this filing. | |
| Debt and Liquidity | Not provided in this filing. |
Material Changes
- Revenue Growth: November 2024 revenue increased 34.0% year-over-year compared to November 2023, driven by strong demand.
- Seasonality: Revenue decreased 12.2% month-over-month from October 2024, reflecting typical seasonal fluctuations.
- Year-to-Date Performance: Cumulative revenue for the first 11 months of 2024 rose 31.8% compared to the same period in 2023.
Outlook, Risks, and Contingencies
This filing is a monthly revenue report and does not contain updated forward guidance, management commentary on future outlook, or specific risk factors beyond standard disclosures.
Financial Derivatives and Contingencies:
- Funds Lent: Outstanding loans to wholly-owned subsidiaries (TSMC China and TSMC Development) totaled approximately NT$31.54 billion.
- Guarantees: Outstanding guarantees provided to subsidiaries (including TSMC North America, Global, Arizona, and Japan) totaled approximately NT$556.9 billion.
- Derivatives: The company holds outstanding forward contracts with a notional amount of approximately NT$125.5 billion (TSMC) and NT$162.3 million (TSMC China). Cumulative unrealized losses on outstanding contracts were approximately NT$1.75 billion for TSMC and NT$16.0 million for TSMC China.
Investor Verification Checklist
- Verify the 34.0% year-over-year revenue growth rate against analyst consensus for the semiconductor foundry sector.
- Review the 12.2% month-over-month decline to confirm alignment with historical seasonal patterns for Q4.
- Assess the exposure to currency fluctuations given the significant outstanding notional amount in forward contracts (NT$125.5 billion).
- Monitor the outstanding guarantee levels (NT$556.9 billion) relative to the company's total equity and cash reserves.
- Check subsequent filings for Q4 2024 full-quarter results to confirm if the November trend continues.