TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD current report, Q4 FY2024

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

MetricNovember 2024Jan-Nov 2024
Net RevenueNT$276.06 billionNT$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, MarginsNot provided in this filing.
Debt and LiquidityNot 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.