MEDIATEK INC. MediaTek Inc. Reports First-Quarter Consolidated Results
MediaTek discloses Taiwan-International Financial Reporting Standards (TIFRS) financial measures and also provides Non-Taiwan-International Financial Reporting Standards (Non-TIFRS)Note1 financial measures as supplemental information. Non-TIFRS financial information should be considered in addition to, not as a substitute for, TIFRS financial information. Earnings distribution is made in accordance with financial statements based on TIFRS.
Taiwan-International Financial Reporting Standards (TIFRS) financial measures
-1Q24 consolidated revenue of NT$133,458 million, up 3% quarter over quarter and 39.5% year-over-year
-1Q24 consolidated gross margin of 52.4%, including a one-time item, up 4.1 percentage points quarter over quarter and 4.4 percentage points year-over-year
-1Q24 consolidated operating income of NT$32,180 million, up 30.1% from the previous quarter and 124% year-over-year
-1Q24 consolidated net income of NT$31,655 million,up 23.1% quarter over quarter and 87.4% year-over-year ; EPS of NT$19.85
Consolidated Revenue
MediaTek Inc. today announced financial results of first-quarter ended March 31, 2024. The first-quarter revenue was NT$133,458 million, up 3% sequentially and 39.5% year-over-year. The quarter-over-quarter and year-over-year increases were mainly due to restocking demand from certain customers.
Consolidated Gross Profit and Gross Margin
The first-quarter gross profit was NT$69,901 million, up 11.6% sequentially and 52.2% year-over-year. Gross margin for the quarter was 52.4%, up 4.1 percentage points from the previous quarter and 4.4 percentage points year-over-year. The quarter-over-quarter and year-over-year increases in gross margins were mainly due to a one-time item with 4.5 percentage points of positive effect.
Consolidated Operating Expenses
Operating expenses for the quarter was NT$37,721 million (28.3% of revenue), compared with NT$37,881 million (29.2% of revenue) in the previous quarter and NT$31,543 million (33% of revenue) year-over-year. The slight quarter-over-quarter decrease was mainly due to lower selling expenses in this quarter. The year-over-year increase was mainly due to higher R&D expenses in this quarter.
Operating expenses for the quarter included:
- R&D expenses of NT$31,147 million (23.3% of revenue), increased from NT$30,472 million in the previous quarter and NT$26,483 million in the year-ago quarter.
- Selling expenses of NT$3,754 million (2.8% of revenue), decreased from NT$4,659 million in the previous quarter and increased from NT$2,699 million in the year-ago quarter.
- Administration expenses of NT$2,820 million (2.1% of revenue), increased from NT$2,749 million in the previous quarter and NT$2,361 million in the year-ago quarter.
Consolidated Operating Income and Operating Margin Operating income for the quarter was NT$32,180 million, up 30.1% sequentially and 124% year-over-year. Operating margin for the quarter was 24.1%, up from 19.1% in the previous quarter and 15% in the year-ago quarter.
Consolidated Non-operating Income (loss) and Income Tax
Non-operating income for the quarter was NT$3,490 million, or 2.6% of revenue, mainly from interest income and dividend income. Income tax expense for the quarter was NT$4,015 million.
Consolidated Net Income, Net Profit Margin and EPS
Net income for the quarter was NT$31,655 million, up 23.1% sequentially and 87.4% year-over-year. Net profit margin for the quarter was 23.7%, increased from 19.8% in the previous quarter and 17.7% in the year-ago quarter. EPS was NT$19.85, up from NT$16.15 in the prior quarter and NT$10.64 in the year-ago quarter. The quarter-over-quarter and year-over-year increases in net income, net profit margin and EPS were mainly due to higher revenue and a one-time item in gross margin in this quarter.
Consolidated Cash and Financial Assets-Current
Cash and financial assets-current at the end of the quarter was NT$159,767 million. This represents 24.7% of the company's total assets. Cash and financial assets-current was NT$180,673 million and NT$154,710 million at the end of previous quarter and the year-ago quarter, respectively. Financial assets-current portfolio includes mutual funds, bonds, derivatives and so on.
Consolidated Accounts Receivable
Accounts receivable (net) at the end of the quarter was NT$54,104 million. The accounts receivable turnover was 37 days based on quarterly average net receivables divided by annualized net revenue. The turnover was lower than 41 days in the previous quarter and 42 days in the year-ago quarter.
Consolidated Inventory
Net inventory at the end of the quarter was NT$49,212 million. The inventory turnover was 66 days based on quarterly average inventory divided by annualized cost of goods sold. The turnover was the same as the previous quarter and lower than 128 days in the year-ago quarter.
Consolidated Cash Flow from Operations
Net cash provided by operating activities during the quarter was NT$25,204 million, compared with NT$101,536 million in the previous quarter and NT$2,858 million in the year-ago quarter.
Please refer to the link for financial tables.
Earnings Webcast
MediaTek will hold a public webcast today (April 26). Materials for the conference call will be published 30 minutes prior to the call and an audio replay will be available in one hour after the call at the investors section of MediaTek's website.
https://corp.mediatek.com/investor-relations/financial-information/quarterly-earnings
Schedule:
Date: Friday, April 26, 2024
Time: 3:00 - 4:00 p.m. (Taiwan Time)
Language: English
Webcast Links:
https://webpage-ott2b.cdn.hinet.net/webpage/live?contentProvider=mediatek
Investors who want to raise questions may use the toll number below.
Dial-in Number: +852-21121444 / +886-2-33961191
Password: 1203026#
About MediaTek Inc.
MediaTek Incorporated (TWSE: 2454) is a global fabless semiconductor company that enables nearly 2 billion connected devices a year. We are a market leader in developing innovative systems-on-chip (SoC) for mobile device, home entertainment, connectivity and IoT products. Our dedication to innovation has positioned us as a driving market force in several key technology areas, including highly power-efficient mobile technologies, automotive solutions and a broad range of advanced multimedia products such as smartphones, tablets, digital televisions, 5G, Voice Assistant Devices (VAD) and wearables. MediaTek empowers and inspires people to expand their horizons and achieve their goals through smart technology, more easily and efficiently than ever before. We work with the brands you love to make great technology accessible to everyone, and it drives everything we do. Visit www.mediatek.com for more information.
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Mediatek Inc. published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 17:38:28 UTC.
