Powerchip Semiconductor Manufacturing (6770) Q4 2023 earnings summary

Executive summary

• 2023 revenue was NT$44,022,552 thousand, down from NT$76,086,619 thousand in 2022; net loss was NT$1,643,541 thousand versus net income of NT$21,634,622 thousand.

• Operating cash flow remained positive at NT$1,501,504 thousand, but investing cash outflow of NT$47,688,190 thousand drove cash and equivalents down to NT$40,579,728 thousand.

Financial highlights

• Gross profit was NT$5,291,971 thousand versus NT$35,578,965 thousand; operating loss was NT$3,156,448 thousand versus operating income of NT$26,328,017 thousand.

• Net loss before tax was NT$2,086,038 thousand; income tax benefit was NT$442,497 thousand, compared with 2022 pretax income of NT$26,972,680 thousand and tax expense of NT$5,338,058 thousand.

• Basic and diluted loss per share were both NT$0.40, compared with 2022 EPS of NT$5.80 basic and NT$5.32 diluted.

• Depreciation and amortization totaled NT$6,749,965 thousand in 2023 versus NT$6,626,460 thousand in 2022.

Segment performance

• Operations are reported as one aggregated segment; specialty logic application products generated NT$27,292,897 thousand, memory products (piece) NT$13,620,245 thousand, and memory products (die) NT$3,109,410 thousand.

• Revenue by customer headquarters: Taiwan NT$21,084,492 thousand, China NT$7,838,478 thousand, America NT$7,140,637 thousand, and other locations NT$7,958,945 thousand.