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 October 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:   October 19, 2023By   /s/ Wendell Huang
  Wendell Huang
   Vice President & Chief Financial Officer




Exhibits

image_1a.jpg
TSMC Reports Third Quarter EPS of NT$8.14


HSINCHU, Taiwan, R.O.C., Oct. 19, 2023 -- TSMC (TWSE: 2330, NYSE: TSM) today announced consolidated revenue of NT$546.73 billion, net income of NT$211.00 billion, and diluted earnings per share of NT$8.14 (US$1.29 per ADR unit) for the third quarter ended September 30, 2023.

Year-over-year, third quarter revenue decreased 10.8% while net income and diluted EPS both decreased 24.9%. Compared to second quarter 2023, third quarter results represented a 13.7% increase in revenue and a 16.1% increase in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.

In US dollars, third quarter revenue was $17.28 billion, which decreased 14.6% year-over-year and increased 10.2% from the previous quarter.

Gross margin for the quarter was 54.3%, operating margin was 41.7%, and net profit margin was 38.6%.

In the third quarter, shipments of 3-nanometer accounted for 6% of total wafer revenue; 5-nanometer accounted for 37%; 7-nanometer accounted for 16%. Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 59% of total wafer revenue.

“Our third quarter business was supported by the strong ramp of our industry-leading 3-nanometer technology and higher demand for 5-nanometer technologies, partially offset by customers’ ongoing inventory adjustment,” said Wendell Huang, VP and Chief Financial Officer of TSMC. “Moving into fourth quarter 2023, we expect our business to be supported by the continued strong ramp of our 3-nanomenter technology, partially offset by customers’ continued inventory adjustment.”

Based on the Company’s current business outlook, management expects the overall performance for fourth quarter 2023 to be as follows:

Revenue is expected to be between US$18.8 billion and US$19.6 billion;
And, based on the exchange rate assumption of 1 US dollar to 32 NT dollars,
Gross profit margin is expected to be between 51.5% and 53.5%;
Operating profit margin is expected to be between 39.5% and 41.5%.















image_1a.jpg


TSMC’s 2023 third quarter consolidated results:

(Unit: NT$ million, except for EPS)
3Q23
Amounta
3Q22
Amount
YoY
Inc. (Dec.) %
2Q23
Amount
QoQ
Inc. (Dec.) %
Net sales
546,733613,142(10.8)480,84113.7
Gross profit
296,643370,499(19.9)260,20014.0
Income from operations
228,065310,324(26.5)201,95812.9
Income before tax
241,940316,691(23.6)214,67512.7
Net income
211,000280,866(24.9)181,79916.1
EPS (NT$)
8.14b
10.83b
(24.9)
7.01b
16.1
a: 3Q2023 figures have not been approved by Board of Directors
b: Based on 25,929 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. 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
TSMC Deputy Spokesperson:
Nina Kao
Head of Public Relations
Tel: 886-3-563-6688 ext.7125036
Mobile: 886-988-239-163
E-Mail: nina_kao@tsmc.com

Media Contacts:
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 Third Quarter Earnings Conference October 19, 2023


 
Unleash Innovation TSMC, Ltd© 12023 TSMC Property Agenda • Welcome Jeff Su, IR Director • 3Q23 Financial Results and 4Q23 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 2022 Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the “SEC”) on April 20, 2023 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 3Q23 (In NT$ billions unless otherwise noted) Guidance Net Revenue (US$ billions) 17.28 16.7-17.5 15.68 20.23 +10.2% -14.6% Net Revenue 546.73 480.84 613.14 +13.7% -10.8% Gross Margin 54.3% 51.5%-53.5% 54.1% 60.4% +0.2 ppt -6.1 ppts Operating Expenses (68.70) (58.19) (60.19) +18.1% +14.2% Operating Margin 41.7% 38%-40% 42.0% 50.6% -0.3 ppt -8.9 ppts Non-Operating Items 13.87 12.72 6.37 +9.1% +117.9% Net Income to Shareholders of the Parent Company 211.00 181.80 280.87 +16.1% -24.9% Net Profit Margin 38.6% 37.8% 45.8% +0.8 ppt -7.2 ppts EPS (NT Dollar) 8.14 7.01 10.83 +16.1% -24.9% ROE 25.8% 23.2% 42.9% +2.6 ppts -17.1 ppts Shipment (Kpcs, 12"-equiv. Wafer) 2,902 2,916 3,974 -0.5% -27.0% Average Exchange Rate--USD/NTD 31.64 30.80 30.67 30.32 +3.2% +4.4% * Diluted weighted average outstanding shares were 25,929mn units in 3Q23 ** ROE figures are annualized based on average equity attributable to shareholders of the parent company 3Q23 2Q23 3Q22 3Q23 Over 2Q23 3Q23 Over 3Q22


 
Unleash Innovation TSMC, Ltd© 42023 TSMC Property 3Q23 Revenue by Technology


 
Unleash Innovation TSMC, Ltd© 52023 TSMC Property 3Q23 Revenue by Platform Smartphone Automotive Others HPC 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 1,551.32 28.3% 1,489.96 28.9% 1,498.87 32.3% Accounts Receivable 222.83 4.1% 191.03 3.7% 261.54 5.6% Inventories 262.09 4.8% 234.33 4.6% 218.34 4.7% Long-term Investments 116.35 2.1% 94.61 1.8% 75.80 1.6% Net PP&E 3,132.66 57.1% 2,947.23 57.2% 2,411.49 51.9% Total Assets 5,484.56 100.0% 5,149.47 100.0% 4,643.30 100.0% Current Liabilities 970.04 17.7% 810.83 15.8% 807.43 17.4% Long-term Interest-bearing Debts 937.49 17.1% 907.32 17.6% 845.44 18.2% Total Liabilities 2,111.74 38.5% 1,944.00 37.8% 1,890.99 40.7% Total Shareholders' Equity 3,372.82 61.5% 3,205.47 62.2% 2,752.31 59.3% Key Indices A/R Turnover Days Inventory Turnover Days Current Ratio (x) Asset Productivity (x) * Total outstanding shares were 25,932mn units at 9/30/23 ** Asset productivity = Annualized net revenue / Average net PP&E 96 3Q23 2Q23 3Q22 35 32 36 99 90 2.1 2.4 2.5 0.7 0.7 1.1


 
Unleash Innovation TSMC, Ltd© 72023 TSMC Property Cash Flows (In NT$ billions) 3Q23 2Q23 3Q22 Beginning Balance 1,276.72 1,385.23 1,253.19 Cash from operating activities 294.65 167.25 412.70 Capital expenditures (226.62) (250.53) (265.97) Cash dividends (71.30) (71.30) (71.30) Short-term loans 0.00 0.00 (116.01) Bonds payable 9.80 40.70 59.65 Investments and others 28.56 5.37 23.75 Ending Balance 1,311.81 1,276.72 1,296.01 Free Cash Flow 68.03 (83.28) 146.73 * Free cash flow = Cash from operating activities – Capital expenditures *


 
Unleash Innovation TSMC, Ltd© 82023 TSMC Property 4Q23 Guidance ◼ Revenue to be between US$ 18.8 billion and US$ 19.6 billion Based on our current business outlook, management expects: And, based on the exchange rate assumption of 1 US dollar to 32 NT dollars, management expects: ◼ Gross profit margin to be between 51.5% and 53.5% ◼ Operating profit margin to be between 39.5% and 41.5%


 
Unleash Innovation TSMC, Ltd© 92023 TSMC Property • 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 Announces Breakthrough Set to Redefine the Future of 3D IC. New 3Dblox 2.0 and 3DFabric Alliance Achievements Were Detailed at 2023 OIP Ecosystem Forum (2023/09/28) • TSMC Accelerates Renewable Energy Adoption and Moves RE100 Target Forward to 2040 (2023/09/15) • TSMC Board of Directors Approved the Purchase of 10% Equity Interest in IMS Nanofabrication Global, LLC from Intel Corporation for an Amount Not Exceeding US$432.8 Million (2023/09/12) • TSMC Board of Directors Approved an Investment in Arm Holdings plc in an Amount Not Exceeding US$100 Million Based on Arm’s Share Price at IPO (2023/09/12) • MediaTek Successfully Develops First Chip Using TSMCˈs 3nm Process, Set for Volume Production in 2024 (2023/09/07) • TSMC, Bosch, Infineon, and NXP Establish Joint Venture European Semiconductor Manufacturing Company (ESMC) to Bring Advanced Semiconductor Manufacturing to Europe (2023/08/08) • TSMC Board of Directors Approved NT$3.00 Cash Dividend for the Second Quarter of 2023 and Set December 14 as the Ex-Dividend Date, December 20 as the Record Date and January 11, 2024 as the Distribution Date (2023/08/08) • TSMC Inaugurates Global R&D Center, Celebrating Its Newest Hub for Technology Innovation (2023/07/28) Recap of Recent Major Events


 
Unleash Innovation TSMC, Ltd© 102023 TSMC Property https://www.tsmc.com invest@tsmc.com


 

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