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    2454   TW0002454006

MEDIATEK INC.

(2454)
  Report
End-of-day quote Taiwan Stock Exchange  -  2022-10-04
599.00 TWD   +4.54%
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MediaTek : 2022 Q2 Financial Results

07/29/2022 | 12:27pm EDT
Jul 29, 2022 - 2:30 PM

MediaTek Inc. Reports Second-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

-2Q22 consolidated revenue of NT$155,730 million, up 9.1% from previous quarter and up 23.9% year-over-year

-2Q22 consolidated gross margin of 49.3%, down 1 percentage points from previous quarter and up 3.1 percentage points year-over-year

-2Q22 consolidated operating income of NT$39,181 million, up 7.4% from previous quarter and up 35.9% year-over-year

-2Q22 consolidated net income of NT$35,612 million; EPS of NT$22.39

Consolidated Revenue

MediaTek Inc. today announced financial results of second-quarter ended June 30, 2022. The second-quarter revenue was NT$155,730 million, up 9.1% sequentially and up 23.9% year-over-year. The quarter-over-quarter and year-over-year increases were mainly due to product specifications upgrade or higher demand across major products.

Consolidated Gross Profit and Gross Margin

The second-quarter gross profit was NT$76,764 million, up 6.9% sequentially and up 32.3% year-over-year. Gross margin for the quarter was 49.3%, down 1 percentage points sequentially and up 3.1 percentage points year-over-year. The quarter-over-quarter and year-over-year changes in gross margins were mainly due to product mix changes.

Consolidated Operating Expenses

Operating expenses for the quarter was NT$37,583 million (24.1% of revenue), compared with NT$35,316 million (24.7% of revenue) in the previous quarter and NT$29,204 million (23.2% of revenue) in the same period last year. The quarter-over-quarter and year-over-year increases were mainly due to increases in R&D investments.

Operating expenses for the quarter included:

- R&D expenses of NT$30,180 million (19.4% of revenue), increased from NT$28,541 million in the previous quarter and increased from NT$22,879 million in the same period last year.

- Selling expenses of NT$3,636 million (2.3% of revenue), increased from NT$3,409 million in the previous quarter and decreased from NT$3,890 million in the same period last year.

- Administration expenses of NT$3,768 million (2.4% of revenue), increased from NT$3,365 million in the previous quarter and increased from NT$2,435 million in the same period last year.

Consolidated Operating Income and Operating Margin Operating income for the quarter was NT$39,181 million, up 7.4% sequentially and up 35.9% year-over-year. Operating margin for the quarter was 25.2%, decreased from 25.6% in the previous quarter and increased from 22.9% in the year-ago quarter.

Consolidated Non-operating Income (loss) and Income Tax

Non-operating income for the quarter was NT$1,756 million, or 1.1% of revenue. It was mainly from interest income and dividend income. Income tax expense for the quarter was NT$5,325 million.

Consolidated Net Income, Net Profit Margin and EPS

Net income for the quarter was NT$35,612 million, up 6.6% sequentially and up 29.1% year-over-year. Net profit margin for the quarter was 22.9%, decreased from 23.4% in the previous quarter and increased from 22% in the year-ago quarter. EPS was NT$22.39, up from NT$21.02 in the prior quarter and NT$17.44 in the year-ago quarter. The quarter-over-quarter increases in net income and EPS were mainly due to higher revenue this quarter. The lower net profit margin compared with last quarter was mainly due to lower gross margin this quarter. The year-over-year increases in net income, net profit margin and EPS were mainly due to higher revenue and gross margin this quarter.

Consolidated Cash and Financial Assets-Current

Cash and financial assets-current at the end of the quarter was NT256,547 million. This represents 35.1% of the company's total assets. Cash and financial assets-current was NT$ 249,894 million and NT$238,281 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$61,899 million. The accounts receivable turnover was 37 days based on quarterly average net receivables divided by annualized net revenue. The turnover was lower than 39 days in the last quarter and higher than 34 days in the year-ago quarter.

Consolidated Inventory

Net inventory at the end of the quarter was NT$91,410 million. The inventory turnover was 104 days based on quarterly average inventory divided by annualized cost of goods sold. The turnover was lower than 105 days in the last quarter and higher than 81 days in the year-ago quarter.

Consolidated Cash Flow from Operations

Net cash provided by operating activities during the quarter was NT$35,554 million, compared with net cash provided by operating activities of NT$30,735 million in the prior quarter and net cash provided by operating activities of NT$28,131 million in the year-ago quarter.

Please refer to the link for financial tables.

Earnings Webcast

MediaTek will hold a public webcast today (July 29). A live webcast of the conference call will be available through the Investor Relations section of the MediaTek website. Investors who want to raise questions may use the toll number attached below.

Schedule and Webcast Links:

Friday, July 29, 2022

Time: 3:00 - 4:00 p.m. (Taiwan Time) Language: English

https://webpage-ott2b.cdn.hinet.net/webpage/live?contentProvider=mediatek

Dial-in Number: +886-2-21928016

Password: 346179#

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.

Disclaimer

Mediatek Inc. published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 16:26:20 UTC.


© Publicnow 2022
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Financials
Sales 2022 577 B 18 229 M 18 229 M
Net income 2022 125 B 3 938 M 3 938 M
Net cash 2022 169 B 5 336 M 5 336 M
P/E ratio 2022 7,64x
Yield 2022 12,5%
Capitalization 953 B 30 119 M 30 119 M
EV / Sales 2022 1,36x
EV / Sales 2023 1,30x
Nbr of Employees -
Free-Float 91,3%
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Number of Analysts 23
Last Close Price 599,00 TWD
Average target price 853,89 TWD
Spread / Average Target 42,6%
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Managers and Directors
Li Hsing Tsai Vice Chairman, CEO & Co-General Manager
Kuan Chou Chen General Manager & Director
Ta-Wei Ku CFO, Spokesman, Head-Finance & Accounting
Ming Chieh Tsai Chairman
Yue Chun Chou Chief Technology Officer & Senior Deputy GM