2024 Q4 Financial Results
MediaTek Inc. Reports Fourth-Quarter and Full-Year 2024 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
-4Q24 consolidated revenue of NT$138,043 million, up 4.7% quarter-over-quarter and 6.5% year-over-year
-4Q24 consolidated gross margin of 48.5%, down 0.3 percentage points quarter-over-quarter and up 0.2 percentage points year-over-year
-4Q24 consolidated operating income of NT$21,412 million, down 10.3% quarter-over-quarter and 13.4% year-over-year
-4Q24 consolidated net income of NT$23,941 million, down 6.4% quarter-over-quarter and 6.9% year-over-year; EPS of NT$14.95
-2024 consolidated revenue of NT$530,586 million, up 22.4% year-over-year; EPS of NT$66.92, up 38% year-over-year
Consolidated Revenue
MediaTek Inc. today announced its financial results for the fourth quarter ended December 31, 2024. The fourth-quarter revenue was NT$138,043 million, up 4.7% quarter-over-quarter and 6.5% year-over-year. The quarter-over-quarter and year-over-year increases were mainly driven by the strong ramp of the flagship SoC Dimensity 9400.
Full year 2024 revenue totaled NT$530,586 million, up 22.4% from 2023.
Consolidated Gross Profit and Gross Margin
The fourth-quarter gross profit was NT$67,001 million, up 4.1% quarter-over-quarter and 7.0% year-over-year. Gross margin for the quarter was 48.5%, down 0.3 percentage points quarter-over-quarter and up 0.2 percentage points year-over-year, mainly due to product mix changes.
Full year 2024 gross profit was NT$263,386 million, up 27.0% year-over-year. Gross margin for 2024 was 49.6%, up 1.8 percentage points year-over-year.
Consolidated Operating Expenses
Operating expenses for the quarter was NT$45,589 million (33.0% of revenue), compared with NT$40,483 million (30.7% of revenue) in the previous quarter and NT$37,881 million (29.2% of revenue) in the year-ago quarter. The quarter-over-quarter and year-over-year increases were mainly due to higher R&D investments in the quarter.
Operating expenses for the quarter included:
- R&D expenses of NT$36,752 million (26.6% of revenue), increased from NT$33,261 million in the previous quarter and NT$30,472 million in the year-ago quarter.
- Selling expenses of NT$5,642 million (4.1% of revenue), increased from NT$4,237 million in the previous quarter and NT$4,659 million in the year-ago quarter.
- Administration expenses of NT$3,194 million (2.3% of revenue), increased from NT$2,985 million in the previous quarter and NT$2,749 million in the year-ago quarter.
Full year 2024 operating expenses was NT$160,974 million (30.3% of revenue), increased 18.7% year-over-year.
Consolidated Operating Income and Operating Margin Operating income for the quarter was NT$21,412 million, down 10.3% quarter-over-quarter and 13.4% year-over-year. Operating margin for the quarter was 15.5%, down from 18.1% in the previous quarter and 19.1% in the year-ago quarter.
Full year 2024 operating income was NT$102,412 million (operating margin: 19.3%), up 42.6% year-over-year.
Consolidated Non-operating Income (loss) and Income Tax
Non-operating income for the quarter was NT$4,799 million, or 3.5% of revenue, mainly from interest income and dividend income. Income tax expense for the quarter was NT$2,270 million.
Full year 2024 non-operating income was NT$17,107 million, higher than NT$14,983 million in 2023.
Consolidated Net Income, Net Profit Margin and EPS
Net income for the quarter was NT$23,941 million, down 6.4% quarter-over-quarter and 6.9% year-over-year. Net profit margin for the quarter was 17.3%, down from 19.4% in the previous quarter and 19.8% in the year-ago quarter. EPS was NT$14.95, down from NT$15.94 in the previous quarter and NT$16.15 in the year-ago quarter. The quarter-over-quarter and year-over-year decreases in net income, net profit margin and EPS were mainly due to higher operating expenses in the quarter.
Full year 2024 net income was NT$107,141 million, up 38.8% year-over-year. Accumulated EPS was NT$66.92 for the year, compared with NT$48.51 in 2023.
Consolidated Cash and Financial Assets-Current
Cash and financial assets-current at the end of the quarter was NT$219,624 million. This represents 31.5% of the company’s total assets. Cash and financial assets-current was NT$198,020 million and NT$180,673 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$43,985 million. The accounts receivable turnover was 30 days based on quarterly average net receivables divided by annualized net revenue. The turnover was lower than 32 days in the previous quarter and 41 days in the year-ago quarter.
Consolidated Inventory
Net inventory at the end of the quarter was NT$58,414 million. The inventory turnover was 73 days based on quarterly average inventory divided by annualized cost of goods sold. The turnover was lower than 74 days in the previous quarter and higher than 66 days in the year-ago quarter.
Consolidated Cash Flow from Operations
Net cash provided by operating activities during the quarter was NT$44,685 million, compared with NT$36,225 million in the previous quarter and NT$101,536 million in the year-ago quarter.
Please refer to the link for financial tables.
Earnings Webcast
MediaTek will hold a public webcast today (February 7). 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, February 7, 2025
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: 3802007#
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.