First quarter operating revenues increased by 7.3% sequentially to NT$63.42 billion which was primarily lifted to higher wafer shipments. Revenue contribution from 40nm and below technologies represented 38% of wafer revenue. Gross profit grew 19.0% QoQ to NT$27.50 billion, or 43.4% of revenue. Operating expenses declined 4.5% to NT$6.51 billion. Net other operating income remained relatively flat at NT$1.34 billion. Net non-operating income was NT$1.31 billion. Net income attributable to shareholders of the parent amounted to NT$19.81 billion.

Earnings per ordinary share for the quarter was NT$1.61. Earnings per ADS was US$0.281. The basic weighted average number of outstanding shares in 1Q22 was 12,283,479,334, compared with 12,254,114,875 shares in 4Q21 and 12,206,292,756 shares in 1Q21. The diluted weighted average number of outstanding shares was 12,534,728,721 in 1Q22, compared with 12,489,949,678 shares in 4Q21 and 12,381,821,873 shares in 1Q21. The fully diluted shares counted on March 31, 2022 were approximately 12,534,729,000.

Detailed Financials Section

Operating revenues increased to NT$63.42 billion. COGS declined slightly to NT$35.92 billion, which included 3.1% sequential decrease in depreciation. Gross profit grew 19.0% QoQ to NT$27.50 billion, reflecting the uptick in ASP. Operating expenses decreased 4.5% QoQ to NT$6.51 billion, as R&D fell 11.2% QoQ to NT$3.03 billion, representing 4.8% of revenue. Net other operating income was NT$1.34 billion. In 1Q22, operating income grew 26.8% QoQ to NT$22.33 billion.

COGS & Expenses
(Amount: NT$ million)	1Q22			4Q21			QoQ % change			1Q21			YoY % change
Operating Revenues	63,423			59,100			7.3			47,097			34.7
COGS	(35,919	)		(35,997	)		(0.2	)		(34,603	)		3.8
Depreciation	(9,807	)		(10,122	)		(3.1	)		(10,412	)		(5.8	)
Other Mfg. Costs	(26,112	)		(25,875	)		0.9			(24,191	)		7.9
Gross Profit	27,504			23,103			19.0			12,494			120.1
Gross Margin (%)	43.4	%		39.1	%					26.5	%
Operating Expenses	(6,513	)		(6,821	)		(4.5	)		(5,932	)		9.8
G&A	(2,226	)		(2,164	)		2.9			(1,806	)		23.3
Sales & Marketing	(1,255	)		(1,240	)		1.2			(1,089	)		15.2
R&D	(3,033	)		(3,414	)		(11.2	)		(3,049	)		(0.5	)
Expected Credit Impairment Gain (Loss)	1			(3	)		-			12			(92.4	)
Net Other Operating Income & Expenses	1,343			1,334			0.7			1,060			26.8
Operating Income	22,334			17,616			26.8			7,622			193.0

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