GlobalFoundries Results Presentation Deck
(Unaudited, in millions USD, except per share data and wafer shipments)
Net revenue
Gross profit
Gross margin
Adjusted gross profit(¹)
Adjusted gross margin(¹)
Operating profit
Operating margin
Adjusted operating profit(¹)
Adjusted operating margin(¹)
Net income
Net income margin
Adjusted net income (1)(2)
Adjusted net income margin(¹)
Diluted earnings per share ("EPS")
Adjusted diluted earnings per share(¹)
Adjusted EBITDA (1)(3)
Adjusted EBITDA margin(¹)
Cash from operations
Wafer shipments (300MM Equivalent) (in thousands)
SA
Q3'23
1,852
529
28.6 %
541
29.2 %
261
14.1%
Q3'23 Financial Summary
Sequential
Q3'23 vs Q2'23
416
575
$
$
322
17.4%
249
13.4%
308 $
16.6 %
0.45
0.55
667
36.0 %
$
$
LA LA
$
$
Q2'23
1,845
532
28.8 %
546
29.6 %
275
14.9%
338
18.3%
237
12.8 %
297
16.1 %
0.43
0.53
668
36.2 %
546
573
$
$
SA
SA
SA
LA LA
$
$
Q3'22
2,074
610
29.4%
621
29.9 %
357 $
17.2%
389
18.8 %
336
16.2 %
368
17.7 %
0.61
0.67
793
38.2 %
679
637
$
$
$
$
$
Year-over-year
Q3'23 vs Q3'22
(222)
(81)
(80)
(96)
(67)
(87)
(60)
(0.16)
(0.12)
(126)
(263)
(62)
(11)% $
(13)% $
(80)bps
(13)% $
(70)bps
(27)% $
(310)bps
(17)% $
(140)bps
(26)% $
(280)bps
(16)%
(110)bps
(26)% $
(18)% $
(16)% $
(220)bps
(39)% $
(10)%
Note:
(1) Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted diluted EPS, and adjusted EBITDA and related margins are adjusted Non-IFRS metrics: see Appendix for the unaudited reconciliation of IFRS to non-IFRS metrics.
(2)
$
7
(3)
(5)
(14)
(16)
12
11
0.02
0.02
(1)
(130)
2
%
(1)%
(20)bps
(1)%
(40)bps
(5)%
(80)bps
(5)%
(90)bps
5%
+60bps
4%
+50bps
5%
4 %
%
(20)bps
(24)%
%
Beginning in Q4 2022, the Company revised its definition of adjusted net income to include an adjustment for restructuring charges and the associated tax impact. The change was made due to a restructuring undertaken in Q4 2022. The Company believes the revised definition provides management and
investors with more useful information to evaluate the operations of our business. Adjusted net income is now defined as net income adjusted for share-based compensation expense, restructuring charges and the associated tax impact.
(3) Beginning in Q3 2022, the Company revised its definition of adjusted EBITDA to include an adjustment for finance income. The change was made due to the Company making an investment during Q2 2022 of approximately $1.0 billion in marketable securities. The Company believes the revised definition
provides management and investors more useful information to evaluate the operations of our business. Adjusted EBITDA is now defined as net income (loss) adjusted for the impact of finance expense, finance income, income tax expense, depreciation, amortization, share-based compensation expense,
divestiture gains and associated expenses, restructuring charges, labor optimization initiatives and litigation settlements.
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