GlobalFoundries Joins the PHLX Semiconductor Sector Index (SOX) September 19, 2022 MALTA, N.Y., September 19, 2022 – GlobalFoundries (GF) (Nasdaq: GFS), a global leader in feature-rich semiconductor manufacturing, today announced that the company has been added to the PHLX Semiconductor Sector IndexSM (SOXSM), effective Monday, September 19, 2022. “We are proud to take our place on the Semiconductor Sector Index amongst other leading semiconductor companies,” said David Reeder, CFO of GF. “Since our successful public listing on Nasdaq in October 2021, our growth strategy continues to drive a clear demand for, and confidence in, our differentiated solutions and company.” The PHLX Semiconductor Sector IndexSM (SOXSM) is a modified market capitalization-weighted index composed of the 30 largest eligible semiconductor companies listed in the U.S., ranked by market capitalization. For a complete listing of companies view the PHLX Semiconductor Sector Index. About GF GlobalFoundries, Inc. (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. Forward-looking Information This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless require by law. Investor Contact: [email protected] Media Contact: Erica McGill[email protected]
First European Network Meeting of Female GlobalFoundries Employees August 31, 2022 GF conference highlights the important role of women in the technology industry DRESDEN, Germany, August 31, 2022 – 170 participants from GF’s European sites in Germany, Bulgaria, Switzerland and the United Kingdom attended the first European conference of the GF women’s network GlobalWomen today under the motto “Come together, grow together.” The focus of the one-day event was on the exchange of experiences of the female experts from various corporate divisions on career development, challenges in an environment that is still predominantly male, and the corporate strategy for increasing the proportion of women at all hierarchical levels. Petra Köpping, Saxon State Minister for Social Affairs and Social Cohesion, emphasized the leading role of GF in the advancement of women as well as the importance of the women’s network in her welcoming address: “Have the courage to take on responsibility – it’s worth it. Women can thus contribute their view of companies, society and politics and thus help shape them.” Dr. Thomas Caulfield, GlobalFoundries CEO, echoed this thought in his address: “We are a diverse semiconductor manufacturer in every way and what drives our success is our people. Our global team brings new ideas, different perspectives, collaboration, and challenges the status quo to propel our path forward. A culture of integrating our strengths and engaging all our talent strengthens GF and GlobalWomen play a significant role in this.” The conference program included keynote speeches and panel discussions on networking, career development, mentoring, and the work-life balance. The agenda was rounded off by group discussions (breakout sessions) on the aforementioned topics. High-profile external speakers included Tijen Onaran, founder of Global Digital Women GmbH, Heike Wilson, CEO of Dualis, Romina Stawowy, social entrepreneur and publisher of femMIT magazine, and Starla Sireno, Executive Coach. The corporate leadership team also featured prominent members: CEO Dr. Thomas Caulfield was joined by Laurie Kelly, Chief Communications Officer, Gregg Bartlett, Chief Technology Officer, Ruth Hernandez, Vice President Sales, Deb Leach, Vice President Technology Operations, and Dr. Manfred Horstmann, Sr. Vice President and General Manager of GF Dresden. The GF Women’s Network, GlobalWomen, was launched in 2013 and is comprised of more than 1,500 women and men working together across the company to drive initiatives that advance women’s professional development. GlobalWomen offers women at GF networking and mentoring, panel discussions with executives and guests, professional development opportunities, participation in external conferences, and STEM education programs. The Dresden Chapter was established in 2019 and the Sofia Chapter in 2022. About GF GlobalFoundries (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.
GlobalFoundries Names Pradheepa Raman as Chief People Officer August 25, 2022 Experienced HR executive joins GF leadership team MALTA, N.Y., August 25, 2022 – GlobalFoundries (NASDAQ: GFS) (GF), a global leader in feature-rich semiconductor manufacturing, today announced the appointment of Pradheepa Raman as Chief People Officer. The appointment is effective September 12, 2022. Pradheepa Raman An experienced human resources executive with demonstrated success in driving positive change to the employee experience and building organizational resiliency through skills development, Raman will be responsible for leading all aspects of GF’s worldwide human resources efforts. As GF continues to expand its global manufacturing capacity, key areas of focus for Raman will be recruitment, talent development, and advancing GF’s culture of diversity, equity, and inclusion. Raman joins GF from Stanley Black & Decker, where she held the dual roles of global head of human resources and chief transformation officer for the company’s largest business unit. Prior to that, she served as the company’s chief talent innovation officer. Before Stanley Black & Decker, Raman served as head of talent, diversity, and employee engagement at Samsung Electronics America, and in several human resources leadership roles at global technology company Avaya. “Pradheepa joins us with a proven track record of driving impact through thoughtful, strategic human resources leadership, delivering a best-in-class employee experience that sets the stage for success, growth, and innovation,” said Dr. Thomas Caulfield, president and CEO of GF. “On behalf of our 15,000-strong global team, I welcome Pradheepa to GF. I am thrilled for her to join our leadership team and take GF’s human resources strategy to new heights, during this unprecedented time for semiconductor manufacturing.” “I am incredibly excited to begin my journey at GF at a time when the semiconductor industry is so vital to the global economy,” said Raman. “I am really looking forward to working with GF’s global team of talented engineers, technicians and business leaders. GF’s diverse talent pool is a real strength and their relentless commitment to developing their employees was critical in my decision to join the leadership team. Employees are a company’s most important resource, and I have spent my career creating HR systems to engage, develop, and empower talent. I can’t wait to get started at GF.” About GF GlobalFoundries (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. Forward-Looking Statements This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. Media Contact: Michael Mullaney[email protected]
Explore pathways to success with the Global Journey Re-Entry Program August 17, 2022 by Kassidy Berger GF employee’s journey led to the creation of a new program to help professionals who have taken a career break return to the workforce Bika Carter Bika Carter, director of External R&D under GF Labs, at GlobalFoundries (GF), knew what it was like to step back into her career after taking a seven-year career break for family reasons. When she considered re-entering a career in tech, Carter harbored feelings of self-doubt if she could get back into a fast-paced technical industry. Understanding the impact of a supportive network and the need for a ramp, Carter championed the creation of the Global Journey Re-Entry Program. Since then, Carter has recognized the leadership, communication, and program management skills she gained during her career break—whether it was her tutoring experience or leadership skills she learned while driving various volunteer programs. Carter credits her managers, family, and mentors for creating a network of support which made her re-entry possible. GF’s Global Journey program aims to create a network for re-launchers coming back into the workforce after a voluntary break. This provides individuals with an extra layer of support when coming back into the workplace. The development of this program has also brought together GF team members who happen to be re-launchers as well. As part of GF’s wider Diversity, Equity and Inclusion goals, the Global Journey Re-Entry program aims to empower candidates to bring their unique talents and experiences to contribute to the dynamic working environment that drives GF success. Through impactful roles, program participants will refresh and gain skills to transition to a full-time position. GF is part of the STEM Reentry Task Force, the groundbreaking career reentry initiative co-led by the Society of Women Engineers and iRelaunch. GF joined the STEM Reentry Task Force in 2020, and it has been instrumental in the development of the Global Journey program. In a November 2012 article in the Harvard Business Review, Carol Fishman Cohen defined a returnship as “a short-term paid position designed for a professional who’d been out of the workforce for several years—basically, an internship for an experienced worker whose time off might scare recruiters away.” In 2007, Cohen co-founded iRelaunch, an organization which works with employers to build and expand their career re-entry programs. iRelaunch and the Society of Women Engineers (SWE) founded the STEM Reentry Task Force in 2015 to grow the number of employers offering return to work programs with a technical focus. iRelaunch defines re-launchers as “mid-to-senior level professionals who have taken a career break of two years or more and want to return to work.” There are a multitude of reasons for one to take a career break. Others may leave the workforce to pursue entrepreneurial interests, military service, elder care or alternate career paths. Karen Nummy, a distinguished member of GF’s Technical Staff Process Integration team, said she returned to work after six years away from the semiconductor industry. While grateful for the opportunity, she was also concerned about the rapid pace of technology advancement and that she would feel passed by. “But what I found was my basic technical knowledge and problem-solving skills were still very valuable,” Nummy said. “The largest learning curve were all the new systems and reconnecting to the larger team. The time away from work made me realize how much I enjoy being part of a team solving technical problems. I think I returned to work with renewed energy and excitement.” Another GF colleague, Steven Soss, DMTS in TEQ, said he returned to the semiconductor industry after taking a five-year break to explore entrepreneurship. When it was time to return to the workforce, he felt concerned that he had missed an entire generation of semiconductor technology development. He also received feedback from hiring managers at other companies that the “two-year hole” on his resume, during which he was working as an entrepreneur, was an area of concern and even a sign of “unemployability.” “I firmly believe that my time away from the semiconductor industry made me a better employee,” Soss said. “I am excited to see the diverse range of candidates that the Global Journey program will bring into GF.” The program’s pilot phase recently closed, and GF is proud to celebrate the achievements of all its participants, including re-launcher Lou Ann Martin. Martin joined GF’s Design Enablement team and was the very first ‘graduate’ of the Global Journey program. “What a tremendous opportunity it is to be part of the GlobalFoundries technical community. Leaving the technical field at IBM for more than 10 years to raise four children, I never imagined there would be a place for me again in a STEM career,” said Martin. “Even in preparation for applying, I found helpful feedback and encouragement from the Global Journey Re-Entry team. Their support was amazing in helping me navigate the first few months back in the office. I could not speak more highly of the program and its purpose, truly life changing for me.” Interested in the Global Journey Program? Check out the program’s webpage to learn more and apply for relaunch positions.
GlobalFoundries Announces Participation in Upcoming Investor Conferences August 11, 2022 MALTA, N.Y., August 11, 2022 – GlobalFoundries (NASDAQ: GFS) today announced that it will participate in the following upcoming investor conferences. Thursday, September 1, 2022, 9:30am PT – Deutsche Bank 2022 Technology Conference Thursday, September 8, 2022, 8:15am ET – Citi 2022 Global Technology Conference Live webcasts and replays of the presentations will be accessible from the Investor section of GF’s website at investors.gf.com. About GlobalFoundries GlobalFoundries Inc. (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. For further information, please contact: [email protected]
GlobalFoundries Reports Second Quarter 2022 Financial Results August 9, 2022 Record Revenue, Gross Profit, and Net Income MALTA, N.Y., August 9, 2022 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the second quarter ended June 30, 2022. Key Second Quarter Financial Highlights Record revenue of $1.99 billion, up 23% year-over-year. Record gross margin of 27.0% and adjusted gross margin of 28.0%. Record operating margin of 14.9% and adjusted operating margin of 17.6%. Record net income of $264 million and adjusted net income of $317 million. Record adjusted EBITDA margin of 39.3%. Cash and cash equivalents and marketable securities of $3.3 billion. “In the second quarter, the GF team delivered on its commitments to customers and shareholders,” said CEO Dr. Thomas Caulfield. “We shipped a record 630 thousand wafers in the quarter, driven by double-digit growth at sites in the US and Europe. Our revenue grew 23% year-over-year, and we delivered record profitability, making significant progress towards our long-term financial model. Despite global supply chain challenges, the GF team continues to execute to our expansion plans as we build out capacity to meet our customers’ long-term needs. We remain on track to deliver a strong year of growth and profitability.” Recent Business Highlights: On the heels of the passage of the US CHIPS Act, GF announced the extension of its long-term agreement with Qualcomm which adds more than $4Bn in incremental wafer purchases from GF’s Malta, New York facility. With this extension, the total long-term agreement with Qualcomm now represents more than $7Bn in global revenue through 2028 across multiple technologies. GF and ST Microelectronics signed a definitive agreement to create a new, jointly-operated 300mm semiconductor manufacturing facility adjacent to ST’s existing 300mm facility in Crolles, France. This new facility, combined with GF’s capacity expansion in Dresden, Germany, will triple GF’s capacity in Europe through 2028. GlobalFoundries announced that its first tool has been moved into the company’s new facility on its Singapore campus. Unaudited Summary Quarterly Results (in millions USD, except per share amounts and wafer shipments)1 Year-over-year Sequential Q2’22 Q1’22 Q2’21 Q2’22 vs Q2’21 Q2’22 vs Q1’22 Net revenue $ 1,993 $ 1,940 $ 1,620 $ 373 23 % $ 53 3 % Gross profit 538 $ 469 231 $ 307 133 % $ 69 15 % Gross margin 27.0 % 24.2 % 14.3 % +1,270bps +280bps Adjusted gross profit1 $ 559 $ 490 $ 267 $ 292 109 % $ 69 14 % Adjusted gross margin 28.0 % 25.3 % 16.5 % +1,150bps +270bps Operating profit (loss) $ 297 $ 225 $ (103 ) $ 400 388 % $ 72 32 % Operating margin 14.9 % 11.6 % (6.4 )% +2,130bps +330bps Adjusted operating profit (loss)1 $ 350 $ 279 $ 41 $ 309 754 % $ 71 25 % Adjusted operating margin 17.6 % 14.4 % 2.5 % +1,510bps +320bps Net income (loss) $ 264 $ 178 $ (174 ) $ 438 252 % $ 86 48 % Net income (loss) margin 13.2 % 9.2 % (10.7 )% +2,390bps +400bps Adjusted net income (loss)1 $ 317 $ 232 $ (30 ) $ 347 1,157 % $ 85 37 % Adjusted net income (loss) margin 15.9 % 12.0 % (1.9 )% +1,780bps +390bps Diluted earnings (loss) per share (“EPS”) $ 0.48 $ 0.33 $ (0.35 ) $ 0.83 237 % $ 0.15 45 % Adjusted diluted earnings (loss) per share1 $ 0.58 $ 0.42 $ (0.06 ) $ 0.64 1,067 % $ 0.16 38 % Adjusted EBITDA1 $ 784 $ 698 $ 466 $ 318 68 % $ 86 12 % Adjusted EBITDA margin 39.3 % 36.0 % 28.8 % +1,050bps +330bps Cash from operations $ 609 $ 845 $ 434 $ 175 40 % $ (236 ) (28 )% Wafer shipments (300MM Equivalent) (in thousands) 630 625 595 35 6 % $ 5 1 % 1Adjusted gross profit, adjusted operating profit (loss), adjusted net income (loss), adjusted diluted earnings (loss) per share, and adjusted EBITDA are adjusted non-IFRS metrics; please see the reconciliation of IFRS to adjusted non-IFRS metrics in the section “Unaudited Reconciliation of IFRS to Adjusted non-IFRS” below. Summary of Third Quarter 2022 Outlook (unaudited, in millions USD except per share amounts)2 IFRS Share-based compensation Non-IFRS Adjusted Net revenue $2,035 – $2,065 — — Gross Profit $557 – $590 $19 – $23 $580 – $609 Gross Margin (mid-point) 28.0% 29.0% Operating Profit $301 – $343 $38 – $46 $347 – $381 Operating Margin (mid-point) 15.7% 17.8% Net Income $278 – $318 $38 – $46 $324 – $356 Net Income Margin (mid-point) 14.5% 16.6% Diluted EPS $0.50 – $0.58 $0.59 – $0.65 Adjusted EBITDA — $775 – $813 Adj. EBITDA Margin (mid-point) 38.7% 2The guidance provided above contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The guidance includes management’s beliefs and assumptions and is based on information currently available. GF has not provided a reconciliation of its Third Fiscal Quarter outlook for adjusted Non-IFRS EBITDA and related Margin because estimates of all of the reconciling items cannot be provided without unreasonable efforts. Certain factors that are materially significant to GF’s ability to estimate these items are out of its control and/or cannot be reasonably predicted. Unaudited Consolidated Statements of Operations Three Months Ended (in millions USD, except for per share amounts) June 30, 2022 June 30, 2021 Net revenue $ 1,993 $ 1,620 Cost of revenue 1,455 1,389 Gross profit $ 538 $ 231 Operating expenses: Research and development 120 132 Sales, marketing, general and administrative 121 202 Total operating expenses $ 241 $ 334 Operating profit (loss) 297 (103 ) Finance expense, net (19 ) (28 ) Other income (loss) 16 (23 ) Income tax expense (30 ) (20 ) Net income (loss) $ 264 $ (174 ) Attributable to: Shareholders of GlobalFoundries 264 (173 ) Non-controlling interest — (1 ) Earnings (loss) per share (“EPS”): Basic $ 0.49 $ (0.35 ) Diluted $ 0.48 $ (0.35 ) Shares used in earnings (loss) per share calculation Basic 535 500 Diluted 550 500 Unaudited Consolidated Statements of Financial Position (in millions USD) June 30, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 2,474 $ 2,939 Receivables, prepayments and other 1,247 1,231 Marketable securities 525 — Inventories 1,262 1,121 Current assets $ 5,508 $ 5,291 Deferred tax assets 313 353 Property, plant, and equipment, net 9,410 8,713 Marketable securities 263 — Other assets 700 671 Noncurrent assets 10,686 9,737 Total assets $ 16,194 $ 15,028 Liabilities and equity: Current portion of long-term debt $ 262 $ 297 Other current liabilities 3,051 2,866 Current liabilities $ 3,313 $ 3,163 Noncurrent portion of long-term debt 1,908 1,716 Other liabilities 2,315 2,116 Noncurrent liabilities $ 4,223 $ 3,832 Shareholders’ equity: Common stock/additional paid-in capital 23,684 23,498 Accumulated deficit (15,026 ) (15,469 ) Accumulated other comprehensive (loss) (51 ) (54 ) Non-controlling interest 51 58 Total liabilities and equity $ 16,194 $ 15,028 Unaudited Consolidated Statements of Cash Flows Three Months Ended (in millions USD) June 30, 2022 June 30, 2021 Cash flows from operating activities: Net income (loss) $ 264 $ (174 ) Depreciation and amortization 411 408 Finance expense, net and other (10 ) (2 ) Deferred income taxes 22 12 Other non-cash operating activities 23 131 Net change in working capital (101 ) 59 Net cash provided by operating activities $ 609 $ 434 Cash flows from investing activities: Purchases of property, plant, equipment, and intangible assets (812 ) (423 ) Other investing activities (792 ) 217 Net cash used in investing activities $ (1,604 ) $ (206 ) Cash flows from financing activities: Proceeds (repayment) of debt, net $ 124 $ (108 ) Other financing activities 83 45 Net cash (used in) provided by financing activities $ 207 $ (63 ) Effect of exchange rate changes (2 ) $ 5 Net change in cash and cash equivalents $ (790 ) $ 170 Cash and cash equivalents at the beginning of the period 3,264 635 Cash and cash equivalents at the end of the period $ 2,474 $ 805 Unaudited Reconciliation of IFRS to Adjusted Non-IFRS Three Months Ended (in millions USD) June 30, 2022 March 31, 2022 June 30, 2021 Gross profit $ 538 $ 469 $ 231 Gross profit margin 27.0 % 24.2 % 14.3 % Share based compensation $ 21 $ 21 $ 36 Adjusted gross profit $ 559 $ 490 $ 267 Adjusted gross profit margin 28.0 % 25.3 % 16.5 % Operating profit (loss) $ 297 $ 225 $ (103 ) Operating profit (loss) margin 14.9 % 11.6 % (6.4 )% Share based compensation $ 53 $ 54 $ 144 Adjusted operating profit $ 350 $ 279 $ 41 Adjusted operating profit margin 17.6 % 14.4 % 2.5 % Net income (loss) $ 264 $ 178 $ (174 ) Net income (loss) margin 13.2 % 9.2 % (10.7 )% Share based compensation $ 53 $ 54 $ 144 Adjusted net income (loss) $ 317 $ 232 $ (30 ) Adjusted net income (loss) margin 15.9 % 12.0 % (1.9 )% Diluted earnings (loss) per share $ 0.48 $ 0.33 $ (0.35 ) Share based compensation $ 0.10 $ 0.09 $ 0.29 Adjusted diluted earnings (loss) per share $ 0.58 $ 0.42 $ (0.06 ) Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended (in millions USD) June 30, 2022 March 31, 2022 June 30, 2021 Net income (loss) for the period $ 264 $ 178 $ (174 ) Depreciation and amortization $ 411 $ 408 $ 408 Finance expense $ 26 $ 29 $ 29 Income tax expense $ 30 $ 29 $ 20 Share based compensation $ 53 $ 54 $ 144 Restructuring and corporate severance programs — — $ 5 (Gains) on transactions, legal settlements and transaction expenses — — $ 34 Adjusted EBITDA $ 784 $ 698 $ 466 Adjusted EBITDA margin 39.3 % 36.0 % 28.8 % Adjusted Financial Measures (Non-IFRS) In addition to the financial information presented in accordance with IFRS, this press release includes the following adjusted non-IFRS metrics: adjusted gross profit, adjusted operating profit, adjusted net income (loss), adjusted diluted earnings (loss) per share and adjusted EBITDA. We define adjusted gross profit as gross profit adjusted for share-based compensation expense. We define adjusted operating profit as profit from operations adjusted for share-based compensation expense. We define adjusted net income (loss) as net income (loss) adjusted for share-based compensation expense. We define adjusted diluted EPS as adjusted net income (loss) divided by the dilutive shares. We define adjusted EBITDA as net income (loss), excluding the impact of finance expense, income tax expense, depreciation, amortization, share-based compensation expense, transaction gains and associated expenses, restructuring charges and litigation settlements. We believe that in addition to our results determined in accordance with IFRS, these adjusted non-IFRS measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. These adjusted non-IFRS financial measures provide supplemental information regarding our operating performance that excludes certain gains, losses and non-cash charges that occur relatively infrequently and/or that we consider to be unrelated to our core operations. For further information regarding these non-IFRS measures, please refer to “Unaudited Reconciliation of IFRS to Adjusted Non-IFRS” table above. Adjusted non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of adjusted non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as a comparative measure. Conference Call and Webcast Information GF will host a conference call with the financial community on Tuesday, August 9, 2022 at 8:30 a.m. U.S. Eastern Time (ET) to review the Second Quarter 2022 results in detail. Interested parties may join the scheduled conference call by registering https://register.vevent.com/register/BIeafbd546fa2f42e4bcf2451abc7b44cf The call will be webcast and can be accessed from the GF Investor Relations website https://investors.gf.com. A replay of the call will be available on the GF Investor Relations website within 24 hours of the actual call. About GlobalFoundries GlobalFoundries® (GF®) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. Forward-looking Statements This press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” “outlook,” “on track,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by the COVID-19 pandemic and supply chain disruptions due to the Russia/Ukraine conflict and actions taken in response to such events; the market for our products may develop more slowly than expected or than it has in the past; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; and global economic conditions could deteriorate. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them. Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events, or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2021 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission. Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov. For further information, please contact: Investor Relations[email protected]
GlobalFoundries and Qualcomm Announce Extension of Long-term Agreement to Secure U.S. Supply through 2028 August 8, 2022 Multi-billion dollar revenue agreement increases global supply capacity reservation to cover multiple technologies WASHINGTON, D.C., August 8, 2022 – Following the recent passage of the U.S. CHIPS and Science Act last week, GlobalFoundries (Nasdaq: GFS) (GF), a global leader in feature-rich semiconductor manufacturing and Qualcomm Technologies, Inc. today announced they are more than doubling their existing strategic global long-term semiconductor manufacturing agreement previously entered into by GF’s and Qualcomm’s respective subsidiaries. Today’s announcement secures wafer supply and commitments to support U.S.-based manufacturing through capacity expansion at GF’s most advanced semiconductor manufacturing facility, in Malta, New York. The announcement was made in Washington D.C. at a CEO Summit co-hosted by GF, Ford Motor Company, and Applied Materials, which included National Economic Council Director Brian Deese, Under Secretary of Defense for Acquisition & Sustainability Dr. William LaPlante, and National Security Council Senior Director for Technology & National Security, Tarun Chhabra underscoring the importance of domestic manufacturing to national and economic security. The Summit included CEOs and senior leaders from across the semiconductor supply chain from tool and wafer manufacturers to key suppliers to end users of chips manufactured in the U.S. GF has been manufacturing Qualcomm Technologies’ feature rich, high-performance chips for many years, reaching across its global footprint. In 2021, Qualcomm Global Trading Pte. Ltd (QGT), a subsidiary of Qualcomm Technologies, was one of GF’s first customers to secure their supply with a long-term agreement covering multiple geographies and technologies. That agreement secured 22FDX™ capacity at GF’s Dresden facility and will now include capacity at GF’s recently announced facility in Crolles, France, making QGT an anchor customer in GF’s leading European proprietary technology. QGT has also secured capacity in GF’s market leading 8SW radio-frequency silicon-on-insulator (RFSOI) technologies for Sub 6GHz 5G front-end module (FEM) which will be primarily manufactured in GF’s Singapore facilities, where site expansion plans are well underway with full ramp expected in early 2023. Today’s announcement specifically extends QGT’s U.S. based collaboration with GF in FinFET for 5G transceivers, Wi-Fi, Automotive and IoT connectivity. GF’s FinFET platforms provide a best-in-class combination of performance, power and area that are well-suited for high-end Mobile, Automotive and IoT applications. “This is terrific news for GlobalFoundries, Qualcomm Technologies and for upstate New York. Just days after we passed my historic, bipartisan CHIPS & Science bill, we can already see the semiconductor industry reinvesting in the United States. This deal to 2028 proves what we have always known – that the industry will grow here when we are competitive with Asia and Europe. With major new federal incentives for microchip manufacturing in the U.S., I look forward to many more announcements like this to come,” said Senate Majority Leader Chuck Schumer “With accelerating demand for 5G, Automotive and IoT applications, a robust supply chain is critical for ensuring innovation in these areas remains uninterrupted,” said Dr. Roawen Chen, Senior Vice President and Chief Supply Chain and Operations Officer, Qualcomm Technologies, Inc. “Our continued collaboration with GF helps us to expand the next generation of wireless innovation as we move toward a world where everyone and everything can be intelligently connected.” “GF’s global manufacturing footprint enables us to partner with our customers to meet their capacity needs, where they need it,” said Dr. Thomas Caulfield, president and CEO of GF. “Our collaboration with Qualcomm Technologies delivers differentiation and innovation in mobile and IoT spanning three continents, and this long-term agreement extension provides Qualcomm Technologies with additional U.S. based manufacturing for a more resilient supply chain.” “Today’s announcement from our CEO Summit in Washington, D.C. secures Qualcomm Technologies as a key long-term customer through 2028 in our most advanced fab in upstate New York, which together with U.S. CHIPS and state funding, will fuel expanding GF’s U.S. manufacturing footprint. We applaud the bipartisan efforts and leadership demonstrated by Senator Schumer and the incredible support of Commerce Secretary Raimondo to bring back chip manufacturing to America,” added Dr. Caulfield. The global demand for semiconductors is growing at an unprecedented rate, and GF is responding to this growth through a series of strategic long-term agreements with existing and new customers and simultaneously expanding global capacity to meet customer demand in partnership with federal and local governments. Today’s announcement with Qualcomm Technologies is an important step consistent with this collaborative model. About GF GlobalFoundries (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. Forward-Looking Statements This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. About Qualcomm Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. When we connected the phone to the internet, the mobile revolution was born. Today, our foundational technologies enable the mobile ecosystem and are found in every 3G, 4G and 5G smartphone. We bring the benefits of mobile to new industries, including automotive, the internet of things, and computing, and are leading the way to a world where everything and everyone can communicate and interact seamlessly. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering, research and development functions, and substantially all of our products and services businesses, including our QCT semiconductor business. Contact: Erica McGillGlobalFoundries(518) 795-5240[email protected] Investor Relations: [email protected] Qualcomm Contacts: Pete Lancia, Corporate CommunicationsPhone: 1-858-845-5959Email: [email protected] Mauricio Lopez-Hodoyan, Investor RelationsPhone: 1-858- 1-858-658-4813Email: [email protected]
GlobalFoundries, Applied Materials and Ford to Co-Host CEO Summit to Secure U.S. Chip Supply Chain August 8, 2022 Business leaders and senior government officials to discuss new partnerships for U.S. technology leadership and collaboration on next steps following passage of CHIPS and Science Act WASHINGTON, D.C., August 8, 2022 – GlobalFoundries (Nasdaq: GFS) (GF), Applied Materials, Inc. (Nasdaq: AMAT) and Ford Motor Company (NYSE: F) today announced that the three companies’ CEOs will be co-hosting a summit of senior government officials, CEOs and C-suite executives from companies either involved in technology manufacturing or companies whose ability to compete depends on continued innovation, technology leadership and access to semiconductor chips in the U.S. The recent passage of the CHIPS and Science Act is a testament to the broad, bipartisan support and commitment to increasing semiconductor manufacturing in the U.S. These investments will enable the public-private partnerships that are needed to meet and keep up with the increasing demand for semiconductors. It will create the industrial strategy required to level the playing field for competitive semiconductor R&D and manufacturing in the U.S. The CEO summit is bringing industry and senior government partners together to engage in a constructive dialogue to discuss how these public investments can accelerate semiconductor and emerging technology manufacturing, support the electrification of automobiles with a ready supply of chips, including feature-rich chips, and strengthen the United States’ economy, supply chains, and national security. Joining industry leaders will be National Economic Council Director Brian Deese, Under Secretary of Defense for Acquisition & Sustainability Dr. William LaPlante, and National Security Council Senior Director for Technology & National Security, Tarun Chhabra underscoring the importance of domestic manufacturing to national and economic security. “President Biden and Congress have taken the bold action to level the playing field for competitive semiconductor manufacturing in the U.S.,” said Dr. Thomas Caulfield, president and CEO of GF. “The CHIPS and Science Act protects U.S. economic, supply chain and national security by accelerating semiconductor manufacturing on American soil and provides our customers with the supply chain predictability, reliability and security they expect and deserve.” The one-day summit is being held Monday, Aug. 8, 2022, in Washington and brings together leaders from: Semiconductor equipment, manufacturing and product companies, and industry associationsMajor automotive, technology and advanced systems companiesThe White House and Department of Defense “Semiconductors are the foundation of incredible advances in technology that will transform nearly every area of the economy over the coming decades,” said Gary Dickerson, president and CEO of Applied Materials. “The CHIPS and Science Act provides a catalyst for the industry to accelerate investments to make our supply chains more robust, speed up innovation and commercialization of next-generation technology, and create thousands of U.S. jobs.” With the investments that semiconductor manufacturers, their customers and the U.S. government will be making following the legislation’s recent passage, summit participants will be discussing how industry stakeholders can best accelerate U.S.: Semiconductor manufacturingTransportation electrificationEconomic, supply and national security “With his expected signing of the bipartisan CHIPS and Science Act tomorrow, President Biden is making it clear that government and industry leaders are laying the foundation for the next chapter in American innovation and manufacturing,” said Jim Farley, President and CEO of Ford. “A reliable domestic supply of chips, including legacy semiconductors needed in the automotive and defense industries, will keep American manufacturing lines humming, help make sure customers get the connected and electric vehicles they want, and strengthen the American economy and national defense.” More than 35 senior executives and leaders will be joining Dr. Thomas Caulfield, President and CEO, GF, Gary Dickerson, President and CEO, Applied Materials and Jim Farley, President and CEO, Ford at the summit for these timely and critical discussions. A list of participants may be found here. About GF GlobalFoundries, Inc. (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. About Applied Materials Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com. About Ford Motor Company Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, as well as connected services. Additionally, Ford is establishing leadership positions in mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs about 182,000 people worldwide. More information about the company, its products and Ford Credit is available at corporate.ford.com. GlobalFoundries Media Contact: Michael Mullaney[email protected] Applied Materials Media Contact: Ricky Gradwohl[email protected] Ford Media Contact: Melissa Miller[email protected]
Expanding the Possibilities August 4, 2022 By Mike Hogan, Chief Business Officer As somebody who has been in the semiconductor industry for more than 35 years, I’ve had a front row seat to many innovations, and I’ve found a common theme. The most amazing innovations tend to happen when you push the envelope, challenge a paradigm, and refuse to settle for the status quo. That’s exactly what we’re doing at GF. We’re leaning in hard, successfully challenging the conventional definition of semiconductor manufacturing innovation, and focusing on the 70% of the semiconductor market that requires feature-rich process technology. The results speak for themselves. From smart thermostats, industrial robotics, and smart appliances to electric vehicles, optical data networks, low earth orbit satellite systems and premium smartphones, GF makes the chips that are vital to how we live, work and play. We’re also challenging the status quo related to investment and collaboration. Our leadership in voicing the need for public private partnerships was clearly reinforced by the passing of the Chips and Science Act this week, confirming the importance of ongoing semiconductor manufacturing and innovation in the United States toward national interests such as supply chain security and access to advanced technology. This investment not only shows the power of embracing new strategies and partnering together, but also the power of energizing the community. Most importantly though, it all starts with a feature-rich approach. We work in lockstep with our customers to develop innovative process features that enhance and elevate capabilities for RF communications, efficient conversion and delivery of power, and precision analog for sensing. Our laser focus on select end markets means our solutions are differentiated and purpose-built for automotive, smart mobile, IoT, communications infrastructure, and data centers. Here are just a few of the ways we’re bringing new innovations to life: We continue to lead the way in radio frequency (RF) innovations with GF Connex, our feature-rich RF portfolio designed for next-gen wireless connectivity. We’re collaborating with industry leaders like Qualcomm, Broadcom, Fujikura, MediaTek, and others to address varied RF needs across smart mobile, IoT, and communications infrastructure.Our advancements in silicon photonics continue to address explosive growth of soaring data volumes while significantly reducing power consumption. We are working with industry leaders including Broadcom, Cisco Systems, Inc, Marvell and NVIDIA, along with breakthrough photonic leaders including Ayar Labs, Lightmatter, PsiQuantum, Ranovus and Xanadu, to deliver innovative, unique, feature-rich solutions to solve some of the biggest challenges facing data centers today. Our silicon photonics platform, GF Fotonix, is the first in the industry to combine its differentiated 300mm photonics features and 300GHz-class RF-CMOS on a silicon wafer, delivering best-in-class performance at scale. with partners like Cisco Systems, NVIDIA, and more.And GF Labs is a program focused on advancing new technology and long-term roadmap differentiation across some of the trends shaping the global economy, such as IoT, 5G, 6G, and next-gen automotive to name a few. According to International Business Strategies, these trends will drive semiconductor market revenue to more than $1.3 trillion by the end of the decade. The efforts of GF Labs will ultimately help customers expand their product innovation and speed time-to-market. Be sure to learn more on how GF is redefining semiconductor innovation and putting new possibilities within reach.
GlobalFoundries Statement on U.S. House of Representatives’ Passage of Legislation to Increase U.S. Semiconductor Manufacturing July 28, 2022 MALTA, N.Y., July 28, 2022 – GlobalFoundries (Nasdaq: GFS) (GF) today hailed the U.S. House of Representatives’ passage of legislation to increase U.S. semiconductor manufacturing known as “CHIPS and Science Act”. “With the votes taken today in the House of Representatives and yesterday in the U.S. Senate, Congress has expressed broad, bipartisan and national support for leveling the playing field for competitive semiconductor manufacturing in the U.S.,” said Dr. Thomas Caulfield, president and CEO of GF. “This week, Congress took action to protect U.S. economic, supply chain and national security by accelerating semiconductor manufacturing on American soil.” The CHIPS legislation now moves to the White House and awaits President Biden’s signature. The Biden Administration has been a strong supporter of increasing semiconductor manufacturing and the many jobs it creates in the U.S., an effort that has been led by Secretary of Commerce Gina Raimondo. “The investment being made will pay dividends through creation of high-paying jobs, community vitality, research and development, and innovation in the U.S.,” Caulfield added. “For GlobalFoundries, joint GF-customer-government partnership is a great example of how our nation’s greatest challenges can be solved by embracing new strategies and partnering together.” More than ever, consumers, businesses and governments depend on semiconductor chips in mobile devices, vehicles, the Internet of Things (IoT), 5G infrastructure, national defense and many other applications. “We are grateful to Speaker Nancy Pelosi, Congressman Paul Tonko, Congressman Peter Welch, CHIPS Act sponsors Congressman Michael McCaul and Congresswoman Doris Matsui, and the many steadfast leaders in the House, Senate, White House and Department of Commerce who helped us overcome obstacles and remained focused on increasing the U.S. share of global semiconductor manufacturing in America,” said Caulfield. “The leadership, persistence and spirit of collaboration and compromise on both sides of the aisle and across different branches of government are the reason we’ve reached this critical moment.” Once CHIPS Act funding legislation is signed into law, investments GlobalFoundries receives from the $52 billion in the legislation will be combined with similar investments being made by GF and its customers to expand the company’s manufacturing, research and development at its manufacturing sites in New York and Vermont. GF is already spending more than a billion dollars to expand manufacturing capacity at its campus and headquarters in Malta and is ready to accelerate its expansion plans there with the construction of new manufacturing facility, known as a “fab,” that would create roughly one-thousand high-tech jobs and thousands more to the New York State economy and semiconductor ecosystem both during construction and after the fab comes into operation. About GF GlobalFoundries, Inc. (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. Media Contact: Erica McGillGlobalFoundries[email protected]
