Vermont Partnership Advances Use of Green Hydrogen as Clean Fuel of the Future
The promise of a hydrogen economy and a clean energy future is taking a step forward with an innovative project that will take shape at GlobalFoundries (GF), thanks to a partnership with Vermont Gas Systems, Inc. (VGS) and the University of Vermont. The initiative was announced today by the partnership members.
New trainee blog
Hello and welcome to our new trainee blog. A good four months have now passed since the start of training in September, so this is a good time for a little review.
As expected, the first few weeks were full of new impressions. Just like the other eleven future microtechnologists, I met a lot of nice people, saw the inside of a clean room for the first time (impressive!) and soaked up a whole lot of knowledge. We have understood at least the basics of how a chip is manufactured and how it works – at least I think so. Hopefully in two and a half years we will all be ready to graduate and give our colleagues in the factory a helping hand.
From now on we will report regularly about the experiences during the training. See you soon!
Your Alex
Expansion, Innovation, and Growth at GF: Top 10 Stories from 2021
GlobalFoundries® (GF®) has never had a year quite like 2021. From major manufacturing expansion announcements, to collaborating with world-leading partners to redefine innovation for automobiles and smartphones, to making our stock market debut, this was a year to remember.
As we prepare to say goodbye to 2021, we have collected the top GF stories of the year.
Setting a Higher Bar for Sustainability
Building upon our longstanding commitment to environmentally responsible manufacturing and operations, this year GF announced the Journey to Zero Carbon initiative. The goal of Journey to Zero Carbon is to reduce GF’s total greenhouse gas emissions by 25% by 2030, as the company expands its global manufacturing capacity. As our CEO Tom Caulfield said:
” … Journey to Zero Carbon is the natural next step for us to take. It’s the right thing do to – for our business, for our global team, and for our planet.”
Along with doubling down on sustainability in our own operations, the semiconductor solutions we manufacture are enabling our partners and customers to achieve their own sustainability and efficiency goals. Our blog post, GF Technologies Enable a More Sustainable, More Efficient World, brings this story to life.
Leaning into Diversity and Inclusion
GF has one of the most diverse workforces of any semiconductor manufacturer, and we know this is a competitive advantage for our company. One of the ways we foster a culture of diversity and inclusion is by creating an environment of trust, and providing a structure that honors what makes us different so we can most effectively collaborate on our shared goals.
Employee Resource Groups, or ERGs, are a critical part of the structure we have in place to empower our team and celebrate the diversity of our workforce. These voluntary, employee-led groups create a space for individuals of a similar interest, culture, or experience to support and connect professionally and personally.
This year GF employees launched three new ERGS: Asian Society for Inclusion and Awareness; Pride at GF; and Unidos. Together with Black Resource Affinity Group (BRAG), GlobalWomen, GlobalFamilies, and other groups, these ERGs connect the GF community, strengthen our team, and help position our company for continued success.
Coinciding with GF’s new corporate brand (spoiler alert for no. 5 on this list!) was a new name for our longstanding GTC industry event. The 2021 GF Technology Summit encompassed four global events, and our 750+ attendees from countries around the world joined presentations, keynotes, and panel discussions featuring our incredible partners and customers, GF leaders, and other guests. Click here to view the replays of many of these sessions.
At the event, we announced a portfolio of new features that extend our solutions roadmap and accelerate the next wave of innovation in chip design for smart mobile devices, datacenter, IoT and automotive.
GF believes that semiconductor manufacturing innovation is about making chips smarter, not just smaller. We work closely with our customers and partners to develop and manufacture the feature-rich chips that are pervasive throughout people’s lives, and which provide performance vital to many growing markets.
In the words of our CEO Tom Caulfield, we “make the chips in many of your favorite electronics more connected and secure, more intelligent and intuitive, more powerful and power efficient.”
This innovation was on full display in 2021, as we made announcements about how GF chips are helping our customers push the envelope of technology:
We also announced a partnership with Raytheon to develop and commercialize a new gallium nitride on silicon semiconductor that will enable game-changing radio frequency performance for 5G and 6G mobile and wireless infrastructure applications.
For a peak into how innovation happens at GF, don’t miss our blog posts featuring a Q&A with GF Master Inventors Yan Ping Shen and Shesh Mani Pandey, as well as blog posts about the research and develop happening in partnership with world-leading academics as part of GF’s University Partnership Program:
Nearly every wireless call, text, email, photo or video, either taken or watched on smartphones in the last few years, was made possible through chips manufactured around the globe at GF. This is no accident: for years, we have been helping smartphone manufacturers overcome the toughest challenges necessary to meet the growing expectations of consumers.
This year was no exception. In September we announced an agreement with Qualcomm to deliver advanced 5G RF front-end products. As GF’s Dr. Bami Bastani put it: “Our strong collaboration with Qualcomm Technologies includes sub-6 GHz to unlock everyday access to 5G, and cutting-edge mmWave technology to take 5G to the next level” by delivering unmatched data speeds while continuing to provide the longest possible battery life for smartphones and many other 5G-connected devices. Read top tech analyst Pat Moorhead’s recap of the announcement here.
And at the 2021 GF Technology Summit, we announced the addition of exciting new features for our RF SOI solutions, which enable our customers to provide stronger and more reliable 5G connections.
GF Unveils New Brand
In July, GF introduced its new brand to the world. The new brand is the culmination of GF’s decade-plus journey, and embodies GF’s role as one of the world’s leading semiconductor manufacturers.
Retaining GF’s signature orange color and augmenting it with a bold new logo and visual imagery, the new brand identity is reflective of GF’s vital role in the global economy and our commitment to redefining innovation and semiconductor manufacturing.
Semiconductor supply chain constraints, often referred to as the “chip shortage,” made headlines across the world throughout 2021. GF CEO Tom Caulfield played an outsized role in this global discussion.
In his frequent interviews on CNN, Bloomberg, CNBC, and other news outlets, he helped create awareness and foster understanding of the chip shortage, the intense spotlight it put on our industry, and on just how critical semiconductors are to the $91T world economy.
Tom also shared the many ways in which GF was taking action (see no. 3 below) to meet the moment and grow our global capacity to manufacture more of the feature-rich chips that have become the drivers of technological and economic growth.
Throughout the year, Tom participated in a trio of White House summits, speaking with U.S. President Joe Biden, Secretary of Commerce Gina Raimondo and other Administration officials, and urging them to take bold action and help pave the way toward U.S federal investment in chip manufacturing to create jobs, shore up the supply chain, and increase the capacity of U.S.-made semiconductors.
Expanding our Global Manufacturing Footprint
In 2021, amidst unprecedented global demand for feature-rich semiconductors, GF announced it was expanding manufacturing capacity at its sites globally.
GF broke ground in June on the construction of a new fab at our Singapore campus. In partnership with the Singapore Economic Development Board and with co-investments from committed customers, GF announced an investment of more than $4 billion to add capacity for 450,000 wafers per year, bringing GF’s Singapore campus up to approximately 1.5 million wafers per year.
In July we hosted the first GF Executive Summit at Fab 8 in Malta, New York, which convened leaders from government and industry to advance the national discussion around solving U.S. semiconductor supply chain challenges. CEO Tom Caulfield was joined by U.S. Senate Majority Leader Chuck Schumer, U.S. Secretary of Commerce Gina M. Raimondo, former Pentagon officials, and executives from leading companies throughout the semiconductor supply chain.
At the summit, GF announced $1 billion in immediate investments to address the global chip shortage and add capacity to manufacture an additional 150,000 wafers per year at Fab 8. Sharing the stage with Sen. Schumer and Sec. Raimondo, CEO Tom Caulfield also announced plans were underway for GF to construct of a new fab on the Malta, N.Y., campus that will double the site’s capacity, using the same bold public-private partnership in close collaboration customers that fueled the expansion in Singapore.
GF also announced a $1 billion planned investment in Germany to grow the capacity of our Dresden facility, where in July our CEO hosted German Economics Minister Peter Altmaier.
There is so much excitement at GF around these expansions. As Tom put it: “Our industry is expected to grow more in the next decade than it did in the past 50 years and GF is stepping up to do its part as we work together to address the growing demand for technology innovation for the betterment of humanity.”
Driving Innovation in Automotive
GF is becoming the semiconductor foundry of choice for the world’s top vehicle-makers and their suppliers, in part because of the innovation we are bringing to the emerging auto trends of autonomous driving, connectivity, and electrification. Read more about this in our blog post: For Auto Industry, Innovation is GlobalFoundries’ Ace in the Hole.
As shown in no. 3 above, GF is pioneering a new economic model for our industry, based on long-term partnerships that help to ensure predictability, repeatability, and sustainability for both GF and our customers. Amidst the global chip shortage, these partnerships and alignment has never been more vital.
Throughout 2021, partnerships with automotive manufacturers and suppliers were prominent:
GF and Ford announced a strategic collaboration to address advanced semiconductor manufacturing and technology development within the United States, aiming to boost chip supplies for Ford and the U.S. automotive industry
BMW announced an agreement with GF to both build a more secure and resilient supply-chain partnership, and to accelerate technology development supporting the next generation of automotive innovation.
The automotive supply chain was also a focus of Volkswagen leader Murat Akselat’s featured talk at the 2021 GF Technology Summit.
GF and Bosch would partner to develop and manufacture next-generation automotive radar technology for Advanced Driver Assistance Systems (ADAS) applications, manufactured using GF’s 22FDX™ RF solution.
There is an open road of opportunity for further semiconductor innovation in automotive. As SVP Mike Hogan said, GF is laser-focused on creating new technologies for the car of tomorrow and “committed to building stronger relationships with the automotive industry to deliver innovation and address the growing demand for feature-rich chips.”
GF Launches IPO
An extraordinary milestone in GF’s history took place on October 28, when shares of GFS started trading on the Nasdaq stock exchange. In fact, GF was one of Nasdaq’s largest IPOs of the year and the largest semiconductor IPO ever.
Being a public company positions GF to further innovate and partner with customers to deliver semiconductors for humanity.
From ringing the opening bell at Nasdaq, to celebrations at our Fabs and sites around the world, to GF team members having their photos displayed in Times Square, to our CEO Tom Caulfield appearing on CNN and many other news outlets to discuss GF and our IPO, to incredible engagement from our employees, investors, customers, and partners – it was day none of us are likely to forget.
Thank you for reading our list Top 10 Stories from 2021! Wishing you happy holidays, a fantastic new year, and we’ll see you back on the Foundry Files in 2022!
GlobalFoundries Announces Extension of AMD Wafer Supply Agreement to Guarantee Supply
Malta, New York December 23, 2021– GlobalFoundries Inc. (Nasdaq: GFS) (GF), a global leader in feature-rich semiconductor manufacturing, today announced that it hasagreed to amend its Wafer Supply Agreement (WSA) with AMD to increase the volume of chips GF will supply as well as extend the terms of the agreement to secure supply through 2025. The agreement also expands the breadth of the partnership, including supply assurance for AMD chips serving the datacenter, personal computing, embedded and other growth markets.
GF has been manufacturing high-performance chips for AMD for more than 12 years, and this new agreement extends this long-standing partnership to ensure supply for AMD’s growing business. With this agreement, AMD now expects to purchase approximately $2.1 billion of wafers from GF between 2022 and 2025.
“We have been working closely with our customers for more than a year to help address the ongoing supply-demand imbalance in our industry,” said Tom Caulfield, GF CEO. “Our amended agreement with AMD is a prime example of our customers’ desire and willingness to secure long-term supply. This agreement not only increases the volume of chips we will be producing for AMD, it also secures and extends their supply through 2025.”
The global demand for semiconductors is growing at an unprecedented rate, and GF is responding to this growththrough a series of strategic long-term agreements with existing and new customers and simultaneously expanding global capacity to meet customer demand.
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.
Europe’s largest semiconductor manufacturer GlobalFoundries is modernizing its energy supply
Dresden, December 16, 2021. GlobalFoundries® (GF®) is modernizing its energy supply. The goal is to reduce costs and environmental impact while improving operational resiliency at its Fab 1 in Dresden, at the heart of Europe’s leading microelectronics cluster. The multi-year project is an important contribution to the company’s global efforts towards sustainability and efficiency. Upon completion of the project, the Energy Supply Center (EVC) will require 30 percent less natural gas than current operations. This should reduce greenhouse gas emissions by around 25 percent. In the course of a year, the EVC should then achieve an average overall efficiency of over 90 percent – that is up to 15 percent more than the most modern grid power plants achieve today.
In this project, GF is working together with the largest East German energy supplier, SachsenEnergie AG (SE), based in Dresden. As a regional leader in the energy industry, SE contributes its know-how in the field of energy supply technology in the form of planning, conversion and operational management of the EVC. The planning and approval processes have begun, and the project is scheduled for completion in 2027.
Most modern energy supply center in Europe
The modernization of the existing energy supply system is carried out parallel to ongoing production operations. After completion, the EVC will be one of the most modern of its kind in Europe. Together with SachsenEnergie, GF opted for a combined heat, power and cooling plant using natural gas as the primary energy source. In addition, the new EVC makes it possible to use alternative energy sources such as hydrogen. By the end of 2027, the GF Dresden site should be completely energy self-sufficient and independent of the public power grid.
A Contribution to the Journey to Zero Carbon Initiative
“In the course of the capacity expansion of Fab 1, the modernization of our energy supply is one of the most important projects for GF Dresden,” says Dr. Manfred Horstmann, Vice President and General Manager of GlobalFoundries Dresden. “This project makes a significant contribution to our company-wide Journey to Zero Carbon initiative, which aims to reduce total greenhouse gas emissions by 25 percent between 2020 and 2030.”
dr Frank Brinkmann, CEO of SachsenEnergie, thanks for the trust in a strong partnership: “We are very pleased to intensify the trusting, long-term cooperation with GlobalFoundries and with the new energy supply center to be built for GlobalFoundries, the security of supply at the highest technical standard with high-quality electricity for to provide the semiconductor industry. SachsenEnergie sees itself as a designer of an intelligent energy transition and as a partner to the industry. With the modernization and further expansion, together we are making the semiconductor location Dresden future-proof, greener and strengthening the attractiveness of the business location in the heart of Saxony.”
In addition, SachsenEnergie is driving the energy turnaround in Dresden and East Saxony by building new and modernizing its own power plants and increasing the construction of renewable energy systems such as solar thermal and wind power plants.
World market leader for function-rich semiconductors
GlobalFoundries Dresden, one of the company’s five production sites worldwide and the engine of the German microelectronics cluster, employs more than 3,200 people. GF is a global leader in the manufacture of feature-rich semiconductors. The chips are manufactured on semiconductor wafers in highly complex processes in a particle-free clean room.
Technical highlights:
In order to achieve 100 percent failsafety, the systems have a modular and redundant structure. In addition, the recooling system for the new power supply will be converted to a closed system. This reduces the amount of water needed and allows for a significant reduction in effluent from the EVC.
Energy requirements of the GF Fab in Dresden (uninterrupted 365 days a year):
1 terawatt hour; from that
Electrical energy requirement: 500 gigawatt hours (corresponds to the electricity requirement of approx. 125,000 households in Germany)
Demand for energy for heating and especially cooling: 500 gigawatt hours
Effects after modernization:
Reduction of greenhouse gases by at least 100,000 tons per year
80 percent less water consumption and waste water discharge with EVC
Unique at GF Dresden:
Use of almost 100 percent of the waste heat from natural gas engines by converting it into heating and cooling energy and using the Organic Rankine Cycle (ORC) process
Other special features:
GF operates fully air-conditioned clean rooms, as even minimal fluctuations in humidity and temperature affect production.
To support the cooling of the waste heat generated during production, GF uses the largest ice storage facility in Europe. It is used to cover peak loads and to store energy. In the course of modernization it will be further expanded.
Information on GF and climate protection:
a) Information on the reduction of total greenhouse gas emissions:
Nora Weinhold Press and Media Spokeswoman SachsenEnergie Email: Nora.Weinhold@SachsenEnergie.de Tel.: +49 351 468-3671 Mobile: +49 174 1502935
BMW Group Signs Agreement with Inova Semiconductor and GlobalFoundries to Secure Supply
Will secure several million semiconductors per year
First deliveries for BMW iX
Wendt: “Securing our needs for the long term”
Munich, 8. November 2021. The BMW Group is exploring new ways of working with suppliers and, in the case of strategically important components, becoming more closely involved in the supplier network. To secure semiconductor supplies for the long term, the company has signed a direct supply assurance agreement with high-tech microchip developer INOVA Semiconductors and semiconductor manufacturer GlobalFoundries® (GF®). The agreement guarantees the BMW Group the supply of several million microchips per year. The microchips will be used in the ISELED smart LED technology co-developed by the BMW Group, which will be deployed for the first time in the BMW iX and rolled out in further models. Customer deliveries of the BMW iX got underway in early November.
“We are deepening our partnership with suppliers at key points in the supplier network and synchronising our capacity planning directly with semiconductor manufacturers and developers. This improves planning reliability and transparency around the volumes needed for everyone involved and secures our needs for the long term,” said Dr Andreas Wendt, member of the Board of Management of BMW AG responsible for Purchasing and Supplier Network. “This pioneering agreement marks the next logical step in securing our supplies in an even more proactive manner going forward.”
This agreement is a model of how to build more secure, and resilient supply-chain partnerships and accelerate technology development supporting the next generation of automotive innovation.
“With this agreement directly with an OEM, we are certainly entering new territory as a semiconductor company” says Robert Kraus, CEO of INOVA Semiconductors. “We are convinced that this innovative approach of a partnership across the production chain will be target-oriented: in this way, we secure the requirements of our end customer and have a high degree of planning security with the long production cycles of the chips. That is a real win-win situation.”
“GF is committed to building stronger relationships with the automotive industry to deliver innovation and address the growing demand for feature-rich chips,” said Mike Hogan, senior vice president and general manager of Automotive, Industrial and Multi-market at GF. “This supply assurance agreement with BMW and Inova Semiconductor demonstrates how we are partnering to develop innovative smart LED technology for the new BMW iX and to create new technologies for the car of tomorrow.”
Several thousand semiconductors per car
Depending on the equipment options, every car contains several thousand of the wafer-thin semiconductors that are essential for all electronic devices. They serve various functions by performing arithmetic and control tasks in computers, storing data or even handling multiple tasks at the same time. The share of electronic components in vehicles is likely to increase further in the future.
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The BMW Group
With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. The BMW Group production network comprises 31 production and assembly facilities in 15 countries; the company has a global sales network in more than 140 countries.
In 2020, the BMW Group sold over 2.3 million passenger vehicles and more than 169,000 motorcycles worldwide. The profit before tax in the financial year 2020 was € 5.222 billion on revenues amounting to € 98.990 billion. As of 31 December 2020, the BMW Group had a workforce of 120,726 employees.
The success of the BMW Group has always been based on long-term thinking and responsible action. The company set its course for the future early on and is making sustainability and resource efficiency the focus of the company’s strategic direction – from the supply chain, through production, to the end of the use phase, for all its products.
根据设备选项的不同,每辆汽车都包含几千种晶圆般薄的半导体,这些半导体对所有电子设备来说都是必不可少的。它们通过在计算机中执行算术和控制任务、存储数据,甚至同时处理多项任务,发挥着各种功能。未来,电子元件在汽车中的份额可能会进一步增加。Depending on the equipment options, every car contains several thousand of the wafer-thin semiconductors that are essential for all electronic devices. They serve various functions by performing arithmetic and control tasks in computers, storing data or even handling multiple tasks at the same time. The share of electronic components in vehicles is likely to increase further in the future.
GlobalFoundries Reports Third Quarter 2021 Financial Results
Record Adjusted Gross and Adjusted EBITDA Margins
Malta, NY, Nov. 30, 2021 – GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced financial results for the third quarter ended September 30, 2021.
Key Third Quarter Financial Highlights
Revenue of $1.7 billion, up 5% sequentially, reflecting ongoing demand for our differentiated technologies
Record gross margins of 17.6% and adjusted gross margins of 18%.
Record adjusted EBITDA margins of 30% which grew 84% year-over-year demonstrating continued progress to our target operating model.
Cash flows from operations of $1.1 billion.
“The third quarter marked the ongoing acceleration of our strategy to lead in the pervasive semiconductor market and demonstrated continued progress towards our target financial model,” said Tom Caulfield, CEO of GF. “Our revenue growth was primarily driven by higher wafer output and continued improvement in mix as our differentiated solutions become a larger portion of our total business. We expect continued revenue and profit growth in the fourth quarter. We are also excited to begin our journey as a public company. Our IPO in October was an outcome of more than a decade of dedication and commitment of our more than 15,000 employees to build an atscale global semiconductor manufacturer with strong technological differentiation.”
Key Recent Business Highlights:
GF began trading on the Nasdaq Stock Market under the ticker “GFS” on October 28.
GF and Qualcomm signed an agreement to extend the companies’ successful collaboration to deliver advanced 5G RF front-end products.
GF 22FDX™ platform is Auto Grade 1 qualified at Fab 1 in Dresden, Germany.
GF set a “Journey to Zero Carbon” goal to reduce greenhouse gas emissions by 25% from 2020 to 2030
GF appointed Elissa Murphy to its Board of Directors. Ms. Murphy is currently a vice president of Engineering at Google, and previously served as the chief technology officer and executive vice president of Cloud Platforms at GoDaddy.
Summary of Fourth Quarter 2021 Outlook:
Revenue expected to be $1,800 million to $1,830 million.
Gross profit expected to be $335 million to $350 million; adjusted gross profit expected to be $344 million to $359 million.
Operating profit expected to be $55 million to $75 million; adjusted operating profit expected to be $92 million to $112 million.
Net income expected to be $13 million to $33 million, adjusted net income expected to be $50 million to $70 million.
Basic earnings-per-share (EPS) for the quarter expected to be $0.02 to $0.06; adjusted basic EPS expected to be $0.09 to $0.13.
Adjusted EBITDA expected to be $510 million to $530 million.
Share-based compensation in cost of revenues expected to be approximately $9 million; Share-based compensation in operating expenses expected to be approximately $28 million (approximately $2 million in Research and Development and approximately $26 million in Sales, Marketing, General and Administrative).
The guidance provided above contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The guidance includes our management’s beliefs and assumptions and is based on information currently available. GF has not provided a reconciliation of its Fourth Quarter fiscal quarter outlook for non-International Financial Reporting Standards (IFRS) gross margin, non-IFRS operating profit margin, non-IFRS EPS or Non-IFRS Adjusted EBITDA Margin because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forwardlooking estimate between such forward-looking non-IFRS measures and the comparable forward-looking IFRS measures. 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.
Adjusted Financial Measures
In addition to the financial information presented in accordance with IFRS, this press release includes the following non-IFRS metrics: adjusted gross profit, adjusted EBITDA, adjusted operating profit, adjusted net income (loss) and adjusted EPS. We define adjusted gross profit (loss) as gross profit (loss) adjusted for share-based compensation expense. We define adjusted EBITDA as net income (loss), excluding the impact of interest expense, tax expense, depreciation, amortization adjusted for share-based compensation expense, transaction gains and associated expenses, restructuring charges and litigation settlements. We define adjusted operating profit (loss) as profit (loss) 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 EPS as adjusted net income (loss) divided by the weighted average number of ordinary shares outstanding.
We believe that in addition to our results determined in accordance with IFRS, these non-IFRS measures are useful in evaluating our business and the underlying trends that are affecting our performance. These 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. These non-IFRS measures are used by both our management and our board of directors, together with the comparable IFRS information, in evaluating our current performance and planning future business activities.
We believe that these non-IFRS measures, when used in conjunction with our IFRS financial information, also allow investors and users of our financial statements to better evaluate our financial performance in comparison to other periods and to other companies in our industry. However, 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 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, November 30, 2021 at 4:30 p.m. U.S. Eastern Standard Time (EST) to review the Third Quarter 2021 results in detail. Interested parties may join the scheduled conference call by dialing the following numbers:
Within the U.S.: 1-877-788-0411
Outside the U.S.: 1-615-489-8522
Participant Passcode: 5743266
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 atscale 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 express and implied “forward-looking statements,” including but not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations 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 number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, our business could be impacted by the COVID-19 pandemic and actions taken in response to it; 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 listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov.