GlobalFoundries Announces Conference Call to Review Second Quarter 2023 Financial Results July 5, 2023 MALTA, N.Y., July 05, 2023 (GLOBE NEWSWIRE) — GlobalFoundries (NASDAQ: GFS) today announced that it will host a conference call on Tuesday, August 8, 2023, at 8:30 a.m. ET following the release of the company’s second quarter 2023 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, August 8, 2023, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here. The company’s financial results and a webcast of the conference call will be available on GlobalFoundries’ Investor Relations website at https://investors.gf.com. 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. ©GlobalFoundries Inc. GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. For further information, please contact: [email protected]
GlobalFoundries Showcases Commitment to ESG in New 2023 Corporate Responsibility Report June 30, 2023 by Stacey BarrickGlobal Head of ESG, Labor and Employment law, and Employee Relations I am proud to share that GlobalFoundries (GF) has published its 2023 Corporate Responsibility Report. This comprehensive report details GF’s environmental, social, and governance (ESG) efforts over the past year. It highlights our company’s commitment to ESG leadership and showcases the positive outcomes driven by our global team, as we work every day to deliver GF’s mission of innovating and partnering with customers to deliver semiconductor solutions for all humanity, and guided by our vision of changing the industry that is changing the world. GF’s Corporate Responsibility Report includes a wealth of information and demonstrates the ways that our global team is creating value through doing the right thing. Covered topics range from our top priority of employee health, safety, and well-being, to our critical diversity, equity, inclusion, and belonging efforts. They include our commitment to resource conservation and sustainable chip manufacturing, responsible sourcing, the many ways in which GF semiconductor technology is benefitting humanity, corporate governance, employee giving, community support and engagement, and so much more. Here are just a few examples of the information and stories you will find in the report: The health and wellbeing of our global team is paramount to GF, and we achieved our goal to keep employees safe with best-in-class recordable injury rates GF is benefitting from a diversity of perspectives by growing executive women and executive minority representation, and partnering with leading organizations to grow and cultivate our diverse workforce GF continues to deliver on its commitment to sustainable manufacturing, and in 2022 we executed on projects resulting in the avoidance of greenhouse gas emissions, chemical use and waste generation, and savings in water and electricity use How GF semiconductor technologies are enabling innovation and helping to shape a more sustainable and healthier world With the introduction of a new GF Supplier Diversity Program, we are strengthening our supply chains and our commitment to responsible sourcing practices This is the kind of work the GF team does every day. ESG and corporate responsibility are embedded in the fabric of our company, and have been for years. Along with the vital role our company plays by manufacturing the essential chips that enable nearly every important technology in our lives, GF is committed to being a world-class employer, an engaged corporate citizen, and a strong neighbor to our communities. The 2023 Corporate Responsibility Report demonstrates these efforts and outcomes in a succinct way. As Dr. Thomas Caulfield, president and CEO of GF, Tom Caulfield says in his introduction to the report : “All of these efforts are informed by our corporate responsibilities, which are fundamental to who we are as a company. These priorities underpin our day-to-day operations and our long-term strategic goals, and there is no process, project, or corner of our company in which our corporate responsibilities are not critical factors in our decision making and actions. Prioritizing these responsibilities makes us better as a company and enables us to better deliver on our commitments to all our stakeholders.” I invite you to invest some time clicking through and reading GF’s 2023 Corporate Responsibility Report, to learn more about what our team has accomplished together, and our ongoing commitment to ensuring a better tomorrow for everyone. Stacey Barrick leads Environment Social Governance, Employment Law and Employee Relations at GF. In her role, she leads a global team that oversees GF’s sustainability strategy and programs that focus on reducing GF’s environmental impact, advance sustainable supply chains, foster diversity equity and inclusion, and build inclusive and resilient communities. Prior to joining GF, Stacey held various senior leadership roles in Human Capital Management and Financial Counseling with Goldman Sachs.
How Do You Replace a Semiconductor in Space? June 20, 2023 By Deniz Civay Deputy Director, Aerospace and Defense, GlobalFoundries What does a semiconductor chip on the International Space Station have in common with a chip in your phone or car? Security, reliability, and GlobalFoundries (GF). GF is the most advanced semiconductor foundry in the United States with capability and accreditation to manufacture highly sensitive chips for use in defense systems on land, sea, air, and in space. Many of these chips, as well as many of the chips we manufacture for other customers in different industries, are built on GF’s 12LP platform. This technology is purpose-built to deliver high performance and power efficiency for demanding applications. Space certainly qualifies as a demanding application. In fact, space is the ultimate extreme environment. The low temperatures and radiation variability in space can easily cause electronics to stop functioning and fail. This can happen in a few different ways. Sometimes radiation hits the chip and causes what’s called a “single event upset.” Other times, chips fail from the long-term “total ionizing dose” that accrues on the chip. So back to the question in the headline: If a chip fails in space, how do you replace it? You don’t. That’s why it’s critical for these chips to be reliable, secure, and able to withstand the harsh environments of space including radiation effects and a wide range of extreme temperatures. The International Space Station Credit: NASA Long Journey to Deep Space GF’s 12LP platform is a 3D FinFET technology used for many chip designs, each implementing a wide range of features and capabilities for different end uses. For space applications such as satellites, International Space Station systems, or rovers used on Mars, the chips are customized with Radiation Hardened by Design (RHBD) features. This RHBD work is done by GF ecosystem partners and other companies that focus on semiconductor design, as well as by GF customers that produce satellites and their subsystems, to ensure the chips can withstand the harsh environment of space. RHBD introduces techniques such as design redundancy with spatial positioning awareness to ensure the chip will not fail during the timeframe it’s needed. The time a chip must perform depends upon the use lifetime, for example how far out into space the chip is traveling and how long that journey will take. There are GF-made chips in systems in low-earth orbit (LEO), geosynchronous orbit (GEO), and deep space. More than 3,000 satellites are currently in LEO, whereas there are about 5,000 satellites further out in GEO. The further away from the Earth’s surface, the harsher the environment. GF 12LP semiconductors with RHBD are one of the few chips that meet the stringent requirements for the long journey to deep space. Icy cliffs at the Martain North Pole as seen by the Mars Reconnaissance Orbiter Credit: NASA Dual-Use Technologies GF delivers high-volume manufacturing (HVM) production to achieve economies of scale. In other words, we make a lot of the same type of chip at once – a process that is much easier said than done and requires innovation, technical know-how, and a world-class team of engineers and technicians. But there are billions more AI servers, phones and cars than satellites, and trillions more chips on Earth than in space. So why does GF even make chips for space? And how does this work with HVM? We focus on what are called “dual-use” technologies for the needs of our aerospace and defense customers. GF manufactures smaller batches of chips for satellites or other applications, which other companies have customized with RHBD to make them suitable for space. We also aggressively partner with our customers and others to innovate on new ways of customizing these (pre-RHBD) chips, and adding new features, to suit the needs of larger commercial markets such as smartphones or automobiles. Dual-use technologies help ensure the U.S. has the most secure and advanced chips in satellites as well as cars, datacenters, cell phone towers, and many other technologies, with the best economics. Any chip’s space performance can be improved with RHBD, however some chips are better suited than others. GF has several technologies that work particularly well with RHBD – including our 12LP, 22FDX and 45CMOS platforms – and enable customers to optimize the performance, power, and size of chips to meet the needs of their specific applications. GF has many ecosystem partners that implement RHBD to create these kinds of chips, and some customers take advantage of this and use the capability to put chips in space. Close-up of GF-made semiconductors As I mentioned above, GF is the most advanced semiconductor foundry in the U.S. with capability and accreditation to manufacture highly sensitive chips for use in many of the nation’s mission-critical aerospace and defense applications. GF chips are produced using the highest standard of security. The reliability of these uncompromised chips, in turn, helps to ensure U.S. advancements in space are secure. This includes the GF 12LP chips headed into the vast expanse of space, and leads us back to the original question we set out to answer: Q: How do you replace a semiconductor in space? A: You don’t. And if you use GF chips that have been designed and manufactured to weather the harsh environment and challenges of space, you won’t need to. Dr. Deniz Civay leads the Harsh Environment battleground at GF with the goal of ensuring the most secure onshore advanced technologies for deep space and defense products. She’s deputy director of GF’s aerospace and defense business strategy team. When she started at GF 12 years ago, she worked in R&D inventing novel technologies resulting in 10 patents and many papers. She is PMP certified and holds a Ph.D. in polymer science and engineering from the University of Massachusetts Amherst.
Lockheed Martin and GlobalFoundries Collaborate to Advance Innovation and Resiliency of Chips for National Security June 12, 2023 Collaboration will boost U.S. semiconductor supply chain for mission-critical security systems, in support of the CHIPS and Science Act MALTA, N.Y., June 12, 2023 — Lockheed Martin (NYSE: LMT) and GlobalFoundries (Nasdaq: GFS) (GF) today announced a strategic collaboration to advance U.S. semiconductor manufacturing and innovation and to increase the security, reliability and resiliency of domestic supply chains for national security systems. This collaboration will enable Lockheed Martin to more quickly and affordably produce secure solutions that increase the competitiveness and national security of the United States. The announcement was made today at GF’s advanced manufacturing facility in upstate New York with U.S. Senate Majority Leader Charles Schumer, Lockheed Martin Chairman, President and CEO Jim Taiclet and GF President and CEO Dr. Thomas Caulfield. The companies will leverage GF’s differentiated technology and trusted manufacturing practices to increase anti-fragility in microelectronics systems and supply chains. The collaboration will explore critical needs in semiconductor innovation and secure manufacturing across a range of advanced and next-generation chip technologies, including 3D heterogeneous integration for optimized chip packaging that improves performance; silicon photonics for low-power and high-speed data transport; and gallium nitride on silicon to help chips work at higher temperatures. The companies will also work to develop a chiplet ecosystem to produce chips more rapidly and affordably. The collaboration between Lockheed Martin and GF directly supports the CHIPS and Science Act’s objectives of increasing traceability, provenance, and onshore production of critical semiconductor technologies to strengthen national and economic security and domestic supply chains. “This major new partnership between GlobalFoundries and Lockheed Martin brings together two giants of Upstate NY industry to ensure that the chips used in the technology that keep our country and our troops safe are made right here in the Capital Region. That means that more of the most complex, critical components we need to protect our national security going forward are going to be stamped ‘Made in New York’,” said Senator Schumer. “I wrote my CHIPS & Science Act to spark partnerships like this that will secure our domestic supply chains and lead to job growth and investment in places like Upstate New York. Now more than ever, we need to secure our supply chains, and make sure the chips that our military relies on are built in places like the Capital Region, not overseas, and GlobalFoundries and Lockheed Martin are leading the charge to ensure that we build America’s tech future here in Upstate NY.” “Lockheed Martin is focused on delivering cutting-edge 21st Century Security capabilities that advance deterrence and keep our customers ahead of emerging threats,” said Jim Taiclet, chairman, president and CEO of Lockheed Martin. “This begins with securely manufactured semiconductors. We look forward to working with GlobalFoundries to help increase access to domestically produced microelectronics – a true national security imperative.” “The GF team has been a trusted partner of the U.S. government and the aerospace and defense industry for decades,” said Dr. Thomas Caulfield, president and CEO of GF. “We are proud to collaborate with Lockheed Martin to address the growing need for a reliable supply of trusted, feature-rich semiconductors for mission-critical security systems. Today’s announcement is another example of GF’s commitment to innovation, our global manufacturing footprint, and enabling a more resilient semiconductor supply chain in the U.S. and abroad.” GF’s manufacturing facilities in New York and Vermont have Trusted accreditation from the U.S. government and are authorized to produce secure chips for use in the nation’s most sensitive systems on land, air, sea, and in space. Both companies are committed to helping strengthen the supply chain for semiconductors used in critical defense systems. To further advance this shared goal, Lockheed Martin and GF will jointly pursue external funding opportunities, technology development, and collaboration with the U.S. government. About Lockheed Martin Headquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 116,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. Please follow @LMNews on Twitter for the latest announcements and news across the corporation. 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 gf.com. ©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. 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. Media Contacts: Lockheed MartinCailin Schmeer[email protected]301-214-3030 GlobalFoundries Michael Mullaney[email protected] Photos Click photos to download
GlobalFoundries and STMicroelectronics Finalize Agreement for New 300mm Semiconductor Manufacturing Facility in France June 5, 2023 Paris, June 5, 2023 – GlobalFoundries Inc. (Nasdaq: GFS), a global leader in feature-rich semiconductor manufacturing, and STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, announced today the conclusion of the agreement to create a new, jointly-operated, high-volume semiconductor manufacturing facility in Crolles (France), which was announced on 11 July 2022. “I would like to thank Minister Le Maire, the French Minister of the Economy and Finance, and his team for their support and the dedication for the last 12+ months that have made celebrating today’s milestone possible,” said Dr. Thomas Caulfield, president and CEO of GlobalFoundries. “In partnership with ST in Crolles, we are further expanding GF’s presence within Europe’s dynamic technology ecosystem while benefiting from economies of scale to deliver additional capacity in a highly capital efficient manner. Together we will deliver GF’s market leading FDX technology and ST’s comprehensive technology roadmap, in alignment with customer demand which is expected to remain high for Automotive, IoT, and Mobile applications over the next decades.” “Today marks an important milestone for ST, for GF as well as for Europe. This could not have been achieved without the support of the French government as well as of the European Commission,” said Jean-Marc Chery, President and CEO of STMicroelectronics. “We will further reinforce the European and French FD-SOI ecosystem, building more capacity for our European and global customers in complex, advanced technologies for key end-markets including automotive, industrial, IoT and communication infrastructure, as they transition to digitalization and decarbonization. This new manufacturing facility will support our $20 billion+ revenue ambition.” The program represents an overall projected cost of 7.5 billion euro for CAPEX, maintenance and ancillary costs. The new facility will benefit from significant financial support from the State of France (administered by Bpifrance). The aid measure, in line with the objectives set out in the European Chips Act and part of the “France 2030” plan, recently received approval from the European Commission. * * * 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 Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. Or its subsidiaries. All other trademarks are the property of their respective owners. Contacts: Media: Laurie Kelly GlobalFoundries +1 518 265 4580 [email protected] Investor Relations: [email protected] About STMicroelectronics At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and connectivity. We are committed to achieving our goal of becoming carbon neutral by 2027. Further information can be found at www.st.com. Contacts: INVESTOR RELATIONS: Céline Berthier Group VP, Investor Relations Tel: +41.22.929.58.12 [email protected] MEDIA RELATIONS: Alexis Breton Corporate External Communications Tel: + 33.6.59.16.79.08 [email protected]
U.S. Government Accredits GlobalFoundries to Manufacture Trusted Semiconductors at New York Facility May 30, 2023 Securely manufactured chips to be used in DoD systems on land, air, sea, and in space MALTA, N.Y., May 30, 2023 – The U.S. Department of Defense (DoD), through the Defense Microelectronics Activity (DMEA), Trusted Access Program Office (TAPO), has accredited GlobalFoundries’ (Nasdaq: GFS) (GF) advanced manufacturing facility in Malta, New York, as a Category 1A Trusted Supplier with the ability to manufacture secure semiconductors for a range of critical aerospace and defense applications. The latest milestone in the longstanding partnership between the DoD and GF, the accreditation was enabled by GF’s ability to meet DoD requirements for having stringent security processes, equipment, and oversight in place to accept and protect sensitive information and manufacture Trusted chips in a way that ensures they are secure and uncompromised. These securely manufactured chips include those manufactured on GF’s most advanced 12nm FinFET technologies, and will be used in DoD systems on land, air, sea, and in space. “The secure manufacturing of semiconductors is critical to safeguarding the confidentiality, integrity, and reliability of the technology that powers our modern world, and nowhere is this more important than aerospace, defense, and critical infrastructure systems,” said Dr. Thomas Caulfield, president and CEO of GF. “We are proud to deepen our relationship with the Defense Department, and to receive DMEA accreditation at our New York manufacturing facility. GF’s differentiated chip technologies provide optimized performance for critical DoD systems, and we are uniquely positioned by our ability to provide secure semiconductor manufacturing at scale.” Dr. Nicholas Martin, DMEA Director, said: “This accreditation at the Malta site will enable the Department to have access to the most advanced ASIC technology node available from a DMEA accredited Trusted Supplier. Accrediting GlobalFoundries to manufacture our country’s sensitive chips strengthens the domestic microelectronics industrial base and our nation’s efforts to fortify its semiconductor supply chain for national and economic security. Trusted Supplier accreditation continues to be a benchmark in semiconductor assurance and will ensure the DoD has reliable access to a range of securely manufactured chips it needs for its defense systems and is the latest collaboration in the longstanding partnership between the DoD and GF to provide silicon-based semiconductors for defense and aerospace applications.” In 2022, the DoD, through the Manufacturing Capability Expansion and Investment Prioritization (MCEIP) Directorate, entered a $117 million agreement with GF to provide a strategic supply of U.S.-made semiconductors built in Malta, New York, on GF’s differentiated 45nm SOI platform. This accreditation adds to GF’s New York Facility’s compliance with U.S. International Traffic in Arms Regulations (ITAR) and highly restrictive Export Control Classification Numbers under the Export Administration Regulations (EAR). GF employs approximately 2,500 people in Malta, New York, and has invested more than $15 billion in the facility. GF also manufactures Trusted semiconductor chips for the DoD at its facility in Vermont. 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 Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. Or its subsidiaries. All other trademarks are the property of their respective owners. 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 required by law. Media Contact: Michael Mullaney[email protected]
GF is the Partner of Choice for University Collaborations May 26, 2023 by Gary Dagastine One of GlobalFoundries’ (GF’s) strategic strengths is its robust university network, which is differentiated in the semiconductor industry by the extent and diversity of its academic partnerships. This ecosystem is made up of technical collaborations with leading professors on research and development (R&D) projects, institution-level strategic partnerships with select universities, and a wide range of workforce development programs aimed at preparing and training the semiconductor workforce of tomorrow. The cornerstone of GF’s university ecosystem started several years ago, when the company began a highly successful University Partnership Program (UPP) to cultivate mutually beneficial R&D partnerships with professors who are world experts in technical disciplines relevant to GF’s end markets. GF works with the professors, gives them access to its differentiated technologies, provides engineering support, and lets them and their students tape-out, or produce, their work on GF’s multi-project wafer (MPW) runs. In return, GF receives valuable technical feedback, has learned many different ways in which its platform technologies can be used to create innovative solutions for many applications and has trained hundreds of students on their technologies Participation has grown to more than 70 professors and about 400 students at 60 universities worldwide. It has opened up opportunities for them to speak at some of the world’s most important technical conferences and to publish some 500 peer-reviewed papers. The program is overseen by GF Labs, which leads the company’s R&D efforts. GF’s academic partners are highly enthusiastic about the program. This includes Profs. James Buckwalter and Clint Schow at the University of California, Santa Barbara (UCSB), who are longstanding partners of GF. The professors have several ongoing research projects, including work related to boosting the performance of chips with silicon photonics and the heterogenous integrated with mmWave electronics. Thier research teams include a range of UCSB students. “I’ve graduated more than 30 Master’s and Ph.D. students over my career, all of whom have used GF’s technologies, and they take that knowledge with them to their employers,” Buckwalter said. “I think it produces students who are well-equipped to go out there and make a big difference in the industry, and of course, all of them will be familiar with the GF technologies that make it possible,” added Schow. The program has also led to many valuable internship and employment opportunities for students, who gain great familiarity with GF’s technologies in the course of their studies. Sometimes GF’s customers are part of these projects, too, which gives students opportunities they may not otherwise have had. For example, Prof. Frank Ellinger’s research group at Technische Universität Dresden, one of Germany’s leading technical universities located near GF’s German fab, includes Ph.D. students working on 22FDX-based 77 GHz circuits for automotive radar. He said, “We educate diploma, masters, and Ph.D. students at TU Dresden, who are important as a pool of skilled personnel for GlobalFoundries here, as well as for other companies in Silicon Saxony which are GF customers.” GF’s Evolving, Expanding Institutional Relationships At the technology level, the evolution of AI, the Internet of Things (IoT), 5G wireless communications and many other technologies has demonstrated the importance of advanced, differentiated solutions for these fast-growing areas versus traditional transistor scaling. At the industry level, meanwhile, the need for reliable and robust supply chains, and to find and train the technical talent needed in the coming years, have become more critical than ever before. Addressing them has become an urgent priority given the push to expand semiconductor manufacturing in the U.S. and in other geographies. Finally, at the societal level, the Covid-19 pandemic has led to great changes in how we live, work and play. This “New Normal” has highlighted the importance of semiconductors to modern life, because chips are the building blocks of the electronic devices we rely on every day. To address these larger issues, different types of collaborations with the academic world are needed. Therefore, building on the success of the original partnership program with professors which continues to strengthen, GF’s Strategic University Partnership model was formed. It is the home for all of GF’s R&D-focused academic and institutional relationships and initiatives, and is part of GF Labs, which drives all of GF’s technology advancement efforts. Building on Success Gregg BartlettGF Chief Technology Officer “The success of our original University Partnership Program has made us the partner of choice for universities, as they vie for the billions of dollars the U.S. government is making available to grow the semiconductor industry in the U.S.,” said Gregg Bartlett, GF’s Chief Technology Officer who oversees GF Labs. “The transition of technologies out of academia and into industry is a well-paved road, and it is our very deliberate intent to continue scaling up and evolving our institutional collaborations in a way that addresses our business goals.” Bartlett serves on the R&D Gaps and Workforce Development Working Groups within the Industrial Advisory Committee for the U.S. Government’s CHIPS and Science Act (the “Chips Act”) as well as the Purdue Semiconductor Degree Program Leadership Board and SRC Governance Council for JUMP2.0. The CHIPS Act will provide $52 billion to boost U.S.-based semiconductor innovation and manufacturing, with $11 billion dedicated to research and development and technology commercialization. “The partnership program has really been the bright North Star over the last several years, helping us navigate the academic R&D landscape,” he said. “By giving us access to the diversity of thought of people who are coming at problems from an academic versus a commercial perspective, synergies are created that aren’t possible otherwise, and many innovations have been born as a result. It has led us to think much more broadly and aggressively about where we want to go with our university engagements, and we have begun to move in that direction.” As an example, Bartlett pointed to the recently announced strategic partnership between GF and Purdue University to strengthen and expand joint R&D projects, as well as to offer new educational opportunities for students. Purdue launched the first large-scale comprehensive semiconductor degrees program in the U.S. last year, and Bartlett is an inaugural member of Purdue’s Semiconductor Degrees Leadership Board, which advises on the program and its curriculum. Additionally, GF recently announced a new partnership with Georgia Tech, to expand collaboration between the two institutions on semiconductor research, education, talent and workforce development. GF is also a member of MIT’s Industrial Liaison Program, and has many other touchpoints with industry-academia partnership programs, consortia, and coalitions. Through partnership, GF is both growing relationships established years ago through its UPP, as well as forging new partnerships with universities and academics across the globe. New Ways of Thinking Bika CarterGF Labs Director for External R&D Bika Carter, GF Labs Director for External R&D, said, “There are many innovative ideas and a lot of creative work going on at universities which can really flex the muscle of our differentiated technology platforms and support our technology roadmap. We are leveraging our experience and existing relationships to think in new ways about how we engage in joint research and other programs, and how we train and recruit talent.” Carter said that GF has begun to evaluate and select additional universities for institute-level, strategic relationships, and is creating multifaceted engagement models around them such as it has with Purdue and Georgia Tech. “In some cases, the nature of these relationships will be driven by regional strengthening; in others, by the R&D expertise a university has developed.” Many of these partnerships will have a workforce development component, she said, and GF is engaging in opportunities to help build the curriculum in such a way that enhances and optimizes the semiconductor talent pipeline.” Bartlett and Carter sit on leadership committees advising and helping to shape what the Purdue curriculum should look like for educating students from the undergraduate level all the way up through the doctoral level, to help prepare them for careers in the industry. “Through this training, students will acquire familiarity and hands-on skills on the very technologies they’re going to be working with when they graduate, and that is good for the students, good for the university, good for GlobalFoundries, and good for the industry as a whole,” Carter said. Read more about research taking place on GF technology as part of the company’s University Network collaborations: Making Electronics-Photonics Integration a Reality A Look into the Future of Automotive Radar GF Aims for Energy-Efficient Artificial Intelligence GF Drives Progress in Next-Generation Automotive Radar Academic Collaborations Strengthen, Hasten GF’s Path to 6G Leadership GF Partners with Leading Researchers on 6G Technologies
GlobalFoundries Joins Imec’s “Sustainable Semiconductor Technologies & Systems” (SSTS) Program May 16, 2023
GlobalFoundries Announces Chief Financial Officer Transition and Names New Chief Business Officer May 9, 2023 Tim Stone to join GF as CFO and Niels Anderskouv joins as CBO to accelerate market leadership in differentiated technologies MALTA, N.Y.— May 9, 2023 — GlobalFoundries (NASDAQ: GFS) (GF) today announced the appointment of two new senior executives to its leadership team. Tim Stone has been appointed as the new Chief Financial Officer (CFO), taking over for David Reeder who will leave the company after transitioning to Stone over the coming months, and Niels Anderskouv will join as the new Chief Business Officer (CBO). As CFO, Mr. Stone will build on the strong foundation laid by current CFO, David Reeder, and will focus on accelerating GF’s financial performance. Mr. Stone brings a world-class finance pedigree to GF including more than 20 years building Amazon’s global business in senior finance roles, including CFO for the AWS and Devices businesses as well as the CFO for public companies Ford Motor and Snap. He was most recently the CFO for a private AI software company. Industry veteran, Niels Anderskouv joins as Chief Business Officer. Anderskouv will be responsible for driving GF’s business strategy, including product and technology roadmap, sales, and go-to-market execution. He has an extensive career in the semiconductor industry with more than 25 years of experience spanning engineering, executive management, and global leadership. He joins GF after serving as SVP and Executive Officer at Texas Instruments, where he was responsible for the company’s multi-billion-dollar Analog Power business and brings deep expertise in power management, analog and mixed-signal technologies. “I want to thank Dave for his many contributions to GF. He has been an outstanding CFO and partner whose leadership was instrumental in bringing GF to the public markets and he has created the financial foundation to enable our next phase of growth,” said Dr. Thomas Caulfield, president and CEO of GF. “At the same time, I am excited to welcome two accomplished leaders to the GF leadership team. Tim Stone brings a breadth of experience and has a track record of delivering business outcomes in fast-moving technology-enabled industries including automotive, a key pillar of GF’s growth strategy. Niels Anderskouv brings deep semiconductor expertise and has an impressive track record of driving and delivering financial performance. Their combined expertise and experience will be instrumental in helping us achieve our growth objectives and drive value for our customers and shareholders.” “I am thrilled to join GF at such an exciting time for semiconductor manufacturing, with major opportunities ahead for GF,” said Stone. “I look forward to partnering with the team to take GF to the next level as we deliver for our customers, drive further innovation, growth, productivity, operational excellence and returns on capital.” “I am honored to join GF with its unique position in the industry,” said Anderskouv. “I am excited to help shape the company’s business strategy and work with the team to deliver innovative solutions to our customers. I look forward to contributing to the company’s continued success and growth.” ### 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 Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. Or its subsidiaries. All other trademarks are the property of their respective owners. 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. Media Contacts: GF Erica McGill[email protected] 518-795-5240
GlobalFoundries Reports First Quarter 2023 Financial Results May 9, 2023 MALTA, N.Y., May 09, 2023 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the first quarter ended March 31, 2023. Key First Quarter Financial Highlights Revenue of $1,841 million. Gross margin of 28.0% and adjusted gross margin(1) of 28.5%. Operating margin of 15.8% and adjusted operating margin(1) of 17.7%. Net income of $254 million and adjusted net income(1) of $290 million. Adjusted EBITDA(1) of $655 million. Cash, cash equivalents and marketable securities of $3,232 million. “In the first quarter, amidst a continued uncertain macroeconomic and cyclical backdrop, GF delivered solid results that are consistent with the guidance we provided in our February earnings release,” said Dr. Thomas Caulfield, president and CEO of GF. “Despite a challenging business environment, GF’s gross margins for the quarter have increased year-over-year due to our continued disciplined focus on profitability by our global team who effectively manage costs, while driving a richer mix of business to our customers. As we look to the remainder of 2023, we will continue to support our customers’ needs, by investing in capacity to strengthen our differentiated solutions, increase our focus on growing end markets and drive value for our stakeholders.” Recent Business Highlights GF announced a Strategic University Partnership agreement with Georgia Tech. This agreement spans a broad range of research activities, including leadership capabilities in advanced packaging, silicon photonics and workforce development initiatives. GF and Amkor Technology, Inc. formed a strategic partnership to establish the first at-scale back-end facility in Europe. GF transferred its 300mm Bump and Sort lines from its Dresden site in Germany to Amkor’s operations in Porto, Portugal. The European Commission approved the award of direct grant funding to GF and STMicroelectronics to support the construction and operation of a new 300mm manufacturing facility in Crolles, France. The funds are being made available under the European Chips Act and the project will enable the development of a large-scale manufacturing site in Europe for high performance chips, to address current and future key European markets from automotive to industrial, 5G/6G roll-out, security, defense, and space industries. (1) Adjusted gross profit, adjusted operating income, adjusted net income, adjusted EBITDA and related margins are Non-IFRS measures. See “Adjusted Financial Measures (Non-IFRS)” for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure and “Non-IFRS Financial Measures” for a discussion of why we believe these Non-IFRS measures are useful. Unaudited Summary Quarterly Results (in millions USD, except per share amounts and wafer shipments) Year-over-year Sequential Q1’23 Q4’22 Q1’22 Q1’23 vs Q1’22 Q1’23 vs Q4’22 Net revenue $ 1,841 $ 2,101 $ 1,940 $ (99 ) (5 )% $ (260 ) (12 )% Gross profit 515 622 469 $ 46 10 % $ (107 ) (17 )% Gross margin 28.0 % 29.6 % 24.2 % +380bps (160)bps Adjusted gross profit(1) $ 525 $ 633 $ 490 $ 35 7 % $ (108 ) (17 )% Adjusted gross margin (1) 28.5 % 30.1 % 25.3 % +320bps (160)bps Operating profit $ 290 $ 288 $ 225 $ 65 29 % $ 2 1 % Operating margin 15.8 % 13.7 % 11.6 % +420bps +210bps Adjusted operating profit(1) $ 326 $ 425 $ 279 $ 47 17 % $ (99 ) (23 )% Adjusted operating margin (1) 17.7 % 20.2 % 14.4 % +330bps (250)bps Net income(2) $ 254 $ 668 $ 178 $ 76 43 % $ (414 ) (62 )% Net income margin 13.8 % 31.8 % 9.2 % +460bps (1,800)bps Adjusted net income(1)(2)(3) $ 290 $ 800 $ 232 $ 58 25 % $ (510 ) (64 )% Adjusted net income margin (1) 15.8 % 38.1 % 12.0 % +380bps (2,230)bps Diluted earnings per share (“EPS”) $ 0.46 $ 1.21 $ 0.33 $ 0.13 39 % $ (0.75 ) (62 )% Adjusted diluted earnings per share(1) $ 0.52 $ 1.44 $ 0.42 $ 0.10 24 % $ (0.92 ) (64 )% Adjusted EBITDA(1)(4) $ 655 $ 821 $ 698 $ (43 ) (6 )% $ (166 ) (20 )% Adjusted EBITDA margin (1) 35.6 % 39.1 % 36.0 % (40)bps (350)bps Cash from operations $ 479 $ 491 $ 845 $ (366 ) (43 $ (12 ) (2 )% Wafer shipments (300mm equivalent) (in thousands) 511 580 625 (114 ) (18 )% (69 ) (12 )% (1) Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, and related margins are adjusted Non-IFRS metrics; see the reconciliation of IFRS to adjusted Non-IFRS metrics in the section “Unaudited Reconciliation of IFRS to Adjusted Non-IFRS” below. (2) Includes the gain on sale of our EFK business in December 2022. (3) Beginning in Q4 2022, the Company has 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. (4) Beginning in Q3 2022, the Company has 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, 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 settlement. Summary of Second Quarter 2023 Outlook (unaudited in millions USD, except per share amounts)(1) IFRS Share-based compensation Non-IFRS Adjusted Net revenue $1,810 – $1,850 — — Gross Profit $481 – $512 $15- $17 $498 – $527 Gross Margin (mid-point) 27.1% 28.0% Operating Profit $238 – $287 $40 – $50 $288 – $327 Operating Margin (mid-point) 14.3% 16.8% Net Income $206 – $259 $40 – $50 $256 – $299 Net Income Margin (mid-point) 12.7% 15.2% Diluted EPS $0.37 – $0.46 $0.46 – $0.54 (1) The 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 Second 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 signification 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) March 31, 2023 March 31, 2022 Net revenue $ 1,841 $ 1,940 Cost of revenue 1,326 1,471 Gross profit $ 515 $ 469 Operating expenses: Research and development 109 128 Sales, marketing, general and administrative 111 116 Restructuring charges 5 — Total operating expenses $ 225 $ 244 Operating profit $ 290 $ 225 Finance expense, net 1 (28 ) Other income (expense) (14 ) 10 Income tax expense (23 ) (29 ) Net income $ 254 $ 178 Attributable to: Shareholders of GlobalFoundries 254 179 Non-controlling interest — (1 ) Earnings per share : Basic $ 0.46 $ 0.34 Diluted $ 0.46 $ 0.33 Shares used in earnings per share calculation: Basic 550 532 Diluted 555 549 Unaudited Consolidated Statements of Financial Position (in millions USD) March 31, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 2,256 $ 2,352 Receivables, prepayments and other 1,296 1,487 Marketable securities 653 622 Inventories 1,423 1,339 Current assets $ 5,628 $ 5,800 Deferred tax assets $ 271 $ 292 Property, plant, and equipment, net 10,829 10,596 Marketable securities 323 372 Other assets 764 781 Non-current assets $ 12,187 $ 12,041 Total assets $ 17,815 $ 17,841 Liabilities and equity: Current portion of long-term debt $ 205 $ 223 Other current liabilities 2,690 3,136 Current liabilities $ 2,895 $ 3,359 Non-current portion of long-term debt $ 2,310 $ 2,288 Other liabilities 2,303 2,234 Non-current liabilities $ 4,613 $ 4,522 Shareholders’ equity: Common stock/additional paid-in capital $ 23,927 $ 23,842 Accumulated deficit (13,767 ) (14,021 ) Accumulated other comprehensive income 100 92 Non-controlling interest 47 47 Total liabilities and equity $ 17,815 $ 17,841 Unaudited Consolidated Statements of Cash Flows Three Months Ended (in millions USD) March 31, 2023 March 31, 2022 Cash flows from operating activities: Net income $ 254 $ 178 Depreciation and amortization 343 408 Finance expense, net and other(1) 7 9 Deferred income taxes 22 19 Other non-cash operating activities 27 42 Net change in working capital (174 ) 189 Net cash provided by operating activities $ 479 $ 845 Cash flows from investing activities: Purchases of property, plant, equipment, and intangible assets $ (853 ) $ (643 ) Other investing activities 267 4 Net cash used in investing activities $ (586 ) $ (639 ) Cash flows from financing activities: Proceeds from issuance of equity instruments and other $ 37 $ — Proceeds (repayment) of debt, net (30 ) 107 Other financing activities 3 11 Net cash provided by financing activities $ 10 $ 118 Effect of exchange rate changes 1 1 Net change in cash and cash equivalents $ (96 ) $ 325 Cash and cash equivalents at the beginning of the period 2,352 2,939 Cash and cash equivalents at the end of the period $ 2,256 $ 3,264 (1) Finance expense, net and other has been adjusted to include interest and taxes paid that were previously included in “Other non-cash operating activities.” Prior period amounts have been adjusted accordingly. Unaudited Reconciliation of IFRS to Adjusted Non-IFRS Three Months Ended (in millions USD) March 31, 2023 December 31, 2022 March 31, 2022 Gross profit $ 515 $ 622 $ 469 Gross profit margin 28.0 % 29.6 % 24.2 % Share based compensation $ 10 $ 11 $ 21 Adjusted gross profit (1) $ 525 $ 633 $ 490 Adjusted gross margin(1) 28.5 % 30.1 % 25.3 % Operating profit $ 290 $ 288 $ 225 Operating profit margin 15.8 % 13.7 % 11.6 % Share based compensation $ 31 $ 43 $ 54 Restructuring charges(2) $ 5 94 — Adjusted operating profit(1) $ 326 $ 425 $ 279 Adjusted operating profit margin(1) 17.7 % 20.2 % 14.4 % Net income(3) $ 254 $ 668 $ 178 Net income margin 13.8 % 31.8 % 9.2 % Share based compensation $ 31 $ 43 $ 54 Restructuring charges(2) $ 5 94 — Income tax effect(4) $ — $ (5 ) $ — Adjusted net income (1)(5) $ 290 $ 800 $ 232 Adjusted net income margin(1) 15.8 % 38.1 % 12.0 % Diluted earnings per share $ 0.46 $ 1.21 $ 0.33 Share based compensation $ 0.05 $ 0.07 $ 0.09 Restructuring charges(2) $ 0.01 0.17 — Income tax effect $ — (0.01 ) — Adjusted diluted earnings per share(1) $ 0.52 $ 1.44 $ 0.42 (1) Adjusted gross profit, adjusted operating income, adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and related margins are Non-IFRS measures. See “Adjusted Financial Measures (Non-IFRS)” for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure and “Non-IFRS Financial Measures” for a discussion of why we believe these Non-IFRS measures are useful. (2) Includes $3.1 million of share based compensation in Q4 2022. (3) Includes the gain on sale of our EFK business in December 2022. (4) Relates to restructuring charges since Q4 2022. (5) Reflects change to adjusted net income definition discussed in more detail elsewhere in this release. Unaudited Reconciliation of Net Income to Adjusted EBITDA Three Months Ended (in millions USD) March 31, 2023 December 31, 2022 March 31, 2022 Net income for the period $ 254 $ 668 $ 178 Depreciation and amortization 343 409 408 Finance expense 31 28 29 Finance income (32 ) (26 ) NA Income tax expense 23 8 29 Share based compensation 31 43 54 Restructuring charges(1) 5 94 — Gains on transactions, legal settlements and transaction expenses(2) — (403 ) — Adjusted EBITDA(3)(4) $ 655 $ 821 $ 698 Adjusted EBITDA margin(4) 35.6 % 39.1 % 36.0 % (1) Includes $3.1 million of share-based compensation in Q4 2022. (2) Activity for the three months ended December 31, 2022, relates to the gain on sale of our EFK business. (3) Reflects change to adjusted EBITDA definition discussed in more detail elsewhere in this release. (4) Adjusted EBITDA and related margin are Non-IFRS measures. See “Adjusted Financial Measures (Non-IFRS)” for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure and “Non-IFRS Financial Measures” for a discussion of why we believe these Non-IFRS measures are useful. 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, adjusted diluted earnings 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 and restructuring charges. We define adjusted net income as net income adjusted for share-based compensation expense, restructuring charges and the associated tax impact. We define adjusted diluted EPS as adjusted net income divided by the dilutive shares. We define adjusted EBITDA as net income, 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. 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, May 9, 2023 at 8:30 a.m. U.S. Eastern Time (ET) to review the First Quarter 2023 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BId1a488fb8dad4744927be5f12860ebee. 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; we may fail to achieve the full benefits of our current restructuring plan; 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, including due to increasing interest rates, rising inflation and any potential recession. 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 2022 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]
