August 8, 2023 MALTA, New York, Aug. 08, 2023 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the second quarter ended June 30, 2023. Finanzielle Höhepunkte des zweiten Quartals Revenue of $1,845 million. Gross margin of 28.8% and adjusted gross margin(1) of 29.6%. Operating margin of 14.9% and adjusted operating margin(1) of 18.3%. Net income of $237 million and adjusted net income(1) of $297 million. Adjusted EBITDA(1) of $668 million. Cash, cash equivalents and marketable securities of $3.3 billion. “In the second quarter, GF delivered financial results at the upper end of the guidance ranges we provided in our May earnings release” said Dr. Thomas Caulfield, president and CEO of GF. “Despite the cyclical headwinds impacting our industry and continued macroeconomic uncertainty, we delivered consistent financial performance and generated $146 million of free cash flow in the quarter, as GF’s global teams diligently managed costs, while driving differentiated solutions to meet our customers’ needs, across several critical growth markets.” Jüngste geschäftliche Höhepunkte GF and Lockheed Martin announced a strategic collaboration to advance U.S. semiconductor manufacturing and innovation and to increase the security, reliability and resilience of domestic supply chains for national security systems. The U.S. Department of Defense accredited GF’s 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. (1) Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted EBITDA and related margins are Non-IFRS measures. See “Unaudited Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” 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)</u ></strong > Im Vergleich zum Vorjahr Sequentiell Q2’23 Q1’23 Q2'22 Q2’23 vs Q2’22 Q2’23 vs Q1’23 Nettoeinnahmen $1,845 $1,841 $1,993 $(148)(7)% $4 -% Bruttogewinn 532 515 538 $(6)(1)% $17 3%Bruttomarge 28.8% 28.0% 27.0% +180bps +80bps Bereinigter Bruttogewinn(1) $546 $525 $559 $(13)(2)% $21 4%Adjusted gross margin (1) 29.6% 28.5% 28.0% +160bps +110bps Betriebsergebnis $275 $290 $297 $(22)(7)% $(15)(5)%Operative Marge 14.9% 15.8% 14.9% 0bps (90)bps Angepasster Betriebsgewinn(1) $338 $326 $350 $(12)(3)% $12 4%Adjusted operating margin (1) 18.3% 17.7% 17.6% +70bps +60bps Nettoeinkommen $237 $254 $264 $(27)(10)% $(17)(7)%Nettogewinnspanne 12.8% 13.8% 13.2% (40)bps (100)bps Adjusted net income(1)(2) $297 $290 $317 $(20)(6)% $7 2%Adjusted net income margin (1) 16.1% 15.8% 15.9% +20 Basispunkte +30bps Verwässerter Gewinn je Aktie ("EPS") $0.43 $0.46 $0.48 $(0.05)(10)% $(0.03)(7)% Adjusted diluted earnings per share</strong >(1) $0.53 $0.52 $0.58 $(0.05)(9)% $0.01 2% Adjusted EBITDA(1)(3) $668 $655 $784 $(116)(15)% $13 2%Adjusted EBITDA margin (1) 36.2% 35.6% 39.3% (310)bps +60bps Mittel aus der Geschäftstätigkeit $546 $479 $609 $(63)(10)% $67 14% Waferlieferungen (300-mm-Äquivalent) (in Tausend) 573 511 630 (57)(9)% 62 12% (1) Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, and related margins are all Non-IFRS measures. See “Unaudited Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS metrics are useful. (2) Beginning in Q4 2022, the Company revised its definition of adjusted net income to include an adjustment for restructuring charges and the associated tax impact. The change was made due to a restructuring undertaken in Q4 2022. The Company believes the revised definition provides management and investors with more useful information to evaluate the operations of our business. Adjusted net income is now defined as net income adjusted for share-based compensation expense, restructuring charges and the associated tax impact. (3) Beginning in Q3 2022, the Company revised its definition of adjusted EBITDA to include an adjustment for finance income. The change was made due to the Company making an investment during Q2 2022 of approximately $1.0 billion in marketable securities. The Company believes the revised definition provides management and investors more useful information to evaluate the operations of our business. Adjusted EBITDA is now defined as net income, 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 Third Quarter 2023 Outlook (unaudited in millions USD, except per share amounts)</u ></strong >(1) IFRS Aktienbasierte Vergütung Non-IFRS Adjusted(2)Nettoeinnahmen$1,825 – $1,870 - -Bruttogewinn$485 – $527 $15- $17 $502 – $542Gross Margin(3)</sup > (mid-point) 27.4% 28.3%Betriebsgewinn$227 – $287 $40 - $50 $277 – $327Operating Margin(3) (mid-point)13.9% 16.3%Reingewinn$204 – $262 $40 - $50 $254 – $302Net Income Margin(3)</sup > (mid-point) 12.6% 15.0%Verwässertes EPS$0.37 – $0.47 $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 significant to GF’s ability to estimate these items are out of its control and/or cannot be reasonably predicted. (2) Adjusted gross profit, adjusted operating profit, adjusted net income, and adjusted diluted EPS are non-IFRS metrics and, for purposes of the Outlook only, are defined as gross profit, operating profit, net income, and EPS before share-based compensation expense, respectively. (3) Adjusted margins are non-IFRS metrics and for purposes of the Outlook only, are defined as adjusted gross profit, adjusted operating profit and adjusted net income, each divided by net revenue (using the definitions of adjusted gross profit, adjusted operating profit, and adjusted net income, in footnote (2) above, as appropriate). Ungeprüfte konsolidierte Gewinn- und Verlustrechnungen Drei Monate zum Jahresende(in millions USD except for per share amounts) June 30, 2023 30. Juni 2022 Nettoeinnahmen $1,845 $1,993 Kosten der Einnahmen 1,313 1,455 Bruttogewinn $532 $538 Betriebskosten: Forschung und Entwicklung 106 120 Vertrieb, Marketing, allgemeine und administrative Angelegenheiten 132 121 Umstrukturierungskosten 19 - Betriebskosten insgesamt $257 $241 Betriebsergebnis $275 $297 Finance income (expense), net - (19)Sonstige Erträge (Aufwendungen) (10) 16 Ertragsteueraufwand (28) (30)Nettoeinkommen $237 $264 Verantwortlich für: Aktionäre von GlobalFoundries 240 264 Nicht-beherrschende Anteile (3) - Ergebnis je Aktie : Grundlegend $0.43 $0.49 Verwässert $0.43 $0.48 Für die Berechnung des Gewinns je Aktie verwendete Aktien: Grundlegend 552 535 Verwässert 556 550 Unaudited Consolidated Statements of Financial Position</strong > (in Millionen USD) June 30, 2023 31. Dezember 2022 Vermögen: Zahlungsmittel und Zahlungsmitteläquivalente $1,832 $2,352 Forderungen, Vorauszahlungen und Sonstiges 1,232 1,487 Marktgängige Wertpapiere 955 622 Vorräte 1,504 1,339 Umlaufvermögen $5,523 $5,800 Latente Steueransprüche $245 $292 Sachanlagen, netto 10,789 10,596 Marktgängige Wertpapiere 516 372 Sonstige Aktiva 742 781 Langfristige Vermögenswerte $12,292 $12,041 Gesamtvermögen $17,815 $17,841 Passiva und Eigenkapital: Kurzfristiger Anteil an langfristigen Verbindlichkeiten $221 $223 Sonstige kurzfristige Verbindlichkeiten 2,569 3,136 Kurzfristige Verbindlichkeiten $2,790 $3,359 Langfristiger Teil der langfristigen Schulden $2,208 $2,288 Sonstige Verbindlichkeiten 2,243 2,234 Langfristige Verbindlichkeiten $4,451 $4,522 Das Eigenkapital: Stammaktien/Kapitalrücklage $23,979 $23,842 Kumuliertes Defizit (13,527) (14,021)Accumulated other comprehensive income 77 92 Nicht-beherrschende Anteile 45 47 Verbindlichkeiten und Eigenkapital insgesamt $17,815 $17,841 Ungeprüfte konsolidierte Kapitalflussrechnungen Drei Monate zum Jahresende(in Millionen USD) June 30, 2023 30. Juni 2022 Cashflow aus betrieblicher Tätigkeit: Nettoeinkommen$237 $264 Abschreibung und Amortisation 340 411 Finanzaufwendungen, netto und Sonstiges(1) (14) (10)Latente Ertragssteuern 24 22 Sonstige nicht zahlungswirksame operative Tätigkeiten 50 23 Nettoveränderung des Betriebskapitals (91) (101)Nettomittelzufluss aus betrieblicher Tätigkeit$546 $609 Cashflow aus Investitionstätigkeit: Erwerb von Sachanlagen und immateriellen Vermögenswerten$(400) $(812)Sonstige Investitionstätigkeiten (488) (792)Nettomittelabfluss aus der Investitionstätigkeit$(888) $(1,604) Cashflow aus der Finanzierungstätigkeit: Proceeds from issuance of equity instruments and other $9 $- Aufnahme (Rückzahlung) von Schulden, netto (87) 124 Sonstige Finanzierungstätigkeiten (4) 83 Netto-Mittelzufluss/(-abfluss) aus Finanzierungstätigkeit $(82) $207 Auswirkungen von Wechselkursänderungen - (2)Nettoveränderung der Zahlungsmittel und Zahlungsmitteläquivalente$(424) $(790)Zahlungsmittel und Zahlungsmitteläquivalente zu Beginn des Berichtszeitraums 2,256 3,264 Zahlungsmittel und Zahlungsmitteläquivalente am Ende des Berichtszeitraums$1,832 $2,474 (1) Der Finanzaufwand, netto und Sonstiges wurde angepasst, um gezahlte Zinsen und Steuern einzubeziehen, die zuvor in "Sonstige nicht zahlungswirksame betriebliche Tätigkeiten" enthalten waren. Die Beträge der Vorjahre wurden entsprechend angepasst. Unaudited Reconciliation of IFRS to Non-IFRS Drei Monate zum Jahresende(in Millionen USD) June 30, 2023 31. März 2023 30. Juni 2022 Bruttogewinn $532 $515 $538 Bruttogewinnspanne 28.8% 28.0% 27.0%Aktienbasierte Vergütung $14 $10 $21 Adjusted gross profit (1) $546 $525 $559 Adjusted gross margin(1) 29.6% 28.5% 28.0% Selling, general and administrative expense $132 $111 $121 Aktienbasierte Vergütung $24 $17 $24 Adjusted selling, general and administrative expense</strong >(1) $108 $94 $97 Research and development expense $106 $109 $120 Aktienbasierte Vergütung $6 $4 $8 Adjusted research and development expense</strong >(1) $100 $105 $112 Betriebsergebnis $275 $290 $297 Operative Gewinnspanne 14.9% 15.8% 14.9%Aktienbasierte Vergütung $44 $31 $53 Umstrukturierungskosten $19 $5 - Angepasster Betriebsgewinn(1) $338 $326 $350 Adjusted operating profit margin(1) 18.3% 17.7% 17.6% Nettoeinkommen $237 $254 $264 Nettogewinnspanne 12.8% 13.8% 13.2%Aktienbasierte Vergütung $44 $31 $53 Umstrukturierungskosten $19 $5 - Income tax effect(2) $(3) $- $- Adjusted net income(1)</sup >(3) $297 $290 $317 Adjusted net income margin(1) 16.1% 15.8% 15.9% Verwässertes Ergebnis je Aktie $0.43 $0.46 $0.48 Aktienbasierte Vergütung $0.08 $0.05 $0.10 Umstrukturierungskosten $0.03 $0.01 - Einkommensteuerliche Auswirkungen $(0.01) $- - Adjusted diluted earnings per share</strong >(1) $0.53 $0.52 $0.58 Net cash provided by (used in) operating activities $546 Less: Purchase of property, plant and equipment and intangible assets $400 Free cash flow</strong >(1) $146 (1) Adjusted gross profit, adjusted selling, general and administrative expense, adjusted research and development expense, adjusted operating profit, adjusted net income, adjusted diluted earnings per share, free cash flow and any related margins are all Non-IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. (2) Relates to restructuring charges. (3) Reflects change to adjusted net income definition discussed in more detail elsewhere in this release. Unaudited Reconciliation of Net Income to Adjusted EBITDA</u ></strong > Drei Monate zum Jahresende(in Millionen USD) June 30, 2023 31. März 2023 30. Juni 2022 Reingewinn für den Berichtszeitraum $237 $254 $264 Abschreibung und Amortisation 340 343 411 Finanzaufwand 34 31 26 Finanzielle Einnahmen (34) (32) NA Ertragsteueraufwand 28 23 30 Aktienbasierte Vergütung 44 31 53 Umstrukturierungskosten 19 5 - Bereinigtes EBITDA(1)(2) $668 $655 $784 Adjusted EBITDA margin(2) 36.2% 35.6% 39.3% (1) Reflects change to adjusted EBITDA definition discussed in more detail elsewhere in this release. (2) Adjusted EBITDA and related margin are Non-IFRS measures. See “Unaudited Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. Financial Measures (Non-IFRS) In addition to the financial information presented in accordance with IFRS, this press release includes the following Non-IFRS metrics: adjusted gross profit, adjusted selling, general and administrative expense, adjusted research and development expense, adjusted operating profit, adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, free cash flow and any related margins. We define adjusted gross profit as gross profit adjusted for share-based compensation expense. We define adjusted selling, general and administrative expense as selling, general and administrative expense adjusted for share-based compensation expense. We define adjusted research and development expense as research and development expense 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 free cash flow as cash flow provided by (used in) operating activities less purchases of property, plant and equipment and intangible assets. 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 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 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. Management believes that free cash flow as a Non-IFRS measure is helpful to investors as it provides insights into the nature and amount of cash the Company generates in the period. For further information regarding these Non-IFRS measures, please refer to “Unaudited Reconciliation of IFRS to Non-IFRS” table above. 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. Informationen zur Telefonkonferenz und zum Webcast GF will host a conference call with the financial community on Tuesday, August 8, 2023 at 8:30 a.m. U.S. Eastern Time (ET) to review the Second Quarter 2023 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BI977824f4c1e540208394c14fc51ef4e0. Die Telefonkonferenz wird als Webcast übertragen und kann über die GF Investor Relations Website https://investors.gf.com abgerufen werden. Eine Aufzeichnung der Telefonkonferenz wird innerhalb von 24 Stunden nach der eigentlichen Telefonkonferenz auf der GF Investor Relations Website zur Verfügung stehen. Über GlobalFoundries GlobalFoundries® (GF®) ist einer der weltweit führenden Halbleiterhersteller. GF definiert Innovation und Halbleiterfertigung neu, indem es funktionsreiche Prozesstechnologielösungen entwickelt und liefert, die eine führende Leistung in allgegenwärtigen Märkten mit hohem Wachstum bieten. GF bietet eine einzigartige Mischung aus Design-, Entwicklungs- und Fertigungsdienstleistungen. Mit einer talentierten und vielseitigen Belegschaft und einer Produktionsbasis, die sich über die USA, Europa und Asien erstreckt, ist GF eine vertrauenswürdige Technologiequelle für seine weltweiten Kunden. Weitere Informationen finden Sie unter www.gf.com. Zukunftsgerichtete Aussagen 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 geopolitical conditions such as the ongoing political and trade tensions with China and the Russia/Ukraine conflict; the market for our products may develop or recover 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:</strong >Investor Relations[email protected]
