November 7, 2023 MALTA, N.Y., Nov. 07, 2023 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the third quarter ended September 30, 2023. 第三季度主要财务亮点 Revenue of $1,852 million. Gross margin of 28.6% and adjusted gross margin(1) of 29.2%. Operating margin of 14.1% and adjusted operating margin(1) of 17.4%. Net income of $249 million and adjusted net income(1) of $308 million. Adjusted EBITDA(1) of $667 million. Cash, cash equivalents and marketable securities of $3.4 billion. “In the third quarter, GF’s dedicated teams across the world delivered financial results at the upper end of the guidance ranges we provided in our August earnings release,” said Dr. Thomas Caulfield, president and CEO of GF. “Although the global economic and geopolitical landscape remains uncertain, we are collaborating closely with our customers to support their efforts to reduce inventory levels, while growing long-term partnerships to drive foundry innovation and differentiation across essential end-markets.” 近期业务亮点 The U.S. Department of Defense awarded GF a new 10-year contract for a supply of securely manufactured, U.S.-made semiconductors for use across a wide range of critical aerospace and defense applications. GF expanded its world-class global operations with official openings at its fabrication plant in Singapore and new operations support facility in Penang, Malaysia, creating a total of 1,300 high-value jobs. GF announced its most advanced RF technology, 9SW RFSOI, that will offer significant improvements in performance and integration for 5G and wireless communication 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. 未经审计的季度业绩概要（单位：百万美元，每股金额和晶圆出货量除外） 同比增长 循序渐进 Q3’23 Q2’23 Q3'22 Q3’23 vs Q3’22 Q3’23 vs Q2’23 净收入 $ 1,852 $ 1,845 $ 2,074 $ (222 ) (11)% $ 7 —% 毛利润 529 532 610 $ (81 ) (13)% $ (3 ) (1)% 毛利率 28.6 % 28.8 % 29.4 % (80)bps (20)bps 调整后的毛利(1) $ 541 $ 546 $ 621 $ (80 ) (13) % $ (5 ) (1)% Adjusted gross margin (1) 29.2 % 29.6 % 29.9 % (70)bps (40)bps 营业利润 $ 261 $ 275 $ 357 $ (96 ) (27)% $ (14 ) (5)% 营业利润率 14.1 % 14.9 % 17.2 % (310)bps (80)bps 调整后的营业利润(1) $ 322 $ 338 $ 389 $ (67 ) (17) % $ (16 ) (5)% Adjusted operating margin (1) 17.4 % 18.3 % 18.8 % (140)bps (90)bps 净收入 $ 249 $ 237 $ 336 $ (87 ) (26)% $ 12 5% 净收益率 13.4 % 12.8 % 16.2 % (280)bps +60bps Adjusted net income(1)(2) $ 308 $ 297 $ 368 $ (60 ) (16)% $ 11 4% Adjusted net income margin (1) 16.6 % 16.1 % 17.7 % (110)bps +50bps 稀释后的每股收益("EPS") $ 0.45 $ 0.43 $ 0.61 $ (0.16 ) (26)% $ 0.02 5% 调整后的每股摊薄收益(1) $ 0.55 $ 0.53 $ 0.67 $ (0.12 ) (18)% $ 0.02 4% Adjusted EBITDA(1)(3) $ 667 $ 668 $ 793 $ (126 ) (16)% $ (1 ) —% Adjusted EBITDA margin (1) 36.0 % 36.2 % 38.2 % (220)bps (20)bps 来自业务的现金 $ 416 $ 546 $ 679 $ (263 ) (39)% $ (130 ) (24)% 晶圆出货量（相当于300毫米）（单位：千）。 575 573 637 (62 ) (10)% 2 —% (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 Fourth Quarter 2023 Guidance (unaudited in millions USD, except per share amounts)(1) 国际财务报告准则 基于股份的补偿 Non-IFRS Adjusted(2) 净收入 $1,825 – $1,875 - — 毛利 $487 – $531 $13- $15 $502 – $544 Gross Margin(3) (mid-point) 27.5% 28.3% 营业利润 $277 – $349 $40 - $50 $327 – $389 Operating Margin(3) (mid-point) 16.9% 19.3% 净收入 $246 – $318 $40 - $50 $296 – $358 Net Income Margin(3) (mid-point) 15.2% 17.7% 稀释后的EPS $0.44 – $0.57 $0.53 – $0.64 (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 Fourth Fiscal Quarter Guidance 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 Guidance 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 Guidance 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). 未经审计的综合业务报表 截止到目前的三个月 (单位：百万美元，每股金额除外) September 30, 2023 2022年9月30日 净收入 $ 1,852 $ 2,074 收入的成本 1,323 1,464 毛利润 $ 529 $ 610 业务费用。 研究与开发 108 124 Selling, general and administrative 143 129 重组费用 17 - 业务费用总额 $ 268 $ 253 营业利润 $ 261 $ 357 Finance income (expense), net 3 (11 ) 其他收入（费用） (21 ) 9 Income tax (expense) benefit 6 (19 ) 净收入 $ 249 $ 336 归因于。 GlobalFoundries的股东 249 337 非控制性权益 - (1 ) Earnings per share: 基本 $ 0.45 $ 0.62 稀释的 $ 0.45 $ 0.61 用于计算每股收益的股票。 基本 553 543 稀释的 556 553 (1) Beginning in Q3 2023, selling, general and administrative expense includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial. 未经审计的合并财务状况表 (单位：百万美元) September 30, 2023 2022年12月31日 资产。 现金和现金等价物 $ 1,880 $ 2,352 应收账款、预付账款和其他 1,404 1,487 有价证券 1,014 622 库存 1,509 1,339 流动资产 $ 5,807 $ 5,800 递延税款资产 $ 251 $ 292 财产、厂房和设备，净值 10,594 10,596 有价证券 466 372 其他资产 726 781 非流动资产 $ 12,037 $ 12,041 总资产 $ 17,844 $ 17,841 负债和权益。 长期债务的当前部分 $ 199 $ 223 其他流动负债 2,549 3,136 流动负债 $ 2,748 $ 3,359 长期债务的非流动部分 $ 2,181 $ 2,288 其他负债 2,084 2,234 非流动负债 $ 4,265 $ 4,522 股东权益。 普通股票/额外的实收资本 $ 24,011 $ 23,842 累计亏损 (13,278 ) (14,021 ) Accumulated other comprehensive income 54 92 非控制性权益 44 47 负债和权益总额 $ 17,844 $ 17,841 未经审计的合并现金流量表 截止到目前的三个月 (单位：百万美元) September 30, 2023 2022年9月30日 来自经营活动的现金流。 净收入 $ 249 $ 336 折旧和摊销 366 395 财务费用，净额和其他(1) 7 6 递延所得税 (4 ) 11 其他非现金经营活动 16 (32 ) 营运资本的净变化 (218 ) (37 ) 经营活动提供的净现金 $ 416 $ 679 来自投资活动的现金流。 财产、厂房、设备和无形资产的购买 $ (323 ) $ (613 ) 其他投资活动 10 (151 ) 用于投资活动的净现金 $ (313 ) $ (764 ) 来自融资活动的现金流。 债务的收益（偿还），净额 (54 ) 95 其他融资活动 1 62 融资活动（使用）的现金净额 $ (53 ) $ 157 汇率变化的影响 (2 ) (5 ) 现金和现金等价物的净变化 $ 48 $ 67 期初的现金和现金等价物 1,832 2,474 期末的现金和现金等价物 $ 1,880 $ 2,541 (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 Non-IFRS 截止到目前的三个月 (单位：百万美元) September 30, 2023 June 30, 2023 2022年9月30日 Net Revenue $ 1,852 $ 1,845 $ 2,074 毛利润 $ 529 $ 532 $ 610 毛利率 28.6 % 28.8 % 29.4 % 基于股份的补偿 $ 12 $ 14 $ 11 Adjusted gross profit (1) $ 541 $ 546 $ 621 Adjusted gross margin(1) 29.2 % 29.6 % 29.9 % Selling, general and administrative $ 143 $ 132 $ 129 基于股份的补偿 $ 25 $ 24 $ 15 Adjusted selling, general and administrative $ 118 $ 108 $ 114 研究与开发 $ 108 $ 106 $ 124 基于股份的补偿 $ 7 $ 6 $ 6 Adjusted research and development (1) $ 101 $ 100 $ 118 营业利润 $ 261 $ 275 $ 357 经营利润率 14.1 % 14.9 % 17.2 % 基于股份的补偿 $ 44 $ 44 $ 32 重组费用 $ 17 $ 19 - 调整后的营业利润(1) $ 322 $ 338 $ 389 Adjusted operating profit margin(1) 17.4 % 18.3 % 18.8 % 净收入 $ 249 $ 237 $ 336 净收益率 13.4 % 12.8 % 16.2 % 基于股份的补偿 $ 44 $ 44 $ 32 重组费用 $ 17 $ 19 - Income tax effect(2) $ (2 ) $ (3 ) $ - Adjusted net income(1) (3) $ 308 $ 297 $ 368 Adjusted net income margin(1) 16.6 % 16.1 % 17.7 % 稀释后的每股收益 $ 0.45 $ 0.43 $ 0.61 基于股份的补偿 $ 0.08 $ 0.08 $ 0.06 重组费用 $ 0.03 $ 0.03 - 所得税影响 $ (0.01 ) $ (0.01 ) - Diluted shares outstanding 556 556 553 调整后的每股摊薄收益(1) $ 0.55 $ 0.53 $ 0.67 经营活动提供的净现金 $ 416 $ 546 Less: Purchase of property, plant and equipment and intangible assets $ 323 $ 400 Free cash flow(1) $ 93 $ 146 (1) Adjusted gross profit, adjusted selling, general and administrative, adjusted research and development expense, adjusted operating profit, adjusted operating expense (calculated by subtracting adjusted operating profit from adjusted gross 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. 未经审计的净收入与调整后EBITDA的调节表 截止到目前的三个月 (单位：百万美元) September 30, 2023 June 30, 2023 2022年9月30日 本期净收入 $ 249 $ 237 $ 336 折旧和摊销 366 340 395 财务费用 37 34 28 财务收入 (40 ) (34 ) (17 ) 所得税费用（收益） (6 ) 28 19 基于股份的补偿 44 44 32 重组费用 17 19 - 调整后的EBITDA(1)(2) $ 667 $ 668 $ 793 Adjusted EBITDA margin(2) 36.0 % 36.2 % 38.2 % (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, 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 as selling, general and administrative 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 and adjusted operating expense as profit and expense, respectively, 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 define adjusted gross margin as adjusted gross profit divided by revenue. We define adjusted operating margin as adjusted operating profit divided by net revenue. We define adjusted EBITDA margin as adjusted EBITDA divided by net revenue. 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. 电话会议和网播信息 GF will host a conference call with the financial community on Tuesday, November 7, 2023 at 8:30 a.m. U.S. Eastern Time (ET) to review the Third Quarter 2023 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BI8ee5e87643034b2aa9a1ae5f7e8ce393 此次电话会议将进行网络直播，可以从GF投资者关系网站https://investors.gf.com。电话会议的重播将在实际电话会议结束后24小时内在GF投资者关系网站上提供。 关于GlobalFoundries GlobalFoundries®（GF®）是世界领先的半导体制造商之一。通过开发和提供功能丰富的工艺技术解决方案，GF正在重新定义创新和半导体制造，在普遍存在的高增长市场提供领先的性能。GF提供独特的设计、开发和制造服务组合。GF拥有一支才华横溢的多元化员工队伍，其规模化的生产基地遍布美国、欧洲和亚洲，是全球客户信赖的技术来源。欲了解更多信息，请访问www.gf.com。 前瞻性声明 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 wars in Ukraine and Israel; 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: Investor Relations [email protected]
