GlobalFoundries Reports Third Quarter 2023 Financial Results

Summary of Fourth Quarter 2023 Guidance (unaudited in millions USD, except per share amounts)⁽¹⁾

	IFRS	Share-based compensation	Non-IFRS Adjusted⁽²⁾
Net revenue	$1,825 - $1,875	—	—
Gross Profit	$487 - $531	$13- $15	$502 - $544
Gross Margin⁽³⁾ (mid-point)	27.5%		28.3%
Operating Profit	$277 - $349	$40 - $50	$327 - $389
Operating Margin⁽³⁾(mid-point)	16.9%		19.3%
Net Income	$246 - $318	$40 - $50	$296 - $358
Net Income Margin⁽³⁾ (mid-point)	15.2%		17.7%
Diluted 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).

Unaudited Consolidated Statements of Operations

	Three Months Ended
(in millions USD, except for per share amounts)	September 30, 2023			September 30, 2022

Net revenue	$	1,852		$	2,074
Cost of revenue		1,323			1,464
Gross profit	$	529		$	610
Operating expenses:
Research and development		108			124
Selling, general and administrative		143			129
Restructuring charges		17			—
Total operating expenses	$	268		$	253
Operating profit	$	261		$	357
Finance income (expense), net		3			(11	)
Other income (expense)		(21	)		9
Income tax (expense) benefit		6			(19	)
Net income	$	249		$	336
Attributable to:
Shareholders of GlobalFoundries		249			337
Non-controlling interest		—			(1	)
Earnings per share:
Basic	$	0.45		$	0.62
Diluted	$	0.45		$	0.61
Shares used in earnings per share calculation:
Basic		553			543
Diluted		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.

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