GlobalFoundries Reports Fourth Quarter 2023 and Fiscal Year 2023

GlobalFoundries Reports Fourth Quarter 2023 and Fiscal Year 2023 Financial Results

Unaudited Reconciliation of Net Income to Adjusted EBITDA

	Three Months Ended									Year Ended
(in millions USD)	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022

Net income for the period	$	278		$	249		$	668		$	1,018		$	1,446
Depreciation and amortization		402			366			409			1,451			1,623
Finance expense		35			37			28			137			111
Finance income		(43	)		(40	)		(26	)		(149	)		(51	)
Income tax expense (benefit)		21			(6	)		8			66			86
Share-based compensation		50			44			43			169			182
Restructuring charges ⁽¹⁾		30			17			94			71			94
Divestiture gains and associated expenses, legal settlements and transaction expenses ⁽²⁾		—			—			(403	)		—			(403	)
Adjusted EBITDA ^{(1)(3)(4)(5)(6)}	$	773		$	667		$	821		$	2,763		$	3,088
Adjusted EBITDA margin ^{(1)(3)(4)(5)(6)}		41.7	%		36.0	%		39.1	%		37.4	%		38.1	%

⁽¹⁾ Includes $3.1 million of share-based compensation in Q4 2022.
⁽²⁾ Activity for the year ended December 31, 2022, relates to the gain on the sale of our East Fishkill business.
⁽³⁾ Reflects change to adjusted EBITDA definition discussed in more detail elsewhere in this release
⁽⁴⁾ Includes interest income of $1.0 million in Q1 2022 and $7.0 million in Q2 2022. Had these numbers been included, our adjusted EBITDA and adjusted EBITDA margin would have been $697 million and 35.9% for Q1 2022 and $777 million and 39.0% for Q2 2022, respectively.
⁽⁵⁾ Adjusted EBITDA and any related margin are Non-IFRS measures. See “Financial Measures (Non-IFRS)" for a discussion of why we believe these Non-IFRS measures are useful.
⁽⁶⁾ For the periods presented above, there were no labor optimization expenses.

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