GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary
financial results for the fourth quarter and fiscal year ended
December 31, 2022.
Key Fourth Quarter Financial
Highlights
- Revenue of $2,101 million, up 14%
year-over-year.
- Gross margin of 29.6% and adjusted
gross margin of 30.1%.
- Net income of $668 million.
- Adjusted EBITDA of $821
million.
- Cash, cash equivalents and
marketable securities of $3,346 million.
Key Full Year 2022 Financial
Highlights
- Revenue of $8,108 million, up 23%
year-over-year.
- Gross margin of 27.6% and adjusted
gross margin of 28.4%.
- Net income margin of 17.8% and
adjusted EBITDA margin of 38.1%.
“Our revenue in 2022 grew 23% year-over-year,
and we delivered record gross margin and net income, making
significant progress toward our long-term financial model," said
CEO Dr. Thomas Caulfield. "In the fourth quarter, the GF team
continued to execute on its commitments to customers and
shareholders, despite the well-publicized inventory correction. As
we look to 2023, we will continue to deepen our engagements with
our customers in bringing specialty and differentiated solutions to
market.”
Recent Business Highlights
- GF and General Motors jointly
announced that General Motors has entered into a long-term
agreement with GF to secure a capacity corridor in our advanced Fab
in Upstate NY for GM's U.S. supply chain. This first-of-its-kind,
multi-year agreement brings a critical process to the U.S. and
supports GM’s strategy to reduce the number of unique chips needed
to power increasingly complex and tech-laden vehicles.
- GF announced that it has acquired
Renesas Electronics Corporation's proprietary and production-proven
Conductive Bridging Random Access Memory (CBRAM) Technology, a low
power memory solution designed to enable a range of applications in
home and industrial IoT and smart mobile devices. The transaction
further strengthens GF's memory portfolio and extends its roadmap
of embedded nonvolatile memory solutions that is easy to integrate
into other technology nodes.
- GF completed the sale of its East
Fishkill, NY, facility to onsemi, on December 31, 2022, for a final
purchase price of $406m. The deal enables GlobalFoundries to
further optimize our assets globally and intensify our investments
in the differentiated technologies that fuel our growth while
securing a long-term future for the East Fishkill facility and its
employees.
Unaudited Summary Quarterly Results (in
millions USD, except per share amounts and wafer
shipments)
|
|
|
|
|
|
|
|
Year-over-year |
|
Sequential |
|
|
Q4'22 |
|
Q3'22 |
|
Q4'21 |
|
Q4'22 vs Q4'21 |
|
Q4'22 vs Q3'22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
2,101 |
|
|
$ |
2,074 |
|
|
$ |
1,847 |
|
|
$ |
254 |
|
14 |
% |
|
$ |
27 |
|
1 |
% |
Gross profit |
|
|
622 |
|
|
|
610 |
|
|
|
384 |
|
|
$ |
238 |
|
62 |
% |
|
$ |
12 |
|
2 |
% |
Gross margin |
|
|
29.6 |
% |
|
|
29.4 |
% |
|
|
20.8 |
% |
|
|
+880bps |
|
|
|
|
|
+20bps |
|
Adjusted gross profit(1) |
|
$ |
633 |
|
|
$ |
621 |
|
|
$ |
397 |
|
|
$ |
236 |
|
59 |
% |
|
$ |
12 |
|
2 |
% |
Adjusted gross margin |
|
|
30.1 |
% |
|
|
29.9 |
% |
|
|
21.5 |
% |
|
|
+860bps |
|
|
|
|
|
+20bps |
|
Operating profit |
|
$ |
288 |
|
|
$ |
357 |
|
|
$ |
87 |
|
|
$ |
201 |
|
231 |
% |
|
$ |
(69 |
) |
(19 |
)% |
Operating margin |
|
|
13.7 |
% |
|
|
17.2 |
% |
|
|
4.7 |
% |
|
|
+900bps |
|
|
|
|
|
(350)bps |
|
Adjusted operating profit(1) |
|
$ |
425 |
|
|
$ |
389 |
|
|
$ |
142 |
|
|
$ |
283 |
|
199 |
% |
|
$ |
36 |
|
9 |
% |
Adjusted operating margin |
|
|
20.2 |
% |
|
|
18.8 |
% |
|
|
7.7 |
% |
|
|
+1,250bps |
|
|
|
|
|
+140bps |
|
Net income(2) |
|
$ |
668 |
|
|
$ |
336 |
|
|
$ |
43 |
|
|
$ |
625 |
|
1,453 |
% |
|
$ |
332 |
|
99 |
% |
Net income margin |
|
|
31.8 |
% |
|
|
16.2 |
% |
|
|
2.3 |
% |
|
|
+2,950bps |
|
|
|
|
|
+1,560bps |
|
Adjusted net income(1)(2)(3) |
|
$ |
800 |
|
|
$ |
368 |
|
|
$ |
98 |
|
|
$ |
702 |
|
716 |
% |
|
$ |
432 |
|
117 |
% |
Adjusted net income
margin |
|
|
38.1 |
% |
|
|
17.7 |
% |
|
|
5.3 |
% |
|
|
+3,280bps |
|
|
|
|
|
+2,040bps |
|
Diluted earnings per share ("EPS") |
|
$ |
1.21 |
|
|
$ |
0.61 |
|
|
$ |
0.08 |
|
|
$ |
1.13 |
|
1,413 |
% |
|
$ |
0.60 |
|
98 |
% |
Adjusted diluted earnings per
share(1) |
|
$ |
1.44 |
|
|
$ |
0.67 |
|
|
$ |
0.18 |
|
|
$ |
1.26 |
|
700 |
% |
|
$ |
0.77 |
|
115 |
% |
Adjusted EBITDA(1)(4) |
|
$ |
821 |
|
|
$ |
793 |
|
|
$ |
584 |
|
|
$ |
237 |
|
41 |
% |
|
$ |
28 |
|
4 |
% |
Adjusted EBITDA margin |
|
|
39.1 |
% |
|
|
38.2 |
% |
|
|
31.6 |
% |
|
|
+750bps |
|
|
|
|
|
+90bps |
|
Cash from operations |
|
$ |
491 |
|
|
$ |
679 |
|
|
$ |
1,148 |
|
|
$ |
(657 |
) |
(57 |
)% |
|
$ |
(188 |
) |
(28 |
)% |
Wafer shipments (300mm equivalent) (in
thousands) |
|
|
580 |
|
|
|
637 |
|
|
|
622 |
|
|
|
(42 |
) |
(7 |
)% |
|
|
(57 |
) |
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted gross profit, adjusted operating
profit, adjusted net income, adjusted diluted earnings per share,
and adjusted EBITDA are adjusted non-IFRS metrics; please 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 (loss) is now defined as net
income (loss) 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 (loss), adjusted for the impact of finance
expense, finance income, income tax expense, depreciation,
amortization, share-based compensation expense, transaction gains
and associated expenses, restructuring charges, labor optimization
initiatives and litigation settlement.
Unaudited Summary Annual Results (in
millions USD, except per share amounts and wafer
shipments)
|
|
|
|
|
|
Year-over-year |
|
|
FY2022 |
|
FY2021 |
|
FY22 vs FY21 |
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
8,108 |
|
|
$ |
6,585 |
|
|
$ |
1,523 |
|
23 |
% |
Gross profit |
|
|
2,239 |
|
|
$ |
1,013 |
|
|
$ |
1,226 |
|
121 |
% |
Gross margin |
|
|
27.6 |
% |
|
|
15.4 |
% |
|
|
|
|
+1,220bps |
|
Adjusted gross profit(1) |
|
$ |
2,303 |
|
|
$ |
1,068 |
|
|
$ |
1,235 |
|
116 |
% |
Adjusted gross margin |
|
|
28.4 |
% |
|
|
16.2 |
% |
|
|
|
|
+1,220bps |
|
Operating profit (loss) |
|
$ |
1,167 |
|
|
$ |
(60 |
) |
|
$ |
1,227 |
|
2,045 |
% |
Operating margin |
|
|
14.4 |
% |
|
|
(0.9 |
)% |
|
|
|
|
+1,530bps |
|
Adjusted operating profit(1) |
|
$ |
1,443 |
|
|
$ |
168 |
|
|
$ |
1,275 |
|
759 |
% |
Adjusted operating margin |
|
|
17.8 |
% |
|
|
2.6 |
% |
|
|
|
|
+1,520bps |
|
Net income (loss)(2) |
|
$ |
1,446 |
|
|
$ |
(254 |
) |
|
$ |
1,700 |
|
669 |
% |
Net income margin |
|
|
17.8 |
% |
|
|
(3.9 |
)% |
|
|
|
|
+2,170bps |
|
Adjusted net income
(loss)(1)(2)(3) |
|
$ |
1,717 |
|
|
$ |
(26 |
) |
|
$ |
1,743 |
|
6,704 |
% |
Adjusted net income(loss)
margin |
|
|
21.2 |
% |
|
|
(0.4 |
)% |
|
|
|
|
+2,160bps |
|
Diluted EPS |
|
$ |
2.62 |
|
|
$ |
(0.49 |
) |
|
$ |
3.11 |
|
635 |
% |
Adjusted diluted earnings per
share(1) |
|
$ |
3.11 |
|
|
$ |
(0.05 |
) |
|
$ |
3.16 |
|
6,320 |
% |
Adjusted EBITDA(1)(4) |
|
$ |
3,088 |
|
|
$ |
1,848 |
|
|
$ |
1,240 |
|
67 |
% |
Adjusted EBITDA margin |
|
|
38.1 |
% |
|
|
28.1 |
% |
|
|
|
|
+1,000bps |
|
Cash from operations |
|
$ |
2,624 |
|
|
$ |
2,839 |
|
|
$ |
(215 |
) |
8 |
% |
Wafer shipments (300mm equivalent) (in
thousands) |
|
|
2,472 |
|
|
|
2,374 |
|
|
|
98 |
|
4 |
% |
|
|
|
|
|
|
|
|
(1) Adjusted gross profit, adjusted operating
profit, adjusted net income, adjusted diluted earnings per share,
and adjusted EBITDA are adjusted non-IFRS metrics; please 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 (loss) is now defined as net
income (loss) 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 (loss), adjusted for the impact of finance
expense, finance income, income tax expense, depreciation,
amortization, share-based compensation expense, transaction gains
and associated expenses, restructuring charges, labor optimization
initiatives and litigation settlement.
Summary of First 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 |
$233 - $282 |
|
$40 - $50 |
|
$283 - $322 |
Operating Margin (mid-point) |
14.1% |
|
|
|
16.5% |
Net Income |
$202 - $257 |
|
$40 - $50 |
|
$252 - $297 |
Net Income Margin (mid-point) |
12.5% |
|
|
|
15.0% |
Diluted EPS |
$0.36 - $0.46 |
|
|
|
$0.45 - $0.53 |
Adjusted EBITDA(2) |
NA |
|
|
|
$667 - $722 |
Adj. EBITDA Margin (mid-point) |
|
|
|
|
37.9% |
|
|
|
|
|
|
(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 First 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)Reflects change to adjusted EBITDA definition
discussed in more detail elsewhere in this release.
Unaudited Consolidated Statements of
Operations
|
|
Three Months Ended |
|
Year Ended |
(in millions USD, except for per share
amounts) |
|
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
2,101 |
|
|
$ |
1,847 |
|
|
$ |
8,108 |
|
|
$ |
6,585 |
|
Cost
of revenue |
|
|
1,479 |
|
|
|
1,463 |
|
|
|
5,869 |
|
|
|
5,572 |
|
Gross profit |
|
$ |
622 |
|
|
$ |
384 |
|
|
$ |
2,239 |
|
|
$ |
1,013 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
110 |
|
|
|
130 |
|
|
|
482 |
|
|
|
478 |
|
Sales, marketing, general and administrative |
|
|
130 |
|
|
|
167 |
|
|
|
496 |
|
|
|
595 |
|
Restructuring charges |
|
|
94 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Total operating expenses |
|
$ |
334 |
|
|
$ |
297 |
|
|
$ |
1,072 |
|
|
$ |
1,073 |
|
Operating profit (loss) |
|
$ |
288 |
|
|
$ |
87 |
|
|
$ |
1,167 |
|
|
$ |
(60 |
) |
Finance expense, net |
|
|
(2 |
) |
|
|
(26 |
) |
|
|
(60 |
) |
|
|
(108 |
) |
Other
income (expense) |
|
|
(13 |
) |
|
|
8 |
|
|
|
22 |
|
|
|
(8 |
) |
Gain
on sale of a business |
|
|
403 |
|
|
|
|
|
403 |
|
|
|
Income tax expense |
|
|
(8 |
) |
|
|
(26 |
) |
|
|
(86 |
) |
|
|
(78 |
) |
Net income (loss) |
|
$ |
668 |
|
|
$ |
43 |
|
|
$ |
1,446 |
|
|
$ |
(254 |
) |
Attributable to: |
|
|
|
|
|
|
|
|
Shareholders of GlobalFoundries |
|
|
668 |
|
|
|
44 |
|
|
|
1,448 |
|
|
|
(250 |
) |
Non-controlling interest |
|
|
— |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
Earnings (Loss) per share : |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.22 |
|
|
$ |
0.08 |
|
|
$ |
2.69 |
|
|
$ |
(0.49 |
) |
Diluted |
|
$ |
1.21 |
|
|
$ |
0.08 |
|
|
$ |
2.62 |
|
|
$ |
(0.49 |
) |
Shares used in earnings per share calculation: |
|
|
|
|
|
|
|
|
Basic |
|
|
546 |
|
|
|
522 |
|
|
|
539 |
|
|
|
506 |
|
Diluted |
|
|
554 |
|
|
|
540 |
|
|
|
552 |
|
|
|
506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statements of
Financial Position
(in millions USD) |
|
December 31, 2022 |
|
December 31, 2021 |
|
|
|
|
|
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
2,352 |
|
|
$ |
2,939 |
|
Receivables, prepayments and other |
|
|
1,487 |
|
|
|
1,231 |
|
Marketable securities |
|
|
622 |
|
|
|
— |
|
Inventories |
|
|
1,339 |
|
|
|
1,121 |
|
Current assets |
|
$ |
5,800 |
|
|
$ |
5,291 |
|
Deferred
tax assets |
|
$ |
292 |
|
|
$ |
353 |
|
Property, plant, and equipment, net |
|
|
10,596 |
|
|
|
8,713 |
|
Marketable securities |
|
|
372 |
|
|
|
— |
|
Other
assets |
|
|
781 |
|
|
|
671 |
|
Non-current assets |
|
$ |
12,041 |
|
|
$ |
9,737 |
|
Total assets |
|
$ |
17,841 |
|
|
$ |
15,028 |
|
Liabilities and equity: |
|
|
|
|
Current
portion of long-term debt |
|
$ |
223 |
|
|
$ |
297 |
|
Other
current liabilities |
|
|
3,136 |
|
|
|
2,866 |
|
Current liabilities |
|
$ |
3,359 |
|
|
$ |
3,163 |
|
Non-current portion of long-term debt |
|
$ |
2,288 |
|
|
$ |
1,716 |
|
Other
liabilities |
|
|
2,234 |
|
|
|
2,116 |
|
Non-current liabilities |
|
$ |
4,522 |
|
|
$ |
3,832 |
|
Shareholders' equity: |
|
|
|
|
Common
stock/additional paid-in capital |
|
$ |
23,842 |
|
|
$ |
23,498 |
|
Accumulated deficit |
|
|
(14,021 |
) |
|
|
(15,469 |
) |
Accumulated other comprehensive (loss) |
|
|
92 |
|
|
|
(54 |
) |
Non-controlling interest |
|
|
47 |
|
|
|
58 |
|
Total liabilities and equity |
|
$ |
17,841 |
|
|
$ |
15,028 |
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statements of Cash
Flows
|
Three Months Ended |
|
Year Ended |
(in millions USD) |
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
668 |
|
|
$ |
43 |
|
|
$ |
1,446 |
|
|
$ |
(254 |
) |
Depreciation and amortization |
|
409 |
|
|
|
419 |
|
|
|
1,623 |
|
|
|
1,619 |
|
Gain on the sale of a fabrication facility |
|
(403 |
) |
|
|
— |
|
|
|
(403 |
) |
|
|
— |
|
Finance expense, net and other(1) |
|
(3 |
) |
|
|
(6 |
) |
|
|
1 |
|
|
|
1 |
|
Deferred income taxes |
|
30 |
|
|
|
40 |
|
|
|
82 |
|
|
|
93 |
|
Other
non-cash operating activities |
|
16 |
|
|
|
23 |
|
|
|
50 |
|
|
|
150 |
|
Net
change in working capital |
|
(226 |
) |
|
|
629 |
|
|
|
(175 |
) |
|
|
1,230 |
|
Net cash provided by operating activities |
$ |
491 |
|
|
$ |
1,148 |
|
|
$ |
2,624 |
|
|
$ |
2,839 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Purchases of property, plant, equipment, and intangible assets |
$ |
(991 |
) |
|
$ |
(649 |
) |
|
$ |
(3,059 |
) |
|
$ |
(1,766 |
) |
Other
investing activities |
|
(60 |
) |
|
|
23 |
|
|
|
(999 |
) |
|
|
316 |
|
Net cash used in investing activities |
$ |
(1,051 |
) |
|
$ |
(626 |
) |
|
$ |
(4,058 |
) |
|
$ |
(1,450 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Proceeds from issuance of equity instruments |
$ |
12 |
|
|
$ |
1,444 |
|
|
$ |
168 |
|
|
$ |
1,444 |
|
Repayments of shareholder loan |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(568 |
) |
Proceeds (repayment) of debt, net |
|
255 |
|
|
|
(72 |
) |
|
|
581 |
|
|
|
(343 |
) |
Other
financing activities |
|
93 |
|
|
|
27 |
|
|
|
93 |
|
|
|
117 |
|
Net cash provided by financing activities |
$ |
360 |
|
|
$ |
1,399 |
|
|
$ |
842 |
|
|
$ |
650 |
|
Effect of exchange rate changes |
|
11 |
|
|
|
(1 |
) |
|
|
5 |
|
|
|
(8 |
) |
Net change in cash and cash equivalents |
$ |
(189 |
) |
|
$ |
1,920 |
|
|
$ |
(587 |
) |
|
$ |
2,031 |
|
Cash
and cash equivalents at the beginning of the period |
|
2,541 |
|
|
|
1,019 |
|
|
|
2,939 |
|
|
|
908 |
|
Cash and cash equivalents at the end of the
period |
$ |
2,352 |
|
|
$ |
2,939 |
|
|
$ |
2,352 |
|
|
$ |
2,939 |
|
|
|
|
|
|
|
|
|
(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 |
|
Year Ended |
(in millions
USD) |
|
December 31, 2022 |
|
September 30, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
622 |
|
|
$ |
610 |
|
|
$ |
384 |
|
|
$ |
2,239 |
|
|
$ |
1,013 |
|
Gross profit margin |
|
|
29.6 |
% |
|
|
29.4 |
% |
|
|
20.8 |
% |
|
|
27.6 |
% |
|
|
15.4 |
% |
Share based compensation |
|
$ |
11 |
|
|
$ |
11 |
|
|
$ |
13 |
|
|
$ |
64 |
|
|
$ |
55 |
|
Adjusted gross
profit |
|
$ |
633 |
|
|
$ |
621 |
|
|
$ |
397 |
|
|
$ |
2,303 |
|
|
$ |
1,068 |
|
Adjusted gross margin |
|
|
30.1 |
% |
|
|
29.9 |
% |
|
|
21.5 |
% |
|
|
28.4 |
% |
|
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss) |
|
$ |
288 |
|
|
$ |
357 |
|
|
$ |
87 |
|
|
$ |
1,167 |
|
|
$ |
(60 |
) |
Operating profit margin |
|
|
13.7 |
% |
|
|
17.2 |
% |
|
|
4.7 |
% |
|
|
14.4 |
% |
|
|
(0.9 |
)% |
Share based compensation |
|
$ |
43 |
|
|
$ |
32 |
|
|
$ |
55 |
|
|
$ |
182 |
|
|
$ |
228 |
|
Restructuring charges(1) |
|
$ |
94 |
|
|
|
— |
|
|
|
— |
|
|
$ |
94 |
|
|
|
— |
|
Adjusted operating
profit |
|
$ |
425 |
|
|
$ |
389 |
|
|
$ |
142 |
|
|
$ |
1,443 |
|
|
$ |
168 |
|
Adjusted operating profit
margin |
|
|
20.2 |
% |
|
|
18.8 |
% |
|
|
7.7 |
% |
|
|
17.8 |
% |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)(2) |
|
$ |
668 |
|
|
$ |
336 |
|
|
$ |
43 |
|
|
$ |
1,446 |
|
|
$ |
(254 |
) |
Net income (loss) margin |
|
|
31.8 |
% |
|
|
16.2 |
% |
|
|
2.3 |
% |
|
|
17.8 |
% |
|
|
(3.9 |
)% |
Share based compensation |
|
$ |
43 |
|
|
$ |
32 |
|
|
$ |
55 |
|
|
$ |
182 |
|
|
$ |
228 |
|
Restructuring charges(1) |
|
$ |
94 |
|
|
|
— |
|
|
|
— |
|
|
$ |
94 |
|
|
|
— |
|
Income tax effect(3) |
|
$ |
(5 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(5 |
) |
|
$ |
— |
|
Adjusted net income
(loss)(4) |
|
$ |
800 |
|
|
$ |
368 |
|
|
$ |
98 |
|
|
$ |
1,717 |
|
|
$ |
(26 |
) |
Adjusted net income (loss)
margin |
|
|
38.1 |
% |
|
|
17.7 |
% |
|
|
5.3 |
% |
|
|
21.2 |
% |
|
|
(0.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share |
|
$ |
1.21 |
|
|
$ |
0.61 |
|
|
$ |
0.08 |
|
|
$ |
2.62 |
|
|
$ |
(0.49 |
) |
Share based compensation |
|
$ |
0.07 |
|
|
$ |
0.06 |
|
|
$ |
0.10 |
|
|
$ |
0.33 |
|
|
$ |
0.44 |
|
Restructuring charges(1) |
|
$ |
0.17 |
|
|
|
— |
|
|
|
— |
|
|
$ |
0.17 |
|
|
|
— |
|
Income tax effect |
|
$ |
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
$ |
(0.01 |
) |
|
|
— |
|
Adjusted diluted
earnings (loss) per share |
|
$ |
1.44 |
|
|
$ |
0.67 |
|
|
$ |
0.18 |
|
|
$ |
3.11 |
|
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes $3.1 million of share based compensation in Q4
2022.
(2)Includes the gain on sale of our EFK business in December
2022.
(3) Relates to restructuring charges in Q4 2022.
(4) Reflects change to adjusted net income (loss) definition
discussed in more detail elsewhere in this release.
Unaudited Reconciliation of Net Income to
Adjusted EBITDA
|
|
Three Months Ended |
|
Year Ended |
(in millions
USD) |
|
December 31, 2022 |
|
September 30, 2022 |
|
December 31, 2021 |
|
December 31, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
Net income for the period |
|
$ |
668 |
|
|
$ |
336 |
|
|
$ |
43 |
|
|
$ |
1,446 |
|
|
$ |
(254 |
) |
Depreciation and
amortization |
|
|
409 |
|
|
|
395 |
|
|
|
419 |
|
|
|
1,623 |
|
|
|
1,619 |
|
Finance expense |
|
|
28 |
|
|
|
28 |
|
|
|
28 |
|
|
|
111 |
|
|
|
114 |
|
Finance income |
|
|
(26 |
) |
|
|
(17 |
) |
|
|
NA |
|
|
|
(51 |
) |
|
|
NA |
|
Income tax expense |
|
|
8 |
|
|
|
19 |
|
|
|
26 |
|
|
|
86 |
|
|
|
78 |
|
Share based compensation |
|
|
43 |
|
|
|
32 |
|
|
|
55 |
|
|
|
182 |
|
|
|
228 |
|
Restructuring charges(1) |
|
|
94 |
|
|
|
— |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Labor optimization
initiatives |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
17 |
|
(Gains) on transactions, legal
settlements and transaction expenses(2) |
|
|
(403 |
) |
|
|
— |
|
|
|
8 |
|
|
|
(403 |
) |
|
|
46 |
|
Adjusted
EBITDA(3) |
|
$ |
821 |
|
|
$ |
793 |
|
|
$ |
584 |
|
|
$ |
3,088 |
|
|
$ |
1,848 |
|
Adjusted EBITDA margin |
|
|
39.1 |
% |
|
|
38.2 |
% |
|
|
31.6 |
% |
|
|
38.1 |
% |
|
|
28.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 sale of our EFK business.
(3)Reflects change to adjusted EBITDA definition
discussed in more detail elsewhere in this release.
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 (loss), adjusted
diluted earnings (loss) 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 (loss) as net
income (loss) adjusted for share-based compensation expense,
restructuring charges and the associated tax impact. We define
adjusted diluted EPS as adjusted net income (loss) divided by the
dilutive shares. We define adjusted EBITDA as net income (loss),
adjusted for the impact of finance expense, finance income, income
tax expense, depreciation, amortization, share-based compensation
expense, transaction 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, February 14, 2022 at 8:30 a.m. U.S.
Eastern Time (ET) to review the Fourth Quarter and Full Year 2022
results in detail. Interested parties may join the scheduled
conference call by registering at
https://register.vevent.com/register/BIb7c5c31960b748cb82f3624738c04f6d
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 2021 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 Relationsir@gf.com
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