GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary
financial results for the second quarter ended June 30, 2023.
Key Second Quarter Financial
Highlights
- 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."
Recent Business Highlights
- 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) |
|
|
|
|
|
|
|
|
Year-over-year |
|
Sequential |
|
|
Q2'23 |
|
Q1'23 |
|
Q2'22 |
|
Q2'23 vs Q2'22 |
|
Q2'23 vs Q1'23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
1,845 |
|
|
$ |
1,841 |
|
|
$ |
1,993 |
|
|
$ |
(148 |
) |
(7)% |
|
$ |
4 |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
532 |
|
|
|
515 |
|
|
|
538 |
|
|
$ |
(6 |
) |
(1)% |
|
$ |
17 |
|
3 |
% |
Gross margin |
|
|
28.8 |
% |
|
|
28.0 |
% |
|
|
27.0 |
% |
|
|
+180bps |
|
|
+80bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross profit(1) |
|
$ |
546 |
|
|
$ |
525 |
|
|
$ |
559 |
|
|
$ |
(13 |
) |
(2)% |
|
$ |
21 |
|
4 |
% |
Adjusted gross margin (1) |
|
|
29.6 |
% |
|
|
28.5 |
% |
|
|
28.0 |
% |
|
|
+160bps |
|
|
+110bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
275 |
|
|
$ |
290 |
|
|
$ |
297 |
|
|
$ |
(22 |
) |
(7)% |
|
$ |
(15 |
) |
(5)% |
Operating margin |
|
|
14.9 |
% |
|
|
15.8 |
% |
|
|
14.9 |
% |
|
|
0bps |
|
|
(90)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating profit(1) |
|
$ |
338 |
|
|
$ |
326 |
|
|
$ |
350 |
|
|
$ |
(12 |
) |
(3)% |
|
$ |
12 |
|
4 |
% |
Adjusted operating margin
(1) |
|
|
18.3 |
% |
|
|
17.7 |
% |
|
|
17.6 |
% |
|
|
+70bps |
|
|
+60bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
237 |
|
|
$ |
254 |
|
|
$ |
264 |
|
|
$ |
(27 |
) |
(10)% |
|
$ |
(17 |
) |
(7)% |
Net income margin |
|
|
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 |
% |
|
|
+20bps |
|
|
+30bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share ("EPS") |
|
$ |
0.43 |
|
|
$ |
0.46 |
|
|
$ |
0.48 |
|
|
$ |
(0.05 |
) |
(10)% |
|
$ |
(0.03 |
) |
(7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per
share(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash from operations |
|
$ |
546 |
|
|
$ |
479 |
|
|
$ |
609 |
|
|
$ |
(63 |
) |
(10)% |
|
$ |
67 |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wafer shipments (300mm equivalent) (in
thousands) |
|
|
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)(1) |
|
IFRS |
|
Share-based compensation |
|
Non-IFRS Adjusted(2) |
Net revenue |
$1,825 - $1,870 |
|
— |
|
— |
Gross
Profit |
$485 - $527 |
|
$15- $17 |
|
$502 - $542 |
Gross Margin(3) (mid-point) |
27.4% |
|
|
|
28.3% |
Operating
Profit |
$227 - $287 |
|
$40 - $50 |
|
$277 - $327 |
Operating Margin(3) (mid-point) |
13.9% |
|
|
|
16.3% |
Net
Income |
$204 - $262 |
|
$40 - $50 |
|
$254 - $302 |
Net Income Margin(3) (mid-point) |
12.6% |
|
|
|
15.0% |
Diluted
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). |
|
Unaudited
Consolidated Statements of Operations |
|
|
Three Months Ended |
(in millions USD
except for per share amounts) |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
|
|
Net revenue |
|
$ |
1,845 |
|
|
$ |
1,993 |
|
Cost of revenue |
|
|
1,313 |
|
|
|
1,455 |
|
Gross
profit |
|
$ |
532 |
|
|
$ |
538 |
|
Operating expenses: |
|
|
|
|
Research and development |
|
|
106 |
|
|
|
120 |
|
Sales, marketing, general and
administrative |
|
|
132 |
|
|
|
121 |
|
Restructuring charges |
|
|
19 |
|
|
|
— |
|
Total operating
expenses |
|
$ |
257 |
|
|
$ |
241 |
|
Operating
profit |
|
$ |
275 |
|
|
$ |
297 |
|
Finance income (expense),
net |
|
|
— |
|
|
|
(19 |
) |
Other income (expense) |
|
|
(10 |
) |
|
|
16 |
|
Income tax expense |
|
|
(28 |
) |
|
|
(30 |
) |
Net
income |
|
$ |
237 |
|
|
$ |
264 |
|
Attributable to: |
|
|
|
|
Shareholders of
GlobalFoundries |
|
|
240 |
|
|
|
264 |
|
Non-controlling interest |
|
|
(3 |
) |
|
|
— |
|
Earnings per share
: |
|
|
|
|
Basic |
|
$ |
0.43 |
|
|
$ |
0.49 |
|
Diluted |
|
$ |
0.43 |
|
|
$ |
0.48 |
|
Shares used in earnings per
share calculation: |
|
|
|
|
Basic |
|
|
552 |
|
|
|
535 |
|
Diluted |
|
|
556 |
|
|
|
550 |
|
|
Unaudited
Consolidated Statements of Financial Position |
(in millions
USD) |
|
June 30, 2023 |
|
December 31, 2022 |
|
|
|
|
|
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,832 |
|
|
$ |
2,352 |
|
Receivables, prepayments and
other |
|
|
1,232 |
|
|
|
1,487 |
|
Marketable securities |
|
|
955 |
|
|
|
622 |
|
Inventories |
|
|
1,504 |
|
|
|
1,339 |
|
Current
assets |
|
$ |
5,523 |
|
|
$ |
5,800 |
|
Deferred tax assets |
|
$ |
245 |
|
|
$ |
292 |
|
Property, plant, and equipment,
net |
|
|
10,789 |
|
|
|
10,596 |
|
Marketable securities |
|
|
516 |
|
|
|
372 |
|
Other assets |
|
|
742 |
|
|
|
781 |
|
Non-current
assets |
|
$ |
12,292 |
|
|
$ |
12,041 |
|
Total
assets |
|
$ |
17,815 |
|
|
$ |
17,841 |
|
Liabilities and
equity: |
|
|
|
|
Current portion of long-term
debt |
|
$ |
221 |
|
|
$ |
223 |
|
Other current liabilities |
|
|
2,569 |
|
|
|
3,136 |
|
Current
liabilities |
|
$ |
2,790 |
|
|
$ |
3,359 |
|
Non-current portion of long-term
debt |
|
$ |
2,208 |
|
|
$ |
2,288 |
|
Other liabilities |
|
|
2,243 |
|
|
|
2,234 |
|
Non-current
liabilities |
|
$ |
4,451 |
|
|
$ |
4,522 |
|
Shareholders' equity: |
|
|
|
|
Common stock/additional paid-in
capital |
|
$ |
23,979 |
|
|
$ |
23,842 |
|
Accumulated deficit |
|
|
(13,527 |
) |
|
|
(14,021 |
) |
Accumulated other comprehensive
income |
|
|
77 |
|
|
|
92 |
|
Non-controlling interest |
|
|
45 |
|
|
|
47 |
|
Total liabilities and
equity |
|
$ |
17,815 |
|
|
$ |
17,841 |
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statements of Cash
Flows |
|
|
Three Months Ended |
(in millions
USD) |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
Net income |
$ |
237 |
|
|
$ |
264 |
|
Depreciation and
amortization |
|
340 |
|
|
|
411 |
|
Finance expense,
net and other(1) |
|
(14 |
) |
|
|
(10 |
) |
Deferred income
taxes |
|
24 |
|
|
|
22 |
|
Other non-cash
operating activities |
|
50 |
|
|
|
23 |
|
Net change in
working capital |
|
(91 |
) |
|
|
(101 |
) |
Net cash
provided by operating activities |
$ |
546 |
|
|
$ |
609 |
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
Purchases of
property, plant, equipment, and intangible assets |
$ |
(400 |
) |
|
$ |
(812 |
) |
Other investing
activities |
|
(488 |
) |
|
|
(792 |
) |
Net cash
used in investing activities |
$ |
(888 |
) |
|
$ |
(1,604 |
) |
|
|
|
|
Cash flows
from financing activities: |
|
|
|
Proceeds from issuance of equity instruments and other |
|
$ |
9 |
|
|
$ |
— |
|
Proceeds
(repayment) of debt, net |
|
(87 |
) |
|
|
124 |
|
Other financing
activities |
|
(4 |
) |
|
|
83 |
|
Net cash
(used in) provided by financing activities |
$ |
(82 |
) |
|
$ |
207 |
|
Effect of exchange
rate changes |
|
— |
|
|
|
(2 |
) |
Net change
in cash and cash equivalents |
$ |
(424 |
) |
|
$ |
(790 |
) |
Cash and cash
equivalents at the beginning of the period |
|
2,256 |
|
|
|
3,264 |
|
Cash and
cash equivalents at the end of the period |
$ |
1,832 |
|
|
$ |
2,474 |
|
|
|
|
|
|
(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
|
|
Three Months Ended |
(in millions
USD) |
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
|
|
|
|
|
Gross profit |
|
$ |
532 |
|
|
$ |
515 |
|
|
$ |
538 |
|
Gross profit margin |
|
|
28.8 |
% |
|
|
28.0 |
% |
|
|
27.0 |
% |
Share-based compensation |
|
$ |
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 |
|
Share-based compensation |
|
$ |
24 |
|
|
$ |
17 |
|
|
$ |
24 |
|
Adjusted selling,
general and administrative
expense(1) |
|
$ |
108 |
|
|
$ |
94 |
|
|
$ |
97 |
|
|
|
|
|
|
|
|
Research and
development expense |
|
$ |
106 |
|
|
$ |
109 |
|
|
$ |
120 |
|
Share-based compensation |
|
$ |
6 |
|
|
$ |
4 |
|
|
$ |
8 |
|
Adjusted research and
development expense(1) |
|
$ |
100 |
|
|
$ |
105 |
|
|
$ |
112 |
|
|
|
|
|
|
|
|
Operating
profit |
|
$ |
275 |
|
|
$ |
290 |
|
|
$ |
297 |
|
Operating profit margin |
|
|
14.9 |
% |
|
|
15.8 |
% |
|
|
14.9 |
% |
Share-based compensation |
|
$ |
44 |
|
|
$ |
31 |
|
|
$ |
53 |
|
Restructuring charges |
|
$ |
19 |
|
|
$ |
5 |
|
|
|
— |
|
Adjusted operating
profit(1) |
|
$ |
338 |
|
|
$ |
326 |
|
|
$ |
350 |
|
Adjusted operating profit
margin(1) |
|
|
18.3 |
% |
|
|
17.7 |
% |
|
|
17.6 |
% |
|
|
|
|
|
|
|
Net
income |
|
$ |
237 |
|
|
$ |
254 |
|
|
$ |
264 |
|
Net income margin |
|
|
12.8 |
% |
|
|
13.8 |
% |
|
|
13.2 |
% |
Share-based compensation |
|
$ |
44 |
|
|
$ |
31 |
|
|
$ |
53 |
|
Restructuring charges |
|
$ |
19 |
|
|
$ |
5 |
|
|
|
— |
|
Income tax effect(2) |
|
$ |
(3 |
) |
|
$ |
— |
|
|
$ |
— |
|
Adjusted net
income(1) (3) |
|
$ |
297 |
|
|
$ |
290 |
|
|
$ |
317 |
|
Adjusted net income
margin(1) |
|
|
16.1 |
% |
|
|
15.8 |
% |
|
|
15.9 |
% |
|
|
|
|
|
|
|
Diluted earnings per
share |
|
$ |
0.43 |
|
|
$ |
0.46 |
|
|
$ |
0.48 |
|
Share-based compensation |
|
$ |
0.08 |
|
|
$ |
0.05 |
|
|
$ |
0.10 |
|
Restructuring charges |
|
$ |
0.03 |
|
|
$ |
0.01 |
|
|
|
— |
|
Income tax effect |
|
$ |
(0.01 |
) |
|
$ |
— |
|
|
|
— |
|
Adjusted diluted
earnings per share(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(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 |
|
|
Three Months Ended |
(in millions
USD) |
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
|
|
|
|
|
|
Net income for the period |
|
$ |
237 |
|
|
$ |
254 |
|
|
$ |
264 |
|
Depreciation and
amortization |
|
|
340 |
|
|
|
343 |
|
|
|
411 |
|
Finance expense |
|
|
34 |
|
|
|
31 |
|
|
|
26 |
|
Finance income |
|
|
(34 |
) |
|
|
(32 |
) |
|
|
NA |
|
Income tax expense |
|
|
28 |
|
|
|
23 |
|
|
|
30 |
|
Share-based compensation |
|
|
44 |
|
|
|
31 |
|
|
|
53 |
|
Restructuring charges |
|
|
19 |
|
|
|
5 |
|
|
|
— |
|
Adjusted
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.
Conference Call and Webcast
Information
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.
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 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:
Investor
Relationsir@gf.com
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