GlobalFoundries Reports Fourth Quarter and Fiscal Year 2021 Financial Results

1Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted EBITDA, and diluted earnings per share are adjusted non-IFRS metrics; please see the reconciliation of IFRS to adjusted non-IFRS metrics in the Appendix.
2In 2020, the majority of our customer contractual terms were amended in a manner that resulted in moving from recognizing wafer revenue on a Percentage-of-Completion basis to recognizing revenue on a Wafer Shipment basis. This resulted in a one-time, non-recurring reduction in net revenues recognized in 2020. Had the change in terms not occurred, net revenues for the quarter ended December 31, 2020 would have been an estimated $501 million higher than reported results.

Unaudited Summary Annual Results (in $M, except per share amounts) 1,2

         Year-over-year
    FY 2020  FY 2021   FY20 vs FY21
          
Revenue   $ 4,851   $ 6,585    $ 1,734 36 % 
          
Gross profit (loss)   $ (713)   $ 1,013    $ 1,726 242 % 
Gross margin    (14.7)%   15.4%    +3008bps 
                  
Adjusted gross profit (loss)     $ (713)     $ 1,068       $ 1,781 250 %  
Adjusted gross margin       (14.7)%       16.2 %         +3092bps  
                   
Operating profit (loss)     $ (1,656)     $ (60)       $ 1,596 96 %  
Operating margin       (34)%       (1)%         +3323bps  
                   
Adjusted operating profit (loss)     $ (1,655)     $ 168       $ 1,823 110 %  
Adjusted operating margin       (34)%       3 %         +3667bps  
                   
Net income (loss)     $ (1,351)     $ (254)       $ 1,097 81 %  
Net income (loss) margin       (28)%       (4)%         +2399bps  
                   
Adjusted net income (loss)     $ (1,350)     $ (26)       $ 1,324 98 %  
Adjusted net income (loss) margin       (28)%       0 %         +2744bps  
                   
Diluted earnings per share (EPS)     $ (2.70)     $ (0.50)       $ 2.20 81 %  
                   
Adjusted diluted EPS     $ (2.70)     $ (0.05)       $ 2.65 98 %  
                   
Adjusted EBITDA     $ 976     $ 1,848       $ 872 89 %  
Adjusted EBITDA margin       20 %       28 %         +794bps  
                   
Cash from operations     $ 1,006     $ 2,839       $ 1,833 182 %  
                   
Wafer shipments (300MM Equivalent) (in thousands)       2,030       2,374         344 17 %  

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