Summary of Third Quarter 2022 Outlook (unaudited, in millions USD except per share amounts) 2
| IFRS | Share-based compensation | Non-IFRS Adjusted | |||
| Net revenue | $2,035 - $2,065 | — | — | ||
| Gross Profit | $557 - $590 | $19 - $23 | $580 - $609 | ||
| Gross Margin (mid-point) | 28.0% | 29.0% | |||
| Operating Profit | $301 - $343 | $38 - $46 | $347 - $381 | ||
| Operating Margin (mid-point) | 15.7% | 17.8% | |||
| Net Income | $278 - $318 | $38 - $46 | $324 - $356 | ||
| Net Income Margin (mid-point) | 14.5% | 16.6% | |||
| Diluted EPS | $0.50 - $0.58 | $0.59 - $0.65 | |||
| Adjusted EBITDA | — | $775 - $813 | |||
| Adj. EBITDA Margin (mid-point) | 38.7% |
2The 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 Third 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.
Unaudited Consolidated Statements of Operations
| Three Months Ended | ||||||||
| (in millions USD, except for per share amounts) | June 30, 2022 | June 30, 2021 | ||||||
| Net revenue | $ | 1,993 | $ | 1,620 | ||||
| Cost of revenue | 1,455 | 1,389 | ||||||
| Gross profit | $ | 538 | $ | 231 | ||||
| Operating expenses: | ||||||||
| Research and development | 120 | 132 | ||||||
| Sales, marketing, general and administrative | 121 | 202 | ||||||
| Total operating expenses | $ | 241 | $ | 334 | ||||
| Operating profit (loss) | 297 | (103 | ) | |||||
| Finance expense, net | (19 | ) | (28 | ) | ||||
| Other income (loss) | 16 | (23 | ) | |||||
| Income tax expense | (30 | ) | (20 | ) | ||||
| Net income (loss) | $ | 264 | $ | (174 | ) | |||
| Attributable to: | ||||||||
| Shareholders of GlobalFoundries | 264 | (173 | ) | |||||
| Non-controlling interest | — | (1 | ) | |||||
| Earnings (loss) per share ("EPS"): | ||||||||
| Basic | $ | 0.49 | $ | (0.35 | ) | |||
| Diluted | $ | 0.48 | $ | (0.35 | ) | |||
| Shares used in earnings (loss) per share calculation | ||||||||
| Basic | 535 | 500 | ||||||
| Diluted | 550 | 500 | ||||||
