GlobalFoundries Reports Fourth Quarter and Fiscal Year 2022 Financial Results

(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 %
               

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