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.

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 %
           

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