GlobalFoundries Reports Second Quarter 2023 Financial Results


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  
 

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