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 | |
| |
