GlobalFoundries Reports Third Quarter 2023 Financial Results

Unaudited Reconciliation of IFRS to Non-IFRS
  Three Months Ended
(in millions USD) September 30, 2023  June 30, 2023  September 30, 2022
      
Net Revenue $ 1,852   $ 1,845   $ 2,074 
Gross profit $ 529   $ 532   $ 610 
Gross profit margin 28.6%  28.8%  29.4%
Share-based compensation$12  $14  $11 
Adjusted gross profit (1) $ 541   $ 546   $ 621  
Adjusted gross margin (1)   29.2 %     29.6 %     29.9 %
           
Selling, general and administrative $ 143     $ 132     $ 129  
Share-based compensation $ 25     $ 24     $ 15  
Adjusted selling, general and administrative $ 118     $ 108     $ 114  
           
Research and development $ 108     $ 106     $ 124  
Share-based compensation $ 7     $ 6     $ 6  
Adjusted research and development (1) $ 101     $ 100     $ 118  
           
Operating profit $ 261     $ 275     $ 357  
Operating profit margin   14.1 %     14.9 %     17.2 %
Share-based compensation $ 44     $ 44     $ 32  
Restructuring charges $ 17     $ 19        
Adjusted operating profit (1) $ 322     $ 338     $ 389  
Adjusted operating profit margin (1)   17.4 %     18.3 %     18.8 %
           
Net income $ 249     $ 237     $ 336  
Net income margin   13.4 %     12.8 %     16.2 %
Share-based compensation $ 44     $ 44     $ 32  
Restructuring charges $ 17     $ 19        
Income tax effect (2) $ (2 )   $ (3 )   $  
Adjusted net income (1) (3) $ 308     $ 297     $ 368  
Adjusted net income margin (1)   16.6 %     16.1 %     17.7 %
           
Diluted earnings per share $ 0.45     $ 0.43     $ 0.61  
Share-based compensation $ 0.08     $ 0.08     $ 0.06  
Restructuring charges $ 0.03     $ 0.03        
Income tax effect $ (0.01 )   $ (0.01 )      
Diluted shares outstanding   556       556       553  
Adjusted diluted earnings per share (1) $ 0.55     $ 0.53     $ 0.67  
           
Net cash provided by operating activities $ 416     $ 546      
Less: Purchase of property, plant and equipment and intangible assets $ 323     $ 400      
Free cash flow (1) $ 93     $ 146      
 
(1)  Adjusted gross profit, adjusted selling, general and administrative, adjusted research and development expense, adjusted operating profit, adjusted operating expense (calculated by subtracting adjusted operating profit from adjusted gross profit), adjusted net income, adjusted diluted earnings per share, free cash flow and any related margins are all Non-IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful.
(2) Relates to restructuring charges.
(3) Reflects change to adjusted net income definition discussed in more detail elsewhere in this release.



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