GlobalFoundries Reports Fourth Quarter 2023 and Fiscal Year 2023 Financial Results


Unaudited Consolidated Statements of Cash Flows
 
   Three Months Ended  Year Ended
(in millions USD)  December 31,
2023
  December 31,
2022
  December 31,
2023
  December 31,
2022
         
Cash flows from operating activities:        
Net income $ 278   $ 668   $ 1,018   $ 1,446 
Depreciation and amortization 402   409   1,451   1,623 
Gain on the sale of a business(1)     (403)     (403)
Finance (income) expense, net and other(2) (21)  (3)  (21)  1 
Deferred income taxes   8       30       50       82  
Other non-cash operating activities   41       16       134       50  
Net change in working capital   (24 )     (226 )     (507 )     (175 )
Net cash provided by operating activities $ 684     $ 491     $ 2,125     $ 2,624  
               
Cash flows from investing activities:              
Purchases of property, plant, equipment, and intangible assets $ (228 )   $ (991 )   $ (1,804 )   $ (3,059 )
Other investing activities   133       (60 )     (78 )     (999 )
Net cash used in investing activities $ (95 )   $ (1,051 )   $ (1,882 )   $ (4,058 )
               
Cash flows from financing activities:              
Proceeds from issuance of equity instruments and other   $ 1     $ 12     $ 47     $ 168  
Proceeds (repayment) of debt, net   (88 )     255       (259 )     581  
Other financing activities         93             93  
Net cash (used in) provided by financing activities $ (87 )   $ 360     $ (212 )   $ 842  
Effect of exchange rate changes   5       11       4       5  
Net change in cash and cash equivalents $ 507     $ (189 )   $ 35     $ (587 )
Cash and cash equivalents at the beginning of the period   1,880       2,541       2,352       2,939  
Cash and cash equivalents at the end of the period $ 2,387     $ 2,352     $ 2,387     $ 2,352  
 
(1) Includes the gain on sale of our East Fishkill business in December 2022.
(2 ) Finance (income) expense, net and other has been adjusted to include interest and taxes paid that were previously included in "Other non-cash operating activities." Prior period amounts have been adjusted accordingly.



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