GlobalFoundries Reports Fourth Quarter 2023 and Fiscal Year 2023 Financial Results


Unaudited Reconciliation of IFRS to Non-IFRS
 
   Three Months Ended  Year Ended
(in millions USD, except for per share amounts)  December 31,
2023
  September 30,
2023
  December 31,
2022
  December 31,
2023
  December 31,
2022
           
Net Revenue  $ 1,854   $ 1,852   $ 2,101   $ 7,392   $ 8,108 
Gross profit  $ 525   $ 529   $ 622   $ 2,101   $ 2,239 
Gross profit margin  28.3%  28.6%  29.6%  28.4%  27.6%
Share-based compensation  $ 12     $ 12     $ 11     $ 48     $ 64  
Adjusted gross profit (1)   $ 537     $ 541     $ 633     $ 2,149     $ 2,303  
Adjusted gross margin (1)     29.0 %     29.2 %     30.1 %     29.1 %     28.4 %
                     
Selling, general and administrative (2)   $ 87     $ 143     $ 130     $ 473     $ 496  
Share-based compensation   $ 30     $ 25     $ 25     $ 96     $ 91  
Adjusted selling, general and administrative (1)   $ 57     $ 118     $ 105     $ 377     $ 405  
                     
Research and development   $ 105     $ 108     $ 110     $ 428     $ 482  
Share-based compensation   $ 8     $ 7     $ 7     $ 25     $ 27  
Adjusted research and development (1)   $ 97     $ 101     $ 103     $ 403     $ 455  
                     
Operating profit   $ 303     $ 261     $ 288     $ 1,129     $ 1,167  
Operating profit margin     16.3 %     14.1 %     13.7 %     15.3 %     14.4 %
Share-based compensation   $ 50     $ 44     $ 43     $ 169     $ 182  
Restructuring charges (3)   $ 30     $ 17     $ 94     $ 71     $ 94  
Adjusted operating profit (1)   $ 383     $ 322     $ 425     $ 1,369     $ 1,443  
Adjusted operating profit margin (1)     20.7 %     17.4 %     20.2 %     18.5 %     17.8 %
                     
Net income   $ 278     $ 249     $ 668     $ 1,018     $ 1,446  
Net income margin     15.0 %     13.4 %     31.8 %     13.8 %     17.8 %
Share-based compensation   $ 50     $ 44     $ 43     $ 169     $ 182  
Restructuring charges (3)   $ 30     $ 17     $ 94     $ 71     $ 94  
Income tax effect (4)   $ (2 )   $ (2 )   $ (5 )   $ (7 )   $ (5 )
Adjusted net income (1)(5)   $ 356     $ 308     $ 800     $ 1,251     $ 1,717  
Adjusted net income margin (1)     19.2 %     16.6 %     38.1 %     16.9 %     21.2 %
                     
Diluted EPS   $ 0.50     $ 0.45     $ 1.21     $ 1.83     $ 2.62  
Share-based compensation   $ 0.09     $ 0.08     $ 0.07     $ 0.30     $ 0.33  
Restructuring charges (3)   $ 0.05     $ 0.03     $ 0.17     $ 0.13     $ 0.17  
Income tax effect (4)   $     $ (0.01 )   $ (0.01 )   $ (0.02 )   $ (0.01 )
Diluted shares outstanding     557       556       554       556       552  
Adjusted diluted EPS (1)   $ 0.64     $ 0.55     $ 1.44     $ 2.24     $ 3.11  
                     
Net cash provided by operating activities   $ 684     $ 416         $ 2,125      
Less: Purchase of property, plant and equipment and intangible assets   $ 228     $ 323         $ 1,804      
Free cash flow (1)   $ 456     $ 93         $ 321      
 
(1) Adjusted gross profit, adjusted selling, general and administrative, adjusted research and development, adjusted operating profit, adjusted operating expense (calculated by subtracting adjusted operating profit from adjusted gross profit), adjusted net income, adjusted diluted EPS, 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) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial.
(3) Includes $3.1 million of share-based compensation in Q4 2022.
(4) Relates to restructuring charges.
(5) Reflects change to adjusted net income definition discussed in more detail elsewhere in this release.



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