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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