[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) [Fourth Quarter 2022 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202022%20Financial%20Highlights) The company reported strong Q4 2022 results with a 14% revenue increase and significant margin expansion Q4 2022 Key Financial Metrics (vs. Q4 2021) | Metric | Q4 2022 | Q4 2021 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net Revenue | $2,101 M | $1,847 M | +14% | | Gross Margin | 29.6% | 20.8% | +880 bps | | Net Income | $668 M | $43 M | +1,453% | | Adjusted EBITDA | $821 M | $584 M | +41% | | Diluted EPS | $1.21 | $0.08 | +1,413% | | Wafer Shipments | 580k | 622k | -7% | [Full Year 2022 Financial Highlights](index=1&type=section&id=Full%20Year%202022%20Financial%20Highlights) The company achieved record full-year 2022 results with 23% revenue growth and a return to profitability Full Year 2022 Key Financial Metrics (vs. FY 2021) | Metric | FY 2022 | FY 2021 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net Revenue | $8,108 M | $6,585 M | +23% | | Gross Margin | 27.6% | 15.4% | +1,220 bps | | Net Income (Loss) | $1,446 M | ($254 M) | N/A | | Adjusted EBITDA | $3,088 M | $1,848 M | +67% | | Diluted EPS | $2.62 | ($0.49) | N/A | - CEO Dr. Thomas Caulfield highlighted that despite a well-publicized inventory correction in Q4, the company **grew revenue by 23%** for the full year and delivered **record gross margin and net income**[2](index=2&type=chunk) [Recent Business Highlights](index=1&type=section&id=Recent%20Business%20Highlights) Key strategic initiatives included a GM agreement, technology acquisition, and a major facility sale - Entered a multi-year agreement with General Motors to secure a capacity corridor in its Upstate NY Fab, supporting GM's U.S. supply chain[5](index=5&type=chunk) - Acquired Conductive Bridging Random Access Memory (CBRAM) technology from Renesas, strengthening its embedded nonvolatile memory solutions portfolio[5](index=5&type=chunk) - Completed the sale of its East Fishkill, NY, facility to onsemi for a final price of **$406 million**, allowing GF to optimize assets and investments in differentiated technologies[5](index=5&type=chunk) [First Quarter 2023 Outlook](index=4&type=section&id=First%20Quarter%202023%20Outlook) The company projects Q1 2023 revenue between $1,810 million and $1,850 million with an adjusted gross margin of 28.0% Q1 2023 Guidance | Metric | Guidance Range (Mid-point) | | :--- | :--- | | Net Revenue | $1,810 M - $1,850 M | | Adjusted Gross Margin | 28.0% | | Adjusted Diluted EPS | $0.45 - $0.53 | | Adjusted EBITDA | $667 M - $722 M | [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Net revenue grew 23% to $8,108 million in 2022, driving a significant turnaround to a net income of $1,446 million Annual Income Statement Highlights (in millions USD) | Line Item | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Net Revenue | $8,108 | $6,585 | | Gross Profit | $2,239 | $1,013 | | Operating Profit (Loss) | $1,167 | ($60) | | Gain on sale of a business | $403 | - | | Net Income (Loss) | $1,446 | ($254) | | Diluted EPS | $2.62 | ($0.49) | [Consolidated Statements of Financial Position](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Total assets grew to $17,841 million, and shareholders' equity increased to $9,960 million by year-end 2022 Key Balance Sheet Items (in millions USD) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,352 | $2,939 | | Total Assets | $17,841 | $15,028 | | Total Liabilities | $7,881 | $6,995 | | Total Shareholders' Equity | $9,960 | $8,033 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow was $2,624 million, while significant capital expenditures led to a net decrease in cash Annual Cash Flow Summary (in millions USD) | Cash Flow Activity | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $2,624 | $2,839 | | Net cash used in investing activities | ($4,058) | ($1,450) | | Net cash provided by financing activities | $842 | $650 | | Net change in cash and cash equivalents | ($587) | $2,031 | [Reconciliation of IFRS to Non-IFRS Measures](index=7&type=section&id=Reconciliation%20of%20IFRS%20to%20Non-IFRS%20Measures) [Reconciliation of Key Profit Metrics](index=7&type=section&id=Reconciliation%20of%20Key%20Profit%20Metrics) FY2022 adjusted net income reached $1,717 million, with adjusted diluted EPS of $3.11 after non-IFRS adjustments FY 2022 IFRS to Non-IFRS Reconciliation (in millions USD, except EPS) | Metric | IFRS | Adjustments | Non-IFRS Adjusted | | :--- | :--- | :--- | :--- | | Gross Profit | $2,239 | $64 | $2,303 | | Operating Profit | $1,167 | $276 | $1,443 | | Net Income (Loss) | $1,446 | $271 | $1,717 | | Diluted EPS | $2.62 | $0.49 | $3.11 | [Reconciliation of Net Income to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) Adjusted EBITDA grew 67% to $3,088 million in FY2022, with the margin improving to 38.1% FY 2022 Net Income to Adjusted EBITDA Reconciliation (in millions USD) | Line Item | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Net Income (Loss) | $1,446 | ($254) | | Depreciation & Amortization | $1,623 | $1,619 | | Share based compensation | $182 | $228 | | (Gains) on transactions | ($403) | $46 | | **Adjusted EBITDA** | **$3,088** | **$1,848** | [Explanation of Adjusted Financial Measures (Non-IFRS)](index=9&type=section&id=Explanation%20of%20Adjusted%20Financial%20Measures%20(Non-IFRS)) Non-IFRS measures are used to provide supplemental insight into core operational performance - The company uses non-IFRS measures to provide useful information to management and investors for measuring financial performance and highlighting business trends not apparent in IFRS results[25](index=25&type=chunk) - Key adjustments to derive non-IFRS metrics include share-based compensation expense, restructuring charges, transaction gains/expenses, and labor optimization initiatives[24](index=24&type=chunk) [Supplementary Information](index=9&type=section&id=Supplementary%20Information) [Conference Call and Webcast Information](index=9&type=section&id=Conference%20Call%20and%20Webcast%20Information) A conference call was scheduled for February 14, 2022, to discuss the financial results - A conference call to review Q4 and Full Year 2022 results was scheduled for Tuesday, February 14, 2022, at 8:30 a.m. U.S. Eastern Time[27](index=27&type=chunk) [About GlobalFoundries](index=9&type=section&id=About%20GlobalFoundries) GlobalFoundries is a leading semiconductor manufacturer with a global fabrication footprint - GlobalFoundries is one of the world's leading semiconductor manufacturers, offering design, development, and fabrication services with a manufacturing footprint in the U.S., Europe, and Asia[28](index=28&type=chunk) [Forward-looking Statements](index=9&type=section&id=Forward-looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties - The report contains forward-looking statements under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to a broad variety of risks and uncertainties[29](index=29&type=chunk) - Investors are cautioned not to place undue reliance on these statements, as they are based on current information and the company assumes no obligation to update them[30](index=30&type=chunk)[31](index=31&type=chunk)

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants | --- | |--------------------------------------------------------------------------------------------------------------------| | | | | | Sukhi Nagesh - Investor Relations Thomas Caulfield - Chief Executive Officer Dave Reeder - Chief Financial Officer | | Conference Call Participants | | Harlan Sur - JPMorgan | | Ross Seymore - Deutsche Bank | | Joseph Moore - Morgan Stanley | | Vivek Arya - B ...

Financial Performance - Record revenue of $2.1 billion, up 22% year-over-year[4] - Gross profit reached $610 million, a 103% increase year-over-year[6] - Net income of $336 million, representing a 6,620% increase compared to the same quarter last year[6] - Adjusted EBITDA of $793 million, up 57% year-over-year[6] - Gross profit for Q3 2022 was $610 million, up from $538 million in Q2 2022 and $300 million in Q3 2021, representing a year-over-year increase of 103.3%[19] - Adjusted EBITDA for Q3 2022 was $793 million, with an adjusted EBITDA margin of 38.2%, compared to $784 million and 39.3% in Q2 2022[23] - Net income for Q3 2022 was $336 million, a significant increase from $264 million in Q2 2022 and $5 million in Q3 2021, resulting in a net income margin of 16.2%[19] - Adjusted diluted earnings per share for Q3 2022 was $0.67, compared to $0.58 in Q2 2022 and $0.07 in Q3 2021[19] - Operating profit for Q3 2022 was $357 million, with an operating profit margin of 17.2%, up from $297 million and 14.9% in Q2 2022[19] - Adjusted net income for Q3 2022 was $368 million, compared to $317 million in Q2 2022, reflecting a year-over-year increase of 15.9%[19] - Share-based compensation for Q3 2022 was $32 million, down from $53 million in Q2 2022[23] Outlook and Future Plans - Fourth quarter 2022 outlook projects net revenue between $2,050 million and $2,100 million[10] - Adjusted diluted earnings per share expected to be between $1.24 and $1.44 for the fourth quarter[10] - Future outlook includes addressing potential risks such as supply chain disruptions and economic conditions impacting performance[29] - The company will host a conference call on November 8, 2022, to discuss Q3 2022 results in detail[27] Product Development and Innovation - The company qualified a proprietary automotive eNVM product for a major automotive MCU supplier, enhancing supply chain security[5] - Awarded $30 million in federal funding for the development of next-generation gallium nitride (GaN) on silicon semiconductors[5] - The company is focused on redefining innovation in semiconductor manufacturing and expanding its market presence globally[28] Operational Metrics - Wafer shipments of 637 thousand (300mm equivalent), a record high, up 5% year-over-year[6]

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET Company Participants Sukhi Nagesh - IR Thomas Caulfield - CEO Dave Reeder - CFO Conference Call Participants Harlan Sur - JP Morgan Vivek Arya - Bank of America Ross Seymore - Deutsche Bank Mehdi Hosseini - SIG Rajvindra Gill - Needham Chris Danely - Citi Randy Abrams - Credit Suisse Operator Thank you for standing by, and welcome to GlobalFoundries Second Quarter Fiscal Year 2022 Earnings Conference Call [Operator ...

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Q1 2022 Earnings Conference Call May 10, 2022 4:30 PM ET Company Participants Sukhi Nagesh - Vice President, Corporate Development and Investor Relations Thomas Caulfield - President and Chief Executive Officer David Reeder - Chief Financial Officer Conference Call Participants Harlan Sur - JPMorgan Vivek Arya - Bank of America Ross Seymore - Deutsche Bank Chris Danely - Citi Joe Moore - Morgan Stanley Chris Caso - Raymond James Mehdi Hosseini - SIG Matt Bryson - Wedbush Se ...

Financial Data and Key Metrics Changes - Fourth quarter revenue was approximately $1.85 billion, a 9% sequential increase driven by higher wafer shipments, ASPs, and non-wafer revenue [32] - Full year revenue reached approximately $6.6 billion, representing a 36% year-over-year increase [34] - Adjusted gross profit for the fourth quarter was $397 million, translating to a 21.5% adjusted gross margin, with a 346 basis points sequential improvement [35] - Fourth quarter adjusted net income was approximately $98 million, resulting in earnings of $0.18 per share [38] Business Line Data and Key Metrics Changes - Smart mobile device end market accounted for about 48% of fourth quarter revenue, growing roughly 24% year-over-year [16] - Communications infrastructure and data center end market constituted approximately 16% of fourth quarter revenue, with a sequential growth of 7% [18] - Home and industrial IoT end market revenue was roughly 14% of total, growing approximately 20% year-over-year [19] - Automotive end market revenue was about 5% of total fourth quarter revenue, more than doubling from a year ago [20] Market Data and Key Metrics Changes - The smart mobile device market grew approximately 38% over 2020, outpacing smartphone industry growth [16] - Silicon photonics revenue almost tripled in 2021, with expectations to more than double again in 2022 [18] - The market for image sensing processors is expected to grow over 25% in 2022 [17] Company Strategy and Development Direction - The company aims to increase output by more than 50% by the end of 2023 compared to 2020 through capacity additions in various locations [13] - The strategy includes investing 20% of revenue on CapEx to ensure consistent growth and strong free cash flow [14] - The company is focused on long-term agreements with customers to secure visibility for future growth [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the semiconductor industry's growth, expecting to chase capacity to meet demand for the next five years [109] - The company anticipates strong revenue growth in 2022, with expectations of high single-digit growth in ASPs [48][49] - Management highlighted the importance of partnerships with customers to ensure demand certainty before making investments [69] Other Important Information - The company plans to invest approximately $4.5 billion in CapEx for 2022 to support capacity expansion [43] - Cash flow from operations for the fourth quarter was approximately $1.15 billion, including significant customer prepayments [40] Q&A Session Summary Question: ASP progression for 2022 - Management expects ASPs to grow about 10% year-over-year, with volume increasing in the high single digits [48][49] Question: Margin progression for 2022 - Management discussed factors driving margins, including disciplined CapEx and improved fixed cost absorption [51][52] Question: Growth drivers for 2022 - Automotive and home/industrial IoT markets are expected to drive the strongest growth, with smart mobile devices growing at the enterprise average [63] Question: CHIPS Act funding impact - Management indicated that while they will leverage government support, investments are primarily driven by customer demand [69][72] Question: Supply-demand balance in the industry - Management believes the industry will continue to experience a supply-demand imbalance for the next five years [109] Question: Equipment supply conversations - Management reported that they have managed to secure equipment orders early, mitigating potential supply chain issues [100]

GlobalFoundries Inc. (NASDAQ:GFS) Q3 2021 Earnings Conference Call November 30, 2021 4:30 PM ET Company Participants Sukhi Nagesh – Head-Investor Relations Tom Caulfield – Chief Executive Officer Dave Reeder – Chief Financial Officer Conference Call Participants Harlan Sur – JPMorgan Ross Seymore – Deutsche Bank Vivek Arya – Bank of America Securities Joe Moore – Morgan Stanley Chris Danely – Citi Chris Caso – Raymond James Tristan Gerra – Baird Steven Chin – Cowen Raji Gill – Needham & Company Mehdi Hossei ...