GLOBALFOUNDRIES(GFS) - 2022 Q3 - Quarterly Report

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]