GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary
financial results for the third quarter ended September 30,
2023.
Key Third Quarter Financial
Highlights
- Revenue of $1,852 million.
- Gross margin of 28.6% and adjusted
gross margin(1) of 29.2%.
- Operating margin of 14.1% and
adjusted operating margin(1) of 17.4%.
- Net income of $249 million and
adjusted net income(1) of $308 million.
- Adjusted EBITDA(1) of $667
million.
- Cash, cash equivalents and
marketable securities of $3.4 billion.
"In the third quarter, GF's dedicated teams
across the world delivered financial results at the upper end of
the guidance ranges we provided in our August earnings release,"
said Dr. Thomas Caulfield, president and CEO of GF. "Although the
global economic and geopolitical landscape remains uncertain, we
are collaborating closely with our customers to support their
efforts to reduce inventory levels, while growing long-term
partnerships to drive foundry innovation and differentiation across
essential end-markets."
Recent Business Highlights
- The U.S. Department of Defense
awarded GF a new 10-year contract for a supply of securely
manufactured, U.S.-made semiconductors for use across a wide range
of critical aerospace and defense applications.
- GF expanded its world-class global
operations with official openings at its fabrication plant in
Singapore and new operations support facility in Penang, Malaysia,
creating a total of 1,300 high-value jobs.
- GF announced its most advanced RF
technology, 9SW RFSOI, that will offer significant improvements in
performance and integration for 5G and wireless communication
applications.
(1)Adjusted gross profit, adjusted operating
profit, adjusted net income, adjusted EBITDA and related margins
are Non-IFRS measures. See “Unaudited Reconciliation of IFRS to
Non-IFRS" for a detailed reconciliation of Non-IFRS measures to the
most directly comparable IFRS measure. See "Financial Measures
(Non-IFRS)" for a discussion of why we believe these Non-IFRS
measures are useful.
Unaudited Summary Quarterly Results (in millions USD,
except per share amounts and wafer shipments) |
|
|
|
|
|
|
|
Year-over-year |
|
Sequential |
|
Q3'23 |
|
Q2'23 |
|
Q3'22 |
|
Q3'23 vs Q3'22 |
|
Q3'23 vs Q2'23 |
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
$ |
1,852 |
|
|
$ |
1,845 |
|
|
$ |
2,074 |
|
|
$ |
(222 |
) |
(11)% |
|
$ |
7 |
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
529 |
|
|
|
532 |
|
|
|
610 |
|
|
$ |
(81 |
) |
(13)% |
|
$ |
(3 |
) |
(1)% |
Gross margin |
|
28.6 |
% |
|
|
28.8 |
% |
|
|
29.4 |
% |
|
|
(80)bps |
|
|
(20)bps |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross profit(1) |
$ |
541 |
|
|
$ |
546 |
|
|
$ |
621 |
|
|
$ |
(80 |
) |
(13) % |
|
$ |
(5 |
) |
(1)% |
Adjusted gross margin (1) |
|
29.2 |
% |
|
|
29.6 |
% |
|
|
29.9 |
% |
|
|
(70)bps |
|
|
(40)bps |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
$ |
261 |
|
|
$ |
275 |
|
|
$ |
357 |
|
|
$ |
(96 |
) |
(27)% |
|
$ |
(14 |
) |
(5)% |
Operating margin |
|
14.1 |
% |
|
|
14.9 |
% |
|
|
17.2 |
% |
|
|
(310)bps |
|
|
(80)bps |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating profit(1) |
$ |
322 |
|
|
$ |
338 |
|
|
$ |
389 |
|
|
$ |
(67 |
) |
(17) % |
|
$ |
(16 |
) |
(5)% |
Adjusted operating margin
(1) |
|
17.4 |
% |
|
|
18.3 |
% |
|
|
18.8 |
% |
|
|
(140)bps |
|
|
(90)bps |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
249 |
|
|
$ |
237 |
|
|
$ |
336 |
|
|
$ |
(87 |
) |
(26)% |
|
$ |
12 |
|
5% |
Net income margin |
|
13.4 |
% |
|
|
12.8 |
% |
|
|
16.2 |
% |
|
|
(280)bps |
|
|
+60bps |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income(1)(2) |
$ |
308 |
|
|
$ |
297 |
|
|
$ |
368 |
|
|
$ |
(60 |
) |
(16)% |
|
$ |
11 |
|
4% |
Adjusted net income margin
(1) |
|
16.6 |
% |
|
|
16.1 |
% |
|
|
17.7 |
% |
|
|
(110)bps |
|
|
+50bps |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share ("EPS") |
$ |
0.45 |
|
|
$ |
0.43 |
|
|
$ |
0.61 |
|
|
$ |
(0.16 |
) |
(26)% |
|
$ |
0.02 |
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per
share(1) |
$ |
0.55 |
|
|
$ |
0.53 |
|
|
$ |
0.67 |
|
|
$ |
(0.12 |
) |
(18)% |
|
$ |
0.02 |
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1)(3) |
$ |
667 |
|
|
$ |
668 |
|
|
$ |
793 |
|
|
$ |
(126 |
) |
(16)% |
|
$ |
(1 |
) |
—% |
Adjusted EBITDA margin
(1) |
|
36.0 |
% |
|
|
36.2 |
% |
|
|
38.2 |
% |
|
|
(220)bps |
|
|
(20)bps |
|
|
|
|
|
|
|
|
|
|
|
|
Cash from operations |
$ |
416 |
|
|
$ |
546 |
|
|
$ |
679 |
|
|
$ |
(263 |
) |
(39)% |
|
$ |
(130 |
) |
(24)% |
|
|
|
|
|
|
|
|
|
|
|
|
Wafer shipments (300mm equivalent) (in
thousands) |
|
575 |
|
|
|
573 |
|
|
|
637 |
|
|
|
(62 |
) |
(10)% |
|
|
2 |
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted
gross profit, adjusted operating profit, adjusted net income,
adjusted diluted earnings per share, adjusted EBITDA, and related
margins are all Non-IFRS measures. See "Unaudited Reconciliation of
IFRS to Non-IFRS" section for a detailed reconciliation of Non-IFRS
measures to the most directly comparable IFRS measure. See
"Financial Measures (Non-IFRS)" for a discussion of why we believe
these Non-IFRS metrics are useful. |
(2) Beginning in
Q4 2022, the Company revised its definition of adjusted net income
to include an adjustment for restructuring charges and the
associated tax impact. The change was made due to a restructuring
undertaken in Q4 2022. The Company believes the revised definition
provides management and investors with more useful information to
evaluate the operations of our business. Adjusted net income is now
defined as net income adjusted for share-based compensation
expense, restructuring charges and the associated tax impact. |
(3) Beginning in
Q3 2022, the Company revised its definition of adjusted EBITDA to
include an adjustment for finance income. The change was made due
to the Company making an investment during Q2 2022 of approximately
$1.0 billion in marketable securities. The Company believes the
revised definition provides management and investors more useful
information to evaluate the operations of our business. Adjusted
EBITDA is now defined as net income, adjusted for the impact of
finance expense, finance income, income tax expense, depreciation,
amortization, share-based compensation expense, divestiture gains
and associated expenses, restructuring charges, labor optimization
initiatives and litigation settlement. |
|
Summary of Fourth Quarter 2023 Guidance (unaudited in
millions USD, except per share
amounts)(1) |
|
|
IFRS |
|
Share-based compensation |
|
Non-IFRS Adjusted(2) |
Net revenue |
$1,825 - $1,875 |
|
— |
|
— |
Gross Profit |
$487 - $531 |
|
$13- $15 |
|
$502 - $544 |
Gross Margin(3) (mid-point) |
27.5% |
|
|
|
28.3% |
Operating Profit |
$277 - $349 |
|
$40 - $50 |
|
$327 - $389 |
Operating Margin(3) (mid-point) |
16.9% |
|
|
|
19.3% |
Net Income |
$246 - $318 |
|
$40 - $50 |
|
$296 - $358 |
Net Income Margin(3) (mid-point) |
15.2% |
|
|
|
17.7% |
Diluted EPS |
$0.44 - $0.57 |
|
|
|
$0.53 - $0.64 |
|
|
|
|
|
|
(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
Fourth Fiscal Quarter Guidance 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
Guidance 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 Guidance 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) |
September 30, 2023 |
|
September 30, 2022 |
|
|
|
|
Net revenue |
$ |
1,852 |
|
|
$ |
2,074 |
|
Cost
of revenue |
|
1,323 |
|
|
|
1,464 |
|
Gross profit |
$ |
529 |
|
|
$ |
610 |
|
Operating expenses: |
|
|
|
Research and development |
|
108 |
|
|
|
124 |
|
Selling, general and administrative |
|
143 |
|
|
|
129 |
|
Restructuring charges |
|
17 |
|
|
|
— |
|
Total operating expenses |
$ |
268 |
|
|
$ |
253 |
|
Operating profit |
$ |
261 |
|
|
$ |
357 |
|
Finance income (expense), net |
|
3 |
|
|
|
(11 |
) |
Other
income (expense) |
|
(21 |
) |
|
|
9 |
|
Income tax (expense) benefit |
|
6 |
|
|
|
(19 |
) |
Net income |
$ |
249 |
|
|
$ |
336 |
|
Attributable to: |
|
|
|
Shareholders of GlobalFoundries |
|
249 |
|
|
|
337 |
|
Non-controlling interest |
|
— |
|
|
|
(1 |
) |
Earnings per share: |
|
|
|
Basic |
$ |
0.45 |
|
|
$ |
0.62 |
|
Diluted |
$ |
0.45 |
|
|
$ |
0.61 |
|
Shares used in earnings per share calculation: |
|
|
|
Basic |
|
553 |
|
|
|
543 |
|
Diluted |
|
556 |
|
|
|
553 |
|
|
(1) Beginning
in Q3 2023, selling, general and administrative expense includes
(gain)/loss on tool sales and certain contract cancellation fees.
Prior period amounts have not been adjusted, as they are
immaterial. |
|
Unaudited Consolidated Statements of Financial
Position |
|
(in millions USD) |
September 30, 2023 |
|
December 31, 2022 |
|
|
|
|
Assets: |
|
|
|
Cash and cash equivalents |
$ |
1,880 |
|
|
$ |
2,352 |
|
Receivables, prepayments and other |
|
1,404 |
|
|
|
1,487 |
|
Marketable securities |
|
1,014 |
|
|
|
622 |
|
Inventories |
|
1,509 |
|
|
|
1,339 |
|
Current assets |
$ |
5,807 |
|
|
$ |
5,800 |
|
Deferred
tax assets |
$ |
251 |
|
|
$ |
292 |
|
Property, plant, and equipment, net |
|
10,594 |
|
|
|
10,596 |
|
Marketable securities |
|
466 |
|
|
|
372 |
|
Other
assets |
|
726 |
|
|
|
781 |
|
Non-current assets |
$ |
12,037 |
|
|
$ |
12,041 |
|
Total assets |
$ |
17,844 |
|
|
$ |
17,841 |
|
Liabilities and equity: |
|
|
|
Current
portion of long-term debt |
$ |
199 |
|
|
$ |
223 |
|
Other
current liabilities |
|
2,549 |
|
|
|
3,136 |
|
Current liabilities |
$ |
2,748 |
|
|
$ |
3,359 |
|
Non-current portion of long-term debt |
$ |
2,181 |
|
|
$ |
2,288 |
|
Other
liabilities |
|
2,084 |
|
|
|
2,234 |
|
Non-current liabilities |
$ |
4,265 |
|
|
$ |
4,522 |
|
Shareholders' equity: |
|
|
|
Common
stock/additional paid-in capital |
$ |
24,011 |
|
|
$ |
23,842 |
|
Accumulated deficit |
|
(13,278 |
) |
|
|
(14,021 |
) |
Accumulated other comprehensive income |
|
54 |
|
|
|
92 |
|
Non-controlling interest |
|
44 |
|
|
|
47 |
|
Total liabilities and equity |
$ |
17,844 |
|
|
$ |
17,841 |
|
|
Unaudited Consolidated Statements of Cash
Flows |
|
|
Three Months Ended |
(in millions USD) |
September 30, 2023 |
|
September 30, 2022 |
|
|
|
|
Cash flows from operating activities: |
|
|
|
Net income |
$ |
249 |
|
|
$ |
336 |
|
Depreciation and amortization |
|
366 |
|
|
|
395 |
|
Finance expense, net and other(1) |
|
7 |
|
|
|
6 |
|
Deferred income taxes |
|
(4 |
) |
|
|
11 |
|
Other
non-cash operating activities |
|
16 |
|
|
|
(32 |
) |
Net
change in working capital |
|
(218 |
) |
|
|
(37 |
) |
Net cash provided by operating activities |
$ |
416 |
|
|
$ |
679 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Purchases of property, plant, equipment, and intangible assets |
$ |
(323 |
) |
|
$ |
(613 |
) |
Other
investing activities |
|
10 |
|
|
|
(151 |
) |
Net cash used in investing activities |
$ |
(313 |
) |
|
$ |
(764 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Proceeds (repayment) of debt, net |
|
(54 |
) |
|
|
95 |
|
Other
financing activities |
|
1 |
|
|
|
62 |
|
Net cash (used in) provided by financing
activities |
$ |
(53 |
) |
|
$ |
157 |
|
Effect of exchange rate changes |
|
(2 |
) |
|
|
(5 |
) |
Net change in cash and cash equivalents |
$ |
48 |
|
|
$ |
67 |
|
Cash
and cash equivalents at the beginning of the period |
|
1,832 |
|
|
|
2,474 |
|
Cash and cash equivalents at the end of the
period |
$ |
1,880 |
|
|
$ |
2,541 |
|
|
(1) Finance 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. |
|
Unaudited Reconciliation of IFRS to Non-IFRS |
|
Three Months Ended |
(in millions USD) |
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
|
|
|
|
|
Net Revenue |
$ |
1,852 |
|
|
$ |
1,845 |
|
|
$ |
2,074 |
|
Gross profit |
$ |
529 |
|
|
$ |
532 |
|
|
$ |
610 |
|
Gross
profit margin |
|
28.6 |
% |
|
|
28.8 |
% |
|
|
29.4 |
% |
Share-based compensation |
$ |
12 |
|
|
$ |
14 |
|
|
$ |
11 |
|
Adjusted gross profit (1) |
$ |
541 |
|
|
$ |
546 |
|
|
$ |
621 |
|
Adjusted gross margin(1) |
|
29.2 |
% |
|
|
29.6 |
% |
|
|
29.9 |
% |
|
|
|
|
|
|
Selling, general and administrative |
$ |
143 |
|
|
$ |
132 |
|
|
$ |
129 |
|
Share-based compensation |
$ |
25 |
|
|
$ |
24 |
|
|
$ |
15 |
|
Adjusted selling, general and administrative |
$ |
118 |
|
|
$ |
108 |
|
|
$ |
114 |
|
|
|
|
|
|
|
Research and development |
$ |
108 |
|
|
$ |
106 |
|
|
$ |
124 |
|
Share-based compensation |
$ |
7 |
|
|
$ |
6 |
|
|
$ |
6 |
|
Adjusted research and development
(1) |
$ |
101 |
|
|
$ |
100 |
|
|
$ |
118 |
|
|
|
|
|
|
|
Operating profit |
$ |
261 |
|
|
$ |
275 |
|
|
$ |
357 |
|
Operating profit margin |
|
14.1 |
% |
|
|
14.9 |
% |
|
|
17.2 |
% |
Share-based compensation |
$ |
44 |
|
|
$ |
44 |
|
|
$ |
32 |
|
Restructuring charges |
$ |
17 |
|
|
$ |
19 |
|
|
|
— |
|
Adjusted operating profit(1) |
$ |
322 |
|
|
$ |
338 |
|
|
$ |
389 |
|
Adjusted operating profit margin(1) |
|
17.4 |
% |
|
|
18.3 |
% |
|
|
18.8 |
% |
|
|
|
|
|
|
Net income |
$ |
249 |
|
|
$ |
237 |
|
|
$ |
336 |
|
Net
income margin |
|
13.4 |
% |
|
|
12.8 |
% |
|
|
16.2 |
% |
Share-based compensation |
$ |
44 |
|
|
$ |
44 |
|
|
$ |
32 |
|
Restructuring charges |
$ |
17 |
|
|
$ |
19 |
|
|
|
— |
|
Income tax effect(2) |
$ |
(2 |
) |
|
$ |
(3 |
) |
|
$ |
— |
|
Adjusted net income(1)
(3) |
$ |
308 |
|
|
$ |
297 |
|
|
$ |
368 |
|
Adjusted net income margin(1) |
|
16.6 |
% |
|
|
16.1 |
% |
|
|
17.7 |
% |
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.45 |
|
|
$ |
0.43 |
|
|
$ |
0.61 |
|
Share-based compensation |
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.06 |
|
Restructuring charges |
$ |
0.03 |
|
|
$ |
0.03 |
|
|
|
— |
|
Income tax effect |
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
|
— |
|
Diluted shares outstanding |
|
556 |
|
|
|
556 |
|
|
|
553 |
|
Adjusted diluted earnings per
share(1) |
$ |
0.55 |
|
|
$ |
0.53 |
|
|
$ |
0.67 |
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
416 |
|
|
$ |
546 |
|
|
|
Less:
Purchase of property, plant and equipment and intangible
assets |
$ |
323 |
|
|
$ |
400 |
|
|
|
Free cash
flow(1) |
$ |
93 |
|
|
$ |
146 |
|
|
|
|
(1) Adjusted gross profit, adjusted selling, general and
administrative, adjusted research and development expense, adjusted
operating profit, adjusted operating expense (calculated by
subtracting adjusted operating profit from adjusted gross profit),
adjusted net income, adjusted diluted earnings per share, 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) Relates to
restructuring charges. |
(3) Reflects
change to adjusted net income definition discussed in more detail
elsewhere in this release. |
Unaudited Reconciliation of Net Income to Adjusted
EBITDA |
|
|
Three Months Ended |
(in millions USD) |
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
|
|
|
|
|
Net income for the period |
$ |
249 |
|
|
$ |
237 |
|
|
$ |
336 |
|
Depreciation and amortization |
|
366 |
|
|
|
340 |
|
|
|
395 |
|
Finance expense |
|
37 |
|
|
|
34 |
|
|
|
28 |
|
Finance income |
|
(40 |
) |
|
|
(34 |
) |
|
|
(17 |
) |
Income tax expense (benefit) |
|
(6 |
) |
|
|
28 |
|
|
|
19 |
|
Share-based compensation |
|
44 |
|
|
|
44 |
|
|
|
32 |
|
Restructuring charges |
|
17 |
|
|
|
19 |
|
|
|
— |
|
Adjusted EBITDA(1)(2) |
$ |
667 |
|
|
$ |
668 |
|
|
$ |
793 |
|
Adjusted EBITDA margin(2) |
|
36.0 |
% |
|
|
36.2 |
% |
|
|
38.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reflects
change to adjusted EBITDA definition discussed in more detail
elsewhere in this release. |
(2) Adjusted
EBITDA and related margin are Non-IFRS measures. See “Unaudited
Reconciliation of IFRS to Non-IFRS" for a detailed reconciliation
of Non-IFRS measures to the most directly comparable IFRS measure.
See "Financial Measures (Non-IFRS)" for a discussion of why we
believe these Non-IFRS measures are useful. |
|
Financial Measures
(Non-IFRS)
In addition to the financial information
presented in accordance with IFRS, this press release includes the
following Non-IFRS metrics: adjusted gross profit, adjusted
selling, general and administrative, adjusted research and
development expense, adjusted operating profit, adjusted net
income, adjusted diluted earnings per share, adjusted EBITDA, free
cash flow and any related margins. We define adjusted gross profit
as gross profit adjusted for share-based compensation expense. We
define adjusted selling, general and administrative as selling,
general and administrative adjusted for share-based compensation
expense. We define adjusted research and development expense as
research and development expense adjusted for share-based
compensation expense. We define adjusted operating profit and
adjusted operating expense as profit and expense, respectively,
from operations adjusted for share-based compensation expense and
restructuring charges. We define adjusted net income as net income
adjusted for share-based compensation expense, restructuring
charges and the associated tax impact. We define adjusted diluted
EPS as adjusted net income divided by the dilutive shares. We
define free cash flow as cash flow provided by (used in) operating
activities less purchases of property, plant and equipment and
intangible assets. We define adjusted EBITDA as net income,
adjusted for the impact of finance expense, finance income, income
tax expense, depreciation, amortization, share-based compensation
expense, divestiture gains and associated expenses, restructuring
charges, labor optimization initiatives and litigation settlements.
We define adjusted gross margin as adjusted gross profit divided by
revenue. We define adjusted operating margin as adjusted operating
profit divided by net revenue. We define adjusted EBITDA margin as
adjusted EBITDA divided by net revenue.
We believe that in addition to our results
determined in accordance with IFRS, these Non-IFRS measures provide
useful information to both management and investors in measuring
our financial performance and highlight trends in our business that
may not otherwise be apparent when relying solely on IFRS measures.
These Non-IFRS financial measures provide supplemental information
regarding our operating performance that excludes certain gains,
losses and non-cash charges that occur relatively infrequently
and/or that we consider to be unrelated to our core operations.
Management believes that free cash flow as a Non-IFRS measure is
helpful to investors as it provides insights into the nature and
amount of cash the Company generates in the period. For further
information regarding these Non-IFRS measures, please refer to
"Unaudited Reconciliation of IFRS to Non-IFRS" table above.
Non-IFRS financial information is presented for
supplemental informational purposes only and should not be
considered in isolation or as a substitute for financial
information presented in accordance with IFRS. Our presentation of
Non-IFRS measures should not be construed as an inference that our
future results will be unaffected by unusual or nonrecurring items.
Other companies in our industry may calculate these measures
differently, which may limit their usefulness as a comparative
measure.
Conference Call and Webcast
Information
GF will host a conference call with the financial community on
Tuesday, November 7, 2023 at 8:30 a.m. U.S. Eastern Time (ET) to
review the Third Quarter 2023 results in detail. Interested parties
may join the scheduled conference call by registering at
https://register.vevent.com/register/BI8ee5e87643034b2aa9a1ae5f7e8ce393
The call will be webcast and can be accessed
from the GF Investor Relations website https://investors.gf.com. A
replay of the call will be available on the GF Investor Relations
website within 24 hours of the actual call.
About GlobalFoundries
GlobalFoundries® (GF®) is one of the world’s
leading semiconductor manufacturers. GF is redefining innovation
and semiconductor manufacturing by developing and delivering
feature-rich process technology solutions that provide leadership
performance in pervasive high growth markets. GF offers a unique
mix of design, development and fabrication services. With a
talented and diverse workforce and an at-scale manufacturing
footprint spanning the U.S., Europe and Asia, GF is a trusted
technology source to its worldwide customers. For more information,
visit www.gf.com.
Forward-looking Statements
This press release includes “forward-looking
statements” that reflect our current expectations and views of
future events. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995 and include but are not limited to, statements
regarding our financial outlook, future guidance, product
development, business strategy and plans, and market trends,
opportunities and positioning. These statements are based on
current expectations, assumptions, estimates, forecasts,
projections and limited information available at the time they are
made. Words such as “expect,” “anticipate,” “should,” “believe,”
“hope,” “target,” “project,” “goals,” “estimate,” “potential,”
“predict,” “may,” “will,” “might,” “could,” “intend,” “shall,”
"outlook," "on track," and variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements, although not all
forward-looking statements contain these identifying words.
Forward-looking statements are subject to a broad variety of risks
and uncertainties, both known and unknown. Any inaccuracy in our
assumptions and estimates could affect the realization of the
expectations or forecasts in these forward-looking statements. For
example, our business could be impacted by geopolitical conditions
such as the ongoing political and trade tensions with China and the
wars in Ukraine and Israel; the market for our products may develop
or recover more slowly than expected or than it has in the past; we
may fail to achieve the full benefits of our current restructuring
plan; our operating results may fluctuate more than expected; there
may be significant fluctuations in our results of operations and
cash flows related to our revenue recognition or otherwise; a
network or data security incident that allows unauthorized access
to our network or data or our customers’ data could damage our
reputation; we could experience interruptions or performance
problems associated with our technology, including a service
outage; and global economic conditions could deteriorate, including
due to increasing interest rates, rising inflation and any
potential recession. It is not possible for us to predict all
risks, nor can we assess the impact of all factors on our business
or the extent to which any factor, or combination of factors, may
cause actual results or outcomes to differ materially from those
contained in any forward-looking statements we may make. Moreover,
we operate in a competitive and rapidly changing market, and new
risks may emerge from time to time. You should not rely upon
forward-looking statements as predictions of future events. These
statements are based on our historical performance and on our
current plans, estimates and projections in light of information
currently available to us, and therefore you should not place undue
reliance on them.
Although we believe that the expectations
reflected in our statements are reasonable, we cannot guarantee
that the future results, levels of activity, performance or events
and circumstances described in the forward-looking statements will
be achieved or occur. Moreover, neither we, nor any other person,
assumes responsibility for the accuracy and completeness of these
statements. Recipients are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
such statements are made and should not be construed as statements
of fact. Except to the extent required by federal securities laws,
we undertake no obligation to update any information or any
forward-looking statements as a result of new information,
subsequent events, or any other circumstances after the date
hereof, or to reflect the occurrence of unanticipated events. For a
discussion of potential risks and uncertainties, please refer to
the risk factors and cautionary statements in our 2022 Annual
Report on Form 20-F, current reports on Form 6-K and other reports
filed with the Securities and Exchange Commission. Copies of our
SEC filings are available on our Investor Relations website,
investors.gf.com, or from the SEC website, www.sec.gov.
For further information, please
contact:
Investor
Relationsir@gf.com
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