GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary
financial results for the first quarter ended March 31, 2023.
Key First Quarter Financial
Highlights
- Revenue of $1,841 million.
- Gross margin of 28.0% and adjusted
gross margin(1) of 28.5%.
- Operating margin of 15.8% and
adjusted operating margin(1) of 17.7%.
- Net income of $254 million and
adjusted net income(1) of $290 million.
- Adjusted EBITDA(1) of $655
million.
- Cash, cash equivalents and
marketable securities of $3,232 million.
"In the first quarter, amidst a continued
uncertain macroeconomic and cyclical backdrop, GF delivered solid
results that are consistent with the guidance we provided in our
February earnings release," said Dr. Thomas Caulfield, president
and CEO of GF. "Despite a challenging business environment, GF’s
gross margins for the quarter have increased year-over-year due to
our continued disciplined focus on profitability by our global team
who effectively manage costs, while driving a richer mix of
business to our customers. As we look to the remainder of 2023, we
will continue to support our customers’ needs, by investing in
capacity to strengthen our differentiated solutions, increase our
focus on growing end markets and drive value for our
stakeholders."
Recent Business Highlights
- GF announced a Strategic University
Partnership agreement with Georgia Tech. This agreement spans a
broad range of research activities, including leadership
capabilities in advanced packaging, silicon photonics and workforce
development initiatives.
- GF and Amkor Technology, Inc.
formed a strategic partnership to establish the first at-scale
back-end facility in Europe. GF transferred its 300mm Bump and Sort
lines from its Dresden site in Germany to Amkor’s operations in
Porto, Portugal.
- The European Commission approved
the award of direct grant funding to GF and STMicroelectronics to
support the construction and operation of a new 300mm manufacturing
facility in Crolles, France. The funds are being made available
under the European Chips Act and the project will enable the
development of a large-scale manufacturing site in Europe for high
performance chips, to address current and future key European
markets from automotive to industrial, 5G/6G roll-out, security,
defense, and space industries.
(1) Adjusted gross profit, adjusted
operating income, adjusted net income, adjusted EBITDA and related
margins are Non-IFRS measures. See “Adjusted Financial Measures
(Non-IFRS)” for a detailed reconciliation of Non-IFRS measures to
the most directly comparable IFRS measure and “Non-IFRS Financial
Measures” 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 |
|
|
Q1'23 |
|
Q4'22 |
|
Q1'22 |
|
Q1'23 vs Q1'22 |
|
Q1'23 vs Q4'22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
1,841 |
|
|
$ |
2,101 |
|
|
$ |
1,940 |
|
|
$ |
(99 |
) |
(5 |
)% |
|
$ |
(260 |
) |
(12 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
515 |
|
|
|
622 |
|
|
|
469 |
|
|
$ |
46 |
|
10 |
% |
|
$ |
(107 |
) |
(17 |
)% |
Gross margin |
|
|
28.0 |
% |
|
|
29.6 |
% |
|
|
24.2 |
% |
|
|
+380bps |
|
|
|
|
|
(160)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross profit(1) |
|
$ |
525 |
|
|
$ |
633 |
|
|
$ |
490 |
|
|
$ |
35 |
|
7 |
% |
|
$ |
(108 |
) |
(17 |
)% |
Adjusted gross
margin (1) |
|
|
28.5 |
% |
|
|
30.1 |
% |
|
|
25.3 |
% |
|
|
+320bps |
|
|
|
|
|
(160)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
290 |
|
|
$ |
288 |
|
|
$ |
225 |
|
|
$ |
65 |
|
29 |
% |
|
$ |
2 |
|
1 |
% |
Operating margin |
|
|
15.8 |
% |
|
|
13.7 |
% |
|
|
11.6 |
% |
|
|
+420bps |
|
|
|
|
|
+210bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating profit(1) |
|
$ |
326 |
|
|
$ |
425 |
|
|
$ |
279 |
|
|
$ |
47 |
|
17 |
% |
|
$ |
(99 |
) |
(23 |
)% |
Adjusted operating
margin (1) |
|
|
17.7 |
% |
|
|
20.2 |
% |
|
|
14.4 |
% |
|
|
+330bps |
|
|
|
|
|
(250)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income(2) |
|
$ |
254 |
|
|
$ |
668 |
|
|
$ |
178 |
|
|
$ |
76 |
|
43 |
% |
|
$ |
(414 |
) |
(62 |
)% |
Net income margin |
|
|
13.8 |
% |
|
|
31.8 |
% |
|
|
9.2 |
% |
|
|
+460bps |
|
|
|
|
|
(1,800)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income(1)(2)(3) |
|
$ |
290 |
|
|
$ |
800 |
|
|
$ |
232 |
|
|
$ |
58 |
|
25 |
% |
|
$ |
(510 |
) |
(64 |
)% |
Adjusted net income
margin (1) |
|
|
15.8 |
% |
|
|
38.1 |
% |
|
|
12.0 |
% |
|
|
+380bps |
|
|
|
|
|
(2,230)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share ("EPS") |
|
$ |
0.46 |
|
|
$ |
1.21 |
|
|
$ |
0.33 |
|
|
$ |
0.13 |
|
39 |
% |
|
$ |
(0.75 |
) |
(62 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per
share(1) |
|
$ |
0.52 |
|
|
$ |
1.44 |
|
|
$ |
0.42 |
|
|
$ |
0.10 |
|
24 |
% |
|
$ |
(0.92 |
) |
(64 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1)(4) |
|
$ |
655 |
|
|
$ |
821 |
|
|
$ |
698 |
|
|
$ |
(43 |
) |
(6 |
)% |
|
$ |
(166 |
) |
(20 |
)% |
Adjusted EBITDA margin
(1) |
|
|
35.6 |
% |
|
|
39.1 |
% |
|
|
36.0 |
% |
|
|
(40)bps |
|
|
|
|
|
(350)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash from operations |
|
$ |
479 |
|
|
$ |
491 |
|
|
$ |
845 |
|
|
$ |
(366 |
) |
(43 |
|
|
$ |
(12 |
) |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wafer shipments (300mm equivalent) (in
thousands) |
|
|
511 |
|
|
|
580 |
|
|
|
625 |
|
|
|
(114 |
) |
(18 |
)% |
|
|
(69 |
) |
(12 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted gross profit, adjusted operating
profit, adjusted net income, adjusted diluted earnings per share,
adjusted EBITDA, and related margins are adjusted Non-IFRS metrics;
see the reconciliation of IFRS to adjusted Non-IFRS metrics in the
section "Unaudited Reconciliation of IFRS to Adjusted Non-IFRS"
below.
(2) Includes the gain on sale of our EFK
business in December 2022.
(3) Beginning in Q4 2022, the Company has
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.
(4) Beginning in Q3 2022, the Company has
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 Second Quarter 2023 Outlook
(unaudited in millions USD, except per share
amounts)(1)
|
IFRS |
|
Share-based compensation |
|
Non-IFRS Adjusted |
Net revenue |
$1,810 - $1,850 |
|
— |
|
— |
Gross Profit |
$481 - $512 |
|
$15- $17 |
|
$498 - $527 |
Gross Margin (mid-point) |
27.1% |
|
|
|
28.0% |
Operating Profit |
$238 - $287 |
|
$40 - $50 |
|
$288 - $327 |
Operating Margin (mid-point) |
14.3% |
|
|
|
16.8% |
Net Income |
$206 - $259 |
|
$40 - $50 |
|
$256 - $299 |
Net Income Margin (mid-point) |
12.7% |
|
|
|
15.2% |
Diluted EPS |
$0.37 - $0.46 |
|
|
|
$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
signification to GF's ability to estimate these items are out of
its control and/or cannot be reasonably predicted.
Unaudited Consolidated Statements of
Operations
|
Three Months Ended |
(in millions USD except for per share
amounts) |
March 31, 2023 |
|
March 31, 2022 |
|
|
|
|
Net revenue |
$ |
1,841 |
|
|
$ |
1,940 |
|
Cost
of revenue |
|
1,326 |
|
|
|
1,471 |
|
Gross profit |
$ |
515 |
|
|
$ |
469 |
|
Operating expenses: |
|
|
|
Research and development |
|
109 |
|
|
|
128 |
|
Sales, marketing, general and administrative |
|
111 |
|
|
|
116 |
|
Restructuring charges |
|
5 |
|
|
|
— |
|
Total operating expenses |
$ |
225 |
|
|
$ |
244 |
|
Operating profit |
$ |
290 |
|
|
$ |
225 |
|
Finance expense, net |
|
1 |
|
|
|
(28 |
) |
Other
income (expense) |
|
(14 |
) |
|
|
10 |
|
Income tax expense |
|
(23 |
) |
|
|
(29 |
) |
Net income |
$ |
254 |
|
|
$ |
178 |
|
Attributable to: |
|
|
|
Shareholders of GlobalFoundries |
|
254 |
|
|
|
179 |
|
Non-controlling interest |
|
— |
|
|
|
(1 |
) |
Earnings per share : |
|
|
|
Basic |
$ |
0.46 |
|
|
$ |
0.34 |
|
Diluted |
$ |
0.46 |
|
|
$ |
0.33 |
|
Shares used in earnings per share calculation: |
|
|
|
Basic |
|
550 |
|
|
|
532 |
|
Diluted |
|
555 |
|
|
|
549 |
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statements of
Financial Position
(in millions USD) |
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
2,256 |
|
|
$ |
2,352 |
|
Receivables, prepayments and other |
|
|
1,296 |
|
|
|
1,487 |
|
Marketable securities |
|
|
653 |
|
|
|
622 |
|
Inventories |
|
|
1,423 |
|
|
|
1,339 |
|
Current assets |
|
$ |
5,628 |
|
|
$ |
5,800 |
|
Deferred
tax assets |
|
$ |
271 |
|
|
$ |
292 |
|
Property, plant, and equipment, net |
|
|
10,829 |
|
|
|
10,596 |
|
Marketable securities |
|
|
323 |
|
|
|
372 |
|
Other
assets |
|
|
764 |
|
|
|
781 |
|
Non-current assets |
|
$ |
12,187 |
|
|
$ |
12,041 |
|
Total assets |
|
$ |
17,815 |
|
|
$ |
17,841 |
|
Liabilities and equity: |
|
|
|
|
Current
portion of long-term debt |
|
$ |
205 |
|
|
$ |
223 |
|
Other
current liabilities |
|
|
2,690 |
|
|
|
3,136 |
|
Current liabilities |
|
$ |
2,895 |
|
|
$ |
3,359 |
|
Non-current portion of long-term debt |
|
$ |
2,310 |
|
|
$ |
2,288 |
|
Other
liabilities |
|
|
2,303 |
|
|
|
2,234 |
|
Non-current liabilities |
|
$ |
4,613 |
|
|
$ |
4,522 |
|
Shareholders' equity: |
|
|
|
|
Common
stock/additional paid-in capital |
|
$ |
23,927 |
|
|
$ |
23,842 |
|
Accumulated deficit |
|
|
(13,767 |
) |
|
|
(14,021 |
) |
Accumulated other comprehensive income |
|
|
100 |
|
|
|
92 |
|
Non-controlling interest |
|
|
47 |
|
|
|
47 |
|
Total liabilities and equity |
|
$ |
17,815 |
|
|
$ |
17,841 |
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statements of Cash
Flows
|
Three Months Ended |
(in millions USD) |
March 31, 2023 |
|
March 31, 2022 |
|
|
|
|
Cash flows from operating activities: |
|
|
|
Net income |
$ |
254 |
|
|
$ |
178 |
|
Depreciation and amortization |
|
343 |
|
|
|
408 |
|
Finance expense, net and other(1) |
|
7 |
|
|
|
9 |
|
Deferred income taxes |
|
22 |
|
|
|
19 |
|
Other
non-cash operating activities |
|
27 |
|
|
|
42 |
|
Net
change in working capital |
|
(174 |
) |
|
|
189 |
|
Net cash provided by operating activities |
$ |
479 |
|
|
$ |
845 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Purchases of property, plant, equipment, and intangible assets |
$ |
(853 |
) |
|
$ |
(643 |
) |
Other
investing activities |
|
267 |
|
|
|
4 |
|
Net cash used in investing activities |
$ |
(586 |
) |
|
$ |
(639 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Proceeds from issuance of equity instruments and other |
$ |
37 |
|
|
$ |
— |
|
Proceeds (repayment) of debt, net |
|
(30 |
) |
|
|
107 |
|
Other
financing activities |
|
3 |
|
|
|
11 |
|
Net cash provided by financing activities |
$ |
10 |
|
|
$ |
118 |
|
Effect of exchange rate changes |
|
1 |
|
|
|
1 |
|
Net change in cash and cash equivalents |
$ |
(96 |
) |
|
$ |
325 |
|
Cash
and cash equivalents at the beginning of the period |
|
2,352 |
|
|
|
2,939 |
|
Cash and cash equivalents at the end of the
period |
$ |
2,256 |
|
|
$ |
3,264 |
|
|
|
|
|
(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
Adjusted Non-IFRS
|
|
Three Months Ended |
(in millions USD) |
|
March 31, 2023 |
|
December 31, 2022 |
|
March 31, 2022 |
|
|
|
|
|
|
|
Gross profit |
|
$ |
515 |
|
|
$ |
622 |
|
|
$ |
469 |
|
Gross
profit margin |
|
|
28.0 |
% |
|
|
29.6 |
% |
|
|
24.2 |
% |
Share
based compensation |
|
$ |
10 |
|
|
$ |
11 |
|
|
$ |
21 |
|
Adjusted gross profit (1) |
|
$ |
525 |
|
|
$ |
633 |
|
|
$ |
490 |
|
Adjusted gross margin(1) |
|
|
28.5 |
% |
|
|
30.1 |
% |
|
|
25.3 |
% |
|
|
|
|
|
|
|
Operating profit |
|
$ |
290 |
|
|
$ |
288 |
|
|
$ |
225 |
|
Operating profit margin |
|
|
15.8 |
% |
|
|
13.7 |
% |
|
|
11.6 |
% |
Share
based compensation |
|
$ |
31 |
|
|
$ |
43 |
|
|
$ |
54 |
|
Restructuring charges(2) |
|
$ |
5 |
|
|
|
94 |
|
|
|
— |
|
Adjusted operating profit(1) |
|
$ |
326 |
|
|
$ |
425 |
|
|
$ |
279 |
|
Adjusted operating profit margin(1) |
|
|
17.7 |
% |
|
|
20.2 |
% |
|
|
14.4 |
% |
|
|
|
|
|
|
|
Net income(3) |
|
$ |
254 |
|
|
$ |
668 |
|
|
$ |
178 |
|
Net
income margin |
|
|
13.8 |
% |
|
|
31.8 |
% |
|
|
9.2 |
% |
Share
based compensation |
|
$ |
31 |
|
|
$ |
43 |
|
|
$ |
54 |
|
Restructuring charges(2) |
|
$ |
5 |
|
|
|
94 |
|
|
|
— |
|
Income tax effect(4) |
|
$ |
— |
|
|
$ |
(5 |
) |
|
$ |
— |
|
Adjusted net income (1)(5) |
|
$ |
290 |
|
|
$ |
800 |
|
|
$ |
232 |
|
Adjusted net income margin(1) |
|
|
15.8 |
% |
|
|
38.1 |
% |
|
|
12.0 |
% |
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
0.46 |
|
|
$ |
1.21 |
|
|
$ |
0.33 |
|
Share
based compensation |
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
0.09 |
|
Restructuring charges(2) |
|
$ |
0.01 |
|
|
|
0.17 |
|
|
|
— |
|
Income tax effect |
|
$ |
— |
|
|
|
(0.01 |
) |
|
|
— |
|
Adjusted diluted earnings per
share(1) |
|
$ |
0.52 |
|
|
$ |
1.44 |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted gross profit, adjusted
operating income, adjusted net income, adjusted EBITDA, adjusted
diluted earnings per share and related margins are Non-IFRS
measures. See “Adjusted Financial Measures (Non-IFRS)” for a
detailed reconciliation of Non-IFRS measures to the most directly
comparable IFRS measure and “Non-IFRS Financial Measures” for a
discussion of why we believe these Non-IFRS measures are
useful.
(2) Includes $3.1 million of share based
compensation in Q4 2022.
(3) Includes the gain on sale of our EFK business in
December 2022.
(4) Relates to restructuring charges since Q4 2022.
(5) 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) |
|
March 31, 2023 |
|
December 31, 2022 |
|
March 31, 2022 |
|
|
|
|
|
|
|
Net income for the period |
|
$ |
254 |
|
|
$ |
668 |
|
|
$ |
178 |
|
Depreciation and amortization |
|
|
343 |
|
|
|
409 |
|
|
|
408 |
|
Finance expense |
|
|
31 |
|
|
|
28 |
|
|
|
29 |
|
Finance income |
|
|
(32 |
) |
|
|
(26 |
) |
|
|
NA |
|
Income tax expense |
|
|
23 |
|
|
|
8 |
|
|
|
29 |
|
Share
based compensation |
|
|
31 |
|
|
|
43 |
|
|
|
54 |
|
Restructuring charges(1) |
|
|
5 |
|
|
|
94 |
|
|
|
— |
|
Gains
on transactions, legal settlements and transaction expenses(2) |
|
|
— |
|
|
|
(403 |
) |
|
|
— |
|
Adjusted EBITDA(3)(4) |
|
$ |
655 |
|
|
$ |
821 |
|
|
$ |
698 |
|
Adjusted EBITDA margin(4) |
|
|
35.6 |
% |
|
|
39.1 |
% |
|
|
36.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes $3.1 million of share-based
compensation in Q4 2022.
(2) Activity for the three months ended
December 31, 2022, relates to the gain on sale of our EFK
business.
(3) Reflects change to adjusted EBITDA
definition discussed in more detail elsewhere in this release.
(4) Adjusted EBITDA and related margin are
Non-IFRS measures. See “Adjusted Financial Measures (Non-IFRS)” for
a detailed reconciliation of Non-IFRS measures to the most directly
comparable IFRS measure and “Non-IFRS Financial Measures” for a
discussion of why we believe these Non-IFRS measures are
useful.
Adjusted Financial Measures
(Non-IFRS)
In addition to the financial information
presented in accordance with IFRS, this press release includes the
following adjusted Non-IFRS metrics: adjusted gross profit,
adjusted operating profit, adjusted net income, adjusted diluted
earnings per share and adjusted EBITDA. We define adjusted gross
profit as gross profit adjusted for share-based compensation
expense. We define adjusted operating profit as profit 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 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 believe that in addition to our results
determined in accordance with IFRS, these adjusted 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 adjusted 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. For further information
regarding these Non-IFRS measures, please refer to "Unaudited
Reconciliation of IFRS to Adjusted Non-IFRS" table above.
Adjusted 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
adjusted 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, May 9, 2023 at 8:30 a.m. U.S. Eastern Time (ET) to review
the First Quarter 2023 results in detail. Interested parties may
join the scheduled conference call by registering at
https://register.vevent.com/register/BId1a488fb8dad4744927be5f12860ebee.
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 the COVID-19 pandemic
and supply chain disruptions due to the Russia/Ukraine conflict and
actions taken in response to such events; the market for our
products may develop 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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