| Summary of First Quarter 2024 Guidance (unaudited in millions USD, except per share amounts) (1) | |||||||
| IFRS |
Share-based
compensation |
Non-IFRS
Adjusted (2) | |||||
| Net revenue | $1,500 - $1,540 | — | — | ||||
| Gross profit | $329 - $371 | $14 - $16 | $345 - $385 | ||||
| Gross margin(3) (mid-point) | 23.0% | 24.0% | |||||
| Operating profit | $60 - $130 | $50 - $60 | $120 - $180 | ||||
| Operating margin(3) (mid-point) | 6.3% | 9.9% | |||||
| Net income | $40 - $106 | $50 - $60 | $100 - $156 | ||||
| Net income margin(3) (mid-point) | 4.8% | 8.4% | |||||
| Diluted EPS | $0.07 - $0.19 | $0.18 - $0.28 | |||||
| (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. | |||||||
| (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, respectively. Adjusted operating expense is calculated by subtracting adjusted operating profit from adjusted gross profit. | |||||||
| (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 | Year Ended | |||||||||||||||
| (in millions USD, except for per share amounts) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
| Net revenue | $ | 1,854 | $ | 2,101 | $ | 7,392 | $ | 8,108 | ||||||||
| Cost of revenue | 1,329 | 1,479 | 5,291 | 5,869 | ||||||||||||
| Gross profit | $ | 525 | $ | 622 | $ | 2,101 | $ | 2,239 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 105 | 110 | 428 | 482 | ||||||||||||
| Selling, general and administrative (1) | 87 | 130 | 473 | 496 | ||||||||||||
| Restructuring charges | 30 | 94 | 71 | 94 | ||||||||||||
| Total operating expenses | $ | 222 | $ | 334 | $ | 972 | $ | 1,072 | ||||||||
| Operating profit | $ | 303 | $ | 288 | $ | 1,129 | $ | 1,167 | ||||||||
| Finance income (expense), net | 8 | (2 | ) | 12 | (60 | ) | ||||||||||
| Other income (expense) | (12 | ) | (13 | ) | (57 | ) | 22 | |||||||||
| Gain on sale of a business (2) | — | 403 | — | 403 | ||||||||||||
| Income tax expense | (21 | ) | (8 | ) | (66 | ) | (86 | ) | ||||||||
| Net income | $ | 278 | $ | 668 | $ | 1,018 | $ | 1,446 | ||||||||
| Attributable to: | ||||||||||||||||
| Shareholders of GlobalFoundries | 277 | 668 | 1,020 | 1,448 | ||||||||||||
| Non-controlling interest | 1 | — | (2 | ) | (2 | ) | ||||||||||
| EPS: | ||||||||||||||||
| Basic | $ | 0.50 | $ | 1.22 | $ | 1.85 | $ | 2.69 | ||||||||
| Diluted | $ | 0.50 | $ | 1.21 | $ | 1.83 | $ | 2.62 | ||||||||
| Shares used in EPS calculation: | ||||||||||||||||
| Basic | 553 | 546 | 552 | 539 | ||||||||||||
| Diluted | 557 | 554 | 556 | 552 | ||||||||||||
| (1) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial. | ||||||||||||||||
| (2) Includes the gain on sale of our East Fishkill business in December 2022. | ||||||||||||||||
