GlobalFoundries Inc. · NASDAQ:GFS
GlobalFoundries — Q1 2024 Earnings Presentation
22 slides from GlobalFoundries's earnings presentation, May 7, 2024
Slide 1: First Quarter 2024 Financial Results
First Quarter 2024 Financial Results(unaudited) May 7, 2024 1
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral presentation include “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 Ac
Slide 3: Q1'24 Results
Q1'24 Results 3
Slide 4: Key Q1'24 Results
Key Q1'24 Results (Unaudited) Revenue Non-IFRS EBITDA & Margin Wafer Shipments Millions USD Millions USD 300mm equivalents (k) -16% -12% -9% 1,841 655 1,549 577 511 35.6% 39.1% 463 37.2% Q1'23 Q1'24 Q1'23 Q1'24 Q1'23 Q1'24 Non-IFRS EBITDA is a Non-IFRS measure. We define Non-IFRS EBITDA as net incom
Slide 5: Key Recent Announcements
Key Recent Announcements GF awarded $1.5 New York State GF announced two billion in planned announced over $600 new long-term goals direct funding for its million in additional to achieve net-zero New York and planned funding greenhouse gas Vermont facilities, under the New York emissions and 100% u
Slide 6: Quarterly Revenue Trend
Quarterly Revenue Trend (Unaudited, Millions USD) 1,841 1,845 1,852 1,854 -16% Y/Y 1,549 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 GlobalFoundries © 2024 All Rights Reserved 6
Slide 7: Non-IFRS Gross Margin Trend
Non-IFRS Gross Margin Trend (Unaudited) 29.6% 29.2% 29.0% 28.5% -240 bps 26.1% Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Note: Non-IFRS gross profit is a Non-IFRS measure. We define Non-IFRS gross profit as gross profit adjusted for share-based compensation. Non-IFRS gross margin is Non-IFRS gross profit divide
Slide 8: Non-IFRS EBITDA Margin Trend
Non-IFRS EBITDA Margin Trend (Unaudited) 41.7% +160 bps 37.2% 35.6% 36.2% 36.0% Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Non-IFRS EBITDA is a Non-IFRS measure. We define Non-IFRS EBITDA as net income adjusted for the impact of finance expense, finance income, income tax expense (benefit), depreciation and amor
Slide 9: Q1'24 Financial Summary
Q1'24 Financial Summary (Unaudited, in millions USD, except per share data and wafer shipments) Year-over-year Sequential Q1'24 Q4'23 Q1'23 Q1'24 vs Q1'23 Q1'24 vs Q4'23 Net revenue $ 1,549 $ 1,854 $ 1,841 $ (292) (16)% $ (305) (16)% Gross profit 393 525 515 $ (122) (24)% $ (132) (25)% Gross margin
Slide 10: Q1'24 Revenue by End Market
(Unaudited, in millions USD) Q1'24 Revenue by End Market ((in millions USD) Year-over-year Sequential Q1'24 Q4'23 Q1'23 Q1'24 vs Q1’23 Q1’24 vs Q4’23 Smart Mobile Devices $680 $765 $696 $(16) (2)% $(85) (11)% Communications Infrastructure & Datacenter $120 $144 $352 $(232) (66)% $(24) (17)% Home and
Slide 11: Revenue Mix by End Market
Revenue Mix by End Market (Unaudited) 9 11% 13% Smart Mobile Devices Communications 10% Infrastructure & Datacenter 17% 38% 44% Home & Industrial IoT(1) Q1'24 Q1'23 Automotive 20% 20% Non-Wafer & Corporate Other 8% 19% . (1) Includes revenue from our Personal Computing end market of 2% for Q1'23 Glo
Slide 12: Q2'24 Guidance
Q2’24 Guidance 12
Slide 13: Q2'24 Guidance
(1) Q2’24 Guidance (Unaudited, in millions USD except per share amounts) IFRS Share-Based Non-IFRS Adjusted(2) Compensation Net revenue $1,590 - $1,640 — — Gross profit $367 - $413 $13 - $15 $382 - $426 Gross margin (mid-point)(3) 24.1% 25.0% Operating profit $94 - $168 $45 - $55 $149 - $213 Operati
Slide 14: Appendix: Summary Financials and Reconciliations
Appendix: Summary Financials and Reconciliations 14
Slide 15: Statement of Operations
Statement of Operations (Unaudited, in millions USD except per share amounts) 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net revenue $ 1,940 $ 1,993 $ 2,074 $ 2,101 $ 1,841 $ 1,845 $ 1,852 $ 1,854 $ 1,549 Cost of revenue 1,471 1,455 1,464 1,479 1,326 1,313 1,323 1,329 1,156 Gross profit $ 469 $ 538 $
Slide 16: Statements of Financial Position
Statements of Financial Position (Unaudited, in millions USD) As of March 31, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 2,247 $ 2,387 Receivables, prepayments and other 1,190 1,420 Marketable securities 1,110 1,033 Inventories 1,667 1,487 Current assets 6,214 6,327 Deferred tax asse
Slide 17: Statement of Cash Flows
Statement of Cash Flows (Unaudited, in millions USD) Three Months Ended (in millions USD) March 31, 2024 March 31, 2023 Cash flows from operating activities: Net income $ 134 $ 254 Depreciation and amortization 392 343 Finance (income) expense, net and other 6 7 Deferred income taxes 23 22 Other non
Slide 18: IFRS to Non-IFRS Reconciliations
IFRS to Non-IFRS Reconciliations (Unaudited, in millions USD except per share amounts) 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net revenue $1,940 $1,993 $2,074 $2,101 $1,841 $1,845 $1,852 $1,854 $1,549 Gross profit $469 $538 $610 $622 $515 $532 $529 $525 $393 Gross profit margin 24.2% 27.0% 29.4%
Slide 19: Non-IFRS Free Cash Flow
Non-IFRS Free Cash Flow Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 Net cash provided by operating activities $488 $684 $479 Less: Purchase of property, plant and equipment and $(227) $(228) $(853) intangible assets Non-IFRS free cash flow(1)(2) $261 $456 $(374) (1) Non-IFRS F
Slide 20: Reconciliation of Net Income to Non-IFRS EBITDA
Reconciliation of Net Income to Non-IFRS EBITDA (Unaudited, in millions USD) 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net income for the period $178 $264 $336 $668 $254 $237 $249 $278 $134 Depreciation and amortization 408 411 395 409 343 340 366 402 392 Finance expense 29 26 28 28 31 34 37 35 37 F
Slide 21: Financial Measures (Non-IFRS)
Financial Measures (Non-IFRS) In addition to the financial information presented in accordance with IFRS, this presentation and the accompanying oral presentation include the following Non-IFRS metrics: Non-IFRS gross profit, Non- IFRS operating profit, Non-IFRS operating expense, Non-IFRS net incom
Slide 22: Thank you
For further information, please contact: Investor Relations [email protected] Thank you The information contained herein is the property of GlobalFoundries and/or its licensors. This document is for informational purposes only, is current only as of the date of publication and is subject to change by Global