GlobalFoundries Inc. · NASDAQ:GFS
GlobalFoundries — Q4 2021 Earnings Presentation
22 slides from GlobalFoundries's earnings presentation, Feb 8, 2022
Slide 1: Fourth Quarter and Full Year 2021 Financial Results
Fourth Quarter and Full Year 2021 Financial Results (Unaudited) February 8, 2022
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral presentation include express and implied “forward-looking statements,” including but not limited to, statements regarding our financial outlook, product development, business strategy and plans, and market trends, opportunities and positioning.
Slide 3: Q4'21 and 2021 Results
- Q4’21 and 2021 Results
Slide 4: Key Q4'21 Results
Key Q4’21 Results (Unaudited) Wafer Shipments Revenue (1) Adjusted EBITDA & Margin (2) 300mm equivalents (k) $ in millions $ in millions +5% +74% +251% 595 622 1,847 584 1,062 32% 166 16% Q4’20 Q4’21 Q4’20 Q4’21 Q4’20 Q4’21 Notes: 1. In 2020, the majority of our customer contractual terms were amend
Slide 5: Key 2021 Results
Key 2021 Results (Unaudited) Wafer Shipments Revenue (1) Adjusted EBITDA & Margin (2) 300mm equivalents (k) $ in millions $ in millions +17% +36% +89% 2,374 6,585 1,848 2,030 4,851 976 28% 20% 2020 2021 2020 2021 2020 2021 Notes: 1. In 2020, the majority of our customer contractual terms were amende
Slide 6: Key Recent Business Highlights
Key Recent Business Highlights BMW has signed a direct GF announced an GF and Ford announced supply assurance extension of its wafer a non-binding strategic agreement with high- supply agreement with collaboration to advance tech microchip AMD, increasing the semiconductor developer INOVA volume of
Slide 7: Quarterly Revenue Trend
Quarterly Revenue Trend (Unaudited, $ in millions)1 1,847 +9% 1,700 1,620 Q/Q 1,418 1,091 1,062 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Note: 1. In 2020, the majority of our customer contractual terms were amended in a manner that resulted in moving from recognizing wafer revenue on a Percentage-of-Comp
Slide 8: Adjusted Gross Margin Trend
Adjusted Gross Margin Trend (1,2) (Unaudited) 21.5 % 18.0 % 16.5 % 7.0 % (12.3)% (20.6)% Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Note: 1. Adjusted gross profit (loss) for a particular period is defined as gross profit (loss) adjusted for share-based compensation expense; adjusted gross margin is adjuste
Slide 9: Adjusted EBITDA Margin Trend
Adjusted EBITDA Margin Trend (1) (Unaudited) 31.6% 29.7% 28.7% 25.2% 20.7% 15.6% Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Note: 1. We define adjusted EBITDA as net income (loss), excluding the impact of interest expense, tax expense, depreciation, amortization adjusted for share-based compensation expens
Slide 10: Q4'21 Financial Summary
Q4’21 Financial Summary (Unaudited, in millions, except per share data and wafer shipments)1, 2 Year-over-year Sequential Q4'20 Q3'21 Q4'21 Q4'20 vs Q4'21 Q3'21 vs Q4'21 Revenue $1,062 $1,700 $1,847 $785 74% $147 9% Gross profit (loss) $(218) $300 $384 $601 276% $84 28% Gross margin (20.5)% 17.6% 20
Slide 11: 2021 Financial Summary
2021 Financial Summary (Unaudited, in millions, except per share data and wafer shipments)1, 2 Year-over-year FY 2020 FY 2021 FY20 vs FY21 Revenue $4,851 $6,585 $1,734 36% Gross profit (loss) $(713) $1,013 $1,726 242% Gross margin (14.7)% 15.4% +3008bps Adjusted gross profit (loss) $(713) $1,068 $1,
Slide 12: Q4'21 Revenue by End Market
Q4’21 Revenue by End Market (Unaudited, in millions)1 Year-over-year Sequential Q4'20 Q3'21 Q4'21 Q4'20 vs Q4'21 Q3'21 vs Q4'21 Smart Mobile Devices $717 $849 $888 $171 24% $39 5% Communications Infrastructure & Datacenter $315 $285 $304 $(11) (3)% $19 7% Home and Industrial IoT $211 $218 $254 $43 2
Slide 13: 2021 Revenue by End Market
2021 Revenue by End Market (Unaudited, in millions)1 Year-over-year 2020 2021 2020 vs 2021 Smart Mobile Devices $2,421 $3,350 $929 38% Communications Infrastructure & Datacenter $983 $998 $15 2% Home and Industrial IoT $724 $882 $158 22% Automotive $100 $287 $187 187% Personal Computing $1,025 $480
Slide 14: Q1'22 Guidance
Q1’22 Guidance GlobalFoundries © 2022 All Rights Reserved
Slide 15: Key Q1'22 Guidance
Key Q1’22 Guidance (4) (Unaudited, in millions except per share amounts) IFRS Share-Based Compensation Adjusted Revenue $1,880 - $1,920 – – Gross Profit1 $383 - $413 $24 - $26 $409 - $437 Margin % (mid-point)2 20.9% 22.3% Operating Profit1 $101- $145 $57 - $63 $164 - $202 Margin % (mid-point)3 6.5%
Slide 16: Appendix: Preliminary Summary Financials and Reconciliations
Appendix: Preliminary Summary Financials and Reconciliations
Slide 17: Statement of Operations
Statement of Operations (1) (Unaudited, in millions except per share amounts) 2020 2021 Twelve Months Ended Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 December 31, 2020 December 31, 2021 Revenue $1,379 $1,318 $1,091 $1,062 $1,418 $1,620 $1,700 $1,847 $4,851 $6,585 Cost of sales 1,557 1,501 1,225 1,280 1,319 1,389 1,40
Slide 18: Balance Sheet
Balance Sheet(1) (Unaudited, in millions) December 31, 2020 December 31, 2021 Assets: Cash and cash equivalents $908 $2,939 Receivables, prepayments and other 1,159 1,231 Inventories 920 1,121 Current assets 2,987 5,291 Deferred tax assets 444 353 Property, plant, and equipment, net 8,226 8,713 Othe
Slide 19: Statement of Cash Flows
Statement of Cash Flows (Unaudited, in millions) Three Months Ended Years Ended December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 Cash flows from operating activities: Net income (loss) $(524) $43 $(1,351) $(254) Depreciation and amortization 626 419 2,523 1,619 Finance expense
Slide 20: IFRS to Non-IFRS reconciliations
IFRS to Non-IFRS reconciliations (Unaudited, in millions except per share amounts) 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY 20 FY 21 Gross profit (loss) for the period $(178) $(183) $(134) $(218) $99 $231 $300 $384 $(713) $1,013 Share based compensation - - - - - 36 6 13 - 55 Adjusted gross profit (loss
Slide 21: IFRS to Non-IFRS reconciliations
IFRS to Non-IFRS reconciliations (Unaudited, in millions) 2020 2021 Adjusted EBITDA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY 20 FY 21 Net Income (Loss) for the period $(297) $(237) $(293) $(524) $(127) $(174) $5 $43 $(1,351) $(254) Depreciation and amortization 642 643 612 626 377 408 415 419 2,523 1,619 Finance
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