GlobalFoundries Inc. · NASDAQ:GFS
GlobalFoundries — Q1 2022 Earnings Presentation
20 slides from GlobalFoundries's earnings presentation, May 10, 2022
Slide 1: First Quarter 2022 Financial Results (Unaudited)
First Quarter 2022 Financial Results (Unaudited) May 10, 2022
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: Q1'22 Results
Q1’22 Results GlobalFoundries © 2022 All Rights Reserved
Slide 4: Key Q1'22 Results
Key Q1’22 Results (Unaudited) Wafer Shipments Revenue Adjusted EBITDA & Margin 300mm equivalents (k) Millions USD Millions USD +14% +37% +137% 625 1,940 698 548 1,418 36.0% 294 20.7% Q1’21 Q1’22 Q1’21 Q1’22 Q1’21 Q1’22 Note: We define adjusted EBITDA as net income (loss), excluding the impact of fin
Slide 5: Key Recent Announcements
Key Recent Announcements Announced Silicon GF announced the Dr. Bobby Yerramilli- As a part of GF’s Photonics (GF expiration of the Rao appointed as an commitment to Fotonix) waiting period independent diversity and collaboration under the HSR Act director of the inclusion, GF hosted with industry l
Slide 6: Quarterly Revenue Trend
Quarterly Revenue Trend (Unaudited, Millions USD) 1,940 1,847 1,700 +37% 1,620 Y/Y 1,418 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 GlobalFoundries © 2022 All Rights Reserved
Slide 7: Adjusted Gross Margin Trend
Adjusted Gross Margin Trend (Unaudited) 25.3% 21.5% 18.0% 16.5% +1830 bps 7.0% Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Note: Adjusted gross profit (loss) for a particular period is defined as gross profit (loss) adjusted for share-based compensation expense; adjusted gross margin is adjusted gross profit divi
Slide 8: Adjusted EBITDA Margin Trend
Adjusted EBITDA Margin Trend (Unaudited) 36.0% 31.6% 28.8% 29.7% +1530 bps 20.7% Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Note: We define adjusted EBITDA as net income (loss), excluding the impact of finance interest expense, income tax expense, depreciation, amortization, share-based compensation expense, tra
Slide 9: Q1'22 Financial Summary
Q1’22 Financial Summary (Unaudited, in millions USD, except per share data and wafer shipments) Year-over-year Sequential Q1'21 Q4'21 Q1'22 Q1'22 vs Q1'21 Q1'22 vs Q4'21 Net revenue $ 1,418 $ 1,847 $ 1,940 $ 522 37 % $ 93 5% Gross profit $ 99 $ 384 $ 469 $ 370 374 % $ 85 22 % Gross margin 7.0 % 20.8
Slide 10: Q1'22 Revenue by End Market
Q1’22 Revenue by End Market (Unaudited, in millions USD) Year-over-year Sequential Q1’21 Q4'21 Q1’22 Q1’21 vs Q1’22 Q4'21 vs Q1’22 Smart Mobile Devices $765 $888 $977 $212 28% $89 10% Communications Infrastructure & Datacenter $182 $304 $327 $145 80% $23 8% Home and Industrial IoT $209 $254 $323 $11
Slide 11: Revenue Mix by End Market
Revenue Mix by End Market (Unaudited) 9% 10% Smart Mobile Devices 2% 7% 4% Communications 2% Infrastructure & Datacenter Home & Industrial IoT 17% 50% 15% 54% Automotive Personal Computing Non-Wafer & 13% Corporate Other 17% Q1’21 Q1’22 GlobalFoundries © 2022 All Rights Reserved
Slide 12: Q2'22 Guidance
Q2’22 Guidance GlobalFoundries © 2022 All Rights Reserved
Slide 13: Q2'22 Guidance
Q2’22 Guidance (Unaudited, in millions USD except per share amounts) Non-IFRS IFRS Share-based compensation Adjusted Net revenue $1,955 - $1,985 — — Gross Profit $470 - $504 $27 - $33 $503 - $531 Gross Margin (mid-point) 25% 26% Operating Profit $206 - $251 $54 - $66 $272 - $305 Operating Margin (mi
Slide 14: Appendix: Summary Financials and Reconciliations
Appendix: Summary Financials and Reconciliations GlobalFoundries © 2022 All Rights Reserved
Slide 15: Statement of Operations
Statement of Operations (Unaudited, in millions USD except per share amounts) 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net revenue $ 1,379 $ 1,318 $ 1,091 $ 1,062 $ 1,418 $ 1,620 $ 1,700 $ 1,847 $ 1,940 Cost of sales 1,557 1,501 1,225 1280 1,319 1,389 1,400 1463 1,471 Gross profit (loss) (178) (183
Slide 16: Balance Sheet
Balance Sheet (Unaudited, in millions USD) December 31, 20211 March 31, 20222 Assets: Cash and cash equivalents $ 2,939 $ 3,264 Receivables, prepayments and other 1,231 1,210 Inventories 1,121 1,185 Current assets 5,291 5,659 Deferred tax assets 353 337 Property, plant, and equipment, net 8,713 9,17
Slide 17: Statement of Cash Flows
Statement of Cash Flows (Unaudited, in millions USD) Three Months Ended March 31, 2021 March 31, 2022 Cash flows from operating activities: Net income (loss) $ (127) $ 178 Depreciation and amortization 377 408 Finance expense, net 8 9 Deferred income taxes 15 19 Other non-cash operating activities (
Slide 18: IFRS to Non-IFRS Reconciliations
IFRS to Non-IFRS Reconciliations (Unaudited, in millions USD except per share amounts) 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Gross profit (loss) for the period $ (178) $ (183) $ (134) $ (218) $ 99 $ 231 $ 300 $ 384 $ 469 Share based compensation — — — — — 36 6 13 21 Adjusted gross profit (loss)
Slide 19: IFRS to Non-IFRS Reconciliations
IFRS to Non-IFRS Reconciliations (Unaudited, in millions USD) 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net Income (Loss) for the period $ (297) $ (237) $ (293) $ (524) $ (127) $ (174) $ 5 $ 43 $ 178 Depreciation and amortization 642 643 612 626 377 408 415 419 408 Finance expense 39 43 34 38 29 29
Slide 20: 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