Press release
GlobalFoundries Reports Third Quarter 2021 Financial Results
Record Adjusted Gross and Adjusted EBITDA Margins MALTA, N.Y., Nov. 30, 2021 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced
About this update from Globalfoundries Inc.
[{"type":"text","content":"Record Adjusted Gross and Adjusted EBITDA Margins\nMALTA, N.Y., Nov. 30, 2021 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced financial results for the third quarter ended September 30, 2021. Key Third Quarter Financial Highlights Revenue of $1.7 billion, up 5% sequentially, reflecting ongoing demand for our differentiated technologiesRecord gross margins of 17.6% and adjusted gross margins of 18%.Record adjusted EBITDA margins of 30% which grew 84% year-over-year demonstrating continued progress to our target operating model.Cash flows from operations of $1.1 billion. “The third quarter marked the ongoing acceleration of our strategy to lead in the pervasive semiconductor market and demonstrated continued progress towards our target financial model,” said Tom Caulfield, CEO of GF. “Our revenue growth was primarily driven by higher wafer output and continued improvement in mix as our differentiated solutions become a larger portion of our total business. We expect continued revenue and profit growth in the fourth quarter. We are also excited to begin our journey as a public company. Our IPO in October was an outcome of more than a decade of dedication and commitment of our more than 15,000 employees to build an at-scale global semiconductor manufacturer with strong technological differentiation.” Summary Quarterly Results (in millions USD, except per share amounts)1 Year-over-year Sequential Q3'20 Q2'21 Q3'21 Q3'20 vs Q3'21 Q2'21 vs Q3'21 Revenue $1,091 $1,620 $1,700 $609 56% $80 5%Gross profit (loss) ($134) $231 $300 $434 325% $69 30%Adjusted gross profit (loss) ($134) $267 $306 $440 329% $39 15%Adjusted gross margin (12%) 16% 18% +3029bps +155bpsOperating profit (loss) ($350) ($103) $52 $402 115% $155 150%Adjusted operating profit (loss) ($350) $41 $81 $431 123% $40 98%Adjusted operating margin (32%) 3% 5% +3684bps +224bpsNet income (loss) ($293) ($174) $5 $299 102% $179 103%Adjusted net income (loss) ($293) ($30) $34 $328 112% $64 213%Adjusted net income (loss) margin (27%) (2%) 2% +2891bps +386bpsBasic and diluted earnings per share (EPS) ($0.58) ($0.35) $0.01 $0.59 102% $0.36 103%Adjusted EPS ($0.58) ($0.06) $0.07 $0.65 112% $0.13 217%Adjusted EBITDA $275 $466 $505 $230 84% $39 8%Adjusted EBITDA margin 25% 29% 30% +450bps +96bpsCash from operations $267 $434 $1,109 $842 315% $675 156%Wafer shipme...