GlobalFoundries Inc. · NASDAQ:GFS
GlobalFoundries — Q3 2024 Earnings Presentation
22 slides from GlobalFoundries's earnings presentation, Nov 5, 2024
Slide 1: Third Quarter 2024 Financial Results
Third Quarter 2024 Financial Results (unaudited) November 5, 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: Q3'24 Results
Q3'24 Results 3
Slide 4: Key Q3'24 Results
Key Q3'24 Results (Unaudited) Revenue Non-IFRS adjusted EBITDA & Wafer Shipments Margin Millions USD Millions USD 300mm equivalents (k) -6% -6% -5% 1,852 1,739 667 627 575 549 36.0% 39.1% 36.1% Q3'23 Q3'24 Q3'23 Q3'24 Q3'23 Q3'24 Non-IFRS adjusted EBITDA is a Non-IFRS measure. We define Non-IFRS adj
Slide 5: Key Recent Announcements
Key Recent Announcements GF and NXP Over one thousand GF entered into an announced a new customers and agreement with collaboration partners attended GF's Finwave leveraging GF's annual Technology Semiconductor to 22FDX® process Summit held around optimize and scale technology platform the world in
Slide 6: Quarterly Revenue Trend
Quarterly Revenue Trend (Unaudited, in millions) 1,852 1,854 -6% Y/Y 1,739 1,632 1,549 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 GlobalFoundries © 2024 All Rights Reserved 6
Slide 7: Non-IFRS Gross Margin Trend
Non-IFRS Gross Margin Trend (Unaudited) 29.2% 29.0% -450 bps 26.1% 25.2% 24.7% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 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 divided by r
Slide 8: Non-IFRS Adjusted EBITDA Margin Trend
Non-IFRS Adjusted EBITDA Margin Trend (Unaudited) 41.7% 37.2% 37.4% +10 bps 36.0% 36.1% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Non-IFRS adjusted EBITDA is a Non-IFRS measure. We define Non-IFRS adjusted EBITDA as net income adjusted for the impact of finance expense, finance income, income tax expense (benef
Slide 9: Q3'24 Financial Summary
Q3'24 Financial Summary (Unaudited, in millions, except per share data and wafer shipments) Year-over-year Sequential Q3'24 Q2'24 Q3'23 Q3'24 vs Q3'23 Q3'24 vs Q2'24 Net revenue $ 1,739 $ 1,632 $ 1,852 $ (113) (6)% $ 107 7% Gross profit 414 395 529 $ (115) (22)% $ 19 5% Gross margin 23.8 % 24.2 % 28
Slide 10: Q3'24 Revenue by End Market
(Unaudited, in millions USD) Q3'24 Revenue by End Market ((in millions) Year-over-year Sequential Q3'24 Q2'24 Q3'23 Q3'24 vs Q3'23 Q3'24 vs Q2'24 Smart Mobile Devices $868 $762 $779 $89 11% $106 14% Communications Infrastructure & Datacenter $133 $154 $156 $(23) (15)% $(21) (14)% Home and Industrial
Slide 11: Revenue Mix by End Market
Revenue Mix by End Market (Unaudited) 9 10% 11% Smart Mobile Devices Communications 15% Infrastructure & Datacenter 17% 42% Home & Industrial IoT(1) Q3'24 50% Q3'23 Automotive 18% Non-Wafer Revenue 22% 7% 8% (1) Includes revenue from our Personal Computing end market of 2% for Q3'23. GlobalFoundries
Slide 12: Q4'24 Guidance
Q4’24 Guidance 12
Slide 13: Q4'24 Guidance
Q4’24 Guidance (1) (Unaudited, in millions, except per share amounts) IFRS Share-Based Non-IFRS adjusted(2) Compensation Net revenue $1,800 - $1,850 — Gross profit $417 - $468 $13 - $15 $432 - $481 Gross margin(3) (mid-point) 24.3% 25.0% Operating profit $177 - $256 $45 - $55 $232 - $301 Operating m
Slide 14: Appendix: Summary Financials and Reconciliations
Appendix: Summary Financials and Reconciliations 14
Slide 15: Statement of Operations
Statement of Operations (Unaudited, in millions, except per share amounts) 2022 2023 2024 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net revenue $ 2,074 $ 2,101 $ 1,841 $ 1,845 $ 1,852 $ 1,854 $ 1,549 $ 1,632 $ 1,739 Cost of revenue 1,464 1,479 1,326 1,313 1,323 1,329 1,156 1,237 1,325 Gross profit $ 610 $ 622 $ 51
Slide 16: Statements of Financial Position
Statements of Financial Position (Unaudited, in millions) As of September 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 2,286 $ 2,387 Marketable securities 1,187 1,033 Receivables, prepayments and other 1,323 1,420 Inventories 1,802 1,487 Current assets 6,598 6,327 Deferred tax asse
Slide 17: Statement of Cash Flows
Statement of Cash Flows (Unaudited, in millions) Three Months Ended September 30, 2024 September 30, 2023 Cash flows from operating activities: Net income $ 178 $ 249 Depreciation and amortization 396 366 Finance (income) expense, net and other 12 7 Deferred income taxes 37 (4) Other non-cash operat
Slide 18: IFRS to Non-IFRS Reconciliations
IFRS to Non-IFRS Reconciliations (Unaudited, in millions, except per share amounts) 2022 2023 2024 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net revenue $2,074 $2,101 $1,841 $1,845 $1,852 $1,854 $1,549 $1,632 $1,739 Gross profit $610 $622 $515 $532 $529 $525 $393 $395 $414 Gross margin 29.4% 29.6% 28.0% 28.8% 28.6
Slide 19: IFRS to Non-IFRS Reconciliation Adjusted Free Cash Flow
IFRS to Non-IFRS Reconciliation Adjusted Free Cash Flow (Unaudited, in millions) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, June 30, 2024 2024 2023 2024 2023 Net cash provided by operating $375 $402 $416 $1,265 $1,441 activities Less: Purchase of pro
Slide 20: IFRS to Non-IFRS Reconciliation Non-IFRS Adjusted EBITDA
IFRS to Non-IFRS Reconciliation Non-IFRS Adjusted EBITDA (Unaudited, in millions) 2022 2023 2024 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net revenue $2,074 $2,101 $1,841 $1,845 $1,852 $1,854 $1,549 $1,632 $1,739 Net income for the period 336 668 254 237 249 278 134 155 178 Net income margin 16.2% 31.8% 13.8% 12.
Slide 21: Financial Measures (Non-IFRS)
Financial Measures (Non-IFRS) In addition to the financial information presented in accordance with International Reporting Financial Standards ("IFRS"), this presentation and the accompanying oral presentation include the following Non-IFRS measures: Non-IFRS gross profit, Non-IFRS operating profit
Slide 22: Thank you
For further information, please contact: Investor Relations ir@gf.com 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