GlobalFoundries Inc. · NASDAQ:GFS
GlobalFoundries — Q3 2021 Earnings Presentation
20 slides from GlobalFoundries's earnings presentation, Nov 30, 2021
Slide 1: 2021 Third Quarter Financial Results
2021 Third Quarter Financial Results November 30, 2021
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: Q3'21 Results
_ Q3’21 Results [J
Slide 4: Key Q3'21 Results
Key Q3’21 Results Wafer Shipments Revenue (2) Adjusted EBITDA & Margin (1) 300mm equivalents $ in millions $ in millions +27% +56% +84% 609 1,700 505 478 1,091 275 29.7% 25.2% Q3’20 Q3’21 Q3’20 Q3’21 Q3’20 Q3’21 Notes: 1. Adjusted EBITDA is defined as net income (loss), excluding the impact of inter
Slide 5: Key Recent Business Highlights
GF began trading on the Nasdaq Stock Market under the ticker "GFS" on October 28 GF and Qualcomm signed an agreement to extend the companies’ successful collaboration to deliver advanced 5G RF front-end products Key Recent GF 22FDX™ platform is Auto Grade 1 qualified at Fab 1 in Business Dresden, Ge
Slide 6: Growing Quarterly Revenue
Growing Quarterly Revenue ($ in millions)1 1,700 +5% 1,620 Q/Q 1,418 1,318 1,091 1,062 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 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-Completion ba
Slide 7: Expanding Adj. Gross Margins
Expanding Adj. Gross Margins (1) 18% 16% 7% -12% -14% -21% Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Note: 1. Adjusted gross profit (loss) for a particular period is defined as gross profit (loss) before share-based compensation expense; please see Appendix for a reconciliation of non-IFRS metrics to IFRS
Slide 8: Expanding Adj. EBITDA Margins
Expanding Adj. EBITDA Margins (1) 30% 29% 25% 21% 20% 16% Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Note: 1. Adjusted EBITDA for particular period is defined as net income (loss), excluding the impact of interest expense, tax expense, depreciation, amortization, adjusted for share-based compensation expen
Slide 9: Q3'21 Financial Summary
Q3’21 Financial Summary ($ in millions, except per share data and wafer shipments)1, 2 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) $26
Slide 10: Q3'21 Revenue by End Market
Q3’21 Revenue by End Market ($ in millions)1 Year-over-year Sequential Q3'20 Q2'21 Q3'21 Q3'20 vs Q3'21 Q2'21 vs Q3'21 Smart Mobile Devices $587 $847 $849 $262 45% $2 0% Communications Infrastructure & Datacenter $213 $228 $285 $72 34% $57 25% Home and Industrial IOT $159 $201 $218 $59 37% $17 8% Au
Slide 11: End Market Highlights
End Market Highlights Smart Mobile Communications Home and Personal Infrastructure & Automotive Devices Industrial IoT Computing Datacenter Q3’21 Rev. $849m $285m $218m $103m $113m Y /Y +45% +34% +37% +368% -40% Ramp of 2020 DWINs in GF customers increasing Ramp of key products in IoT Ramp of new de
Slide 12: Q4'21 Guidance
Q4’21 Guidance GlobalFoundries © 2021 All Rights Reserved
Slide 13: Key Q4'21 Guidance
Key Q4’21 Guidance4 ($ in millions, except per share data) Low-end Mid-point High-end Revenue $1,800m $1,815m $1,830m Adj. Gross Profit(1,3) $344m $352m $359m Adj. Operating Profit (1,3) $92m $102m $112m Adj. EBITDA (2,3) $510m $520m $530m Adj. EPS(1,3) $0.09 $0.11 $0.13 Note: 1. Adjusted gross prof
Slide 14: Appendix: Summary Financials and Reconciliations
Appendix: Summary Financials and Reconciliations GlobalFoundries © 2021 All Rights Reserved
Slide 15: Quarterly P&L
Quarterly P&L (1,2) ($ in millions) 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Revenue $1,379 $1,318 $1,091 $1,062 $1,418 $1,620 $1,700 Adj. Gross Profit ($178) ($183) ($134) ($218) $99 $267 $306 % Margin (12.9%) (13.9%) (12.3%) (20.6%) 7.0% 16.5% 18.0% Adj. Operating Income ($404) ($410) ($350) ($491) ($95) $4
Slide 16: Quarterly Balance Sheet
Quarterly Balance Sheet ($ in millions) (in millions USD) December 31, 2020 September 30, 2021 Assets: Cash and cash equivalents $908 $1,019 Receivables, prepayments and other 1,159 1,059 Inventories 920 1,078 Current assets $2,987 3,156 Deferred tax assets 444 398 Property, plant, and equipment, ne
Slide 17: Quarterly Cash Flow
Quarterly Cash Flow ($ in millions) Three Months Ended (in millions USD) September 30, 2020 September 30, 2021 Cash Flows from Operating Activities: Net income (loss) ($293) $5 Depreciation and amortization 612 415 Finance expense, net 34 27 Deferred income taxes (53) 20 Other non-cash operating act
Slide 18: Quarterly IFRS to Non-IFRS reconciliations
Quarterly IFRS to Non-IFRS reconciliations ($ in millions) 2020 2021 Adjusted Gross Profit (Loss) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Gross profit (loss) for the period ($178) ($183) ($134) ($218) $99 $231 $300 Share based compensation - - - - - $36 $6 Adjusted gross profit (loss) ($178) ($183) ($134) ($218) $99 $
Slide 19: Quarterly IFRS to Non-IFRS reconciliations
Quarterly IFRS to Non-IFRS reconciliations ($ in millions) 2020 2021 Adjusted EBITDA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net Income (Loss) for the period ($297) ($237) ($293) ($524) ($127) ($174) $5 Adjustments to net income (loss): Depreciation and amortization $642 $643 $612 $626 $377 $408 $415 Finance expense $
Slide 20: 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