GlobalFoundries Inc. · NASDAQ:GFS
GlobalFoundries — Q4 2024 Earnings Presentation
27 slides from GlobalFoundries's earnings presentation, Feb 11, 2025
Slide 1: Fourth Quarter and Full-Year 2024 Financial Results
Fourth Quarter and Full-Year 2024 Financial Results(unaudited) February 11, 2025 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: Q4'24 Results
Q4'24 Results 3
Slide 4: Key Q4'24 Results
Key Q4'24 Results (Unaudited) Revenue Non-IFRS adjusted EBITDA & Wafer Shipments Margin Millions USD Millions USD 300mm equivalents (k) -1% -14% +8% 1,854 1,830 773 595 661 552 41.7% 39.1% 36.1% Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 See the Appendix for a detailed reconciliation of Non-IFRS measures t
Slide 5: Key 2024 Results
Key 2024 Results (Unaudited) Revenue Non-IFRS adjusted EBITDA & Wafer Shipments Margin Millions USD Millions USD 300mm equivalents (k) -9% -10% -4% 7,392 2,763 6,750 2,475 2,211 2,124 37.4% 36.7% 2023 2024 2023 2024 2023 2024 See the Appendix for a detailed reconciliation of Non-IFRS measures to the
Slide 6: Key Recent Announcements
Key Recent Announcements GF announced a first- IDEMIA and GF Lightmatter of-its-kind center for announced a announced that it will advanced packaging partnership to deliver use GF’s Fotonix™ and test capabilities, to next-generation smart fabrication platform to be developed at its card technology w
Slide 7: Quarterly Revenue Trend
Quarterly Revenue Trend (Unaudited, in millions) 1,854 1,830 -1% Y/Y 1,739 1,632 1,549 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 GlobalFoundries © 2025 All Rights Reserved 7
Slide 8: Non-IFRS Gross Margin Trend
Non-IFRS Gross Margin Trend (Unaudited) 29.0% -360 bps 26.1% 25.2% 24.7% 25.4% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 See the Appendix for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure and for a discussion of why we believe these Non-IFRS measures are useful. Glo
Slide 9: Non-IFRS Adjusted EBITDA Margin Trend
Non-IFRS Adjusted EBITDA Margin Trend (Unaudited) 41.7% -560 37.2% 37.4% bps 36.1% 36.1% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 See the Appendix for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure and for a discussion of why we believe these Non-IFRS measures are u
Slide 10: Q4'24 Financial Summary
Q4'24 Financial Summary (Unaudited, in millions USD, except per share data and wafer shipments) Year-over-year Sequential Q4'24 Q3'24 Q4'23 Q4'24 vs Q4'23 Q4'24 vs Q3'24 Net revenue $ 1,830 $ 1,739 $ 1,854 $ (24) (1)% $ 91 5% Gross profit 449 414 525 $ (76) (14)% $ 35 8% Gross margin 24.5 % 23.8 % 2
Slide 11: 2024 Financial Summary
2024 Financial Summary (Unaudited, in millions USD, except per share data and wafer shipments) Year-over-year FY2024 FY2023 FY2024 vs FY2023 Net revenue $ 6,750 $ 7,392 $ (642) (9)% Gross profit 1,651 $ 2,101 $ (450) (21)% Gross margin 24.5 % 28.4 % (390)bps Non-IFRS gross profit(1) $ 1,709 $ 2,149
Slide 12: Q4'24 Revenue by End Market
(Unaudited, in millions USD) Q4'24 Revenue by End Market ((in millions) Year-over-year Sequential Q4'24 Q3'24 Q4'23 Q4'24 vs Q4'23 Q4'24 vs Q3'24 Smart Mobile Devices $738 $868 $765 $(27) (4)% $(130) (15)% Communications Infrastructure & Datacenter $170 $133 $144 $26 18% $37 28% Home and Industrial
Slide 13: 2024 Revenue by End Market
2024 Revenue by End Market (Unaudited, in millions USD) ((in millions) Year-over-year 2024 2023 2024 vs 2023 Smart Mobile Devices $3,048 $3,023 $25 1% Communications Infrastructure & Datacenter $577 $863 $(286) (33)% Home and Industrial IoT(1) $1,267 $1,604 $(337) (21)% Automotive $1,206 $1,046 $160
Slide 14: Revenue Mix by End Market
Revenue Mix by End Market (Unaudited) 9 8% Smart Mobile Devices 12% Communications Infrastructure & Datacenter 23% 40% 17% 41% (2) Q4'24 Q4'23 Home & Industrial IoT(1) Automotive Non-Wafer Revenue 19% 22% 9% 8% (1) Includes revenue from our Personal Computing end market of 5% for Q4'23. (2) Totals m
Slide 15: Year End Revenue Mix by End Market
Year End Revenue Mix by End Market (Unaudited) 10% 11% Smart Mobile Devices Communications 14% Infrastructure & Datacenter 18% 41% (2) 45% 2024 2023 Home & Industrial IoT(1) Automotive 22% Non-Wafer & 19% Corporate Other 9% 12% (1) Includes revenue from our Personal Computing end market of 3% for FY
Slide 16: Q1'25 Guidance
Q1’25 Guidance 16
Slide 17: Q1'25 Guidance
Q1’25 Guidance (1) (Unaudited, in millions, except per share amounts) IFRS Share-Based Non-IFRS(2) Compensation Net revenue $1,550 - $1,600 Gross profit $325 - $370 $14 - $16 $341 - $384 Gross margin(3) (mid-point) 22.1% 23.0% Operating profit $94 - $167 $47 - $57 $151 - $214 Operating margin(3) (mi
Slide 18: Appendix: Summary Financials and Reconciliations
Appendix: Summary Financials and Reconciliations 18
Slide 19: Statement of Operations
Statement of Operations (Unaudited, in millions, except per share amounts) 2023 2024 Full Year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 Net revenue $ 1,841 $ 1,845 $ 1,852 $ 1,854 $ 1,549 $ 1,632 $ 1,739 $ 1,830 $ 7,392 $ 6,750 Cost of revenue 1,326 1,313 1,323 1,329 1,156 1,237 1,325 1,381 5,291 5,099 Gro
Slide 20: Statements of Financial Position
Statements of Financial Position (Unaudited, in millions) As of December 31, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 2,192 $ 2,387 Marketable securities 1,194 1,033 Receivables, prepayments and other 1,406 1,420 Inventories 1,624 1,487 Current assets 6,416 6,327 Deferred tax asset
Slide 21: Statement of Cash Flows
Statement of Cash Flows (Unaudited, in millions) Three Months Ended Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Operating Activities: Net income (loss) $ (729) $ 278 $ (262) $ 1,018 Depreciation and amortization 378 402 1,568 1,451 Finance (income) expense, ne
Slide 22: IFRS to Non-IFRS Reconciliations
IFRS to Non-IFRS Reconciliations (Unaudited, in millions, except per share amounts) 2023 2024 Full Year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 Net revenue $1,841 $1,845 $1,852 $1,854 $1,549 $1,632 $1,739 $1,830 $7,392 $6,750 Gross profit $515 $532 $529 $525 $393 $395 $414 $449 $2,101 $1,651 Gross margin
Slide 23: IFRS to Non-IFRS Reconciliations
IFRS to Non-IFRS Reconciliations (Unaudited, in millions, except per share amounts) 2023 2024 Full Year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 Net income (loss) $254 $237 $249 $278 $134 $155 $178 $(729) $1,018 $(262) Net income (loss) margin 13.8% 12.8% 13.4% 15.0% 8.7% 9.5% 10.2% (39.8)% 13.8% (3.9)% Sh
Slide 24: IFRS to Non-IFRS Reconciliation Adjusted Free Cash Flow
IFRS to Non-IFRS Reconciliation Adjusted Free Cash Flow (Unaudited, in millions) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Net cash provided by operating $457 $375 $684 $1,722 $2,125 activities Less: Purchases of
Slide 25: IFRS to Non-IFRS Reconciliation Non-IFRS Adjusted EBITDA
IFRS to Non-IFRS Reconciliation Non-IFRS Adjusted EBITDA (Unaudited, in millions) 2023 2024 Full Year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 Net revenue $1,841 $1,845 $1,852 $1,854 $1,549 $1,632 $1,739 $1,830 $7,392 $6,750 Net income (loss) for the period 254 237 249 278 134 155 178 (729) 1,018 (262) Net
Slide 26: Financial Measures (Non-IFRS)
Financial Measures (Non-IFRS) In addition to the financial information presented in accordance with International Financial Reporting Standards ("IFRS"), this press release includes the following Non-IFRS financial measures: Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS operating expens
Slide 27: 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