GlobalFoundries Reports Fourth Quarter and Fiscal Year 2021 Financial Results

Record Reve짯nue, Gross, and Ope짯ra짯ting Margins

MALTA, N.Y., Feb. 08, 2022 (GLOBE NEWSWIRE) Glo짯bal짯Found짯ries Inc. (GF) (Nasdaq: GFS) today announ짯ced preli짯mi짯na짯ry finan짯cial results for the fourth quar짯ter and fis짯cal year ended Decem짯ber 31, 2021.

Key Fourth Quar짯ter Finan짯cial Highlights

  • Record reve짯nue of $1.85 bil짯li짯on, up 9% sequentially.
  • Record gross mar짯gin of 20.8% and adjus짯ted gross mar짯gin of 21.5%.
  • Record ope짯ra짯ting mar짯gin of 5% and adjus짯ted ope짯ra짯ting mar짯gin of 8%.
  • Net inco짯me mar짯gin of 2% and adjus짯ted EBITDA mar짯gin of 32%.
  • Cash and cash equi짯va짯lents of $2.9 billion.

Key Full Year 2021 Finan짯cial Highlights

  • Reve짯nue of $6.6 bil짯li짯on, up 36% year-over-year.
  • Record gross mar짯gin of 15% and adjus짯ted gross mar짯gin of 16%.
  • Net inco짯me mar짯gin of 4% and adjus짯ted EBITDA mar짯gin of 28%.

2021 was an out짯stan짯ding year for GF, during which we dro짯ve an acce짯le짯ra짯ti짯on of our busi짯ness plan by capi짯ta짯li짯zing on the demand for per짯va짯si짯ve semi짯con짯duc짯tor solu짯ti짯ons and the vital role we play in the semi짯con짯duc짯tor sup짯p짯ly chain, said Tom Caul짯field, CEO of GF. 쏰ur reve짯nue grew 36% year-over-year, and we made signi짯fi짯cant pro짯gress towards our long-term finan짯cial pro짯fit model. The year was also mark짯ed by a gro짯wing num짯ber of long-term part짯ner짯ship agree짯ments, with 30 cus짯to짯mers com짯mit짯ting more than $3.2 bil짯li짯on toward the con짯tin짯ued expan짯si짯on of our glo짯bal manu짯fac짯tu짯ring foot짯print to sup짯port strong demand. We are exe짯cu짯ting well, and belie짯ve we are on track to deli짯ver ano짯ther year of strong growth in reve짯nue and pro짯fi짯ta짯bi짯li짯ty in 2022.

Major 2021 Accom짯plish짯ments and Key Fourth Quar짯ter Busi짯ness Highlights:

  • In 2021, GF ente짯red into 30 signi짯fi짯cant long-term cus짯to짯mer agree짯ments that pro짯vi짯de assu짯rance to our cus짯to짯mers and pro짯vi짯de reve짯nue visi짯bi짯li짯ty to GF.
  • In 2021, GF bro짯ke ground on a new fab on its Sin짯ga짯po짯re cam짯pus, expan짯ded capa짯ci짯ty in Fab 1 (Dres짯den) by over 25%, and announ짯ced expan짯si짯on plans for its most advan짯ced manu짯fac짯tu짯ring faci짯li짯ty in upsta짯te New York.
  • GF set a 쏪our짯ney to Zero Car짯bon goal to redu짯ce green짯house gas emis짯si짯ons by 25% while expan짯ding glo짯bal manu짯fac짯tu짯ring capacity.
  • On Octo짯ber 28, 2021, GF began tra짯ding on Nasdaq Stock Mar짯ket under the ticker GFS.
  • In the fourth quar짯ter, GF announ짯ced an exten짯si짯on of its wafer sup짯p짯ly agree짯ment with AMD, incre짯asing the num짯ber of chips GF will sup짯p짯ly, as well as exten짯ding the terms of the agree짯ment to secu짯re sup짯p짯ly through 2025.
  • In the fourth quar짯ter, BMW signed a direct sup짯p짯ly assu짯rance agree짯ment with high-tech micro짯chip deve짯lo짯per INOVA Semi짯con짯duc짯tors and GF to secu짯re long-term semi짯con짯duc짯tor supplies.
  • In the fourth quar짯ter, GF and Ford announ짯ced a non-bin짯ding stra짯te짯gic col짯la짯bo짯ra짯ti짯on to advan짯ce semi짯con짯duc짯tor manu짯fac짯tu짯ring and tech짯no짯lo짯gy deve짯lo짯p짯ment within the US, aiming to boost chip sup짯pli짯es for Ford and the US auto industry.
     

Unau짯di짯ted Sum짯ma짯ry Quar짯ter짯ly Results (in $M, except per share amounts and wafer ship짯ments)1,2

                Year-over-year   Sequen짯ti짯al
    Q420   Q321   Q421   Q420 vs Q421   Q321 vs Q421
                         
Reve짯nue   $1,062     $1,700     $1,847     $785 74%     $147 9%  
                         
Gross pro짯fit (loss)   $(218)     $300     $384     $601 276%     $84 28%  
Gross mar짯gin     (20.5)%       17.6%       20.8%       +4131bps       +316bps  
                         
Adjus짯ted gross pro짯fit (loss)   $(218)     $306     $397     $615 282%     $91 30%  
Adjus짯ted gross margin      (20.5)%       18.0%       21.5%       +4201bps       +346bps  
                         
Ope짯ra짯ting pro짯fit (loss)   $(491)     $52     $87     $578 118%     $35 67%  
Ope짯ra짯ting margin     (46)%       3%       5%       +5092bps       +163bps  
                         
Adjus짯ted ope짯ra짯ting pro짯fit (loss)   $(491)     $81     $142     $633 129%     $61 75%  
Adjus짯ted ope짯ra짯ting margin     (46)%       5%       8%       +5389bps       +291bps  
                         
Net inco짯me (loss)   $(524)     $5     $43     $567 108%     $38 760%  
Net inco짯me (loss) margin     (49)%       0%       2%       +5165bps       +201bps  
                         
Adjus짯ted net inco짯me (loss)   $(524)     $34     $98     $622 119%     $64 187%  
Adjus짯ted net inco짯me (loss) margin     (49)%       2%       5%       +5464bps       +328bps  
                         
Diluted ear짯nings per share (EPS)   $(1.05)     $0.01     $0.08     $1.13 108%     $0.07 700%  
                         
Adjus짯ted diluted EPS   $(1.05)     $0.07     $0.18     $1.23 117%     $0.11 157%  
                         
Adjus짯ted EBITDA   $166     $505     $584     $418 251%     $79 16%  
Adjus짯ted EBITDA margin     16%       30%       32%       +1596bps       +191bps  
                         
Cash from operations   $201     $1,109     $1,148     $947 471%     $39 4%  
                         
Wafer ship짯ments (300MM Equi짯va짯lent) (in thousands)     595       609       622       27 5%       13 2%  

1Adjus짯ted gross pro짯fit, adjus짯ted ope짯ra짯ting pro짯fit, adjus짯ted net inco짯me, adjus짯ted EBITDA, and diluted ear짯nings per share are adjus짯ted non-IFRS metrics; plea짯se see the recon짯ci짯lia짯ti짯on of IFRS to adjus짯ted non-IFRS metrics in the Appendix.
2In 2020, the majo짯ri짯ty of our cus짯to짯mer con짯trac짯tu짯al terms were amen짯ded in a man짯ner that resul짯ted in moving from reco짯gni짯zing wafer reve짯nue on a Per짯cen짯ta짯ge-of-Com짯ple짯ti짯on basis to reco짯gni짯zing reve짯nue on a Wafer Ship짯ment basis. This resul짯ted in a one-time, non-recur짯ring reduc짯tion in net reve짯nues reco짯gni짯zed in 2020. Had the chan짯ge in terms not occur짯red, net reve짯nues for the quar짯ter ended Decem짯ber 31, 2020 would have been an esti짯ma짯ted $501 mil짯li짯on hig짯her than repor짯ted results.

Unau짯di짯ted Sum짯ma짯ry Annu짯al Results (in $M, except per share amounts)1,2

                Year-over-year
      FY 2020   FY 2021     FY20 vs FY21
                   
Reve짯nue     $4,851     $6,585       $1,734 36%  
                   
Gross pro짯fit (loss)     $(713)     $1,013       $1,726 242%  
Gross mar짯gin       (14.7)%       15.4%         +3008bps  
                   
Adjus짯ted gross pro짯fit (loss)     $(713)     $1,068       $1,781 250%  
Adjus짯ted gross margin        (14.7)%       16.2%         +3092bps  
                   
Ope짯ra짯ting pro짯fit (loss)     $(1,656)     $(60)       $1,596 96%  
Ope짯ra짯ting margin       (34)%       (1)%         +3323bps  
                   
Adjus짯ted ope짯ra짯ting pro짯fit (loss)     $(1,655)     $168       $1,823 110%  
Adjus짯ted ope짯ra짯ting margin       (34)%       3%         +3667bps  
                   
Net inco짯me (loss)     $(1,351)     $(254)       $1,097 81%  
Net inco짯me (loss) margin       (28)%       (4)%         +2399bps  
                   
Adjus짯ted net inco짯me (loss)     $(1,350)     $(26)       $1,324 98%  
Adjus짯ted net inco짯me (loss) margin       (28)%       0%         +2744bps  
                   
Diluted ear짯nings per share (EPS)     $(2.70)     $(0.50)       $2.20 81%  
                   
Adjus짯ted diluted EPS     $(2.70)     $(0.05)       $2.65 98%  
                   
Adjus짯ted EBITDA     $976     $1,848       $872 89%  
Adjus짯ted EBITDA margin       20%       28%         +794bps  
                   
Cash from operations     $1,006     $2,839       $1,833 182%  
                   
Wafer ship짯ments (300MM Equi짯va짯lent) (in thousands)       2,030       2,374         344 17%  

1Adjus짯ted gross pro짯fit, adjus짯ted ope짯ra짯ting pro짯fit, adjus짯ted net inco짯me, adjus짯ted EBITDA, and adjus짯ted diluted ear짯nings per share are adjus짯ted non-IFRS metrics; plea짯se see the recon짯ci짯lia짯ti짯on of IFRS to adjus짯ted non-IFRS metrics in the appendix.
2In 2020, the majo짯ri짯ty of our cus짯to짯mer con짯trac짯tu짯al terms were amen짯ded in a man짯ner that resul짯ted in moving from reco짯gni짯zing wafer reve짯nue on a Per짯cen짯ta짯ge-of-Com짯ple짯ti짯on basis to reco짯gni짯zing reve짯nue on a Wafer Ship짯ment basis. This resul짯ted in a one-time, non-recur짯ring reduc짯tion in net reve짯nues reco짯gni짯zed in 2020. Had the chan짯ge in terms not occur짯red, net reve짯nues for the year ended Decem짯ber 31, 2020 would have been an esti짯ma짯ted $810 mil짯li짯on hig짯her than repor짯ted results.

Sum짯ma짯ry of First Quar짯ter 2022 Out짯look (in $M except per share amounts)

  IFRS   Share-based com짯pen짯sa짯ti짯on   Non-IFRS Adjus짯ted
Reve짯nue $1,880 $1,920        
Gross Pro짯fit $383 $413     $24 $26   $409 $437  
Gross Mar짯gin (mid-point) 20.9%       22.3%  
Ope짯ra짯ting Profit $101- $145     $57 $63   $164 $202  
Ope짯ra짯ting Mar짯gin (mid-point) 6.5%       9.6%  
Net Inco짯me $54 $96     $57 $63   $117 $153  
Net Inco짯me Mar짯gin (mid-point) 3.9%       7.1%  
Diluted EPS $0.10 $0.17     $0.10 $0.11   $0.21 $0.27  
Adj. EBITDA       $580 $620  
EBITDA Mar짯gin (mid-point)       31.6%  
               

The gui짯dance pro짯vi짯ded abo짯ve con짯ta짯ins for짯ward-loo짯king state짯ments as defi짯ned in the Secu짯ri짯ties Exch짯an짯ge Act of 1934, as amen짯ded, and is sub짯ject to the safe har짯bors crea짯ted the짯r짯ein. The gui짯dance includes management셲 beliefs and assump짯ti짯ons and is based on infor짯ma짯ti짯on curr짯ent짯ly available. GF has not pro짯vi짯ded a recon짯ci짯lia짯ti짯on of its First Fis짯cal Quar짯ter out짯look for adjus짯ted Non-IFRS EBITDA and rela짯ted Mar짯gin becau짯se esti짯ma짯tes of all of the recon짯ci짯ling items can짯not be pro짯vi짯ded wit짯hout unre짯asonable efforts. Cer짯tain fac짯tors that are mate짯ri짯al짯ly signi짯fi짯cant to GF셲 abili짯ty to esti짯ma짯te the짯se items are out of its con짯trol and/or can짯not be reason짯ab짯ly predicted.

Unau짯di짯ted Con짯so짯li짯da짯ted State짯ments of Operations

    Three Months Ended   Years Ended
(in $M, except per share amounts)   Decem짯ber 31, 2020   Decem짯ber 31, 2021   Decem짯ber 31, 2020   Decem짯ber 31, 2021
                 
Reve짯nue   $1,062     $1,847     $4,851     $6,585  
Cost of sales     1,280       1,463       5,563       5,572  
Gross pro짯fit (loss)     (218)       384       (712)       1,013  
Ope짯ra짯ting expenses:                
Rese짯arch and development     116       130       476       478  
Sales, mar짯ke짯ting, gene짯ral and administrative     136       167       445       595  
Total ope짯ra짯ting expenses     252       297       921       1,073  
Impair짯ment charge     21             23        
Total other ope짯ra짯ting charges     21             23        
Ope짯ra짯ting pro짯fit (loss)     (491)       87       (1,656)       (60)  
Finan짯ce expen짯se, net     (38)       (26)       (151)       (108)  
Other inco짯me (loss)     13       8       444       (8)  
Inco짯me tax bene짯fit (expen짯se)     (8)       (26)       12       (78)  
Net inco짯me (loss)     (524)       43       (1,351)       (254)  
Ear짯nings (loss) per share:                
Basic   $(1.05)     $0.08     $(2.70)     $(0.50)  
Diluted   $(1.05)     $0.08     $(2.70)     $(0.50)  
Shares used in ear짯nings (loss) per share calculation                
Basic     500       522       500       506  
Diluted     500       540       500       506  
                                 

Unau짯di짯ted Con짯so짯li짯da짯ted State짯ments of Finan짯cial Position

(in $M)  Decem짯ber 31, 2020   Decem짯ber 31, 2021
         
Assets:        
Cash and cash equivalents     $908       $2,939  
Receiv짯a짯bles, pre짯pay짯ments and other     1,159       1,231  
Invent짯ories     920       1,121  
Cur짯rent assets     2,987       5,291  
Defer짯red tax assets     444       353  
Pro짯per짯ty, plant, and equip짯ment, net     8,226       8,713  
Other assets     665       671  
Non짯cur짯rent assets     9,335       9,737  
Total assets     $12,322       $15,028  
Lia짯bi짯li짯ties and equity:        
Cur짯rent por짯ti짯on of long-term debt     $382       $297  
Other cur짯rent liabilities     1,514       2,866  
Cur짯rent liabilities     1,896       3,163  
Non짯cur짯rent por짯ti짯on of long-term debt     1,956       1,716  
Other lia짯bi짯li짯ties     1,228       2,116  
Non짯cur짯rent liabilities     3,184       3,832  
Stock짯hol짯ders equity:        
Com짯mon stock/additional paid-in capital     11,718       23,498  
Accu짯mu짯la짯ted deficit     (15,219)       (15,469)  
Loan from share짯hol짯der and other1     10,743       4  
Total lia짯bi짯li짯ties and equity     $12,322       $15,028  

1On Octo짯ber 3, 2021, GF exe짯cu짯ted the con짯ver짯si짯on of the enti짯re Share짯hol짯der Loans balan짯ce of $10.113 bil짯li짯on under our loan faci짯li짯ties with Muba짯d짯a짯la Invest짯ment Com짯pa짯ny PJSC into addi짯tio짯nal paid-in-capi짯tal, which did not have an impact on shares out짯stan짯ding or have any dilu짯ti짯ve effects, as no addi짯tio짯nal shares were issued.

Unau짯di짯ted Con짯so짯li짯da짯ted State짯ments of Cash Flows  

                 
    Three Months Ended   Years Ended
(in $M)   Decem짯ber 31, 2020   Decem짯ber 31, 2021   Decem짯ber 31, 2020   Decem짯ber 31, 2021
                 
Cash flows from ope짯ra짯ting activities:                
Net inco짯me (loss)   $(524)       $43       $(1,351)       $(254)  
Depre짯cia짯ti짯on and amortization   626       419       2,523       1,619  
Finan짯ce expen짯se, net   38       26       151       108  
Defer짯red inco짯me taxes   14       40       (38)       93  
Other non-cash ope짯ra짯ting activities   (51)       (9)       (338)       43  
Net chan짯ge in working capital   98       629       59       1,230  
Net cash pro짯vi짯ded by ope짯ra짯ting activities   201       1,148       1,006       2,839  
               
Cash flows from inves짯t짯ing activities:              
Purcha짯ses of pro짯per짯ty, plant, equip짯ment, and intan짯gi짯ble assets   (203)       (649)       (592)       (1,766)  
Other inves짯t짯ing activities   126       23       226       316  
Net cash used in inves짯t짯ing activities   (77)       (626)       (366)       (1,450)  
               
Cash flows from finan짯cing activities:              
Pro짯ceeds from issu짯an짯ce of equi짯ty instruments           $1,444             $1,444  
Repay짯ments of share짯hol짯der loan   (137)             (487)       (568)  
Repay짯ment of debt, net   (248)       (72)       (556)       (343)  
Other finan짯cing activities   38       27       310       117  
Net cash pro짯vi짯ded by (used in) finan짯cing activities    (347)       1,399       (732)       650  
Effect of exch짯an짯ge rate changes   3       (1)       3       (8)  
Net chan짯ge in cash and cash equivalents   (221)       1,920       (89)       2,031  
Cash and cash equi짯va짯lents at the begin짯ning of the period   1,129       1,019       997       908  
Cash and cash equi짯va짯lents at the end of the period   $908       $2,939       $908       $2,939  
                               

Unau짯di짯ted Recon짯ci짯lia짯ti짯on of IFRS to Adjus짯ted Non-IFRS 

  Three Months Ended   Years Ended
(in $M) Decem짯ber 31, 2020   Sep짯tem짯ber 30, 2021   Decem짯ber 31, 2021   Decem짯ber 31, 2020   Decem짯ber 31, 2021
                   
Gross pro짯fit (loss) $(218)     $300   $384   $(713)     $1,013  
Share based compensation       $6   $13         $55  
Adjus짯ted gross pro짯fit (loss) $(218)     $306   $397   $(713)     $1,068  
                   
Ope짯ra짯ting pro짯fit (loss) $(491)     $52   $87   $(1,656)     $(60)  
Share based compensation       $29   $55   $1     $228  
Adjus짯ted ope짯ra짯ting pro짯fit (loss) $(491)     $81   $142   $(1,655)     $168  
                   
Net inco짯me (loss) $(524)     $5   $43   $(1,351)     $(254)  
Share based compensation       $29   $55   $1     $228  
Adjus짯ted net inco짯me (loss) $(524)     $34   $98   $(1,350)     $(26)  
                   
Ear짯nings per share (EPS) $(1.05)     $0.01   $0.08   $(2.70)     $(0.50)  
Share based compensation $0.00     $0.06   $0.10   $0.00     $0.45  
Adjus짯ted ear짯nings (loss) per share $(1.05)     $0.07   $0.18   $(2.70)     $(0.05)  
                                   

Unau짯di짯ted Recon짯ci짯lia짯ti짯on of Net Inco짯me (Loss) to Adjus짯ted EBITDA

    Three Months Ended   Years Ended
(in $M)   Decem짯ber 31, 2020   Sep짯tem짯ber 30, 2021   Decem짯ber 31, 2021   Decem짯ber 31, 2020   Decem짯ber 31, 2021
                     
Net inco짯me (loss) for the period   $(524)     $5   $43   $(1,351)     $(254)  
Adjus짯t짯ments:                    
Depre짯cia짯ti짯on and amortization   $626     $415   $419   $2,523     $1,619  
Finan짯ce expense   $38     $28   $28   $154     $114  
Inco짯me tax expen짯se (bene짯fit)   $8     $22   $26   $(12)     $78  
Share based compensation         $29   $55   $1     $228  
Res짯truc짯tu짯ring and cor짯po짯ra짯te sever짯ance programs   $11     $2   $5   $16     $17  
(Gains) on tran짯sac짯tions, legal sett짯le짯ments and tran짯sac짯tion expenses   $7     $4   $8   $(356)     $46  
Adjus짯ted EBITDA   $166     $505   $584   $976     $1,848  
                                     

Adjus짯ted Finan짯cial Mea짯su짯res (Non-IFRS)

In addi짯ti짯on to the finan짯cial infor짯ma짯ti짯on pre짯sen짯ted in accordance with IFRS, this press release includes the fol짯lo짯wing adjus짯ted non-IFRS metrics: adjus짯ted gross pro짯fit, adjus짯ted ope짯ra짯ting pro짯fit, adjus짯ted net inco짯me (loss), adjus짯ted diluted EPS and adjus짯ted EBITDA. We defi짯ne adjus짯ted gross pro짯fit (loss) as gross pro짯fit (loss) adjus짯ted for share-based com짯pen짯sa짯ti짯on expen짯se. We defi짯ne adjus짯ted ope짯ra짯ting pro짯fit (loss) as pro짯fit (loss) from ope짯ra짯ti짯ons adjus짯ted for share-based com짯pen짯sa짯ti짯on expen짯se. We defi짯ne adjus짯ted net inco짯me (loss) as net inco짯me (loss) adjus짯ted for share-based com짯pen짯sa짯ti짯on expen짯se. We defi짯ne adjus짯ted EPS as adjus짯ted net inco짯me (loss) divi짯ded by the dilu짯ti짯ve shares. We defi짯ne adjus짯ted EBITDA as net inco짯me (loss), exclu짯ding the impact of inte짯rest expen짯se, tax expen짯se, depre짯cia짯ti짯on, amor짯tiza짯ti짯on adjus짯ted for share-based com짯pen짯sa짯ti짯on expen짯se, tran짯sac짯tion gains and asso짯cia짯ted expen짯ses, res짯truc짯tu짯ring char짯ges and liti짯ga짯ti짯on settlements.

We belie짯ve that in addi짯ti짯on to our results deter짯mi짯ned in accordance with IFRS, the짯se adjus짯ted non-IFRS mea짯su짯res are useful in eva짯lua짯ting our busi짯ness and the under짯ly짯ing trends that are affec짯ting our per짯for짯mance. The짯se adjus짯ted non-IFRS finan짯cial mea짯su짯res pro짯vi짯de sup짯ple짯men짯tal infor짯ma짯ti짯on regar짯ding our ope짯ra짯ting per짯for짯mance that excludes cer짯tain gains, los짯ses and non-cash char짯ges that occur rela짯tively infre짯quent짯ly and/or that we con짯sider to be unre짯la짯ted to our core ope짯ra짯ti짯ons. The짯se adjus짯ted non-IFRS mea짯su짯res are used by both our manage짯ment and our board of direc짯tors, tog짯e짯ther with the com짯pa짯ra짯ble IFRS infor짯ma짯ti짯on, in eva짯lua짯ting our cur짯rent per짯for짯mance and plan짯ning future busi짯ness activities.

We belie짯ve that the짯se adjus짯ted non-IFRS mea짯su짯res, when used in con짯junc짯tion with our IFRS finan짯cial infor짯ma짯ti짯on, also allow inves짯tors and users of our finan짯cial state짯ments to bet짯ter eva짯lua짯te our finan짯cial per짯for짯mance in com짯pa짯ri짯son to other peri짯ods and to other com짯pa짯nies in our indus짯try. Howe짯ver, adjus짯ted non-IFRS finan짯cial infor짯ma짯ti짯on is pre짯sen짯ted for sup짯ple짯men짯tal infor짯ma짯tio짯nal pur짯po짯ses only and should not be con짯side짯red in iso짯la짯ti짯on or as a sub짯sti짯tu짯te for finan짯cial infor짯ma짯ti짯on pre짯sen짯ted in accordance with IFRS. Our pre짯sen짯ta짯ti짯on of adjus짯ted non-IFRS mea짯su짯res should not be con짯strued as an infe짯rence that our future results will be unaf짯fec짯ted by unu짯su짯al or non짯re짯cur짯ring items. Other com짯pa짯nies in our indus짯try may cal짯cu짯la짯te the짯se mea짯su짯res dif짯fer짯ent짯ly, which may limit their useful짯ness as a com짯pa짯ra짯ti짯ve measure.

Our results are preli짯mi짯na짯ry pri짯or to the fil짯ing of form 20멑.

Con짯fe짯rence Call and Web짯cast Information

GF will host a con짯fe짯rence call with the finan짯cial com짯mu짯ni짯ty on Tues짯day, Febru짯ary 8, 2022 at 4:30 p.m. U.S. Eas짯tern Stan짯dard Time (EST) to review the Fourth Quar짯ter and Full Year 2021 results in detail. Inte짯res짯ted par짯ties may join the sche짯du짯led con짯fe짯rence call by dia짯l짯ing the fol짯lo짯wing numbers:

Within the U.S.: 1877-7880411
Out짯side the U.S.: 1615-4898522
Par짯ti짯ci짯pant Passcode: 8285067

The call will be web짯cast and can be acces짯sed from the GF Inves짯tor Rela짯ti짯ons web짯site https://investors.gf.com. A replay of the call will be available on the GF Inves짯tor Rela짯ti짯ons web짯site within 24 hours of the actu짯al call.

About Glo짯bal짯found짯ries

Glo짯bal짯Found짯ries짰 (GF짰) is one of the world셲 lea짯ding semi짯con짯duc짯tor manu짯fac짯tu짯r짯ers. GF is rede짯fi짯ning inno짯va짯ti짯on and semi짯con짯duc짯tor manu짯fac짯tu짯ring by deve짯lo짯ping and deli짯ve짯ring fea짯ture-rich pro짯cess tech짯no짯lo짯gy solu짯ti짯ons that pro짯vi짯de lea짯der짯ship per짯for짯mance in per짯va짯si짯ve high growth mar짯kets. GF offers a uni짯que mix of design, deve짯lo짯p짯ment and fabri짯ca짯ti짯on ser짯vices. With a talen짯ted and diver짯se work짯force and an at-sca짯le manu짯fac짯tu짯ring foot짯print span짯ning the U.S., Euro짯pe and Asia, GF is a trus짯ted tech짯no짯lo짯gy source to its world짯wi짯de cus짯to짯mers. For more infor짯ma짯ti짯on, visit www.gf.com.

For짯ward-loo짯king Statements

This press release includes express and impli짯ed 쐄or짯ward-loo짯king state짯ments, inclu짯ding but not limi짯t짯ed to, state짯ments regar짯ding our finan짯cial out짯look, future gui짯dance, pro짯duct deve짯lo짯p짯ment, busi짯ness stra짯tegy and plans, and mar짯ket trends, oppor짯tu짯ni짯ties and posi짯tio짯ning. For짯ward-loo짯king state짯ments are based on our management셲 beliefs and assump짯ti짯ons and on infor짯ma짯ti짯on curr짯ent짯ly available to our manage짯ment. The짯se for짯ward-loo짯king state짯ments are based on cur짯rent expec짯ta짯ti짯ons, esti짯ma짯tes, fore짯casts and pro짯jec짯tions. Words such as 쐃xpect, 쏿nti짯ci짯pa짯te, 쐓hould, 쐀elie짯ve, 쐆ope, 쐔ar짯get, 쐏ro짯ject, 쐅oals, 쐃sti짯ma짯te, 쐏oten짯ti짯al, 쐏re짯dict, 쐌ay, 쐗ill, 쐌ight, 쐁ould, 쐇ntend, 쐓hall and varia짯ti짯ons of the짯se terms and simi짯lar expres짯si짯ons are inten짯ded to iden짯ti짯fy the짯se for짯ward-loo짯king state짯ments, alt짯hough not all for짯ward-loo짯king state짯ments con짯tain the짯se iden짯ti짯fy짯ing words. For짯ward-loo짯king state짯ments are sub짯ject to a num짯ber of risks and uncer짯tain짯ties, many of which invol짯ve fac짯tors or cir짯cum짯s짯tances that are bey짯ond our con짯trol. For exam짯p짯le, our busi짯ness could be impac짯ted by the COVID-19 pan짯de짯mic and actions taken in respon짯se to it; the mar짯ket for our pro짯ducts may deve짯lop more slow짯ly than expec짯ted or than it has in the past; our ope짯ra짯ting results may fluc짯tua짯te more than expec짯ted; the짯re may be signi짯fi짯cant fluc짯tua짯tions in our results of ope짯ra짯ti짯ons and cash flows rela짯ted to our reve짯nue reco짯gni짯ti짯on or other짯wi짯se; a net짯work or data secu짯ri짯ty inci짯dent that allows unaut짯ho짯ri짯zed access to our net짯work or data or our cus짯to짯mers data could dama짯ge our repu짯ta짯ti짯on; we could expe짯ri짯ence inter짯rup짯ti짯ons or per짯for짯mance pro짯blems asso짯cia짯ted with our tech짯no짯lo짯gy, inclu짯ding a ser짯vice outa짯ge; and glo짯bal eco짯no짯mic con짯di짯ti짯ons could dete짯rio짯ra짯te. It is not pos짯si짯ble for us to pre짯dict all risks, nor can we assess the impact of all fac짯tors on our busi짯ness or the ext짯ent to which any fac짯tor, or com짯bi짯na짯ti짯on of fac짯tors, may cau짯se actu짯al results or out짯co짯mes to dif짯fer mate짯ri짯al짯ly from tho짯se con짯tai짯ned in any for짯ward-loo짯king state짯ments we may make. Moreo짯ver, we ope짯ra짯te in a com짯pe짯ti짯ti짯ve and rapidly chan짯ging mar짯ket, and new risks may emer짯ge from time to time. You should not rely upon for짯ward-loo짯king state짯ments as pre짯dic짯tions of future events. The짯se state짯ments are based on our his짯to짯ri짯cal per짯for짯mance and on our cur짯rent plans, esti짯ma짯tes and pro짯jec짯tions in light of infor짯ma짯ti짯on curr짯ent짯ly available to us, and the짯r짯e짯fo짯re you should not place undue reli짯ance on them.

Alt짯hough we belie짯ve that the expec짯ta짯ti짯ons reflec짯ted in our state짯ments are reasonable, we can짯not gua짯ran짯tee that the future results, levels of acti짯vi짯ty, per짯for짯mance or events and cir짯cum짯s짯tances descri짯bed in the for짯ward-loo짯king state짯ments will be achie짯ved or occur. Moreo짯ver, neither we, nor any other per짯son, assu짯mes respon짯si짯bi짯li짯ty for the accu짯ra짯cy and com짯ple짯ten짯ess of the짯se state짯ments. Reci짯pi짯ents are cau짯tio짯ned not to place undue reli짯ance on the짯se for짯ward-loo짯king state짯ments, which speak only as of the date such state짯ments are made and should not be con짯strued as state짯ments of fact. Except to the ext짯ent requi짯red by fede짯ral secu짯ri짯ties laws, we under짯ta짯ke no obli짯ga짯ti짯on to update any infor짯ma짯ti짯on or any for짯ward-loo짯king state짯ments as a result of new infor짯ma짯ti짯on, sub짯se짯quent events, or any other cir짯cum짯s짯tances after the date hereof, or to reflect the occur짯rence of unan짯ti짯ci짯pa짯ted events. For a dis짯cus짯sion of poten짯ti짯al risks and uncer짯tain짯ties, plea짯se refer to the risk fac짯tors lis짯ted in our SEC filings. Copies of our SEC filings are available on our Inves짯tor Rela짯ti짯ons web짯site, investors.gf.com, or from the SEC web짯site, www.sec.gov.