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.
- GF 22FDX™ platform is Auto Grade 1 qualified at Fab 1 in Dresden, Germany.
- GF set a “Journey to Zero Carbon” goal to reduce greenhouse gas emissions by 25% from 2020 to 2030
- GF appointed Elissa Murphy to its Board of Directors. Ms. Murphy is currently a vice president of Engineering at Google, and previously served as the chief technology officer and executive vice president of Cloud Platforms at GoDaddy.
Summary of Fourth Quarter 2021 Outlook:
- Revenue expected to be $1,800 million to $1,830 million.
- Gross profit expected to be $335 million to $350 million; adjusted gross profit expected to be $344 million to $359 million.
- Operating profit expected to be $55 million to $75 million; adjusted operating profit expected to be $92 million to $112 million.
- Net income expected to be $13 million to $33 million, adjusted net income expected to be $50 million to $70 million.
- Basic earnings-per-share (EPS) for the quarter expected to be $0.02 to $0.06; adjusted basic EPS expected to be $0.09 to $0.13.
- Adjusted EBITDA expected to be $510 million to $530 million.
- Share-based compensation in cost of revenues expected to be approximately $9 million; Share-based compensation in operating expenses expected to be approximately $28 million (approximately $2 million in Research and Development and approximately $26 million in Sales, Marketing, General and Administrative).
The guidance provided above contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The guidance includes our management’s beliefs and assumptions and is based on information currently available. GF has not provided a reconciliation of its Fourth Quarter fiscal quarter outlook for non-International Financial Reporting Standards (IFRS) gross margin, non-IFRS operating profit margin, non-IFRS EPS or Non-IFRS Adjusted EBITDA Margin because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-IFRS measures and the comparable forward-looking IFRS measures. Certain factors that are materially significant to GF’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.
Statements of Operations (IFRS Unaudited) 1
| Three Months Ended | ||||||
| (in millions USD, except for share and per share amounts) | September 30, 2020 | September 30, 2021 | ||||
| Revenue | $ 1,091 | $ 1,700 | ||||
| Cost of sales | 1225 | 1400 | ||||
| Gross profit (loss) | (134 | ) | 300 | |||
| Operating expenses: | ||||||
| Research and development | 117 | 114 | ||||
| Sales, marketing, general and administrative | 99 | 134 | ||||
| Total operating expenses | 216 | 248 | ||||
| Operating profit (loss) | (350 | ) | 52 | |||
| Finance expense, net | (34 | ) | (27 | ) | ||
| Income tax benefit (expense) | 56 | (22 | ) | |||
| Other income (loss) | 35 | 2 | ||||
| Net income (loss) inc. NCI | (293 | ) | 5 | |||
| Earnings (loss) per share: | ||||||
| Basic | ($0.58 | ) | $0.01 | |||
| Diluted | ($0.58 | ) | $0.01 | |||
| Shares used in earnings (loss) per share calculation | ||||||
| Basic | 500,000,000 | 500,000,000 | ||||
| Diluted | 500,000,000 | 511,943,050 | ||||
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