GLOBALFOUNDRIES Inc. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>GLOBALFOUNDRIES Inc. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and operations for the year ending December 31, 2023.</b>

AI Summary

GLOBALFOUNDRIES Inc. (GFS) filed a Foreign Annual Report (20-F) with the SEC on April 29, 2024. GLOBALFOUNDRIES Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 400 Stonebreak Road Extension, Malta, NY 12020. The filing was made as of April 29, 2024. GLOBALFOUNDRIES Inc. is classified under SIC code 3674 for Semiconductors & Related Devices.

Why It Matters

For investors and stakeholders tracking GLOBALFOUNDRIES Inc., this filing contains several important signals. This filing provides a comprehensive overview of GLOBALFOUNDRIES' financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and outlook. As a significant player in the semiconductor industry, the details within this 20-F report offer insights into the company's competitive positioning, market trends, and its ability to navigate the dynamic global technology landscape.

Risk Assessment

Risk Level: medium — GLOBALFOUNDRIES Inc. shows moderate risk based on this filing. The company operates in the highly cyclical and competitive semiconductor industry, which is subject to rapid technological changes, supply chain disruptions, and geopolitical risks, as detailed in its risk factors.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F to understand GLOBALFOUNDRIES' performance and strategic direction in the semiconductor market.

Key Numbers

• 2023-12-31 — Fiscal Year End (The report covers the fiscal year ending on this date.)
• 2024-04-29 — Filing Date (The date the 20-F was filed with the SEC.)
• 001-40974 — SEC File Number (The SEC's file number for GLOBALFOUNDRIES Inc.)
• 0001709048 — Central Index Key (The SEC's unique identifier for GLOBALFOUNDRIES Inc.)

Key Players & Entities

• GLOBALFOUNDRIES Inc. (company) — Filer name and subject of the report.
• 400 Stonebreak Road Extension, Malta, NY 12020 (location) — Business and mailing address of the company.
• 2023-12-31 (date) — Fiscal year end date.
• 2024-04-29 (date) — Filing date as of.
• 3674 (sic_code) — Standard Industrial Classification for Semiconductors & Related Devices.

FAQ

Risk Factors

• Intense Competition and Market Cyclicality [high — market]: The semiconductor industry is characterized by intense competition and cyclicality, which can impact the company's financial performance and growth prospects.
• Supply Chain Disruptions [medium — operational]: The company is subject to risks associated with disruptions in its global supply chain, which could affect its ability to manufacture and deliver products.
• Capital Intensive Operations [medium — financial]: The semiconductor manufacturing business is highly capital-intensive, requiring significant ongoing investment in research, development, and manufacturing facilities.
• Compliance with International Regulations [medium — regulatory]: Operating globally requires compliance with various international trade, environmental, and other regulations, which can change and impact operations.

Key Dates

• 2024-04-29: Filing of 2023 Annual Report (Form 20-F) — Provides the latest comprehensive financial and operational data for GLOBALFOUNDRIES Inc.

Key Financial Figures

• $0.02 — egistered Ordinary shares, par value US$0.02 per share GFS The NASDAQ Global Select

Filing Documents

• gfs-20231231.htm (20-F) — 3309KB
• exhibit412-redactedgfxsoit.htm (EX-4.12) — 115KB
• exhibit417-2023amendmentag.htm (EX-4.17) — 163KB
• exhibit4192023formofindemn.htm (EX-4.19) — 103KB
• ex8asofdec312023.htm (EX-8) — 76KB
• exhibit121-2024xcaulfieldx.htm (EX-12.1) — 9KB
• exhibit122-2024xhollisterx.htm (EX-12.2) — 9KB
• exhibit131-2024section906c.htm (EX-13.1) — 7KB
• exhibit151consentletterfin.htm (EX-15.1) — 2KB
• exhibit152responseletter.htm (EX-15.2) — 3KB
• exhibit97-recoupmentpolicy.htm (EX-97) — 64KB
• exhibit152responseletter001.jpg (GRAPHIC) — 131KB
• gfs-20231231_g1.jpg (GRAPHIC) — 54KB
• 0001709048-24-000013.txt (&nbsp;) — 17243KB
• gfs-20231231.xsd (EX-101.SCH) — 133KB
• gfs-20231231_cal.xml (EX-101.CAL) — 117KB
• gfs-20231231_def.xml (EX-101.DEF) — 451KB
• gfs-20231231_lab.xml (EX-101.LAB) — 1027KB
• gfs-20231231_pre.xml (EX-101.PRE) — 793KB
• gfs-20231231_htm.xml (XML) — 3530KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS GlobalFoundries Inc. Page CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION 1 PART I 3 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS 3 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 3 ITEM 3. KEY INFORMATION 3 ITEM 4. INFORMATION ON THE COMPANY 35 ITEM 4A. UNRESOLVED STAFF COMMENTS 44 ITEM 5. OPERATING AND FINANCIAL REVIEWS AND PROSPECTS 45 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 56 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 65 ITEM 8. FINANCIAL INFORMATION 67 ITEM 9. THE OFFER AND LISTING 68 ITEM 10. ADDITIONAL INFORMATION 68 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS 78 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 78 PART II 78 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 78 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 78 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 79 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 82 ITEM 16B. CODE OF ETHICS 82 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 82 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 82 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 83 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 83 ITEM 16G. CORPORATE GOVERNANCE 83 ITEM 16H. MINE SAFETY DISCLOSURE 84 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 84 ITEM 16 J I NSIDER TRADING POLIC IES 84 I TEM 16K C YBERSECURITY 84 PART III 86 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 86 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 86 ITEM 19. EXHIBITS 47 i CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain statements in this Annual Report on Form 20-F (the "Annual Report") are, or may be deemed to be, "forward-looking statements" within the meaning of U.S. securities laws. These forward-looking statements are based on current expectations, estimates, forecasts, and projections. These forward-looking statements appear in a number of places throughout this Annual Report including, but not limited to "Risk Factors," "Business Overview," and "Results of Operations." Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," "shall" and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and our actual results of operations, financial condition and liquidity, and the development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this Annual Report. Important factors that could cause those differences include, but are not limited to: general global economic and geopolitical conditions; our ability to manage reduced demand and average selling prices ("ASPs") in a prolonged inflationary environment; the cyclical nature, volatility and seasonality of the semiconductor and microelectronics industry; our ability to secure and maintain design win

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. Reserved. B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors The following important factors, and those factors described in other reports submitted to, or filed with, the U.S. Securities and Exchange Commission ("SEC"), among other factors, could affect our actual results and could cause our actual results to differ materially from those expressed in any forward-looking statements made by us or on our behalf, and such factors may adversely affect our business and financial status and therefore the value of your investment: Risk Factors Summary Risks Related to our Business and Industry General global economic and geopolitical conditions could materially and adversely affect our results of operations, financial condition, business and prospects. Reductions in demand and ASPs for our customers' end products (e.g., consumer electronics) and a prolonged inflationary environment may decrease demand for our products and services, and could materially and adversely affect our results of operations, financial condition, business and prospects. The cyclical nature and seasonality of the semiconductor industry and periodic overcapacity make us vulnerable to significant and sometimes prolonged economic downturns. Securing and maintaining design wins, in particular single-sourced awards, and managing our long term agreement ("LTAs") may present challenges to our business in differing demand environments. We depend on a small number of customers for a significant portion of our revenue and any loss of this or our other key customers, including potentially through further customer consolidation, could result in significant declines in our revenue. We rely on a complex silicon supply chain and breakdowns in that chain could affect our ability to produce our products and could materially and adversely affect our results of operations, financial condition, business

Risk Factors

Risk Factors Risks Related to our Business and Industry General global economic and geopolitical conditions could materially and adversely affect our results of operations, financial condition, business and prospects. The semiconductor industry relies on a global supply chain and is considered strategically important by major trading countries, including the United States, China, and countries in the European Union ("EU"). Political, economic and financial crises have in the past negatively affected and in the future could negatively affect the semiconductor industry and its end markets. Our business may also be materially affected by the impact of geopolitical tensions and related actions. Recently, there have been political and trade tensions among and between a number of the world's major economies, most notably in our industry between the United States and China, with Taiwan implicated in the tensions, the possible spillover hostilities between Russia and other nearby member nations of the North American Treaty Organization and, more recently, the tensions in the Middle East, as well as others. These tensions have resulted in the implementation of trade barriers, including the use of economic sanctions and export control restrictions against certain countries and individual companies. For example, in 2022, the United States significantly increased U.S. export controls on semiconductor manufacturing equipment, artificial intelligence and advanced computing products. In 2023, the United States added to the restrictions in all three areas and also worked with Japan and the Netherlands to align on additional restrictions on semiconductor manufacturing equipment. During this time, the United States has increasingly added Chinese companies to prohibited/entity lists. In response, China has restricted U.S. access to certain minerals and has blocked certain companies that provide products to Taiwan's military from selling products in China. China has imposed tariffs

View Full Filing

View this 20-F filing on SEC EDGAR