GlobalFoundries Inc.

Good day, and thank you for standing by. Welcome to the Global Foundries conference call to review second quarter of fiscal year 2024 financial results. At this time, our participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. We suggest that you, please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Sam Franklin, VP of Business Finance and Investor Relations. Please go ahead.

Thank you, Operator. Good morning, everyone, and welcome to Global Foundry's second quarter 2024 earnings call. On the call with me today are Dr. Thomas Caulfield, CEO, John Hollister, CFO, and Niels Anders Goff, Chief Business Officer. A short while ago, we released GF's second quarter financial results, which are available on our website at investors.gf.com. along with today's accompanying slide presentation. This call is being recorded and a replay will be made available on our investor relations webpage. During this call, we will present both IFRS and non-IFRS financial measures. The most directly comparable IFRS measures and reconciliations for non-IFRS measures are available in today's press release and accompanying slides. I would remind you that these financial results are unaudited and subject to change. Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as believe, expect, intend, anticipate, and may, or by the use of the future tense. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our SEC filings, including in the sections under the caption, Risk Factors, in our annual report on Form 20F, filed with the SEC on April 29, 2024. We will begin today's call with Tom providing a summary update on the current business environment and technologies. Niels will then discuss some recent strategic activities, following which John will provide details on our end markets and second quarter results, and also provide third quarter 2024 guidance. We will then open the call for questions with Tom, John, and Niels. We request that you please limit your questions to one with one follow-up. I'll now turn the call over to Tom for his prepared remarks.

Thank you, Sam, and welcome everyone to our second quarter earnings call. I'm pleased to report the second quarter results, which exceeded the midpoint of our guidance ranges as our 13,000 employees around the world continue to focus on delivering best-in-class technologies and meeting needs of our customers, both globally and locally. I am proud of how well our teams are partnering with our customers on exciting new design wins as we execute to our long-term plans. Against this backdrop, We believe that we're beginning to see the demand outlook improve across certain end markets as the number of applications for analog and mixed signal products increases and channel inventory levels for some of our customers are showing signs of normalizing. As outlined on prior earnings calls, we still believe that the first quarter represents the low point for revenue in 2024, and the sequential revenue growth we reported for the second quarter along with our guidance for the third quarter, are consistent with this expectation. Notwithstanding the short-term cyclical dynamics impacting our industry, we remain focused on positioning GF for long-term growth opportunities. I am pleased to provide several updates today, demonstrating how we are investing in our future growth plans and winning with our customers. To that end, we completed the acquisition of Tagore Technologies' Gallium Nitride Power business, which includes its extensive IP portfolio, and its team of GAN engineers, which closed at the beginning of July. This is an important addition to our power technology platform, and with that, I'd like to turn the call over to Niels to provide some additional commentary.