GlobalFoundries Inc.

but it looks like you had a headwind from working capital. So I'm wondering, you gave us some of the pieces here, the depreciation, and it looks like you're underfunding depreciation expense again, so that's a tailwind. What happens with working capital? Do you expect that to still be a headwind again this year, or does that become a source of cash? do you expect to maintain this kind of high-level free cash flow in 2025? And I had a follow-up. Thank you.

Sure, Mark. Yeah, the short answer is yes, we do expect to continue to have strong performance in free cash flow, and that's driven by strong performance in the business coupled with a capital-efficient strategy that we have at the moment where we're leveraging some of the prior installed base of investment for the company and we're able to deliver what our customers need with modest CapEx experience. We did about $625 million in net CapEx in 2024 and indicated in our prepared comments roughly $700 million in 2025. Working capital should be fairly normalized for the year. We did experience a nice benefit in inventory of roughly $200 million in the fourth quarter. That helped our result for the year. And yes, we expect to generate similar amounts of free cash flow in 2025 as what we just posted for 2024.

Okay, thank you. That's very helpful. And then a follow-up, John, also for you, I think, the impairment charge, can you describe what was written down? I understand that this is part of what you're doing at Malta, but if you could just give a little bit more color on that. And then does this, does that write down, does that also help your depreciation expense as you look into this year? Thank you.