GlobalFoundries Reports Second Quarter 2024 Financial Results

Unaudited Reconciliation of IFRS to Non-IFRS
 
  Three Months Ended
(in millions, except for per share amounts) June 30, 2024  March 31, 2024  June 30, 2023
      
Net Revenue $ 1,632   $ 1,549   $ 1,845 
Gross profit $ 395   $ 393   $ 532 
Gross margin 24.2%  25.4%  28.8%
Share-based compensation 16   12   14 
Non-IFRS gross profit (1) $ 411   $ 405   $ 546 
Non-IFRS gross margin(1)  25.2 %     26.1 %     29.6 %
           
Selling, general and administrative (2) $ 114     $ 122     $ 132  
Share-based compensation   28       21       24  
Non-IFRS selling, general and administrative (1) $ 86     $ 101     $ 108  
           
Research and development $ 121     $ 124     $ 106  
Share-based compensation   8       7       6  
Non-IFRS research and development (1) $ 113     $ 117     $ 100  
           
Operating profit $ 155     $ 147     $ 275  
Operating margin   9.5 %     9.5 %     14.9 %
Share-based compensation   52       40       44  
Restructuring charges   5             19  
Non-IFRS operating profit ( 1) $ 212     $ 187     $ 338  
Non-IFRS operating margin (1)   13.0 %     12.1 %     18.3 %
           
Net income $ 155     $ 134     $ 237  
Net income margin   9.5 %     8.7 %     12.8 %
Share-based compensation   52       40       44  
Restructuring charges   5             19  
Income tax effect (3)   (1 )           (3 )
Non-IFRS net income (1) $ 211     $ 174     $ 297  
Non-IFRS net income margin (1)   12.9 %     11.2 %     16.1 %
           
Diluted EPS $ 0.28     $ 0.24     $ 0.43  
Share-based compensation   0.09       0.07       0.08  
Restructuring charges   0.01             0.03  
Income tax effect (3)               (0.01 )
Diluted shares outstanding   557       558       556  
Non-IFRS diluted EPS (1) $ 0.38     $ 0.31     $ 0.53  

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