Unaudited Reconciliation of IFRS to Non-IFRS | ||||||||||||
Three Months Ended | ||||||||||||
(in millions USD, except for per share amounts) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Net Revenue | $ | 1,549 | $ | 1,854 | $ | 1,841 | ||||||
Gross profit | $ | 393 | $ | 525 | $ | 515 | ||||||
Gross profit margin | 25.4 | % | 28.3 | % | 28.0 | % | ||||||
Share-based compensation | $ | 12 | $ | 12 | $ | 10 | ||||||
Non-IFRS gross profit (1) | $ | 405 | $ | 537 | $ | 525 | ||||||
Non-IFRS gross margin (1) | 26.1 | % | 29.0 | % | 28.5 | % | ||||||
Selling, general and administrative (2) | $ | 122 | $ | 87 | $ | 111 | ||||||
Share-based compensation | $ | 21 | $ | 30 | $ | 17 | ||||||
Non-IFRS selling, general and administrative (1) | $ | 101 | $ | 57 | $ | 94 | ||||||
Research and development | $ | 124 | $ | 105 | $ | 109 | ||||||
Share-based compensation | $ | 7 | $ | 8 | $ | 4 | ||||||
Non-IFRS research and development (1) | $ | 117 | $ | 97 | $ | 105 | ||||||
Operating profit | $ | 147 | $ | 303 | $ | 290 | ||||||
Operating profit margin | 9.5 | % | 16.3 | % | 15.8 | % | ||||||
Share-based compensation | $ | 40 | $ | 50 | $ | 31 | ||||||
Restructuring charges | $ | — | $ | 30 | $ | 5 | ||||||
Non-IFRS operating profit (1) | $ | 187 | $ | 383 | $ | 326 | ||||||
Non-IFRS operating profit margin (1) | 12.1 | % | 20.7 | % | 17.7 | % | ||||||
Net income | $ | 134 | $ | 278 | $ | 254 | ||||||
Net income margin | 8.7 | % | 15.0 | % | 13.8 | % | ||||||
Share-based compensation | $ | 40 | $ | 50 | $ | 31 | ||||||
Restructuring charges | $ | — | $ | 30 | $ | 5 | ||||||
Income tax effect (3) | $ | — | $ | (2 | ) | $ | — | |||||
Non-IFRS net income (1) | $ | 174 | $ | 356 | $ | 290 | ||||||
Non-IFRS net income margin (1) | 11.2 | % | 19.2 | % | 15.8 | % | ||||||
Diluted EPS | $ | 0.24 | $ | 0.50 | $ | 0.46 | ||||||
Share-based compensation | $ | 0.07 | $ | 0.09 | $ | 0.05 | ||||||
Restructuring charges | $ | — | $ | 0.05 | $ | 0.01 | ||||||
Income tax effect (3) | $ | — | $ | — | $ | — | ||||||
Diluted shares outstanding | 558 | 557 | 555 | |||||||||
Non-IFRS diluted EPS (1) | $ | 0.31 | $ | 0.64 | $ | 0.52 | ||||||
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