GlobalFoundries Reports First Quarter 2024 Financial Results

 
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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