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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