| Unaudited Reconciliation of Net Income to Adjusted EBITDA | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| (in millions USD) | December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||
| Net income for the period | $ | 278 | $ | 249 | $ | 668 | $ | 1,018 | $ | 1,446 | ||||||||||
| Depreciation and amortization | 402 | 366 | 409 | 1,451 | 1,623 | |||||||||||||||
| Finance expense | 35 | 37 | 28 | 137 | 111 | |||||||||||||||
| Finance income | (43 | ) | (40 | ) | (26 | ) | (149 | ) | (51 | ) | ||||||||||
| Income tax expense (benefit) | 21 | (6 | ) | 8 | 66 | 86 | ||||||||||||||
| Share-based compensation | 50 | 44 | 43 | 169 | 182 | |||||||||||||||
| Restructuring charges (1) | 30 | 17 | 94 | 71 | 94 | |||||||||||||||
| Divestiture gains and associated expenses, legal settlements and transaction expenses (2) | — | — | (403 | ) | — | (403 | ) | |||||||||||||
| Adjusted EBITDA (1)(3)(4)(5)(6) | $ | 773 | $ | 667 | $ | 821 | $ | 2,763 | $ | 3,088 | ||||||||||
| Adjusted EBITDA margin (1)(3)(4)(5)(6) | 41.7 | % | 36.0 | % | 39.1 | % | 37.4 | % | 38.1 | % | ||||||||||
| (1) Includes $3.1 million of share-based compensation in Q4 2022. | ||||||||||||||||||||
| (2) Activity for the year ended December 31, 2022, relates to the gain on the sale of our East Fishkill business. | ||||||||||||||||||||
| (3) Reflects change to adjusted EBITDA definition discussed in more detail elsewhere in this release | ||||||||||||||||||||
| (4) Includes interest income of $1.0 million in Q1 2022 and $7.0 million in Q2 2022. Had these numbers been included, our adjusted EBITDA and adjusted EBITDA margin would have been $697 million and 35.9% for Q1 2022 and $777 million and 39.0% for Q2 2022, respectively. | ||||||||||||||||||||
| (5) Adjusted EBITDA and any related margin are Non-IFRS measures. See “Financial Measures (Non-IFRS)" for a discussion of why we believe these Non-IFRS measures are useful. | ||||||||||||||||||||
| (6) For the periods presented above, there were no labor optimization expenses. | ||||||||||||||||||||
