(2) Beginning Q1 2024 Non-IFRS Adjusted free cash flow includes proceeds from government grants related to capital expenditures. This change in methodology is in anticipation of future expected proceeds from government grants related to capital expenditures from the planned funding awarded under the U.S. CHIPS and Science Act and the New York State Green CHIPS, and better aligns our Non-IFRS Adjusted free cash flow metric to how GF assesses capital decisions internally. As such, prior periods have not been adjusted to reflect this new calculation methodology.
| Unaudited Reconciliation of Net Income to Non-IFRS Adjusted EBITDA | |||||||||||
| Three Months Ended | |||||||||||
| (in millions USD) | June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||
| Net revenue | $ | 1,632 | $ | 1,549 | $ | 1,845 | |||||
| Net income for the period | 155 | 134 | 237 | ||||||||
| Net income margin | 9.5 | % | 8.7 | % | 12.8 | % | |||||
| Depreciation and amortization | 402 | 392 | 340 | ||||||||
| Finance expense | 37 | 37 | 34 | ||||||||
| Finance income | (53 | ) | (47 | ) | (34 | ) | |||||
| Income tax expense (benefit) | 12 | 21 | 28 | ||||||||
| Share-based compensation | 52 | 40 | 44 | ||||||||
| Restructuring charges | 5 | — | 19 | ||||||||
| Non-IFRS Adjusted EBITDA (1)(2) | $ | 610 | $ | 577 | $ | 668 | |||||
| Non-IFRS Adjusted EBITDA margin (1)(2) | 37.4 | % | 37.2 | % | 36.2 | % | |||||
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