MALTA, N.Y., May 07, 2024 -- GlobalFoundries Inc. today announced preliminary financial results for the first quarter ended March 31, 2024."In the first quarter, GF's dedicated teams across the world delivered financial results that exceeded the high end of the guidance ranges we provided in our February earnings release," said Dr. Thomas Caulfield, president and CEO of GF.
Beginning in Q3 2023, selling, general and administrative includes /loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial. Beginning Q1 2024 Non-IFRS 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 free cash flow metric to how GF assesses capital decisions internally.
We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.
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