Revenue Performance: Revenue for Q2 2024 reached $5.78 billion, a 17.72% increase year-over-year and a 6.94% increase from Q1 2024.
Gross Profit: Gross profit totaled $1.35 billion, with a gross profit margin of 23.3%. Despite this being a decline from the previous quarter, it demonstrates a solid foundation for profitability.
Net Income: Net income stood at $92 million, marking a substantial 122.6% increase year-over-year, with diluted EPS at $0.0724, up 142.71% from Q1 2024.
Operating Income: Operating income for the quarter was $560 million, representing a 227.49% increase from the prior year.
Cash Flow: Cash provided by operating activities was approximately $2 billion, with free cash flow reported at $720 million, indicating strong liquidity and cash generation capabilities.
Debt Metrics: The total debt level is approximately $30.65 billion, with a leverage ratio (net debt to EBITDA) expected to improve towards 4.5 times by the end of 2024, showing progress towards investment-grade rating goals.