(2) Includes the gain on sale of our EFK business in December 2022.
(3) Beginning in Q4 2022, the Company has revised its definition of adjusted net income to include an adjustment for restructuring charges and the associated tax impact. The change was made due to a restructuring undertaken in Q4 2022. The Company believes the revised definition provides management and investors with more useful information to evaluate the operations of our business. Adjusted net income (loss) is now defined as net income (loss) adjusted for share-based compensation expense, restructuring charges and the associated tax impact.
(4) Beginning in Q3 2022, the Company has revised its definition of adjusted EBITDA to include an adjustment for finance income. The change was made due to the Company making an investment during Q2 2022 of approximately $1.0 billion in marketable securities. The Company believes the revised definition provides management and investors more useful information to evaluate the operations of our business. Adjusted EBITDA is now defined as net income (loss), adjusted for the impact of finance expense, finance income, income tax expense, depreciation, amortization, share-based compensation expense, transaction gains and associated expenses, restructuring charges, labor optimization initiatives and litigation settlement.
Unaudited Summary Annual Results (in millions USD, except per share amounts and wafer shipments)
| Year-over-year | ||||||||||||||
| FY2022 | FY2021 | FY22 vs FY21 | ||||||||||||
| Net revenue | $ | 8,108 | $ | 6,585 | $ | 1,523 | 23 | % | ||||||
| Gross profit | 2,239 | $ | 1,013 | $ | 1,226 | 121 | % | |||||||
| Gross margin | 27.6 | % | 15.4 | % | +1,220bps | |||||||||
| Adjusted gross profit (1) | $ | 2,303 | $ | 1,068 | $ | 1,235 | 116 | % | ||||||
| Adjusted gross margin | 28.4 | % | 16.2 | % | +1,220bps | |||||||||
| Operating profit (loss) | $ | 1,167 | $ | (60 | ) | $ | 1,227 | 2,045 | % | |||||
| Operating margin | 14.4 | % | (0.9 | )% | +1,530bps | |||||||||
| Adjusted operating profit (1) | $ | 1,443 | $ | 168 | $ | 1,275 | 759 | % | ||||||
| Adjusted operating margin | 17.8 | % | 2.6 | % | +1,520bps | |||||||||
| Net income (loss) (2) | $ | 1,446 | $ | (254 | ) | $ | 1,700 | 669 | % | |||||
| Net income margin | 17.8 | % | (3.9 | )% | +2,170bps | |||||||||
| Adjusted net income (loss) (1)(2)(3) | $ | 1,717 | $ | (26 | ) | $ | 1,743 | 6,704 | % | |||||
| Adjusted net income(loss) margin | 21.2 | % | (0.4 | )% | +2,160bps | |||||||||
| Diluted EPS | $ | 2.62 | $ | (0.49 | ) | $ | 3.11 | 635 | % | |||||
| Adjusted diluted earnings per share (1) | $ | 3.11 | $ | (0.05 | ) | $ | 3.16 | 6,320 | % | |||||
| Adjusted EBITDA (1)(4) | $ | 3,088 | $ | 1,848 | $ | 1,240 | 67 | % | ||||||
| Adjusted EBITDA margin | 38.1 | % | 28.1 | % | +1,000bps | |||||||||
| Cash from operations | $ | 2,624 | $ | 2,839 | $ | (215 | ) | 8 | % | |||||
| Wafer shipments (300mm equivalent) (in thousands) | 2,472 | 2,374 | 98 | 4 | % | |||||||||
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