2In 2020, the majority of our customer contractual terms were amended in a manner that resulted in moving from recognizing wafer revenue on a Percentage-of-Completion basis to recognizing revenue on a Wafer Shipment basis. This resulted in a one-time, non-recurring reduction in net revenues recognized in 2020. Had the change in terms not occurred, net revenues for the quarter ended December 31, 2020 would have been an estimated $501 million higher than reported results.
Unaudited Summary Annual Results (in $M, except per share amounts) 1,2
| Year-over-year | |||||||||||||||
| FY 2020 | FY 2021 | FY20 vs FY21 | |||||||||||||
| Revenue | $ 4,851 | $ 6,585 | $ 1,734 | 36 % | |||||||||||
| Gross profit (loss) | $ (713) | $ 1,013 | $ 1,726 | 242 % | |||||||||||
| Gross margin | (14.7)% | 15.4% | +3008bps | ||||||||||||
| Adjusted gross profit (loss) | $ (713) | $ 1,068 | $ 1,781 | 250 % | |||||||||||
| Adjusted gross margin | (14.7)% | 16.2 % | +3092bps | ||||||||||||
| Operating profit (loss) | $ (1,656) | $ (60) | $ 1,596 | 96 % | |||||||||||
| Operating margin | (34)% | (1)% | +3323bps | ||||||||||||
| Adjusted operating profit (loss) | $ (1,655) | $ 168 | $ 1,823 | 110 % | |||||||||||
| Adjusted operating margin | (34)% | 3 % | +3667bps | ||||||||||||
| Net income (loss) | $ (1,351) | $ (254) | $ 1,097 | 81 % | |||||||||||
| Net income (loss) margin | (28)% | (4)% | +2399bps | ||||||||||||
| Adjusted net income (loss) | $ (1,350) | $ (26) | $ 1,324 | 98 % | |||||||||||
| Adjusted net income (loss) margin | (28)% | 0 % | +2744bps | ||||||||||||
| Diluted earnings per share (EPS) | $ (2.70) | $ (0.50) | $ 2.20 | 81 % | |||||||||||
| Adjusted diluted EPS | $ (2.70) | $ (0.05) | $ 2.65 | 98 % | |||||||||||
| Adjusted EBITDA | $ 976 | $ 1,848 | $ 872 | 89 % | |||||||||||
| Adjusted EBITDA margin | 20 % | 28 % | +794bps | ||||||||||||
| Cash from operations | $ 1,006 | $ 2,839 | $ 1,833 | 182 % | |||||||||||
| Wafer shipments (300MM Equivalent) (in thousands) | 2,030 | 2,374 | 344 | 17 % | |||||||||||
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