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 year ended December 31, 2020 would have been an estimated $810 million higher than reported results.
Summary of First Quarter 2022 Outlook (in $M except per share amounts)
| IFRS | Share-based compensation | Non-IFRS Adjusted | |||||
| Revenue | $1,880 - $1,920 | — | — | ||||
| Gross Profit | $383 - $413 | $24 - $26 | $409 - $437 | ||||
| Gross Margin (mid-point) | 20.9% | — | 22.3% | ||||
| Operating Profit | $101- $145 | $57 - $63 | $164 - $202 | ||||
| Operating Margin (mid-point) | 6.5% | — | 9.6% | ||||
| Net Income | $54 - $96 | $57 - $63 | $117 - $153 | ||||
| Net Income Margin (mid-point) | 3.9% | — | 7.1% | ||||
| Diluted EPS | $0.10 - $0.17 | $0.10 - $0.11 | $0.21 - $0.27 | ||||
| Adj. EBITDA | — | — | $580 - $620 | ||||
| EBITDA Margin (mid-point) | — | — | 31.6% | ||||
The guidance provided above contains forward-looking statements as defined in the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created therein. The guidance includes management’s beliefs and assumptions and is based on information currently available. GF has not provided a reconciliation of its First Fiscal Quarter outlook for adjusted Non-IFRS EBITDA and related Margin because estimates of all of the reconciling items cannot be provided without unreasonable efforts. Certain factors that are materially significant to GF’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.
