(b) Q4 and Q3 2022 diluted earnings per share includes the full dilutive effect of our outstanding convertible debt, upon adoption on January 1, 2022 of the new U.S. GAAP reporting guidance. Prior year period has not been restated.
Annual Financial Summary (U.S. GAAP)
| (US$ m, except earnings per share data) | FY20 2 2 | FY20 2 1 | Y/Y |
| Net Revenues | $16,128 | $12,761 | 26.4 % |
| Gross Profit | $7,635 | $5,326 | 43.4% |
| Gross Margin | 47.3% | 41.7% | 560 bps |
| Operating Income | $4,439 | $2,419 | 83.5% |
| Operating Margin | 27.5% | 19.0% | 850 bps |
| Net Income (a) | $3,960 | $2,000 | +98.0% |
| Diluted Earnings Per Share (b) | $ 4.19 | $2.16 | +94.0% |
(a) Following a change in U.S. GAAP reporting guidance effective January 1, 2022, FY 2022 net income does not include phantom interests associated with convertible bonds. Prior year period has not been restated.
(b) FY 2022 diluted earnings per share includes the full dilutive effect of our outstanding convertible debt, upon adoption on January 1, 2022 of the new U.S. GAAP reporting guidance. Prior year period has not been restated.
Fourth Quarter 202 2 Summary Review
| Net Revenues By Product Group (US$ m) | Q 4 202 2 | Q 3 202 2 | Q 4 20 2 1 | Q/Q | Y/Y |
| Automotive and Discrete Group (ADG) | 1,696 | 1,563 | 1,226 | 8.5% | 38.4% |
| Analog, MEMS and Sensors Group (AMS) ( a ) | 1,339 | 1,380 | 1,251 | -3.0% | 7.0% |
| Microcontrollers and Digital ICs Group (MDG) ( a ) | 1,383 | 1,374 | 1,071 | 0.7% | 29.1% |
| Others | 6 | 4 | 8 | - | - |
| Total Net Revenues | 4,424 | 4,321 | 3,556 | 2.4 % | 24.4 % |
