Level 3 Parent, LLC (LVLT) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
EMEA							849	910
Latin America							715	784
Other							6,665	5,083
Total revenues	6,586	6,993	7,014	6,880	7,540	8,173	8,229	6,777
Revenue growth [+]	-5.8%	-0.3%	1.9%	-8.8%		-0.7%	21.4%	7.3%
EMEA							-6.7%	-1.0%
Latin America							-8.8%	4.0%
Cost of goods sold	3,229	3,525	3,486	3,387	3,556	4,162	4,265	3,775
Gross profit	3,357	3,468	3,528	3,493	3,984	4,011	3,964	3,002
Gross margin	51.0%	49.6%	50.3%	50.8%	52.8%	49.1%	48.2%	44.3%
Selling, general and administrative	1,188	1,181	1,226	1,258	1,354	1,407	1,467	1,181
Equity in earnings
Other operating expenses	-125	-462	-551	-559	-42		171
EBITDA [+]	2,294	2,749	2,853	2,794	2,672	2,604	2,326	1,821
EBITDA growth	-16.6%	-3.6%	2.1%	4.6%		12.0%	27.7%	24.2%
EBITDA margin	34.8%	39.3%	40.7%	40.6%	35.4%	31.9%	28.3%	26.9%
Depreciation	790	874	851	804	906	948	939	713
EBITA	1,504	1,875	2,002	1,990	1,766	1,656	1,387	1,108
EBITA margin	22.8%	26.8%	28.5%	28.9%	23.4%	20.3%	16.9%	16.3%
Amortization of intangibles	744	843	838	809	798	211	227	95
EBIT [+]	760	1,032	1,164	1,181	968	1,445	1,160	1,013
EBIT growth	-26.4%	-11.3%	-1.4%	22.0%		24.6%	14.5%	52.1%
EBIT margin	11.5%	14.8%	16.6%	17.2%	12.8%	17.7%	14.1%	14.9%
Non-recurring items [+]	5,008			3,708			-171
Asset impairment	4,638			3,708
Loss (gain) on disposal of assets	616
Unusual expense							-171
Interest expense, net [+]	374	361	393	502	509	540	641	653
Interest expense	374	361	393	502	509	544	642	654
Interest income						4	1	1
Other income (expense), net [+]	85	112	101	83	78	-63	-407	-122
Gain (loss) on debt retirement						-40	-218	-53
Other	23	47	50	22	15	-23	-18	-69
Pre-tax income	-4,537	783	872	-2,946	537	842	283	238
Income taxes	256	197	221	255	196	165	-3,150	-76
Tax rate		25.2%	25.3%		36.5%	19.6%
Net income	-4,793	586	651	-3,201	341	677	3,433	314
Net margin	-72.8%	8.4%	9.3%	-46.5%	4.5%	8.3%	41.7%	4.6%

Basic EPS [+]						$1.89	$9.71	$1.23
Growth						-80.6%	687.2%	-351.8%
Diluted EPS [+]						$1.87	$9.57	$1.21
Growth						-80.4%	688.1%	-347.8%


Shares outstanding (basic) [+]						359	353	254
Growth						1.5%	38.9%	14.4%
Shares outstanding (diluted) [+]						361	359	258
Growth						0.8%	38.7%	16.2%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.