KEYCORP /NEW (KEY) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
Revenues	6,743	7,683	5,665	5,923	6,178	6,026	4,724	4,062
Revenue growth	-12.2%	35.6%	-4.4%	-4.1%	2.5%	27.6%	16.3%	0.7%
Cost of goods sold	2,861	2,861	2,634	2,543	2,617	2,609	2,353	1,907
Gross profit	3,882	4,822	3,031	3,380	3,561	3,417	2,371	2,155
Gross margin	57.6%	62.8%	53.5%	57.1%	57.6%	56.7%	50.2%	53.1%
Sales and marketing	123	126	97	96	102	120	101	57
Research and development	314	284	232	214	210	225	255	164
General and administrative	212	227	196	186	184	284	294	206
EBITA	2,311	3,247	1,550	2,098	2,281	2,006	1,007	1,403
EBITA margin	34.3%	42.3%	27.4%	35.4%	36.9%	33.3%	21.3%	34.5%
Amortization of intangibles				89	99	95	55	36
EBIT	2,311	3,247	1,550	2,009	2,182	1,911	952	1,367
EBIT margin	34.3%	42.3%	27.4%	33.9%	35.3%	31.7%	20.2%	33.7%
Pre-tax income	2,333	3,254	1,556	2,022	2,203	1,928	968	1,222
Income taxes	422	642	227	314	344	637	179	303
Tax rate	18.1%	19.7%	14.6%	15.5%	15.6%	33.0%	18.5%	24.8%
Earnings from continuing ops	1,793	2,506	1,223	1,611	1,793	1,219	753	892
Earnings from discontinued ops	6	13	14	9	7	7	1	1
Net income	1,799	2,519	1,237	1,620	1,800	1,226	754	893
Net margin	26.7%	32.8%	21.8%	27.4%	29.1%	20.3%	16.0%	22.0%

Diluted EPS	$1.92	$2.62	$1.25	$1.61	$1.70	$1.12	$0.80	$1.06
Shares outstanding (diluted)	933	957	975	1,002	1,055	1,089	939	844

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