Leonardo DRS, Inc. [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18
	8-K	10-K	10-K	10-K	S-1/A
Revenues:
AST		970	940	781
NC&C		972	1,026	1,053
IMS		959	834	917
Total revenues [+]	2,693	2,879	2,778	2,714
Products	2,443
Services	250
Revenue growth [+]	-6.5%	3.6%	2.4%
AST		3.2%	20.4%
NC&C		-5.3%	-2.6%
IMS		15.0%	-9.1%
Cost of goods sold [+]	2,118	2,332	2,284	2,255
Cost of product sales	1,928
Cost of services	190
Gross profit	575	547	494	459
Gross margin	21.4%	19.0%	17.8%	16.9%
Selling, general and administrative [+]	357	293	283	277
General and administrative	357	293	283	277
Other operating expenses	-353	9	21	10
EBITDA [+]	626	294	234	214
EBITDA growth	112.9%	25.6%	9.3%
EBITDA margin	23.2%	10.2%	8.4%	7.9%
Depreciation and amortization	55	49	44	42
EBITA	571	245	190	172
EBITA margin	21.2%	8.5%	6.8%	6.3%
Amortization of intangibles	10	9	9	9
EBIT [+]	561	236	181	163
EBIT growth	137.7%	30.4%	11.0%
EBIT margin	20.8%	8.2%	6.5%	6.0%
Interest expense		35	64	65
Interest expense		35	64	65
Other income (expense), net	-36	-1	-5	-3
Pre-tax income	525	200	112	95
Income taxes	120	46	27	20
Tax rate	22.9%	23.0%	24.1%	21.1%
Net income	405	154	85	75
Net margin	15.0%	5.3%	3.1%	2.8%

Basic EPS [+]		$1.06	$0.59	$0.52
Growth		79.7%	13.5%
Diluted EPS [+]		$1.06	$0.59	$0.52
Growth		79.7%	13.5%


Shares outstanding (basic) [+]		145	144	144
Growth		0.8%	-0.1%
Shares outstanding (diluted) [+]		145	144	144
Growth		0.8%	-0.1%

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