Warner Bros. Discovery, Inc. (DISCA) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	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:
U.S. Networks	7,662	6,949	7,092	6,350	3,434	3,285	3,131	2,950
International Networks	4,539	3,713	4,041	4,149	3,281	3,040	3,092	3,157
Other		9	11	54	158	4,674	171	158
Total revenues [+]	12,191	10,671	11,144	10,553	6,873	10,999	6,394	6,265
Advertising							3,004	3,089
Other							322	334
Revenue growth [+]	14.2%	-4.2%	5.6%	53.5%	-37.5%	72.0%	2.1%	13.2%
U.S. Networks	10.3%	-2.0%	11.7%	84.9%	4.5%	4.9%	6.1%	0.1%
International Networks	22.2%	-8.1%	-2.6%	26.5%	7.9%	-1.7%	-2.1%	28.4%
Education and Other						0.6%	8.1%	14.3%
Cost of goods sold	4,517	3,769	3,793	3,101	2,585	2,432	2,343	2,124
Gross profit	7,674	6,902	7,351	7,452	4,288	8,567	4,051	4,141
Gross margin	62.9%	64.7%	66.0%	70.6%	62.4%	77.9%	63.4%	66.1%
Selling, general and administrative	4,016	2,722	2,788	2,620	1,768	1,690	1,669	1,692
Equity in earnings	-18	-105	-2	-63	-211	-38	1	23
Other operating expenses	71				-4	4,502	-6
EBITDA [+]	3,569	4,075	4,561	4,769	2,313	2,337	2,389	2,472
EBITDA growth	-12.4%	-10.7%	-4.4%	106.2%	-1.0%	-2.2%	-3.4%	10.9%
EBITDA margin	29.3%	38.2%	40.9%	45.2%	33.7%	21.2%	37.4%	39.5%
Depreciation	282	259	247	198	150	139	138	131
EBITA	3,287	3,816	4,314	4,571	2,163	2,198	2,251	2,341
EBITA margin	27.0%	35.8%	38.7%	43.3%	31.5%	20.0%	35.2%	37.4%
Amortization of intangibles	1,300	1,100	1,100	1,200	180	183	192	198
EBIT [+]	1,987	2,716	3,214	3,371	1,983	2,015	2,059	2,143
EBIT growth	-26.8%	-15.5%	-4.7%	70.0%	-1.6%	-2.1%	-3.9%	9.7%
EBIT margin	16.3%	25.5%	28.8%	31.9%	28.9%	18.3%	32.2%	34.2%
Non-recurring items [+]	-7	306	207	1,500	1,481	-5	73	59
Asset impairment	32	215	181	750	1,402	58	50	90
Loss (gain) on disposal of assets	-71				4	-63	17	-31
Interest expense, net [+]	615	638	655	714	454	353	642	328
Interest expense	633	648	677	729	475	353	642	328
Interest income	18	10	22	15	21
Other income (expense), net [+]	54	-44	-58	-135	-185	4	215	-9
Gain (loss) on debt retirement	-10	-76	-28		-54
Other	82	42	-8	-120	-110	4	-97	-9
Pre-tax income	1,433	1,728	2,294	1,022	-137	1,671	1,559	1,747
Income taxes	236	373	81	341	176	453	511	610
Tax rate	16.5%	21.6%	3.5%	33.4%		27.1%	32.8%	34.9%
Net income	1,197	1,355	2,213	681	-313	1,218	1,048	1,137
Net margin	9.8%	12.7%	19.9%	6.5%	-4.6%	11.1%	16.4%	18.1%

Basic EPS [+]	$2.38	$2.68	$4.18	$1.37	($0.82)	$3.04	$2.43	$2.50
Growth	-11.3%	-35.9%	205.9%	-267.8%	-126.8%	25.2%	-3.1%	12.5%
Diluted EPS [+]	$1.80	$2.02	$3.11	$0.99	($0.54)	$2.00	$1.60	$1.66
Growth	-10.6%	-35.2%	214.5%	-282.2%	-127.2%	25.0%	-3.5%	10.9%

Shares outstanding (basic) [+]	503	505	529	498	384	401	432	454
Growth	-0.4%	-4.5%	6.2%	29.7%	-4.2%	-7.2%	-4.8%	-6.2%
Shares outstanding (diluted) [+]	664	672	711	688	576	610	656	687
Growth	-1.2%	-5.5%	3.3%	19.4%	-5.6%	-7.0%	-4.5%	-4.8%

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