Sprague Resources LP (SRLP) [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:
Refined products	3,142.5	1,998.2	3,112.9	3,357.8	2,455.6	1,988.6	3,063.9	4,650.9
Natural gas	284.5	261.4	308.0	332.0	331.7	334.0	347.5	360.0
Materials handling	50.5	56.3	56.7	57.5	46.5	45.7	45.6	37.8
Other	20.6	20.1	24.9	23.8	21.2	21.7	25.0	21.1
Total revenues	3,498.2	2,336.0	3,502.4	3,771.1	2,855.0	2,390.0	3,481.9	5,069.8
Revenue growth [+]	49.8%	-33.3%	-7.1%	32.1%	19.5%	-31.4%	-31.3%	8.3%
Refined products	57.3%	-35.8%	-7.3%	36.7%	23.5%	-35.1%	-34.1%	7.4%
Natural gas	8.9%	-15.1%	-7.3%	0.1%	-0.7%	-3.9%	-3.5%	18.1%
Materials handling	-10.4%	-0.5%	-1.5%	23.6%	1.7%	0.4%	20.6%	32.8%
Other	2.8%	-19.3%	4.5%	12.1%	-2.0%	-13.5%	18.5%
Cost of goods sold [+]	80.7	77.1	84.9	3,445.4	2,602.8	2,179.1	3,188.9	4,755.0
Maintenance and operations costs				88.7
Gross profit	3,417.5	2,258.9	3,417.5	325.7	252.2	210.9	293.0	314.7
Gross margin	97.7%	96.7%	97.6%	8.6%	8.8%	8.8%	8.4%	6.2%
Selling, general and administrative	82.7	81.5	78.1	80.8	87.6	84.3	94.4	76.4
Equity in earnings
Other operating expenses	3,333.6	2,063.3	3,228.0	88.7	72.3	65.9	71.5	63.0
EBITDA [+]	5.8	119.1	114.9	159.8	97.6	64.7	130.7	180.1
EBITDA growth	-95.1%	3.6%	-28.1%	63.8%	50.7%	-50.5%	-27.5%	632.4%
EBITDA margin	0.2%	5.1%	3.3%	4.2%	3.4%	2.7%	3.8%	3.6%
Depreciation	30.8	30.5	27.4	25.0	23.6	20.0	19.5	19.2
EBITA	-25.1	88.6	87.5	134.8	74.0	44.7	111.2	160.9
EBITA margin	-0.7%	3.8%	2.5%	3.6%	2.6%	1.9%	3.2%	3.2%
Amortization of intangibles	7.1	8.6	10.2	11.9	9.8	5.2	4.4	3.2
EBIT [+]	-32.2	80.0	77.3	122.9	64.2	39.5	106.8	157.7
EBIT growth	-140.2%	3.5%	-37.1%	91.4%	62.4%	-63.0%	-32.3%	3688.0%
EBIT margin	-0.9%	3.4%	2.2%	3.3%	2.2%	1.7%	3.1%	3.1%
Non-recurring items		0.4
Interest expense, net [+]	33.9	40.4	42.4	38.4	31.0	27.1	26.9	29.1
Interest expense	34.1	40.7	42.9	38.9	31.3	27.5	27.4	29.7
Interest income	0.2	0.3	0.6	0.6	0.3	0.4	0.5	0.6
Other income (expense), net		1.9	-0.4	0.3	0.1	-0.1	0.3	-0.3
Pre-tax income	-66.1	41.2	34.6	84.9	33.3	12.3	80.2	128.3
Income taxes	2.8	7.4	3.3	5.0	3.8	2.1	1.8	-5.5
Tax rate		17.9%	9.6%	5.9%	11.5%	17.2%	2.3%
Minority interest								-4.1
Net income	-68.9	25.5	25.1	71.9	25.5	8.4	78.0	118.7
Net margin	-2.0%	1.1%	0.7%	1.9%	0.9%	0.4%	2.2%	2.3%

Basic EPS [+]	($2.69)	$1.11	$1.10	$3.17	$1.15	$0.75	$7.11	$11.72
Growth	-341.1%	1.0%	-65.1%	175.6%	52.7%	-89.4%	-39.3%	-490.4%
Diluted EPS [+]	($2.69)	$1.11	$1.10	$3.16	$1.13	$0.73	$7.00	$11.65
Growth	-341.1%	1.1%	-65.2%	178.8%	55.7%	-89.6%	-39.9%	-488.0%

Dividends per share [+]	$2.49	$2.94	$2.94	$3.02	$2.59
Growth	-15.4%	-0.1%	-2.6%	16.7%				-100.0%

Shares outstanding (basic) [+]	25.7	22.9	22.7	22.7	22.2	11.2	11.0	10.1
Growth	12.0%	0.7%	0.0%	2.3%	98.3%	2.1%	8.3%	0.6%
Shares outstanding (diluted) [+]	25.7	22.9	22.8	22.7	22.5	11.6	11.1	10.2
Growth	12.0%	0.6%	0.1%	1.2%	94.4%	3.8%	9.3%	1.2%

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