PayPal Holdings, Inc. (PYPL) [Rocket]

In millions, except per share items	Jun-30-22	Mar-31-22	Jun-30-21	Mar-31-21	Dec-31-20	Sep-30-20	Jun-30-20	Mar-31-20
	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q
Revenues:
UNITED STATES			12,228	11,607	11,013	10,546	10,053	9,699
Other			11,618	11,262	10,441	9,753	9,165	8,563
Total revenues			23,846	22,869	21,454	20,299	19,218	18,262
Revenue growth [+]			24.1%	25.2%	20.7%	19.1%	17.6%	14.9%
UNITED STATES			21.6%	19.7%	16.9%	17.2%	16.4%	14.3%
Cost of goods sold			9,151	8,470	7,934	7,517	7,196	6,980
Gross profit			14,695	14,399	13,520	12,782	12,022	11,282
Gross margin			61.6%	63.0%	63.0%	63.0%	62.6%	61.8%
Selling, general and administrative [+]			4,424	4,200	3,931	3,629	3,372	3,221
Sales and marketing			2,306	2,092	1,861	1,656	1,501	1,443
General and administrative			2,118	2,108	2,070	1,973	1,871	1,778
Research and development			2,893	2,778	2,642	2,468	2,327	2,179
Other operating expenses			3,071	3,244	3,472	3,442	3,360	3,212
EBITDA [+]			5,522	5,373	4,664	4,358	4,007	3,645
EBITDA growth			37.8%	47.4%	26.0%	27.2%	26.0%	21.5%
EBITDA margin			23.2%	23.5%	21.7%	21.5%	20.9%	20.0%
Depreciation			777	753	738	721	712	707
EBITA			4,745	4,620	3,926	3,637	3,295	2,938
EBITA margin			19.9%	20.2%	18.3%	17.9%	17.1%	16.1%
Amortization of intangibles			438	443	451	394	332	268
EBIT [+]			4,307	4,177	3,475	3,243	2,963	2,670
EBIT growth			45.4%	56.4%	24.6%	28.8%	28.2%	22.6%
EBIT margin			18.1%	18.3%	16.2%	16.0%	15.4%	14.6%
Non-recurring items			198	244	186		118
Interest expense, net [+]			-61	-70	-88	-125	-155	-181
Interest expense			232	230	209	187	158	130
Interest income			61	70	88	125	155	181
Other income (expense), net			792	1,497	1,897	1,376	836	23
Pre-tax income			4,730	5,270	5,065	4,439	3,678	2,673
Income taxes			362	459	863	918	817	668
Tax rate			7.7%		17.0%	20.7%	22.2%	25.0%
Net income			5,231	5,674	5,065	4,060	3,400	2,544
Net margin			21.9%	24.8%	23.6%	20.0%	17.7%	13.9%

Basic EPS [+]			$4.46	$4.84	$4.32	$3.46	$2.90	$2.17
Growth			54.0%	123.3%	69.1%	43.9%	18.5%	3.9%
Diluted EPS [+]			$4.40	$4.78	$4.27	$3.42	$2.87	$2.14
Growth			53.6%	122.9%	69.1%	44.0%	18.9%	4.3%

Shares outstanding (basic) [+]			1,173	1,173	1,173	1,173	1,174	1,174
Growth			-0.1%	-0.1%	-0.1%	-0.3%	-0.3%	-0.6%
Shares outstanding (diluted) [+]			1,188	1,188	1,187	1,187	1,186	1,187
Growth			0.2%	0.1%	-0.1%	-0.4%	-0.7%	-0.9%

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