DT Midstream, Inc. [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19
	10-K	10-K	10-K
Revenues:
Gathering	534	489	273
Pipeline	307	266	234
Total revenues	840	754	504
Revenue growth [+]	11.4%	49.6%
Gathering	9.2%	79.1%
Pipeline	15.4%	13.7%
Cost of goods sold	231	175	141
Gross profit	609	579	363
Gross margin	72.5%	76.8%	72.0%
Selling, general and administrative [+]	24	15	8
General and administrative	24	15	8
Equity in earnings	126	108	98
EBITDA [+]	711	672	453
EBITDA growth	5.8%	48.3%
EBITDA margin	84.6%	89.1%	89.9%
Depreciation	108	97	69
EBITA	603	575	384
EBITA margin	71.8%	76.3%	76.2%
Amortization of intangibles	58	55	24
EBIT [+]	545	520	360
EBIT growth	4.8%	44.4%
EBIT margin	64.9%	69.0%	71.4%
Non-recurring items [+]	17	-2	1
Asset impairment	17	-2	1
Interest expense, net [+]	108	104	67
Interest expense	112	113	75
Interest income	4	9	8
Other income (expense), net [+]	2	22
Other	2	22
Pre-tax income	422	440	292
Income taxes	104	116	72
Tax rate	24.6%	26.4%	24.7%
Minority interest	11	12	16
Net income	307	312	204
Net margin	36.5%	41.4%	40.5%

Basic EPS [+]	$3.17	$3.23	$2.11
Growth	-1.6%	52.9%
Diluted EPS [+]	$3.17	$3.23	$2.11
Growth	-1.8%	52.9%

Dividends per share	$0.60

Shares outstanding (basic)	97	97	97
Growth	0.0%	0.0%
Shares outstanding (diluted) [+]	97	97	97
Growth	0.2%	0.0%

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