GXO Logistics, Inc. [Rocket]

In millions, except per share items	Jun-30-23	Mar-31-23	Sep-30-22	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21
	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q
Revenues:
SPAIN			481	481	480
NETHERLANDS			695	679	673
UNITED KINGDOM			3,158	2,948	2,786
Other			4,292	4,205	4,180
Total revenues			8,788	8,475	8,201
Cost of goods sold			7,320	7,086	6,865
Gross profit			1,468	1,389	1,336
Gross margin			16.7%	16.4%	16.3%
Selling, general and administrative [+]			832	776	733
Sales and marketing			637	581	538
Other operating expenses			74	89	100
EBITDA			562	524	503
EBITDA margin			6.4%	6.2%	6.1%
Depreciation and amortization			318	314	332
EBIT			244	210	171
EBIT margin			2.8%	2.5%	2.1%
Non-recurring items				15	13
Interest expense			24	23	20
Interest expense			24	23	20
Other income (expense), net [+]			68	62	38
Other non-operating income				73	50
Other			-56	-62	-40
Pre-tax income			275	234	176
Income taxes			64	14	-6
Tax rate			23.3%	6.0%	-3.4%
Minority interest			4	4	6
Net income			207	216	176
Net margin			2.4%	2.5%	2.1%

Basic EPS			$1.78	$1.88	$1.54
Diluted EPS			$1.77	$1.86	$1.53

Shares outstanding (basic)			116	115	115
Shares outstanding (diluted)			117	116	115

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