PayPal Holdings, Inc. (PYPL) [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:
UNITED STATES	13,712	11,013	9,417	8,324	7,084
Transaction revenues							8,128	7,107
Other value added services							1,120	918
Other	11,659	10,441	8,355	7,127	6,010
Total revenues	25,371	21,454	17,772	15,451	13,094	14,188	9,248	8,025
Revenue growth [+]	18.3%	20.7%	15.0%	18.0%	-7.7%	53.4%	15.2%	19.3%
UNITED STATES	24.5%	16.9%	13.1%	17.5%
Transaction revenues							14.4%	18.6%
Other value added services							22.0%	24.9%
Cost of goods sold	10,315	7,934	6,790	5,581	4,419	3,346	2,610	2,170
Gross profit	15,056	13,520	10,982	9,870	8,675	10,842	6,638	5,855
Gross margin	59.3%	63.0%	61.8%	63.9%	66.3%	76.4%	71.8%	73.0%
Selling, general and administrative [+]	4,559	3,931	3,112	2,855	2,400	1,997	1,810	1,687
Sales and marketing	2,445	1,861	1,401	1,314	1,142	969	937	954
General and administrative	2,114	2,070	1,711	1,541	1,258	1,028	873	733
Research and development	3,038	2,642	2,085	1,831	1,740	834	792	747
Other operating expenses	3,135	3,519	2,995	2,990	2,408	5,701	1,967	1,637
EBITDA [+]	5,589	4,617	3,702	2,970	2,932	2,310	2,069	1,784
EBITDA growth	21.1%	24.7%	24.6%	1.3%	26.9%	11.6%	16.0%	15.5%
EBITDA margin	22.0%	21.5%	20.8%	19.2%	22.4%	16.3%	22.4%	22.2%
Depreciation	822	738	701	627	679	574	515	432
EBITA	4,767	3,879	3,001	2,343	2,253	1,736	1,554	1,352
EBITA margin	18.8%	18.1%	16.9%	15.2%	17.2%	12.2%	16.8%	16.8%
Amortization of intangibles	443	451	211	149	126	150	93	84
EBIT [+]	4,324	3,428	2,790	2,194	2,127	1,586	1,461	1,268
EBIT growth	26.1%	22.9%	27.2%	3.1%	34.1%	8.6%	15.2%	16.2%
EBIT margin	17.0%	16.0%	15.7%	14.2%	16.2%	11.2%	15.8%	15.8%
Non-recurring items	62	139	71
Interest income, net [+]	57	88	197	168	85	59
Interest expense	232	209	115	77	7	3
Interest income	57	88	197	168	85	59
Other income (expense), net	12	1,897	197	91	-5	-11	27	-7
Pre-tax income	4,099	5,065	2,998	2,376	2,200	1,631	1,488	1,261
Income taxes	-70	863	539	319	405	230	260	842
Tax rate		17.0%	18.0%	13.4%	18.4%	14.1%	17.5%	66.8%
Net income	4,099	5,065	2,998	2,376	1,795	1,401	1,228	419
Net margin	16.2%	23.6%	16.9%	15.4%	13.7%	9.9%	13.3%	5.2%

Basic EPS [+]	$3.49	$4.32	$2.55	$2.01	$1.49	$1.16	$1.00	$0.34
Growth	-19.1%	69.1%	27.3%	34.5%	28.9%	15.2%	192.1%	-56.1%
Diluted EPS [+]	$3.46	$4.27	$2.52	$1.98	$1.47	$1.15	$1.00	$0.34
Growth	-19.0%	69.1%	27.8%	34.3%	27.8%	15.1%	191.9%	-56.1%

Shares outstanding (basic) [+]	1,174	1,173	1,174	1,184	1,203	1,210	1,222	1,218
Growth	0.1%	-0.1%	-0.8%	-1.6%	-0.6%	-1.0%	0.3%	0.0%
Shares outstanding (diluted) [+]	1,186	1,187	1,188	1,203	1,221	1,218	1,229	1,224
Growth	-0.1%	-0.1%	-1.2%	-1.5%	0.2%	-0.9%	0.4%	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.