LABORATORY CORP OF AMERICA HOLDINGS (LH) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Intersegment Eliminations	37	88	153	23
Other	14,840	16,033	13,826	11,531
Total revenues [+]	14,877	16,121	13,979	11,555	11,333	10,308	9,553	8,680
Products								8,506
Reimbursements								174
Net interest income					-244	-235	-219	-275
Revenue growth [+]	-7.7%	15.3%	21.0%	2.0%	9.9%	7.9%	10.1%	44.4%
Intersegment Eliminations	-58.2%	-42.2%	552.1%
Cost of goods sold	10,492	10,497	9,026	8,302	8,157	7,216	6,699	5,777
Gross profit	4,385	5,624	4,953	3,253	3,176	3,092	2,854	2,903
Gross margin	29.5%	34.9%	35.4%	28.1%	28.0%	30.0%	29.9%	33.4%
Selling, general and administrative	1,997	1,952	1,729	1,625	1,571	1,499	1,346	1,628
Equity in earnings	5	27	3	10	12	11	8	10
Other operating expenses					-2	-21	180	165
EBITDA [+]	2,769	4,074	3,576	1,972	1,940	1,942	1,836	1,579
EBITDA growth	-32.0%	13.9%	81.3%	1.6%	-0.1%	5.7%	16.3%	23.5%
EBITDA margin	18.6%	25.3%	25.6%	17.1%	17.1%	18.8%	19.2%	18.2%
Depreciation and amortization	375	376	349	334	320	317	320	293
EBITA	2,394	3,699	3,226	1,638	1,619	1,625	1,516	1,285
EBITA margin	16.1%	22.9%	23.1%	14.2%	14.3%	15.8%	15.9%	14.8%
Amortization of intangibles	259	370	275	243	232	217	180	165
EBIT [+]	2,135	3,329	2,951	1,395	1,388	1,408	1,337	1,121
EBIT growth	-35.9%	12.8%	111.6%	0.5%	-1.5%	5.3%	19.3%	8.5%
EBIT margin	14.3%	20.7%	21.1%	12.1%	12.2%	13.7%	14.0%	12.9%
Non-recurring items [+]	355	43	503	55	50	92	58	114
Asset impairment	272		462		2	21
Interest expense, net [+]	171	202	197	232	-8	-2	-2	-2
Interest expense	180	212	207	241
Interest income	9	10	10	9	8	2	2	2
Other income (expense), net	-25	42	-32	-3	-77	-241	-207	-283
Pre-tax income	1,583	3,127	2,219	1,105	1,268	1,078	1,074	726
Income taxes	302	747	662	280	384	-155	361	287
Tax rate	19.1%	23.9%	29.8%	25.3%	30.3%		33.6%	39.6%
Minority interest	2	2	1	1	0	6	1	1
Net income	1,279	2,377	1,556	824	884	1,227	712	438
Net margin	8.6%	14.7%	11.1%	7.1%	7.8%	11.9%	7.5%	5.0%

Basic EPS [+]	$14.04	$24.58	$15.99	$8.41	$8.71	$11.98	$6.94	$4.43
Growth	-42.9%	53.7%	90.1%	-3.4%	-27.3%	72.6%	56.8%	-26.5%
Diluted EPS [+]	$13.96	$24.38	$15.88	$8.35	$8.61	$11.81	$6.82	$4.35
Growth	-42.7%	53.6%	90.0%	-3.0%	-27.1%	73.1%	56.9%	-26.5%

Dividends per share	$2.14

Shares outstanding (basic) [+]	91	97	97	98	101	102	103	99
Growth	-5.8%	-0.6%	-0.6%	-3.5%	-1.0%	-0.1%	3.7%	16.5%
Shares outstanding (diluted) [+]	92	98	98	99	103	104	104	101
Growth	-6.1%	-0.5%	-0.6%	-3.9%	-1.3%	-0.4%	3.7%	16.4%

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