Ribbon Communications Inc. (RBBN) [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/A	10-K
Revenues:
Cloud and Edge	508.1	556.7	583.3	563.1	577.9
IP Optical Networks	311.6	288.3	260.5
JAPAN						24.4	25.6
Other						305.6	227.0
Total revenues [+]	819.8	845.0	843.8	563.1	577.9	329.9	252.6	249.0
Products								141.9
Services								107.1
Revenue growth [+]	-3.0%	0.1%	49.8%	-2.6%	75.2%	30.6%	1.4%
Cloud and Edge	-8.7%	-4.6%	3.6%	-2.6%
IP Optical Networks	8.1%	10.7%
JAPAN						-4.8%
Cost of goods sold [+]	448.5	428.6	411.6	257.7	230.6	128.4	85.0	87.4
Cost of product sales								50.5
Cost of services								36.9
Amortization of intangibles	29.6	28.3	18.6	11.7
Gross profit	371.3	416.4	432.2	305.4	347.3	201.5	167.6	161.7
Gross margin	45.3%	49.3%	51.2%	54.2%	60.1%	61.1%	66.4%	64.9%
Selling, general and administrative [+]	198.8	203.9	202.6	160.2	183.6	131.0	104.5	112.7
Sales and marketing	147.8	150.3	139.3	106.3	117.5	83.4	68.5	72.8
General and administrative	51.1	53.7	63.3	53.9	66.0	47.6	35.9	39.8
Research and development	203.7	194.9	194.5	141.1	145.5	101.5	72.8	77.9
Other operating expenses			-0.1	-8.1
EBITDA [+]	45.3	101.1	113.2	73.5	29.5	-5.4	-1.7	-17.0
EBITDA growth	-55.2%	-10.7%	54.1%	149.3%	-642.7%	210.9%	-89.7%
EBITDA margin	5.5%	12.0%	13.4%	13.1%	5.1%	-1.6%	-0.7%	-6.8%
Depreciation	15.3	17.0	17.2	11.9	11.2	8.5	0.5	4.9
EBITA	30.0	84.1	96.0	61.5	18.3	-13.9	-2.2	-21.8
EBITA margin	3.7%	10.0%	11.4%	10.9%	3.2%	-4.2%	-0.9%	-8.8%
Amortization of intangibles	61.2	66.6	60.9	49.2	49.7	17.1	7.5	7.1
EBIT [+]	-31.2	17.5	35.1	12.3	-31.4	-31.0	-9.7	-28.9
EBIT growth	-278.4%	-50.2%	185.3%	-139.2%	1.3%	219.3%	-66.4%
EBIT margin	-3.8%	2.1%	4.2%	2.2%	-5.4%	-9.4%	-3.8%	-11.6%
Non-recurring items [+]	17.1	135.3	33.5	201.8	34.0	24.2	3.9	2.3
Asset impairment		116.0		164.3
Interest expense, net [+]	19.8	15.8	21.0	3.9	4.2	-0.3	-0.8	-0.2
Interest expense	19.8	15.8	21.0	3.9	4.2
Interest income						0.3	0.8	0.2
Other income (expense), net	-44.5	-74.5	112.7	70.4	-3.8	1.3	1.4	1.1
Pre-tax income	-112.6	-208.1	93.3	-122.9	-73.4	-53.7	-11.4	-29.9
Income taxes	-14.5	-31.0	4.7	7.2	3.4	-18.4	2.5	2.0
Tax rate	12.9%	14.9%	5.1%			34.3%
Net income	-98.1	-177.2	88.6	-130.1	-76.8	-35.3	-13.9	-31.9
Net margin	-12.0%	-21.0%	10.5%	-23.1%	-13.3%	-10.7%	-5.5%	-12.8%

Basic EPS [+]	($0.63)	($1.20)	$0.64	($1.19)	($0.74)	($0.60)	($0.28)	($0.64)
Growth	-47.9%	-288.3%	-153.8%	60.4%	23.3%	112.4%	-56.2%
Diluted EPS [+]	($0.63)	($1.20)	$0.61	($1.19)	($0.74)	($0.60)	($0.28)	($0.64)
Growth	-47.9%	-296.0%	-151.7%	60.4%	23.3%	112.4%	-56.2%

Shares outstanding (basic) [+]	156.7	147.6	139.0	109.7	103.9	58.8	49.4	49.6
Growth	6.2%	6.2%	26.6%	5.6%	76.7%	19.1%	-0.4%
Shares outstanding (diluted) [+]	156.7	147.6	144.7	109.7	103.9	58.8	49.4	49.6
Growth	6.2%	2.0%	31.8%	5.6%	76.7%	19.1%	-0.4%

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