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Income Statement
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Motorsport Games Inc.

Income Statement

Standardized | As Reported Annual | Quarterly | TTM
 
In millions, except per share itemsDec-31-22Dec-31-21Dec-31-20Dec-31-19
   10-K10-K10-K10-K
Revenues:  
    Customer D  2.21.6  
    Esports  1.20.80.30.1
    Customer B  2.33.44.82.7
    Supplier C  2.4 2.2 
    Other  2.29.311.79.1
Total revenues  10.315.119.011.9
            Revenue growth   [+]-31.5%-20.8%60.7% 
Cost of goods sold  9.97.56.64.9
Gross profit  0.47.512.47.0
            Gross margin  3.9%50.1%65.4%58.7%
Selling, general and administrative   [+]19.931.97.76.4
Research and development  10.49.64.64.8
Equity in earnings   1.4-0.1-0.6
Other operating expenses  -5.0   
EBITDA   [+]-23.3-31.10.7-4.3
            EBITDA margin  -226.1%-206.0%3.4%-36.7%
Depreciation  2.11.80.70.1
EBITA  -25.4-32.8-0.1-4.4
            EBITA margin  -246.1%-217.8%-0.4%-37.1%
Amortization of intangibles     0.8
EBIT   [+]-25.4-32.8-0.1-5.2
            EBIT margin  -246.1%-217.8%-0.4%-44.0%
Non-recurring items   [+]9.60.3 0.6
Interest expense, net   [+]1.10.50.70.0
Other income (expense), net  -0.70.00.10.0
Pre-tax income  -36.8-33.7-0.7-5.8
Income taxes  -0.8-0.51.1-2.2
            Tax rate  2.3%1.6% 38.1%
Minority interest  -0.8-0.51.1-2.2
Net income  -36.0-33.2-1.8-3.6
            Net margin  -348.6%-220.0%-9.2%-30.1%
   
Basic EPS   [+]($30.73)($29.15)  
Diluted EPS   [+]($30.73)($29.15)  
   
Shares outstanding (basic)   [+]1.21.1  
Shares outstanding (diluted)   [+]1.21.1  
   
EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.  

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