CALIFORNIA WATER SERVICE GROUP (CWT) [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
Revenues	773	766	698	664	675	622	197	184
Revenue growth	0.9%	9.8%	5.0%	-1.5%	8.4%	215.3%	7.1%	546.9%
Cost of goods sold	512	512	444	456	463	476	27	0
Gross profit	260	253	254	208	211	147	170	184
Gross margin	33.7%	33.1%	36.4%	31.3%	31.3%	23.6%	86.2%	100.0%
General and administrative	133	127	117	109	101	93	88	113
EBITA	129	128	138	101	112	109	84	73
EBITA margin	16.7%	16.7%	19.7%	15.2%	16.6%	17.5%	42.7%	39.4%
Amortization of intangibles	2	1	1	2	2	2	2	1
EBIT	128	127	137	99	111	107	83	71
EBIT margin	16.5%	16.6%	19.6%	15.0%	16.4%	17.2%	41.9%	38.6%
Pre-tax income	99	104	108	79	84	108	78	70
Income taxes	3	3	11	16	19	35	29	25
Tax rate	3.3%	2.7%	10.6%	20.5%	22.1%	32.6%	37.5%	35.3%
Net income	96	101	97	63	66	73	49	45
Net margin	12.4%	13.2%	13.9%	9.5%	9.7%	11.7%	24.7%	24.4%

Diluted EPS	$1.77	$1.96	$1.97	$1.31	$1.36	$1.52	$1.01	$0.94
Shares outstanding (diluted)	54	52	49	48	48	48	48	48

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