Valaris Ltd (VAL) [Rocket]

In millions, except per share items	Dec-31-22	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:
Floaters	700.5	505.8	1,014.4	1,013.5	1,143.5	1,771.1
Jackups	744.2	765.3	834.6	630.9	640.3	929.5
Other	157.8	156.1	204.2	61.0	59.2	75.8
Total revenues	9.2	1,427.2	2,053.2	1,705.4	1,843.0	2,776.4	4,063.4	4,416.1
Revenue growth [+]		-30.5%	20.4%	-7.5%	-33.6%	-31.7%	-8.0%	5.6%
Floaters		-50.1%	0.1%	-11.4%	-35.4%
Jackups		-8.3%	32.3%	-1.5%	-31.1%
Other		-23.6%	234.8%	3.0%	-21.9%
Cost of goods sold [+]	206.6	436.4	902.6	621.9	1,189.5	1,301.0	2,442.1	2,614.8
Oil & gas services costs							1,869.6	2,076.9
Depreciation							572.5	537.9
Gross profit	-197.4	990.8	1,150.6	1,083.5	653.5	1,475.4	1,621.3	1,801.3
Gross margin	-2145.7%	69.4%	56.0%	63.5%	35.5%	53.1%	39.9%	40.8%
Selling, general and administrative [+]	80.9	214.6	188.9	102.7	157.8	100.8	118.4	131.9
General and administrative	80.9	214.6	188.9	102.7	157.8	100.8	118.4	131.9
Equity in earnings	24.5	-7.8	-12.6
Other operating expenses	-441.2	923.7	916.0	697.5		445.3		-148.4
EBITDA [+]	187.4	-155.3	45.7	283.3	495.7	789.6	1,337.9
EBITDA growth		-439.8%	-83.9%	-42.8%	-37.2%	-41.0%	-26.4%	4.9%
EBITDA margin	2037.0%	-10.9%	2.2%	16.6%	26.9%	28.4%	32.9%	41.2%
Depreciation and amortization	91.2	540.8	609.7	478.9	444.8	-139.7	-165.0
EBIT [+]	96.2	-696.1	-564.0	-195.6	50.9	929.3	1,502.9	1,817.8
EBIT growth		23.4%	188.3%	-484.3%	-94.5%	-38.2%	-17.3%	4.9%
EBIT margin	1045.7%	-48.8%	-27.5%	-11.5%	2.8%	33.5%	37.0%	41.2%
Non-recurring items [+]	34.5	3,646.2	104.0	40.3	182.9		2,746.4	4,218.7
Asset impairment	34.5	3,646.2	104.0	40.3	182.9		2,746.4	4,218.7
Interest expense, net [+]	-20.2	270.9	400.2	268.2	198.4	215.0	206.4
Interest expense	45.3	290.6	428.3	282.7	224.2	228.8	216.3
Interest income	65.5	19.7	28.1	14.5	25.8	13.8	9.9
Other income (expense), net	143.0	-503.8	1,004.4	-34.8	134.4	283.2	-21.3	-147.9
Pre-tax income	224.9	-5,117.0	-63.8	-538.9	-196.0	997.5	-1,471.2	-2,548.8
Income taxes	43.1	-259.4	128.4	89.6	109.2	108.5	-13.9	140.5
Tax rate	19.2%	5.1%				10.9%	0.9%
Minority interest	5.3	-2.1	5.8	3.1	-0.5	6.9	8.9	14.1
Earnings from continuing ops	176.5	-4,855.5	-198.0	-631.6	-609.9	882.1	-1,468.2	-2,711.3
Earnings from discontinued ops				-8.1	1.0	8.1	-128.6	-1,199.2
Net income	176.5	-4,855.5	-198.0	-639.7	-608.9	890.2	-1,596.8	-3,910.5
Net margin	1918.5%	-340.2%	-9.6%	-37.5%	-33.0%	32.1%	-39.3%	-88.6%

Basic EPS [+]	$2.35	($24.41)	($1.14)	($5.82)	($7.34)	$3.16	($6.32)	($11.71)
Growth		2037.9%	-80.4%	-20.7%	-332.2%	-150.0%	-46.0%	-292.4%
Diluted EPS [+]	$2.33	($24.41)	($1.14)	($5.82)	($7.34)	$3.16	($6.32)	($11.71)
Growth		2037.9%	-80.4%	-20.7%	-332.2%	-150.0%	-46.0%	-292.5%

Dividends per share [+]			$0.04	$0.16	$0.17	$0.04	$0.60	$3.00
Growth		-100.0%	-75.0%	-3.7%	299.6%	-93.1%	-80.0%	33.3%

Shares outstanding (basic) [+]	75.1	198.9	173.4	108.5	83.1	279.1	232.2	231.6
Growth		14.7%	59.8%	30.6%	-70.2%	20.2%	0.3%	0.3%
Shares outstanding (diluted) [+]	75.6	198.9	173.4	108.5	83.1	279.1	232.2	231.6
Growth		14.7%	59.8%	30.6%	-70.2%	20.2%	0.3%	0.2%

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