Revenue flow

Margins

Stage	ADI	% of rev	TXN	% of rev	Gap · A − B
Revenue	$4.0B	100.00%	$6.1B	100.00%	TXN ×1.51
Gross profit	$2.7B	67.32%	$3.9B	64.19%	ADI +3.1pp
Operating income	$1.6B	40.10%	$2.9B	47.46%	TXN +7.4pp
Pre-tax income	$1.5B	38.44%	$2.8B	46.33%	TXN +7.9pp
Net income	$1.3B	33.32%	$2.4B	40.05%	TXN +6.7pp

Stage	ADI	TXN	Gap · A − B
Revenue	$4.0B100.00%	$6.1B100.00%	TXN ×1.51
Gross profit	67.32%$2.7B	64.19%$3.9B	ADI +3.1pp
Operating income	40.10%$1.6B	47.46%$2.9B	TXN +7.4pp
Pre-tax income	38.44%$1.5B	46.33%$2.8B	TXN +7.9pp
Net income