Revenue flow

Margins

Stage	ADP	% of rev	CHR	% of rev	Gap · A − B
Revenue	$5.5B	100.00%	$10M	100.00%	ADP ×562.74
Gross profit	$2.8B	50.57%	$5M	48.85%	ADP +1.7pp
Operating income	$1.5B	26.64%	$3M	29.66%	CHR +3.0pp
Pre-tax income	$1.5B	26.50%	$3M	29.08%	CHR +2.6pp
Net income	$1.1B	20.49%	$3M	29.13%	CHR +8.6pp

Stage	ADP	CHR	Gap · A − B
Revenue	$5.5B100.00%	$10M100.00%	ADP ×562.74
Gross profit	50.57%$2.8B	48.85%$5M	ADP +1.7pp
Operating income	26.64%$1.5B	29.66%$3M	CHR +3.0pp
Pre-tax income	26.50%$1.5B	29.08%$3M	CHR +2.6pp
Net income