Revenue flow

Margins

Stage	ADP	% of rev	VS	% of rev	Gap · A − B
Revenue	$5.5B	100.00%	$1M	100.00%	ADP ×3680.54
Gross profit	$2.8B	50.57%	$1M	100.00%	VS +49.4pp
Operating income	$1.5B	26.64%	$594,273	39.84%	VS +13.2pp
Pre-tax income	$1.5B	26.50%	$594,273	39.84%	VS +13.3pp
Net income	$1.1B	20.49%	$594,273	39.84%	VS +19.3pp

Stage	ADP	VS	Gap · A − B
Revenue	$5.5B100.00%	$1M100.00%	ADP ×3680.54
Gross profit	50.57%$2.8B	100.00%$1M	VS +49.4pp
Operating income	26.64%$1.5B	39.84%$594,273	VS +13.2pp
Pre-tax income	26.50%$1.5B	39.84%$594,273	VS +13.3pp
Net income