Revenue flow

Margins

Stage	ALG	% of rev	GD	% of rev	Gap · A − B
Revenue	$451M	100.00%	$14.6B	100.00%	GD ×32.32
Gross profit	$111M	24.59%	$2.2B	15.44%	ALG +9.2pp
Operating income	$46M	10.15%	$1.5B	10.48%	GD +0.3pp
Pre-tax income	$42M	9.23%	$1.5B	10.20%	GD +1.0pp
Net income	$31M	6.86%	$1.2B	8.44%	GD +1.6pp

Stage	ALG	GD	Gap · A − B
Revenue	$451M100.00%	$14.6B100.00%	GD ×32.32
Gross profit	24.59%$111M	15.44%$2.2B	ALG +9.2pp
Operating income	10.15%$46M	10.48%$1.5B	GD +0.3pp
Pre-tax income	9.23%$42M	10.20%$1.5B	GD +1.0pp
Net income