Revenue flow

Margins

Stage	AMTM	% of rev	V	% of rev	Gap · A − B
Revenue	$3.5B	100.00%	$11.6B	100.00%	V ×3.33
Gross profit	$360M	10.32%	$9.2B	78.87%	V +68.6pp
Operating income	$144M	4.13%	$6.9B	59.12%	V +55.0pp
Pre-tax income	$94M	2.69%	$6.8B	58.74%	V +56.0pp
Net income	$66M	1.89%	$5.6B	48.38%	V +46.5pp

Stage	AMTM	V	Gap · A − B
Revenue	$3.5B100.00%	$11.6B100.00%	V ×3.33
Gross profit	10.32%$360M	78.87%$9.2B	V +68.6pp
Operating income	4.13%$144M	59.12%$6.9B	V +55.0pp
Pre-tax income	2.69%$94M	58.74%$6.8B	V +56.0pp
Net income