Revenue flow

Margins

Stage	ATO	% of rev	CATO	% of rev	Gap · A − B
Revenue	$879M	100.00%	$166M	100.00%	ATO ×5.31
Gross profit	$871M	99.07%	$55M	33.43%	ATO +65.6pp
Operating income	$320M	36.45%	$1M	0.78%	ATO +35.7pp
Pre-tax income	$303M	34.50%	$1M	0.78%	ATO +33.7pp
Net income	$243M	27.61%	$1M	0.69%	ATO +26.9pp

Stage	ATO	CATO	Gap · A − B
Revenue	$879M100.00%	$166M100.00%	ATO ×5.31
Gross profit	99.07%$871M	33.43%$55M	ATO +65.6pp
Operating income	36.45%$320M	0.78%$1M	ATO +35.7pp
Pre-tax income	34.50%$303M	0.78%$1M	ATO +33.7pp