Revenue flow

Margins

Stage	ATO	% of rev	NWN	% of rev	Gap · A − B
Revenue	$879M	100.00%	$244M	100.00%	ATO ×3.61
Gross profit	$871M	99.07%	$101M	41.65%	ATO +57.4pp
Operating income	$320M	36.45%	$33M	13.61%	ATO +22.8pp
Pre-tax income	$303M	34.50%	$1M	0.50%	ATO +34.0pp
Net income	$243M	27.61%	$600,000	0.25%	ATO +27.4pp

Stage	ATO	NWN	Gap · A − B
Revenue	$879M100.00%	$244M100.00%	ATO ×3.61
Gross profit	99.07%$871M	41.65%$101M	ATO +57.4pp
Operating income	36.45%$320M	13.61%$33M	ATO +22.8pp
Pre-tax income	34.50%$303M	0.50%$1M	ATO +34.0pp
Net income