Revenue flow

Margins

Stage	BELFA	% of rev	BELFB	% of rev	Gap · A − B
Revenue	$221M	100.00%	$221M	100.00%	BELFA ×1.00
Gross profit	$90M	40.94%	$90M	40.94%	0.0pp
Operating income	$40M	17.94%	$40M	17.94%	0.0pp
Pre-tax income	$47M	21.15%	$47M	21.15%	0.0pp
Net income	$38M	17.41%	$38M	17.41%	0.0pp

Stage	BELFA	BELFB	Gap · A − B
Revenue	$221M100.00%	$221M100.00%	BELFA ×1.00
Gross profit	40.94%$90M	40.94%$90M	0.0pp
Operating income	17.94%$40M	17.94%$40M	0.0pp
Pre-tax income	21.15%$47M	21.15%$47M	0.0pp