Revenue flow

Margins

Stage	BH	% of rev	BH.A	% of rev	Gap · A − B
Revenue	$109M	100.00%	$109M	100.00%	BH ×1.00
Gross profit	$64M	59.03%	$64M	59.03%	0.0pp
Operating income	$12M	10.88%	$12M	10.88%	0.0pp
Pre-tax income	$52M	47.56%	$52M	47.56%	0.0pp
Net income	$40M	36.79%	$40M	36.79%	0.0pp

Stage	BH	BH.A	Gap · A − B
Revenue	$109M100.00%	$109M100.00%	BH ×1.00
Gross profit	59.03%$64M	59.03%$64M	0.0pp
Operating income	10.88%$12M	10.88%$12M	0.0pp
Pre-tax income	47.56%$52M	47.56%$52M	0.0pp
Net income