Revenue flow

Margins

Stage	BV	% of rev	HSIC	% of rev	Gap · A − B
Revenue	$718M	100.00%	$3.5B	100.00%	HSIC ×4.82
Gross profit	$152M	21.17%	$1.1B	31.84%	HSIC +10.7pp
Operating income	$32M	4.50%	$171M	4.95%	HSIC +0.4pp
Pre-tax income	$8M	1.17%	$137M	3.96%	HSIC +2.8pp
Net income	$6M	0.85%	$102M	2.95%	HSIC +2.1pp

Stage	BV	HSIC	Gap · A − B
Revenue	$718M100.00%	$3.5B100.00%	HSIC ×4.82
Gross profit	21.17%$152M	31.84%$1.1B	HSIC +10.7pp
Operating income	4.50%$32M	4.95%$171M	HSIC +0.4pp
Pre-tax income	1.17%$8M	3.96%$137M	HSIC +2.8pp
Net income