Revenue flow

Margins

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

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