Revenue flow

Margins

Stage	CHR	% of rev	ADP	% of rev	Gap · A − B
Revenue	$10M	100.00%	$5.5B	100.00%	ADP ×562.74
Gross profit	$5M	48.85%	$2.8B	50.57%	ADP +1.7pp
Operating income	$3M	29.66%	$1.5B	26.64%	CHR +3.0pp
Pre-tax income	$3M	29.08%	$1.5B	26.50%	CHR +2.6pp
Net income	$3M	29.13%	$1.1B	20.49%	CHR +8.6pp

Stage	CHR	ADP	Gap · A − B
Revenue	$10M100.00%	$5.5B100.00%	ADP ×562.74
Gross profit	48.85%$5M	50.57%$2.8B	ADP +1.7pp
Operating income	29.66%$3M	26.64%$1.5B	CHR +3.0pp
Pre-tax income	29.08%$3M	26.50%$1.5B	CHR +2.6pp
Net income