Revenue flow

Margins

Stage	CMG	% of rev	CMI	% of rev	Gap · A − B
Revenue	$3.3B	100.00%	$9.4B	100.00%	CMI ×2.87
Gross profit	$768M	23.33%	$2.6B	27.71%	CMI +4.4pp
Operating income	$452M	13.72%	$1.3B	13.95%	CMI +0.2pp
Pre-tax income	$457M	13.88%	$1.4B	15.05%	CMI +1.2pp
Net income	$340M	10.32%	$1.2B	12.39%	CMI +2.1pp

Stage	CMG	CMI	Gap · A − B
Revenue	$3.3B100.00%	$9.4B100.00%	CMI ×2.87
Gross profit	23.33%$768M	27.71%$2.6B	CMI +4.4pp
Operating income	13.72%$452M	13.95%$1.3B	CMI +0.2pp
Pre-tax income	13.88%$457M	15.05%$1.4B	CMI +1.2pp
Net income