Revenue flow

Margins

Stage	CR	% of rev	PH	% of rev	Gap · A − B
Revenue	$755M	100.00%	$5.8B	100.00%	PH ×7.63
Gross profit	$315M	41.69%	$2.2B	39.04%	CR +2.6pp
Operating income	$141M	18.63%	$1.4B	23.86%	PH +5.2pp
Pre-tax income	$126M	16.72%	$1.3B	23.28%	PH +6.6pp
Net income	$97M	12.89%	$1.1B	18.97%	PH +6.1pp

Stage	CR	PH	Gap · A − B
Revenue	$755M100.00%	$5.8B100.00%	PH ×7.63
Gross profit	41.69%$315M	39.04%$2.2B	CR +2.6pp
Operating income	18.63%$141M	23.86%$1.4B	PH +5.2pp
Pre-tax income	16.72%$126M	23.28%$1.3B	PH +6.6pp
Net income