Revenue flow

Margins

Stage	CRC	% of rev	SM	% of rev	Gap · A − B
Revenue	$1.3B	100.00%	$2.5B	100.00%	SM ×1.93
Gross profit	$1.2B	95.76%	$1.9B	77.76%	CRC +18.0pp
Operating income	$511M	39.40%	$1.5B	59.84%	SM +20.4pp
Pre-tax income	$458M	35.31%	$1.4B	55.56%	SM +20.2pp
Net income	$514M	39.63%	$1.1B	42.84%	SM +3.2pp

Stage	CRC	SM	Gap · A − B
Revenue	$1.3B100.00%	$2.5B100.00%	SM ×1.93
Gross profit	95.76%$1.2B	77.76%$1.9B	CRC +18.0pp
Operating income	39.40%$511M	59.84%$1.5B	SM +20.4pp
Pre-tax income	35.31%$458M	55.56%$1.4B	SM +20.2pp
Net income